Accor (AC) H2 2024 earnings summary

Executive summary

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

• Net profit reached €610 million, with diluted EPS of €2.33, up from €2.22 in 2023.

• RevPAR grew 5.7% year-over-year, with Q4 RevPAR up 5.8%, exceeding guidance.

• Net unit growth was 3.5%, in line with guidance, with record signings and pipeline value.

• Returned €686 million to shareholders, a 7.5% yield, and announced a €440 million share buyback.

Financial highlights

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

• Net profit for the year was €610 million; diluted EPS of €2.33.

• Recurring free cash flow: €614 million, with 55% EBITDA cash conversion.

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

• Dividend proposed at €1.26 per share, up 7% from 2023.

Outlook and guidance

• Confident in delivering midterm targets (2023–2027): 9%-12% EBITDA CAGR, 6%-10% M&F revenue growth, and 100–150 bps annual margin accretion.

• Guidance for 2023–2027: RevPAR growth of 3–4% per year, net unit growth of 3–5%, recurring EBITDA growth of 9–12%.

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

• No specific 2025 guidance disclosed, but expect continued strong momentum, especially in high-growth regions (Middle East, India, Asia Pacific).

• Net unit growth expected to accelerate in 2025 as portfolio cleanup concludes.