...November 14, 2025 This report does not constitute a rating action. Despite a difficult macroeconomic environment, we expect Accor to maintain solid operating performance over the next two years. The group's like-for-like revenue per available room increased 0.8% in the third quarter of 2025, and 3.2% in the first nine months of 2025, showing mixed results depending on the region and segment. The premium, midscale and economy (PME) segment faces challenges from a softening consumer environment and plateauing average daily rates (ADR) following hefty price increases over the past few years, particularly in continental Europe. The luxury and lifestyle segment has partially offset this softening, with positive dynamics in both occupancy and ADR. Adverse foreign exchange (FX) movements are also affecting the group's overall revenue since the euro strengthened significantly against the U.S., Canadian, and Australian dollar in 2025. On this basis we slightly decreased our forecast of the group's...
