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ACCOR - THIRD-QUARTER 2025
Solid activity in an evolving environment. |
Catégorie : Monde - Économie du secteur
- Chiffres et études
Ceci est un communiqué de presse sélectionné par notre comité éditorial et publié gratuitement le vendredi 24 octobre 2025
 Crédit photo © Accor
- Management & franchise revenue up 3.1% at constant currency in the third quarter 2025
- Recurring EBITDAguidance upgraded between 11% and 12% (initially between 9% and 10%) at constant currency
- Launch of a share buyback tranche for €100 million in the fourth quarter 2025
Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said:
“The Group continued to grow and develop its network during the third quarter of 2025. This performance demonstrates the appeal of its brands and the diversity of its geographical locations, which have enabled it to maintain strong momentum despite a mixed macroeconomic environment. To address these uncertainties, the Group's profit protection measures are proving effective and now enable us to raise our recurring EBITDA growth target for the year.
We are therefore pursuing our growth trajectory and operational and financial discipline, while activating new levers for value creation. This is the rationale behind the launch of a new share buyback program. It is also why we are exploring the possibility of a potential listing of Ennismore, our lifestyle brands portfolio. As a key asset for the Group, we intend, if this transaction occurs, to retain control while providing it with even more resources to accelerate its development.”
Although macroeconomic and geopolitical disruptions remained in the third quarter and the 2024 Olympic and Paralympic Games in France represent an unfavorable basis for comparison, Accor is demonstrating the resilience of its business model.
During the third quarter of 2025, Accor opened 77 hotels, representing 11,200 rooms, resulting in net growth of 2.5% in the network over the last 12 months. At the end of September 2025, the Group had a hotel portfolio of 859,830 rooms (5,760 hotels) and a pipeline of more than 250,000 rooms (1,453 hotels).
Third quarter 2025 RevPAR
ThePremium, Midscale and Economy (PM&E)division posted a 1.1% decrease in RevPAR compared with the third quarter of 2024, driven by pricing. Occupancy was slightly higher over the period, reflecting sustained demand.
- TheEurope North Africa(ENA) region posted a 4.6% decline in RevPAR compared with the third quarter of 2024. Demand remained strong, with a slight increase in occupancy rates compared to last year. However, the decrease in the number of constrained days compared to the Olympic and Paralympic Games period led to a decline in average prices. ENA RevPAR growth in September returned to positive.
- InFrance, which accounts for 42% of the region's room revenue and hosted the Paris Games last summer, RevPAR was mechanically down in the third quarter, mainly in Paris. The Province was slightly negative over the same period.
- In theUK, which accounts for 12% of the region's room revenue, both London and the provinces posted a RevPAR increase in the third quarter, supported by a favorable leisure and corporate event calendar.
- InGermany, which accounts for 12% of the region's room revenue, RevPAR variation was negative in the third quarter, reflecting the country's persistent economic challenges in a hospitality market largely driven by business demand.
- TheMiddle East, Africa and Asia-Pacificregion posted a 2.7% increase in RevPAR compared with the third quarter of 2024. China's negative RevPAR continue to weigh on the region although it improved sequentially during the quarter. Excluding China, the region's RevPAR is up 5.3%, driven by prices.
- In theMiddle East-Africaregion, which accounts for 21% of the region's room revenue, RevPAR growth was supported by United Arab Emirates and Saudi Arabia with a strong pilgrimage season.
- Southeast Asia, which accounts for34% of the region's room revenue, was flat, due to security concerns in Thailand and the worsening travel conditions in Indonesia.
- ThePacific, which accounts for 26% of the region's room revenue, continued to post a strong RevPAR in the third quarter.
- InChina, which accounts for 19% of the region's room revenue, the RevPAR variation remained negative although sequentially improved during the quarter.
- TheAmericasregion, which mainly reflects the performance of Brazil (63% of the region's room revenue), delivered a 7.1% increase in RevPAR compared with the third quarter of 2024.
- Brazilcontinued to record strong price increases driven by sustained demand from corporate guests.
TheLuxury & Lifestyle (L&L)division posted a 5.0% increase in RevPAR compared with the third quarter of 2024, with two-thirds of the growth driven by prices and one-third by occupancy rates.
- Luxury, which accounts for 72% of the division's room revenue, posted a 4.3% increase in RevPAR compared with the third quarter of 2024. RevPAR growth in the segment was strong across all brands and regions, outperforming the PM&E segment in comparable areas.
