Preliminary results for the year ended 31 Jan 2026

About this update from Saga Plc

[{"type":"text","content":"\n \n 15 April 2026 \n Saga plc \n Unaudited preliminary results for the year ended 31 January 2026 \n Transformational year positions Saga for sustained growth \n Full year results exceeded guidance, driven by strength across Travel and Insurance \n   \n Saga plc ( Saga or the Group ), the UK's specialist in products and services for people over 50, announces its unaudited preliminary results for the year ended 31 January 2026. \n   \n \n \n \n \n Year ended \n \n \n 31 January 2026 \n \n \n 31 January 2025 \n \n \n Change \n \n \n \n \n Underlying Revenue 1,2 \n \n \n £654.6m \n \n \n £588.6m \n \n \n 11% \n \n \n \n \n Revenue 2 \n \n \n £660.0m \n \n \n £588.3m \n \n \n 12% \n \n \n \n \n Trading EBITDA 1,2 \n \n \n £134.9m \n \n \n £116.0m \n \n \n 16% \n \n \n \n \n Net finance costs 3 \n \n \n (£43.1m) \n \n \n (£26.7m) \n \n \n (61%) \n \n \n \n \n Underlying Profit Before Tax 1,2 \n \n \n £44.2m \n \n \n £37.2m \n \n \n 19% \n \n \n \n \n Profit/(loss) before tax 2 \n \n \n £2.1m \n \n \n (£160.2m) \n \n \n 101% \n \n \n \n \n Available Operating Cash Flow 1 \n \n \n £205.9m \n \n \n £109.6m \n \n \n 88% \n \n \n \n \n Net Debt 1 \n \n \n £499.5m \n \n \n £592.8m 4 \n \n \n 16% \n \n \n \n \n Leverage Ratio 1 \n \n \n 3.7x \n \n \n 4.4x 4 \n \n \n 0.7x \n \n \n \n \n   \n 1 Refer to the Alternative Performance Measures Glossary for definition and explanation \n 2 From continuing operations \n 3 Net finance costs exclude Travel and Insurance Underwriting finance costs and Travel net fair value losses on derivatives \n 4 Following the Group's corporate refinancing and subsequent revised covenant definition, Net Debt and Leverage Ratio have been re-presented for 31 January 2025 \n   \n Financial highlights \n The Group delivered a strong set of results, underpinned by the performance of the Travel and Insurance businesses, alongside continued execution of the strategic plan. \n ·      A strong financial performance, ahead of guidance. Underlying Profit Before Tax 5,6 increased to £44.2m, up 19% from £37.2m in the previous year, despite expected higher finance costs. \n ·      Underlying Revenue 5,6 increased 11% to £654.6m, with growth across both Travel and Insurance, resulting in a 16% increase in Trading EBITDA 5,6 . \n ·      Net Debt 5 reduced significantly, falling by 16% to £499.5m. Leverage Ratio 5 also improved, from 4.4x 7 to 3.7x. \n ·      Reported profit before tax 6 of £2.1m, compared with a loss of £160.2m last year. \n ·      Profit and cash flow generation outperformed our expectations, reinforcing the progress we are making towards our Underlying Profit Before Tax 5 target of at least £100.0m by January 2030, and the corresponding reduction in Leverage Ratio 5 to below 2.0x over the same period. \n   \n 5 Refer to the Alternative Performance Measures Glossary for definition and explanation \n 6 From continuing operations \n 7 Following the Group's corporate refinancing and subsequent revised covenant definition, Net Debt and Leverage Ratio have been re-presented for 31 January 2025 \n   \n   \n Strategic progress \n During the year, the Group made significant progress towards building a lower risk, simplified business model, with the strength of the brand and customer focus remaining at the heart of decision making. In doing so, the Group delivered the following important strategic milestones: \n ·      Corporate debt refinanced, with a new £335.0m term loan due in January 2031, providing long-term financial headroom and flexibility to support our growth plans. \n ·      Sale of Insurance Underwriting business to Ageas 8 completed in July 2025, removing all underwriting risk from the Group and reducing complexity and volatility. \n ·      Successfully launched our motor and home insurance partnership with Ageas 8 marking a major step forward in the simplification of our Insurance Broking operations with the support of a first-class insurance partner. \n ·      Consolidated our previously separate Cruise and Holidays leadership teams into a single, customer-centric operation , that more efficiently delivers a consistent customer experience across all our Travel products. \n ·      River Cruise continued to grow, with the launch of Spirit of the Moselle in July 2025, which is already proving very popular with our guests. \n ·      Expanded our partnership strategy, with the launch of our new Saga Easy Access Savings Account in conjunction with NatWest Boxed. \n ·      Series of new Publishing initiatives launched, designed to build long-term brand and customer engagement, including our highly successful new podcast, 'Experience is Everything', and the expansion of our carefully targeted and informative newsletters. \n   \n 8 Wholly owned UK subsidiaries of Ageas SA/NV \n   \n Outlook \n Following the performance delivered in 2025/26 and the strong forward bookings in Travel, we look ahead to 2026/27 with confidence and expect to deliver continued growth in both profit and cash generation. U nderlying Profit Before Tax 9 ​ is expected to take a further step forward, with the following components: \n ·      Travel - strong forward bookings, particularly in Ocean and River Cruise, give confidence in further growth in Underlying Profit Before Tax 9 . \n ·      Insurance Broking - Underlying Profit Before Tax 9 ​ is expected to be at least in line with 2025/26 and ahead of previous guidance, as the Ageas 10 partnership becomes fully embedded. \n Following strong cash generation in 2025/26, the Group has passed its peak leverage, with further reductions in both Net Debt 9 and the Leverage Ratio 9 expected in 2026/27. \n The transition to the Ageas 10 partnership will complete during 2026/27, with the full benefit of the simplified and lower risk model to be realised from 2027/28 onwards. \n In Travel, we remain confident in driving continued success. While mindful of the current uncertainty in the Middle East, we have minimal exposure to the region, with no Cruise itineraries and only limited Holidays bookings to Egypt, Cyprus and Turkey. We are 100% hedged against our current foreign exchange risk for both 2026/27 and 2027/28, and 100% and 75% hedged for oil commodity risk respectively. \n We remain confident in achieving at least £100.0m of annual Underlying Profit Before Tax 9 and the Leverage Ratio 9 falling below 2.0x by January 2030. \n   \n Mike Hazell, Saga's Group Chief Executive Officer, said: \n \"This has been a transformational year for Saga. The restructuring of our Insurance business, and the partnership with Ageas 10 , derisks and simplifies our operating model, creating a more stable platform for growth. Alongside this, we continued to see growth across all our Travel businesses, driven in particular by the newly combined management team's relentless focus on delivering differentiated travel experiences designed with the needs of our customers in mind. \n \"The result was an excellent trading performance that drove growth across all our core businesses, and a strong financial performance, with Underlying Profit Before Tax 9 and the Leverage Ratio 9 significantly ahead of our original guidance. \n \"As we look ahead, our performance this year has further strengthened the confidence we have in our medium-term targets of delivering underlying profits of at least £100.0m by January 2030, and leverage below 2.0x. We will deliver this by focussing on Saga's core strengths and the 75 years of experience we have in designing, marketing and delivering products and services for people over 50. \n \"I would like to thank all my Saga colleagues and our partners. Our successful performance this year is a testament to their dedication, on a daily basis, to deliver great products and service for our customers.\" \n 9 Refer to the Alternative Performance Measures Glossary for definition and explanation \n 10 Wholly owned UK subsidiaries of Ageas SA/NV \n   \n   \n END \n Management will hold a presentation for analysts and investors at 9.30am today. The webcast can be accessed by registering at www.investis-live.com/saga-group/69aedd30295940002c4a36a2/vbdfg and a copy of the presentation slides is available at www.corporate.saga.co.uk/investors/results-reports-presentations/ . \n A separate live presentation for retail investors will be held via the Investor Meet Company platform on 16 April 2026 at 9.30am. The presentation is open to all existing and potential investors. Questions can be submitted pre-event via the Investor Meet Company dashboard up until 9.00am on 15 April 2026, or at any time during the live presentation. Investors can sign up to Investor Meet Company for free and follow Saga plc via www.investormeetcompany.com/saga-plc/register-investor . Investors who already follow Saga plc on the Investor Meet Company platform will automatically be invited. \n   \n For further information, please contact: \n Saga plc \n Sharnj Sandhu, Interim Director of Investor Relations and Treasury          Tel: 07522 985 207 \n                                                                                                                                                Email:   [email protected] \n Headland Consultancy \n Susanna Voyle                                                                                                                 Tel: 07980 894 557 \n Will Smith                                                                                                                         Tel: 07872 350 428 \n Tel: 020 3805 4822 \n Email: [email protected] \n   \n Notes to editors \n Saga is the specialist in the provision of products and services for people over 50. Saga is one of the most recognised and trusted brands in the UK, known for its high level of customer service and its high-quality, award-winning products and services including cruises and h olidays, insurance, personal financial and publishing. \n www.saga.co.uk \n   \n Divisional performance \n Our focus on putting our customers first has delivered a strong set of Group-wide results. All our core businesses have performed well and we have achieved growth in both the number of customers travelling with us and the number of Insurance policies sold. \n Travel - Strong customer demand continues to drive revenue growth \n We simplified our Travel businesses, bringing them under one management team this year, to create a single, more efficient and customer focussed operation. The newly combined team delivered an outstanding performance. Underlying Revenue 1 i ncreased 11% to £504.1m and Underlying Profit Before Tax 1 rose 37 % to £87.2m . \n   \n Ocean Cruise \n ·      Ocean Cruise reported an Underlying Profit Before Tax 1 of £67.3m, representing a 38% increase when compared with the £48.9m in the previous year. \n ·      Underlying Revenue 1 grew 12% to £265.6m, driven by a load factor of 93% and a per diem of £394, which were 2ppts and 10% higher, respectively, than last year, reflecting strong ongoing customer demand. \n   \n River Cruise \n ·      River Cruise reported an Underlying Profit Before Tax 1 of £5.9m, representing a 48% increase when compared with the £4.0m in the previous year. \n ·      Underlying Revenue 1 grew 8% to £53.4m, driven by a load factor of 89%, which was the same as last year, despite the increased capacity from the launch of Spirit of the Moselle in July 2025. The per diem was £350, which was 7% higher than last year. \n ·      Our newest purpose-built River Cruise ship, Spirit of the Moselle, proved very popular with guests and reinforces the continued growth potential we see for our River Cruise offering. \n   \n Holidays \n ·      The Holidays business also performed well and reported an Underlying Profit Before Tax 1 of £14.0m, a 31% increase