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