Accor Exceeds Its 2025 Targets with a 13% Increase in Gross Operating Surplus
The hotel group Accor recorded annual results for 2025 that exceeded its forecasts, driven by an increase in average revenue per available room and a significant improvement in operational profitability. The group also announced a 450 million euro share buyback program for 2026.
Robust Operational Performance in 2025
Accor reported a current gross operating surplus of 1,201 million euros for 2025, up 13% at constant exchange rates, surpassing the growth range of 11% to 12% announced in October 2025. The group's average revenue per available room (RevPAR) increased by 4.2% for the full year, with a 7.0% acceleration in the fourth quarter. The Premium, Mid-Range, and Economy division saw a RevPAR increase of 5.8% in the last quarter of 2024, while the Luxury & Lifestyle division recorded a 9.5% increase over the same period. In terms of network growth, Accor opened 303 hotels corresponding to about 51,000 rooms in 2025, representing a net growth of 3.7% in capacity. As of the end of December 2025, the group has a portfolio of 5,836 hotels totaling 881,427 rooms, complemented by a pipeline of more than 257,000 rooms spread across 1,527 projects.
Revenue and Profitability Growth
The group's revenue amounted to 5,639 million euros in 2025, up 4.5% at constant exchange rates compared to 2024. The Premium, Mid-Range, and Economy division generated 2,853 million euros, up 2.4% at constant exchange rates, while the Luxury & Lifestyle division recorded 1,598 million euros, up 9.8% at constant exchange rates. The current gross operating margin for Management & Franchise improved by 100 basis points. The adjusted net income attributable to the group reached 504 million euros compared to 423 million euros in 2024, and the diluted adjusted net income per share increased to 1.84 euros from 1.58 euros the previous year, an increase of 16%. Exchange rate effects negatively impacted revenue by 217 million euros, mainly due to the decline of the Australian dollar (-6%), the US dollar (-4%), and the Canadian dollar (-6%).
Geographical Performance Insights
Geographically, the Europe North Africa region reported a RevPAR increase of 3.3% in the fourth quarter of 2024, marking a recovery after a third quarter affected by the Paris Olympics. France, accounting for 42% of the region's accommodation revenue, recorded a positive RevPAR, particularly in December. The Middle East, Africa, and Asia-Pacific region saw a 7.6% increase in RevPAR, primarily driven by pricing, with double-digit growth in the Middle East Africa and the Pacific. The Americas region, mainly represented by Brazil (64% of the revenue), recorded an 11.7% increase in RevPAR in the fourth quarter, benefiting notably from COP 30 hosted in Belém in November 2025. The group confirms its medium-term growth ambitions and commits to a 450 million euro share buyback program for 2026.
