Saga Plc · LSE:SAGA
Saga — FY2026 Earnings Presentation
41 slides from Saga's earnings presentation, Apr 15, 2026
Slide 1: Saga plc Preliminary Results
SAGA PLC PRELIMINARY RESULTS for the year ended 31 January 2026 15 APRIL 2026
Slide 2: Agenda
AGENDA SPEAKERS 1. OVERVIEW Mike Hazell Group CEO 2. FINANCIAL PERFORMANCE 3. STRATEGIC PROGRESS AND DIRECTION Mark Watkins Group CFO 4. Q&A 2 Preliminary results for the year ended 31 January 2026
Slide 3: Overview
OVERVIEW MIKE HAZELL GROUP CEO
Slide 4: Transformational year positions Saga for sustained growth
[FIRST HALF PERFORMANCE AHEAD OF EXPECTATIONS TRANSFORMATIONAL SIGNIFICANT YEAR PROGRESS] STRATEGIC POSITIONS SAGA FOR SUSTAINED GROWTH FULL YEAR RESULTS AHEAD OF GUIDANCE Transforming Saga into a simpler, lower risk and growth business ⚫ New corporate debt facilities provide funding certainty throu
Slide 5: Strong performance across the Group
STRONG PERFORMANCE ACROSS THE GROUP NEW CRUISE HOLIDAYS INSURANCE BUSINESS NatWest Boxed ↑ 38% ↑ 48% ↑ 31% ↑ 17% Seven-year savings partnership Ocean Cruise River Cruise Underlying Profit Before Tax Underlying Profit Before Tax1 Underlying Profit Underlying Profit (£14.0m vs. £10.7m) (£16.9m vs. £14
Slide 6: Financial Performance
FINANCIAL PERFORMANCE MARK WATKINS GROUP CFO
Slide 7: Strong growth in underlying profit before tax, significant net debt reduction
STRONG GROWTH IN UNDERLYING PROFIT BEFORE TAX, ALONGSIDE SIGNIFICANT NET DEBT REDUCTION £m 2025/26 2024/25 Change ⚫ Underlying Revenue and Trading EBITDA grew, driven by strong trading performance in both Travel and Insurance Underlying Revenue1 654.6 588.6 11% ⚫ Underlying Profit Before Tax was hig
Slide 8: Growth in group earnings driven by trading in Travel and Insurance
GROWTH IN GROUP EARNINGS DRIVEN BY TRADING IN TRAVEL AND INSURANCE £m 2025/26 2024/25 Change ⚫ Ocean Cruise Underlying Profit Before Tax increased, driven by higher load factor and per diem Ocean Cruise 67.3 48.9 38% ⚫ River Cruise earnings grew, supported by higher load factors, River Cruise 5.9 4.
Slide 9: Ocean Cruise revenue growth maintains momentum
OCEAN CRUISE REVENUE GROWTH MAINTAINS MOMENTUM FROM CONTINUED CUSTOMER DEMAND £m 2025/26 2024/25 Change ⚫ Revenue increased 12%, driven by a 93% load factor and a per diem of £394, 2ppts and 10% higher than the prior year Revenue 265.6 236.7 12% ⚫ Marketing expenses increased to support growth, whil
Slide 10: River Cruise delivers a strong trading result
RIVER CRUISE DELIVERS A STRONG TRADING RESULT, WITH THE LAUNCH OF SPIRIT OF THE MOSELLE IN JULY £m 2025/26 2024/25 Change ⚫ Revenue increased 8%, reflecting a load factor in line with last year of 89%, with the launch of the Spirit of the Moselle in July, Revenue 53.4 49.4 8% and a per diem of £350,
Slide 11: Holidays continues to grow under new leadership
HOLIDAYS CONTINUES TO GROW UNDER NEW LEADERSHIP £m 2025/26 2024/25 Change ⚫ Revenue growth of 10%, driven by an 11% increase in passengers Revenue 185.1 167.8 10% ⚫ Increased marketing costs to drive future growth, with operating expenses marginally lower Gross profit 46.1 41.7 11% ⚫ Underlying Prof
Slide 12: Insurance Broking ahead of expectations and returning to policy growth
INSURANCE BROKING AHEAD OF EXPECTATIONS AND RETURNING TO POLICY GROWTH Movement in Insurance Broking Underlying Profit Before Tax (£m) Motor Underlying Profit Before Tax was lower due to investment in from continuing operations 1 price and marketing to grow policy volumes 4.7 1.0 0.9 Home Underlying
