Sébastien Bazin, Chairman and Chief Govt Officer of Accor, mentioned:
“Ambition, self-discipline and excessive requirements are the three pillars which have guided Accor’s actions in 2024. They’ve as soon as once more enabled us to put up document outcomes, in step with every of the targets now we have set for the Group. This efficiency displays the extraordinary dedication of our groups, the power of our manufacturers and our digital instruments, the renewed confidence of our companions and the effectivity of our group primarily based on two autonomous and complementary divisions. Due to this vigorous progress, we are going to suggest an elevated return to shareholders on the subsequent Normal Assembly. On these stable foundations, and by persevering with to regulate our future, we’re approaching 2025 with confidence and the ambition to as soon as once more ship wonderful outcomes.”
1 Recurring EBITDA is outlined as operation revenue earlier than depreciation & amortization and different earnings & bills. This definition is strictly an identical to the “EBITDA” metric introduced within the earlier years.
All through 2024, together with a really robust fourth quarter, the hospitality sector proved resilient in a contrasting client setting. The Group’s diversification by way of each geography and phase enabled it to put up even stronger exercise. Because of this, each divisions – Premium, Midscale and Financial system (PM&E) and Luxurious & Life-style (L&L) – reported outcomes properly in step with the outlook introduced on the June 2023 Investor Day.
In 2024, Accor opened 293 lodges, akin to greater than 50,000 rooms, i.e., internet community progress of three.5% within the final 12 months. At end-December 2024, the Group had a resort portfolio of 850,285 rooms (5,682 lodges) and a pipeline of greater than 233,000 rooms (1,381 lodges).
Fourth quarter RevPAR
The Premium, Midscale and Financial system (PM&E) division posted a 4% improve in RevPAR in contrast with the fourth quarter of 2023, pushed equally by costs and occupancy.
- The Europe North Africa (ENA) area posted a 2% improve in RevPAR in contrast with This fall 2023, pushed by increased occupancy charges. The three foremost nations pursued the momentum seen within the first 9 months of the 12 months, with Germany outperforming France and the UK.
- In France, which accounts for 42% of the area’s room income, the change in RevPAR in Paris was barely detrimental within the fourth quarter, as a consequence of an unfavorable foundation of comparability with the Rugby World Cup in October 2023. Nonetheless, this pattern turned optimistic once more in December 2024, due to robust worldwide demand, notably from the US, the reopening of Notre-Dame de Paris and the post-Olympic Video games impact. In the meantime, efficiency within the provinces was much less unstable, with RevPAR stabilizing within the fourth quarter of 2024.
- Within the UK, which accounts for 13% of the area’s room income, each London and the provinces posted weak RevPAR progress, in step with the primary three quarters of the 12 months.
- In Germany, which accounts for 13% of the area’s room income, RevPAR progress was barely stronger than in France and the UK. Occupancy, 5 factors under the extent of the fourth-quarter 2019 degree, stays an necessary vector for future progress.
- The Center East, Africa and Asia-Pacific area rebounded within the quarter, posting a 5% improve in RevPAR in contrast with the fourth quarter of 2023. Two- thirds of this improve in RevPAR was pushed by costs, and one-third by occupancy charges.
- Within the Center East-Africa area, which accounts for twenty-four% of the area’s room income, Saudi Arabia explains the rebound in RevPAR. Certainly, within the third quarter of 2024, Saudi Arabia needed to cope with a troublesome foundation of comparability linked to spiritual pilgrimages. This nation is benefiting from robust demand, mirrored in an occupancy price now at 70%, 10 factors above the pre-crisis degree.
- Southeast Asia, which accounts for 33% of the area’s room income, posted double-digit RevPAR progress, reflecting the area’s rising attraction. Occupancy now at 71% exceeds its 2019 degree.
- The Pacific, which accounts for 25% of the area’s room income, resumed optimistic progress within the fourth quarter, pushed by robust demand from leisure clients, received over by a pretty pricing coverage.
- In China, which accounts for 18% of the area’s room income, the scenario improved in This fall 2024, though the change in RevPAR remained detrimental in comparison with This fall 2023.
