Half-year 2026: Accor shows its agility in a challenging global environment

Press Release
JULY 30TH, 2026

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

REVPAR UP 2.2% FOR H1 2026,
UP 4.6% EXCLUDING MIDDLE EAST
NET UNIT GROWTH OF 3.2%
PIPELINE UP 11.4%
RECURRING EBITDA UP 6.5% AT CONSTANT CURRENCY, AT €563 MILLION
RECURRING FREE CASH FLOW UP 42% AT €194 MILLION

* * *

2026 OUTLOOK: RECURRING EBITDA EXPECTED
BETWEEN €1,260 MILLION AND €1,285 MILLION
LAUNCH OF THE SECOND TRANCHE
OF THE SHARE BUYBACK PROGRAMME FOR €225 MILLION

Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said:

“Once again this half-year, and despite the disruption caused by the situation in the Middle East, the Group delivered solid growth. This performance reflects the momentum in our key markets, the commitment of our teams, the strength of our brands, and our rigorous cost discipline. We focus on what we can control and on delivering the Group’s growth algorithm. Looking ahead to the rest of 2026, we expect growth to continue and we remain fully focused on executing our strategic roadmap. The signing of a definitive binding agreement with leading investors for the disposal of our stake in Essendi is an important milestone, completing Accor’s transformation into a resolutely asset-light model that is simple, clear and predictable.”

While hotel activity in the first two months of fiscal year 2026 was remarkably strong, the conflict in the Middle East, which began in late February, severely disrupted the macroeconomic and geopolitical environment in the second quarter. Activity in the Middle East, particularly in the United Arab Emirates, was significantly impacted, which is reflected most notably in the performance of our Lifestyle segment. Nevertheless, the diversification of our hotel portfolio, both geographically and across segments, together with strict cost discipline, secured the Group’s growth algorithm.

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 annually¹, 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).

Second quarter 2026 RevPAR

The Premium, Midscale and Economy (PM&E) division posted a 0.1% increase in RevPAR compared with the second quarter of 2025, primarily driven by prices. Excluding the Middle East, the division’s RevPAR growth was 1.1%.

• The Europe North Africa (ENA) region posted a 0.2% increase in RevPAR compared with the second quarter of 2025, slightly driven by prices.
  • In France, which accounts for 44% of the region’s room revenue, RevPAR growth in Paris softened, while it accelerated in the rest of the country, supported by a strong demand from leisure guests. As a result, at national level, RevPAR growth in the second quarter is slightly positive, in line with the first quarter.
  • In the UK, which accounts for 11% of the region’s room revenue, activity remained resilient, particularly in London, with RevPAR growth also slightly positive.
  • In Germany, which accounts for 11% of the region’s room revenue, demand softened slightly compared to the previous quarter, leaving RevPAR growth slightly negative, reflecting a less favorable calendar of events and trade fairs.
• The Middle East, Africa and Asia-Pacific region posted a 1.1% decrease in RevPAR compared with the second quarter of 2025. This RevPAR decrease was driven by a decline in occupancy rates in the Middle East region while prices are slightly up. Excluding Middle East, RevPAR in the region grew by 1.9%.
  • Southeast Asia, which accounts for 31% of the region’s hotel revenue, has continued to be the main driver of the region’s activity since the start of the Middle East conflict, with strong performance in particular in Japan, Vietnam, and Indonesia.
  • The Pacific, which accounts for 25% of the region’s room revenue, saw activity slow down sequentially compared to the previous quarter due to lower domestic and international demand, with RevPAR flat compared with the same period in 2025.
  • In the Middle East & Africa, which accounts for 24% of the region’s hotel revenue, the conflict significantly impacted activity. However, the decline in RevPAR in the area was driven solely by the United Arab Emirates, where activity was down nearly 80% in April, ending the quarter down around 40% in June. Saudi Arabia, Egypt and Turkey continued to deliver strong performance.
  • In China, which accounts for 19% of the region’s room revenue, RevPAR remained negative. The market supply is stabilizing and the sector is nearing the bottom of the cycle. However, the RevPAR recovery is uneven across regions and segments, with midscale and economy segments underperforming.
• The Americas region, which mainly reflects the performance of Brazil (56% of the region’s room revenue), posted a 4.8% increase in RevPAR compared with the second quarter of 2025.
  • Brazil continued to post healthy RevPAR growth in the second quarter, although growth has now moderated to single digits.

