Slide 1: Saga plc Interim Results
SAGA PLC INTERIM RESULTS for the six months ended 31 July 2026 30 SEPTEMBER 2026
Slide 2: Speakers and Agenda
SPEAKERS AGENDA MIKE HAZELL OVERVIEW GROUP CEO FINANCIAL PERFORMANCE STRATEGIC AND MARK WATKINS OPERATIONAL PROGRESS GROUP CFO Q&A 2 Interim results for the six months ended 31 July 2026
Slide 3: Overview
OVERVIEW MIKE HAZELL GROUP CEO
Slide 4: A strong first half, with full year guidance raised
A STRONG FIRST HALF, WITH FULL YEAR GUIDANCE RAISED CREATING A SIMPLE, RESILIENT AND CUSTOMER-FOCUSSED PLATFORM FOR GROWTH • Strong first half performance, driven by strategic clarity and customer focus • Significant progress on strategic transformation • Revenue and profit growth delivered across a
Slide 5: Core business growth, supported by business development
CORE BUSINESS GROWTH, SUPPORTED BY BUSINESS DEVELOPMENT CRUISE HOLIDAYS INSURANCE OTHER BUSINESS ↑ 38% ↑ 106% ↑ 75% NatWest Boxed Ocean Cruise Underlying PBT Underlying PBT Underlying PBT already 51k new accounts and (£47.7m vs. £34.5m) (£6.6m vs. £3.2m) (£15.9m vs. £9.1m) over £2.1bn deposits ↑ 14%
Slide 6: Financial Performance
FINANCIAL PERFORMANCE MARK WATKINS GROUP CFO
Slide 7: Excellent half year trading, alongside continued debt reduction
EXCELLENT HALF YEAR TRADING, ALONGSIDE CONTINUED DEBT REDUCTION £m HY 2026 HY 2025 Change • Underlying Revenue growth of 14%, driven by strong trading across all our core businesses Underlying Revenue 366.3 320.5 14% • 35% Trading EBITDA growth, predominantly driven Revenue 367.5 328.2 12% by growin
Slide 8: Strong group earnings, driven by performance across Travel and Insurance
STRONG GROUP EARNINGS, DRIVEN BY PERFORMANCE ACROSS TRAVEL AND INSURANCE £m HY 2026 HY 2025 Change • Ocean Cruise Underlying Profit Before Tax increased 38% due to 13% growth in per diems Ocean Cruise 47.7 34.5 38% • River Cruise Underlying Profit Before Tax growth of River Cruise 6.0 3.9 54% 54% is
Slide 9: Material growth in Ocean Cruise, reflecting strong customer demand
MATERIAL GROWTH IN OCEAN CRUISE, REFLECTING STRONG CUSTOMER DEMAND £m HY 2026 HY 2025 Change • Underlying Revenue increased 14%, driven by a per diem of £440, which was 13% higher than in the Underlying Revenue 149.5 130.9 14% prior year Gross profit 70.8 57.3 24% • The load factor of 92%, was 2ppts
Slide 10: River Cruise growth driven by incremental capacity
RIVER CRUISE GROWTH DRIVEN BY INCREMENTAL CAPACITY £m HY 2026 HY 2025 Change • Revenue increased 33%, driven by incremental capacity through the addition of Spirit of the Moselle Revenue 34.9 26.2 33% to the fleet in July 2025, alongside growing per diems Gross profit 11.4 9.4 21% • Marketing and ad
Slide 11: Holidays growth, with limited impact from the Middle East conflict
HOLIDAYS GROWTH, WITH LIMITED IMPACT FROM THE MIDDLE EAST CONFLICT IN THE FIRST HALF £m HY 2026 HY 2025 Change • Revenue growth of 9%, driven by higher passenger numbers and average revenue per customer Revenue 97.7 89.6 9% • Minimal impact from the conflict in the Middle East, Gross profit 23.2 20.
