H World (NASDAQ: HTHT) lines up $2.5B for shareholder returns

Q: How did H World Group (HTHT) perform financially in Q2 2026?

H World Group reported Q2 2026 revenue of RMB7.1 billion , up 10.8% year over year, and net income attributable to the company of RMB1.6 billion , up 2.1%. Operating margin improved to 31.1% , supported by a growing contribution from manachised and franchised hotels.

Q: What were the key revenue drivers for H World Group (HTHT) in the first half of 2026?

First-half 2026 revenue reached RMB13.1 billion , up 11.0% from 2025. HWC China revenue grew 13.8% to RMB10.9 billion, while HWI international revenue fell 1.4% to RMB2.2 billion. Manachised and franchised hotels led growth with 22.9% higher revenue to RMB6.6 billion.

Q: What is H World Group’s (HTHT) balance sheet and net cash position as of June 30, 2026?

As of June 30, 2026, H World held RMB14.2 billion in cash and cash equivalents and RMB142 million in restricted cash, against total debt of RMB4.2 billion . This resulted in a net cash position of RMB10.2 billion , providing financial flexibility.

Q: What shareholder returns did H World Group (HTHT) announce for 2026 and beyond?

The board approved a three-year US$2.5 billion Shareholder Return Plan , allowing dividends and ADS repurchases. As part of this plan, it declared an ordinary cash dividend totaling about US$275 million , or US$0.87 per ADS , payable to holders of record on September 8, 2026.

Q: How is H World Group’s (HTHT) asset-light strategy reflected in its 2026 results?

Manachised and franchised hotels generated RMB3.6 billion in Q2 2026 revenue, up 25.2% year over year, and RMB6.6 billion in the first half, up 22.9%. These hotels contributed 50.3% of first-half revenue, helping lift operating margin to 31.1% in Q2.

Q: What guidance did H World Group (HTHT) provide for full-year 2026?

H World raised its 2026 outlook, now expecting group revenue growth of 4%–8% versus 2025. HWC revenue growth is projected at 7%–11% , and manachised and franchised revenue growth at 16%–20% , both above previous guidance ranges.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

H World Group Limited reported solid growth for the quarter and half-year ended June 30, 2026. Q2 2026 revenue was RMB7.1 billion, up 10.8% year over year, with HWC China revenue up 14.9% and HWI international revenue down 5.8%. The asset-light mix continued to shift, as manachised and franchised hotels delivered Q2 revenue of RMB3.6 billion, up 25.2% year over year and representing just over half of first-half revenue.

Profitability improved meaningfully: Q2 operating margin reached 31.1%, versus 27.8% a year earlier, and adjusted EBITDA rose to RMB2.7 billion. Net income attributable to H World was RMB1.6 billion, up 2.1% year over year. The company held net cash of RMB10.2 billion, with cash and equivalents of RMB14.2 billion and total debt of RMB4.2 billion. The board approved a three-year US$2.5 billion Shareholder Return Plan and declared an ordinary cash dividend of US$0.87 per ADS. Guidance for 2026 was raised, with group revenue now expected to grow 4%–8% and M&F revenue 16%–20% versus 2025.

Positive

Q2 2026 revenue grew 10.8% year over year to RMB7.1 billion, with first-half revenue up 11.0%, indicating broad top-line expansion.
Operating margin improved to 31.1% in Q2 2026 from 27.8% a year earlier, driven by higher contribution from manachised and franchised hotels under the asset-light model.
Adjusted EBITDA (non-GAAP) increased to RMB2.7 billion in Q2 2026 and RMB4.6 billion in the first half, up from RMB2.3 billion and RMB3.8 billion, respectively.
The company reported a strong balance sheet with RMB14.2 billion in cash and equivalents and total debt of RMB4.2 billion, resulting in net cash of RMB10.2 billion.
The board approved a three-year US$2.5 billion Shareholder Return Plan and declared an ordinary dividend of US$0.87 per ADS, signaling willingness to return significant capital to shareholders.
2026 guidance was raised, with group revenue growth now 4%–8% and M&F revenue growth of 16%–20% versus 2025, both above prior ranges.

Negative

Revenue from leased and owned hotels declined, with Q2 2026 L&O revenue down 4.9% year over year to RMB3.2 billion and first-half L&O revenue down 3.3%, reflecting ongoing hotel exits.
For HWC mature hotels, same-hotel RevPAR in Q2 2026 fell 3.0% year over year to RMB233, driven by lower occupancy despite largely flat ADR.
HWI international segment revenue in Q2 2026 declined 5.8% year over year to RMB1.3 billion, and blended RevPAR decreased 3.8% in constant dollars amid geopolitical impacts and expansion into lower-ADR markets.

Filing Explained

Most of the results exhibit now forms part of an effective F-3 registration statement; the US$2.5 billion return plan remains discretionary beyond the declared dividend.

As a foreign private issuer’s interim report, this Form 6-K furnishes the August 17, 2026 results, and most of Exhibit 99.1 is incorporated by reference into the Company’s Form F-3 registration statements, which became effective on July 17, 2024. The incorporation excludes the full-year revenue-growth bullet and the “Guidance” and “Conference Call” sections.

The shareholder return plan sets a three-year aggregate distribution amount of US$2.5 billion, but the board retains sole discretion over dividends and ADS repurchases, so that figure is capacity rather than a committed payout.

Separately, the declared ordinary dividend is approximately US$275 million at US$0.87 per ADS, for ordinary-share or ADS holders of record at the close of September 8, 2026. The company says ordinary-share payments are expected around September 15, 2026 and ADS payments around September 22, 2026; the plan’s remaining distributions depend on later board decisions.

Key Figures

Q2 2026 Revenue: RMB7.121 billion H1 2026 Revenue: RMB13.117 billion Q2 2026 Operating Margin: 31.1% +5 more

8 metrics

Q2 2026 Revenue RMB7.121 billion Total revenue in the second quarter of 2026, up 10.8% year over year

H1 2026 Revenue RMB13.117 billion Total revenue for the first half of 2026, 11.0% higher than H1 2025

Q2 2026 Operating Margin 31.1% Income from operations as a percentage of revenue in Q2 2026

Q2 2026 Net Income Attributable RMB1.577 billion Net income attributable to H World Group Limited in Q2 2026

Adjusted EBITDA Q2 2026 RMB2.725 billion Adjusted EBITDA (non-GAAP) for the quarter ended June 30, 2026

Cash and Cash Equivalents RMB14.249 billion Cash and cash equivalents balance as of June 30, 2026

Total Debt RMB4.2 billion Short-term and long-term debt outstanding as of June 30, 2026

Shareholder Return Plan Size US$2,500,000,000 Aggregate amount authorized under the three-year 2026 Shareholder Return Plan

Key Terms

RevPAR, manachised and franchised, asset-light strategy, EBITDA, +1 more

5 terms

RevPAR financial

"Blended HWC RevPAR was RMB238 in the second quarter of 2026"

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.

manachised and franchised financial

"Revenue from manachised and franchised (M&F) hotels in the second quarter of 2026"

asset-light strategy financial

"As we continue to pursue an asset-light strategy, our hotel operating costs"

An asset-light strategy is a business approach where a company minimizes owning expensive physical assets — like factories, stores, or heavy equipment — and instead outsources production, leases facilities, or uses partners and technology. For investors this matters because it can lead to faster growth, lower upfront costs and potentially higher returns when demand rises, but it can also increase dependence on suppliers and variable costs, similar to renting a home instead of owning one.

