Slides
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FY 2025 Results F e b r u a r y19 th , 2 0 2 6
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Disclaimer ACCOR - FY 2025 RESULTS By reading the following presentation slides, you further agree to be bound by the following limitations and qualifications: This document does not constitute the Annual Financial report for FY2025, which will be separately published on the website (www.group.accor.com). This presentation is for information purposes only and does not constitute an offer or solicitation for the sale or purchase of any securities, any part of the business or assets described herein, or any other interests. It includes only summary information and does not purport to be comprehensive. The information contained in this document has not been independently verified. This presentation may contain certain statements that are forward-looking with respect to the financial condition, results of operations, business, strategy, prospects, expectations and objectives of Accor S.A.. Such statements are based on management’s current views, expectations and assumptions considered reasonable, but which are naturally subject to known and unknown risks and contingencies generally beyond the control of Accor S.A., and which may change at any time. These risks and contingencies may lead such statements to ultimately prove inaccurate and the actual results or performances to materially differ from those expressed or implied therein. The main risk factors are further developed in Accor’s Universal Registration Document which is filed with the AMF (Autorité des Marchés Financiers) and is available on the website (www.group.accor.com). Investors are cautioned that although Accor S.A. believes that the information and assumptions reflected in these forward-looking statements are reasonable, it is very difficult to predict the impact of known factors and it is impossible for the Accor S.A. to anticipate all factors that could affect such assumptions. As a consequence, Accor S.A., its affiliates, directors, advisors, employees and representatives, expressly do not assume any liability whatsoever for such forward-looking statements. The information is valid only at the time of writing and Accor S.A. does not undertake to update or revise the forward-looking statements or any other information that may be presented in this document to reflect new information, future events or for any other reason and any opinion expressed in this presentation is subject to change without notice. This presentation may include some information on specific transactions that shall be considered as projects only and may remain subject to certain approvals and other conditions. 2
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ACCOR - FY 2025 RESULTS Opening remarks Sébastien Bazin CHAIRMAN & CEO 3
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ACCOR - FY 2025 RESULTS NOVOTEL BALI UBUD, INDONESIA 4 2025 key takeaways 1 Overachieving results with macro and geopolitical headwinds 2 Cost discipline, focused execution of the plan 3 Proven benefits from partnerships & loyalty engine 4 Shareholder return of 6.5% of the market capitalization (1) with €743m returned in 2025 (1) % OF MARKET CAPITALIZATION AS OF J ANUARY 1 st , 2025
