#1INTERIM RESULTS for the six months ended 31 July 2022 27 SEPTEMBER 2022 SAGA#2AGENDA Overview Financial performance Saga Travel Strategy overview Euan Sutherland Group CEO James Quin Group CFO John Constable Saga Travel Group CEO Euan Sutherland Conclusion 2 Interim results for the six months ended 31 July 2022 SAGA#3OVERVIEW Euan Sutherland Group CEO SAGA#4RETURN TO UNDERLYING PROFIT AS CRUISE AND TRAVEL GROWTH BEGINS Experience is everything SAGA SEPTEMBER 3032 magazine At home with Joan PLUS SUSIE DENT MARTIN CLUNES PAUL LEWIS FERN BRITTON ALAN JOHNSON DANNY CLARKE JENNI MURRAY VIRGINIA RONSIDE LY DEAN JEREMY PAXMAN Interim results for the six months ended 31 July 2022 Return to underlying profit for the first half and expect to report underlying profit for the full year in the range of £20-30m Resilient performance within all business units: On track to reach target Ocean Cruise load factor with per diems ahead of plan Relaunched Travel business with new touring and stays proposition Revenue growth in Saga Money following launch of new equity release product and new CEO Disciplined Insurance approach in difficult market; stable margins and enhanced product range Reported loss before tax of £257.5m, reflecting impairment of Insurance goodwill Robust financial position with £179.0m of Available Cash and resumption of ocean cruise ship repayments Good early progress against strategy with customer NPS growth and strengthened leadership team focused on delivery of Superbrand growth plan 4 SAGA#5MAXIMISING OUR EXISTING BUSINESSES Cruise and Travel* Strong Ocean Cruise bookings and progress on River Cruise alongside launch of new digital Travel business 66% Ocean Cruise load (HY 2021-56%) factor Insurance Challenging market conditions with steps taken to return to growth €74 £318 8.8 36% +3% Ocean Ocean Cruise Ocean Cruise first per diem time buyers total policies in force motor and home margin (HY 2021-£294) (HY 2021-48%) per policy (HY 2021-£76) Cruise guest satisfaction (out of 10) (HY 2021-9.0) 83% motor and home retention (HY 2021-81%) 50% motor and home direct share (HY 2021-58%) Launched new Travel offer £2,241 Travel ave. revenue per customer (HY 2021-£2,000) Launched premium jet touring 27k River Cruise and Travel passengers (HY 2021-1k) (8%) motor and home policy sales (HY 2021 +0.5%) Launch of standard one-year motor product *Cruise refers to our Ocean Cruise and River Cruise businesses. Travel refers to Saga and Titan Travel's touring, stays and tailor-made products £18m prior-year reserve releases (HY 2021-£18m) 110% current year COR (HY 2021-88%) 5 Interim results for the six months ended 31 July 2022 SAGA#6FINANCIAL PERFORMANCE James Quin Group CFO SAGA#7RETURN TO UNDERLYING PROFIT IN CHALLENGING MARKETS HY 2022 HY 2021 Variance Revenue £258.3m £156.4m 65% Underlying Profit/(Loss) Before Tax ₤14.0m (£2.8m) 600% (Loss)/profit before tax (£257.5m) £0.7m Available Operating Cash Flow £31.5m £41.9m (25%) Significant increase in revenue and return to underlying profit, supported by the partial recovery of Cruise and Travel as we emerge from the pandemic Reported loss before tax includes £269m impairment of Insurance goodwill Net debt £721.3m £740.3m (3%) Operating cash in the prior year benefited from one-off working Leverage ratio 8.5x 12.3x (3.8x) capital inflows 7 Interim results for the six months ended 31 July 2022 Leverage ratio starting to reduce SAGA#8RESILIENT INSURANCE, CRUISE AND TRAVEL STARTING TO RECOVER HY 2022 HY 2021 Variance Retail Broking (written) £37.0m £39.5m (6%) Written to earned adjustment (£1.5m) (£1.6m) 6% Underwriting £16.4m £31.1m (47%) Insurance £51.9m £69.0m (25%) Ocean Cruise (£6.9m) (£35.4m) 81% River Cruise and Travel (£4.7m) (£15.8m) 70% Cruise and Travel (£11.6m) (£51.2m) 77% Other Businesses £0.4m £1.1m (64%) Central Costs (£26.7m) (£21.7m) (23%) Underlying Profit/(Loss) Before Tax ₤14.0m (£2.8m) 600% 8 Interim results for the six months ended 31 July 2022 Lower Insurance result mainly a function of higher current-year loss ratio in the Underwriting business Significantly improved Cruise