Slide 1: FY26 results
FY26 results 20 May 2026 © Copyright Serko Ltd 2026
Slide 2: Important notice
Important notice This presentation has been prepared by Serko Limited and its related companies (Serko). All information is current at the date of this presentation, unless stated otherwise. This notice applies to this presentation and any verbal or written comments of any persons presenting it. Com
Slide 3: Results overview
Results overview Darrin Grafton Chief Executive Officer Serko 3
Slide 4: What we’ll cover today / Key takeaways
What we’ll cover today Key takeaways Delivering high growth Total income +34% Results overview 03 EBITDAFI increased 137% to $6.5m Darrin Grafton, CEO Strong business performance Financial results 10 Booking.com for Business Shane Sampson, CFO completed room nights up 31%, Australasia resilient Stra
Slide 5: 34% total income growth, EBITDAFI up 137%
34% total income growth, EBITDAFI up 137% High growth delivered, increased underlying operating earnings Revenue Costs Profit (loss) Balance sheet $120.9m $122.9m $132.4m $(17.7m) $54.1m Total Total Operating Net profit/(loss) Cash income spend expenses after tax on hand 34% increase 33% increase 23%
Slide 6: Total income up 34% to $120.9m
Total income up 34% to $120.9m Record income driven by business momentum and acquisition impact ● Pre-acquisition income grew 22% to $104.8 million, underpinned by a 31% increase in Booking.com for Business completed room nights and solid performance in Australasia. ● FY26 results include the first f
Slide 7: CRNs up 31%, active customers increase 36%
Booking.com for Business CRNs up 31%, active customers increase 36% SME market footprint expanding through partnership momentum and product enhancement ● Completed room nights grew to 4.3 million, with active customers reaching 301,000 — reflecting the success of our customer acquisition strategy and
Slide 8: Australasia travel revenue up 6%
Australasia travel revenue up 6% Resilient market leadership with stable booking volumes and ARPB ● +1% increase in online bookings and ARPB alongside larger services revenues led to an +6% increase in Australasian travel revenue, from $24.2 million to $25.7 million. ● Ongoing investment in the regi
Slide 9: GetThere providing US scale, data and expertise
GetThere providing US scale, data and expertise Accelerating our US expansion and AI plans ● GetThere is providing real market presence and the deep market knowledge and high-volume transaction data we need to support our US AI-led rollout. ● US online bookings increased 200%, with FY26 as the first
Slide 10: Financial results
Financial results Shane Sampson Chief Financial Officer Serko 10
Slide 11: Income growth while delivering operating leverage
Income growth while delivering operating leverage Financial highlights FY26 FY25 % Change ● Maintained total spend at Financial ($m) near-parity to total income. Total income $120.9m $90.5m 34% ● EBITDAFI: total income growth and efficiency focus. Total operating expenses $132.4m $107.6m 23% ● Growt
Slide 12: Net profit summary / EBITDAFI reconciliation
Net Profit Summary & EBITDAFI reconciliation 2026 2025 Change % Net profit $m $m $m Revenue 119.4 88.5 30.9 35% summary / Other income Total income 1.5 120.9 2.0 90.5 (0.5) 30.4 -25% 34% EBITDAFI Operating expenses (132.4) (107.6) (24.7) 23% reconciliation Percentage of revenue -111% -122% Foreign exc
Slide 13: Capital allocation weighted towards strategic initiatives
Capital allocation weighted towards strategic initiatives ● Platform investment will continue to scale in FY27, largely funded by reallocating spend. ● Ongoing strategy to simplify operations and sharpen focus on core growth priorities with the divestment of Interplx in September 2025. ● Continued f
Slide 14: Income growth funding investment
Income growth funding investment ● Continued strong income growth outpaced spend even as we increased investment in our ↑ 33% areas of strategic focus. ↑ 34% ● Total Spend up 33% over FY25 with income growth of 34% in the same period. ● Proven capability of investing in growth then driving operating
Slide 15: Total contribution growing alongside higher volumes
Booking.com for Business Total contribution growing alongside higher volumes ● FY26 included a portion of volume at the higher volume tier under the renewed 2024 partnership. ● This structure is designed to drive growth at scale and supports the long-term interests of both parties. Potential future
Slide 16: Strong balance sheet provides resilience and optionality to accelerate growth
Strong balance sheet provides resilience and optionality to accelerate growth ● Serko’s balance sheet remains strong Balance Sheet 2026 2025 Change % with cash and short-term deposits of $m $m $m $54.1 million and no debt. ● Cash and short-term deposits Cash and Short Term Deposits 54.1 61.4 (7.3) -
Slide 17: Strategy execution
Strategy execution Matt Gerrie Chief Operating Officer Serko 17
Slide 18: Our strategic initiatives
