H World Group Limited, a leading global hospitality company, has announced its unaudited financial results for 2025, showcasing substantial growth driven by its asset-light strategy. The group, celebrating its 20th anniversary, opened over 2,400 new hotels, marking a significant expansion in its network.
The company's asset-light approach has been pivotal in its success. For the fourth quarter, hotel gross merchandise value (GMV) surged by 18.4% year-on-year to RMB 28.1 billion, whilst revenue from manachised and franchised hotels increased by 21% to RMB 3.0 billion. Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached RMB 2.2 billion.
For the full year 2025, hotel GMV rose by 16.4% to RMB 108.1 billion, with revenue from manachised and franchised hotels up by 23.1% to RMB 11.7 billion. The group's adjusted EBITDA for the year was RMB 8.5 billion, reflecting a 24.2% increase from the previous year.
H World continues to lead in the mass market with its brand-led growth strategy, expanding its hotel network and enhancing its flagship brands. By the end of 2025, the group operated 12,858 hotels with over 1.26 million rooms, a 16.2% increase in total rooms. The H Rewards loyalty programme also saw a 21.5% rise in member bookings.
The group has made notable progress in turning around its legacy Deutsche Hospitality business, achieving an adjusted EBITDA of RMB 499 million for 2025, compared to a loss in 2024.
Looking forward, H World plans to enhance product standards, strengthen commercial capabilities, and integrate technology across operations to sustain growth and create long-term value
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