Accor SA

XMUN:ACR

Resilient results: Accor said H1 2026 was steady despite a sharp hit in the Middle East, with profit protection measures largely offsetting the impact and helping the group deliver solid first-half results.

RevPAR: Group like-for-like RevPAR grew 2.2% in H1, but Q2 was almost flat at minus 0.2% because the UAE was hit hard; excluding the Middle East, Q2 RevPAR rose 3.3%.

Guidance: Management kept full-year RevPAR guidance at 2% to 2.5% and EBITDA guidance at EUR 1.260 billion to EUR 1.285 billion, while saying the UAE recovery will drive where results land in that range.

Cost actions: The profit protection plan delivered EUR 40 million of savings in H1, and management said full-year savings could reach EUR 70 million if the UAE does not recover.

Cash and returns: Recurring free cash flow rose 42% to EUR 194 million, and Accor said shareholder returns are on track to reach EUR 2.8 billion by the end of 2026, close to its EUR 3 billion target ahead of schedule.

Partnership push: Sebastien Bazin highlighted new loyalty and travel partnerships with Uber, Amex, IndiGo and H World as a major growth engine, saying this can drive 15% to 20% annual growth in partnership revenue and EBITDA.

Portfolio moves: Management stressed continued simplification and asset-light progress, while also highlighting the Essendi transaction and saying any Ennismore listing would not reduce Accor below a 51% stake.