Accor (AC) H2 2024 earnings summary

Executive summary

• Achieved record 2024 results with revenue up 11% to €5.606 billion and recurring EBITDA up 12% to €1.12 billion, both at the high end of guidance.

• RevPAR grew 5.7% year-over-year, with Q4 up 5.8%, driven by balanced occupancy and rate improvements.

• Net profit reached €610 million, with EPS up to €2.33; recurring free cash flow hit €614 million and cash conversion rate was 55%.

• Returned €686 million to shareholders (7.5% yield), with a proposed dividend of €1.26 per share (+7%) and a €440 million share buyback announced.

• Launched sale process for 30% stake in AccorInvest, aiming for completion in 12–18 months.

Financial highlights

• Revenue: €5.606 billion (+11% year-over-year); recurring EBITDA: €1.12 billion (+12%).

• Net profit: €610 million; diluted EPS: €2.33 (up from €2.22 in 2023).

• Recurring free cash flow: €614 million; cash conversion at 55%.

• Net debt increased to €2.495 billion by year-end 2024, up from €2.074 billion in 2023.

• Q4 2024 revenue grew 9% year-over-year to €1.494 billion.

Outlook and guidance

• Medium-term targets (2023–2027): RevPAR growth of 3–4% per year, net unit growth of 3–5%, recurring EBITDA CAGR of 9–12%, and M&F revenue growth of 6–10%.

• Shareholder payout of ~€3 billion over 2023–2027, including a €440 million share buyback in FY 2025.

• Confident in delivering midterm targets, with continued strong momentum and margin improvement.

• Ordinary dividend per share proposed at €1.26 for 2025, up 7%.

• Majority of AccorInvest sale proceeds expected to be returned to shareholders.