Correction to 1H FY2023 investor presentation

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 884 5916, investor.relations@serko.com
Incorporated in New Zealand ARBN 611 613 980


Market release
24 November 2022


Correction to 1H FY2023 investor presentation

We refer to the 1H FY2023 investor presentation lodged on 23 November 2022.

The second bullet point on slide 8 read: “Rooms booked on Booking.com for Business increased from
121,000 to 208,000.”

This contained a minor error and should have read: “Rooms booked on Booking.com for Business increased
from 157,000 for the six months to 31 March 2022 to 333,000.”

We attach an updated presentation and note that no other changes have been made to the presentation
from that released to the market yesterday.

Released for and on behalf of Serko Limited by:
Shane Sampson
Chief Financial Officer

For further information:

Shane Sampson
Chief Financial Officer
+64 9 884 5916
investor.relations@serko.com

---

Financial Results for thesix months to 30 September 2022
Investor Presentation23November 2022
[Re-released 24 November with correction on slide 8]

Disclaimer
•This presentation has been prepared bySerko Limited. All information is current atthe date ofthis presentation,
unless stated otherwise. All currency amounts are inNZ dollars unless stated otherwise.
•Information inthis presentation
•is forgeneral information purposes only,and does notconstitute, orcontain, an offer orinvitation for
subscription, purchase, orrecommendation of securities inSerko Limited forthe purposes ofthe Financial
Markets Conduct Act 2013 orotherwise, orconstitute legal, financial, tax, financial product, or investment
advice;
•should be read inconjunction with, and is subject toSerko’s Financial Statements and Annual Reports,
market releases and information published on Serko’s website (www.serko.com);
•includes forward-looking statements about Serko and the environment inwhich Serko operates,
which are subject touncertainties and contingencies outside Serko’s control –Serko’s actual results
orperformance may differ materially fromthese statements,particularly as a result ofthe impacts
of Covid-19;
•includes statements relating topast performance information forillustrative purposes only and should
notbe relied uponas (and is not) an indication of future performance;
•may contain information fromthird-parties believed tobe reliable, however, norepresentations or
warranties are made as tothe accuracy or completeness ofsuch information.
•Non-GAAP financial information does nothave a standardisedmeaning prescribed byGAAP and therefore may
notbe comparable tosimilar financial information presented byother entities. The non-GAAP financial information
included inthis release has notbeen subject toreview byauditors. Non-GAAP measures are used bymanagement
tomonitor the business and are useful toprovide investors toaccess business performance.
SERKO •2
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

Contents
Darrin Grafton
CEO
Shane Sampson
CFO
1H FY23Highlights
Strategic Priorities
FinancialUpdate
Outlook
SERKO •3

1H FY23Highlights
SERKO •4

Result reflects focus on recovery and growth
•Benefits from the ongoing business travel recovery and
from our investment decisions during the pandemic.
•Total income and segment revenue both increased
106%. This was underpinned by the business travel
recovery and a significant uplift in Booking.com for
Business completed room nights, following changes
made during the period.
•Planned increases in investments for future growth
were reflected in EBITDAF and net losses after tax
(up 44% and 30%).
•Serko team remains laser-focused on execution and
achieving our goals.
454K
Total Booking.com
completed room
nights for the period
432%
ROOM NIGHTS
COMPLETED
75%
ONLINE TRAVEL
BOOKINGS
2.0M
Online travel
platform bookings
for the period
SERKO •5
Notes:
Refer to Appendix for definitions and descriptions of the non-GAAP measures used by management throughout this presentation.
Comparative numbers are for the prior comparative period (H1 FY22) unless otherwise stated.

FY23:Focus on recovery andgrowth
Performance compared tosix months to 30 September 2021
PROFIT(LOSS)REVENUECOSTSBALANCE SHEET
$3.6m
Avg. cash burn / month
For the 6 months to
30 September 2022
$42.3m
Operating expenses
$(16.9m)
EBITDAF
1
loss
$(19.7m)
Net loss
after tax
70%
Operating
expenses
$20.3m
Segment revenue
1
106%•
Segment
revenue
106%•
Total
income
$19.4
Total income
from all sources
including grants
$102.9m•
Cash
on hand
SERKO •6

