Foxtons Group (FOXT) Q2 2026 earnings summary

Executive summary

• Recurring revenues, now 69% of total, supported performance amid a challenging sales market and RRA-related volatility.

• Strategic focus on Lettings, operational cost actions, and acquisitions in Birmingham and Milton Keynes expanded presence and resilience.

• Cross-sell revenues grew across Lettings (+17%), Sales (+33%), and Financial Services (+25%).

• £4.5m annualised cost savings delivered, with operational upgrades and increased RCF capacity to £50m.

Financial highlights

• Revenue declined 3% year-over-year to £83.7m; Lettings revenue flat at £54.7m, Sales down 13% to £23.5m, Financial Services up 20% to £5.4m.

• Adjusted operating profit was £8.9m, down 29%; adjusted EBITDA fell 25% to £10.4m.

• Statutory profit before tax was £4.4m, down 57%; adjusted EPS 1.8p, basic EPS 1.0p.

• Net free cash flow was £1.4m, down from £3.6m in H1 2025; net debt at £28.4m.

• Interim dividend maintained at 0.24p per share.

Outlook and guidance

• Lettings market expected to remain supportive and resilient, with strong tenant demand and stabilizing terminations.

• RRA anticipated to create medium-term growth opportunities in property management and sector consolidation.

• Sales market remains challenging due to weak consumer confidence and higher borrowing costs.

• 2026 adjusted operating profit guidance: £17m–£19m, weighted to H2.