Finance

RevPAR up 4.6% in the first half of 2025
Revenue up 5.1% in the first half of 2025 at constant currency
Recurring EBITDA up 9.4% to €552 million (up 13.4% at constant currency)

2025 guidance in line with June 2023 Capital Market Day prospects at constant currency
Negative impact of currency fluctuations (€(21) million in the first half of 2025)
Launch of the second tranche of the share buyback program for €240 million

Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said: “In the first half of 2025, the Group once again posted strong momentum despite a complex geopolitical environment and the impact of exchange rates. This solid performance confirms the quality of our brand portfolio and the relevance of our diversified geographic presence, and is the result of the operational and financial discipline that the Group implements quarter after quarter.
At constant currency⁽¹⁾, for the full year 2025, we are confirming our RevPAR, network and recurring EBITDA growth targets, in line with our June 2023 Capital Market Day medium-term prospects We will also continue, as promised, our attractive shareholder return policy by launching the second tranche of our share buyback program.”

In a tense macroeconomic environment marked by geopolitical uncertainty and significant currency fluctuations, the Group demonstrated the resilience of its business. The diversification of its hotel portfolio, both in terms of geography and segments, enables it to capture continued strong global demand.

First-half 2025 openings
Accor opened 117 hotels, corresponding to more than 15,000 rooms, representing net unit growth of 1.9% over the last 12 months.

Network
At the end of June 2025, the Group has a hotel portfolio of 854,695 rooms (5,740 hotels) and a pipeline of more than 241,000 rooms (1,432 hotels).

Outlook
For FY 2025, Accor is announcing the following guidance:

• RevPAR growth between 3% and 4%;
• Net unit growth of around 3.5%;
• Recurring EBITDA growth between 9% and 10% at constant currency⁽¹⁾.
  Based on expected exchange rates⁽²⁾, the reported change in recurring EBITDA for fiscal year 2025 would be negatively impacted by approximately €60 million;
• The launch of the second tranche of the share buyback program for €240 million, following an initial €200 million buyback in the first half of 2025.

Accor confirms again its June 2023 Capital Market Day prospects for FY26 and FY27.

(1) Constant currency based on FY24 average exchange rate.

(2) Based on Bloomberg forecast with a euro-US dollar exchange rate of 1.17 in H2 25.