H World Group Limited · HKEX:1179
H World — Q4 2025 Earnings Presentation
28 slides from H World's earnings presentation, Mar 18, 2026
Slide 1: Fourth Quarter and Full Year of 2025 Earnings Call
Fourth Quarter and Full Year of 2025 Earnings Call H World Group Limited (NASDAQ: HTHT and HKEX: 1179) March 18, 2026 H W o r ld
Slide 2: Disclaimer
2 Disclaimer ⯝餓㡮僈 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
Slide 3: Agenda
AGENDA 01 02 03 04 2025 Review and 25Q4 and 2025 Q and A Appendix 2026 Focus Financial Review H W o r ld
Slide 4: 2025 Group Key Highlights
4 2025 Group Key Highlights 2025 Hotel GMV: RMB108.1bn +16.4% YoY +23.1% YoY M&F Revenue: RMB11.7bn Rooms in Operation: M&F Gross Operating 1,264,419 +16.2% YoY +20.8% YoY Profit*: RMB7.6bn Room Nights Booked by Members: 245mn +21.5% YoY +24.2% YoY Total Adj. EBITDA: RMB8.5bn * M&F refers to manachi
Slide 5: Solid Hotel Network and GMV Growth in 2025
5 Solid Hotel Network and GMV Growth in 2025 2025 GMV Hotel Network Expansion Hotel GMV (Number of rooms in operation) (in RMB millions) +16.2% +16.4% 1,264,419 108,070 Legacy-DH 25,022 92,825 Legacy-DH 1,088,218 8,432 Legacy-DH Legacy-DH 7,773 25,889 Legacy-Huazhu Legacy-Huazhu 1,239,397 99,638 Leg
Slide 6: Legacy-Huazhu ADR Stabilized YoY in 2025
6 Legacy-Huazhu ADR Stabilized YoY in 2025 2025 ADR (RMB) OCC RevPAR (RMB) +4.1% +0.2% -1.6p.p. -1.2p.p. +2.0% -1.3% 288 289 290 81.2% 235 80.0% 80.0% 232 78.4% 277 226 222 Q4'24 Q4'25 2024 2025 Q4'24 Q4'25 2024 2025 Q4'24 Q4'25 2024 2025 * Numbers in this page refers to Legacy-Huazhu business H W o
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 Opening (as of Dec 31) (as of Dec 31) Economy Midscale Upper midscale and above Economy Midscale Upper midscale and above Economy Midscale Upper midscale a
Slide 8: Consistent Product Upgrade - Hanting, JI, Orange
8 Consistent Product Upgrade - Hanting, JI, Orange - Proportion of Hanting 3.5, JI 4.0, Orange 2.0 and Above in Operation Hanting 3.5 and above JI 4.0 and above Orange 2.0 and above 82% 80% 76% 76% 71% 72% 66% 66% 52% 49% 44% 43% 36% 29% 21% Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 * Numbers in this page refer
Slide 9: Enhancing Presence in the Lower Tier Cities
9 Enhancing Presence in the Lower Tier Cities ⸈䔂⡛絁㙹䋑䋒㽷 Number of Hotels in Operation Number of Hotels in Pipeline City Coverage in China (as of Dec 31) (as of Dec 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 12,740 2,988 2,887 2,000 11
Slide 10: Hanting Inn
10 Hanting Inn H W o r ld
Slide 11: Stepping-Up the Development of Upper-Midscale Segment
11 Stepping-Up the Development of Upper-Midscale Segment 鵳♧姿䲀⸓⚥넞咓ㅷ晥涸〄㾝 Number of Upper-Midscale Hotels Multi-brand Strategy for Upper-midscale Segment Operation Pipeline +17.6% YoY 1,639 1,616 1,538 1,456 1,394 1,290 1,247 1,116 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 * Numbers in this page
Slide 12: Increasing Member Bookings
12 Increasing Member Bookings ⠔プ곫㹁ꢂ㢹ꆀ珘姿䲿⼮ Room Nights Booked by Members (in millions) +21.5% YoY 245 201 2024 2025 * Numbers in this page refers to Legacy-Huazhu business H W o r ld
Slide 13: Strategic Focus in 2026
13 Strategic Focus in 2026 2026 Grow High- Strengthen Enhance Strengthen Quality Hotel Brand Sales Technology & AI Network Positioning Capability Empowerment * This page refers to Legacy-Huazhu business H W o r ld
Slide 14: Legacy-DH RevPAR Increased 8.2% YoY
14 Legacy-DH RevPAR Increased 8.2% YoY DH 2025 RevPAR 8.2% ADR (EUR) OCC RevPAR (EUR) +3.9% +1.4% +2.1p.p. +4.4p.p. +7.0% +8.2% 72.6% 87 120 116 115 114 70.5% 70.5% 82 81 66.1% 76 Q4'24 Q4'25 2024 2025 Q4'24 Q4'25 2024 2025 Q4'24 Q4'25 2024 2025 * Numbers in this page refers to Legacy-DH business H
Slide 15: Legacy-DH – Business Turnaround in 2025
