GreenTree Hospitality Group Ltd. · NYSE:GHG
GreenTree Hospitality — Q2 2026 Earnings Presentation
29 slides from GreenTree Hospitality's earnings presentation, Aug 24, 2026
Slide 1: 2026Q2 Results
2026Q2 Results August 24, 2026 1
Slide 2: Disclaimer
Disclaimer This presentation does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities. Neither this presentation nor any part of it shall form the basis of or be relied upon in connection with any cont
Slide 3: Contents
Contents 01 02 03 04 2026Q2 2026Q2 2026Q2 Appendix Performance Review Strategic Execution Operating and Financial Highlights 3
Slide 4: 2026Q2 Performance Review
01 2026Q2 Performance Review 4
Slide 5: 2026Q2 Highlights
2026Q2 Highlights RMB Compared with 2025Q2 Hotel Revenues 204.6MM Down 16.2% Hotel Net Income 19.7MM Down 87.7% with margin 9.7% Hotel Core Net Income(Non- 45.6MM Down 1.6% GAAP)(2) Hotel Gross Profit Margin 41.1% Up 0.1 pts Total Revenues 235.1MM Down 18.7% Net Income 21.3MM Down 86.7% with margin
Slide 6: Overview of 2026Q2
Overview of 2026Q2 Total Revenues Income From Operations RMB (M) RMB (M) Restaurant 300 Restaurant 60 Hotel 45.9 Hotel 250 50 1.6 244.0 30.5 50.2 46.7 200 40 204.6 150 30 20 100 10 50 0 0 (1.0) 25Q2 26Q2 25Q2 26Q2 -10 Net Income Core Net Income RMB (M) RMB (M) Restaurant 180 50 1.5 Hotel Restaurant
Slide 7: Hotel Performance
Hotel Performance RevPAR 2026 RMB 190 212 196 177 177 180 200 164 161 157 158 153 152 152 146 136 149 144 144 150 142 137 135 135 124 130 132 150 139 121 129 129 124 127 133160 119 145135 131 80 155 100 117 135 145 132119 139 149 133 133 96 91 139 127 133 100 71 120 95 117 117 105 90119 103 119 113
Slide 8: Improvement in Direct Sales and Membership Support
Improvement in Direct Sales and Membership Support Corporate Members Individual Members thousand million 2500 2,339 140 2,256 YoY 116 +3.7% 120 YoY 2000 107 +8.4% 100 1500 80 60 1000 40 500 20 0 0 2025Q2 2026Q2 2025Q2 2026Q2 8
Slide 9: Overview of Restaurants
Overview of Restaurants AC (1) ADT (2) ADS (3) RMB RMB RMB 46 48 120 50 46 5,000 4,891 43 45 106 100 45 4,500 4,234 4,029 100 93 88 3,629 3,714 40 37 37 36 85 81 4,000 83 3,312 3,270 35 80 73 3,500 2,893 30 3,000 25 60 2,500 20 2,000 15 40 1,500 10 1,000 20 5 500 0 0 0 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4
Slide 10: 2026Q2 Strategic Execution
02 2026Q2 Strategic Execution 10
Slide 11: 2026Q2 Strategic Execution
2026Q2 Strategic Execution Further Expansion into Mid-to-up- scale Segment Greater Penetration in Tier 3 and Lower Cities in South China 11
Slide 12: Further Expansion into Mid-to-up-scale Segment
Further Expansion into Mid-to-up-scale Segment Hotel New Openings Breakdown by Segment Hotel Breakdown by Segment Mid-to-Upscale Midscale Economy 700 618 5000 548 4,580 4,615 600 4,425 24.6% 466 24.6% 4500 4,238 500 13.9% 420 4,059 12.9% 405 12.8% 18.5% 3,859 12.5% 400 18.1% 4000 11.2% 295 23.0% 3,5
Slide 13: Greater Penetration in Tier 3 and Lower Cities
Greater Penetration in Tier 3 and Lower Cities Hotel New Openings Breakdown by City Tier Hotel Breakdown by City Tier Tier Cities Tier 2 Cities Other Cities Tier 1 Cities Tier 2 Cities Other Cities Other Cities Tier 2 Cities Tier 1 Cities 700 5000 618 4,580 4,615 548 4,425 600 7.1% 4500 4,238 9.2% 8
Slide 14: 2026Q2 and Fiscal Year Restaurant Strategic Execution
2026Q2 and Fiscal Year Restaurant Strategic Execution Restaurant Breakdown by L&O and F&M 250 L&O F&M Business Model 183 YoY 198 200 Optimization Leads 15 +8.2% 13 to a Greater Share 150 of Franchised and 100 Managed 168 185 Restaurants 50 0 2025Q2 2026Q2 Proportion of Restaurants Breakdown by Locat
Slide 15: Operating and Financial Highlights
03 Operating and Financial Highlights 15
Slide 16: Hotel Revenue
Hotel Revenue Total Revenue Revenue from L&O Hotels RMB (M) RMB (M) Revenue from L&O Hotels 150 300 Same Hotel 106.0 100 250 244.0 77.6 YoY YoY -16 65.9 -15.8% .2% 204.6 50 55.5 200 Same Hotel 0 25Q2 26Q2 150 Revenue from F&M Hotels RMB (M) 100 150 137.5 YoY 126.3 -8.2% 100 50 50 0 25Q2 26Q2 0 25Q2
Slide 17: Hotel Operating Costs and Expenses
