Slide 1: Financial Results for the 12 months to 31 March 2025
Financial Results for the 12 months to 31 March 2025 Investor Presentation • 20 May 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 & Your overview results FY26 outlook questions Darrin Grafton Shane Sampson Darrin Grafton Chief Executive Officer Chief Financial Officer Chief Executive Officer Slide 4 Slide 10 Slide 15 Serko 3
Slide 4: Results overview
Results overview Darrin Grafton Chief Executive Officer Serko 4
Slide 5: 27% total income growth
27% total income growth Strong total income growth driven by momentum in Booking.com for Business Pre-acquisition business1 is cash generating, supporting our growth plans Total income Total online bookings $100m 7m $90.5m 6.4m $90m $4.8m 6m 0.9m $80m $71.2m 4.9m $70m 5m 4.1m $60m 4m $48.0m $50m 3m
Slide 6: 29% increase in Booking.com for Business CRNs
29% increase in Booking.com for Business CRNs Completed room nights increased to 3.3 million, underpinned by stronger demand and product improvements Active customer numbers increased 29% Completed room nights Average revenue per CRN Active customers 3.5m 3.3m € 10 € 9.75 250 € 9.63 -1% 222k € 10 €
Slide 7: 18% growth in Australasian travel revenue
18% growth in Australasian travel revenue 12% increase in average revenue per booking and 6% increase in online bookings drove higher travel revenue growth Continued to invest and innovate in the Australasian market to strengthen our market leadership Australasia online bookings Australasia ARPB 4.1
Slide 8: We are accelerating organisational performance as we scale globally
We are accelerating organisational performance as we scale globally We are attracting global talent from leading consumer technology businesses to strengthen our team In FY25, we welcomed senior leaders with data, AI, and e-commerce 86% 8pts Overall employee expertise from Airbnb, Booking.com and Ub
Slide 9: We are achieving growth with cost discipline
We are achieving growth with cost discipline Total income vs total spend $60m • Disciplined cost management $48.6m saw income grow ahead of spend $50m $44.1m $41.1m $42.2m $42.2m $41.8m $47.7m • Total spend fell from 118% (FY24) $40m $42.7m to 102% of income (FY25) $36.3m $30m $34.8m • Business is d
Slide 10: Financial results
Financial results Shane Sampson Chief Financial Officer Serko 10
Slide 11: Total income up 27% to $90.5 million
FY25 summary Total income up 27% to $90.5 million Pre-acquisition business FY25 Change v FY24 FY25 Change v FY24 Total income $90.5m 27% $85.7m 20% Total spend $92.7m 10% $83.0m (1%) Total operating expenses $107.6m 20% $97.0m 8% EBITDAFI gain/(loss) $2.8m $4.3m $7.7m $9.2m improvement improvement N
Slide 12: Strong cashflow trajectory in pre-acquisition business
Strong cashflow trajectory in pre-acquisition business Pre-acquisition business Pre-acquisition business Free Cash Flow Total income vs total spend FY23 FY24 FY25 $85.7m $10m $7.4m $90m $83.3m $83.9m $80m $5m $83.0m $70m $0m $71.2m $60m ($5m) $50m ($10m) ($7.1m) $40m $48.0m ($15m) $30m ($20m) $20m (
Slide 13: Well capitalised with total cash in hand of $61.4 million
Balance sheet Well capitalised with total cash in hand of $61.4 million • Serko’s balance sheet Balance Sheet 2025 2024 Change Change remains strong with cash #039;m #039;m #039;m % and short-term deposits of $61.4 million and no debt Cash and Short Term Deposits 61.4 80.6 (19.2) (24%) • Cash and short term
Slide 14: Total contribution will continue to grow
Booking.com for Business Total contribution will continue to grow Gross Revenue at various CRN volumes $100m $50m Incremental tiers 50% 50% 50% 50% commission tier 50% $- 3.3m 4.2m 6.2m 8.5m Completed Room Nights FY25 Potential future volumes The pre-acquisition business achieved positive cashflows
Slide 15: Strategy & FY26 Outlook
Strategy & FY26 Outlook Darrin Grafton Chief Executive Officer Serko 15
Slide 16: Our opportunity and strategic focus
Strategic focus Our opportunity and strategic focus Growth drivers Serko’s strategic focus areas Consumer- Data and grade expectations intelligence 1 Booking.com for Business growth Business Content choice 2 Reinforce Australasian position efficiency 3 North American expansion Global business travel
Slide 17: North American foothold and expansion
3 North American foothold and expansion US represents 24% of the global business travel market NOW INTEGRATION ACTIVATION EXPANSION AND SCALE Acquisition completion Expanding pipeline Scale US customer base • Employee onboarding • Building sales pipeline including • Signing and implementing • Custom
