Atour Lifestyle Holdings Limited Reports Second Quarter 2026 Unaudited Financial Results

• A total of 2,175 hotels, or 242,526 hotel rooms, in operation as of June 30, 2026.
• Net revenues for the second quarter of 2026 increased by 41.4% year-over-year to RMB3,490 million (US$514 million).
• Net income for the second quarter of 2026 increased by 29.0% year-over-year to RMB548 million (US$81 million).
• Adjusted net income (non-GAAP)1 for the second quarter of 2026 increased by 30.8% year-over-year to RMB558 million (US$82 million).
• EBITDA (non-GAAP)2 for the second quarter of 2026 increased by 33.3% year-over-year to RMB810 million (US$119 million).
• Adjusted EBITDA (non-GAAP)3 for the second quarter of 2026 increased by 34.6% year-over-year to RMB821 million (US$121 million).

SHANGHAI, China, Aug. 20, 2026 (GLOBE NEWSWIRE) -- Atour Lifestyle Holdings Limited (“Atour” or the “Company”) (NASDAQ: ATAT), a leading lifestyle group in China, today announced its unaudited financial results for the second quarter ended June 30, 2026.

Second Quarter of 2026 Highlights

As of June 30, 2026, there were 2,175 hotels with a total of 242,526 hotel rooms in operation across Atour’s hotel network, representing increases of 19.2% and 18.4% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of June 30, 2026, there were 811 manachised hotels under development in our pipeline.

The average daily room rate4 (“ADR”) was RMB438 for the second quarter of 2026, compared with RMB433 for the same period of 2025 and RMB427 for the previous quarter.

The occupancy rate4 was 76.2% for the second quarter of 2026, compared with 76.4% for the same period of 2025 and 70.6% for the previous quarter.

The revenue per available room4 (“RevPAR”) was RMB345 for the second quarter of 2026, compared with RMB343 for the same period of 2025 and RMB312 for the previous quarter.

The revenue generated from our retail business was RMB1,575 million for the second quarter of 2026, representing an increase of 63.2% year-over-year.

_________________
1 Adjusted net income (non-GAAP) is defined as net income excluding share-based compensation expenses.
2 EBITDA (non-GAAP) is defined as earnings before interest expense, interest income, income tax expense and depreciation and amortization.
3 Adjusted EBITDA (non-GAAP) is defined as EBITDA excluding share-based compensation expenses.
4 Excludes hotel rooms that became unavailable due to temporary hotel closures. ADR and RevPAR are calculated based on tax-inclusive room rates.
“ADR” refers to the average daily room rate, which means room revenue divided by the number of rooms in use for a given period;
“Occupancy rate” refers to the number of rooms in use divided by the number of available rooms for a given period;
“RevPAR” refers to revenue per available room, which is calculated by total revenues during a period divided by the number of available rooms of our hotels during the same period.

“In the second quarter of 2026, we steadily advanced our new three‑year ‘Chinese Experience, Brand-Led Excellence’ strategy, achieving sustained breakthroughs in both our hotel and retail businesses,” said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. “For our hotel business, we adhered to the ‘quality‑first’ principle and strictly controlled project quality. By the end of the second quarter, our total number of hotels in operation reached 2,175. We continued to refine our products and experiences around each brand’s distinct positioning, and our differentiated brand strengths gained broad market recognition. Meanwhile, our retail business sustained its strong growth momentum. Retail revenue was RMB1.57 billion in the second quarter, up 63% year-over-year. Atour Planet further consolidated its advantages in core categories and continued to expand its product portfolio.”

“Looking ahead, we remain committed to a long-term approach, continuously improving product quality around user needs, strengthening brand and organizational capabilities, further consolidating the competitiveness of both our hotel and retail businesses, and achieving higher‑quality sustainable development,” concluded Mr. Wang.

