- A total of 13,215 hotels or 1,303,563 hotel rooms in operation as of
March 31, 2026 . - Hotel turnover1 increased 17.4% year-over-year to
RMB26.4 billion in the first quarter of 2026. Excluding H World International (“HWI”)2, hotel turnover from the H World China (“HWC”)3 segment increased 18.0% year-over-year in the first quarter of 2026. Hotel turnover from the HWI segment increased 9.6% year-over-year in the first quarter of 2026. - Revenue in the first quarter of 2026 increased 11.1% year-over-year to
RMB6.0 billion (US$870 million )4. Manachised and franchised (“M&F”) revenue increased 20.3% year-over-year toRMB3.0 billion (US$436 million ) over the same period. Revenue from the HWC segment in the first quarter of 2026 wasRMB5.0 billion , which increased 12.4% year-over-year; and HWI segment revenue in the first quarter of 2026 wasRMB972 million , which increased 5.1% year-over-year. - Net income attributable to
H World Group Limited wasRMB817 million (US$118 million ) in the first quarter of 2026, compared withRMB894 million in the first quarter of 2025 andRMB1.2 billion in the previous quarter. - EBITDA (non-GAAP) in the first quarter of 2026 was
RMB1.6 billion (US$232 million ), compared withRMB1.6 billion in the first quarter of 2025 andRMB2.1 billion in the previous quarter. - Adjusted EBITDA (non-GAAP), which excluded share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments from EBITDA (non-GAAP), was
RMB1.9 billion (US$269 million ) in the first quarter of 2026, compared withRMB1.5 billion in the first quarter of 2025 andRMB2.2 billion in the previous quarter. - Adjusted EBITDA is our segment measure. Adjusted EBITDA from the HWC segment was
RMB1.9 billion in the first quarter of 2026, compared withRMB1.6 billion in the first quarter of 2025 andRMB1.9 billion in the previous quarter. Adjusted EBITDA from the HWI segment was a loss ofRMB56 million in the first quarter of 2026, compared with a loss ofRMB78 million in the first quarter of 2025 and a gain ofRMB327 million in the previous quarter.
_______________________
1 Hotel turnover refers to total transaction value of room and non-room revenue from
2 HWI refers to
3 HWC refers to H World China, which includes all hotels operating inside
4 The conversion of Renminbi (“RMB”) into
As of
HWC – First Quarter of 2026 Operational Highlights
As of
- The HWC ADR was
RMB285 in the first quarter of 2026, compared withRMB272 in the first quarter of 2025 andRMB288 in the previous quarter. - The occupancy rate for all of the HWC hotels in operation was 75.1% in the first quarter of 2026, compared with 76.2% in the first quarter of 2025 and 78.4% in the previous quarter.
- Blended HWC RevPAR was
RMB214 in the first quarter of 2026, compared withRMB208 in the first quarter of 2025 andRMB226 in the previous quarter. - For all of the HWC hotels which had been in operation for at least 18 months, the same-hotel RevPAR was
RMB208 in the first quarter of 2026, representing a 2.3% decrease fromRMB213 in the first quarter of 2025, with a 1.4% increase in same-hotel ADR and a 2.8 percentage-point decrease in same-hotel occupancy rate.
HWI – First Quarter of 2026 Operational Highlights
As of
- The HWI ADR5 was
USD127 in the first quarter of 2026, compared withUSD125 in the first quarter of 2025 andUSD140 in the previous quarter. - The occupancy rate for all HWI hotels in operation was 63.3% in the first quarter of 2026, compared with 61.2% in the first quarter of 2025 and 72.5% in the previous quarter.
- Blended HWI RevPAR5 was
USD80 in the first quarter of 2026, compared withUSD76 in the first quarter of 2025 andUSD101 in the previous quarter.
