Accor : Financial Results Documents (plaquette semestrielle 30 juin 2026 en)

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‌INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES Consolidated income statement p. 2 Consolidated statement of other comprehensive income p. 3 Consolidated statement of financial position Consolidated statement of cash flows Consolidated statement of changes in equity Notes to the interim condensed consolidated financial statements p.4 p. 6 p. 7 p. 8 Unless stated otherwise, the amounts presented are in millions of euros, rounded to the nearest million. In general, the amounts presented in the consolidated financial statements and related notes are rounded to the nearest unit. This may result in a non-material difference between the sum of the rounded amounts and the reported total. All ratios and variances are calculated using the underlying amounts rather than the rounded amounts. ‌Consolidated income statement‌ (C in million) NoĒgs Half-year 2025 Half-year 2026 Revenue V 2,745 2,760 Current operating expense 4 (2,193) (2,197) Other income and expenses 5 2 (113) Depreciation and amortization (155) (156) Operating profit 399 294 Share of net profit/(loss) of equity-investments 6 (19) (37) Net financial expense 9 (52) (64) Profit before taxes 328 193 Income tax 10 (69) (66) Net profit of the period 258 127 Group share 233 114 Non-controlling interests 25 13 Basic earnings per share 0.80 0.33 Diluted earnings per share 0.80 0.33 ‌Consolidated statement of other comprehensive income‌ Half-year (C in million) 2025 Half-year 2026 Net profit of the period 258 127 Currency translation adjustments (288) 114 Effective portion of gains and losses on hedging instruments (0) 4 Items that may be reclassified subsequently to profit or loss (288) 118 Changes in the fair value of non-consolidated investments 4 (6) Actuarial gains and losses on defined benefit plans 2 2 Items that will not be reclassified to profit or loss 6 (4) Other comprehensive income, net of tax (282) 114 Total comprehensive income of the period (24) 240 Group share (20) 215 Non-controlling interests (4) 26 ‌Consolidated statement of financial position‌ Assets (C in million) Notes Dec. 2025 June 2026 Goodwill 7 2,349 2,406 Other intangible assets 7 3,027 3,067 Property, plant & equipment 7 355 387 Right-of-use assets 7 566 529 Equity-accounted investments 6 1,405 579 Other non-current financial assets 9 425 437 Non-current financial assets 1,830 1,016 Deferred tax assets 272 291 Non-current contract assets 4 439 469 Other non-current assets 1 - Non-current assets 8,839 8,165 Inventories 4 34 35 Trade receivables 4 829 934 Other current assets 4 478 543 Current contracts assets 4 35 44 Current tax receivables 48 65 Cash and cash equivalents 9 1,205 1,236 Other current financial assets 181 179 Assets classified as held for sale 3 96 867 Current assets 2,905 3,902 TOTAL ASSETS 11,744 12,067 Equity and Liabilities (C in million) Notes Dec. 2025 June 2026 Share capital 11 704 708 Additional paid-in capital and reserves 11 2,141 2,220 Net profit of the year 449 114 Ordinary shareholders' equity 3,293 3,042 Perpetual subordinated bonds 11 991 991 Shareholders' equity - Group share 4,285 4,034 Non-controlling interests 11 432 444 Shareholders' equity 4,717 4,477 Non-current financial debt 9 3,116 3,404 Non-current lease liabilities 9 539 503 Deferred tax liabilities 484 549 Non-current provisions 8 37 33 Pensions and other benefits 50 47 Non-current contract liabilities 4 27 30 Non-current liabilities 4,254 4,566 Current financial debt 9 547 766 Current lease liabilities 9 100 104 Current provisions 8 151 167 Trade payables 4 526 508 Current liabilities 4 823 836 Current contract liabilities 4 80 130 Loyalty program liabilities 4 423 458 Current tax liabilities 94 45 Liabilities associated with assets classified as held for sale 3 29 9 Current liabilities 2,773 3,024 TOTAL EQUITY AND LIABILITIES 11,744 12,067 ‌Consolidated statement of cash flows‌ (C in million) NoĒgs Half-year 2025 Half-year 2026 Operating profit 399 294 Depreciation and amortization 155 156 Impairment 4 67 Net change in provision 1 3 Net (gain)/loss on sale of non-current assets (9) 9 Non-cash share-based payments 4 21 22 Other items with no cash impact (2) (6) Decrease / (increase) in working capital 4 (199) (174) Decrease / (increase) in contract assets and liabilities 4 35 46 Interests received / (paid) (37) (56) Income tax paid (127) (88) Net cash flows from (used in) operating activities (A) 240 272 Acquisition of subsidiaries, net of cash acquired 7 8 (2) Acquisition of property, plant and equipment and intangible assets 7 (84) (95) Acquisition of equity-investments and non-current financial assets (40) (39) Loans granted to third parties (56) (42) Proceeds from disposal of subsidiaries, net of cash transferred 3 (7) 1 Proceeds from disposal of equity-investments and non-current financial assets 3 62 43 Dividends received 2 2 Net cash flows from (used in) investing activities (B) (115) (131) Increase / (decrease) of rights granted over share capital 1 0 Acquisition of non-controlling interests (2) (20) Disposal of non-controlling interests - 24 Share buyback programs 11 (206) (160) Proceeds from issue of perpetual subordinated bonds 11 (148) - Coupons on perpetual subordinated bonds 11 (39) (36) Dividends paid 11 (324) (329) New loans issued 9 1,344 1,448 Repayment of loans 9 (770) (938) Repayment of lease liabilities (58) (56) Changes in other short-term debts 9 2 (7) Net cash flows