and Travel result as businesses begin to return to more normal operating conditions Increase in Central Costs mainly due to lower group recharges and higher finance costs SAGA#9LOWER MOTOR AND HOME BROKING RESULT BUT IMPROVED TRAVEL INSURANCE SALES Year-on-year movement in written Retail Broking Underlying Profit Before Tax £3.3m (£9.7m) (£0.6m) £4.8m £2.0m (£1.5m) (£0.8m) £39.5m Motor and home contribution £37.0m (£6.4m) 1 2 3 4 5 HY 2021 New business contribution Renewals contribution PMI Travel insurance CHMC Group recharges and cost transfers Underlying operating expenses and other HY 2022 1 Increased new business margins post FCA market study, partially offset by lower new business volumes and higher proportion through price-comparison websites 2 2ppt improvement in retention offset by reduced renewal margins post market study 3 Stable PMI sales, offset by renewal pricing actions and lower profit share post COVID-19 lockdowns 4 Return to pre-pandemic level of Travel insurance new business sales LO 5 One-off credit hire debt recovery in the prior year 9 Interim results for the six months ended 31 July 2022 SAGA#1010 TAKING THE RIGHT STEPS TO POSITION INSURANCE FOR THE FUTURE Market context Very competitive motor market as pricing adjusts to regulatory changes that require equalisation of pricing between motor and home new business and renewals High levels of claims inflation (estimated at 13%) is not fully being reflected in market pricing Our response . Maintained pricing discipline, particularly in relation to three-year fixed-price policies which represent a significant proportion of our business Launched new one-year standard motor product, alongside multi-car and electric vehicle policies, aimed at providing customers with greater choice and allowing us to improve our competitive positioning Outcome Motor and home policy sales for the first half were 8% lower than the prior period Limited PBT impact to the current year as new business acquisition costs lead to a low year-one contribution; but, left unchecked and extrapolated, would lead to a significant reduction in future profits as renewal volumes decline Response actions will help us return to growth over time, but at a lower margin than previously anticipated, reducing PBT by c.£20m per annum Lower PBT leads to goodwill impairment, calculated on a prudent view of future cash flows Looking ahead Shift towards more standard one-year policies, alongside other changes, will allow us to return to growth over time Changes in business mix, including a growing proportion of standard policies, alongside price equalisation, likely to lead to lower future margins (estimated for 2023/24 at around £60 per policy for motor and home per our July Trading Update) Interim results for the six months ended 31 July 2022 SAGA#11UNDERWRITING BUSINESS NAVIGATING HIGH LEVELS OF CLAIMS INFLATION Claims frequency returning to normal HY 2021 HY 2022 Movement in reserve margin £87.0m £75.7m HY 2021 £35.4m HY 2022 £31.1m ₤16.4m Underlying revenue Underlying Profit Before Tax (£2.2m) £16.7m (£18.4m) £31.5m Jan-22 Underlying development Basis change Reserve Jul-22 releases Underlying current-year combined ratio of 110% in H1, reflecting claims inflation of around 13% Expect similar current-year combined ratio in H2, albeit improving into 2023/24 Prior year reserve releases of £18m include one-off £10m reduction in prudent view of 2020/21 accident year Basis change now aligns best estimate reserving with expected position post IFRS 17 adoption in 2023/24; future basis changes expected to be significantly smaller than in the past 11 Interim results for the six months ended 31 July 2022 SAGA#12IMPACT OF CLAIMS INFLATION ON 2022/23 OUTLOOK What we're seeing Inflation pressures across the industry Latest view of inflation is around 13% Plus, secondary factors such as extended repair times and longer credit hire periods Market pricing is beginning to increase but has some way to go What we're doing More cautious prospective view of claims inflation Expected to continue at elevated levels for at least the