Annual Shareholders Meeting Materials

Saatchi Building, Level 1, 125 The Strand, Parnell, Auckland 1010, New Zealand
Phone: +64 (9) 309 4754 • serko.com
Market Release
2 July 2024
Annual Shareholders Meeting Materials
The attached addresses and presentation will be given today at Serko’s Annual Shareholders Meeting,
which will commence at 2.00pm.
The meeting is being held in a hybrid format. We invite shareholders to join in person at the offices of
MUFG Corporate Services (formerly Link Market Services Limited), Level 30, PwC Tower, 15 Customs
Street West, Auckland or virtually at www.virtualmeeting.co.nz/sko24.
Outlook statement
Please note that the presentation contains a market outlook statement as follows:
Serko affirms the guidance provided in its FY24 results announcement on 28 May 2024.
Serko anticipates demand for business travel in its key markets will remain strong.
Serko expects new unmanaged customer acquisition and activation initiatives to drive increased
volumes and total income during the FY25 year, weighted to the second half. Serko also anticipates
growth at FY24 levels in its Australasian business.
For the FY25 year, Serko continues to anticipate total income in the range of $85m-$92m.
Serko continues to expect it will be cashflow positive for FY25.
With $80.6 million cash on hand at 31 March 2024 and no debt, Serko is well positioned to consider
organic and inorganic investments where these would advance strategic objectives.
Risks to the achievement of Serko’s FY25 goals include the timing of delivery of initiatives and the
timing and scale of subsequent benefits, currency and ARPCRN movements, and geopolitical and
macro-economic factors.

ENDS
Released for and on behalf of Serko Limited by Jason Hawthorne, General Counsel & Company
Secretary.

FURTHER INFORMATION
Investor relations
Shane Sampson
Chief Financial Officer
+64 9 884 5916
investor.relations@serko.com
Media relations
Coran Lill
+61 (0)468 963 068
coran.lill@csladvisory.co.nz

---

Saatchi Building, Level 1, 125 The Strand, Parnell, Auckland 1010, New Zealand
Phone: +64 (9) 309 4754 • serko.com
2 July 2024
2024 Annual Meeting Addresses
The addresses below will be given at Serko’s Annual Meeting which is to commence at 2.00pm today
(2 July 2024) and is being held in person at the offices of MUFG Corporate Markets (formerly Link
Market Services Limited), Level 30, PwC Tower, 15 Customs Street West, Auckland and online at
www.virtualmeeting.co.nz/sko24

Chair’s Address
Tena koutou katoa. Nga mihi nui ki a koutou katoa i tenei ahi ahi. Nau mai, haere mai ki tenei hui a
tau. Kia Ora and good afternoon. My name is Claudia Batten. I am the Chair of Serko.
Our areas of focus in the past two years
At last year’s meeting I set out Serko’s three areas of focus and how we would deliver on these:
• Winning in our chosen markets;
• Achieving global scale and operational efficiency; and
• Building a globally-competitive business.
Serko’s strong performance in the 2024 financial year was the result of the team’s single-minded
focus on building a globally-competitive business at scale. This has been a multi-year focus
exemplified by a commitment to ruthless prioritisation from a dedicated and committed team.
The team has been focused on the right areas and the Board is very pleased with the progress and
results overall.
Today Darrin and I will cover the progress we’ve made and will talk to the next focus areas for the
business.
A more robust and dynamic Serko is delivering results
Last Monday, on 24 June, Serko celebrated 10 years since its listing on the NZX. As you might expect
this has led to a brief moment of reflection on Serko’s evolution across this period.
Underpinning Serko’s progress to date is a deliberate and sustained shift in how we operate. As a
result Serko has advanced its global opportunity and has the executional capability to capture that
opportunity.
This has not happened by chance. It has been the outcome of many years of focused, disciplined
work by past and present members of the Board, the management team and all those who have
worked at Serko.
In recent years, a core step change for the company has been the scaling up of the executive team.
This includes Rachael Satherley and Shane Sampson joining as our Chief People Officer and Chief
Financial Officer in 2021. In FY24, Joydip Das and Liz Fraser joined in the new roles of Chief Product
Officer and Chief Revenue Officer. Strengthening the leadership team has been a logical step for us,
and in line with what is needed from high growth companies at this stage of their development. Our
executive team now has extensive experience working in large or growing multi-national business
including in the US alongside bringing deep and highly relevant domain expertise to the company.

