H World Group Delivers 24.2% EBITDA Growth, Opens 2,400+ Hotels in 2025
H World Group’s Q4 hotel GMV rose 18.4% to RMB28.1 billion and full-year GMV climbed 16.4% to RMB108.1 billion, while adjusted EBITDA jumped 24.2% to RMB8.5 billion in 2025. It opened 2,400+ hotels to 12,858 properties, grew manachised and franchised revenue 23.1% to RMB11.7 billion, and swung Deutsche Hospitality to RMB499 million EBITDA profit.
1. Q4 Earnings Snapshot
In Q4, H World Group posted net income of $168 million (53 cents per share), adjusted EPS of 58 cents, and revenue of $933 million, while hotel GMV gained 18.4% to RMB28.1 billion and adjusted EBITDA reached RMB2.2 billion.
2. Full-Year Asset-Light Growth
For full-year 2025, hotel GMV rose 16.4% to RMB108.1 billion, manachised and franchised revenue grew 23.1% to RMB11.7 billion, gross operating profit from that segment jumped 20.8% to RMB7.6 billion, and adjusted EBITDA increased 24.2% to RMB8.5 billion.
3. Network Expansion and Loyalty Growth
As of December 31, 2025, the group operated 12,858 hotels with 1.26 million rooms, a 16.2% increase, after opening over 2,400 properties, and H Rewards member room nights climbed 21.5% to 245 million.
4. Legacy Deutsche Hospitality Turnaround and Outlook
The legacy Deutsche Hospitality segment swung to an adjusted EBITDA profit of RMB499 million from a RMB154 million loss in 2024, and H World plans to enhance product standards, strengthen commercial and revenue management, and deepen technology integration to drive 2026 growth.