H World Group (HTHT) Q1 2026 earnings summary

Executive summary

• Achieved strong business results in Q1 2026, with hotel GMV up 17.4% year-over-year to RMB26.4 billion and rooms in operation increasing 14.1% to 1,303,563 globally.

• Operated 13,215 hotels worldwide as of March 31, 2026, including 13,095 in China and 120 internationally.

• Continued focus on high-quality, brand-led growth, digitalization, and robust membership expansion through the H Rewards program.

Financial highlights

• Group revenue grew 11.1% year-over-year to RMB6.0 billion in Q1 2026.

• Adjusted EBITDA rose 24.2% year-over-year to RMB1.9 billion, with margin expanding to 31.0%.

• Adjusted net income increased 38.6% year-over-year to RMB1,297 million, with margin up to 17.9%.

• Operating cash flow was RMB233 million; cash and equivalents at RMB15.8 billion, net cash position RMB9.6 billion.

• Net income attributable to shareholders was RMB817 million, down 8.6% year-over-year.

Outlook and guidance

• Maintains full-year 2026 RevPAR guidance of a slight increase, with stable leisure travel demand and no significant impact from rising energy costs.

• On track to meet full-year gross opening target of 2,200–2,300 hotels, with healthy signing pace and focus on high-quality growth.

• Emphasis on asset-light business model, multi-brand strategy, and technology/AI development to drive future growth.