Atour Lifestyle : First Quarter 2026 Financial Results 325.5 KB

Published: 2026-05-13 06:10:17 ET ATAT

Published on 05/13/2026 at 06:10 am EDT

A total of 2,088 hotels, or 232,298 hotel rooms, in operation as of March 31, 2026.

Net revenues for the first quarter of 2026 increased by 47.5% year-over-year to RMB2,811 million (US$408 million).

Net income for the first quarter of 2026 increased by 90.3% year-over-year to RMB463 million (US$67 million).

Adjusted net income (non-GAAP)1 for the first quarter of 2026 increased by 42.0% year-over-year to RMB490 million (US$71 million).

EBITDA (non-GAAP)2 for the first quarter of 2026 increased by 85.2% year-over-year to RMB689 million (US$100 million).

Adjusted EBITDA (non-GAAP)3 for the first quarter of 2026 increased by 51.1% year-over-year to RMB716 million (US$104 million).

SHANGHAI, China, May 13, 2026 -- Atour Lifestyle Holdings Limited ("Atour" or the "Company") (NASDAQ: ATAT), a leading lifestyle group in China, today announced its unaudited financial results for the first quarter ended March 31, 2026.

As of March 31, 2026, there were 2,088 hotels with a total of 232,298 hotel rooms in operation across Atour's hotel network, representing rapid increases of 20.9% and 19.4% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of March 31, 2026, there were 751 manachised hotels under development in our pipeline.

The average daily room rate4 ("ADR") was RMB427 for the first quarter of 2026, compared with RMB418 for the same period of 2025 and RMB426 for the previous quarter.

The occupancy rate4was 70.6% for the first quarter of 2026, compared with 70.2% for the same period of 2025 and 76.1% for the previous quarter.

‌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.

The revenue per available room4("RevPAR") was RMB312 for the first quarter of 2026, compared with RMB304 for the same period of 2025 and RMB336 for the previous quarter.

The revenue generated from our retail business was RMB1,071 million for the first quarter of 2026, representing an increase of 54.4% year-over-year.

"In the first quarter of 2026, we delivered steady performance across both our hotel and retail businesses," said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. "For our hotel business, hotel performance continued to improve sequentially. Adhering to our 'quality-first' principle, we opened 110 new hotels in the first quarter while continuously reinforcing the distinct competitive advantages of each of our hotel brands. Our retail business sustained strong growth momentum, with retail revenue reaching RMB1.07 billion in the first quarter, up 54% year-over-year. Atour Planet remained focused on innovation, continuously launching new iterations that further validated our brand and product strength in the market."

"Looking ahead, guided by our new strategy of 'Chinese Experience, Brand-Led Excellence,' we will firmly seize the innovation opportunities arising from industry transformation, and convert these opportunities into sustainable, longterm growth drivers. At the same time, we will stay true to our founding aspirations, continuously fulfill our corporate responsibilities, and steadily advance toward our long-term vision of 'A Timeless Atour, Warmth Along Every Journey,' and make steadfast and warm contributions to the industry and to society," Mr. Wang concluded.

(RMB in thousands)

Revenues:

Manachised hotels

1,032,183

1,568,048

Leased hotels

128,563

118,292

Retail

693,779

1,071,199

Others

51,289

53,702

Net revenues

1,905,814

2,811,241

Manachised hotels. Revenues from our manachised hotels for the first quarter of 2026 increased by 51.9% to RMB1,568 million (US$227 million) from RMB1,032 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 1,702 as of March 31, 2025 to 2,069 as of March 31, 2026.

Leased hotels. Revenues from our leased hotels for the first quarter of 2026 decreased by 8.0% to RMB118 million (US$17 million) from RMB129 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 25 as of March 31, 2025 to 19 as of March 31, 2026.

Retail. Revenues from retail for the first quarter of 2026 increased by 54.4% to RMB1,071 million (US$155 million) from RMB694 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 first quarter of 2026 increased by 4.7% to RMB54 million (US$8 million) from RMB51 million for the same period of 2025.