from the prior year. This was alongside a 10% increase in Underlying Revenue 1 , to £185.1m. \n ·      Total passenger numbers increased 11%, from 54.8k to 60.8k. \n   \n 1 Refer to the Alternative Performance Measures Glossary for definition and explanation \n   \n Insurance Broking - Launch of Ageas 2 partnership and return to policy growth \n ·      Insurance Broking performed ahead of expectations and reported an Underlying Profit Before Tax 3,4 of £ 16.9m , a 17% increase when compared with the £14.5m generated in the previous year. \n ·      Our renewed focus on pricing and marketing has built positive momentum across the year, with policy sales and policies in force both growing for the first time in four years. \n ·      Our 20-year Affinity Partnership with Ageas 2 successfully went live in December 2025, beginning with motor insurance new business. This will be followed by the launch of home insurance new business by the end of April 2026. This phased implementation will continue over the coming months, culminating with renewals for both motor and home insurance going live later in the year. \n 2 Wholly owned UK subsidiaries of Ageas SA/NV \n 3 Refer to the Alternative Performance Measures Glossary for definition and explanation \n 4 From continuing operations \n   \n Other Businesses \n ·      In Money, progress continued with the launch of a new savings partnership with NatWest Boxed. Beginning with an Easy Access Savings Account, which launched in January 2026, the partnership will open up new savings options for our customers and build on our existing portfolio of differentiated personal finance solutions for people over 50. While still in its investment phase, this portfolio of products is an important part of our wider customer offering and longer-term growth plan. \n ·      Publishing, which is central to our customer engagement and insight strategy, saw the launch of a new podcast series which, although only available from December 2025, has already reached over 8 m views to date, alongside a broadening of our successful newsletter and digital content offering. Our award-winning magazine has over 100k subscribers and the magazine website attracted over 14.7 m visits this year. We sent 9.7m newsletters on average each month, which received strong feedback from our customers and achieved market-leading open rates of up to 50%. \n ·      Our 9.3m strong customer database remains one of our core strategic assets. The depth of insight it provides into our target customer group, and the unparalleled reach of the 7.8m contactable customer base within it, serves as a powerful and unique driver for both our existing businesses and also future opportunities. \n   \n Chairman's Statement \n My parents started operating holidays for older people in the early 1950s when they wanted to try and fill their seaside hotel in Folkestone in the off-peak season. The holidays were an immediate success, and the idea of Saga was born. \n I became Saga's 11 th employee in 1965, its Managing Director in 1978 and Chief Executive Officer ( CEO ) and Chairman six years later. So, I know Saga well. \n This year is our 75 th birthday and it is particularly fitting that this is also the year in which we returned to the FTSE 250. Saga is a business with a great heritage and the progress we have made this year has been built on the enduring principles that have long defined us. We have always worked hard to understand older people better than anyone else and, over the years, that understanding has allowed us to design products and services successfully to meet the needs of our customers. \n We have delivered an excellent set of financial results this year, reflecting significant progress in embedding our new strategic plan. Underlying Profit Before Tax 1 grew by 19% when compared with last year, revenues were up 12% and the Leverage Ratio 1 fell to 3.7x. \n Implementation of the plan was carried out at pace and resulted in a year of significant transformation for Saga. The ability to change has always been central to Saga's long-term success. Regularly reinventing ourselves, in order to compete effectively and to stay relevant to each new generation of older people entering our market, has always been essential. \n Mike Hazell, our Group CEO, together with Mark Watkins, our Group Chief Financial Officer, and the senior management team have been superb in refining and implementing our business model in a way that allows us to meet our customers' needs simply and effectively. Our partnership strategy is a fundamental part of that simplification. By accessing the skills and infrastructure of high-quality business partners to complement the core skills we have in designing and marketing products for older people, we are unlocking uniquely compelling customer propositions that neither partner could deliver alone. As a result of the teams' disciplined execution of our plan in 2025/26, I am confident in our future. All our businesses are performing well and we have secured our long-term funding. Our lower-risk, more simplified business model sets us up well to deliver our growth plan and significantly reduce our debt. \n Our Insurance business has had a very successful year. The sale of our Insurance Underwriting business in July 2025, together with the launch of our Ageas 2 motor and home Affinity Partnership in December 2025, meant that we ended the year taking no underwriting risk and with our Insurance operations significantly simplified. This new commission-based business model means that we now have greater certainty of earnings, lower volatility and a less capital-intensive path to growth, supported by one of the largest insurers in Europe. \n Our stronger balance sheet, together with the new partnership, gave us the confidence to invest in pricing and marketing. As a result, both revenue and Underlying Profit Before Tax 1 returned to growth after a number of challenging years. \n Travel is now the largest generator of profits in the Group. Implementing a series of operational improvements and changes to our management structure led to increased customer numbers and improved customer satisfaction. As we head towards our 30 th year of cruising, our Ocean and River Cruise businesses continue to grow. Holidays are also continuing to grow. It is excellent that, after a number of years, we have started offering holidays in the UK again, the place our journey began 75 years ago. \n 2025/26 was a year in which we set out to grow our profits, reduce our debt and re-engineer our business, to focus on a more simple, low risk, less capital-intensive way of doing business. We have succeeded in achieving these objectives and have gone into the new year confident in the delivery of our medium-term targets. None of this would have been possible without the exceptional commitment, expertise and sustained effort from all of Saga's colleagues. \n   \n Sir Roger De Haan \n Non-Executive Chairman \n 14 April 2026 \n P.S. I am delighted that, during the last year, Saga won many awards. Among them: Best British Insurance Company, Best Customer Centric Culture, Editor of the Year, Newsletter of the Year, Best Cruise Line for Luxury Holidays, Best Travel Company for Luxury Holidays, Which? Recommended Provider for Ocean Cruises and Transformation of the Year, plc awards. This, again, is testament to the great team we have at Saga. \n   \n 1 Refer to the Alternative Performance Measures Glossary for definition and explanation \n 2 Wholly owned UK subsidiaries of Ageas SA/NV \n   \n Group Chief Executive Officer's Strategic Review \n 75 years of doing things differently \n I am delighted to update you on our strong performance in the 2025/26 financial year and the excellent progress we made in delivering our strategic plan. The turnaround we started two years ago is now well advanced and the early results of the action we have taken can be seen in our performance. We have a long-term strategy, which is built on our deep understanding of our customers, and the brand principles that have, for over three quarters of a century, made Saga the UK's leading business for people over 50. Our disciplined execution of this strategy, combined with a short-term focus on trading performance, has meant that we have fundamentally changed the outlook for the Group, addressing key structural challenges that were previously holding the business back. \n Nobody understands older people better than Saga, and we use our 75 years of experience to differentiate our products and services from other businesses in ways that matter to our customers. We work hard to do things differently for customers whose needs and expectations we understand. \n Strong financial performance exceeding expectations \n In a transitional year for Saga, I am very pleased to be able to report a strong set of financial results as we continued to successfully implement our long-term strategic plan. An outstanding performance across our Travel businesses, and a return to growth in our Insurance business, translated into an Underlying Profit Before Tax 1,2 of £44.2m, a 19% increase on the prior year. \n The Group reported an 11% growth in Underlying Revenue 1,2 of £654.6m, with growth across both Travel (11%) and Insurance Broking (13%). The profit before tax from continuing operations of £2.1m (2025: loss of £160.2m) was impacted by the exceptional restructuring costs we incurred this year and brings to an end the series of statutory losses the Group has reported over the past seven years. \n Cash flow generation is a key measure for any business and the continued reduction in our Net Debt 1 remained a key priority for the Group. Our strong trading performance and profit translated into significant cash flow generation and a substantial reduction in Net Debt 1 , which fell to £499.5m compared with £592.8m 3 in the prior year, with a Leverage Ratio 1 of 3.7x, compared with 4.4x 3 last year. \n Our performance during the year places us well on the path towards our medium-term targets of at least £100.0m Underlying Profit Before Tax 1 by January 2030 and a resulting Leverage Ratio 1 of less than 2.0x. Indeed, we are already ahead of the planned trajectory we set out last year. \n Significant strategic transformation \n Our strategic transformation is now well underway. Since setting out our plan at the start of the 2025/26 financial year, our key focus has been on its delivery, which we have been executing at pace. Our plan is on track and we finished the year with a simplified, more focussed, capital-light business that is well placed to continue growing both customer numbers and profitability. \n We have now restructured our Insurance business model and, in doing so, have significantly reduced the risk and complexity that previously impacted our performance. The sale of our Insurance Underwriting business in July 2025 meant that we no longer take any underwriting risk. This, combined with the launch of our 20-year motor and home insurance Affinity Partnership with Ageas 4 in December 2025, allows us to reduce the level of technical, operational and regulatory activity that we undertake directly, and leverages the capabilities and infrastructure that our new insurance partner, Ageas 4 , provides. With this more robust model in place, we are now in a good position to grow. \n Travel is now the largest driver of profits in the Group and is central to our growth plans. In March 2025, we combined our Cruise and Holidays management teams, creating a single, more effective and customer-centric operation. The full benefits of this change will take time to mature but we have already seen a significant improvement in performance and customer satisfaction, demonstrated through the 11% year-on-year increase in Underlying Revenue 1 from £453.9m to £504.1m and a corresponding 37% increase in Underlying Profit Before Tax 1 from £63.6m to £87.2m. \n Our long-term strategic principles \n Saga has been designing products and services for older people throughout the last 75 years. The deep understanding of our customer group, together with the experience we have in meeting their distinct needs, is at the heart of our strategy. Our businesses are supported by our award-winning multi-platform Publishing arm, and these combine to create a sophisticated marketing operation built on data that is unique to Saga and a critical driver of our business decisions. \n By maintaining these key principles, and by embedding a culture and discipline across the business that put our customers at the forefront of decision making, we deliver products and services in a way that is different to other businesses. \n 1 Refer to the Alternative Performance Measures Glossary for definition and explanation \n 2 From continuing operations \n 3 Following the Group's corporate refinancing and subsequent revised covenant definition, Net Debt and Leverage Ratio have been re-presented for 31 January 2025 \n 4 Wholly owned UK subsidiaries of Ageas SA/NV \n   \n Shorter-term strategic priorities \n These enduring principles guide our decision making, providing longer-term direction alongside shorter-term priorities from which we build our plans. Our current strategic priorities comprise four key pillars. \n 1.    