Accor has delivered a resilient first-half performance for 2026, posting a 6.5% increase in recurring EBITDA at constant currency to €563 million ($593 million). The growth comes despite significant disruptions across the Middle East that began in late February, which hit hotel activity in key markets such as the United Arab Emirates.
The Paris-based group credited its diversified portfolio and strict cost discipline for maintaining momentum. Sébastien Bazin, Chairman and CEO of Accor, said: "This performance reflects the momentum in our key markets, the commitment of our teams, the strength of our brands, and our rigorous cost discipline."
Unit growth and pipeline expansion
Accor's net unit growth reached 3.2% in the first half, with 109 hotel openings adding nearly 14,000 rooms. The group's development pipeline expanded by 11.4%, underscoring continued confidence from owners and investors despite regional instability. This aligns with broader trends in the Gulf, where the hotel development pipeline remains robust even as geopolitical tensions persist.
Revenue per available room (RevPAR) rose 2.2% overall, but the figure jumps to 4.6% when excluding the Middle East, highlighting the drag from the region. The group's recurring free cash flow surged 42% to €194 million ($204 million), providing ample headroom for shareholder returns and strategic investments.
Outlook and shareholder returns
Looking ahead, Accor expects recurring EBITDA for full-year 2026 to land between €1,260 million and €1,285 million ($1,327 million to $1,353 million). The company has also launched the second tranche of its share buyback programme, valued at €225 million ($237 million).
Bazin emphasised the group's strategic focus on an asset-light model and geographical diversification, which have positioned it well to navigate regional shocks. "Our ability to deliver growth across multiple markets, from Europe to Asia-Pacific, demonstrates the resilience of our model," he added.
The company remains committed to simplifying its business, with plans to dispose of its stake in Essendi, a move that will further streamline operations. This comes as corporate travel cost growth slows amid easing capacity constraints, a tailwind for hoteliers globally.
Accor's performance stands in contrast to the challenges faced by some regional peers. While the Middle East has been a drag, other destinations have benefited from rerouted travel flows. For instance, Spanish airports have raised forecasts as travellers shift away from affected areas, and Ras Al Khaimah posted record visitor numbers in H1 2026, driven by domestic demand.
Industry analysts note that Accor's ability to grow EBITDA and free cash flow despite regional headwinds underscores the strength of its brand portfolio, which spans economy to luxury, and its operational efficiency. The group's pipeline growth of 11.4% signals that owners remain confident in the long-term prospects of its brands, even as short-term disruptions persist.
With a clear strategic roadmap and a focus on asset-light expansion, Accor appears well positioned to continue its growth trajectory into the second half of the year. The company will provide further updates in its full-year results, but for now, the message is one of resilience and disciplined execution.
