H World Group Reports Strong Full-Year 2025 Results, Driven by Asset-light Growth

H World Group (NASDAQ: HTHT) reported strong FY2025 results driven by an asset-light strategy, network expansion, and margin improvement.

Rhea-AI Summary

H World Group (NASDAQ: HTHT) reported strong FY2025 results driven by an asset-light strategy, network expansion, and margin improvement. Hotel GMV rose to RMB 108.1 billion (+16.4% YoY) and Adjusted EBITDA reached RMB 8.5 billion (+24.2% YoY). The Group operated 12,858 hotels with 1.26 million rooms at year-end.

Manachised & franchised revenue grew 23.1% to RMB 11.7 billion; legacy Deutsche Hospitality swung to adjusted EBITDA of RMB 499 million from a RMB 154 million loss.

Positive

• Hotel GMV +16.4% YoY to RMB 108.1 billion
• M&F revenue +23.1% YoY to RMB 11.7 billion
• Adjusted EBITDA +24.2% YoY to RMB 8.5 billion
• Network expanded to 12,858 hotels with 1.26 million rooms
• H Rewards room nights +21.5% YoY to 245 million

Negative

• Fourth-quarter hotel GMV growth decelerated versus full-year rate at +18.4% Q4 YoY (potential near-term momentum risk)
• Legacy Deutsche Hospitality only reached RMB 499 million adjusted EBITDA despite turnaround from loss (still smaller contribution)

Argus Mar 18 session

-3.78% close to close Open Argus

Details

News Market Reaction – HTHT

On Mar 18, the day this news came out, HTHT closed 3.78% below the previous close.

Data tracked by StockTitan Argus for the Mar 18 session.

Market Context

This announcement highlights full-year 2025 strength in hotel GMV, manachised and franchised revenue...

Analysis

This announcement highlights full-year 2025 strength in hotel GMV, manachised and franchised revenue, and adjusted EBITDA, all reflecting progress in H World’s asset-light strategy. Network scale reached 12,858 hotels and member room nights grew to 245 million, while Legacy-DH swung from loss to positive adjusted EBITDA. Investors may focus on how effectively the company sustains RevPAR growth, manages further network expansion, and deepens H Rewards engagement as it moves through 2026.

Key Figures

Q4 2025 hotel GMV: RMB 28.1 billion Q4 2025 M&F revenue: RMB 3.0 billion Q4 2025 adjusted EBITDA: RMB 2.2 billion +5 more

Q4 2025 hotel GMV

RMB 28.1 billion

Fourth quarter 2025, up 18.4% year-on-year

Q4 2025 M&F revenue

RMB 3.0 billion

Fourth quarter 2025, up 21.0% year-on-year

Q4 2025 adjusted EBITDA

RMB 2.2 billion

Fourth quarter 2025 performance

2025 hotel GMV

RMB 108.1 billion

Full year 2025, up 16.4% year-on-year

2025 M&F revenue

RMB 11.7 billion

Full year 2025, up 23.1% year-on-year

2025 M&F gross operating profit

RMB 7.6 billion

Full year 2025, up 20.8% year-on-year

2025 adjusted EBITDA

RMB 8.5 billion

Full year 2025, up 24.2% year-on-year

Legacy-DH 2025 adjusted EBITDA

RMB 499 million

Full year 2025, vs loss of RMB 154 million in 2024

Historical Context

5 past events · Latest: Mar 06

5 events

1. Mar 06

   Earnings release notice

   24h Move

   -2.1%

   Announcement of timing for Q4 and full-year 2025 earnings release and call.

2. Feb 11

   New brand launch

   24h Move

   +2.5%

   Launch of Hanting Inn economy brand targeting asset-light, conversion-led expansion.

3. Nov 18

   International expansion

   24h Move

   +0.6%

   New JI Hotel projects in Southeast Asia, extending regional, asset-light footprint.

4. Nov 17

   Q3 2025 update

   24h Move

   +2.6%

   Q3 2025 results with higher GMV, revenue growth, and adjusted EBITDA improvement.

5. Nov 17

   Q3 2025 earnings

   24h Move

   +2.6%

   Detailed Q3 2025 financials showing revenue, net income, and M&F growth plus guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

revpar, asset-light, gmv, adjusted ebitda, +1 more

5 terms

revpar financial

"our RevPAR performance improved sequentially and returned to positive growth"

RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.

asset-light financial

"driven by progress in its asset-light strategy and improving operational efficiency"

A business described as "asset-light" relies on few owned physical assets—such as factories, real estate, or heavy equipment—and instead uses partners, contractors, or lease arrangements to deliver products or services. For investors, this model can mean lower upfront investment, faster scaling and often higher profit margins, but it also increases dependence on outside providers and can create less predictable costs and supply risks—like renting tools instead of owning them.

gmv financial

"For the fourth quarter, hotel GMV increased 18.4% year-on-year to RMB 28.1 billion."