“To better and more accurately reflect our future development prospects, we have adopted the new HWC and HWI disclosure framework and terminology beginning this quarter, where the acronym ‘HWC’ refers to our operations inside
First Quarter of 2026 Unaudited Financial Results
| (RMB in millions) | Q1 2025 | Q4 2025 | Q1 2026 | ||
| Revenue: | |||||
| Leased and owned hotels | 2,789 | 3,266 | 2,750 | ||
| Manachised and franchised hotels | 2,499 | 3,023 | 3,006 | ||
| Others | 107 | 236 | 240 | ||
| Total revenue | 5,395 | 6,525 | 5,996 | ||
__________________________
5 Period comparisons of ADR and RevPAR are presented on a constant
Revenue in the first quarter of 2026 was
Revenue from leased and owned (L&O) hotels in the first quarter of 2026 was
Revenue from manachised and franchised (M&F) hotels in the first quarter of 2026 was
Other revenue represents revenue generated from businesses other than our hotel operations, which mainly includes revenue from the provision of technical services, procurement platform and Huazhu Mall™ and other revenue from the HWI segment, totaling
| (RMB in millions) | Q1 2025 | Q4 2025 | Q1 2026 | |||||
| Operating costs and expenses: | ||||||||
| Hotel operating costs | (3,604 | ) | (3,921 | ) | (3,655 | ) | ||
| Other operating costs | (11 | ) | (23 | ) | (18 | ) | ||
| Selling and marketing expenses | (243 | ) | (379 | ) | (286 | ) | ||
| General and administrative expenses | (512 | ) | (545 | ) | (560 | ) | ||
| Pre-opening expenses | (3 | ) | (14 | ) | (11 | ) | ||
| Total operating costs and expenses | (4,373 | ) | (4,882 | ) | (4,530 | ) | ||
Hotel operating costs in the first quarter of 2026 were
Selling, General and administrative expenses (SG&A) in the first quarter of 2026 were
Other operating income, net in the first quarter of 2026 was
Income from operations in the first quarter of 2026 was
Operating margin, defined as income from operations as a percentage of revenue, was 24.8% in the first quarter of 2026, compared with 20.1% in the first quarter of 2025 and 29.1% in the previous quarter. The year-over-year margin improvement was mainly driven by a higher revenue contribution from our M&F businesses, consistent with our asset-light expansion strategy.
Income tax expense in the first quarter of 2026 was
Net income attributable to
EBITDA (non-GAAP) in the first quarter of 2026 was
Adjusted EBITDA, which excluded the following from EBITDA (non-GAAP): share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments, was
Cash flow. Operating cash inflow in the first quarter of 2026 was
Cash, cash equivalents and restricted cash. As of
Debt financing. As of
In
Resignation of Director
The board of directors of the Company (the “Board”) hereby announces that Ms.
Conference Call
H World’s management will host a conference call at
To join by phone, all participants must pre-register this conference call using the Participant Registration link of https://register-conf.media-server.com/register/BIec456343c7c34361958c8a8dfcab30c8. Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN.
A live webcast of the call can be accessed at https://edge.media-server.com/mmc/p/apgspznn or the Company’s website at https://ir.hworld.com/news-and-events/events-calendar.
A replay of the conference call will be available for twelve months from the date of the conference at the Company’s website, https://ir.hworld.com/news-and-events/events-calendar.
Use of Non-GAAP Financial Measures
To supplement the Company’s unaudited consolidated financial results presented in accordance with
The Company believes that EBITDA is a useful financial metric to assess the operating and financial performance before the impact of investing and financing transactions and income taxes, given the significant investments that the Company has made in leasehold improvements, depreciation and amortization expense that comprise a significant portion of the Company’s cost structure. In addition, the Company believes that EBITDA is widely used by other companies in the lodging industry and may be used by investors as a measure of financial performance. The Company believes that EBITDA information provides investors with a useful tool for comparability between periods because it excludes depreciation and amortization expense attributable to capital expenditures. The Company also uses adjusted EBITDA to assess operating results of its hotels in operation. The Company believes that the exclusion of share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments helps facilitate year-over-year comparisons of the results of operations as the share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments may not be indicative of Company operating performance.
Therefore, the Company believes adjusted EBITDA more closely reflects the financial performance capability of Company’s hotels. The presentation of EBITDA and adjusted EBITDA should not be construed as an indication that the Company’s future results will be unaffected by other charges and gains considered to be outside the ordinary course of business.
