Good morning. Good morning, everyone.

Thank you so much for joining the year-end release for Accor. I'm going to start pretty short and sweet, if I may.

You have the first slide in front of you, those looking at us or looking at your screen. Four things, four takeaways for the group.

The first is we are happy with the results of the last year. We are certainly overachieving what we expected the last time we've talked in September and end of the third quarter, or certainly after the end of the first semester number when we've met physically late July and August.

We still have the headwinds in so many economies, so many geographies. Yes, we are thrilled with what was achieved by the teams and by the different brands of this company.

Why are we relieved and happy? I think because we really delivered on what we've been promising to you, which is cost discipline.

A lot of it is due to do we have the rigor, do we have the discipline, do we have the right plan, and do we have the right accountability. The focus on the execution of the plan is something which is extremely important, has been the case for the last 3 years, will be the case for the next probably 10 years, and certainly for the next 2 years until the Capital Market Day is finished by '27, which means we're going to have to do another plan way beyond '27 because of course it doesn't stop in '27.

The third element here, which is quite interesting, is we're getting stronger and stronger and stronger when it comes to signing new partnership and certainly due to the robustness of the loyalty program. ALL Accor is very welcomed in a numbers of geography.

You probably have seen the number was over 15 million new members last year. That 15 being 12 the year before, probably going to be in between 15 and 20 million this year.

That program, the benefit of the program, the credibility, the notoriety is immense. That is true in all geography of this company, be it in Europe, in South America, certainly in Asia.

Since you have a very beneficial partnership and loyalty program, then of course a lot of people want to piggyback and paddle with us on those programs. You're going to see non-RevPAR revenues increasing year after year, which is what we've been asking for and planned for the last 3 years.

Finally, four is we're doing all this to make sure we have sufficient cash to be returned to the shareholders, and all the cash being returned, €743 million, which is 6.5% of the market cap as of the 1st of January last year, is what we also promised to you at the time of the Capital Market Day. Everything is really green light, and there's probably a lot of things we're going to be sharing with you over the next 1.5 hours.

I'll turn it over to Martine on getting deeper on all the different numbers.

Thanks, Sébastien, and good morning everyone. I'll start with the highlight for the full year financial.

For the third year in a row, Accor's performance is in line or above its medium-term perspectives, as announced in June of 2023, and I'm very pleased to report that we had a very strong finish in 2025 with results above actually our annual guidance. We exited 2025 with a very broad-based acceleration in RevPAR and in net unit growth, which bodes well for 2026.

RevPAR growth, as you can see here, was an impressive 7%, and actually that's our best quarter in 2025 on both divisions. The performance was again mostly driven by rates over this quarter, but occupancy rates also was up 1 point year over year.

This drove full year RevPAR growth to a very solid 4.2% that is above the high end of our medium-term guidance and above the high end of our annual guidance, confirming the benefits of our geographical and segment diversification. Room revenue growth was driven both by leisure and business, which proved remarkably resilient, with corporate activity actually picking up speed in the fourth quarter.

NUG, or net unit growth, accelerated to 3.7%, which is in line with our circa 3.5% guidance, with a record level of openings in the fourth quarter. Pipeline grew at the very healthy double-digit growth of 10%, with signings up 28% year over year, comforting us in our ability to further accelerate the growth of our network toward the higher end of our medium-term guidance of 3% to 5%.

Our financial performance for the full year 2025 is in line with our medium-term growth algorithm. M&F, management and franchise, revenue was up 6% at constant currency year over year, with total revenue reaching €5.639 billion.

Recurring EBITDA grew at 13% at constant currency, reaching €1.201 billion, that is above the high end of the guided range, and operating leverage with a solid 100 basis points improvement in M&F EBITDA margin. We delivered 16% growth in adjusted EPS.

Adjusted EPS is a new metric we will report on going forward and which we believe is a more consistent measure of earnings growth. It is defined as reported EPS excluding nonrecurring items and S&D contribution, and you will find a detailed bridge between reported and adjusted in the appendix section.

Recurring free cash flow reached €632 million, or a 53% cash conversion. As we heard from Sébastien, we delivered yet another year of strong shareholder return at €743 million, which equates to 6.5% of the market cap.

That brings the total shareholder returns in the last 3 years to €2.1 billion. Let's now turn to the fourth quarter RevPAR on slide 7.

PM&E posted a very solid RevPAR growth of 5.8%, mostly driven by pricing, as you can see here. In the quarter, rate was up 5% and occupancy was up 1 point at 68%.

ENA rebounded in the fourth quarter with a RevPAR growth of 3.3%, equally driven by occupancy and rates. Our three biggest markets, which are France, Germany and the UK, were all positive in the quarter.

The region also benefited from the very good results of our winter sales activity, which reflects the continuous appetite for travel. In France, Paris rebounded in the fourth quarter with an excellent month of December and growth in the mid-single digit for the quarter.

The province delivered growth in the low single digits. In the UK, the rebound we observed in the third quarter was sustained in the fourth quarter with RevPAR growth in the low single digit.

In Germany, RevPAR was back in positive territory in the mid-single digits after three quarters of negative growth. In MEAPAC, the fourth quarter was up 7.6%, bouncing back from a softer Q3.

The performance is driven by rates while occupancy decreased, although that is related to China exclusively. If we exclude China, occupancy was up 2 points and RevPAR was up 10.4% in that region.

