Savills (SVS) Trading Update summary

Trading performance and revenue trends

• Q1 trading was broadly in line with expectations and significantly ahead of the same period last year.

• Global capital transaction revenue rose 7% in Q1, with notable strength in EMEA and renewed investor interest in prime European office assets.

• Leasing revenues increased over 20% in Q1, reflecting more active markets across most sectors.

• Prime residential markets remained resilient, with the UK outperforming last year ahead of a Stamp Duty increase.

• Less transactional businesses, especially Consultancy, performed strongly and provided a stable earnings base.

Market environment and outlook

• Macro-economic and geopolitical uncertainty has caused a short-term slowdown in global transaction activity, but recovery is expected as sentiment stabilizes.

• The underlying pipeline of potential transactions is significantly improved year-on-year.

• Investor demand for secure income real estate remains high, especially in major city office markets.

• Selective recruitment and acquisitions continue, supported by a strong balance sheet.

• H1 performance is expected to be similar to last year due to tariff impacts, with improvement anticipated in H2.

Leadership commentary

• CEO Mark Ridley highlighted a strong start to the year and improved business trajectories despite near-term uncertainty.

• Teams worldwide have been commended for client support and pursuing long-term business initiatives.