Reported Earnings • May 24
First quarter 2026 earnings released: EPS: R$0.91 (vs R$0.68 in 1Q 2025) First quarter 2026 results: EPS: R$0.91 (up from R$0.68 in 1Q 2025). Revenue: R$68.4m (up 16% from 1Q 2025). Net income: R$16.7m (up 34% from 1Q 2025). Profit margin: 24% (up from 21% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 56% per year, which means it is well ahead of earnings. New Risk • Apr 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Brazilian stocks, typically moving 9.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Share price has been highly volatile over the past 3 months (9.7% average weekly change). Negative equity (-R$63m). Minor Risks Profit margins are more than 30% lower than last year (16% net profit margin). Market cap is less than US$100m (R$148.8m market cap, or US$29.7m). Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to R$8.10, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 17x in the Hospitality industry in South America. Total returns to shareholders of 643% over the past three years. Announcement • Apr 09
Hotéis Othon S.A., Annual General Meeting, Apr 30, 2026 Hotéis Othon S.A., Annual General Meeting, Apr 30, 2026. Location: av. nossa senhora de copacabana 995, 2 andar (parte), copacabana, city of rio de janeiro, state of rio de janeiro., rio de janeiro Brazil Reported Earnings • Mar 27
Full year 2025 earnings released Full year 2025 results: Revenue: R$193.1m (up 19% from FY 2024). Net income: R$30.6m (down 62% from FY 2024). Profit margin: 16% (down from 50% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 79% per year, which means it is well ahead of earnings. New Risk • Feb 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Brazilian stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Negative equity (-R$64m). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Profit margins are more than 30% lower than last year (34% net profit margin). Market cap is less than US$100m (R$128.6m market cap, or US$24.5m). Reported Earnings • Nov 19
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: R$40.9m (up 26% from 3Q 2024). Net income: R$3.40m (down 93% from 3Q 2024). Profit margin: 8.3% (down from 142% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 59% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: R$0.73 (vs R$0.84 loss in 2Q 2024) Second quarter 2025 results: EPS: R$0.73 (up from R$0.84 loss in 2Q 2024). Revenue: R$37.1m (up 38% from 2Q 2024). Net income: R$13.4m (up R$28.9m from 2Q 2024). Profit margin: 36% (up from net loss in 2Q 2024). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. New Risk • Jun 06
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 50% Last year net profit margin: 85% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Negative equity (-R$93m). Minor Risks Profit margins are more than 30% lower than last year (50% net profit margin). Market cap is less than US$100m (R$66.9m market cap, or US$12.0m). Reported Earnings • May 19
First quarter 2025 earnings released First quarter 2025 results: Revenue: R$59.0m (up 36% from 1Q 2024). Net income: R$12.5m (flat on 1Q 2024). Profit margin: 21% (down from 29% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Apr 10
Hotéis Othon S.A., Annual General Meeting, Apr 30, 2025 Hotéis Othon S.A., Annual General Meeting, Apr 30, 2025. Location: av. nossa senhora de copacabana 995, 2 andar (parte), copacabana, state of rio de janeiro, rio de janeiro Brazil Reported Earnings • Mar 31
Full year 2024 earnings released: EPS: R$4.42 (vs R$6.95 in FY 2023) Full year 2024 results: EPS: R$4.42 (down from R$6.95 in FY 2023). Revenue: R$162.7m (up 10% from FY 2023). Net income: R$81.1m (down 36% from FY 2023). Profit margin: 50% (down from 85% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 12% per year. New Risk • Mar 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Brazilian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). Negative equity (-R$133m). Market cap is less than US$10m (R$49.4m market cap, or US$8.75m). Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Reported Earnings • Nov 18
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: R$32.4m (down 3.3% from 3Q 2023). Net income: R$46.1m (up R$42.7m from 3Q 2023). Reported Earnings • Aug 17