Gross merchandise value (GMV) is the total dollar value of all goods and services sold through a platform or marketplace over a given period, measured before deducting fees, returns, or discounts. Investors watch GMV to gauge the raw size and growth of customer activity—like counting every ticket sold at a concert before subtracting organizer costs—while remembering it is not the same as revenue or profit.

adjusted ebitda financial

"Adjusted EBITDA reached RMB 2.2 billion."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

loyalty program technical

"H World's loyalty program, H Rewards, continued to expand engagement"

A loyalty program is a system used by businesses to reward customers for their continued patronage, often through points, discounts, or special offers. It encourages repeat business by making customers feel valued and more likely to choose that company again. For investors, loyalty programs can help build a stable customer base and increase long-term revenue.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SHANGHAI, March 18, 2026 /PRNewswire/ -- H World Group Limited (NASDAQ: HTHT) (HKEX: 01179), one of the world's leading hospitality groups, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025, highlighting continued momentum in network expansion, asset-light transformation, profitability and loyalty engagement.

Jin Hui, CEO of H World Group, said: "2025 marked our 20th anniversary and another year of strong network expansion, with over 2,400 new hotels opened. More importantly, supported by product upgrades and disciplined revenue management, our RevPAR performance improved sequentially and returned to positive growth in the fourth quarter—reflecting the underlying resilience and quality of our business."

Asset-Light Strategy Powers High-quality Growth

H World reported strong fourth-quarter and full-year performance, driven by progress in its asset-light strategy and improving operational efficiency.

For the fourth quarter, hotel GMV increased 18.4% year-on-year to RMB 28.1 billion. Revenue from manachised and franchised (M&F) hotels increased 21.0% to RMB 3.0 billion. Adjusted EBITDA reached RMB 2.2 billion.

For the full year 2025, hotel GMV increased by 16.4% year-on-year to RMB 108.1 billion. M&F revenue rose by 23.1% to RMB 11.7 billion. Gross operating profit from the M&F business rose 20.8% to RMB 7.6 billion, further increasing its contribution to total profit and underscoring the progress of the Group's asset-light transition. Adjusted EBITDA reached RMB 8.5 billion for 2025, a 24.2% year-on-year increase.

Network Expansion Continues to Drive Market Leadership

Under its brand-led high-quality growth strategy, H World continued to strengthen its hotel network, deepening its presence in the mass market while reinforcing the competitiveness of its flagship brands.

The proportion of new-generation hotels across its core limited-service brands - Hanting Hotel, JI Hotel, and Orange Hotel - continued to increase, reflecting steady progress in product upgrade and brand standardization.

As of December 31, 2025, the Group operated 12,858 hotels with over 1.26 million rooms, representing a 16.2% year-on-year increase in total rooms in operation.

H World's loyalty program, H Rewards, continued to expand engagement, with room nights booked by members rising 21.5% year-on-year to 245 million.

Milestone in Legacy-Deutsche Hospitality Turnaround

H World continued to make steady progress in optimizing the performance of its legacy-Deutsche Hospitality ("DH") business. Adjusted EBITDA from the Legacy-DH segment was RMB 499 million for the full year of 2025, compared with a loss of RMB 154 million for 2024, reflecting the effectiveness of the restructuring and operational enhancement initiatives implemented over the past year.

Looking ahead to 2026, H World will continue to build on its core strengths by enhancing product standards, further strengthening its commercial and revenue management capabilities, and deepening the integration of technology across its operations. With its strong brand portfolio, expanding membership base, deep operational expertise, and extensive network of partners, the Group is well positioned to drive sustainable growth and long-term value creation.

For the full release please visit:

About H World Group Limited

Headquartered in China, H World Group Limited (NASDAQ: HTHT) (HK: 01179) is a leading global hospitality company with a diversified portfolio including Steigenberger Icons, Steigenberger Hotels & Resorts, MAXX, HanTing, JI Hotel, Crystal Orange Hotel, among others. The Group emphasizes asset-light operations, digital innovation, and strategic brand development to drive sustainable international growth.

For more information, please visit H World's website: https://ir.hworld.com/

For media inquiry, please contact:
media@hworld.com
zheming@taskforce-china.cn

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SOURCE H World Group

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were H World (HTHT) full-year 2025 revenue and adjusted EBITDA figures?

H World reported FY2025 Adjusted EBITDA of RMB 8.5 billion and strong M&F revenue growth. According to the company, M&F revenue rose to RMB 11.7 billion in 2025, supporting margin expansion and asset-light profitability.

How many hotels and rooms did HTHT operate at December 31, 2025?

As of December 31, 2025, HTHT operated 12,858 hotels with over 1.26 million rooms. According to the company, this represented a 16.2% year-on-year increase in rooms in operation, driven by network expansion.

How did H World's asset-light strategy impact 2025 performance for HTHT?

The asset-light strategy lifted profitability and M&F margins in 2025. According to the company, M&F gross operating profit rose 20.8% to RMB 7.6 billion, increasing its contribution to total profit and supporting adjusted EBITDA gains.

What progress did HTHT report on legacy Deutsche Hospitality in 2025?

HTHT reported a turnaround at legacy Deutsche Hospitality with adjusted EBITDA of RMB 499 million in 2025. According to the company, this compares with a RMB 154 million loss in 2024, reflecting restructuring and operational improvements.

How did H Rewards engagement change in 2025 and what does it mean for HTHT?

H Rewards member room nights increased 21.5% YoY to 245 million, boosting loyalty-driven demand. According to the company, higher member bookings supported RevPAR recovery and repeat-customer revenue across the network.