Accor (AC) H2 2025 earnings summary

Executive summary

• Results exceeded guidance with strong operational and financial performance, overcoming macroeconomic and geopolitical headwinds.

• Achieved record net unit growth of 3.7% and pipeline growth of up to 10.3%, with signings up 28% year-over-year.

• Returned €743 million to shareholders, representing 6.5% of market cap, and announced a €450 million share buyback for 2026.

• Demonstrated robust performance across all segments and geographies, with notable strength in Luxury & Lifestyle and Americas.

• Partnerships, loyalty programs, and AI initiatives supported growth and future momentum.

Financial highlights

• Group revenue reached €5,639 million, up 4.5% at constant currency year-over-year.

• Recurring EBITDA grew 13% at constant currency to €1,201 million, above guidance.

• Adjusted net profit was €504 million, with adjusted diluted EPS up 16% to €1.84.

• Recurring free cash flow was €632 million, with a 53% cash conversion rate.

• Net debt at year-end was €3,064 million.

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).

• Ordinary dividend of €1.35 per share proposed for 2025, up 7% year-over-year.

• €450 million share buyback planned for 2026, with €3 billion in shareholder returns expected over 2023–2027.

• Focus on accelerating NUG, loyalty partnerships, and pivoting to a franchise model in mature markets.

• SMDL revenue expected to double in subscription and partnership over next 3–4 years.