Savills PLC - Annual Report 2025 | FinancialReports.eu

Savills PLC

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Annual Report and Accounts 2025

Positioned

for growth

IR.SAVILLS.COM

Balance (non-transactional)*

(2024: 64%)

Underlying proﬁt**

£145.3

(2024: £130.4m)

Revenue

£2,550.9

(2024: £2,404.0m)

Reported proﬁt after tax

£73.6

(2024: £52.9m)

Dividends

33.8

(2024: 30.2p)

Reported earnings per share

52.0

(2024: 39.4p)

Underlying earnings per share**

77.2

(2024: 66.2p)

Operating cash generation

£172.3

(2024: £158.6m)

Deﬁned as the % of Group revenue derived from non-transactional revenue streams. See Non-Financial Key Performance Indicators on page 27 for further information.

Underlying proﬁt is an alternative performance measure used to assess the performance of the Group. Underlying EPS is also an alternative performance measure used to assess the performance of the Group.

Underlying EPS is calculated using the underlying proﬁt after tax measure, with the weighted average number of shares remaining the same as the GAAP measure. Refer to Note 11 and Note 15.2 to the ﬁnancial

statements for further explanation of underlying proﬁt measures.

Savills is a

global

real estate

services provider.

Oﬀering a broad range of specialist

advisory, management and transactional

services to clients all over the world.

HIGHLIGHTS

CONTENTS

OVERVIEW

What we do

Savills at a glance

GOVERNANCE

Chair’s Introduction

Governance overview

Applying the principles of the 2024

UK Corporate Governance Code

Governance at a glance

Board of Directors

Group Executive Board

Corporate Governance statement

Governance framework

Culture and values

Stakeholder engagement

Section 172(1) statement

Policies and practices

Division of responsibilities

STRATEGIC REPORT

Chair’s statement

Chief Executive’s review

Savills Group strategy

Market review

Our business model

Key performance indicators

Financial review

Principal and emerging risks and

uncertainties facing the business

Responsible business

Disclosure statements

Non-financial and sustainability

information statement 2025

Task Force on Climate-Related

Financial Disclosures (TCFD) 2025

Viability statement

Nomination and Governance

Committee Report

102

Audit, risks and internal controls

102

Audit Committee Report

114

Directors’ Remuneration Report

114

Annual statement

118

Remuneration Policy

121

Annual Report on Remuneration

141

Directors’ Report

146

Statement of Directors’ responsibilities

in respect of the financial statements

FINANCIAL STATEMENTS

147

Independent Auditor’s report

159

Consolidated income statement

160

Consolidated statement of

comprehensive income

161

Consolidated statement of

financial position

162

changes in equity

164

Consolidated statement of cash flows

165

Notes to the consolidated

financial statements

257

Company statement of financial position

258

Company statement of changes

in equity

260

Notes to the Company

financial statements

273

Appendices

275

Shareholder information

READ MORE ABOUT OUR VALUES ON PAGE 25

Culture and values

The Board is responsible for embedding a strong

and inclusive culture across the Group; founded

on an entrepreneurial approach, one of integrity

and openness, and one that values diversity and

is responsive to the views of its Shareholders

and wider stakeholders. This is underpinned by

our values and operational and ethical standards.

We have built our brand and reputation on the

quality of our people, relationships, resources

and processes.

The Board is committed to ensuring that the tone

in terms of the Group’s values is set from the top by

both the Board and senior management.

The Savills Code of Conduct helps aid the

understanding and embodiment of behaviours that

align employees with the culture set by the Board,

and underpins our social, ethical and environmental

commitments. A conﬁdential and anonymous

independently hosted ‘Speak-up’ facility is in place

which enables employees, clients and suppliers to

report any concerns related to unethical conduct

in any areas of the business. All disclosures are

investigated promptly, overseen by the Group Legal

Director & Company Secretary and escalated to the

Board as appropriate, with follow-up action being

taken as soon as practicable thereafter.

listen

empower

challenge

collaborate

Helping people

thrive

through

places and spaces

Internal audit

Action taken

Received and considered updates on the risk and

internal control environments within the Group’s Asia

Paciﬁc, North American, EMEA businesses and Savills

Link to culture

Provides the Board with a direct view to ensure that

behaviours are at the desired standard and provides

details of any the corrective action being taken

Health & safety information

Action taken

The Board receives updates on key health and safety

management issues from across the Group

Link to culture

Enables the Directors to assess the eﬀectiveness

of safety practices and behaviours

Modern slavery

Reviewed and approved the Group’s Modern

Slavery Statement

This provides the Board with a broad understanding of

practices and behaviours across the Group, and how

these align with our values

Provides oversight of steps taken to prevent modern

slavery and human traﬃcking within the Group and its

supply chain

How the Board assesses Savills culture

Employee matters

The Board receives reports on matters which relate to

employee interests from, in particular, the Group CEO,

but also the Heads of Principal Businesses and the

Group Legal Director & Company Secretary

This provides the Board with direct insights into

behaviours and practices and ensures that the Board

has the opportunity to consider matters relating to

employee interests in its formulation of strategy and

decision-making

Direct management

The Board receives presentations and reports from

the Heads of the Principal Business and from senior

management across the Group

This provides the Board with direct insights into

behaviours and practices, and the practical application

of policies and standards

Whistleblowing

The Board receives reports received via the Group’s

‘Speak-up’ (‘Safe Call’) system and receives the

progress of related investigations

Speak-up reports provide the Board with a view of the

nature of employee concerns and trends in behaviours

Staﬀ turnover, retention and

absenteeism rates

Training & development

(programme overview and outputs)

Whistleblowing, grievance and

‘Speak-up’ data

Promptness of payments

to suppliers

Our people-related KPIs

Employee wellbeing

Exit interviews

Employee surveys

Recruitment, reward and promotion

decisions (overview)

Savills is a geographically and culturally diverse business providing services in more

than 70 countries. As a result, it has a global and diverse community of stakeholders,

each with their own interests in, and expectations of the Company.

Our stakeholders include not only clients, our Shareholders and our people, but

also suppliers and the wider communities in which we operate. As noted in the

Company’s statement on Section 172 of the Companies Act 2006 set out on

Stakeholder group

Why we engage

How we engaged them in 2025

Further links

Our Clients

Our clients are key to the success of

our business.

We engaged in a variety of feedback activities depending on the business area and client segment.

We continued to invest in our people and systems to ensure they have the right skills,

competencies and tools to eﬀectively nurture and grow client relationships.

Our investment in this programme, our internal collaboration and the introduction of technology

has supported our client relationship management approach, resulting in us being able to better

meet our clients’ expectations and adapt more quickly to evolving market conditions.

The quality of our service performance continues to be regularly assessed by independent

reviewers. This helps us better understand how we are managing relationships and what we

need to change to deliver the service and added value our clients expect. We regularly ask

our clients for feedback on our service oﬀering so we can continue to provide best-in-class

services and advice.

Client engagement

page 53

Our People

Our people are our most valuable

asset. We ﬁrmly believe that our

people are key to delivering excellent

service to our clients and achieving

our objectives.

It is vital for our continued success that we maintain an environment where our people feel

valued, motivated, and able to thrive. We have continued to focus on employee engagement

through a number of areas, including supporting the health and wellbeing of our employees and

our Principal Businesses have employee-led groups in place covering areas such as diversity &

inclusion, innovation, and social mobility. Feedback received from these working groups is given

to the ESG Committee, and ultimately the Board.

We gather feedback regularly from our employees to assess their levels of engagement and

during the year we continued to utilise multiple channels to communicate and engage with

employees, including regular town hall and other meetings, all-employee emails and our intranet.

As part of our commitment to helping all our people to understand the Group’s growth strategy

and to raise other questions about the Group, our digital platform allows direct employee

communication (in local languages) with Non-Executive Directors (including the Chair) to allow

employee views to ﬂow to the Board direct.

We regularly review this facility to ensure that this remains an eﬀective mechanism for

facilitating two-way communication directly between employees and Board members.

Employee feedback

page 49

Diversity and

Inclusion page 50

Engaging with our

people page 87

pages 88 and 89, in making their decisions and in discharging their duties to promote

the success of the Company, the Directors must have regard to the interests of its

stakeholders.

We have summarised below why our stakeholders are important to us, what we

believe their principal interests are and how the Board and Company seeks to engage

and respond.

Stakeholder group

Why we engage

How we engaged them in 2025

Further links

Our Community

We believe that the community

engagement programmes that we have

developed have a positive impact on

the areas where our people live and

ensure that Savills is ﬁrmly engaged

with the communities we serve.

We aim to create a lasting positive social impact on the local communities in which we work

through the way we engage with them, the work we do and the charitable initiatives we run

to support them.

In 2025, over 12,700 voluntary hours including 468 pro-bono hours were given during the year

across Savills and £1.5m donated by the Group, with over 580 charitable causes supported

globally. We encourage every employee to provide social value through volunteering,

fundraising or pro bono activity.

Charity and

community

involvement – case

studies on page 47

Our Environment

We are committed to improving the

impacts our operations have on the

environment, managing climate-

related risks and working together

with our clients, suppliers and local

communities towards delivering a

more sustainable future.

Making a meaningful contribution to a wider society enables us to create stronger communities

and have a positive environmental and social impact. Savills has maintained focus on delivering

its commitment to achieving Net Zero for its operations (Scope 1 and 2) in 2030 and for its

value chain (Scope 3) greenhouse gas (GHG) emissions by 2040. We were pleased to receive

SBTi validation for our near-term Net Zero targets in 2024. Against these targets, Savills GHG

Scope 1 and 2 target of 72% reduction is on track to meet our 2030 goals with a decrease

achieved during the year, so that at the end of 2025 GHG emissions had reduced by 37%

against the 2019 baseline.

Responsible

business, our

ESG strategy

pages 40 to 53

Our Shareholders

We believe that engaging with our

Shareholders, and encouraging an

open, meaningful dialogue between

Shareholders and the Company is vital

to ensuring mutual understanding.

During the year, the Group Chief Executive and Group Chief Financial Oﬃcer, who have primary

responsibility for investor relations, led a regular programme of meetings and presentations

with analysts and investors. This included presentations following the publication of the

Company’s full and half-year results. This programme maintains a continuous two-way dialogue

between the Company and Shareholders, and helps to ensure that the Board is aware of

Shareholders’ views on a timely basis. These engagements generated insightful feedback then

shared with other Board members and Committees with due regard being given to these views.

In addition, the Board received feedback twice each year from its corporate brokers on

investors’ and the market’s perceptions of the Company.

The Annual General Meeting (‘AGM’) provides the Board with an opportunity to engage and

communicate with, and answer questions from, private and institutional Shareholders.

All Shareholders were invited to attend the 2025 AGM in person, with access to our website

and the choice to receive electronic communications. The AGM provided an opportunity for the

Directors to engage with Shareholders, answer their questions and to meet them informally.

KPIs page 26

Shareholder

engagement

page 86

Annual General

Meeting page 87

Our Suppliers

The procurement choices we make

can have a signiﬁcant impact on

people, organisations and the wider

environment. We have an obligation

to ensure that our supply chain

and procurement practices follow

appropriate standards.

During the year our businesses continued to engage with their key suppliers on key

issues to ensure that we can deliver the best service for our clients by building close and

collaborative relationships.

All suppliers are required to operate with high service levels and the ethical standards that are

set out in Savills Code of Conduct and our Modern Slavery and Anti Traﬃcking Statement.

We regularly monitor the relationship and engagement approach with our third party suppliers

including communications received via our Speak-up policy.

page 52

Speak-up policy

page 52

Modern Slavery

statement page 52

AGM

The Board is committed to maintaining an open dialogue with investors which is

achieved through a programme of structured engagement. We regularly engage with

our institutional Shareholders through an active investor relations programme.

The AGM 2025 will be held on 13 May 2026 at 12pm at 33 Margaret Street, London,

W1G 0JD. We encourage all Shareholders not attending in person on the day to vote

by proxy in advance of the meeting on all resolutions put forward as Shareholders will

not be able to vote on the day if they are not attending in person. The Chair of each

of the Committees will be available at the AGM to answer questions. Directors are

available before and during the meeting to answer questions from Shareholders and

to meet with Shareholders following the conclusion of the formal part of the meeting.

Further details are included in the Notice of AGM and documentation accompanying

the proxy form which will be sent out at least 20 working days before the meeting

(at least 15 working days’ notice would be given before other general meetings). In

accordance with the Company’s Articles of Association, electronic and paper proxy

appointments and voting instructions must be received not later than 48 hours before

a general meeting. All votes are taken by a poll and the level and manner of voting of

proxies lodged on each resolution at the AGM is declared at the meeting and published

on the Company’s website. All resolutions were passed at the 2025 meeting in line with

the Board’s recommendations.

The Company has taken advantage of the provisions within the Companies Act 2006

which allow communications with Shareholders to be made electronically, where

Shareholders have not requested hard-copy documentation. Details of the information

available to Shareholders can be found on page 275.

Employee surveys

We gather feedback regularly through various

channels from our employees to assess their levels

of engagement.

Speak-up

We operate independently hosted conﬁdential

and anonymous Speak-up services which enable

employees to report any concerns related to unethical

conduct in any areas of the business. All disclosures

are investigated promptly overseen by the Group

Legal Director & Company Secretary and escalated to

the Board as appropriate, with follow-up action being

taken as soon as practicable thereafter.

Access to Non-Executive Directors

Our digital platform which allows direct employee

communication (in local languages) with Non-

Executive Directors (including the Chair) in areas of

focus (such as strategy, training and development

opportunities; measurement of staﬀ performance and

promotion criteria; diversity; and ﬂexible working).

Employee engagement

Working groups

Our principal businesses have employee-led groups

in place covering areas such as diversity & inclusion,

innovation, and social mobility. Feedback received from

these working groups are given to the ESG Committee,

and ultimately the Board.

Our Diversity & Inclusion groups – page 50.

Social media

A variety of social media channels are utilised to

enhance engagement and the exchange of information

on the Company’s activities to all stakeholders.

These channels include X (formerly Twitter), Instagram

and our intranet. In particular our intranet is used as a

platform for employees to access our policies and to

receive information on wellbeing, health and safety,

and training.

Town hall/employee brieﬁngs

We hold town hall meetings within our Principal

Businesses, and other events, in particular focusing

on wellbeing and mental health issues, supported

by webinars provided by external providers.

How the Board factored employee engagement into its decisions

Section 172(1) statement

The Board of Directors of Savills plc

consider, both individually and together,

that they have acted in the way they

consider, in good faith, would be most

likely to promote the success of the

Company for the beneﬁt of its members

as a whole. In doing this, the Directors

have had regard to stakeholders, and

amongst other matters, to those set out

in s.172(1) (a-f) of the Companies Act

2006 in the decisions taken during the

year ended 31 December 2025.

The Board oversees and receives

regular updates throughout the year

on engagement activities with our key

stakeholders and engages directly with

stakeholders (receiving presentations

and reports from the Executive Directors

and Group Executive Board (‘GEB’)

members, and in relation to business for

which they have responsibility, senior

management from across the Group),

but there is also signiﬁcant engagement

at all levels across the Group, particularly

in relation to people, clients and

suppliers, with the Board receiving

regular updates on stakeholder views.

Eﬀective leadership

The Board has a duty to promote the

long-term sustainable success of the

Company for its members as a whole,

and in so doing have regard to (i) the

likely consequences of any decision

in the long-term; (ii) the interests

of the Company’s employees; (iii)

the need to foster the Company’s

business relationships with suppliers,

customers and others; (iv) the impact

of the Company’s operations on the

community and the environment; (v) the

desirability of the Company maintaining

a reputation for high standards of

business conduct; and (vi) the need to

act fairly as between members of the

Company. The Board is responsible for

monitoring the Company’s purpose,

values and strategy and ensuring that

these and the Company’s culture are

aligned. Its role includes the oversight

of succession planning, approval of

major acquisitions, disposals, capital

expenditure and ﬁnancing arrangements

and of the Group’s systems of

internal control, governance and risk

management. The Board provides and

promotes eﬀective and entrepreneurial

leadership across the business within the

Group’s governance framework.

Having the appropriate mix of

experience, expertise, diversity and

independence is essential for the Savills

Board. Our Board comprises highly

skilled professionals who bring a range

of skills, perspectives and corporate

experience to our Boardroom (see pages

76 to 78). To ensure suﬃcient time for

discussion, the Board utilises its principal

Committees to eﬀectively manage its

time (see page 81 for our Governance

framework). At each Board meeting,

the agenda ensures suﬃcient time for

the Committee Chairs to report on the

contents of discussions at Committee

meetings, any recommendations to the

Board which require approval and the

actions taken.

The Board maintains oversight of this

engagement and receives reports

and updates on such engagement

from the Executive Directors and

senior management and is given the

opportunity to challenge these ﬁndings

at Board and Committee meetings. This

information is used to inform discussion

and decision-making.

In the context of the Board’s activities

during 2025, the table below sets out

how the Directors have had regard to

the matters set out in Section 172(a-

f) when discharging their Section 172

duties and decision-making.

Section 172 disclosure

Page

(d)

impact of the Company’s operations on the community

and the environment

Environment

42 – 45

Community

46 – 47

GHG and energy data

64 – 68

TCFD disclosures

55 – 63

85 – 86

(e)

maintaining a reputation for high standards of

business conduct

Culture

48 – 52

Human rights and modern slavery

Speak up

Leadership and Company purpose

Risk management and internal controls

113

Audit Committee Report

102 – 113

(f)

acting fairly as between members of the Company

Strategic Report

4 – 69

Engaging with stakeholders

85 – 86

Remuneration Report

114 – 140

The above statement on section 172 of the Companies Act 2006 is incorporated by

reference into the Strategic Report on pages 4 to 69.

Section 172 disclosure

Page

(a)

likely consequences of any decisions in the long term

Strategic Report

4 – 69

Board principal decisions

Consideration of stakeholder interests

85 – 87

Risk management

113

(b)

interests of employees

People

Culture and ethics

48 – 52

Leadership and Company purpose

Engaging with our people

(c)

fostering the Company’s business relationships with

suppliers, clients and others

Client care

Speak up

Human rights and modern slavery

Board principal decisions

Monitored the performance and growth of the Group’s Principal Businesses

Held the annual review of Strategy and capital allocation to consider in depth and reconﬁrm

the Group’s Strategy

Endorsed growth initiatives consistent with the Group’s Strategic Plan

Received and considered investor feedback collated by the Company’s corporate brokers

from investor road-shows, presentations and meetings between investors and the Group

Chief Executive and/or Group Chief Financial Oﬃcer

Received regular client feedback from the Group Chief Executive

Purpose, strategy and implementation

Board activities

The Board met 9 times during the year to consider the items noted below.

The Board’s principal actions during 2025 were to consider and reconﬁrm the Group’s

strategy and growth plans and those of the Principal Businesses (which is linked

to Strategic Objective: Business Diversiﬁcation); to approve material transactions,

implementation of senior management succession and business restructuring plans

and strategic recruitments across the Group (which is linked to Strategic Objective:

Financial Strength and Geographical Diversiﬁcation); and to monitor the progress

made on delivering the Group’s Net Zero carbon targets (which is linked to Strategic

Objective: Commitment to Responsible Business).

Details on these key focuses are set out below:

Reviewed the 2026-2028 Group Business Strategic Plan, including capital allocation, and

approved the 2026 Annual Budget & Plan

Reviewed business, proﬁt and cash management performance, and in each case, assessed

performance in these areas against the Group’s strategy, objectives and business plans to

ensure that the ﬁnancial returns generated by the Group’s businesses were applied to the

creation of additional value, costs were controlled and that resources could be made available

at the appropriate time to realise business opportunities

Considered and approved the 2025 Going concern and Viability statements

Reviewed and approved the Company’s 2026 Tax Strategy

Approved the 2025 Annual and Half-year results and Trading Updates, and accounting

policies so as to ensure in particular that communication with the Group’s Shareholders was

fair, balanced and understandable; and, subject to Shareholder approval, the appointment and

the remuneration of the External Auditor

Financial management

Reviewed the annual Directors’ Conﬂict of Interests declarations

Considered and approved standing situational, and if they arose, actual conﬂicts of interest

Undertook an independently facilitated evaluation of Board performance and agreed the

Board’s priority focuses for 2026

Eﬀectiveness

Received updates on regulatory and governance developments

Received regular reports in relation to material legal matters

Reviewed and discussed the evaluation of the performance of the Board, its Committees

and individual Directors to ensure that they continued to be eﬀective in support of Group

strategy, policy and practice

Considered issues raised through the Group’s conﬁdential reporting (‘Speak-up’) channels

and their resolutions

Reviewed and approved the Company’s 2025 Modern Slavery Statement

Reviewed and conﬁrmed the principal existing and emerging risks and uncertainties facing

the Group which are described in detail on pages 31 to 39

Reviewed the Group’s risk register and the eﬀectiveness of the systems of internal control

and risk management

Received updates on the risk and internal control environments within the Group’s Asia

Paciﬁc, North American, CEME and UK businesses and Savills Investment Management

Internal control and risk management

Agreed the appointment of Simon Shaw as Group Chief Executive Oﬃcer (eﬀective 1 January

2026) as successor to Mark Ridley

Agreed the appointment of Nick Sanderson as Group Chief Financial Oﬃcer to join the Board

12 March 2026

Reviewed the composition and performance of the Board and its Committees

Agreed the implementation of senior level succession plans and restructuring plans for the

Group’s Principal Businesses

Leadership and people

Policies and practices

Independence of Non-

Executive Directors

On an annual basis, the Board reviews

the independence of its Non-Executive

Directors. Non-Executive Directors

(‘NEDs’) are expected to exercise

independent judgement and to be free

from any business or other relationship

that could materially interfere with it.

This independence is crucial in bringing

constructive challenge to the Group CEO

and management at Board meetings,

while providing support and guidance

to promote meaningful discussion

and, ultimately, informed and eﬀective

decision-making. Directors are required

to provide suﬃcient information to

allow the Board to evaluate their

independence prior to and following

their appointment.

The Board considers that all of the Non-

Executive Directors bring considerable

expertise, strong independent oversight

and are Independent Non-Executive

Directors, being independent of

management and having no business

or other relationship which could

interfere materially with the exercise

of their judgement.

Outside interests and conﬂicts

The Board has adopted guidelines

for dealing with conﬂicts of interests.

All potential new Directors are asked

to disclose their other signiﬁcant

commitments. The Nomination &

Governance Committee takes this into

account when considering proposed

appointments to ensure that Directors

can discharge their responsibilities to

the Group eﬀectively. This means not

only attending and preparing for formal

Board and Committee meetings, but also

making time to understand the business,

and to undertake training.

The time commitment is agreed with

each Non-Executive Director on an

individual basis. In addition, all Directors

must seek approval before accepting

any signiﬁcant new commitment. The

Board is satisﬁed that the Chair and

each of the Non-Executive Directors

committed suﬃcient time during the

year to enable them to meet their Board

responsibilities and fulﬁl their duties as

Directors of the Company.

For the year ended 31 December

2025 and as at the date of publication

of this Annual Report, the Board is

satisﬁed that none of the Directors is

over-committed and that each of the

Directors allocates suﬃcient time to his

or her role in order to discharge their

responsibilities eﬀectively.

Indemniﬁcation of Directors

In accordance with the Company’s

Articles of Association, and to the extent

permitted by law, the Directors and

Secretary are granted an indemnity,

in respect of any liabilities incurred as

a result of their holding oﬃce. Such

indemnities were in force during the

ﬁnancial year to 31 December 2025

and up to the date of this Report. The

Company also maintains appropriate

insurance cover in respect of legal action

against its Directors and Oﬃcers.

Conﬂicts of interest procedure

The Companies Act 2006 places a duty

on each Director to avoid a situation

in which he or she has or can have a

direct or indirect interest which conﬂicts

or may conﬂict with the interests of

the Company. A Director will not be

in breach of that duty if the relevant

matter has been authorised by the

other Directors in accordance with the

Company’s Articles of Association.

Procedures are in place for the

disclosure by Directors of any interest

that conﬂicts, or possibly may conﬂict,

with the Company’s interests and for the

appropriate authorisation to be sought

if a conﬂict arises. The Board, or the

on its behalf, reviews actual and

situational conﬂicts of interest at least

annually and as necessary if and when

a new potential situational conﬂict is

identiﬁed or a potential conﬂict situation

materialises. During 2025, the actual

and situational conﬂicts of interest that

were identiﬁed by each Director were

reviewed and authorised by the Board,

subject to appropriate conditions in

accordance with the guiding principles.

The procedures adopted to deal with

conﬂicts of interest continue to operate

eﬀectively and the Board’s authorisation

powers continue to be exercised

properly in accordance with the

Company’s Articles of Association.

Division of responsibilities

In line with the requirements of the Code, the Board comprises a majority of

Independent Non-Executive Directors. The Nomination & Governance Committee

considers the independence of the Non-Executive Directors annually in determining

whether to recommend the Non-Executive for re-election to the Board, having

regard to the independence criteria set out in the Code. As part of this process,

the Board keeps under review the length of tenure of all Directors, which can aﬀect

independence. The Board remains satisﬁed that it has the appropriate balance of

skills, experience, independence and knowledge to ensure it continues to run the

business eﬀectively and deliver sustainable growth.

