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Saga (SAGA) investor relations material

Saga H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary24 Sep, 2025

Executive summary

  • First half results exceeded expectations, driven by strong Travel performance, especially in Ocean and River Cruises, and significant net debt reduction.

  • Strategic actions included the sale of the Insurance Underwriting business, successful refinancing, and management reorganization, advancing a less complex, lower-risk model.

  • New partnerships, such as a 20-year insurance broking agreement with Ageas and a savings partnership with NatWest Boxed, are on track.

  • Travel is now the largest profit contributor, with combined leadership across cruise and holidays driving operational synergies.

  • Forward bookings in Travel remain robust, supporting the target of at least £100m annual underlying profit and leverage below 2.0x by January 2030.

Financial highlights

  • Underlying Revenue rose 7% year-over-year to £320.5m; Trading EBITDA increased 8% to £67.5m.

  • Underlying Profit Before Tax from continuing operations was £23.5m, down 5% due to higher finance costs but ahead of expectations.

  • Net Debt reduced by £77.7m since year-end to £515.1m, with leverage ratio improving to 4.3x from 4.8x.

  • Available Operating Cash Flow increased 64% to £89.4m.

  • Profit before tax improved to £3.7m from a £116.9m loss, reflecting the absence of prior year impairments.

Outlook and guidance

  • Full-year Underlying Profit Before Tax is expected to be in line with the prior year, with net debt leverage ratio below last year.

  • Momentum in Travel and Insurance Broking supports confidence in achieving medium-term targets of £100m profit and less than 2x leverage by January 2030.

  • Profitability in Holidays expected to be higher in H2 due to seasonality; Cruise profitability to be lower in H2; Insurance Broking earnings to dip short-term during Ageas transition, with growth resuming from 2026/27.

  • Trading EBITDA now forecast ahead of 2024/25; year-end leverage ratio expected below prior year.

  • Strong forward bookings in Travel, with Ocean Cruise load factor for the year at 92% and per diem up 10%.

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Frequently asked questions

Saga plc provides general insurance, package and cruise holidays, and personal finance products and services in the United Kingdom. The company operates in three divisions: Insurance, Travel, and Other Businesses and Central Costs. It offers car, home, health, travel, landlord, boat , motorhome , caravan , pet , personal accident , breakdown cover , building content , renter holiday holiday home insurance. The company also operates and delivers package tours and cruise holiday products; provides equity release and care funding advice, savings accounts, credit cards , shares ISA share dealing services.

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