Slide 1: H1 2025 Results
H1 2025 Results J u l y 3 1 st, 2 0 2 5
Slide 2: Disclaimer
Disclaimer By reading the following presentation slides, you further agree to be The main risk factors are further developed in Accor’s Universal Registration bound by the following limitations and qualifications: Document which is filed with the AMF (Autorité des Marchés Financiers) and is availabl
Slide 3: Martine Gerow, Group CFO
H1 2025 Results Martine Gerow GROUP CFO ACCOR – H1 2025 RESULTS 3
Slide 4: H1 2025 Financial Highlights
H1 2025 Financial Highlights Solid Activity, Stronger FX Headwind Financial Results Reflecting Solid Discipline H1 25 RevPAR +4.6% L/L vs. H1 24 Recurring EBITDA at €552m up +9.4% vs. H1 24 1 Q2 25 RevPAR +4.1% L/L vs. Q2 24 1 Up +13.4% on a constant currency basis LTM Net Unit Growth at +1.9% Recur
Slide 5: Solid Q2 RevPAR Growth
Solid Q2 25 RevPAR Growth Premium, Midscale & Economy Luxury & Lifestyle +12.0% +3.6% +9.1% excl. China +7.0% +5.3% +3.3% +2.9% +1.2% ENA MEA APAC Americas Total Total Luxury Lifestyle Total Total Occupancy Rate Average Room Rate XX% RevPAR L/L year-on-year ACCOR – H1 2025 RESULTS 5
Slide 6: Portfolio as of June 30th, 2025
Portfolio as of June 30th, 2025 Premium, Midscale & Economy Luxury & Lifestyle LTM Net Unit Growth M&F Revenue LTM Net Unit Growth M&F Revenue +1.5% €1.2k/room +4.3% €3.9k/room In rooms In rooms 328k 330k 86k 122k 40k 48k 71k 25k 31k 14k ENA MEA APAC Americas Luxury Lifestyle Network Pipeline ACCOR
Slide 7: +2.5% Group Revenue Growth in H1 2025
Delano Dubai, UAE +2.5% Group Revenue Growth in H1 2025 In € millions H1 2024 H1 2025 Reported change M&F 431 427 (0.8)% STO 538 557 +3.5% HA & OTHER 505 491 (2.8)% PREM., MID. & ECO. 1,473 1,475 +0.1% M&F 242 244 +0.6% STO 716 718 +0.3% HA & OTHER 285 351 +23.0% LUXURY & LIFESTYLE 1,243 1,312 +5.6%
Slide 8: Stable M&F Revenue
Stable M&F Revenue In € millions H1 2024 H1 2025 Reported change ENA 254 245 (3.4)% MEA APAC 140 144 +2.8% AMERICAS 37 36 (2.1)% PREM., MID. & ECO. 431 427 (0.8)% LUXURY 159 173 +8.6% LIFESTYLE 83 71 (14.6)% LUXURY & LIFESTYLE 242 244 +0.6% TOTAL M&F REVENUE 673 671 (0.3)% +1.7% MERCURE NHA TRANG BE
Slide 9: Group Recurring EBITDA up +9.4%
Novotel Abidjan Marcory, Ivory Coast Group Recurring EBITDA up +9.4% In € millions H1 2024 H1 2025 Reported change M&F 299 302 +0.9% STO 13 44 NM HA & OTHER 48 39 (19.6)% PREM., MID. & ECO. 360 385 +6.7% M&F 169 165 (2.4)% STO 4 16 NM HA & OTHER 24 43 +84.2% LUXURY & LIFESTYLE 196 224 +14.3% HOLDING
Slide 10: From Recurring EBITDA to Net Income
From Recurring EBITDA to Net Income In € millions H1 2024 H1 2025 RECURRING EBITDA 504 552 OTHER INCOME & EXPENSES (2) 2 DEPRECIATION & AMORTIZATION (159) (155) OPERATING PROFIT 343 399 SHARE OF NET PROFIT/(LOSS) OF EQUITY-INVESTMENTS 49 (19) NET FINANCIAL EXPENSE (21) (52) PROFIT BEFORE TAX 372 328