Board roles

There is clear division between executive and non-executive responsibilities which

ensure accountability and oversight. The Board comprises Executive and Non-

Executive Directors, such that no one individual or small group of individuals

dominates the Board’s decision-making. The Non-Executive Directors are all deemed

to be independent. To help ensure a proper dialogue with all Directors, the Chair

meets periodically with the Directors individually. The role descriptions of the Chair,

Group CEO and Senior Independent Director are reviewed annually by the Board and

are updated as necessary to reﬂect changes in legislation or best practice.

Chair

The Chair is responsible for:

leading the Board and its overall eﬀectiveness;

demonstrating objective judgement;

promoting a culture of openness and constructive

challenge and debate between all Directors;

facilitating constructive Board relations and

the eﬀective contribution of all Non-Executive

Directors; and

ensuring Directors receive accurate, clear and

timely information.

To help ensure a proper dialogue with all

Directors, the Chair meets periodically with the

Directors individually.

Executive

Oﬃcer

Mark Ridley

(until 31 December

2025; Simon Shaw

with eﬀect from

1 January 2026)

The Group Chief Executive has responsibility for all

Group businesses and acts in accordance with the

authority delegated by the Board. There are a number

of areas where the Board has delegated speciﬁc

responsibility to management, including responsibility

for the operational management of the Group’s

businesses as well as reviewing strategic issues and

risk matters in advance of these being considered

by the Board and/or its Committees.

Financial

Oﬃcer

(until 31 December

2025; Nick

Sanderson will

become a Director

on 12 March 2026)

The Group Chief Financial Oﬃcer supports the Group

Chief Executive in developing and implementing the

Group’s strategy and in particular:

leads the global ﬁnance function and develops key

ﬁnance talent;

ensures eﬀective ﬁnancial reporting, processes and

controls are in place;

recommends the annual budget and long-term

strategic and ﬁnancial plan; and

chairs the Group’s Proptech investment ‘fund’,

Grosvenor Hill Ventures.

Senior

Provides a sounding board for the Chair and acts as a

trusted intermediary for the Directors as required; and

is available to respond to Shareholder concerns when

contact through the normal channels is inappropriate.

Directors

Andriana

Karaboutis

Marcus Sperber

Florence Tondu-

Mélique

Monitor and challenge the performance

of management;

assist in approval and review of strategy;

review Group ﬁnancial information and provide

advice to management;

engage with stakeholders and provide insight as

to their views, including in relation to employees

and the culture of the Group; and

as part of the Nomination & Governance

Committee, review the succession plans for the

Board and key members of senior management.

Group Legal

Director &

Company

Secretary

Chris Lee

The Group Legal Director & Company Secretary,

whose appointment is a matter reserved for the

Board, is responsible for advising and supporting the

Chair and the Board on company law and corporate

governance matters and for ensuring that Board

procedures are followed, as well as ensuring that

there is a smooth ﬂow of information to the Board

to enable eﬀective decision-making.

The Group Legal Director & Company Secretary is

further responsible for ensuring that the Directors

receive regular updates on developments in legal and

regulatory matters. All the Directors have access to

the advice and services of the Group Legal Director

& Company Secretary and through him have access,

if required, to independent professional advice in

respect of their duties at the Company’s expense.

Nomination and Governance Committee Report

NOMINATION AND GOVERNANCE COMMITTEE REPORT

Stacey

Board level and in this regard to oversee

the development of a diverse pipeline

for succession and to lead on the

process for Board.

The Committee has continued to

focus on succession planning and its

implementation, and within this further

seeking to facilitate greater diversity and

inclusion at Board and senior levels with

speciﬁc focus below this level. In this

regard Board membership is compliant

with the FTSE Women Leaders requiring

that at least 40% of board members

are women and Parker guidelines that

at least one director is from a minority

ethnic background, and the proportion

of women in senior leadership positions

(as deﬁned by FTSE Women Leaders)

as at October 2025 was 35.6%

(2024: 36.8%).

The Committee will continue to ensure

the Board has in place an eﬀective

leadership with the skills, experience

and diversity to match our strategic

aims and ambition.

Chair of the Nomination &

Governance Committee

Dear Shareholder

On behalf of the Board, I am pleased to

present the Nomination & Governance

Committee’s Report for the ﬁnancial

year ended 31 December 2025. The

key objectives of the Committee are to

regularly review the skills and experience

of the Board to ensure that it is the

right size, structure and composition

taking into account the skills, experience,

independence, knowledge and diversity

of Directors and the future strategy of

the Group. It is also the Committee’s role

to consider succession planning for the

Board and senior executives below

Committee members

The Nomination & Governance Committee

(‘Committee’) has a key role to play in ensuring

that the Board and its principal Committees

have the right mix of skills, experience and

diversity to deliver Group strategy and to create

value. The Committee keeps under review and

evaluates the composition of the Board and

its Committees to maintain the appropriate

balance of skills, knowledge and independence

to be able to function eﬀectively.”

Stacey

Andriana

Philip

Lee

Richard

Orders

(Executive Director)

(save in relation to

matters relating to

the appointment

of his successor)*

Dana

Roﬀman

Marcus

Sperber

Florence

Tondu-Mélique

John

Waters

* until 31 December 2025

The primary objectives of the Committee are:

to review the size and composition of the Board and its key Committees

and to plan for the Board’s progressive refreshing, with regard to balance

and structure;

to ensure that robust succession plans are in place at Executive Director level

and the most senior management level below Board; and

to monitor the Company’s compliance with applicable codes and other

requirements of corporate governance including the Code.

Responsible for size, structure and composition of the Board.

Reviewing and progressing appointments to the Board.

Responsible for succession planning at Board and senior management level to

ensure that (i) the Board is refreshed progressively such that the balance of

skills and experience available to the Board remains appropriate to the needs

of the business; and that (ii) the Group has the necessary bench-strength of

talent to ensure seamless succession at senior management level.

Makes recommendations to the Board on the membership of the principal

Committees of the Board.

Monitoring of the Company’s compliance with applicable codes and other

requirements of corporate governance.

More detailed information on the role and responsibilities of the Committee can

be found in the Committee’s Terms of Reference which can be accessed on the

Company’s website at

The Committee has standing items that it considers regularly under its Terms

of Reference; for example, the Committee reviewed its own Terms of Reference

(which are reviewed at least annually or as required, e.g. to reﬂect changes to

the Code or as a result of changes in regulations or best practice).

Speciﬁcally during the year, the Committee:

led the process which resulted in the appointment of Simon Shaw as Group

Chief Executive Oﬃcer;

led the process which resulted in the appointment of Nick Sanderson Group

Chief Financial Oﬃcer joining the Board with eﬀect from 12 March 2026;

considered and conﬁrmed the implementation of succession plans

at Principal Business ExCo level; and

considered the proposed reappointment of the Non-Executive Directors,

before making a recommendation to the Board that each Non-Executive

Director be proposed to Shareholders for re-election at the 2026 AGM.

Key objectives

Main responsibilities

Principal activities during the year

The Committee met 4 times during 2025. Individual attendance by Directors at this meeting is shown in the table on page 75. Members of the Committee also normally attend

the Company’s AGM at which there is an opportunity to meet with Shareholders. Any other Director, the Group Legal Director & Company Secretary or an external advisor

may be invited by the Committee to attend the meetings from time to time, as appropriate.

Changes to the Board and Committees

Mark Ridley retired from the Board on 31 December 2025.

Nick Sanderson, the new Group CFO, who joined the Company on 9 February 2026 will join the Board eﬀective 12 March 2026.

Appointments to the Board

The Nomination & Governance Committee is responsible for leading the process for new Director appointments and has established a formal, rigorous and transparent

procedure for the selection and nomination of candidates to the Board.

Process for Board appointments

Step 1

Step 2

Step 3

Step 4

Step 5

The Committee engages with

an external appropriate search

agent to assist with the process

The Committee together with

the selected external search

agent prepares an initial longlist

of candidates for consideration

Working from the initial longlist

of candidates the Committee

selects a shortlist for interview

each of the candidates

Committee members interview

those candidates on the shortlist

and considers the output

from the formal candidate

assessment undertaken by the

search agency, including the

results of assessments designed

to predict job performance,

leadership potential and

organisational ﬁt and where a

suitable candidate is identiﬁed

makes a recommendation to

the Board for consideration

Following Board approval

the appointment terms are

agreed and the new Director

is announced in line with the

requirements of the FCA and

Listing Rules

NOMINATION AND GOVERNANCE COMMITTEE REPORT

Search for a new Group CEO

Following Mark Ridley’s decision to retire

from the Board and his role as Group

Chief Executive Oﬃcer, once a suitable

successor was identiﬁed the Committee

undertook a rigorous search process for

the appointment of his successor.

A description of the role and

competencies needed was agreed,

with a view to appointing the best

qualiﬁed individual for the role. Heidrick

& Struggles was selected to advise

the Committee due to its deep long-

standing experience of recruiting at the

most senior leadership level. Heidrick

& Struggles has no other connection

with the Group and is a signatory to

the Voluntary Code of Conduct of

Executive Search Firms.

As part of the process, a long-list

comprising internal and external

candidates was developed. This was

reduced to a short-list and interviews

with the candidates were led by the

Chair of the Committee followed by ﬁnal

presentations to and interviews with the

preferred candidates by the Committee.

The Committee was unanimous in its

recommendation to the Board that

Simon Shaw be appointed as Group

CEO with eﬀect from 1 January 2026.

Simon Shaw’s biography

SEE PAGE 76

Search for a new Group CFO

Following the decision to appoint

Simon Shaw as Group CEO with eﬀect

from 1 January 2026, the Committee

commenced the search process for

the appointment of Simon’s successor

as Group CFO. The Committee led

the process which resulted in the

appointment of Nick Sanderson

as Group Chief Financial Oﬃcer

with eﬀect from 9 February and as

Executive Director on 12 March 2026.

The Committee assessed the balance

of skills, knowledge, independence,

experience and diversity of the Board

and, in view of this assessment, a

description of the role and competencies

needed was agreed, with a view to

appointing the best qualiﬁed individual

for the role. Odgers Berndtson was

selected to advise the Committee due

to its deep long-standing experience of

recruiting ﬁnancial leaders. Other than

periodically supporting search processes

at Board level, Odgers Berndtson has

no other connection with the Group and

is a signatory to the Voluntary Code of

Conduct of Executive Search Firms.

Having identiﬁed a longlist of potential

candidates, ﬁrst-stage interviews were

led by the Chair of the Committee

and Simon Shaw, following which the

preferred candidate was identiﬁed

and interviewed by the Chair of the

Audit Committee. The Committee was

unanimous in its recommendation to the

Board that Nick Sanderson be appointed

as an Executive Director and Group

Financial Oﬃcer.

Succession planning

The Board and Committee remain

focused on succession planning, and the

development of a diverse succession

pipeline and Board succession is a key

topic at Committee meetings. Board

and senior management succession

plans, which are based on merit and are

assessed against objective criteria, are

reviewed annually by the Committee.

The Committee continues to keep the

Board’s composition under review and

considers how that composition might

be enhanced to ensure that the Board

continues to best meet the needs of

the Company and its Shareholders.

The biographies of the Board members

appear on pages 76 to 78.

The Committee will continue to

monitor the needs of the Board and

its Committees in the context of the

delivery of the Group’s strategy, with

the aim of ensuring that the Group’s

succession planning policy evolves such

that there is an identiﬁable supply of

talent and experience available to the

Board and its Committees from which

to select successors.

No Director is involved in decisions

regarding his or her own succession.

The Committee also monitors the

development of the senior executive

team below the Board to ensure that

there is a diverse supply of senior

executives and potential future Board

members with the appropriate skills

and experience.

Director reappointment

All Non-Executive Directors undertake

a ﬁxed term of three years subject to

annual re-election by Shareholders.

The ﬁxed term can be extended, and

consistent with best practice, would not

go beyond nine years unless exceptional

circumstances were deemed to exist.

The current length of tenure for the

Chair and each of the Non-Executive

Directors as at 31 December 2025 is set

out on page 75.

The Board reviews Non-Executive

Director independence on an annual

basis and takes into account the

individual’s experience, their behaviour

at Board meetings and their contribution

to unbiased and independent debate.

The Board considers that all of the Non-

Executive Directors bring considerable

management expertise and strong

independent oversight.

In accordance with the Code, all of

the Directors will stand for election/

re-election as appropriate at the 2026

AGM on 13 May 2026. The Chair has

conﬁrmed that the Non-Executive

Directors standing for reappointment

at this year’s AGM continue to perform

eﬀectively, both individually and

collectively as a Board, and that each

Non-Executive Director demonstrates

commitment to their roles and continues

to provide constructive challenge,

strategic guidance and oﬀer specialist

advice, as well as holding management

to account. As can be seen from the

attendance records set out on page 75,

Directors’ attendance levels have been

consistently high throughout the year

ended 31 December 2025.

Diversity

Board and Group diversity

At Board level, the approach to

appointing new Directors reﬂects the

Committee’s objective of ensuring that

there is always an appropriate balance

of experience and backgrounds on

the Board. Great emphasis is placed

on ensuring that Board membership

embodies diversity in its broadest

sense. For this reason, members of the

Board are drawn from a wide range of

disciplines, industries and cultures.

As an international business, we beneﬁt

from our Non-Executive Directors’

knowledge of and involvement with

other businesses across Asia, Europe

and the UK and North America.

The FCA’s UK Listing Rules sourcebook

has set board diversity targets requiring

that at least 40% of board members

are women, at least one of the roles

of Chair, CEO, CFO and SID is held by

a woman, and at least one director is

from a minority ethnic background.

During the year the Company has met

all of the above targets In respect of

ethnic diversity, the Board’s composition

is also in accordance with the Parker

Review recommendation that at least

one Director is from an ethnic minority

background by 31 December 2025.

The beneﬁts of diversity, in terms

of age, ethnicity, skills, experience

and socio-economic background

are an active consideration in all

recruitment decisions, as well as in

our talent development programme.

The Committee is responsible for

overseeing the development of a

diverse pipeline for succession to

senior management. The Board has a

longstanding commitment to prioritise

diversity and supports the FTSE Women

Leaders Review on gender diversity and

the Parker review on ethnic diversity.

For the purposes of complying with the

requirements of the Code Provision 23,

Senior Management is deﬁned as the

Group Executive Board (‘GEB’). As at

31 December 2025 the GEB members

and their direct reports totalled 105 of

which 37 were female, 68 were male.

Accordingly, our Group Women in

Leadership percentage (determined

in accordance with the FTSE Women

Leaders Review criteria) was 35.6% as

at 31 October 2025. Our previous year

Group Women in Leadership percentage

as reported by the FTSE Women

Leaders Review was 36.7% (as at

30 October 2024).

The Committee supports the initiatives

taking place across the Group’s

businesses to improve diversity,

including work to further strengthen the

pipeline of women through a managed

career path and improved access to

opportunities. More details on the

Group’s diversity and inclusion initiatives

can be found on page 50. Information on

Board and Executive Committee gender

and ethnicity can be found on page 99.

UKLR6.6.6R(10) as at the date of the Annual Report

Number of

Board members

Percentage of

the Board

Number of

senior positions

on the Board (Chair,

CEO, CFO and SID)

Number in

executive

management**

Percentage of

executive

Men

56%

100%

Women

44%

Other categories

–

Not speciﬁed/prefer not to say

Number of

Board members

the Board

Number of

senior positions

on the Board (Chair,

CEO, CFO and SID)

Number in

executive

management**

executive

White British or other White (including minority-white groups)

89%

86%

Mixed/Multiple ethnic groups

Asian/Asian British

11%

14%

Black/African/Caribbean/Black British

Other ethnic group, including Arab

Not speciﬁed/prefer not to say

Simon Shaw (CFO), Richard Orders (SID).

# Stacey Cartwright (Chair).

** Deﬁned as the Group Executive Board.

Board and Committee evaluation

2023 internal

Board evaluation

2025 externally facilitated

Board evaluation

2024 internal

The performance and eﬀectiveness of the Board and its Committees is assessed annually through a formal performance evaluation process. In accordance with the Code

requirements, the Board believes that an external independent evaluation of Board eﬀectiveness and performance, and that of its principal Committees, at least every three

years brings further insight into its performance. As well as looking to continually improve the Board’s processes, the evaluation process is used to reﬂect on areas that the

Board would like to see more focus on.

Board and Committee evaluation

The Board recognises that it continually needs to monitor and improve its

performance. In line with the eﬀective governance requirements of the Code,

the Board reviews its own performance and that of the Directors and of its

Committees annually.

2025 process

This year’s evaluation was externally facilitated by The Board Evaluation LLP

who has no other connection with the Group.

The evaluation carried out this year involved each Board member completing

a questionnaire which was then used as the basis of a conﬁdential interview.

The matters covered by the evaluation included performance, composition,

diversity and how eﬀectively members of the Board work together to achieve

objectives. Individual evaluation covered whether each Director continued to

contribute eﬀectively.

The output of the evaluation was presented to the Board in March 2026 and the

Directors discussed the points raised by the review.

Conclusion from the 2025 evaluation

The conclusion from this year’s independently facilitated evaluation was that the

Board and its Committees continue to operate to a high standard and provide

eﬀective oversight of strategy and its implementation and the management of risks.

Board discussions were considered to be open, constructive and valuable and able

to strike the right balance between challenge and support, with the Board having a

clear understanding of both the macro-economic and competitive threats facing the

Company. There was also a clear understanding of the separation of responsibilities

between the Executive and the Non-Executive Directors.

The Board’s size and composition were considered appropriate for the Company

with the appropriate balance of skills and experience. It was also considered that

the Board worked well as a unit.

The Board Committees were also considered to be operating well, fulﬁlling their

respective terms of reference, and that their Chairs report clearly and eﬀectively

on the work undertaken and the outcomes achieved.

Areas of focus for 2026

Reﬂecting the output from the 2025 Board Evaluation, the additional areas for Board

focus, which would be added to the Board’s 2026 workplan, were agreed as follows:

(a)

the Board to continue with its programme of presentations from the Principal

Businesses to allow the Board to conﬁrm the performance and eﬀectiveness

of each area implementing the strategy. Complementing this, the Board to

continue to aim to hold at least one meeting a year at a location other than

the Company’s Head Oﬃce in London to maintain the Board’s visibility to the

Business and to facilitate engagement with a wider group of employees.

(b)

the Group’s forward-looking indicators to be reviewed to ensure that these for

example provide suﬃcient number of key strategic risk indicators.

(c)

the Group’s succession planning and the senior management development

programmes supporting this to be reviewed following CEO succession eﬀective

1 January 2026 and the changes to the Principal Business ExCos through 2024-

25 to ensure that bench-strength and the talent pipeline remained robust.

100

As a result of the evaluation, the Board

considers the performance of each

Director to be eﬀective and concluded

that both the Board and its Committees

continue to provide eﬀective leadership

and exert the required levels of

governance and control. Shareholders

would therefore be recommended to re-

elect Board Members at the AGM in May.

Following this review, we are satisﬁed

that the Board continues to perform

eﬀectively and in particular are conﬁdent

that the Board has the right balance

of skills and experience to continue to

encourage open, transparent debate

and challenge.

Board induction and

development

The Board has established a formal

induction process for all Directors

providing them with a comprehensive

understanding of their role and

responsibilities as Directors. Induction

programmes are facilitated by the

Chair and the Group Legal Director &

Company Secretary and are tailored to

the Director’s individual roles and needs.

The induction process is designed to

develop the Director’s knowledge and

understanding of the Group covering

key areas including the Group’s purpose,

values, culture and strategy, its corporate

governance, risks and internal controls

and the markets in which it operates.

New Directors are also provided with

information on relevant share dealing

policies, Directors’ duties, Company

policies and governance.

The induction also includes one-to-

one brieﬁngs from the Heads of the

Principal Businesses and an introduction

to each Group business’s development

strategy with the content of meetings

varying depending on the Director being

inducted and their background and

individual experience.

Our induction programme for new

Directors is delivered through:

meetings with the Chair, wider

Board, Group Legal Director &

Company Secretary and relevant

Committee Chairs;

a structured programme of meetings

with the Group Executive Board

members and senior management

to provide a deeper understanding

of risks and opportunities and

stakeholder interests;

meetings with advisors, including the

External Auditor, to provide a valuable

external perspective; and

training as appropriate on key

policies, statutory duties and legal

and governance requirements.

The Committee reviewed the Company’s

compliance with the Code and was

satisﬁed that the Company complied

with the Code. The Committee will

continue to receive updates on

corporate governance developments

and will consider the impact of those

developments on the Company.

Chair of the Nomination &

Governance Committee

101

AUDIT, RISKS AND INTERNAL CONTROLS

I am pleased to present the

Audit Committee’s report

for the ﬁnancial year ended

31 December 2025.”

John

Waters

Chair of

the Audit

Committee

Committee members

(Chair)

Philip

Lee

Florence

Marcus

Sperber

Andriana

Karaboutis*

Annual Report – fair, balanced

and understandable

As part of the Committee’s assessment

as to whether the 2025 Annual

Report and Financial Statements,

taken as a whole are fair, balanced

and understandable, the Committee

has oversight of and reviews the

eﬀectiveness of key processes

implemented by management. The

Committee also undertook a review

to determine if the entire Annual

Report is representative of the Group’s

performance for the year and challenges

management on the overall balance

of the Report and Accounts prior to

recommending approval of the Annual

Report to the Board. This includes

the ﬁnancial reporting responsibilities

of the Directors under Section 172 of

the Companies Act 2006.

This report provides an overview of

the signiﬁcant issues that the Audit

Committee assessed and details the

Committee’s major considerations and

activities during the year.

Key activities

During the year, the Committee

continued to play a key role in assisting

the Board in its oversight of ﬁnancial

reporting and auditing matters, including

reviewing and monitoring the Group’s

systems of internal control and risk

management, the internal and external

audit processes and the Group’s

ﬁnancial reporting.

The key matters are set out on pages

106 and 107. The Committee met ﬁve

times during the year and the detail of

attendance is found on page 105.

* member until 30 April 2025

102

Viability and going concern

The Committee also considered the

viability and going concern statements

and their underlying assumptions.

Following consideration, the Committee

agreed with management’s proposal

that the Company’s long-term Viability

statement should continue to cover a

three-year period (see page 69), that

management had conducted robust

viability and going concern assessments

and recommended the approval

of the Viability and Going concern

statements to the Board. The Committee

will continue to monitor changes in

regulation and focus on the audit,

assurance and risk processes within

the Principal Businesses.

Minimum standard

In accordance with the 2024 Code, the

Committee considers that it has met

the requirements of the FRC’s Audit

Committees and the External Audit:

Minimum Standard (Minimum Standard)

in 2025. These requirements are more

fully reported on page 112.

Committee eﬀectiveness

In accordance with our three-

year Board and Board Committee

performance evaluation cycle, during the

year, the Board carried out an externally

facilitated evaluation of its performance

and that of its Committees. The

Board is satisﬁed that the Committee

members possess relevant experience

and appropriate levels of independence

and that its members have the depth

of ﬁnancial and commercial experience

across various industries which are

essential for the eﬀective working of

the Committee.

UK Corporate Governance

Code 2024

The Company reported against the

2024 UK Corporate Governance Code

(the ‘Code’ which is applicable to

1 January 2025, apart from Provision

29 (which is applicable from 1 January

2026) and which will require companies

to report on the eﬀectiveness of material

ﬁnancial, operational, reporting, and

compliance controls 2026.

The Committee is overseeing a project to

ensure that the Group is ready to report

in accordance with Code Provision 29

on internal controls eﬀectiveness, which

applies to the Company for the ﬁnancial

year commencing 1 January 2026.

Management provided the Committee

with activity updates during the year

and we will formally report in the 2026

Annual Report & Accounts.

Chair of the Audit Committee

103

How the Committee operates

Membership

The Committee is a fundamental element of the Company’s governance framework.

The Committee is chaired by John Waters. John Waters, Andriana (Andi) Karaboutis,

Philip Lee, Marcus Sperber and Florence Tondu-Mélique, all of whom are Independent

Non-Executive Directors, were members of the Committee during the year. Andriana

Karaboutis stepped down as a member of the Committee on 30 April 2025. Members

of the Committee are appointed by the Board following recommendations by the

Nomination & Governance Committee and membership is reviewed annually by the

Nomination & Governance Committee as part of the annual Board performance

evaluation. As at 31 December 2025 and up to the date of this report, the Committee

comprised entirely of Independent Non-Executive Directors. The members of the Audit

Committee have been selected to provide the wide range of ﬁnancial and commercial

experience needed to undertake its duties and each member of the Audit Committee

brings an appropriate balance of ﬁnancial and commercial experience, combined with

a sound understanding of the Company’s business, and is therefore considered by the

Board to be competent in the Company’s sector. The expertise and experience of the

members of the Audit Committee are summarised on pages 76 to 78.

