Accor SA reported first-half 2026 results that combined stronger-than-anticipated top-line performance with signs of cooling momentum in room growth. The French hotel operator said first-half revenue reached €2,760 million, above analyst expectations of €2,674 million, and adjusted EBITDA came in at €563 million versus a consensus of €556 million. Adjusted diluted earnings per share for the period were €0.83.
Operational metrics in the second quarter painted a more cautious picture. Revenue per available room (RevPAR) fell 0.2% year-on-year in Q2, missing forecasts that had expected 0.5% growth. This contrasted with a 5.1% RevPAR increase recorded in the first quarter. Occupancy declined by 0.9 percentage points, while average daily rates (ADR) rose 1.1%.
Expansion of the room base also slowed. Net unit growth in the second quarter was 3.2%, below the 3.5% analysts had been expecting. Accor said its development pipeline stood at 268,000 rooms at the end of the quarter, up from 260,000 rooms reported in the first quarter.
On a like-for-like basis, EBITDA expanded by 6.5% for the group. Breaking results down by business line, the Management & Franchise segment delivered EBITDA of €494 million, up 5.8% like-for-like; the company noted that termination fees in Luxury & Lifestyle had a positive effect on this segment. Services to Owners & Digital generated EBITDA of €56 million, down 6.7% on a like-for-like basis, while Hotel Assets & Other reported EBITDA of €68 million, down 17.1% like-for-like.
Free cash flow rose to €194 million in the first half from €136 million in the same period of 2025, producing a cash conversion rate of 34%. Accor attributed the year-over-year increase in free cash flow to lower capital expenditure and reduced taxes during the period.
For the full year 2026, Accor adjusted its outlook for unit growth and reiterated expectations for RevPAR and recurring EBITDA. The company now expects full-year revenue per available room growth of 2% to 2.5% and net unit growth of 3.5%, down from an earlier outlook of more than 4% net unit growth. Recurring EBITDA is forecast at €1,260 million to €1,285 million, implying year-on-year growth of roughly 5% to 7%. The updated guidance incorporates a projected foreign exchange impact of -€10 million, an improvement from the previously anticipated -€30 million effect.
Alongside results and guidance, Accor announced the launch of a second tranche of its share buyback program worth €225 million.
Context checklist
- First-half revenue: €2,760 million (consensus €2,674 million).
- First-half adjusted EBITDA: €563 million (consensus €556 million).
- Adjusted diluted EPS: €0.83.
- Q2 RevPAR: -0.2% y/y (consensus +0.5%); Q1 RevPAR: +5.1%.
- Q2 occupancy: down 0.9 percentage points; ADR: +1.1%.
- Net unit growth Q2: 3.2% (consensus 3.5%); pipeline: 268,000 rooms (was 260,000).
- Segment EBITDA: Management & Franchise €494m (+5.8% LFL), Services to Owners & Digital €56m (-6.7% LFL), Hotel Assets & Other €68m (-17.1% LFL).
- Free cash flow: €194m vs €136m a year earlier; cash conversion 34%.
- Full-year guidance: RevPAR +2% to +2.5%; net unit growth 3.5% (revised down from >4%); recurring EBITDA €1,260m-€1,285m; FX impact -€10m (previously -€30m).
- Share buyback: second tranche of €225 million.