Slides
Page 1
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 SAGA PLC INTERIM RESULTS for the six months ended 31 July 2026 30 SEPTEMBER 2026
Page 2
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 2 Interim results for the six months ended 31 July 2026 MIKE HAZELL GROUP CEO SPEAKERS OVERVIEW FINANCIAL PERFORMANCE STRATEGIC AND OPERATIONAL PROGRESS Q&A MARK WATKINS GROUP CFO AGENDA
Page 3
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 OVERVIEW MIKE HAZELL GROUP CEO
Page 4
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 4 • Strong first half performance, driven by strategic clarity and customer focus • Significant progress on strategic transformation • Revenue and profit growth delivered across all core businesses • Full year Underlying Profit Before Tax guidance upgraded to £65-70m • Medium-term targets now expected to be achieved early A STRONG FIRST HALF, WITH FULL YEAR GUIDANCE RAISED Interim results for the six months ended 31 July 2026 £46.6m Underlying PBT (HY 2025 – £23.5m) £366.3m Underlying Revenue (HY 2025 – £320.5m) £429.1m Net Debt (HY 2025 – £515.1m) 2.7x Leverage Ratio (HY 2025 – 4.3x) CREATING A SIMPLE, RESILIENT AND CUSTOMER-FOCUSSED PLATFORM FOR GROWTH
Page 5
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 5 ↑9% Revenue (£97.7m vs. £89.6m) ↑ 106% Underlying PBT (£6.6m vs. £3.2m) ↑ 75% Underlying PBT (£15.9m vs. £9.1m) New podcast Experience is Everything, reached 15.8m views ↑12% Underlying Revenue (£71.7m vs. £64.3m) ↑ 38% Ocean Cruise Underlying PBT (£47.7m vs. £34.5m) ↑ 54% River Cruise Underlying PBT (£6.0m vs. £3.9m) ↑ 33% River Cruise Revenue (£34.9m vs. £26.2m) ↑ 14% Ocean Cruise Underlying Revenue (£149.5m vs. £130.9m) NatWest Boxed already 51k new accounts and over £2.1bn deposits China tours relaunched for the first time since the pandemic Interim results for the six months ended 31 July 2026 CRUISE HOLIDAYS INSURANCE OTHER BUSINESS CORE BUSINESS GROWTH, SUPPORTED BY BUSINESS DEVELOPMENT The Health Edition podcasts launched in July, hosted by Dr Mark Porter UK holidays relaunched, with college and university stays and festive breaks £10.5m contingent consideration received from Ageas Tech partnership simplifying operations and launching in the autumn Pet insurance launching later this year
Page 6
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 FINANCIAL PERFORMANCE MARK WATKINS GROUP CFO
Page 7
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 • Underlying Revenue growth of 14%, driven by strong trading across all our core businesses • 35% Trading EBITDA growth, predominantly driven by growing per diems in Ocean Cruise and strong trading in Insurance Broking • 98% growth in Underlying Profit Before Tax • Step change in profit before tax from continuing operations, which grew more than 500% • Underlying Available Operating Cash Flow 27% higher, supported by growth in Travel and Insurance, alongside reduced capital expenditure • Net Debt1 reduction of £86.0m year-on-year and £70.4m since 31 January 2026, reducing the Leverage Ratio to 2.7x 7 £m HY 2026 HY 2025 Change Underlying Revenue 366.3 320.5 14% Revenue 367.5 328.2 12% Trading EBITDA 90.9 67.5 35% Net finance costs (20.6) (20.5) - Underlying Profit Before Tax 46.6 23.5 98% Profit before tax from continuing operations 28.0 3.7 >500% Underlying Available Operating Cash Flow 101.0 79.4 27% Net Debt 429.11 515.1 17% Leverage Ratio 2.7x1 4.3x 1.6x EXCELLENT HALF YEAR TRADING, ALONGSIDE CONTINUED DEBT REDUCTION 1 Excluding £47.8m of upfront Ageas partnership proceeds, net of the working capital unwind to dateInterim results for the six months ended 31 July 2026
Page 8
