Accor Sa (ACRFF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to the ACOR H125 results conference call. For your information, today's conference call is being recorded. If you would like to ask a question during the conference call, please press star 1 on your phone's keypad. I will now hand over to Sebastian Bazin, Chairman and CEO of ACOR. Please go ahead, sir. Thank you. Welcome, everyone, on this H125. I'm here with Martine, Pierre-Lou, and I'm going to leave the floor very quickly now to Martine, and then I'll get back to you for the conclusions and for Q&A, of course. Martine, up to you. Thank you, Sébastien, and good morning, everyone. So I'll start with the financial highlights on slide three, and I'm pleased to report that we've delivered Another quarter and a semester of solid growth despite multiple headwinds, both from geopolitics but also foreign exchange. Second quarter, REF PAR, like for like, remained solid at plus 4.1%, and it's driven both by price and occupancy and benefiting from our geographical and segment diversification. In the first half, REF PAR was up 4.6%. NARG on the last 12-month basis reached what was an expected low point for the year at 1.9%, and this is mainly reflecting a base effect related to the conversion of the Daiwa portfolio in Japan, which took place in the second quarter of 24. Our pipeline, on the other hand, grew at a very healthy rate of 10.7% over the same period, which supports the acceleration of opening and net unique growth, which we expect in the second half. Now, the euro has appreciated both rapidly and significantly since the first quarter against pretty much every currency, and in particular against the USD, and therefore all of the USD-pegged currency now. Our FX exposure is predominantly in currency which move with the US ...