Second Quarter of 2026 Unaudited Financial Results

(RMB in thousands) Q2 2025 Q2 2026Revenues:    Manachised hotels 1,299,194 1,725,369Leased hotels 149,597 131,915Retail 964,849 1,574,522Others 54,909 58,541Net revenues 2,468,549 3,490,347     

Net revenues. Our net revenues for the second quarter of 2026 increased by 41.4% to RMB3,490 million (US$514 million) from RMB2,469 million for the same period of 2025. The increase was mainly driven by growth in the manachised hotel and retail businesses.

• Manachised hotels. Revenues from our manachised hotels for the second quarter of 2026 increased by 32.8% to RMB1,725 million (US$254 million) from RMB1,299 million for the same period of 2025. The increase was primarily driven by our ongoing hotel network expansion and supply chain business development. The total number of our manachised hotels increased from 1,800 as of June 30, 2025 to 2,156 as of June 30, 2026.
  
  
• Leased hotels. Revenues from our leased hotels for the second quarter of 2026 decreased by 11.8% to RMB132 million (US$19 million) from RMB150 million for the same period of 2025. The decrease was primarily due to the decrease in the number of leased hotels as a result of our product mix optimization. The total number of our leased hotels decreased from 24 as of June 30, 2025 to 19 as of June 30, 2026.
   
• Retail. Revenues from retail for the second quarter of 2026 increased by 63.2% to RMB1,575 million (US$232 million) from RMB965 million for the same period of 2025. The increase was driven by growing recognition of our retail brands and effective product innovation and development as we successfully broadened our product offerings.
   
• Others. Revenues from others for the second quarter of 2026 increased by 6.6% to RMB59 million (US$9 million) from RMB55 million for the same period of 2025.
  
  

(RMB in thousands) Q2 2025 Q2 2026Operating costs and expenses:    Hotel operating costs (893,231) (1,198,048)Retail costs (450,542) (765,135)Other operating costs (6,593) (5,198)Selling and marketing expenses (392,847) (605,945)General and administrative expenses (89,546) (129,917)Technology and development expenses (42,574) (56,838)Total operating costs and expenses (1,875,333) (2,761,081)       

Operating costs and expenses for the second quarter of 2026 were RMB2,761 million (US$407 million), including RMB10 million share-based compensation expenses, compared with RMB1,875 million, including RMB2 million share-based compensation expenses for the same period of 2025.

• Hotel operating costs for the second quarter of 2026 were RMB1,198 million (US$177 million), compared with RMB893 million for the same period of 2025. The increase was mainly due to the increase in variable costs, such as supply chain costs and hotel manager costs, associated with our ongoing hotel network expansion. Hotel operating costs accounted for 64.5% of manachised and leased hotels’ revenues for the second quarter of 2026, compared with 61.7% for the same period of 2025.
   
• Retail costs for the second quarter of 2026 were RMB765 million (US$113 million), compared with RMB451 million for the same period of 2025. The increase was associated with the rapid growth of our retail business. Retail costs accounted for 48.6% of retail revenues for the second quarter of 2026, compared with 46.7% for the same period of 2025.
   
• Other operating costs for the second quarter of 2026 were RMB5 million (US$0.8 million), compared with RMB7 million for the same period of 2025.
  
  
• Selling and marketing expenses for the second quarter of 2026 were RMB606 million (US$89 million), compared with RMB393 million for the same period of 2025. The increase was mainly due to our enhanced investment in branding and the effective development of online channels, aligned with the growth of our retail business. Selling and marketing expenses accounted for 17.4% of net revenues for the second quarter of 2026, compared with 15.9% for the same period of 2025.
   
• General and administrative expenses for the second quarter of 2026 were RMB130 million (US$19 million), including RMB9 million share-based compensation expenses, compared with RMB90 million, including RMB2 million share-based compensation expenses for the same period of 2025. Excluding the share-based compensation expenses, the increase was primarily due to an increase in labor costs. General and administrative expenses, excluding share-based compensation expenses, accounted for 3.5% of net revenues for the second quarter of 2026, compared with 3.6% for the same period of 2025.
   