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 • Ocean Cruise Underlying Profit Before Tax increased 38% due to 13% growth in per diems • River Cruise Underlying Profit Before Tax growth of 54% is driven by increased capacity, following the launch of Spirit of the Moselle, and growing per diems • Holidays earnings more than doubled, reflecting higher passenger numbers and average revenues • Insurance Underlying Profit Before Tax grew 75%, reflecting increased home margins, higher travel policy sales and reduced costs, following the move to a simpler operating model • Other Businesses and Central Costs 34% higher, with a greater proportion of costs remaining centrally following the move to the new Insurance model • Net finance costs broadly in line with the same period last year 8 £m HY 2026 HY 2025 Change Ocean Cruise 47.7 34.5 38% River Cruise 6.0 3.9 54% Holidays 6.6 3.2 106% Total Travel 60.3 41.6 45% Insurance Broking 15.9 9.1 75% Other Businesses and Central Costs (9.0) (6.7) (34%) Net finance costs (20.6) (20.5) - Underlying Profit Before Tax 46.6 23.5 98% STRONG GROUP EARNINGS, DRIVEN BY PERFORMANCE ACROSS TRAVEL AND INSURANCE Interim results for the six months ended 31 July 2026
Page 9
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 • Underlying Revenue increased 14%, driven by a per diem of £440, which was 13% higher than in the prior year • The load factor of 92%, was 2ppts lower than the prior year, reflecting a different itinerary mix • Investment in operating expenses to support growth • Underlying Profit Before Tax 38% higher • Full year booked load factor 2ppts behind the same point last year, with the ships operating close to optimum capacity • Strong momentum into 2027/28, with the booked load factor and per diem both ahead of the prior year 9 MATERIAL GROWTH IN OCEAN CRUISE, REFLECTING STRONG CUSTOMER DEMAND 27 Sept 2026 28 Sept 2025 Change 27 Sept 2026 28 Sept 2025 Change Load factor 91% 93% (2ppts) 55% 52% 3ppts Per diem £439 £394 11% £488 £438 11% £m HY 2026 HY 2025 Change Underlying Revenue 149.5 130.9 14% Gross profit 70.8 57.3 24% Marketing expenses (6.3) (6.7) 6% Other operating expenses (10.1) (8.4) (20%) Finance costs (6.7) (7.7) 13% Underlying Profit Before Tax 47.7 34.5 38% Trading EBITDA 66.0 53.2 24% Interim results for the six months ended 31 July 2026 Next year departures Current year departures FORWARD BOOKINGS
Page 10
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 • Revenue increased 33%, driven by incremental capacity through the addition of Spirit of the Moselle to the fleet in July 2025, alongside growing per diems • Marketing and administrative expenses broadly in line with the prior year, despite growing earnings • Underlying Profit Before Tax grew 54% as a result • Full year booked load factor behind last year, reflecting increased capacity and short-term disruption from low river water levels, with growing per diems • 2027/28 forward bookings remain strong, with per diem 2% higher and the load factor 4ppts behind, including the increased capacity 10 £m HY 2026 HY 2025 Change Revenue 34.9 26.2 33% Gross profit 11.4 9.4 21% Marketing expenses (3.4) (3.2) (6%) Other operating expenses (2.5) (2.6) 4% Investment return 0.5 0.3 67% Underlying Profit Before Tax 6.0 3.9 54% Trading EBITDA 6.0 3.8 58% RIVER CRUISE GROWTH DRIVEN BY INCREMENTAL CAPACITY Interim results for the six months ended 31 July 2026 27 Sept 2026 28 Sept 2025 Change 27 Sept 2026 28 Sept 2025 Change Load factor 81% 88% (7ppts) 29% 33% (4ppts) Per diem £357 £350 2% £381 £372 2% Next year departures Current year departures FORWARD BOOKINGS
Page 11
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 • Revenue growth of 9%, driven by higher passenger numbers and average revenue per customer • Minimal impact from the conflict in the Middle East, with no direct exposure to the region • Marketing and administrative expenses broadly in line with the prior year, despite growing earnings • Underlying Profit Before Tax grew 106% • Resilient bookings for the full year, with revenue and passengers broadly flat • 2027/28 bookings currently behind the prior year due to the later launch of the season 11 HOLIDAYS GROWTH, WITH LIMITED IMPACT FROM THE MIDDLE EAST CONFLICT IN THE FIRST HALF Interim results for the six months ended 31 July 2026 27 Sept 2026 28 Sept 2025 Change 27 Sept 2026 28 Sept 2025 Change Revenue £187.8m £183.9m 2% £64.7m £71.9m (10%) Passengers 59.7k 60.9k (2%) 17.3k 19.9k (13%) FORWARD BOOKINGS £m HY 2026 HY 2025 Change Revenue 97.7 89.6 9% Gross profit 23.2 20.6 13% Marketing expenses (6.4) (7.4) 14% Other operating expenses (10.8) (10.7) (1%) Investment return 0.7 0.7 - Finance costs (0.1) - (100%) Underlying Profit Before Tax 6.6 3.2 106% Trading EBITDA 7.6 3.6 111% Next year departures Current year departures
