H World Group Limited · HKEX:1179
H World — Q3 2025 Earnings Presentation
24 slides from H World's earnings presentation, Nov 17, 2025
Slide 1: Third Quarter of 2025 Earnings Call
Third Quarter of 2025 Earnings Call H World Group Limited (NASDAQ: HTHT and HKEX: 1179) November 17, 2025 H W or 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 25Q3 Business 25Q3 Financial Q and A Appendix Update Review H W or ld
Slide 4: Q3'25 Group Key Highlights
4 Q3’25 Group Key Highlights ♲㷍䏞꧋㔙⚌絫嚋錢 Hotel GMV: RMB30.6bn +17.5% YoY +27.2% YoY M&F Revenue: RMB3.3bn Rooms in Operation: M&F Gross Operating 1,246,240 +17.3% YoY +28.6% YoY Profit*: RMB2.2bn H Rewards Members: M&F Gross Operating +17.3% YoY +11.1p.p YoY 301mn Profit Contribution: 70.5% Room Night
Slide 5: Solid Hotel Network and GMV Growth in Q3'25
5 Solid Hotel Network and GMV Growth in Q3’25 GMV Hotel Network Expansion Hotel GMV (Number of rooms in operation) (in RMB millions) +17.3% +17.5% 1,246,240 30,566 Legacy-DH Legacy-DH 26,019 2,238 25,943 Legacy-DH 1,062,546 2,086 Legacy-DH 27,687 Legacy-Huazhu Legacy-Huazhu 1,220,297 28,328 Legacy-H
Slide 6: Legacy-Huazhu RevPAR Stabilized YoY
6 Legacy-Huazhu RevPAR Stabilized YoY 2025 RevPAR ADR (RMB) OCC RevPAR (RMB) +0.9% 84.9% -0.8p.p. -0.1% 301 304 84.1% 256 256 Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 * Numbers in this page refers to Legacy-Huazhu business H W or ld
Slide 7: Legacy-DH RevPAR Increased 6.4% YoY
7 Legacy-DH RevPAR Increased 6.4% YoY DH 2025 RevPAR 6.4% ADR (EUR) OCC RevPAR (EUR) -0.2% +4.6p.p. +6.4% 74.4% 117 117 87 82 69.8% Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 * Numbers in this page refers to Legacy-DH business H W or ld
Slide 8: Economy and Midscale as the Core Products Serving the Mass Market
8 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 Sep 30) (as of Sep 30) Economy Midscale Upper midscale and above Economy Midscale Upper midscale and above Economy Midscale Upper midscale
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 Sep 30) (as of Sep 30) (hotels in operation and in pipeline) Tier-1 Tier-2 Tier-3, 4 and below Tier-1 Tier-2 Tier-3, 4 and below 12,580 2,899 10,707 2,727 2
Slide 10: Stepping-Up the Development of Upper-Midscale Segment
10 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 +25.3% YoY 1,616 1,538 1,456 1,394 1,247 1,290 1,116 1,031 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 * Numbers in this page
Slide 11: H W or ld
EFRM JE ICONS HOTEL
Slide 12: H W or ld
EFKM JI ICONS HOTEL
Slide 13: H W or ld
EFKM JI ICONS HOTEL
Slide 14: Expanding Membership, Increasing Member Bookings
14 Expanding Membership, Increasing Member Bookings ⠔プ錞垷⿺⠔プ곫㹁ꢂ㢹ꆀ珘姿䲿⼮ Number of Members Continues Rising Room Nights Booked by Members Reaching 301 million as of end-September (in millions) 301 +19.7% YoY 267 66 228 61 55 193 199 169 153 122 103 79 49 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 15: Agenda
AGENDA 01 02 03 04 25Q3 Business 25Q3 Financial Q and A Appendix Update Review H W or ld
Slide 16: Q3'25 Financial Highlights
16 Q3’25 Financial Highlights ♲㷍䏞餒⸉侨䰘 Revenue Adjusted EBITDA Adjusted Net Income (in RMB millions) (in RMB millions) (in RMB millions) +8.1% YoY +18.9% YoY +10.8% YoY 2,513 6,961 2,270 1,520 2,113 Legacy-DH 1,372 6,442 6,426 Legacy-DH Legacy-DH 67 1,349 1,245 Legacy-DH 180 Legacy-DH Legacy-DH 24 1,
Slide 17: Asset-Light Business Achieved 27%+ YoY Growth in Q3'25
17 Asset-Light Business Achieved 27%+ YoY Growth in Q3’25 ⸈湅⚌⸉㹊梡䔂⸢㟞 M&F Revenue M&F Gross Operating Profit (in RMB millions) (in RMB millions) +27.2% YoY +28.6% YoY 3,309 2,237 Legacy-DH 2,865 48 1,896 Legacy-DH 2,602 47 Legacy-DH 1,739 Legacy-DH 41 Legacy-DH 37 Legacy-DH 40 36 Legacy-Huazhu Legacy
Slide 18: Enlarging Profit Contribution from High-Margin Asset-Light Business
18 Enlarging Profit Contribution from High-Margin Asset-Light Business ⸈湅⚌⸉ⵄ嶹餑柄珘姿䲿⼮ Gross Operating Profit Mix in Q3’24 Gross Operating Profit Mix in Q3’25 GOP: RMB2.9 bn GOP: RMB3.2 bn 5% 5% 25% 36% 59% 70% Leased and owned hotels Leased and owned hotels Manachised and franchised hotels Manachised
Slide 19: Cash Flow and Liquidity Position
19 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 RMB1.7 bn RMB13.3 bn RMB6.6 bn * As of September 30, 2025 * Cash balance and net cash position includes RMB6.0bn time deposits and financial products H W or ld
Slide 20: Guidance
20 Guidance ⚌絫䭷䒸 Q4 Revenue vs. Q4 2024 •Grow 2%-6% •Excluding DH - Grow 3%-7% 2025 M&F revenue vs. Q4 2024 •Grow 17%-21% H W or ld
Slide 21: Agenda
AGENDA 01 02 03 04 25Q3 Business 25Q3 Financial Q and A Appendix Update Review H W or ld
Slide 22: Agenda
AGENDA 01 02 03 04 25Q3 Business 25Q3 Financial Q and A Appendix Update Review H W or ld
Slide 23: Same-Hotel Operational Data by Segment
23 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 September 30, September 30, September 30, September 30, yoy change yoy change yoy change (p.p.)
Slide 24: Number of Hotels and Rooms
24 Number of Hotels and Rooms ꂊ䏅侨ꆀㄤ䨻ꢂ侨ꆀ As of September 30, 2025 Total Hotels Rooms Unopened hotels in operation in pipeline Economy hotels 6,026 492,250 1,056 HanTing Hotel 4,531 390,899 719 Ni Hao Hotel 505 38,212 94 Hi Inn 686 36,667 229 Elan Hotel 71 4,082 - Ibis Hotel 228 21,558 6 Zleep Hotels