Slide 18: Targeted investment in platform acceleration
4 Targeted investment in platform acceleration Accelerated investment to unlock opportunity, drive faster innovation, and improve cost efficiency – built to support AI and data capabilities. Current key priorities We have continued to release new platform capabilities since the accelerated Advanced
Slide 19: FY26 Outlook
FY26 Outlook Overall demand for business travel remains strong, and Serko’s year-to-date performance is in line with our expectations. For FY26, total income is expected to be $115m -$123m, underpinned by the trajectory in Booking.com for Business. We are confident in the long term opportunity in No
Slide 20: Your questions
Your questions Serko 20
Slide 21: Appendix
Appendix Serko 21
Slide 22: FY25 financial and operational summary
FY25 financial and operational summary 1H24 2H24 FY24 1H25 2H25 FY25 FY25 v FY24 % Financial ($m) Total income $36.3m $34.8m $71.2m $42.7m $47.7m $90.5m 27% Total spend $42.2m $41.8m $83.9m $44.1m $48.6m $92.7m 10% Total operating expenses $45.4m $44.4m $89.7m $50.4m $57.2m $107.6m 20% EBITDAFI gain
Slide 23: FY25 progress: Booking.com for Business
FY25 progress: Booking.com for Business Activation & onboarding Engagement & repeat use Conversion • New user dashboard • Reduced login / • Better optimising search authentication friction results towards business • New signup / travellers onboarding flow • Use of AI to drive improved search results
Slide 24: FY26 plans: Booking.com for Business
FY26 plans: Booking.com for Business Deepening integration Empowering business Simplify travel booking • Unify booking data and • Personalised dashboard • Checkout modernisation profiles for clear business tailored to role and workflow to enable faster iteration, and leisure visibility experimentati
Slide 25: FY25 & 26: Zeno enhancements
FY25 & 26: Zeno enhancements FY25 FY26 FY25 FY25 FY25 FY25 FY26 User Personalised Real-time Travel Zeno FY26 experience airline offers changes recommendations priorities Applying Booking.com for Provides added Seamless experience for Leverage previous trip • Booking simplification Business learnings
Slide 26: Net profit summary / EBITDAFI reconciliation
Net profit summary / Net Profit Summary EBITDAFI Reconciliation 2025 #039;m 2024 #039;m Change #039;m change % EBITDAFI reconciliation Revenue 88.5 68.8 19.7 29% Other income 2.0 2.4 (0.4) (18%) Total income 90.5 71.2 19.3 27% • Goodwill on acquisition was treated as impaired consistent with NZ IAS 36 Operat
Slide 27: Revenue analysis
Revenue analysis Revenue and other Income by Type 2025 2024 change change #039;m #039;m #039;m % Revenue – transaction and usage fees: Travel platform booking revenue 27.3 19.2 8.1 42% • Booking.com for Business partnership Expense platform revenue 5.3 5.3 0.0 1% continues to drive growth in the Supplier 54.
Slide 28: Total spend
Total spend Total Spend 2025 2024 change change #039;m #039;m #039;m % Operating Expenses 107.6 89.7 17.9 20% • Total spend increased by $8.8m, due to Add back: capitalised development 5.0 11.2 (6.2) (55%) acquisition related expenditure and GetThere Deduct: depreciation and amortisation (19.9) (17.0) (2.9)
Slide 29: Operating expenses
Operating expenses 2025 2024 change change Operating expenses #039;m #039;m #039;m % Total remuneration and benefits 59.1 49.4 9.7 20% Percentage of revenue 67% 72% Third party direct costs 11.4 12.2 (0.8) (7%) Percentage of revenue 13% 18% • Lower capitalisation of development has increased operating expens
Slide 30: Product and Technology
Product and Technology • Product & Technology (P&T)¹ costs is 2025 2024 change change a non-GAAP measure representing the Product & Technology Expenditure #039;m #039;m #039;m % internal and external costs related to P&T that have been included in operating expenses or capitalised as computer Total Product &
Slide 31: Free Cash Flow
Free Cash Flow • Free Cash Flow excludes movements Free Cash Flow 2025 2024 Change Change between cash and short term investments, #039;m #039;m #039;m % cash flows related to capital raises and unusual items from a timing perspective Movement in cash 2.3 (1.1) 3.4 305% • Pre-acquisition business Free Cash F
Slide 32: 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 33: Definitions (continued)
Definitions (continued) • Headcount is a non-GAAP measure comprising of the number of employees (excluding casual workers and employees on maternity leave) and contractors employed on the last day of the period. • Managed customers is a non-GAAP term referring to companies that make online bookings