2
This enhanced leadership, and the increasing capability right across Serko in areas such as data,
product and technology, has been a critical part of our achievements in recent times. This includes
the renewed Booking.com for Business partnership, strengthened market leadership in Australasia,
our revenue growth, and increased operational leverage.
We also continue to evolve the Board. I was delighted that Sean Gourley joined as a non-executive
director from February this year. Sean is an example of the calibre Serko is now attracting. Sean has
a broad and impressive background including founding two Silicon Valley-based startups with a focus
on data and AI. He is already making a substantial contribution to Serko, including with his expertise
in scaling up companies. I will provide additional comments later in the meeting as part of the
resolution to elect Sean.
Serko's progress is worth acknowledging – but there is still much more potential to be realised.
We have built strong foundations with our current strategy, which covers FY23 to FY25 – and we are
now turning our minds to our plans beyond FY25.
We look forward to sharing the details of this work with you at an investor day, which we plan to hold
in the final quarter of the calendar year.
Our ambitions are supported by solid fundamentals and discipline
As a result of our focus on both sustainable and efficient revenue growth, we are in a strong financial
position.
Underlying average monthly cash burn reduced to $600,000 for the FY24 year, a 78% improvement.
We have been focused on reaching a cashflow positive position and we are on track to achieve this
for the FY25 year. This will be another major milestone for Serko.
With $80.6 million cash on hand at 31 March 2024 and no debt, Serko is well capitalised and well
positioned to consider organic and inorganic investments where these would advance strategic
objectives.
Board priorities
There are five key areas of board focus for FY25.
• Data-led business. Serko has laid the groundwork to be a data-led company, bringing greater
data expertise into the organisation and onto the board. The board is now focused on
supporting Serko to use our improved data capability to better inform product ideation,
development, forecasting and drive increased precision in execution. This will result in
improved commercial outcomes for the business, for customers, and ultimately in returns to
shareholders.
• Talent and leadership. As we scale the business, ensuring that the right systems and
disciplines are in place at all levels of the business is a critical focus. The board is
consequently placing a greater emphasis on succession planning, performance management
and ways of working to support talent growth and attract high performers into the business.
• Capital management. We have increased our focus on technology disciplines with guidance
from an independent technology advisory committee and with focus on technology capability
at a board level. It is critical that the company makes intelligent investments into technology,
supporting modernisation and innovation at the appropriate pace to ensure Serko is fit for the
future. We will speak in more detail to this at our investor day to increase investor

3
understanding of our capital management plans, particularly as they relate to our technology
investment.
• Continued uplift in environmental, social and governance practices. We are committed as a
board to take the right actions to support all our stakeholders; the communities that we
operate within, our incredible team, our customers, our investor base and the environment.
Serko has progressed its sustainability practices over the past year as set out
comprehensively in our ESG Report and the Climate-Related Disclosures. We have reset our
values to ensure all the work we do across environmental, social and governance practices is
aligned to the business. We are very focused on a continued uplift in investor
communications, with the investor day being a core component of this for FY25.
• Growth at scale. Everything we do at Serko is driving to deliver growth at global scale.
Supporting our continued success in the Australasian market and with Booking.com for
Business are key foundations for Serko’s continued growth and success. We have laid
foundations in North America and we are looking closely at how we increase our success in
this market – this remains a critical market for us to win in. Stable growth with responsible
investment underpins all decisions we make to ensure the business aligns its ambition with
strong business fundamentals.
(Chair’s address continues following CEO address below)
CEO Address – Darrin Grafton
Thank you Claudia – and to all of the non-executive directors. I greatly value your guidance as a
board, and the robustness and diversity of your thinking and experience.
I also thank the executive team, and all the people at Serko, for everything you do for our customers
and our company.
Most of all, welcome to you – our shareholders. This is your company and we welcome your
engagement. As Claudia mentioned, we have just celebrated 10 years since our listing on the NZX.
Ten years ago we dared to dream big, when Serko was founded, we envisioned a world where
business travel was not just a necessity but a connected, enjoyable experience.
There have been big wins and we have been tested in ways we could never imagine. But even in the
most challenging times we have never lost sight of our strategy and vision and the need to innovate.
The foundations we have built over the past ten years mean we are well positioned for the future.
Many of you have been with us since the beginning - but no matter when you decided to invest in
Serko, we are truly grateful to all of our shareholders, present and past. Your trust and support have
been the bedrock of our success. Thank you.
The world of business travel
Before I talk about Serko’s progress, I want to comment briefly on business travel. Serko has always
had a very keen eye on the future – we have always sought to anticipate and build for tomorrow.
Overall, the business travel market outlook remains strong. The Global Business Travel Association
forecasts business travel spending will increase to $US1.8 trillion by 2027.
Now more than ever, business travellers – and the organisations they work for - want travel that is
frictionless, efficient and compliant. Technology helps meet all of these needs.
Business travel helps bring people together – for meetings, conferences, inductions, negotiations. But
we all know how the trip to and from a destination can positively and negatively shape our entire time