Slide 12: Insurance Broking performance exceeded expectations
INSURANCE BROKING PERFORMANCE IN THE FIRST HALF EXCEEDED EXPECTATIONS • Underlying Profit Before Tax for the first half UNDERLYING PROFIT BEFORE TAX £2.4m well ahead of guidance £5.7m £1.4m • Motor – Broadly flat contribution, with £0.6m (£2.5m) (£0.8m) fewer new business policy sales offset by £15.
Slide 13: Net debt continuing to reduce at pace
NET DEBT CONTINUING TO REDUCE AT PACE NET DEBT AND LEVERAGE RATIO 5.4x 4.4x 3.7x £25.4m £14.4m 2.7x £3.3m (£77.3m) (£10.1m) (£9.2m) £637.2m (£16.9m) £592.8m £499.5m £429.1m Underlying Available Operating Cash Flow of £101.0m 31 Jan 2024 1 31 Jan 2025 31 Jan 2026 Unrestricted Trading Dividends and Wo
Slide 14: Strong outlook for the full year, with upgraded profit guidance
STRONG OUTLOOK FOR THE FULL YEAR, WITH UPGRADED PROFIT GUIDANCE Group Underlying Profit Before Tax: Expected to be between £65-70m Net Debt and Leverage Ratio: Expected to remain broadly flat Ocean Cruise: Continuation of H1 trends, with full-year growth expected to be similar River Cruise: Full yea
Slide 15: Strategic and Operational Progress
STRATEGIC AND OPERATIONAL PROGRESS MIKE HAZELL GROUP CEO
Slide 16: Longstanding strategic principles, with plans built on clear priorities
LONGSTANDING STRATEGIC PRINCIPLES, WITH PLANS BUILT ON CLEAR PRIORITIES OUR STRATEGIC CLARITY FROM VISION THROUGH TO EXECUTION VISION STRATEGIC PRINCIPLES STRATEGIC PRIORITIES To be the most-trusted brand • Customer-focussed • Maximise the growth of our for people over 50 existing businesses • Diffe
Slide 17: An affluent and growing target market, supported by demographic changes
AN AFFLUENT AND GROWING TARGET MARKET, SUPPORTED BY LONG-TERM DEMOGRAPHIC CHANGES SAGA’S BUSINESS MODEL IS BUILT AROUND AN ATTRACTIVE AND GROWING MARKET THAT REMAINS UNDERSERVED BY THE MASS MARKET • Around 50% of the UK population will be over 50 by 20501 A GROWING OLDER POPULATION • Over 65s is the
Slide 18: Clear strategic priorities drive performance and decision making
CLEAR STRATEGIC PRIORITIES DRIVE PERFORMANCE AND DECISION MAKING MAXIMISING THE DRIVING INCREMENTAL GROWING OUR REDUCING GROWTH OF OUR GROWTH THROUGH NEW CUSTOMER BASE AND DEBT, WHILE EXISTING BUSINESS LINES DEEPENING THOSE SIMPLIFYING OUR BUSINESSES AND PRODUCTS RELATIONSHIPS OPERATIONS ↑ 14% NatWe
Slide 19: Ocean Cruise: strong fundamentals and forward booking visibility
OCEAN CRUISE: STRONG FUNDAMENTALS AND FORWARD BOOKING VISIBILITY SUPPORT GROWTH TRAJECTORY A DOOR-TO-DOOR NO-FLY OCEAN CRUISE EXPERIENCE DESIGNED FOR OLDER PEOPLE 82 tNPS 93% STABILISE STRONG LOAD FACTOR PERFORMANCE EXPECTED TO STABILISE (2022/23 - 68) AROUND CURRENT LEVELS • Demand now generally ex
Slide 20: River Cruise: significant growth opportunity, driven by strong demand and fleet expansion