- The Americas area, which primarily displays the efficiency of Brazil (61% of the area’s room income), posted a 12% improve in RevPAR in contrast with the fourth quarter of 2023.
- Brazil, whose occupancy price returned to its pre-crisis degree within the second quarter of 2022, continued to document an increase in occupancy and benefited from increased costs.
The Luxurious & Life-style (L&L) division posted its finest efficiency for the 12 months with a ten% improve in RevPAR in contrast with This fall 2023, pushed by each costs and occupancy.
- Luxurious, which accounts for 74% of the division’s room income, posted a 9% improve in RevPAR in contrast with the fourth quarter of 2023. RevPAR progress was stable throughout all manufacturers and areas, outperforming the PM&E phase in comparable areas and demonstrating the resilience of the Luxurious phase in lodges.
- Life-style posted an 11% improve in RevPAR in contrast with the fourth quarter of 2023. This improve was in step with the momentum noticed within the first three quarters of 2024. The resort resort phase once more recorded a stable quarter in Turkey, Egypt and the United Arab Emirates. This demonstrates the ever- rising attraction for distinctive experiences.
Consolidated income
The Group reported income of €5,606 million in 2024, up 11% with 2023. This progress breaks down right into a 5% improve for the Premium, Midscale and Financial system (PM&E) division and 19% for the Luxurious & Life-style division.
Scope results, linked primarily to the full-year impact of Potel & Chabot (takeover in October 2023) and the acquisition of Rikas (in March 2024) within the Luxurious & Life-style division (the Resort Property & Different exercise), positively contributed for €223 million.
Forex results had a detrimental affect of €117 million, stemming primarily from the Turkish lira ((28)%), the Egyptian pound ((32)%) and the Brazilian actual ((7)%).
| In € hundreds of thousands | 2023 | 2024 | Change (reported) |
| Administration & Franchise | 854 | 899 | +5% |
| Companies to House owners | 1,076 | 1,158 | +8% |
| Resort Property & Different | 1,030 | 1,045 | +1% |
| Premium, Mid. & Eco. (1) | 2,960 | 3,103 | +5% |
| Administration & Franchise | 446 | 494 | +11% |
| Companies to House owners | 1,359 | 1,479 | +9% |
| Resort Property & Different | 371 | 614 | +66% |
| Luxurious & Life-style | 2,175 | 2,587 | +19% |
| Intercos | (79) | (84) | N/A |
| TOTAL | 5,056 | 5,606 | +11% |
(1) Premium, Mid. & Eco. = Premium, Midscale and Financial system
Premium, Midscale and Financial system income
Premium, Midscale and Financial system, which incorporates charges from Administration & Franchise (M&F), Companies to House owners and Resort Property & Different actions of the Group’s Premium, Midscale and Financial system manufacturers, generated income of €3,103 million, up 5% versus FY 2023. This improve displays the resort enterprise recorded over the interval.
The Administration & Franchise (M&F) income stood at €899 million, up 5% versus FY 2023, in step with the rise in RevPAR over the interval (+4.9%). The regional efficiency of Administration & Franchise is detailed within the pages hereafter.
Companies to House owners income, which embrace Gross sales, Advertising, Distribution and Loyalty division, in addition to shared companies and reimbursement of prices incurred on behalf of resort house owners, totaled €1,158 million, up 8% versus FY 2023. This improve, stronger than the change in RevPAR, displays an enchancment in our distribution channel combine.
Resort Property & Different income was up 1% versus FY 2023. This exercise is strongly linked to enterprise in Australia and Brazil. The disposal of Accor Trip Membership in March 2024, the gradual disposal of some leaseholds, and trade price fluctuations mitigated the stable enterprise efficiency recorded for every nation.
Luxurious & Life-style income
Luxurious & Life-style, which incorporates charges from Administration & Franchise (M&F), Companies to House owners and Resort Property & Different actions of the Group’s Luxurious & Life-style manufacturers, generated income of €2,587 million, up 19% versus FY 2023. This improve additionally displays the sustained enterprise exercise recorded over the interval, in addition to the aforementioned scope results.