Hotel Operating Costs and Expenses Total Hotel Operating Costs and Expenses (1) Hotel Operating Costs RMB (M) RMB (M) 150 144.2 YoY 250 120.6 -16.4% 100 200.7 200 Yo 50 Y -20 190.6 Yo .6% Y -18 159.4 0 .9% 25Q2 26Q2 150 154.6 Selling and Marketing Expenses RMB (M) 10 8.4 YoY Excluding 8.9 100 Provis
Slide 18: Hotel Profitability
Hotel Profitability Income From Operations Net Income RMB (M) Margin RMB (M) Margin 60.0 200.0 50.2 YoY 46.7 161.2 50.0 150.0 40.0 -7.0% Yo 30.0 100.0 Y -87 20.0 .7% 10.0 50.0 19.7 - - 25Q2 26Q2 25Q2 26Q2 20.6% 22.8% 66.0% 9.7% Adjusted EBITDA (2) Core Net Income (1) RMB (M) RMB (M) Margin Margin 77
Slide 19: Restaurant Revenue and Operating Costs and Expenses
Restaurant Revenue and Operating Costs and Expenses Total Revenue Total Restaurant Operating Costs and Expenses RMB (M) RMB (M) 50.0 47.1 50.0 45.9 45.0 45.0 Yo 40.0 Yo 40.0 Y Y -3 -33 5. .5% 6% 35.0 35.0 30.5 30.3 30.0 30.0 25.0 25.0 20.0 20.0 15.0 15.0 10.0 5.0 10.0 0.0 5.0 25Q2 26Q2 0.0 25Q2 26Q2
Slide 20: Restaurant Profitability
Restaurant Profitability Income From Operations Net Income RMB (M) Margin RMB (M) Margin 2.0 2.0 1.6 1.5 1.5 1.5 1.0 1.0 0.5 0.5 - - 25Q2 26Q2 25Q2 26Q2 -0.5 -0.5 -1.0 -1.0 (1.0) -1.5 (1.2) -2.3% 5.2% -2.5% 4.9% Adjusted EBITDA (2) Core Net Income (1) RMB (M) Margin RMB (M) Margin 2.0 1.8 2.0 1.5 Y
Slide 21: Group Profitability
Group Profitability Net Income Core Net Income (Non-GAAP) RMB (M) RMB (M) 50.0 47.2 45.2 YoY 180.0 160.0 45.0 160.0 +4.4% 40.0 140.0 35.0 120.0 30.0 100.0 25.0 Yo Y -8 80.0 20.0 6. 7% 15.0 60.0 10.0 40.0 21.3 5.0 20.0 0.0 0.0 25Q2 26Q2 25Q2 26Q2 Net Income per ADS (Basic and Diluted) (1) Core Net In
Slide 22: Cash and Cash Equivalents
Cash and Cash Equivalents Total cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits of RMB 2,000.3 Million as of June 30, 2026 RMB (M) 2,200 23.3 -0.2 -7.9 2,010.2 -12.1 -13.0 2,000.3 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 2
Slide 23: Guidance; Thank you! Q&A
Guidance Based on our performance in the first half year, we maintain our previous revenue guidance for the hotel business, that we expect revenue to decrease by 10% to 15% year over year for the year of 2026. The guidance set forth above reflects the Company's current and preliminary views based on
Slide 24: Appendix
EVIE Oa Appendix
Slide 25: Our Portfolio
Our Portfolio As of June 30, 2026 Mid-to-up-scale • Hotels in operation: 596 Hotel rooms in operation: 56,448 Room rates: RMB 200 - 600 Mid-scale • Hotels in operation: 3,040 Hotel rooms in operation: 228,537 Room rates: RMB 150 - 400 Economy • Hotels in operation: 979 Hotel rooms in operation:45,04
Slide 26: Hotel Breakdown
Hotel Breakdown Number of Hotels in Operation Number of Hotel Rooms in Operation By Market Segment and Brand 2025Q2 2026Q2 2025Q2 2026Q2 Mid-to-up-scale 569 596 52,773 56,448 GreenTree Eastern 236 252 25,107 28,316 Deep Sleep Hotel 8 9 610 710 Gem 119 118 10,781 10,726 Gya 72 79 6,012 6,676 Vx 108 1
Slide 27: Hotel Operating Data
Hotel Operating Data 2025Q2 2026Q2 2025Q2 2026Q2 Occupancy rate Total hotels in operation 4,509 4,615 Leased-and-owned hotels 72.3% 63.5% Leased-and-owned hotels 55 42 Franchised hotels 67.8% 65.2% Blended 67.9% 65.2% Franchised hotels 4,454 4,573 Average daily rate (in RMB) Total hotel rooms in Lea
Slide 28: Restaurants Operating Data
Restaurants Operating Data 2025Q2 2026Q2 2025Q2 2026Q2 Total restaurants in ADT 183 198 operation Dine In 32 25 Leased-and-owned 15 13 Delivery 54 56 restaurants Blended 85 81 Franchised restaurants 168 185 AC (in RMB) Dine In 59 49 Number of cities 53 53 Delivery 33 30 Blended 43 36 ADS (in RMB) Di
Slide 29: Restaurants Operating Data
Restaurants Operating Data 2025Q2 2026Q2 ADT Leased-and-owned restaurants 215 194 Franchised restaurants 74 74 Blended 85 81 AC (in RMB) Leased-and-owned restaurants 88 83 Franchised restaurants 32 28 Blended 43 36 ADS (in RMB) Leased-and-owned restaurants 18,931 16,081 Franchised restaurants 2,363
GreenTree Hospitality Group — Q2 2026 Earnings Presentation on 6ix