The use of EBITDA and adjusted EBITDA has certain limitations. Depreciation and amortization expense for various long-term assets (including land use rights), income tax, interest expense and interest income have been and will be incurred and are not reflected in the presentation of EBITDA. Share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments have been and will be incurred and are not reflected in the presentation of adjusted EBITDA. Each of these items should also be considered in the overall evaluation of the results. The Company compensates for these limitations by providing the relevant disclosure of depreciation and amortization, interest income, interest expense, income tax expense, share-based compensation expenses, gain (loss) from fair value changes of equity securities, foreign exchange gain (loss), net, and gain (loss) on disposal of investments all in the reconciliations to the
The terms EBITDA and adjusted EBITDA are not defined under
Reconciliations of the Company’s non-GAAP financial measures, including EBITDA and adjusted EBITDA, to the consolidated statement of operations information are included at the end of this press release.
About
Originated in
H World’s business includes L&O and M&F models. Under the L&O model,
For more information, please visit H World’s website: https://ir.hworld.com.
Safe Harbor Statement Under the
| —Financial Tables and Operational Data Follow— | ||||||||
| Unaudited Condensed Consolidated Balance Sheets | ||||||||
| RMB | RMB | US$6 | ||||||
| (in millions) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 10,386 | 12,360 | 1,792 | |||||
| Restricted cash | 146 | 141 | 20 | |||||
| Short-term investments | 4,894 | 3,310 | 480 | |||||
| Accounts receivable, net | 723 | 787 | 114 | |||||
| Loan receivables - current, net | 87 | 80 | 12 | |||||
| Amounts due from related parties, current | 272 | 237 | 34 | |||||
| Inventories | 57 | 52 | 8 | |||||
| Other current assets, net | 870 | 834 | 121 | |||||
| Total current assets | 17,435 | 17,801 | 2,581 | |||||
| Property and equipment, net | 5,230 | 5,082 | 737 | |||||
| Intangible assets, net | 5,028 | 4,895 | 710 | |||||
| Operating lease right-of-use assets | 24,983 | 24,481 | 3,549 | |||||
| Finance lease right-of-use assets | 2,394 | 2,291 | 332 | |||||
| Land use rights, net | 155 | 153 | 22 | |||||
| Long-term investments | 1,369 | 1,373 | 199 | |||||
| 5,428 | 5,339 | 774 | ||||||
| Amounts due from related parties, non-current | 42 | 38 | 6 | |||||
| Loan receivables, net | 132 | 117 | 16 | |||||
| Other assets, net | 752 | 756 | 110 | |||||
| Deferred tax assets | 1,157 | 1,174 | 170 | |||||
| Assets held for sale | 669 | 663 | 96 | |||||
| Total assets | 64,774 | 64,163 | 9,302 | |||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Short-term debt | 5,337 | 3,749 | 543 | |||||
| Accounts payable | 1,020 | 962 | 139 | |||||
| Amounts due to related parties | 129 | 83 | 12 | |||||
| Salary and welfare payables | 1,188 | 854 | 124 | |||||
| Deferred revenue | 1,823 | 1,844 | 268 | |||||
| Operating lease liabilities, current | 3,478 | 3,467 | 503 | |||||