The Administration & Franchise (M&F) income stood at €494 million, up 11% versus FY 2023, pushed by the change in RevPAR (+7.3%), in addition to the tempo of recent resort openings and the rise in residential charges within the Life-style phase. The efficiency of Administration & Franchise is detailed within the pages hereafter.
Companies to House owners income, which embrace Gross sales, Advertising, Distribution and Loyalty division, in addition to shared companies and reimbursement of prices incurred on behalf of resort house owners, totaled €1,479 million, up 9% versus FY 2023.
Resort Property & Different income was up 66% versus FY 2023. This exercise features a vital scope impact linked the full-year affect of Potel & Chabot (takeover in October 2023) and the acquisition of Rikas (in March 2024).
Administration & Franchise (M&F) income
| In € hundreds of thousands | 2023 | 2024 | Change (reported) |
| ENA(1) | 512 | 537 | +5% |
| MEA APAC (2) | 270 | 290 | +7% |
| Americas | 71 | 72 | +2% |
| Premium, Mid. & Eco. (3) | 854 | 899 | +5% |
| Luxurious | 326 | 337 | +3% |
| Life-style | 120 | 157 | +31% |
| Luxurious & Life-style | 446 | 494 | +11% |
| TOTAL | 1,300 | 1,393 | +7% |
(1) ENA = Europe North Africa
(2) MEA APAC = Center East, Africa and Asia-Pacific
(3) Premium, Mid. & Eco. = Premium, Midscale and Financial system
Administration & Franchise income got here to €1,393 million, up 7% in contrast with 2023. This variation displays RevPAR progress within the Group’s numerous areas and segments (+5.7% versus FY 2023).
Within the PM&E division, it needs to be famous that the Americas, primarily Brazil, is affected by the autumn within the Brazilian actual which started in Could 2024.
Within the L&L division, the tip of incentive payment exemptions in some lodges, notably below Sofitel and Fairmont manufacturers, had a slight downward affect on M&F income progress within the Luxurious phase.
Consolidated Recurring EBITDA
Consolidated Recurring EBITDA got here to €1,120 million for 2024, a brand new document for Accor and up 12% versus FY 2023. This efficiency is because of the resilience of RevPAR, portfolio progress, margin enchancment within the M&F enterprise, strict price self-discipline in Companies to House owners and the event of the Resort Property & Different enterprise (notably within the Luxurious & Life-style division) mixed with quite a lot of acquisitions (Rikas and Potel & Chabot).
| In € hundreds of thousands | 2023 | 2024 | Change (reported) |
| Administration & Franchise | 611 | 655 | +7% |
| Companies to House owners | 24 | 43 | NM |
| Resort Property & Different | 115 | 111 | (3)% |
| Premium, Mid. & Eco. (1) | 750 | 809 | +8% |
| Administration & Franchise | 298 | 333 | +12% |
| Companies to House owners | 25 | 20 | NM |
| Resort Property & Different | 30 | 74 | +143% |
| Luxurious & Life-style | 354 | 427 | +21% |
| Holding | (101) | (116) | N/A |
| TOTAL | 1,003 | 1,120 | +12% |
(1) Premium, Mid. & Eco. = Premium, Midscale and Financial system
Premium, Midscale and Financial system Recurring EBITDA
The Premium, Midscale and Financial system division generated Recurring EBITDA of
€809 million, up 8% versus FY 2023.
Administration & Franchise (M&F) reported Recurring EBITDA of €655 million, up 7% versus FY 2023, reflecting the resilience of RevPAR, portfolio progress and management of the price base.
Companies to House owners Recurring EBITDA got here to €43 million in 2024, in step with the Group’s dedication to realize optimistic recurring EBITDA for this enterprise.
Recurring EBITDA for Resort Property & Different was down 3% versus FY 2023.
Luxurious & Life-style Recurring EBITDA
The Luxurious & Life-style division generated recurring EBITDA of €427 million, up 21% versus FY 2023.
