Accor (AC) Q3 2026 TU earnings summary

Executive summary

• Q3 RevPAR rose 4.9%, or 5.6% excluding the Middle East, as activity rebounded; FY26 recurring EBITDA guidance was raised.

• Q3 revenue reached €1,503m, up 7.7% at constant currency; Luxury & Lifestyle and a favorable events calendar supported growth.

Financial highlights

• Q3 revenue was €1,503m, up 9.8% reported and 7.7% at constant currency; constant-currency, constant-scope growth was 8.6%.

• Currency effects added €28m, mainly from the Australian dollar and Brazilian real; scope effects reduced revenue by €11m, mainly due to Paris Society disposals.

• Management & Franchise revenue rose 5.5% at constant currency to €378m; Hotel Assets & Other revenue increased 8.7% to €430m, and SMDL revenue rose 0.9% to €362m.

• Reimbursed costs revenue was €351m, up 16.3% at constant currency, reflecting North American payroll costs tied to FIFA World Cup activity and hotel openings and reopenings.

Outlook and guidance

• FY26 RevPAR growth is expected at the high end of the 2%–2.5% range, conditional on no deterioration in UAE activity in Q4 versus Q3.

• FY26 recurring EBITDA guidance increased to €1,270m–€1,285m, including a €10m negative FX impact based on a Q4 euro-US dollar rate of 1.14.

• FY26 net unit growth is forecast at 3.0%–3.5%, revised from around 3.5%; China mid-scale closures are driving the reduction.

• Q4 guidance assumes Middle East RevPAR down ~12% and UAE activity broadly unchanged from Q3; Q4 comparisons are tougher after 7% RevPAR growth last year.