| Finance lease liabilities, current | 59 | 59 | 9 | |||||
| Accrued expenses and other current liabilities | 4,902 | 4,533 | 657 | |||||
| Dividends payable | 0 | 2,768 | 401 | |||||
| Income tax payable | 1,191 | 752 | 109 | |||||
| Total current liabilities | 19,127 | 19,071 | 2,765 | |||||
| Long-term debt | 479 | 2,438 | 354 | |||||
| Operating lease liabilities, non-current | 23,653 | 23,101 | 3,349 | |||||
| Finance lease liabilities, non-current | 3,063 | 2,945 | 427 | |||||
| Deferred revenue | 1,602 | 1,640 | 238 | |||||
| Other long-term liabilities | 1,925 | 1,957 | 284 | |||||
| Deferred tax liabilities | 1,187 | 1,168 | 169 | |||||
| Retirement benefit obligations | 109 | 106 | 15 | |||||
| Liabilities held for sale | 671 | 636 | 92 | |||||
| Total liabilities | 51,816 | 53,062 | 7,693 | |||||
| Equity: | ||||||||
| Ordinary shares | 0 | 0 | 0 | |||||
| (662 | ) | (575 | ) | (83 | ) | |||
| Additional paid-in capital | 9,653 | 9,653 | 1,399 | |||||
| Retained earnings | 3,614 | 1,675 | 243 | |||||
| Accumulated other comprehensive income | 199 | 194 | 28 | |||||
| 12,804 | 10,947 | 1,587 | ||||||
| Noncontrolling interest | 154 | 154 | 22 | |||||
| Total equity | 12,958 | 11,101 | 1,609 | |||||
| Total liabilities and equity | 64,774 | 64,163 | 9,302 | |||||
__________________________
6 The conversion of Renminbi (“RMB”) into
| Unaudited Condensed Consolidated Statements of Comprehensive Income | ||||||||||||
| Quarter Ended | ||||||||||||
| RMB | RMB | RMB | US$ | |||||||||
| (in millions, except shares, per share and per ADS data) | ||||||||||||
| Revenue: | ||||||||||||
| Leased and owned hotels | 2,789 | 3,266 | 2,750 | 399 | ||||||||
| Manachised and franchised hotels | 2,499 | 3,023 | 3,006 | 436 | ||||||||
| Others | 107 | 236 | 240 | 35 | ||||||||
| Total revenue | 5,395 | 6,525 | 5,996 | 870 | ||||||||
| Operating costs and expenses: | ||||||||||||
| Hotel operating costs: | ||||||||||||
| Rents | (1,027 | ) | (1,046 | ) | (964 | ) | (139 | ) | ||||
| Utilities | (177 | ) | (154 | ) | (167 | ) | (24 | ) | ||||
| Personnel costs | (1,371 | ) | (1,468 | ) | (1,445 | ) | (210 | ) | ||||
| Depreciation and amortization | (301 | ) | (289 | ) | (275 | ) | (40 | ) | ||||
| Consumables, food and beverage | (269 | ) | (314 | ) | (253 | ) | (36 | ) | ||||
| Others | (459 | ) | (650 | ) | (551 | ) | (80 | ) | ||||
| Total hotel operating costs | (3,604 | ) | (3,921 | ) | (3,655 | ) | (529 | ) | ||||
| Other operating costs | (11 | ) | (23 | ) | (18 | ) | (3 | ) | ||||
| Selling and marketing expenses | (243 | ) | (379 | ) | (286 | ) | (41 | ) | ||||
| General and administrative expenses | (512 | ) | (545 | ) | (560 | ) | (81 | ) | ||||
| Pre-opening expenses | (3 | ) | (14 | ) | (11 | ) | (2 | ) | ||||
| Total operating costs and expenses | (4,373 | ) | (4,882 | ) | (4,530 | ) | (656 | ) | ||||
| Other operating income (expense), net | 60 | 259 | 22 | 3 | ||||||||
| Income (loss) from operations | 1,082 | 1,902 | 1,488 | 217 | ||||||||
| Interest income | 49 | 62 | 65 | 9 | ||||||||
| Interest expense | (74 | ) | (86 | ) | (76 | ) | (11 | ) | ||||