Page 12
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 £0.6m £5.7m £1.4m £2.4m (£2.5m) (£0.8m) £9.1m £15.9m HY 2025 Motor Home PMI Travel Interest income Operating expenses and other HY 2026 12 UNDERLYING PROFIT BEFORE TAX INSURANCE BROKING PERFORMANCE IN THE FIRST HALF EXCEEDED EXPECTATIONS POLICIES IN FORCE (000s) Interim results for the six months ended 31 July 2026 • Underlying Profit Before Tax for the first half well ahead of guidance • Motor – Broadly flat contribution, with fewer new business policy sales offset by improving margins • Home – Materially improved contribution, driven by higher margins • PMI – Contribution £2.5m lower, reflecting a profit share in the prior year relating to 2024/25 • Travel – Broadly flat, with increased marketing investment generating greater policy sales • Operating expenses beginning to reduce, with the transition to the Ageas partnership underway • Contingent consideration of £10.5m from Ageas in June 2026, recognised over future years of the partnership, with minimal benefit to the half year HY 2026 HY 2025 Change Motor 670 628 ↑ 7% Home 391 448 ↓ (13%) Travel 208 138 ↑ 51% PMI 35 29 ↑ 21% Other - 4 ↓ (100%) Total 1,304 1,247 ↑ 5% Total policies in force grew 5%, driven primarily by 51% growth in travel, following targeted marketing
Page 13
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 £3.3m £25.4m £14.4m (£77.3m) (£10.1m) (£16.9m) (£9.2m) £637.2m £592.8m £499.5m £429.1m 31 Jan 2024 31 Jan 2025 31 Jan 2026 Unrestricted Trading EBITDA Dividends and intercompany repayments from restricted businesses Working capital Capital expenditure Debt service Restructuring costs Tax and other payments 31 Jul 2026 NET DEBT CONTINUING TO REDUCE AT PACE 13 NET DEBT AND LEVERAGE RATIO • Net Debt reduction of £208.1m since January 2024, £86.0m in the past 12 months and £70.4m over the past six months • Leverage Ratio improved, from 3.7x at the year end to 2.7x, and halved when compared with January 2024 • Underlying Available Operating Cash Flow 27% higher, driven by strong growth across Travel and Insurance, alongside lower capital expenditure • Higher debt service costs, reflecting a full six months of the new corporate facilities • Restructuring costs primarily reflect the transition to the Ageas partnership, alongside other project and property costs Underlying Available Operating Cash Flow of £101.0m Interim results for the six months ended 31 July 2026 5.4x 4.4x 3.7x 2.7x 1 1 Net Debt and Leverage Ratio are as publicly reported and are, therefore, not directly comparable with future years due to the revised definition following the Group’s corporate refinancing
Page 14
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 14 STRONG OUTLOOK FOR THE FULL YEAR, WITH UPGRADED PROFIT GUIDANCE Ocean Cruise: Continuation of H1 trends, with full-year growth expected to be similar River Cruise: Full year earnings expected to be lower than last year, due to the impact of low river water levels in Europe, alongside usual seasonality Holidays: Full-year earnings and passengers expected to be in line with the prior year Travel cost certainty: Foreign exchange and commodity exposure fully hedged until December 2027 Interim results for the six months ended 31 July 2026 Insurance Broking: Underlying Profit Before Tax expected to be higher than in the prior year, with H2 broadly in line with last year Other Businesses and Central Costs: H2 expected to be broadly similar to H1 Group Underlying Profit Before Tax: Expected to be between £65-70m Net Debt and Leverage Ratio: Expected to remain broadly flat EXPECT TO ACHIEVE OUR MEDIUM-TERM TARGETS AHEAD OF JANUARY 2030
