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With an EBITDA of 1.2 billion euros and a RevPAR in recovery, Accor is consolidating its asset-light model while intensifying its investments in the digital platform and loyalty. Behind operational performance, a deeper transformation of the revenue profile is at play. Investors will have to decide between cyclical reading and structural change.
Market dynamics and RevPAR progression
In 2025, the RevPAR increased by +4.2% over the full year, with a marked acceleration in the fourth quarter (+7.0%).
In the Premium, Mid-range and Economy (PM&E) division, RevPAR increased by +5.8% in Q4, mainly driven by prices.
- Europe & North Africa : +3.3% in Q4
- Middle East, Africa & Asia-Pacific : +7.6% (excluding China: +10.4%)
- Americas : +11.7%, with strong momentum in Brazil
The Luxury & Lifestyle division posted a 9.5% increase in RevPAR in Q4, driven by resorts in the Middle East, Turkey and Egypt as well as by the rise of lifestyle brands.
In total, Accor opened 303 hotels (nearly 51,000 rooms) in 2025, bringing the network to 5,836 hotels and 881,427 rooms, a net increase of +3.7%. The pipeline reaches 1,527 hotels for 257,000 rooms.
Financial statement: EBITDA and performance by region
Revenue for 2025 amounted to 5.639 billion euros, up +4.5% at constant exchange rates.
Current EBITDA reached 1.201 billion euros, up +13.3% at constant exchange rates, above the range communicated in October 2025 (11–12%).
By division:
- EBITDA : current EBITDA of €836 million (+8.1% at constant exchange rates)
- Luxury & Lifestyle : current EBITDA of €482 million (+20.0% at constant exchange rates)
Net income, Group share amounted to €449 million (€504 million on an adjusted basis).
The recurring free cash flow reached €632 million, with a conversion rate of 53%.
Accor proposes a dividend of €1.35 per share and announces a share buyback program of €450 million in 2026, as part of a return to shareholders of approximately €3 billion over 2023–2027.
Loyalty program and income excluding hotels
The SMDL activities (Sales, Marketing, Distribution & Loyalty) continue their progression.
In the PM&E division, SMDL revenue reached €934 million.
In the Luxury & Lifestyle division, it stood at €424 million, up 12.1% at constant exchange rates.
The performance reflects:
- the growth of RevPAR,
- the increase in distribution fees,
- the dynamics of the loyalty program.
These revenues contribute to the strength of the free cash flow and to the improvement of overall profitability.
How the ALL program positions itself in the galaxy of hotel group loyalty programs.
Specificities of the group: technological platform, ALL and European footprint
Accor confirms its structuring around two divisions, PM&E and Luxury & Lifestyle, the group continues to strengthen its commercial and digital platforms.
The press release highlights:
- the rise of ALL Accor,
- the gradual integration of artificial intelligence into the digital roadmap,
- the strengthening of distribution and loyalty capabilities.
Europe remains a central pillar: it represents about half of the group’s activity and constitutes one of the drivers of profitability in a more heterogeneous global context.
In parallel, Accor is continuing the portfolio rotation and confirms the discussions regarding the sale of its stake in Essendi (formerly AccorInvest), as part of the 2023-2027 strategic trajectory.
For 2026, Accor anticipates:
- a growth of the RevPAR in line with its medium-term objective (CAGR 3–4%),
- net network growth of between 3% and 5%,
- an annual increase in EBITDA running between 9% and 12%.
The group thus confirms a positioning based on organic growth, financial discipline and the ramp-up of its distribution and loyalty platforms.
How does the Accor group position itself in terms of storytelling in the world’s top 10 galaxy.
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