4
away. If a flight is cancelled, who do we contact to rebook it – our work? the airline? the online travel
agent? What if the delay means we need to change the hotel arrangements? What about parts of the
trip like taxis and restaurants – how do we easily access details and make changes in one place
instead of scrambling through emails, apps, PDFs.
The question we continuously ask ourselves is: How can a trip be effortless – and more connected -
for both the traveller and their organisation?
Serko is well positioned to keep solving these complex challenges for our partners, clients and
business travellers.
We will continue to invest into new technologies such as AI, to help not only generate efficiencies in
how we build our technology but in the way our customers will experience travel. Our position on AI is
that it is not the goal – but it is an increasingly important enabler, often behind the scenes.
Our platform Zeno has used elements of narrow AI and machine learning since 2017 when we first
introduced personalised recommendations in our search results. We have also explored potential
uses of AI including AskZeno, our AI chat service based on the Microsoft cognitive service engines
and more recently, last year we showcased Zena built with Uneeq’s digital human and ChatGPT AI
Technologies.
Successful FY24 execution delivering benefits
At Serko we have never been afraid of taking on big challenges – sometimes by choice and
sometimes by circumstance. But we have always been tenacious in how we tackle those challenges,
and always focused on winning.
In FY24, we saw this tenacity rewarded with material progress on our priorities and, in turn, strong
financial outcomes. This took place in an often complex and uncertain external environment.
We have continued to realise the growth opportunity. Our renewed partnership with Booking.com for a
further five years, as we announced on 30 April, is a major milestone – providing a strong foundation
for future global growth and scale. We have already commenced the plans in place for the next phase
of growth under the partnership and I will provide more detail on these later in the presentation.
We have also seen new growth in Australasia and have strengthened our market position.
As Claudia mentioned, we have had a real focus on transforming how Serko operates. There is a
stronger leadership team in place, with extensive international expertise. We have a more scalable
operating model in place and continue to improve this.
Strong FY24 performance
Turning to our high level financial results for FY24. Total income was $71.2m, up 48% on FY23.
There were small percentage increases in operating expenses and total spend, reflecting work in early
periods in forming a more scaled cost base. Total spend was $83.9 million, with total spend
continuing to significantly decrease as a percentage of total income.
Increased operational leverage has delivered significant improvements in both our net loss after tax
and EBITDA.
Progress on our strategic priorities
We have built strong foundations with our current strategy, which covers FY23 to FY25 - and we are
now turning our minds to our plans beyond FY25.