15 Legacy-DH – Business Turnaround in 2025 DH 2025 Hotel Operation Cost Reduction & Profit Enhancement Optimization Assets & Network Core Brand Positioning & Value Restructuring Proposition Refinement H W o r ld
Slide 16: Legacy-DH – 2026 Focus
16 Legacy-DH – 2026 Focus DH 2026 Improve Commercial & Operational Enhance Stabilization Effectiveness Across Brands & Calibration Leverage on Integration Accelerate Asset-Right Synergies Growth of Network H W o r ld
Slide 17: Agenda
AGENDA 01 02 03 04 2025 Review and 25Q4 and 2025 Q and A Appendix 2026 Focus Financial Review H W o r ld
Slide 18: 2025 Financial Highlights
18 2025 Financial Highlights 2025 Revenue Adjusted EBITDA Adjusted Net Income (in RMB millions) (in RMB millions) (in RMB millions) +5.9% YoY +24.2% YoY +32.9% YoY 25,307 8,473 4,941 23,891 Legacy-DH Legacy-DH 6,820 499 Legacy-DH 4,794 4,881 3,718 Legacy-Huazhu Legacy-Huazhu 7,974 Legacy-Huazhu 6,97
Slide 19: Asset-Light Business Achieved 20%+ YoY Growth in 2025
19 Asset-Light Business Achieved 20%+ YoY Growth in 2025 ⸈湅⚌⸉㹊梡䔂⸢㟞 M&F Revenue M&F Gross Operating Profit (in RMB millions) (in RMB millions) +23.1% YoY +20.8% YoY 11,696 7,586 Legacy-DH Legacy-DH 176 6,279 172 9,498 Legacy-DH Legacy-DH 122 126 Legacy-Huazhu Legacy-Huazhu Legacy-Huazhu 11,542 Legac
Slide 20: Enlarging Profit Contribution from High-Margin Asset-Light Business
20 Enlarging Profit Contribution from High-Margin Asset-Light Business ⸈湅⚌⸉ⵄ嶹餑柄珘姿䲿⼮ Gross Operating Profit Mix in 2024 Gross Operating Profit Mix in 2025 GOP: RMB9.8 bn GOP: RMB11.1 bn 5% 5% 31% 26% 64% 69% Leased and owned hotels Leased and owned hotels Manachised and franchised hotels Manachised a
Slide 21: Cash Flow and Liquidity Position
21 Cash Flow and Liquidity Position 梡ꆄ崨⿺崨⸓䚍䞔ⲃ Operating Cash Balance Net Cash (incl. Time Deposits) (incl. Time Deposits) Cash Flow RMB8.4 bn RMB15.4 bn RMB9.6 bn * As of December 31, 2025 * Cash balance and net cash position includes RMB4.8bn time deposits and financial products H W o r ld
Slide 22: Shareholder Return
22 Shareholder Return 肅⚎㔐䫣䞔ⲃ Cash Dividend (in USD millions) ~USD760 mn total shareholder 650 return in 2025, which include 500 • USD650 mn cash dividend • ~USD110 mn share repurchase 300 75%+ completion of our USD2 bn 45 100 100 68 three-year shareholder return plan - - 2017 2018 2019 2020 2021 202
Slide 23: Full Year 2026 Guidance
23 Guidance ⚌絫䭷䒸 Total Revenue vs. 2025 • Grow 2%-6% • Excluding DH - Grow 5%-9% Full Year M&F Revenue vs. 2025 2026 • Grow 12%-16% Hotel network • Gross Opening: 2,200 - 2,300 hotels • Closure: 600 - 700 hotels * M&F stands for manachised & franchised H W o r ld
Slide 24: Agenda
AGENDA 01 02 03 04 2025 Review and 25Q4 and 2025 Q and A Appendix 2026 Focus Financial Review H W o r ld
Slide 25: Agenda
AGENDA 01 02 03 04 2025 Review and 25Q4 and 2025 Q and A Appendix 2026 Focus Financial Review H W o r ld
Slide 26: Same-Hotel Operational Data by Segment
26 Same-Hotel Operational Data by Segment ず䏅絑蠒侨䰘 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 December 31, December 31, December 31, December 31, yoy change yoy change yoy change (p.p.) 202
Slide 27: Same-Hotel Operational Data by Segment
27 Same-Hotel Operational Data by Segment ず䏅絑蠒侨䰘 Number of hotels in Same-hotel RevPAR Same-hotel ADR Same-hotel Occupancy operation As of For the year ended For the year ended For the year ended December 31, December 31, December 31, December 31, yoy change yoy change yoy change (p.p.) 2024 2025 20
Slide 28: Number of Hotels and Rooms
28 Number of Hotels and Rooms ꂊ䏅侨ꆀㄤ䨻ꢂ侨ꆀ As of December 31, 2025 Total Hotels Rooms Unopened hotels in operation in pipeline Economy hotels 6,030 494,391 1,160 HanTing Hotel 4,556 393,791 774 Ni Hao Hotel 513 38,772 86 Hi Inn 696 37,752 287 Elan Hotel 45 2,871 - Ibis Hotel 214 20,169 6 Zleep Hotels 6