Organisational
alignment
Maximisealignment
across our teams and
minimisefriction for our
customers to increase
organisationalefficiency
Culture
Develop a culture of
engaged Serkodians
aligned to our purpose,
mission and values
5
Platform
foundations
Build the marketplace
foundations through
technology enablement
of open integration
platform
Marketplace
and content
Commercialise
connected trip
experience through
an open platform
4
Retain
and grow
Scale growth in
North America and
extend our leadership
in the Australia and
New Zealand markets
Managed
revenue
Consistently grow
market share in global
managed travel market
through TMC
partnerships and
inorganic growth
3
Conversion
Grow revenue from
the unmanaged travel
segment by focusing
on customer conversion
Unmanaged
revenue
Establish significant
market share
in unmanaged
travel market
2
Product health
foundations
Increase customer
satisfaction by
continuing to enhance
the performance and
usability of our products
Customer
success
Deliver exceptional
customer experience
(CX) through
experimentation-
driven development
1
3yr
Strategic
Goals
FY23
Objectives
Progress against our FY25 goals
SERKO •7

Unmanaged revenue
Encouraging increase in completed bookings
1.We expect SME business booking behaviors will be different from our enterprise customers. It is uncertain when, and how often, migrated (also referred
to as activated) customers and new sign-ups will transact, particularly during COVID-affected periods and as a result of intermittent travel needs of
SME’s. There is no guarantee that migrated/activated customers, or new sign-ups, will make bookings in the current financial period or at all.
PHASE1:
MIGRATION
COMPLETE
PHASE2:
ACTIVATING
+ENGAGING
H2FY22-FY23
PHASE3:
SCALING
FY23-FY24
2
•Booking for Business completed room nights increased to
454,000 from 85,000, an increase of 432% over the prior
comparative period,assisted by the changesimplemented
during theperiod.
•[UPDATED]: Rooms booked on Booking.com for Business
increased from 157,000 for the six months to 31 March 2022
to 333,000.
•At 30 September there were 484,000 businesses registered
on the platform, up from 420,000 in May 2022.
1
•Serko is on track with building the hotel shop experience for
Booking.com for Business customers as communicated at
the recent annual meeting.
SERKO •8
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
Booking.comfor Business Completed Room Nights
FY22 H1FY22 H2FY23 H1

Managed revenue
Continued strong demand for business travel
•For Australasia, average volume in the first quarter
was 91% of pre-COVID 19 levels and 93% in the
second quarter.
•In New Zealand, volumes at the end of September
were 145% of pre-COVID levels, averaging 142%
for the half year.
•In Australia, volumes at the end of September were
89% of pre-COVID levels, averaging 84% for the
half year.
•North America remainsa strategic focus for
Serko.Serko is working closely with partners to
grow the market.
3
* Percentages are measured against the same month in 2019 to reflect pre-Covid-19 volumes.
SERKO •9
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22
Australasia total bookings as % of pre-Covid-19*
New Zealand TMCsAustralian TMCsAustralasiaAustralasia average per workday

Financial Update
Unauditedfinancial results for the six months to 30 September 2022
SERKO •10

Net Profit Summary/ EBITDAF Reconciliation
•Total income for the half
exceeded FY22 full year.
•Operating expense growth was
partially driven by non-cash items.
•The foreign exchange gain
primarily relates to revaluation
of intercompany balances as
a result of currency movements.
•The EBITDAF loss grew as Serko
continued to increase investment
for future growth.
11
1
nm stands for not meaningful
Net Profit SummaryFY23H1FY22H1
changechange
FY22
EBITDA Reconciliation6 months6 monthsFull Year
$'m$'m$'m%$'m
Revenue18.88.710.1115%17.9
Other income (including Grants)0.70.7(0.1)(10%)1.0
Total income19.49.510.0106%18.9
Operating expenses(42.3)(24.9)(17.5)70%(55.1)
Percentage of revenue(225%)(285%)(308%)
Foreign exchange gains/(losses)2.30.22.11395%(0.0)
Net finance (expense)/income1.00.10.9841%0.6
Net (loss) before tax(19.6)(15.2)(4.4)29%(35.6)
Percentage of revenue(104%)(174%)(200%)
Income tax benefit/(expense)(0.1)0.0(0.1)nm¹(0.3)
Net (loss) after tax(19.7)(15.2)(4.6)30%(36.0)
Net finance expense/(income)(1.0)(0.1)(0.9)841%(0.6)
Add back: income tax0.10.00.1nm¹0.3
Add back:depreciation and amortisation 6.03.72.364%8.0
Add back: net foreign exchange
(gains)/losses(2.3)(0.2)(2.1)1396%0.0
EBITDAF (loss)(16.9)(11.8)(5.1)44%(28.1)
EBITDAF (loss) margin(90%)(135%)(158%)

