Financial Results Documents (plaquette semestrielle 30 juin 2026 en)

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.

1. ‌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.

2. ‌Evolution of accounting framework
   1. 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.

   2. 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.

3. ‌Use of estimates and judgments

1. ‌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.

2. ‌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).

1. ‌Scope consolidation changes
   1. ‌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.

   2. ‌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.

   3. ‌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.

2. ‌Assets held for sale and discontinued operations

1. ‌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.

   1. 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.

   2. 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

2. ‌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.

3. ‌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

4. ‌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)

5. ‌Employee benefits
   1. 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.

• 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.

1. ‌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)

2. ‌Carrying value of equity-accounted investments

1. ‌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

2. ‌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

3. ‌Impairment tests

1. ‌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.

2. ‌Group net financial debt
   1. 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.

   2. 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%.

3. ‌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.

4. ‌Financial instruments
   1. ‌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

   2. ‌Fair value hierarchy

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.

1. ‌Share capital
   1. 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

   2. 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.

   3. 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.

   4. 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.

   5. 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

2. ‌Non-controlling interests

1. ‌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.

2. ‌Related parties