Page 15
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 STRATEGIC AND OPERATIONAL PROGRESS MIKE HAZELL GROUP CEO
Page 16
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 16 LONGSTANDING STRATEGIC PRINCIPLES, WITH PLANS BUILT ON CLEAR PRIORITIES DRIVING LONG-TERM SUSTAINABLE GROWTH Interim results for the six months ended 31 July 2026 VISION To be the most-trusted brand for people over 50 PURPOSE Meeting the needs of people over 50 STRATEGIC PRINCIPLES • Customer-focussed • Differentiation • Insight-driven • Quality and value • Unique marketing reach STRATEGIC PRIORITIES • Maximise the growth of our existing businesses • Drive incremental growth through new business lines and products • Grow our customer base and deepen those relationships • Reduce debt, while simplifying our operations OUR STRATEGIC CLARITY FROM VISION THROUGH TO EXECUTION
Page 17
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 17 Interim results for the six months ended 31 July 2026 A GROWING OLDER POPULATION AN AFFLUENT AND GROWING TARGET MARKET, SUPPORTED BY LONG-TERM DEMOGRAPHIC CHANGES SAGA’S BUSINESS MODEL IS BUILT AROUND AN ATTRACTIVE AND GROWING MARKET THAT REMAINS UNDERSERVED BY THE MASS MARKET LEADING LONGER, ACTIVE RETIREMENTS A WEALTHY AND RESILIENT DEMOGRAPHIC THEY HAVE A PASSION FOR TRAVEL 1 Office of National Statistics – 2024-based population projections 2 Office for National Statistics - Wealth and asset survey 3 ILC UK – Maximising the longevity divide 2019 4The Big Window for Saga, perceived age research 5 UK Active, health and fitness market reports - 2025/2026 6 Sport England, Active lives adult survey 2024-25 7 Travel and tour world 8 ABTA - Travel confidence • Around 50% of the UK population will be over 50 by 20501 • Over 65s is the fastest growing age group, expected to grow by more than 30%1 in the next 25 years • Average household wealth of £575k among 55-65-year-olds2 • By 2040, people over 50 will make up 63% of UK spending3 • The average Saga customer feels 14 years younger4 • Gym memberships for people aged 65-74 increased 44%5 • 44%6 of people over 75 are classed as “active” • The over 65s spend 3x more on travel than younger people7 • Fewer, longer breaks8 and a preference for travelling off peak
Page 18
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 MAXIMISING THE GROWTH OF OUR EXISTING BUSINESSES DRIVING INCREMENTAL GROWTH THROUGH NEW BUSINESS LINES AND PRODUCTS REDUCING DEBT, WHILE SIMPLIFYING OUR OPERATIONS GROWING OUR CUSTOMER BASE AND DEEPENING THOSE RELATIONSHIPS ↑ 14% Ocean Cruise Underlying Revenue ↑ 33% River Cruise revenue ↑ 9% Holidays revenue ↑ 12% Insurance Underlying Revenue NatWest Boxed savings accounts now at 51k, with over £2.1bn deposits Pet insurance launching later this year UK holidays relaunched earlier this year New river ships Spirit of the Moselle: 2025 Spirit of the Lorelei: 2027 New podcasts viewed 15.8m times Leverage Ratio reduced to 2.7x from 7.0x in July 2023 Simplified Insurance now with a lower risk, partnership model Consolidated Travel and simplified operations under one leadership team New technology partnership simplifies operations and drives efficiency 18 Interim results for the six months ended 31 July 2026 ↑ 13% Travel passengers ↑ 5% Insurance policies in force ↑ 13% Money customers ↑ 31% Magazine website visits CLEAR STRATEGIC PRIORITIES DRIVE PERFORMANCE AND DECISION MAKING
Page 19