EBITDA financial

"EBITDA (non-GAAP) in the second quarter of 2026 was RMB2.6 billion"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

Shareholder Return Plan financial

"The Board has approved a three-year shareholder return plan with an aggregate amount"

FAQ

How did H World Group (HTHT) perform financially in Q2 2026?

H World Group reported Q2 2026 revenue of RMB7.1 billion, up 10.8% year over year, and net income attributable to the company of RMB1.6 billion, up 2.1%. Operating margin improved to 31.1%, supported by a growing contribution from manachised and franchised hotels.

What were the key revenue drivers for H World Group (HTHT) in the first half of 2026?

First-half 2026 revenue reached RMB13.1 billion, up 11.0% from 2025. HWC China revenue grew 13.8% to RMB10.9 billion, while HWI international revenue fell 1.4% to RMB2.2 billion. Manachised and franchised hotels led growth with 22.9% higher revenue to RMB6.6 billion.

What is H World Group’s (HTHT) balance sheet and net cash position as of June 30, 2026?

As of June 30, 2026, H World held RMB14.2 billion in cash and cash equivalents and RMB142 million in restricted cash, against total debt of RMB4.2 billion. This resulted in a net cash position of RMB10.2 billion, providing financial flexibility.

What shareholder returns did H World Group (HTHT) announce for 2026 and beyond?

The board approved a three-year US$2.5 billion Shareholder Return Plan, allowing dividends and ADS repurchases. As part of this plan, it declared an ordinary cash dividend totaling about US$275 million, or US$0.87 per ADS, payable to holders of record on September 8, 2026.

How is H World Group’s (HTHT) asset-light strategy reflected in its 2026 results?

Manachised and franchised hotels generated RMB3.6 billion in Q2 2026 revenue, up 25.2% year over year, and RMB6.6 billion in the first half, up 22.9%. These hotels contributed 50.3% of first-half revenue, helping lift operating margin to 31.1% in Q2.

What guidance did H World Group (HTHT) provide for full-year 2026?

H World raised its 2026 outlook, now expecting group revenue growth of 4%–8% versus 2025. HWC revenue growth is projected at 7%–11%, and manachised and franchised revenue growth at 16%–20%, both above previous guidance ranges.

How is H World Group’s (HTHT) hotel network evolving in 2026?

As of June 30, 2026, H World operated 13,539 hotels with 1,335,445 rooms across 21 countries and had 3,089 unopened hotels in its pipeline. In Q2 2026, the HWC China segment opened 498 hotels and closed 176, achieving net additions of 322.

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Form 6-K: How Foreign Companies Report to the SEC →

Available on EDGAR 08/17/2026 - 06:30 AM Accepted by SEC EDGAR 08/17/2026 - 06:30 AM

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934

For the month of August 2026

Commission File Number: 001-34656

H World Group Limited

(Registrant’s name)

No. 1299 Fenghua Road

Jiading District

Shanghai
People’s Republic of China
(86) 21 6195-2011
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

EXPLANATORY NOTE

Exhibit 99.1 (excluding the bullet point regarding the expected revenue growth range for the full year of 2026 compared to the full year of 2025 on page 2, and the paragraphs under the headings “Guidance” and “Conference Call”) of this current report on Form 6-K (the “Report”) shall be incorporated by reference into the Company’s registration statements on Form F-3, which became effective on July 17, 2024 (Registration No. 333-280844), and shall be a part thereof from the date on which this Report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

EXHIBIT INDEX

Number		Description of Document

Exhibit 99.1		H World Group Limited Reports Second Quarter of 2026 Unaudited Financial Results

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	H World Group Limited
	(Registrant)


Date: August 17, 2026	By:	/s/ Qi Ji
	Name:	Qi Ji
	Title:	Executive Chairman of the Board of Directors

Exhibit 99.1

Contact Information

Investor Relations

Tel: +86 (21) 6195 9561

Email: ir@hworld.com

https://ir.hworld.com

H World Group Limited Reports Second Quarter and Interim of 2026 Unaudited Financial Results

A total of 13,539 hotels or 1,335,445 hotel rooms in operation as of June 30, 2026.

Hotel turnover¹ increased 13.2% year-over-year to RMB30.5 billion in the second quarter of 2026. By segments, hotel turnover from the H World China (“HWC”)² segment increased 15.3% year-over-year in the second quarter of 2026, and hotel turnover from the H World International (“HWI”)³ segment decreased 9.4% year-over-year in the second quarter of 2026.

Revenue in the second quarter of 2026 increased 10.8% year-over-year to RMB7.1 billion (US$1.1 billion)⁴. Manachised and franchised (“M&F”) revenue increased 25.2% year-over-year to RMB3.6 billion (US$529 million) over the same period. Revenue from the HWC segment in the second quarter of 2026 was RMB5.9 billion, which increased 14.9% year-over-year; and HWI segment revenue in the second quarter of 2026 was RMB1.3 billion, which decreased 5.8% year-over-year.

Net income attributable to H World Group Limited was RMB1.6 billion (US$232 million) in the second quarter of 2026, compared with RMB1.5 billion in the second quarter of 2025 and RMB817 million in the previous quarter.

EBITDA (non-GAAP) in the second quarter of 2026 was RMB2.6 billion (US$381 million), compared with RMB2.5 billion in the second quarter of 2025 and RMB1.6 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 RMB2.7 billion (US$401 million) in the second quarter of 2026, compared with RMB2.3 billion in the second quarter of 2025 and RMB1.9 billion in the previous quarter.

Adjusted EBITDA is our segment measure. Adjusted EBITDA from the HWC segment was RMB2.6 billion in the second quarter of 2026, compared with RMB2.1 billion in the second quarter of 2025 and RMB1.9 billion in the previous quarter. Adjusted EBITDA from the HWI segment was RMB131 million in the second quarter of 2026, compared with RMB164 million in the second quarter of 2025 and a loss of RMB56 million in the previous quarter.

Hotel turnover refers to total transaction value of room and non-room revenue from H World hotels (i.e., leased and owned, manachised and franchised hotels).

HWC refers to H World China, which includes all hotels operating inside China.

HWI refers to H World International, which includes all hotels operating outside China.

⁴

The conversion of Renminbi (“RMB”) into U.S. dollars (“US$”) is based on the exchange rate of US$1.00=RMB6.7851 on June 30, 2026, as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at http://www.federalreserve.gov/releases/h10/hist/dat00_ch.htm.

Page 1 of 24

The board of directors of the Company (the “Board”) approved a three-year shareholder return plan in the aggregate amount of US$2.5 billion.

