Accor reported its H1 2025 outcomes.
Highlights embody:
- RevPAR was up 4.6 p.c within the first half of 2025
- Income was up 5.1 p.c within the first half of 2025 at fixed foreign money
- In the course of the first half of 2025, Accor opened 117 accommodations, similar to greater than 15,000 rooms, representing web unit development of 1.9 p.c during the last 12 months
Sébastien Bazin, chairman and CEO of Accor, mentioned, “Within the first half of 2025, the Group as soon as once more posted sturdy momentum regardless of a posh geopolitical surroundings and the influence of alternate charges. This stable efficiency confirms the standard of our model portfolio and the relevance of our diversified geographic presence, and is the results of the operational and monetary self-discipline that the Group implements quarter after quarter.
“At fixed foreign money, for the complete yr 2025, we’re confirming our RevPAR, community, and recurring EBITDA development targets, in step with our June 2023 Capital Market Day medium-term prospects. We may also proceed, as promised, our engaging shareholder return coverage by launching the second tranche of our share buyback program.”
On the finish of June 2025, Accor had a lodge portfolio of 854,695 rooms (5,740 accommodations) and a pipeline of greater than 241,000 rooms (1,432 accommodations).
Second quarter 2025 RevPAR
The premium, midscale, and economic system (PM&E) division posted a 2.9 p.c improve in RevPAR in contrast with the second quarter of 2024. Three-quarters of this improve in RevPAR was pushed by costs, and one-quarter by occupancy charges.
- The Europe North Africa (ENA) area posted a 3.3 p.c improve in RevPAR in contrast with the second quarter of 2024, pushed by greater occupancy charges. The sequential enchancment of two.7 share factors in comparison with the primary quarter was pushed primarily by France.
- In France, which accounts for 43 p.c of the area’s room income, the rise in RevPAR was strongly constructive within the second quarter. The Paris area benefited notably from a positive comparability because of the pre-Olympic Video games influence in June 2024 and from sturdy vacationer site visitors. The efficiency within the provinces was extra average, with RevPAR returning to barely constructive development within the second quarter of 2025.
- Within the UK, which accounts for 11 p.c of the area’s room income, each London and the provinces continued to file a decline in RevPAR within the second quarter, attributable to weak confidence amongst financial brokers concerning the nation’s scenario.
- In Germany, which accounts for 12 p.c of the area’s room income, the RevPAR variation was unfavorable within the second quarter attributable to a extremely unfavorable comparability foundation in June 2024 linked to the 2024 European Soccer Championship.
- The Center East, Africa, and Asia-Pacific area posted a 1.2 p.c improve in RevPAR in contrast with the second quarter of 2024. This RevPAR development was pushed solely by costs, which offset a slight decline in occupancy charges.
- Within the Center East-Africa area, which accounts for 27 p.c of the area’s room income, RevPAR traits had been combined: the United Arab Emirates posted double-digit development regardless of some cancellations linked to tensions in Iran. Nevertheless, the timing of Ramadan and stricter entry guidelines for the Hajj pilgrimage had a unfavorable influence on Saudi Arabia.
- Southeast Asia, which accounts for 31 p.c of the area’s room income, posted resilient RevPAR development regardless of decrease vacationer arrivals from China attributable to safety issues in Thailand and the slowdown within the Indonesian economic system following authorities price range restrictions.
- The Pacific, which accounts for twenty-four p.c of the area’s room income, posted a powerful rebound within the second quarter, notably after the influence of Tropical Storm Alfred, which affected the Queensland area of Australia in March.
- In China, which accounts for 18 p.c of the area’s room income, the RevPAR variation remained unfavorable with no important enchancment within the nation’s economic system.
- The Americas area, which primarily displays the efficiency of Brazil (62 p.c of the area’s room income), delivered a 1 p.c improve in RevPAR in contrast with the second quarter of 2024.
- Brazil continued to file sturdy worth will increase pushed by sustained demand from company friends.
The luxurious and life-style (L&L) division posted a 7.0 p.c improve in RevPAR in contrast with the second quarter of 2024, pushed by each costs and occupancy charges.
- Luxurious, which accounts for 72 p.c of the division’s room income, posted a 3 p.c improve in RevPAR in contrast with the second quarter of 2024. RevPAR development within the phase was sturdy throughout all manufacturers and areas, outperforming the PM&E phase in comparable areas.