from (used in) financing activities (C) (200) (75) Net change in cash and cash equivalents (D) = (A) + (B) + (C) (75) 66 Cash and cash equivalents at beginning of the period 1,236 1,183 Effect of changes in fair value of cash and cash equivalents 0 (1) Net change in cash and cash equivalents (75) 66 Effect of changes in exchange rates on cash and cash equivalents (30) 17 Reclassification of change in cash and cash equivalents from assets held for sale (2) (34) Cash and cash equivalents at end of the period 1,130 1,230 significant ‌Consolidated statement of changes in equity‌ (C in million) Number of shares Share capital Additional paid-in capital Currency translation reserve Reserves Equity Group share Non-controlling interests Total Equity Balance at January 1, 2025 243,667,720 731 935 (95) 3,461 5,032 437 5,469 Capital increase 1,299,173 4 (4) - - - - - Share buyback - - - - (206) (206) - (206) Dividends paid - - - - (303) (303) (21) (324) Share-based payments - - - - 21 21 - 21 Perpetual subordinated bonds - - - - (187) (187) - (187) Effects of scope changes - - - - (0) (0) 2 2 Other movements - - - - 13 13 7 20 Transactions with shareholders 1,299,173 4 (4) - (662) (662) (12) (673) Net profit of the period - - - - 233 233 25 258 Other comprehensive income - - - (259) 6 (253) (29) (282) Total comprehensive income - - - (259) 239 (20) (4) (24) Balance at June 30, 2025 244,966,893 735 931 (354) 3,038 4,350 421 4,771 (C in million) Number of shares Share capital Additional paid-in capital Currency translation reserve Reserves Equity Group share Non-controlling interests Total Equity Balance at January 1, 2026 234,707,316 704 522 (384) 3,444 4,285 432 4,717 Capital increase 1,422,271 4 (4) - - - - - Share buyback - - - - (160) (160) - (160) Dividends paid - - - - (316) (316) (13) (329) Share-based payments - - - - 22 22 1 22 Perpetual subordinated bonds - - - - (36) (36) - (36) Effects of scope changes - - - - 12 12 16 28 Other movements - - - - 13 13 (18) (5) Transactions with shareholders 1,422,271 4 (4) - (466) (466) (14) (480) Net profit of the period - - - - 114 114 13 127 Other comprehensive income - - - 102 (2) 101 13 114 Total comprehensive income - - - 102 112 215 26 240 Balance at June 30, 2026 236,129,587 708 517 (282) 3,090 4,034 444 4,477 ‌Notes to the interim condensed consolidated financial statements‌ Note 1. Basis of preparation ................................................................................................ 9 Note 2. Significant events in the current period ....................................................... 11 Note 3. Group Structure ........................................................................................................ 12 Note 4. Operating activities ................................................................................................ 14 Note 5. Other income and expenses ............................................................................... 19 Note 6. Equity-accounted investments ......................................................................... 20 Note 7. Intangible assets and property, plant & equipment ................................ 21 Note 8. Provisions .................................................................................................................... 25 Note 9. Financing and financial instruments .............................................................. 26 Note 10. Income tax .................................................................................................................. 31 Note 11. Shareholder's equity ............................................................................................... 32 Note 12. Other information .................................................................................................... 34 ‌Note 1. Basis of preparation‌ The interim condensed consolidated financial statements of Accor Group for the six months ended June 30, 2026, were approved for issue by the Board of Directors on July 29, 2026. ‌Accounting framework The interim condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting . Accordingly, the interim financial report does not include all the information and disclosures required in an annual report and should be read in conjunction with the annual report for the year ended December 31, 2025. The accounting policies applied are consistent with those of the previous financial year, except for the adoption of new standards and amendments effective as at January 1, 2026 as set out below. The specific measurement principles applied in the interim reporting period are described in Note 4.5 for employee benefits and Note 10 for income tax. ‌Evolution of accounting framework New standards and amendments As at June 30, 2026, the Group has applied the same accounting policies and measurement methods as for the consolidated financial statements for the year ended December 31, 2025, except for mandatory changes in standards effective from January 1, 2026. The amendments to IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments, mandatory for annual reporting periods beginning on or after January 1, 2026, had no significant impact on the Group's interim consolidated financial statements. Future standards, amendments and interpretations The Group has not early applied any standards, amendments to standards or interpretations applicable on January 1, 2026 regardless of whether they were adopted by the European Union. On February 16, 2026, the European Union endorsed IFRS 