Slide 1: FY 2025 Results
FY 2025 Results F e b r u a r y 1 9 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: Opening remarks
Opening remarks Sébastien Bazin CHAIRMAN & CEO ACCOR - FY 2025 RESULTS 3
Slide 4: 2025 key takeaways
2025 key takeaways 1 Overachieving results with macro and geopolitical headwinds 2 Cost discipline, focused execution of the plan 3 Proven benefits from partnerships & loyalty engine Shareholder return of 6.5% of the market capitalization (1) 4 with €743m returned in 2025 NOVOTEL BALI UBUD, (1) % IN
Slide 5: FY 2025 Results
FY 2025 Results Martine Gerow GROUP CFO ACCOR - FY 2025 RESULTS 5
Slide 6: FY 2025 financial highlights
FY 2025 financial highlights RevPAR & NUG accelerating Financial results exceeding guidance Revenue at €5,639m +4.5% yoy at cc(1) 1 M&F revenue at €1,428m +5.9% yoy at cc Vigorous Q4 25 RevPAR +7.0% L/L 1 vs. Q4 24 Recurring EBITDA(2) at €1,201m, +13% yoy at cc 2 above the high end of the guidance M
Slide 7: Ending the year with a vigorous +7% Q4 RevPAR
Ending the year with a vigorous +7% Q4 25 RevPAR Premium, Midscale & Economy Luxury & Lifestyle +10.4% excl. China +11.7% +9.4% +9.9% +9.5% +7.6% +5.8% +3.3% ENA MEA APAC Americas PM&E Total Luxury Lifestyle L&L Total Occupancy Rate Average Room Rate XX% RevPAR L/L year-on-year ACCOR - FY 2025 RESUL
Slide 8: +3.7% NUG and +10.3% growth in pipeline
+3.7% NUG and +10.3% 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 +3.0% +11.6% 27% +7.5% +5.9% 43% In rooms In rooms 327k 343k 88k 135k 49k 75k 2
Slide 9: Enriched pipeline quality
Enriched pipeline quality Solid increase in volume Strong increase in value (k rooms) (M&F fees €m) +67% +23% 2019 2025 2019 2025 ACCOR - FY 2025 RESULTS 9
Slide 10: Group revenue synthesis
Delano Dubai, UAE Group revenue synthesis In € millions FY 2024 FY 2025 Reported At constant change currency M&F 1,393 1,428 +2.5% +5.9% HA & OTHER 1,659 1,666 +0.4% +4.6% SMDL (1) 1,344 1,358 +1.1% +4.4% REIMBURSED COSTS 1,294 1,270 (1.8)% +2.9% INTERCOS (84) (82) N/A N/A TOTAL 5,606 5,639 +0.6% +4
Slide 11: +5.9% M&F revenue growth at constant currency
Delano Dubai, UAE +5.9% M&F revenue growth at constant currency In € millions FY 2024 FY 2025 Reported At constant change currency PREM., MID. & ECO. 899 892 (0.8)% +1.9% LUXURY & LIFESTYLE 494 536 +8.6% +13.1% M&F REVENUE 1,393 1,428 +2.5% +5.9% LUCKNAM PARK, EMBLEMS COLLECTION ACCOR - FY 2025 RESU
Slide 12: Group recurring EBITDA up +13.3% at constant currency
Delano Dubai, UAE Group recurring EBITDA up +13.3% at constant currency In € millions FY 2024 FY 2025 Reported At constant change currency M&F 988 1,027 +3.9% +7.4% HA & OTHER 185 197 +6.2% +10.6% SMDL 63 95 +51.3% +91.8% REIMBURSED COSTS 0 0 N/A N/A HOLDING (116) (117) N/A N/A TOTAL 1,120 1,201 +7.
