Company Announcements

24 June 2025

Saga plc

Positive start to the financial year; trading well and 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 2025 to 23 June 2025. The AGM will be held at 11.00am today at the offices of Deutsche Numis, 45 Gresham Street, London EC2V 7BF.

Group highlights

·     The Group traded in line with expectations for the first four months and remains on track for the full year.

·     Ocean and River Cruise had another strong start to the year, with booked load factors¹ for the first half ahead of the same point last year, at 95% and 93% respectively, alongside growing per diems.

·     Full year Holidays bookings¹ are also ahead of the prior year, with booked revenue 14% higher and passengers 13% higher than the same point last year.

·     Our Insurance Underwriting business, Acromas Insurance Company Limited, continues to trade in line with expectations. Furthermore, its sale to wholly owned UK subsidiaries of Ageas SA/NV (Ageas), is progressing well and remains on track to complete by 31 July 2025.

·     Insurance Broking is trading in line with expectations and the transition to the 20-year partnership with Ageas, remains on track for Q4 2025.

·     We continue to make good progress with our partnership strategy and are pleased to announce that we have agreed heads of terms and are now in final negotiations with NatWest for a range of personal banking products, starting with a new savings proposition. This partnership would combine NatWest's scale and banking capabilities with our customer insight and marketing strengths, and support our ambition to continue growing our Money business. Further updates will follow in due course.

·     Net Debt at 31 May 2025 was £569.5m, which included Available Cash of £96.7m. This compares with £622.7m at 31 May 2024 and £590.5m at 31 January 2025.

Mike Hazell, Group Chief Executive Officer, said:

"I am pleased to report that Saga has started the financial year on a positive note, with all our businesses performing well and in line with expectations. Looking ahead, we are focussed on continuing to grow our Travel and Money businesses, while successfully transitioning to our new simplified Insurance model.

"We are progressing well with our medium-term plans and the potential new partnership with NatWest is another good example of this."

The Group's interim results for the six months ending 31 July 2025 will be announced on 24 September 2025.

For further information, please contact:

Saga plc

Emily Roalfe, Director of Investor Relations and Treasury              Tel: 07732 093 007

                                                                                                                             Email: emily.roalfe@saga.co.uk

Headland Consultancy

Susanna Voyle                                                                                            Tel: 07980 894 557

Will Smith                                                                                                         Tel: 07872 350 428

Tel: 020 3805 4822

Email: saga@headlandconsultancy.com

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 22 June 2025

END