Accor has published its H1 2026 results, marked by solid growth despite a deteriorated geopolitical environment in the Middle East. The Group’s RevPAR rose 2.2% over the half-year, and 4.6% excluding the Middle East. Net network growth reached 3.2% over twelve months, with the pipeline up 11.4%. Recurring EBITDA stood at €563 million, up 6.5% at constant currency, while recurring free cash flow jumped 42% to €194 million.
“Once again this half-year, and despite the disruption linked to the situation in the Middle East, the Group’s performance shows solid growth,” said Sébastien Bazin, Chairman and CEO of Accor. He highlighted the momentum in the Group’s key markets, the commitment of its teams, the appeal of its brands and rigorous cost management, as well as the definitive agreement to sell Accor’s stake in Essendi, which he described as a key step towards an asset-light model.
The conflict that began in late February in the Middle East significantly affected activity in the region, particularly in the United Arab Emirates, with a direct impact on the Group’s Lifestyle segment. The Luxury & Lifestyle division thus posted a 1.4% decline in RevPAR in the second quarter, but a 9.4% increase excluding the Middle East. Within this division, the Luxury brand grew by 2.5%, while Lifestyle fell by 11.3% over the period, with resort hotels the most exposed to the conflict.
Ennismore, Accor’s lifestyle joint venture, posted recurring EBITDA of €84 million on a contributive basis within the Group’s accounts in H1 2026, a significant contribution within the Luxury & Lifestyle division, whose overall recurring EBITDA reached €228 million, up 8.5% at constant currency. Asked during the analyst conference, Sébastien Bazin said Accor would decide by the end of the third quarter of 2026 on a possible IPO for Ennismore, but that no scenario would take the Group below 51% ownership of the joint venture, currently held at 62%. This threshold allows Accor to continue fully consolidating Ennismore’s results in its accounts, rather than only its proportional share.
During the half-year, Accor opened 109 hotels representing nearly 14,000 rooms. As at the end of June 2026, the Group’s estate totalled 881,928 rooms across 5,835 hotels, with a pipeline of more than 268,000 rooms across 1,595 hotels. Net profit attributable to the Group stood at €114 million, compared with €233 million a year earlier, reflecting higher non-recurring charges, while adjusted net profit came in at €231 million.
Among the half-year’s notable events, Accor sold part of its stake in Silenseas, the luxury cruise company operating under the Orient Express brand, for proceeds of €66 million. On 23 July 2026, the Group also signed the definitive sale deed for its 30.7% stake in Essendi (formerly AccorInvest) to a consortium formed by Blackstone and Colony IM, for an amount of up to €975 million, with the portfolio gradually converting to franchise agreements under Accor brands. This transaction is expected to close in the fourth quarter of 2026.
The Group also conducted internal and external audits, with support from the GoodCorporation firm, following allegations published in March 2026 by Grizzly Research concerning its child sexual exploitation safeguarding measures. The findings of this work, which identified areas for reinforcement that the Group is committed to implementing in 2026, were published on 27 May 2026.
For the full year 2026, Accor expects annual RevPAR growth of between 2% and 2.5%, network growth of around 3.5%, and recurring EBITDA of between €1,260 million and €1,285 million. The Group is also launching a second €225 million share buyback tranche, following a first tranche of the same amount completed in H1.
🔗 Also on LTH: Q1 2026 Results | Accor posts moderate growth, weighed down by Middle East tensions
At a Glance
Accor — H1 2026 Results
RevPAR +2.2% (H1 2026), +4.6% excluding the Middle East
Recurring EBITDA: €563M, +6.5% at constant currency; recurring free cash-flow: €194M, +42%
Ennismore contributed €84M in recurring EBITDA (contributive view) within Luxe & Lifestyle
Ennismore IPO decision expected by end of Q3 2026; Accor confirms it will not drop below 51% ownership (currently 62%), to keep consolidating the JV’s results
109 hotels opened in H1 2026 (~14,000 rooms); total estate of 881,928 rooms (5,835 hotels), pipeline of 268,000+ rooms
Essendi (ex-AccorInvest) stake sale to Blackstone/Colony IM finalized, up to €975M, closing expected Q4 2026
Second €225M share buyback tranche launched; FY2026 recurring EBITDA guidance: €1,260-1,285M