next six months Reserves adjusted Net rates increased to price to technical profitability hurdles What's the impact? Some pressure on current year underwriting results in 2022/23 and, to a lesser extent, 2023/24 UPBT guidance for 2022/23 reduced from £35-50m to £20-30m Three-year fixed-price broking margins remain robust Current and prospective inflationary pressures factored into goodwill assessment 12 Interim results for the six months ended 31 July 2022 SAGA#13CRUISE AND TRAVEL RETURN DRIVES MUCH- IMPROVED RESULT Revenue Gross profit/(loss) Underlying Loss Before Tax: HY 2022 HY 2021 Variance £136.2m £10.0m >1,000% £20.8m (£18.2m) 214% Ocean Cruise (£6.9m) (£35.4m) 81% River Cruise and Travel (£4.7m) (£15.8m) 70% Total Underlying Loss Before Tax (£11.6m) (£51.2m) 77% Bookings Ocean Cruise load factor Ocean Cruise per diem River Cruise and Travel revenue 13 Interim results for the six months ended 31 July 2022 Ocean Cruise EBITDA and cash positive for the first half, supporting resumption of ocean cruise ship repayments in June Small Ocean Cruise loss due to continued pandemic impact and other external challenges; expect to return to profit for the full year Much-improved River Cruise and Travel result following resumption of trading alongside cost actions; expect to report a small loss for the full year Current year Next year 18 Sep 19 Sept Change 2022 2021 18 Sep 2022 19 Sept 2021 Change 74% 70% 4ppts 42% 60% (18ppts) £319 £301 6% £325 £307 6% £137.6m £16.0m 760% £76.0m £111.0m (32%) SAGA#14NET DEBT REDUCING DESPITE HEADWINDS Movement in net debt £729.0m £3.5m £6.9m £12.6m £18.8m £5.0m (£26.6m) (£15.0m) (£12.9m) Available Operating Cash Flow before cash support to Cruise and Travel of £31.2m £721.3m 1 Feb 2022 Unrestricted Trading EBITDA Dividend from AICL Working capital Capital expenditure River Cruise and Travel cash injection Ocean Cruise Available Operating Cash Flow* Debt service Non-trading items, tax & other 31 Jul 2022 Available Operating Cash Flow of £31.5m (vs. £41.9m in the prior year), mainly due to one-off positive working capital benefits in the prior year Lower level of cash support provided to River Cruise and Travel although, due to trust arrangement, small working capital outflow as business resumes closer-to-normal operations • Improved Ocean Cruise cash flow, supporting resumption of ship repayments in June Reduced debt service costs with higher current-year bond interest offset by fees in the prior year in relation to the partial tender of the 2024 bond and issue of the 2026 bond • Non-trading items largely reflect agreed deficit recovery plan payments to the defined benefit pension fund *Ocean Cruise cash flow represents net advance customer receipts, net trading income and capital expenditure as shown on page 46 14 Interim results for the six months ended 31 July 2022 SAGA#15UPDATED NET DEBT OUTLOOK Chart to the right shows updated profile of net debt in a range of scenarios Deleverage profile Group net debt ■Spirit of Adventure ■Spirit of Discovery More positive travel outlook, but lower insurance profit expectations lead to a slightly slower pace of deleveraging Cruise debt reduces over time as instalments and deferred elements are repaid as they fall due We will maintain significant liquidity until the maturity of the 2024 bond Target of reducing total leverage to <3.5x remains but may take until 2025 or 2026 15 Interim results for the six months ended 31 July 2022 2021/22 2022/23 2023/24 2024/25 SAGA#16TRAVEL John Constable Saga Travel Group CEO SAGA#17WE ARE BUILDING 'THE' TRAVEL COMPANY FOR THE EXPERIENCED MARKET A dynamic and digital offering that allows us to penetrate a market that makes 52m trips per year A world-class escorted touring business using both the Saga and Titan brands A product offering and service proposition that keeps travellers purchasing time and time again 15.8m Significant market opportunity.... travellers over the age of 50... ...who each take 3.3 trips per year... ...but only 38% rate us as a 'brand for me' 17 Interim results for the six months ended 31 July 2022 SAGA#18BUILDING