- Life-style confirmed a 12.0 p.c improve in RevPAR in contrast with the second quarter of 2024. Resort accommodations continued to carry out effectively through the quarter, notably in Turkey, Egypt, and the United Arab Emirates.
Consolidated Income
Accor recorded income of $3,132,882 within the first half of 2025, up 2.5 p.c in contrast with the primary half of 2024. This development breaks down right into a 0.1 p.c improve for the Premium, Midscale, and Financial system divisions and 5.6 p.c for the luxurious and life-style division.
Forex results had a unfavorable influence of $78.75 million, primarily associated to the Brazilian actual (13 p.c), the Australian greenback (4 p.c), and the Canadian greenback (4 p.c). At fixed foreign money, income elevated by 5.1 p.c within the first half of the yr.
Scope results, primarily associated to the full-year influence of the acquisition of Rikas (in March 2024) and the opening of latest Paris Society venues within the Luxurious & Life-style division (Resort Property & Different exercise), contributed positively for $41.08 million.
Premium, Midscale & Financial system Income
Premium, midscale, and economic system, which incorporates charges from administration & franchise (M&F), providers to house owners, and lodge belongings, and different actions of the group’s premium, midscale, and economic system manufacturers, generated income of $1.68 million, up 0.1 p.c in contrast with the primary half of 2024, additionally impacted by foreign money results.
The administration and franchise (M&F) income stood at $487.1 million, down 0.8 p.c in contrast with the primary half of 2024. This decline primarily displays the unfavorable influence of conversions of a restricted variety of administration contracts to franchise contracts, as anticipated, in addition to the unfavorable influence of foreign money results.
Companies to house owners’ income, which embody gross sales, advertising, distribution, and loyalty division, in addition to shared providers and reimbursement of prices incurred on behalf of lodge house owners, totaled $635.6 million, up 3.5 p.c in contrast with the primary half of 2024. This improve primarily displays an enchancment in distribution and loyalty program charges.
Resort belongings and different income was down 2.8 p.c in contrast with the primary half of 2024. This exercise is strongly linked to enterprise in Australia and Brazil. It’s subsequently considerably impacted by unfavorable foreign money results associated to the Brazilian actual and the Australian greenback.
Luxurious and Life-style Income
Luxurious and life-style, which incorporates charges from administration and franchise (M&F), providers to house owners, and lodge belongings and different actions of the group’s luxurious and life-style manufacturers, generated income of $1.49 million, up 5.6 p.c in contrast with the primary half of 2024, additionally impacted by foreign money results.
The administration and franchise (M&F) income stood at $278.4 million, up 0.6 p.c in contrast with the primary half of 2024. Stable RevPAR development over the interval was offset by decrease exercise in life-style residences within the first half and important unfavorable foreign money results. The efficiency of the administration & franchise enterprise is detailed within the pages hereafter.
Companies to house owners’ income, which embody gross sales, advertising, distribution, and loyalty division, in addition to shared providers and reimbursement of prices incurred on behalf of lodge house owners, totaled $819.4 million, up 0.3 p.c in contrast with the primary half of 2024.
Resort belongings and different income was up 23.0 p.c in contrast with the primary half of 2024. This exercise features a important scope impact linked to the full-year influence of the acquisition of Rikas (in March 2024) and the opening of latest Paris Society venues.
Administration and franchise income got here to $765.76 million, down 0.3 p.c in contrast with the primary half of 2024 and up 1.7 p.c at fixed foreign money. This variation displays RevPAR development throughout the group’s varied areas and segments (up 4.6 p.c in contrast with the primary half of 2024), offset by the influence of foreign money results, the unfavorable phasing of the residences exercise within the luxurious and life-style division, and the conversion of a restricted variety of administration contracts to franchise contracts within the premium, midscale and economic system division.
Within the PM&E division, the ENA area is especially impacted by conversions of a restricted variety of administration contracts to franchise contracts, whereas the MEA APAC and Americas areas are primarily impacted by foreign money results.
Within the luxurious and life-style division, each segments had been negatively affected by foreign money results. The approach to life phase was notably impacted by the totally different phasing of the residences exercise final yr.