| Other income (expense), net | 22 | (79 | ) | (18 | ) | (3 | ) | |||||
| Gain (loss) from fair value changes of equity securities | (12 | ) | 1 | (5 | ) | (1 | ) | |||||
| Foreign exchange gain (loss) | 208 | (44 | ) | (166 | ) | (24 | ) | |||||
| Income (loss) before income taxes | 1,275 | 1,756 | 1,288 | 187 | ||||||||
| Income tax (expense) benefit | (377 | ) | (571 | ) | (481 | ) | (70 | ) | ||||
| Income (Loss) from equity method investments | 1 | (0 | ) | 12 | 2 | |||||||
| Net income (loss) | 899 | 1,185 | 819 | 119 | ||||||||
| Net (income) loss attributable to noncontrolling interest | (5 | ) | (12 | ) | (2 | ) | (1 | ) | ||||
| Net income (loss) attributable to | 894 | 1,173 | 817 | 118 | ||||||||
| Gain (loss) arising from defined benefit plan, net of tax | - | 10 | - | - | ||||||||
| Gain (loss) from fair value changes of debt securities, net of tax | - | (12 | ) | - | - | |||||||
| Foreign currency translation adjustments, net of tax | (58 | ) | (4 | ) | (5 | ) | (1 | ) | ||||
| Comprehensive income (loss) | 841 | 1,179 | 814 | 118 | ||||||||
| Comprehensive (income) loss attributable to noncontrolling interest | (5 | ) | (12 | ) | (2 | ) | (1 | ) | ||||
| Comprehensive income (loss) attributable to | 836 | 1,167 | 812 | 117 | ||||||||
| Earnings (Losses) per share: | ||||||||||||
| Basic | 0.29 | 0.38 | 0.27 | 0.04 | ||||||||
| Diluted | 0.28 | 0.37 | 0.26 | 0.04 | ||||||||
| Earnings (Losses) per ADS: | ||||||||||||
| Basic | 2.91 | 3.82 | 2.66 | 0.39 | ||||||||
| Diluted | 2.85 | 3.68 | 2.58 | 0.37 | ||||||||
| Weighted average number of shares used in computation: | ||||||||||||
| Basic | 3,066,765,293 | 3,068,046,594 | 3,072,694,153 | 3,072,694,153 | ||||||||
| Diluted | 3,232,049,635 | 3,256,974,776 | 3,270,612,951 | 3,270,612,951 | ||||||||
| Unaudited Condensed Consolidated Statements of Cash Flows | ||||||||||
| Quarter Ended | ||||||||||
| RMB | RMB | RMB | US$ | |||||||
| (in millions) | ||||||||||
| Operating activities: | ||||||||||
| Net income (loss) | 899 | 1,185 | 819 | 119 | ||||||
| Share-based compensation | 77 | 81 | 86 | 12 | ||||||
| Depreciation and amortization, and other | 319 | 302 | 292 | 42 | ||||||
| Impairment loss | 5 | 90 | 4 | 1 | ||||||
| Loss (income) from equity method investments, net of dividends | (1 | ) | 1 | (12 | ) | (2 | ) | |||
| Investment (income) loss and foreign exchange (gain) loss | (228 | ) | 52 | 245 | 35 | |||||
| Changes in operating assets and liabilities | (288 | ) | 1,684 | (1,119 | ) | (162 | ) | |||
| Other | (203 | ) | 48 | (82 | ) | (12 | ) | |||
| Net cash provided by (used in) operating activities | 580 | 3,443 | 233 | 33 | ||||||
| Investing activities: | ||||||||||
| Capital expenditures | (240 | ) | (205 | ) | (182 | ) | (26 | ) | ||
| Purchase of investments | (2,065 | ) | (2,482 | ) | (2,210 | ) | (320 | ) | ||
| Proceeds from maturity/sale and return of investments | 3,031 | 3,637 | 3,787 | 549 | ||||||
| Loan advances | (10 | ) | (15 | ) | (8 | ) | (1 | ) | ||
| Loan collections | 40 | 35 | 34 | 5 | ||||||
| Other | 1 | 38 | 3 | 0 | ||||||
| Net cash provided by (used in) investing activities | 757 | 1,008 | 1,424 | 207 | ||||||
