Accor Hotels First-Quarter 2026 Revenue: Solid activity in a challenging environment

For the first quarter of 2026, the Group recorded revenue of €1,313 million, up 2.3% at constant currency compared with the first quarter of 2025.

Key Financial Highlights
- Group revenue: €1,313 million, up 2.3% at constant currency vs. Q1 2025.
- Management & Franchise revenue: €332 million, up 8.3%.
- RevPAR (Revenue per Available Room): up 5.1% year-over-year.
- Net unit growth: +3.8% over the past 12 months, with 48 new hotels (6,700+ rooms) opened.

Regional Performance
- Europe & North Africa: RevPAR +2.7%, driven by occupancy. France and UK remained strong; Germany slightly negative.
- Middle East, Africa & Asia-Pacific: RevPAR +5.5%, led by Southeast Asia (Thailand, Indonesia, Singapore, Japan). UAE saw a 9% decline due to conflict impacts.
- Pacific: Continued strong growth.
- China: Slightly negative but improving sequentially.
- Americas (mainly Brazil): RevPAR +9.1%, with Brazil showing double-digit growth.

Segment Breakdown
- Premium, Midscale & Economy (PM&E): Revenue €663 million, up 4.6%.
- Luxury & Lifestyle (L&L): Revenue €341 million, down 0.7%, impacted by disposals. Still, RevPAR +6.0%, with luxury brands showing resilience.

Strategic Moves
- Share buyback program: €450 million planned for 2026; first tranche (€225 million) launched in April.
- Portfolio adjustments: Sale of stakes in Silenseas (luxury cruises under Orient Express) and Essendi (AccorInvest).
- Pipeline: 260,000 rooms across 1,545 hotels in development.

Challenges
- Conflict in the Middle East: Significant impact on UAE resorts and lifestyle hotels.
- Currency effects: Negative €66 million, mainly from USD, UAE dirham, and CAD depreciation.
- Human rights allegations: Accor denies involvement, launched internal and external investigations.

Accor is showing resilience by leaning on its diversified geographic footprint and strong luxury/lifestyle demand, even as geopolitical tensions weigh on certain markets.