Accor raises lower end of 2026 earnings forecast to 1,270 million euros
Key Facts
Accor raised the lower end of its 2026 recurring earnings before interest, taxes, depreciation and amortisation forecast to 1,270 million euros, according to its third-quarter results disclosure, as revenue grew and luxury hotel performance improved. The annual earnings forecast now ranges between 1,270 and 1,285 million euros, with the upper end unchanged. The group had announced a range of 1,260 to 1,285 million euros with its first-half results, meaning the latest revision only raises the lower end. Third-quarter revenue reached 1,503 million euros, compared with 1,369 million euros in the same period of 2025. That represents reported annual growth of 9.8%, while growth at constant exchange rates was 7.7%, according to the results statement.
Across its hotel operations, Accor's financial presentation showed group revenue per available room rose 4.9% year on year in the third quarter of 2026. Growth in the metric reached 5.6% excluding the Middle East. Group occupancy reached 70.6%, a slight annual increase of 0.1 percentage points, while the average room rate rose 4.7%. The luxury and lifestyle segment recorded stronger revenue per available room growth of 8.3% compared with the same quarter a year earlier, driven by higher average room rates, according to the disclosure. The chief executive identified "the luxury and lifestyle segment and a favourable events calendar" as the quarter's main growth drivers.
In the UAE, the premium, midscale and economy hotel segment improved compared with the previous quarter but remained below last year's levels, according to Accor's statement. UAE revenue per available room in this segment remained about 20% lower year on year in the third quarter. This follows a broader improvement in the UAE market over the summer, according to coverage published by Investing.com in early September of Deutsche Bank research on Accor. That coverage said UAE market revenue per available room in August, up to the measurement date cited, was down 20%, compared with a trough of a 70% decline in April. The region carries weight in Accor's business, with the Middle East accounting for 8% of the group's room portfolio at the end of December 2025, according to its first-half results disclosure. Its contribution to room revenue in 2025 was about 12%, exceeding its share of the room portfolio.
Accor recorded recurring earnings before interest, taxes, depreciation and amortisation of 563 million euros in the first half of 2026. Those earnings rose 6.5% at constant exchange rates, according to the results statement for that period. In earlier coverage of third-quarter results, Morgan Stanley upgraded the group's shares on September 4 from equal-weight to overweight, according to Investing.com. The bank also named Accor among its top picks. The group's shares rose 2.5% during the September 4 session following the upgrade, a move that preceded the third-quarter results announcement and the increase in the lower end of the annual earnings forecast.
On expansion, Accor's net network growth reached 3.0% over the twelve months ended September 2026, according to the group's financial presentation. The hotel development pipeline increased 9.5% at the end of September compared with a year earlier. The group revised its 2026 net network growth forecast to a range of 3.0% to 3.5%. On room performance, Accor expects annual revenue per available room growth at the upper end of a range of 2.0% to 2.5%. The group also expects to complete the sale of its stake in Essendi in the fourth quarter of 2026, following customary regulatory and competition authority approvals.