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Welcome to the Accor Q1 2026 Revenue Presentation. Today's conference will be hosted by Martine Giraud, Group CFO. For the first part of the conference, the participants will be on listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to Mrs. Giraud. Please go ahead. Welcome to the Accor Q1 2026 revenue presentation. Today's conference will be hosted by Martine Giraud, Group CFO. For the first part of the conference,

Good evening, everyone, and thank you for joining Accor's first quarter trading call. And so I'll start with the highlights on page three. So we entered 2026, keeping pace with the fourth quarter of 2025 with REF PAR in the mid to high single digits and all regions performing well through February, which demonstrates the attractiveness of our brands and the strength of our diverse portfolio. Despite the conflict in Iran, which impacted our business starting in mid-March, in some of the GCC countries, we delivered a strong REF PAR in the first quarter, and we picked up the pace on net unit growth. Q1 REF PAR rose a solid 5.1%. March REF PAR remained positive at 1.6%, despite the Iran conflict with all the regions, again, except some of the GCC performing above our expectations. The performance in the quarter was mostly driven by price for about two-thirds, with occupancy rate improving by one point. From a business versus leisure standpoint, individual business and group leisure were the most dynamic segments in the quarter. Net unique growth reached 3.8% on the last 12-month basis. That's up from 3.7% at the end of 2025. Pipeline continues to grow at the healthy double-digit growth, plus 10% in the first quarter on an LTM basis. And that is consistent with our goal of accelerating NUG toward the higher end of our 3% to 5% midterm guidance. Turning to revenue, management and franchise revenue grew at 8.3% at constant currency, which is in line with the REFBAR plus NUG growth algorithm. Group revenue increased by 2.3% at constant currency and 3.8% at constant scope and constant currency. And as always, we remain laser focused on meeting our commitments in what is certainly a tougher macro and geopolitical backdrop. On April 1st, we announced the signing of an MOU on the sale of our stake in S&D for a consideration of up to 975 million euro with 675 million euro to be received upfront and up to 300 million euro in subsequent. Having cleared the insider information pursuant to that transaction, we launched on April 2nd a first tranche of 225 million of the 450 million 2026 share buyback program. The impact of the conflict in the Middle East is so far mostly felt in the UAE, which accounts for 3% of our network. Saudi and Egypt are holding up and demand in the other regions remains healthy. Nevertheless, we're closely monitoring the conflict and have already taken measures to both minimize the impact of our results, but also redirecting traffic towards the higher growth market. Let's now turn to slide four and Q1. REF bar by division started with PME, which posted a very resilient REF bar growth of plus 4.5%. Rate was up 3% and occupancy rate was up one point at 62%. ENA posted a solid 2.7% REF bar. That's an acceleration from the fourth quarter of 2025. And that was driven by occupancy. and exceeded our expectations for the first quarter with France and the UK posting growth in line with the fourth quarter. In France, Paris grew REFBAR in the mid single digit, demonstrated the continued attractiveness of the destination, and the province was also solid. In the UK, demand remained solidly in the low single digit in both London and the region. In Germany, REFBAR turned slightly negative over the quarter with demand highly correlated to events and fair activity with a calendar that was weaker in the first quarter. In May APAC, Q1 REFBAR rose 5.5%, nearly all driven by rates. The impact of the conflict was again concentrated in the UAE in March. Southeast Asia accelerated in the first quarter with REFBAR in the high single digit as Thailand and Indonesia returned to positive territory, bouncing back from last year's demand softness. Singapore and Japan also posted solid ref bar growth. Mayat posted a positive mid single digit ref bar growth overall in the first quarter with March ref bar turning negative in the high single digit. UAE was down high single digit in the first quarter while Saudi remained positive. Pacific maintained its strong momentum with a high single digit ref bar growth in the first quarter. China continues to sequentially improve, posting a negative low single-digit growth in the quarter, as our portfolio in China is mostly echo mid-scale. America has posted another strong quarter, with REF PAR up 9.1%. The area is mostly driven by Brazil, as you know, which continued to post low double-digit REF PAR growth in the period. Turning to luxury and lifestyle, ref bar growth was a solid plus 6% with rate up 4% in the first quarter and occupancy up one point at 61%. Luxury continued to outperform the segment with first quarter ref bar at plus 6.8% with rate up 5% and occupancy up one point. With all brands exceeded our expectation in the first quarter, despite the slowdown in March. Demand was particularly strong in the Americas and Europe. Lifestyle grew REFBAR by 4.2% with rates up 4% and occupancy flat. This segment was more impacted by the conflict given the geographic mix, although we started seeing some demand being redirected to Egypt and Turkey in late March and early April. Lifestyle collective hotels posted a high single-digit REFBAR growth in line with the fourth quarter of 2025. Turning to slide five, which breaks down our hotel portfolio and pipeline division, PME