Slide 1: Financial Results
Financial Results for the 6 months to 30 September 2025 Investor Presentation • 18 November 2025
Slide 2: Important notice
Important notice • This presentation has been prepared by Serko Limited ("Serko"). All information is current at the date of this presentation, unless stated otherwise. All currency amounts are in NZ dollars unless stated otherwise. • Information in this presentation • is for general information pur
Slide 3: What we'll cover today
What we'll cover today Results Financial Strategy & Q&A overview results FY26 outlook Darrin Grafton Shane Sampson Darrin Grafton Chief Executive Officer Chief Financial Officer Chief Executive Officer Slide 4 Slide 10 Slide 18 Serko 3
Slide 4: Results overview
Results overview Darrin Grafton Chief Executive Officer Serko 4
Slide 5: Serko delivers strong 1H performance
Serko delivers strong 1H performance High growth + cost discipline = positive EBITDAFI & Free Cash Flow Revenue Costs Profit (loss) Balance sheet $61.8m $59.3m $65.1m $(9.5m) $65.0m Total Total Operating Net loss Cash income spend expenses after tax on hand 45% increase 34% increase 29% increase $4.
Slide 6: Total income growth of 45%
Total income growth of 45% Strong total income growth driven by GetThere acquisition in January 2025 and momentum in Booking.com for Business GetThere acquisition primary driver of 71% growth in online bookings Total income $m Total online bookings $70m 5.0m 4.7m $61.8m 4.5m $60m $8.8m 4.0m 3.6m 1.7
Slide 7: Booking.com for Business momentum continuing
Booking.com for Business momentum continuing Completed room nights increased 32% to 2.1 million, underpinned by growth in active customers and new product capabilities Active customer numbers increased 40% with slightly lower completed room nights per active customer Completed room nights Average re
Slide 8: Australasia: stable revenue with improving margins
Australasia: stable revenue with improving margins +2% increase in Online Bookings was offset by a (-2%) decline in average revenue per booking resulting in stable Australasian travel revenue while improving margins with lower third party costs Continued to invest and innovate in the Australasian ma
Slide 9: GetThere drives US step change
GetThere drives US step change Revenue slightly exceeded expectations as expected customer exits occurred more slowly. Customer base stabilised. New sales below target; accelerating new platform investment Co-designing AI-powered capabilities with customers – positive customer and prospect engagemen
Slide 10: Financial results
Financial results Shane Sampson Chief Financial Officer Serko 10
Slide 11: Total income up 45% on PCP to $61.8 million
1H26 summary Total income up 45% on PCP to $61.8 million 1H26 1H25 % Change Financial ($m) Total income $61.8m $42.7m 45% Total Operating Expenses $65.1m $50.4m 29% Total Spend $59.3m $44.1m 34% EBITDAFI gain/(loss) $6.1m $1.2m 394% Net gain/(loss) after tax ($9.5m) ($5.1m) 86% Free Cash Flow $3.0m
Slide 12: Net profit summary / EBITDAFI reconciliation
Net profit summary / Net Profit Summary 1H26 1H25 Change Change EBITDAFI reconciliation EBITDAFI Reconciliation $m $m $m % NZ$’m Revenue 61.1 41.5 19.7 47% • Finance income has reduced due to lower Other income (including Grants) 0.7 1.3 (0.6) (48%) interest rates and lower cash and short-term Total
Slide 13: We are achieving growth with cost discipline
We are achieving growth with cost discipline Total income vs total spend $70m • Continued strong revenue growth $60m $61.8m outpaced spend even as we $59.3m increased investment in our $48.6m $50m areas of strategic focus $44.1m $42.2m $41.8m $47.7m $40m • Total Spend fell from 102% (2H25) $42.7m to
Slide 14: Well capitalised: cash increasing to $65m, no debt
Balance sheet Well capitalised: cash increasing to $65m, no debt • Serko’s balance sheet Balance Sheet 1H26 1H25 Change Change 31-Mar-25 remains strong with cash and short-term deposits of $m $m $m % $m $65.0 million and no debt • Cash and short-term Cash and Short-Term Deposits 65.0 82.0 (16.9) (21
Slide 15: Total contribution will continue to grow
Booking.com for Business Total contribution will continue to grow Gross Revenue at various CRN volumes Average Comm per CRN (€) Average revenue per CRN (€) € 22 -2% € 11 -3% € 20.18 € 10.09 € 10.00 Incremental tiers € 20.00 € 19.64 € 20 € 10 € 9.65 $100m € 18.75 € 18.61 50% commission tier € 9.38 €
Slide 16: Accounting hedges for EUR for FY27
Hedging Accounting hedges for EUR for FY27 • Serko has historically had forward contracts in place to hedge cash receipts in EUR and AUD but has not Table of Designated Hedges designated those contracts as hedges for accounting purposes. In 1H26 we recognised losses of Serko Serko Effective $3.5 mil
Slide 17: Exit of Interplx drives strategic focus
Partnering with leading Expense providers in US Exit of Interplx drives strategic focus • Serko has integration and referral partnerships with several leading US payments and expense providers Present Value of Royalties $0.2m and will continue to expand these relationships rather than operate a stan
