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Accor (AC) investor relations material
Accor Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue rose 2.5% to €2,745 million in H1 2025 (5.1% at constant currency), with recurring EBITDA up 9.4% to €552 million, despite macroeconomic, FX, and geopolitical headwinds.
RevPAR increased 4.6% in H1 2025, with strong performance in the Americas and Luxury & Lifestyle segments; occupancy reached 65%.
Opened 117 hotels (15,000+ rooms), achieving 1.9% net unit growth over 12 months; pipeline up 10.7% year-over-year, supporting acceleration in H2.
Loyalty program surpassed 100 million members, contributing to profit and direct distribution.
€503 million returned to shareholders via dividends and share buybacks in H1 2025.
Financial highlights
Consolidated revenue: €2,745 million (+2.5% YoY, +5.1% at constant currency); recurring EBITDA: €552 million (+9.4% YoY, +13.4% at constant currency).
Net profit (Group share): €233 million, down from €253 million in H1 2024 due to prior-year asset sales; adjusted net profit up 19% excluding one-offs.
Diluted EPS: €0.80, down from €0.89 in H1 2024.
Recurring free cash flow: €136 million (+13.3% YoY); cash conversion rate at 25%.
Net debt: €3,096 million as of June 2025, up from €2,495 million at end-2024, mainly due to shareholder returns and hybrid capital refinancing.
Outlook and guidance
FY 2025 guidance: RevPAR growth of 3–4%, net unit growth around 3.5%, and recurring EBITDA growth of 9–10% at constant currency.
Reported recurring EBITDA for FY25 expected to be negatively impacted by ~€60 million due to FX rates.
H2 2025 priorities: accelerate hotel openings, execute remaining €240 million share buyback, reinforce financial discipline, and advance strategic initiatives.
2026–2027 growth targets reaffirmed; guidance remains in line with medium-term prospects.
Olympic Games in Paris expected to create Q3 volatility in RevPAR.
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