Saga (SAGA) investor relations material

Executive summary

• Achieved a transformational year with strong financial results, exceeding expectations and guidance.

• Completed refinancing, enhancing liquidity and funding certainty for growth plans.

• Simplified business structure, notably through the sale of AICL and launch of the Ageas insurance partnership.

• Travel is now the largest and fastest-growing profit driver, with consolidated leadership for customer focus.

• Strategic clarity and performance culture reintroduced, driving sustainable growth.

Financial highlights

• Underlying revenue up 11% year-over-year; underlying PBT from continuing operations at £44.2m, up 19%.

• Available operating cash flow rose 88% to £205.9m, driven by Ocean Cruise and £60m Ageas receipt.

• Net debt reduced by £93.3m to £499.5m; leverage ratio improved to 3.7x from 4.4x.

• Ocean Cruise underlying PBT up 38% to £67.3m; River Cruise underlying PBT up 48% to £5.9m.

• Holidays revenue up 10%, passenger numbers up 11%, and underlying profit up 31% to £14m.

• Insurance Broking underlying PBT at £16.9m, with policy growth in three of four main lines.

Outlook and guidance

• Confident in achieving £100m profit target by January 2030, with leverage below 2x.

• Expect continued growth in Ocean and River Cruise, Holidays, and stable Insurance Broking profitability.

• Net debt and leverage ratio expected to decline further in 2026/2027.

• Minimal exposure to Middle East; fuel and FX rates hedged into 2027.

• Additional £150m undrawn committed facilities available.