Savills (SVS) H1 2026 earnings summary

Executive summary

• H1 revenue rose 8.7% to £1,225.5m and underlying EBITDA increased 32% to £73.9m, supported by prior restructuring and growth across business lines.

• Underlying PBT rose 47.2% to £34.3m; reported PBT fell 56% to £7.0m, reflecting one-off acquisition costs.

• Transactional revenue increased 14%; Less Transactional revenue rose 6%, providing diversified and resilient earnings.

• Eastdil Secured joined after H1; its acquisition lifted pro forma H1 revenue by 18% and underlying PBT by 60% before synergies.

• Interim dividend increased 5.4% to 7.8p per share.

Financial highlights

• Underlying basic EPS rose 53% to 17.9p; reported basic EPS fell 51% to 3.3p.

• Less Transactional revenue was £776m, 63% of total revenue, and profit increased 28% to £42.2m.

• Net debt at 30 June was £42.7m, versus £16.5m a year earlier; operating cash outflow improved to £65.0m from £78.4m.

• Underlying EBITDA margin rose to 6.0% from 5.0%; underlying PBT margin improved to 2.8% from 2.1%.

• Cash and cash equivalents, net of overdrafts, were £309.4m.

Outlook and guidance

• FY 2026 expectations remained unchanged; strong pipelines support H2 potential, although transaction conversion and timing remain uncertain.

• Less Transactional businesses are expected to remain resilient, supporting overall performance.

• Net debt/EBITDA is expected at 1.5x or less at year-end 2026 and around 1x at year-end 2027.

• Restructuring and integration costs for the full year are expected to be around half of the prior year’s £30m charge.