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ACCOR - FY 2025 RESULTS FY 2025 Results Martine Gerow GROUP CFO 5
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FY 2025 financial highlights ACCOR - FY 2025 RESULTS 6 1 Vigorous Q4 25 RevPAR +7.0% L/L vs. Q4 24 FY 25 RevPAR +4.2% L/L vs. FY24 above “between +3% and +4%” guidance2 FY 25 Net Unit Growth at 3.7% in line with “c.3.5%” guidance Robust pipeline growth of +10.3% 3 1 Revenue at €5,639m +4.5% yoy at cc(1) M&F revenue at €1,428m +5.9% yoy at cc RevPAR & NUG accelerating Financial results exceeding guidance (1) “CC” MEANS “CONSTANT CURRENCY ” ( 2 ) RECURRING EB ITDA IS DEFINED AS OPERATING PROFIT B EFORE DEPRECIATION & AMORTIZATION AND OTHER INCOME & EXPENSES ( 3 ) ADJ USTED GROUP NET INCOME DEFINED AS GROUP NET INCOME ADJ USTED FOR OTHER INCOME & EXPENSES, NET OF TAX; SHARE OF PROFIT/LOSSE S F ROM ESSENDI AND TAX - RELATED ITEMS. ADJ USTED DILUTED EPS DEFINED AS ADJ USTED GROUP NET INCOME MINUS HY B RID COUPONS DIVIDED B Y THE AVERAGE NUMB ER O F D ILUTED SHARES ( 4 ) MARKET CAPITALIZATION AS OF J ANUARY 1 S T , 2025 5 €743m shareholder return in 2025 i.e. 6.5% of the market capitalization(4) 2 Recurring EBITDA(2) at €1,201m, +13% yoy at cc above the high end of the guidance M&F Recurring EBITDA margin up 100bps 4 Recurring FCF at €632m 53% cash conversion 3 Adjusted EPS(3) up 16% to €1.84
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Ending the year with a vigorous +7% Q4 25 RevPAR ACCOR - FY 2025 RESULTS Occupancy Rate Average Room Rate RevPAR L/L year-on-year 7 XX% +3.3% +7.6% +11.7% +5.8% ENA MEA APAC Americas TotalPM&E +9.4% +9.9% +9.5% Luxury Lifestyle Total Premium, Midscale & Economy Luxury & Lifestyle L&L +10.4% excl. China
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+3.7% NUG and +10.3% growth in pipeline ACCOR - FY 2025 RESULTS Premium, Midscale & Economy Luxury & Lifestyle 88k 49k Luxury Lifestyle 27k 32k 343k 75k ENA MEA APAC Americas 327k 50k 135k 13k In rooms In rooms 8 Network Pipeline +3.0% LTM Net Unit Growth +11.6% LTM Pipeline Growth 27% Pipeline as % of Portfolio +7.5% LTM Net Unit Growth +5.9% LTM Pipeline Growth 43% Pipeline as % of Portfolio
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9 Enriched pipeline quality ACCOR - FY 2025 RESULTS Solid increase in volume (k rooms) Strong increase in value (M&F fees €m) 2019 2025 +23% 2019 2025 +67%
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ACCOR - FY 2025 RESULTS Delano Dubai, UAE Group revenue synthesis SWISSÔTEL CORNICHE PARK TOWERS DOHA, QATAR 10 In € millions TOTAL FY 2024 1,393 1,659 1,294 5,606 FY 2025 1,428 1,666 1,270 5,639 Reported change +2.5% +0.4% (1.8)% +0.6% M&F REIMBURSED COSTS HA & OTHER SMDL (1) 1,344 1,358 +1.1% +5.9% +4.6% +2.9% +4.4% +4.5% At constant currency (84) (82) N/AINTERCOS N/A (1) SALES, MARKETING, DISTRIB UTION & LOY ALTY
