Saga Plc · LSE:SAGA
Saga — H1 2026 Earnings Presentation
38 slides from Saga's earnings presentation, Sep 24, 2025
Slide 1: Saga plc Interim Results
SAGA PLC INTERIM RESULTS 24 SEPTEMBER 2025 |
Slide 2: Speakers Agenda
SPEAKERS AGENDA 1. 2. 3. 4. Mike Hazell Mark Watkins 2 Interim results for the six months ended 31 July 2025
Slide 3: Overview
OVERVIEW Mike Hazell Group CEO
Slide 4: First half performance ahead of expectations, significant strategic progress
FIRST HALF PERFORMANCE AHEAD OF EXPECTATIONS SIGNIFICANT STRATEGIC PROGRESS Strong financial performance Delivering on our strategic plans On track to deliver annual underlying profitability of at least £100m and leverage to fall below 2.0x by January 2030 4 Interim results for the six months ended
Slide 5: Excellent first half performance underpinning continued momentum
EXCELLENT FIRST HALF PERFORMANCE UNDERPINNING CONTINUED MOMENTUM FOR THE FUTURE Travel Cruise Holidays Insurance Money 4ppts >500% 9% NatWest Boxed in Underlying Profit Before Tax Motor policy sales (£3.2m vs £0.3m) Seven-year partnership 8% 13% 8ppts Building Passengers a platform for growth 7ppts
Slide 6: Financial Performance
FINANCIAL PERFORMANCE Mark Watkins Group CFO
Slide 7: Strong underlying revenue and trading EBITDA, continued net debt reduction
STRONG UNDERLYING REVENUE AND TRADING EBITDA, ALONGSIDE CONTINUED NET DEBT REDUCTION £m HY 2025 HY 2024 Change 7 Interim results for the six months ended 31 July 2025 1 From continuing operations
Slide 8: Travel driving growth in group earnings
TRAVEL DRIVING GROWTH IN GROUP EARNINGS, DESPITE INCREASE IN FINANCE COST £m HY 2025 HY 2024 Change Total Travel 41.6 31.2 33% Underlying Profit Before Tax1 23.5 24.8 (5%) Total Underlying Profit Before Tax2 38.7 27.2 42% 1 From continuing operations 8 Interim results for the six months ended 31 Jul
Slide 9: Ocean cruise revenue growth strengthens through continued customer demand
OCEAN CRUISE REVENUE GROWTH STRENGTHENS THROUGH CONTINUED CUSTOMER DEMAND £m HY 2025 HY 2024 Change Gross profit 57.3 52.1 10% Underlying Profit Before Tax 34.5 28.0 23% Trading EBITDA 53.2 46.7 14% Forward bookings Current year departures Next year departures 21 Sep 22 Sep Change 21 Sep 22 Sep Chan
Slide 10: River cruise positioned for growth
RIVER CRUISE POSITIONED FOR GROWTH WITH FURTHER OPPORTUNITIES AHEAD £m HY 2025 HY 2024 Change Gross profit 9.4 7.8 21% Underlying Profit Before Tax 3.9 2.9 34% Trading EBITDA 3.8 2.9 31% Forward bookings Current year departures Next year departures 21 Sep 22 Sep Change 21 Sep 22 Sep Change 2025 2024
Slide 11: Holidays continues to build momentum and drive strong profit growth
HOLIDAYS CONTINUES TO BUILD MOMENTUM AND DRIVE STRONG PROFIT GROWTH £m HY 2025 HY 2024 Change Gross profit 20.6 16.5 25% Underlying Profit Before Tax 3.2 0.3 >500% Trading EBITDA 3.6 0.7 414% Forward bookings Current year departures Next year departures 21 Sep 22 Sep Change 21 Sep 22 Sep Change 2025
Slide 12: Insurance broking trading supports investment in period
INSURANCE BROKING TRADING SUPPORTS INVESTMENT IN PERIOD THREE OF THE FOUR PRODUCT LINES RETURNING TO GROWTH Movement in Written Insurance Broking UPBT (£m) Policies in force volume trends (in 000’s) 1,386 - 1,274 1,247 - (0.2) - Motor 11.6 +26k 8.9 (6.2) Other +5k HY 2024 Motor Home PMI Travel Expen
Slide 13: Successful completion of the sale of AICL
SUCCESSFUL COMPLETION OF THE SALE OF AICL AICL1 net cash £17m higher Insurance Underwriting performance Transaction proceeds £m HY 2025 102.0 Proceeds from AICL disposal 64.2 HY 2025 15.6 1.9 Insurance Underlying Revenue Underlying Profit/(Loss) Before Tax (before reinsurance arrangements) (after re
Slide 14: Continued net debt reduction, focused on deleveraging