- Lifestyleshowed a 6.9% increase in RevPAR compared with the third quarter of 2024. Despite geopolitical tensions, resort hotels continued to perform well during the quarter, particularly in Turkey, Egypt, and the United Arab Emirates.
Consolidated revenue
For the third quarter of 2025, the Group recordedrevenueof €1,369 million, up 0.1% at constant currency compared with the third quarter of 2024. This increase breaks down into a 1.1% decrease at constant currency for the Premium, Midscale and Economy division and a 0.2% increase at constant currency for the Luxury & Lifestyle division.
Currency effects had a negative impact of €68 million, mainly related to the Australian dollar ((8)%), the US dollar ((6)%), and the Canadian dollar ((7)%).
Scope effects, mainly related to the disposal of the Paris Society's “Festive” business, contributed negatively by €19 million. The third quarter of 2024 included €26 million in Olympic related value-in-kind revenue, with no impact on recurring EBITDA. Together these two effects had a negative 3% impact on third quarter revenue.
In order to provide greater clarity regarding the Services to Owners activity and its growth drivers, the Group has chosen to isolate Reimbursed Costs (which consist of the re-invoicing of costs incurred on behalf of hotel owners), whose revenue growth on a like-for-like basis mainly reflects the growth in payroll costs in North America. Reimbursed Costs have no impact on recurring EBITDA, and this new presentation does not affect the medium-term growth outlook given at the Investor Day in June 2023.
SMDL (Sales, Marketing, Distribution & Loyalty) activities continue to be reported within each of the Premium, Midscale, and Economy & Luxury & Lifestyle divisions. Their revenue follows the growth of RevPAR, Net Unit Growth and should benefit as well from the improved mix of distribution channels, the growth of loyalty program, and partnerships. The SMDL recurring EBITDA margin is expected to be equal to or greater than 6% in the medium term, driven by Distribution and Loyalty activities.
This new presentation of revenues is shown for the full year 2024 and the first half of 2025 in the appendices.
Premium, Midscale & Economy revenue
Premium, Midscale and Economy, which includes fees from Management & Franchise (M&F), Sales, Marketing, Distribution & Loyalty (SMDL), and Hotel Assets & Other activities of the Group's Premium, Midscale and Economy brands, generated revenue of €732 million, down 1.1% at constant currency compared with the third quarter of 2024.
TheManagement & Franchise (M&F)revenue stood at €228 million, down 1.2% at constant currency compared with the third quarter of 2024. This decline mainly reflects the negative variation of RevPAR in the division and the negative impact of conversions from a limited number of management contracts to franchise contracts, as anticipated. The performance of Management & Franchise by region is detailed in the pages hereafter.
Revenue fromSales, Marketing, Distribution and Loyalty(SMDL)amounted to €244 million, down 6.4% at constant currency compared with the third quarter of 2024. The third quarter of 2024 included €26 million in Olympics-related value-in-kind revenue, with no impact on recurring EBITDA. Adjusted for this revenue, SMDL growth at constant currency would have been up 4%.
Revenue fromHotel Assets and Otheramounted to €260 million, up 4.4% at constant currency compared with the third quarter of 2024. This activity is strongly linked to the strength of RevPAR in Australia and Brazil.
Luxury & Lifestyle revenue
Luxury & Lifestyle, which includes fees from Management & Franchise (M&F), Sales, Marketing, Distribution & Loyalty (SMDL) and Hotel Assets & Other activities of the Group's Luxury & Lifestyle brands, generated revenue of €358 million, up 0.2% at constant currency compared with the third quarter of 2024, which was also impacted by currency effects.
TheManagement & Franchise (M&F)revenue stood at €126 million, up 11.7% at constant currency compared with the third quarter of 2024. This increase was driven by growth in RevPAR and the network. The performance of the Management & Franchise business is detailed in the pages hereafter.
Revenue fromSales, Marketing, Distribution and Loyalty (SMDL)activities amounted to €109 million, up 11.2% at constant currency compared with the third quarter of 2024, in line with the growth of the Management & Franchise business.
Hotel Assets and Otherrevenue amounted to €123 million, down 16.4% at constant currency compared with the third quarter of 2024. This decline reflects an unfavorable basis of comparison due to Potel & Chabot's strong activity during the Olympic Games period, as well as a significant scope effect related to the disposal of Paris Society's “Festive” business.
Reimbursement Costs revenue
Revenue from Reimbursed Costs (which consist of the re-invoicing of costs incurred on behalf of hotel owners) amounted to €297 million, up 2.3% at constant currency compared with the third quarter of 2024.