Administration & Franchise (M&F) posted recurring EBITDA of €333 million, up 12% versus FY 2023 due to stable RevPAR progress, robust portfolio progress and working leverage.
Recurring EBITDA for Companies to House owners amounted to €20 million in FY 2024, additionally optimistic, in step with the Group’s dedication.
Recurring EBITDA for Resort Asset & Different additionally displays the mixing of Potel & Chabot since October 2023 and the acquisition of Rikas in March 2024.
Internet revenue
| In € hundreds of thousands | 2023 | 2024 |
| Income | 5,056 | 5,606 |
| Recurring EBITDA | 1,003 | 1,120 |
| Different earnings & bills | 12 | 6 |
| Depreciation & amortization | (279) | (341) |
| Working revenue | 735 | 786 |
| Share of internet revenue of equity-accounted investments | 44 | 188 |
| Internet monetary expense | (100) | (124) |
| Revenue earlier than tax | 679 | 850 |
| Revenue tax | (39) | (193) |
| Minority pursuits | (17) | (47) |
| Internet revenue earlier than discontinued operations, Group share | 623 | 610 |
| Revenue from discontinued operations | 10 | – |
| Internet revenue, Group share | 633 | 610 |
| Diluted internet revenue, Group share, per share | 2.22 | 2.33 |
Internet revenue, Group share was €610 million in 2024, in contrast with €633 million in 2023. Diluted earnings per share rose to €2.33 from €2.22 in 2023, due to a decrease common variety of shares excellent following share buybacks.
Depreciation and amortization of €341 million in 2024, in contrast with €279 million in 2023, elevated with the full-year affect of the consolidation of Potel & Chabot, the sale-leaseback of the Group’s headquarters in 2023, and the expansion of Paris Society.
The development in Share of internet revenue of equity-accounted investments to €188 million in 2024, in contrast with €44 million in 2023, is because of AccorInvest, which has maintained its exercise, independently of its asset disposal plan, and recorded vital capital positive aspects on its belongings offered.
Internet monetary bills of €124 million in 2024, in contrast with €100 million in 2023, have risen because of increased debt steadiness and the honest worth adjustment of some monetary belongings.
Revenue taxes, at €193 million for 2024, in contrast with €39 million in 2023, returned to a degree in step with enterprise exercise. 2023 had benefited from substantial deferred tax earnings, notably in France.
Money circulate era
| In € hundreds of thousands | 2023 | 2024 |
| Recurring EBITDA | 1,003 | 1,120 |
| Curiosity paid | (59) | (62) |
| Revenue tax paid | (144) | (169) |
| Compensation of lease liabilities | (100) | (106) |
| Non-cash income and bills included in recurring EBITDA | 43 | 35 |
| Recurring investments | (218) | (221) |
| Change in working capital and contract belongings | 71 | 16 |
| Recurring free money circulate | 596 | 614 |
| Money conversion* | 59% | 55% |
| Internet debt | 2,074 | 2,495 |
* Outlined as recurring Free Money Move /Recurring EBITDA
In 2024, the Group’s Recurring Free Money Move improved from €596 million in 2023 to
€614 million in 2024. The money conversion price subsequently stands at 55%, in step with the Group’s goal.
Curiosity paid rises barely between 2023 and 2024 as a consequence of the next total quantity of gross debt.
Recurring investments, which incorporates “key cash” paid by HotelServices for improvement in addition to digital and IT investments, was just about steady in contrast with 2023 at €221 million.
Change in working capital was optimistic and in step with 2023, as soon as adjusted for the reimbursement by AccorInvest of the steadiness of charges deferred within the context of the Covid-19 disaster, which had a optimistic affect on 2023.
Group internet monetary debt at December 31, 2024 got here to €2,495 million, versus
€2,074 million at December 31, 2023.
At December 31, 2024, Accor’s common price of debt was 2.5%, steady in contrast with 2023, with an common maturity of over three years.
At end-December 2024, mixed with the undrawn credit score facility of €1 billion signed in 2023, Accor had a liquidity place of €2.2 billion.
