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 robust RevPAR growth, driven by both leisure and business segments.

• Loyalty program added over 15 million new members, supporting non-RevPAR revenue growth.

• Returned €743 million to shareholders in 2025, totaling €2.1 billion over three years.

• Announced €450 million share buyback for 2026 and confirmed medium-term growth ambitions.

Financial highlights

• Full-year RevPAR grew 4.2%, above guidance; Q4 RevPAR up 7%.

• Total revenue reached €5.639 billion, up 4.5% at constant currency.

• Recurring EBITDA grew 13% at constant currency to €1.201 billion, above guidance.

• Adjusted net profit was €504 million (+19% YoY); adjusted diluted EPS increased to €1.84 (+16% YoY).

• Recurring free cash flow was €632 million (53% cash conversion).

Outlook and guidance

• Confident in achieving 4.7% NUG by 2027, with pipeline and signings supporting growth.

• 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).

• Dividend proposal of €1.35 per share (+7% YoY), in line with policy to distribute 50% of recurring free cash flow.

• Share buyback of €450 million planned for 2026, to resume after SND transaction.

• Expects €3 billion in shareholder returns over 2023–2027.