Slide 13: From recurring EBITDA to net income
From recurring EBITDA to net income In € millions FY 2024 FY 2025 RECURRING EBITDA(1) 1,120 1,201 OTHER INCOME & EXPENSES 6 (63) DEPRECIATION & AMORTIZATION (341) (330) OPERATING PROFIT 786 807 SHARE OF PROFITS/LOSSES OF ASSOCIATES AND JVS 188 7 NET FINANCIAL EXPENSE (124) (164) PROFIT BEFORE TAX 85
Slide 14: Recurring free cash flow
Recurring free cash flow In € millions FY 2024 FY 2025 RECURRING EBITDA 1,120 1,201 COST OF NET DEBT (62) (65) INCOME TAX (CASH) (169) (202) REIMBURSEMENT OF LEASE LIABILITIES (106) (113) NON-CASH ITEMS 35 62 RECURRING INVESTMENT / CAPEX (221) (230) WORKING CAPITAL AND CONTRACT ASSETS/LIABILITIES 16
Slide 15: Strong balance sheet & sustained shareholder return
Strong balance sheet & sustained shareholder return Balance sheet highlights Shareholder return track record Debt maturity extension with 2 new senior bond issuances 1 €600m 8-year bond with a 3.50% coupon €783m €743m €655m €676m €686m €500m 7-year bond with a 3.625% coupon €500m €440m €350m €400m €
Slide 16: FY25 social & environmental targets
FY25 social & environmental targets Water Eco-certified Diversity & Consumption hotel Inclusion INTENSITY ECO-CERTIFICATION WOMEN IMPLEMENTATION IN VP & ABOVE POSITIONS Target 4% reduction in Target 55% of hotels Target 40% water intensity 5% 57% 41% BUAHAN, A BANYAN TREE ESCAPE BUAHAN KAJA, INDONES
Slide 17: In 2025, Accor delivered results in line with or above guidance
In 2025, Accor delivered results in line with or above its annual and mid-term guidance Guidance FY23-27 Guidance FY25 Actual FY25 REVPAR GROWTH (YOY) +3-4% +3-4% +4.2% NUG +3-5% c.3.5% +3.7% +6-10% +6.0% M&F REVENUE GROWTH N/A at cc at cc 7.0% margin SMDL EBITDA Positive 6%+ margin €95m +9-12% €1,2
Slide 18: Closing remarks
Closing remarks Sébastien Bazin CHAIRMAN & CEO ACCOR - FY 2025 RESULTS 18
Slide 19: Step into 2026 with momentum & confidence
Delano Dubai, UAE Step into 2026 with momentum & confidence 1 Remain laser focused on delivering our 2023-2027 targets 2 Accelerate NUG & amplify loyalty partnerships 3 Pivot to franchise model in mature markets 4 Execute a new €450m share buyback in 2026 5 Successfully complete Essendi transaction
Slide 20: Appendices
Appendices PORTALUNA A MORGANS ORIGINAL, EGYPT ACCOR - FY 2025 RESULTS 20
Slide 21: Group revenue breakdown
Group revenue breakdown In € millions FY 2024 FY 2025 Reported At constant change currency M&F 899 892 (0.8)% +1.9% SMDL (1) 952 934 (1.8)% +1.2% HA & OTHER 1,045 1,027 (1.7)% +4.1% PREM., MID. & ECO. 2,896 2,853 (1.5)% +2.4% M&F 494 536 +8.6% +13.1% SMDL (1) 392 424 +8.1% +12.1% HA & OTHER 614 638
Slide 22: FY 2025 revenue vs. FY 2024 – From like-for-like to reported
FY 2025 revenue vs. FY 2024 – From like-for-like to reported +4.4% +0.0% (3.9)% +0.6% Like-for-Like Perimeter Currency Reported €248m €2m €(217)m €34m Negative currency effect AUD: €(53)m USD: €(44)m CAD: €(27)m BRL: €(26)m TRY: €(21)m EGP: €(11)m ACCOR - FY 2025 RESULTS 22
Slide 23: Group EBITDA breakdown
Group EBITDA breakdown In € millions FY 2024 FY 2025 Reported At constant change currency M&F 655 653 (0.3)% +2.3% SMDL (1) 43 76 +77.6% +115.9% HA & OTHER 111 107 (3.8)% +0.4% PREM., MID. & ECO. 809 836 +3.4% +8.1% M&F 333 374 +12.1% +17.3% SMDL (1) 20 18 (6.2)% +43.0% HA & OTHER 74 90 +21.1% +25.9
Slide 24: FY 2025 recurring EBITDA vs. FY 2024 – From like-for-like to reported