5
We anticipate sharing this work with you as part of the investor day Claudia referenced.
We’ve shared some of our business highlights in our annual report – and just to restate some of the
key ones.
• Using experimentation, we saw a positive impact of $4.3 million in annualised net revenue
following successful product experimentation. During the year we completed 150
experiments and I’ll give a practical example of this shortly.
• We are pleased with the increase in employee engagement which has risen from 72% to 78%.
Two of the key metrics determining the employee engagement score were 84% of employees
were proud to work for Serko and 81% would recommend Serko as a great place to work.
• We have also put in place new ways of working across our product, design and technology
teams. This has been part of enabling a high-performance team set up to deliver on our goals,
including growth at scale.
• We expanded our international leadership capability with new appointments including across
product, revenue and data.
Booking.com for Business plans
Completed room nights under the Booking.com for Business partnership increased 65% and we were
delighted to announce the extension of the partnership for a further five years in April.
During the year we supported a number of feature releases for Booking for Business, including
completing 150 experiments.
Now the foundation is built, the priority for the next 12 months is to expand the feature set, to service
the needs of a wider target market, and to increase activation and usage in registered companies.
Jonathan Starkings, our Head of Unmanaged Travel, is stepping down and moving back to the UK
after five years of helping Serko grow the unmanaged travel business. Jonathan has had a
tremendous impact including his guidance through COVID and through to our recent renewal. From
myself and the entire Serko team Ī want to thank Jonathan for the amazing work he has done, and
wish Jonathan the very best for the future.
We are now excited to welcome David Holyoke who has joined as our new Head of Unmanaged
Travel. David was the founding GM of AirBNB for Work and most recently was the Head of
Commercial Strategy at AirBNB. At Serko, David is responsible for driving market growth and product
innovation as well as spearheading our efforts to expand our offerings in the SME travel market.
Improved Booking.com for Business dashboard
During the year we supported a number of feature releases for Booking for Business, including
completing 150 experiments.
Improvements delivered increased usability and enhanced the performance of the platform in both
acquiring and converting customers and driving repeat bookings.
Since our last update at FY24 results in May, Booking for Business has released a significantly
enhanced dashboard, which Serko developed.

6
This new dashboard enables Serko to add new strategic partners to the platform and build out a wider
Booking.com for Business eco-system - bringing a wider offering to businesses that want to go
further, faster.
This is part of Booking’s focus on increasing the attraction and value of the platform to small to
medium businesses. As you’ll see in a short video, the enhanced dashboard allows businesses to
view and manage upcoming team bookings and see where members of their team are.
This was developed using the experimentation approach I have referenced.
As previously noted, we will be continuing both our experimentation and feature delivery through FY25
and expect this to assist in directly driving revenue growth.
Conclusion
FY24 was a big year and three months into FY25 I can assure you we are head down and focused on
achieving our goals for FY25 and beyond. Thank you again for your support.
I’ll now hand back to Claudia.
Chair’s address (continued)
Outlook
Thanks Darrin.
Serko affirms the guidance provided in its FY24 results announcement on 28 May 2024.
Serko anticipates demand for business travel in its key markets will remain strong.
Serko expects new unmanaged customer acquisition and activation initiatives to drive increased
volumes and total income during the FY25 year, weighted to the second half. Serko also anticipates
growth at FY24 levels in its Australasian business.
For the FY25 year, Serko continues to anticipate total income in the range of $85m-$92m.
Serko continues to expect it will be cashflow positive for FY25.
With $80.6 million cash on hand at 31 March 2024 and no debt, Serko is well positioned to consider
organic and inorganic investments where these would advance strategic objectives.
Risks to the achievement of Serko’s FY25 goals include the timing of delivery of initiatives and the
timing and scale of subsequent benefits, currency and ARPCRN movements, and geopolitical and
macro-economic factors.
Thank you
Thank you to the entire Serko team, led by Darrin and the executive team, for the significant progress
Serko has made.
Thank you to my fellow directors for your support and the experience and energy you bring.
And thank you to our shareholders – we are grateful for your support.
ENDS

