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Saga H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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 milestones included the sale of the Insurance Underwriting business, successful refinancing, and new leadership in Travel and Insurance.
New partnerships, such as a 20-year insurance broking agreement with Ageas and a savings partnership with NatWest Boxed, are on track.
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 January 2025 to £515.1m; Leverage Ratio improved 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 expected to be in line with prior year, with year-end leverage ratio anticipated below prior year.
Strong forward bookings in Travel, with Ocean Cruise load factor for the year at 92% and per diem up 10%.
Insurance Broking performance ahead of expectations, but short-term earnings to dip during Ageas transition; growth expected to resume from 2026/27.
Second-half profitability in Holidays expected to be materially higher due to seasonality; Cruise profitability to be lower.
Targeting at least £100m Underlying Profit Before Tax and leverage below 2.0x by January 2030.
Explain the impact of the Ageas partnership.
Holidays business growth strategy?
How does digital content drive new customers?
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H2 20268 Apr, 2026
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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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