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ACCOR - FY 2025 RESULTS Delano Dubai, UAE LUCKNAM PARK, EMBLEMS COLLECTION 11 +5.9% M&F revenue growth at constant currency In € millions M&F REVENUE FY 2024 899 494 1,393 FY 2025 892 536 1,428 Reported change (0.8)% +8.6% +2.5% PREM., MID. & ECO. LUXURY & LIFESTYLE +1.9% +13.1% +5.9% At constant currency
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ACCOR - FY 2025 RESULTS Delano Dubai, UAE SO/ RAS AL KHAIMAH, AL MARJAN ISLAND UAE 12 Group recurring EBITDA up +13.3% at constant currency In € millions TOTAL FY 2024 988 185 0 1,120 FY 2025 1,027 197 0 1,201 Reported change +3.9% +6.2% N/A +7.2% M&F REIMBURSED COSTS HA & OTHER SMDL 63 95 +51.3% +7.4% +10.6% N/A +91.8% +13.3% At constant currency (116) (117) N/AHOLDING N/A 70.9% 71.9%M&F margin +1.0% pt +1.0% pt
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ACCOR - FY 2025 RESULTS 13 From recurring EBITDA to net income RECURRING EBITDA(1) In € millions OTHER INCOME & EXPENSES SHARE OF PROFITS/LOSSES OF ASSOCIATES AND JVS NET FINANCIAL EXPENSE PROFIT BEFORE TAX INCOME TAX MINORITY INTERESTS GROUP NET INCOME DEPRECIATION & AMORTIZATION OPERATING PROFIT FY 2024 FY 2025 1,120 6 (341) 786 188 (124) 850 (193) (47) 1,201 (63) (330) 807 7 (164) 651 (152) (50) 610 449 DILUTED EARNINGS PER SHARE (IN €) 2.33 1.61 ADJUSTED DILUTED EARNINGS PER SHARE (IN €) (1) 1.58 1.84 (1) ADJ USTED GROUP NET INCOME DEFINED AS GROUP NET INCOME ADJ USTED FOR OTHER INCOME & EXPENSES, NET OF TAX; SHARE OF PROFIT/LOSSE S F ROM ESSENDI AND TAX - RELATED ITEMS. ADJ USTED DILUTED EPS DEFINED AS ADJ USTED GROUP NET INCOME MINUS HY B RID COUPONS DIVIDED B Y THE AVERAGE NUMB ER O F D ILUTED SHARES ADJUSTED GROUP NET INCOME (1) 423 504
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ACCOR - FY 2025 RESULTS 14 Recurring free cash flow In € millions FY 2024 FY 2025 RECURRING EBITDA COST OF NET DEBT NON-CASH ITEMS RECURRING INVESTMENT / CAPEX WORKING CAPITAL AND CONTRACT ASSETS/LIABILITIES RECURRING FREE CASH FLOW CASH CONVERSION(1) INCOME TAX (CASH) REIMBURSEMENT OF LEASE LIABILITIES 1,120 (62) (169) (106) 35 (221) 16 1,201 (65) (202) (113) 62 (230) (20) 55% 53% NET DEBT 2,495 3,064 (1) DEFINED AS RECURRING FREE CASH FLOW / RECURRING EB ITDA RECURRING FREE CASH FLOW 614 632
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Strong balance sheet & sustained shareholder return ACCOR - FY 2025 RESULTS 15 Group debt average maturity of more than 4 years and cost of debt at 3.0%2 Balance sheet highlights (1) SUB J ECT TO SHAREHOLDERS’ APPROVAL AT THE AGM ON MAY 27 TH , 2026 Shareholder return track record €305m €283m €276m €286m €303m €350m €500m €300m €400m €400m €440m 2018 2019 2020 2023 2024 2025 5.3% 7.3% 2.7% 11.0% €655m €783m €300m €676m as % of market cap (beginning of the year) Ordinary dividend per share to be proposed for 2026(1) €1.35 (+7% vs. 2025)Share buyback Dividend 1 Debt maturity extension with 2 new senior bond issuances €600m 8-year bond with a 3.50% coupon €500m 7-year bond with a 3.625% coupon €686m 7.5% Well sequenced debt maturity profile3 €743m 6.5%
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FY25 social & environmental targets Diversity & Inclusion Target 40% WOMEN IN VP & ABOVE POSITIONS 41% Eco-certified hotel ECO-CERTIFICATION IMPLEMENTATION Target 55% of hotels 57% Water Consumption INTENSITY Target 4% reduction in water intensity 5% 16 BUAHAN, A BANYAN TREE ESCAPE BUAHAN KAJA, INDONESIA ACCOR - FY 2025 RESULTS