FY 2025 recurring EBITDA(1) vs. FY 2024 – From like-for-like to reported +12.4% +0.9% (6.1)% +7.2% Like-for-Like Perimeter Currency Reported €139m €10m €(68)m €81m Negative currency effect Mainly AUD: €(14)m Rikas & Paris Society EGP: €(9)m new venues TRY: €(8)m USD: €(7)m CAD: €(6)m BRL: €(6)m AED:
Slide 25: Q4 Group revenue breakdown
Q4 Group revenue breakdown In € millions Q4 2024 Q4 2025 Reported At constant change currency M&F 230 236 +2.8% +6.7% SMDL (1) 240 242 +0.5% +4.9% HA & OTHER 276 277 +0.5% +6.1% PREM., MID. & ECO. 746 755 +1.2% +5.9% M&F 132 166 +25.5% +32.8% SMDL (1) 109 121 +10.4% +16.9% HA & OTHER 180 165 (8.2)%
Slide 26: Q4 M&F revenue
Q4 M&F revenue In € millions FY 2024 FY 2025 Reported At constant change currency PREM., MID. & ECO. 230 236 +2.8% +6.7% LUXURY & LIFESTYLE 132 166 +25.5% +32.8% M&F REVENUE 363 403 +11.1% +16.2% SWISSÔTEL SHARM EL SHEIKH, EGYPT ACCOR - FY 2025 RESULTS 26
Slide 27: Q4 2025 revenue vs. Q4 2024 – From like-for-like to reported
Q4 2025 revenue vs. Q4 2024 – From like-for-like to reported +8.5% (1.0)% (5.4)% +2.1% Like-for-Like Perimeter Currency Reported €127m €(15)m €(80)m €32m Mainly Negative currency effect disposal of Festive USD: €(23)m AUD: €(17)m CAD: €(9)m TRY: €(7)m AED: €(7)m BRL: €(1)m ACCOR - FY 2025 RESULTS 27
Slide 28: Reconciliations of adjusted net income and adjusted diluted EPS
Reconciliations of adjusted net income and adjusted diluted EPS In € millions FY 2024 FY 2025 NET INCOME, GROUP SHARE, AS REPORTED 610 449 ADJUSTMENTS: OTHER INCOME & EXPENSES, NET OF TAXES (2) 58 ESSENDI’S SHARE OF (PROFITS)/LOSSES OF ASSOCIATES & JVS (184) (3) TAX-RELATED ITEMS 0 0 TOTAL ADJUSTMEN
Slide 29: RevPAR
3 RevPAR ACCOR - FY 2025 RESULTS 29
Slide 30: RevPAR – Systemwide
RevPAR – Systemwide Q4 2025 vs. Q4 2024 H2 2025 vs. H2 2024 FY 2025 vs. FY 2024 OR ARR REVPAR OR ARR REVPAR OR ARR REVPAR ENA 67.6 1.2 102 1.4 69 3.3 71.0 1.0 103 (2.4) 73 (1.0) 68.3 1.1 102 (1.1) 70 0.6 MEA APAC 69.5 (0.7) 86 8.7 60 7.6 69.6 (0.8) 81 6.5 56 5.3 67.6 (0.7) 83 5.2 56 4.1 AMERICAS 62.
Slide 31: Portfolio
4 Portfolio ACCOR - FY 2025 RESULTS 31
Slide 32: Portfolio as of December 31st, 2025
Portfolio as of December 31st, 2025 Owned & Leased Managed Franchised Total #HOTELS #ROOMS #HOTELS #ROOMS #HOTELS #ROOMS #HOTELS #ROOMS ENA 8 2,493 744 117,105 2,173 207,379 2,925 326,977 MEA APAC 37 6,809 812 185,458 1,014 150,923 1,863 343,190 AMERICAS 52 10,532 167 27,859 236 36,170 455 74,561 PR
Slide 33: Exchange rates
5 Exchange rates ACCOR - FY 2025 RESULTS 33
Slide 34: FY 2025 exchange rates
FY 2025 exchange rates 1 foreign currency = X euro FY 2024 FY 2025 FY 2025 Average Rate Average Rate vs. FY 2024 AMERICAN DOLLAR (USD) 0.92 0.89 (4)% AUSTRALIAN DOLLAR (AUD) 0.61 0.57 (6)% BRAZILIAN REAL (BRL) 0.17 0.16 (8)% TURKISH LIRA (TRY) 0.03 0.02 (20)% CANADIAN DOLLAR (CAD) 0.68 0.63 (6)% BRI
Slide 35: Q4 2025 exchange rates
Q4 2025 exchange rates 1 foreign currency = X euro Q4 2024 Q4 2025 Q4 2025 Average Rate Average Rate vs. Q4 2024 AMERICAN DOLLAR (USD) 0.93 0.86 (8)% AUSTRALIAN DOLLAR (AUD) 0.61 0.56 (8)% BRAZILIAN REAL (BRL) 0.16 0.16 (1)% TURKISH LIRA (TRY) 0.03 0.02 (25)% CANADIAN DOLLAR (CAD) 0.67 0.62 (8)% BRI
Slide 36: Glossary
6 Glossary ACCOR - FY 2025 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-1 exchange rate to year n • SMDL: (i.e. definiti
Slide 38: ACCOR
ACCOR