• Technology and development expenses for the second quarter of 2026 were RMB57 million (US$8 million), compared with RMB43 million for the same period of 2025. The increase was mainly attributable to our increased investments in technology systems and infrastructure to support our expanding hotel network and retail business, and to improve customer experience. Technology and development expenses accounted for 1.6% of net revenues for the second quarter of 2026, compared with 1.7% for the same period of 2025.

Other operating income, net for the second quarter of 2026 was RMB44 million (US$6 million), compared with RMB3 million for the same period of 2025. The increase was mainly due to an increase in income from government subsidies.

Income from operations for the second quarter of 2026 was RMB773 million (US$114 million), compared with RMB596 million for the same period of 2025.

Income tax expense for the second quarter of 2026 was RMB255 million (US$38 million), compared with RMB192 million for the same period of 2025.

Net income for the second quarter of 2026 was RMB548 million (US$81 million), representing an increase of 29.0% compared with RMB425 million for the same period of 2025.

Adjusted net income (non-GAAP) for the second quarter of 2026 was RMB558 million (US$82 million), representing an increase of 30.8% compared with RMB427 million for the same period of 2025.

Basic and diluted income per share/American depositary share (ADS). For the second quarter of 2026, basic income per share was RMB1.35 (US$0.20), and diluted income per share was RMB1.33 (US$0.20). For the second quarter of 2026, basic income per ADS was RMB4.05 (US$0.60), and diluted income per ADS was RMB3.99 (US$0.60).

EBITDA (non-GAAP) for the second quarter of 2026 was RMB810 million (US$119 million), representing an increase of 33.3% compared with RMB608 million for the same period of 2025.

Adjusted EBITDA (non-GAAP) for the second quarter of 2026 was RMB821 million (US$121 million), representing an increase of 34.6% compared with RMB610 million for the same period of 2025.

Cash flows. Operating cash inflow for the second quarter of 2026 was RMB835 million (US$123 million). Investing cash inflow for the second quarter of 2026 was RMB282 million (US$42 million). Financing cash outflow for the second quarter of 2026 was RMB861 million (US$127 million).

Cash and cash equivalents and restricted cash. As of June 30, 2026, the Company had a total balance of cash and cash equivalents and restricted cash of RMB3.9 billion (US$582 million).

Debt financing. As of June 30, 2026, the Company had total outstanding borrowings of RMB237 million (US$35 million).

Outlook

For the full year of 2026, the Company currently expects total net revenues to increase by 30% compared with the full year of 2025.

This outlook is based on current market conditions and the Company’s preliminary estimates, which are subject to changes.

Conference Call

The Company will host a conference call at 7:00 AM U.S. Eastern time on Thursday, August 20, 2026 (or 7:00 PM Beijing/Hong Kong time on the same day).

A live webcast of the conference call will be available on the Company’s investor relations website at https://ir.yaduo.com, and a replay of the webcast will be available following the session.

For participants who wish to join the conference call via telephone, please pre-register using the link provided below. Upon registration, each participant will receive a set of participant dial-in numbers and a personal PIN to join the conference call.

Details for the conference call are as follows:

Event Title: Atour Second Quarter of 2026 Earnings Conference Call
Pre-registration Link: https://register-conf.media-server.com/register/BIe8138a580f784759b9c45dda51c9d597

Use of Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial results presented in accordance with U.S. Generally-Accepted Accounting Principles (“GAAP”), the Company uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission: adjusted net income, which is defined as net income excluding share-based compensation expenses; adjusted net income per ordinary share - Diluted, which is defined as net income attributable to the Company excluding share-based compensation expenses divided by the number of weighted average ordinary shares used in calculating net income per ordinary share - Diluted; EBITDA, which is defined as earnings before interest income, interest expense, income tax expense and depreciation and amortization; adjusted EBITDA, which is defined as EBITDA excluding share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this release.

