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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Accor
Accor (AC) investor relations material
Accor H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary19 Feb, 2026
Executive summary
Results exceeded annual and midterm guidance, with strong operational and financial performance despite macroeconomic and geopolitical headwinds.
RevPAR increased 4.2% year-over-year, with Q4 up 7%; net unit growth reached 3.7%.
Recurring EBITDA rose 13% at constant currency to €1,201 million; adjusted EPS up 16%.
Loyalty program added over 15 million new members, supporting non-RevPAR revenue and partnerships.
Returned €743 million to shareholders, representing 6.5% of market cap.
Financial highlights
Revenue reached €5.639 billion, up 4.5% at constant currency year-over-year.
Recurring EBITDA was €1.201 billion, up 13% at constant currency, exceeding guidance.
Adjusted EPS increased to €1.84, up 16% year-over-year.
Recurring free cash flow was €632 million, with a 53% cash conversion rate.
Net unit growth was 3.7%, with pipeline growth of 10.3%.
Outlook and guidance
Medium-term targets reaffirmed: annual RevPAR growth of 3–4%, net unit growth of 3–5%, M&F revenue growth of 6–10%, and recurring EBITDA growth of 9–12% (CAGR 2023–27).
Plans €450 million share buyback in 2026 and expects €3 billion in shareholder returns over 2023–2027.
Ordinary dividend of €1.35 per share proposed for 2025, up 7% from prior year.
Confident in achieving 4.7% net unit growth by 2027, supported by a strong pipeline and reduced churn.
Early 2026 trading remains robust, with no signs of softness.
How will India & Americas expansion drive NUG
What drove the increase in net financial debt?
What is the strategic goal of Ennismore IPO?
SND transaction: expected proceeds & timing?
Franchise model shift: impact on margins & NUG?
NUG acceleration to 4.7% by 2027: key drivers?
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Next Accor earnings date
H1 202629 Jul, 2026
Accor
Next Accor earnings date
H1 202629 Jul, 2026
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Frequently asked questions
Accor SA is a leading global hospitality company that operates a wide portfolio of hotels and accommodations. The company manages and franchises a broad range of brands, from luxury to economy, including well-known names such as Sofitel, Pullman, Novotel, Mercure, and Ibis. Accor provides services across the hospitality spectrum, including hotel management, food and beverage services, and customer loyalty programs. The company is headquartered in Issy-les-Moulineaux, France, and its shares are listed on the Euronext Paris.
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