18 Presentation and Disclosure in Financial Statements , which will replace IAS 1 Presentation of Financial Statements for annual reporting periods beginning on or after January 1, 2027. This standard notably introduces a new structure for the income statement, comprising standardized categories (operating, investing, financing) and mandatory subtotals. It also establishes new requirements for aggregation and disaggregation of income and expenses. The application of IFRS 18 will require the Group to revise the presentation of its income statement, with further disaggregation, particularly regarding operating expenses. Financial income and expense, which currently includes interest and investment income, dividends, and foreign exchange gains and losses, will also be significantly affected by the allocation of these items to the new categories defined by the standard. In addition, Accor continues to assess the implications of recent agenda decisions issued by the IFRS Interpretations Committee, particularly those relating to foreign exchange differences on intra-group assets and liabilities and the presentation of operating expenses. ‌Use of estimates and judgments The preparation of the interim condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at closing date, income and expenses of the period and accompanying disclosures. Management also needs to exercise judgment in applying the Group's accounting policies. Actual results may differ materially from these estimates as a result of different assumptions or changes in underlying conditions.. The estimates and assumptions used are reviewed on an on-going basis, based on historical experience and all other factors considered to be decisive given the environment and circumstances. The main areas involving significant estimates or a high degree of judgment in the preparation of the interim consolidated financial statements are: The measurement at fair value of consideration transferred and intangible assets acquired in business combinations, The measurement of the recoverable value of goodwill, brands, equity-accounted investments and assets held for sale, The measurement of variable considerations from contracts with hotel owners, The measurement of unexercised benefits granted to customers under the loyalty program ("breakage"), The assumptions used to determine obligations under pension plans and share-based payment plans, The assessment of available future taxable profits over which deferred tax assets can be utilized, The fair value measurement of financial assets, and The measurement of provisions. ‌Note 2. Significant events in the current period‌ ‌Group performance The hotel activity delivered a remarkably strong performance during the first two months of financial year 2026. The conflict in the Middle East, which began at the end of February, had a significant impact on operations in the region, particularly in the United Arab Emirates, notably affecting the performance of the Lifestyle segment. Nevertheless, thanks to the diversification of its portfolio, both geographically and across segment, together with strict cost discipline, the Group was able to sustain its growth trajectory. The "RevPAR" (Revenue Per Available Room) of the hotel network grew by 2.2% compared to the first half of 2025. The occupancy rate reached 64%. In the first half of 2026, consolidated revenue amounted to C2,760 million, compared to C2,745 million for the comparative period. This increase breaks down into a 1.7% rise for the Premium, Midscale & Economy division, and a 5.0% decrease for the Luxury & Lifestyle division, primarily reflecting the impact of geopolitical tensions in the Middle East, the disposal of Paris Society's "Festive" and "Event" businesses, and unfavorable foreign exchange effects. ‌Significant events The significant events of the period are: The acquisition of the remaining 49% stake in Rikas (see Note 3.1), The direct and indirect disposal of part of the shares held by the Group in Silenseas, Orient Express and OE Management Company (see Note 3.1), The signing by Accor SA of two bank credit facilities totalling C450 million, of which C250 million were drawn during the first half of 2026 (see Note 9.2.1), The repayment by Ennismore of its bilateral credit lines for C225 million and the arrangement of new bank financing of C580 million, comprising a term loan of C406 million and a revolving credit facility of C174 million (see Note 9.2.1), The launch of a share buyback program for an amount of C225 million, of which C160 million already executed (see Note 11.1.4). ‌Note 3. Group Structure‌ ‌Scope consolidation changes ‌Acquisition of Rikas' non-controlling Interests In 2024, Accor, through its subsidiary Ennismore Lifestyle Group Limited ("Ennismore"), acquired a 51% stake in Rikas Investment LLC ("Rikas"), a company based in Dubai specializing in managing high-end restaurants, and committed to acquiring an additional 14% stake . On January 29, 2026, Ennismore entered into an equity swap agreement with the minority shareholder of Rikas, pursuant to which Ennismore acquired his remaining 49% stake in Rikas in exchange for newly issued shares representing 3% of Ennismore's share capital and a cash consideration of $23 million (i.e. C19 million). As the Group has held exclusive control over Rikas since 2024, this transaction was accounted for as a transaction between shareholders, leading to a C10 million increase in equity, including C5 million attributable to non-controlling interests. It