The Board declared an ordinary cash dividend in the aggregate amount of approximately US$275 million, of US$0.087 per ordinary share, or US$0.87 per American Depositary Share (“ADS”).

We have raised our guidance for the full year of 2026, expecting Group revenue growth to be in the range of 4%-8% compared to the full year of 2025, and up from our previous guidance of 2%-6%, of which HWC revenue growth to be in the range of 7%-11% compared to the previous guidance of 5%-9% excluding DH. H World expects its M&F revenue growth to be in the range of 16%-20% compared to the full year of 2025, and up from our previous guidance of 12%-16%.

Singapore/Shanghai, China, August 17, 2026 – H World Group Limited (NASDAQ: HTHT and HKEX: 1179) (“H World”, the “Company”, “we” or “our”), a key player in the global hotel industry, today announced its unaudited financial results for the second quarter and the first half ended June 30, 2026.

As of June 30, 2026, H World’s worldwide hotel network in operation totaled 13,539 hotels and 1,335,445 rooms, including 13,417 hotels from HWC and 122 hotels from HWI. During the second quarter of 2026, our HWC business opened 498 hotels, including 1 leased and owned (“L&O”) hotel, and 497 M&F hotels, and closed a total of 176 hotels, including 19 L&O hotels, and 157 M&F hotels. As of June 30, 2026, H World had a total of 3,089 unopened hotels in our pipeline, including 3,054 hotels from the HWC business and 35 hotels from the HWI business.

HWC – Second Quarter of 2026 Operational Highlights

As of June 30, 2026, HWC had 13,417 hotels in operation, including 484 L&O hotels, and 12,933 M&F hotels. In addition, as of the same date, HWC had 1,310,091 hotel rooms in operation, including 73,888 rooms under the L&O model, and 1,236,203 rooms under the M&F models. HWC also had 3,054 unopened hotels in its pipeline, including 8 L&O hotels, and 3,046 M&F hotels. The following discusses HWC’s average daily room rate (“ADR”), occupancy rate and revenue per available room (“RevPAR”) for L&O HWC hotels, as well as for M&F HWC hotels for the periods indicated.

· The HWC ADR was RMB298 in the second quarter of 2026, compared with RMB290 in the second quarter of 2025 and RMB285 in the previous quarter.

· The occupancy rate for all HWC hotels in operation was 79.8% in the second quarter of 2026, compared with 81.0% in the second quarter of 2025 and 75.1% in the previous quarter.

Page 2 of 24

· Blended HWC RevPAR was RMB238 in the second quarter of 2026, compared with RMB235 in the second quarter of 2025 and RMB214 in the previous quarter.

· For all HWC hotels which had been in operation for at least 18 months, the same-hotel RevPAR was RMB233 in the second quarter of 2026, representing a 3.0% decrease from RMB240 in the second quarter of 2025, with a largely flat same-hotel ADR and a 2.4 percentage-point decrease in same-hotel occupancy rate.

HWI – Second Quarter of 2026 Operational Highlights

As of June 30, 2026, HWI had 122 hotels in operation, including 63 leased hotels, and 59 M&F hotels. In addition, as of the same date, HWI had 25,354 hotel rooms in operation, including 13,442 rooms under the lease model, and 11,912 rooms under the M&F models. HWI also had 35 unopened hotels in the pipeline, including 8 leased hotels and 27 M&F hotels. The following discusses HWI’s ADR, occupancy rate and RevPAR for leased as well as for HWI M&F hotels (excluding hotels temporarily closed) for the periods indicated.

· The HWI ADR⁵ was US$139 in the second quarter of 2026, compared with US$137 in the second quarter of 2025 and US$125 in the previous quarter.

· The occupancy rate for all HWI hotels in operation was 70.5% in the second quarter of 2026, compared with 74.0% in the second quarter of 2025 and 63.3% in the previous quarter.

· Blended HWI RevPAR⁵ was US$98 in the second quarter of 2026, compared with US$102 in the second quarter of 2025 and US$79 in the previous quarter.

Jin Hui, CEO of H World commented: “During the second quarter, we delivered another quarter of RevPAR expansion. Our blended HWC ADR rose 2.6% year-on-year, fueling a 1.1% year-over-year lift in blended RevPAR. This performance was underpinned by ongoing product upgrades and a suite of revenue-management optimization initiatives. Meanwhile, our hotel network kept expanding at a solid pace, with 498 newly-opened hotels across China; and the number of hotels in our pipeline grew both year-over-year and quarter-over quarter We remain firmly on track to hit our full-year gross opening guidance of 2,200 -2,300 hotels. Looking ahead, we will continue to pursue ‘brand-led’ high-quality hotel network expansion, backed by our H Rewards membership program and technology development.”

“In the second quarter of 2026, our HWI segment’s operational performance was negatively impacted by the Middle East conflict as well as our expansion into the developing South Eastern Asia countries which have lower ADRs and are still in the ramp-up period. The HWI segment recorded a 3.8% year-over-year blended RevPAR decrease, with a 0.9% increase in ADR and a 3.5 percentage-point decrease in occupancy rate. While tensions in the Middle East persist, we believe our HWI segment will show resilience given its low exposure to the region and our continuous efficiency improvement and cost optimization efforts.”

⁵

Period comparisons of ADR and RevPAR are presented on a constant U.S. dollar basis, which is calculated by applying current-period quarterly average exchange rates to the prior comparable period.

Page 3 of 24

Second Quarter and Interim of 2026 Unaudited Financial Results

(RMB in millions)	Q2 2025		Q1 2026		Q2 2026		H1 2025		H1 2026
Revenue:
Leased and owned hotels		3,401		2,750		3,233		6,190		5,983
Manachised and franchised hotels		2,865		3,006		3,586		5,364		6,592
Others		160		240		302		267		542
Total revenue		6,426		5,996		7,121		11,821		13,117

Revenue in the second quarter of 2026 was RMB7.1 billion (US$1.1 billion), representing a 10.8% year-over-year increase and an 18.8% quarter-over-quarter increase. Revenue from the HWC segment in the second quarter of 2026 was RMB5.9 billion, representing a 14.9% year-over-year increase and a 16.8% quarter-over-quarter increase. The 14.9% HWC year-over-year increase was mainly driven by continued hotel network expansion and improved RevPAR performance. Revenue from the HWI segment in the second quarter of 2026 was RMB1.3 billion, representing a 5.8% year-over-year decline and a 28.9% quarter-over-quarter increase.

Revenue in the first half of 2026 was RMB13.1 billion (US$1.9 billion), representing an increase of 11.0% from the first half of 2025. Revenue from HWC in the first half of 2026 was RMB10.9 billion, representing a 13.8% year-over-year increase. Revenue from HWI in the first half of 2026 was RMB2.2 billion, which was a 1.4% year-over-year decrease as we exited several leased hotels over the past year.