Maximising the growth of our existing businesses \n As we deliver our transformation and create solid foundations for long-term growth, we are driving the performance of our core businesses, all of which are now growing. The decisions taken in each of our businesses are now made with long-term sustainable growth in mind and are consistent with our clear brand principles. \n 2.    Driving incremental growth through new business lines and products \n We believe that Saga will, in the future, offer a broader range of products and services than it offers today, meeting the needs of older people in ways that mass market operators do not. Our priority is to complete the delivery of our turnaround plan, which will create the solid financial platform for achieving our medium-term targets. Alongside this, we will continue to lay the groundwork for new products and services. \n 3.    Growing our customer base and deepening those relationships \n Central to our success is the understanding we have of our customers. This understanding influences every aspect of our decision making. Our customer database is at the heart of our operation, providing us unrivalled reach. By growing the number of customers we have and the audience we engage with, we also increase our potential and improve our understanding of the people we serve. \n 4.    Reducing debt, while simplifying our operations \n Our new simplified business model creates more predictable revenues and cash flow generation and builds on our core strengths. Our growth plan leverages our skills and our existing asset base to deliver capital-light profit growth that, in turn, accelerates debt reduction and deleveraging. \n An update on our progress during the year across each of our businesses is set out below. \n Travel \n Having combined our Cruise and Holidays leadership teams in March 2025, we now have a more effective and cost-efficient Travel business that is delivering a consistent customer experience across all of our travel products. \n Cruise \n Our Ocean Cruise holidays have continued to be extremely popular. Our smaller, purpose-built Ocean Cruise ships offer an experience uniquely tailored to our guests' needs. We only depart from UK ports, and with every guest being provided a chauffeur service to and from their home , we remove the stress of flying, providing a seamless door to deck service. Onboard, our truly all-inclusive experience means that we give guests the peace of mind to enjoy their holiday without the fear of additional charges. \n The results show strong repeat rates, with 64% of our guests booking a further cruise with us. Our guests return because of the quality of their holidays with us and we see consistently high levels of customer satisfaction. Our transactional net promoter score ( tNPS ) reached an all-time end-of-year high of 83 , compared with 82 last year . \n This customer focussed approach translated into another outstanding financial performance. Underlying Revenue 5 grew by 12%, to £265.6m and Underlying Profit Before Tax 5 increased 38%, to £67.3m. \n We are also driving strong forward bookings for the year ahead. At 12 April 2026, the load factor for 2026/27 departures was 79%, in line with the same point in the prior year, and the per diem was £447, 13% ahead. \n Our River Cruise business is also burgeoning. Building on our experience in Ocean Cruise, we now have four ships offering boutique river cruises on European rivers. Led by the same management team, and with the attention to detail that our Ocean Cruise guests have come to expect, we are generating a strong demand and driving significantly improved customer satisfaction. Varying river water levels in Europe did pose some disruption this year, however by continuing to enhance our product and service experience we still managed to increase our tNPS from 60 to 69 . \n In July 2025, we launched the Spirit of the Moselle. This was part of our continued rollout of Spirit-class ships that are purpose-built for our guests, delivering consistently high quality. Spirit of the Moselle has already proved very popular and we will be adding further Spirit-class vessels to the fleet over the coming years. Spirit of Lorelei will launch in 2027. \n We see great potential in our River Cruise business. In 2025/26, revenue from our Rivers operation grew by 8%, with Underlying Profit Before Tax 5 rising to £5.9m, from £4.0m last year. Bookings for 2026/27, at 12 April 2026, were ahead of the same point last year, with a load factor of 73% and a per diem of £372, 5ppts and 3% higher, respectively. \n Holidays \n Our Holidays business benefited during the year from the operational changes we made over the past couple of years, and the more consistent customer focus the newly combined Travel management team have brought. \n Our holidays are designed with older customers in mind. Hotels are carefully selected, and itineraries built to reflect the range of pace, comfort and accessibility that people over 50 prefer. \n Product design and innovation are at the forefront of our plans. Our nationwide chauffeur service is extremely popular and is now included with all our holidays and we continue to expand our range of special interest holidays. This year, we have reintroduced a range of UK holidays, including our unique university and college stays that provide an alternative to traditional hotels and an excellent way to explore the UK in the summer, particularly for solo travellers. \n The demand for our holidays has been strengthening. Passenger numbers increased in 2025/26 by 11% compared with the prior year and Underlying Profit Before Tax 5 increased 31%, from £10.7m to £14.0m. \n We believe that, with our market - leading brand, compelling holiday ideas and our customer focussed mindset (that continues to win us both Travel awards and customer loyalty), we are well positioned to continue this growth. Forward bookings for 2026/27, at 12 April 2026, were ahead of the same point last year, with 51.6k passengers, compared with 51.5k, and revenue of £165.9m, a 4% increase. \n 5 Refer to the Alternative Performance Measures Glossary for definition and explanation \n   \n Insurance \n Our Insurance business has had a transformational year, as we simplified the operations and adopted a lower risk, less complex business model following the sale of our Underwriting business and the start of our 20-year motor and home insurance partnership with Ageas 6 (the Affinity Partnership ). The sale of Acromas Insurance Company Limited in July 2025 means that we no longer take any underwriting risk, and the launch of the Affinity Partnership in December 2025 removed significant complexity from our business and teams us up with one of the most successful insurance businesses in Europe. This new commission-based model means that Ageas 6 takes responsibility for the motor and home insurance operations and the administration of policies, while Saga focusses on our core sales and marketing strength, working with Ageas 6 on product design and the customer journey. Once we have fully transferred our motor and home business to Ageas 6 , the pricing and underwriting risk will sit with Ageas 6 and Saga will earn a commission-based income stream. The customer relationship will remain with Saga . \n As we worked towards this transition during the course of 2025/26, with the benefit of a stronger balance sheet and a clear strategy ahead of us, we were able to invest in growth by improving our pricing and refocussing our marketing strategy. For the first time in four years, we were able to deliver an increase in total policy sales, with three out of our four insurance product lines growing. While home insurance performed ahead of expectations, the challenging market conditions and the drop in last year's policy sales drove fewer renewal opportunities and produced a 19% drop in home policies in force. However, alongside this, policies in force for motor insurance grew by 12%, and private medical insurance sales grew by 7%. Our refreshed travel insurance product and the associated marketing campaign proved hugely successful and supported a 34% increase in policies in force. \n Looking ahead to 2026/27, our priority is to complete the final phase of the Affinity Partnership implementation. Home new business is due to launch by the end of April 2026 and policy renewals for both motor and home are due to go live later in the year. \n 6 Wholly owned UK subsidiaries of Ageas SA/NV \n   \n Other Businesses \n In Publishing, we continued to communicate with many more of our customers, and more regularly, by expanding the ways in which we engage with them. A key development has been the launch of our new podcast, 'Experience is Everything', which extends our platform and deepens our relationship with both our existing and new customers. It also adds to the frequency and quality of interactions we have with our customers through our award-winning Saga Magazine, newsletters and website. \n In Money, we launched a new partnership with NatWest Boxed, which will enable the development of a suite of innovative savings products tailored for people over 50. This partnership combines NatWest's scale and expertise with our deep customer insight and supports our strategy of broadening Saga Money's product range, while extending our capital-light revenue streams. Money reported an Underlying Profit Before Tax 7   of £0.7m, in line with the prior year. \n Our people and culture \n Our culture remains of fundamental importance to our performance. In our most recent survey, colleague engagement improved from 7.9 to 8.1 out of 10. This would be a strong result in any year, but in a year when we experienced such change in our operations, it is a testament to the culture we have embedded and a measure of the understanding our colleagues have in the changes we are making. I was delighted that our focus on creating an inclusive and supportive working environment was recognised externally, when Saga was ranked 6 th in the UK's Best Employers 2025 list by the Financial Times. \n Strong platform for long-term sustainable growth \n We have had a very successful year, delivering an excellent trading performance and laying the foundations for long-term sustainable growth. Saga is a fantastic brand, recognised and trusted by its customers throughout the UK. Our success is built on this trust. This is not something