The Luxury & Lifestyle (L&L) division posted a 1.4% decrease in RevPAR compared with the second quarter of 2025, driven by occupancy rates. Excluding Middle East, RevPAR in the division grew by 9.4%.

• Luxury, which accounts for 72% of the division’s room revenue, posted a 2.5% increase in RevPAR compared with the second quarter of 2025. All brands and regions, except the Middle East, posted RevPAR growth reflecting strong demand for this segment. Excluding the Middle East, Luxury RevPAR growth was 9.1%.
• Lifestyle posted a RevPAR down 11.3% compared to the second quarter of 2025. Resort hotels, which have greater exposure to the United Arab Emirates, were the most affected by the conflict. By contrast, “Lifestyle collective” hotels posted a more limited decline in RevPAR, reflecting their lower exposure to UAE. Excluding the Middle East, Lifestyle RevPAR growth was 10.3%.

Consolidated revenue

For H1 2026, the Group recorded revenue of €2,760 million, up 3.0% at constant currency compared with H1 2025. This increase breaks down into a 2.2% rise at constant currency for the Premium, Midscale and Economy division and a 1.9% decrease at constant currency for the Luxury & Lifestyle division.

On a constant currency and scope basis, the Group’s revenue increased by 4.8%. Currency effects had a negative impact of €64 million, mainly related to the U.S. dollar (-7%), the UAE dirham (-7%), and the Turkish lira (-21%). Scope effects were negative (€46 million), reflecting mainly the disposal of Paris Society’s “Festive” business in July 2025 (Hotel Asset & Other segment).

Premium, Midscale & Economy revenue

Premium, Midscale and Economy, which includes fees from Management & Franchise (M&F), Sales, Marketing, Distribution and Loyalty (SMDL) and Hotel Assets & Other activities of the Group’s Premium, Midscale and Economy brands, generated revenue of €1,389 million, up 2.2% at constant currency compared to H1 2025.

Management & Franchise (M&F) revenue stood at €424 million, up 0.7% at constant currency compared with H1 2025. This increase mainly reflects RevPAR growth over the period (up 2.1%) and in the network (2.6% over the past 12 months), partially offset by the negative impact of conversions of a limited number of management contracts into franchise contracts, as anticipated, as well as slower growth in fees linked to the operating profitability (or “incentive fees”) of hotels under management contracts.

Sales, Marketing, Distribution and Loyalty (SMDL) revenue totaled €460 million, up 3.8% at constant currency compared with H1 2025, in line with RevPAR growth over the period and network expansion.

Revenue from Hotel Assets & Other increased by 1.9% on a like-for-like basis versus H1 2025, driven by strong performances from the hotels in Australia and Brazil.

Luxury & Lifestyle revenue

Luxury & Lifestyle, which includes fees from Management & Franchise (M&F), Sales, Marketing, Distribution and Loyalty (SMDL) and Hotel Assets & Other activities of the Group’s Luxury & Lifestyle brands, generated revenue of €749 million, down 1.9% at constant currency compared with H1 2025.

Management & Franchise (M&F) revenue stood at €261 million, up 12.0% at constant currency compared with H1 2025. This increase was supported by RevPAR growth (up 2.0%) and network expansion (up 6.8% over the past 12 months) and was further boosted by the receipt of fees related to contract terminations.

Sales, Marketing, Distribution and Loyalty (SMDL) revenue totaled €200 million, up 7.0% at constant currency compared with H1 2025.