WHAT OUR CUSTOMERS WANT... ...AND CONCEPT FEEDBACK IS POSITIVE A wider range, beyond hosted resort stays and tours, tailored to the wants of people over 50 Saga offering a wider range – makes the brand more attractive and relevant to more customers Flexibility and the ability to tailor holidays, content and departures dates are appealing The support of Saga whilst travelling adds confidence "Saga is a more up to date more modern company than perhaps I had thought" "There's more to Saga than I thought" "It's a good direction of travel" "It looks like Saga is keeping up with the trends" "A very thoughtful ground- breaking idea" "Takes Saga up to the next level" "Plenty of people like us will want to do this 18 Interim results for the six months ended 31 July 2022 SAGA#19THERE IS SIGNIFICANT OPPORTUNITY Our target customers continue to grow and their lifestyles are changing They are eager to travel and more confident than ever using technology The Saga Exceptional Departure Experience Experience the world in luxury and with peace of mind, no matter what your budget... Pick up from your front door Transport to the airport Airport terminal drop-off Fast-track through security Lounge access • Locally provided representation service Attract younger customers • UK 50+ market predicted to grow by 2.3m by 2030; focus on active retirement segment Affluent audience Median disposable income for retired households has grown by +7% since 2020 (vs. 2% for all households) Become the 'go to' brand • 38% plan to travel more than in 2019 61% plan to spend £3,000+ on overseas travel (12% happy to spend £10,000+) Online experience • Internet penetration for 65+ is now at 80% • 65% shop online, 20% book travel online Return to your front door Plus, travel insurance for tours and hotel stays, visa service and 24/7 concierge service Personalisation 19 Interim results for the six months ended 31 July 2022 72% of 65+ consumers expect real-time service when purchasing online SAGA#20Empty#21TAILOR-MADE BY SAGA - DELIVERING GROWTH A new dynamic, digital travel business, delivering innovative products and exclusive short term offers, improving speed to market and customer choice Curated product range Independent and private touring Self-drive itineraries Motorhome holidays Tailor-made Short term 'Exclusive Deals' Launched via SAGA Insurance Holidays Cruises Money Magazine My Saga Where to? Q Search Tour & Explore Road Tripa Cruise & Stay Exclusive Deals New Travel website New fresh styling and increased regular email interaction Increased social media focus Saga Magazine as a launch and ongoing platform • Leveraging our database via targeted and light direct mail Worldwide Hotels Exclusive Deals magazine SAGA TAILOR-MADE RAVEL GRAVEGA BY SAG gettyimages O Marto Batzuk 21 Interim results for the six months ended 31 July 2022 View all deals Don't miss out Sd 14h: 40m 10 place left HOTEL STAY Amalfi coast 7 Nights 12-17 Sept Italy from £1,500 per person $40 per person 1-15% Canary Island Explorer The majesty of Peru 15 Nights 9 Nights 12-17 Sept Peru 12-17 Sept Canary Islands from £2,907 per person 63.249 per person 1-30% from £1,639 per person 1985 per person 1-12% ← HOLLSTA The maj 9 Nights 12-17 Sept Peru from £1, 1789 per SAGA#2222 TOURING - AN INSIGHT-LED STRATEGY FOCUSED ON FUTURE CUSTOMERS Touring appeals for many reasons: Adventurous destinations Hassle-free planning Interesting itineraries Growth requires a much higher level of first-time bookers and lifetime values are high vs. acquisition costs Tour manager excellence is critical to repeat bookings 1 3 Product innovation Premium jet tour launch ⚫ Flexibility • Regional flying strategy Commercial growth New distribution (Titan) Margin growth Channel management Important drivers for first-time bookers are... Knowledgeable tour managers ✓ Everything taken care of Interim results for the six months ended 31 July 2022 Ability to see and do more 2 Brand fame • World-class tour managers ⚫ Supercharge first time bookers ⚫ The sales journey 4 Efficiency and simplification Leveraging our technology Constant