we take for granted but we continually try to enhance. Our colleagues are central to this and are the people that bring this to life day in, day out. The progress we made this year is down to their hard work and dedication and my thanks go out to all of them. \n As we head into our new year, we are in a good position. Our businesses are all performing well and we continue the delivery of our plan that is transforming the outlook for the Group. Last year, we laid out our medium-term targets of at least £100.0m Underlying Profit Before Tax 7   by January 2030, and a resulting Leverage Ratio 7 of below 2.0x by that time. One year on, we are already tracking ahead of our planned trajectory and we remain all the more confident of reaching and exceeding these targets. \n Mike Hazell \n Group Chief Executive Officer \n 14 April 2026 \n   \n Group Chief Financial Officer's Review \n I am pleased to report that, for the 12 months ended 31 January 2026, the Group delivered a strong set of financial results, returning the Group to profit for the first time in eight years. From continuing operations, Underlying Profit Before Tax 1 was £44.2m, 19% higher than the year before, despite higher finance costs as expected, reflecting a strong trading performance across both Travel and Insurance Broking. \n Our Travel businesses had an excellent year, each delivering a step change in earnings. In Ocean Cruise, continued customer demand supported consistently high load factors and growing per diems, resulting in a 38% increase in Underlying Profit Before Tax 1 , to £67.3m. River Cruise also performed strongly, reporting a 48% increase in Underlying Profit Before Tax 1 , to £5.9m, driven by growing demand and the addition of our newest River Cruise ship, Spirit of the Moselle in July 2025. Holidays reported an Underlying Profit Before Tax 1 of £14.0m, up 31% from £10.7m in 2024/25, supported by increased passenger numbers and the efficiency savings from the combination of our Travel businesses under a single management team. \n Insurance Broking also performed well, and traded ahead of expectations, with three of our four insurance products returning to policy growth. As a result, Underlying Profit Before Tax 1,2 grew 17% year-on-year, to £16.9m. \n The Group reported a profit before tax from continuing operations of £2.1m, compared with a loss before tax of £160.2m in the prior year, which included an impairment of Insurance Broking goodwill of £138.3m. \n At the start of the year, we completed the refinancing of the Group's corporate debt with a £335.0m term loan due in January 2031, providing a more stable long-term funding structure. To manage interest rate exposure, the Group fully hedged the term loan using interest rate derivatives, with hedging in place until August 2028. \n Debt reduction continues to be a key strategic priority for the Group and the strong trading performance in Travel and Insurance Broking, resulted in strong cash generation, alongside the net proceeds from the sale of our Insurance Underwriting business to Ageas 3 , which delivered £21.4m more cash than originally expected, due to the business performance, prior to the sale completion being better than anticipated. Net Debt 1 at 31 January 2026 reduced to £499.5m, £93.3m lower than the £592.8m 4 reported at the same point last year, with the Leverage Ratio 1 improving to 3.7x. Both the Net Debt 1 and Leverage Ratio 1 exclude the £60.0m received from Ageas 3 as a result of the Affinity Partnership, which will temporarily further reduce Net Debt 1 in the short term, pending a corresponding unwinding of working capital in 2026/27. \n The Group remained highly cash-generative, delivering Available Operating Cash Flow 1 of £205.9m, compared with £109.6m in the prior year, supported by stronger cash generation in Ocean Cruise and the £60.0m receipt from Ageas 3 following the launch of the Insurance Broking Affinity Partnership. The Group's available liquidity at year end comprised £189.7m of Available Cash 1 , the £116.6m undrawn delayed-draw term loan ( DDTL ) provided by HPS Funds 5 and the £33.4m undrawn Revolving Credit Facility ( RCF ). \n Following the momentum over the past 12 months, there is a clear opportunity for material growth in the future. With performance ahead of expectations, we remain confident in delivering at least £100.0m of annual Underlying Profit Before Tax 1 , while reducing the Leverage Ratio 1 to below 2.0x, by January 2030. \n 1 Refer to the Alternative Performance Measures Glossary for definition and explanation \n 2 From continuing operations \n 3 Wholly owned UK subsidiaries of Ageas SA/NV \n 4 Following the Group's corporate refinancing and subsequent revised covenant definition, the Net Debt and Leverage Ratio have been re-presented at 31 January 2025 \n 5   Certain funds, entities (or affiliates or subsidiaries of such funds or entities) and/or accounts managed, advised or controlled by HPS Investment Partners, LLC or its subsidiaries \n   \n Operating performance \n Group income statement \n \n \n \n \n £m \n \n \n 12m to January 2026 \n \n \n   \n \n \n 12m to January 2025 \n \n \n \n \n Continuing operations \n \n \n Discontinued operations \n \n \n Total \n \n \n Change \n \n \n Continuing operations \n \n \n Discontinued operations \n \n \n Total \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Underlying Revenue 6 \n \n \n 654.6 \n \n \n 60.4 \n \n \n 715.0 \n \n \n ( 6.9%) \n \n \n 588.6 \n \n \n 179.6 \n \n \n 768.2 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Underlying Profit Before Tax 6 \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Travel \n \n \n 87.2 \n \n \n - \n \n \n 87.2 \n \n \n 37.1% \n \n \n 63.6 \n \n \n - \n \n \n 63.6 \n \n \n \n \n Insurance Broking (earned) \n \n \n 16.9 \n \n \n (0.4) \n \n \n 16.5 \n \n \n 14.6% \n \n \n 14.5 \n \n \n (0.1) \n \n \n 14.4 \n \n \n \n \n Insurance Underwriting \n \n \n - \n \n \n 15.6 \n \n \n 15.6 \n \n \n 45.8% \n \n \n \n \n \n 10.7 \n \n \n 10.7 \n \n \n \n \n Total Insurance \n \n \n 16.9 \n \n \n 15.2 \n \n \n 32.1 \n \n \n 27.9 % \n \n \n 14.5 \n \n \n 10.6 \n \n \n 25.1 \n \n \n \n \n Other Businesses and Central Costs \n \n \n (16.8) \n \n \n - \n \n \n (16.8) \n \n \n (18.3 %) \n \n \n (14.2) \n \n \n - \n \n \n (14.2) \n \n \n \n \n Net finance costs 7 \n \n \n (43.1) \n \n \n - \n \n \n (43.1) \n \n \n (61.4%) \n \n \n (26.7) \n \n \n - \n \n \n (26.7) \n \n \n \n \n Underlying Profit Before Tax 6 \n \n \n 44.2 \n \n \n 15.2 \n \n \n 59.4 \n \n \n 24.3% \n \n \n 37.2 \n \n \n 10.6 \n \n \n 47.8 \n \n \n \n \n Impairment of Insurance Broking goodwill \n \n \n - \n \n \n - \n \n \n - \n \n \n 100.0% \n \n \n (138.3) \n \n \n - \n \n \n (138.3) \n \n \n \n \n Other exceptional items \n \n \n (42.1) \n \n \n (12.8) \n \n \n (54.9) \n \n \n (8.5%) \n \n \n (59.1) \n \n \n 8.5 \n \n \n (50.6) \n \n \n \n \n Profit/(loss) before tax \n \n \n 2.1 \n \n \n 2.4 \n \n \n 4.5 \n \n \n 103.2 % \n \n \n (160.2) \n \n \n 19.1 \n \n \n (141.1) \n \n \n \n \n Income tax credit/(expense) \n \n \n 2.0 \n \n \n (2.9) \n \n \n (0.9) \n \n \n 96.2% \n \n \n (18.5) \n \n \n (5.3) \n \n \n (23.8) \n \n \n \n \n Profit/(loss) for the year \n \n \n 4.1 \n \n \n (0.5) \n \n \n 3.6 \n \n \n 102.2% \n \n \n (178.7) \n \n \n 13.8 \n \n \n (164.9) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Earnings/(loss) per share \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying Earnings Per Share 6 \n \n \n 30.6p \n \n \n 10.5p \n \n \n 41.1p \n \n \n 77.2% \n \n \n 18.1p \n \n \n 5.1p \n \n \n 23.2p \n \n \n \n \n Earnings/(loss) per share \n \n \n 2.9p \n \n \n (0.4p) \n \n \n 2.5p \n \n \n 102.1% \n \n \n (127.2p) \n \n \n 9.8p \n \n \n (117.4p) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n The Group's business model is based on providing high-quality and differentiated products to its target demographic, predominantly focussed on travel and insurance. The Travel businesses comprise Ocean Cruise, River Cruise and Holidays. The Insurance business operates mainly as a broker, sourcing underwriting capacity from selected third-party insurance companies, and, for motor and home, also from the Group's in-house underwriter until the sale of Acromas Insurance Company Limited ( AICL ) to Ageas 8 , which completed on 1 July 2025. Other Businesses include Money, Publishing and CustomerKNECT, a mailing and printing business. \n Underlying Revenue 6 \n Underlying Revenue 6 decreased 6.9% to £715.0m (2025: £768.2m), mainly due to lower revenue in the Group's discontinued Insurance Underwriting business. \n Underlying Profit Before Tax 6 \n The Group generated a total Underlying Profit Before Tax 6 of £59.4m in the current year, compared with £47.8m in the prior year. This is primarily due to: \n ·      £23.6m increase in Travel, moving to an Underlying Profit Before Tax 6 of £87.2m (2025: £63.6m), with £18.4m driven by Ocean Cruise; \n ·      Underlying Profit Before Tax 6 in Insurance Broking of £16.5m (2025: £14.4m); and \n ·      Underlying Profit Before Tax 6 in Insurance Underwriting of £15.6m (2025: £10.7m). \n Net finance costs 7 in the year were £43.1m (2025: £26.7m), which excludes finance costs within the Travel business of £15.4m (2025: £18.4m) and Insurance Underwriting business of £3.0m (2025: £8.8m). The increase, as expected, was predominantly driven by the refinancing of the Group's corporate debt at the beginning of the year at materially higher interest rates. \n Profit/(loss) before tax \n The profit before tax for the year, of £4.5m, includes a net negative of other exceptional items of £54.9m, consisting of: \n Continuing operations \n ·    costs relating to the transition to the 20-year partnership for motor and home insurance with Ageas 8 (the Affinity Partnership ) of £13.9m; \n ·    restructuring costs of £21.5m; \n ·    costs and fees associated with the Group's previous corporate debt, including accelerated amortisation of fees relating to the loan facility provided by Roger De Haan, totalling £7.6m; \n ·    fair value losses of £0.7m on derivatives; \n ·    a negative International Financial Reporting Standard ( IFRS ) 16 'Leases' accounting adjustment of £0.9m on River Cruise ships; \n ·    £0.5m Ocean Cruise dry dock costs; \n ·    impairments to non-financial assets of £1.9m; \n ·    foreign exchange losses on River Cruise ship leases of £0.8m; \n ·    a net negative modification to Travel breakage policy of £2.6m; \n ·    onerous contract provisions net positive of £1.3m on three-year fixed-price policies; and \n ·    release of deferred income associated with motor and home three-year fixed-price policies of £7.0m. \n Discontinued operations \n ·    onerous contract provisions net negative of £4.3m on insurance contracts under IFRS 17 'Insurance Contracts'; \n ·    restructuring costs of £0.4m; \n ·    loss on disposal of subsidiaries of £10.2m, relating to the disposal of the Insurance Underwriting business, which includes the release of the positive written to earned adjustment following the sale of the Insurance Underwriting business of £3.6m; \n ·    a £0.1m negative change in discount rate on non-periodical payment order ( PPO ) insurance liabilities; and \n ·    fair value gains on debt securities of £2.2m. \n The loss before tax in the prior year, of £141.1m, includes a £138.3m impairment to Insurance Broking goodwill and a net negative of other exceptional items of £50.6m, consisting of: \n Continuing operations \n ·    impairments to non-financial assets, other than goodwill, of £24.5m, including software assets that no longer drive economic benefit to the Group following the transition to the Insurance Broking partnership with Ageas 8 ; \n ·    restructuring costs of £28.4m, including a provision for the expected costs of restructuring the Group's Insurance Broking