also resulted in the derecognition of the financial liability recognized in respect of the obligation to acquire a 14% stake in Rikas. This transaction generated a C19 million cash outflow, presented within financing activities in the consolidated statement of cash flows. ‌Disposals of the period On February 6, 2026, Accor sold part of its stake in Silenseas to a Swiss investment company. Silenseas is a company offering luxury cruises aboard sailing yachts under the Orient Express brand. The investor also acquired an indirect stake in Orient Express, the company owning the Orient Express brand, and OE Management Company, the entity managing hotels and trains under the Orient Express brand, as well as a portion of the shareholder loans granted to OE Management Company. This transaction resulted in the derecognition of the shares and shareholder loans that were classified as assets held for sale as at December 31, 2025, in exchange for a C15 million increase in equity, including C10 million attributable to non-controlling interests. The disposal generated a C66 million cash inflow, presented within investing activities in the consolidated statement of cash flows. In addition, the Group disposed of Paris Society's Events business, whose assets and liabilities were classified as assets held for sale as at December 31, 2025. This transaction is in line with Paris Society's strategy to refocus on its core business of high-end restaurants. ‌Other transactions In 2024, the Group entered into a partnership with Habitas Group Ltd, which included the subscription by its subsidiary Ennismore of convertible bonds. On April 10, 2026, Habitas Group Ltd entered into an administration process in the United Kingdom. Ennismore, together with other creditors, submitted a takeover bid to the administrators. As part of this transaction, the convertible bonds were exchanged for a 51% stake in a newly incorporated entity, EWN Hospitality Limited, established to acquire the management contracts and the "Our Habitas" brand. Pending the finalization of the shareholders' agreement, this stake was accounted for as an equity-accounted investment for C26 million. ‌Assets held for sale and discontinued operations As at June 30, 2026, the assets held for sale (and associated liabilities) mainly comprised: The 30.7% stake held by the Group in Essendi (formerly AccorInvest), following the negotiations entered into with a consortium comprising Blackstone and Colony IM for a disposal price of up to c.C975 million, including c.C675 million payable upon closing of the transaction and an earn-out of up to C300 million (see Note 12.1 "Subsequent Events"). In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations , the Essendi shares were measured at their estimated fair value less costs to sell, resulting in the recognition of an impairment loss of C44 million, presented within other income and expenses (see Note 5). This impact primarily reflected the time value incorporated into the fair value estimate of the earn-out. The assets and liabilities of the subsidiary AAPC India Hotel Management ("AAPCI"), 51% owned by Accor and 49% by InterGlobe, India's leading travel conglomerate, following an agreement between the two shareholders to combine their assets and hotel management operations in the country within a standalone and integrated platform. This new entity, which will not be controlled by Accor, will serve as the exclusive development vehicle for all Accor brands in India. As at June 30, 2026, the assets and liabilities of AAPCI comprised non-current assets of C10 million, current assets of C54 million (including C34 million of cash and cash equivalents) and current liabilities of C9 million. A comparison of the carrying amount of the disposal group with its fair value less costs to sell did not result in the recognition of any impairment loss. Equity investments, for which a disposal process has been initiated , including the Group's stake in Reef Casino Trust, an Australian-listed company owning a hotel resort with a casino. ‌Note 4. Operating activities‌ ‌Segment information In accordance with IFRS 8 Operating Segments , the segment information is based on the Group's internal reporting that is provided to the Executive Committee, the Group's Chief Operating Decision Maker. The reportable segments of Accor are as follows: « Premium, Midscale and Economy (Premium, Mid. & Eco.) », a division comprising notably the Group's brands Ibis, Novotel, Mercure, Swissôtel, Mövenpick and Pullman with leadership positions in Europe, Latin America, Asia-Pacific and the Middle East. It focuses its strategy on accelerating its development notably through franchises, the rejuvenation of its brands and the industrialization of its operating model. Premium, Mid. & Eco is organized around four regions: Europe & North Africa (ENA), Middle East, Africa & Asia-Pacific (MEA APAC), Americas, China. « Luxury & Lifestyle », a division bringing together the Group's luxury brands as well as its Lifestyle activity operated by Ennismore. This division is committed to strengthening the identities of its iconic brands, selecting the best locations and offering unique and innovative experiences. Luxury & Lifestyle is structured by brand around three pillars: Raffles & Fairmont, Sofitel & MGallery & Emblems, Ennismore. Revenue (C in million) Half-year 2025 Half-year 2026 Management & Franchise 427 424 Sales, Marketing, Distribution & Loyalty (SMDL) 448 460 Hotel Assets & Other 491 505 Premium, Mid. & Eco. 