GreenTree Hospitality Group Ltd. · NYSE:GHG
GreenTree Hospitality — Q1 2026 Earnings Presentation
29 slides from GreenTree Hospitality's earnings presentation, Jun 30, 2026
Slide 1: 2026Q1 Results
2026Q1 Results June 30, 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 2026Q1 2026Q1 2026Q1 Appendix Performance Review Strategic Execution Operating and Financial Highlights 3
Slide 4: 2026Q1 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 2026Q1 Performance Review 4
Slide 5: 2026Q1 Highlights
2026Q1 Highlights RMB Compared with 2025Q1 Hotel RevPAR 95 Down 5.7% Restaurant ADS (1)( Average Daily 3,270 Down 18.8% Sales Per Store) Hotel Revenues 188.7MM Down 11.4% Hotel Net Income 14.3MM UP 69.6% with margin 7.6% 59.9MM Up 4.1% from 57.5MM Cash From Operations Total Revenues 227.7MM Down 14.
Slide 6: Overview of 2026Q1
Overview of 2026Q1 Total Revenues Income From Operations RMB (M) RMB (M) Restaurant 300 Restaurant 35 Hotel Hotel 0.1 250 51.9 30 39.1 25 28.5 200 213.0 188.7 20 150 15 100 10 11.8 50 5 0 0 (0.5) 25Q1 26Q1 25Q1 26Q1 -5 Net Income Cash From Operations RMB (M) RMB (M) 16 Restaurant Restaurant Hotel 70
Slide 7: Hotel Performance
Hotel Performance RevPAR 2026 RMB 190 212 196 177 177 180 200 164 160 161 157 158 153 145 152 152 146 136 149 144 144 135 142 137 135 135 131 124 130 132 150 121 124 131 123119 124 127 105 115 155 145 149133 96 133 100 111 117108 139 129117 135 119 132 139 90 139 124 133 115 100 129 71 120 124 95 11
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 2,315 120 113 2,205 YoY YoY 104 +5.0% +8.7% 100 2,000 80 1,500 60 1,000 40 500 20 - 0 25Q1 26Q1 25Q1 26Q1 8
Slide 9: Overview of Restaurants
Overview of Restaurants AC (1) ADT (2) ADS (3) RMB RMB RMB 59 120 6,000 60 53 106 100 5,525 93 4,891 50 46 46 48 45 100 94 88 5,000 4,737 90 83 85 4,2344,029 43 37 3,714 40 37 80 73 3,629 3,312 4,000 3,270 30 60 3,000 20 40 2,000 10 20 1,000 0 0 0 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 24Q1 24
Slide 10: 2026Q1 Strategic Execution
02 2026Q1 Strategic Execution 10
Slide 11: 2026Q1 Strategic Execution
2026Q1Strategic 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 Economy Midscale Mid-to-Upscale 5000 4,580 4,605 700 618 4,405 548 4500 4,238 600 4,059 12.9% 24.6% 12.8% 466 24.6% 3,859 1
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 4,605 600 548 7.1% 4,272 4500 4,238 4,059
Slide 14: 2026Q1 and Fiscal Year Restaurant Strategic Execution
2026Q1 and Fiscal Year Restaurant Strategic Execution Restaurant Breakdown by L&O and F&M 250 L&O F&M Business Model 184 192 200 Optimization Leads 17 YoY 14 to a Greater Share 150 6.6% of Franchised and Managed 100 167 178 Restaurants 50 0 2025Q1 2026Q1 Proportion of Restaurants Breakdown by Locati
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) 100 250 88.2 YoY -15.5 74.5 % 213.0 Yo Y 50 200 -11 .4% 188.7 150 0 25Q1 26Q1 Revenue from F&M Hotels RMB (M) 100 150 123.9 YoY 113.4 -8.5% 100 50 50 0 0 25Q1 26Q1 25Q1 26Q1 16
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) 150 142.7 YoY 125.0 -12.4% 204.8 100 Yo 200 Y 198.9 -18 Yo .6% Y 50 -20 166.6 .3% 158.4 0 150 25Q1 26Q1 Selling and Marketing Expenses RMB (M) 20 100 Excluding 14.5 Provisions for Lo
Slide 18: Hotel Profitability
