Accor (AC) H2 2025 earnings summary

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.