RIVER CRUISE: SIGNIFICANT GROWTH OPPORTUNITY, DRIVEN BY STRONG DEMAND AND FLEET EXPANSION OUR RIVER CRUISES REPRESENT A BLEND OF SAGA’S LUXURIOUS AND RELAXED OCEAN CRUISE HOLIDAYS, WITH OUR MORE ACTIVE TOURS OPTIMISE LOAD FACTOR GROWTH EXPECTED TO CONTINUE, ALONGSIDE FLEET EXPANSION 89% • Strong loa
Slide 21: Holidays: product development, with quality and customer service at the forefront
HOLIDAYS: PRODUCT DEVELOPMENT, WITH QUALITY AND CUSTOMER SERVICE AT THE FOREFRONT REBUILDING OUR HOLIDAYS BUSINESS THROUGH A DISTINCTIVE PROPOSITION 59 OLDER PEOPLE ENJOY A DIFFERENT TYPE OF HOLIDAY tNPS (2022/23 - 34) • Longer-duration, predominantly off-peak holidays • Opportunities to pursue inte
Slide 22: Insurance: a low risk, less complex model, creating a platform for growth
INSURANCE: A LOW RISK, LESS COMPLEX MODEL, CREATING A PLATFORM FOR GROWTH THE RESTRUCTURING OF OUR INSURANCE BUSINESS HAS SIMPLIFIED THE MODEL AND BROUGHT STRATEGIC CLARITY THAT IS NOW GENERATING GROWTH • Ageas partnership now live • All insurance lines now delivered through partners SIMPLIFICATION
Slide 23: Publishing: a multi-faceted business
PRINT MAGAZINE PUBLISHING: A MULTI-FACETED BUSINESS LIVE EVENTS AND COMMUNITY MAGAZINE APP MAGAZINE APPLE NEWS WEBSITE EXPERIENCE IS NEWSLETTERS EVERYTHING PODCASTS SOCIAL 23 Interim results for the six months ended 31 July 2026
Slide 24: Publishing: a powerful tool in supporting customer engagement
PUBLISHING: A POWERFUL TOOL IN SUPPORTING CUSTOMER ENGAGEMENT AND DEEPENING CUSTOMER INSIGHT PUBLISHING CONTINUES TO GENERATE ONWARD TRAFFIC AND SUPPORT CROSS-SELLING SAGA MAGAZINE AND NEWSLETTERS EXPERIENCE IS EVERYTHING PODCASTS Saga Magazine website visits increased • 15.8m views since launch in
Slide 25: We are outperforming our medium-term trajectory
WE ARE OUTPERFORMING OUR MEDIUM-TERM TRAJECTORY PERFORMANCE SINCE SETTING OUR MEDIUM-TERM TARGETS HAS EXCEEDED EXPECTATIONS AND IS SET TO CONTINUE UNDERLYING PROFIT BEFORE TAX LEVERAGE RATIO STATUS At least Ocean Cruise OUTPERFORMING £100.0m 4.7x River Cruise ON TRACK Holidays ON TRACK Insurance OUT
Slide 26: Delivering on our plan and looking ahead with confidence
DELIVERING ON OUR PLAN AND LOOKING AHEAD WITH CONFIDENCE STRONG FIRST HALF PERFORMANCE PROVIDES CONFIDENCE FOR THE FULL YEAR • Strong financial performance, with growth across all core businesses • Continued transformation towards a lower risk, less complex and more customer- focussed business model
Slide 27: Q&A
Q&A 27
Slide 28: Dates for the diary
DATES FOR THE DIARY 2026 Thursday 1 October 2026 - Private investor presentation 2027 Thursday 4 February 2027 – Trading update
Slide 29: Appendix
APPENDIX
Slide 30: Return on capital employed
RETURN ON CAPITAL EMPLOYED £m HY 2026 LTM Change HY 2025 LTM Underlying Profit Before Tax 67.3 87% 35.9 Add: Finance costs 57.8 11% 52.2 Profit before tax and interest for the year attributable to equity holders A 125.1 42% 88.1 Equity at start of period 58.8 (49%) 116.4 Net Debt at start of period