Slide 13: Net debt falls to £499.5m
NET DEBT FALLS TO £499.5M, DRIVEN BY STRONG TRADING AND PROCEEDS FROM INSURANCE UNDERWRITING SALE Movement in Net Debt (£m) 42.4 11.9 60.0 67.1 113.4 26.2 20.6 68.8 86.9 592.8 1 499.5 Available Operating Cash Flow of 205.9 (broken down by business unit on page 39) 1 Feb 2025 1 Unrestricted Trading D
Slide 14: Strong 2025/26 performance drives confidence in 2026/27 outlook
STRONG FINANCIAL PERFORMANCE IN 2025/26 DRIVES CONFIDENCE IN OUR 2026/27 OUTLOOK 2025/26 Financial progress 2026/27 Outlook ⚫ Exceeded guidance for Underlying ⚫ Ocean Cruise: growth in Underlying Profit Before Tax Profit Before Tax and Leverage Ratio driven by strong load factors and per diems, with
Slide 15: Strategic Progress and Direction
STRATEGIC PROGRESS AND DIRECTION MIKE HAZELL GROUP CEO
Slide 16: A transformational year built on simplification and strategic clarity
A TRANSFORMATIONAL YEAR, UNLOCKING SUSTAINED GROWTH BUILT ON SIMPLIFICATION AND STRATEGIC CLARITY SIMPLIFICATION STRATEGIC CLARITY PERFORMANCE RESET Sale of AICL Brand principles Focus and discipline ⚫ Removed Insurance complexity, ⚫ Reinvigorated our customer and ⚫ Streamlined management team to vo
Slide 17: Strong heritage built on deep understanding of our customers
STRONG HERITAGE BUILT ON DEEP UNDERSTANDING OF OUR CUSTOMERS Saga has strong heritage and we work hard to understand older people better than anyone else We have been designing differentiated products and services to meet their needs for 75 years We leverage our expertise and insight, creating a uni
Slide 18: Significant opportunity in the UK's most attractive, affluent demographic
SIGNIFICANT OPPORTUNITY IN THE UK’S MOST ATTRACTIVE, AFFLUENT AND FASTEST GROWING DEMOGRAPHIC A growing demographic… …with increased wealth and energy… …making the most of later life ~26.7m1 eligible £575k2 81%3 Saga market size… average total individual wealth for say that travelling is the top 55-
Slide 19: Understanding our customers' mindsets and life journeys
UNDERSTANDING OUR CUSTOMERS’ MINDSETS AND LIFE JOURNEYS Life Thinking Ahead Renewal Chosen Comfort Supported stage: Typically 50-59 Typically 60-74 Typically 75-84 Independence Complex stage, juggling work, More time, fewer responsibilities, Life is slowing, routines matter Typically 85+ caring for
Slide 20: Targeted differentiation: products designed with our customers in mind
TARGETED DIFFERENTIATION: PRODUCTS DESIGNED WITH OUR CUSTOMERS IN MIND TRAVEL INSURANCE CRUISE HOLIDAYS MOTOR AND HOME ⚫ Smaller purpose-built ships ⚫ Carefully selected hotels with ⚫ Multi-year fixed-price policies give price honest information about certainty ⚫ No-fly Ocean Cruise model and locati
Slide 21: Our strategic priorities support our medium-term targets
OUR STRATEGIC PRIORITIES SUPPORT OUR MEDIUM-TERM TARGETS Maximising the Driving incremental growth of our growth through existing new business lines businesses and products Growing our Reducing debt, customer base and while simplifying deepening those our operations relationships 21 Preliminary resu
Slide 22: Ocean Cruise model delivering continued growth
OCEAN CRUISE MODEL DELIVERING CONTINUED GROWTH Progress in 2025/26 Our ships ⚫ Strong Underlying Profit Before Tax growth of 38% Spirit of Discovery from existing two ship model Launched: 2019 ⚫ Strong repeat rate of 64% Spirit of Adventure ⚫ All-time high tNPS score of 83, up from 82 Launched: 2021
