Europe Leisure: Feedback from 22nd Business Services, Leisure & Transport Conference - Day 2: Accor, Avolta, Edenred, FDj, Lottomatica

Research evidence excerpt

Europe Leisure: Feedback from 22nd Business Services, Leisure & Transport Conference - Day 2: Accor, Avolta, Edenred, FDj, Lottomatica

Equity Research

17 June 2026 | 10:22PM BST

Europe Leisure: Feedback from 22nd Business Services, Leisure &

Transport Conference - Day 2: Accor, Avolta, Edenred, FDJ, Lottomatica

We hosted meetings with Accor, Avolta, Edenred, FDJ, and Lottomatica at our 2026 Ben Andrews, CFA

+44(20)7774-5489 |

Goldman Sachs Business Services, Leisure & Transport conference in London today ben.andrews@gs.com

Goldman Sachs International

(June 17th). We summarise our key takeaways below. See also our Day 1 takeaways

Poppy Boyd-Taylor

(including IHG, Amadeus, Evolution and ISS) here. +44(20)7774-2994 | poppy.boyd-

taylor@gs.com

Leo Mose

+44(20)7051-2439 | leo.mose@gs.com

Accor

Presenters: Pierre-Loup Etienne, SVP Financial Communication & Investor Relations,

and Amélie Leblanc, Executive Director of Financial Communications and Investor

Relations, presented at the Business Services, Leisure & Transport Conference today.

Key takeaways:

n RevPAR trends: Management’s views on the RevPAR outlook are largely

consistent with their commentary at 1Q26, with 2Q RevPAR potentially a touch

better than previously expected (now flat-to-slightly positive). Within the Middle

East, the UAE remains materially impacted by the conflict, but management

indicated they are seeing sequential improvements in RevPAR, and surrounding

countries (e.g. Egypt and Saudi Arabia) are performing solidly. Overall, they

remain comfortable with consensus estimates for FY26 RevPAR

(company-compiled consensus: c.+2.3%, vs. GSe: +1.6%).

n Profit protection plan: At 1Q results, Accor outlined a profit protection plan to

minimise the impact of the Middle East conflict on financial performance, and