Saga (SAGA) H2 2026 earnings summary

Executive summary

• Transformational year focused on simplification, lower risk and growth; full-year results exceeded guidance, with growth across Travel and Insurance.

• Sale of Insurance Underwriting and launch of the 20-year Ageas partnership simplified operations and shifted Insurance toward commission-based earnings.

• Refinancing secured funding certainty through 2031.

• Travel leadership consolidated into a customer-centric operation; customer satisfaction tNPS rose from 59 to 67.

Financial highlights

• Continuing-operations revenue rose 11% to £654.6m; Trading EBITDA increased 16% to £134.9m.

• Underlying Profit Before Tax from continuing operations rose 19% to £44.2m, despite net finance costs increasing 61% to £43.1m.

• Available Operating Cash Flow increased 88% to £205.9m; net debt decreased £93.3m to £499.5m.

• Statutory profit was £3.6m versus a £164.9m loss in 2024/25; total EPS was 2.5p versus a 117.4p loss.

Outlook and guidance

• 2026/27 Underlying Profit Before Tax expected to take a further step forward; Insurance profit expected at least in line with 2025/26 and ahead of prior guidance.

• Ocean Cruise, River Cruise and Holidays each expected to grow Underlying Profit Before Tax; forward bookings were strong across Travel.

• Medium-term targets remain Underlying Profit Before Tax of at least £100m and leverage below 2.0x by January 2030.

• Finance costs expected to be marginally lower than 2025/26; pro forma interest rate is 7.6%.