Accor reported its full-year 2025 results.
Highlights include:
- RevPAR up 4.2% for full-year 2025, including a 7 percent increase in the fourth quarter
- Net unit growth of 3.7 percent
- Recurring EBITDA up 13 percent at constant currency, at $1,417,143
- M&F Recurring EBITDA margin up 100 basis points
- Adjusted EPS up 16 percent
Statement from Leadership
Sébastien Bazin, chairman and chief executive officer of Accor, said, “Once again, the Accor Group delivered solid performance in 2025, in line with its medium-term objectives. This consistent year-on-year improvement in results confirms the strength of the Group’s business model, the attractiveness of its brands, the relevance of its geographic positioning, and the commitment of its teams.
“These strengths, combined with an increasingly powerful distribution platform and loyalty program, the rapid integration of artificial intelligence into our digital roadmap, and the robustness of our pipeline, enable us to further accelerate our development and to operate with even greater efficiency. In 2026, we will continue rigorously to execute on our strategy. We remain confident in our ability to once again deliver enhanced operational and financial performance.”
During full-year 2025, Accor opened 303 hotels, corresponding to nearly 51,000 rooms, representing a net unit growth of 3.7 percent over the last 12 months. At the end of December 2025, the Group had a hotel portfolio of 881,427 rooms (5,836 hotels) and a pipeline of more than 257,000 rooms (1,527 hotels).
Fourth-Quarter 2025 RevPar
The Premium, Midscale and Economy (PM&E) division posted a 5.8% increase in RevPAR compared with the fourth quarter of 2024, primarily driven by prices.
- The Europe North Africa (ENA) region posted a 3.3 percent increase in RevPAR compared with the fourth quarter of 2024.
- In France, which accounts for 42 percent of the region’s room revenue, RevPAR returned to positive growth with an excellent month of December and following a mechanically negative third quarter due to the Paris 2024 Olympic and Paralympic Games.
- In the UK, which accounts for 12 percent of the region’s room revenue, both London and the provinces confirmed that the rebound in activity observed since the third quarter remained solid.
- In Germany, which accounts for 13 percent of the region’s room revenue, RevPAR returned to positive territory after three consecutive quarters of decline.
- The Middle East, Africa, and Asia-Pacific region posted a 7.6 percent increase in RevPAR compared with the fourth quarter of 2024. This RevPAR growth was driven solely by prices, while the slight decline in occupancy rates was attributable to China, which continued to weigh on the region’s performance (excluding China, the region’s RevPAR was up 10.4 percent).
- In the Middle East-Africa region, which accounts for 26 percent of the region’s room revenue, all major destinations in the region, including Saudi Arabia and the United Arab Emirates, recorded double-digit RevPAR growth.
- Southeast Asia, which accounts for 32 percent of the region’s room revenue, once again posted solid RevPAR growth after a weaker third quarter impacted by security concerns in Thailand and disrupted travel conditions in Indonesia. Singapore also benefited from a positive calendar effect linked to the Formula 1 Grand Prix in October 2025, while Japan continued to post satisfying performance despite tensions with China.
- The Pacific, which accounts for 26 percent of the region’s room revenue, maintained double-digit RevPAR growth in the fourth quarter, driven by both prices and occupancy rates.
- In China, which accounts for 16 percent of the region’s room revenue, RevPAR trends continued to improve sequentially but remained negative at this stage.
- The Americas region, which mainly reflects the performance of Brazil (64 percent of the region’s room revenue), posted an 11.7 percent increase in RevPAR compared with the fourth quarter of 2024.
- Brazil notably benefited from the COP30 held in Belém in November 2025, where Accor is present with eight hotels.
The Luxury & Lifestyle (L&L) division posted a 9.5 percent increase in RevPAR compared with the fourth quarter of 2024, driven by both prices and occupancy rates.
