Good evening, everyone, and thank you for joining Accor's first quarter trading call. I'll start with the highlights on page 3.

We entered 2026 keeping pace with the fourth quarter of 2025 with RevPAR in the mid to high single digits and all regions performing well through February, which demonstrates the attractiveness of our brands and the strength of our diverse portfolio. Despite the conflict in Iran, which impacted our business starting in mid-March in some of the GCC countries, we delivered a strong RevPAR in the first quarter, and we picked up the pace on net unit growth.

Q1 RevPAR rose a solid 5.1%. March RevPAR remained positive at 1.6% despite the Iran conflict, with all the regions again, except some of the GCC, performing above our expectations.

The performance in the quarter was mostly driven by price for about two-third, with occupancy rate improving by 1 point. From a business versus leisure standpoint, individual business and group leisure were the most dynamic segments in the quarter.

Net unit growth reached 3.8% on a last-12-month basis. That's up from 3.7% at the end of 2025.

Pipeline continues to grow at a healthy double-digit growth, plus 10% in the first quarter on an LTM basis, and that is consistent with our goal of accelerating NUG towards the higher end of our 3% to 5% midterm guidance. Turning to revenue, Management & Franchise revenue grew at 8.3% at constant currency, which is in line with the RevPAR plus NUG growth algorithm.

Group revenue increased by 2.3% at constant currency and 3.8% at constant scope and constant currency. As always, we remain laser-focused on meeting our commitments in what is certainly a tougher macro and geopolitical backdrop.

On April 1st, we announced the signing of an MOU on the sale of our stake in SND for a consideration of up to €975 million, with €675 million to be received upfront and up to €300 million earn-out in subsequent. Having cleared the insider information pursuant to that transaction, we launched on April 2nd a first tranche of €225 million of the €450 million 2026 share buyback program.

The impact of the conflict in the Middle East is so far mostly felt in the UAE, which accounts for 3% of our network. Saudi and Egypt are holding up, and demand in the other regions remains healthy.

Nevertheless, we're closely monitoring the conflict and have already taken measures to both minimize the impact of our results, but also redirecting traffic towards the higher-growth market. Let's now turn to slide 4 and Q1 RevPAR by division.

Starting with PM&E, which posted a very resilient RevPAR growth of plus 4.5%. Rate was up 3%, and occupancy rate was up 1 point at 62%.

ENA posted a solid 2.7% RevPAR. That's an acceleration from the fourth quarter of 2025, and that was driven by occupancy and exceeded our expectations for the first quarter, with France and the UK posting growth in line with the fourth quarter.

In France, Paris grew RevPAR in the mid-single digit, demonstrated the continued attractiveness of the destination, and the province was also solid. In the UK, demand remained solidly in the low single digit in both London and the region.

In Germany, RevPAR turned slightly negative over the quarter, with demand highly correlated to events and fair activity, with a calendar that was weaker in the first quarter. In MEAPAC, Q1 RevPAR rose 5.5%, nearly all driven by rates.

The impact of the conflict was again concentrated in the UAE in March. South East Asia accelerated in the first quarter with RevPAR in the high single digit, as Thailand and Indonesia returned to positive territory, bouncing back from last year's demand softness.

Singapore and Japan also posted solid RevPAR growth. MEAT posted a positive mid-single-digit RevPAR growth overall in the first quarter, with March RevPAR turning negative in the high single digit.

UAE was down high single digit in the first quarter, while Saudi remained positive. Pacific maintained its strong momentum with a high single-digit RevPAR growth in the first quarter.

China continues to sequentially improve, posting a negative low single-digit growth in the quarter, as our portfolio in China is mostly echo midscale. Americas posted another strong quarter with RevPAR up 9.1%.

The area is mostly driven by Brazil, as which continued to post low double-digit RevPAR growth in the period. Turning to Luxury & Lifestyle, RevPAR growth was a solid plus 6%, with rate up 4% in the first quarter and occupancy up 1 point at 61%.

Luxury continued to outperform as a segment, with first quarter RevPAR at plus 6.8%, with rates up 5% and occupancy up 1 point, with all brands exceeded our expectation in the first quarter despite the slowdown in March. Demand was particularly strong in the Americas and Europe.

Lifestyle grew RevPAR by 4.2%, with rates of 4% and occupancy flat. This segment was more impacted by the conflict given the geographic mix, although we started seeing some demand being redirected to Egypt and Turkey in late March and early April.

Lifestyle Collective hotels posted a high single-digit RevPAR growth in line with the fourth quarter of 2025. Turning to slide 5, which breaks down our hotel portfolio and pipeline by division.