Outlook
The Group confirmed its medium-term progress prospects as disclosed through the Investor Day on June 27, 2023:
- Annualized RevPAR progress of between 3% and 4% (CAGR 2023-27)
- Common annual community enlargement of between 3% and 5% (CAGR 2023-27)
- M&F income progress of between 6% and 10% (CAGR 2023-27)
- A optimistic Recurring EBITDA contribution from Companies to House owners
- Recurring EBITDA progress of between 9% and 12% (CAGR 2023-27)
- Recurring free money circulate conversion in extra or equal to 55%
- A shareholder payout of round €3 billion over 2023-2027 together with notably a share buy-back program for an quantity of €440 million in FY 2025.
Dividends
Primarily based on the 2024 outcomes, the dividend distribution coverage carried out since 2019 (established on the idea of recurring free money circulate and a payout price of fifty%), and as beneficial by the Board of Administrators, Accor will undergo the approval of the Annual Shareholders’ Assembly of Could 28, 2025 the cost of an peculiar dividend of €1.26 per share, which is 7% above the dividend distributed in 2024.
Governance
At its assembly on February 19, 2025, the Board of Administrators as soon as once more confirmed the strategic significance of the prospects set for the Group by 2027 as a part of its Capital Market Day and the pursuit of the roadmap undertaken by the crew to realize these targets. On this context, it unanimously determined to suggest prematurely the renewal of the mandate of Sébastien Bazin on the Group’s subsequent Annual Normal Assembly scheduled for Could 28, 2025, for the statutory time period of three years.
The Board additionally unanimously determined to nominate, as of the date of the subsequent Annual Normal Assembly and topic to the renewal of her time period of workplace as director, Isabelle Simon as Vice-Chair of the Board of Administrators and Lead Director, changing Iris Knobloch.
Occasions in 2024
Sale of Accor Trip Membership
On March 1, 2024, Accor offered to Journey + Leisure its timeshare enterprise in Australia, New Zealand and Indonesia, Accor Trip Membership, primarily based on an enterprise worth of AUD77 million (i.e. €47 million). This settlement additionally supplies for the institution of an unique franchise contract for the longer term improvement by Journey + Leisure of recent timeshare properties below Accor manufacturers in Asia-Pacific, the Center East, Africa and Turkey. This transaction is a part of the continuation of the Group’s asset-light technique and was finalized on the finish of Q1 2024.
Accor and IDeaS enter into a world partnership
On February 28, Accor introduced the conclusion of a world income administration partnership for the Accor portfolio. With the adoption of the bespoke suite of IDeaS superior RMS options, Accor continues to rework its enterprise technique for the good thing about its lodges, house owners and managers, offering best-in-class income administration instruments to drive progress in RevPAR and the Group’s Income Era Index (RGI). Accor depends on IDeaS to maintain its income administration technique by deploying the perfect applied sciences, thereby securing a aggressive benefit and strengthening worth creation throughout its world portfolio. Primarily based on strategic pillars, these new instruments allow lodges to learn from dynamic pricing, income and revenue optimization, and a clearer understanding of the aggressive panorama, bettering income administration methods whereas fostering a powerful income administration tradition throughout Accor’s world portfolio.
Bond subject
On March 4, 2024, Accor efficiently positioned a €600 million 7-year bond subject with a coupon of three.875%. The deal was greater than 4 instances oversubscribed, reflecting Accor’s robust credit score high quality and investor confidence in its enterprise mannequin, progress potential and monetary construction. This transaction allowed the Group to benefit from favorable market circumstances and considerably lengthen the common maturity of its debt.
Rikas takeover
On March 8, 2024, Accor, by its subsidiary Ennismore, acquired a 51% stake in Rikas Eating places Administration LLC (“Rikas”), a hospitality firm primarily based in Dubai, specializing in managing high-end eating places and eating institutions.
Share buyback
On April 5, 2024, Accor introduced the completion of its €400 million share buyback
program introduced on February 22, 2024.
An preliminary €275 million share buyback tranche was executed by a share buy settlement signed with Jinjiang Worldwide on March 11, 2024. The transaction concerned 7 million shares at an Accor share worth of €39.22.