MEAT continued to be a strong growth drivers, with all large destination, including Saudi, Dubai, reporting RevPAR growth in the mid-teens in the quarter. Southeast Asia is back in the mid-single digit territory.

Singapore, Japan and India posted high single-digit growth, and performance in Indonesia and Thailand sequentially improved, although still negative in the fourth quarter. Singapore benefited from a positive calendar event with the F1, and Japan posted solid growth despite the lower inflows from China.

Pacific continues on its strong momentum with a double-digit RevPAR growth in the fourth quarter, driven by price and occupancy. China continues to sequentially improve, but still posted negative mid-single digit growth, as our portfolio in China in PM&E is mostly eco-mid.

Actually, we saw a almost neutral RevPAR for the full year in our luxury portfolio for China, with the fourth quarter that was up 6% for the luxury. Americas posted double-digit RevPAR growth, with the Q4 up 11.7%.

In addition to what has been consistent supportive demand, Brazil benefited from the COP30 conference, which was held in November in Belém, where we have eight hotels. If we turn now to Luxury & Lifestyle, RevPAR growth was 9.5%, that is the strongest quarter of the year for Luxury & Lifestyle, and is driven by rate and occupancy.

Rate was up 6% in the fourth quarter. Occupancy was up 4 points in the fourth quarter.

Luxury continues to outperform as a segment, with Q4 RevPAR up 9.4%, and all brands and region contributed to this performance. That confirms the structurally supportive demand for the segment of the hospitality.

Lifestyle also had a very strong RevPAR at almost 10% in the quarter. Resorts continue to perform very well, with RevPAR growth in the mid-teens, and Lifestyle Collective posted the strongest quarter of the year.

Turning to slide 8, which breaks down our hotel portfolio and pipeline by division. The PM&E grew its network by 3%, and that is a clear acceleration from 2024 and is actually at the midpoint of the CMD guidance for PM&E.

That results from the acceleration of opening in the fourth quarter, notably with two large hotel openings, the Handwritten in Las Vegas and the ibis budget Hayat Tower in Mecca. Churn also started to slightly recede towards the end of the year.

MEAPAC continues to be the growth engine over the period, representing the vast majority of the openings. Pipeline grew at a stellar almost 12% rate, reaching 198,000 rooms, which is 29% of the PM&E network, and that is up 2 points from last year.

That confirms the attractiveness of the PM&E brands. The M&F revenue per room was stable at €1,200.

On the right, Luxury & Lifestyle portfolio grew by 7.5%, driven by Ennismore, which delivered yet another year of impressive 18% growth in its network, in line with the CMD guidance. Fourth quarter again was particularly active, with more than half of the annual openings in the fourth quarter.

Notable openings in Luxury & Lifestyle include the Faena and Delano in New York City, the Orient Express in Rome, and the Emblems in Lucknow. The pipeline in Luxury & Lifestyle continued to grow at a sustained pace, and signings grew in the mid-teens.

Pipeline stands at 34% 43% of the network, and that's also up 2 points from prior year. Finally, the M&F revenue per room is stable at €3,900.

At group level, again, NUG reached 3.7%, that's a tad above our annual guidance of circa 3.5%, with record level of openings in the fourth quarter. Conversions were 58% of our opening, pretty consistent with 2024.

Again, the pipeline grew 10% year over year with a record level of signings in volume and value. We maintain a healthy mix in our pipeline between volume and value.

Our strong focus on driving higher fee per room is reflected in the 67% growth in the value pipeline as compared to 2019, which is 3x the growth of the pipeline in volume. Let's now turn to slide 10 with the revenue by segment.

The revenue by segment and by division is provided in the appendix and in the press release. The group revenue reached €5.639 billion, that's up 4.5% at constant currency versus prior year, and it's a clear acceleration from the third quarter year to date.

The reported growth at 0.6% is negatively impacted by the FX. Scope effect in 2025 was negligible.

Management and franchise revenue growth accelerated significantly in the fourth quarter, and we closed 2025 with growth of 5.9% at constant currency, which is in line with our medium-term guidance. Hotel Assets & Other revenue was up 4.6% at constant currency due to the solid performance of our leased hotel in Brazil and Turkey, but also solid F&B activity at our Paris Society and Rikas restaurant.

We disposed of the festive activity of Paris Society in the third quarter, which impacted our revenue in the fourth quarter for Hotel Assets & Other. SMDL, which again stands for sales, marketing, distribution and loyalty, revenue grew by 4.4% at constant currency.

As we called out in the third quarter, and you may recall this, the growth was impacted by the accounting revenue recognition of services provided to the Olympic Games Organizing Committee, which were EBITDA neutral. If we adjust for this, then SMDL revenue in 2025 would be up at 6.7% at constant currency.

Turning to management and franchise revenue by segment on page 11, which grew almost 6% for the full year. In the fourth quarter, M&F revenue growth was 16% at constant currency, and this reflects the RevPAR growth, a partial effect from the net unit growth given the phasing of openings towards the end of the year, and the impact of the flip to franchise in PM&E, which we have again commented in previous quarters.

Incentive fees are stable as a percent of M&F fee at 33%, and residential fees were also stable year over year, as expected. PM&E M&F revenue was up 1.9% at constant currency in the fourth quarter.

