Accor reported its H1 2025 outcomes.
Highlights embrace:
- Administration and franchise income elevated 3.1 p.c at fixed forex within the third quarter of 2025.
- Recurring EBITDA steerage upgraded between 11 p.c and 12 p.c (initially between 9 p.c and 10 p.c) at fixed forex
- Launch of a share buyback tranche for $116,081,000 within the fourth quarter of 2025.
Sébastien Bazin, chairman and chief government officer of Accor, mentioned, “The Group continued to develop and develop its community throughout the third quarter of 2025. This efficiency demonstrates the attraction of its manufacturers and the variety of its geographical areas, which have enabled it to keep up sturdy momentum regardless of a combined macroeconomic surroundings. To deal with these uncertainties, the Group’s revenue safety measures are proving efficient and now allow us to lift our recurring EBITDA development goal for the 12 months.
“We’re due to this fact pursuing our development trajectory and operational and monetary self-discipline, whereas activating new levers for worth creation. That is the rationale behind the launch of a brand new share buyback program. Additionally it is why we’re exploring the potential for a possible itemizing of Ennismore, our life-style manufacturers portfolio. As a key asset for the Group, we intend, if this transaction happens, to retain management whereas offering it with much more sources to speed up its growth.”
In the course of the third quarter of 2025, Accor opened 77 inns, representing 11,200 rooms, leading to internet development of two.5 p.c within the community during the last 12 months. On the finish of September 2025, the Group had a lodge portfolio of 859,830 rooms (5,760 inns) and a pipeline of greater than 250,000 rooms (1,453 inns).
Third-Quarter 2025 RevPAR
The Premium, Midscale, and Financial system (PM&E) division posted a 1.1 p.c lower in RevPAR in contrast with the third quarter of 2024, pushed by pricing. Occupancy was barely larger over the interval, reflecting sustained demand.
- Luxurious, which accounts for 72 p.c of the division’s room income, posted a 4.3 p.c enhance in RevPAR in contrast with the third quarter of 2024. RevPAR development within the section was sturdy throughout all manufacturers and areas, outperforming the PM&E section in comparable areas.
- Way of life confirmed a 6.9 p.c enhance in RevPAR in contrast with the third quarter of 2024. Regardless of geopolitical tensions, resort inns continued to carry out properly throughout the quarter, significantly in Turkey, Egypt, and the United Arab Emirates.
Consolidated Income
- For the third quarter of 2025, the Group recorded income of $1,588,929.85, up 0.1 p.c at fixed forex in contrast with the third quarter of 2024. This enhance breaks down right into a 1.1 p.c lower at fixed forex for the Premium, Midscale, and Financial system division and a 0.2 p.c enhance at fixed forex for the Luxurious & Way of life division.
- Foreign money results had a damaging influence of $78,923,520, primarily associated to the Australian greenback (8 p.c), the US greenback (6 p.c), and the Canadian greenback (7 p.c).
- Scope results, primarily associated to the disposal of the Paris Society’s “Festive” enterprise, contributed negatively by $22,052,160. The third quarter of 2024 included $30,176,640 in Olympic-related value-in-kind income, with no influence on recurring EBITDA. Collectively, these two results had a damaging 3 p.c influence on third-quarter income.
- With a view to present better readability concerning the Companies to Homeowners exercise and its development drivers, the Group has chosen to isolate Reimbursed Prices (which include the re-invoicing of prices incurred on behalf of lodge homeowners), whose income development on a like-for-like foundation primarily displays the expansion in payroll prices in North America. Reimbursed Prices haven’t any influence on recurring EBITDA, and this new presentation doesn’t have an effect on the medium-term development outlook given on the Investor Day in June 2023.
- SMDL (Gross sales, Advertising, Distribution & Loyalty) actions proceed to be reported inside every of the Premium, Midscale, and Financial system & Luxurious & Way of life divisions.
