Accor (AC) H1 2026 earnings summary

Executive summary

• H1 2026 delivered resilient results with revenue up 3.0% at constant currency to €2,760 million and recurring EBITDA up 6.5% to €563 million, despite significant geopolitical headwinds in the Middle East, notably impacting the Lifestyle segment.

• Net unit growth reached 3.2% year-over-year, with 109 hotels opened and pipeline expansion of 11.4%.

• Adjusted net profit was €231 million, with adjusted diluted EPS stable at €0.83, while reported net profit declined due to higher non-recurring expenses.

• Shareholder returns totaled €541 million year-to-date, with a total of €2.6 billion over 3.5 years and on track to reach €3 billion by end-2026.

• Strategic partnerships and loyalty program expansions, including with Uber, Amex, IndiGo, and H World, supported growth and cross-platform engagement.

Financial highlights

• Group revenue reached €2.76 billion, up 3% at constant currency and 4.8% like-for-like, with FX and scope effects reducing reported growth to 0.6%.

• Recurring EBITDA was €563 million, up 6.5% at constant currency; recurring free cash flow rose 42% to €194 million.

• M&F revenue up 4.8% at constant currency; M&F EBITDA up 9.1% with a 280 bps margin improvement.

• Adjusted net profit €231 million and adjusted EPS €0.83, flat year-over-year; diluted EPS dropped to €0.33 from €0.80.

• Net financial debt at June 30, 2026, was €3,523 million, up from €3,064 million at year-end 2025.

Outlook and guidance

• FY 2026 guidance: RevPAR growth of 2%–2.5% like-for-like, network growth around 3.5%, and recurring EBITDA between €1,260 million and €1,285 million, including a €10 million negative FX impact for H2.

• Second €225 million tranche of share buyback program to be launched in H2 2026, with a further €500 million planned post-Essendi transaction.

• Priorities for H2 include strict cost discipline, accelerating India expansion, and executing further share buybacks.