The hotel business during the first two months of 2026 was remarkably solid, consistent with the momentum observed in the fourth quarter of 2025.

The conflict in the Middle East, which began at the end of February, has since severely disrupted the macroeconomic and geopolitical context. Activity in the Middle East, primarily in the United Arab Emirates, has been strongly impacted, while demand in other Accor geographies is holding up. The evolution of the conflict and its impacts remain uncertain. Nevertheless, the Group's growth algorithm remains intact.

In the first quarter of 2026, Accor opened 48 hotels corresponding to more than 6,700 rooms, representing a net unit growth of 3.8% over the last twelve months. At the end of March 2026, the Group had a hotel network of 879,676 rooms (5,815 hotels) and a pipeline of 260,000 rooms (1,545 hotels).

First quarter 2026 RevPAR

The Premium, Midscale and Economy (PM&E) division posted a 4.5% increase in RevPAR compared with the first quarter of 2025, primarily driven by prices.

The Europe North Africa (ENA) region posted a 2.7% increase in RevPAR compared with the first quarter of 2025, driven almost solely by the occupancy rate.

·       In France, which accounts for 44% of the region's room revenue, the RevPAR variation in both Paris and the provinces remained robust after an excellent month of December.

·       In the United Kingdom, which accounts for 12% of the region's room revenue, the rebound in activity observed since the third quarter of 2025 was confirmed in both London and the provinces.

·       In Germany, which accounts for 12% of the region's room revenue, RevPAR returned to slightly negative territory during the first quarter, with activity level that remains highly correlated to events and fairs.

The Middle East, Africa and Asia-Pacific region posted a 5.5% increase in RevPAR compared with the first quarter of 2025, driven almost solely by prices.

·       Southeast Asia, which accounts for 32% of the region's room revenue, once again became the area with the strongest growth in the region. Thailand and Indonesia, which had experienced a challenging 2025, saw their RevPAR variation return to positive territory in the first quarter of 2026. Singapore and Japan also continued to show solid growth during the period.

·       In the Middle East Africa region, which accounts for 27% of the region's room revenue, RevPAR growth remained positive despite the conflict that began on February 28th, impacting the activity more significantly as of mid-March. The United Arab Emirates posted a 9% decrease in RevPAR during the first quarter, while Saudi Arabia and Egypt RevPARs grew during the period.

·       The Pacific, which accounts for 26% of the region's room revenue, continued to show strong RevPAR growth, consistent with the trend observed during fiscal year 2025.

·       In China, which accounts for 15% of the region's room revenue, RevPAR trends continued to improve sequentially but remained slightly negative.

The Americas region, which mainly reflects the performance of Brazil (59% of the region's room revenue), posted a 9.1% increase in RevPAR compared with the first quarter of 2025.

·       Brazil continued to show double-digit RevPAR growth during this period.

The Luxury & Lifestyle (L&L) division posted a 6.0% increase in RevPAR compared with the first quarter of 2025, two-third driven by prices.

·       Luxury, which accounts for 72% of the division's room revenue, posted a 6.8% increase in RevPAR compared with the first quarter of 2025. All brands and regions except Middle East contributed to this strong performance, confirming global demand for this segment.

·       Lifestyle, which is more exposed to the Middle East, posted a 4.2% increase in RevPAR compared with the first quarter of 2025. Resort hotels, due to their strong presence in the United Arab Emirates, were more strongly impacted by the conflict. “Lifestyle collective” hotels, for their part, continued to show solid RevPAR growth throughout the quarter.

Group revenue

For the first quarter of 2026, the Group recorded revenue of €1,313 million, up 2.3% at constant currency compared with the first quarter of 2025. This increase breaks down into a 4.6% rise at constant currency for the Premium, Midscale and Economy division and a 0.7% decrease at constant currency for the Luxury & Lifestyle division, which was negatively impacted by disposals accounting for 6.2%.

