^
Original-Research: EPH Group AG - from NuWays AG

08.04.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

Classification of NuWays AG to EPH Group AG

Company Name: EPH Group AG
ISIN: AT0000A34DM3

Reason for the research: Update
Recommendation: BUY
Target price: EUR 102
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald

EPH secures another premium alpine resort project

Last week, EPH announced the signing of an agreement to acquire a
high-quality resort development project in Vorarlberg, marking another step
in building its pipeline of premium hotel assets in core DACH tourism
markets. While the transaction is not yet closed and thus not reflected in
our estimates, it further underlines the company's ability to source
attractive opportunities. In detail:

The project is located in a prime Alpine setting directly next to a cable
car station, offering access to a highly attractive and snow-reliable ski
area. Plans foresee the development of a modern, year-round resort in the
upscale segment (>=4-star) with 499 beds, targeting international leisure
travelers with a focus on active holidays, wellness and relaxation. With a
valid building permit already in place and only minor amendments ("Tektur")
required, the project offers comparatively high execution visibility at this
stage.

Notably, the transaction structure stands out for its capital efficiency.
Instead of a cash purchase price, the consideration will be provided through
the allocation of parking spaces within the future underground garage. This
significantly reduces upfront capital requirements and highlights EPH's
flexible, partnership-driven approach to deal structuring, which is a key
element of its asset-light strategy and supports an attractive risk-return
profile.

Strategically, the project fits well into EPH's focus on premium and luxury
hospitality assets in structurally attractive regions. Alpine destinations
continue to benefit from strong demand, increasing international tourism
flows and limited supply of investable large-scale projects. Against this
backdrop, EPH is positioning itself to participate in ongoing market
consolidation while gradually building a diversified development pipeline.
The intended involvement of an international hotel operator further supports
the positioning and future monetization potential of the asset.

While the financial impact remains limited in the near term, as the
transaction is not yet closed, the announcement reinforces our view on EPH's
sourcing capabilities and pipeline visibility. At the same time, the company
continues to prepare the next steps of its growth strategy, including a
planned capital increase to support project execution as well as a
shareholder-friendly dividend policy, which envisages a 30% payout ratio
going forward.

Reiterate BUY with an unchanged PT of EUR 102 based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=a22d322d3de3654f0f61dd64f027d3f7
For additional information visit our website:
https://www.nuways-ag.com/research-feed

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
View original content:
https://eqs-news.com/?origin_id=39a62937-3313-11f1-8534-027f3c38b923&lang=en

2304622 08.04.2026 CET/CEST

°