Revenue from leased and owned (L&O) hotels in the second quarter of 2026 was RMB3.2 billion (US$477 million), representing a 4.9% year-over-year decrease and a 17.6% quarter-over-quarter increase. Revenue from L&O hotels from the HWC segment in the second quarter of 2026 was RMB2.0 billion, representing a 3.6% year-over-year decrease, as we continue exiting L&O hotels. Revenue from leased hotels from the HWI segment in the second quarter of 2026 was RMB1.2 billion, representing a 7.2% year-over-year decrease.

In the first half of 2026, revenue from our L&O hotels was RMB6.0 billion (US$882 million), representing a 3.3% year-over-year decline. Revenue from our HWC L&O hotels in the first half of 2026 was RMB3.9 billion, representing a 4.0% year-over-year decrease. Revenue from our HWI leased hotels in the first half of 2026 was RMB2.1 billion, representing a 2.1% year-over-year decrease.

Page 4 of 24

Revenue from manachised and franchised (M&F) hotels in the second quarter of 2026 was RMB3.6 billion (US$529 million), representing a 25.2% year-over-year increase and a 19.3% quarter-over-quarter increase. HWC segment revenue from M&F hotels in the second quarter of 2026 was RMB3.5 billion, representing a 25.4% year-over-year increase, driven primarily by hotel network expansion. HWI segment revenue from M&F hotels in the second quarter of 2026 was RMB47 million, representing a 14.6% year-over-year increase.

In the first half of 2026, revenue from M&F hotels was RMB6.6 billion (US$972 million), representing a 22.9% year-over-year increase. These hotels accounted for 50.3% of revenue in the first half of 2026, compared to 45.4% of revenue in the first half of 2025. Revenue from our HWC M&F hotels in the first half of 2026 was RMB6.5 billion, representing a 23.2% year-over-year increase. Revenue from our HWI M&F hotels in the first half of 2026 was RMB78 million, representing an 8.3% year-over-year increase.

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 RMB302 million (US$44 million) in the second quarter of 2026, compared to RMB160 million in the second quarter of 2025 and RMB240 million in the previous quarter.

In the first half of 2026, other revenue was RMB542 million (US$80 million), compared to RMB267 million in the first half of 2025.

(RMB in millions)	Q2 2025			Q1 2026			Q2 2026			H1 2025			H1 2026
Operating costs and expenses:
Hotel operating costs		(3,752	)		(3,655	)		(4,030	)		(7,356	)		(7,685	)
Other operating costs		(11	)		(18	)		(24	)		(22	)		(42	)
Selling and marketing expenses		(309	)		(286	)		(337	)		(552	)		(623	)
General and administrative expenses		(660	)		(560	)		(691	)		(1,172	)		(1,251	)
Pre-opening expenses		(12	)		(11	)		(18	)		(15	)		(29	)
Total operating costs and expenses		(4,744	)		(4,530	)		(5,100	)		(9,117	)		(9,630	)

Hotel operating costs in the second quarter of 2026 were RMB4.0 billion (US$594 million), reflecting a 7.4% year-over-year increase. The 7.4% year-over-year increase was mainly due to a 10.6% year-over-year increase in HWC costs. As we continue to pursue an asset-light strategy, our hotel operating costs as a percentage of revenue have decreased by 1.8 percentage points year-over-year.

In the first half of 2026, hotel operating costs were RMB7.7 billion (US$1.1 billion), compared to RMB7.4 billion in the first half of 2025.

Page 5 of 24

Selling, General and Administrative expenses (SG&A) in the second quarter of 2026 were RMB1.0 billion (US$152 million), reflecting a 6.1% year-over-year increase, with a 10.1% year-over-year increase in HWC and a 10.8% year-over-year decrease in HWI.

In the first half of 2026, SG&A expenses were RMB1.9 billion (US$276 million), compared to RMB1.7 billion in the first half of 2025.

Other operating income, net in the second quarter of 2026 was RMB197 million (US$29 million), compared to RMB105 million in the second quarter of 2025 and RMB22 million in the previous quarter.

Other operating income, net in the first half of 2026 was RMB219 million (US$32 million), compared to RMB165 million in the first half of 2025.

Income from operations in the second quarter of 2026 was RMB2.2 billion (US$326 million), reflecting a 24.1% year-over-year increase, driven primarily by a 28.0% year-over-year increase in HWC.

Income from operations in the first half of 2026 was RMB3.7 billion (US$547 million), compared to income from operations of RMB2.9 billion in the first half of 2025.

Operating margin, defined as income from operations as a percentage of revenue, was 31.1% in the second quarter of 2026, compared with 27.8% in the second quarter of 2025 and 24.8% 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.

Operating margin in the first half of 2026 was 28.3%, compared with 24.3% in the first half of 2025.

Income tax expense in the second quarter of 2026 was RMB687 million (US$101 million), compared to RMB565 million in the second quarter of 2025 and RMB481 million in the previous quarter.

In the first half of 2026, income tax expense was RMB1.2 billion (US$172 million), compared to RMB942 million in the first half of 2025.

Net income attributable to H World Group Limited in the second quarter of 2026 was RMB1.6 billion (US$232 million), reflecting a 2.1% year-over-year increase, supported by a 1.4% year-over-year increase in HWC and a meaningful year-over-year improvement from HWI.

Net income attributable to H World Group Limited in the first half of 2026 was RMB2.4 billion (US$353 million), compared with RMB2.4 billion in the first half of 2025.

Page 6 of 24

EBITDA (non-GAAP) in the second quarter of 2026 was RMB2.6 billion (US$381 million), compared with RMB2.5 billion in the second quarter of 2025 and RMB1.6 billion in the previous quarter.

EBITDA (non-GAAP) in the first half of 2026 was RMB4.2 billion (US$618 million), compared with RMB4.1 billion in the first half of 2025.

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 RMB2.7 billion (US$401 million) in the second quarter of 2026, compared with RMB2.3 billion in the second quarter of 2025 and RMB1.9 billion in the previous quarter. Adjusted EBITDA from the HWC segment, which is a segment measure, was RMB2.6 billion in the second quarter of 2026, compared with RMB2.1 billion in the second quarter of 2025 and RMB1.9 billion in the previous quarter. Adjusted EBITDA from the HWI segment, which is a segment measure, was RMB131 million in the second quarter of 2026, compared with RMB164 million in the second quarter of 2025 and a loss of RMB56 million in the previous quarter.

Adjusted EBITDA (non-GAAP) in the first half of 2026 was RMB4.6 billion (US$676 million), compared with RMB3.8 billion in the first half of 2025. Adjusted EBITDA from HWC was RMB4.5 billion in the first half of 2026, compared with RMB3.7 billion in the first half of 2025. Adjusted EBITDA from HWI was RMB75 million in the first half of 2026, compared with RMB85 million in the first half of 2025.

Cash flow. Operating cash inflow in the second quarter of 2026 was RMB3.4 billion (US$503 million). Investing cash inflow in the second quarter of 2026 was RMB1.8 billion (US$270 million). Financing cash outflow in the second quarter of 2026 was RMB3.2 billion (US$475 million).

