Accor (AC) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 revenue was €1,369 million, flat at constant currency, with like-for-like RevPAR up 0.8% and September RevPAR rebounding to +3%, driven by the ENA region.

• Full-year recurring EBITDA growth guidance was upgraded to 11%-12% at constant currency, reflecting strong profit protection and a confident Q4 outlook.

• €743 million was returned to shareholders YTD through share buybacks and dividends, with a new €100 million tranche to be launched in Q4 2025.

• LTM net unit growth accelerated to 2.5%, with pipeline up 8.2% year-over-year.

• Cost discipline and profit-protection measures of over €20 million were implemented to offset FX headwinds.

Financial highlights

• Group revenue for Q3 2025 was €1,369 million, flat at constant currency, down 4.6% at current rates due to FX.

• Management & Franchise revenue rose 3.1% at constant currency, outpacing RevPAR growth.

• Premium, Midscale & Economy division revenue declined 1.1% at constant currency, while Luxury & Lifestyle division revenue increased 0.2%.

• SMDL revenue adjusted for Olympics up 6% at constant currency.

• Currency effects negatively impacted revenue by €68 million, mainly due to weaker AUD, USD, and CAD.

Outlook and guidance

• Full-year recurring EBITDA growth guidance raised to 11%-12% at constant currency, with a €60 million negative FX impact expected.

• Like-for-like RevPAR growth guidance maintained at 3%-4%.

• Net unit growth expected at circa 3.5% for 2025, with further acceleration targeted for 2026 and beyond.

• New €100 million share buyback tranche to be launched in Q4 2025.