challenge of our cost of operation and processes SAGA#2323 EARLY INNOVATION BEGAN WITH... ...our new premium jet service Stand-out tour proposition in an uncrowded space Inspiring innovating, challenging to replicate Sector leadership 1 tour delivers £1.9m revenue 70% sold 10 weeks after launch Full programme of premium jet tours will be released at the end of 2022 £2-3m annual contribution to PBT from 2024/25 ...AND PRODUCT DEVELOPMENT WILL BE CONSTANT ...the experienced gap year... London Rome Tivat Istanbul Vatican City tah titan ...destination expansion... titan Samarkand Wadi Rum }o Petra Ranthambore Interim results for the six months ended 31 July 2022 Jaipur Taj Mahal ....and multi-generational travel SAGA#24WHAT DOES SUCCESS LOOK LIKE? Saga is the UK's number one travel provider for the experienced generation... ...resulting in significant growth in passenger numbers from a diversified business ...with a proposition that is 100% personal, local, completely door-to-door and complimented by exceptional service... Touring Hosted hotel stays Touring Hosted hotel stays Tailor-made ...and constant innovation that delivers Exceptional Experiences Every day for our customers... Today 2026/27 SAGA 24 Interim results for the six months ended 31 July 2022#25STRATEGY OVERVIEW Euan Sutherland Group CEO SAGA#26THE SAGA VISION By 2027, our ambition is to be The largest and fastest growing commercial network for older people in the UK, Our formula is simple: E3 = R² Delivering Exceptional Experiences Every day leads to customers always Returning and Recommending us ...with the largest active pool of the most insightful data on the fastest growing and wealthiest demographic 26 Interim results for the six months ended 31 July 2022 Our priority is to move to higher frequency, higher engagement products and services for our customers SAGA#27FOCUSED ON OUR THREE-STEP GROWTH PLAN 1. Maximising our existing businesses Specific growth plans for each business enabling growth, accountability, efficiency and delivery of a common brand purpose: Cruise Travel Money Insurance 2. Step-changing our ability to scale while reducing debt Grow existing businesses while reducing debt Developing new businesses through innovation in a capital- light way 3. Creating THE Superbrand for older people in the UK Re-position the brand to challenge perceptions of age Commercialise and grow our database Build exceptional insights, supported by the Big Window Develop higher frequency, higher engagement business models through Saga Media Create an exceptional customer and colleague experience every day 27 Interim results for the six months ended 31 July 2022 SAGA#28WE SEE SIGNIFICANT OPPORTUNITY TO CREATE A DIVERSIFIED GROWTH BUSINESS Insurance Now Next year Five years Ten years Travel Cruise Money Media • Insurance dominates earnings but with... • Low growth ⚫ High regulation • Low frequency and lower customer engagement Insurance becoming a lower proportion of earnings Cruise and Travel growth All Business units driving E³-R² Cruise and Travel growth Move towards a more capital- light model as Saga Money and Saga Media start to scale ⚫ Sophisticated analysis of The Big Window insights and data investment creates LTV More balanced PBT across Cruise, Travel, Media, Money and Insurance Growth in customer numbers, engagement and frequency of interaction Note that the charts on the left reflect an illustrative level of earnings and mix of business only Lifetime value model driven by data 28 Interim results for the six months ended 31 July 2022 SAGA#2929 GOOD EARLY PROGRESS IN H1 2022 Continued improvement in Revenue growth in Saga Money customer and appointment NPS 50 (HY 2021-47) of CEO Jerry Toher Michael O'Donohue appointed as Chief Data Officer to grow and drive commercial value from our database Interim results for the six months ended 31 July 2022 Colleague engagement grew again to 8.0 out of 10 (HY 2021-7.5) Weekly email Saga Magazine reaching over 500k readers every week Sept 20 Feb-21 Nov-21 May-22 Increased focus on cross-sell Aaron Asadi appointed as CEO to create content platform and drive forward Saga Media vision Building exceptional customer insights through the Big Window with customer segment research Consent and re- consent up by more than 350% compared to previous year River Home Cruise Insurance 18% 18% 22% 6% Ocean Motor Cruise Insurance Mar-21 Aug-21 Jan-22 Jun-22 SAGA#30WHAT'S NEXT FOR H2 2022/23? 