Slide 23: Significant demand for our scalable River Cruise proposition
SIGNIFICANT DEMAND FOR OUR SCALABLE RIVER CRUISE PROPOSITION Progress in 2025/26 Our ships ⚫ Strong Underlying Profit Before Tax growth of 48% Spirit of the Rhine ⚫ Expanded our fleet with the launch of Spirit of the Launched: 2021 Moselle Spirit of the Danube ⚫ Strong demand for Spirit of the Mosel
Slide 24: A flexible and capital-light Holidays model
A FLEXIBLE AND CAPITAL-LIGHT HOLIDAYS MODEL, OFFERING CUSTOMERS A DIFFERENT EXPERIENCE Progress in 2025/26 ⚫ Strong Underlying Profit Before Tax growth of 31% ⚫ Benefits of combined of Travel leadership team bringing improved consistency and customer experience ⚫ Improved tNPS score of 54, up from 4
Slide 25: Lower risk and less complex Insurance model
LOWER RISK AND LESS COMPLEX INSURANCE MODEL FOCUSSED ON CUSTOMER AND PERFORMANCE Transformed business model ⚫ Sale of Insurance Underwriting business ⚫ 20-year Ageas partnership live and in rollout ⚫ Simplified operations, lower risk and built for capital light growth Progress in 2025/26 ⚫ Underlyin
Slide 26: Publishing continues to be a powerful driver of our data strategy
PUBLISHING CONTINUES TO BE A POWERFUL DRIVER OF OUR DATA STRATEGY Publishing is a unique tool for customer engagement… …and feeds our database 14.7m 50% increase in Multi-media Reaching new website monthly visits from content hub visits in the February 2025 to customers and launched year January 202
Slide 27: Building on our brand through new Saga podcast
BUILDING ON OUR BRAND THROUGH OUR NEW SAGA PODCAST, ‘EXPERIENCE IS EVERYTHING’ Broadening our reach through new platforms, providing relevant and insightful content ⚫ Brand building: Growing and widening reach, across major platforms total views currently at 8.2m ⚫ Audience engagement: Fortnightly e
Slide 28: Full year results exceeded guidance; confidence in medium-term targets
FULL YEAR RESULTS EXCEEDED GUIDANCE CONFIDENCE IN ACHIEVING MEDIUM-TERM TARGETS 2025/26 guidance 2025/26 performance Flat Trading EBITDA Trading EBITDA up 16% Group Underlying Profit Before Group Underlying Profit Before Tax Tax lower than 2024/25 up 19%, despite higher finance costs Travel Underlyi
Slide 29: Transformational year positions the Group for sustained growth
TRANSFORMATIONAL YEAR POSITIONS THE GROUP FOR SUSTAINED GROWTH Looking ahead, we are well placed to succeed ⚫ Growth across the Group, with outperformance across all businesses, driven by simplification, strategic clarity and performance reset ⚫ Exceeded 2025/26 guidance, reiterating confidence towa
Slide 30: Q&A
Q&A PUBLISHING INSURANCE TRAVEL GROUP 30
Slide 31: Dates for the diary
DATES FOR THE DIARY 2026 Thursday 16 April 2026 - Private investor presentation Tuesday 30 June 2026 - Annual General Meeting
Slide 32: Appendix
APPENDIX
Slide 33: Saga plc consolidated income statement
SAGA PLC CONSOLIDATED INCOME STATEMENT 2025/26 2024/25 £m Continuing Discontinued Total Change Continuing Discontinued Total operations operations operations operations Underlying Revenue 654.6 60.4 715.0 (7%) 588.6 179.6 768.2 Underlying Profit Before Tax Travel 87.2 - 87.2 37% 63.6 - 63.6 Insuranc
Slide 34: Travel income statement
TRAVEL INCOME STATEMENT £m Ocean River Holidays 2025/26 Change Ocean River Holidays 2024/25 Cruise Cruise Travel total Cruise Cruise Travel total Revenue 265.6 53.4 185.1 504.1 11% 236.7 49.4 167.8 453.9 Gross profit 114.2 16.6 46.1 176.9 14% 97.7 15.1 41.7 154.5 Marketing expenses (15.0) (6.3) (12.