Revenue Analysis
•Segment revenue is presented to provide
visibility of both the underlying growth in
supplier commissions and the amount
contributed to marketing the Booking.com
for Business service.
•Growth in ARPB is driven by an increased
ARPCRN for supplier commissions revenue
and an increase in the proportion of
supplier commissions revenue as a
proportion of total revenue, both driven
by Booking.comfor Business.
•The ARPCRN for Booking.comfor Business
transactions was €10.10 (€6.61 FY22H1).
12
Revenue and Other IncomeFY23H1FY22H1
changechange
FY22
by Type
6 months6 monthsFull Year
$'m$'m$'m%$'m
Revenue –transaction and usage fees:
Travel platform booking revenue8.44.93.673%9.0
Expense platform revenue2.52.00.526%4.0
Supplier commissions revenue8.11.46.7497%4.4
Services revenue0.50.8(0.3)(38%)1.0
Other revenue0.20.20.06%0.3
Other Income0.70.7(0.1)(10%)1.0
Segment revenue20.39.910.4106%19.8
Consideration payable to customers(0.9)(0.4)(0.5)108%(0.9)
Total revenue and other income in accordance
with NZ GAAP
19.49.510.0106%18.9
Operating Revenue by Geography
Australia9.15.63.562%10.7
New Zealand1.21.00.113%1.5
North America1.61.30.218%2.6
Europe and Other6.90.76.2856%3.0
Total Revenue18.88.710.1115%17.9
Total travel bookings(000)2.31.31.073%2.6
Online bookings(000)2.01.10.975%2.2
ARPB (travel related revenue only/online
bookings)
$7.85$5.11$2.7454%$5.80

Operating Expenses
Note: A further breakdown of Operating Expenses can be found in Note 3 of the financial statements.
•Higher transaction volumes drove increased sales
and marketing, and hosting expenses, however,
these expenses fell as a percentage of revenue.
•Remuneration and benefits increased reflecting
higher staffing and higher average cost per staff
member and non-cash items such as the
employee share scheme and lower levels of
capitalisation.
•Administration expenses increased relative to the
six months to 30 September 2021 but were slightly
lower than the six months to 31 March 2022.
•Amortisationhas increased reflecting a higher
asset base and a number of recent projects being
amortisedover three years rather than five years.
•$9.5 million or 54% of the increase in operating
expense relative to the six months to 30
September 2021 related to product design and
development expenditure as investments for
growth increased. See next slide for details.
13
Operating ExpensesFY23H1FY22H1
changechange
FY22
6 months6 monthsFull Year
$'m$'m$'m%$'m
Total selling and marketing expenses2.71.51.386%3.1
Percentage of revenue15%17%17%
Hosting expenses3.22.31.043%4.9
Percentage of revenue17%26%28%
Total remuneration and benefits26.314.911.477%32.1
Percentage of revenue140%171%180%
Total administration expenses4.02.61.556%6.9
Percentage of revenue22%30%39%
Total amortisation and depreciation6.03.72.363%8.0
Percentage of revenue32%42%45%
Total Operating Expense42.324.917.570%55.1
Percentage of revenue225%285%308%
Number of employees at period end
3342953913%312

Product Design and Development
•Product design and development (PD&D)
costs is a non-GAAP measure
1
representing
the internal and external costs related to
PD&D that have been included in operating
expenses or capitalisedas computer
software development during the period
plus amortisationof previously capitalised
PD&D costs.
1
Refer to Appendix for definitions and descriptions
of the non-GAAP measures used by management.
2
We have recognised additional costs within the PD&D
costs to provide a more comprehensive view. This does
not impact the financial statements.
14
Product Design and
Development Expenditure
FY23H1FY22H1
changechange
FY22
6 months6 monthsFull Year
Reclassified²Reclassified²
$'m$'m$'m%$'m
Total Product Design & Development20.314.85.537%30.1
Percentage of revenue108%169%169%
Less: capitalised product development
costs
(5.5)(7.2)1.7(24%)(15.3)
Percentage of Product Design & Development
costs
27%49%51%
Total Product Design & Development
(excluding amortisation)
14.87.57.396%14.8
Percentage of revenue79%86%83%
Add: Amortisation of capitalised
development costs
5.02.92.277%6.4
Total19.810.49.591%21.2
Percentage of revenue106%119%119%