Operating cash inflow in the first half of 2026 was RMB3.6 billion (US$536 million), compared to RMB3.2 billion in the first half of 2025. Investing cash inflow in the first half of 2026 was RMB3.3 billion (US$482 million), compared to RMB996 million in the first half of 2025. Financing cash outflow in the first half of 2026 was RMB2.8 billion (US$414 million), compared to RMB1.3 billion in the first half of 2025.

Cash, cash equivalents and restricted cash. As of June 30, 2026, the Company had a total balance of cash and cash equivalents of RMB14.2 billion (US$2.1 billion) and restricted cash of RMB142 million (US$21 million).

Debt financing. As of June 30, 2026, the Company had total debt of RMB4.2 billion (US$623 million). The net cash balances, which include cash and cash equivalents, restricted cash, net of short-term and long-term debt, amounted to RMB10.2 billion (US$1.5 billion).

Page 7 of 24

Shareholder Return Plan

The Board has approved a three-year shareholder return plan with an aggregate amount of distributions that may be made to the Company's shareholders of US$2,500,000,000 effective from August 17, 2026 (the "2026 Shareholder Return Plan"). Under the 2026 Shareholder Return Plan, the Board has the sole discretion to declare and distribute ordinary or special dividends (the "Amended Dividend Policy") and/or make repurchases of American depositary shares ("ADS") pursuant to the share repurchase program (as approved by the Board from time to time), considering the financial position of the Company and otherwise in accordance with its articles of association and Cayman Islands law. The Company’s existing ordinary dividend policy will be amended and replaced by the Amended Dividend Policy.

Cash Dividend

As part of the 2026 Shareholder Return Plan, on the same date, the Board has approved the declaration and payment of an ordinary cash dividend (the “Cash Dividend”) in the aggregate amount of approximately US$275 million, of US$0.087 per ordinary share, or US$0.87 per ADS. Holders of the Company’s ordinary shares or ADSs as of the close of business on September 8, 2026 will be entitled to receive the Cash Dividend. Cash Dividend to holders of the Company’s ordinary shares is expected to be distributed on or about September 15, 2026. Citibank, N.A. (“Citi”), depositary bank for the Company’s ADS program, expects to pay out the Cash Dividend to ADS holders on or about September 22, 2026. Cash Dividend to be paid to the Company’s ADS holders through Citi will be subject to the terms of the deposit agreement by and among the Company and Citi, and the holders and beneficial owners of ADSs issued thereunder, including the fees and expenses payable thereunder.

Guidance

The above forecast reflects the Company’s current and preliminary view, which is subject to change.

Conference Call

H World’s management will host a conference call at 7 a.m. (U.S. Eastern time) on Monday, August 17, 2026 (or 7 p.m. (Hong Kong time) on Monday, August 17, 2026) following the announcement.

Page 8 of 24

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/BI5e31bbbd257d4448ba4120bb310afe2b. 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/3gwfteju 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 U.S. Generally-Accepted Accounting Principles (“GAAP”), the Company uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission (“SEC”): adjusted net income (loss) attributable to H World Group Limited excluding 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; adjusted basic and diluted earnings (losses) per share/American Depositary Share (“ADS”) excluding 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; EBITDA; adjusted EBITDA excluding 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. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and non-GAAP Results” set forth at the end of this release. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding Company performance by excluding 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 that may not be indicative of Company operating performance. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing Company performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. The Company believes these non-GAAP financial measures are also useful to investors in allowing for greater transparency with respect to supplemental information used regularly by Company management in financial and operational decision-making. A limitation of using non-GAAP financial measures excluding 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 is that 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 may continue to be significant and recurring in the Company’s business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Page 9 of 24

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 U.S. GAAP financial measures and in the consolidated financial statements, all of which should be considered when evaluating the performance of the Company.

Page 10 of 24

The terms EBITDA and adjusted EBITDA are not defined under U.S. GAAP, and neither EBITDA nor adjusted EBITDA is a measure of net income, operating income, operating performance or liquidity presented in accordance with U.S. GAAP. When assessing the operating and financial performance, investors should not consider these data in isolation or as a substitute for the Company’s net income, operating income or any other operating performance measure that is calculated in accordance with U.S. GAAP. In addition, the Company’s EBITDA or adjusted EBITDA may not be comparable to EBITDA or adjusted EBITDA or similarly titled measures utilized by other companies since such other companies may not calculate EBITDA or adjusted EBITDA in the same manner as the Company does.

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 H World Group Limited

Originated in China, H World Group Limited is a key player in the global hotel industry. As of June 30, 2026, H World operated 13,539 hotels with 1,335,445 rooms in operation in 21 countries. H World’s brands include HanTing Hotel, JI Hotel, Orange Hotel, Crystal Orange Hotel, IntercityHotel, Grand JI Hotel, Hi Inn, Ni Hao Hotel, Elan Hotel, Zleep Hotels, Starway Hotel, CitiGO, Manxin Hotel, Madison Hotel, MAXX Hotel, Blossom House, Joya Hotel, Steigenberger Hotels & Resorts, Jaz in the City, Steigenberger Icons and Song Hotels. In addition, H World also has the rights as master franchisee for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel, in the pan-China region.

H World’s business includes L&O and M&F models. Under the L&O model, H World directly operates hotels typically located on leased or owned properties. Under the manachise model, H World manages manachised hotels through the on-site hotel managers that H World appoints, and H World collects fees from franchisees. Under the franchise model, H World provides training, reservations and support services to the franchised hotels, and collects fees from franchisees but does not appoint on-site hotel managers. H World applies a consistent standard and platform across all of its hotels. As of June 30, 2026, H World operated 7 percent of its hotel rooms under the L&O model, and 93 percent under the M&F model.

Page 11 of 24

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

Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995: The information in this release contains forward-looking statements which involve risks and uncertainties. Such factors and risks include our anticipated growth strategies; our future results of operations and financial condition; economic conditions; the regulatory environment; our ability to attract and retain customers and leverage our brands; trends and competition in the lodging industry; the expected growth of demand for lodging; and other factors and risks detailed in our filings with the U.S. Securities and Exchange Commission. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements, which may be identified by terminology such as “may,” “should,” “will,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “forecast,” “project” or “continue,” the negative of such terms or other comparable terminology. Readers should not rely on forward-looking statements as predictions of future events or results.

