AGM Trading Update
30 June 2026
Saga plc
AGM Trading Update
Strong start to the new financial year, with trading in line with expectations
Ahead of its Annual General Meeting (AGM), Saga plc (Saga or the Group), the UK's specialist in products and services for people over 50, provides the following trading update covering the period from 1 February 2026 to 29 June 2026. The AGM will be held at 11.00am today at the offices of Herbert Smith Freehills Kramer, Exchange House, Primrose Street, London EC2A 2EG.
Group highlights
· The Group traded in line with expectations for the first four months of the year and remains on track to deliver its full year guidance.
· Travel continues to trade strongly, with Cruise performing ahead of expectations and a resilient customer base underpinning bookings in Holidays:
o Ocean Cruise had a strong start to the year, with revenue for the first half expected to be ahead of the prior year, driven by 13% growth in booked per diems1 and a booked load factor1 of 93%. We have a high level of confidence when looking ahead to the full year and beyond, with customers typically booking well in advance, and commodity and foreign exchange risk now fully hedged to the end of 2027.
o River Cruise also started the year well, with revenue for the first half of the year again expected to grow when compared with the prior year. Booked per diems1 are 4% higher than the prior year and the booked load factor1 is in line year-on-year, at 93%.
o Holidays revenue and passenger numbers for the first half of the year are both expected to be ahead of the prior year. For the full year, based on current booking levels1, we expect revenue to be marginally ahead of the same point last year, albeit with passenger numbers potentially slightly behind and a higher proportion of short-haul holidays as a result of the conflict in the Middle East.
· Trading in Insurance Broking remains in line with expectations and the start of our long-term relationship with Ageas2 is progressing well:
o New business, for both motor and home, is now live with Ageas2 and renewals are expected to follow later this year.
o As a result of the strong performance under the motor and home partnership to date, we have triggered a contingent consideration payment of £10.5m from Ageas2, which we expect to receive in the coming days, following the outperformance of certain policy volume targets.
o Private medical and travel insurance are also performing well, benefitting from increased focus and continued investment in marketing and pricing, with policies in force for the first half of the year expected to be materially higher than at 31 January 2026.
· Net Debt continues to reduce, standing at £464.7m3 at 31 May 2026, £104.8m lower than the £569.5m at 31 May 2025 and £34.8m lower than the £499.5m at the year end. This resulted in a Leverage Ratio of 3.2x, compared with 3.7x at the year end. Available Cash, also at 31 May 2026, was £186.5m3.
Mike Hazell, Group Chief Executive Officer, said:
"Saga has made a strong start to the year, building on the significant growth we achieved last year. Our momentum in Travel has continued, demonstrating the resilience of our customers and our diverse offering, despite the current geopolitical uncertainty. At this early stage of our partnership with Ageas2, we are already seeing encouraging signs to support our long-term growth ambitions, and the performance in our wider Insurance business continued to benefit from the more simplified and customer focussed operating model we now have.
"Looking ahead, we are focussed on continuing to grow our Travel businesses and completing the transition to our new Insurance model. We remain on track to deliver our full year guidance and continue to make clear progress towards our medium-term targets of at least £100.0m Underlying Profit Before Tax and a Leverage Ratio of below 2.0x by January 2030."
The Group's interim results for the six months ending 31 July 2026 will be announced on 30 September 2026.
For further information, please contact:
Saga plc
Emily Roalfe, Director of Investor Relations and Corporate Finance
Tel: 07732 093 007
Email: emily.roalfe@saga.co.uk
Headland Consultancy
Susanna Voyle
Will Smith
Tel: 07980 894 557
Tel: 07872 350 428
Tel: 020 3805 4822
Email: saga@headlandconsultancy.com
Notes to editors
Saga is a specialist in the provision of products and services for people over 50. The Saga brand is one of the most recognised and trusted brands in the UK. Saga is known for its high level of customer service and its high-quality, award-winning products and services including cruises and holidays, insurance, personal finance and publishing. www.saga.co.uk
1 Bookings at 28 June 2026
2 Wholly owned UK subsidiaries of Ageas SA/NV
3 While Net Debt has been adjusted to exclude £49.1m of upfront Ageas partnership proceeds that are expected to fund the working capital unwind, this remains included within Available Cash
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