PM&E sustained its 3% network growth on an LTM basis in the first quarter and continued its move to franchise, with 53% of its portfolio franchise in the first quarter, which is up 2 points from the first quarter of 2025. As usual for a first quarter, Q1 '26 pace of openings was moderate, but included two notable large openings in Saudi Arabia in March.

Pipeline continued to pick up pace, up 12.4% on an LTM basis, mostly driven by the MEAPAC region. Notable signings included the Grand Mercure in Phu Quoc in Vietnam and ibis Bradford City hotel in Australia.

The M&F revenue per room was stable in the quarter at €1,200 per room. Luxury & Lifestyle accelerated its network growth at 8.8% on an LTM basis, with both segments picking up pace from last year, benefiting in particular from the lower churn, as we expected.

To note that Lifestyle network growth approached 20% on an LTM basis in the quarter. Pipeline for Luxury & Lifestyle grew 3.7% and stands at 44% of the network, which is up 1 point from December of 2025.

The M&F revenue is also stable at €4,000 per room. At group level, therefore, NUG reached 3.8% on an LTM basis, which is, again, slightly above where we finished the year.

Conversions represented 67% of openings in the first quarter, again demonstrating the strength of our brands and geographies. For the group again, the pipeline was up double digit at 10.3% in volume, with again a record level of signings in value in the quarter.

Now let's turn to slide 6 with revenue by segments. As always, you will find the details of the revenue by segment and by division in the appendix, as well as the press release.

The group's revenue reached €1.313 billion in the first quarter, up 2.3% at constant currency versus prior year. The reported decrease at minus 2.7% is negatively impacted by FX, notably the US dollar, which represents about 50% of the FX impact in the quarter.

We also had a negative scope effect of 1.4% from the disposal of our Paris Society festive and events businesses. On a like-for-like basis, revenue in the quarter was up 3.8%.

Management & Franchise revenue grew by 8.3% at constant currency, again in line with the expected algorithm from RevPAR and NUG. Revenue in Hotel Assets & Other was down 4.4% at constant currency.

The solid trading activity in Australia and Brazil within PM&E was more than offset by the disposal that I just referred to, as well as the lower activity in our Rikas restaurant portfolio in Dubai, obviously, highly impacted since the beginning of the conflict. If we exclude the disposal, Hotel Assets & Other revenue on a like-for-like basis, constant scope and constant currency, was up 3.3%.

SMDL, which stands for Sales, Marketing, Distribution and Loyalty, revenue was up 6.2% at constant currency, and to note that we had an exceptionally strong first quarter last year. Reimbursed costs were flat, and as a reminder, this is absolutely a pure pass-through with no impact on EBITDA.

Turning to Management & Franchise on slide 7, again, plus 8.3% in the first quarter. Thanks to a strong performance in Luxury & Lifestyle, as you can see here at plus 15%, we were able to absorb in the first quarter the impact of the flip to franchise in PM&E, as well as a more prudent approach to incentives.

As for M&F fees, incentives accounted for 31% of our fees in the quarter. PM&E Management & Franchise revenue was up 4.3% at constant currency.

The distortion is mainly related to the switch from management to franchise contract, which impacted the first quarter by about 1 point. Now that is half of what we had experienced in 2025, where the impact was 2 point and in line with what we had shared with you, but also a more prudent approach to incentives given the uncertainty around the Middle East.

Luxury & Lifestyle M&F revenue grew at 15% at constant currency. That's in line with the growth algorithm from RevPAR and NUG.

The cautiousness or prudence regarding the development of the conflict, and therefore incentives, was offset in the quarter by some terminations. To conclude this presentation and before we move to Q&A, on slide 8, our business weathered the storm in the first quarter thanks to the resilience of our portfolio and an excellent start of the year.

Outside of the UAE, the demand was solid in March and trending in line with actually January and February. Clearly, the situation is very fluid, but the demand remains structurally healthy.

Just to note that more recently, schools have reopened in the UAE, and air traffic is also increasing in the GCC. In light of the situation, nevertheless, we have reacted very quickly, both redirecting our investments towards more supportive markets and activating in March a group-wide profit protection plan to protect margin and to mitigate the impact of lower trading on our EBITDA.

We accelerated development in growth markets, notably in India, which is a priority market for Accor. Just to share with you that the pipeline in India has gained significant momentum in the last 6 months, with 46 hotels that we have signed or under MOU across the PM&E and the luxury portfolio in the last 6 months, which is 63% of the existing network in India.