84% Ocean Cruise load factor £320 Ocean Cruise per diem Cruise Media £137.6m booked revenue for 2022/23 (River Cruise and Travel bookings at 18 September 2022) Travel Implementation of new home insurance retail pricing system Growth within savings and equity release Customer data Insurance Insight Money Launch of Media strategy On track to deliver 3m new consents by year-end New insight programme to help colleagues understand what it means to get older iii Colleagues Acceleration of annual pay review and introduction of additional support payments Next update - 24 January 2022 - Trading Update and Capital Markets Event (spotlight on Media, Money and Data) 30 Interim results for the six months ended 31 July 2022 SAGA#31CONCLUSION Euan Sutherland Group CEO SAGA#32ON TRACK TO BUILD SAGA INTO THE SUPERBRAND FOR OLDER PEOPLE Expect to see improved operating performance in 2023/24, with growth in Saga Cruise, Travel and Money, a stabilised Insurance business and scale-up opportunity in Saga Media Expected accelerated delivery of our three-step growth plan with the new strengthened leadership team in place Making a strategic pivot to become a marketing, content and distribution business On track to build Saga into the largest and fastest growing commercial network, creating THE Superbrand for older people in the UK 32 Interim results for the six months ended 31 July 2022 SAGA#33Q&A SAGA#34DATES FOR THE DIARY 2022 10-14 October - Interim results roadshow 2023 - 24 January Trading Update 24 January - Capital markets event (Media, Money and Data) TBC March 2022/23 Preliminary results -#35APPENDIX SAGA#36SUMMARY OF GUIDANCE FOR 2022/23 £ Group financials Insurance Ocean Cruise River Cruise and Travel Full year underlying profit to be in the range of £20-30m (compared with previous guidance of £35-50m) Expect net debt to continue to reduce, despite challenging markets Motor and home policy sales like to be similar to H1 Motor and home margin per policy slightly lower than the first half Current-year combined operating ratio similar to H1 Reserve releases materially lower than in the first half 75% load factor (84% in H2) Per diem of £319 (£320 in H2) • £8m one-off COVID-19 discounts and safety protocols (per preliminary results) • Small Underlying Loss Before Tax, in line with previous guidance Other Businesses and Central Costs Central costs likely to be around £6m higher in H2 due investment in capability and innovation 36 Interim results for the six months ended 31 July 2022 SAGA#37SAGA PLC CONSOLIDATED INCOME STATEMENT Revenue Underlying Profit/(Loss) Before Tax HY 2022 £258.3m Change 65% HY 2021 £156.4m Retail Broking (earned) Underwriting Insurance Ocean Cruise £35.5m (6%) £37.9m £16.4m (47%) £31.1m £51.9m (25%) £69.0m (£6.9m) 81% (£35.4m) River Cruise and Holidays (£4.7m) 70% (£15.8m) Cruise and Travel (£11.6m) 77% (£51.2m) Other Businesses and Central Costs (£15.0m) (35%) (£11.1m) Net finance costs (£11.3m) (19%) (£9.5m) Total Underlying Profit/(Loss) Before Tax £14.0m 600% (£2.8m) Net fair value gains/(losses) on derivatives £0.9m (£3.2m) Profit on disposal of assets £7.1m Impairment of Insurance goodwill (£269.0m) The Big Window acquisition costs (£0.6m) Restructuring costs (£2.1m) (£0.4m) Foreign exchange losses on river cruise ship leases (£0.3m) ST&H River Cruise IFRS 16 adjustment (£0.4m) Tax expense (Loss)/profit before tax Loss after tax Basic earnings/(loss) per share: Underlying Earnings/(Loss) Per Share (£257.5m) (>1,000%) £0.7m (£5.6m) (£263.1m) (47%) (>1,000%) (£3.8m) (£3.1m) Loss per share 6.1p 326% (2.7p) (189.Op) (>1,000%) (2.2p) 37 Interim results for the six months ended 31 July 2022 SAGA#3838 CONTINUED INVESTMENT FOR THE FUTURE Underlying marketing costs* £2.6m underlying