Hotel Profitability Net Income Core Net Income (1) RMB (M) Margin RMB (M) Margin 16 14.3 30 14 24.2 Y 25 12 Yo YoY 18.8 10 8.5 .6% 20 69 28.6% 8 15 6 10 4 5 2 0 0 25Q1 26Q1 25Q1 26Q1 4.0% 7.6% 8.8% 12.8% Adjusted EBITDA (2) Cash From Operations RMB (M) RMB (M) Margin Margin 60.0 70 59.9 51.4 57.5 Yo
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) 60.0 60.0 52.6 51.9 50.0 50.0 Yo Yo Y Y -24 -25 .6% 39.1 .8% 39.0 40.0 40.0 30.0 30.0 20.0 20.0 10.0 10.0 0.0 25Q1 26Q1 0.0 25Q1 26Q1 19
Slide 20: Restaurant Profitability
Restaurant Profitability Net Income Core Net Income (1) RMB (M) Margin RMB (M) Margin - - 25Q1 26Q1 25Q1 26Q1 -0.1 -0.1 -0.2 -0.2 -0.3 -0.3 (0.3) -0.4 (0.3) -0.4 -0.5 -0.5 -0.6 -0.6 -0.7 -0.7 (0.7) (0.7) -1.3% -0.8% -1.3% -0.7% Adjusted EBITDA (2) Cash From Operations RMB (M) Margin RMB (M) Margin 2
Slide 21: Group Profitability
Group Profitability Net Income Core Net Income (Non-GAAP) RMB（M） RMB 25.0 23.9 16.00 14.0 YoY 14.00 20.0 18.1 % 31.7 12.00 Y Yo 15.0 10.00 7.8 .2% 80 8.00 10.0 6.00 4.00 5.0 2.00 0.0 0.00 25Q1 26Q1 25Q1 26Q1 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 2,010.2 Million as of March 31, 2026 RMB (M) 2,200 46.8 1.0 58.1 0.5 -8.5 -51.7 1,964.0 2,010.2 2,000 1,800 1,600 1,400 1,200 1,000 800 600 40
Slide 23: Guidance; Thank you! Q&A
Guidance Taking into account the strategic reviews leading to the closure of L&O hotels and the standardization process resulting in a slowdown in hotel openings, we expect the total revenues of our organic hotel business to -10% ~ -15% year over year. The guidance set forth above reflects the Compa
Slide 24: Appendix
Vx Hotel (High-speed Railway Station, Dongfang City, Hainan Province) 04 Appendix 24
Slide 25: Our Portfolio
Our Portfolio As of March 31, 2026 Mid-to-Up-Scale • Hotels in operation: 596 Hotel rooms in operation: 55,565 • Room rates: RMB 200 - 600 Mid-Scale [3] • Hotels in operation: 3,034 Hotel rooms in operation: 228,244 Room rates: RMB 150 - 400 [4] Economy • Hotels in operation: 975 Hotel rooms in oper
Slide 26: Hotel Breakdown
Hotel Breakdown Number of Hotels in Operation Number of Hotel Rooms in Operation By Market Segment and Brand 2025Q1 2026Q1 2025Q1 2026Q1 Mid-to-up-scale 564 596 52,365 55,565 GreenTree Eastern 242 251 25,843 27,343 Deep Sleep Hotel 8 9 610 710 Gem 111 119 10,080 10,846 Gya 74 78 6,171 6,546 Vx 107 1
Slide 27: Hotel Operating Data
Hotel Operating Data 2025Q1 2026Q1 2025Q1 2026Q1 Occupancy rate Total hotels in operation 4,459 4,605 Leased-and-owned hotels 61.0% 57.6% Leased-and-owned hotels 55 42 Franchised hotels 64.1% 62.6% Blended 64.0% 62.5% Franchised hotels 4,404 4,563 Average daily rate (in RMB) Leased-and-owned hotels
Slide 28: Restaurants Operating Data
Restaurants Operating Data 2025Q1 2026Q1 2025Q1 2026Q1 Total restaurants in ADT 184 192 operation Dine In 35 26 Leased-and-owned 17 14 Delivery 48 47 restaurants Blended 83 73 Franchised restaurants 167 178 AC (in RMB) Dine In 65 67 Number of cities 53 53 Delivery 36 32 Blended 48 45 ADS (in RMB) Di
Slide 29: Restaurants Operating Data
Restaurants Operating Data 2025Q1 2026Q1 ADT Leased-and-owned restaurants 210 204 Franchised restaurants 71 65 Blended 83 73 AC (in RMB) Leased-and-owned restaurants 98 83 Franchised restaurants 35 36 Blended 48 45 ADS (in RMB) Leased-and-owned restaurants 20,545 16,836 Franchised restaurants 2,459
GreenTree Hospitality Group — Q1 2026 Earnings Presentation on 6ix