This report does not constitute a rating action. Overview Key strengths Key risks As the largest hotel operator in Europe, Accor S.A.'s portfolio includes over 880,000 rooms worldwide, as of Dec. 31, 2025. The lodging and hospitality industry is cyclical and exposed to international mobility, which is subject to heightened risks from geopolitical conflicts. It has a well-known and diversified brand portfolio globally and across its two divisions: premium, midscale, economy (PME) on one hand, and luxury and lifestyle (LL) on the other. It has lower margins and higher operating leverage compared to rated peers due to its higher exposure to the managed portfolio (about 50% of total rooms). The asset-light operating model is credit positive as it implies very
