H World Group Limited · HKEX:1179
H World — Q1 2026 Earnings Presentation
20 slides from H World's earnings presentation, May 15, 2026
Slide 1: First Quarter of 2026 Earnings Call
First Quarter of 2026 Earnings Call H World Group Limited (NASDAQ: HTHT and HKEX: 1179) May 15, 2026 H W or ld
Slide 2: Disclaimer
2 Disclaimer This presentation has been prepared by H World Group Limited (the “H World”) solely for informational purposes and should not be construed to be, directly or indirectly, in whole or in part, an offer to buy or sell and/or an invitation and/or a recommendation and/or a solicitation of an
Slide 3: Agenda
AGENDA 01 02 03 04 26Q1 Business 26Q1 Financial Q and A Appendix Update Review H W or ld
Slide 4: Q1'26 Group Key Highlights
4 Q1’26 Group Key Highlights Hotel GMV: RMB26.4bn +17.4% YoY +20.3% YoY M&F Revenue: RMB3.0bn Rooms in Operation: M&F Gross Operating 1,303,563 +14.1% YoY +20.7% YoY Profit*: RMB1.9bn Room Nights Booked by Members: 60mn +10.7% YoY +24.2% YoY Total Adj. EBITDA: RMB1.9bn * M&F refers to manachised and
Slide 5: Solid Hotel Network and GMV Growth in Q1'26
5 Solid Hotel Network and GMV Growth in Q1’26 GMV 的 Hotel Network Expansion Hotel GMV (Number of rooms in operation) (in RMB millions) +14.1% +17.4% 1,303,563 26,396 1,142,158 HWI HWI 25,032 22,489 1,823 HWI HWI 26,049 1,664 HWC HWC HWC 1,278,531 24,573 1,116,109 HWC 20,825 Q1'25 Q1'26 Q1'25 Q1'26 *
Slide 6: HWC RevPAR Increased 3.0% YoY
6 HWC RevPAR Increased 3.0% YoY 务 RevPAR 3.0% ADR (RMB) OCC RevPAR (RMB) +4.5% -1.1p.p. +3.0% 76.2% 285 75.1% 214 208 272 Q1'25 Q1'26 Q1'25 Q1'26 Q1'25 Q1'26 * Numbers in this page refers to H World China business H W or ld
Slide 7: Economy and Midscale as the Core Products Serving the Mass Market
7 Economy and Midscale as the Core Products Serving the Mass Market 务 Number of Hotels in Operation Number of Hotels in Pipeline Number of Hotel Openings (as of Mar 31) (as of Mar 31) Economy Midscale Upper midscale and above Economy Midscale Upper midscale and above Economy Midscale Upper midscale
Slide 8: Enhancing City Network Coverage
8 Enhancing City Network Coverage Number of Hotels in Operation Number of Hotels in Pipeline City Coverage in China (as of Mar 31) (as of Mar 31) (hotels in operation and in pipeline) Tier-1 Tier-2 Tier-3, 4 and below Tier-1 Tier-2 Tier-3, 4 and below 13,095 2,858 2,865 11,561 1,461 44% 53% 50% 42%
Slide 9: Developing the Upper-Midscale Segment
9 Developing the Upper-Midscale Segment 务 Number of Upper-Midscale Hotels Multi-brand Strategy for Upper-midscale Segment Operation Pipeline +14.4% YoY 1,658 1,610 1,632 1,449 1,532 1,390 1,246 1,289 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 * Numbers in this page refers to H World China busin
Slide 10: Increasing Member Bookings
10 Increasing Member Bookings Room Nights Booked by Members (in millions) +10.7% YoY 60 54 Q1'25 Q1'26 * Numbers in this page refers to H World China business * Includes bookings from H World’s own online channels only, excludes OTAs and other third party distribution platforms H W or ld
Slide 11: HWI RevPAR Increased 5.0% YoY
11 HWI RevPAR Increased 5.0% YoY RevPAR 5.0% ADR OCC RevPAR (In Constant US$) (In Constant US$) +1.6% +2.1p.p. +5.0% 125 127 63.3% 80 61.2% 76 Q1'25 Q1'26 Q1'25 Q1'26 Q1'25 Q1'26 * Numbers in this page refers to H World International business H W or ld * Period comparisons of hotel operating statist
Slide 12: Our Initial Footprint in APAC
12 Our Initial Footprint in APAC JI Hotel Vientiane Mekong Riverside JI Hotel Phnom Penh Downtown Hanting Hotel Ho Chi Minh City Downtown 务 Intercity Hotel & Serviced Apartment Phnom Penh Downtown JI Hotel Orchard Singapore Maxx Phnom Penh Downtown H W or ld * As of May 15, 2026.
Slide 13: Agenda
AGENDA 01 02 03 04 26Q1 Business 26Q1 Financial Q and A Appendix Update Review H W or ld
Slide 14: Q1'26 Financial Highlights
14 Q1’26 Financial Highlights Revenue Adjusted EBITDA Adjusted Net Income (in RMB millions) (in RMB millions) (in RMB millions) +11.1% YoY +24.2% YoY +38.6% YoY 6,525 2,194 1,297 5,996 HWI HWI 327 1,858 1,315 1,074 5,395 HWI 972 1,496 HWI 925 775 HWC HWC HWC 1,867 1,914 HWC HWC 1,574 HWC 5,217 5,031
Slide 15: Asset-Light Business Achieved 20%+ YoY Growth in Q1'26
15 Asset-Light Business Achieved 20%+ YoY Growth in Q1’26 M&F Revenue M&F Gross Operating Profit (in RMB millions) (in RMB millions) +20.3% YoY +20.7% YoY 1,869 1,912 3,023 3,006 HWI HWI HWI 1,584 30 2,499 56 31 HWI 55 HWI HWI 31 30 HWC HWC HWC HWC 2,472 2,974 2,982 HWC HWC 1,882 1,554 1,814 Q1'25 Q
Slide 16: Cash Flow and Liquidity Position
16 Cash Flow and Liquidity Position Operating Cash Balance Net Cash (incl. Time Deposits) (incl. Time Deposits) Cash Flow RMB233 mn RMB15.8 bn RMB9.6 bn * As of March 31, 2026 * Cash balance and net cash position includes RMB3.3bn time deposits and financial products H W or ld
Slide 17: Agenda
AGENDA 01 02 03 04 26Q1 Business 26Q1 Financial Q and A Appendix Update Review H W or ld
Slide 18: Agenda
AGENDA 01 02 03 04 26Q1 Business 26Q1 Financial Q and A Appendix Update Review H W or ld
Slide 19: Same-Hotel Operational Data by Class
19 Same-Hotel Operational Data by Class Number of hotels in Same-hotel RevPAR Same-hotel ADR Same-hotel Occupancy operation As of For the quarter ended For the quarter ended For the quarter ended March 31, March 31, March 31, March 31, yoy change yoy change yoy change (p.p.) 2025 2026 2025 2026 2025
Slide 20: Number of Hotels and Rooms
20 Number of Hotels and Rooms As of March 31, 2026 Total Hotels Rooms Unopened hotels in operation in pipeline Economy hotels 6,132 505,058 1,219 HanTing Hotel 4,626 402,202 878 Ni Hao Hotel 524 39,931 75 Hi Inn 730 40,050 256 Elan Hotel 40 2,239 - Ibis Hotel 206 19,600 3 Zleep Hotels 6 1,036 7 Mids