Slide 11: Recurring Free Cash Flow
Recurring Free Cash Flow In € millions H1 2024 H1 2025 RECURRING EBITDA 504 552 NET INTEREST PAID (42) (37) INCOME TAX PAID (105) (121) REIMBURSEMENT OF LEASE LIABILITIES (54) (58) NON-CASH ITEMS 29 27 RECURRING INVESTMENT / CAPEX (90) (120) WORKING CAPITAL AND CONTRACT ASSETS / LIABILITIES (123) (1
Slide 12: FY 2025 Guidance in line with CMD Perspectives
FY 2025 Guidance in line with CMD Perspectives RevPAR Growth Net Unit Growth like-for-like +3.0 – 4.0% c.+3.5% Recurring EBITDA at constant currency +9 - 10% (1) (1) C O N S T A N T CURRENCY BASED ON FY24 AVERAGE EXCHANGE RATE ASSUMING BLOOMBERG FX RATES FORECAST (1.17 USD / EUR), REPORTED FY25 RECU
Slide 13: Closing remarks, Sébastien Bazin
Closing remarks Sébastien Bazin CHAIRMAN & CEO ACCOR – H1 2025 RESULTS 13
Slide 14: H1 2025 Key Takeaways
H1 2025 Key Takeaways 1 Continued robustness of the business model 2 Solid results despite headwinds (FX, geopolitics) 3 Stronger contribution from the loyalty program 4 Relentless focus on delivering CMD targets MONDRIAN GOLD COAST, AUSTRALIA ACCOR – H1 2025 RESULTS 14
Slide 15: H2 2025 Priorities
H2 2025 Priorities 1 Reinforce financial discipline and additional profit protection measures 2 Accelerate openings in H2 25 3 Move to bid evaluation phase on Essendi 4 Execute the remaining €240m share buyback MOVENPICK RESORT AGIOS NIKOLAOS SIVOTA, GREECE ACCOR – H1 2025 RESULTS 15
Slide 16: Appendices
Swissôtel Damian Jasna, Slovakia Appendices Appendices MGALLERY ATHENS CAPITAL SUITES, GREECE ACCOR – H1 2025 RESULTS 16
Slide 17: Expected Currency Impact
Expected Currency Impact Expected currency impact based on Bloomberg Q4 25 forecast rates applied to balance of Year 2025.. While Accor’s 2025 Recurring EBITDA outlook is at constant currency, reported figures are expected to be impacted by currency exchange rate fluctuations, as reflected in the ta
Slide 18: H1 2025 Revenue vs. H1 2024 – From Like-for-Like to Reported
H1 2025 Revenue vs. H1 2024 – From Like-for-Like to Reported +3.7% +1.4% (2.6)% +2.5% Like-for-Like Perimeter Currency Reported €100m €36m €(69)m €67m Mainly Negative currency effect Rikas & BRL: €(21)m Paris Society new venues AUD: €(18)m CAD: €(9)m TRY: €(8)m EGP: €(8)m USD: €(4)m ACCOR – H1 2025
Slide 19: H1 2025 Recurring EBITDA vs. H1 2024 – From Like-for-Like to Reported
H1 2025 Recurring EBITDA vs. H1 2024 – From Like-for-Like to Reported +11.3% +2.1% (4.1)% +9.4% Like-for-Like Perimeter Currency Reported €57m €11m €(21)m €47m Mainly Negative currency effect Rikas & EGP: €(6)m Paris Society new venues BRL: €(4)m AUD: €(4)m TRY: €(3)m CAD: €(2)m USD: €(1)m ACCOR – H
Slide 20: Q2 2025 Group Revenue