H World undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

—Financial Tables and Operational Data Follow—

Page 12 of 24

H World Group Limited

Unaudited Condensed Consolidated Balance Sheets

	December 31, 2025			June 30, 2026
	RMB			RMB			US$⁶
	(in millions)
ASSETS
Current assets:
Cash and cash equivalents		10,386			14,249			2,100
Restricted cash		146			142			21
Short-term investments		4,894			1,315			194
Accounts receivable, net		723			839			124
Loan receivables - current, net		87			74			11
Amounts due from related parties, current		272			104			15
Inventories		57			52			8
Other current assets, net		870			986			145
Total current assets		17,435			17,761			2,618

Property and equipment, net		5,230			4,989			735
Intangible assets, net		5,028			4,821			711
Operating lease right-of-use assets		24,983			24,922			3,673
Finance lease right-of-use assets		2,394			2,275			335
Land use rights, net		155			152			22
Long-term investments		1,369			1,352			199
Goodwill		5,428			5,291			780
Amounts due from related parties, non-current		42			35			5
Loan receivables, net		132			113			17
Other assets, net		752			761			113
Deferred tax assets		1,157			1,143			168
Assets held for sale		669			-			-
Total assets		64,774			63,615			9,376

LIABILITIES AND EQUITY
Current liabilities:
Short-term debt		5,337			911			134
Accounts payable		1,020			1,040			153
Amounts due to related parties		129			96			14
Salary and welfare payables		1,188			991			146
Deferred revenue		1,823			2,004			296
Operating lease liabilities, current		3,478			3,563			525
Finance lease liabilities, current		59			62			9
Accrued expenses and other current liabilities		4,902			4,912			725
Income tax payable		1,191			1,122			165
Total current liabilities		19,127			14,701			2,167

Long-term debt		479			3,315			489
Operating lease liabilities, non-current		23,653			23,452			3,456
Finance lease liabilities, non-current		3,063			2,931			432
Deferred revenue		1,602			1,674			247
Other long-term liabilities		1,925			2,082			306
Deferred tax liabilities		1,187			1,125			166
Retirement benefit obligations		109			100			15
Liabilities held for sale		671			-			-
Total liabilities		51,816			49,380			7,278

Equity:
Ordinary shares		0			0			0
Treasury shares		(662	)		(2,303	)		(339	)
Additional paid-in capital		9,653			13,132			1,935
Retained earnings		3,614			3,133			462
Accumulated other comprehensive income		199			118			17
Total H World Group Limited shareholders' equity		12,804			14,080			2,075
Noncontrolling interest		154			155			23
Total equity		12,958			14,235			2,098
Total liabilities and equity		64,774			63,615			9,376

⁶ The conversion of Renminbi (“RMB”) into U.S. dollars (“US$”) is based on the exchange rate of US$1.00=RMB6.7851 on June 30, 2026, as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at http://www.federalreserve.gov/releases/h10/hist/dat00_ch.htm.

Page 13 of 24

H World Group Limited

Unaudited Condensed Consolidated Statements of Comprehensive Income

	Quarter Ended								Six Months Ended
	June 30, 2025		March 31, 2026		June 30, 2026				June 30, 2025		June 30, 2026
	RMB		RMB		RMB		US$		RMB		RMB		US$
	(in millions, except shares, per share and per ADS data)
Revenue:
Leased and owned hotels	3,401		2,750		3,233		477		6,190		5,983		882
Manachised and franchised hotels	2,865		3,006		3,586		529		5,364		6,592		972
Others	160		240		302		44		267		542		80
Total revenue	6,426		5,996		7,121		1,050		11,821		13,117		1,934

Operating costs and expenses:
Hotel operating costs:
Rents	(1,047	)	(964	)	(1,069	)	(158	)	(2,074	)	(2,033	)	(300	)
Utilities	(142	)	(167	)	(134	)	(20	)	(319	)	(301	)	(44	)
Personnel costs	(1,435	)	(1,445	)	(1,510	)	(223	)	(2,806	)	(2,955	)	(436	)
Depreciation and amortization	(296	)	(275	)	(295	)	(43	)	(597	)	(570	)	(84	)
Consumables, food and beverage	(301	)	(253	)	(275	)	(40	)	(570	)	(528	)	(78	)
Others	(531	)	(551	)	(747	)	(110	)	(990	)	(1,298	)	(191	)
Total hotel operating costs	(3,752	)	(3,655	)	(4,030	)	(594	)	(7,356	)	(7,685	)	(1,133	)
Other operating costs	(11	)	(18	)	(24	)	(4	)	(22	)	(42	)	(6	)
Selling and marketing expenses	(309	)	(286	)	(337	)	(50	)	(552	)	(623	)	(92	)
General and administrative expenses	(660	)	(560	)	(691	)	(102	)	(1,172	)	(1,251	)	(184	)
Pre-opening expenses	(12	)	(11	)	(18	)	(3	)	(15	)	(29	)	(4	)
Total operating costs and expenses	(4,744	)	(4,530	)	(5,100	)	(753	)	(9,117	)	(9,630	)	(1,419	)
Other operating income (expense), net	105		22		197		29		165		219		32
Income (loss) from operations	1,787		1,488		2,218		326		2,869		3,706		547
Interest income	52		65		55		8		101		120		17
Interest expense	(91	)	(76	)	(63	)	(9	)	(165	)	(139	)	(20	)
Other income (expense), net	15		(18	)	(10	)	(1	)	37		(28	)	(4	)
Gains (losses) from fair value changes of equity securities	(1	)	(5	)	(5	)	(1	)	(13	)	(10	)	(1	)
Foreign exchange gains (losses)	366		(166	)	49		7		574		(117	)	(18	)
Income (loss) before income taxes	2,128		1,288		2,244		330		3,403		3,532		521
Income tax (expense) benefit	(565	)	(481	)	(687	)	(101	)	(942	)	(1,168	)	(172	)
Income (Loss) from equity method investments	(4	)	12		24		4		(3	)	36		5
Net income (loss)	1,559		819		1,581		233		2,458		2,400		354
Net (income) loss attributable to noncontrolling interest	(15	)	(2	)	(4	)	(1	)	(20	)	(6	)	(1	)
Net income (loss) attributable to H World Group Limited	1,544		817		1,577		232		2,438		2,394		353

Gains(losses) from fair value changes of debt securities, net of tax	4		-		-		-		4		-		-
Foreign currency translation adjustments, net of tax	(66	)	(5	)	(76	)	(11	)	(124	)	(81	)	(12	)
Comprehensive income (loss)	1,497		814		1,505		222		2,338		2,319		342
Comprehensive (income) loss attributable to noncontrolling interest	(15	)	(2	)	(4	)	(1	)	(20	)	(6	)	(1	)
Comprehensive income (loss) attributable to H World Group Limited	1,482		812		1,501		221		2,318		2,313		341

Earnings (Losses) per share:
Basic	0.50		0.27		0.50		0.07		0.79		0.77		0.11
Diluted	0.48		0.26		0.49		0.07		0.77		0.74		0.11

Earnings (Losses) per ADS:
Basic	5.03		2.66		5.00		0.74		7.94		7.69		1.13
Diluted	4.85		2.58		4.87		0.72		7.69		7.44		1.10

Weighted average number of shares used in computation:
Basic	3,071,789,285		3,072,694,153		3,152,513,098		3,152,513,098		3,069,285,390		3,113,494,317		3,113,494,317
Diluted	3,241,412,875		3,270,612,951		3,253,335,432		3,253,335,432		3,238,797,601		3,262,617,460		3,262,617,460

