Accor Post AGM update on allegations: No evidence of systemic failures, operational improvements underway

Research evidence excerpt

Accor Post AGM update on allegations: No evidence of systemic failures, operational improvements underway

J P M O R G A N Europe Equity Research

28 May 2026

Accor Overweight

ACCP.PA, AC FP

Post AGM update on allegations: No evidence of Price (27 May 26):€46.50

systemic failures, operational improvements underway Price Target (Dec-27):€59.00

Accor used its Annual General Meeting to address the findings of two audits European Leisure, Hotels & Gaming

AClaunched in response to allegations raised by a US hedge fund regarding child Estelle Weingrod

sexual exploitation risks in hotels in March (here, here). The audits assessed (44-20) 7742-8502

Accor’s procedures across the full guest journey, including stages not covered in estelle.weingrod@jpmorgan.com

the original report. Overall, Accor’s message was that while the audits did not J.P. Morgan Securities plc

identify systemic procedural failures, they highlighted areas where Karan Puri

operational execution must be improved, particularly across franchised (44-20) 7742-8342

karan.puri@jpmorgan.com

hotels and the consistent application of WATCH procedures (Accor’s J.P. Morgan Securities plc

detection and prevention programme). The Group is responding by

Avni Garg

tightening training, standards, controls, governance, audits and external (91-22) 6157-3431

partnerships to strengthen prevention and detection across its hotel network. avni.garg@jpmchase.com

J.P. Morgan India Private Limited

• Internal audit conclusions: Accor’s internal review found no systemic

failures in the Group’s procedures. The review identified a significant gap Specialist Sales contact details:

between the initial allegations and the actual interactions with hotels, which Olivia Petronilho - Specialist Sales -