| Financing activities: | ||||||||||
| Payment of share repurchase | (430 | ) | (337 | ) | - | - | ||||
| Proceeds from debt | - | 1,415 | 2,071 | 300 | ||||||
| Repayment of debt | (166 | ) | (2,233 | ) | (1,632 | ) | (237 | ) | ||
| Other | (32 | ) | (1 | ) | (23 | ) | (3 | ) | ||
| Net cash provided by (used in) financing activities | (628 | ) | (1,156 | ) | 416 | 60 | ||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 70 | (28 | ) | (105 | ) | (15 | ) | |||
| Net increase (decrease) in cash, cash equivalents and restricted cash, including cash classified within assets held for sale | 779 | 3,267 | 1,968 | 285 | ||||||
| Less: net increase (decrease) in cash and cash equivalents classified within assets held for sale | (2 | ) | 1 | (1 | ) | (0 | ) | |||
| Cash, cash equivalents and restricted cash at the beginning of the period | 7,524 | 7,266 | 10,532 | 1,527 | ||||||
| Cash, cash equivalents and restricted cash at the end of the period | 8,305 | 10,532 | 12,501 | 1,812 | ||||||
| Unaudited Reconciliation of GAAP and Non-GAAP Results | |||||||||||
| Quarter Ended | |||||||||||
| RMB | RMB | RMB | US$ | ||||||||
| (in millions, except shares, per share and per ADS data) | |||||||||||
| Net income (loss) attributable to | 894 | 1,173 | 817 | 118 | |||||||
| Share-based compensation expenses | 77 | 81 | 86 | 12 | |||||||
| (Gain) loss from fair value changes of equity securities | 12 | (1 | ) | 5 | 1 | ||||||
| Foreign exchange (gain) loss, net | (208 | ) | 44 | 166 | 24 | ||||||
| (Gain) loss on disposal of investments | - | - | - | - | |||||||
| Adjusted net income (loss) attributable to | 775 | 1,297 | 1,074 | 155 | |||||||
| Adjusted earnings (losses) per share (non-GAAP) | |||||||||||
| Basic | 0.25 | 0.42 | 0.35 | 0.05 | |||||||
| Diluted | 0.25 | 0.41 | 0.34 | 0.05 | |||||||
| Adjusted earnings (losses) per ADS (non-GAAP) | |||||||||||
| Basic | 2.53 | 4.22 | 3.49 | 0.51 | |||||||
| Diluted | 2.48 | 4.06 | 3.36 | 0.49 | |||||||
| Weighted average number of shares used in computation | |||||||||||
| Basic | 3,066,765,293 | 3,068,046,594 | 3,072,694,153 | 3,072,694,153 | |||||||
| Diluted | 3,232,049,635 | 3,256,974,776 | 3,270,612,951 | 3,270,612,951 | |||||||
| Quarter Ended | |||||||||||
| RMB | RMB | RMB | US$ | ||||||||
| (in millions) | |||||||||||
| Net income (loss) attributable to | 894 | 1,173 | 817 | 118 | |||||||
| Interest income | (49 | ) | (62 | ) | (65 | ) | (9 | ) | |||
| Interest expense | 74 | 86 | 76 | 11 | |||||||
| Income tax expense | 377 | 571 | 481 | 70 | |||||||
| Depreciation and amortization | 319 | 302 | 292 | 42 | |||||||
| EBITDA (non-GAAP) | 1,615 | 2,070 | 1,601 | 232 | |||||||
| Share-based compensation | 77 | 81 | 86 | 12 | |||||||
| (Gain) loss from fair value changes of equity securities | 12 | (1 | ) | 5 | 1 | ||||||
| Foreign exchange (gain) loss, net | (208 | ) | 44 | 166 | 24 | ||||||
| (Gain) loss on disposal of investments | - | - | - | - | |||||||
| Adjusted EBITDA (non-GAAP) | 1,496 | 2,194 | 1,858 | 269 | |||||||
| Segment Financial Summary | ||||||||||||||||||||||
| Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||||||||||||
