Slide 1: H1 2026 Results
H1 2026 Results J u l y 3 0 th, 2 0 2 6
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 2026 Results Martine Gerow GROUP CFO ACCOR – H1 2026 RESULTS 3
Slide 4: H1 2026 financial highlights
H1 2026 financial highlights Strong performance Resilient activity despite Middle East conflict reflecting rigorous financial discipline M&F revenue at €685m +4.8% yoy at cc(1), Q2 26 RevPAR (0.2)% L/L vs. Q2 25 1 M&F Recurring EBITDA at €495m, +9.1% yoy at cc 1 +3.3% excluding Middle East Group rev
Slide 5: Q2 RevPAR at (0.2)%, +3.3% excluding Middle East
Q2 26 RevPAR at (0.2)%, +3.3% excluding Middle East Premium, Midscale & Economy Luxury & Lifestyle +10.3% +9.4% +9.1% +4.8% +2.5% +1.9% +1.1% +0.1% +0.2% (1.4)% (1.1)% (11.3)% ENA MEA APAC Americas PM&E Total Luxury Lifestyle L&L Total XX% RevPAR L/L year-on-year Occupancy Rate Average Room Rate XX%
Slide 6: +3.2% NUG and +11.4% growth in pipeline
+3.2% NUG and +11.4% growth in pipeline Premium, Midscale & Economy Luxury & Lifestyle LTM Net LTM Pipeline Pipeline as % LTM Net LTM Pipeline Pipeline as % Unit Growth Growth of Portfolio Unit Growth Growth of Portfolio +2.6%(1) +12.7% 28% +6.8%(1) +7.4% 46% In rooms In rooms 329k 345k 88k 141k 46k
Slide 7: Group revenue synthesis
Delano Dubai, UAE Group revenue synthesis In € millions H1 2025 H1 2026 Reported At constant change currency M&F 671 685 +2.1% +4.8% HA & OTHER 841 793 (5.7)% (5.4)% +0.8% L/L SMDL (1) 643 660 +2.7% +4.7% REIMBURSED COSTS 633 663 +4.8% +10.4% INTERCOS (43) (41) N/A N/A TOTAL 2,745 2,760 +0.6% +3.0%
Slide 8: +4.8% M&F revenue growth at constant currency
Delano Dubai, UAE +4.8% M&F revenue growth at constant currency In € millions H1 2025 H1 2026 Reported At constant change currency PREM., MID. & ECO. 427 424 (0.7)% +0.7% LUXURY & LIFESTYLE 244 261 +7.0% +12.0% M&F REVENUE 671 685 +2.1% +4.8% MOVENPICK HOTEL & RESIDENCES TEUTA KOTOR BAY, MONTENEGRO
Slide 9: Group recurring EBITDA up +6.5% at constant currency
Delano Dubai, UAE Group recurring EBITDA up +6.5% at constant currency In € millions H1 2025 H1 2026 Reported At constant change currency M&F 466 495 +6.1% +9.1% HA & OTHER 82 68 (17.2)% (16.1)% (9.0)% L/L SMDL 60 56 (7.1)% +8.3% REIMBURSED COSTS 0 0 N/A N/A HOLDING (57) (55) N/A N/A TOTAL 552 563 +
Slide 10: From recurring EBITDA to net income
From recurring EBITDA to net income In € millions H1 2025 H1 2026 RECURRING EBITDA 552 563 OTHER INCOME & EXPENSES 2 (113) DEPRECIATION & AMORTIZATION (155) (156) OPERATING PROFIT 399 294 SHARE OF PROFITS/LOSSES OF ASSOCIATES AND JVS (19) (37) NET FINANCIAL EXPENSE (52) (64) PROFIT BEFORE TAX 328 19
Slide 11: Recurring free cash flow
Recurring free cash flow In € millions H1 2025 H1 2026 RECURRING EBITDA 552 563 COST OF NET DEBT (37) (56) INCOME TAX (CASH) (121) (85) REIMBURSEMENT OF LEASE LIABILITIES (58) (53) NON-CASH ITEMS 27 24 RECURRING INVESTMENT / CAPEX (120) (93) WORKING CAPITAL AND CONTRACT ASSETS/LIABILITIES (107) (106
Slide 12: FY 2026 Guidance
