Accor Sa (ACRFF) Q2 2025 Earnings Call

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WEBVTT 00:00:00.740 -- 00:00:06.145 Good morning, ladies and gentlemen, and welcome to the ACOR H125 results 00:00:06.145 -- 00:00:11.750 conference call. For your information, today's conference call is being recorded. 00:00:11.750 -- 00:00:16.554 If you would like to ask a question during the conference call, please press star 1 on 00:00:16.554 -- 00:00:21.719 your phone's keypad. I will now hand over to Sebastian Bazin, Chairman and 00:00:21.719 -- 00:00:25.463 CEO of ACOR. Please go ahead, sir. 00:00:25.463 -- 00:00:28.887 Thank you. Welcome, everyone, on this H125. 00:00:28.887 -- 00:00:30.409 I'm 00:00:30.409 -- 00:00:35.436 here with Martine, Pierre-Lou, and I'm going to leave the floor 00:00:35.436 -- 00:00:40.303 very quickly now to Martine, and then I'll get back to you for the conclusions and for 00:00:40.303 -- 00:00:43.648 Q&A, of course. Martine, up to you. 00:00:43.648 -- 00:00:48.275 Thank you, Sébastien, and good morning, everyone. 00:00:48.275 -- 00:00:53.342 So I'll start with the financial highlights on slide 00:00:53.342 -- 00:00:58.746 three, and I'm pleased to report that we've delivered Another quarter and 00:00:58.746 -- 00:01:03.854 a semester of solid growth despite multiple headwinds, both from 00:01:03.854 -- 00:01:09.243 geopolitics but also foreign exchange. Second quarter, REF PAR, 00:01:09.243 -- 00:01:14.571 like for like, remained solid at plus 4.1%, and it's driven both by price 00:01:14.571 -- 00:01:19.820 and occupancy and benefiting from our geographical and segment 00:01:19.820 -- 00:01:25.506 diversification. In the first half, REF PAR was up 4.6%. 00:01:26.060 -- 00:01:31.125 NARG on the last 12-month basis reached what was an expected low point for the year 00:01:31.125 -- 00:01:36.330 at 1.9%, and this is mainly reflecting ...