Slide 18: Strategy & FY26 Outlook
Strategy & FY26 Outlook Darrin Grafton Chief Executive Officer Serko 18
Slide 19: Focussed execution enables future growth
Focussed execution enables future growth Strong delivery in 1H26 against Serko’s strategic focus areas 01 02 03 04 Booking.com for Reinforced North American Serko platform Business growth Australasian position expansion evolution • Improving loyalty and • NDC supply channel delivered, • Co-designing
Slide 20: Well positioned to achieve our FY30 revenue aspiration
Well positioned to achieve our FY30 revenue aspiration $250 million revenue aspiration for FY30 Bigger Faster Optimised Booking.com for Accelerating Increasing Business - growth platform operational strategy in place transformation efficiency and to deliver AI-powered effectiveness as key capabiliti
Slide 21: Key Booking.com for Business milestones achieved
Key Booking.com for Business milestones achieved Current key priorities Platform evolution delivering new capabilities and value Major initiatives underway • Flight service modernisation • Organisation and traveller profile services Technical foundations • Full decoupling from heritage systems June
Slide 22: Positioning Serko to unlock the full value of AI and data
Positioning Serko to unlock the full value of AI and data Going faster as we capitalise on AI Optimising our operating model • AI is central to our strategy and as key enabler for delivery product roadmap • Evolving how we organise, lead and enable • Increasing our AI investment in a targeted, our p
Slide 23: FY26 Guidance
FY26 Guidance We reaffirm our FY26 total income guidance of $115 million -$123 million. Serko is revising its Total Spend range to $124 million -$128 million for FY26, from $127 million - $133 million previously. Risks to Serko achieving its FY26 goals include macro economic and geopolitical factors
Slide 24: Your questions
Your questions Serko 24
Slide 25: Appendix
Appendix Serko 25
Slide 26: FY26 financial and operational summary
FY26 financial and operational summary 1H25 2H25 FY25 1H26 1H26 v 1H25 % Financial ($m) Total income $42.7m $47.7m $90.5m $61.8m 45% Total Spend $44.1m $48.6m $92.7m $59.3m 34% Total Operating Expenses $50.4m $57.2m $107.6m $65.1m 29% EBITDAFI gain/(loss) $1.2m $1.5m $2.8m $6.1m 394% Net gain/(loss)
Slide 27: Booking.com for Business: 1H progress & 2H plans
Booking.com for Business: 1H progress & 2H plans Completed in 1H In progress Upcoming • Personalised onboarding, • Provide a single traveller view • Simplify joining an reducing activation time for to manage all Booking.com existing company new companies for Business bookings • Optimise mobile web •
Slide 28: Revenue analysis
Revenue analysis Revenue and Other Income 1H26 1H25 Change Change by Type $m $m $m % • Booking.com for Business partnership Revenue – transaction and usage fees continues to drive growth in the Supplier Travel platform booking revenue 20.5 11.7 8.7 74% Commissions category and the Europe Expense pla
Slide 29: Total Spend
Total Spend Operating Expenses 1H26 1H25 Change Change $m $m $m % • Total Spend increased by $15.2 million, Total Operating Expense 65.1 50.4 14.7 29% primarily due to GetThere related spend and the initial platform acceleration investment Add back capitalised development 3.6 2.6 1.0 39% partially o
Slide 30: Operating Expenses
Operating Expenses 1H26 1H25 Change Change $m $m $m % Operating Expenses Total remuneration and benefits 37.5 28.5 9.0 32% Percentage of revenue 61% 69% -7% • Remuneration and benefits has increased Third party connection costs 6.9 5.8 1.1 19% with addition of GetThere and the increased Percentage o
Slide 31: Product and Technology
Product and Technology • Product & Technology (P&T)¹ costs is 1H26 1H25 Change Change Product & Technology Expenditure a non-GAAP measure representing the $m $m $m % internal and external costs related to P&T that have been included in Operating Total Product & Technology spend 29.6 20.4 9.2 45% Exp
Slide 32: Free Cash Flow
Free Cash Flow • Free Cash Flow excludes movements Free Cash Flow 1H26 1H25 Change Change between cash and short-term investments, $m $m $m % cash flows related to capital raises and unusual items from a timing perspective Movement in cash 3.6 7.8 (4.2) (54%) • The GetThere purchase price receipt re
Slide 33: Definitions
Definitions Non-GAAP (generally accepted accounting practices) financial measures do not have standardised meanings prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities. Non-GAAP measures are used by management to monitor the business an
Slide 34: Definitions (continued)
Definitions (continued) • New Distribution Capability (NDC) is a non-GAAP term referring to a technical capability that allows airlines to distribute and sell air travel products more dynamically and directly to travel agents and customers. • Online Bookings is a non-GAAP measure comprising the numb