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 Interim results for the six months ended 31 July 2026 OCEAN CRUISE: STRONG FUNDAMENTALS AND FORWARD BOOKING VISIBILITY SUPPORT GROWTH TRAJECTORY PER DIEM GROWTH WILL CONTINUE, BEFORE STABILISING • Strong demand and load factor reduces promotional activity • Reinvestment in customer proposition supports price points • Structural price inflation across the market means we remain competitive • Booked per diem for 2027/28 11% higher than the same point last year • ‘Best Cruise Line for Luxury Holidays’ for 6th year STRONG LOAD FACTOR PERFORMANCE EXPECTED TO STABILISE AROUND CURRENT LEVELS • Demand now generally exceeds capacity • Driving earlier booking and strong repeat rates of 68% • Booked load factor for 2027/28 3ppts higher than the same point last year 19 A DOOR-TO-DOOR NO-FLY OCEAN CRUISE EXPERIENCE DESIGNED FOR OLDER PEOPLE 2021/22 2025/26 2029/30 OPTIMISE 82 tNPS 2021/22 2025/26 2029/30 STABILISE 68% £299 £394 (2022/23 - 68) 93%
Page 20
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 20 Interim results for the six months ended 31 July 2026 RIVER CRUISE: SIGNIFICANT GROWTH OPPORTUNITY, DRIVEN BY STRONG DEMAND AND FLEET EXPANSION FLEET EXPANSION, THROUGH FLEXIBLE CHARTER MODEL, DRIVES GROWTH • 2021 – Spirit of the Rhine • 2022 – Spirit of the Danube • 2024 – Douro Serenity LOAD FACTOR GROWTH EXPECTED TO CONTINUE, ALONGSIDE FLEET EXPANSION • Strong load factors on existing ships • Improvements to proposition driving demand and customer satisfaction • Per diem will also grow, supported by strong demand and continued proposition development 2023/24 2029/30 OUR RIVER CRUISES REPRESENT A BLEND OF SAGA’S LUXURIOUS AND RELAXED OCEAN CRUISE HOLIDAYS, WITH OUR MORE ACTIVE TOURS OPTIMISE SPIRIT-CLASS VESSELS DESIGNED WITH A LIGHTWEIGHT, SHALLOW DRAFT TO BETTER NAVIGATE VARIABLE WATER LEVELS • 2025 – Spirit of the Moselle • 2027 – Spirit of the Lorelei • Further expansion planned in coming years 89% 85% 75 tNPS (2022/23 - 15) 2025/26 2025/26 2027/282024/25 2029/30 Spirit of the Moselle Spirit of the Lorelei
Page 21
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 21 Interim results for the six months ended 31 July 2026 HOLIDAYS: PRODUCT DEVELOPMENT, WITH QUALITY AND CUSTOMER SERVICE AT THE FOREFRONT SERVICE MAKES THE DIFFERENCE • Chauffeur car service on all holidays • Dedicated Saga host at every holiday • Seamless, end-to-end customer journeys • Carefully selected partners adhering to Saga standards 59 tNPS (2022/23 - 34) OLDER PEOPLE ENJOY A DIFFERENT TYPE OF HOLIDAY • Longer-duration, predominantly off-peak holidays • Opportunities to pursue interests and hobbies • Socialising with like-minded people • Support and reassurance, when needed WE ARE GROWING OUR RANGE OF HOLIDAYS • UK shorter breaks • New international destinations • Curated overseas hotel stays and special interest tours • Coach and rail tours for adventurous experiences • Products tailored specifically for over-50s DRIVING STRONG REPEAT RATES, HIGH PASSENGER VOLUMES AND GROWING MARGINS REBUILDING OUR HOLIDAYS BUSINESS THROUGH A DISTINCTIVE PROPOSITION
Page 22
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 22 Interim results for the six months ended 31 July 2026 INSURANCE: A LOW RISK, LESS COMPLEX MODEL, CREATING A PLATFORM FOR GROWTH THE RESTRUCTURING OF OUR INSURANCE BUSINESS HAS SIMPLIFIED THE MODEL AND BROUGHT STRATEGIC CLARITY THAT IS NOW GENERATING GROWTH SIMPLIFICATION • Ageas partnership now live • All insurance lines now delivered through partners • Significantly reduced operational complexity • No longer exposed to underwriting risk PARTNERSHIP STRATEGY • Leading partners across all four core insurance lines, bringing scale, infrastructure and expertise • Saga brings deep knowledge and experience of designing and marketing insurance products for older people • Combined strengths create a distinct competitive advantage PERFORMANCE • Total policies in force returned to growth • Revenue and profits growing • PMI and travel benefitting from halo effect and greater focus OPPORTUNITY • Ageas partnership creates a platform for growth across motor and home • PMI and travel already returning to growth • Less complex model creates opportunity for new products, with pet insurance launching later this year 65 tNPS (2022/23 – 64) 1 Now excludes motor and home insurance, while we transition to the Ageas partnership 1
