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.<\/h3>\n\nMarket dynamics and RevPAR progression<\/h3>\n
In 2025, the RevPAR increased by +4.2% over the full year, with a marked acceleration in the fourth quarter (+7.0%).<\/p>\n
In the Premium, Mid-range and Economy (PM&E) division<\/strong>, RevPAR increased by +5.8% in Q4, mainly driven by prices.<\/p>\n\n- Europe & North Africa :<\/strong> +3.3% in Q4<\/li>\n
- Middle East, Africa & Asia-Pacific : <\/strong>+7.6% (excluding China: +10.4%)<\/li>\n
- Americas : <\/strong>+11.7%, with strong momentum in Brazil<\/li>\n<\/ul>\n
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.<\/p>\n
In total, Accor opened 303 hotels (nearly 51,000 rooms) in 2025<\/strong>, bringing the network to 5,836 hotels and 881,427 rooms<\/strong>, a net increase of +3.7%. <\/strong>The pipeline reaches 1,527 hotels for 257,000 rooms<\/strong>.<\/p>\nFinancial statement: EBITDA and performance by region<\/h3>\n
Revenue for 2025 amounted to 5.639 billion euros, up +4.5% at constant exchange rates.<\/p>\n
Current EBITDA reached 1.201 billion euros, up +13.3% at constant exchange rates, above the range communicated in October 2025 (11\u201312%).<\/p>\n
By division:<\/p>\n
\n- EBITDA :<\/strong> current EBITDA of \u20ac836 million<\/strong> (+8.1% at constant exchange rates)<\/li>\n
- Luxury & Lifestyle :<\/strong> current EBITDA of \u20ac482 million<\/strong> (+20.0% at constant exchange rates)<\/li>\n<\/ul>\n
Net income<\/strong>, Group share amounted to \u20ac449 million<\/strong> (\u20ac504 million on an adjusted basis).
The recurring free cash flow<\/strong> reached \u20ac632 million<\/strong>, with a conversion rate of 53%<\/strong>.<\/p>\nAccor proposes a dividend of \u20ac1.35 per share<\/strong> and announces a share buyback program of \u20ac450 million in 2026<\/strong>, as part of a return to shareholders of approximately \u20ac3 billion over 2023\u20132027.<\/strong><\/p>\nLoyalty program and income excluding hotels<\/h3>\n
The SMDL activities (Sales, Marketing, Distribution & Loyalty) <\/strong>continue their progression.<\/p>\nIn the PM&E division, SMDL revenue reached \u20ac934 million.<\/strong>
In the Luxury & Lifestyle division, it stood at \u20ac424 million<\/strong>, up 12.1% <\/strong>at constant exchange rates.<\/p>\nThe performance reflects:<\/p>\n
\n- the growth of RevPAR,<\/li>\n
- the increase in distribution fees,<\/li>\n
- the dynamics of the loyalty program.<\/li>\n<\/ul>\n
These revenues contribute to the strength of the free cash flow and to the improvement of overall profitability.<\/p>\n
Market dynamics and RevPAR progression<\/h3>\n
In 2025, the RevPAR increased by +4.2% over the full year, with a marked acceleration in the fourth quarter (+7.0%).<\/p>\n
In the Premium, Mid-range and Economy (PM&E) division<\/strong>, RevPAR increased by +5.8% in Q4, mainly driven by prices.<\/p>\n 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.<\/p>\n In total, Accor opened 303 hotels (nearly 51,000 rooms) in 2025<\/strong>, bringing the network to 5,836 hotels and 881,427 rooms<\/strong>, a net increase of +3.7%. <\/strong>The pipeline reaches 1,527 hotels for 257,000 rooms<\/strong>.<\/p>\n Revenue for 2025 amounted to 5.639 billion euros, up +4.5% at constant exchange rates.<\/p>\n Current EBITDA reached 1.201 billion euros, up +13.3% at constant exchange rates, above the range communicated in October 2025 (11\u201312%).<\/p>\n By division:<\/p>\n Net income<\/strong>, Group share amounted to \u20ac449 million<\/strong> (\u20ac504 million on an adjusted basis). Accor proposes a dividend of \u20ac1.35 per share<\/strong> and announces a share buyback program of \u20ac450 million in 2026<\/strong>, as part of a return to shareholders of approximately \u20ac3 billion over 2023\u20132027.<\/strong><\/p>\n The SMDL activities (Sales, Marketing, Distribution & Loyalty) <\/strong>continue their progression.<\/p>\n In the PM&E division, SMDL revenue reached \u20ac934 million.<\/strong> The performance reflects:<\/p>\n These revenues contribute to the strength of the free cash flow and to the improvement of overall profitability.<\/p>\n\n
Financial statement: EBITDA and performance by region<\/h3>\n
\n
The recurring free cash flow<\/strong> reached \u20ac632 million<\/strong>, with a conversion rate of 53%<\/strong>.<\/p>\nLoyalty program and income excluding hotels<\/h3>\n
In the Luxury & Lifestyle division, it stood at \u20ac424 million<\/strong>, up 12.1% <\/strong>at constant exchange rates.<\/p>\n\n
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