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17 In 2025, Accor delivered results in line with or above its annual and mid-term guidance REVPAR GROWTH (YOY) NUG GROUP RECURRING EBITDA SHAREHOLDER RETURN M&F REVENUE GROWTH SMDL EBITDA Guidance FY23-27 +3-4% +3-5% +6-10% at cc Positive +9-12% at cc c.€3bn cumulated Actual FY25 +4.2% +3.7% +6.0% at cc 7.0% margin €95m €1,201m +13% at cc €743m Guidance FY25 +3-4% c.3.5% N/A 6%+ margin €1,183-1,194m (1) N/A ACCOR - FY 2025 RESULTS (1) B ASED ON GUIDANCE AT + 11 -12% AT CONSTANT CURRENCY ADJ USTED FOR €60M FOREIGN EXCHANGE NEGATIVE IMPACT RECURRING FREE CASH FLOW >55% N/A 53%
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ACCOR - FY 2025 RESULTS Closing remarks Sébastien Bazin CHAIRMAN & CEO 18
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ACCOR - FY 2025 RESULTS Delano Dubai, UAE ORIENT EXPRESS LA MINERVA ROME, ITALY 19 Step into 2026 with momentum & confidence 1 Remain laser focused on delivering our 2023-2027 targets 2 Accelerate NUG & amplify loyalty partnerships 3 Pivot to franchise model in mature markets 4 Execute a new €450m share buyback in 2026 5 Successfully complete Essendi transaction
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ACCOR - FY 2025 RESULTS 20 PORTALUNA A MORGANS ORIGINAL, EGYPT Appendices
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Group revenue breakdown ACCOR - FY 2025 RESULTS 21 THE MORNING GLOW HANDWRITTEN, KHANH HOA VIETNAM In € millions TOTAL REVENUE FY 2024 899 2,896 494 1,500 1,294 5,606 FY 2025 892 2,853 536 1,598 1,270 5,639 Reported change (0.8)% (1.5)% +8.6% +6.6% (1.8)% +0.6% M&F PREM., MID. & ECO. M&F LUXURY & LIFESTYLE REIMBURSED COSTS +1.9% +2.4% +13.1% +9.8% +2.9% +4.5% At constant currency (1) SALES, MARKETING, DISTRIB UTION & LOY ALTY (84) (82) N/AINTERCOS N/A SMDL (1) 392 424 +8.1% +12.1% 614 638 +3.9%HA & OTHER +5.5% 952 934 (1.8)%SMDL (1) +1.2% 1,045 1,027 (1.7)%HA & OTHER +4.1%
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ACCOR - FY 2025 RESULTS 22 FY 2025 revenue vs. FY 2024 – From like-for-like to reported +4.4% +0.0% (3.9)% +0.6% Like-for-Like €248m Perimeter €2m Currency €(217)m Reported €34m Negative currency effect AUD: €(53)m USD: €(44)m CAD: €(27)m BRL: €(26)m TRY: €(21)m EGP: €(11)m
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Group EBITDA breakdown ACCOR - FY 2025 RESULTS 23 RIXOS ALEXANDRIA PALESTINE, EGYPT In € millions TOTAL EBITDA FY 2024 655 809 333 427 0 1,120 FY 2025 653 836 374 482 0 1,201 Reported change (0.3)% +3.4% +12.1% +12.8% N/A +7.2% M&F PREM., MID. & ECO. M&F LUXURY & LIFESTYLE REIMBURSED COSTS +2.3% +8.1% +17.3% +20.0% N/A +13.3% At constant currency (1) SALES, MARKETING, DISTRIB UTION & LOY ALTY (116) (117) N/AINTERCOS N/A SMDL (1) 20 18 (6.2)% +43.0% 74 90 +21.1%HA & OTHER +25.9% 43 76 +77.6%SMDL (1) +115.9% 111 107 (3.8)%HA & OTHER +0.4%