Page 14 of 24

H World Group Limited

Unaudited Condensed Consolidated Statements of Cash Flows

	Quarter Ended								Six Months Ended
	June 30, 2025		March 31, 2026		June 30, 2026				June 30, 2025		June 30, 2026
	RMB		RMB		RMB		US$		RMB		RMB		US$
	(in millions)
Operating activities:
Net income (loss)	1,559		819		1,581		233		2,458		2,400		354
Share-based compensation expenses	170		86		179		26		247		265		39
Depreciation and amortization, and other	317		292		318		47		636		610		90
Impairment loss	33		4		62		9		38		66		10
Loss (Income) from equity method investments, net of dividends	58		(12	)	5		1		57		(7	)	(1	)
Investment (income) loss and foreign exchange (gain) loss	(435	)	245		71		11		(663	)	316		47
Changes in operating assets and liabilities	924		(1,119	)	1,232		182		636		113		17
Others	33		(82	)	(40	)	(6	)	(170	)	(122	)	(20	)
Net cash provided by (used in) operating activities	2,659		233		3,408		503		3,239		3,641		536

Investing activities:
Capital expenditures	(189	)	(182	)	(167	)	(25	)	(429	)	(349	)	(51	)
Purchase of investments	(713	)	(2,210	)	(681	)	(100	)	(2,778	)	(2,891	)	(426	)
Proceeds from maturity/sale and return of investments	1,099		3,787		2,676		394		4,130		6,463		953
Loan advances	(14	)	(8	)	(24	)	(4	)	(24	)	(32	)	(5	)
Loan collections	42		34		33		5		82		67		10
Others	14		3		2		0		15		5		1
Net cash provided by (used in) investing activities	239		1,424		1,839		270		996		3,263		482

Financing activities:
Payment of share repurchase	(13	)	-		(1,857	)	(274	)	(443	)	(1,857	)	(274	)
Proceeds from debt	2,195		2,071		1,675		247		2,195		3,746		552
Repayment of debt	(757	)	(1,632	)	(181	)	(27	)	(923	)	(1,813	)	(267	)
Dividend paid	(2,136	)	-		(2,844	)	(419	)	(2,136	)	(2,844	)	(419	)
Others	2		(23	)	(16	)	(2	)	(30	)	(39	)	(6	)
Net cash provided by (used in) financing activities	(709	)	416		(3,223	)	(475	)	(1,337	)	(2,807	)	(414	)

Effect of exchange rate changes on cash, cash equivalents and restricted cash	20		(105	)	(134	)	(19	)	90		(239	)	(35	)
Net increase (decrease) in cash, cash equivalents and restricted cash	2,209		1,968		1,890		279		2,988		3,858		569
Less: net increase (decrease) in cash and cash equivalents classified within assets held for sale	(1	)	(1	)	(0	)	(0	)	(3	)	(1	)	(0	)
Cash, cash equivalents and restricted cash at the beginning of the period	8,305		10,532		12,501		1,842		7,524		10,532		1,552
Cash, cash equivalents and restricted cash at the end of the period	10,515		12,501		14,391		2,121		10,515		14,391		2,121

Page 15 of 24

H World Group Limited

Unaudited Reconciliation of GAAP and Non-GAAP Results

	Quarter Ended							Six Months Ended
	June 30, 2025		March 31, 2026	June 30, 2026				June 30, 2025		June 30, 2026
	RMB		RMB	RMB		US$		RMB		RMB	US$
	(in millions, except shares, per share and per ADS data)
Net income (loss) attributable to H World Group Limited (GAAP)	1,544		817	1,577		232		2,438		2,394	353
Share-based compensation expenses	170		86	179		26		247		265	39
(Gain) loss from fair value changes of equity securities	1		5	5		1		13		10	1
Foreign exchange (gain) loss, net	(366	)	166	(49	)	(7	)	(574	)	117	18
(Gain) loss on disposal of investments	-		-	-		-		-		-	-
Adjusted net income (loss) attributable to H World Group Limited (non-GAAP)	1,349		1,074	1,712		252		2,124		2,786	411

Adjusted earnings (losses) per share (non-GAAP)
Basic	0.44		0.35	0.54		0.08		0.69		0.89	0.13
Diluted	0.42		0.34	0.53		0.08		0.67		0.86	0.13

Adjusted earnings (losses) per ADS (non-GAAP)
Basic	4.39		3.49	5.43		0.80		6.92		8.95	1.32
Diluted	4.24		3.36	5.29		0.78		6.72		8.65	1.27

Weighted average number of shares used in computation
Basic	3,071,789,285		3,072,694,153	3,152,513,098		3,152,513,098		3,069,285,390		3,113,494,317	3,113,494,317
Diluted	3,241,412,875		3,270,612,951	3,253,335,432		3,253,335,432		3,238,797,601		3,262,617,460	3,262,617,460

Page 16 of 24

	Quarter Ended								Six Months Ended
	June 30, 2025		March 31, 2026		June 30, 2026				June 30, 2025		June 30, 2026
	RMB		RMB		RMB		US$		RMB		RMB		US$
	(in millions, except per share and per ADS data)
Net income (loss) attributable to H World Group Limited (GAAP)	1,544		817		1,577		232		2,438		2,394		353
Interest income	(52	)	(65	)	(55	)	(8	)	(101	)	(120	)	(17	)
Interest expense	91		76		63		9		165		139		20
Income tax expense	565		481		687		101		942		1,168		172
Depreciation and amortization	317		292		318		47		636		610		90
EBITDA (non-GAAP)	2,465		1,601		2,590		381		4,080		4,191		618
Share-based compensation expenses	170		86		179		26		247		265		39
(Gain) loss from fair value changes of equity securities	1		5		5		1		13		10		1
Foreign exchange (gain) loss, net	(366	)	166		(49	)	(7	)	(574	)	117		18
(Gain) loss on disposal of investments	-		-		-		-		-		-		-
Adjusted EBITDA (non-GAAP)	2,270		1,858		2,725		401		3,766		4,583		676

H World Group Limited

Segment Financial Summary

	Quarter Ended June 30, 2025				Quarter Ended March 31, 2026					Quarter Ended June 30, 2026
	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	2,124	1,277	-		1,821	929		-		2,048	1,185	-
Manachised and franchised hotels	2,829	41	(5	)	2,982	31		(7	)	3,547	47	(8	)
Others	162	12	(14	)	228	12		-		281	21	-
Revenue	5,115	1,330	(19	)	5,031	972		(7	)	5,876	1,253	(8	)

Depreciation and amortization	254	63	-		231	61		-		243	75	-
Adjusted EBITDA	2,106	164	-		1,914	(56	)	-		2,594	131	-

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.

Page 17 of 24

H World Group Limited

Segment Financial Summary

	Six Months Ended June 30, 2025							Six Months Ended June 30, 2026
	HWC		HWI		Elimination			HWC		HWI		Elimination
	RMB		RMB		RMB			RMB		RMB		RMB
	(in millions)							(in millions)
Leased and owned hotels		4,030		2,160		-			3,869		2,114		-
Manachised and franchised hotels		5,301		72		(9	)		6,529		78		(15	)
Others		257		24		(14	)		509		33		-
Revenue		9,588		2,256		(23	)		10,907		2,225		(15	)

Depreciation and amortization		513		123		-			474		136		-
Adjusted EBITDA		3,681		85		-			4,508		75		-

Page 18 of 24

Operating Results: HWC⁽¹⁾

	Number of hotels						Number of rooms
	Opened in Q2 2026	Closed in Q2 2026		Net added in Q2 2026		As of June 30, 2026	As of June 30, 2026
Leased and owned hotels	1	(19	)	(18	)	484	73,888
Manachised and franchised hotels	497	(157	)	340		12,933	1,236,203
Total	498	(176	)	322		13,417	1,310,091

(1) HWC refers to H World China, covering all hotels operating inside China.