PM&E M&F revenue growth was a very solid 6.7% at constant currency. The distortion on a full-year basis is mainly related to the switch from management to franchise contract for a portion of the contract, which again we called out since the beginning of 2025 and had overall a negative 2% impact on PM&E M&F revenue, and the phasing of openings which took place, again, later in the year.

Luxury & Lifestyle M&F revenue grew at 13% on a constant currency basis, which is in line with the growth of the RevPAR and the NUG, and the phasing of churn and openings, especially in Lifestyle, explains a slight negative distortion on the M&F growth algorithm. Now let's turn to EBITDA on slide 12.

Again, the group EBITDA reached €1.201 billion, that's up 13.3% at constant currency, that is above our 11% to 12% updated guideline in October. This is above the high end of the CMD guideline as well.

The reported EBITDA growth at 7.2% includes a negative FX impact of €68 million, slightly above our initial estimate of €60 million. As for M&F, where more detail again is provided in the appendix by division, EBITDA is up 7.4%, again reflecting a 1 point margin improvement, in line with our operating leverage target.

Both divisions improved their margin, although operating leverage was strongest in Luxury & Lifestyle. PM&E margin was negatively impacted in the second half by a provision on outstanding receivables of Brevo, which is an owner mostly in Germany that has filed for insolvency proceedings in January of this year.

If we adjust for that, then PM&E margin would also have improved over 100 basis points, which is in line with its targeted operating leverage. As for Hotel Assets & Others, EBITDA growth mainly stems from the solid revenue growth mentioned previously and a margin improvement in our F&B operations at Paris Society.

As for SMDL, the significant growth in the SMDL EBITDA reflects the structural improvement in distribution and the growth in partnership and subscription, with a margin that is in line with our guidance of being at least 6%. In 2025, subscription and partnerships actually represented a third of the EBITDA of SMDL.

As you can see here, costs for the holdings were flat year over year. Moving on to the P&L on slide 13.

As highlighted in my introduction, we have decided to start reporting on adjusted net income and adjusted EPS, as we believe it is a more consistent measure of earnings growth over time. A detailed bridge again is provided in the appendix.

Adjustment items are as follows: other income and expenses net of tax, share of profit and loss from our minority stake in Essendi, and nonrecurring tax-related items. In '25, we achieved an adjusted net profit of €504 million, that's up 19% year over year, and an adjusted EPS of €1.84, that's up 16% versus prior year.

In '24, we benefited from a favorable timing on the payment of our hybrid coupons, which obviously impacts the 2025 EPS growth by about 8 points. The €65 million charge we have for hybrid coupon in '25 is more representative of what we expect on a go-forward basis.

Now let me call out the main highlights for the income statement. Other income and expense at a negative €63 million included the recognition of a provision related to commitments in a joint venture and expenses related to the transformation of our tech platforms as well as restructuring costs.

Share of net profit in associates reached €7 million. In 2025, Essendi reported far fewer capital gains than it did in 2024, with a net profit for Essendi that stood at €3 million in 2025, as opposed to €184 million in 2024.

Net financial expense increase is driven by a higher debt level, a moderate increase in the average cost of debt, which still stands at a reasonable 3%, and in addition, 2024 was impacted by a noncash favorable FX change of about €16 million related to our US balances in Egypt. Income tax expense is decreasing.

Now as a reminder, 2024 was impacted by a one-off taxation which was related to the 2023 reorganization in two divisions. In '25, corporate income tax is favorably impacted by the evolution of our transfer pricing model.

Now moving on to cash flow on slide 14. Recurring free cash flow reached €632 million in '25, as compared to €614 million in prior year, reflecting a 53% cash conversion.

Five main highlights to call out: cash interest fairly stable, although not reflecting the coupon of the September bond. In '26, we expect cash interest to be in the €100 million area, driven by the increase in debt level mainly.

Cash tax increased from €169 million to €202 million, and that is due to higher taxable profits, but also some nonrecurring remittance taxes mainly in Brazil. We expect our cash taxes to be broadly stable in 2026.

Recurring investments remained under control at €230 million versus 229 €221 million in '24, and this is in line with our medium-term guidance, and that reflects the group's acceleration in Luxury & Lifestyle, which requires slightly higher key money to support its faster pace of development. The working capital change is a negative €20 million in '25, and that is driven really by the increase in trade receivables at the end of the year due to the very strong activity in the fourth quarter of last year.

If we adjust for this receivable impact, which obviously will collect in '25, then cash conversion actually would be close to 55%. Finally, net debt reached €3.064 billion at the end of December.

As a reminder, net debt was €3.1 billion at the end of June, with the main movements in the second half being recurring free cash flow, share buyback, some M&A activity mainly in Mexico, and non-other recurring items, mainly tech transformation and restructuring. Zooming in on our balance sheet and shareholder return on slide 15, we continue to have a proactive management of our liabilities.

In 2025, Accor issued two two bonds, senior bond, one in March, which is actually an 8-year bond to extend the maturity of our debt, and one in September, which is a 7-year bond. As a result, the average debt maturity increased from 3.3 years to 4 years at the end of '25, with a very well-balanced maturity profile and a reasonable cost of debt at 3%.

Net debt leverage and return to shareholders are managed at a level that allows us to be consistent with our investment-grade rating as defined by rating agencies. On the right side of the slide, you have a summary of the return to shareholders since 2018.