1,366 1,389 Management & Franchise 244 261 Sales, Marketing, Distribution & Loyalty (SMDL) 194 200 Hotel Assets & Other 351 289 Luxury & Lifestyle 788 749 Reimbursed Costs (*) 633 663 Holding & Intercos (43) (41) Revenue 2,745 2,760 (*) Reimbursement of costs incurred on behalf of hotel owners, mainly related to luxury properties in North America, was previously presented within SMDL under the heading "Services to owners". Revenue in France amounted to C599 million in the first half of 2026. Recurring EBITDA Recurring EBITDA, disclosed in the Group's internal reporting, corresponds to operating profit before depreciation and amortization and other income and expenses. (C in million) Half-year 2025 Half-year 2026 Management & Franchise Sales, Marketing, Distribution & Loyalty (SMDL) Hotel Assets & Other 302 44 39 307 44 39 Premium, Mid. & Eco. 385 390 Management & Franchise 165 187 Sales, Marketing, Distribution & Loyalty (SMDL) 16 12 Hotel Assets & Other 43 29 Luxury & Lifestyle 224 228 Reimbursed Costs - - Holding & Intercos (57) (55) Recurring EBITDA 552 563 ‌Operating expenses (C in million) Half-year 2025 Half-year 2026 Cost of goods sold (66) (54) Personnel expenses (696) (690) Personnel expenses recharged to owners (598) (618) Property variable lease payments (70) (65) Non-property variable lease payments (19) (16) Energy, maintenance and repairs (38) (37) Operating taxes (33) (34) Other operating expenses (673) (683) Operating expenses (2,193) (2,197) Personnel expenses incurred on behalf of hotel owners as part of hotel management activities (and fully recharged to them) increased by 3% during the half-year, reflecting wage growth in the United States and the reopening of hotels following renovation works. Other operating expenses decreased slightly, mainly driven by the cost-control measures implemented during the first half of the year. ‌Working capital The working capital was composed as follows: (C in million) Dec. 2025 June 2026 Variation Neutralization of non-cash items Cash flow statement items Inventories 34 35 1 1 (0) Trade receivables 829 934 105 (15) 120 Other currents assets 478 543 64 27 37 Current assets 1,341 1,511 170 13 157 Trade payables 526 508 (18) 8 (25) Other current liabilities 823 836 13 5 8 Current liabilities 1,349 1,344 (5) 12 (17) Working capital (8) 167 175 1 174 ‌Contract assets and liabilities Contract assets and liabilities were composed as follows: (C in million) Dec. 2025 June 2026 Variation Neutralization of non-cash items Cash flow statement items Key moneys and other payments to owners 474 512 38 5 33 Contract assets 474 512 38 5 33 Deferred income 107 160 53 7 46 Contract liabilities 107 160 53 7 46 Loyalty program liability 423 458 34 1 34 Net contract assets and liabilities (57) (106) (49) (3) (46) ‌Employee benefits Pensions and other benefits Accounting policy The post-employment and other long-term employee benefits obligation is calculated by projecting over a half-year period, the obligation as at December 31, of the previous financial year, taking into account the benefits paid and changes in plan assets. As at June 30, the actuarial assumptions used in the calculation of the employee benefits obligation are updated in the event of significant change over the period. Following the increase in market interest rates over the first half of 2026, the Group updated the rates assumptions on post-employment benefits resulting in a C2 million decrease of post-employment benefits obligation recognized in other comprehensive income. The main discount rates used were as follows: Dec. 2025 June 2026 Discount rate France 2%(*) - 3.7% 2%(*) - 4.0% Belgium 3.7% 4.0% Switzerland 1.1% 1.2% Canada 4.5% 4.6% United Kingdom 5.4% 5.7% (*) Rate used for one of the frozen supplementary pension schemes 4.5.2 Share-based payments In the first half of 2026, personnel expenses included C22 million related to share-base payments. On March 23, 2026, the Group granted 1,230,959 performance shares to some of its employees, subject to a three-year vesting period. At this date, the fair value of the performance share was C29.60, corresponding to a share price of C38.79 adjusted downwards to reflect the expected dividends forgone over the vesting period and the probability of meeting the market conditions. The shares provided will vest if the grantee remains within the Group until the end of the vesting period, and if the following performance conditions are fulfilled: Non-market conditions (70% weighting): level of achievement of Group recurring EBITDA (30%) and Recurring Free Cash flows (20%) compared to the budget over the financial years 2026 to 2028, energy performance improvement targets (10%) and proportion of women holding VP-level and above positions (10%), both measured at the end of 2028. Market condition (30% weighting): change in Accor's Total Shareholder Return (TSR) compared to a reference synthetic index composed of European and international hotel groups. The total fair value of this plan amounts to C36 million and will be recognized on a straight-line basis over the vesting period under employee benefits expenses, with a corresponding adjustment to equity. The expense recognized in the first half amounted to C3 million. ‌Note 5. Other income and expenses‌ (C in million) Half-year 2025 Half-year 2026 Impairment of assets (3) (55) Restructuring costs (5) (37) Capital gains or losses 6 (10) Other non-recurring income and expenses 4 (11) Other income and expenses 2 (113) In the first half of 2026, other