FY 2026 Guidance RevPAR Growth Net Unit Growth like-for-like Between c.+3.5% +2.0% and +2.5%(1) Recurring EBITDA €1,260-1,285m (2) (1) D E P E N D I N G ON THE RECOVERY PACE IN UAE (2) I N C L U D I N G NEGATIVE FOREIGN EXCHANGE IMPACT OF €10M (BASED ON FX RATES AT 1.14 USD / EUR) FOR H2 26 ACCOR –
Slide 13: Closing remarks – Sébastien Bazin
Closing remarks Sébastien Bazin CHAIRMAN & CEO ACCOR – H1 2026 RESULTS 13
Slide 14: H1 2026 Key Takeaways
H1 2026 Key Takeaways 1 Resilient results in an adverse macro and geopolitical context 2 Swift and rigorous deployment of the profit protection plan 3 Amplification of the loyalty partnerships 4 Signed Essendi transaction MOVENPICK YEREVAN, ARMENIA ACCOR – H1 2026 RESULTS 14
Slide 15: Amplification of the loyalty partnerships
Amplification of the loyalty partnerships New sources of earn Wider distribution Reciprocal distribution Directly or through conversion through direct platforms Reciprocal membership accesses Benefits match Loyalty base of 430m members Largest ever global partnership ACCOR – H1 2026 RESULTS 15
Slide 16: H2 2026 Priorities
Delano Dubai, UAE H2 2026 Priorities 1 Maintain a strict discipline to deliver operating leverage in a challenged context 2 Solidify and accelerate new inroads into India Execute the second tranche of the share buyback for €225m 3 Start the additional €500m share buyback from Essendi proceeds in Q4
Slide 17: Appendices
Appendices MOVENPICK RESORT CARITA, INDONESIA ACCOR – H1 2026 RESULTS 17
Slide 18: H1 Appendices
1 H1 Appendices ACCOR – H1 2026 RESULTS 18
Slide 19: Group revenue breakdown
Group revenue breakdown In € millions H1 2025 H1 2026 Reported At constant change currency M&F 427 424 (0.7)% +0.7% SMDL (1) 448 460 +2.6% +3.8% HA & OTHER 491 505 +2.8% +1.9% PREM., MID. & ECO. 1,366 1,389 +1.7% +2.2% M&F 244 261 +7.0% +12.0% SMDL (1) 194 200 +2.8% +7.0% HA & OTHER 351 289 (17.6)%
Slide 20: H1 2026 revenue vs. H1 2025 – From like-for-like to reported
H1 2026 revenue vs. H1 2025 – From like-for-like to reported +4.8% (1.8)% (2.4)% +0.6% Like-for-Like Perimeter Currency Reported €125m €(46)m €(64)m €16m Mainly Negative currency effect disposal of AUD: €13m Paris Society Festive BRL: €6m EGP: €(2)m CAD: €(8)m TRY: €(9)m AED: €(10)m USD: €(36)m ACCO
Slide 21: Group EBITDA breakdown
Group EBITDA breakdown In € millions H1 2025 H1 2026 Reported At constant change currency M&F 302 307 +1.8% +3.6% SMDL (1) 44 44 +0.2% +13.3% HA & OTHER 39 39 +0.3% (1.8)% PREM., MID. & ECO. 385 390 +1.5% +4.0% M&F 165 187 +13.8% +19.6% SMDL (1) 16 12 (27.2)% (3.9)% HA & OTHER 43 29 (32.9)% (29.8)%
Slide 22: H1 2026 recurring EBITDA vs. H1 2025 – From like-for-like to reported
H1 2026 recurring EBITDA(1) vs. H1 2025 – From like-for-like to reported +7.4% (0.8)% (4.4)% +2.1% Like-for-Like Perimeter Currency Reported €39m €(4)m €(23)m €12m Negative currency effect Mainly AUD: €3m disposal of BRL: €1m Paris Society Festive CAD: €(2)m EGP: €(2)m TRY: €(3)m AED: €(4)m USD: €(5
Slide 23: Q2 Appendices
2 Q2 Appendices ACCOR – H1 2026 RESULTS 23
Slide 24: Q2 Group revenue breakdown