The Board considers that each member of the Committee is independent within the

deﬁnition set out in the Code and is capable of assessing the work of management

and the assurances provided by the Internal and External Audit functions. The Board

also considers that John Waters, as Chair of the Committee, possesses signiﬁcant,

recent and relevant ﬁnancial experience and that all Committee members have

relevant ﬁnancial experience as required by the Code.

All members of the Committee receive an appropriate induction, which includes an

overview of the business, its ﬁnancial dynamics and risks, and meetings with senior

management. Committee members are expected to have an understanding of the

principles of, and recent developments in, ﬁnancial reporting, including the applicable

accounting standards and statements of recommended practice, key aspects of the

Company’s policies, ﬁnancing, internal control mechanisms, and matters that require

the use of judgement in the presentation of accounts and key ﬁgures as well as the

role of Internal Audit and the External Auditor.

Objective

The objective of the Committee is the provision of eﬀective governance over the

appropriateness of ﬁnancial reporting of the Group, including the adequacy of

related disclosures, the performance of both the Internal Audit function and the

External Auditor and oversight of the Group’s systems of internal control, business

risks and related compliance activities.

Responsibility for assisting the Board in fulﬁlling its ﬁnancial and

risk responsibilities.

Overseeing external ﬁnancial reporting, internal controls, risk management and

reviewing the work of the Internal and External Auditors.

Advising the Board on the appointment of the External Auditor.

Considering signiﬁcant judgements, assumptions and estimates made by

management in the ﬁnancial statements.

Advising the Board on various statements made in the Annual Report including

those on viability, going concern, risks and controls and in particular for

ensuring that the ﬁnancial statements, taken as a whole, are fair, balanced

and understandable.

The Committee’s key role is to assist the Board in discharging its duties and

responsibilities for ﬁnancial reporting, internal control, the eﬀectiveness of the

risk management process and in making recommendations to the Board on the

appointment of the External Auditor.

The Committee is responsible for the scope and results of the external audit work,

the related fees and cost eﬀectiveness and for ensuring the independence and

objectivity of the External Auditor including the approval of the level of provision

of non-audit services.

The remuneration of the members of the Committee and the policy for the

remuneration of the Non-Executive Directors are set out on pages 114 to 140.

The Committee is authorised to investigate any matter within its Terms of

Reference (a copy of which can be found in the governance section of the

Company’s website at

and which are reviewed at least annually or

as required).

The Committee has access to the services of the Group Legal Director & Company

Secretary and, where necessary, the authority to obtain external legal or other

independent professional advice to fulﬁl its duties.

Main responsibilities

Role of Committee

AUDIT, RISKS AND INTERNAL CONTROLS

104

Meetings held

The Committee meets at least ﬁve times per year and has an agenda planner

linked to events in the Company’s ﬁnancial calendar and other matters that arise

throughout the year, which fall for consideration by the Committee under its remit.

The Committee Chair agrees the timings and agendas for each meeting.

There were ﬁve scheduled Committee meetings held during the year (with two of

these meetings focused on matters relating to the half-year and full-year reporting).

The Committee reports to the Board after each Committee meeting. Attendance at

meetings during 2025 is shown in the table below:

Committee member

Member since

Meetings

attended

January 2024

5/5

Andriana Karaboutis * **

March 2024

5/5

January 2021

5/5

December 2022

5/5

Florence Tondu-Mélique

October 2018

5/5

Member to 30 April 2025.

** Andriana Karaboutis attended 1 meeting as a Member of the Committee and 4 meetings by invitation.

How the Committee keeps up to date

The Committee is kept up to date with changes to Accounting Standards and

relevant developments in ﬁnancial reporting, company law and the various regulatory

frameworks through presentations from the Group’s External Auditor, Group Chief

Financial Oﬃcer, and Group Legal Director & Company Secretary. The Committee

may also receive tailored brieﬁngs from management and the Group’s External

Auditor from time to time. The Terms of Reference of the Audit Committee include

all the matters required under the Code and are reviewed at least annually by the

Committee. The Chair of the Committee meets informally and is in regular contact

with key individuals involved with the Company’s governance, including the Group

Chief Financial Oﬃcer, Group Director of Risk & Assurance and the Group Legal

Director & Company Secretary and prior to each Committee meeting, meets with

each of them and senior members of the external audit team.

In addition to its members, a standing invitation has been extended by the

Committee to the Chair and Group Chief Executive Oﬃcer to attend the Committee’s

meetings. The Group Chief Financial Oﬃcer, Group Finance Director, the Group

Director of Risk & Assurance, Group Legal Director & Company Secretary and the

External Auditor attend each of the Committee’s meetings. Other senior executives

from the Group are invited periodically to present reports to assist the Committee

in discharging its duties.

At least once a year, the Committee meets with (a) the Group Director of Risk &

Assurance and (b) senior members of the External Auditors without management

being present. The Chair of the Committee also normally attends the AGM to respond

to any Shareholder questions on its activities.

Activities of the Committee during the year

The Committee has a substantial agenda of established items to discharge its

responsibilities, while maintaining suﬃcient time for discussion of ad hoc matters

that arise throughout the year. The Committee relies on information and support

from management, receiving reports and presentations from business management,

the Heads of Key Group functions, Internal Audit and the External Auditor, which

it challenges as appropriate. Following each meeting, the Chair of the Committee

reports on the main discussion points and any actions arising from these to

the Board.

The Committee provides advice to the Board on the form and basis of conclusions

underlying the Viability statement as set out on page 69 and the going

concern assessment.

105

What the Committee did during the ﬁnancial year ended 31 December 2025:

How the Committee discharged its responsibilities

Mar

June

Aug

Oct

Dec

Financial

Reporting

Reviewed and discussed the key accounting considerations and estimates and judgements reﬂected in the Group’s

results for the half year

■

Reviewed and discussed the key accounting considerations and estimates and judgements reﬂected in the

Group’s annual results

■

Reviewed the assessment supporting the going concern basis of accounting

■

Reviewed the Viability statement and considered the processes supporting the assessment of longer-term solvency and

liquidity of the Group

■

External Audit

Agreed the External Audit strategy and scope

Considered and, where appropriate, approved the instruction of the Group’s External Auditor’s provision of

non-audit services

Reviewed and considered the External Auditor’s report, including the External Auditor’s observations on the Group’s

internal control environment

Discussed the performance of Ernst & Young (‘EY’) who were the relevant External Auditor for the 2025 year-end audit,

assessed according to the Code

Met with the External Auditor without management present to discuss their remit and any concerns

Discussed and agreed the External Auditor remuneration in respect of audit services provided

Assessed the External Auditor’s independence, including non-audit services

Internal Audit

Considered and approved the remit of the Group Internal Audit function and the Internal Audit plan

Received and considered reports from the Group’s Internal Audit team covering various aspects of the Group’s operations,

controls and processes and monitored the progress made by management in addressing recommendations arising out

of these reports

Monitored and reviewed the eﬀectiveness of the Group’s Internal Audit function in the context of the Group’s overall

risk management arrangements

Met with the Group Director of Risk & Assurance privately to discuss their remit and any concerns

106

How the Committee discharged its responsibilities

Mar

June

Aug

Oct

Dec

Internal

Controls

and Risk

Systems

Reviewed the eﬀectiveness of the Group’s risk management system and internal controls in place to manage the

Group’s material existing and emerging risks

Reviewed and considered the Group’s risk register

Reviewed the risk management environment for each of the Group’s businesses by receiving presentations from the Chief

Operating/Financial Oﬃcers of the Principal Businesses

Reviewed the Committee’s own performance, composition and Terms of Reference, and recommended any changes the

Committee considers necessary for Board approval

Reviewed the reports provided by the Group’s Legal Director & Company Secretary on signiﬁcant legal matters

Provision 29 readiness activities

The Committee is overseeing a project to ensure that the Group is ready to report in

accordance with Code Provision 29 on internal controls eﬀectiveness, which applies

to the Company for the ﬁnancial year commencing 1 January 2026. Management

provided the Committee with activity updates during the year.

Provision 29 will require a new declaration on the eﬀectiveness of material controls,

which is eﬀective from 1 January 2026. The Board will be required to provide:

a description of how the Board has monitored and reviewed the eﬀectiveness

of the risk management and internal control framework;

a declaration of eﬀectiveness of the material controls as at the balance sheet

date; and

a description of any material controls which have not operated eﬀectively as at

the balance sheet date, the action taken, or proposed, to improve them and any

action taken to address previously reported issues.

107

During the year, in addition to its established review processes, the Committee

considered and reviewed a number of other areas. These included updates on the risk

and internal control environments within the Group’s North American, Asia Paciﬁc,

Investment Management and EMEA businesses. In addition, the Committee examined

IT systems strategy including in particular the Group’s approach to cyber security.

The Committee speciﬁcally considered the processes and assessment of the Group’s

prospects and viability made by management to support the Viability statement

which can be found on page 69. The Committee’s review included consideration of

the time period adopted, the processes supporting the assessment of the Group’s

longer-term solvency and liquidity and the related assumptions. In addition, the

Committee considered key changes to legislation and regulation impacting the

Committee’s responsibilities including the Code and the new corporate fraud oﬀence

under the Economic Crime & Corporate Transparency Act 2023 (ECCTA and changes

in processes and ongoing employee training to respond to these key changes).

The Committee considered and provided input into the determination of which of

the Group’s principal risks might have an impact on the Group’s longer-term solvency

and liquidity. It also reviewed the results of management’s scenario modelling,

including severe downside modelling, and the stress testing of those ﬁnancial

models supporting the Viability statement and challenged management on the

appropriateness of the assumptions made.

Following discussions with management and the External Auditor, the Committee

approved the disclosures of these accounting policies and practices which are set

out in Note 2 to the ﬁnancial statements on page 165.

Financial reporting

The Committee’s primary responsibility in relation to the Group’s ﬁnancial reporting

is to review, with management and the External Auditor, the appropriateness of the

half-year and annual ﬁnancial statements.

The Committee focuses on:

the quality and acceptability of accounting policies and practices;

material areas in which signiﬁcant judgements have been applied or where

signiﬁcant issues have been discussed with the External Auditor;

an assessment of whether the Annual Report & Accounts, taken as a whole, are

fair, balanced and understandable;

the clarity of the disclosures and compliance with ﬁnancial reporting standards

and relevant ﬁnancial and governance reporting requirements;

providing advice to the Board on the form and basis underlying the Viability

statement; and

any correspondence from regulators in relation to the Group’s ﬁnancial reporting.

108

Signiﬁcant ﬁnancial reporting judgements

As part of its monitoring of the integrity of the ﬁnancial statements, the Committee considers the appropriateness of the accounting policies proposed for adoption and

whether management has made appropriate estimates and judgements. To support its decision-making, the Committee seeks support and the views of the External Auditor

in these areas.

In accordance with Code provision 25, the following sets out the signiﬁcant issues reviewed by the Committee throughout the year, being those requiring management to

exercise the highest level of judgement or estimation. The Committee assesses these judgements to determine if they are reasonable and appropriate.

Matter considered

Action

Revenue recognition

The Committee considered the presumed risk of fraud and management override deﬁned by the International Accounting Standards.

The Committee discussed and actively challenged management’s conclusions in respect of revenue recognition policies, satisfying itself that

the approach applied to determine revenue recognised in FY25 was appropriate, consistent across the Group and in line with the Group’s

accounting policies.

The Committee also received and discussed the External Auditor reports setting out its work, testing and conclusions on this area. The Committee,

having actively challenged and considered both management’s judgements and the External Auditor’s conclusions, agreed that there were no

material issues in this area and that the approach taken was appropriate.

Goodwill impairment

The Committee considered management’s approach in relation to the carrying value of the Group’s businesses, including goodwill. The Committee

reviewed and considered the detailed analysis of the key inputs to forecast future cash ﬂows and the process by which they were drawn up.

The Committee considered the appropriateness of the assumptions used and reviewed the impact of sensitivity analysis.

The Committee also considered if there were any reasonably possible changes in assumptions that would result in a material impairment and

therefore require further disclosure in the ﬁnancial statements.

The Committee also considered a report from the External Auditor setting out its analysis and conclusions in this area.

The Committee was satisﬁed with the assumptions and judgements applied by Management.

The Committee also considered if there were any reasonably possible changes in assumptions that would result in a material impairment of the Group’s goodwill and therefore

require further disclosure in the ﬁnancial statements. These are set out in Note 17 to the ﬁnancial statements.

The Committee also considered a report from the External auditor setting out its analysis and conclusions in this area.

Overall, the Committee was satisﬁed with the assumptions made and judgements applied by management, as well as the disclosures made.

109

External auditor

The Committee advises the Board on the appointment of the External Auditor,

negotiates and agrees its remuneration for audit and non-audit work, reviews its

eﬀectiveness, independence and objectivity and discusses the nature, scope and

results of the audit with the External Auditor.

External Auditor appointment

Ernst & Young LLP (‘EY’) in 2019

Last tender

Financial Year 2019

Transition year

Year ending 31 December 2020

First shareholder approval of

current auditor

May 2021

First audited Annual Report

Year ending 31 December 2021

Lead audit engagement partner

Christabel Cowling from year ending

31 December 2022

Reappointment

Approved at the 2025 AGM

Next audit tender required

by regulations

For the year ending 31 December 2029

Eﬀectiveness

The Committee assesses the eﬀectiveness of the External Auditor continuously

throughout the year and also considers the appropriateness of the audit plan on

an annual basis, in addition to the level of the External Auditor’s fees. The review

covered a broad range of matters including amongst other matters, the quality of

staﬀ, its expertise, resources and the independence of the audit.

The Committee holds private meetings with the External Auditor at the March

and August Committee meetings to provide additional opportunity for open

conversations and allows the Committee to assess whether the External Auditor

has appropriately challenged management’s analysis and feedback to/from the

Committee and the External Auditor without management being present. The Chair

of the Committee also meets with the Lead audit engagement partner and other

senior members of the External Audit team outside the formal Committee process

throughout the year.

The Committee considered the External Audit plan for the year and assessed how

the External Auditor had performed including consideration of the robustness of

their challenge and ﬁndings on areas which required judgement, the strength and

depth of the lead partners and feedback from the Group’s management.

The Committee considers that the External Auditor relationship is appropriate and

the Committee is satisﬁed with EY’s overall eﬀectiveness.

Independence

An important aspect of managing the External Auditor relationship, and of the annual

eﬀectiveness review, is ensuring that there are adequate safeguards to protect auditor

objectivity and independence. The Committee regards independence of the External

Auditor as absolutely crucial in safeguarding the integrity of the audit process and

takes responsibility for ensuring the three-way relationship between the Committee,

the External Auditor and management remains appropriate. In conducting its

annual assessment, the Committee reviews the External Auditor’s own policies and

procedures for safeguarding its objectivity and independence. As one of the ways in

which it seeks to protect the independence and objectivity of the External Auditor,

the Committee has a policy governing the engagement of the External Auditor to

provide non-audit services and its assessment of EY’s independence is underpinned

by this policy. In accordance with the FRC’s Ethical Standard and the Group’s policy

in place to 31 December 2025, the Committee approved only those non-audit

services which were permissible under the FRC’s Ethical Standard.

110

As part of the Committee’s assessment as to whether the 2025 Annual Report

and Financial Statements, taken as a whole is fair, balanced and understandable,

the Committee has oversight of and reviews the eﬀectiveness of key processes

implemented by management.

In doing so, the Committee considers whether management’s disclosures

reﬂect the supporting detail, or challenge management to explain and justify

their interpretation and, if necessary, re-present the information. The External

Auditor supports this process in the course of its statutory audit by auditing

the Group’s accounting records against agreed accounting practices, relevant

laws and regulation. The External Auditor’s report can be found on pages 147 to

158. Following this review and challenge process, the Committee was pleased to

advise the Board that the 2025 Annual Report and Accounts is fair, balanced and

understandable and that the Directors have provided the necessary information

for Shareholders to assess the Group’s position, prospects, business model

and strategy.

In addition to the above, the Committee also undertakes a review to determine if

the entire ﬁnancial statements are representative of the Group’s performance in

the year and challenges management on the overall balance of the Annual Report

and Accounts prior to recommending approval of the ﬁnancial statements to the

Board. This includes the ﬁnancial reporting responsibilities of the Directors under

Section 172 of the Companies Act 2006.

The Audit Committee’s role in ensuring the ﬁnancial statements

taken as a whole are fair, balanced and understandable

Audit and non-audit fees

To further safeguard the independence of the Company’s External Auditor and the

integrity of the audit process, recruitment of senior employees from the External

Auditor is not allowed for an appropriate period after they cease to provide services

to the Company.

The Committee is satisﬁed that the Company was compliant during the year with

both the UK Corporate Governance Code and the FRC’s Ethical and Auditing

Standards for the scope and permitted level of fees incurred for non-audit

services provided.

Details of the fees paid to the External Auditor can be found in Note 10.1 to the

ﬁnancial statements on page 178. The Company maintains a policy governing

the provision of non-audit services to the Group. During the ﬁnancial year ended

31 December 2025 contracts for non-audit services in excess of £0.1m required

Committee approval and the Chair of the Audit Committee approved new

instructions for non-audit services below this level.

£m

Audit fees

4.6

4.4

4.2

Non audit fees

0.4

The Committee was satisﬁed that in view of their knowledge and experience of the

Company, that when EY was used, it was best placed to provide such non-audit

services and that their objectivity and independence had not been impaired by

reason of this further work. In line with the Company’s policy on the provision of

non-audit work, the Committee reviewed the provision of non-audit work provided

by the External Auditor for the ﬁnancial year ended 31 December 2025 on a case-by-

case basis.

The Directors conﬁrm that, insofar as they are each aware, there is no relevant audit

information of which EY is unaware and each Director has taken the steps that ought

to have been taken as a Director to be aware of any relevant audit information and to

establish that EY is aware of that information.

Regulatory reporting

The Financial Reporting Council (‘FRC’) publishes thematic reviews and other

guidance to help companies improve the quality of corporate reporting through

the provision of guidance and reviews of the quality of reporting across public

companies. The Group routinely reviews these FRC publications.

111

Audit Committees and the external audit:

Minimum standard

The Committee conﬁrms that for the year ended 31 December 2025, it has complied

with the Audit Committees and the External Audit: Minimum Standard (the Standard).

The current External Auditor, EY was appointed following an audit tender process in

2019, and approval at the Company’s 2021 AGM. EY’s reappointment was approved at

the 2025 AGM. Christabel Cowling is the lead audit partner and has held the role since

2022. The Committee disclosed the criteria used to make its selection and the process

followed on page 77 of the 2019 Annual Report and Accounts.

The Committee has outlined in the table below the activities it has undertaken to

meet the requirements of the Standard.

Reporting Area

Our activities

Signiﬁcant issues that the

Committee considered relating to

the ﬁnancial statements

See page 109

Application of the entity’s

accounting policies

See page 165

Shareholder request for certain

matters to be covered in an audit

N/a as at 31 December 2025 we

have not received any requests from

shareholders that certain matters be

covered in an audit

Assessment of the independence

and eﬀectiveness of the external

audit process

See page 110

External audit tender and appointment

See page 110

An explanation of how auditor

independence and objectivity has

been safeguarded if non-audit

services are provided

Details of the ﬁndings of a regulatory

inspection of the quality of the

company’s audit

N/A

Internal control and risk management

Internal Audit

The Committee has the primary responsibility for the oversight of the Group’s

system of internal control, including the risk management framework, the compliance

framework, and the work of the Group’s Internal Audit functions.

The Internal Audit function provides independent and objective assurance as to the

adequacy and eﬀectiveness of the Company’s internal controls and risk management

systems. During 2025, Internal Audit services were delivered by the Group’s Director

of Risk and Assurance with delivery support from two audit ﬁrms – RSM LLP (‘RSM’)

and Grant Thornton LLP. Savills IM has its own Head of Internal Audit who has

responsibility for Internal Audit planning and delivery within Savills IM with support

from RSM, and who reports to the Group Risk Committee and the Audit Committee

on ﬁndings and actions arising from Internal Audit within Savills IM. The Group Risk

Committee and Audit Committee approve the SIM annual Internal Audit Plan.

The Board’s responsibility for internal control and risk is detailed on page 81 and is

incorporated into this report by reference.

The Group’s Director of Risk and Assurance attended all scheduled Audit Committee

meetings, and the SIM Head of Internal Audit attended by invitation two meetings and

provided a range of presentations and papers to the Committee, through which the

Committee monitored the eﬀectiveness of all of the Group’s material internal controls,

including ﬁnancial, operational and compliance controls on behalf of the Board.

The Committee reviews and approves the Internal Audit plan and SIM Internal Audit

plan annually which is aligned to the review by management and the Group’s risk

management framework. During the year the Committee received progress against

those plans, while the eﬀectiveness, workload of the Internal Audit functions and the

adequacy of available resources were monitored throughout the year. The Committee

ensures that Internal Audit was appropriately resourced with the skills and experience

relevant to the operations of the Group and that information was made available to it

to enable it to fulﬁl its mandate to the appropriate professional standards.

The Committee reviews Internal Audit reports from both Group and SIM on a

regular basis and monitors the status of all Internal Audit recommendations and

management’s responsiveness to their implementation, and challenges both Internal

Audit and management where appropriate to provide assurance that the control

environment is robust and eﬀective. Management is responsible for ensuring that

issues raised by Internal Audit are addressed within an agreed timetable, and the

Committee reviews their timely completion.

112

In assessing the performance of Internal Audit, the Committee considered and

monitored its eﬀectiveness in the context of the Company’s risk management

system and took into account management’s assessment of and responsiveness to

the Internal Auditor’s ﬁndings and recommendations and reports from the External

Auditor on issues identiﬁed during the course of their work.

Assessment of Group’s system of internal control, including the

risk management framework

The Board is responsible for monitoring and reviewing the Company’s risk

management and internal control systems. The Committee, on behalf of the Board,

keeps under review the adequacy and eﬀectiveness of these systems and, at least

annually undertakes a robust review of the eﬀectiveness of the system of risk

management and internal control.

During 2025, in performing its review of eﬀectiveness, the Committee reviewed and

assessed the following reports and activities:

Internal Audit reports on the review of the controls across the Group and its

monitoring of management actions arising from these reviews;

management’s own assessment of risk and the performance of the system of risk

management and internal control during 2025;

reports from the Group Director of Risk & Assurance including reports on Group-

wide risk assessment activity and annual self-assessment ﬁndings;

reports from the SIM Head of Risk & Compliance and the SIM Head of Internal

Audit; and

reports from the External Auditor on any issues identiﬁed during the course of

their work.

The Committee and the Board considered that the information received was

suﬃcient to enable a review of the eﬀectiveness of the Group’s internal controls

in accordance with the FRC’s Guidance on Risk Management, Internal Control and

Related Financial and Business Reporting.

Review of the eﬀectiveness of the risk management and internal

control systems

The principal existing and emerging risks and uncertainties faced by the Group and

the associated mitigating actions for these are set out on pages 31 to 39.

The Board, assisted by the Audit Committee, is responsible for reviewing the

operation and eﬀectiveness of the Group’s internal controls. The internal control

system is designed to manage rather than eliminate the risk of failure to achieve

business objectives and can provide only reasonable and not absolute assurance

against material misstatement or loss.

The Board is also responsible for ensuring that appropriate systems are in place to

enable it to identify, assess and manage key risks. This responsibility includes the

determination of the nature and extent of the principal risks the Board is willing

to take to achieve its strategic objectives and for ensuring that an appropriate

culture has been embedded throughout the organisation. The Board’s attitude and

appetite to risk is communicated to the Group’s businesses through the strategy

planning processes.

The Board is supported by the Audit Committee in discharging its oversight

duties with regard to internal control and risk management. During the year, the

Audit Committee on behalf of the Board, reviewed the eﬀectiveness of the risk

management systems and internal control systems, including ﬁnancial, operational

and compliance controls. The Board did not identify any signiﬁcant failings or

weaknesses in the year. Taking into account the principal existing and emerging

risks and uncertainties set out on pages 31 to 39, and the ongoing work of the Audit

Committee in monitoring the risk management and internal control systems on

behalf of the Board, the Board remains satisﬁed that the review of internal controls

did not reveal any signiﬁcant weaknesses and they continue to operate eﬀectively.

113

DIRECTORS’ REMUNERATION REPORT

As Chair of the Committee, I would like

to thank those Shareholders who took

part in the engagement process during

the development of our Policy, along

with those who supported the Policy

at our 2025 AGM. The Committee was

pleased with the strong support from

Shareholders which demonstrates the

continued support for both the Policy

and our wider remuneration philosophy.

Board changes

In April the Board announced that Mark

Ridley would be retiring from his role as

Group Chief Executive on 31 December

2025. Details of his retirement terms

are set out later in this report. The

Committee would like to thank Mark for

his signiﬁcant contribution to Savills over

his 29 year career at Savills, including the

last seven years as Group Chief Executive.

Under Mark’s leadership, the business has

delivered meaningful growth during one

of the most challenging periods in Savills

history. This included navigating the

impact of Brexit and its aftermath, the

COVID-19 pandemic, and more recently

continued global geopolitical uncertainty.