The Company believes that EBITDA is widely used by other companies in the hospitality industry and may be used by investors as a measure of the financial performance. Given the significant investments that the Company has made in leasehold improvements and other fixed assets of leased hotels, depreciation and amortization comprises a significant portion of the Company’s cost structure. The Company believes that EBITDA will provide investors with a useful tool for comparability between periods because it eliminates depreciation and amortization attributable to capital expenditures. Adjusted net income, adjusted net income per ordinary share – Diluted, and adjusted EBITDA provide meaningful supplemental information regarding the Company’s performance by excluding share-based compensation expenses, as the investors can better understand the Company’s performance and compare business trends among different reporting periods on a consistent basis. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company’s performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. The Company believes these non-GAAP financial measures are also useful to investors in allowing for greater transparency with respect to supplemental information used regularly by Company management in financial and operational decision-making. The accompanying tables provide more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

The use of these non-GAAP measures has certain limitations, as the excluded items have been and will be incurred, and are not reflected in the presentation of these non-GAAP measures. Each of these items should also be considered in the overall evaluation of the results. The Company compensates for these limitations by providing the disclosure of the relevant items both in its reconciliations to the U.S. GAAP financial measures and in its consolidated financial statements, all of which should be considered when evaluating the performance of the Company.

In addition, these measures may not be comparable to similarly titled measures utilized by other companies, as these companies may not calculate these measures in the same manner as the Company does.

About Atour Lifestyle Holdings Limited

Atour Lifestyle Holdings Limited (NASDAQ: ATAT) is a leading lifestyle group in China that operates both hospitality and retail businesses. As a leader in quality living, Atour is dedicated to creating an intimate ambiance where people can warmly connect. Guided by its people-serving philosophy, Atour continuously refines its products and services to curate exceptional experiences for every user.

For more information, please visit https://ir.yaduo.com.

Investor Relations Contact

Atour Lifestyle Holdings Limited
Email: [email protected]

Christensen Advisory
Email: [email protected]
Tel: +86-10-5900-1548

—Financial Tables and Operational Data Follow—

ATOUR LIFESTYLE HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands, except share data and per share data, or otherwise noted)         As of As of  December 31, June 30,  2025 2026  RMB RMB USD1Assets      Current assets      Cash and cash equivalents 3,303,949 3,924,845 578,451Short-term investments 2,562,745 1,797,192 264,873Accounts receivable 341,446 421,368 62,102Prepayments and other current assets 675,974 601,404 88,636Amounts due from related parties 192,289 191,781 28,265Inventories 278,802 173,927 25,633Total current assets 7,355,205 7,110,517 1,047,960Non-current assets      Restricted cash 16,223 22,720 3,349Contract costs 134,268 139,108 20,502Property and equipment, net 225,603 205,596 30,301Operating lease right-of-use assets 1,108,548 889,953 131,163Intangible assets, net 4,712 3,744 552Goodwill 17,446 17,446 2,571Other assets 51,905 48,906 7,208Deferred tax assets 253,596 244,540 36,041Total non-current assets 1,812,301 1,572,013 231,687Total assets 9,167,506 8,682,530 1,279,647       Liabilities and shareholders’ equity      Current liabilities      Operating lease liabilities, current 230,201 260,815 38,439Accounts payable 821,997 1,030,026 151,807Deferred revenue, current 701,147 490,881 72,347Salary and welfare payable 316,562 292,837 43,159Accrued expenses and other payables 1,090,394 1,097,564 161,761Income taxes payable 312,302 268,517 39,575Short-term borrowings 250,000 235,000 34,635Amounts due to related parties 2,886 2,628 387Total current liabilities 3,725,489 3,678,268 542,110Non-current liabilities      Operating lease liabilities, non-current 1,042,719 797,006 117,464Deferred revenue, non-current 526,439 541,913 79,868Long-term borrowings, non-current portion 2,000 2,000 295Other non-current liabilities 290,058 303,075 44,668Total non-current liabilities 1,861,216 1,643,994 242,295Total liabilities 5,586,705 5,322,262 784,405

_________________
1 Translations of balances in the consolidated financial statements from RMB into US$ for the second quarter of 2026 and as of June 30, 2026 are solely for readers’ convenience and were calculated at the rate of US$1.00=RMB 6.7851, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on June 30, 2026.