CONTINUED NET DEBT REDUCTION WE REMAIN FOCUSED ON DELEVERAGING Movement in Net Debt (£m) 8.0 21.6 40.0 592.8 (59.6) 17.1 (57.9) (18.0) 515.1 (28.9) 1 Feb 2025 Unrestricted Trading Dividends and Working Capital Debt Restructuring costs Tax and other AICL disposal 31 Jul 2025 EBITDA intercompany capit
Slide 15: Full year outlook
FULL YEAR OUTLOOK Cruise Holidays Insurance Broking Finance costs Trading EBITDA Underlying Profit Before Tax Net debt 15 Interim results for the six months ended 31 July 2025
Slide 16: Strategic Progress and Direction
STRATEGIC PROGRESS AND DIRECTION Mike Hazell Group CEO
Slide 17: Most-trusted brand for people over 50 in the UK
WE ARE THE MOST-TRUSTED BRAND FOR PEOPLE OVER 50 IN THE UK Nobody understands people over 50 better than Saga We have been designing and delivering products and services for older people for over 70 years Our strategy leverages our expertise and insight, creating a unique combination of businesses a
Slide 18: Our strategic pillars support our medium-term £100m profit target
OUR STRATEGIC PILLARS SUPPORT OUR MEDIUM-TERM £100M PROFIT TARGET 1 2 3 4 Maximise the growth Drive incremental Grow our Reduce debt, of our existing growth through customer base while simplifying businesses new business lines and deepen those our operations and products relationships 18 Interim res
Slide 19: Newly combined travel business builds on our core strengths
OUR NEWLY COMBINED TRAVEL BUSINESS BUILDS ON OUR CORE STRENGTHS A unified Saga Travel – brought together under our experienced Travel leadership team We are ‘the’ trusted travel provider for Travel people over 50 Over 70 years experience, Ocean Cruise River Cruise Holidays Our products financial fle
Slide 20: Differentiation and service are key to Ocean Cruise success
DIFFERENTIATION AND SERVICE ARE KEY TO OUR OCEAN CRUISE SUCCESS What makes us different... …translating into consistently high levels of advance bookings and repeat business exceptional customer service o o o 92% 51% o o o o £395 £437 …while continuing to reduce ship debt 1 Current year bookings ref
Slide 21: Bringing the Saga difference to River Cruise
Spirit of the Moselle BRINGING THE SAGA DIFFERENCE TO RIVER CRUISE River Cruise is being enhanced to replicate the exceptional Ocean Cruise service It is already starting to work Successful launch of Spirit of the Moselle… spirit class 87% £351 31% £371 …supports the growth of our River Cruise busin
Slide 22: Extending our cruise success into Holidays
EXTENDING OUR CRUISE The Saga brand gives people over 50 complete peace SUCCESS INTO HOLIDAYS of mind, supporting their sense of adventure New leadership team refocussing the Holidays business to deliver exactly what our customers want Progress is showing through the improved performance 61k £184m 1
Slide 23: Driving our Insurance Broking business to build long-term value
DRIVING OUR INSURANCE BROKING BUSINESS TO BUILD LONG-TERM VALUE Building an attractive Insurance business to achieve future growth Clear operational progress Simplified and strengthened Insurance business New leadership team sale of AICL underwriting business increased price and marketing 20-year Ag
Slide 24: Saga Money offers a suite of differentiated products
SAGA MONEY OFFERS A SUITE OF DIFFERENTIATED PRODUCTS AND OUR WIDER SERVICES WILL GROW IN THE FUTURE Money - positioned for long-term growth Wider business opportunities 24 Interim results for the six months ended 31 July 2025
Slide 25: Publishing business is a unique marketing and engagement tool
PUBLISHING BUSINESS IS A UNIQUE MARKETING AND ENGAGEMENT TOOL Providing insightful content to drive customer growth Award-winning magazine over 100k paid subscribers Making it the largest paid subscription magazine in the UK 1.3m monthly visits 37% new to Saga 10.2m newsletters open rates of up to 4
