GreenTree Hospitality Group Ltd. · NYSE:GHG
GreenTree Hospitality — Q4 2025 Earnings Presentation
29 slides from GreenTree Hospitality's earnings presentation, Apr 28, 2026
Slide 1: 2025Q4 Results
2025Q4 Results April 28, 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 2025Q4 2025Q4 2025Q4 Appendix Performance Review Strategic Execution Operating and Financial Highlights 3
Slide 4: 2025Q4 Performance Review
格林东方酒店(克拉玛依独山子区城投大厦店) 005415格林东方德州市平原县德百奇石园酒店 01 2025Q4 Performance Review 4
Slide 5: 2025Q4 Highlights
2025Q4 Highlights RMB Compared with 2024Q4 Hotel RevPAR 105 Down 9.5% Restaurant ADS (1)( Average Daily 3,312 Down 21.8% Sales Per Store) Hotel Revenues 189.9MM Down 20.9% Hotel Net Income 29.5MM UP 4.0% with margin 15.5% Adjusted Net Income (2) 61.9MM Up 63.9% with margin 32.6% Total Revenues 228.7
Slide 6: Overview of 2025Q4
Overview of 2025Q4 Total Revenues Income from Operations RMB (M) RMB (M) Restaurant 350 Restaurant 40 Hotel Hotel 300 65.1 20 26.1 23.2 250 0 24Q4 25Q4 240.2 39.1 -20 200 189.9 -40 150 -60 100 -80 (88.1) 50 -100 (121.1) 0 -120 24Q4 25Q4 -140 Net Income Core net Income RMB (M) RMB (M) Restaurant 40 H
Slide 7: Hotel Performance
Hotel Performance RevPAR 2025 RMB 190 212 196 200 177 177 180 164 160 161 157 158 145 152 152 146 136 149 144 144 153 135 142 137 135 135 131 124 130 150 121 124 131 123 119 124 127 105 115 155 145 149133 96 133 111 117108 139 139 139 100 100 129 129117 135 132119 90 120 124 127 124 133 115 122 71 9
Slide 8: Improvement in Direct Sales and Membership Support
Improvement in Direct Sales and Membership Support Corporate Members Individual Members ‘000 ‘000‘000 2,500 120 2,297 111 2,165 102 100 2,000 80 1,500 60 1,000 40 500 20 - 0 24Q4 25Q4 24Q4 25Q4 8
Slide 9: Restaurant ADS, ADT and AC
AC (1) ADT (2) ADS (3) RMB RMB RMB 70 6,000 120 59 106 5,4335,525 60 100 4,891 54 53 101 93 5,000 4,737 100 94 88 4,2344,029 46 90 83 85 50 48 3,6293,714 46 4,000 3,312 43 80 40 37 37 3,000 60 30 2,000 40 20 1,000 10 20 0 0 0 23Q424Q124Q224Q324Q425Q125Q225Q325Q4 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25
Slide 10: 2025Q4 Strategic Execution
02 2025Q4 Strategic Execution 10
Slide 11: 2025Q4 Strategic Execution
2025Q4 Strategic Execution Further Expansion into Mid-to- Upscale Segment Greater Penetration in Tier 3 and Lower Cities in South China 11
Slide 12: Further Expansion into Mid-to-UpScale Segment
Further Expansion into Mid-to-UpScale Segment Hotel New Openings Breakdown by Segment Hotel Breakdown by Segment Mid-to-Upscale Midscale Economy Mid-to-Upscale Midscale Economy 700 618 5000 548 4,580 600 4,405 466 24.6% 4500 4,238 500 13.9% 4,059 24.6% 420 405 12.8% 18.5% 3,859 12.1% 400 4000 11.2%
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 700 618 5000 548 4,580 600 7.1% 4500 4,238 4,272 7.1% 466 9.2% 500 27.0% 420 4,059 21.2% 6.4% 405 3,85
Slide 14: 2025Q4 and Fiscal Year Restaurant Strategic Execution
2025Q4 and Fiscal Year Restaurant Strategic Execution Restaurant Breakdown by L&O and F&M L&O 250 Business Model Optimization 200 182 191 F&M 15 Leads to a Greater Share of 18 Franchised and Managed 150 Restaurants 100 164 176 50 0 2024 2025 Proportion of Restaurants Breakdown by Location Shopping M
Slide 15: Operating and Financial Highlights
003747格雅临沂市兰山区海联国际广场酒店 03 Operating and Financial Highlights 15
Slide 16: Hotel Revenue
Hotel Revenue Total Revenue Revenue from L&O Hotels RMB (M) RMB (M) Exemption of Fees from Franchisees and Reduction in Membership Fee Revenue from L&O Hotels 500 Revenue from Hotels 450 437.5 Same Hotel 400 381.4 1,200.0 350 300 1,066.5 250 269.5 200 255.3 1,000.0 150 Same 100 91.0 85.0 Hotel 912.3
