Previews & Comps: ‘Weekend Break‘ No. 1,154

Research evidence excerpt

Previews & Comps: ‘Weekend Break‘ No. 1,154

Foundation

July 24, 2026 11:45 AM GMT

Morgan Stanley & Co. International plc+MLeisure & Hotels | Europe Jamie Rollo

Equity Analyst

Previews & Comps: 'Weekend Jamie.Rollo@morganstanley.comEd Young +44 20 7425-3281

Ed.Young@morganstanley.com +44 20 7677-1761

Break' No. 1,154 Axel Stasse

Axel.Stasse@morganstanley.com +44 20 7425-2429

We assess upcoming results from Royal Caribbean, SSP, Accor, James S Harden

IHG, Cirsa, Entain, FDJU, Flutter, Lottomatica and (NEW!) TUI. ResearchJames.Harden@morganstanley.comAssociate +44 20 7677-0986

We also include a summary of our latest research and global James Ruddell

valuation comps. ResearchJames.Ruddell@morganstanley.comAssociate +44 20 7677-1803

Previews: Morgan Stanley & Co. LLC

Stephen W Grambling

• Royal Caribbean Q2: We forecast EPS of $3.96, just above the top end of Equity Analyst

guidance, but expect this to be offset by dull Q3 yield guidance Stephen.Grambling@morganstanley.com +1 212 761-1010

• SSP Q3 Trading Update: We expect +3.6% Q3 c/c revenues and expect unchanged

Leisure and Hotels

FY guidance Europe

• Accor H1: We forecast +2.6% H1 RevPAR, +3.6% NUG and +4% c/c EBITDA, and Industry View Attractive

expect the company to guide to FY26 EBITDA of €1,250-1,280m

• InterContinental Hotels H1: We forecast +3.6% RevPAR, +4.9% NUG and +12%

EBIT, and expect the company to signal confidence in FY consensus expectations,

given stronger than expected US data

• Cirsa H1: We expect H1 net revenue €1,250m (+8%) and EBITDA €392m (31%

margin), driven by strong Slots Spain and Casinos

• Entain H1: We forecast H1 EBITDA of £558m (-4%, including parent fees and

including consolidation of CEE), with focus on UK online trading, CEE divestment

and BetMGM