Hotel Assets & Other revenue was down 16.0% at constant currency compared with H1 2025, mainly reflecting the disposal of Paris Society’s “Festive” business and the decline in food & beverage activity at Paris Society and Rikas since the onset of the Middle East conflict. On a constant currency and scope basis, revenue for Hotel Assets & Other was down 0.9%.

Reimbursed costs revenue

“Reimbursed costs” revenue (which corresponds to the charge back of costs incurred on behalf of hotel owners) amounted to €663 million, up 10.4% at constant currency compared with H1 2025, reflecting hotel openings in the United States and a base effect related to a labor strike at a hotel in Canada.

Consolidated Recurring EBITDA

Consolidated Recurring EBITDA came to €563 million for H1 2026, up 6.5% at constant currency compared with H1 2025. On a constant currency and scope basis, the Group’s recurring EBITDA increased by 7.4%. Scope effects were negative (€(4) million), mainly reflecting the disposal of Paris Society’s “Festive” business.

Premium, Midscale and Economy Recurring EBITDA

The Premium, Midscale and Economy (PM&E) division generated Recurring EBITDA of €390 million, up 4.0% at constant currency compared with H1 2025.

Management & Franchise (M&F) reported Recurring EBITDA of €307 million, up 3.6% at constant currency compared with H1 2025, reflecting a 170-basis-point improvement in margin.

Recurring EBITDA for Sales, Marketing, Distribution and Loyalty (SMDL) amounted to €44 million for H1 2026, with a stable margin versus the first half of 2025.

Recurring EBITDA for Hotel Assets & Other amounted to €39 million, down 1.8% at constant currency compared with H1 2025.

Luxury & Lifestyle Recurring EBITDA

The Luxury & Lifestyle division generated Recurring EBITDA of €228 million, up 8.5% at constant currency compared with H1 2025.

Management & Franchise (M&F) posted Recurring EBITDA of €187 million, up 19.6% at constant currency compared with H1 2025, reflecting a 400-basis-point improvement in the recurring EBITDA margin, further boosted by the receipt of fees related to contract terminations.

Recurring EBITDA for Sales, Marketing, Distribution and Loyalty (SMDL) amounted to €12 million in H1 2026, representing a decrease of 3.9% at constant currency compared with H1 2025.

Recurring EBITDA for Hotel Assets & Other amounted to €29 million, down 29.8% at constant currency compared with H1 2025, reflecting the decline in food & beverage activity at Paris Society and Rikas since the onset of the Middle East conflict and the disposal of Paris Society’s “Festive” business.

Ennismore’s recurring EBITDA amounted to €84 million on a contributive basis in Accor’s accounts in the first half of 2026.

Net profit

Net profit, Group share amounted to €114 million for H1 2026, compared with €233 million for H1 2025, impacted by higher non-recurring expenses. Diluted earnings per share attributable to the Group decreased to €0.33, compared with €0.80 in H1 2025

Adjusted net profit, Group share amounted to €231 million for H1 2026, compared with €240 million for H1 2025. Adjusted diluted earnings per share, Group share was stable at €0.83, compared with H1 2025.

Non-recurring income and expenses totaling €(113) million for H1 2026 (compared with an income of €2 million for H1 2025) include a €(44) million valuation adjustment mainly reflecting the time value of the earn-out expected in the disposal of the Essendi stake and €(37) million restructuring costs, mainly in Europe, related to the evolution of our business model.

(2) Reconciliation in appendix in this press release

Depreciation and amortization totaled €(156) million in the first half of 2026, almost stable compared with €(155) million in the first half of 2025.

Share of net income (loss) of equity-accounted investments amounted to €(37) million for H1 2026, compared with €(19) million for H1 2025. Essendi accounted for €(20) million in H1 2026 with lower capital gains on disposal.

Net financial expenses amounted to €(64) million for H1 2026, compared with €(52) million for H1 2025, reflecting an increase driven by higher net debt.

Income taxes amounted to €(66) million for H1 2026, compared with €(69) million for H1 2025 despite a decrease of the profit before tax (which included non-taxable gains in H1 2025 and non-deductible expenses in H1 2026).

