Saga (SAGA) Q3 2026 TU earnings summary

Executive summary

• Underlying Profit Before Tax is expected to exceed both prior year results and half-year guidance, driven by strong performance in Travel and Insurance Broking.

• Strategic progress includes the launch of new insurance partnerships and consolidation of Travel businesses under one management team.

Financial highlights

• Ocean Cruise achieved a 93% load factor (up 2ppt year-over-year) and a per diem of £394 (up 10%).

• River Cruise maintained an 89% load factor and increased per diem by 7% to £349.

• Holidays segment expects stronger Underlying Profit Before Tax, with booked revenue up 13% and passenger growth of 11%.

• Insurance Broking outperformed expectations, with growth in three out of four products and higher Underlying Profit Before Tax.

• Trading EBITDA is expected to surpass 2024/25 levels.

Outlook and guidance

• Ocean Cruise bookings for 2026/27 show a 70% load factor (up 3ppt) and per diem of £445 (up 13%).

• River Cruise bookings for 2026/27 have a 59% load factor (up 4ppt) and per diem of £367 (up 3%).

• Holidays booked revenue for 2026/27 is £132m (up 5%) with 39k passengers (up 1%).

• Insurance Broking Underlying Profit Before Tax for 2026/27 expected in line with guidance as Ageas partnership embeds.

• Confident in delivering at least £100m underlying profitability and leverage below 2.0x by January 2030.