| HWC | HWI | Elimination | HWC | HWI | Elimination | HWC | HWI | Elimination | ||||||||||||||
| RMB | RMB | RMB | RMB | RMB | RMB | RMB | RMB | RMB | ||||||||||||||
| (in millions) | (in millions) | (in millions) | ||||||||||||||||||||
| Leased and owned hotels | 1,906 | 883 | - | 2,019 | 1,247 | - | 1,821 | 929 | - | |||||||||||||
| Manachised and franchised hotels | 2,472 | 31 | (4 | ) | 2,974 | 56 | (7 | ) | 2,982 | 31 | (7 | ) | ||||||||||
| Others | 96 | 11 | - | 224 | 12 | - | 228 | 12 | - | |||||||||||||
| Revenue | 4,474 | 925 | (4 | ) | 5,217 | 1,315 | (7 | ) | 5,031 | 972 | (7 | ) | ||||||||||
| Depreciation and amortization | 259 | 60 | - | 236 | 66 | - | 231 | 61 | - | |||||||||||||
| Adjusted EBITDA | 1,574 | (78 | ) | - | 1,867 | 327 | - | 1,914 | (56 | ) | - | |||||||||||
| Beginning in 1Q26, we relabeled our operating segments to "HWC" and "HWI", to replace formerly "Legacy-Huazhu" and "Legacy-DH". In addition, there is a minor realignment between these two segments in 2026; accordingly, comparative figures for the prior periods were updated to conform to the current period’s presentation. | ||||||||||||||||||||||
Operating Results: HWC(1)
| Number of hotels | Number of rooms | |||||||
| Opened in Q1 2026 | Closed (2) in Q1 2026 | Net added in Q1 2026 | As of | As of | ||||
| Leased and owned hotels | 4 | (12 | ) | (8 | ) | 502 | 75,839 | |
| Manachised and franchised hotels | 533 | (165 | ) | 368 | 12,593 | 1,202,692 | ||
| Total | 537 | (177 | ) | 360 | 13,095 | 1,278,531 | ||
| (1) HWC refers to H World China, covering all hotel operating inside | ||||||||
| As of | ||
| Number of hotels | Unopened hotels in pipeline | |
| Economy hotels | 6,125 | 1,211 |
| Leased and owned hotels | 239 | 1 |
| Manachised and franchised hotels | 5,886 | 1,210 |
| Midscale, upper-midscale hotels and others | 6,970 | 1,654 |
| Leased and owned hotels | 263 | 10 |
| Manachised and franchised hotels | 6,707 | 1,644 |
| Total | 13,095 | 2,865 |
| For the quarter ended | ||||
| yoy | ||||
| 2025 | 2025 | 2026 | change | |
| Average daily room rate (in RMB) | ||||
| Leased and owned hotels | 337 | 362 | 351 | 4.1% |
| Manachised and franchised hotels | 267 | 283 | 280 | 5.0% |
| Blended | 272 | 288 | 285 | 4.5% |
| Occupancy rate (as a percentage) | ||||
| Leased and owned hotels | 79.7% | 81.8% | 77.6% | -2.1p.p. |
| Manachised and franchised hotels | 75.9% | 78.1% | 74.9% | -1.0p.p. |
| Blended | 76.2% | 78.4% | 75.1% | -1.1p.p. |
| RevPAR (in RMB) | ||||
| Leased and owned hotels | 269 | 296 | 272 | 1.3% |
| Manachised and franchised hotels | 203 | 221 | 210 | 3.6% |
| Blended | 208 | 226 | 214 | 3.0% |
| Same-hotel operational data by class | |||||||||||
| Mature hotels in operation for more than 18 months | |||||||||||
| Number of hotels | Same-hotel RevPAR | Same-hotel ADR | Same-hotel Occupancy | ||||||||
| As of | For the quarter | yoy | For the quarter | yoy | For the quarter | yoy | |||||
| ended | change | ended | change | ended | change | ||||||
| 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | (p.p.) | |||
| Economy hotels | 4,424 | 4,424 | 162 | 157 | -3.0% | 204 | 207 | 1.5% | 79.3% | 75.8% | -3.5 |