Q1 2025

Q1 2026

(RMB in thousands)

Operating costs and expenses:

Hotel operating costs

(736,145)

(1,136,368)

Retail costs

(337,426)

(507,260)

Other operating costs

(7,628)

(4,458)

Selling and marketing expenses

(282,897)

(401,164)

General and administrative expenses

(161,813)

(139,884)

Technology and development expenses

(39,381)

(50,411)

Total operating costs and expenses

(1,565,290)

(2,239,545)

Hotel operating costs for the first quarter of 2026 were RMB1,136 million (US$165 million), compared with RMB736 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 67.4% of manachised and leased hotels' revenues for the first quarter of 2026, compared with 63.4% for the same period of 2025. The increase was mainly due to supply chain business development.

Retail costs for the first quarter of 2026 were RMB507 million (US$74 million), compared with RMB337 million for the same period of 2025. The increase was associated with the rapid growth of our retail business. Retail costs accounted for 47.4% of retail revenues for the first quarter of 2026, compared with 48.6% for the same period of 2025. The decrease was attributable to the increasing contribution from higher-margin products.

Other operating costs for the first quarter of 2026 were RMB4 million (US$0.6 million), compared with RMB8 million for the same period of 2025.

Selling and marketing expenses for the first quarter of 2026 were RMB401 million (US$58 million), compared with RMB283 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 14.3% of net revenues for the first quarter of 2026, compared with 14.8% for the same period of 2025.

General and administrative expenses for the first quarter of 2026 were RMB140 million (US$20 million), including RMB21 million share-based compensation expenses, compared with RMB162 million, including RMB84 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 4.2% of net revenues for the first quarter of 2026, compared with 4.1% for the same period of 2025.

Technology and development expenses for the first quarter of 2026 were RMB50 million (US$7 million), compared with RMB39 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 1.8% of net revenues for the first quarter of 2026, compared with 2.1% for the same period of 2025.

For the full year of 2026, the Company currently expects total net revenues to increase by 24% to 28% 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.

The Company will host a conference call at 7:00 AM U.S. Eastern time on Wednesday, May 13, 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 First Quarter of 2026 Earnings Conference Call

Pre-registration Link: https://register-conf.media-server.com/register/BI88285037264a43bb9a3a16fdd4a74f86

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.

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.

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 LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share data and per share data, or otherwise noted)

