H World Group Reports Fourth Quarter and 2024 Full-Year Financial Results

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Accelerated network expansion, asset-light revenue growth, and rising membership and CRS contribution underscore long-term momentum

Highlights

• Fourth quarter revenue increased 7.8% Y-o-Y to RMB6.0 billion (US$825 million)
• 2024 full year revenue increased 9.2% Y-o-Y to RMB23.9 billion (US$3.3 billion)
• Fourth quarter adjusted EBITDA¹ totaled RMB1.2 billion (US$171 million²)
• 2024 full year adjusted EBITDA totaled RMB6.8 billion (US$935 million)
• A record 2,442 new hotel openings in 2024, reaching a total of 11,147 hotels as of year end
• 3013 hotels in the pipeline as of year end
• The Group returned approx. US$767 million to shareholders through cash dividends and share repurchases in 2024

SINGAPORE and SHANGHAI, March 20, 2025 /PRNewswire/ -- H World Group Limited (NASDAQ: HTHT and HKEX: 1179), a key player in the global hotel industry, announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

The Company continued its significant network expansion, deepening its presence in the Chinese market and expanding its global footprint.

Jin Hui, CEO of H World said "In 2024, H World achieved the 10,000-hotel milestone, while continuing our rapid fast network expansion in China. In the year of 2024, Legacy- Huazhu³ opened over 2,400 new hotels, far exceeding our initial target of 1,800 hotels, supported by our strong brand reputation and excellent product quality. While Legacy- Huazhu's full-year RevPAR declined slightly year-over-year from a high base the previous year, Legacy-Huazhu maintained a high occupancy rate of 81.2%, which we believe is encouraging given the speed of our network expansion. Looking ahead, we will continue to implement our asset-light strategy, pursue high-quality hotel network growth, strengthen brand positioning, and enhance sales capability centered around our H Reward membership program."

"Regarding our business outside China, our Legacy-DH⁴ business recorded a 5.9% year- on-year RevPAR increase in 2024. Looking into 2025, we will continue to enhance our hotel operations, focus on cost reduction and efficiency improvement, and continue developing the asset-light portfolio."

EBITDA performance during the period demonstrated underlying profitability of the business, supported by continued growth in high-margin, fee-based revenue. Despite the impact of impairment losses and one-off restructuring items, fourth quarter adjusted EBITDA totaled US$171 million, up 10.3% year-over-year. Full year adjusted EBITDA totaled US$935 million, an increase of 8.8% year-over-year.

The Group continued to enhance its diverse portfolio to meet shifting needs of travelers in key markets. In 2024 H World added 231 new hotels in the upper-mid scale segment, under brands such as Crystal Orange Hotel, Intercity Hotel, Maxx by Steigenberger and Manxin Hotel. There are 526 upper-midscale hotels in the pipeline, a 32% increase over 2023.

Loyalty engagement continued to grow, with H Rewards membership rising to 267 million. Contribution from central reservation systems increased 4% year-over-year to almost two thirds of all bookings, reflecting the growing appeal of the H Rewards program and the company's digital innovations. New mobile features, dynamic pricing capabilities, and personalized booking experiences have further strengthened guest engagement and boosted direct booking conversion.

Looking ahead, H World Group remains focused on high-quality, disciplined growth. With a robust development pipeline, continued upgrades of products and direct sales capabilities, the Group is positioned to drive long-term value and deliver consistent, sustainable performance.

For the full release visit: https://ir.hworld.com/news-releases/news-release-details/h-world-group-limited-reports-fourth-quarter-and-full-year-2024

1. Adjusted EBITDA excludes foreign exchange (gain) loss, net (gain) loss on disposal of investments, (gains) losses from fair value changes of equity securities and share-based compensation expenses.
2. The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB7.2993 on December 31, 2024, 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.
3. Legacy-Huazhu refers to H World and its subsidiaries, excluding Steigenberger Hotels GmbH and its subsidiaries
4. Legacy-DH refers to Steigenberger Hotels GmbH and its subsidiaries

About H World Group Limited

Originated in China, H World Group Limited is a key player in the global hotel industry. H World's brands include HanTing Hotel, JI Hotel, Crystal Orange Hotel, Steigenberger Hotels & Resorts, MAXX, Jaz in the City, IntercityHotel, Zleep Hotels and Steigenberger Icons. 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.

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

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.

SOURCE H World Group