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ACCOR - FY 2025 RESULTS 24 FY 2025 recurring EBITDA(1) vs. FY 2024 – From like-for-like to reported Mainly Rikas & Paris Society new venues Negative currency effect AUD: €(14)m EGP: €(9)m TRY: €(8)m USD: €(7)m CAD: €(6)m BRL: €(6)m AED: €(4)m (1) RECURRING EB ITDA IS DEFINED AS OPERATING PROFIT B EFORE DEPRECIATION & AMORTIZATION AND OTHER INCOME & EXPENSES. +12.4% +0.9% (6.1)% +7.2% Like-for-Like €139m Perimeter €10m Currency €(68)m Reported €81m
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ACCOR - FY 2025 RESULTS 25 RIXOS PHU QUOC ISLAND, VIETNAM Q4 Group revenue breakdown In € millions TOTAL REVENUE Q4 2024 230 746 132 421 349 1,494 Q4 2025 236 755 166 452 341 1,526 Reported change +2.8% +1.2% +25.5% +7.2% (2.3)% +2.1% M&F PREM., MID. & ECO. M&F LUXURY & LIFESTYLE REIMBURSED COSTS +6.7% +5.9% +32.8% +12.0% +5.2% +7.5% At constant currency (1) SALES, MARKETING, DISTRIB UTION & LOY ALTY (22) (22) N/AINTERCOS N/A SMDL (1) 109 121 +10.4% +16.9% 180 165 (8.2)%HA & OTHER (6.2)% 240 242 +0.5%SMDL (1) +4.9% 276 277 +0.5%HA & OTHER +6.1%
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ACCOR - FY 2025 RESULTS 26 SWISSÔTEL SHARM EL SHEIKH, EGYPT Q4 M&F revenue In € millions M&F REVENUE FY 2024 230 132 363 FY 2025 236 166 403 Reported change +2.8% +25.5% +11.1% PREM., MID. & ECO. LUXURY & LIFESTYLE +6.7% +32.8% +16.2% At constant currency
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ACCOR - FY 2025 RESULTS 27 Q4 2025 revenue vs. Q4 2024 – From like-for-like to reported +8.5% (1.0)% (5.4)% +2.1% Like-for-Like €127m Perimeter €(15)m Currency €(80)m Reported €32m Negative currency effect USD: €(23)m AUD: €(17)m CAD: €(9)m TRY: €(7)m AED: €(7)m BRL: €(1)m Mainly disposal of Festive
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ACCOR - FY 2025 RESULTS 28 Reconciliations of adjusted net income and adjusted diluted EPS NET INCOME, GROUP SHARE, AS REPORTED In € millions OTHER INCOME & EXPENSES, NET OF TAXES ESSENDI’S SHARE OF (PROFITS)/LOSSES OF ASSOCIATES & JVS TOTAL ADJUSTMENTS ADJUSTED NET INCOME, GROUP SHARE ADJUSTMENTS: FY 2024 FY 2025 610 (35) (2) (184) (186) 449 (64) 58 (3) 55 423 504 246.3 239.8 DILUTED EARNINGS PER SHARE (IN €)(1) 2.33 1.61 388 440 COUPONS ON HYBRID BONDS ADJUSTED NET INCOME (INCL. HYBRID COUPONS), GROUP SHARE 1.58 1.84ADJUSTED DILUTED EARNINGS PER SHARE (IN €) FULLY DILUTED WEIGHTED AVERAGE NUMBER OF SHARES TAX-RELATED ITEMS 0 0 (1) AS PER IFRS RULES, DILUTED EPS IS DEFINED AS NET INCOME, GROUP SHARE, MINUS HY B RID COUPONS DIVIDED B Y THE AVERAGE NUMB ER OF D ILU TED SHARES
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ACCOR - FY 2025 RESULTS RevPAR 3 29
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ACCOR - FY 2025 RESULTS 30 RevPAR – Systemwide Q4 2025 vs. Q4 2024 H2 2025 vs. H2 2024 FY 2025 vs. FY 2024 OR ARR REVPAR OR ARR REVPAR OR ARR REVPAR ENA 67.6 1.2 102 1.4 69 3.3 71.0 1.0 103 (2.4) 73 (1.0) 68.3 1.1 102 (1.1) 70 0.6 MEA APAC 69.5 (0.7) 86 8.7 60 7.6 69.6 (0.8) 81 6.5 56 5.3 67.6 (0.7) 83 5.2 56 4.1 AMERICAS 62.8 1.1 76 9.8 48 11.7 63.2 1.0 71 7.8 45 9.4 61.1 1.6 71 7.3 43 10.2 PREM., MID. & ECO. 68.0 0.4 93 5.2 63 5.8 69.6 0.2 91 1.9 63 2.2 67.3 0.4 91 2.1 61 2.7 LUXURY 68.3 2.8 263 5.1 179 9.4 68.1 2.1 258 3.7 176 6.9 65.6 1.8 260 4.1 171 7.0 LIFESTYLE 67.3 1.7 229 7.3 154 9.9 69.5 1.4 216 5.9 150 8.1 66.7 2.4 217 4.9 145 8.6 LUXURY & LIFESTYLE 67.9 2.5 252 5.6 171 9.5 68.6 1.9 244 4.2 167 7.1 65.9 2.0 246 4.2 162 7.3 SYSTEMWIDE 68.0 0.7 116 5.9 79 7.0 69.4 0.5 113 3.1 78 3.8 67.1 0.6 113 3.2 76 4.2
