Accor : 2019 First-half results presentation

J u l y 3 1 s t , 2 0 1 9

By reading the following presentation slides, you further agree to be bound by the following limitations and qualifications:

This presentation is for information purposes only and does not constitute an offer or solicitation for the sale or purchase of any securities, any part of the business or assets

described herein, or any other interests. It includes only summary information and does not purport to be comprehensive. The information contained in this document has not been independently verified.

This document may contain certain statements that are forward-looking with respect to the financial condition, results of operations, business and strategy of Accor S.A. Such statements are based on management's current views and assumptions, which are naturally subject to risks and contingencies that may lead such statement to ultimately prove inaccurate. These risk factors are further developed in Accor's Registration Document. Accor S.A., its affiliates, directors, advisors, employees and representatives, expressly do not assume any liability whatsoever for such forward-looking statements. Accor S.A. does not undertake to update or revise the forward-looking statements or any other information that may be presented in this document to reflect new information, future events or for any other reason and any opinion expressed in this presentation is subject to change without notice.

The figures included in this presentation are restated after IFRS 5, excepted otherwise stated.

This presentation may include some information on specific transactions that shall be considered as projects only and may remain subject to certain approvals and other conditions.

H1 2019 Key achievements

Business Momentum

Systemwide RevPAR

+ 2.9% L/L

+5.2% yoy Net Organic

System Growth

Business volume of €10.4bn

vs. €8.9bn in H1 2018

Financial performance

€1,926m Revenue

up +27.8% reported

up +4.8% L/L

€375m EBITDA

up 30.1% reported

up +5.1% L/L

Cash conversion of 76%

Strategy delivery

Launch of Marketing plan

and set-up

Mantra and Mövenpick

Integration & synergies on track

Orbis(1) disposal process

ongoing per plan

1. Reported per IFRS 5 as "Discontinued operations"

On track to reach 5,000 hotels in network by year-end

In rooms, as of June 2019

337k

	220k
	101k
40k	62k	43k	60k	39k
			13k
			5k

Europe	Asia-Pacific	Middle East	South America	North America,
		& Africa		Central America
				& the Caribbean

Network

Hotels 4,892

Rooms 717k

Pipeline

Hotels 1,153

Rooms 202k

Investor Day

H1 Development supporting densification in our key markets

Nov. 27th, 2018

DUBAI: +320 rooms open		JAKARTA: +450 rooms open
Total 12k rooms		Total 8k rooms

Grand Plaza Mövenpick Media City		Mercure Jakarta Gatot Subroto
BANGKOK: +560 rooms open		MELBOURNE: +280 rooms open
Total 10k rooms		Total 6k rooms

ibis Styles Bangkok RatchadaMantra Melbourne Epping

		19k	51%	30%	9%	8%	2%
		Rooms opened	Asia-Pacific	Europe	South America	Middle-East & Africa	North America,
		Central America & Caribbean
		in H1 2019