income and expenses included: an impairment loss of C(55) million including C(44) million on Essendi shares (see Note 3.2) and C(11) million on hotel management contracts (see Note 7.3), restructuring costs of C(37) million, mainly in Europe, and losses on disposals of C(10) million. ‌Note 6. Equity-accounted investments‌ ‌Share of net results of equity-accounted investments The main contributions of equity-accounted investments were as follows: (C in million) Half-year 2025 Half-year 2026 Essendi (16) (20) Others (8) (4) Associates (23) (24) Joint ventures 4 (13) Share of net results of equity-accounted investments (19) (37) ‌Carrying value of equity-accounted investments The main changes in equity-accounted investments were as follows: Change in equity-accounted investments (C in million) 1,405 (37) 29 (826) (1) 3 6 579 Dec. 2025 Share of Net Result Essendi Change in scope Dividends Capital increases FX & others June 2026 In the first half of 2026, Essendi shares were reclassified as Assets held for sale (see Note 3.2). ‌Note 7. Intangible assets and property, plant & equipment‌ ‌Intangible assets Changes in the carrying amount of intangible assets over the period were as follows: C in million Goodwill Trademarks Contracts Licences, software Others Total Gross value As at January 1, 2026 2,760 2,202 1,199 651 227 7,039 Business combinations 7 - - 0 - 7 Additions - - 0 27 25 52 Disposals (0) - - - (0) (0) Exchange differences 68 41 43 1 (0) 154 Reclassifications and others (1) 1 (11) 18 (16) (9) As at June 30, 2026 2,834 2,244 1,231 697 236 7,242 Depreciation and impairment As at January 1, 2026 (412) (69) (540) (488) (154) (1,663) Depreciation - 0 (18) (43) (8) (70) Impairment loss - - (11) - 0 (11) Disposals (0) (1) - - (0) (1) Exchange differences (17) (0) (19) (1) (0) (37) Reclassifications and others - - 13 (1) (0) 12 As at June 30, 2026 (429) (70) (575) (534) (162) (1,770) Net book value As at January 1, 2026 2,349 2,133 659 162 73 5,376 As at June 30, 2026 2,406 2,174 656 163 73 5,473 Goodwill As at June 30, 2026, the breakdown of goodwill was as follows: (C in million) Dec. 2025 Scope effect Exchange diff. & Others June 2026 HotelServices ENA 798 - 2 800 HotelServices MEA APAC 400 - 17 417 HotelServices Americas 32 - 6 37 Hotel Assets & Other 246 - 14 260 Premium, Mid & Eco. 1,476 - 39 1,514 HotelServices Lifestyle 392 - 6 398 HotelServices Luxury 178 - 3 181 Hotel Assets & Other Lifestyle 236 7 2 245 Hotel Assets & Other Luxury 67 - 0 67 Luxury & Lifestyle 873 7 11 891 Net book value 2,349 7 50 2,406 ‌Property, plant & equipment and right-of-use assets Property, plant & equipment and right-of-use assets breakdown was as follows: (C in million) Lands, Buildings Leasehold improvements Equipment, furniture Assets in progress Right-of-use assets Total Gross value As at January 1, 2026 239 229 279 67 1,025 1,838 Business combinations - - 5 0 7 12 Additions 0 5 13 25 12 55 Disposals - (0) (1) - (20) (21) Exchange differences 13 8 1 0 27 50 Reclassifications and others 0 0 54 (50) (5) 0 As at June 30, 2026 252 242 352 42 1,046 1,934 Depreciation and impairment As at January 1, 2026 (145) (166) (147) (0) (459) (917) Depreciation (2) (8) (21) - (55) (86) Impairment - (0) - - - (0) Disposals - 0 0 - 11 12 Exchange differences (8) (6) (1) - (17) (32) Reclassifications and others - 0 2 - 3 6 As at June 30, 2026 (155) (179) (167) 0 (517) (1,018) Net book value As at January 1, 2026 94 63 132 67 566 921 As at June 30, 2026 97 63 184 42 529 916 ‌Impairment tests In accordance with IAS 36 Impairment of assets , Accor is required to assess at each closing date, whether there is an indication that an asset may be impaired and, if so, estimate the asset's recoverable amount. As at June 30, 2026, the Group updated its forecasts to incorporate the revised budget for 2026, which reflects the latest "RevPAR" (Revenue Per Available Room) trends by geography. Based on these forecasts, the Group has not identified any impairment indicators requiring impairment tests for goodwill. Accor also conducted a review of its trademarks, hotel management contracts, right-of-use assets and equity-accounted investments. Impairment tests were carried out on a case-by-case basis when an impairment indicator, or an indication that an impairment loss recognized in prior periods may no longer exist or may have decreased, was identified. As at June 30, 2026, the Group recognized an impairment loss of C(11) million on hotel management contracts in the Management & Franchise segment, driven by hotel network exits, classified under other income and expenses in the income statement (see Note 5). ‌Note 8. Provisions‌ Changes in provisions in the first half of 2026 break down as follows: (C in million) Dec. 2025 Allowance Reversal Unused Utilizations provisions Exchange diff. & others June 2026 Litigation and others risks 114 7 (7) (15) 3 102 Insurance liabilities 50 9 (5) - 0 54 Restructuring 25 30 (10) (1) 0 44 Provisions 188 47 (22) (16) 3 200 of which non-current 37 3 (5) (3) 1 33 of which current 151 44 (17) (13) 2 167 Insurance liabilities are carried by Comura, a subsidiary specializing in reinsurance, which covers notably property damages and third-party liability risks of almost half of the hotels of the Group's network. In the first half of 2026, the change in provisions for restructuring is mainly explained by the impacts of the Group's reorganization. ‌Note 9. Financing and financial instruments‌ ‌Net financial result The net financial result was analyzed as follows: (C in