---

AnnualShareholders Meeting
2 July 2024

Disclaimer
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 purposes only, and does not constitute, or contain, an offer or invitation for subscription,
purchase, or recommendation of securities in Serko for the purposes of the Financial Markets Conduct Act 2013
or otherwise, or constitute legal, financial, tax, financial product, or investment advice;
•should be read in conjunction with, and is subject to Serko’s Financial Statements and Annual Reports,
market releases and information published on Serko’s website (www.serko.com);
•mayinclude forward-looking statements about Serko and the environment in which Serko operates,
which are based on assumptions and subject to uncertainties and contingencies outside Serko’s control –
Serko’s actual results;or performance may differ materially from these statements;
•may include statements relating to past performance information for illustrative purposes only and should
not be relied upon as (and is not) an indication of future performance; and
•may contain information from third-parties believed to be reliable, however, no representations or warranties
are made as to the accuracy or completeness of such information.
The informationin this presentation has beenprepared with all reasonable care. However, neither Serko (includingits related entities),nor any of their
directors, employees, agents or advisers give any representations or warranties (either express or implied) as to the accuracy or completeness of the
information.To the maximum extent permitted by law, no such person/s shall have any liability whatsoever to any other person for any loss (including,
without limitation, arising from any fault or negligence) arising from this presentation or any information supplied or omitted in connection with it.
Non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial
information presented by other entities. The non-GAAP financial information included in this release has not been subject to review by auditors.
Non-GAAP measures are used by management to monitor the business and are useful to provide investors to assess business performance.
Serko 2

Welcome from Chair
Claudia Batten

Serko's Board
Claudia
Batten
Jan
Dawson
Sean
Gourley
Darrin
Grafton
Bob
Shaw
Serko 4
Clyde
McConaghy

Order of
meeting
1.Chair Address
2.CEO Address
3.Shareholder Q&A
4.Formal Business & Resolutions
5.General Business
Serko 5

Chair's Address
Serko 6
Claudia Batten

Maximise
recovery,
deliver
unmanaged
revenue
growth
Winning
in chosen
markets
Global
scale and
operational
efficiency
Building
globally
competitive
business
Serko 7
FY23FY24
Our areas of focus in thepast two years

Serko 8
A more robust and dynamicSerko is delivering results
01
Renewed Booking.com for Business partnership
02
Strengthened market leadership in Australasia
03
Double-digit, year-on-year revenue growth
Increased operational leverage
04

Our ambitions are supported by solid
fundamentals and discipline
$80.6m
Cash on hand
(31 March 2024)
($39.6m)
($32.6m)
($7.1m)
FY22FY23FY24
Underlying cash flow
Serko 9

Board priorities
Data-led
business
Groundwork
laidfor
commercial
outcomes
Talentand
leadership
Supporting
talent growth
andattracting
high performers
Capital
management
Intelligent
investmentsinto
technology for
modernisation
and innovation
Environmental,
social and
governance
Uplift in practices
including reset
of values
Growth
atscale
Stable growth
with responsible
investments

CEO Address
Darrin Grafton

Executive team
Darrin Grafton
Chief Executive Officer
Joydip Das
Chief Product Officer
Liz Fraser
Chief Revenue Officer
Charlie Nowaczek
Chief Operating Officer
Serko 12
Shane Sampson
Chief Financial Officer
Rachael Satherley
Chief People Officer
Bob Shaw
Chief Strategy Officer
Simon Young
Acting Chief Technology Officer

The world of
business travel

Successful FY24 execution delivering benefits
Booking.com for
Businessgrowth
Partnership renewed for
further five years
Strengthened
market position
Retention and new
growth in Australasia
Delivering
operational leverage
On track for cashflow
positive in FY25
Enhanced executive
and expertise
Strengthened executive
capability to support scale
A sustained shift in how Serko operatesRealising the growth opportunity
Serko 14

Strong FY24 performance
RevenueProfit (loss)CostsBalance sheet
$(1.6m)
EBITDAF loss
93% improvement
$0.6m
Underlying avg
monthly cash burn
78% improvement
Serko 15
$71.2m
Total
income
48% increase
$89.7m
Operating
expenses
8% increase
$83.9m
Total spend
1% increase, below
FY24 guidance
$(15.9m)
Net loss
after tax
48% improvement
$80.6m
Cash
on hand
8% decrease YoY