Cash flow generation

(1) Defined as recurring Free Cash Flow/Recurring EBITDA
(2) Net debt as at 31 December 2025

During H1 2026, the Group’s Recurring Free Cash Flow improved from €136 million in the first half of 2025 to €194 million in the first half of 2026, up 42%, notably reflecting lower cash taxes paid and strict control of investments. The cash conversion therefore stood at 34%.

Interest paid increased to €(56) million in H1 2026 compared with €(37) million in H1 2025, reflecting mainly a favorable timing of coupons payment in H1 2025.

Income tax paid decreased to €(85) million in H1 2026 compared with €(121) million in H1 2025, mainly driven by a better monitoring on installments between H1 and H2. We expect FY26 cash taxes to be broadly stable.

Recurring investments, which include “key money” paid in connection with development and investments in digital and IT, decreased compared with H1 2025 to €(93) million. This decline reflects strict control of recurring investments in a mixed macroeconomic environment. For full-year 2026, the Group continues to expect overall investments to increase, in line with the strategy presented at the June 2023 Capital Markets Day.

The change in working capital is stable compared with H1 2025.

Group net financial debt on June 30, 2026, came to €3,523 million, compared with €3,064 million on December 31, 2025. The main factors behind the increase in net debt were the generation of recurring free cash flow (€194 million) offset by returns to shareholders during the period and the remuneration of undated subordinated notes.

On June 30, 2026, the average cost of the Group’s debt stood at 3.17%, with an average maturity of more than four years.

At end-June 2026, combined with the undrawn credit facility, Accor had a liquidity position of €2.5 billion.

Outlook

For fiscal year 2026, Accor is providing the following outlook, based on current market conditions and assuming no material deterioration in the macroeconomic environment:

• Full-year RevPAR growth between 2% and 2.5%³;
• Network growth of around 3.5%;
• Recurring EBITDA in the range of €1,260 million to €1,285 million, based on an expected negative €10 million foreign exchange impact for fiscal year 2026⁴;
• The launch of the second tranche of the share buyback program for €225 million, following an initial €225 million buyback in the first half of 2026.

Events in first half 2026

Silenseas

On February 6, 2026, Accor sold a portion of its stake in Silenseas, a company offering luxury cruises aboard sailing ships under the Orient Express brand, to a Swiss investment company. This company also acquired an indirect stake in Orient Express SAS, entity owning the Orient Express brand, and OE Management Company, entity managing hotels and trains under Orient Express brand, and took over part of the shareholder loans that the Group had granted to OE Management Company. This transaction generated cash proceeds of €66 million.

Middle East

The Group's management is closely monitoring the development of current geopolitical tensions, particularly since early March 2026 in the Middle East. The potential impact of the current conflict in the area around Iran and its consequences on the global economy are currently uncertain. The Middle East accounted for 8% of the room portfolio at the end of December 2025 and 12% of the 2025 room revenue.

Allegations questioning the Group's human rights practices

Following the allegations made on March 19, 2026, in the Grizzly Research report, the Accor Group has, in accordance with its commitments, implemented a rigorous and transparent evaluation process of its child sexual exploitation protection systems. The Group conducted internal and external audits to evaluate the content of the allegations made in the report, as well as the robustness of the procedures to prevent and address child sexual exploitation. The Group-wide audits spanned all stages of the guest journey, including those not covered in the Grizzly report. To carry out these audits, the Group used both its internal audit teams and also contracted independent business ethics specialists GoodCorporation. This approach allowed the Group to evaluate the effectiveness of current measures and identify areas for improvement that the Group is committed to implementing in 2026. Key elements of the audit conclusions were published on May 27th, 2026.