The conjugation of a solid balance sheet and cash flow generation has enabled us to deliver steady and growing shareholder return. Again, in the last 3 years, we have returned €2.1 billion to our shareholders, which includes in '25 again a return of €743 million or 6.5% of the market cap at the beginning of the year.

Our policy, as you're familiar with, is to distribute an ordinary dividend equal to 50% of our recurring free cash flow, and we will therefore propose to the annual general shareholder assembly a dividend of €1.35 per share, which is an increase of 7% versus prior year. Slide 16 covers our extra-financial reporting on social and environmental targets, which are included in the chairman and CEO compensation.

We delivered on all three goals. We reduced our water intensity by 5%.

At the end of 2025, we had 57% of our hotels which achieved a eco-label certification. We crossed the 40% level for women at the VP or above level, with a share of 41%.

To conclude on slide 17, again for the third year in a row, Accor's performance is in line or above its medium-term perspectives announced in June of 2023, and we are also in line or above our guidance for 2025. We exited the year on a strong note and a good momentum, and that momentum is extended into 2026 given what we see in January and February, which is a solid demand.

This comforts us in our ability to deliver the growth algorithm in 2026 that will be in line with our medium-term guidance. I will now turn it back to Sébastien for concluding remarks.

Thank you so much, Martine. In many ways, I'm actually wondering whether you're not more American than French.

Which is great in both cases. Let me just turn to the final slide, and then we're going to go to the Q&A.

Five things here. Number one, we are on purpose added the word "laser" focused.

We've made a commitment to each of you over the last few years is to really be stringent on delivering Capital Market Day KPIs. We've done it the first 3 years, but we're going to do it again in the remaining 2 years, certainly in '26 and in 2027.

The second one, which is very much linked to being able to deliver on the Capital Market Day 23-27 plans, is you need to accelerate on the net unit growth, and you need to accelerate on trying to get some non-RevPAR revenues from loyalty, partnerships, and others. The one thing which is striking, and Martine was talking about it, the NUG has been 3.7% last year, which is roughly 50,000 rooms being opened, which is kind of a record number ever for Accor.

We're certainly looking for overachieving that 50,000 rooms marker, and we know where we're going. Why do we know?

It's because we've been never enjoyed so much of a signing pace over the last few months of 2025, and notably in PM&E. I need to thank Jean-Jacques, who's going to come on board in a minute during the Q&A, but the effort made by PM&E developers, even more so on premium and in Europe, is showing an enormous momentum for the brand content and for ability to exceed the 3.7% that we had last year.

I don't want to actually forget Lux Lifestyle developers. You also've done a great jobs, but they had to catch up on PM&E more so than ever.

Loyalty partnerships, we are discussing with many partners all over different geographies, and those will be strong revenues moving forward. I just want to remind some of you being with us in 2019 when we launched ALL.

At the time, I told you we had a €6 million partnership revenues, that's multiplied by 10 as of last year. The pivot to franchise model in mature market, this is something that consciously we decided to go into, which is really due to two things.

Number one, it's proven by many other operators and by us as well that I guess you have a better margin when it comes to a franchise hotel that you do have on an operating management contract. Two, it's more resilient in terms of performances over the years.

Three, which is probably very much additive, it does enable you to go faster on basically the net unit growth. If you do sign a franchise hotel, probably twice faster than you would do in an management contract.

Mature market is important because this is where you have the sophistication of franchisees, because in order to sign a franchise, you need somebody to be able to operate the hotel. You're going to see Accor more and more, certainly in Europe and in mature market, go faster, stronger in the franchise model.

On the fourth, we talked about it, on a share buyback of €450 million in '26. That's a bit larger than '25, almost the same number as '25, so.

Fifth is Essendi. I'm sure we're going to have question on the current discussions with Essendi.

We will and we must close the Essendi transaction in '26. We're not late, exactly at the same time last year when the question was asked.

Martine and I and Jean-Jacques actually answered it is a 12 to 18 months process. We are exactly in the 12 months benchmark, and we are exactly at the stage we wanted to be last year when we talked about it.

Nothing to worry about. We know where we're going, but we're going to finish the job.

That's where we are, and now we're going to turn almost on the mark, 9:00 sharp, to Q&A for those of you who wants to pop in. Let's open the call for Q&A, please.

I'm going to ask Jean-Jacques to come next to us so we're going to make space for him.

Hi Sébastien, hi Jean-Jacques, hi Martine. Hope you're all well.

Three questions from me, if I may. Number one on Essendi, you've just mentioned it now.

The book value is roughly 850. Your net profit on Essendi was significantly down.

How should we think about potential proceeds? Is that book value roughly the right lens to think about potential proceeds this year?

My second question is around net unit growth. We previously spoke about an acceleration in '26 and '27.

Can you just give us a bit more visibility on what gives you that confidence and how '27 is feasible and what are the drivers? Then very lastly, just on EPS.

There were many one-offs in 2025. At consensus, for 2026, consensus EPS is on 2.34.

Martine, is that a level where you're comfortable at, or do you think it needs to be moderated? Thank you very much.

Thank you so much for your question. We're going to go actually the three of us.

I'm going to start with Essendi, then JJ is going to add something because JJ is the front runner when it comes to the negotiations. Your question is super pertinent and the confirmation is yes, the current state of discussion with that lead investor makes us believe that I guess we are basically right around the mark on the €843 million book value for Essendi.