Second quarter 2024 earnings released: R$0.84 loss per share (vs R$0.92 loss in 2Q 2023) Second quarter 2024 results: R$0.84 loss per share (improved from R$0.92 loss in 2Q 2023). Revenue: R$26.9m (down 3.0% from 2Q 2023). Net loss: R$15.5m (loss narrowed 8.0% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. New Risk • Aug 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Brazilian stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Negative equity (-R$163m). Market cap is less than US$10m (R$45.9m market cap, or US$8.33m). Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (36% net profit margin). Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: R$43.5m (flat on 1Q 2023). Net income: R$12.6m (down 85% from 1Q 2023). Profit margin: 29% (down from 197% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Apr 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: R$51.3m (US$9.89m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Negative equity (-R$175m). Market cap is less than US$10m (R$51.3m market cap, or US$9.89m). Minor Risk Profit margins are more than 30% lower than last year (85% net profit margin). Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: R$6.72 (vs R$10.95 in FY 2022) Full year 2023 results: EPS: R$6.72 (down from R$10.95 in FY 2022). Revenue: R$148.9m (up 48% from FY 2022). Net income: R$123.5m (down 39% from FY 2022). Profit margin: 83% (down from 200% in FY 2022). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Jan 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: R$49.4m (US$9.99m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Negative equity (-R$242m). Market cap is less than US$10m (R$49.4m market cap, or US$9.99m). Minor Risk Profit margins are more than 30% lower than last year (92% net profit margin). New Risk • Nov 22
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Negative equity (-R$242m). Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Profit margins are more than 30% lower than last year (92% net profit margin). Market cap is less than US$100m (R$50.0m market cap, or US$10.2m). Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: R$33.5m (up 35% from 3Q 2022). Net income: R$3.42m (down 81% from 3Q 2022). Profit margin: 10% (down from 71% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 154% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Oct 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Brazilian stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Negative equity (-R$245m). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (R$51.4m market cap, or US$10.2m). Reported Earnings • May 17
First quarter 2023 earnings released First quarter 2023 results: Revenue: R$43.2m (up 93% from 1Q 2022). Net income: R$85.2m (up R$106.0m from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: R$10.95 (vs R$1.51 loss in FY 2021) Full year 2022 results: EPS: R$10.95 (up from R$1.51 loss in FY 2021). Revenue: R$100.4m (up 118% from FY 2021). Net income: R$201.2m (up R$228.9m from FY 2021). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 17
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: R$24.9m (up 155% from 3Q 2021). Net income: R$17.6m (up 394% from 3Q 2021). Profit margin: 71% (up from 36% in 3Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • May 14
First quarter 2022 earnings released First quarter 2022 results: Revenue: R$22.4m (up 155% from 1Q 2021). Net loss: R$20.8m (loss widened 215% from 1Q 2021). Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS R$0.074 (vs R$0.28 loss in 3Q 2020) Third quarter 2021 results: Net income: R$1.37m (up R$6.44m from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • May 19
First quarter 2021 earnings released: R$0.36 loss per share (vs R$1.19 loss in 1Q 2020) First quarter 2021 results: Net loss: R$6.62m (loss narrowed 70% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Apr 03
Full year 2020 earnings released The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: R$36.2m (down 60% from FY 2019). Net loss: R$82.4m (loss narrowed 36% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 23
New 90-day low: R$2.59 The company is down 9.0% from its price of R$2.85 on 24 November 2020. The Brazilian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 1.0% over the same period. Is New 90 Day High Low • Jan 15
New 90-day low: R$2.61 The company is down 3.0% from its price of R$2.68 on 16 October 2020. The Brazilian market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 6.0% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: R$3.15 The company is up 18% from its price of R$2.66 on 08 September 2020. The Brazilian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: R$2.87 The company is up 8.0% from its price of R$2.66 on 21 August 2020. The Brazilian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is flat over the same period. Is New 90 Day High Low • Oct 30
New 90-day low: R$2.62 The company is down 1.0% from its price of R$2.65 on 31 July 2020. The Brazilian market is down 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is down 8.0% over the same period. Is New 90 Day High Low • Sep 26
New 90-day low: R$2.64 The company is down 9.0% from its price of R$2.89 on 26 June 2020. The Brazilian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 6.0% over the same period.