Half-Year 2026 Results; Accor shows its agility in a challenging global environment

During the first half of 2026, Accor opened 109 hotels, corresponding to nearly 14,000 rooms, representing a net unit growth of 3.2% over the last 12 months. Newly opened hotels will generate around €1,700 in fees per room annually(1), whereas churned hotels generated around €900 in fees per room annually. At the end of June 2026, the Group had a hotel portfolio of 881,928 rooms (5,835 hotels) and a pipeline of more than 268,000 rooms (1,595 hotels).

Financial Performance (H1 2026)
- Revenue: €2,760 million, up 3% at constant currency.
- Recurring EBITDA: €563 million, up 6.5% at constant currency.
- Recurring Free Cash Flow: €194 million, up 42% year-on-year.
- Net Profit (Group share): €114 million (down from €233 million in H1 2025, due to higher non-recurring expenses).
- Adjusted Net Profit: €231 million, broadly stable versus last year.

Operational Highlights
- RevPAR: Up 2.2% overall, 4.6% excluding Middle East.
- Hotel Openings: 109 new hotels (~14,000 rooms), net unit growth of 3.2%.
- Pipeline: Over 268,000 rooms (1,595 hotels), up 11.4%.
- Portfolio: 5,835 hotels, 881,928 rooms worldwide.

Regional Trends
- Europe & North Africa: Slight RevPAR growth, with Paris softening but strong demand elsewhere in France. UK resilient, Germany slightly negative.
- Middle East & Africa: Conflict hit UAE hard (RevPAR down ~40% in June), but Saudi Arabia, Egypt, and Turkey remained strong.
- Asia-Pacific: Southeast Asia driving growth (Japan, Vietnam, Indonesia strong). China still weak, especially midscale/economy.
- Americas: Brazil posted healthy RevPAR growth (+4.8%).
- Luxury & Lifestyle: RevPAR down 1.4% overall, but excluding Middle East grew strongly (+9.4%).

Strategic Moves
- Essendi Stake Sale: Definitive agreement with Blackstone & Colony IM to sell ~30.7% stake, reinforcing Accor’s asset-light model.
- Share Buyback: €225 million tranche launched, with another €225 million planned later in 2026.
- Partnerships: Strengthened alliance with H World Group (China, Europe, Middle East).
- Silenseas Transaction: Partial stake sale in luxury cruise venture under Orient Express brand.

Outlook for FY 2026
- RevPAR Growth: Expected between 2%–2.5%.
- Network Growth: Around 3.5%.
- Recurring EBITDA: €1,260–€1,285 million.
- Additional Shareholder Returns: €500 million buyback planned after Essendi disposal.

Accor’s results show resilience despite geopolitical challenges, with diversification across regions and segments helping offset Middle East disruptions. The pivot to an asset-light model and strong pipeline growth underline its long-term strategy.