We are exactly where we wanted to be, as I said to you. We just want to finish the job, and I'm going to ask Jean-Jacques to actually probably define better what it means by finishing the job.

Finishing the job. We had the same question about the timeline about 1 year ago and we mentioned that at the point in time that this is what it would take us, 12 to 18 months.

The answer I gave when I gave that timeline 1 year ago, and you guys were asking why does it take so much time, is that it's a very complex transaction because of the very nature of the people that you're faced with. Sophisticated investor, you may recall who they are, funds from large countries, and hence it does take time to align everybody.

It is the process that we exactly went through during the booster in 2018. Complex transaction, but in line with the parameter that we were anticipating the discussions to take in term of the discussions, but also the timeline.

No surprise here. No surprise.

On the net unit growth, it's really, and I'm going to split again between Jean-Jacques and myself. Answer is also yes.

We are confident in achieving the 4.7% in 2027. We're going to gradually go from the 3.7% net unit growth last year to 4.7% in a couple of years from today.

Why are we so confident? Because we know what we've signed and we have well above 1,200 hotel being signed today, well above 250,000 rooms being signed.

We know where they are. We know who are the owners, the counterparties.

We know the brand, of course. We know the pace.

We also know that I guess the churn going to be reduced from the 22,000 rooms probably to a lesser number every year passing because the clean up of all those detractors hotel that we had on luxury and on premium is mostly behind us. We probably have another 1.5 years to also clean up what was meant to be cleaned.

It goes well on both front: better signing, better pace, greater numbers of room, and lesser number of churn. Again, I don't know whether you want to add something on PM&E.

Just maybe a couple of illustration. The brands have never been as strong as they are today.

This is the work that all the team has done since the Capital Market Day to push again the brand equity to the level it had to be. We never got such a high level of RPS, reputation score, which we improve by about 1 point per year.

It translates the strength of the brands. You see that in the number of the NUG, the signing this year have never been as high, whether in units or in value.

Just an illustration too, you may recall that we said we're going to push premium. Premium today has doubled in term of what it represents in the signing or in the opening versus what it was to be in 2019.

This is 2025, but it was also true in 2024 and was also true in 2023. Focus does pay off and you see that in the number.

This is why we've got the confidence that Sébastien has been sharing with all of you on the net unit growth and how we're going to progress.

I'll turn Martine to take the

EPS. I'll take.

Hi, Jaina. Just to complement on the net unit growth, our algorithm mid-term is 4% to 5% and again given the strength of the signings, the brands, the diversification, we're confident in our ability to move towards that high end of the range.

We will obviously communicate our '26 guidance, as we do usually, always with the first-half results. All I can say that 2026 NUG will start with a 4-handle.

Thank you. Just on the EPS and whether you're happy with consensus, 2.34.

Your question was RevPAR, right?

No, EPS.

On EPS, well let me answer. All I'll say on EPS and adjusted EPS is that we want that algorithm from RevPAR, net unit growth, revenue, EBITDA to also cascade all the way through adjusted EPS.

Our expectation is that adjusted EPS will grow at double-digit rate in 2026.

Super, thank you.

Good morning, everyone. I have three questions, please.

First, on the fourth quarter, very strong M&F revenues, particularly Luxury & Lifestyle, up 33%. That looks pretty good versus RevPAR and NUG.

I just want to confirm whether there were any sort of one-off moving income lines there that could reverse out next year. Secondly, on the managed to franchise switch, another 2% headwind basically.

Are there any spend reduction? Lastly, back on the EPS calculation, I know you're excluding some of the nonrecurring items, quite a lot, the net interest line on foreign exchange.

Can you give any guidance on the P&L interest or even on those lines, it would be very helpful. Thank you.

It's precisely because you cannot reach Pierre-Lou, who is actually in the room here, that I guess you're calling us online on all the different questions. Pierre-Lou, you're the lucky guy.

Martine, you're not the lucky. Would you— Hi.

Yeah. Hi, Jamie.

Good to hear you. On your first question on Lifestyle in the fourth quarter for M&F revenue, we do have stronger residence fees in the fourth quarter in Lifestyle.

We'll have some obviously some impact in the fourth quarter of '26 as a result. If you look at Luxury & Lifestyle M&F revenue, the growth rate in the fourth quarter is still double digit excluding that impact.

With respect to I think what was your question?

Franchise.

You had a question on franchise, right. No, we expect the impact from the flip to franchise to decrease in 2026.

It should be more in the 1% area as opposed to 2% this year. I forgot your first question, sorry about that.

Net

interest line.

Net interest line, right, in the P&L. In 2025, we have an impairment related to a convertible obligation we had with one of our investment.

That's a one-off that will not recur in 2026, I expect the '26 interest cost in the P&L to be lower than 2025.

Just, Jamie, an important point on M&F. You should expect M&F to continue to decrease because we are moving to franchise.

What you should also expect is that the profitability of M&F continue to increase and we've demonstrated that over the last 2 2 2 years since the Capital Market Day, increasing in fact the profitability by about 100 basis points per year. You should expect that the flip to franchise does not change anything on the commitment that we've got on EBITDA in the regions concerned, because fundamentally it's less of top line, but it is a better profitability and we're going to make sure that in the end the EBITDA volume which is generated remains something which is within the parameter of the Capital Market Day.