Slide 35: Insurance Broking income statement
INSURANCE BROKING INCOME STATEMENT £m Motor Home Other 2025/26 Change 2024/25 broking broking broking Gross Written Premiums 279.6 132.9 139.5 552.0 (4%) 574.8 Broker revenue 7.0 11.8 46.0 64.8 9% 59.2 Instalment revenue 5.0 3.2 - 8.2 21% 6.8 Add-on revenue 8.2 5.9 - 14.1 (6%) 15.0 Other revenue 30.
Slide 36: Insurance Underwriting income statement
INSURANCE UNDERWRITING INCOME STATEMENT (DISCONTINUED OPERATION) £m Gross Re- 2025/26 Gross 2024/25 insurance Net change Gross Insurance Underlying Revenue A 64.2 (4.7) 59.5 (67%) 194.5 Incurred claims (current year claims) B (50.5) 2.8 (47.7) 65% (143.1) Claims handling costs in relation to incurre
Slide 37: Other Businesses and Central Costs income statement
OTHER BUSINESSES AND CENTRAL COSTS INCOME STATEMENT £m Other Central 2025/26 Change Other Central 2024/25 Businesses Costs Total Businesses Costs Total Underlying Revenue Money 6.1 - 6.1 9% 5.6 - 5.6 Publishing and CustomerKNECT 11.3 - 11.3 (19%) 13.9 - 13.9 Other - 1.5 1.5 100% - - - Total Underlyi
Slide 38: Cash flow and liquidity
CASH FLOW AND LIQUIDITY £m 2025/26 Change 2024/25 Group Trading EBITDA 153.1 12% 137.1 Less: Trading EBITDA from restricted businesses (39.7) (16%) (34.3) Group Trading EBITDA from unrestricted businesses 113.4 10% 102.8 Working capital and non-cash items 86.9 >500% 2.2 Dividends and intercompany re
Slide 39: Available operating cash flow by business unit
AVAILABLE OPERATING CASH FLOW BY BUSINESS UNIT £m 2025/26 Change 2024/25 Ocean Cruise 124.5 35% 92.4 River Cruise 2.6 86% 1.4 Holidays 13.7 9% 12.6 Insurance Broking 79.5 >500% 8.1 Insurance Underwriting 10.0 11% 9.0 Other Businesses and Central Costs (24.4) (76%) (13.9) Available Operating Cash Flo
Slide 40: Travel cash flows
TRAVEL CASH FLOWS Available Operating Cash Flow of 113.01 Ocean Cruise 108.3 Positive net advance customer receipts, reflecting growing bookings (7.9) (0.6) (12.9) Net trading income of £108.3m, 11% ahead of the prior year £55.6m repayments across the two ship facilities, translating to 16% lower in
Slide 41: Return on capital employed
RETURN ON CAPITAL EMPLOYED £m 2025/26 Change 2024/25 Underlying Profit Before Tax from continuing operations 44.2 19% 37.2 Add: Finance costs 58.5 (30%) 45.1 Profit before tax and interest for the year attributable to equity holders A 102.7 25% 82.3 Equity at start of year 57.7 (74%) 223.5 Net Debt