As of

December 31,

2025

RMB

As of

March 31,

2026

USD1

Assets

Current assets

Cash and cash equivalents

3,303,949

3,683,246

533,959

Short-term investments

2,562,745

2,073,664

300,618

Accounts receivable

341,446

356,157

51,632

Prepayments and other current assets

675,974

465,413

67,471

Amounts due from related parties

192,289

198,984

28,847

Inventories

278,802

210,492

30,514

Total current assets

7,355,205

6,987,956

1,013,041

Non-current assets

Restricted cash

16,223

2,352

Contract costs

134,268

134,787

19,540

Property and equipment, net

225,603

214,318

31,070

Operating lease right-of-use assets

1,108,548

956,662

138,687

Intangible assets, net

4,712

4,179

606

Goodwill

17,446

2,527

Other assets

51,905

50,842

7,371

Deferred tax assets

253,596

250,726

36,348

Total non-current assets

1,812,301

1,645,183

238,501

Total assets

9,167,506

8,633,139

1,251,542

Liabilities and shareholders' equity

Current liabilities

Operating lease liabilities, current

230,201

259,397

37,605

Accounts payable

821,997

594,630

86,202

Deferred revenue, current

701,147

508,890

73,774

Salary and welfare payable

316,562

230,612

33,432

Accrued expenses and other payables

1,090,394

1,127,404

163,439

Income taxes payable

312,302

253,851

36,801

Short-term borrowings

250,000

240,000

34,793

Amounts due to related parties

2,886

2,748

398

Total current liabilities

3,725,489

3,217,532

466,444

Non-current liabilities

Operating lease liabilities, non-current

1,042,719

868,250

125,870

Deferred revenue, non-current

526,439

569,897

82,618

Long-term borrowings, non-current portion

2,000

290

Other non-current liabilities

290,058

295,595

42,852

Total non-current liabilities

1,861,216

1,735,742

251,630

Total liabilities

5,586,705

4,953,274

718,074

‌1 Translations of balances in the consolidated financial statements from RMB into US$ for the first quarter of 2026 and as of March 31, 2026 are solely for readers' convenience and were calculated at the rate of US$1.00=RMB 6.8980, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2026.

ATOUR LIFESTYLE HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share data and per share data, or otherwise noted)

As of

December 31,

2025

RMB

As of

March 31,

2026

USD1

Shareholders' equity

Class A ordinary shares

246

242

Class B ordinary shares

Treasury shares

(326,400)

(177,462)

(25,727)

Additional paid in capital

1,758,365

1,253,432

181,709

Retained earnings

2,195,519

2,658,873

385,456

Accumulated other comprehensive loss

(34,307)

(42,728)

(6,194)

Total equity attributable to shareholders of the Company

3,593,479

3,692,413

535,287

Non-controlling interests

(12,678)

(12,548)

(1,819)

Total shareholders' equity

3,580,801

3,679,865

533,468

Commitments and contingencies

Total liabilities and shareholders' equity

9,167,506

8,633,139

1,251,542

Revenues:

Manachised hotels

1,032,183

1,568,048

227,319

Leased hotels

128,563

118,292

17,149

Retail

693,779

1,071,199

155,291

Others

51,289

53,702

7,785

Net revenues

1,905,814

2,811,241

407,544

Operating costs and expenses:

Hotel operating costs

(736,145)

(1,136,368)

(164,739)

Retail costs

(337,426)

(507,260)

(73,537)

Other operating costs

(7,628)

(4,458)

(646)

Selling and marketing expenses

(282,897)

(401,164)

(58,157)

General and administrative expenses

(161,813)

(139,884)

(20,279)

Technology and development expenses

(39,381)

(50,411)

(7,308)

Total operating costs and expenses

(1,565,290)

(2,239,545)

(324,666)

Other operating income, net

14,757

91,265

13,230

Income from operations

355,281

662,961

96,108

Interest income

19,280

9,127

1,323

Gain from short-term investments

9,851

11,795

1,710

Interest expense

(614)

(1,721)

(249)

Other (expenses) income, net

(6,109)

Income before income tax

377,689

682,187

98,896

Income tax expense

(134,111)

(218,703)

(31,705)

Net income

243,578

463,484

67,191

Less: net income attributable to non-controlling interests

875

130

Net income attributable to the Company

242,703

463,354

67,172

Net income

243,578

463,484

67,191

Other comprehensive loss

Foreign currency translation adjustments, net of nil income taxes

(9,355)

(8,421)

(1,221)

Other comprehensive loss, net of nil income taxes

(9,355)

(8,421)

(1,221)

Total comprehensive income

234,223

455,063

65,970

Comprehensive income attributable to non-controlling interests

875

130

Comprehensive income attributable to the Company

233,348

454,933

65,951

Net income per ordinary share

-Basic

0.58

1.13

0.16

-Diluted

0.58

1.11

0.16

Weighted average ordinary shares used in calculating net income per ordinary share

-Basic

415,701,620

411,679,558

-Diluted

418,692,991

415,777,615

ATOUR LIFESTYLE HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(All amounts in thousands, except share data and per share data, or otherwise noted)

Cash flows from operating activities:

Net cash generated from operating activities

1,968

292,325

42,378

Cash flows from investing activities:

Payment for purchases of property and equipment

(19,300)

(3,832)

(556)

Proceeds from disposal of property and equipment

4,740

Payment for purchases of intangible assets

(75)

(1,728)

(251)

Payment for purchases of short-term investments

(3,593,000)

(4,192,460)