I think it's an important point. It's going to gradually continue to decrease.

It's totally mechanical, as you know.

Just to complement on Jean-Jacques's answer, and you saw that actually this year, M&F revenue was up 6% at constant currency, and that is despite the 2-point impact on the flip to franchise in PM&E. Because we have a good RevPAR and the NUG is accelerating, obviously, M&F revenue overall will continue to grow and we'll continue to be in the CMD guidance which we gave in 2023, which is a growth of 6%

to 10%.

Thank you very much.

Thank you, Jamie.

Morning. Thanks very much.

It's Alex Brignall. Just quickly on Essendi, thank you for the details you've given.

It relates to Jamie's question there. There's been speculation about fee structures there.

I believe that there's a switch straight from management to franchise for the majority of the hotels. Could you just confirm that?

Is that a point in time from completion, and how does it affect fees? Then some new line items, I wonder if you could just tell us.

Here I see total non-RevPAR related fees. Yours we can see with some of the lines, but there's others that don't look like they are.

Could you possibly give us some indication of what they are and how that might grow as a larger part of the business? Thank you so much.

JJ, you want to go on

the Essendi? I'll take the first one.

I think I'll just repeat what I went through with Jamie, which is that you should expect the EBITDA which is generated by the regions, like ENA, which is the most impacted regions, to be well in line with the Capital Market Day guidance. You're going to get lower top line, you're going to get lower cost base, and you're going to get net net an increase in volume because the franchise is an easier way to develop, as we all know, and with much more resilience over time in terms of its performance.

That's going to generate a bottom line which is consistent with what we had committed to, because remember that the flip to franchise was in fact part of the Capital Market Day hypothesis and elements that we provided in those days. All of that again was in the plan, is in the plan, will stay in the plan.

You want to go on the loyalty fees?

I can take that one.

Please go.

Okay. Good morning.

In terms of the non-RevPAR revenue, which would include subscription, partnership, but also the residential fees and, as you know we have, or you may not know, but we have a very strong procurement office that procures for our hotels. If you take all those revenue together, which are not RevPAR driven, that accounts for about 20% of our management and franchise revenue and we expect that portion to grow faster than the traditional RevPAR-driven revenue, which is why you will see a continuous acceleration over time.

Perfect. Thank you very much.

Yes, good morning everybody. I have three questions for my part.

The first one is regarding the beginning of 2026. You have provided RevPAR trends at the end of 2025, which was quite healthy, and could you have more details for the beginning of this year?

Second key question is regarding Ennismore, but more on the IPO side. Do you have any view on that point?

The third point regarding the share buyback program, it is mentioned that you could resume the program as soon as the inside information as they are done regarding Essendi. When could we expect to have the share buyback relaunched, please?

I'll take the first question on the current trading, and good morning, Sabrina. As there's not a ton of visibility in the hospitality industry.

That being said, we obviously have January behind us, February is kind of well advanced. We had a very very good, very solid month of January, the momentum is certainly continuing and that momentum was again very very broad-based.

Europe remains in the positive low single-digit territory. MEAPAC continues to perform well, does Brazil, and Luxury & Lifestyle continues to perform also extremely well.

No signs of softness thus far.

Sabrina, hi, good morning. On Ennismore, there's no change from what was told you in October '25.

We said that I guess the board of Accor will be in exploration mode, as is the board of Ennismore, by the way, on exploring the benefits, the constraints, the plusses and minuses of actually a potential listing of Ennismore on any market, which if we were to do so would certainly enhance visibility, notoriety, liquidity, and maybe flexibility of Ennismore. What's certainly no change is Ennismore is an extraordinary asset of Accor and Accor in any scenario will intend to remain in control of that growth engine, which is pivotal to the growth of Accor and certainly to the differentiating factors of Accor.

We're still exploring many different venues. The board of Accor had another meeting yesterday and we talked about it, and that's probably going to be the case in the forthcoming few weeks.

We'll give you greater clarity if and when we make a decision. It's a hard work.

A lot of people are involved, and again, if we were to do something, control will remain and then we'll give you greater clarity if and when we make that decision on listing.

Share buyback, you want me to take that one? Sabrina, your question as to when we would start the share buyback program, we need to clear the information about Essendi, and as soon as we clear that information, we'll start the program.

Hi, good morning. I have three questions, if that's all right.

Firstly, on sales, marketing, digital and loyalty, you're already at €94 million EBITDA. You're already at 7% margin, and I think you just said you expect revenue to double over the next 3 years.

Just to confirm, this means SMDL EBITDA goes to just below €200 million in 3 years? That's something like €30 million each year.

I'm not saying it looks aggressive, because obviously some global companies make announcements very much at these orders of magnitude of growth in ancillary, but for them a big part of them is credit card fees, which you don't really have. Do you expect €90 million, €100 million ancillary growth over the next 3 years?

What's driving it, because it's not as simple as we spoke to JPMorgan Chase and we have higher fees now. Then on net unit growth, I appreciate there's many reasons why you may want to have a range.

In terms of finding a minimum, I guess, you delivered 3.7% this year. Can you confirm what the impact was from the last batch of exits in PM&E, because I think you previously expected 0.5 if I'm correct.

If this was as expected, is it fair to see net openings as 4.2% clean this year, and you accelerate from that 4.2%? Just lastly, could you quantify the provisions you've taken for the Brevo administration?