operations, ahead of the Ageas 8 partnership becoming operational; \n ·    costs and amortisation of fees relating to the loan facility provided by Roger De Haan of £3.5m; \n ·    fair value losses of £0.3m on derivatives; \n ·    a negative IFRS 16 lease accounting adjustment of £0.5m on River Cruise ships; \n ·    £1.7m additional Ocean Cruise dry dock costs and customer compensation relating to Spirit of Adventure; \n ·    profit share due to AXA on cessation of the private medical insurance ( PMI ) contract of £2.6m; \n ·    foreign exchange gains on River Cruise ship leases of £0.6m; and \n ·    onerous contract provisions net positive of £1.8m on three-year fixed-price policies. \n Discontinued operations \n ·    impairments to non-financial assets of £6.3m; \n ·    restructuring costs of £3.9m; \n ·    onerous contract provisions net positive of £13.0m on insurance contracts under IFRS 17; \n ·    fair value gains on debt securities of £5.1m; and \n ·    a £0.6m positive change in discount rate on non-PPO insurance liabilities. \n Income tax \n The Group's income tax expense for the year was £0.9m (2025: £23.8m), representing a positive tax effective rate of 20.0% (2025: negative 850.0%), excluding the Insurance Broking goodwill impairment charge. In both the current and prior periods, the difference between the Group's tax effective rate and the standard rate of corporation tax was mainly due to the Group's Ocean Cruise business being in the tonnage tax regime. In addition, in the current year and prior year, it is also due to all temporary differences at 31 January 2026 and 31 January 2025 not being considered recoverable and, therefore, no deferred tax assets were recognised for these temporary differences. This is the result of the change in mix of profitability within the Group, where the majority of the Group's profits now come from the Ocean Cruise business, whereas the Insurance Broking business has been in decline. \n There was also an adjustment in the current year for the under-provision of prior-year tax of £0.9m debit (2025: £nil). Excluding the impact of the Ocean Cruise business being in the tonnage tax regime, the Insurance goodwill impairment, the adjustments to prior-year tax and the non-recognition of net deferred tax assets, the tax effective rate for the current year is 16.0% (2025: 21.4%). \n Earnings/(loss) per share \n The Group Underlying Basic Earnings Per Share 6 was 41.1p (2025: 23.2p). The Group's reported basic earnings per share was 2.5p (2025: loss of 117.4p). \n 6 Refer to the Alternative Performance Measures Glossary for definition and explanation \n 7 Net finance costs exclude Travel and Insurance Underwriting finance costs and Travel net fair value losses on derivatives \n 8 Wholly owned UK subsidiaries of Ageas SA/NV \n   \n Travel \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n 12m to January 2026 \n \n \n   \n \n \n 12m to January 2025 \n \n \n \n \n £m \n \n \n Ocean Cruise \n \n \n River Cruise \n \n \n Holidays \n \n \n Total Travel \n \n \n Change \n \n \n Ocean Cruise \n \n \n River Cruise \n \n \n Holidays \n \n \n Total Travel \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Underlying Revenue 9 \n \n \n 265.6 \n \n \n 53.4 \n \n \n 185.1 \n \n \n 504.1 \n \n \n 11.1% \n \n \n 236.7 \n \n \n 49.4 \n \n \n 167.8 \n \n \n 453.9 \n \n \n   \n \n \n \n \n Gross profit \n \n \n 114.2 \n \n \n 16.6 \n \n \n 46.1 \n \n \n 176.9 \n \n \n 14.5 % \n \n \n 97.7 \n \n \n 15.1 \n \n \n 41.7 \n \n \n 154.5 \n \n \n   \n \n \n \n \n Marketing expenses \n \n \n (15.0) \n \n \n (6.3) \n \n \n (12.7) \n \n \n (34.0) \n \n \n (11.8%) \n \n \n (13.8) \n \n \n (5.7) \n \n \n (10.9) \n \n \n (30.4) \n \n \n   \n \n \n \n \n Other operating expenses \n \n \n (16.6) \n \n \n (4.9) \n \n \n (20.8) \n \n \n (42.3) \n \n \n 3.0% \n \n \n (16.6) \n \n \n (5.8) \n \n \n (21.2) \n \n \n (43.6) \n \n \n   \n \n \n \n \n Investment return \n \n \n - \n \n \n 0.5 \n \n \n 1.5 \n \n \n 2.0 \n \n \n 33.3% \n \n \n - \n \n \n 0.4 \n \n \n 1.1 \n \n \n 1.5 \n \n \n   \n \n \n \n \n Finance costs \n \n \n (15.3) \n \n \n - \n \n \n (0.1) \n \n \n (15.4) \n \n \n 16.3% \n \n \n (18.4) \n \n \n - \n \n \n - \n \n \n (18.4) \n \n \n   \n \n \n \n \n Underlying Profit Before Tax 9 \n \n \n 67.3 \n \n \n 5.9 \n \n \n 14.0 \n \n \n 87.2 \n \n \n 37.1 % \n \n \n 48.9 \n \n \n 4.0 \n \n \n 10.7 \n \n \n 63.6 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Average revenue per passenger (£) \n \n \n 6,009 \n \n \n 3,051 \n \n \n 3,044 \n \n \n 4,115 \n \n \n 3.7% \n \n \n 5,543 \n \n \n 2,923 \n \n \n 3,062 \n \n \n 3,968 \n \n \n   \n \n \n \n \n Ocean Cruise load factor \n \n \n 93% \n \n \n \n \n \n \n \n \n 93% \n \n \n 2ppts \n \n \n 91% \n \n \n \n \n \n \n \n \n 91% \n \n \n   \n \n \n \n \n Ocean Cruise per diem (£) \n \n \n 394 \n \n \n \n \n \n \n \n \n 394 \n \n \n 10.4% \n \n \n 357 \n \n \n \n \n \n \n \n \n 357 \n \n \n   \n \n \n \n \n Ocean Cruise capacity days ('000) \n \n \n 704 \n \n \n \n \n \n \n \n \n 704 \n \n \n (0.1%) \n \n \n 705 \n \n \n \n \n \n \n \n \n 705 \n \n \n   \n \n \n \n \n Ocean Cruise revenue per capacity day (£) \n \n \n 377 \n \n \n \n \n \n \n \n \n 377 \n \n \n 12.4% \n \n \n 336 \n \n \n \n \n \n \n \n \n 336 \n \n \n   \n \n \n \n \n River Cruise load factor \n \n \n \n \n \n 89% \n \n \n \n \n \n 89% \n \n \n - \n \n \n \n \n \n 89% \n \n \n \n \n \n 89% \n \n \n   \n \n \n \n \n River Cruise per diem (£) \n \n \n \n \n \n 350 \n \n \n \n \n \n 350 \n \n \n 7.4% \n \n \n \n \n \n 326 \n \n \n \n \n \n 326 \n \n \n   \n \n \n \n \n River Cruise capacity days ('000) \n \n \n \n \n \n 147 \n \n \n \n \n \n 147 \n \n \n 0.7% \n \n \n \n \n \n 146 \n \n \n \n \n \n 146 \n \n \n   \n \n \n \n \n River Cruise revenue per capacity day (£) \n \n \n \n \n \n 363 \n \n \n \n \n \n 363 \n \n \n 7.4% \n \n \n \n \n \n 338 \n \n \n \n \n \n 338 \n \n \n   \n \n \n \n \n Passengers ('000) \n \n \n 44.2 \n \n \n 17.5 \n \n \n 60.8 \n \n \n 122.5 \n \n \n 7.1% \n \n \n 42.7 \n \n \n 16.9 \n \n \n 54.8 \n \n \n 114.4 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Ocean Cruise \n The Ocean Cruise business owns two Ocean Cruise ships, Spirit of Discovery and Spirit of Adventure. \n The business achieved a load factor of 93% (2025: 91%) and a per diem of £394 (2025: £357). These two factors, when combined, equated to Underlying Revenue 9 growth of 12.2% and a 37.6% increase in profitability, from an Underlying Profit Before Tax 9 of £48.9m in the prior year, to £67.3m in the current year. \n River Cruise \n At the beginning of the year, the River Cruise business had 10-year charters in place for two boutique purpose-built River Cruise ships, Spirit of the Rhine and Spirit of the Danube, alongside one other shorter-term charter. In July 2025, the business took delivery of its third boutique purpose-built River Cruise ship, Spirit of the Moselle, which is also a 10-year charter. \n The business achieved a load factor of 89% (2025: 89%) and a per diem of £350 (2025: £326). This resulted in Underlying Revenue 9 growth of 8.1% and a 47.5% increase in Underlying Profit Before Tax 9 , to £5.9m (2025: £4.0m). \n Holidays \n The Holidays business, which includes both the Saga Holidays and Titan brands, increased volumes when compared with the prior year, with passenger numbers increasing from 54.8k to 60.8k. The revenue per passenger was broadly flat at £3,044 (2025: £3,062), driven by a passenger preference towards travel to Europe over long-haul destinations due to the current geopolitical environment. \n This led to Underlying Revenue 9 growth of 10.3% and an increase in profitability, from an Underlying Profit Before Tax 9 of £10.7m in the prior year, to £14.0m in the current year. \n Forward Travel sales \n Ocean Cruise bookings for 2026/27 continue to show sustained momentum, with a load factor in line with the same point last year. The per diem for 2026/27 is ahead of the same period last year, by 12.6%, reflecting continued customer demand. \n River Cruise also continues to perform well. For 2026/27, the load factor is 5ppts ahead of the same point last year, driven by a stable first-half performance and a stronger second half. Customer demand is particularly strong for Spirit of the Danube, with the newest addition to the fleet, Spirit of the Moselle, also seeing encouraging uptake. The per diem for the full year is 3.0% ahead, reflecting strong customer demand. \n Holidays bookings for 2026/27 remain ahead of the same point last year, with revenue up 4.0% and passengers up 0.2%. Within this, hosted stays continue to grow year-on-year. \n Travel bookings for 2027/28, across Cruise and Holidays, reflect a strong revenue position that is 2.3% ahead of the same time last year. \n   \n \n \n \n \n \n \n \n Current year departures \n \n \n \n \n \n \n \n 12 April 2026 \n \n \n Change \n \n \n 13 April 2025 \n \n \n \n \n Ocean Cruise revenue (£m) \n \n \n 256.2 \n \n \n 16.4% \n \n \n 220.1 \n \n \n \n \n Ocean Cruise load factor \n \n \n 79% \n \n \n - \n \n \n 79% \n \n \n \n \n Ocean Cruise per diem (£) \n \n \n 447 \n \n \n 12.6% \n \n \n 397 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n River Cruise revenue (£m) \n \n \n 52.6 \n \n \n 27.1% \n \n \n 41.4 \n \n \n \n \n River Cruise load factor \n \n \n 73% \n \n \n 5ppts \n \n \n 68% \n \n \n \n \n River Cruise per diem (£) \n \n \n 372 \n \n \n 3.0% \n \n \n 361 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Holidays revenue (£m) \n \n \n 165.9 \n \n \n 4.0% \n \n \n 159.5 \n \n \n \n \n Holidays passengers ('000) \n \n \n 51.6 \n \n \n 0.2% \n \n \n 51.5 \n \n \n \n \n   \n 9 Refer to the Alternative Performance Measures Glossary for definition and explanation \n ​ \n Insurance \n Insurance Broking \n The Insurance Broking business provides tailored insurance products, principally motor, home, PMI and travel insurance. Its role is to price the policies and source the lowest risk price, whether through the panel of motor and home underwriters or through solus arrangements for PMI and travel insurance. \n Until its sale to Ageas 10 on 1 July 2025, the Group had an in-house insurer, AICL, sitting on the motor and home panels, which competed for that business with other panel members on equal terms. AICL offered its underwriting capacity on the home panel through a coinsurance deal with a third party, so the Group took no underwriting risk for that product. Even if underwritten by a third party, the offering is presented as a Saga product and the Group manages the customer relationship. AICL continues to sit on the motor and home panels following its sale. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 12m to January 2026 \n \n \n \n \n \n 12m to January 2025 \n \n \n   \n \n \n \n \n £m \n \n \n Motor broking \n \n \n Home broking \n \n \n Other broking \n \n \n Total \n \n \n Change \n \n \n Motor broking \n \n \n Home broking \n \n \n Other broking \n \n \n Total \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Gross Written Premiums 11 \n \n \n 279.6 \n \n \n 132.9 \n \n \n 139.5 \n \n \n 552.0 \n \n \n (4.0%) \n \n \n 294.2 \n \n \n 155.1 \n \n \n 125.5 \n \n \n 574.8 \n \n \n   \n \n \n \n \n Broker revenue \n \n \n 7.0 \n \n \n 11.8 \n \n \n 46.0 \n \n \n 64.8 \n \n \n 9.5% \n \n \n 13.1 \n \n \n 6.2 \n \n \n 39.9 \n \n \n 59.2 \n \n \n   \n \n \n \n \n Instalment revenue \n \n \n 5.0 \n \n \n 3.2 \n \n \n - \n \n \n 8.2 \n \n \n 20.6% \n \n \n 3.3 \n \n \n 3.5 \n \n \n - \n \n \n 6.8 \n \n \n   \n \n \n \n \n Add-on revenue \n \n \n 8.2 \n \n \n 5.9 \n \n \n - \n \n \n 14.1 \n \n \n (6.0%) \n \n \n 7.2 \n \n \n 7.7 \n \n \n 0.1 \n \n \n 15.0 \n \n \n   \n \n \n \n \n Other revenue \n \n \n 30.6 \n \n \n 14.0 \n \n \n 0.7 \n \n \n 45.3 \n \n \n 24.1% \n \n \n 25.2 \n \n \n 15.7 \n \n \n (4.4) \n \n \n 36.5 \n \n \n   \n \n \n \n \n Written Underlying Revenue 11 \n \n \n 50.8 \n \n \n 34.9 \n \n \n 46.7 \n \n \n 132.4 \n \n \n 12.7% \n \n \n 48.8 \n \n \n 33.1 \n \n \n 35.6 \n \n \n 117.5 \n \n \n   \n \n \n \n \n Written gross profit \n \n \n 45.8 \n \n \n 34.9 \n \n \n 48.3 \n \n \n 129.0 \n \n \n 9.3% \n \n \n 42.1 \n \n \n 33.1 \n \n \n 42.8 \n \n \n 118.0 \n \n \n   \n \n \n \n \n Marketing expenses \n \n \n (16.5) \n \n \n (5.6) \n \n \n (10.4) \n \n \n (32.5) \n \n \n (55.5%) \n \n \n (9.1) \n \n \n (6.0) \n \n \n (5.8) \n \n \n (20.9) \n \n \n   \n \n \n \n \n Written Gross Profit After Marketing Expenses 11 \n \n \n 29.3 \n \n \n 29.3 \n \n \n 37.9 \n \n \n 96.5 \n \n \n ( 0.6%) \n \n \n 33.0 \n \n \n 27.1 \n \n \n 37.0 \n \n \n 97.1 \n \n \n   \n \n \n \n \n Other operating expenses \n \n \n \n \n \n \n \n \n \n \n \n (79.9) \n \n \n 3.7% \n \n \n \n \n \n \n \n \n \n \n \n (83.0) \n \n \n   \n \n \n \n \n Written Underlying Profit Before Tax 11 \n \n \n   \n \n \n   \n \n \n   \n \n \n 16.6 \n \n \n 17.7% \n \n \n   \n \n \n   \n \n \n   \n \n \n 14.1 \n \n \n   \n \n \n \n \n Written to earned adjustment \n \n \n \n \n \n \n \n \n \n \n \n (0.1) \n \n \n (133.3%) \n \n \n \n \n \n \n \n \n \n \n \n 0.3 \n \n \n   \n \n \n \n \n Earned Underlying Profit Before Tax 11 \n \n \n \n \n \n \n \n \n \n \n \n 16.5 \n \n \n 14.6% \n \n \n   \n \n \n   \n \n \n   \n \n \n 14.4 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Policies in force \n \n \n 675k \n \n \n 412k \n \n \n 207k \n \n \n 1,294k \n \n \n 1.6% \n \n \n 602k \n \n \n 506k \n \n \n 166k \n \n \n 1,274k \n \n \n   \n \n \n \n \n Policies sold \n \n \n 734k \n \n \n 441k \n \n \n 211k \n \n \n 1,386k \n \n \n 2.6% \n \n \n 655k \n \n \n 528k \n \n \n 168k \n \n \n 1,351k \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Reconciliation to continuing operations: \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Earned Underlying Profit Before Tax 11 \n \n \n \n \n \n \n \n \n \n \n \n 16.5 \n \n \n 14.6% \n \n \n   \n \n \n   \n \n \n   \n \n \n 14.4 \n \n \n   \n \n \n \n \n Written Underlying Profit Before Tax 11 from discontinued operations \n \n \n \n \n \n \n \n \n \n \n \n 0.3 \n \n \n (25.0%) \n \n \n \n \n \n \n \n \n \n \n \n 0.4 \n \n \n   \n \n \n \n \n Written to earned adjustment \n \n \n \n \n \n \n \n \n \n \n \n 0.1 \n \n \n 133.3% \n \n \n \n \n \n \n \n \n \n \n \n (0.3) \n \n \n   \n \n \n \n \n Underlying Profit Before Tax 11 from continuing operations \n \n \n \n \n \n \n \n \n \n \n \n 16.9 \n \n \n 16.6% \n \n \n   \n \n \n   \n \n \n   \n \n \n 14.5 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Insurance Broking written Underlying Profit Before Tax 11 , which excludes the impact of the written to earned adjustment deferring the revenue on policies underwritten over the term of the policy, increased to £16.6m, from £14.1m in the prior year. Underlying Profit Before Tax 11 from continuing operations increased to £16.9m from £14.5m. The written to earned adjustment is no longer required following the sale of the Insurance Underwriting business to Ageas 10 on 1 July 2025, as the Group ceased to underwrite any insurance policies, so it no longer has to spread revenue on underwritten policies over the life of the insurance policy. \n A key metric for the Insurance Broking business is Written Gross Profit After Marketing Expenses 1 1 before deducting overheads. This reduced from £97.1m in the prior year, to £96.5m in the current year, mainly due to lower new business margins on motor and lower volumes on home. This was partially offset by higher renewal margins on motor and home and by an improved performance of the PMI product. Written Gross Profit After Marketing Expenses 11 fell by £3.7m in motor, partially offset by increases in home of £2.2m and other broking of £0.9m. \n For motor and home insurance, in terms of the total Written Gross Profit After Marketing Expenses 11 , the new business proportion reduced by £14.3m and the renewal proportion increased by £12.8m. \n The three-year fixed-price product remains significant, with 422k policies sold in the current year, compared with 518k policies in the prior year. This represented 36% of total motor and home policies (2025: 44%), with 27% of direct new business customers taking the product (2025: 29%). These policies remain highly attractive to our customer base. \n The average gross margin per policy for motor and home combined, calculated as Written Gross Profit After Marketing Expenses 11 divided by the number of policies sold, reduced to £49.9 in the current year, compared with £50.8 in the prior year. \n In addition, customer retention for motor and home increased from 77% to 85%, overall motor and home policies in force decreased 2% when compared with 31 January 2025, and direct new business sales decreased 12ppts to 33% as the Group rebalanced volumes towards price-comparison website distribution channels. \n Written profit and gross margin per policy for motor and home are stated after allowing for deferral of part of the revenues from three-year fixed-price products, which is then recognised in profit or loss when the option to renew those policies at a predetermined fixed price is exercised or lapses, recognising the inflation risk inherent in these products. At 31 January 2026, £1.8m (2025: £8.9m) of income had been deferred in relation to three-year fixed-price products. The reduction is due to the Affinity Partnership with Ageas 10 , with the responsibility of the renewal of Saga-branded motor and home policies transferring to Ageas 10 , meaning that all previously deferred revenues on three-year fixed-price products will be released prior to renewals going live as part of the Affinity Partnership. \n Motor broking \n Gross Written Premiums 11 decreased 5.0% due to a 15.2% decrease in average premiums, partially offset by a 12.1% increase in core policies sold. \n Written Gross Profit After Marketing Expenses 11 was £29.3m (2025: £33.0m), contributing £39.9 per policy (2025: £50.4 per policy). Lower new business margins and a 4.8% reduction in renewal policies sold were partially offset by an increase in renewal margins and an 80.3% increase in new business policies sold. \n Home broking \n Gross Written Premiums 11 decreased 14.3% due to a 16.5% reduction in core policies sold, partially offset by a 2.5% increase in average premiums. \n Written Gross Profit After Marketing Expenses 11 was £29.3m (2025: £27.1m), equating to £66.4 per policy (2025: £51.3 per policy). The increase in written gross profits was mainly due to higher renewal margins. \n Other broking \n Other broking primarily comprises PMI and travel insurance. \n Gross Written Premiums 11 increased 11.2% as a result of an increase in policy sales to 176k (2025: 131k) in travel insurance and to 33k (2025: 30k) in PMI. \n The PMI product performed well, with commissions and profit share leading to Written Gross Profit After Marketing Expenses 11 increasing by £4.7m. \n Written Gross Profit After Marketing Expenses 11 relating to travel insurance products decreased by £0.9m, mainly as a result of a reduction to new business margins. \n 10 Wholly owned UK subsidiaries of Ageas SA/NV \n 11 Refer to the Alternative Performance Measures Glossary for definition and explanation \n Insurance Underwriting (classified as a discontinued operation) \n \n \n \n \n \n \n \n \n \n \n 12m to January 2026 \n \n \n \n \n \n 12m to January 2025 \n \n \n \n \n £m \n \n \n \n \n \n Gross \n \n \n Re \n insurance \n \n \n Net \n \n \n Gross change \n \n \n Gross \n \n \n Re \n insurance \n \n \n Net \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Insurance Underlying Revenue 12 \n \n \n A \n \n \n 64.2 \n \n \n (4.7) \n \n \n 59.5 \n \n \n (67.0%) \n \n \n 194.5 \n \n \n (17.1) \n \n \n 177.4 \n \n \n   \n \n \n \n \n Incurred claims (current year) \n \n \n B \n \n \n (50.5) \n \n \n 2.8 \n \n \n (47.7) \n \n \n 64.7% \n \n \n (143.1) \n \n \n (5.3) \n \n \n (148.4) \n \n \n   \n \n \n \n \n Claims handling costs in relation to incurred claims \n \n \n C \n \n \n (6.3) \n \n \n - \n \n \n (6.3) \n \n \n 64.6% \n \n \n (17.8) \n \n \n - \n \n \n (17.8) \n \n \n   \n \n \n \n \n Changes to liabilities for incurred claims (prior year) \n \n \n D \n \n \n 17.8 \n \n \n (3.7) \n \n \n 14.1 \n \n \n (66.1%) \n \n \n 52.5 \n \n \n (41.2) \n \n \n 11.3 \n \n \n   \n \n \n \n \n Other incurred insurance service expenses \n \n \n E \n \n \n (4.8) \n \n \n - \n \n \n (4.8) \n \n \n 61.3% \n \n \n (12.4) \n \n \n - \n \n \n (12.4) \n \n \n   \n \n \n \n \n Insurance service result \n \n \n \n \n \n 20.4 \n \n \n (5.6) \n \n \n 14.8 \n \n \n (72.3%) \n \n \n 73.7 \n \n \n (63.6) \n \n \n 10.1 \n \n \n   \n \n \n \n \n Net finance (expense)/income from (re)insurance (excludes impact of change in discount rate on non-PPO liabilities) \n \n \n \n \n \n (4.9) \n \n \n 1.9 \n \n \n (3.0) \n \n \n 70.8% \n \n \n (16.8) \n \n \n 8.0 \n \n \n (8.8) \n \n \n   \n \n \n \n \n Investment return (exclude fair value gains on debt securities) \n \n \n \n \n \n 3.8 \n \n \n - \n \n \n 3.8 \n \n \n (59.6%) \n \n \n 9.4 \n \n \n - \n \n \n 9.4 \n \n \n   \n \n \n \n \n Underlying Profit Before Tax 12 \n \n \n \n \n \n 19.3 \n \n \n (3.7) \n \n \n 15.6 \n \n \n 70.9% \n \n \n 66.3 \n \n \n (55.6) \n \n \n 10.7 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Reported loss ratio \n \n \n (B+D)/A \n \n \n 50.9% \n \n \n \n \n \n 56.5% \n \n \n (4.3ppts) \n \n \n 46.6% \n \n \n \n \n \n 77.3% \n \n \n   \n \n \n \n \n Expense ratio \n \n \n (C+E)/A \n \n \n 17.3% \n \n \n \n \n \n 18.7% \n \n \n (1.8ppts) \n \n \n 15.5% \n \n \n \n \n \n 17.0% \n \n \n   \n \n \n \n \n Reported combined operating ratio ( COR ) \n \n \n (B+C+D+E)/A \n \n \n 68.2% \n \n \n \n \n \n 75.1% \n \n \n (6.1ppts) \n \n \n 62.1% \n \n \n \n \n \n 94.3% \n \n \n   \n \n \n \n \n Current year COR \n \n \n (B+C+E)/A \n \n \n 96.0% \n \n \n \n \n \n 98.8% \n \n \n (6.9ppts) \n \n \n 89.1% \n \n \n \n \n \n 100.7% \n \n \n   \n \n \n \n \n Number of earned policies \n \n \n \n \n \n 163k \n \n \n \n \n \n \n \n \n (66.5%) \n \n \n 487k \n \n \n \n \n \n \n \n \n   \n \n \n \n \n   \n The Group's in-house underwriter, AICL, was sold to Ageas 13 on 1 July 2025 but continues to underwrite around 60% of the motor business sold by Insurance Broking, alongside a smaller proportion of business on other panels. Alongside this, AICL underwrites a portion of Saga's home panel. \n Gross insurance Underlying Revenue 12 in the current year decreased 67.0% to £64.2m (2025: £194.5m), reflecting a 66.5% reduction in the number of earned policies underwritten by AICL while being part of the Group, due to the sale of AICL to Ageas 13 on 1 July 2025. This was also a 1.4% decrease in average earned premiums. \n The gross insurance service result was in line with expectations, with a 6.9ppt decrease in the current year gross combined operating ratio ( COR ) to 96.0% (2025: 89.1%). After allowing for reinsurance arrangements, this increased slightly to 98.8% (2025: 100.7%). The improved net year-on-year result reflects the entering of a new profitable quota share aggregation period, with the motor surplus generated during the current year shared with reinsurance partners. \n 12 Refer to the Alternative Performance Measures Glossary for definition and explanation \n 13 Wholly owned UK subsidiaries of Ageas SA/NV \n   \n Other Businesses and Central Costs \n \n \n \n \n \n \n \n 12m to January 2026 \n \n \n \n \n \n 12m to January 2025 \n \n \n \n \n £m \n \n \n Other Businesses \n \n \n Central Costs \n \n \n ​Total \n \n \n Change \n \n \n Other Businesses \n \n \n Central Costs \n \n \n Total \n \n \n \n \n Underlying Revenue 14 \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Money \n \n \n 6.1 \n \n \n - \n \n \n 6.1 \n \n \n 8.9% \n \n \n 5.6 \n \n \n - \n \n \n 5.6 \n \n \n \n \n Publishing and CustomerKNECT \n \n \n 11.3 \n \n \n - \n \n \n 11.3 \n \n \n (18.7%) \n \n \n 13.9 \n \n \n - \n \n \n 13.9 \n \n \n \n \n Other \n \n \n - \n \n \n 1.5 \n \n \n 1.5 \n \n \n 100.0% \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Total Underlying Revenue \n \n \n 17.4 \n \n \n 1.5 \n \n \n 18.9 \n \n \n (3.1%) \n \n \n 19.5 \n \n \n - \n \n \n 19.5 \n \n \n \n \n Gross profit \n \n \n 5.4 \n \n \n 3.6 \n \n \n 9.0 \n \n \n (30.8 %) \n \n \n 6.9 \n \n \n 6.1 \n \n \n 13.0 \n \n \n \n \n Operating expenses \n \n \n (5.1) \n \n \n (23.8 ) \n \n \n (28.9) \n \n \n 6.5 % \n \n \n (6.5) \n \n \n (24.4) \n \n \n (30.9) \n \n \n \n \n Investment income \n \n \n - \n \n \n 3.1 \n \n \n 3.1 \n \n \n (16.2 %) \n \n \n - \n \n \n 3.7 \n \n \n 3.7 \n \n \n \n \n Net finance costs \n \n \n - \n \n \n (43.1) \n \n \n (43.1) \n \n \n ( 61.4%) \n \n \n - \n \n \n (26.7) \n \n \n (26.7) \n \n \n \n \n Underlying Profit/(Loss) Before Tax 14 \n \n \n 0.3 \n \n \n (60.2) \n \n \n (59.9) \n \n \n (46.5 %) \n \n \n 0.4 \n \n \n (41.3) \n \n \n (40.9) \n \n \n \n \n   \n The Group's Other Businesses include Money, Publishing and CustomerKNECT. \n Underlying Profit Before Tax 14 for Other Businesses, when combined, reduced by £0.1m, from a £0.4m Underlying Profit Before Tax 14 in the prior year to £0.3m in the current year. \n Central operating expenses reduced to £23.8m (2025: £24.4m). Gross administration costs, before Group recharges, decreased by £2.1m in the year. Net costs increased by a further £1.5m due to lower Group recharges to the business units. \n Net finance costs in the year were £43.1m (2025: £26.7m), which excludes finance costs within the Travel businesses of £15.4m (2025: £18.4m) and Insurance Underwriting business of £3.0m (2025: £8.8m). The increase was predominantly driven by the refinancing of the Group's corporate debt at the beginning of the year at materially higher interest rates. \n 14 Refer to the Alternative Performance Measures Glossary for definition and explanation \n Cash flow and liquidity \n Available Operating Cash Flow 15 \n \n \n \n \n £m \n \n \n \n \n \n 12m to Jan 2026 \n \n \n Change \n \n \n 12m to Jan 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Group Trading EBITDA 15 \n \n \n \n \n \n 153.1 \n \n \n 11.7% \n \n \n 137.1 \n \n \n \n \n Less Trading EBITDA 15 from restricted businesses \n \n \n \n \n \n (39.7) \n \n \n (15.7%) \n \n \n (34.3) \n \n \n \n \n Group Trading EBITDA 15,16 from unrestricted businesses \n \n \n \n \n \n 113.4 \n \n \n 10.3% \n \n \n 102.8 \n \n \n \n \n Working capital and non-cash items \n \n \n \n \n \n 86.9 \n \n \n >500.0% \n \n \n 2.2 \n \n \n \n \n Dividends and intercompany repayments from restricted businesses \n \n \n \n \n \n 26.2 \n \n \n 13.9% \n \n \n 23.0 \n \n \n \n \n Capital expenditure funded with Available Cash 15 \n \n \n \n \n \n (20.6) \n \n \n (12.0%) \n \n \n (18.4) \n \n \n \n \n Available Operating Cash Flow 15 \n \n \n \n \n \n 205.9 \n \n \n 87.9% \n \n \n 109.6 \n \n \n \n \n Restructuring costs \n \n \n \n \n \n (42.4) \n \n \n (99.1%) \n \n \n (21.3) \n \n \n \n \n Interest and financing costs \n \n \n \n \n \n (67.1) \n \n \n (55.0%) \n \n \n (43.3) \n \n \n \n \n Business disposals \n \n \n \n \n \n 68.8 \n \n \n 100.0% \n \n \n - \n \n \n \n \n Tax receipts \n \n \n \n \n \n 2.7 \n \n \n (64.0%) \n \n \n 7.5 \n \n \n \n \n Other payments \n \n \n \n \n \n (11.9) \n \n \n (105.2%) \n \n \n (5.8) \n \n \n \n \n Change in cash flow from operations \n \n \n \n \n \n 156.0 \n \n \n 234.0% \n \n \n 46.7 \n \n \n \n \n Change in bond debt \n \n \n \n \n \n (250.0) \n \n \n (66.7%) \n \n \n (150.0) \n \n \n \n \n Change in loan facilities debt \n \n \n \n \n \n 260.0 \n \n \n 246.7% \n \n \n 75.0 \n \n \n \n \n Change in Ocean Cruise ship debt \n \n \n \n \n \n (55.6) \n \n \n 10.6% \n \n \n (62.2) \n \n \n \n \n Cash at 1 February \n \n \n \n \n \n 79.3 \n \n \n (53.3%) \n \n \n 169.8 \n \n \n \n \n Available Cash 15 at 31 January \n \n \n \n \n \n 189.7 \n \n \n 139.2% \n \n \n 79.3 \n \n \n \n \n   \n \n \n \n \n £m \n \n \n \n \n \n 12m to Jan 2026 \n \n \n Change \n \n \n 12m to Jan 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Available Operating Cash Flow 15 by business unit \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Ocean Cruise \n \n \n \n \n \n 124.5 \n \n \n 34.7% \n \n \n 92.4 \n \n \n \n \n River Cruise \n \n \n \n \n \n 2.6 \n \n \n 85.7% \n \n \n 1.4 \n \n \n \n \n Holidays \n \n \n \n \n \n 13.7 \n \n \n 8.7% \n \n \n 12.6 \n \n \n \n \n Insurance Broking \n \n \n \n \n \n 79.5 \n \n \n >500.0% \n \n \n 8.1 \n \n \n \n \n Insurance Underwriting \n \n \n \n \n \n 10.0 \n \n \n 11.1% \n \n \n 9.0 \n \n \n \n \n Other Businesses and Central Costs \n \n \n \n \n \n (24.4) \n \n \n (75.5%) \n \n \n (13.9) \n \n \n \n \n Available Operating Cash Flow 15 \n \n \n \n \n \n 205.9 \n \n \n 87.9% \n \n \n 109.6 \n \n \n \n \n   \n Available Operating Cash Flow 15 is made up of the cash flows from unrestricted businesses and the dividends paid by, and intercompany repayments from, restricted companies, less any cash injections to those businesses. Unrestricted businesses include the Group's Ocean Cruise business, Insurance Broking (excluding specific ring-fenced funds to satisfy Financial Conduct Authority regulatory requirements) and Other Businesses and Central Costs. Restricted businesses include River Cruise, Holidays and Insurance Underwriting. \n As a result of an increase in cash generation from Ocean Cruise and Insurance Broking, Available Operating Cash Flow 15 increased from £109.6m in the prior year to £205.9m the current year. \n The Ocean Cruise business reported an Available Operating Cash Flow 15 of £124.5m (2025: £92.4m), with an increase in advance customer receipts of £12.6m (2025: £12.0m), net trading income of £108.3m (2025: £97.3m) and repayment of cash collateralised Association of British Travel Agents ( ABTA ) bonding of £11.5m (2025: £11.5m drawdown), partially offset by capital expenditure of £7.9m (2025: £5.4m), associated with a scheduled dry dock for Spirit of Discovery. Net of interest costs of £12.9m (2025: £15.8m) and exceptional costs of £0.6m (2025: £1.7m), the Ocean Cruise business reported a net cash inflow, before capital repayments on the ship debt, of £111.0m for the year, compared with £74.9m in the prior year. \n The River Cruise business provided an intercompany loan to the Group of £2.6m in the year (2025: £1.4m), which was agreed with the Civil Aviation Authority ( CAA ). For any further excess cash to be paid back to the Group, dividends will only be paid following an approval process with the CAA. The business continues to be under an escrow trust arrangement as part of its CAA licence. At 31 January 2026, the business held cash of £22.7m, of which £12.0m was held in escrow. The business must hold a minimum of £1.7m of cash outside of escrow within the business, as agreed with the CAA. \n The Holidays business repaid the Group £13.7m during the year (2025: £12.6m). The increase is due to the improved trading performance in the current year compared with the prior year, resulting in an increase in repayment of intercompany loans to the Group during the current year. \n The Insurance Broking business reported an Available Operating Cash Flow 15 of £79.5m (2025: £8.1m), which includes £60.0m (2025: £nil) of upfront consideration as part of the Ageas 17 Affinity Partnership. The remaining increase of £11.4m is the result of an increase in working capital of £7.5m, which was driven by the receipt of £7.5m from AICL relating to a stop loss agreement between AICL and Saga Services Limited. In addition, there was a reduction in capital expenditure in the current year of £6.1m. This was partially offset by a reduction in EBITDA in the current year of £2.2m. \n The Insurance Underwriting business paid dividends to the Group of £10.0m (2025: £9.0m), prior to the sale to Ageas 17 , relating to excess solvency capital. \n Other cash flow movements \n Interest and financing costs increased in the current year, predominantly driven by the refinancing of the Group's corporate debt at the beginning of the year at materially higher interest rates. \n The Group continued to make the agreed payments to the defined benefit pension fund as part of the deficit recovery plan of £5.8m (2025: £5.8m), which are now paid quarterly compared with the previous annual contributions. In addition, the Group funded ring-fenced, restricted designated bank accounts, using Available Cash 15 totalling £6.1m, over which charges have been granted in favour of the pension trustees, both of which are included within other payments. \n In the current year, the Group drew its £335.0m term loan (see change to facilities within the Financing section for further details) and used the funds to repay in full and cancel its £250.0m corporate bond, repay the £75.0m drawn proportion, and cancel the £85.0m loan facility, provided by Roger De Haan. The Group continued to make capital repayments against its Ocean Cruise ship debt facilities, with payments totalling £25.5m (2025: £30.6m) on Spirit of Discovery's debt facility and £30.1m (2025: £31.6m) on Spirit of Adventure's debt facility. \n 15 Refer to the Alternative Performance Measures Glossary for definition and explanation \n 16 Trading EBITDA includes the line-item impact of IFRS 16 with the corresponding impact to net finance costs included in net cash flows       used in financing activities \n 17 Wholly owned UK subsidiaries of Ageas SA/NV \n   \n Statement of financial position \n Goodwill \n At 31 January 2026, the carrying value of the Group's goodwill associated with the Insurance Broking business was £206.4m (31 January 2025: £206.4m). Trading performance in the current year was ahead of expectations, therefore, following the annual test of goodwill for impairment, the Directors concluded that no impairment was required at 31 January 2026. \n Carrying value of Ocean Cruise ships \n At 31 January 2026, the carrying value of the Group's Ocean Cruise ships was £555.6m (31 January 2025: £570.6m). Trading performance in the current year was very positive, and, with strong bookings for 2026/27, the Directors concluded that there were no indicators of impairment at 31 January 2026. \n Investment portfolio \n Prior to its sale to Ageas 18 on 1 July 2025, the majority of the Group's financial assets were held by its Insurance Underwriting entity and represented premium income received and invested to settle claims and meet regulatory capital requirements. \n As a result of the sale of the Group's Insurance Underwriting business, the amount held in invested funds decreased by £253.1m to £nil (31 January 2025: £253.1m). At 31 January 2026, 100% of the financial assets held by the Group were invested with counterparties with a risk rating of BBB or above, consistent with the prior year end, reflecting the relatively stable credit risk rating of the Group's investment holdings. \n \n \n \n \n \n \n \n Credit risk rating \n \n \n \n \n   \n \n \n A AA \n \n \n A A \n \n \n A \n \n \n B BB \n \n \n U nrated \n \n \n T otal \n \n \n \n \n At 31 January 2026 \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Derivative assets \n \n \n - \n \n \n - \n \n \n 1.1 \n \n \n - \n \n \n - \n \n \n 1.1 \n \n \n \n \n Total financial assets \n \n \n - \n \n \n - \n \n \n 1.1 \n \n \n - \n \n \n - \n \n \n 1.1 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Credit risk rating \n \n \n \n \n \n \n \n AAA \n \n \n AA \n \n \n A \n \n \n BBB \n \n \n Unrated \n \n \n Total \n \n \n \n \n At 31 January 2025 \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Investment portfolio \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Deposits with financial institutions \n \n \n - \n \n \n 1.0 \n \n \n 10.5 \n \n \n - \n \n \n - \n \n \n 11.5 \n \n \n \n \n \n \n \n Debt securities \n \n \n 22.8 \n \n \n 53.2 \n \n \n 52.4 \n \n \n 50.3 \n \n \n - \n \n \n 178.7 \n \n \n \n \n \n \n \n Money market funds \n \n \n 62.9 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 62.9 \n \n \n \n \n Total invested funds \n \n \n 85.7 \n \n \n 54.2 \n \n \n 62.9 \n \n \n 50.3 \n \n \n - \n \n \n 253.1 \n \n \n \n \n Derivative assets \n \n \n \n \n \n 0.2 \n \n \n 0.9 \n \n \n - \n \n \n - \n \n \n 1.1 \n \n \n \n \n Total financial assets \n \n \n 85.7 \n \n \n 54.4 \n \n \n 63.8 \n \n \n 50.3 \n \n \n - \n \n \n 254.2 \n \n \n \n \n   \n Insurance reserves \n Analysis of insurance contract liabilities at 31 January 2026 and 31 January 2025 is as follows: \n \n \n \n \n \n \n \n At 31 January 2026 \n \n \n At 31 January 2025 \n \n \n \n \n £m \n \n \n Gross \n \n \n Reinsurance assets \n \n \n Net \n \n \n Gross \n \n \n Reinsurance assets \n \n \n Net \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Incurred claims - estimate of the present value of future cash flows \n \n \n - \n \n \n - \n \n \n - \n \n \n 235.9 \n \n \n (88.9) \n \n \n 147.0 \n \n \n \n \n Incurred claims - risk adjustment \n \n \n - \n \n \n - \n \n \n - \n \n \n 33.7 \n \n \n (28.2) \n \n \n 5.5 \n \n \n \n \n Remaining coverage - excluding loss component \n \n \n - \n \n \n - \n \n \n - \n \n \n 46.3 \n \n \n 9.3 \n \n \n 55.6 \n \n \n \n \n Remaining coverage - loss component \n \n \n - \n \n \n - \n \n \n - \n \n \n 1.8 \n \n \n - \n \n \n 1.8 \n \n \n \n \n Total \n \n \n - \n \n \n - \n \n \n - \n \n \n 317.7 \n \n \n (107.8) \n \n \n 209.9 \n \n \n \n \n \nThe Group's total insurance contract liabilities, net of reinsurance assets, decreased by £209.9m in the year to 31 January 2026 from the previous year end, entirely due to the sale of the Group's Insurance Underwriting business to Ageas 18 on 1 July 2025. At 31 January 2025, these balances were included within liabilities directly associated with assets held for sale. \n Financing \n At 31 January 2026, the Group's Net Debt 19 was £499.5m, £93.3m lower than at the start of the financial year. \n Net Debt 19 is analysed as follows: \n \n \n \n \n £m \n \n \n Maturity date 20 \n \n \n 31 January 2026 \n \n \n \n \n \n 31 January 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 5.5% Corporate bond \n \n \n July 2026 \n \n \n - \n \n \n \n \n \n 250.0 \n \n \n \n \n Loan facility provided by Roger De Haan \n \n \n April 2026 \n \n \n - \n \n \n \n \n \n 75.0 \n \n \n \n \n Term loan \n \n \n January 2031 \n \n \n 335.0 \n \n \n \n \n \n - \n \n \n \n \n DDTL \n \n \n January 2031 \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n RCF \n \n \n January 2029 \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n Spirit of Discovery Ocean Cruise ship loan \n \n \n June 2031 \n \n \n 117.5 \n \n \n \n \n \n 143.0 \n \n \n \n \n Spirit of Adventure Ocean Cruise ship loan \n \n \n September 2032 \n \n \n 171.7 \n \n \n \n \n \n 201.8 \n \n \n \n \n Pre-IFRS 16 lease liabilities \n \n \n \n \n \n 5.0 \n \n \n \n \n \n 2.3 \n \n \n \n \n Less Available Cash 19,21 \n \n \n \n \n \n (189.7) \n \n \n \n \n \n (79.3) \n \n \n \n \n Add upfront Ageas 18 partnership proceeds \n \n \n \n \n \n 60.0 \n \n \n \n \n \n - \n \n \n \n \n Net Debt 19 \n \n \n   \n \n \n 499.5 \n \n \n   \n \n \n 592.8 \n \n \n \n \n   \n Net Debt 19 includes an add back of the £60.0m of upfront Ageas 18 partnership proceeds due to a restriction within the Group's facilities with HPS Funds 22 , where the proceeds from the Ageas 18 partnership cannot be recognised within Net Debt 19 until the working capital unwind associated with moving motor and home to the partnership model has fully occurred. \n   \n Financial covenant compliance \n The Group's Leverage Ratio 19 , at 31 January 2026, was 3.7x (31 January 2025: 4.4x 23 ), within the 8.0x covenant under the corporate facilities at 31 January 2026. \n \n \n \n \n £m \n \n \n \n \n \n 31 January \n 2026 \n \n \n   \n \n \n 31 January 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net Debt 19 \n \n \n \n \n \n 499.5 \n \n \n   \n \n \n 592.8 23 \n \n \n \n \n Consolidated Pro Forma EBITDA 19 \n \n \n \n \n \n 133.3 \n \n \n   \n \n \n 134.6 \n \n \n \n \n Leverage Ratio 19 \n \n \n \n \n \n 3.7x \n \n \n   \n \n \n 4.4x 23 \n \n \n \n \n   \n The Group also has financial covenants associated with its Ocean Cruise ship debt facilities, being a debt service cover ratio and an interest cover ratio. The debt service cover ratio, at 31 January 2026, was 1.9x (31 January 2025: 1.4x), in excess of the 1.2x covenant (31 January 2025: 1.0x) under the Ocean Cruise ship debt facilities at the same date. The interest cover ratio, at 31 January 2026, was 12.2x (31 January 2025: 7.9x), in excess of the 2.0x covenant under the ship debt facilities at the same date. \n \n \n \n \n £m \n \n \n \n \n \n 31 January \n  2026 \n \n \n   \n \n \n 31 January 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ST&H Group consolidated pro forma Trading EBITDA 19 \n \n \n \n \n \n 126.8 \n \n \n   \n \n \n 103.9 \n \n \n \n \n ST&H Group consolidated debt service \n \n \n \n \n \n 66.0 \n \n \n   \n \n \n 75.3 \n \n \n \n \n Debt service cover ratio \n \n \n \n \n \n 1.9x \n \n \n   \n \n \n 1.4x \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n \n \n \n 31 January \n 2026 \n \n \n   \n \n \n 31 January 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ST&H Group consolidated pro forma Trading EBITDA 19 \n \n \n \n \n \n 126.8 \n \n \n   \n \n \n 103.9 \n \n \n \n \n ST&H Group consolidated total net cash interest expenses \n \n \n \n \n \n 10.4 \n \n \n   \n \n \n 13.1 \n \n \n \n \n Interest cover ratio \n \n \n \n \n \n 12.2x \n \n \n   \n \n \n 7.9x \n \n \n \n \n   \n Change to facilities \n At the start of the financial year, the Group repaid in full its £250.0m corporate bond and the £75.0m drawings under the £85.0m loan facility provided by Roger De Haan, which was also cancelled at the same time, and cancelled the existing £50.0m RCF. These repayments were funded using the new £335.0m term loan secured from HPS Funds 22 . \n Since issuing its interim results, the Group extended its RCF for an additional year, extending the contractual maturity to January 2029. There have been no other changes to the facility and the RCF remains available to support working capital and general corporate purposes and remained undrawn at 31 January 2026. \n The Group also made scheduled repayments on its Ocean Cruise ship debt facilities in March 2025 and September 2025 for Spirit of Adventure and in June 2025 and December 2025 for Spirit of Discovery, totalling £30.1m and £25.5m respectively. \n Pensions \n The Group's defined benefit pension scheme liability, as measured on an International Accounting Standard 19R basis, decreased by £14.4m to a £25.4m liability at 31 January 2026 (31 January 2025: £39.8m). \n \n \n \n \n   \n £m \n \n \n 31 January \n 2026 \n \n \n   \n \n \n 3 1 January 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Fair value of scheme assets \n \n \n 204.1 \n \n \n \n \n \n 200.1 \n \n \n \n \n Present value of defined benefit obligation \n \n \n (229.5) \n \n \n \n \n \n (239.9) \n \n \n \n \n Defined benefit pension scheme liability \n \n \n (25.4 ) \n \n \n   \n \n \n (39.8) \n \n \n \n \n The movements observed in the scheme's assets and obligations were impacted by macroeconomic factors during the year, where actual inflation levels reduced compared with recent years, high-quality long-term corporate bond yields remained volatile and there continues to be rising cost of living pressures. The present value of defined benefit obligations decreased by £10.4m to £229.5m, primarily as a result of increases in bond yields over the year. The fair value of scheme assets increased by £4.0m, to £204.1m, largely driven by the recovery plan and Section 75 contributions. \n Net assets \n Since 31 January 2025, total assets decreased by £312.7m and total liabilities decreased by £324.7m, resulting in an overall increase in net assets of £12.0m. \n The reduction in total assets is primarily due to: \n ·      a decrease in property, plant and equipment of £14.5m; \n ·      a decrease in assets held for sale of £425.9m following the sale of the Insurance Underwriting business in the current year; and \n ·      an increase in cash and short-term deposits of £127.8m, mainly as a result of the strong trading performance of the Group in the current year, along with the proceeds received in respect of the sale of the Insurance Underwriting business and the Ageas 18 partnership. \n The decrease in total liabilities largely reflects: \n ·      a decrease in liabilities held for sale of £346.9m following the sale of the Insurance Underwriting business in the current year; \n ·      a decrease of £38.7m in financial liabilities, which is mainly due to a reduction of £54.3m in bonds, bank loans and other loans, as a result of the repayment of £55.6m of capital repayments on Spirit of Discovery and Spirit of Adventure facilities. This has been partially offset by an increase of £12.3m in lease liabilities following delivery of the River Cruise ship, Spirit of the Moselle, in the first half of the current year; \n ·      a decrease of £14.4m in the retirement benefit scheme liability; and \n ·      an increase of £75.4m in contract liabilities due to the receipt of £60.0m of upfront partnership proceeds from Ageas 18 and improved future bookings outlook in Travel. \n   \n 18 Wholly owned UK subsidiaries of Ageas SA/NV \n 19 Refer to the Alternative Performance Measures Glossary for definition and explanation \n 20 Maturity date represents the date the principal must be repaid, other than the Ocean Cruise ship loans, which are repaid in instalments \n 21 Refer to Note 12 of the financial statements for information as to how this reconciled to a statutory measure of cash \n 22 Certain funds, entities (or affiliates or subsidiaries of such funds or entities) and/or accounts managed, advised or controlled by HPS Investment Partners, LLC or its subsidiaries \n 23 Following the Group's refinancing and revised covenant definition, Net Debt and Leverage Ratio have been updated for 31 January 2025 \n Going concern \n The Directors have assessed the Group's ability to continue as a going concern over the period to 30 April 2027, being at least 12 months from the date of issue of these unaudited preliminary results. This assessment considered the Group's current liquidity position, financial forecasts, debt facilities, covenant compliance and principal risks. The review included both the Board ‑ approved base case and a severe but plausible stressed scenario. \n Under the base case, the Group maintains Available Cash 24 in excess of internal minimum liquidity requirements throughout the assessment period. No drawdown of the Group's £33.4m RCF or £116.6m DDTL facility is required, and the Group remains in compliance with all financial covenants linked to its debt facilities. \n The stressed scenario models multiple downside risks occurring concurrently across the assessment period. These include lower trading performance across Ocean Cruise, River Cruise and Holidays, reflecting a reduction in load factors for Ocean Cruise from 93% for the year ended 31 January 2026 to 88% over the assessment period, a 1-2% reduction in per diems in River Cruise and softer customer volumes in our Holidays business; lower ‑ than ‑ planned benefit realisation and increased operating pressures within Insurance Broking; and a competitive savings market combined with weaker demand for our other products in the Money division. \n The scenario additionally incorporates a cyber ‑ relate...

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