Accor (AC) H1 2026 earnings summary

Executive summary

• Delivered resilient H1 2026 results despite adverse macro and geopolitical conditions, notably the Middle East conflict, with strong geographic and segment diversification and cost discipline supporting growth.

• Opened 109 hotels (14,000 rooms) in H1 2026, achieving 3.2% net unit growth year-over-year; pipeline exceeded 268,000 rooms, expanding by 11.4%.

• Adjusted net profit, Group share, was €231 million, stable year-over-year, while reported net profit declined to €114 million due to higher non-recurring expenses.

• Swift execution of profit protection plans, expansion of loyalty partnerships, and signing of the Essendi transaction supported future capital allocation.

Financial highlights

• H1 2026 Group revenue reached €2,760 million, up 3.0% year-over-year at constant currency; recurring EBITDA was €563 million, up 6.5%.

• Recurring free cash flow rose to €194 million, a 42% increase versus H1 2025, with cash conversion improving to 34%.

• Shareholder return year-to-date totaled €541 million, representing 4.8% of market capitalization.

• Diluted EPS dropped to €0.33 from €0.80; adjusted diluted EPS remained stable at €0.83.

• Net financial debt increased to €3,523 million as of June 30, 2026.

Outlook and guidance

• FY 2026 guidance: RevPAR growth of 2.0–2.5% like-for-like, net unit growth around 3.5%, and recurring EBITDA expected between €1,260 million and €1,285 million, including a €10 million negative FX impact for H2.

• Priorities for H2 include strict cost discipline, accelerating India expansion, and executing further share buybacks, including a second €225 million tranche and an additional €500 million post-Essendi transaction.