What would have been EBITDA without that, because I think it's included, they own almost 1% of your hotels. What sort of assumptions have you made?

Some of them shut down, some of them are sold, they rebrand away from you? What's the scenario you've modeled, please?

Okay. Hi, Jaafar.

Good morning. I'll take the SMDL question.

It's the portion of the SMDL revenue, not EBITDA, that we expect to double over the next 3, 4 years is subscription and partnership. That is a fraction of the SMDL EBITDA.

We don't expect SMDL EBITDA to double in the next 3, 4 years. We expect SMDL EBITDA to grow pretty much in line with the 9% to 12% growth algorithm, because we also need to be careful and continue to invest behind our brands and our distribution.

With respect to the net unit growth, I'm not sure I completely understood your comments, maybe you want to reformulate?

What he was saying, Martine, I guess he's implying a 0.5% churn from last year, because he said it would be 4.2% minus 0.5% to be a 3.7%. The numbers, Jaafar, that I guess I alluded to, which I believe is public no matter what, is we have last year 51,000 rooms opening and we have a 22,000 rooms churn.

It is much greater than 0.5. It is probably 1.7% churn to get to the 3.7%.

That churn will be diminishing year after year, as we promised over the last few years. Certainly we know in 2026 going to be diminishing, and of course the net opening will be increasing.

Which is why you're going to have lesser churn, greater net opening, i.e., a greater net unit growth in '26, and that will repeat itself in 2027. It is greater than the 0.5 you alluded to.

The churn, again, is a positive thing, because this is the reason why the brands have become stronger, and this is the reason why you've got all the signing at record level with very nice fees, as Sébastien was and Martine were showing in the general presentation. It is something that we wanted and it is something that we control.

Jaafar, I think we've had that conversation, but if your question is, do we expect the churn to come down over time, absolutely yes. We have about a point higher churn than we should have.

Jean-Jacques mentioned some of the reasons. That gap will close over the next 2 to 3 years, so that will obviously help net unit growth.

With respect to your question on Brevo, the provision we took is actually on the receivables. Just so that the Brevo network accounts for about 0.5% of our fees on an annual basis.

Thank you. Just on churn to clarify, obviously total churn is 2%, 2.5%, absolutely.

What I was referencing is, in the past you had talked about a specific portfolio review within PM&E. You had 400 hotels that you were reviewing, 100% sorry, 100 of them had exited, the remaining you were still in discussions.

I'm talking about exceptional one-off churn that I think you were highlighting, a specific portfolio review, and some of your comments in the past. I think I remembered suggested it would impact group NUG by 0.5 this year.

Just curious if that's happened in line or if that's become part of a wider picture in the churn, because my point would be excluding this particular abnormal portfolio review that was very much one-off in PM&E, is clean NUG not already at 4.2%?

Let me take that one. You may recall, that was in the Capital Market Day that we were discussing about 400 hotels.

Those 400 hotels, by the way, are not only PM&E. They are largely PM&E because PM&E is 90% of the hotels, but for example Maud Bailly has done a very strict exercise on the Sofitel to do exactly the same thing.

It's a much smaller number of hotel, but you can see how Sofitel is today performing, and you understand why doing those changes or inflection in what is the network do pay off. Just look at the Sofitel New York that we opened a couple of weeks ago.

I think I just use that example to say that it is a much deeper and wider issue. On those 400 hotels, we today have resolved three-quarters of it.

I.e., the list that were identified in 2023, we've got 300 of those hotels which today are resolved. By the way, not all of them were churned.

A large part of it were in fact kept. They were identified as detractors and we worked on it and then we found some solution, changes of brands, changes of the team, changes of some of the processes that may not work.

We are not in the business of churning hotels, as I'm sure you know. We are really here to help, to find solutions.

This piece of the equation does impact, and that's your point, it does impact the churn, and it is not something that we're going to replenish every year. There is an element in what you say which is right.

Is that answering your question?

Thank you. It's still ongoing, you still have 100 split, it's finished.

Yeah.

Thank you.

Not all of the 100 will churn. That's the point.

Yeah.

Yeah.

Thank you very much for taking my questions. I have two quick follow-ups.

The first one is on buybacks. You've announced for this year it's going to be €450 million.

You did €400 million in 2024, €450 million in 2025 before pausing and or delaying relaunching of a new tranche because of the Essendi. My question is, is there upside to that €450 million guidance you have for this year, or is a matter of you don't know the timing of when you can restart, hence it's a bit delayed, even though you could have more upside to that number?

The second question is on your pipeline on slide 8 for Luxury & Lifestyle. Your net unit growth was 7.5%, pipeline growth was lower at 4.

5.9%. I guess if you could give a little color, elaborate on why the slower growth of pipeline there, maybe break down Luxury & Lifestyle and how you look at 2026 pipeline growth for this segment.

Thank you.

I'll take the share buyback question, and good morning, Kate. Yes, the only uncertainty around the share buyback is when we restart, and that is related to clearing the Essendi information.

The amount of 450 is certain, and obviously that does not include any share buyback that would be related to the sale of our stake in Essendi when completed, and what we have indicated to yourself and investors that our intent was to return 75% of those proceeds in the form of share buyback.

On the Lux Lifestyle pipeline, it's not really decelerating. It's certainly increasing faster on PM&E because I told you earlier they needed to catch up.