Slide 26: Strong half year performance improves 2025/26 outlook
STRONG HALF YEAR PERFORMANCE IMPROVES 2025/26 OUTLOOK AND CONFIDENCE IN MEDIUM-TERM TARGETS Strengthened full year guidance Underlying Profit Before Tax in line Trading EBITDA ahead Leverage Ratio falling below 1 Following the Group’s refinancing and revised covenant definition, Net Debt and Leverag
Slide 27: Strong half year progress positions the group for future growth
STRONG HALF YEAR PROGRESS POSITIONS THE GROUP FOR FUTURE GROWTH Significant progress in first half of the year Looking ahead 27 Interim results for the six months ended 31 July 2025
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Slide 29: Appendix
APPENDIX
Slide 30: Saga plc consolidated income statement
SAGA PLC CONSOLIDATED INCOME STATEMENT HY 2025 £m Continuing Discontinued Total Change Continuing Discontinued Total operations operations operations operations Underlying Profit Before Tax 23.5 15.2 38.7 42% 24.8 2.4 27.2 Profit/(loss) before tax 3.7 (7.4) (3.7) 96% (116.9) 12.9 (104.0) Profit/(los
Slide 31: Travel income statement
TRAVEL INCOME STATEMENT £m Ocean River Holidays HY 2025 Change Ocean River Holidays HY 2024 Cruise Cruise Travel total Cruise Cruise Travel total Underlying Profit Before Tax 34.5 3.9 3.2 41.6 33% 28.0 2.9 0.3 31.2 31 Interim results for the six months ended 31 July 2025
Slide 32: Insurance broking income statement
INSURANCE BROKING INCOME STATEMENT £m Motor Home Other HY 2025 Change HY 2024 broking broking broking Written Underlying (Loss)/Profit Before Tax (1.2) 0.3 9.8 8.9 (23%) 11.6 Earned Underlying (Loss)/Profit Before Tax (1.4) 0.3 9.8 8.7 (29%) 12.2 32 Interim results for the six months ended 31 July 2
Slide 33: Insurance underwriting income statement
INSURANCE UNDERWRITING INCOME STATEMENT (DISCONTINUED OPERATION) £m Gross Re- HY 2025 Gross HY 2024 insurance Net change Gross Insurance service result 20.4 (5.6) 14.8 209% 6.6 Underlying Profit/(Loss) Before Tax 19.3 (3.7) 15.6 233% 5.8 33 Interim results for the six months ended 31 July 2025
Slide 34: Other businesses and central costs income statement
OTHER BUSINESSES AND CENTRAL COSTS INCOME STATEMENT £m Other Central HY 2025 Change Other Central HY 2024 Businesses Costs Total Businesses Costs Total Gross profit 3.3 2.5 5.8 (11%) 3.5 3.0 6.5 Underlying (Loss)/Profit Before Tax (0.1) (27.1) (27.2) (50%) 0.6 (18.7) (18.1) 34 Interim results for th
Slide 35: Cash flow and liquidity
CASH FLOW AND LIQUIDITY £m HY 2025 Change HY 2024 Available Cash at 31 July 140.1 62% 86.3 35 Interim results for the six months ended 31 July 2025 1 Available Operating Cash Flow is presented by business unit on the following page
Slide 36: Available operating cash flow by business unit
AVAILABLE OPERATING CASH FLOW BY BUSINESS UNIT £m HY 2025 Change HY 2024 Available Operating Cash Flow 89.4 64% 54.4 36 Interim results for the six months ended 31 July 2025
Slide 37: Travel cash flows
TRAVEL CASH FLOWS 56.4 Ocean Cruise (7.1) (0.4) (6.4) 17.4 (28.6) (31.2) 4.6 4.7 1 Feb Net Net Capex Restructuring Interest Debt Group 31 Jan Opening advance trading costs service repayment Closing cash customer income cash receipts River Cruise and Holidays 7.9 27.4 (2.1) (8.0) 78.1 52.9 1 Feb Net
Slide 38: Return on capital employed
RETURN ON CAPITAL EMPLOYED £m July 2025 Full Year Last 12 2024/25 months Profit before tax and interest for the period / year attributable to equity holders A 88.1 82.3 Total equity and net debt of the Group at the start of period / year 733.6 860.7 Total equity and net debt of the Group at the end