Accor Sa (ACRFF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the Accor Q3 2025 Revenue Presentation. Today's conference will be hosted by Martin Gero, Group CFO. For the first part of the conference, the participants will be on listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to the speakers. Please go ahead. Thank you and good evening, everyone. And thank you for joining ACOR's third quarter trading update call. And without further ado, I will start with the key highlights on slide three of the presentation. In an environment which continues to evolve, we have made solid strides since our last call towards, one, accelerating the network growth, and two, mitigating the impact of FX, which leads us to upgrade our EBITDA guidance by two points. Starting with REF PAR, despite a challenging calm base in the ENA region in the month of July and August, Q3 REF PAR like-for-like remained positive at plus 0.8%, equally driven by price and occupancy. Softness in France due to the Olympic baseline and Germany was more than offset by solid growth in other geographies. And we were pleased to see the rebound in September with a 3% REFBA growth, which was driven by ENA, which returned to positive growth. Other geographies remained very solid. As we anticipated, NUG accelerated to 2.5% on an LTM basis, and our pipeline remains very healthy with a growth rate of 8.2% over the same period, benefiting from a very robust flow of signings. At constant currency, our management and franchise revenue increased by 3.1%, outpacing ref bar growth in the quarter. Group revenue overall was flat versus prior year at constant currency due to some asset disposals in the quarter and the Olympics value in kind servi...