Premium, Midscale & Financial system evenue
Premium, Midscale, and Financial system, which included charges from Administration & Franchise (M&F), Gross sales, Advertising, Distribution & Loyalty (SMDL), and Resort Belongings & Different actions of the Group’s Premium, Midscale, and Financial system manufacturers, generated income of $849,679,980, down 1.1 p.c at fixed forex in contrast with the third quarter of 2024.
The Administration & Franchise (M&F) income stood at $264,641,880, down 1.2 p.c at fixed forex in contrast with the third quarter of 2024. This decline primarily displays the damaging variation of RevPAR within the division and the damaging influence of conversions from a restricted variety of administration contracts to franchise contracts, as anticipated. The efficiency of Administration & Franchise by area is detailed within the pages hereafter.
Income from Gross sales, Advertising, Distribution, and Loyalty (SMDL) amounted to $283,213,240, down 6.4 p.c at fixed forex in contrast with the third quarter of 2024. The third quarter of 2024 included $30,177,940 in Olympics-related value-in-kind income, with no influence on recurring EBITDA. Adjusted for this income, SMDL development at fixed forex would have been up 4 p.c.
Income from Resort Belongings and Different amounted to $301,779,400, up 4.4 p.c at fixed forex in contrast with the third quarter of 2024. This exercise is strongly linked to the power of RevPAR in Australia and Brazil.
Luxurious & Way of life Income
Luxurious & Way of life, which included charges from Administration & Franchise (M&F), Gross sales, Advertising, Distribution & Loyalty (SMDL), and Resort Belongings & Different actions of the Group’s Luxurious & Way of life manufacturers, generated income of $415,527,020, up 0.2 p.c at fixed forex in contrast with the third quarter of 2024, which was additionally impacted by forex results.
The Administration & Franchise (M&F) income stood at $146,246,940, up 11.7 p.c at fixed forex in contrast with the third quarter of 2024. This enhance was pushed by development in RevPAR and the community.
Income from Gross sales, Advertising, Distribution, and Loyalty (SMDL) actions amounted to $126,523,930, up 11.2 p.c at fixed forex in contrast with the third quarter of 2024, in step with the expansion of the Administration & Franchise enterprise.
Resort property and different income amounted to $142,774,710, down 16.4 p.c at fixed forex in contrast with the third quarter of 2024. This decline displays an unfavorable foundation of comparability resulting from Potel & Chabot’s sturdy exercise throughout the Olympic Video games interval, in addition to a major scope impact associated to the disposal of Paris Society’s “Festive” enterprise.
Reimbursement Prices Income
Income from reimbursed prices (which consisted of the re-invoicing of prices incurred on behalf of lodge homeowners) amounted to $344,751,660, up 2.3 p.c at fixed forex in contrast with the third quarter of 2024.
Administration & Franchise income got here to $410,919,660, up 3.1 p.c at fixed forex in contrast with the third quarter of 2024. This variation displays RevPAR development within the Group’s numerous geographic areas and segments (up 0.8 p.c in contrast with the third quarter of 2024) and internet unit development (up 2.5 p.c).
Within the PM&E division, the ENA area is principally impacted by the damaging variation in RevPAR and conversions for a restricted variety of administration contracts to franchise contracts, as in earlier quarters. The MEA APAC and Americas areas had been considerably impacted by forex results, and the Americas area benefited from the popularity of termination charges.
Within the L&L division, each segments primarily mirror strong development in RevPAR and the community. Within the third quarter of 2025, in distinction to the second quarter, the Way of life section benefited favorably from the Residences enterprise.
Outlook
For the complete 12 months of 2025, Accor confirmed the next steerage:
- RevPAR development between 3 p.c and 4 p.c.
- Internet unit development of round 3.5 p.c.
Moreover, following the implementation of further cost-saving measures amounting to greater than $23,214,800 geared toward partially offsetting the damaging influence of alternate fee variations, Accor revised its recurring EBITDA development steerage for fiscal 12 months 2025 to between 11 p.c and 12 p.c (between 9 p.c and 10 p.c initially) at fixed alternate charges