(607,779)

Proceeds from maturities of short-term investments

3,129,996

4,693,336

680,391

Net cash (used in) generated from investing activities

(477,639)

495,316

71,805

Cash flows from financing activities:

Proceeds from borrowings

30,000

15,000

2,175

Repayment of borrowings

(20,000)

(25,000)

(3,624)

Proceeds from stock option exercises

1,446

3,491

506

Payment for share repurchases

(392,824)

(56,948)

Net cash generated from (used in) financing activities

11,446

(399,333)

(57,891)

Effect of exchange rate changes on cash and cash equivalents and (8,213)

(9,011)

(1,305)

Net (decrease) increase in cash and cash equivalents and (472,438)

379,297

54,987

Cash and cash equivalents and restricted cash at the beginning of the 3,619,630

3,320,172

481,324

Cash and cash equivalents and restricted cash at the end of the 3,147,192

3,699,469

536,311

restricted cash restricted cash period

period

RMB

USD1

Net income (GAAP)

243,578

463,484

67,191

Share-based compensation expenses, net of tax effect of nil2

101,549

26,483

3,839

Adjusted net income (non-GAAP)

345,127

489,967

71,030

Three Months Ended

March 31,

2025

March 31,

2026

RMB

USD1

Net income per ordinary share - Diluted (GAAP)

0.58

1.11

0.16

Share-based compensation expenses, per ordinary share net of tax effect of nil2

0.24

0.06

0.01

Adjusted net income per ordinary share - Diluted (non-GAAP)

0.82

1.17

0.17

Three Months Ended

March 31,

2025

March 31,

2026

RMB

USD1

Net income (GAAP)

243,578

463,484

67,191

Interest income

(19,280)

(9,127)

(1,323)

Interest expense

614

1,721

249

Income tax expense

134,111

218,703

31,705

Depreciation and amortization

13,210

14,628

2,121

EBITDA (non-GAAP)

372,233

689,409

99,943

Share-based compensation expenses

101,549

26,483

3,839

Adjusted EBITDA (non-GAAP)

473,782

715,892

103,782

‌2The 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.

Number of Hotels Number of Rooms

Opened in Q1 2026 Closed in Q1 2026 As of

March 31, 2026

As of March 31, 2026

Manachised hotels

110

2,069

229,194

Leased hotels

3,104

Total

110

2,088

232,298

Hotel Brand

Positioning

Properties

Rooms

Manachised

Leased

A.T. House

Luxury

214

SAVHE

Upscale

487

Atour S

Upscale

12,386

Atour Origin

Upper midscale

6,620

Atour

Upper midscale

1,539

174,984

Atour X

Upper midscale

174

18,703

Atour Light

Midscale

208

18,904

Total

2,069

232,298

All Hotels in Operation

Three Months Ended

March 31, 2025

December 31, 2025

March 31, 2026

Occupancy rate3(in percentage)

Manachised hotels

70.1%

76.0%

70.5%

Leased hotels

77.5%

83.7%

77.5%

All hotels

70.2%

76.1%

70.6%

ADR3 (in RMB)

Manachised hotels

415.1

423.7

424.5

Leased hotels

551.9

579.6

574.4

All hotels

417.9

426.4

426.8

RevPAR3(in RMB)

Manachised hotels

301.5

332.9

309.4

Leased hotels

453.1

508.5

472.3

All hotels

304.4

335.7

311.6

Number of hotels Same-hotel Occupancy3

Q1 2025

Q1 2026

Q1 2025

Q1 2026

Q1 2025

Q1 2026

Q1 2025

Q1 2026

Manachised hotels

1,346

71.4%

70.8%

414.4

411.8

307.0

301.8

Leased hotels

77.8%

76.9%

546.9

537.1

452.6

439.0

All hotels

1,364

71.5%

70.9%

417.0

414.3

309.6

304.4

‌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.

Disclaimer

Atour Lifestyle Holdings Ltd. published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2026 at 10:09 UTC.