ATOUR LIFESTYLE HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(CONTINUED)(All amounts in thousands, except share data and per share data, or otherwise noted)         As of As of  December 31, June 30,  2025
 2026
  RMB RMB USD1Shareholders’ equity      Class A ordinary shares 246  238  35 Class B ordinary shares 56  56  8 Treasury shares (326,400) (40,834) (6,018)Additional paid in capital 1,758,365  758,401  111,774 Retained earnings 2,195,519  2,714,562  400,077 Accumulated other comprehensive loss (34,307) (59,817) (8,816)Total equity attributable to shareholders of the Company 3,593,479  3,372,606  497,060 Non-controlling interests (12,678) (12,338) (1,818)Total shareholders’ equity 3,580,801  3,360,268  495,242 Commitments and contingencies -  -  - Total liabilities and shareholders’ equity 9,167,506  8,682,530  1,279,647 

ATOUR LIFESTYLE HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(All amounts in thousands, except share data and per share data, or otherwise noted)               Three Months Ended Six Months Ended  June 30, June 30, June 30, June 30,  2025
 2026
 2025
 2026
  RMB RMB USD1 RMB RMB USD1Revenues:            Manachised hotels 1,299,194  1,725,369  254,288  2,331,377  3,293,417  485,390 Leased hotels 149,597  131,915  19,442  278,160  250,207  36,876 Retail 964,849  1,574,522  232,056  1,658,628  2,645,721  389,931 Others 54,909  58,541  8,627  106,198  112,243  16,543 Net revenues 2,468,549  3,490,347  514,413  4,374,363  6,301,588  928,740 Operating costs and expenses:            Hotel operating costs (893,231) (1,198,048) (176,570) (1,629,376) (2,334,416) (344,050)Retail costs (450,542) (765,135) (112,767) (787,968) (1,272,395) (187,528)Other operating costs (6,593) (5,198) (767) (14,221) (9,656) (1,423)Selling and marketing expenses (392,847) (605,945) (89,305) (675,744) (1,007,109) (148,429)General and administrative expenses (89,546) (129,917) (19,147) (251,359) (269,801) (39,764)Technology and development expenses (42,574) (56,838) (8,377) (81,955) (107,249) (15,807)Total operating costs and expenses (1,875,333) (2,761,081) (406,933) (3,440,623) (5,000,626) (737,001)Other operating income, net 2,966  43,981  6,482  17,723  135,246  19,932 Income from operations 596,182  773,247  113,962  951,463  1,436,208  211,671 Interest income 22,437  8,758  1,291  41,717  17,885  2,636 Gain from short-term investments 8,674  11,708  1,726  18,525  23,503  3,464 Interest expense (781) (1,539) (227) (1,395) (3,260) (480)Other (expenses) income, net (9,791) 10,867  1,601  (15,900) 10,892  1,605 Income before income tax 616,721  803,041  118,353  994,410  1,485,228  218,896 Income tax expense (191,871) (255,114) (37,599) (325,982) (473,817) (69,832)Net income 424,850  547,927  80,754  668,428  1,011,411  149,064 Less: net income attributable to non-controlling interests 619  210  31  1,494  340  50 Net income attributable to the Company 424,231  547,717  80,723  666,934  1,011,071  149,014              Net income 424,850  547,927  80,754  668,428  1,011,411  149,064 Other comprehensive loss            Foreign currency translation adjustments, net of nil income taxes (15,399) (17,089) (2,519) (24,754) (25,510) (3,760)Other comprehensive loss, net of nil income taxes (15,399) (17,089) (2,519) (24,754) (25,510) (3,760)Total comprehensive income 409,451  530,838  78,235  643,674  985,901  145,304 Comprehensive income attributable to non-controlling interests 619  210  31  1,494  340  50 Comprehensive income attributable to the Company 408,832  530,628  78,204  642,180  985,561  145,254 Net income per ordinary share            —Basic 1.02  1.35  0.20  1.61  2.47  0.36 —Diluted 1.01  1.33  0.20  1.59  2.45  0.36 Weighted average ordinary shares used in calculating net income per ordinary share            —Basic 416,249,651  406,464,388  406,464,388  415,473,352  409,057,566  409,057,566 —Diluted 419,793,860  410,476,026  410,476,026  419,500,241  413,112,175  413,112,175 

