Savills (LSE:SVS) delivered higher revenue and underlying earnings in the first half of 2026, supported by growth across each of its business segments and an improvement in profitability from its North American operations.
Revenue increased 9% to £1.23 billion, while underlying profit before tax climbed 47% to £34.3 million. Reported profit before tax, however, declined to £7 million as costs associated with acquisitions weighed on the statutory result.
Despite those one-off expenses, the board increased the interim dividend by 5%, signalling confidence in the group’s underlying trading performance and the resilience provided by its less transaction-dependent consultancy and property management businesses.
Eastdil Secured Deal Strengthens U.S. Presence
Savills completed its acquisition of Eastdil Secured at the end of July 2026, significantly expanding the group’s position in global real estate capital advisory and strengthening its exposure to the strategically important U.S. market.
The transaction also gives Savills greater access to major international institutional investors and creates opportunities to combine Eastdil Secured’s capital markets capabilities with the wider group’s global real estate advisory network.
Eastdil Secured has continued to generate strong standalone revenue growth, while initial collaboration between the two businesses is beginning to emerge. Savills expects these opportunities to increase as integration progresses and clients gain access to the capabilities of the enlarged platform.
Diversified Business Positioned for Market Recovery
The acquisition creates a larger and more geographically diversified group that could benefit from a recovery in global real estate investment activity. Improving transaction volumes would provide additional support to Savills’ capital markets businesses, while recurring and less transactional operations continue to provide greater earnings stability.
Nevertheless, uncertainty remains around the timing of a sustained recovery. Geopolitical tensions and political uncertainty in the UK could affect investment decisions, making transaction pipelines and the completion of individual deals more difficult to predict.
Cash Flow and Leverage Support Outlook
Savills’ wider outlook is supported by relatively stable financial performance, strong recent free cash flow and an improving leverage position. Technical indicators also point to constructive momentum in the shares.
Valuation provides more moderate support, with the stock trading at a price-to-earnings multiple of approximately 18.9. Investors may also continue to assess risks associated with financing the Eastdil Secured acquisition, including potential dilution, alongside a limited governance overhang.
Successful integration of Eastdil Secured and the pace of recovery in global property investment markets are therefore likely to be important drivers of Savills’ performance over the coming periods.
More About Savills
Savills plc is a global real estate advisory group providing transactional, consultancy, property management and facilities management services across major markets including North America, the UK, Continental Europe and Asia Pacific.
Its operations span commercial and residential property advisory, capital markets and real estate management. The group serves institutional investors, corporations and private clients, with the Eastdil Secured acquisition significantly expanding its capabilities in global real estate capital advisory.
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