Essendi

Following the press releases issued on April 1st, 2026 (signing of a memorandum of understanding), Accor and Blackstone announced that they have signed, on July 23, 2026, a definitive binding agreement regarding the sale of Accor’s c.30.7% stake in Essendi (formerly AccorInvest). In line with the terms agreed in the memorandum of understanding :

• The disposal of Accor’s entire stake to a consortium comprised of Blackstone and Colony IM for a consideration of up to c.€975 million, including c.€675 million to be received upon closing of the transaction and an earn-out of up to €300 million;
• The gradual conversion of Essendi’s hotel portfolio into franchise contracts, in line with the Group’s strategy to simplify and further strengthen the resilience and predictability of its business model. All hotels in the portfolio would remain under Accor brands and the new franchise agreements would have an average duration of 20 years.
• Accor confirms that the transaction would be consistent with the recurring EBITDA trajectory presented at the Capital Markets Day on June 27, 2023.

The transaction is expected to close in the fourth quarter of 2026 after customary regulatory and antitrust approvals.

As previously stated, when the transaction is completed, Accor will return most of the disposal proceeds to shareholders through an additional €500 million share buyback program.

Launch of a €225 million tranche of its share buyback program

Alongside the release of its 2025 annual results on February 19th, 2026, Accor has announced the implementation of a €450 million share buyback programme in 2026. In this context, the Group announced on April 2nd, 2026, the launch of a first tranche of this share buyback program for €225 million. Accor has entered into a share buyback agreement with an investment services provider to implement this program. This price shall not exceed the maximum price of €80 set by the Combined Ordinary and Extraordinary Shareholders' Meeting of May 28, 2025. The acquired shares will be cancelled.

H World Partnership

On June 29th, 2026, Accor and H World Group, one of the world's largest hotel groups, announced a new chapter in their long-term strategic alliance, with a phased partnership designed to broaden hotel choice and select loyalty benefits for ALL Accor and H Rewards members through their respective direct platforms across China, Europe and the Middle East.

Additional information

The Board of Directors met on July 29th, 2026, to examine the financial statements for the period ended on June 30, 2026. The Statutory Auditors performed the limited review procedures on the consolidated financial statements. Their limited review report is currently being issued. The consolidated financial statements and notes related to this press release are available on the www.group.accor.com website.

ABOUT ACCOR

Accor is a world-leading hospitality group offering stays and experiences across more than 110 countries with over 5,800 hotels and resorts, 10,000 bars & restaurants, wellness facilities and flexible workspaces. The Group has one of the industry’s most diverse hospitality ecosystems, encompassing around 45 hotel brands from luxury to economy, as well as Lifestyle with Ennismore. ALL Accor, the booking platform and loyalty program embodies the Accor promise during and beyond the hotel stay and gives its members access to unique experiences. Accor is focused on driving positive action through business ethics, responsible tourism, environmental sustainability, community engagement, diversity, and inclusivity. Accor’s mission is reflected in the Group’s purpose: Pioneering the art of responsible hospitality, connecting cultures, with heartfelt care. Founded in 1967, Accor SA is headquartered in France. Included in the CAC 40 index, the Group is publicly listed on the Euronext Paris Stock Exchange (ISIN code: FR0000120404) and on the OTC Market (Ticker: ACCYY) in the United States. For more information, please visit group.accor.com or follow us on X, Facebook, LinkedIn, Instagram and TikTok.

Press Contact

Charlotte Thouvard
Chief Communications Officer
charlotte.thouvard@accor.com

Alexis Blottiere
Media Relations Director
alexis.blottiere@accor.com

Investor and Analyst Relations

Pierre-Loup Etienne
SVP Investor Relations and Financial Communications
pierre-loup.etienne@accor.com

Amélie Leblanc
Executive Director of Financial Communications and Investor Relations amelie.leblanc@accor.com

Reconciliations of adjusted net income
and adjusted diluted EPS

RevPAR excluding tax by segment – H1 2026

RevPAR excluding tax by segment – Q2 2026

Hotel portfolio – June 2026

Notes

1. At cruise speed
2. Reconciliation in appendix in this press release
3. Depending on the recovery pace in the UAE
4. Based on an expected euro–US dollar exchange rate of 1.14 in the second half of 2026