The Board was pleased to announce

that Mark would be succeeded as Group

Chief Executive by the Group Chief

Financial Oﬃcer, Simon Shaw, eﬀective

1 January 2026.

Dear Shareholder

On behalf of the Board, I am pleased

to introduce our 2025 Directors’

Remuneration Report (the ‘Report’).

Included within this Report are details

of how we implemented our Directors’

Remuneration Policy (the ‘Policy’) in

2025, how we intend to operate the

Policy in 2026, along with a summary

of the Policy which was approved by

Shareholders at our 2025 AGM.

This Report has been prepared on behalf of

the Board by the Remuneration Committee

(the ‘Committee’) in accordance with

the requirements of the Companies Act

2006 and the Large and Medium-sized

Companies and Groups (Accounts and

Reports) (Amendment) Regulations 2008

(as amended) (‘Regulations’) and the

auditable disclosures referred to in the

External Auditor’s report on pages 147 to

158 as speciﬁed by the UK Listing Authority

and the Regulations.

Richard

Orders

Andriana

(with eﬀect from

1 June 2025)

Dana

Roﬀman

Richard

Orders

Chair of the

Committee

Annual statement

114

Following an extensive search process,

Simon will be succeeded by Nick

Sanderson who was previously Chief

Financial Oﬃcer and previously

Operating Oﬃcer at Great Portland

Estates PLC. Nick joined the business

from 9 February 2026, and joins the

Board from 12 March 2026. As part of

his joining arrangement Nick received

a buyout award in line with the terms

of our Shareholder approved Policy.

Further details are set out later in

this report.

Our remuneration philosophy

As set out in previous reports, our

long-standing focus and business

philosophy is founded on the premise

that staﬀ in our sector are motivated

through performance-based incentives

(variable remuneration) consistent

with our partnership culture. We ﬁrmly

believe that this approach best aligns

Shareholders’ and management’s

interests and incentivises superior

performance and the creation of

long-term Shareholder value. This

approach also ensures that our reward

arrangements are consistent with, and

sensitive to, the cyclical nature of real

estate markets.

Our Policy is designed to deliver

these objectives and to provide

the reward potential necessary for

the Company to attract, retain and

motivate the high-calibre individuals

on whom its continued growth and

development depend.

Reﬂecting this philosophy, the salaries

for the Executive Directors, Group

Executive Board members and senior

fee-earners are set signiﬁcantly

below market medians for similar

businesses, with a greater emphasis

on the performance-related elements

of proﬁt share and/or, outside the UK,

commission in the total reward package.

The Committee is mindful of its

responsibility to reward appropriately,

but not excessively. As such, it places

great emphasis on the calibration of

Executive Director remuneration and

structure against internal relativities

and wider market conditions, while

also rigorously assessing external

competitive positioning in setting

remuneration. Finally, it determines

targets to ensure that reward properly

reﬂects performance, that it supports

the delivery of our strategic and

operational objectives and that it is fair

to management and Shareholders alike.

Overall, allowing for our growth and the

shape of our business, our target staﬀ

employment costs over the cycle are in

the range of 65%–75% of revenues which

the Committee regards as a key metric

from a Shareholder’s perspective.

The Committee is comfortable that

our remuneration philosophy remains

appropriate and continues to align to

the best interests of our stakeholders.

This alignment was demonstrated by the

strong level of Shareholder support for

our Policy at our 2025 AGM.

2025 performance and

remuneration outcomes

Overall, global commercial property

investment rose by 10% in 2025, driven

in large part by the US, the world’s

largest market, which recorded an

18% increase year-on-year. Elsewhere,

market conditions were less favourable,

with macroeconomic headwinds and

geopolitical uncertainty, in particular

resulting from continuing changes in US

tariﬀ policy, which weighed on investor

and occupier sentiment. By the end of

Q3, the US was still the only market to

record year-on-year transaction volume

growth. However, recovery in EMEA and

parts of Asia Paciﬁc resulted in a marked

increase in investment volumes during

the fourth quarter.

Against this challenging backdrop,

Group revenue increased by 6% to

£2.6bn (2024: £2.4bn), representing

growth of 8% on a constant currency

basis. The Group’s Transactional

businesses delivered revenue growth

of 4% year-on-year, despite market

headwinds, particularly in Q2 and Q3,

driven by heightened geopolitical and

economic uncertainty. During this

period, transaction pipelines continued

to build globally as many investors and

occupiers deferred completion decisions

while maintaining work in progress. As

market sentiment improved, the Group

delivered a strong close to the year

in Q4. The Group’s Less Transactional

businesses of Consultancy, Property and

Facilities Management and Investment

Management grew revenue by 7.5% in

aggregate, with Consultancy delivering

particularly strong growth of 11%.

The Group’s underlying proﬁt increased

by 11% to £145.3m (2024: £130.4m), with

the margin increasing by 30bps to 5.7%

(2024: 5.4%).

Underlying proﬁt in the Transactional

businesses increased by 13%, reﬂecting

inherent operational gearing and the

beneﬁts of restructuring undertaken in

prior periods in certain markets.

The Group’s strength across its Less

Transactional service lines continued

to provide a resilient earnings stream,

delivering a 15% increase in underlying

proﬁt. The strong revenue performance

of our Consultancy business ﬂowed

through to the bottom line with a 19%

increase in underlying proﬁt.

The Group delivered increased revenues

and underlying proﬁt across all three

regions, EMEA, Asia Paciﬁc and North

America, with the Continental Europe

and Middle Eastern business, which

has been the focus of signiﬁcant

management action, delivering a marked

improvement for the second consecutive

year, reporting a break-even position in

2025 (2024: £7.4m underlying loss).

Savills Investment Management business

delivered revenues of £94.8m (2024:

£94.0m), with underlying proﬁt increasing

by 38% to £13.9m (2024: £10.1m), largely

as a result of the beneﬁt of cost savings

from initiatives implemented in 2024.

115

Assets Under Management (‘AUM’),

including undrawn commitments,

increased to £22.9bn (2024: £21.7bn),

with the business raising £2.3bn of

capital in 2025.

Given the further market challenges faced

during the year, the Group implemented

additional restructuring initiatives,

particularly within the German business

and in Mainland China, where market

transaction volumes declined by more

than 20% for the third consecutive year.

The Group recognised restructuring costs

of £30.4m during the year (2024: £17.2m).

The Group continued to maintain a

strong balance sheet with net cash (cash

and cash equivalents net of borrowings

and overdrafts) of £167.7m at year-end

(2024: £176.3m).

Annual performance-related

proﬁt share

The Committee carefully considered the

approach to the setting of targets for

the annual performance-related proﬁt

share. Considering the ongoing market

uncertainty, the Committee considered

it appropriate to continue to set a broad

range of ﬁnancial targets. However, a key

input into the target setting process was

the fact that the maximum opportunity

increased for 2025 under our revised

Policy and as a result the Committee took

this into account when setting the targets

which were set at a signiﬁcant premium

at each performance point (threshold,

target and maximum) versus the

targets set in 2024.

The ﬁnal range of targets set ensured

that, overall, we struck the right balance

between setting stretching performance

targets to drive performance, whilst also

setting realistic targets which would

incentivise management.

Proﬁt performance was £145.3m, which

was marginally ahead of the stretching

target performance goal set but well

below the maximum. This represented

circa 63% of the maximum under the

performance-related proﬁt element.

With regard to performance against

non-ﬁnancial targets, the Committee

considered that the Executive Directors

delivered strongly during the year

against the key strategic and operational

objectives that were set, in particular

in the execution of the Group’s agreed

leadership succession plan.

Overall, the formulaic outcome was circa

70% for the Group CEO and circa 72%

for the Group CFO of the maximum. The

Committee considered the formulaic

outcome against the wider ﬁnancial and

non-ﬁnancial performance of the Group,

along with the stakeholder experience.

The Committee, noting the below

performance highlights deemed the

formulaic outcome to be appropriate and

therefore no adjustments were made.

Revenue up 6% to £2.6bn

(2024: £2.4bn)

Group underlying proﬁt up 11% to

£145.3m (2024: £130.4m)

Revenue in the Group’s Less

Transactional businesses of

Consultancy and Property and

Facilities Management grew by 11%

and 6% respectively

Underlying basic EPS up 18% to 78.0p

Strong liquidity position maintained

with net cash (cash and cash

equivalents net of borrowings and

overdrafts in the notional pooling

arrangements) of £167.7m at year-end

(2024: £176.3m)

Full details of the annual performance-

related proﬁt share awards approved

by the Committee for the Executive

Directors are included along with the

other elements of remuneration in the

total remuneration table on page 123

of this Report.

Performance Share Plan

The awards granted in 2023 were set

with reference to challenging EPS,

ROCE and relative TSR performance

targets. As a result of a combination

of challenging market conditions and

geopolitical factors during the three year

period ending 31 December 2025, the

threshold targets were not met for any

of the three measures and as a result

there is no vesting for the 2023 LTIP.

Further details regarding performance

targets are set out on page 119 of

this Report.

With regards to our 2025 PSP awards,

as a result of extended close periods

throughout 2025 that were caused by

The KPIs are calculated as the change in

the KPI over the period 31 December 2020–

31 December 2025. The COVID-19 pandemic

resulted in greater market volatility during

the period (i.e. the pandemic impacted

both the volume and timing of transactions

across this period).

The dividend cost for 2025 comprises the

cost of the ﬁnal dividend recommended by

the Board (amounting to £21.8m) alongside

the supplemental interim dividend (amounting

to £14.8m), payment of which is subject to

Shareholder approval at the Company’s Annual

General Meeting (‘AGM’) scheduled to be held

on 13 May 2026 and payable to Shareholders

on the Register of Members as at 10 April 2026

and the interim dividend (£10.1m) paid on

29 September 2025.

***

Executive Director remuneration reﬂects

the change in the total (‘Single Figure’)

remuneration paid to the Group Chief Executive

Oﬃcer and Group Chief Financial Oﬃcer

role holders over the period 1 January 2021–

31 December 2025.

+50

Underlying Proﬁt

+23

Total Shareholder Return

+96

Dividend Payments to Shareholders**

+132

Executive Director Remuneration***

2021–2025 Overview*

DIRECTORS’ REMUNERATION REPORT

116

a combination of leadership changes

and corporate activity, we were not

able to grant awards during the year.

The Committee is in the process of

reviewing the implications of this as

part of considering awards for 2026.

Workforce and governance

developments

During the year, the Committee received

updates on the approach to workforce

remuneration and the latest trends within

the market. Whilst inﬂation has generally

subsided from the highs seen in 2022 and

2023, the Committee remains cognisant

that employees in some markets continue

to face cost-of-living pressures. Sensitive

to this we continued to expand our

employee beneﬁt and ﬁnancial wellbeing

programmes. In the UK we continued to

partner with Royal London and Howden

SPF Private Clients, maintaining a year-

long programme of ﬁnancial wellbeing

communications which were bespoke

to speciﬁc employee demographics. We

also launched a Royal London Stocks

and Shares ISA for employees with

an exceptionally competitive annual

management charge. In Savills CEME

business, for example in Portugal, personal

ﬁnance workshops were conducted,

whilst employees in the Middle East, a no

cost employee mortgage arrangement

service was established with Howden SPF

Private Clients, mirroring the long-standing

arrangements in the UK. Equally in the US,

a LegalEase insurance plan was made

available to enrolled members connecting

employees with an attorney to assist in

ﬁnancial matters, estate planning and more.

With regard to engagement with

employees on pay, this continues to be

facilitated through the Savills workforce

engagement programme, including

our digital portal facility, which allows

the Non-Executive Directors to receive

feedback on any topic, including how

executive remuneration aligns with wider

employee remuneration and supports

the Group’s strategy.

2026 remuneration

Simon Shaw was appointed Group CEO

on 1 January 2026 on a base salary of

£400,000. Whilst the salary is an increase

on the former Group CEO (£311,000), it

has been set in the context of both our

unique remuneration philosophy and

also to maintain appropriate internal

relativities as the executive leadership

team has evolved. For comparison, while

Savills consistently ranks within the top-

half of the FTSE 250 Index in terms of

size, the salary is well below the lower

quartile benchmark for the CEOs within

the Index (£569,000). With regards to

Nick Sanderson, appointed 9 February

2026, his salary was set at £280,000 from

appointment. His salary has again been set

in the context of our unique remuneration

philosophy and well below the lower

quartile benchmark for the CFOs within

the FTSE 250 Index (£400,000).

The salary budget for the UK workforce

for 2026 is 3%.

The pension contributions for both

Executive Directors of 8% of salary

continue to align with the rate available

to the UK workforce.

Consistent with the terms of our 2025

Directors’ Remuneration Policy, the Group

CEO’s annual performance-related proﬁt

share limit for 2026 will be £3.93m (i.e. the

2025 limit increased by 2025 CPI at 3.4%).

With regards to the newly appointed

Group CFO, whilst the 2026 proﬁt

share limit for the role under the 2025

Directors’ Remuneration Policy will be

£3m (i.e. the 2025 limit increased by

2025 CPI), the Committee is to apply a

lower limit to the role at £2.6m. This lower

limit versus the Policy is in recognition

of several factors that include the Group

CFO being new in role and the breadth

of the current responsibilities of the

role being reﬁned relative to the role

undertaken by Simon Shaw as Group

CFO. Any bonus earned will also be pro-

rated for the period of employment of

the new Group CFO during the year. The

Committee will review the positioning

of the Group CFO’s proﬁt share versus

the limit as part of determining an

appropriate level for 2027.

Awards will continue to be based on Group

underlying proﬁt performance (75%) and

on the achievement of pre-set personal

strategic and operational objectives

(25%). The underlying proﬁt performance

targets are commercially sensitive and will

therefore be fully disclosed retrospectively

in next year’s report.

Subject to the conclusions of the

Committee’s review of the impact of the

Company being unable to grant 2025

PSP awards during the year, the current

expectation is that the 2026 PSP will

remain consistent with the approach

taken in previous years.

This will include an award of performance

shares with a value of 200% of base salary

for the Group CEO and the incoming

Group CFO. The performance metrics

will also remain unchanged from the

2024 award, being EPS growth, relative

total Shareholder return and ROCE with

an equal weighting applying to each

metric. Should the Committee conclude

that a diﬀerent approach is warranted in

relation to 2026 PSP awards as a result

of being unable to grant awards in 2025,

appropriate engagement would take place

with the Company’s major shareholders.

In line with Policy, any vested or unvested

PSP award shares where performance

conditions have been met at the

conclusion of the performance period will

be subject to a further two-year holding

period. Further details regarding the

performance measures and associated

targets can be found on page 119.

Conclusion

Overall, the Committee is satisﬁed

the Policy operated as intended for

2025 and that outcomes reﬂect the

ﬁnancial and non-ﬁnancial performance

delivered during the period.

I would again like to thank those

Shareholders who supported our

Policy during the year, and I hope

you will support this Report at our

AGM on 13 May 2026. I welcome any

comments or feedback you may have

on the Committee’s activities in 2025,

or our proposals for 2026.

Chair of the Remuneration Committee

117

Remuneration Policy

The Policy was approved by Shareholders at our AGM on 14 May 2025 and is

intended to apply for a period of up to three years from this date. The full Policy is

available in the 2024 Annual Report, which can be accessed at

www.savills.com

The Group’s remuneration arrangements for the Executive Directors, Group Executive

Board members and senior fee-earners are structured to provide a competitive mix

of variable performance-related (i.e. annual performance proﬁt share and longer-term

incentives) and ﬁxed remuneration (principally base salary) to reﬂect individual and

corporate performance. The objective is to set targets which provide an appropriate

balance between being achievable and stretching.

In determining the remuneration of the Executive Directors and reviewing that of the

Group Executive Board members, the Committee reviews the role and responsibilities

of the individual, their performance, the arrangements applying across the wider

workforce and internal pay relativities. It also considers sector and broader market

practice in the context of the prevailing economic conditions and corporate

performance on environmental, social and governance issues.

Provision 40 of the UK Corporate Governance Code

The Committee has ensured that the Directors’ Remuneration Policy and practices

are consistent with the six factors set out in Provision 40 of the UK Corporate

Governance Code:

Clarity –

Our Directors’ Remuneration Policy is well understood by our senior

executive team and has been clearly articulated to our Shareholders and

representative bodies (both on an ongoing basis and during consultation

when changes are being made).

Simplicity –

The Committee is mindful of the need to avoid overly complex

remuneration structures which can be misunderstood and deliver unintended

outcomes. Therefore, a key objective of the Committee is to ensure that

our Directors’ Remuneration Policy and practices are straightforward to

communicate and operate.

Risk –

Our Directors’ Remuneration Policy has been designed to ensure that

inappropriate risk-taking is discouraged and will not be rewarded via (i) the

balanced use of both annual incentives and long-term incentives which employ a

blend of ﬁnancial, non-ﬁnancial and Shareholder return targets, (ii) the signiﬁcant

role played by shares in our incentive plans including the deferral under the

annual performance-related proﬁt share (together with in-employment and post-

cessation shareholding guidelines) and (iii) malus/clawback provisions within all

our incentive plans.

Predictability –

Our incentive plans are subject to individual caps, with our share

plans also subject to market standard dilution limits. The use of shares within

our incentive plans means that actual pay outcomes are highly aligned to the

experience of our Shareholders.

Proportionality –

There is a clear link between individual awards, delivery of

strategy and our long-term performance. In addition, the signiﬁcant role played

by incentive/‘at-risk’ pay, together with the structure of the Executive Directors’

service contracts, ensures that poor performance is not rewarded.

Alignment to culture –

Our executive pay policies are fully aligned to the

Company’s culture through the use of metrics in both the Annual performance-

related proﬁt share and PSP that measure how we perform against key aspects of

our strategy, which has the objective of delivering sustainable growth in proﬁt and

ROCE. A similar structure operates across the Group.

Non-Executive Director fees are set consistent with the median for the FTSE 250

and are subject to annual review with the established approach being to limit any

increases to the level awarded to the wider UK workforce and ﬂexibility retained to

make more signiﬁcant adjustments based on any material increases to the size of

the Company and/or time commitment of the role. No increases applied in 2025.

Additional fees, again, are set consistent with the median for the FTSE 250 and are

payable to the Senior Independent Director and Committee Chairs to recognise their

additional responsibilities. The Chair’s fee, again, is set at levels consistent with the

median for the FTSE 250 and is subject to annual review, generally capped at CPI. As

with the Non-Executive Directors, no increase to the Chair fee was applied for 2025.

118

Overview of the Policy

A summary of the Policy for Executive Directors and how it will be applied for

2026 is set out below.

Element

Summary of approach

Application of Policy for 2026

Base salary

Base salaries are set signiﬁcantly

below market median levels, in

line with the Group’s philosophy

of placing the emphasis

on variable, performance-

related remuneration.

Salaries from appointment will be

as follows:

Group Chief Executive Oﬃcer:

£400,000

Group Chief Financial Oﬃcer:

£280,000

Pension

Pension beneﬁts are provided

through a Group personal

pension plan, as a non-

pensionable salary supplement

or as a contribution to a

personal pension arrangement.

Pension contributions are in line

with the UK workforce standard

contribution rate of 8% of salary.

Pension contributions/salary supplements

to be aligned with the UK workforce

contribution rate of 8% of salary.

Beneﬁts

Beneﬁts include:

Medical insurance beneﬁts;

Annual car/car allowance

(currently up to £9,000 p.a.);

Permanent health insurance;

Life insurance; and

Relocation expenses.

Beneﬁts in line with Policy.

Element

Summary of approach

Application of Policy for 2026

Annual

performance-

related proﬁt

Reﬂects the Group’s annual

proﬁt performance and

personal performance against

pre-set objectives and

overall contribution.

In line with the Group’s

philosophy that there is greater

emphasis (than is the norm for

listed companies) on variable

performance-related pay.

Consequently, 50% of any award

payable above an amount equal

to base salary is deferred into

shares for three years.

Malus and clawback

provisions apply.

Policy maximum proﬁt share limits

for 2026:

CEO: £3.93m

CFO: £3.00m

Actual proﬁt share limits to apply

for 2026:

CEO: £3.93m

CFO: £2.60m

(prorated for service)

Performance

Share Plan

(PSP)

Awards of shares are made

subject to a three-year

performance period. Any

awards which satisfy the three-

year performance conditions

attaching to them will then be

subject to an additional two-year

holding period before vesting.

The maximum award potential

remains at 200% of base salary,

subject to an overall annual

maximum of shares with a value

of £1m on award per participant.

Malus and clawback

provisions apply.

Subject to the conclusions of the

Committee’s review of the impact of

the Company being unable to grant

2025 PSP awards during the year, the

current expectation is that the awards

for 2026 will be up to 200% of base

salary. The current expectation is that the

performance targets for the 2026 awards

(three-year performance period ending

31 December 2028) will be:

one-third of the award will vest subject

to Earnings Per Share performance;

one-third will vest subject to relative

TSR performance against the FTSE

Mid 250 Index (excluding investment

trusts); and

one-third will vest subject to

ROCE performance

ownership

guidelines

Achieved through share

purchase and/or retention of

any after-tax shares which vest

pursuant to the Group’s share

plans until the guideline is met.

700% of base salary for the Group

Chief Executive Oﬃcer and Group

Chief Financial Oﬃcer while in post.

250% of salary applying for two years

post-cessation.

119

Minimum

Target

Maximum

£6m

£1m

£2m

£3m

£4m

£5m

75%

16%

£2,078,616

£3,753,616

£3,473,616

Minimum

Target

Maximum

£6m

£1m

£2m

£3m

£4m

£5m

14%

15%

78%

79%

76%

15%

£3,099,610

£5,573,060

£5,173,060

£443,860

£313,616

Illustrations of application of the Policy

The charts below illustrate how much the current Executive Directors could earn under four diﬀerent performance scenarios for 2026: ‘Minimum’, ‘On-target performance’,

‘Maximum’ and ‘Maximum with share price growth’, based on the assumptions below.

Group Chief Executive Oﬃcer

Group Chief Financial Oﬃcer

Element in the chart above

Component

Minimum

Target

Maximum

Fixed pay

Base salary

2026 base salaries

Pension

8% of salary

Beneﬁts

2025 ‘single ﬁgure’ amounts

Annual award

Annual performance-related

proﬁt share

0% of

maximum award

62.5% of

maximum award

CEO – £3.93m

CFO – £2.6m

Long-term award

PSP

0% of

25% of

CEO – 200% of salary

CFO – 200% of salary

Other assumptions

‘Maximum with share price growth’ is as ‘Maximum’ including assumed 50% share price growth.

Excludes additional shares representing the value of dividends declared during the vesting period which may attach to the deferred

element of any annual performance-related proﬁt share award or PSP award at vesting.

Assumes that no awards are made under tax advantaged all-employee share plans.

The proposed new policy does not include an ‘on-target’ level for the annual performance-related proﬁt share so 62.5% of maximum

award has been used for illustrative purposes.

Fixed pay

Annual award

Long-term award

50% share price growth on long-term award

120

Annual Report on Remuneration

Role of the Committee

The principal role of the Committee is to support the Group to achieve its strategic

objectives by designing a Remuneration Policy consistent with the Group’s business

model and values, such that we have the ability to attract, recruit, retain and motivate

the high-calibre individuals needed to deliver the Group’s strategy and promote

the long-term interests of the Company. The Committee also considers the broader

implications of the Policy in the context of environmental, social and governance

(‘ESG’) considerations and how the Policy best supports the Group’s delivery of

its objectives in these areas. The Committee is responsible for the broad policy

governing senior employee remuneration. It sets the actual levels of all elements

of the remuneration of the Executive Directors, the Chair of the Company and the

GEB members. The Committee also considers workforce remuneration and related

policies and the alignment of incentives and rewards with culture, risk management

and the Group’s ESG objectives and when setting the policy for Executive Director

remuneration takes those matters into account. The Policy remains under periodic

review to ensure that it remains consistent with the Company’s scale and scope of

operations, supports its business strategy, its environmental, social and governance

strategy and its growth plans and helps drive the creation of Shareholder value.

The Committee also oversees the operation of Savills employee share schemes.

Committee members and attendees

As shown in the table below, during the year the Committee comprised the

following Independent Non-Executive Directors, with the following attendees:

Committee member

Position

Status

Chair of the Committee

Member of the Committee

Andriana Karaboutis

Member of the Committee

Committee attendee

Position

Status

Group Chief Executive

Oﬃcer until

31 December 2025

Attended by invitation (except

when his own remuneration

was discussed)

Chris Lee

Group Legal Director &

Company Secretary

Provided advice and support

(except when his own

remuneration was discussed)

as well as acting as Secretary

to the Committee

Korn Ferry

External advisor

Provided independent advice

and kept the Committee up

to date on market and best

practice developments

Simon Shaw, the former Group Chief Financial Oﬃcer, now Group Chief Executive

Oﬃcer, was invited to attend meetings to provide an overview of market conditions

and the Group’s ﬁnancial performance.