Balance Sheet
•In the six months to 30 September 2022
average monthly cash burn was $3.6m.
•Other current assets increased by104%
relative to 30 September 2021 primarily
reflecting higher trade receivables and
contract assets as a result of higher
revenues in August and September
relative to the prior year.
•Additional payments from customers in
the year to 31 March 2022 are expected
to reverse in the year to 31 March 2023
and are included in current liabilities.
•Non-current liabilities decreased relative
to 31 March 2022 primarily due to lower
lease liabilities.
15
Balance SheetFY23H1FY22H1
changechange
FY22
6 months6 monthsFull Year
$'m$'m$'m%$'m
Cash and Short Term Deposits102.962.340.565%124.5
Other Current Assets13.26.56.7104%6.2
Intangibles32.827.35.520%32.1
Other Non Current Assets4.12.51.665%4.4
Total Assets153.098.654.455%167.2
Current Liabilities17.08.98.192%13.3
Non Current Liabilities2.20.81.4165%3.0
Equity133.888.944.950%150.9
Total Liabilities and Equity153.098.654.455%167.2

Outlook
SERKO •16

•Serko’s first half total income exceeded the full year to 31 March 2022 with a strong exit rate
from the half. Serko notes that historicallysecond half revenue is lower than the first half.
•Serko is affirming its FY23 guidance of approximately doubling FY22 revenue.
•Guidance remains subject to ongoing risks including geo-political and macro-economic
uncertainty and the potential resurgence of COVID.
•Serko has significant cash reserves and is tightly managing investment levels with a focus on
moving towards profitability and cashflow breakeven. It is Serko’s intention, based on current
market conditions, to return to a cashflow positive position during the FY25 financial year with
appropriate cash reserves on hand at the point of breakeven.
Outlook
SERKO •17

Financial Results for thesix months to 30 September 2022
Investor Presentation23November 2022
Q&A
SERKO •18

Appendix
SERKO •19

•ARPB (Average Revenue Per Booking) is a non-GAAP measure. Serko uses this as a useful indicator of the revenue value per travel booking. ARPB for travel-related revenue is calculated as
travel-related revenue divided by the total number of online bookings.
•ARPCRN or Average Revenue per Completed Room Night (a non-GAAP measure) is the supplier commissions revenue per completed room night for revenue generating hotel transactions.
•Completed Room Nights (a non-GAAP measure) is the number of hotel room nights which have been booked and the travellerhas completed the stay at the hotel.
•EBITDAF is a non-GAAP measure representing Earnings Before the deduction of costs relating to Interest, Taxation, Depreciation, Amortisation, Foreign Currency (Gains)/Losses and Fair
value measurement. See slide 11 for a reconciliation to Net loss after tax.
•FTE is a non-GAAP measure representing full time equivalent employees, contractors are not included within this measure.
•Operating expenses is a non-GAAP measure comprising expenses excluding costs relating to taxation, interest, depreciation, amortisation, finance expenses and foreign exchange gains and
losses.
•Product design and development costs is a non-GAAP measure representing the internal and external costs related to the design, development and maintenance of Serko’s platforms that
are included within operating expenses or capitalised but excludes amortisation.
•Segment revenue (a non-GAAP measure) is Total revenue and other income before deducting consideration payable to customers.
•Travel-related revenue is a non-GAAP measure and includes travel platform booking revenue and supplier commissions revenue.
•Total travel bookings include both online and offline bookings. Offline bookings are system automated bookings.
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 are considered useful to provide information to investors to assess business performance. Reconciliation of non-GAAP financial measures to GAAP
measures can be found within the Financial Statements and this Investor Presentation.
Definitions
SERKO •20

Building sustainable long-term business growth
We continue to enhance ourenvironmental,
social and governance program, with a
focus on climate change reporting.
We are currently preparing to meet the
upcoming mandatory climate-change
reporting standards and have compiled
our first carbon emissions inventory.
Continuously innovating — to adapt
to rapid environmental changes and
deliver sustainable and innovative
products to our customers
Powering our people —
to do amazing work that drives our
business and sustainability goals
Being a brand you can
count on — trusted by our
employees, customers,
investors and partners
SERKO •23

c.500,000
SME Registered Companies
6,000+
Corporate customers
5 Offices
New Zealand –USA
Australia –China
330+
Employees worldwide
SKO
ASX & NZSX
2007
Founded
SERKO •22

Thank you