Interim Results

UPDATED 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

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