Saga (SAGA) Trading Update summary

Trading performance

• Group performance aligned with expectations for the first four months, maintaining full-year guidance.

• Ocean and River Cruise businesses reported strong starts, with booked load factors at 83% and 78%, both ahead of last year, and higher per diems.

• Travel bookings rose 14% in revenue year-on-year, driven by increased passenger numbers.

• Insurance market remains challenging; actions to stabilize Broking show early benefits in motor, but home insurance faces net rate inflation.

• Insurance Underwriting pricing actions are improving the combined operating ratio.

Financial position and capital management

• £150m senior unsecured bond repaid in May 2024 using available cash and £75m from a facility with Roger De Haan.

• Available cash stood at £93.5m as of 31 May 2024.

Strategic initiatives and outlook

• Exploring partnership opportunities in Ocean Cruise and Insurance to support growth, crystallize value, and enhance long-term shareholder returns.

• Focus remains on sustainable, capital-light growth and deepening customer relationships.

• Interim results for the six months ending 31 July 2024 will be announced on 2 October 2024.