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) 700 593.8 900 600 552.9 Other operating expenses,mainly 500 851.9 843.9 including losses from disposal of 400 L&O hotel assets 300 800 808.9 200 139.9 123.3 Provisions for loan recei
Slide 18: Hotel Profitability
Hotel Profitability Net Income Core Net Income (1) RMB (M) Margin RMB (M) Margin 300 300 249.5 256.9 250 250 213.0 202.7 200 200 150 150 100 100 64.0 YOY 46.1 50 28.4 29.5 50 0 4.0% 0 24Q4 25Q4 2024 2025 24Q4 25Q4 2024 2025 11.8% 15.5% 19.0% 27.4% 19.2% 33.7% 24.1% 23.4% Adjusted EBITDA (2) Cash Fro
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) 300 450 278.6 391.4 400 250 350 200 186.2 300 275.4 250 150 200 187.4 100 150 127.3 65.1 100 50 39.1 50 0 0 24Q4 25Q4 2024 2025 24Q4 25Q4 2024 2025 19
Slide 20: Restaurant Profitability
Restaurant Profitability Net Income Core Net Income (1) RMB (M) Margin RMB (M) Margin 24Q4 25Q4 2024 2025 35.0 -75.0 29.0 30.0 -80.0 25.0 18.9 20.0 -85.0 15.0 -90.0 (85.2) (86.2) 10.0 (90.9) -95.0 5.0 0.0 -100.0 24Q4 25Q4 2024 2025 -5.0 (101.2) (0.9) (1.8) -105.0 -155.5% -217.9% -32.6% -46.3% 29.0%
Slide 21: Group Profitability
Group Profitability Net income Core net income (Non-GAAP) RMB（M） RMB 300 277.6 200 163.4 250 150 211.2 107.3 200 100 150 50 100 0 57.8 63.2 24Q4 25Q4 2024 2025 50 -50 (55.7) 0 -100 (72.8) 24Q4 25Q4 2024 2025 Net Income per ADS (Basic and Diluted) (1) Core Net Income per ADS (Basic and Diluted) (Non-
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 1,964 Million as of December 31, 2025 RMB (M) 2,500 32.5 22.3 0.3 -10.7 -43.2 -51.8 2,000 2,014.6 1,964.0 1,500 1,000 500 0 Cash & Cash Equiva
Slide 23: Guidance; Thank you! Q&A
Guidance Taking into account the recovery in long-term trends and short-term industry fluctuations, we expect the total revenues of our organic hotel business for the full year of 2026 to be flat with the 2025 levels. Thank you! Q&A 23
Slide 24: Appendix
Vx Hotel (High-speed Railway Station, Dongfang City, Hainan Province) 04 Appendix 24
Slide 25: Our Portfolio
Our Portfolio As of December 31, 2025 Mid-to-Up-Scale • Hotels in operation: 585 • Hotel rooms in operation: 54,980 • Room rates: RMB 200 - 600 Mid-Scale [3] • Hotels in operation: 3,026 • Hotel rooms in operation: 227,573 Room rates: RMB 150 - 400 [4] Economy • Hotels in operation: 969 • Hotel room
Slide 26: Hotel Breakdown
Hotel Breakdown Number of Hotels in Operation Number of Hotel Rooms in Operation By Market Segment and Brand 2024Q4 2025Q4 2024Q4 2025Q4 Mid-to-up-scale 553 585 51,649 54,980 GreenTree Eastern 239 245 25,683 26,761 Deep Sleep Hotel 8 9 610 710 Gem 105 118 9,386 10,746 Gya 74 76 6,155 6,360 Vx 105 11
Slide 27: Hotel Operating Data
Hotel Operating Data 2024Q4 2025Q4 2024Q4 2025Q4 Occupancy rate Total hotels in operation 4,425 4,580 Leased-and-owned hotels 65.5% 63.9% Leased-and-owned hotels 55 45 Franchised hotels 68.6% 64.7% Blended 68.6% 64.7% Franchised hotels 4,370 4,535 Average daily rate (in RMB) Leased-and-owned hotels
Slide 28: Restaurants Operating Data
Restaurants Operating Data 2024Q4 2025Q4 2024Q4 2025Q4 Total restaurants in ADT 182 191 operation Dine In 44 29 Leased-and-owned 18 15 Delivery 49 60 restaurants Blended 93 88 Franchised restaurants 164 176 AC (in RMB) Dine In 58 53 Number of cities 53 53 Delivery 35 30 Blended 46 37 ADS (in RMB) Di
Slide 29: Restaurants Operating Data
Restaurants Operating Data 2024Q4 2025Q4 ADT Leased-and-owned restaurants 186 199 Franchised restaurants 78 79 Blended 93 88 AC (in RMB) Leased-and-owned restaurants 99 79 Franchised restaurants 33 29 Blended 46 37 ADS (in RMB) Leased-and-owned restaurants 18,384 15,790 Franchised restaurants 2,605
GreenTree Hospitality Group — Q4 2025 Earnings Presentation on 6ix