million) Half-year 2025 Half-year 2026 Interest on bonds and bank borrowings (52) (64) Interests expenses on current accounts (4) (3) Interests income on loans and securities 20 19 Interests on lease liabilities (15) (12) Interests on hedgings derivatives (2) (4) Cost of net debt (53) (65) Other financial income and expenses 1 1 Net financial result (52) (64) In the first half of the year, other financial income and expenses mainly comprised interest income on loans offset by foreign exchange losses. ‌Group net financial debt Breakdown of net financial debt As at June 30, 2026, the Group net financial debt amounted to C3,523 million and was analyzed as follows: Dec. 2025 June 2026 (C in million) Current Non current Total Current Non current Total Bonds 44 2,809 2,853 40 2,818 2,858 Negotiable commercial paper (NEU CP) 398 - 398 398 - 398 Bank overdrafts 22 - 22 5 - 5 Other bank borrowings 14 236 249 269 501 770 Bonds and bank borrowings 478 3,045 3,523 713 3,319 4,032 Other financial debts 63 71 134 41 85 126 Derivative financial instruments 6 - 6 12 - 12 Gross financial debt 547 3,116 3,663 766 3,404 4,170 Lease liabilities 100 539 639 104 503 608 Total financial debt 648 3,655 4,303 870 3,907 4,777 Cash and cash equivalents 1,205 - 1,205 1,236 - 1,236 Derivative financial instruments 34 - 34 19 - 19 Financial assets 1,239 - 1,239 1,254 - 1,254 Net financial debt (591) 3,655 3,064 (384) 3,907 3,523 In the first half of 2026, changes in financial debt were as follows: Other changes (C in million) Dec. 2025 Cash flows Scope effects Exchange differences Fair value Others June 2026 Bonds 2,853 (44) - - - 49 2,858 Negotiable commercial paper (NEU CP) 398 - - - - - 398 Bank borrowings 272 480 2 8 - 15 776 Other financial debts 134 (29) 18 2 - - 126 Derivative financial instruments 6 - - 4 1 2 12 Gross financial debt 3,663 406 20 14 1 66 4,170 Lease liabilities 639 (69) 7 11 - 18 608 Total debt 4,303 338 27 25 1 84 4,777 Short-term financing Accor has a short-term financing program in the form of negotiable commercial papers (NEU CP) for an amount of C750 million. As at June 30, 2026, this program is drawn down for C398 million. Bank borrowings On June 5, 2026, Ennismore entered into a new bank financing arrangement totaling £500 million (C580 million), consisting of: a £350 million (C406 million) drawn term loan, a £150 million (C174 million) multi-currency revolving credit facility, of which C40 million had been drawn as of June 30, 2026, with a maturity in June 2031. This financing enabled Ennismore to repay its drawn bilateral credit facilities, amounting to a total of £194 million (C225 million), as well as the intra-group financing provided by Accor SA. No financial covenants apply to Ennismore's financing facilities as long as Accor SA maintains an "Investment Grade" credit rating. In the first half of 2026, Accor SA signed a bank credit facility of C250 million, fully drawn, with an initial maturity of six months and an option to extend it for an additional six months. Unused committed credit facilities Accor SA also secured a C200 million credit facility, undrawn as at June 30, 2026, with a six-month maturity and an option to extend it for a further six months. This facility complements the existing C1 billion undrawn bank credit facility maturing in December 2030, following the exercise of both one-year extension options. Debt profile As at June 30, 2026, the profile of bonds and bank borrowings (corresponding to contractual maturities, including nominal and interests) breaks down as follows: (C in million) 2026 2027 2028 2029 2030 2031 2032 Beyond Bonds - 456 700 - - 600 500 600 Negotiable commercial paper (NEU CP) 371 29 - - - - - - Bank borrowings 270 7 4 3 - 445 - 44 Interests 54 112 109 92 92 79 43 35 Debt profile 695 604 813 95 92 1,124 543 679 As at June 30, 2026, the average cost of bonds and bank borrowings debt is 3.17%. ‌Financial assets (C in million) Dec. 2025 June 2026 Short-term loans 148 161 Long-term loans 216 261 Security deposits 16 18 Financial assets at amortized cost 380 440 Non-consolidated investments 110 85 Other non-current financial assets 82 73 Financial assets at fair value 192 158 Total financial assets 573 598 o/w current financial assets 148 161 o/w non-current financial assets 425 437 Short-term loans mainly comprise the subordinated loan granted to Valesco as part of the disposal of the shares in the company owning the Group's headquarters building in June 2023. Long-term loans comprise shareholder loans granted to Orient Express entities. ‌Financial instruments ‌Breakdown of financial assets and liabilities By class of instrument (C in million) Amortized cost Fair value through equity Fair value through P&L Derivatives qualified as hedges Dec. 2025 Long-term loans 216 - - - 216 Deposits 16 - - - 16 Non-consolidated investments - 110 - - 110 Other non-current financial assets - - 82 - 82 Trade receivables 829 - - - 829 Cash and cash equivalents 604 - 601 - 1,205 Short term loans 148 - - - 148 Derivative instruments - - 34 0 34 Financial assets 1,813 110 717 0 2,640 Bonds 2,853 - - - 2,853 Negotiable commercial papers (NEU CP) 398 - - - 398 Bank borrowings 272 - - - 272 Other financial debts 134 - - - 134 Trade payables 526 - - - 526 Derivative instruments - - 6 - 6 Financial liabilities 4,183 - 6 - 4,189 By class of instrument (C in million) Amortized cost Fair value through equity Fair value through P&L Derivatives qualified as hedges June 2026 Long-term loans 261 - - - 261 Deposits 18 - - - 18 