	As of June 30, 2026
	Number of hotels		Unopened hotels in pipeline
Economy hotels		6,238		1,334
Leased and owned hotels		225		1
Manachised and franchised hotels		6,013		1,333
Midscale, upper-midscale hotels and others		7,179		1,720
Leased and owned hotels		259		7
Manachised and franchised hotels		6,920		1,713
Total		13,417		3,054

Page 19 of 24

	For the quarter ended
	June 30,			March 31,			June 30,			yoy
	2025			2026			2026			change
Average daily room rate (in RMB)
Leased and owned hotels		364			351			379			4.1	%
Manachised and franchised hotels		284			280			293			2.9	%
Blended		290			285			298			2.6	%
Occupancy rate (as a percentage)
Leased and owned hotels		83.3	%		77.6	%		82.8	%		-0.5p.p.
Manachised and franchised hotels		80.8	%		74.9	%		79.6	%		-1.2p.p.
Blended		81.0	%		75.1	%		79.8	%		-1.2p.p.
RevPAR (in RMB)
Leased and owned hotels		303			272			314			3.5	%
Manachised and franchised hotels		230			210			233			1.4	%
Blended		235			214			238			1.1	%

Page 20 of 24

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 June 30,		For the quarter ended June 30,		yoy change		For the quarter ended June 30,		yoy change		For the quarter ended June 30,				yoy change
	2025	2026	2025	2026			2025	2026			2025		2026		(p.p.)
Economy hotels	4,561	4,561	184	177	-3.7	%	220	220	0.0	%	83.5	%	80.4	%	-3.1
Leased and owned hotels	217	217	222	217	-2.0	%	259	260	0.3	%	85.7	%	83.7	%	-2.0
Manachised and franchised hotels	4,344	4,344	181	173	-3.9	%	217	217	-0.1	%	83.3	%	80.1	%	-3.2
Midscale, upper-midscale hotels and others	5,002	5,002	279	272	-2.7	%	343	342	-0.4	%	81.4	%	79.6	%	-1.9
Leased and owned hotels	248	248	373	375	0.5	%	451	454	0.6	%	82.7	%	82.6	%	-0.1
Manachised and franchised hotels	4,754	4,754	272	263	-3.1	%	334	332	-0.7	%	81.3	%	79.3	%	-2.0
Total	9,563	9,563	240	233	-3.0	%	292	292	-0.1	%	82.3	%	79.9	%	-2.4

Page 21 of 24

Operating Results: HWI⁽²⁾

	Number of hotels									Number of rooms		Unopened hotels in pipeline
	Opened in Q2 2026		Closed in Q2 2026			Net added in Q2 2026		As of June 30, 2026 ⁽³⁾		As of June 30, 2026		As of June 30, 2026
Leased hotels		-		-			-		63		13,442		8
Manachised and franchised hotels		3		(1	)		2		59		11,912		27
Total		3		(1	)		2		122		25,354		35

(2) HWI refers to H World International, which includes all hotels operating outside China.

(3) As of June 30, 2026, one hotel was temporarily closed due to repair and renovation.

Page 22 of 24

	For the quarter ended
	June 30,			March 31,			June 30,			yoy
(In constant $)	2025			2026			2026			change
Average daily room rate (in US$)⁽⁴⁾
Leased hotels		136			120			137			1.1	%
Manachised and franchised hotels		139			130			140			0.8	%
Blended		137			125			139			0.9	%
Occupancy rate (as a percentage)
Leased hotels		76.4	%		64.0	%		76.5	%		+0.1 p.p.
Manachised and franchised hotels		71.1	%		62.4	%		63.7	%		-7.4p.p.
Blended		74.0	%		63.3	%		70.5	%		-3.5p.p.
RevPAR (in US$)⁽⁴⁾
Leased hotels		104			77			105			1.2	%
Manachised and franchised hotels		99			81			89			-9.7	%
Blended		102			79			98			-3.8	%

(4) Period comparisons of hotel operating statistics are presented on a constant U.S. dollar basis, which is calculated by applying current-period quarterly average exchange rates to the prior comparable period.

Page 23 of 24

Hotel Portfolio by Brand

	As of June 30, 2026
	Hotels		Rooms		Unopened hotels
	in operation				in pipeline
Economy hotels		6,245		513,260		1,343
HanTing Hotel		4,710		408,636		975
NiHao Hotel		537		41,374		69
Hi Inn		759		42,349		290
Elan Hotel		35		1,693		-
Ibis Hotel		198		18,172		2
Zleep Hotels		6		1,036		7
Midscale hotels		5,779		622,012		1,129
JI Hotel		3,845		434,656		784
Orange Hotel		1,134		119,118		229
Starway Hotel		711		60,139		113
Ibis Styles Hotel		89		8,099		3
Upper midscale hotels		1,328		171,602		480
Crystal Orange Hotel		363		44,961		75
IntercityHotel⁽⁵⁾		191		30,506		113
Grand JI Hotel		2		441		18
CitiGO Hotel		30		4,245		1
Manxin Hotel		202		19,070		40
Madison Hotel		228		24,607		125
Mercure Hotel		245		35,404		77
Novotel Hotel		57		10,815		20
MAXX Hotel⁽⁶⁾		10		1,553		11
Upscale hotels		163		24,283		128
Blossom House		88		6,126		112
Joya Hotel		7		1,232		1
Grand Mercure Hotel		10		1,661		1
Steigenberger Hotels & Resorts⁽⁷⁾		55		14,677		14
Jaz in the City		3		587		-
Luxury hotels		19		2,830		3
Steigenberger Icons⁽⁸⁾		12		2,319		1
Song Hotels		7		511		2
Others		5		1,458		6
Other hotels⁽⁹⁾		5		1,458		6
Total		13,539		1,335,445		3,089

(5)

As of June 30, 2026, 139 operational hotels and 104 pipeline hotels of IntercityHotel were under HWC.

(6)

As of June 30, 2026, 5 operational hotels and 7 pipeline hotels of MAXX were under HWC.

(7)

As of June 30, 2026, 14 operational hotels and 8 pipeline hotels of Steigenberger Hotels & Resorts were under HWC.

(8)

As of June 30, 2026, 5 operational hotels and 1 pipeline hotel of Steigenberger Icon were under HWC.

(9)

Other hotels include other partner hotels and other hotel brands in Yongle Huazhu Hotel & Resort Group (excluding Steigenberger Hotels & Resorts and Blossom House).

Page 24 of 24

Source: View Original Filing on SEC EDGAR

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