The remaining quantity of the share buyback program, launched on March 20, 2024, for
€125 million was finalized on April 4, 2024 with the acquisition of two,923,228 shares at a median worth of €42.93.
On completion of this program, the Group acquired 9,923,228 shares at a median worth
of €40.31. These shares have been cancelled.
Dividends
On June 7, 2024, primarily based on the 2023 outcomes and the dividend distribution coverage carried out since 2019 (primarily based on the distribution of fifty% of recurring free money circulate), Accor paid out an peculiar dividend of €1.18 per share, representing a complete quantity of
€286 million.
LVMH and Accor be a part of forces to steer Orient Categorical in the direction of new horizons
On June 13, 2024, LVMH joined forces with Accor by a strategic funding within the Orient Categorical model, the corporate that can function the longer term lodges and trains, in addition to within the entity that owns the 2 sailboats. The primary sailboat is at the moment below building at Chantiers de l’Atlantique and the 2 teams search a 3rd associate for this new exercise.
By partnering within the renewal of this iconic model, LVMH brings its distinctive know-how to high-quality services, illustrated on the earth of journey by the Venice Simplon-Orient-Categorical prepare and the 5 different trains additionally operated by Belmond all over the world. These extraordinary experiences mirror the operational experience and creativity of LVMH Hospitality Excellence on this space.
Accor and Amadeus announce a brand new collaboration
On June 5, 2024, Amadeus and Accor strengthened their strategic partnership to deploy the Amadeus central reservation system (ACRS) throughout the Group’s whole resort portfolio. Amadeus’ cloud-based expertise allows Accor, a world chief in hospitality, to extend its revenues, optimize its distribution methods and additional personalize its relationships with its clients.
Our Habitas
On June 20, 2024, Ennismore introduced the addition of Our Habitas to its world collective of way of life manufacturers. Our Habitas, a model whose mission is to create human connection, brings a brand new dimension to the Ennismore collective of founder-built manufacturers. In return, Ennismore provides Our Habitas, a frontrunner in sustainable hospitality, entry to its operational experience and worldwide improvement capabilities.
AccorInvest
Since 2023, AccorInvest, which is accounted for below the fairness technique within the Group’s consolidated statements, has initiated a big asset disposal plan to be accomplished by 2025, geared toward optimizing its monetary construction by lowering its debt and bettering the profitability of its asset portfolio.
In July 2024, AccorInvest finalized the refinancing of its financial institution borrowings, extending by two years the maturities due in 2025, together with a partial reimbursement. To facilitate the execution of this refinancing, a capital improve within the type of most popular shares was subscribed to by the corporate’s shareholders, together with Accor for €68 million.
Moreover, the shareholders are dedicated to subscribe, by March 2025, to a further issuance of most popular shares for optimum quantity equal to the primary issuance, and a operate of the quantity of asset disposal plan accomplished by AccorInvest. Following the success of its bond subject in September 2024 and progress on its asset disposal programme, the utmost quantity is now restricted to €34 million.
Hybrid bond refinancing
In August 2024, Accor efficiently accomplished the October 2019 hybrid bond refinancing transaction:
- On August 28, Accor issued perpetual hybrid bonds for an quantity of €500 million with a 4.875% coupon. The transaction was oversubscribed 5 instances reflecting renewed buyers’ confidence within the credit score high quality and the expansion potential of the Group;
- On September 5, Accor efficiently accomplished the refinancing of its October 2019 hybrid bond following the completion of the Tender Provide on a perpetual hybrid bond (2.625% coupon) for a complete quantity of €352.3 million. Following the completion and settlement of the Tender Provide which passed off on September 9, greater than 70.46% of the preliminary mixture principal quantity of the Current Bonds have been bought by Accor.
Extra data
The Board of Administrators met on February 19, 2025 and reviewed the monetary statements ending on December 31, 2024. Relating to the approval course of for the Group’s monetary statements, the statutory auditors have, so far, considerably accomplished their audit procedures. Their report is at the moment being ready. The consolidated monetary statements and notes associated to this press launch can be found on the www.group.accor.com web site.
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