Jean-Jacques done a good job kicking tires here, because they were at 25% pipeline as a relation to the total network, and they went up from 25% to 27% 27%. 43% pipeline as a correlation to inventory is never happened ever in industry in any of our peers.

This is much greater than anybody else. It is a much greater number for Ennismore, because Ennismore has a smaller base, Ennismore is a magnitude of 70% of pipeline compared to the network.

It is catching up year after year on Fairmont, Raffles, Sofitel. Why?

Is because as they wanted to reposition the brand, the brand content, the brand promise and everything. There was these couple of years lag in between fixing the problems, reestablishing the brand, which is now behind us, and then getting the appetite from new investors.

It's actually very different between Fairmont and Fairmont had a greater pace of opening in '25, Sofitel going to have a greater pace of opening in '26. It varies, but we are very comfortable with the pace, with the opening, and with the quality of the fee stream coming from each of the brand in Luxury & Lifestyle.

Nothing to worry at all about that Lifestyle and pace of opening. As I alluded to, 58% of the opening last year were conversion, which also mean that I guess you have an anticipated cash flow coming sooner, because if it's a new build, it is 2.5 to 3.5 years.

If it's a conversion, it's 1.5 to 2 years.

Just to complement on Sébastien's answer, the signings for Luxury & Lifestyle were up 14% year over year. What you see in the growth of the pipeline is also, it's less about how healthy the signings are, but it's also related to the fact that most of our openings were in the fourth quarter or a lot of the openings were in the fourth quarter and that mathematically depletes the pipeline.

Again, the signings very strong, up 14% year over year in Luxury & Lifestyle.

Great. Thank you.

Good morning, everyone. Three questions, if I may.

First one about RevPAR. Correct me if I'm wrong, but occupancy is now back to the pre-COVID levels.

Could you give us some more color about the components between occupancy and prices that you are expecting to see this year and next year? I guess that it's mainly a growth on the prices rather than occupancy.

Second question about the EBITDA margin. You reached a record level of margin with a gain of 130 basis points in '25.

If we take the 9% to 12% CAGR growth, could you give us some more color about mid-term view on the profitability and what you could have in mind for the group? Third point, and sorry to insist on that, but on the share buyback, you had announced last year an additional €100 million share buyback program that you were obliged to delay in '26.

Is it part of the 450 or coming over that when you will be able to start that? Thank you.

I'll take the questions. Hey, good morning, André.

On the RevPAR, actually on occupancy, we're still a point back from where we were in 2019. In terms of how we see rates versus occupancy going forward, we see very good, I would say, price acceptability in the Luxury & Lifestyle segment.

Rates have been growing at a level which is above inflation. Now when we look at it by region, obviously PM&E being more in Europe, the rates is very much a function of the inflation level in those countries for PM&E.

Because of our geographical diversification, in some sense, you could do the math. Luxury & Lifestyle we would expect a rate accretion to be slightly above inflation, which has been the case for this segment.

With respect to EBITDA margin, our commitment is to achieve an operating leverage of 100 basis points on M&F EBITDA margin, and that is consistent with the 6% to 10% M&F revenue growth and 9% to 10% overall EBITDA growth. On your last point on share buyback, the €100 million is within the €450 million.

Again, our strong intent is to restart this program as soon as possible.

If I may just complement on what Martine is saying, and just to take a little bit of credit on the work that has been done for the last 3 years. When we had the Capital Market Day, we said we would work on pricing.

You may recall, we showed a table where we were 20% of the network with a revenue management system, an RMS, installed. We today have reached a level of 80%, right?

While it is obviously difficult to measure within the increase or the strength of the pricing the portion that comes from the RMS, there is definitely a portion of it that comes from here and that's why also our RevPAR is strong, and maybe stronger than what you may see in some of our competitors within the same vicinities. That's again, as part of the great, great results that you see today, one of the element, it's a sum of streams that were started 3 years ago and that are paying off.

We are talking a lot about the SMDL profitability and that's another illustration. Whether it is net unit growth, SMDL profitability, the overall M&F improvement, and the pricing and all of that, it just comes together.

That was my 2 seconds.

Very modest.

Marketing. It's a great job that the team have done.

Closing remark, first thank you so much for all of you attending and asking the questions. Just to add, the job is not finished at all.

We still have a lot to do to continue to improve the company's performances. We have still a lot to do on finishing the job, on getting Essendi basically back and in stronger hands in terms of action governance, which means we're going to have additional resources to basically provide additional return to the shareholders, additional resources to Accor.

We engage very quickly in AI. Funny we had no question on AI over the last, and I think all of us should be extremely proud of the digital team of this company of having been the only one hospitality company in the world who signed a testing, advertising basically AI travel agent conversational, with Thank you.

With ChatGPT and we'll have the results from the test probably in the next 6 to 7 weeks, but it's quite a quantum leap action that I guess we put together with American actors. We do the same with Google Gemini, we do the same with Mistral AI.

We're not late, but I guess we are certainly ahead of the game and at the right time on trying to get the benefit of all those new tools in terms of customer relationship, booking, research, and so many things. Still a lot of job to do, and we need to do two things: be on the date, be basically where you want it to be in terms of performances, and do better to get better traction on behalf of our investors.

Merci, thank you so much for attending. Ciao, bye-bye.