increase vs. the prior year: £0.9m incremental Cruise and Travel spend to support future bookings as operations begin to normalise £0.6m Insurance reflects TV advertising, partially offset by lower volume-related spend £1.6m within Saga Money to support launch of new equity release product Underlying administration costs* £4.4m underlying increase in incremental overheads: Resumption of Cruise and Travel trading Investment in Insurance and other capability, in senior team and in contact centres Partially offset by £1.8m reduced bonus accrual £18.9m £2.1m £1.6m £0.9m £0.6m (£0.5m) Underlying increase (excl. written to earned adjustment) of £2.6m £23.6m HY 2021 Cruise and Insurance Travel Money Central Costs and other Written to HY 2022 earned adjustment £71.8m £0.6m £0.8m £0.2m £1.0m (£0.4m) Increase of £2.6m (excl. written to earned adjustment) £74.0m * Administration and marketing costs are reconciled to statutory definitions on page 39 Interim results for the six months ended 31 July 2022 HY 2021 Cruise and Insurance Travel Money Central Costs and other Written to HY 2022 earned adjustment SAGA#3939 UNDERLYING TO STATUTORY MARKETING AND ADMINISTRATION COSTS HY 2022 HY 2021 Underlying marketing costs (page 38) Underlying administration costs (page 38) £23.6m £18.9m £74.0m £71.8m Total underlying marketing and administration costs £97.6m £90.7m Restructuring costs £2.2m £0.4m IAS 19 charge £1.2m FX movement on leases £0.3m Statutory administration and marketing costs £100.1m £92.3m Interim results for the six months ended 31 July 2022 SAGA#40INSURANCE RETAIL BROKING INCOME STATEMENT Home Broked Underwritten Motor Other Total HY Broking Broking Broking £45.3m £71.9m £61.6m £97.1m Total HY Gross written premiums £142.4m 2022 £178.8m £1.8m £98.9m £71.9m £63.4m £277.7m Change 2% (7%) 2021 £175.8m £106.9m (2%) £282.7m Broker revenue £19.9m Instalment revenue £3.2m £11.9m £1.5m £21.1m £52.9m £52.7m £4.7m £4.7m Add-on revenue £4.6m £5.2m £9.8m (15%) £11.5m Other revenue £13.6m £8.6m £0.3m £22.5m (10%) £24.9m Written revenue Written gross profit Marketing expenses £41.3m £27.2m £39.5m £27.2m £21.4m £89.9m (4%) £93.8m £23.0m £89.7m (3%) £92.8m (£6.6m) (£3.4m) (£2.4m) (£12.4m) (5%) (£11.8m) Written gross profit after marketing expenses £32.9m £23.8m £20.6m £77.3m (5%) £81.0m Other operating expenses Written Underlying PBT (£19.0m) (£13.5m) (£7.8m) (£40.3m) £13.9m £10.3m £12.8m 3% (£41.5m) £37.0m (6%) £39.5m Written to earned adjustment (£1.5m) (£1.5m) 6% (£1.6m) Earned Underlying PBT £12.4m £10.3m £12.8m £35.5m (6%) £37.9m Policies in force 840k 658k 189k 1,687k 3% Policies sold 433k 333k 109k 875k (1%) 1,637k 884k Third-party panel share 27.7% (3.1ppts) 30.8% 40 Interim results for the six months ended 31 July 2022 SAGA#41INSURANCE UNDERWRITING INCOME STATEMENT Reported Quota share Underlying HY 2022 Change Underlying HY 2021 Net earned premium £24.2m (£50.2m) £74.4m (12%) £84.1m Other revenue £1.3m £1.3m (55%) £2.9m Revenue Claims costs Reserve releases Other cost of sales A £25.5m (£50.2m) £75.7m (13%) £87.0m BCDE (£23.2m) £47.0m (£70.2m) (10%) (£64.1m) £16.1m (£2.3m) £18.4m 2% (£1.7m) £6.3m (£8.0m) (3%) £18.0m (£7.8m) (£8.8m) £51.0m (£59.8m) (11%) (£53.9m) Gross profit Operating expenses £16.7m £0.8m £15.9m (52%) £33.1m TI F (£1.5m) £3.7m (£5.2m) (4%) (£5.0m) Investment return £1.2m (£2.1m) £3.3m (20%) £4.1m Quota share net income/(cost) (£2.4m) £2.4m 318% (£1.1m) Underlying Profit Before Tax ₤16.4m ₤16.4m (47%) £31.1m Reported loss ratio (B+C)/A 27.8% 68.4% (15.4ppts) 53.0% Expense ratio (D+F)/A 12.5% 17.4% (2.7ppts) 14.7% Reported COR (E+F)/A 40.4% 85.9% (18.2ppts) 67.7% Current year COR (E+F-C)/A 103.5% 110.2% (21.8ppts) 88.4% Number of earned policies 337k (5%) 356k Policies in force - Saga motor 599k (1%) 607k 41 Interim results for the six months ended 31 July 2022 SAGA#4242 RESERVE RELEASES HY 2022 prior year reserve releases by accident year (£'m) 3.3 3.0 1.5 1.5 0.5 0.5 10.4 7.3 1.5 Pre- 2013 2014 2015 2016 2017 2018 2019 2020 2012 Accident Year to 31 January Interim results for the six months ended 31 July 2022 (12.0) 2021 2022 