2025 attendance

Meetings

attended

Meetings

eligible to

attend

As at 31 December 2025 and up to the date of this Report, the Committee wholly

comprised Independent Non-Executive Directors. Biographies of each of the

Committee members can be found on pages 76 to 79.

121

The Committee met three times during 2025. The principal agenda items considered

by the Committee during the year were as follows:

reviewing 2025 AGM voting outcomes and associated investor feedback in

relation to the Directors’ Remuneration Policy and 2024 Remuneration Report;

determining 2024 performance-based proﬁt share and 2022 LTIP outcomes;

developments in workforce remuneration;

agreeing performance targets for both the 2025 annual performance-related proﬁt

share and Performance Share Plan awards (not granted as a result of extended

close periods through the year), mindful of uncertain market conditions;

preparing an Annual Directors’ Remuneration Report consistent with the

legislation relating to executive remuneration;

agreeing the remuneration arrangements in relation to Executive Director

changes; and

agreeing the remuneration packages of the Executive Directors and

GEB members.

Advisors to the Committee

The Committee receives independent external advice on executive remuneration

from Korn Ferry which was appointed as Remuneration Advisor in 2021. Korn Ferry’s

fees for advising the Remuneration Committee during 2025 were £57,898.

The Committee is satisﬁed that the advice received from Korn Ferry during the year

was entirely objective and independent. The Committee will continue to keep these

arrangements under review to ensure that they remain appropriate to the needs

of the Committee in developing remuneration policy to support the delivery of

Group strategy.

The Committee is also advised by the Group Legal Director & Company Secretary

(save in relation to matters concerning his own remuneration).

Given the fundamental role that remuneration plays in the success of the Group, in

terms of the recruitment, incentivisation and retention of high-quality employees,

the Group Chief Executive Oﬃcer attends meetings by invitation and is consulted

on the remuneration package of the Group Chief Financial Oﬃcer and other Group

Executive Board members.

Terms of Reference

The Committee’s Terms of Reference, which are reviewed annually, or by exception

to take account of regulatory changes or best practice, are available from the

Group Legal Director & Company Secretary upon request or can be viewed on the

Company’s website (

www.savills.com

122

Total remuneration for 2025 (audited)

Set out below are details of Executive Director remuneration for 2025.

Executive Directors’ ‘single ﬁgure’ for the ﬁnancial year ended 31 December 2025 and as a comparison for the ﬁnancial year ended 31 December 2024.

Salary paid

311,000

238,000

Beneﬁts

11,860

11,670

11,216

17,866

Pension

22,454

24,880

19,040

Total ﬁxed remuneration

345,314

347,554

268,256

274,906

Annual proﬁt share – cash

1,479,000

1,326,500

1,165,500

1,019,500

Annual proﬁt share – deferred shares

1,168,000

1,015,500

927,500

781,500

Gain on long-term share-based awards

Performance Share Plan – performance element (notional)

Performance Share Plan – share appreciation element (notional)

Long-term share-based reward (non-cash – notional)

Total variable remuneration

2,647,000

2,342,000

2,093,000

1,801,000

Total i.e. ‘single ﬁgure’ (part notional)

2,992,314

2,689,554

2,361,256

2,075,906

Notes:

Beneﬁts comprise private medical insurance and car allowance. For Simon Shaw in 2024 this also includes £6,650 being the cash equivalent of additional holiday entitlement accruing under the Company’s loyalty

holiday reward scheme (and reﬂecting Simon Shaw’s 15th year of service).

Mark Ridley retired from the Board on 31 December 2025 and was succeeded by as Chief Executive Oﬃcer by Simon Shaw, formerly Chief Financial Oﬃcer.

123

Performance-related remuneration for 2025 (audited)

Annual performance-related proﬁt share

The following short-term performance measures applied to the 2025 annual performance-related proﬁt share arrangements.

75% of the award was based on proﬁt performance, deﬁned as underlying proﬁt performance. The target range and Savills performance were as follows:

Minimum (25% of element)

Target

(62.5% of element)

% Maximum target

(100% of element)

Savills underlying

proﬁt performance

Bonus award

(% of element)

£115m

£145m

£175m

£145.3m

There was straight-line vesting between performance points.

The Committee approved awards of 63% of maximum in respect of the underlying proﬁt performance-related element (2024: 66%).

The remaining 25% of annual performance-related proﬁt share awards were based on individual performance against key strategic and operational objectives. The Group

CEO and Group CFO outcome, based on performance against the targets set at the start of the year, was respectively assessed at 90% and 100% out of this 25%.

The Committee set strategic and operational objectives for the Executive Directors consistent with the Group’s strategic growth focus and with ensuring that the Group

remained its strong ﬁnancial position through the period, core bench-strength and client service levels were maintained, and which were aligned with longer-term value

creation for Savills.

124

The following tables set out the strategic and operational targets set for the Executive Directors and their actual performance against the targets (amended for commercial

sensitive information as appropriate):

Mark Ridley:

Achievement

Successfully implement agreed succession plans, in particular:

(i)

Work with the Board to ensure smooth transition to ‘Group CEO

Designate’, including supporting the development of key client and

stakeholder relationships

The Board appointment of Simon Shaw, as successor to Mark Ridley as Group

CEO, announced on 29 April 2025. This was followed by a broad and in-depth

client introduction programme to ensure a smooth transition to Simon Shaw as

Group CEO eﬀective 1 January 2026.

(ii)

Support the operation of the new EMEA ExCom established in July 2024

and the refreshing of the membership of the Asia Paciﬁc ExCom, drawing in

the next generation talent

The EMEA ExCom established in July 2024 delivered a signiﬁcant performance

improvement year-on-year by Savills CEME.

Changes to the membership of the Asia Paciﬁc ExCom were agreed in 2025 and

implemented eﬀective Q1, 2026.

(iii) Support senior Asia Paciﬁc appointments, including the new Head of Japan,

New Head of Global Occupier Services (‘GOS’) (Asia Paciﬁc) and new Head of

Global Capital Markets (Asia Paciﬁc)

New Head of Japan appointed April 2025.

New Head of Global Capital Markets Asia Paciﬁc appointed November 2025.

The search for a new Head of GOS Asia Paciﬁc is ongoing.

(iv) In relation to Greater China ensure that the appointment of the new MD/

COO (Hong Kong) is fully supported and consider and execute strategy for

succession within Mainland China

New MD/COO Hong Kong & Macau appointed eﬀective May 2025.

China ExCom reset eﬀective September 2025, with the China business reshaped

as a national platform (as opposed to regional) to drive growth and ensure

operational eﬃciency.

(v)

Support CEO Asia Paciﬁc ex-Greater China on development of Australia

wide strategy for growth, with new CEO Australia to be appointed

New CEO Australia appointed, along with a new Head of Australia Capital Markets,

with both joining Savills Australia in July 2025.

Maintain direct support and closely monitor progress on performance

improvement plans across North America and CEME, in particular to ensure

newly formed Management Boards are eﬀective and focused on priorities

Signiﬁcant performance improvements delivered year-on-year in both Savills CEME

and Savills North America, with:

(i)

Savills CEME eliminating its prior year loss (FY24 loss: £7.4m) and returning to

proﬁt (FY25 UPBT: £0.2m); and

(ii) Savills North America delivering UPBT of £5.9m, against FY24 UPBT of £3.3m.

125

Achievement

Drive further development of the Global Occupier Services (‘GOS’) platform,

including assessment of all appropriate M&A opportunities in primary markets,

together with continued organic growth across Savills EMEA and Savills

Asia Paciﬁc

Growth delivered above targeted levels with Savills GOS revenues increased year-

on-year organically by 13%.

Support platform growth of our Global Residential network, including leadership

transition, appointment of a new Global Head of Residential Development Sales

and selective acquisitions within primary markets including Paris, Portugal,

Madrid, Australia and Singapore

Growth delivered above targeted levels with Savills Global Residential revenue

increased by 9% year-on-year to £293.6m. Acquisition growth opportunities

continue to be assessed.

Transition of Global Residential leadership successfully completed

1 September 2025.

Evaluate the platform development of our Property Management business in key

CEE markets (in particular Germany and France), as well as Asia Paciﬁc (India,

Singapore and Australia), accelerate succession planning and leadership to

ﬁnalise Global leadership of this service line

Succession to Global PM leadership agreed in 2025, and to be eﬀective by

H2, 2026.

In CEE, German PM platform reviewed and right-shaped to position it for growth

and French platform strengthened.

Continue to accelerate growth of our Consultancy services, including M&A

Consultancy and IFM, including where necessary, bolt-on acquisitions

Growth of consultancy ahead of targets set, in particular through the acquisition

in December 2025 of an initial 70% interest in Alpina Holdings Limited in Singapore

to allow the Group to build an integrated facilities management oﬀering in

that market.

Mark Ridley:

126

Simon Shaw:

Develop the Group’s EMEA focused real estate investment banking oﬀering

Oﬀering expanded beyond targets set and now active in Australia and S E Asia.

Our developing EMEA-based Real Estate Investment Banking business, Savills

Capital Advisors, also performed strongly during the year, completing a number

of signiﬁcant ﬁnancing transactions.

Evaluate the Group Investor Relations programme, and the merits of appointing a

head of investor relations to support a refreshed IR programme from 2026

New Director of Investor Relations appointed October 2025 to support a refreshed

IR programme from 2026.

Ensure focus on margin improvement is maintained across all Principal Businesses,

and identify and sponsor cost and operating eﬃciency improvements, including

through the adoption of new technologies

Group margin improved above targets set by 0.3%pts to 5.7% (FY24: 5.4%) as the

beneﬁts of operational leverage ﬂowed from improved Transactional markets in

Q1 and then in Q4, after the stabilisation of markets following the imposition of

US tariﬀs in Q2 2025.

The Group continued to review its cost base during the year with, in particular,

German Property Management and our mainland China business reshaped during

the year to enhance operational eﬃciencies and margin.

Maintain focus on improving the performance of Savills Investment Management

(Savills IM), and in particular support the Savills IM CEO in:

Savills IM delivered a 37% proﬁt improvement year-on-year to deliver FY25 UPBT

of £13.8m (FY24: £10.1m).

(i)

embedding the new Savills IM senior management team, with a new CIO

and CFO in place for 2025

New leadership team embedded, and senior management further strengthened.

(ii)

further developing the relationship with Samsung Life

The relationship with Samsung Life continues with good engagement.

127

Support Group CIO and sponsor the delivery of the Group’s multi-year technology

initiatives, in particular including:

(i)

the progressive roll-out of the Group’s Valuation digitalisation programme;

The Group’s Valuation digitalisation continued successfully with further phases of

the Valuation Workﬂow System launched to further improve eﬃciency and client

service in this service line.

(ii)

the extension of the Group’s Athena property database and development

of valued applications;

Athena usage continues to grow, increasing 12% year-on-year, as the system

continues to be developed and new functionality introduced.

(iii) the ongoing progressive harmonisation of accounting systems across the

Group, based on AX Dynamics implementations; and

Harmonisation of the accounting systems onto Dynamics F&O (formerly AX) has

continued during the year with additional markets going live.

(iv)

to the extent possible the continued mitigation of cyber security risks.

The Group Cyber Security Committee continue to oversee the development of

the Group’s cyber security protections in the light of evolving threats. In parallel,

the programme of Information Security training across the Group (through the

‘Tech Talks’ programme) was rolled out with a speciﬁc focus on the secure use

of ‘AI’ tools.

Manage the performance of Grosvenor Hill Ventures investments, and identify

and evaluate further additional investment opportunities and co-ordinate these

with the investment in the Group’s own data/AI projects

Realised the Group’s majority interest in Cureoscity Limited, which was sold to

SwiftConnect in February 2025 to support the further growth and development

of Cureoscity.

Based on a testing of the objectives set for each Executive Director at the start of the year, as detailed above, Simon Shaw met all his objectives, with Mark Ridley meeting

90%, with the succession to Global PM leadership expected to become eﬀective and a new Head of GOS, Asia Paciﬁc expected to be appointed during 2026.

As described in the Chair’s introduction earlier in this report, the Committee considered the formulaic outcome of circa 70% for the Group CEO and circa 72% for the Group

CFO of maximum (combined for ﬁnancial and strategic performance) and deemed it to be appropriate and that it reﬂected the ﬁnancial and non-ﬁnancial performance of

the business and the experience of stakeholders. In reaching this conclusion, the Committee had regard to the year-on-year growth underlying proﬁt of 11% and the very

well executed enactment of the Group’s agreed leadership succession plan. In light of this, the Committee was comfortable that the outturn was aligned with underlying

performance and the broader stakeholder experience. Accordingly, the bonuses earned were as follows:

Group Chief Executive Oﬃcer – £2,647,000

Group Chief Financial Oﬃcer – £2,093,000

In line with the Policy, 50% of the overall awards, above an amount equal to their respective base salaries, will be deferred for a further three-year period in the form of shares.

Simon Shaw:

128

Long-term incentives (audited)

The PSP award granted in 2023 was subject to performance in the three years to 31 December 2025. Following an assessment of Savills performance against targets set at

grant, threshold was not achieved for the three measures. As a result, there was no vesting under the 2023 LTIP grant.

The targets and Savills performance were as follows:

Weighting

Threshold target

(25% vesting)

Maximum target

(100% vesting)

Savills

performance

Vesting (% of

maximum)

Relative TSR versus FTSE 250 index (excluding investment trusts)

1/3

Equal to index

Outperform index by 8% p.a.

Below threshold

% EPS growth

1/3

4% p.a. compounded

10% p.a. compounded

Below threshold

Return on capital employed

1/3

12%

22%

There was no PSP award granted during 2025 as a result of the Company being in an extended close period as a result of a combination of leadership changes and corporate

activity. The Committee is reviewing its options in relation to the 2025 award.

Non-Executive Directors fees (audited)

The Non-Executive Director fees for 2025 were as follows:

(Chair)

Florence Tondu-

Mélique

Basic fee

£240,000

£57,650

Additional fees:

Senior Independent Director

£8,000

Remuneration Committee Chair

£10,000

Audit Committee Chair

£15,000

2025 Total

£240,000

£75,650

£72,650

2024 Total

£240,000

£46,212

£75,650

£72,650

Notes:

Andriana Karaboutis joined the Board eﬀective 14 March 2024.

The fees payable to the Non-Executive Directors are determined by the Non-Executive Chair and the Executive Directors after considering external market data and individual

roles and responsibilities. The fee for the Board Chair is determined by the Remuneration Committee.

The base fee for the Non-Executive Directors for 2025 was £57,650 p.a., with additional fees payable to the Senior Independent Director (£8,000 p.a.), the Audit Committee

Chair (£15,000 p.a.) and the Remuneration Committee Chair (£10,000 p.a.).

The Chair fee for 2025 was £240,000 p.a.

The Non-Executive Directors do not participate in incentive arrangements or share schemes.

129

Operation of Policy in 2026

The base salaries of the Executive Directors, as explained in the Chair’s Annual

statement, were set as follows:

Simon Shaw, Group Chief Executive Oﬃcer: £400,000 p.a.; and

Nick Sanderson, Group Chief Financial Oﬃcer: £280,000 p.a.

In line with our Policy, the base salaries for the Executive Directors continue to be

positioned signiﬁcantly below market median against the FTSE 250 Index.

Variable remuneration

Annual performance-related proﬁt share

The maximum annual performance-related proﬁt share opportunity for 2026 will be:

£3.93m for the Group Chief Executive Oﬃcer; and

£2.60m for the Group Chief Financial Oﬃcer (pro-rata for his period

of employment).

For the 2026 performance-related proﬁt share, 75% of award potential will reﬂect

the Group’s underlying proﬁt performance and 25% of award potential will reﬂect

delivery against a mix of personal, strategic and operational objectives.

The Committee considers prospective disclosure of individual objectives to be

commercially sensitive, and disclosure will therefore be on a retrospective basis.

The targets are similarly challenging to those set in 2025 having had regard to

current internal plans, external expectations for our future performance and

current market conditions.

The Committee retains a general discretion to adjust the formulaic outcome to

reﬂect exceptional events over the performance period.

Performance Share Plan (‘PSP’)

The Policy is for maximum awards of 200% of base salary. Subject to the conclusions

of the Committee’s review of the impact of the Company being unable to grant 2025

PSP awards during the year, the current expectation is that the PSP awards for 2026

will be 200% of base salary for both Executive Directors and subject the performance

conditions set out below.

Awards are expected to vest subject to the satisfaction of absolute EPS growth

targets for one-third of the award, TSR performance for one-third of the award and

Return on Capital Employed for the remaining one-third of the award.

The Committee is still in the process of reviewing the 2026 PSP award terms given

the Committee was unable to grant awards during 2025 and in light of current

macroeconomic and geopolitical conditions. As a result, the Committee expects

to include details of the performance targets in the RNS announcement issued

immediately after the 2026 PSP award is granted. To the extent there are any

material changes in the approach taken in relation to the 2026 PSP awards

vis-à-vis prior year awards, the Committee will engage in appropriate dialogue

with the Company’s major shareholders.

The awards made to Executive Directors will also be subject to a holding period so

that any PSP awards for which the performance vesting conditions are satisﬁed will

not normally be released for a further two years from the third anniversary of the

original award date. Dividend accrual for PSP awards will continue until the end of

the holding period.

As detailed in the Chair’s introductory statement, the Committee is in the process of

ﬁnalising the speciﬁc targets to apply to the 2026 PSP awards given current market

conditions and will include the targets in the market announcement of the awards.

130

Dec

300

100

150

200

250

Savills

FTSE 250 (excluding investment trusts)

FTSE 350 Super Sector Real Estate

Relative spend on pay

To provide context and outline how remuneration for Executive Directors compares

with other disbursements, such as dividends and general employment costs, the

table below illustrates general employment costs, Executive Director reward, tax

charges and dividend payments to Shareholders in 2025 and 2024.

£m

Movement

Employment costs

1,803.0

1,691.6

Underlying proﬁt before tax

145.3

130.4

+11

Dividend payment to Shareholders

46.7

41.2

+13

Executive Director remuneration

5.4

4.8

+12

Tax

179.5

167.1

Employment costs (excluding arrangements for Executive Directors) comprise

basic salaries, proﬁt share and commissions, social security costs, other pension

costs and share-based payments.

Tax comprises corporation tax, employers’ social security and business rates and

equivalent payments.

The dividend cost for 2025 comprises the cost of the ﬁnal dividend recommended

by the Board (amounting to £21.8m) alongside the supplemental interim dividend

(amounting to £14.8m), payment of which is subject to Shareholder approval

at the Company’s AGM scheduled to be held on 13 May 2026 (payable to

Shareholders on the Register of Members as at 10 April 2026) and the interim

dividend (£10.1m) paid on 29 September 2025.

Executive Director remuneration is the remuneration paid to the Group Chief

Executive Oﬃcer and Group Chief Financial Oﬃcer role holders and comprises

basic salaries, proﬁt share, social security costs, pension costs and share-

based payments.

Total Shareholder return and Group Chief Executive

Oﬃcer remuneration

The Total Shareholder Return delivered by the Company over the last ten years is

shown in the chart below.

The Board believes that the FTSE 250 Index (excluding investment trusts) remains

the most appropriate index against which to compare TSR over the medium term as

it is an index of companies of similar size to Savills. Savills TSR relative to that of the

FTSE 350 Super Sector Real Estate Index is also shown, as this index better reﬂects

conditions in real estate markets over recent years.

Total Shareholder return (‘TSR’)

131

Pay for performance

Year

Chief Executive Oﬃcer

Total single ﬁgure

remuneration

£’000

annual % change

Annual variable

element:

performance-

related proﬁt share

– annual award

against maximum

potential %

Long-term

incentive

to vest (maximum

potential

of award) %

2,992

145.3

+11

2,690

130.4

+38

1,922

94.8

-42

2,815

164.6

-17.8

67.5

2021

3,504

200.3

107.3

100

2020

1,294

96.6

-32.6

2019

2,377

143.4

-0.2

2018

Jeremy Helsby

2,196

143.7

+2.3

2017

Jeremy Helsby

2,507

140.5

+3.5

2016

2,595

135.8

+12

2015

2,298

121.4

+21

N/A

Total remuneration includes, as required, the notional value of PSP awards (vested or unvested where performance conditions have been met at the conclusion of the

performance period) and executive share options which vested (but were not exercised) in those years.

132

Annual percentage change in remuneration of Directors and employees

The table below shows a comparison of the annual change of each individual Director’s pay to the annual change in average employee pay. Average employee pay is based

on a Full Time Equivalent (‘FTE’) calculation.

Percentage change in remuneration from

31/12/2024 to 31/12/2025

Percentage change in remuneration from

31/12/2023 to 31/12/2024

Percentage change in remuneration

from 31/12/2022 to 31/12/2023

Percentage

change in base

salary / fee %

Percentage

change in

beneﬁts %

change in proﬁt

share award %

change in base

salary / fee %

change in

beneﬁts %

change in proﬁt

share award %

change in

beneﬁts %

1.6

0.9

1.2

-31

-37.2

16.2

0.9

-31

n/a

198

2.6

24.8

2.6

2,342

All UK employees

2.9

7.3

1.8

4.3

6.7

8.2

3.9

5.4

-14.7

133

Percentage change in remuneration

from 31/12/2021 to 31/12/2022

from 31/12/2020 to 31/12/2021

change in

beneﬁts %

change in

beneﬁts %

4.5

-59.9

5.2

159

165

4.6

7.9

165

1.9

2.7

All UK employees

8.5

3.5

-13.5

-3.9

-1.1

34.3

Notes:

Mark Ridley’s 2021 beneﬁts include £17,539 cash equivalent of additional holiday entitlement accruing under the Company’s loyalty holiday reward scheme (and reﬂecting Mark Ridley’s 25th year of service).

2. Simon Shaw’s 2024 beneﬁts include £6,650 cash equivalent of additional holiday entitlement accruing under the Company’s loyalty holiday reward scheme (and reﬂecting Simon Shaw’s 15th year of service).

3. Appointed Senior Independent Director 1 January 2021. Appointed Chair 1 January 2024.

4. Appointed 14 March 2024.

5. Appointed 1 January 2021.

6. Appointed 1 January 2021. Appointed Senior Independent Director 1 January 2024.

7. Appointed 15 December 2022.

8. Appointed 13 December 2023.

9. Salary, beneﬁts and bonus are compared against full-time equivalent UK employees.

134

CEO to employee pay ratio

The table below shows how the CEO’s single ﬁgure remuneration (as taken from

the single ﬁgure remuneration table on page 123) compares to the equivalent single

ﬁgure remuneration for full-time equivalent UK employees, ranked at the 25th, 50th

and 75th percentile.

Year

Method

25th percentile

pay ratio

Median pay ratio

75th percentile

pay ratio

Option A

104:1

74:1

43:1

Option A

101:1

71:1

41:1

Option A

76:1

54:1

30:1

Option A

129:1

86:1

47:1

2021

Option A

144:1

102:1

56:1

2020

64:1

40:1

22:1

Notes to the CEO to employee pay ratio:

The regulations provide three options which may be used to calculate the pay for

the employees at the 25th percentile, median and 75th percentile. We have used

Option A, following guidance that this is the preferred approach of some proxy

Advisors and institutional Shareholders. Option A captures all relevant pay and

beneﬁts for all employees in line with the single ﬁgure for remuneration calculated

for Executive Directors.

The ratios shown are representative of the FTE 25th percentile, median and 75th

percentile pay for UK employees within the Group as measured on 31 December 2025.

The pay for part-time employees has been grossed-up to one FTE.

The Committee has reviewed the employee data and believes the median pay ratio

to be consistent with the pay, reward and progression policies for the Company’s UK

employees over the period. There has been particular focus again this year on the pay

of more junior employees to continue to help mitigate the increase in the cost of living

which particularly impacts at this level. The increase in the ratio for 2025 compared

with 2024 reﬂects the improvement of Company performance and the related proﬁt-

share awards which have resulted in an increase in total remuneration for the CEO.

The CEO’s pay is based on the ‘single ﬁgure’ of remuneration set out on page 123

of this report. Because a large portion of the CEO’s pay is variable, the pay ratio is

heavily dependent on the outcomes of variable pay plans and, in the case of long-

term share-based awards, also share price movements.

Casual employees and those on zero-hours contracts have their pay annualised

based on their hourly rate, using 37.5 hours per week x 52 weeks per year.

The total pay and beneﬁts and the salary component of total pay and beneﬁts for

the employees at each of the 25th percentile, the median and the 75th percentile are

shown below:

Salary

Total pay and beneﬁts

Year

25th

percentile

Median

75th

percentile

25th

Median

75th

£25,532

£32,445

£50,000

£28,775

£40,212

£69,165

Notes to the calculations:

For Savills IM, Partnership members within the DRC business are excluded from this report.

Pensions disclosure (audited)

During 2025 Company pension allowances for the Group Chief Executive Oﬃcer

and the Group Chief Financial Oﬃcer were 8% of base salaries, consistent with the

pension contributions for the wider UK workforce.

Mark Ridley no longer accrues a pension beneﬁt under the Company’s legacy deﬁned

beneﬁt pension plan. The value of the legacy beneﬁt is shown below.