Our strategic initiatives Delivering to our $250m FY30 aspiration 1 2 3 Introducing Scaling Booking.com Defined US Serko.ai for Business corporate segments with Booking.com for Business Serko’s new multi-agent Building on positive momentum AI solution, which has launched and delivering greater scale
Slide 19: Serko.ai closed beta live, first users onboarded
1 Serko.ai closed beta live, first users onboarded Milestones delivered Next milestones ✓ Proof of concept completed (Dec) 01 Grow beta users Now – ongoing ✓ Closed beta wait list established (Apr) Targeted acquisition with invite-only beta access ✓ Closed beta launched (May) ✓ First users onboarded
Slide 20: Scaling Booking.com for Business
2 Scaling Booking.com for Business FY26 DELIVERED FY27 FOCUS Empowering companies & admins Acquisition New company registration flow - Identify and convert suitable users +20% Improvement in company registration rate 1 through personalised user experience - Incentivise and reward customer behaviour E
Slide 21: Targeted US corporate segments - early traction
3 Targeted US corporate segments - early traction Executing against a significant, underserved US accommodation opportunity MILESTONES DELIVERED NEXT MILESTONES ✓ Sales leadership active in market Initiate & expand testing Now-ongoing ✓ Target customers identified and lead 1 Scale up volumes across in
Slide 22: FY27 outlook
FY27 outlook Darrin Grafton Chief Executive Officer Serko 22
Slide 23: FY27 Guidance
FY27 Guidance Business travel demand in our key markets remains resilient Business travel demand in our key markets remains resilient despite ongoing geopolitical uncertainty and macroeconomic challenges. Serko has made a strong start to FY27, with booking volumes slightly ahead of our growth expect
Slide 24: Q&A
Q&A Serko 24
Slide 25: Appendix
Appendix Serko 25
Slide 26: FY26 financial and operational summary
FY26 financial and operational summary 1H25 2H25 FY25 1H26 2H26 FY26 FY26 v FY25 % Financial ($m) Total income $42.7 $47.7 $90.5 $61.8 $59.1 $120.9 34% Total operating expenses $50.4 $57.2 $107.6 $65.1 $67.3 $132.4 23% Total spend $44.1 $48.6 $92.7 $59.3 $63.7 $122.9 33% EBITDAFI gain/(loss) $1.2 $1.
Slide 27: Delivering to our $250m FY30 aspiration
Delivering to our $250m FY30 aspiration Pursuing new, diversified opportunities balanced with strengthening our core business Booking.com for Business Serko.ai Core growth engine. Highest upside potential. Revenue Booking Highest contributor to acceleration towards FY30 from .com for $250m aspiration
Slide 28: Revenue analysis
Revenue analysis ● Booking.com for Business partnership Revenue and Other Income by Type 2026 2025 Change % continues to drive growth in the Supplier $m $m $m Commissions category and the Europe and Revenue – transaction and usage fees: Other geography. Travel platform booking revenue 39.1 27.3 11.8
Slide 29: Total spend
Total spend ● Total Spend increased by $30.3 million, primarily Total Spend 2026 2025 Change % due to a full year of GetThere related spend and $m $m $m increased Platform Investment. ● This was partially offset by lower third party Operating Expenses 132.4 107.6 24.7 23% costs and efficiencies achi
Slide 30: Operating expenses
Operating expenses Operating Expenses 2026 $m 2025 $m Change $m % Total remuneration and benefits 76.1 59.1 17.0 29% ● Remuneration and benefits has increased with a Percentage of revenue 64% 67% full year of GetThere and the increased Platform Investment. Third party direct costs 13.9 11.4 2.5 22% Pe
Slide 31: Product and technology
Product and technology ● Product & Technology spend is a Product & Technology Expenditure 2026 2025 Change % non-GAAP measure representing the $m $m $m internal and external costs related to P&T that have been included in Operating Total Product Design & Development 63.0 42.6 20.4 48% Expenses or ca
Slide 32: Free Cash Flow
Free Cash Flow ● Free Cash Flow excludes movements Free Cash Flow 2026 2025 Change % between cash and short-term $m $m $m investments, cash flows related to capital raises and acquisitions. Movement in cash (2.3) 2.3 (4.5) -200% ● The GetThere purchase price Cash movements from short-term deposits (5
Slide 33: Impacts of the conflict in the Middle East
Impacts of the conflict in the Middle East Direct regional impact contained Diversity and market dynamics strengthens position Direct exposure: The identifiable impact on Serko’s business has Inelastic demand: The resilience of corporate travel vs. leisure in been minimal, primarily confined to a reduc
Slide 34: Context for guidance
Context for guidance Macro factors Impact on guidance There is significant uncertainty as to when the flow of oil and In setting our FY27 guidance we have assumed current conditions persist associated products from the Gulf will return to pre conflict levels. through FY27 (elevated airline prices, redu
Slide 35: 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 and a
Slide 36: 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 numbe
Slide 37: Serko Limited, 125 The Strand, Parnell, Auckland, New Zealand
Serko Limited, 125 The Strand, Parnell, Auckland, New Zealand • T +64 9 309 4754 investor.relations@serko.com • Incorporated in New Zealand ARBN 611 613 980 37