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ACCOR - FY 2025 RESULTS Portfolio 4 31
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ACCOR - FY 2025 RESULTS 32 Portfolio as of December 31st, 2025 Owned & Leased Managed Franchised Total #HOTELS #ROOMS #HOTELS #ROOMS #HOTELS #ROOMS #HOTELS #ROOMS ENA 8 2,493 744 117,105 2,173 207,379 2,925 326,977 MEA APAC 37 6,809 812 185,458 1,014 150,923 1,863 343,190 AMERICAS 52 10,532 167 27,859 236 36,170 455 74,561 PREM., MID. & ECO. 97 19,834 1,723 330,422 3,423 394,472 5,243 744,728 LUXURY 5 811 289 76,064 85 10,876 379 87,751 LIFESTYLE 2 155 181 41,357 31 7,436 214 48,948 LUXURY & LIFESTYLE 7 966 470 117,421 116 18,312 593 136,699 TOTAL 104 20,800 2,193 447,843 3,539 412,784 5,836 881,427
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ACCOR - FY 2025 RESULTS Exchange rates 5 33
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ACCOR - FY 2025 RESULTS 34 FY 2025 exchange rates AMERICAN DOLLAR (USD) AUSTRALIAN DOLLAR (AUD) TURKISH LIRA (TRY) CANADIAN DOLLAR (CAD) BRITISH STERLING (GBP) BRAZILIAN REAL (BRL) FY 2024 Average Rate FY 2025 Average Rate FY 2025 vs. FY 2024 0.92 0.61 0.17 0.03 0.68 1.18 0.89 0.57 0.16 0.02 0.63 1.17 (4)% (6)% (8)% (20)% (6)% (1)% 1 foreign currency = X euro EGYPTIAN POUND (EGP) 0.02 0.02 (12)%
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ACCOR - FY 2025 RESULTS 35 Q4 2025 exchange rates AMERICAN DOLLAR (USD) AUSTRALIAN DOLLAR (AUD) TURKISH LIRA (TRY) CANADIAN DOLLAR (CAD) BRITISH STERLING (GBP) BRAZILIAN REAL (BRL) Q4 2024 Average Rate Q4 2025 Average Rate Q4 2025 vs. Q4 2024 0.93 0.61 0.16 0.03 0.67 1.20 0.86 0.56 0.16 0.02 0.62 1.14 (8)% (8)% (1)% (25)% (8)% (5)% 1 foreign currency = X euro EGYPTIAN POUND (EGP) 0.02 0.02 (4)%
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ACCOR - FY 2025 RESULTS Glossary 6 36
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ACCOR - FY 2025 RESULTS 37 Glossary Division definitions Region organization Like-for-like (L/L) definition for P&L figures • M&F: Management & Franchise • SMDL: Sales, Marketing, Distribution & Loyalty • HA & Other: Hotel Assets & Other • ENA: Europe North Africa including France, Germany and UK • MEA APAC: Middle East, Africa & Asia Pacific including United Arab Emirates, China and Australia • Americas: North, Central and South America & Caribbean • Foreign exchange changes vs. Euro are cancelled applying the n-1 exchange rate to year n (i.e. definition for variationd at constant rate) • Perimeter effects (i.e. acquisitions and disposals) are neutralized: • Excluding impacts from disposals defined as a change in the consolidation methodology of a given entity • Excluding impacts from acquisition defined as a change in the consolidation methodology of a given entity or as the acquisition of an activity or company • Excluding impact from subsidiaries hotel openings & closings • Organic system growth and churn are not neutralized on HotelServices revenue