| Leased and owned hotels | 232 | 232 | 195 | 191 | -2.2% | 236 | 239 | 1.0% | 82.5% | 79.8% | -2.6 |
| Manachised and franchised hotels | 4,192 | 4,192 | 159 | 154 | -3.1% | 201 | 204 | 1.5% | 79.1% | 75.5% | -3.6 |
| Midscale, upper-midscale hotels and others | 4,682 | 4,682 | 249 | 244 | -1.9% | 324 | 328 | 1.1% | 76.7% | 74.4% | -2.3 |
| Leased and owned hotels | 253 | 253 | 330 | 328 | -0.8% | 419 | 428 | 2.0% | 78.8% | 76.6% | -2.2 |
| Manachised and franchised hotels | 4,429 | 4,429 | 241 | 236 | -2.0% | 315 | 318 | 1.0% | 76.5% | 74.2% | -2.3 |
| Total | 9,106 | 9,106 | 213 | 208 | -2.3% | 273 | 277 | 1.4% | 77.8% | 75.0% | -2.8 |
Operating Results: HWI(2)
| Number of hotels | Number of rooms | Unopened hotels in pipeline | ||||||||
| Opened in Q1 2026 | Closed in Q1 2026 | Net added in Q1 2026 | As of | | As of | | As of | |||
| Leased hotels | - | - | - | 63 | 13,444 | 8 | ||||
| Manachised and franchised hotels | 1 | (4 | ) | (3 | ) | 57 | 11,588 | 21 | ||
| Total | 1 | (4 | ) | (3 | ) | 120 | 25,032 | 29 | ||
| (2) HWI refers to (3) As of | ||||||||||
| For the quarter ended | ||||
| yoy | ||||
| (In constant $) | 2025 | 2025 | 2026 | change |
| Average daily room rate (in USD)(4) | ||||
| Leased hotels | 122 | 137 | 122 | -0.2% |
| Manachised and franchised hotels | 128 | 143 | 132 | 3.4% |
| Blended | 125 | 140 | 127 | 1.6% |
| Occupancy rate (as a percentage) | ||||
| Leased hotels | 62.1% | 73.5% | 64.0% | +1.9 p.p. |
| Manachised and franchised hotels | 60.1% | 71.3% | 62.4% | +2.3 p.p. |
| Blended | 61.2% | 72.5% | 63.3% | +2.1 p.p. |
| RevPAR (in USD)(4) | ||||
| Leased hotels | 76 | 101 | 78 | 2.9% |
| Manachised and franchised hotels | 77 | 102 | 83 | 7.3% |
| Blended | 76 | 101 | 80 | 5.0% |
| (4) Period comparisons of hotel operating statistics are presented on a constant | ||||
| As of | |||
| Hotels | Rooms | Unopened hotels | |
| in operation | in pipeline | ||
| Economy hotels | 6,132 | 505,058 | 1,219 |
| 4,626 | 402,202 | 878 | |
| 524 | 39,931 | 75 | |
| 730 | 40,050 | 256 | |
| 40 | 2,239 | - | |
| 206 | 19,600 | 3 | |
| 6 | 1,036 | 7 | |
| Midscale hotels | 5,632 | 605,638 | 1,071 |
| 3,719 | 420,971 | 732 | |
| 1,103 | 116,001 | 229 | |
| 716 | 60,092 | 106 | |
| 94 | 8,574 | 4 | |
| Upper midscale hotels | 1,263 | 164,400 | 460 |
| 344 | 42,832 | 83 | |
| 174 | 28,038 | 106 | |
| - | - | 12 | |
| 32 | 4,838 | 2 | |
| 197 | 18,501 | 41 | |
| 217 | 23,860 | 115 | |
| 235 | 34,115 | 77 | |
| 54 | 10,662 | 19 | |
| 10 | 1,554 | 5 | |
| Upscale hotels | 164 | 24,159 | 136 |
| 90 | 5,810 | 118 | |
| 7 | 1,237 | 1 | |
| Grand | 10 | 1,881 | 1 |
| 54 | 14,644 | 16 | |
| Jaz in the City | 3 | 587 | - |
| Luxury hotels | 19 | 2,838 | 3 |
| Steigenberger Icons(8) | 12 | 2,319 | 1 |
| 7 | 519 | 2 | |
| Others | 5 | 1,470 | 5 |
| Other hotels(9) | 5 | 1,470 | 5 |
| Total | 13,215 | 1,303,563 | 2,894 |
(5) As of
(6) As of
(7) As of
(8) As of
(9) Other hotels include other partner hotels and other hotel brands in
Contact Information
Investor Relations
Tel: +86 (21) 6195 9561
Email: ir@hworld.com
https://ir.hworld.com