Q2 Group revenue breakdown In € millions Q2 2025 Q2 2026 Reported At constant change currency M&F 228 223 (2.1)% (2.3)% SMDL (1) 234 244 +4.1% +3.2% HA & OTHER 253 260 +2.6% (1.0)% PREM., MID. & ECO. 715 726 +1.6% (0.0)% M&F 122 130 +6.9% +9.0% SMDL (1) 101 104 +2.4% +3.8% HA & OTHER 202 174 (13.9)%
Slide 25: Q2 M&F revenue
Q2 M&F revenue In € millions Q2 2025 Q2 2026 Reported At constant change currency PREM., MID. & ECO. 228 223 (2.1)% (2.3)% LUXURY & LIFESTYLE 122 130 +6.9% +9.0% M&F REVENUE 349 353 +1.0% +1.6% RAFFLES JEDDAH, SAUDI ARABIA ACCOR – H1 2026 RESULTS 25
Slide 26: Q2 2026 revenue vs. Q2 2025 – From like-for-like to reported
Q2 2026 revenue vs. Q2 2025 – From like-for-like to reported +5.7% (2.1)% +0.1% +3.7% Like-for-Like Perimeter Currency Reported €78m €(28)m €2m €52m Mainly Positive currency effect disposal of AUD: €15m Paris Society Festive BRL: €6m EGP: €(1)m GBP: €(1)m AED: €(2)m TRY: €(4)m USD: €(7)m ACCOR – H1
Slide 27: Adjusted Net Income
3 Adjusted Net Income ACCOR – H1 2026 RESULTS 27
Slide 28: Reconciliations of adjusted net income and adjusted diluted EPS
Reconciliations of adjusted net income and adjusted diluted EPS In € millions H1 2025 H1 2026 NET INCOME, GROUP SHARE, AS REPORTED 233 114 ADJUSTMENTS: OTHER INCOME & EXPENSES, NET OF TAXES (9) 98 ESSENDI’S SHARE OF (PROFITS)/LOSSES OF ASSOCIATES & JVS 16 20 TAX-RELATED ITEMS 0 0 TOTAL ADJUSTMENTS 7
Slide 29: RevPAR
4 RevPAR ACCOR – H1 2026 RESULTS 29
Slide 30: RevPAR – Systemwide
RevPAR – Systemwide Q2 2026 vs. Q2 2025 H1 2026 vs. H1 2025 OR ARR REVPAR OR ARR REVPAR ENA 72.8 0.0 108 0.2 79 0.2 66.2 0.7 101 0.1 67 1.2 MEA APAC 64.2 (1.6) 79 1.3 51 (1.1) 64.2 (0.6) 84 3.3 54 2.3 AMERICAS 61.7 0.8 79 3.5 49 4.8 61.0 1.5 77 4.3 47 6.9 PREM., MID. & ECO. 67.8 (0.6) 93 1.0 63 0.1
Slide 31: Portfolio
5 Portfolio ACCOR – H1 2026 RESULTS 31
Slide 32: Portfolio as of June 30th, 2026
Portfolio as of June 30th, 2026 Owned & Leased Managed Franchised Total #HOTELS #ROOMS #HOTELS #ROOMS #HOTELS #ROOMS #HOTELS #ROOMS ENA 8 2,493 728 116,180 2,209 210,498 2,945 329,171 MEA APAC 37 6,809 792 180,940 1,041 157,388 1,870 345,137 AMERICAS 52 10,446 164 27,440 233 35,534 449 73,420 PREM.,
Slide 33: Exchange rates
6 Exchange rates ACCOR – H1 2026 RESULTS 33
Slide 34: H1 2026 exchange rates
H1 2026 exchange rates 1 foreign currency = X euro H1 2025 H1 2026 H1 2026 Average Rate Average Rate vs. H1 2025 AMERICAN DOLLAR (USD) 0.92 0.86 (7)% AUSTRALIAN DOLLAR (AUD) 0.58 0.60 +3% BRAZILIAN REAL (BRL) 0.16 0.17 +4% BRITISH STERLING (GBP) 1.19 1.15 (3)% CANADIAN DOLLAR (CAD) 0.65 0.62 (4)% EG
Slide 35: Q2 2026 exchange rates
Q2 2026 exchange rates 1 foreign currency = X euro Q2 2025 Q2 2026 Q2 2026 Average Rate Average Rate vs. Q2 2025 AMERICAN DOLLAR (USD) 0.89 0.85 (4)% AUSTRALIAN DOLLAR (AUD) 0.57 0.61 +8% BRAZILIAN REAL (BRL) 0.16 0.17 +9% BRITISH STERLING (GBP) 1.18 1.15 (2)% CANADIAN DOLLAR (CAD) 0.64 0.62 (3)% EG
Slide 36: Glossary
7 Glossary ACCOR – H1 2026 RESULTS 36
Slide 37: 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 exchange rate to year n-1 • SMDL: (i.e. definiti
Slide 38: ACCOR
ACCOR