Q2 2025 Group Revenue In € millions Q2 2024 Q2 2025 Reported change M&F 239 228 (4.5)% STO 286 291 +1.9% HA & OTHER 259 253 (2.2)% PREM., MID. & ECO. 783 772 (1.4)% M&F 140 122 (13.2)% STO 369 321 (13.1)% HA & OTHER 167 202 +20.9% LUXURY & LIFESTYLE 677 645 (4.7)% INTERCOS (18) (21) N/A TOTAL 1,441
Slide 21: Q2 2025 Management & Franchise Revenue
Q2 2025 Management & Franchise Revenue In € millions Q2 2024 Q2 2025 Reported change ENA 148 140 (5.5)% MEA APAC 73 68 (7.0)% AMERICAS 18 18 +4.4% PREM., MID. & ECO. 239 228 (4.5)% LUXURY 85 84 (1.5)% LIFESTYLE 55 37 (31.5)% LUXURY & LIFESTYLE 140 122 (13.2)% TOTAL 379 349 (7.7)% VICTORIA GOLF RESOR
Slide 22: Q2 2025 Revenue vs. Q2 2024 – From Like-for-Like to Reported
Q2 2025 Revenue vs. Q2 2024 – From Like-for-Like to Reported +0.1% +0.9% (4.1)% (3.2)% Like-for-Like Perimeter Currency Reported €2m €12m €(59)m €(46)m Mainly Paris Society Negative currency effect new venues AUD: €(15)m USD: €(13)m BRL: €(11)m TRY: €(6)m CAD: €(5)m EGP: €(2)m ACCOR – H1 2025 RESULT
Slide 23: RevPAR
3 RevPAR ACCOR – H1 2025 RESULTS 23
Slide 24: RevPAR – Systemwide
RevPAR – Systemwide Q2 2025 vs. Q2 2024 H1 2025 vs. H1 2024 OR ARR REVPAR OR ARR REVPAR ENA 72.8 1.8 108 0.7 79 3.3 65.6 1.2 101 0.5 66 2.3 MEA APAC 66.3 (1.0) 80 2.8 53 1.2 65.6 (0.7) 86 3.9 56 2.9 AMERICAS 60.4 1.2 68 7.0 41 9.1 58.9 2.2 70 6.9 41 11.0 PREM., MID. & ECO. 68.7 0.5 93 2.1 64 2.9 64.
Slide 25: Portfolio
4 Portfolio ACCOR – H1 2025 RESULTS 25
Slide 26: Portfolio as of June 30th, 2025
Portfolio as of June 30th, 2025 Owned & Leased Managed Franchised Total #HOTELS #ROOMS #HOTELS #ROOMS #HOTELS #ROOMS #HOTELS #ROOMS ENA 8 2,493 764 119,392 2,169 206,208 2,941 328,093 MEA APAC 38 6,923 810 185,038 953 137,870 1,801 329,831 AMERICAS 54 10,906 160 27,318 230 32,880 444 71,104 PREM., M
Slide 27: Exchange rates
5 Exchange rates ACCOR – H1 2025 RESULTS 27
Slide 28: H1 2025 Exchange Rates
H1 2025 Exchange Rates 1 foreign currency = X euro H1 2024 H1 2025 H1 2025 Average Rate Average Rate vs. H1 2024 AMERICAN DOLLAR (USD) 0.92 0.92 (1)% AUSTRALIAN DOLLAR (AUD) 0.61 0.58 (4)% BRAZILIAN REAL (BRL) 0.18 0.16 (13)% TURKISH LIRA (TRY) 0.03 0.02 (16)% CANADIAN DOLLAR (CAD) 0.68 0.65 (4)% BR
Slide 29: Q2 2025 Exchange Rates
Q2 2025 Exchange Rates 1 foreign currency = X euro Q2 2024 Q2 2025 Q2 2025 Average Rate Average Rate vs. Q2 2024 AMERICAN DOLLAR (USD) 0.93 0.89 (5)% AUSTRALIAN DOLLAR (AUD) 0.61 0.57 (7)% BRAZILIAN REAL (BRL) 0.18 0.16 (13)% TURKISH LIRA (TRY) 0.03 0.02 (20)% CANADIAN DOLLAR (CAD) 0.68 0.64 (6)% BR
Slide 30: Glossary
6 Glossary ACCOR – H1 2025 RESULTS 30
Slide 31: Glossary
Glossary Division Region Like-for-like (L/L) definitions organization definition for P&L figures • M&F: • ENA: • Foreign exchange changes vs. Management & Franchise Europe North Africa including Euro are cancelled applying the France, Germany and UK n-1 exchange rate to year n • STO: Services to Own
Slide 32: ACCOR
ACCOR