Deﬁned beneﬁt

pension accrued

at 31 December

Deﬁned beneﬁt

pension accrued

at 31 December

Mark

Ridley

39,175

45,560

42,339

39,501

36,468

Mark Ridley’s accrued pension ceased to be linked to salary from 29 February

2016, at which point the accrued pension was £31,875 p.a. The pension now

increases in line with the standard revaluation provisions of the Plan that apply to all

deferred pensioners. The amounts shown include revaluation to 31 December 2021,

31 December 2022, 31 December 2023 and 31 December 2024 respectively. Mark

Ridley retired from the Plan on 5 September 2025. The revaluation at 31 December

2025 is lower than the accrued pension as at 31 December 2024 as a result of the

commutation of part of the pension into a lump sum in connection with Mark’s

retirement in line with the rules of the Plan.

135

Share interests

Details of shares in the Company which the Directors beneﬁcially held or had a beneﬁcial interest in as at 31 December 2025 are shown below.

Where the performance conditions attaching to any PSP award have been satisﬁed and the award is due to vest in the future, the PSP award shares (discounted for

anticipated tax liabilities) will count towards the shareholding requirements:

Executive Directors

Number of shares

(including beneﬁcially

held under the SIP)

Unvested shares

with performance

conditions attaching

satisﬁed (discounted

for anticipated tax

liabilities) (PSP)

Total share interests

that count towards

the shareholding

requirement

Unvested

shares subject

to performance

conditions (PSP)

Deferred share

bonus plan awards

(vesting not subject

to performance

conditions) (DSBP)

Shareholding

requirement

Extent to which

shareholding

guideline met

231,854

2,747

234,601

121,703

272,916

218,574

107%

225,637

2,100

227,737

93,134

210,101

167,269

136%

1. Shareholding requirement of 700% of salary for both Executive Directors.

2. Mark Ridley’s PSP awards that have not reached the end of their performance period will be pro-rated at vesting for service.

The Company currently applies shareholding requirements that the Group Chief Executive Oﬃcer and Group Chief Financial Oﬃcer hold shares to the value of seven times

their respective base salaries. New Executive Directors will be expected to build holdings to this level over time, principally through the retention of shares released to them

(after settling any tax due) following the vesting of share awards.

Non-Executive Directors

Number of shares at

31 December

4,983

5,000

3,023

As at 12 March 2026, no Director had bought or sold shares since 31 December 2025.

136

The Savills Sharesave Scheme (audited)

Directors

31 December

Granted

during year

Exercised

during year

Lapsed

Market value

at date of

exercise

Exercise price

per share

Exercisable

within six

months from

2,371

759p

01.11.25

2,371

759p

01.11.25

Scheme interests granted in 2025 (audited)

The Performance Share Plan (‘PSP’)

There was no PSP award granted during 2025 as a result of the Company being in an extended close period as a result of a combination of leadership changes and

corporate activity.

Number of shares

Directors

Awarded

Vested

Lapsed

Date of grant

Closing mid-

market price of

a share the day

before grant

Market value at

date of vesting

First

vesting date

7,682

30.06.20

833.0p

1,016p

30.06.25

5,183

25.11.21

1,407p

25.11.26

56,803

20.04.22

1,095p

20.04.27

65,336

21.04.23

952.0p

21.04.28

53,620

17.05.24

1,160p

17.05.29

5,872

30.06.20

833.0p

1,016p

30.06.25

3,962

25.11.21

1,407p

25.11.26

43,397

20.04.22

1,095p

20.04.27

50,000

21.04.23

952.0p

21.04.28

41,034

17.05.24

1,160p

17.05.29

The PSP award granted in 2022 was subject to performance in the three years to 31 December 2024. Following the assessment of Savills performance against targets set

at grant, the Committee determined that as the threshold performance targets had not been met, the award would lapse in full. Awards over 13,554 shares, together with a

further 1,980 shares in lieu of dividends, vested under the PSP to Executive Directors during the year. A subscription cost of 2.5p nominal value per share is payable on actual

receipt of shares. The total pre-tax gain on awards vested during the year under the PSP to Executive Directors was £157,437.

137

The Deferred Share Bonus Plan (‘DSBP’)

Number of conditional share awards

Directors

Awarded

Vested

Date of grant

Closing mid-

market price of

a share the day

before grant

Market value at

date of vesting

First

vesting date

90,045

20.04.22

1,095p

962.5p

20.04.25

108,981

21.04.23

952.0p

21.04.26

58,541

24.04.24

1,042p

24.04.27

105,394

10.06.25

964p

10.06.28

67,328

20.04.22

1,095p

962.5p

20.04.25

83,876

21.04.23

952.0p

21.04.26

45,105

24.04.24

1,042p

24.04.27

81,120

10.06.25

964p

10.06.28

Awards granted under the DSBP to Executive Directors during the year were based on 50% of the 2024 annual performance-related proﬁt share above an amount equal to

their respective base salaries in line with the Policy. Under the DSBP awards over 157,373 shares and 17,223 shares in lieu of dividends vested to Executive Directors during

the year. The total pre-tax gain on DSBP awards vested during the year was £1,680,487. No DSBP awards lapsed.

During the year, the aggregate gain on the exercise of share options and shares vested was £1,837,924. The mid-market closing price of the shares at 31 December 2025,

the last business day of the year, was 996p and the range during the year was 871p to 1,110p.

Payments to past Directors

No payments to past Directors were made during the year that are required to be reported under the Companies (Directors’ Remuneration Policy and Directors’

Report) Regulations 2019.

138

Payments for loss of oﬃce

No payments for loss of oﬃce were made during the year.

Mark Ridley retired from the role of Group Chief Executive on 31 December 2025.

The remuneration arrangements relating to his retirement reﬂected his contractual

entitlements and the Directors’ Remuneration Policy. Reﬂecting Mark Ridley’s

decision to retire, there will be no payment in lieu of his notice period and his

contractual beneﬁts ceased on his cessation of employment on 31 December 2025.

Mark Ridley was a ‘good leaver’ under the terms of the Company’s incentive schemes

as a result of his retirement. As a result he remained eligible to receive a payment

under the 2025 annual performance-related proﬁt share scheme as set out earlier

in this report, with the payment to be made 50% in cash and 50% in deferred bonus

shares in accordance with the Directors’ Remuneration Policy. He will not be eligible

for any bonus under the annual performance-related proﬁt share scheme for 2026.

Mark Ridley’s unvested DSBP awards over 272,916 Savills shares that relate to

performance in the ﬁnancial years 2022, 2023 and 2024 will be treated in line with

the relevant plan rules and consistent with the treatment of other retirees from

Savills and vest in full at the earliest of his retirement from the Savills Group and their

normal vesting date. Shares will be required to be retained for a minimum of two

years to a value of 250% of base salary in line with the Company’s post-cessation of

employment share ownership guideline. The DSBP awards are subject to rolled-up

dividend shares whereby the number of shares awarded is increased on the vesting

date to reﬂect ﬁnal and interim dividends declared during the deferral period. All

elements of bonuses paid remain subject to malus and clawback as well as the

wider terms of the DSBP.

Mark Ridley’s unvested PSP awards over a total of 58,803 Savills shares that relate to

his awards in ﬁnancial years 2021 and 2024 will remain eligible to vest on their normal

vesting dates. The 2024 award will be subject to a pro-rata reduction to reﬂect

the period from grant to retirement relative to the award’s three-year performance

period and it remains subject to performance conditions. The 2021 award is in its two

year holding period and has already been subject to the application of performance

conditions. In accordance with the rules of the PSP, dividend equivalent shares will be

added at vesting and any vested shares will remain subject to malus and clawback

provisions. The performance targets applying to the 2023 award were not met and

so this award lapsed in full.

Recruitment of a new CFO

Nick Sanderson’s remuneration terms are set out earlier in this Annual Report on

Remuneration. In addition, in order to facilitate his recruitment and in line with the

Directors’ Remuneration Policy, it was agreed that compensation would be provided

for the remuneration forfeit in joining the Company. The Committee agreed to

replace the FY25/26 bonus forfeit under the Great Portland Estates executive bonus

scheme, pro-rata as appropriate, on a like-for-like basis with the bonus to be paid

60% in cash and 40% in deferred Savills shares that will vest after three years subject

to him then remaining in employment. The after tax number of deferred shares will

be retained towards the Company’s share ownership guidelines.

With regard to Nick Sanderson’s ‘in-ﬂight’ deferred share bonus awards granted

by Great Portland Estates in 2023, 2024 and 2025, these will also be replaced on

a ‘like for like’ basis and will be converted into Savills shares based on the relative

share price on the date of commencing employment and will vest on their original

vesting dates. The net of tax number of shares will need to be retained towards the

Company’s share ownership guidelines.

With regard to Nick Sanderson’s ‘in-ﬂight’ long-term incentive awards granted in

2023 and 2024 under the Great Portland Estates restricted share plan, the number

of shares will be converted into Savills shares based on the relative share price on

the date of commencing employment and will vest on their original vesting dates

subject to the application of the relevant performance underpins. Any vested shares

will be subject to a two year holding period and the net of tax number of shares will

need to be retained towards meeting Savills share ownership guidelines. In addition,

in relation to the 2024 award, the Savills Remuneration Committee has limited the

number of shares to a maximum of 68% of those originally awarded in recognition

of Nick Sanderson only being employed for part of the performance period. There is

no replacement award being granted in relation to the 2025 Restricted Share Award

granted at Great Portland Estates given the proximity of grant to joining Savills.

The replaced awards are on a ‘like for like’ basis.

Full details of the actual buyout and replacement awards will be set out in the 2026

Directors’ Remuneration Report.

139

External directorships

Savills recognises that its Executive Directors may be invited to become non-

executive directors of other companies. Such non-executive duties can broaden

experience and knowledge which can beneﬁt Savills. Subject to approval by the

Board and any conditions which it might impose, the Executive Directors and Group

Executive Board members are allowed to accept external non-executive directorships

and retain the fees received, provided that these appointments are not likely to lead

to conﬂicts of interest. For non-executive directorships which are considered to arise

by virtue of an Executive Director’s or Group Executive Board member’s position

within Savills, the fees are paid directly to Savills.

The Executive Directors during the year did not receive any fees in respect of

external directorships.

Service contracts and letters of appointment

The Executive Directors have rolling service contracts which are terminable on 12

months’ notice by either the Company or the Executive Director.

Contract date

1 May 2018

Nick Sanderson

26 September 2025

1 May 2025

Nick Sanderson commenced employment on 9 February 2026 and will become Group CFO on

12 March 2026.

The Non-Executive Directors and the Chair have letters of appointment. In line

with the UK Corporate Governance Code, all Directors are subject to annual re-

election at the AGM. The Chair’s letter of engagement allows for six months’ notice.

Appointment of other Non-Executive Directors may be terminated by either party

with three months’ notice.

Date appointed to Board

End date of current letter

of appointment

1 October 2018

31 December 2026

14 March 2024

13 March 2027

1 January 2021

31 December 2026

1 January 2021

1 November 2019

31 May 2028

15 December 2022

31 May 2028

1 October 2018

31 December 2027

13 December 2023

12 December 2026

The Directors’ service contracts and letters of appointment are available

for inspection at the Company’s City of London oﬃce, 15 Finsbury Circus,

London EC2M 7EB.

Shareholder votes on remuneration matters

The table below shows the voting outcomes for the 2024 Annual Remuneration

Report and the Directors’ Remuneration Policy at the AGM held on 14 May 2025.

Number of

votes ‘For’ and

discretionary

% of

votes

cast

votes ‘Against’

% of

votes

cast

Total number

of votes cast

Number

of votes

‘Withheld’*

2024 Annual

Directors’

Report

94,739,431

86.9%

14,292,832

13.1%

109,032,263

7,104

Directors’

Policy

87,784,741

80.8%

20,856,573

19.2%

108,641,314

398,053

A vote withheld is not a vote in law.

140

DIRECTORS’ REPORT

In accordance with the UK Financial Conduct Authority’s UK Listing Rules (UKLR

6.6.4R), the information to be included in the Annual Report and Accounts, where

applicable, under UKLR 6.6.1R, is set out in this Directors’ Report.

Other information incorporated into this Report by reference can be found at:

Page/Note

Principal developments

Material existing and emerging risks and uncertainties

Statement of Directors’ responsibilities

146

Corporate Governance Statement

Engagement with UK employees

Greenhouse gas emissions

Engagement with suppliers, customers and others in

a business relationship

Financial risk management

168

UK Corporate Governance Code

The Company has complied throughout the year with all relevant provisions of the

2024 UK Corporate Governance Code (the ‘Code’). A copy of the Code is available

from the Financial Reporting Council’s website at

www.frc.org.uk

Operations

The Company and its subsidiaries (together the ‘Group’) operate through a network

of oﬃces and associates throughout the Americas, the UK, Continental Europe, Asia

Paciﬁc, Africa and the Middle East.

Results and dividends

The results for the Group are set out in the consolidated income statement on

page 159 which shows a reported proﬁt for the ﬁnancial year attributable to the

Shareholders of the Company of £70.9m (2024: £53.6m).

An interim dividend of 7.4p per ordinary share amounting to £10.1m was paid on

29 September 2025. It is recommended that a ﬁnal dividend of 15.7p per ordinary

share (amounting to £21.8m) is declared by the Company at the AGM on 13 May

2026 and, subject to Shareholder approval, paid on 18 May 2026 to Shareholders on

the register of members as at the close of business on 10 April 2026 together with

a supplemental interim dividend of 10.7p per ordinary share (amounting to £14.8m).

More details of the proposed dividend and the Company’s performance can be

found in the Chair’s statement on pages 4 to 6.

Going concern

The Group’s business activities, together with the factors likely to aﬀect its future

development, performance and position are set out in the Strategic Report. The

ﬁnancial position of the Group, its cash ﬂows and liquidity position are described in

the Financial Review, with details of the Group’s treasury activities and exposure to

ﬁnancial risk included in Note 6 to the consolidated ﬁnancial statements.

The Group has prepared its going concern assessment for the period to the end

of June 2027. As in prior years, the Board undertook a strategic business review in

the current year, taking account of the Group’s current position and prospects, the

Group’s strategic plan, and the Group’s principal risks and the management of those

risks, as detailed in the Annual Report and the Board’s risk appetite as detailed in

the Strategic Report. Sensitivity analysis was also undertaken, including ﬁnancing

projections, to ﬂex the ﬁnancial forecasts under several severe downside scenarios,

which involved applying diﬀerent assumptions to the underlying forecasted revenues,

costs and underlying proﬁts both individually and in aggregate. These scenarios

assess the potential impact from several macro-economic risks, including a severe

global economic downturn. The results of this sensitivity analysis showed that the

Group would retain liquidity and maintain signiﬁcant available facility and covenant

headroom to be able to withstand the impact of such scenarios over the period

of the ﬁnancial forecast, as a result of the resilience and diversity of the Group,

underpinned by a strong balance sheet.

141

Based on the Group’s positive net cash position of £167.7m (cash and cash

equivalents less overdrafts in notional pooling arrangements and borrowings) and

undrawn borrowing facilities of £414.6m available to the Group at the year-end, as

described in the Financial Review, combined with the assessment explained above,

the Directors have formed the judgement at the time of approving the ﬁnancial

statements, that there is a reasonable expectation that the Group has adequate

resources to continue as a going concern for a period of at least 12 months from

the date of the approval of the ﬁnancial statements until at least June 2027. For this

reason, they continue to adopt the going concern basis of accounting in preparing

the consolidated ﬁnancial statements.

Events after the reporting period

There have been no material events aﬀecting the Group or the Company since

31 December 2025.

Biographical details of the current Directors are shown on pages 76 to 78.

All the Board members served throughout the year. Mark Ridley retired from the

Board eﬀective 31 December 2025. As at 31 December 2025 the Board comprised

the Non-Executive Chair, two Executive Directors and seven Non-Executive Directors.

Interests in the issued share capital of the Company held at the end of the

period under review and up to the date of this Report by the Directors or their

families are set out on page 136 of the Remuneration Report. Details of share

options held by the Directors pursuant to the Company’s share option schemes

are provided in the Remuneration Report on pages 137 and 138. It is the Board’s

policy that the Group Chief Executive and Group Chief Financial Oﬃcer hold

shares in the Company to the value of seven times their respective base salaries

(£2,177,000 and £1,666,000 respectively).

Directors’ interests in signiﬁcant contracts

No Directors were materially interested in any contract of signiﬁcance.

Indemniﬁcation of Directors

In accordance with the Company’s Articles of Association, and to the extent

permitted by law, the Directors and the Group Legal Director & Company

Secretary are granted an indemnity, in respect of any liabilities incurred as a

result of their holding oﬃce. Such indemnities were in force during the ﬁnancial

year to 31 December 2025 and up to the date of this Report. The Company

also maintains appropriate insurance cover in respect of legal action against

its Directors and Oﬃcers.

Management report

This Directors’ Report, on pages 141 to 145, together with the Strategic Report

on pages 4 to 69, form the Management report for the purposes of DTR 4.1.5R.

Additional information disclosure

Pursuant to regulations made under the Companies Act 2006 the Company is

required to disclose certain additional information. Those disclosures not covered

elsewhere within this Annual Report are as follows:

Share capital and major shareholdings

The issued share capital of the Company as at 31 December 2025 comprised

146,046,938 2.5p ordinary shares, details of which may be found on page 226.

The Company has only one class of share capital formed of ordinary shares. All

shares forming part of the ordinary share capital have the same rights and each

carries one vote. The Directors have authority to allot and issue ordinary shares and

to disapply statutory pre-emption rights. The powers are exercised under authority

of resolutions of the Company passed at the AGM.

Votes may be exercised at general meetings of the Company, by members in

person, by proxy or by corporate representatives (in relation to corporate members).

The Articles provide a deadline for the submission of proxy forms (electronically or

by paper) of not less than 48 hours before the time appointed for the holding of the

general meeting or the adjourned meeting (as the case may be). A Shareholder can

lose their entitlement to vote at a general meeting where that Shareholder has failed

to provide the Company with information concerning interests in their shares or a call

or other sum payable by the Shareholder to the Company in respect of such shares

remains unpaid.

DIRECTORS’ REPORT

142

There are no unusual restrictions on the transfer of ordinary shares. The Directors

may refuse to register a transfer of a certiﬁcated share unless the instrument of

transfer is: (i) lodged at the registered oﬃce of the Company or any other place as

the Board may decide accompanied by the certiﬁcate for the shares to be transferred

and such other evidence as the Directors may reasonably require to show the right

of the transferor to make the transfer; or (ii) in respect of only one class of shares.

The Directors may also refuse to register a transfer of a share (whether certiﬁcated or

uncertiﬁcated), whether fully paid or not, in favour of more than four persons jointly.

As at 31 December 2025 the Company had been notiﬁed of the following interests

in the Company’s ordinary share capital in accordance with DTR 5. It should be

noted that these holdings are likely to have changed since notiﬁed to the Company.

However, notiﬁcation of any change is not required until an applicable threshold

is crossed.

Shareholders¹

Number of shares¹

%¹

FMR LLC

11,107,586

7.68

Global Alpha Capital Management Ltd.

7,194,238

5.03

Liontrust Investment Partners LLP

7,189,643

4.97

BlackRock, Inc

Not disclosed

<5.00

Heronbridge Investment Management LLP

7,131,812

4.99

Jupiter Fund Management Plc

7,113,311

4.97

Aviva PLC

4,527,444

3.13

The names of Shareholders and percentages of issued share capital are stated as per the notiﬁcations

received and have not been subject to independent veriﬁcation by the Company or any other person.

As such, the above table should not be assumed to be a full and accurate record of all the interests

that are required to be notiﬁed to the Company under the DTRs.

On 13 January 2026, Wellington Management Group LLP made a disclosure in

accordance with DTR 5 that its interests in the Company’s ordinary share capital had

crossed the 5% threshold to 5.06% (7,393,386 shares). On 4 February 2026, FMR

LLC made a disclosure in accordance with DTR 5 that its interests in the Company’s

ordinary share capital had crossed the 8% threshold to 8.11% (11,849,695 shares). On

25 February 2026, FMR LLC made a disclosure in accordance with DTR 5 that the 5%

threshold had been crossed upwards by Fidelity Management & Research Company

LLC, a controlled undertaking of FMR LLC; FMR LLC’s interests in the Company at

the time of that notiﬁcation was 8.16% (11,919,116 shares). On 5 March 2026 Aviva

PLC made a disclosure in accordance with DTR 5 that its interests in the Company

had fallen below the 3% threshold to 2.98% (4,759,199 shares). No other changes to

the above have been disclosed to the Company in accordance with DTR 5, between

31 December 2025 and 12 March 2026.

As at 31 December 2025, the Savills plc 1992 Employee Beneﬁt Trust (the ‘1992

EBT’) held 6,489,985 ordinary shares, the Savills plc 2025 Employee Beneﬁt

Trust (the ‘2025 EBT’) held 1,000,738 ordinary shares and the Savills Rabbi Trust

held 304,873 ordinary shares. Any voting or other similar decisions relating to

these shares held in trust are taken by the trustees, who may take account of any

recommendation of the Company. The 1992 EBT and 2025 EBT waive their right

to receive Savills plc dividends. For further details of the trusts please refer to

Note 33 to the ﬁnancial statements.

Purchase of own shares

In accordance with the UK Listing Rules, at the AGM on 14 May 2025 Shareholders

gave authority for a limited purchase of Savills shares of up to 10% of the issued share

capital of the Company. During the year, no shares were purchased under the authority.

The Board proposes to seek Shareholder approval at the AGM on 13 May 2026

to renew the Company’s authority to make market purchases of its own ordinary

shares of 2.5p each for cancellation, to be held in treasury, sold for cash or (provided

UK Listing Rule requirements are met) transferred for the purposes of or pursuant

to an employee share scheme. Details of the proposed resolution are included in the

Notice of AGM circulated to Shareholders with this Annual Report and Accounts

(the ‘AGM Notice’).

Change of control

There are no signiﬁcant agreements which take eﬀect, alter or terminate in the event

of change of control of the Company except that under its banking arrangements, a

change of control may trigger an early repayment obligation.

143

Articles of Association

The Company’s Articles are governed by relevant statutes and may be amended

by special resolution of the Shareholders in a general meeting.

Subject to the Articles, UK legislation and any directions given by resolution in

general meeting, the business of the Company is managed by the Directors.

The Company’s rules about the appointment and replacement of its Directors are

contained in the Articles. Unless determined by ordinary resolution of the Company,

the number of Directors shall be not fewer than three and not more than 18.

A Director is not required to hold any shares in the Company by way of qualiﬁcation.

However, as more fully described on page 136, in accordance with Board policy, the

Executive Directors are expected to build-up and maintain a shareholding in the

Company. The Board may appoint any person to be a Director and such Director

shall hold oﬃce only until the next AGM when he or she shall then be eligible for

reappointment by the Shareholders. The Articles provide that each Director shall

retire from oﬃce at the third AGM after the AGM at which he or she was last elected.

A retiring Director shall be eligible for re-election. However, in accordance with

the UK Corporate Governance Code, all Directors of the Company are subject to

annual re-election.

Annual General Meeting

The AGM is to be held at 33 Margaret Street, London W1G 0JD at 12 noon on

13 May 2026; details are contained in the AGM Notice circulated to Shareholders

with this Annual Report and Accounts.

Half-Year Report

Like many other listed public companies, we no longer circulate printed Half-Year

Reports to Shareholders. Instead, half-year results statements are published on

the Company’s website. This is consistent with our target to reduce printing and

distribution costs.

Political contributions

The Company made no political contributions during the year (2024: £nil).

Employees’ policies and involvement

The Directors recognise that the quality, commitment and motivation of Savills

staﬀ is a key element to the success of the Group; see page 87 for more

information as to employee engagement.

The Group provides regular updates covering performance, developments and

progress to employees through regular newsletters, video addresses, the Group’s

intranet, social media and through formal and informal brieﬁngs. These arrangements

also aim at ensuring that all of our staﬀ understand our strategy and to build

knowledge on the part of employees of matters aﬀecting the performance of the

Group. The Group also consults with employees so as to ascertain their views in

relation to decisions which are likely to aﬀect their interests.

Employees are able to share in the Group’s success through performance-related

proﬁt share schemes (see page 230 for more details) and for UK employees

(including Executive Directors) share plans which include a Sharesave Scheme and

a Share Incentive Plan (‘SIP’). The Sharesave Scheme is an HMRC-approved save-

as-you-earn share option scheme which allows participants to purchase shares

out of the proceeds of a linked savings contract at a price set at the time of the

option grant. Participants may elect to save up to £500 per month and options

may normally be exercised in the six months following the maturity of the linked

three-year savings contract. The potential for extending the Sharesave Scheme

internationally remains under consideration. The SIP is also HMRC-approved and

through which participants may make regular purchases of shares (up to the current

statutory limit of £1,800 per year equating to £150 per month) from pre-tax income.

Shares under the SIP normally vest after ﬁve years and are free from income tax

and national insurance contributions.