Page 23
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 PUBLISHING: A MULTI-FACETED BUSINESS LIVE EVENTS AND COMMUNITY APPLE NEWS EXPERIENCE IS EVERYTHING PODCASTS SOCIAL PRINT MAGAZINE MAGAZINE APP MAGAZINE WEBSITE NEWSLETTERS 23 Interim results for the six months ended 31 July 2026
Page 24
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 Saga Magazine website visits increased 39% year-on-year, to 17.2m 1.4m newsletters sent each month, with an industry-leading open rate of around 50% Monthly magazine readership of 390k across print and digital 1.9m website journeys to other business units, an increase of 77% Regularly in contact with 2.8m people each month across all our platforms 24 Interim results for the six months ended 31 July 2026 • 15.8m views since launch in December 2025 • Lorraine Kelly appointed as the new host • New podcasts, ‘Experience is Everything: The Health Edition’, hosted by Dr Mark Porter Opportunity to grow reach through more spin-off series, such as money or literary EXPERIENCE IS EVERYTHING PODCASTSSAGA MAGAZINE AND NEWSLETTERS PUBLISHING CONTINUES TO GENERATE ONWARD TRAFFIC AND SUPPORT CROSS-SELLING PUBLISHING: A POWERFUL TOOL IN SUPPORTING CUSTOMER ENGAGEMENT AND DEEPENING CUSTOMER INSIGHT
Page 25
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 PERFORMANCE SINCE SETTING OUR MEDIUM-TERM TARGETS HAS EXCEEDED EXPECTATIONS AND IS SET TO CONTINUE 25 Ocean Cruise OUTPERFORMING River Cruise ON TRACK Holidays ON TRACK Insurance OUTPERFORMING Group UPBT OUTPERFORMING Net Debt OUTPERFORMING Leverage Ratio OUTPERFORMING WE NOW EXPECT TO ACHIEVE OUR MEDIUM-TERM TARGETS SOONER THAN PLANNED £100.0M UNDERLYING PROFIT BEFORE TAX AND A LEVERAGE RATIO BELOW 2.0X Interim results for the six months ended 31 July 2026 WE ARE OUTPERFORMING OUR MEDIUM-TERM TRAJECTORY UNDERLYING PROFIT BEFORE TAX LEVERAGE RATIO STATUS 2026/27 2024/25 2029/30 Medium-term target Actuals Consensus Below 2.0x 4.7x 2026/272024/25 2029/30 Medium-term target Consensus Actuals At least £100.0m £37m
Page 26
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 26 Interim results for the six months ended 31 July 2026 STRONG FIRST HALF PERFORMANCE PROVIDES CONFIDENCE FOR THE FULL YEAR • Strong financial performance, with growth across all core businesses • Continued transformation towards a lower risk, less complex and more customer- focussed business model • Significant Net Debt reduction and deleveraging through strong trading • Upgraded guidance, with Underlying Profit Before Tax for the full year expected to be £65-70m • Likely to reach our medium-term targets, of at least £100m Underlying Profit Before Tax and a Leverage Ratio below 2.0x, ahead of January 2030 DELIVERING ON OUR PLAN AND LOOKING AHEAD WITH CONFIDENCE
Page 27
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 Q&A 27
Page 28
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 DATES FOR THE DIARY 2026 Thursday 1 October 2026 - Private investor presentation 2027 Thursday 4 February 2027 – Trading update
Page 29
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 APPENDIX
Page 30
30 50 130 170 215 215 250 143 58 107 191 234 214 192 220 RETURN ON CAPITAL EMPLOYED 30 £m HY 2026 LTM Change HY 2025 LTM Underlying Profit Before Tax 67.3 87% 35.9 Add: Finance costs 57.8 11% 52.2 Profit before tax and interest for the year attributable to equity holders A 125.1 42% 88.1 Equity at start of period 58.8 (49%) 116.4 Net Debt at start of period 515.1 (16%) 617.2 Total equity and Net Debt of the Group at the start of the period 573.9 (22%) 733.6 Equity at end of period 123.5 110% 58.8 Net Debt at end of period 429.1 (17%) 515.1 Total equity and Net Debt of the Group at the end of period 552.6 (4%) 573.9 Average total equity and Net Debt of the Group in the period B 563.3 (14%) 653.8 Return on capital employed (PBT before interest/(average total equity and Net Debt)) A/B 22.2% 8.7ppts 13.5% Interim results for the six months ended 31 July 2026