Currency effects had a negative impact of €66 million, mainly related to the US dollar (-10%), the UAE dirham (-10%), and the Canadian dollar (-6%).

Scope effects (€18 million) were mainly related to the disposal of Paris Society's “Festive” 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 €663 million, up 4.6% at constant currency compared with the first quarter of 2025.

Management & Franchise (M&F) revenue stood at €201 million, up 4.3% at constant currency compared with the first quarter of 2025. This increase mainly reflects RevPAR growth over the period (up 4.5%) partially offset by the negative impact of conversions of a limited number of management contracts into franchise contracts, as anticipated, as well as the slower growth of incentive fees for hotels under management contracts.

Sales, Marketing, Distribution and Loyalty (SMDL) revenue totaled €216 million, up 4.4% at constant currency compared with the first quarter of 2026, negatively impacted by accounting effects concentrated in the first quarter of 2025.

Hotel Assets & Other revenue amounted to €245 million, up 5.2% at constant currency compared with the first quarter of 2025, driven by strong performances in hotels in Brazil and Australia.

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 €341 million, down 0.7% at constant currency compared with the first quarter of 2025. Disposals negatively impacted revenue growth by 6.2%.

Management & Franchise (M&F) revenue stood at €131 million, up 15.2% at constant currency compared with the first quarter of 2025. This increase is in line with the RevPAR growth algorithm (up 6.0%) and network expansion.

Sales, Marketing, Distribution and Loyalty (SMDL) revenue totaled €96 million, up 10.6% at constant currency compared with the first quarter of 2025.

Hotel Assets & Other revenue amounted to €115 million, down 20,0% at constant currency compared with the first quarter of 2025, mainly reflecting the disposal of Paris Society's “Festive” activity (€21 million impact) and the decline in restaurant activity at Paris Society and Rikas since the beginning of the conflict in the Middle East.

Reimbursed costs revenue

“Reimbursed costs” revenue (which corresponds to the charge back of costs incurred on behalf of hotel owners) amounted to €328 million, up 0.5% at constant currency compared with the first quarter of 2025.

Return to shareholders

During the publication of its 2025 annual results on February 19, 2026, Accor announced the implementation of a €450 million share buyback program in 2026. In this context, the Group announced on April 2, 2026, the launch of the first tranche of this share buyback program for an amount of €225 million.

Events since January 1st, 2026

Silenseas

On February 6, 2026, Accor sold  a portion of its stake in Silenseas, a company offering luxury cruises aboard sailing ships under the Orient Express brand, to a Swiss investment company. This company also acquired an indirect stake in Orient Express SAS, entity owning the Orient Express brand, and OE Management Company, entity managing hotels and trains under Orient Express brand, and took over part of the shareholder loans that the Group had granted to OE Management Company. This transaction generated cash proceeds of €66 million.

Middle East

The Group's management is closely monitoring the development of current geopolitical tensions, particularly since early March 2026 in the Middle East. The potential impact of the current conflict in the area around Iran and its consequences on the global economy are currently uncertain. The Middle East accounted for 8% of the room portfolio at the end of December 2025 and 12% of the 2025 room revenue.

Allegations questioning the Group's human rights practices

Following the publication of a report on March 19 questioning the Group's human rights practices, Accor wishes to provide the following answers and clarifications: The Group firmly denies involvement in the alleged systemic exploitation of human or child trafficking. At this stage, and following the publication of this report, the Group is conducting a detailed internal investigation and has hired an external firm to verify the cited facts. The conclusions of these verifications will be made public. Should any of these allegations be confirmed, the Group would take all appropriate measures and reserve the right to prosecute parties involved in such practices.

Following the press releases issued on December 17, 2025, and February 19, 2026, Accor and Blackstone announced that they have signed, on April 1, a memorandum of understanding regarding the sale of Accor's 30.56% stake in Essendi (formerly AccorInvest).