sustained its 3% network growth on an LTM basis in the first quarter and continued its move to franchise with 53% of its portfolio franchise in the first quarter. which is up two points from the first quarter of 2025. As usual for the first quarter, Q1 26 pace of opening was moderate, but included two notable large openings in Saudi Arabia in March. Pipeline continued to pick up pace, up 12.4% on an LTM basis, mostly driven by the MerPak region. Notable signings included the Grand Mercure in Phu Quoc in Vietnam and Ibis Brightfield City Hotel in Australia. The MNF revenue per room was stable in the quarter at €1,200 per room. Luxury and lifestyle accelerated its network growth at 8.8% on an LTM basis, with both segments picking up pace from last year, benefited in particular from the lower churn as we expected. To note that lifestyle network growth approached 20% on an LTM basis in the quarter. Pipeline for luxury and lifestyle grew 3.7% and stands at 44% of the network, which is up one point from December of 2025. And the M&F Renew is also stable at €4,000 per room. At group level, therefore, NAG reached 3.8% on an LTM basis, which is, again, slightly above where we finished the year. Conversions represented 67% of opening in the first quarter, again, demonstrating the strength of our brands and geographies. And for the group, again, the pipeline was a double digit at 10.3%. in volume with again a record level of signings in value in the quarter. Now let's turn to slide six with revenue by segments. As always, you will find the details of the revenue by segment and by division in the appendix as well as the press release. The group's revenue reached 1,313,000,000 in the first quarter, up 2.3% at constant currency versus prior. The reported decrease at minus 2.7% is negatively impacted by FX, notably the US dollar, which represents about 50% of the FX impact in the quarter. But we also had a negative scope effect of 1.4% from the disposal of our para-society festive and events businesses. And so on a like-for-like basis, revenue in the quarter was up 3.8%. Management and franchise revenue grew by 8.3% at constant currency, again, in line with the expected algorithm from Rapport and NUG. Revenue in hotel assets and other was down 4.4% at constant currency. The solid trading activity in Australia and Brazil within PME was more than offset by the disposal that I just referred to, as well as the lower activity in our recast restaurant portfolio in Dubai, obviously highly impacted since the beginning of the conflict. If we exclude the disposal, hotel assets and other revenue on a like-for-like basis, constant scope and constant currency was up 3.3%. SMDL, which stands for sales marketing, distribution and loyalty, revenue was up 6.2% at constant currency. And to note that we had an exceptionally strong first quarter last year. Reimbursed costs are flat. And as a reminder, this is absolutely a pure path through with no impact on EBITDA. Turning to management and franchise on slide seven, again, plus 8.3% in the first quarter. Thanks to a strong performance in luxury and lifestyle, as you can see here at plus 15%, we were able to absorb in the first quarter the impact of the flip to franchise in PME, as well as a more prudent approach to incentives. As for M&F fees, incentives accounted for 31% of our fees in the quarter. PME management and franchise revenue is up 4.3% at constant currency. The distortion is mainly related to the switch from management to franchise revenue, contract, which impacted the first quarter by about one point. Now, that is half of what we had experienced in 2025, where the impact was two point and in line with what we had shared with you, but also a more prudent approach to incentives given the uncertainty around the Middle East. Luxury and lifestyle M&F revenue grew at 15% at constant currency. That's in line with the growth algorithm. from Refbar and NUG, and the cautiousness or prudence regarding the development of the conflict and therefore incentives was offset in the quarter by some termination fees. And to conclude this presentation and before we move to Q&A on slide eight, our business weathered the storm in the first quarter thanks to the resilience of our portfolio and an excellent start of the year. Outside of the UAE, the demand was solid in March and trending in line with actually January and February. Clearly, the situation is very fluid, but the demand remains structurally healthy. And just to note that more recently, schools have reopened in the UAE and air traffic is also increasing in the GCC. In light of the situation, nevertheless, we have reacted very quickly, both redirecting our investments towards more supportive markets and activating in March a group-wide profit protection plan to protect margin and to mitigate the impact of lower trading on our EBITDA. We accelerate development in growth markets, notably in India, which you know is a priority market for Accor. And just to share with you that the pipeline in India has gained significant momentum in the last six months with 46 hotels that we have signed or under MOU across the PME and the luxury portfolio in the last six months, which is 63% of the existing network in India. So clearly accelerating the pace of development in a very strategic market. And finally, as a reminder, we launched the first launch of the 2026 share buyback on April 2nd, as I said in my introduction. And I will now turn the floor over to you for the Q&A session.

Ladies and gentlemen, if you wish to ask a question, please dial pound key 5 on your telephone keypad. If you wish to withdraw your question, please dial pound key 6. The next question comes from Jared Castle from UBS. Please go ahead.