Accor SA (ACRFF) H1 2023 Earnings Call Transcript

Accor SA (OTCPK:ACRFF) H1 2023 Results Earnings Conference Call July 30, 2023 2:30 AM ET

Company Participants

Martine Gerow – Group Chief Finance Officer

Conference Call Participants

Vicki Stern – Barclays Capital

Richard Clarke – Bernstein Research

Jaina Mistry – Jefferies

Leo Carrington – Citigroup

Jarrod Castle – UBS

Jaafar Mestari – Exane BNP Paribas

Andre Juillard – Deutsche Bank

Simon Lechipre – Stifel Financial Corp.


Thank you for standing by. My name is Ellie and I will be your conference operator for today. At this time, I would like to welcome you to the Accor 2023 Half Year Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]. Thank you.

I’d now like to hand you over to Martine Gerow, Group CFO. Martine, you may now start the session.

Martine Gerow

Thank you. And good morning, ladies and gentlemen. And thank you for joining us on this call, which is my first earnings call as the CFO for Accor. So let’s just dive right into the presentation for our first half results.

I’m going to start with the financials on slide 3 of the presentation. So, we were very pleased with the performance in the first half. We’ve seen continued solid growth momentum and strong earnings and cash flow. Our RevPAR is up a very healthy 38% versus prior year. That’s on a like-for-like basis in the first half. And 25% in the second quarter, which is also very solid. And as compared to 2019, we actually saw an acceleration of the growth in the second quarter.

Our pricing momentum continues, contributing about two-third of the overall RevPAR growth, with occupancy gains contributing for about one-third.

Our net unit growth actually

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