SAGA#43CRUISE AND TRAVEL INCOME STATEMENT River Revenue Cruise £75.7m Ocean Cruise and Travel £60.5m HY 2022 Total Cruise and HY 2021 River Total Ocean Cruise and Cruise and Travel Change £136.2m >1,000% Cruise Travel Travel £8.0m £2.0m £10.0m Gross profit/(loss) Marketing expenses Other operating expenses £11.9m £8.9m £20.8m (£4.7m) (£4.7m) (£9.4m) (£4.8m) (£8.6m) (£13.4m) 214% (£17.0m) (£1.2m) (£18.2m) (11%) (£4.4m) (£4.1m) (£8.5m) 11% (£4.5m) (£10.5m) (£15.0m) Investment return (100%) £0.1m £0.1m Finance costs (£9.3m) Underlying Loss Before Tax (£6.9m) (£0.3m) (£9.6m) (£4.7m) (£11.6m) (£9.6m) 77% (£35.4m) (£9.6m) (£15.8m) (£51.2m) Average revenue per passenger £4,731 £2,241 £3,167 Ocean Cruise passengers 16k 16k 27% 433% £2,667 3k £2,000 £2,500 3k Ocean Cruise passenger days 231k 231k 904% 23k 23k Load factor 66% 66% 10ppts 56% 56% Per diem £318 £318 River Cruise passengers 6k 6k 8% 100% £294 £294 Travel passengers 21k 21k >1,000% 1 1 43 Interim results for the six months ended 31 July 2022 SAGA#44OTHER BUSINESSES AND CENTRAL COSTS INCOME STATEMENT HY 2022 Other Central Businesses Costs HY 2021 Other Central Total Change Businesses Costs Total Revenue Money £4.1m £4.1m 46% £2.8m £2.8m Media and printing £5.1m £5.1m 4% £4.9m £4.9m Other £0.8m £0.8m £0.8m £0.8m Total revenue £9.2m £0.8m £10.0m 18% £7.7m £0.8m £8.5m Gross profit £4.2m £1.6m £5.8m 26% £2.8m £1.8m £4.6m Operating expenses (£3.8m) (£17.2m) (£21.0m) (45%) (£1.7m) (£12.8m) (£14.5m) Investment income £0.2m £0.2m 100% IAS 19R pension charge 100% (£1.2m) (£1.2m) Net finance costs (£11.3m) (£11.3m) (19%) (£9.5m) (£9.5m) Underlying Profit/(Loss) £0.4m (£26.7m) £26.3m (28%) ₤1.1m (£21.7m) (£20.6m) Before Tax 44 Interim results for the six months ended 31 July 2022 SAGA#45CASH FLOW AND LIQUIDITY HY 2022 Change HY 2021 Retail Broking Trading EBITDA £38.8m (5%) £40.9m Other Businesses and Central Costs Trading EBITDA (£12.2m) (85%) (£6.6m) Trading EBITDA from unrestricted entities £26.6m (22%) £34.3m Dividends paid by Underwriting business £15.0m 25% £12.0m Working capital and non-cash items (£3.5m) (128%) £12.5m Capital expenditure funded with available cash (£6.9m) (3%) (£6.7m) Available Operating Cash Flow before injections to Travel operations £31.2m (40%) £52.1m Cash injection into River Cruise and Travel businesses (£12.6m) 37% (£19.9m) Ocean Cruise Available Operating Cash Flow £12.9m 33% £9.7m Available Operating Cash Flow £31.5m (25%) £41.9m Restructuring costs paid Interest and financing costs Business and property (acquisitions)/disposals Tax receipts Other payments Change in cash flow from operations Change in bond debt (£0.7m) (40%) (£0.5m) (£18.8m) 17% (£22.7m) (£0.9m) (120%) £4.5m £2.4m 167% £0.9m (£5.8m) (38%) (£4.2m) £7.7m (61%) £19.9m (100%) £150.0m Change in bank debt Change in ship debt Cash at 1 February Available Cash at 31 July (100%) (£70.0m) (£15.3m) (100%) £186.6m 148% £75.4m £179.0m 2% £175.3m 45 Interim results for the six months ended 31 July 2022 SAGA#46CRUISE AND TRAVEL CASH FLOWS Ocean Cruise Increase in advance customer receipts as bookings increase Net trading income represents cash received on departed cruises, partially offset by running costs associated of those cruises £15.3m repayment of ocean cruise ship facilities in June Intercompany creditor of £18.8m remaining between Cruise and Saga Group at 31 July £4.7m 1 Feb Opening cash River Cruise and Travel Significant increase in net customer receipts as passenger numbers increase £12.6m cash support provided to support with supplier and trading payments in advance of cash being released from the ring-fence £68.3m ring-fenced cash supports £56.8m advanced customer receipts £32.4m 1 Feb Opening cash 46 Interim results for the six months ended 31 July 2022 Available Operating Cash Flow of £12.9m £4.0m £10.2m (£1.3m) (£7.3m) £8.8m £3.8m (£15.3m) customer Net advance Net trading Capex income Interest Capital Group repayments funding receipts £33.3m (£7.8m) (£2.2m) Net customer receipts Net trading costs Restructure costs & capex €12.6m 31 Jul Closing cash £68.3m Cash injection 31 Jul Closing cash SAGA