Management & Franchiserevenue came to €354million, up 3.1% at constant currency compared with the third quarter of 2024. This variation reflects RevPAR growth in the Group's various geographic areas and segments (+0.8% compared with the third quarter of 2024) and net unit growth (+2.5%).
In the PM&E division, the ENA region is mainly impacted by the negative variation in RevPAR and conversions for a limited number of management contracts to franchise contracts, as in previous quarters. The MEA APAC and Americas regions were significantly impacted by currency effects, and the Americas region benefited from the recognition of termination fees.
In the L&L division, both segments mainly reflect solid growth in RevPAR and the network. In the third quarter of 2025, in contrast to the second quarter, the Lifestyle segment benefited favorably from the Residences business.
Outlook
For FY 2025, Accor is confirming the following guidance:
- RevPAR growth between 3% and 4%;
- Net unit growth of around 3.5%;
Furthermore, following the implementation of additional cost-saving measures amounting to more than €20 million aimed at partially offsetting the negative impact of exchange rate variations[1], Accor is revising upward its recurring EBITDA growth guidance for fiscal year 2025 to between 11% and 12% (between 9% and 10% initially) at constant exchange rates[2].
Ultimately, to illustrate the Group's confidence in its ability to deliver on its growth outlook, Accor has decided to launch a new tranche of share buyback for an amount of €100 million in Q4 2025.
Events from July 1st, 2025 to October 23rd, 2025
Bond issue
On August 27, 2025, Accor successfully placed a €500 million 7-year bond with a coupon of 3.625%. This transaction enables the Group to take advantage of attractive market conditions and extend the average maturity of its debt. The proceeds of the issue will be used for the refinancing of the outstanding €600m Notes due 4 February 2026. A notice was issued on October 6, 2025, for an early redemption on November 4, 2025.
Completion of the second tranche of the share buyback program
On September 30, 2025, Accor announced the completion of the second tranche of its share buyback program, launched on August 4, 2025, for an amount of €240 million. At the end of this program, the Group acquired 5,666,436 shares at an average price of €42.35.
This second tranche was part of the €440 million share buyback program announced with the release of the 2024 annual results on February 20th, 2025.
[1]Based on a euro-US dollar exchange rate of 1.17 in the fourth quarter
[2]The constant exchange rate corresponds to the average exchange rate for fiscal year 2024
Subsequent events
Repurchase of convertible bond (OCEANE)
Between August and October 2025, Accor repurchased 915,057 bonds convertible and/or exchangeable into new and/or existing shares (OCEANE) maturing in December 2027, issued in 2020 for an initial nominal amount of approximately €500 million. Following the cancellation of the repurchased OCEANE bonds, the nominal amount of the issue will be reduced to approximately €456 million.
Ennismore
The Group's Board of Directors unanimously approved the start of preparatory work to evaluate a possible stock market listing for Ennismore, the Group's lifestyle hotel and restaurant brands entity, in accordance with the agreement between Accor and the other Ennismore shareholders.
This transaction would enhance liquidity and flexibility to support Ennismore's growth platform. Should it be completed, Accor would remain the controlling shareholder of Ennismore.
With 192 hotels and 500+ restaurants and bars, Ennismore has become, since the joint venture was completed in 2021, a unique collection of lifestyle brands that ranks among the global leaders in the sector. In 2024, Ennismore posted sustained growth in its network with a Net Unit Growth (NUG) of 17.6% and an EBITDA of €170 million as a contribution to Accor's financial statements.
There is no certainty that this transaction will be completed. The Group will inform the market of developments in this project as appropriate.
About Accor
Accoris a world-leading hospitality group offering stays and experiences across more than 110 countries with over 5,700 hotels and resorts, 10,000 bars & restaurants, wellness facilities and flexible workspaces. The Group has one of the industry's most diverse hospitality ecosystems, encompassing around 45 hotel brands from luxury to economy, as well as Lifestyle with Ennismore. ALL Accor, the booking platform and loyalty program embodies the Accor promise during and beyond the hotel stay and gives its members access to unique experiences. Accor is focused on driving positive action through business ethics, responsible tourism, environmental sustainability, community engagement, diversity, and inclusivity.Accor's mission is reflected in the Group's purpose: Pioneering the art of responsible hospitality, connecting cultures, with heartfelt care. Founded in 1967, Accor SA is headquartered in France. Included in the CAC 40 index, the Group is publicly listed on the Euronext Paris Stock Exchange (ISIN code: FR0000120404) and on the OTC Market (Ticker: ACCYY) in the United States.
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