FY23 – 25
Strategic
Goals
FY24
Business
Highlights
Scaled and globally competitive business
Progress on our strategic priorities
Experimentation
benefits
$4.3 million
*
annualised
net revenue following
successful product
experimentations
Booking.com
delivery and growth
65% increase in
Completed Room
Nights;renewal
of partnership
(in April 2024)
Australasian
market leadership
Strengthened market
positionwith 13%increase
in online bookings
Technology and
productinnovation
Strengthened product
capabilities and
integrations with
continued enhancement
of our technology platform
High employee
engagement
Employee
engagement
increased to 78%,
from 72% in FY23
Culture
Develop a culture of
engaged Serkodians
aligned to our purpose,
mission and values
Marketplace
and content
Commercialise the
connected trip
experience through
an open platform
Managed
revenue
Consistently grow
market share in global
managed travel market
through TMC partnerships
and inorganic growth
Unmanaged
revenue
Establish significant
market share
in unmanaged
travel market
Customer
success
Deliver an exceptional
customer experience (CX)
through experimentation-
driven development
Serko 16
* Estimate based on AB testing results in FY24 extrapolated for a full year using an average $ booking rate

Booking.com for Business plans
•Testing new online
marketing channels
•Developing product
features that expand our
addressable audience.
•A combination of
experimentally developed
improvements to the B4B
user interface, and
•Development of new features
that help businesses
efficiently administer their
travel spend and safeguard
their workforce.
•Enriching the B4B value
proposition through a
marketplace of discounted
ancillary services
•Testing incentives and
loyalty, as mechanisms
to drive higher purchase
frequency, and
•Improving post booking
experience to drive higher
retention rates.
Phase 1
Migration
Phase 2
Activating +
Engaging
Phase 3
Scaling
CompleteH2 FY22 –23FY23 –24
Foundation complete. Plans to increase growth being activated
Active customer growthVolume growthCustomer acquisition growth
Serko 17

Outlook
Claudia Batten
Serko 18

Outlook
Serkoaffirmsthe guidance providedinits FY24 resultsannouncementon 28 May 2024.
Serko anticipates demand for business travel in its key markets will remain strong.
Serko expects new unmanaged customer acquisition and activation initiatives to drive increased volumes and
total income during the FY25 year, weighted to the second half. Serko also anticipates growth at FY24 levels in
its Australasian business.
For the FY25 year, Serko continues to anticipate total income in the range of $85m-$92m.
Serko continues to expect it will be cashflow positive for FY25.
With$80.6 million cash on hand at 31 March 2024and no debt, Serko is well positioned to consider organic and
inorganic investments where these would advance strategic objectives.
Risks to the achievement of Serko’s FY25 goals include the timing of delivery of initiatives and the timing and
scale of subsequent benefits, currency and ARPCRN movements, and geopolitical and macro-economic factors.
Serko 19

Thank you
Serko 20

Q&A
Serko 21

General business
Serko 22

Thankyou
Serko 23

Appendix
Serko 24

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 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 Annual Report
dated 28 May 2024.
•Active customers (unmanaged) is a non-GAAP measure comprising the number of customers who have made a booking in the preceding 12-month period.
•Average Revenue Per Booking (ARPB) 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 is a non-GAAP measure and comprising the gross unmanaged supplier commissions revenue per completed
room night for revenue generating hotel transactions.
•Cash on hand is a non-GAAP measure comprising cash and short term investments.
•Completed room nights is a non-GAAP measure comprising the number of unmanaged hotel room nights which have been booked and the traveller has 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.
•Headcount is a non-GAAP measure comprising of the number of employees (excluding casual workers) and contractors employed on the last day of the period.
•Online Bookings is a non-GAAP measure comprising the number of travel bookings made using Serko’s Zeno and Serko Online platforms.
•Operating expenses is a non-GAAP measure comprising expenses excluding costs relating to taxation, interest, finance expenses and foreign exchange gains and
losses.
•Product design and development expenditure is a non-GAAP measure representing the internal and external costs related to the design, development and maintenance
of Serko’s platforms, including costs within operating expenses and amortisation. It excludes capitalised development costs.
•TMC, Travel Agency or Travel Management Company is a travel management company that provides specialized travel-related services to corporate customers.
•Total spend is a non-GAAP measure comprising of operating expenses and capitalised development costs. It excludes depreciation and amortisation.
•Total travel bookings include both online and offline bookings. Offline bookings are system automated bookings.
•Underlying cash flow is a non-GAAP measure comprising cash flows excluding movements between cash and short term investments, cash flows related to capital
raises and unusual items from a timing perspective.
Serko 25