Accor first-quarter revenue slightly below expectations (updated)

Accor SA

23/04/2026 17:39

Adds details, CFO comments in paragraphs 2,6,7;

April 23 (Reuters) - Accor ACCP.PA, Europe's biggest hotel group by portfolio, reported on Thursday a 2.7% drop in first-quarter revenue, which came in slightly below market expectations.

The operator of brands including Ibis and Novotel has a significant exposure to the Middle East, with the company saying that the region accounted for 8% of its room portfolio as of the end of December 2025, and 12% of room revenue last year.

First-quarter revenue totalled 1.31 billion euros ($1.53 billion). Analysts polled by the company had expected a marginally higher 1.33 billion.

Revenue per available room (RevPAR) - a key metric for hotels - rose 5.1% year on year but fell 9% in the United Arab Emirates.

Accor CFO Martine Gerow said on a conference call that the quarter had started strongly in January and February before a "significant" drop in demand in the Middle East since the start of the Iran war.

In March, the decline was "almost exclusively" due to lower occupancy, while price declines remained limited, she said. Gerow added that the impact of the conflict and its consequences for the global economy "remain uncertain", though Accor still expects growth in 2026.

($1 = 0.8540 euros)

(Reporting by Mateusz Rabiega and Jérôme Terroy in Gdansk' Editing by Kirsten Donovan)

((Mateusz.Rabiega@thomsonreuters.com; +48 58 769 67 57;))