ATOUR LIFESTYLE HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(All amounts in thousands, except share data and per share data, or otherwise noted)               Three Months Ended Six Months Ended  June 30, June 30, June 30, June 30,  2025
 2026
 2025
 2026
  RMB RMB USD1 RMB RMB USD1Cash flows from operating activities:            Net cash generated from operating activities 766,503  835,227  123,097  768,471  1,127,552  166,181 Cash flows from investing activities:            Payment for purchases of property and equipment (28,971) (6,475) (954) (48,271) (10,307) (1,519)Proceeds from disposal of property and equipment -  -  -  4,740  -  - Payment for purchases of intangible assets (152) (62) (9) (227) (1,790) (264)Payment for purchases of short-term investments (3,224,000) (5,547,000) (817,527) (6,817,000) (9,739,460) (1,435,419)Proceeds from maturities of short-term investments 2,482,370  5,835,180  859,999  5,612,366  10,528,516  1,551,711 Net cash (used in) generated from investing activities (770,753) 281,643  41,509  (1,248,392) 776,959  114,509 Cash flows from financing activities:            Proceeds from borrowings 5,000  -  -  35,000  15,000  2,211 Repayment of borrowings (10,000) (5,000) (737) (30,000) (30,000) (4,421)Proceeds from stock option exercises 11,885  1,874  276  13,331  5,365  791 Payment for dividends (418,188) (492,028) (72,516) (418,188) (492,028) (72,516)Payment for share repurchases -  (360,235) (53,092) -  (753,059) (110,987)Others -  (5,383) (793) -  (5,383) (793)Net cash used in financing activities (411,303) (860,772) (126,862) (399,857) (1,260,105) (185,715)Effect of exchange rate changes on cash and cash equivalents and restricted cash (14,864) (8,002) (1,178) (23,077) (17,013) (2,508)Net (decrease) increase in cash and cash equivalents and restricted cash (430,417) 248,096  36,566  (902,855) 627,393  92,467 Cash and cash equivalents and restricted cash at the beginning of the period 3,147,192  3,699,469  545,234  3,619,630  3,320,172  489,333 Cash and cash equivalents and restricted cash at the end of the period 2,716,775  3,947,565  581,800  2,716,775  3,947,565  581,800 