- Luxury, which accounts for 71 percent of the division’s room revenue, posted a 9.4 percentincrease in RevPAR compared with the fourth quarter of 2024. RevPAR growth in the segment strengthened across all brands and regions, outperforming the PM&E segment in comparable areas and confirming the momentum observed in previous quarters.
- Lifestyle posted a 9.9 percent increase in RevPAR compared with the fourth quarter of 2024. Resort hotels remained a key contributor to this growth, particularly in Turkey, Egypt, and the United Arab Emirates, while the “Lifestyle collective” hotels also recorded their strongest RevPAR growth in FY 2025.
Consolidated Revenue
For full-year 2025, the Group recorded revenue of $6,653,286, up 4.5 percent at constant currency compared with full-year 2024. This increase breaks down into a 2.4 percent rise at constant currency for the Premium, Midscale, and Economy division and a 9.8 percent rise at constant currency for the Luxury & Lifestyle division.
Currency effects had a negative impact of $256,031,790, mainly related to the Australian dollar ((6) percent), the US dollar ((4) percent), and the Canadian dollar ((6) percent).
Scope effects were almost neutral ($2,359,743 million), as the disposal of Paris Society’s “Festive” activity offset the full-year impact of the acquisition of Rikas (in March 2024) and the opening of new Paris Society venues in the Luxury & Lifestyle division (Hotel Assets & Other activity).
Premium, Midscale & Economy revenue
Premium, Midscale and Economy, which includes fees from Management & Franchise (M&F), Sales, Marketing, Distribution and Loyalty (SMDL), and Hotel Assets & Other activities of the Group’s Premium, Midscale and Economy brands, generated revenue of $3,366,925, up 2.4 percent at constant currency compared with full-year 2024.
Management & Franchise (M&F) revenue stood at $1,052,606,732, up 1.9 percent at constant currency compared with full-year 2024. This increase mainly reflects RevPAR growth over the period (up 2.7 percent), partially offset by the negative impact of conversions of a limited number of management contracts into franchise contracts, as anticipated.
Sales, Marketing, Distribution, and Loyalty (SMDL) revenue totaled €1,102,082,640, up 1.2 percent at constant currency compared with full-year 2024.
Hotel Assets & Other revenue was up 4.1 percent at constant scope compared with full-year 2024, driven by strong performances in hotels in Brazil and Turkey.
Luxury & Lifestyle Revenue
Luxury & Lifestyle, which includes fees from Management & Franchise (M&F), Sales, Marketing, Distribution and Loyalty (SMDL), and Hotel Assets & Other activities of the Group’s Luxury & Lifestyle brands, generated revenue of $1,885,711.9, up 9.8 percent at constant currency compared with FY 2024.
Management & Franchise (M&F) revenue stood at $632,504,120, up 13.1 percent at constant currency compared with FY 2024. This increase was supported by RevPAR growth (up 7.3 percent) and network expansion.
Sales, Marketing, Distribution and Loyalty (SMDL) revenue totaled $500,332,720, up 12.1 percent at constant currency compared with FY 2024, also reflecting RevPAR growth, network expansion, and the solid momentum of the loyalty program.
Hotel Assets & Other revenue was up 5.5 percent at constant currency compared with FY 2024.
Reimbursed Costs Revenue
“Reimbursed costs” revenue (which corresponds to the charge back of costs incurred on behalf of hotel owners) amounted to $1,498,638, up 2.9 percent at constant currency compared with FY 2024, mainly driven by wage inflation in North America.
Net Profit
Net profit, Group share amounted to $529,988,375 for FY 2025, compared with $720,028,750 for FY 2024, which had benefited from significant capital gains on the disposal of Essendi assets.
To facilitate comprehension of net profit and diluted earnings per share, the Group has chosen to publish an adjusted net profit and adjusted diluted earnings per share, by adjusting for non-recurring items (i.e., non-recurring income and expenses and related tax adjustments, Essendi’s share of profits/losses, as well as exceptional tax-related items).
Adjusted net profit, Group share amounted to $594,928,938 for FY 2025, compared with $499,315,358 for FY 2024.