Non-consolidated investments - 85 - - 85 Other non-current financial assets - - 73 - 73 Trade receivables 934 - - - 934 Cash and cash equivalents 689 - 546 - 1,236 Short term loans 161 - - - 161 Derivative instruments - - 14 5 19 Financial assets 2,063 85 634 5 2,786 Bonds 2,858 - - - 2,858 Negotiable commercial papers (NEU CP) 398 - - - 398 Bank borrowings 776 - - - 776 Other financial debts 126 - - - 126 Trade payables 508 - - - 508 Derivative instruments - - 11 1 12 Financial liabilities 4,666 - 11 1 4,678 ‌Fair value hierarchy (C in million) Dec. 2025 Hierarchy Fair value Level 1 Level 2 Level 3 Non-consolidated investments 110 40 - 70 Other non-current financial assets 82 - - 82 Mutual funds units 601 601 - - Derivative instruments - assets 34 - 34 - Financial assets 827 641 34 152 Derivatives - liabilities 6 - 6 - Financial liabilities 6 - 6 - (C in million) June 2026 Hierarchy Fair value Level 1 Level 2 Level 3 Non-consolidated investments 85 15 - 70 Other non-current financial assets 73 - - 73 Mutual funds units 546 546 - - Derivative instruments - assets 19 - 19 - Financial assets 723 561 19 143 Derivatives - liabilities 12 - 12 - Financial liabilities 12 - 12 - ‌Note 10. Income tax‌ Accounting policy In the interim financial statements, the tax expense is estimated by applying the expected annual effective tax rate to the 'net income before income taxes'. The tax effects of specific events of the period are recognized when these events occur and are not taken into account when calculating the annual effective tax rate. In the first half of 2026, the Group recognized an income tax expense of C(66) million compared to C(69) million in the comparative period. The income tax expense remained broadly stable between the first half of 2025 and the first half of 2026, despite the decrease in profit before tax (excluding the share of profit from equity-accounted investments). This trend was mainly attributable to the recognition of non-taxable income in 2025 and impairment losses with limited tax effects in 2026. ‌Note 11. Shareholder's equity‌ ‌Share capital Changes in share capital Changes in the number of outstanding shares during the first half of 2026 were as follows: In number of shares Number of issued shares at January 1, 2026 2026 234,707,316 Performance shares vested 1,422,271 Number of issued shares at June 30, 2026 o/w outstanding shares o/w treasury shares 236,129,587 232,589,196 3,540,391 Dividends distribution On May 27, 2026, Accor SA paid a dividend in cash of C1.35 per share for a total amount of C316 million. Perpetual subordinated notes In the first half of 2026, compensation paid to bond holders amounted to C36 million. It is analyzed as a distribution of profits, recognized as a reduction of shareholders' equity. Share buyback program On February 19, 2026, Accor announced its intention to implement a C450 million share buyback program. A first tranche of C225 million was launched on April 2, 2026 and will run until July 28, 2026. During the first half of 2026, the Group repurchased 3,540,391 of its own shares with an average share price of C45.03 per share for a total amount of C159 million. The second C225 million tranche will be launched in August 2026. Reserves (C in million) Dec. 2025 Change June 2026 Currency translation reserve (384) 102 (282) Fair value reserves on financial Instruments (11) 2 (9) Reserve for actuarial gains/losses (81) 2 (80) Share based payments 501 22 523 Other reserves 3,035 (379) 2,656 Reserves - Group share 3,059 (251) 2,808 ‌Non-controlling interests As at June 30, 2026, non-controlling interests breakdown was as follows: C in million Dec. 2025 Change June 2026 Ennismore Lifestyle Group Ltd (incl. subsidiares) 394 (3) 391 AAPC India Hotel Management Private (India) 16 4 20 AAPC Hotel Management Ltd / AAPC Shanghai Ltd (China) 9 3 12 Others non-controlling interests 13 7 19 Non-controlling interests 432 12 444 ‌Note 12. Other information‌ ‌Subsequent Events On 23 July 2026, Accor signed an agreement for the sale of its entire 30.7% stake in Essendi (previously AccorInvest) to a consortium formed by Blackstone and Colony IM for an amount of up to c. C975 million, comprising c. C675 million payable upon completion of the transaction and an earn-out of up to C300 million. The agreement provides for the gradual conversion of Essendi's portfolio into hotels operating under franchise agreements, in line with the Group's strategy to further simplify its business model and enhance its resilience and predictability. All hotels within the portfolio would remain under Accor brands, and the new franchise agreements would have an average term of 20 years. ‌Related parties In the first half of 2026, revenue with Essendi, the Group's main client, represented 6% of the total consolidated revenue. As at June 30, 2026, the gross value of receivables towards Essendi amounted to C74 million in the consolidated balance sheet. On May 26, 2026, Accor signed the renewal of its partnership agreement with Paris Saint-Germain Football, under which Accor will benefit, for a four-season period from July 1, 2026 to June 30, 2030, from a range of rights enabling the Group to offer unique and exclusive experiences to members of the ALL - Accor loyalty program. Transactions carried out with other related parties in the first half of 2026 were similar in nature to the those carried out during the financial year ended December 31, 2025, and were undertaken on normal market terms.

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