Accor in the first half 2025: Solid activity in a complex
macroeconomic environment - Get updated on what's happening in tourism!

He continued saying: "At constant currency1, for the full year 2025, we are confirming our RevPAR, network and recurring EBITDA growth targets, in line with our June 2023 Capital Market Day medium-term prospects We will also continue, as promised, our attractive shareholder return policy by launching the second tranche of our share buyback program.”

Constant currency based on FY24 average exchange rate

In a tense macroeconomic environment marked by geopolitical uncertainty and significant currency fluctuations, the Group demonstrated the resilience of its business. The diversification of its hotel portfolio, both in terms of geography and segments, enables it to capture continued strong global demand.

During the first half of 2025, Accor opened 117 hotels, corresponding to more than 15,000 rooms, representing net unit growth of 1.9% over the last 12 months. At the end of June 2025, the Group has a hotel portfolio of 854,695 rooms (5,740 hotels) and a pipeline of more than 241,000 rooms (1,432 hotels).

Second quarter 2025 RevPAR

The Premium, Midscale and Economy (PM&E) division posted a 2.9% increase in RevPAR compared with the second quarter of 2024. Three-quarters of this increase in RevPAR was driven by prices, and one-quarter by occupancy rates.

The Europe North Africa (ENA) region posted a 3.3% increase in RevPAR compared with the second quarter of 2024, driven by higher occupancy rates. The sequential improvement of 2.7% points compared to the first quarter was driven primarily by France.

In France, which accounts for 43% of the region's room revenue, the increase in RevPAR was strongly positive in the second quarter. The Paris region benefited particularly from a favorable comparison due to the pre- Olympic Games impact in June 2024 and from a strong tourist traffic. The performance in the provinces was more moderate, with RevPAR returning to slightly positive growth in the second quarter of 2025.

In the UK, which accounts for 11% of the region's room revenue, both London and the provinces continued to record a decline in RevPAR in the second quarter, due to weak confidence among economic agents about the country's situation.

In Germany, which accounts for 12% of the region's room revenue, the RevPAR variation was negative in the second quarter due to a highly unfavorable comparison basis in June 2024 linked to the 2024 European Football Championship.

The Middle East, Africa and Asia-Pacific region posted a 1.2% increase in RevPAR compared with the second quarter of 2024. This RevPAR growth was driven solely by prices, which offset a slight decline in occupancy rates.

In the Middle East-Africa region, which accounts for 27% of the region's room revenue, RevPAR trends were mixed: the United Arab Emirates posted double-digit growth despite some cancellations linked to tensions in Iran. However, the timing of Ramadan and stricter entry rules for the Hajj pilgrimage had a negative impact on Saudi Arabia.

Southeast Asia, which accounts for 31% of the region's room revenue, posted resilient RevPAR growth despite lower tourist arrivals from China due to security concerns in Thailand and the slowdown in the Indonesian economy following government budget restrictions.

The Pacific, which accounts for 24% of the region's room revenue, posted a strong rebound in the second quarter, particularly after the impact of Tropical Storm Alfred, which affected the Queensland region of Australia in March.

In China, which accounts for 18% of the region's room revenue, the RevPAR variation remained negative with no significant improvement in the country's economy.

The Americas region, which mainly reflects the performance of Brazil (62% of the region's room revenue), delivered a 1% increase in RevPAR compared with the second quarter of 2024.

Brazil continued to record strong price increases driven by sustained demand from corporate guests.

The Luxury & Lifestyle (L&L) division posted a 7.0% increase in RevPAR compared with the second quarter of 2024, driven by both prices and occupancy rates.

Luxury, which accounts for 72% of the division's room revenue, posted a 3% increase in RevPAR compared with the second quarter of 2024. RevPAR growth in the segment was strong across all brands and regions, outperforming the PM&E segment in comparable areas.

Lifestyle showed a 12.0% increase in RevPAR compared with the second quarter of 2024. Resort hotels continued to perform well during the quarter, particularly in Turkey, Egypt, and the United Arab Emirates.

Consolidated revenue

The Group recorded revenue of €2,745 million in the first half of 2025, up 2.5% compared with the first half of 2024. This growth breaks down into a 0.1% increase for the Premium, Midscale and Economy division and 5.6% for the Luxury & Lifestyle division.

Currency effects had a negative impact of €69 million, mainly related to the Brazilian real ((13)%), the Australian dollar ((4)%) and the Canadian dollar ((4)%). At constant currency, revenue increased by 5.1% in the first half of the year.

Scope effects, mainly related to 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), contributed positively for €36 million.

Picture Credit: Accor