Clearly accelerating the pace of development in a very strategic market. Finally, as a reminder, we launched the first tranche of the 2026 share buyback on April 2nd, as I said in my introduction.

I will now turn the floor over to you for the Q&A session.

Thank you. Good afternoon/evening, everyone.

Maybe three from me. Thanks for that.

Can you say anything in terms of your kind of medium-term EBITDA guidance of 9% to 12% if you're still happy with that and what you're seeing at the moment? Secondly, obviously the pipeline's up, but the portfolio was actually down versus the year-end.

Is this just kind of Q1 seasonality where there's a lot of churn, or is there anything else going on? It was only very slightly down, but if you can just kind of give a bit of color, why it was slightly down, broadly flat.

Then just lastly, obviously launched the buyback. Can you just give a quick update how much you've done and should we expect a follow-on sometime in July with the half-year results?

Thanks.

Thanks, Jarrod, for your question. As we do not communicate annual guidance until the July when we release our first half results.

With respect to the midterm guidance for '23-'27, that guidance is still there, and we'll give you more precisions in July. What I will say, though, is that at this point in time, I'm comfortable with where the consensus is on RevPAR and EBITDA.

With respect to the pipeline, Q1 is always very soft, right? Because as our openings are mostly in the second half, and actually a lot of them are in the fourth quarter.

You always have a very low, if not flattish, growth in the first quarter. Actually, last year, in the first quarter of 2025, we were negative.

With respect to the buyback, yes, we have started the buyback, and as of so far, we have bought €41 million, which is about 900,000 share at about €44-ish price. Yes, we have committed to a €450 million share buyback program.

As we usually do, we tend to do the first half in the first semester, and second half in the second semester.

Great. Thanks very much.

Hi Martine, good evening. Three questions for me, if I may.

The first question is around RevPAR. TUI reported kind of softer summer bookings when they reported yesterday, and I know you said other markets were holding up outside the Middle East, but have you seen any cracks in bookings or in RevPAR in Europe or Asia from your on the books?

Then the second question is around EBITDA. Just in light of the significant RevPAR declines in the Middle East, your restaurants are shut, do you expect EBITDA in H1 to grow?

Then for full year EBITDA consensus, I know you mentioned you're comfortable with consensus. Now, I was quite surprised by that.

Could you maybe walk us through why you're happy with consensus, where you see consensus, and just the drivers of operating leverage, quantify the cost savings to help us understand the moving parts here, because there are some very big moving parts given geopolitics. Thank you.

Hi, Jaina. With respect to your first question on do we see any cracks in demand, we don't see any cracks in demand.

As obviously, there's not a ton of visibility given the booking windows. However, when we look at the room on the books, we don't see any crack in demand outside of again the Middle East, and in particular, the UAE.

Actually, if anything, the Europe is holding up. Actually, within Europe, we see a pick up in the Med.

Spain, Italy, Portugal, Greece. Morocco is another country where we're seeing pick up.

Similar to TUI, we do see a lower pickup in Cyprus, Turkey, and mainly, but that's a very slight. Again, this is a very small part of our portfolio, but it's minor.

It's really flattish to low single digit. The rest of ENA, and actually ENA overall, is a positive in terms of pickup with room on the books.

Asia is still performing quite well. Americas performing quite well.

Canada is really performing very well when we look at the room on the books. The US is also performing well.

No, really no cracks in demand. With respect to the consensus, I think the consensus on RevPAR is 2.3%, right?

If you take consensus plus the consensus on NUG, which is around, I think, 3.9%, that gives you basically a 6% plus total, which should translate into M&F revenue growth. Therefore, given our profit protection plan, which we have, again, initiated in March, you take a bit lower RevPAR, which is about 1 point, right, if you look at consensus versus the low end of the guidance, and you take the profit protection plan, basically, that means that we'll be able to reach that consensus, which is about, on a reported basis, I think that's about a 6% growth in EBITDA at current rates.

Then

on the question around H1 EBITDA, do you expect that to grow?

We we don't guide on, we don't guide on, H1 H1 EBITDA, but it will be up.

Okay. Would you mind quantifying the cost protection plan?

No, I'll tell you that you may recall last year that we had a profit protection plan, right, that we initiated in the second half. The profit protection plan we have activated, we started obviously earlier, so that gives you a sense for what that could be.

Okay. Very clear.

Thank you.

Hi. Thanks, Martine, for taking my questions.

Just on the Middle East, thank you for pointing out March RevPAR. Would it be possible for you to indicate to us what you're seeing in April and May based on your bookings and so far?

