Accor (AC) Q3 2024 TU earnings summary

Executive summary

• Q3 2024 group revenue rose 12% year-over-year to €1,434 million, with RevPAR up 5.3%, driven by strong Luxury & Lifestyle performance, high-potential regions, and a boost from the Paris Olympic Games.

• Net unit growth reached 3.2% over the last twelve months, in line with guidance, despite higher churn from the portfolio upgrade program.

• The hotel pipeline increased 6% since June 2024, totaling 231,000 rooms, with 47 hotels (8,000 rooms) opened in Q3.

• Management reaffirmed full-year 2024 RevPAR growth guidance of 4–5% and expects EBITDA between €1,100 million and €1,125 million.

Financial highlights

• Group revenue for Q3 2024 was €1,434 million, up 12% year-over-year; like-for-like revenue growth was 9%.

• Management & Franchise (M&F) revenue grew 7% in Q3 2024 to €358 million; Luxury & Lifestyle segment revenue increased 18% to €635 million.

• Americas posted double-digit RevPAR growth (+13%), while China saw a high single-digit decline.

• Negative currency effects, mainly from EGP, BRL, TRY, and ARS, partially offset revenue growth.

• Scope effects, mainly from Potel & Chabot acquisition, contributed €56 million.

Outlook and guidance

• Full-year 2024 RevPAR growth confirmed at 4–5%, with Q4 expected to see low single-digit growth.

• Net unit growth guidance maintained at 3–4% for 2024, with normalization of churn expected in Q4.

• Group EBITDA now expected between €1,100 million and €1,125 million for 2024.

• 2025 net unit growth expected to move toward the higher end of the 3–5% range.

• Positive EBITDA contribution expected from Services to Owners.