Savills (SVS) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 rose 9% year-over-year to £1,225.5m, with underlying EBITDA up 32% to £73.9m and strong growth across all business segments and regions, reflecting benefits from prior restructuring.

• Underlying profit before tax increased 47% to £34.3m, while reported profit before tax fell 56% to £7.0m due to one-off acquisition costs.

• Transactional revenues rose 14%, driven by a 19% increase in Commercial Transaction Advisory and a 3% rise in Residential Transaction Advisory, despite subdued UK residential markets.

• Acquisition of Eastdil Secured completed, contributing to a pro forma H1 revenue increase of 18% and underlying PBT up 60% pre-synergies, positioning the group as a global leader in real estate capital advisory.

• Interim dividend increased by 5.4% to 7.8p per share, reflecting confidence in ongoing performance.

Financial highlights

• Underlying basic EPS up 53% to 17.9p; reported basic EPS down 51% to 3.3p.

• Net debt at period end was £42.7m, compared to £16.5m a year earlier, reflecting acquisition activity.

• Cash and cash equivalents net of overdrafts stood at £309.4m.

• Group underlying profit margin improved to 2.8% from 2.1% year-over-year.

• Cash flows from operating activities improved to -£65.0m from -£78.4m in H1 2025.

Outlook and guidance

• Strong first-half momentum positions the group to meet full-year expectations, though macro volatility and UK political changes make timing of transactional pipeline conversion uncertain.

• Less Transactional businesses expected to remain resilient, supported by consultancy and property management.

• Board’s expectations for the enlarged group in 2026 remain unchanged despite market uncertainty.