Human rights and equal opportunities

We support the principles of the UN Universal Declaration of Human Rights and

the Core Principles of the International Labour Organization.

It is Group policy to provide employment on an equal basis irrespective of gender,

sexual orientation, marital or civil partner status, gender reassignment, race, colour,

nationality, ethnic or national origin, religion or belief, disability or age. In particular,

the Group gives full consideration to applications for employment from disabled

persons. Where existing employees become disabled, it is the Group’s policy

wherever practicable to provide continuing employment and to provide training

and career development and promotion to disabled employees.

144

Whistleblowing

The Group encourages staﬀ to report any concerns which they feel need to be

brought to the attention of management. Whistleblowing procedures, which are

published on the Group’s intranet site, are available to staﬀ who are concerned

about possible impropriety, ﬁnancial or otherwise, and who may wish to ensure

that action is taken without fear of victimisation or reprisal.

Independent auditors

In accordance with section 489 of the Companies Act 2006, a resolution for the

reappointment of Ernst & Young LLP as Auditors of the Company will be proposed

at the forthcoming AGM.

Disclosure of information to the auditor

Each Director conﬁrms that, so far as he/she is aware, there is no relevant audit

information of which the Company’s auditor is unaware and that each of the

Directors has taken all the steps that he/she ought to have taken as a Director

to make himself/herself aware of any relevant audit information and to establish

that the Company’s auditor is aware of that information. This conﬁrmation is given

pursuant to section 418 of the Companies Act 2006 and should be interpreted in

accordance with and subject to that section.

Engagement with UK employees

In accordance with section 172 of the Companies Act 2006 our statement on

engagement with UK employees is on page 87.

Engagement with suppliers, customers and others in a business

relationship with the Company

In accordance with section 172 of the Companies Act 2006 our statement on

engagement with suppliers, customers and others in a business relationship with

the Company is on pages 85 and 86.

By order of the Board

Chris Lee

Group Legal Director & Company Secretary

Savills plc

Registered in England No. 2122174

145

STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS

The Directors are responsible for preparing the Annual Report and the ﬁnancial

statements in accordance with applicable United Kingdom law and regulation.

Company law requires the Directors to prepare ﬁnancial statements for each

ﬁnancial year. Under that law the Directors have elected to prepare the Group and

parent Company ﬁnancial statements in accordance with UK-adopted international

accounting standards (‘IFRSs’). Under company law the Directors must not approve

the ﬁnancial statements unless they are satisﬁed that they give a true and fair

view of the state of aﬀairs of the Group and parent Company and of the proﬁt or

loss of the Group and parent Company for that period. In preparing the ﬁnancial

statements, the Directors are required to:

select suitable accounting policies in accordance with IAS 8 Accounting Policies,

Changes in Accounting Estimates and Errors and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

present information, including accounting policies, in a manner that provides

relevant, reliable, comparable and understandable information;

provide additional disclosures when compliance with the speciﬁc requirements

in IFRSs is insuﬃcient to enable users to understand the impact of particular

transactions, other events and conditions on the Group and Company ﬁnancial

position and ﬁnancial performance;

in respect of the Group and parent Company ﬁnancial statements, state whether

UK-adopted international accounting standards have been followed, subject to

any material departures disclosed and explained in the ﬁnancial statements; and

prepare the ﬁnancial statements on the going concern basis unless it is inappropriate

to presume that the Group and parent Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are

suﬃcient to show and explain the Group and parent Company’s transactions and

disclose with reasonable accuracy at any time the ﬁnancial position of the Group and

parent Company and enable them to ensure that the ﬁnancial statements and the

Directors’ Remuneration Report comply with the Companies Act 2006.

The Directors are also responsible for safeguarding the assets of the Group and

parent Company and hence for taking reasonable steps for the prevention and

detection of fraud and other irregularities.

Under applicable law and regulations, the Directors are also responsible for preparing

a Strategic Report, Directors’ Report, Directors’ Remuneration Report and Corporate

Governance Statement that comply with that law and those regulations.

The Directors are responsible for the maintenance and integrity of the corporate

and ﬁnancial information included on the Company’s website. Legislation in

the United Kingdom governing the preparation and dissemination of ﬁnancial

statements may diﬀer from legislation in other jurisdictions.

The Directors consider that the Annual Report and Accounts, taken as a whole, is fair,

balanced and understandable and provides the information necessary for Shareholders

to assess the Group and parent Company’s performance, business model and strategy.

Each of the Directors, whose names and functions are listed in pages 76 to 78,

conﬁrm to the best of their knowledge:

that the consolidated ﬁnancial statements, prepared in accordance with UK-

adopted international accounting standards give a true and fair view of the assets,

liabilities, ﬁnancial position and proﬁt of the parent Company and undertakings

included in the consolidation taken as a whole; and

that the Annual Report, including the Strategic Report, includes a fair review of the

development and performance of the business and the position of the Company

and undertakings included in the consolidation taken as a whole, together with a

description of the principal risks and uncertainties that they face.

In the case of each Director in oﬃce at the date the Directors’ Report is approved:

so far as the Director is aware, there is no relevant audit information of which the

Group and parent Company’s auditor is unaware; and

they have taken all the steps that they ought to have taken as a Director in order

to make themselves aware of any relevant audit information and to establish that

the Group and parent Company’s auditor is aware of that information.

On behalf of the Board

Chris Lee

Group Legal Director & Company Secretary

Forward-looking statements

Forward-looking statements have been made by the Directors in good faith using

information up until the date on which they approved the Annual Report and

Accounts. Forward-looking statements should be regarded with caution due to

uncertainties in economic trends and business risks.

146

INDEPENDENT AUDITOR’S REPORT

to the members of Savills plc

Opinion

In our opinion:

Savills plc’s Group ﬁnancial statements and Parent Company ﬁnancial statements

(the ‘ﬁnancial statements’) give a true and fair view of the state of the Group’s and

of the Parent Company’s aﬀairs as at 31 December 2025 and of the Group’s proﬁt

for the year then ended;

the Group ﬁnancial statements have been properly prepared in accordance with

UK adopted international accounting standards;

the Parent Company ﬁnancial statements have been properly prepared in

accordance with Financial Reporting Standard 101 Reduced Disclosure Framework

(‘FRS 101’) as applied in accordance with section 408 of the Companies Act

2006; and

the ﬁnancial statements have been prepared in accordance with the requirements

of the Companies Act 2006.

We have audited the ﬁnancial statements of Savills plc (the ‘Parent Company’) and its

subsidiaries (the ‘Group’) for the year ended 31 December 2025 which comprise:

Group

Parent Company

Consolidated statement of ﬁnancial

position as at 31 December 2025

Statement of ﬁnancial position as at

31 December 2025

Consolidated income statement for

the year then ended

Statement of changes in equity for the

year then ended

comprehensive income for the year

then ended

Related notes 1 to 22 to the ﬁnancial

statements, including material

accounting policies

Consolidated statement of changes in

equity for the year then ended

Consolidated statement of cash ﬂows

for the year then ended

Related notes 1 to 39 to the ﬁnancial

statements, including material

The ﬁnancial reporting framework that has been applied in the preparation of

the Group ﬁnancial statements is applicable law and UK adopted international

accounting standards. The ﬁnancial reporting framework that has been applied in the

preparation of the Parent Company ﬁnancial statements, is applicable law and United

Kingdom Accounting Standards, including FRS 101 Reduced Disclosure Framework

(United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK)

(ISAs (UK)) and applicable law. Our responsibilities under those standards are further

described in the Auditor’s responsibilities for the audit of the ﬁnancial statements

section of our report. We believe that the audit evidence we have obtained is

suﬃcient and appropriate to provide a basis for our opinion.

We are independent of the Group and Parent in accordance with the ethical

requirements that are relevant to our audit of the ﬁnancial statements in the

UK, including the FRC’s Ethical Standard as applied to listed public interest

entities, and we have fulﬁlled our other ethical responsibilities in accordance with

these requirements.

Non-audit services prohibited by the FRC’s Ethical Standard were not provided to

the Group or the Parent Company and we remain independent of the Group and the

Parent Company in conducting the audit.

Conclusions relating to going concern

In auditing the ﬁnancial statements, we have concluded that the Directors’ use of

the going concern basis of accounting in the preparation of the ﬁnancial statements

is appropriate. Our evaluation of the Directors’ assessment of the Group and Parent

Company’s ability to continue to adopt the going concern basis of accounting

included the following:

We obtained management’s going concern assessment and understood the

process undertaken by management to evaluate the operational and economic

impacts of the ongoing macro-economic uncertainty and other downside

scenarios on the Group and to reﬂect these in the Group’s forecasts.

147

INDEPENDENT AUDITOR’S REPORT

to the members of Savills plc

We tested the clerical accuracy of the going concern cash ﬂow models and evaluated

the appropriateness of the methods used to estimate the cash ﬂow forecasts. This

included management’s considerations related to forecast cash ﬂows for climate

change impacts, concluding these not to be material in the going concern period.

We veriﬁed that the forecasts used in the going concern model were the latest

forecasts approved by the Board. We conﬁrmed the Group’s forecasts used in the

going concern assessment were consistent with forecasts used by the Group in its

accounting estimates, including those used in the annual goodwill impairment test.

We obtained the cashﬂow forecasts and covenant calculation for the going

concern period which covers 18 months from the balance sheet date to 30 June

2027. We have tested the assumptions that are most sensitive in each modelled

scenario, being revenues, costs and underlying proﬁts, and tested compliance with

the covenants with focus on adjusted EBITDA. In particular, we compared these

primary assumptions to historical trends, including the business’s performance

during signiﬁcant economic downturns, particularly the 2008-2009 Global

Financial Crisis. We considered whether the assumptions made were reasonable,

through our assessment of the impact of the macro-economic environment and

considering whether this contradicted any of the assumed growth.

We challenged the appropriateness of each of the key assumptions through

agreeing them to supporting evidence and searching for contradictory evidence,

using our understanding of the Group’s business, evidence gained during the audit

and our industry knowledge, including principal and emerging risks that could

impact the Group.

We assessed management’s stress test on both covenant compliance and liquidity

where a severe global economic downturn analogous to that experienced during

the Global Financial Crisis in 2008-2009 was modelled. We performed our own

reverse stress tests applying further sensitivities to management’s stress scenario

to identify the point at which the covenant would be breached or liquidity eroded.

With regards to any potential acquisition, we considered the impact of this,

including understanding the factors and assumptions within each modelled

scenario. We also obtained evidence of the expected change in the RCF covenant

consents from the lenders and relevant correspondence from lenders supporting

the ﬁnancing for the acquisition.

We agreed the cash and cash equivalents balances as at 31 December 2025 to

third party conﬁrmations and key terms in the Group’s ﬁnancing arrangements

such as available facility, loan maturity dates and covenants, by inspecting the

underlying agreements. We have obtained and reviewed the UK revolving credit

facility (‘RCF’) agreement.

We read the board minutes to identify any matters that may impact the going

concern assessment.

We read the going concern disclosures included in the Directors’ Report on page

141 and Note 3 of the consolidated ﬁnancial statements on page 165 of the Annual

Report in order to assess that the disclosures are appropriate and in conformity

with the reporting standards.

In management’s base case and stress test scenarios, there is suﬃcient headroom

with regards to liquidity and the covenant, with the RCF reﬁnancing having been

secured in February 2025. We consider the scenarios as tested in our reverse stress

test to be remote.

Based on the work we have performed, we have not identiﬁed any material

uncertainties relating to events or conditions that, individually or collectively, may

cast signiﬁcant doubt on the Group and Parent Company’s ability to continue as a

going concern for a period to 30 June 2027.

In relation to the Group and Parent Company’s reporting on how they have applied

the UK Corporate Governance Code, we have nothing material to add or draw

attention to in relation to the Directors’ statement in the ﬁnancial statements about

whether the Directors considered it appropriate to adopt the going concern basis

of accounting.

Our responsibilities and the responsibilities of the Directors with respect to going

concern are described in the relevant sections of this report. However, because not all

future events or conditions can be predicted, this statement is not a guarantee as to

the Group’s ability to continue as a going concern.

Overview of our audit approach

Audit scope

We performed an audit of the complete ﬁnancial

information of six components and audit procedures on

speciﬁc balances for a further six components.

We also performed speciﬁed procedures on certain

accounts of two additional components.

We performed centralised procedures on ﬁnancial

statement line items as detailed in the ‘Tailoring the scope’

section below.

148

Key audit matters

Revenue recognition, speciﬁcally:

The risk of fraud in revenue recognition in relation to

cut-oﬀ in the transactional advisory business; and

The risk of Management override of controls in relation

to revenue recognition.

Goodwill impairment.

Materiality

Overall Group materiality of £6.8m which represents

5.0% of proﬁt before tax adjusted for certain non-

recurring items.

An overview of the scope of the Parent Company and Group audits

Tailoring the scope

We have followed a risk-based approach when developing our audit approach to

obtain suﬃcient appropriate audit evidence on which to base our audit opinion. We

performed risk assessment procedures, with input from our component auditors, to

identify and assess risks of material misstatement of the Group ﬁnancial statements

and identiﬁed signiﬁcant accounts and disclosures. When identifying components

for which audit work needed to be performed to respond to the identiﬁed risks

of material misstatement of the Group ﬁnancial statements, we considered our

understanding of the Group and its business environment, the applicable ﬁnancial

reporting framework, the Group’s system of internal control at the entity level,

the existence of centralised processes, applications and any relevant internal

audit results.

We determined that certain centralised audit procedures would be performed

on components of the Group in the following audit areas: provisions for litigation

and claims, restructuring provisions, share based payments, goodwill impairment,

deﬁned beneﬁt pensions, treasury, property, plant and equipment, and certain

balances held by head oﬃce entities.

We identiﬁed 11 components as individually relevant to the Group due to the

identiﬁed risks of material misstatement of the Group ﬁnancial statements being

associated with the reporting components, or materiality or ﬁnancial size of the

components relative to the Group.

For those 11 individually relevant components, we identiﬁed the signiﬁcant

accounts where audit work needed to be performed at these components

by applying professional judgement, having considered the Group signiﬁcant

accounts on which centralised procedures will be performed, the reasons

for identifying the ﬁnancial reporting component as an individually relevant

component and the size of the component’s account balance relative to the

Group signiﬁcant ﬁnancial statement account balance.

We then considered whether the remaining Group signiﬁcant account balances

not yet subject to audit procedures, in aggregate, could give rise to a risk of

material misstatement of the Group ﬁnancial statements. We selected three

additional components of the Group to include in our audit scope to address

these risks.

Having identiﬁed the components for which work will be performed, we determined

the scope to assign to each component.

Of the 14 components selected, we designed and performed audit procedures

on the entire ﬁnancial information of six components (‘full scope components’).

For six components, we designed and performed audit procedures on

speciﬁc signiﬁcant ﬁnancial statement account balances or disclosures of the

ﬁnancial information of the component (‘speciﬁc scope components’). For two

components, we performed speciﬁed audit procedures to obtain evidence for

one or more relevant assertions over speciﬁc signiﬁcant ﬁnancial statement

account balances.

Our scoping to address the risk of material misstatement for each Key audit

matter is set out below.

Involvement with component teams

In establishing our overall approach to the Group audit, we determined the type of

work that needed to be undertaken at each of the components by us, as the Group

audit engagement team, or by component auditors operating under our instruction.

Of the six full scope components, audit procedures were performed on one of these

directly by the Group audit team. The audit procedures performed on the other ﬁve

full scope components and the six speciﬁc scope components were performed by

component audit teams. Where the work was performed by component auditors,

we determined the appropriate level of involvement to enable us to determine

that suﬃcient audit evidence had been obtained as a basis for our opinion on the

Group as a whole.

149

The Group audit team continued to follow a programme of planned visits that

has been designed to ensure that the Senior Statutory Auditor, or another Group

audit partner, visit key locations during the year. During the current year’s audit

cycle, in person visits were undertaken by the group audit team to ﬁve overseas

component teams in the Group in Dubai, Germany, Spain, China and the US. The

Senior Statutory Auditor has also met with the UK and SIM component audit

teams at the planning, interim and ﬁnal stages of the audit.

These visits involved discussing the audit approach with the component teams

and any issues arising from their work, meeting with local management, attending

planning or closing meetings depending on the timing of the visit, and reviewing

relevant audit working papers on risk areas. For locations outside of the UK, that

we did not visit in person (six components), our oversight was performed virtually.

We supplemented these visits with further interactions with the component

teams through the use of video or teleconferencing facilities, including virtual

meetings with local management. We held virtual planning meetings before

the year end and regular video conference calls were held with each of our

component teams from the beginning of February 2026 through to the full year

results announcement in March 2026. The review of relevant audit workpapers was

facilitated by the EY electronic audit platform and screen sharing of work. This

allowed appropriate discussions with the component teams on audit strategy, risk

identiﬁcation and the results of audit procedures performed.

The Group audit team interacted regularly with the component teams where

appropriate during various stages of the audit, reviewed relevant working papers

and were responsible for the scope and direction of the audit process. Where

relevant, the section on key audit matters details the level of involvement we had

with component auditors to enable us to determine that suﬃcient audit evidence

had been obtained as a basis for our opinion on the Group as a whole.

This, together with the additional centralised procedures performed at Group level,

gave us appropriate evidence for our opinion on the Group ﬁnancial statements.

Climate change

Stakeholders are increasingly interested in how climate change will impact Savills.

The Group has determined that the most signiﬁcant future impacts from climate

change on its operations will be from shifts in client preferences for real estate

services incorporating climate considerations and the substitution of existing

products or services with lower emissions options. These are explained on pages

55 to 63 in the required Task Force On Climate Related Financial Disclosures and

on pages 31 to 39 in the principal and emerging risks and uncertainties.

Climate commitments are explained on page 39. All of these disclosures form part of

the ‘Other information’, rather than the audited ﬁnancial statements. Our procedures

on these unaudited disclosures therefore consisted solely of considering whether

they are materially inconsistent with the ﬁnancial statements or our knowledge

obtained in the course of the audit or otherwise appear to be materially misstated,

in line with our responsibilities on ‘Other information’.

In planning and performing our audit we assessed the potential impacts of climate

change on the Group’s business and any consequential material impact on its

ﬁnancial statements.

The Group has explained in Note 2 how it has reﬂected the impact of climate change

in its ﬁnancial statements, including how this aligns with its commitment to achieve

net zero emissions by 2030. There are no signiﬁcant judgements or estimates relating

to climate change in the notes to the ﬁnancial statements as the Group own few

properties and therefore have limited exposure in terms of changes in environmental

requirements. The Group has also assessed that transition costs to a low carbon

economy will be outweighed by alternative business opportunities.

Our audit eﬀort in considering climate change was focused on the adequacy of the

Group’s disclosures in the ﬁnancial statements and its conclusion that no issues were

identiﬁed that would materially impact the carrying values of intangible assets or

have any other material impact on the ﬁnancial statements. We also challenged the

Directors’ considerations of climate change in their assessment of going concern and

viability and associated disclosures. As part of this evaluation, we performed our own

risk assessment, supported by our climate change internal specialists, to determine

the risks of material misstatement in the ﬁnancial statements from climate change

which needed to be considered in our audit.

Where considerations of climate change were relevant to our assessment of going

concern, these are described above.

Based on our work we have not identiﬁed the impact of climate change on the

ﬁnancial statements to be a key audit matter or to impact a key audit matter.

150

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most signiﬁcance in our audit of the ﬁnancial statements of the current period and include

the most signiﬁcant assessed risks of material misstatement (whether or not due to fraud) that we identiﬁed. These matters included those which had the greatest eﬀect on:

the overall audit strategy, the allocation of resources in the audit, and directing the eﬀorts of the engagement team. These matters were addressed in the context of our audit

of the ﬁnancial statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters.

Risk

Our response to the risk

Revenue Recognition

Revenue for the year ended 31 December 2025 is

£2550.9m (2024: £2,404.0m).

There is a risk of fraud in revenue recognition in relation to

cut-oﬀ in the transactional advisory business. Transactional

advisory revenue for the year ended 31 December 2025 is

£966.2m (2024: £870.0m).

Considering the relatively high proportion of the

transactional revenue recognised close to the year end, the

risk of misstatement may occur through recognition in the

incorrect period, whether due to Management override,

or error, due to conditions attached to the transactional

advisory revenue.

There is also a risk that all types of revenue may be

misstated through Management override by incorrectly

recognising revenue in order to increase proﬁts to meet

bonus targets, or to smooth ﬁnancial results.

Refer to the Audit Committee Report (page 109);

Accounting policies and Note 9 of the Consolidated

Financial Statements (page 175).

Understanding management’s process

We obtained an understanding of the Group’s revenue signiﬁcant classes of transactions and identiﬁed key

ﬁnancial controls but did not test or rely on controls.

Risk of fraud in revenue recognition in relation to cut-oﬀ in the transactional advisory business

For a sample of transactional advisory revenue transactions recognised close to the year end (both pre and

post year end), we performed the following procedures:

Obtained the underlying contract with the customer and where applicable, obtained supporting evidence

from external sources.

Read the contracts to identify the performance obligations to assess whether revenue had been

recognised appropriately.

For the same sample, we agreed the revenue to cash receipts, checking that a receivable or accrued income

was recognised where cash was not received prior to the year end.

Where there were performance obligations existing after exchange of contracts and these were not satisﬁed at

the year end, but cash was received, we checked that revenue was appropriately deferred by testing a sample.

On a sample basis, we obtained credit notes issued in January 2026 to determine if they related to revenue

that had been recognised in December 2025. Where this was the case, we gained an understanding of why the

credit note was issued and obtained reissued invoices to verify that revenue was not overstated in 2025.

Management override

Audit teams at full and speciﬁc scope components with signiﬁcant revenue streams performed speciﬁc

procedures to address the risk of Management override.

We tested all material consolidation adjustments, topside adjustments and manual journal entries impacting

revenue by obtaining supporting documentation to corroborate the amounts recorded in the current period.

151

Revenue Recognition

Key observations communicated to the Audit Committee

Based on the procedures performed, we consider revenue recognition to be appropriate for the year ended 31 December 2025. We did not identify any material cut oﬀ

issues relating to transactional advisory revenue or any instances of Management override related to revenue recognition in the year.

How we scoped our audit to respond to the risk and involvement with component teams

Risk of fraud in revenue recognition in relation to cut-oﬀ in the transactional advisory business (Risk amount – £966.2m)

We performed full (72.9% of risk amount) and speciﬁc scope (14.6% of risk amount) audit procedures over this risk in 11 locations, which covered 87.5% of the risk amount.

We also performed speciﬁed procedures over transactional revenue in one location, which covered 2.6% of the risk amount.

Total revenue – Management override (Risk amount – £2,550.9m)

We performed full (71.9% of risk amount) and speciﬁc scope (16.2% of risk amount) audit procedures over this risk in 11 locations which covered 88.1% of the risk amount.

We also performed speciﬁed procedures in two locations, which covered an additional 2.1% of the risk amount.

The Group audit team issued Group audit instructions to the component teams which included speciﬁc substantive procedures to address the fraud risks related to cut-oﬀ in

the transactional business and the risk of Management override. The group audit team reviewed the component teams’ key revenue and journal entry workpapers which were

executed in line with the Group audit instructions.

152

Risk

Our response to the risk

Goodwill impairment

At 31 December 2025 the carrying value of goodwill

is £463.8m (2024: £459.0m). The impairment charge

recognised during the year is £2.2m (2024: £1.9m).

Goodwill is tested annually for impairment at the Cash

Generating Unit (CGU) level. The recoverable amount of

each CGU is determined through a value in use calculation.

The value in use calculation is based on management’s

estimate of the future cash ﬂows of each underlying CGUs

and is most sensitive to the assumptions around revenue

growth rates, operating proﬁt margin and discount rate.

Refer to the Audit Committee Report (page 109);

Accounting policies and Note 17 of the Consolidated

Financial Statements (page 189).

We understood the methodology applied in management’s impairment reviews for each of the material CGUs

and identiﬁed the ﬁnancial controls over the process but did not test or rely on controls.

For all material CGUs, we performed the following procedures:

We assessed whether the identiﬁcation of CGUs or groups of CGUs continues to be appropriate for the

purpose of management’s impairment assessment.

We validated the carrying amounts of the net assets subject to impairment testing to the underlying

accounting records, checking consistency between the assets and liabilities included in the carrying value

and the related cash ﬂows.

We tested the integrity and mathematical accuracy of the value in use models prepared by management

to support the recoverable values, and that the models are appropriate for this purpose and in line with the

requirements of IAS 36 Impairment of Assets.

We agreed forecast cash ﬂows to Board approved budgets and strategic plans.

We performed reserve stress tests over key assumptions to understand what changes in these assumptions

would eliminate headroom.

We considered whether any signiﬁcant changes occurred between management’s assessment date and

the year end that would impact the impairment test conclusion. We did this by reviewing the ongoing

performance of the business and considering changes in the current macro-economic environment.

We considered the appropriateness of the related disclosures in the consolidated ﬁnancial statements.

We considered whether any reasonably possible change disclosures were required based upon the

headroom within the sensitivity analysis.