ATOUR LIFESTYLE HOLDINGS LIMITEDUNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS(All amounts in thousands, except share data and per share data, or otherwise noted)               Three Months Ended Six Months Ended  June 30, June 30, June 30, June 30,  2025
 2026
 2025
 2026
  RMB RMB USD1 RMB RMB USD1Net income (GAAP) 424,850  547,927  80,754  668,428  1,011,411  149,064 Share-based compensation expenses, net of tax effect of nil2 1,838  10,302  1,518  103,387  36,785  5,421 Adjusted net income (non-GAAP) 426,688  558,229  82,272  771,815  1,048,196  154,485                Three Months Ended Six Months Ended  June 30, June 30, June 30, June 30,  2025
 2026
 2025
 2026
  RMB RMB USD1 RMB RMB USD1Net income per ordinary share - Diluted (GAAP) 1.01  1.33  0.20  1.59  2.45  0.36 Share-based compensation expenses, net of tax effect of nil per ordinary share2 0.00  0.03  0.00  0.25  0.09  0.01 Adjusted net income per ordinary share - Diluted (non-GAAP) 1.01  1.36  0.20  1.84  2.54  0.37                Three Months Ended Six Months Ended  June 30, June 30, June 30, June 30,  2025
 2026
 2025
 2026
  RMB RMB USD1 RMB RMB USD1Net income (GAAP) 424,850  547,927  80,754  668,428  1,011,411  149,064 Interest income (22,437) (8,758) (1,291) (41,717) (17,885) (2,636)Interest expense 781  1,539  227  1,395  3,260  480 Income tax expense 191,871  255,114  37,599  325,982  473,817  69,832 Depreciation and amortization 12,786  14,464  2,132  25,996  29,092  4,288 EBITDA (non-GAAP) 607,851  810,286  119,421  980,084  1,499,695  221,028 Share-based compensation expenses 1,838  10,302  1,518  103,387  36,785  5,421 Adjusted EBITDA (non-GAAP) 609,689  820,588  120,939  1,083,471  1,536,480  226,449 

__________________
2 The share-based compensation expenses were recorded at entities in PRC. Share-based compensation expenses were non-deductible expenses in PRC. Therefore, there is no tax impact for share-based compensation expenses adjustment for non-GAAP financial measures.

Key Operating Data

 Number of Hotels Number of Rooms Opened in Q2 2026Closed in Q2 2026As of
June 30, 2026 As of
June 30, 2026Manachised hotels101142,156 239,389Leased hotels--19 3,137Total101142,175 242,526

Hotel BrandPositioningAs of June 30, 2026PropertiesRoomsManachisedLeased A.T. HouseLuxury-1214SAVHEUpscale21487Atour SUpscale92112,540Atour OriginUpper midscale6017,216AtourUpper midscale1,61113183,410Atour XUpper midscale174218,635Atour LightMidscale217-20,024Total 2,15619242,526

 All Hotels in Operation Three Months
Ended Three Months
Ended Three Months
Ended June 30, 2025 March 31, 2026 June 30, 2026Occupancy rate3 (in percentage)     Manachised hotels76.2% 70.5% 76.2%Leased hotels82.4% 77.5% 82.3%All hotels76.4% 70.6% 76.2%      ADR3 (in RMB)     Manachised hotels429.6 424.5 435.6Leased hotels590.7 574.4 597.4All hotels432.8 426.8 437.9      RevPAR3 (in RMB)     Manachised hotels339.9 309.4 343.1Leased hotels513.0 472.3 518.1All hotels343.1 311.6 345.4

 Hotels in Operation for More Than 18 Months in Q2 20264 Number of hotels Same-hotel Occupancy3
(in percentage) Same-hotel ADR3
(in RMB) Same-hotel RevPAR3
(in RMB) Q2 2025Q2 2026 Q2 2025Q2 2026 Q2 2025Q2 2026 Q2 2025Q2 2026Manachised hotels1,4421,442 77.3%76.5% 429.4421.9 344.5334.1Leased hotels1818 83.3%82.2% 576.3564.1 504.3486.0All hotels1,4601,460 77.4%76.6% 432.0424.6 347.2336.8

____________________
3 Excludes hotel rooms that became unavailable due to temporary hotel closures. ADR and RevPAR are calculated based on tax-inclusive room rates.
4 For any given period, we define “same-hotel” as a hotel that has operated for more than 18 calendar months as of the 15th day (inclusive) of any month within that period. The OCC, ADR and RevPAR presented above represent such metrics generated by “same hotels” in the given period, compared to the corresponding metrics generated by these “same hotels” during the same period in 2025.