Then secondly, also on the Middle East, in terms of development activity, what are you seeing right now on the ground? Then just on the kind of the report that was on the hotel network and you'd announced that you'd started internal and external investigations, is it possible to give a little bit more color on what you've learned so far?

Thank you.

Hi, Muneeba. I'll actually start with that last question.

We're still conducting the internal and external investigations, and we expect to be completed with those investigations sometime in May. As we communicated, we'll share the conclusions of those, not just of those investigations, but also any actions that we feel we would need to take going forward to reinforce this.

With respect to the Middle East, what we see in April, frankly, is a greater impact in the UAE because basically, tourists couldn't come home, the impact was not 100% felt in March. What we see is Egypt and Saudi really holding up to where we had expected them.

It's just really the UAE, and the UAE is obviously with lower occupancy rate, let's call it 20% to 30% in April. Now, the encouraging thing is that the Emirates have decided to reopen the school.

We're seeing also a reopening of the airspace, which should encourage traffic through to the region, and hopefully through the region as well. With respect to NUG, I think it's way too early to tell whether that will have an impact or not.

You should keep in mind that with respect to our openings, they're mostly in Saudi and in Egypt, we actually have very, very few openings in the Emirates this year. Two-third of our opening are usually in the fourth quarter, and 2026 is no different.

One thing I also maybe would like to point out back to Jaina's question, you have to keep in mind that the activity in the Middle East is the strongest, big quarters are the first quarter and the fourth quarter, right? We've essentially run through the first quarter, and I think if we assume that the tensions are going to ease sometimes around the summer, the NUG should protect the fourth quarter in that region.

Thank you.

Hi, good evening. I've got two questions.

The first one, there are some concerns on potential jet fuel shortages and potential flight cancellations and so on into the summer. I'd like to know what's your take on this.

If we get there, is Europe perhaps more sustained or resilient versus other regions like Southeast Asia? My second question is on branded residential, given the ongoing events in the Middle East.

How likely is it to see some of these projects being postponed? Thank you.

Hi, Estelle. With respect to the jet fuel shortages, you have to recall that when it comes to source of of travel or source of traffic, if you look at the Europe region, over 80% is, within Europe region, and if you look at Southeast Asia, over 70% is again within the within the region.

To some extent, that protects us, from, let's say, what could happen to fuel shortages or airline prices, for that matter. Again, when we look at, the room on the books in the summer, we're really not seeing any signs of lower demand in in, in in any region, frankly, obviously, bar the, some some of the GCC markets.

With respect to the branded residences, again, probably too early to tell. Could there be some, some of those openings that move into the 2027?

Frankly, it's too early to tell at this point. Again, a lot of those are in the fourth quarter.

Sorry, in the second

half. Clear.

Thanks.

Good afternoon. Thank you so much for taking the question.

I just have one, really, on Essendi. Could you just go into a little bit of detail as to where we are sort of contractually with that transaction?

I know at the time it was not specifically binding, but if you could talk about where you are, what the things are that need to be completed before we'll get the sort of completed announcement and it said Q3 for timeframe, but whether we would hear anything else before then. Thank you so much.

Hey, Alex. Look, we're still in the same place that we were when we released our press release.

Obviously, the fact that we released a press release on an MOU was a sign of our confidence in getting that transaction across the line, which we hope to do sometime in the second quarter. Then we'll have to go through regulatory approvals that should take us in the third quarter.

Thank you so much.

Yes. Good evening, Martine.

Two questions for my part. The first one is regarding the measures that you have taken.

Can you provide more clarity and just to understand what you have put in place since the beginning of the year compared to what has been done in the second part of 2025, because I understood that a part of cost had been postponed at the time in 2025. The second question is regarding the switch of hotels from managed to franchise.

You have mentioned 1% impact this quarter. Could you go more in detail for the remaining part of the year, excluding Essendi?

After that, reminding us the impact for Essendi.

Good evening, Sabrina. Sure.

In terms of the measures, there's really two broad categories, right? One obviously measures in the impacted market.

I would say that about half of the plan is in those impacted markets, and half of the plan is, frankly, in other parts of the group. The measures are very, I would say, similar to what we did in the second half of 2025, essentially constraining the cost and constraining the investments.

We are also very careful of still maintaining investments in the markets where we have good demand. Actually, we have redirected some of the investments away from the Middle East into other markets.

With respect to the flip to franchise, we expect about 1 point of distortion in 2026, which is again half of what we experienced in 2025. Essendi will not impact 2026 given the timing of the transaction.

As we indicated, I think, in the press release, the impact of the move to franchise of the Essendi portfolio is going to be gradual over several years. Again, as we indicated when we announced that MOU, it does not in any way impact our ability to meet our midterm algorithm, as it was factored in that algorithm.