We identiﬁed the CGUs presenting a higher risk of impairment based on the materiality of the allocated goodwill,

historical and actual trading performance, the level of headroom estimated by management and its sensitivity to

changes in key assumptions. For these CGUs, we performed additional audit procedures, in particular:

We tested the key assumptions supporting management’s forecast cash ﬂows, including revenue growth,

operating proﬁt margin and discount rate. We compared management’s forecasts to relevant economic and

property industry forecasts and to the historical performance of the CGUs. We also engaged our internal

valuation specialists to assist with the evaluation of the discount rates applied in management’s value in

use models.

We performed our own sensitivity analysis to understand the impact of changes to key assumptions, in

particular revenue growth, operating proﬁt margin and discount rate, on the value in use assessment and

stress tested the assessment to conclude on possible impairment.

For CGUs where the recoverability of the goodwill was sensitive to reasonably possible changes in

key assumptions, we determined whether appropriate disclosures have been included in the Group

ﬁnancial statements.

153

Key observations communicated to the Audit Committee

Based on our procedures, we conclude that the recoverable value of the goodwill is less than the carrying value for the Pitmore CGU and that management’s impairment of

£2.2m fully writing oﬀ the goodwill balance for that CGU is appropriate.

The recoverable values of all other CGUs exceed their carrying value and we conclude that there is no impairment of these assets in the year.

The disclosures prepared by management comply with IAS 36 and appropriately reﬂect the CGUs where a reasonable change in assumption could result in an

impairment charge.

Management have appropriately highlighted that a reasonably possible change in certain key assumptions in particular revenue and operating proﬁt margin forecasts could

lead to material impairment charges in the US and Riviera.

We concluded appropriate disclosures had been included in the ﬁnancial statements for the above assumptions.

How we scoped our audit to respond to the risk and involvement with component teams

Goodwill impairment (Risk amount – £463.8m)

We performed centralised procedures over this risk for 19 CGUs which covered 98% of the risk amount, with assistance from a number of component teams.

Our application of materiality

We apply the concept of materiality in planning and performing the audit, in evaluating the eﬀect of identiﬁed misstatements on the audit and in forming our audit opinion.

Materiality

The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to inﬂuence the economic decisions of the users of the

ﬁnancial statements. Materiality provides a basis for determining the nature and extent of our audit procedures.

We determined materiality for the Group to be £6.8m (2024: £6.1m), which is 5% (2024: 5%) of proﬁt before tax adjusted for certain non-recurring items. We believe that

proﬁt before tax adjusted for non-recurring items provides us with the most relevant performance measure to the stakeholders of the entity and therefore have determined

materiality based on this number.

We determined materiality for the Parent Company to be £7.2m (2024: £6.4m), which is 2% of net assets (equity) (2024: 2% of total assets). We believe that net assets are the

key focus for the users of the ﬁnancial statements of the Parent Company resulting in the change in the basis upon which we determine materiality for the Parent Company.

154

Starting basis

IFRS proﬁt before tax: £101.0m

Adjustment for non-

recurring items

Add back:

Material transaction-related costs £3.6m

Restructuring costs £30.5m

Impairment charge £4.6m

Less:

Fair value loss on call option £0.7m

Proﬁt on disposal of subsidiaries £4.5m

IFRS proﬁt before tax adjusted for non-

recurring items of £135.9m

Materiality of £6.8m (5% of materiality basis)

During the course of our audit, we reassessed materiality which resulted in a small

increase from our initial materiality of £6.6m to the ﬁnal materiality of £6.8m. We

have audited using the ﬁnal materiality of £6.8m.

Performance materiality

The application of materiality at the individual account or balance level. It is set at an

amount to reduce to an appropriately low level the probability that the aggregate of

uncorrected and undetected misstatements exceeds materiality.

On the basis of our risk assessments, together with our assessment of the Group’s

overall control environment, our judgement is that performance materiality is 50%

(2024: 50%) of our planning materiality, namely £3.4m (2024: £3.0m). We have set

performance materiality at this percentage due to the risk of material misstatements

occurring within the ﬁnancial statements, including our understanding of the control

environment and history of past errors identiﬁed.

Audit work at component locations for the purpose of obtaining audit coverage over

signiﬁcant ﬁnancial statement accounts is undertaken based on a percentage of

total performance materiality. The performance materiality set for each component

is based on the relative scale and risk of the component to the Group as a whole and

our assessment of the risk of misstatement at that component. In the current year,

the range of performance materiality allocated to components was £0.6m to £2.0m

(2024: £0.6m to £1.8m).

Reporting threshold

An amount below which identiﬁed misstatements are considered as being

clearly trivial.

We agreed with the Audit Committee that we would report to them all uncorrected

audit diﬀerences in excess of £0.3m (2024: £0.3m), which is set at 5% of planning

materiality, as well as diﬀerences below that threshold that, in our view, warranted

reporting on qualitative grounds.

We evaluate any uncorrected misstatements against both the quantitative measures

of materiality discussed above and in light of other relevant qualitative considerations

in forming our opinion.

Other information

The other information comprises the information included in the Annual Report

including the Overview, Strategic Report, Governance, Shareholder information and

the Appendices set out on pages 273 and 274 other than the ﬁnancial statements

and our auditor’s report thereon. The Directors are responsible for the other

information contained within the Annual Report.

Our opinion on the ﬁnancial statements does not cover the other information and,

except to the extent otherwise explicitly stated in this report, we do not express any

form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether

the other information is materially inconsistent with the ﬁnancial statements or

our knowledge obtained in the course of the audit or otherwise appears to be

materially misstated. If we identify such material inconsistencies or apparent material

misstatements, we are required to determine whether this gives rise to a material

misstatement in the ﬁnancial statements themselves. If, based on the work we

have performed, we conclude that there is a material misstatement of the other

information, we are required to report that fact.

We have nothing to report in this regard.

155

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, the part of the Directors’ remuneration report to be audited has been

properly prepared in accordance with the Companies Act 2006.

In our opinion, based on the work undertaken in the course of the audit:

the information given in the strategic report and the Directors’ report for the

ﬁnancial year for which the ﬁnancial statements are prepared is consistent with

the ﬁnancial statements; and

the strategic report and the Directors’ report have been prepared in accordance

with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Parent

Company and its environment obtained in the course of the audit, we have not

identiﬁed material misstatements in the strategic report or the Directors’ report.

We have nothing to report in respect of the following matters in relation to which

the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the Parent Company, or

returns adequate for our audit have not been received from branches not visited

by us; or

the Parent Company ﬁnancial statements and the part of the Directors’

Remuneration Report to be audited are not in agreement with the accounting

records and returns; or

certain disclosures of Directors’ remuneration speciﬁed by law are not made; or

we have not received all the information and explanations we require for our audit.

Corporate Governance Statement

We have reviewed the Directors’ statement in relation to going concern, longer-term

viability and that part of the Corporate Governance Statement relating to the Group

and company’s compliance with the provisions of the UK Corporate Governance

Code speciﬁed for our review by the UK Listing Rules.

Based on the work undertaken as part of our audit, we have concluded that each

of the following elements of the Corporate Governance Statement is materially

consistent with the ﬁnancial statements or our knowledge obtained during the audit:

Directors’ statement with regards to the appropriateness of adopting the going

concern basis of accounting and any material uncertainties identiﬁed set out on

page 141;

Directors’ explanation as to its assessment of the company’s prospects, the period

this assessment covers and why the period is appropriate set out on page 141;

Directors’ statement on whether it has a reasonable expectation that the Group

will be able to continue in operation and meets its liabilities set out on page 141;

Directors’ statement on fair, balanced and understandable set out on page 146;

Board’s conﬁrmation that it has carried out a robust assessment of the emerging

and principal risks set out on page 32;

The section of the annual report that describes the review of eﬀectiveness of risk

management and internal control systems set out on page 113; and

The section describing the work of the audit committee set out on pages 102 to 113.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page

146, the directors are responsible for the preparation of the ﬁnancial statements and

for being satisﬁed that they give a true and fair view, and for such internal control as

the directors determine is necessary to enable the preparation of ﬁnancial statements

that are free from material misstatement, whether due to fraud or error.

In preparing the ﬁnancial statements, the directors are responsible for assessing the

Group and Parent Company’s ability to continue as a going concern, disclosing, as

applicable, matters related to going concern and using the going concern basis of

accounting unless the directors either intend to liquidate the Group or the Parent

Company or to cease operations, or have no realistic alternative but to do so.

156

Auditor’s responsibilities for the audit of the ﬁnancial statements

Our objectives are to obtain reasonable assurance about whether the ﬁnancial

statements as a whole are free from material misstatement, whether due to fraud

or error, and to issue an auditor’s report that includes our opinion. Reasonable

assurance is a high level of assurance, but is not a guarantee that an audit conducted

in accordance with ISAs (UK) will always detect a material misstatement when it

exists. Misstatements can arise from fraud or error and are considered material if,

individually or in the aggregate, they could reasonably be expected to inﬂuence the

economic decisions of users taken on the basis of these ﬁnancial statements.

Explanation as to what extent the audit was considered capable of

detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and

regulations. We design procedures in line with our responsibilities, outlined

above, to detect irregularities, including fraud. The risk of not detecting a material

misstatement due to fraud is higher than the risk of not detecting one resulting

from error, as fraud may involve deliberate concealment by, for example, forgery

or intentional misrepresentations, or through collusion. The extent to which our

procedures are capable of detecting irregularities, including fraud is detailed below.

However, the primary responsibility for the prevention and detection of fraud rests

with both those charged with governance of the company and management.

We obtained an understanding of the legal and regulatory frameworks that are

applicable to the Group and determined that the most signiﬁcant are those

relevant to the reporting framework (UK adopted international accounting

standards, the Companies Act 2006 and UK Corporate Governance Code) and

the relevant international tax laws and regulations. In addition, we concluded that

there are certain signiﬁcant laws and regulations which may have an eﬀect on the

determination of the amounts and disclosures in the ﬁnancial statements being the

Listing Rules of the UK Listing Authority, UK ﬁnancial services legislation, those

laws and regulations relating to employee matters and pensions legislation, and

data protection requirements in the jurisdictions in which the Group operates.

We understood how Savills plc is complying with those frameworks through

enquiry of management, internal audit, those responsible for legal and compliance

procedures and the company secretary. We corroborated our enquiries through

our review of board minutes and papers provided to the Board and the Audit

Committee, including internal audit reports, and our attendance at the meetings

of the Audit Committee, as well as consideration of the results of our audit

procedures across the Group.

We assessed the susceptibility of the Group’s ﬁnancial statements to material

misstatement, including how fraud might occur by meeting with management

from various parts of the business to understand where it considered there was

susceptibility to fraud. We also considered performance targets impacting bonus

arrangements, and the risk of management override of controls. We considered

the programmes and controls that the Group has established to prevent, deter

and detect fraud, and how senior management monitors those programmes and

controls. The risk in revenue for cut oﬀ in the transactional advisory business and

management override of controls in all revenue streams was considered to be

higher and we performed audit procedures to address these fraud risks. These

procedures were designed to provide reasonable assurance that the ﬁnancial

statements were free from material fraud or error.

Based on this understanding we designed our audit procedures to identify non-

compliance with such laws and regulations. Our procedures involved:

Enquiry of Group management, divisional management, internal audit, those

charged with governance and legal counsel regarding their knowledge and any

non-compliance or potential non-compliance with laws and regulations of fraud

that could aﬀect the ﬁnancial statements;

Reading minutes of meetings of those charged with governance;

Assessment of matters reported to the Audit Committee and the results of

Management’s investigation of such matters, involving the use of specialists

where necessary; and

Journal entry testing, with a focus on revenue journals and journals indicating

large or unusual transactions close to the year end based on our understanding

of the business.

157

A further description of our responsibilities for the audit of the ﬁnancial statements

is located on the Financial Reporting Council’s website at https://www.frc.org.uk/

auditorsresponsibilities. This description forms part of our auditor’s report.

Other matters we are required to address

Following the recommendation from the audit committee we were appointed by

the company on 19 May 2021 to audit the ﬁnancial statements for the year ending

31 December 2021 and subsequent ﬁnancial periods.

The period of total uninterrupted engagement including previous renewals and

reappointments is 5 years, covering the years ending 2021 to 2025.

The audit opinion is consistent with the additional report to the audit committee.

Use of our report

This report is made solely to the company’s members, as a body, in accordance

with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been

undertaken so that we might state to the company’s members those matters we

are required to state to them in an auditor’s report and for no other purpose. To the

fullest extent permitted by law, we do not accept or assume responsibility to anyone

other than the company and the company’s members as a body, for our audit work,

for this report, or for the opinions we have formed.

Christabel Cowling (Senior statutory auditor)

for and on behalf of Ernst & Young LLP,

Statutory Auditor

London

158

CONSOLIDATED INCOME STATEMENT

for the year ended 31 December 2025

Notes

restated*

8.1 and 9

2,550.9

2,404.0

Employee beneﬁts expense*

12.1

(1,803.0)

(1,693.2)

Depreciation

18 and 19.1

(69.1)

(70.2)

Amortisation of intangible assets

(15.8)

(16.1)

Impairments

(4.6)

(1.9)

Other operating expenses*

(575.4)

(549.5)

Increase in provision for expected

credit loss

(2.2)

(8.3)

Other net gains

4.5

1.5

Share of post-tax proﬁt from joint

ventures and associates

8.2

7.5

Operating proﬁt

93.5

73.8

Finance income

49.4

57.5

Finance costs

(41.9)

(43.0)

Net ﬁnance income

7.5

14.5

Proﬁt before income tax

101.0

88.3

Income tax expense

14.1 and 14.2

(27.4)

(35.4)

Proﬁt for the year

73.6

52.9

Attributable to:

Owners of the parent

70.9

53.6

Non-controlling interests

2.7

(0.7)

73.6

52.9

Notes

restated*

Earnings per share

Basic earnings per share

15.1

52.0p

39.4p

Diluted earnings per share

15.1

49.3p

37.2p

Supplementary income statement information

Reconciliation to underlying proﬁt

before income tax

Proﬁt before income tax

101.0

88.3

– Restructuring and transaction-

related costs

34.1

33.1

– Other underlying adjustments

10.2

9.0

Underlying proﬁt before income tax

8.1 and 11

145.3

130.4

See Note 7 for details of the prior year restatement.

159

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the year ended 31 December 2025

Notes

Proﬁt for the year

73.6

52.9

Other comprehensive income/(loss)

Items that will not be reclassiﬁed to proﬁt or loss:

Remeasurement of deﬁned beneﬁt pension scheme

and employee beneﬁt obligations

10.5

Changes in fair value of ﬁnancial assets held at FVOCI

0.1

(0.7)

Tax on other items that will not be reclassiﬁed

14.3

(0.9)

(2.9)

Total items that will not be reclassiﬁed to proﬁt or loss

1.8

6.9

Items that may be reclassiﬁed subsequently to proﬁt or loss:

Currency translation diﬀerences

(18.3)

(5.7)

Tax on items that may be reclassiﬁed

14.3

(0.3)

Total items that may be reclassiﬁed subsequently to proﬁt or loss

(18.6)

(5.7)

Other comprehensive (loss)/income for the year

(16.8)

1.2

Total comprehensive income for the year

56.8

54.1

Total comprehensive income/(loss) attributable to:

Owners of the parent

54.1

55.9

Non-controlling interests

2.7

(1.8)

56.8

54.1

160

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 31 December 2025

Notes

Assets: Non-current assets

Property, plant and equipment

70.5

62.3

Investment property

14.4

Right-of-use assets

19.1

205.2

183.0

Goodwill

463.8

459.0

Intangible assets

42.3

51.8

Investments in joint ventures and associates

40.7

38.4

Deferred income tax assets

14.5

72.9

64.8

Financial assets at fair value through other

comprehensive income (‘FVOCI’)

21.3

4.9

4.6

Financial assets at fair value through proﬁt

and loss (‘FVPL’)

21.4

27.8

27.3

Deﬁned beneﬁt pension surplus

15.9

13.5

Contract related assets

9.2

0.8

1.3

Trade and other receivables

73.7

72.6

1,032.9

978.6

Assets: Current assets

Inventories

1.0

Contract assets

9.2

10.5

13.0

Trade and other receivables

769.9

718.9

Income tax receivable

4.5

4.0

Derivative ﬁnancial instruments

0.8

0.3

Cash and cash equivalents*

531.6

536.5

1,318.3

1,272.7

Liabilities: Current liabilities

Borrowings

48.0

41.3

Overdrafts in notional pooling arrangement*

23.1

187.2

199.3

Lease liabilities

19.2

51.0

49.7

Derivative ﬁnancial instruments

2.1

1.3

Contract liabilities

9.2

14.4

16.7

Trade and other payables

759.6

729.7

Income tax liabilities

17.3

15.4

Employee beneﬁt obligations

18.7

19.4

Provisions

29.8

19.2

1,128.1

1,092.0

Notes

Net current assets

190.2

180.7

Total assets less current liabilities

1,223.1

1,159.3

Liabilities: Non-current liabilities

Borrowings

128.7

119.6

Lease liabilities

19.2

204.4

183.4

24.4

12.6

Other payables

16.0

14.8

Employee beneﬁt obligations

26.9

25.1

Provisions

15.4

23.4

Deferred income tax liabilities

14.5

2.9

418.7

381.5

Net assets

804.4

777.8

Equity:

Share capital

3.7

3.6

Share premium

116.1

105.0

Other reserves

71.4

89.3

Retained earnings

575.2

548.9

Equity attributable to owners of

the parent

766.4

746.8

38.0

31.0

Total equity

804.4

777.8

Included within cash and cash equivalents are cash balances of £189.2m (31 December 2024: £200.2m)

that are operated within a notional cash pooling arrangement together with overdraft balances

of £187.2m (31 December 2024: £199.3m) presented above in current liabilities. See Note 23.1 for

further details.

The consolidated ﬁnancial statements on pages 159 to 164 were authorised for

issue by the Board of Directors on 12 March 2026 and were signed on its behalf by:

S J B Shaw

Savills plc

Registered in England No. 2122174

161

Attributable to owners of the parent

Non-

controlling

interests

Total

equity

capital

premium

Other

reserves*

Retained

earnings**

Balance at 1 January 2025

3.6

105.0

89.3

548.9

746.8

31.0

777.8

70.9

73.6

Other comprehensive income/(loss):

Remeasurement of deﬁned beneﬁt pension scheme and employee

beneﬁt obligations

Changes in fair value of ﬁnancial assets at FVOCI

0.1

Tax on items taken to other comprehensive income/(loss)

14.3

(1.2)

Currency translation diﬀerences

(18.3)

Total comprehensive (loss)/income for the year

(18.2)

72.3

54.1

56.8

Employee share option scheme:

– Value of services provided

28.4

– Tax on employee share option schemes

14.4

0.2

Issue of share capital

11.1

11.2

Purchase of treasury shares

(17.4)

Dividends

(41.2)

(2.0)

(43.2)

Reclassiﬁcation

0.3

(0.3)

Transfer between reserves

(0.1)

Transactions with non-controlling interests

(1.8)

1.6

(0.2)

Fair value of derivative ﬁnancial instruments

(13.8)

Acquisitions of subsidiaries

4.6

Balance at 31 December 2025

3.7

116.1

71.4

575.2

766.4

38.0

804.4

Included within other reserves on the face of the statement of ﬁnancial position are the capital redemption reserve, merger relief reserve, foreign exchange reserve and revaluation reserve as disclosed in Note 32.

** Included within retained earnings on the face of the statement of ﬁnancial position are treasury shares, share-based payments reserve and the proﬁt and loss account as disclosed in Note 32.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

162

Attributable to owners of the parent

Non-

controlling

interests

equity

capital

premium

Other

reserves*

Retained

earnings**

Balance at 1 January 2024

3.6

104.9

94.5

514.9

717.9

34.9

752.8

53.6

(0.7)

52.9

Other comprehensive income/(loss):

Remeasurement of deﬁned beneﬁt pension scheme and employee

beneﬁt obligations

10.5

Changes in fair value of ﬁnancial assets at FVOCI

(0.7)

Tax on items taken to other comprehensive income/(loss)

14.3

(2.9)

(4.6)

(1.1)

(5.7)

Total comprehensive (loss)/income for the year

(5.3)

61.2

55.9

(1.8)

54.1

Employee share option scheme:

– Value of services provided

31.4

– Tax on employee share option schemes

14.4

0.8

Issue of share capital

Purchase of treasury shares

(22.9)

(31.2)

(2.6)

(33.8)

Transfer between reserves

(1.3)

(1.2)

1.2

Transactions with non-controlling interests

4.4

6.1

Fair value of derivative ﬁnancial instruments

(8.4)

Acquisitions of subsidiaries

(6.8)

Balance at 31 December 2024

3.6

105.0

89.3

548.9

746.8

31.0

777.8

** Included within retained earnings on the face of the statement of ﬁnancial position are treasury shares, share-based payments reserve and the proﬁt and loss account as disclosed in Note 32.

163

CONSOLIDATED STATEMENT OF CASH FLOWS

Cash ﬂows from operating activities

Cash generated from operations

202.7

177.3

Interest received

47.1

57.2

Interest paid

(40.6)

(42.0)

Income tax paid

(36.9)

(33.9)

Net cash generated from operating activities

172.3

158.6

Cash ﬂows from investing activities

Proceeds from sale of property, plant and equipment

0.2

Proceeds from sale of ﬁnancial assets held

at FVOCI and FVPL

1.4

1.0

Proceeds from sale of interests in joint ventures

Dividends received from joint ventures

6.0

4.2

Dividends received from associates

3.5

2.8

Dividends received from other parties

0.7

0.5

Repayment of loans by joint ventures

0.4

Loans to associates

(1.2)

(0.4)

Loans to other parties

(0.1)

(0.5)

Acquisition of subsidiaries, net of cash and

overdrafts acquired

(22.4)

(2.6)

Disposal of subsidiaries, net of cash and

overdrafts disposed

2.4

Deferred consideration paid in relation to

prior year acquisitions

(0.9)

Sublease receipts

2.0

2.1

Purchase of property, plant and equipment

(27.8)

(11.7)

Purchase of intangible assets

(5.3)

(9.1)

Purchase of investment in joint ventures

(0.2)

(0.3)

Purchase of investment in associates

(1.1)

Purchase of ﬁnancial assets held at FVOCI

and FVPL

(1.9)

(6.1)

Net cash used in investing activities

(43.9)

(20.7)

Cash ﬂows from ﬁnancing activities

Proceeds from issue of shares

11.2

Proceeds from transaction with non-

controlling interest

11.3

Payments to non-controlling

interest holders

(0.2)

(5.4)

Proceeds from borrowings

137.8

85.2

Repayments of borrowings

(135.1)

(87.4)

Payment of ﬁnancing fees

(2.0)

Principal elements of lease payments

19.2

(56.0)

(59.6)

(17.4)

(22.9)

Dividends paid

16, 30

(43.2)

(33.8)

Net cash used in ﬁnancing activities

(104.9)

(112.5)

Net increase in cash, cash equivalents

and bank overdrafts

23.5

25.4

Cash, cash equivalents and bank overdrafts

at beginning of year

327.4

310.1

Eﬀect of exchange rate ﬂuctuations on cash

and cash equivalents held

(9.9)

(8.1)

Cash, cash equivalents and bank

overdrafts at end of year

341.0

327.4

164

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Year ended 31 December 2025

165

1. General information

Savills plc (the ‘Company’) and its subsidiaries (together the ‘Group’) is a global real

estate services group. The Group operates through a network of oﬃces in the UK,

Europe, Asia Paciﬁc, North America, Africa and the Middle East. Savills plc is listed

on the London Stock Exchange and employed a monthly average of 42,863 staﬀ

worldwide during 2025.

These consolidated ﬁnancial statements were approved for issue by the Board of

Directors on 12 March 2026. The Board of Directors have the power to amend the

ﬁnancial statements after issue.

2. Basis of preparation

The consolidated ﬁnancial statements have been prepared in accordance with UK

adopted international accounting standards (‘IFRS’) and with the provisions of the

Companies Act 2006. The consolidated ﬁnancial statements are prepared on a going

concern basis (refer to Note 3) and under the historical cost convention as modiﬁed

by the revaluation of loans receivable, equity investments held at FVOCI, ﬁnancial

assets held at FVPL and derivative ﬁnancial instruments held at fair value.

In preparing the ﬁnancial statements management has considered the impact of

climate change, taking into account the relevant disclosures in the Strategic Report,

including those made in accordance with the recommendations of the Taskforce

on Climate-related Financial Disclosure. These considerations included the limited

exposure in terms of tangible assets, including in our investment management

business where we do not own the properties, as well as our current assessment

that the transition costs to a low-carbon economy will be outweighed by alternative

business opportunities, therefore not impacting the recoverability of our intangible

assets. On this basis, we concluded that climate change did not have a material

impact on the ﬁnancial reporting judgements and estimates, consistent with the

assessment that this is not expected to have a signiﬁcant impact on the Group’s

going concern or viability assessment.

3. Going concern