Savills plc

Reported revenue was more than GBP 1.2 billion, up 8.7% year over year. Underlying EBITDA increased 32% to almost GBP 74 million, while underlying PBT rose 47% to GBP 34.3 million, or almost 49% on a constant-currency basis. Underlying EPS came in at 17.9p, and the interim dividend was 7.8p per share, up 5.4% year over year. Transactional revenues were up 14% and Less Transactional revenues were up 6%, with Less Transactional revenues at GBP 776 million, or 63% of group revenue. Net debt was less than GBP 50 million at period end, and management said the group moved back to a net cash position at the end of July ahead of the Eastdil closing. For the full year, expectations remain unchanged, and for the enlarged group management expects net debt-to-EBITDA of 1.5x or less by year-end 2026 and around 1x by the end of 2027, all else equal. Management also said full-year restructuring and integration costs are likely to be around half of last year’s GBP 30 million charge.

Simon Shaw framed the half as a strong performance in difficult markets and said the business is at a genuine inflection point after closing Eastdil Secured. He emphasized the strategic logic of combining Savills’ services with Eastdil’s U.S.-scaled advisory, debt, and M&A capabilities, especially for serving clients from boardroom-level advice through portfolio management. His tone was confident and upbeat, but he repeatedly noted that transaction timing remains hard to predict and that clarity in the U.K. political backdrop would help.

Nick Sanderson said the results showed strong earnings growth driven by both higher revenue and margin progression. He cited revenue of more than GBP 1.2 billion, underlying EBITDA of almost GBP 74 million, underlying PBT of GBP 34.3 million, and net debt of less than GBP 50 million, while highlighting that Less Transactional revenues of GBP 776 million made up 63% of the group total. He also pointed to GBP 7.2 million of restructuring costs in H1, expected similar costs in H2, and GBP 13.5 million of transaction costs tied to Eastdil, plus the group’s balance-sheet plan to keep leverage low and use cash flow to refinance the remaining USD 350 million of bridge funding.

Analysts focused on UK market share, the acquisition pipeline, APAC, investment management, UK residential, Middle East conditions, and Eastdil synergies. Management said UK share gains came from disciplined advice, a flight to quality in tougher markets, and a halo effect from Eastdil; it does not expect a major acquisition pause, but said the next 6 months will be about extracting value from the big deal rather than doing a ‘hero style’ transaction. On UK residential, management said clarity after the October budget is important, while on Eastdil seasonality they noted the enlarged group should be less seasonal than Savills historically. Questions on Eastdil synergy opportunities drew answers pointing to debt advisory, data centers, and referrals/joint approaches as near-term areas of focus.