Hi, good afternoon. Two questions, please.

First one on Middle East, if you could please recap the current trends. Obviously, March was impacted gradually.

Then in April, there's also a positive Ramadan calendar shift, if I'm correct. For as long as this continues in the current state, what revenue impact should we assume for the UAE, please?

I heard you say a minus 20% number. I'm not quite sure, minus 20, minus 30, what you were referencing.

Then Turkey and Saudi, is it flattish right now? Then second question, once we have that, your published EBITDA sensitivity, if I'm correct, is €7 million to €8 million for each point of group RevPAR.

Obviously, it's a lot more difficult to offset these big numbers, and the Middle East has a skew to higher ADRs and to management contracts as well within this. Can we still, more or less, use the €7 million to €8 million, or can we not use it, but thanks to the profit protection plan we can?

What's the logic there? Thank you.

Sure. Hi, Jaafar.

The minus so the 20, the 20% to 30% that I was referring to is the occupancy rate in the UAE, in Dubai essentially, in April. With respect to the

Occupancy. So

Yes, yes.

total RevPAR, please, if you could be so helpful?

Total RevPAR is down much more than that in the UAE. You're right.

KSA very much depends on when the Ramadan is. What I will say on KSA, Saudi, is that the Ramadan activity was as we expected it, and we see the drop-off from Ramadan, frankly, as per seasonality, no change there.

Egypt, actually, we see occupancy, again, as we expected. There's some redirecting of traffic, actually from the lifestyle resorts into Egypt.

Turkey, we haven't talked about Turkey, but actually Turkey, we're starting to see pick up from seasonality, again, as we expect. It's really the UAE that stays impacted.

Obviously, we'll be more in April than was in March given the timing of the conflict. With respect to the algorithm, you're right, it's an average algorithm, but given the profit protection plan that we have in place, that algorithm stands.

Super. Just we don't need to use something different, but equally, we shouldn't double count?

Correct.

€7 million to €8 million.

Correct.

Thank you very much. Correct.

Thanks for taking my question. Two, please.

Can I just double-check in the context of your full-year EBITDA commentary that you're still expecting SMDL margins of around 6%? I know they were a bit higher last year, but you're not factoring in a big upward surprise on that line, are you?

Then secondly, and I may have missed it, apologies, are you still expecting net unit growth to begin with a 4 at the full year this year? Thank you.

Hi, Jamie. Yes, on SMDL, I confirm that we hold to the 6% plus margin.

With respect to NUG, as I've said, it's really too early to say, because, again, two-thirds of our openings are in the fourth quarter, which is good news, because hopefully by then, the tensions will have eased considerably.

Okay. Thank you.

Yes. Good afternoon, speakers.

Your pricing strategy with the rise in oil price and airfare going up, do you expect the industry to react with some pricing cut to sort of stimulate demand into the summer? Secondly, on the Middle East, I think a meaningful part of your Hotel Assets & Other division is exposed to the region with your restaurant business.

Can you remind us how much of the division is exposed to Middle East, and my understanding is that the restaurants are still open, but I assume that probably not much activity. What sort of drop-through from the revenue loss should we expect, and to what extent you are able to reduce your cost base, and do you get any support from government?

Last one, if you can update us on the FX impact that you expect for the full year. Thank you.

Hi, Simon. With respect to rates, the only, frankly, rate pressure we see is really in the UAE, where rates are clearly down.

We're not seeing that pressure elsewhere, frankly, and we're not seeing that as we look at the summer bookings thus far. In terms of the Middle East, our restaurant business in the Middle East, which is Rikas, is about 10% of the Hotel Assets & Other revenue for the group total, right?

So 10% of the group Hotel Assets & Other revenue. Obviously, this is a business actually that is, because of where it's located, which is in Dubai, you can actually take the cost down very quickly because essentially, you can dismiss staff quite quickly as well.

Our restaurant are open. Interestingly enough, our restaurant actually doing fairly well during the weekends.

It's a bit slower during the week, but in the last week or so, traffic has actually picked up in those restaurant because people in Dubai are actually starting to go back into the malls and on the streets. With respect to FX, FX seems to be a bit more of our friend this year than it was last year, mainly because of the AUD, Australian dollar, which actually is a bit stronger, and therefore, we expect the FX impact to be less than the €30 million that we had shared with you in February.

That's assuming that, of course, rates stay at the current level.

Thank you.

You're welcome.

Thank you. Again, thank you for attending the call.

Thank you for your questions, and I wish everyone a good evening.