Atour Lifestyle (ATAT) Q2 2026 earnings summary

Executive summary

• Net revenues for Q2 2026 grew 41.4% year-over-year to RMB 3,490 million, driven by hotel network expansion and retail business growth.

• Retail revenue surged 63.2% year-over-year to RMB 1,575 million, reflecting strong product innovation and category expansion.

• Hotel network expanded to 2,175 hotels by quarter-end, with 101 new hotels opened in Q2 and a pipeline of 811 hotels.

• Membership base reached 120 million, supporting both hotel and retail business growth.

• Net income increased 29.0% year-over-year to RMB 548 million; adjusted net income up 30.8% to RMB 558 million.

Financial highlights

• Gross profit increased 36.1% year-over-year to RMB 1,522 million; hotel gross profit up 18.7%, retail gross profit up 57.4%.

• Adjusted EBITDA reached RMB 821 million, up 34.6% year-over-year; adjusted EBITDA margin was 23.5%.

• Adjusted net profit margin for Q2 2026 was 16.0%, down 1.3 percentage points year-over-year.

• Cash and cash equivalents totaled RMB 3.9 billion as of June 30, 2026.

• Managed hotel revenues rose 32.8% year-over-year to RMB 1,725 million; leased hotel revenues declined 11.8%.

Outlook and guidance

• Full-year 2026 net revenues expected to increase by 30% over 2025.

• Retail revenue growth guidance raised to 40% year-over-year for 2026.

• Net profit margin for the full year expected to decline slightly year-over-year due to revenue mix and higher tax rate.

• Hotel opening target and closure guidance (approx. 80 closures) remain unchanged for the year.