Serko Investor Day – 10 December 2024

Investor Day
Presented on Tuesday 10 December 2024

Important notice
This presentation has been prepared by Serko Limited ("Serko"). All information is current at the date of this presentation, 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 S erko’s prior annual and interim financial statements and annual reports,
market releases and information publis hed on Serko’s website (www. serko.com);
•mayinclude forward-looking statements about Serko and the environment in which Serko operates;
•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.
All forward-looking statements are based on director’s and management's c urrent expectations and assumptions regarding Serko'sbusinesses and performance, the economy and
other future conditions, circumstances and results, which are based on assumptions and subject to uncertainties and contingencies outside S erko’s control –Serko’s actual results;or
performance may differ materially from these statements and undue reliance should not be placed on any forward-looking statements.
The informationin this presentation has beenprepared with all reasonable care, howeverneither 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 (including any oral presentation of these slides by
Serko).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.
References to North American expansion plans with GetThereand long-term, partnership between Serko and Sabre remain subject to subject to closing of the acquisition with
customary closing conditions, expected to occur on or about 6 January 2025 (Eastern Daylight Time).
All currency is in NZ dollars unless stated otherwise and figures are subject to rounding. All conversions of US dollars to New Zealand dollars in this presentation have been made
using a rate of one New Zealand dollar = $USD 0.6077

Agenda
Serko's next growth horizon
Darrin Grafton • CEO
Unmanaged travel and
Booking.com for Business
David Holyoke
Head of Unmanaged Travel
North Americanexpansion in
managed travel
Liz Fraser • CRO
Meet the leaders
Panel
Break
15 mins
Evolving Serko's platform
Joydip Das • CPO
Simon Young • CTO
Financial overview
Shane Sampson • CFO
Close
Darrin Grafton • CEO
9.00am
9.10am
9.45am
10.20am
10.45am
11.00am
11.45am
12.15pm

Serko's next growth horizon
Darrin Grafton • Co-founder and CEO

Objectives of this investor day
01
Share our
progress
02
Outline where
we're heading
03
Provide details
on opportunities
04
Introduce
our leaders
05
Answer your
questions

Our executive team has broad and deep
international experience...
Darrin Grafton
Co-founder
& CEO
Joydip Das
Chief Product Officer
Ex Salesforce
Liz Fraser
Chief Revenue Officer
Ex A ir New Zealan d
Rachael Satherley
Chief People Officer
Ex Expedia G roup
Shane Sampson
Chief Financial Officer
Ex Pushpay
Simon Young
Chief Technology Officer
Ex T rade Me

...with senior
hires in 2024
expanding our
capability
Melissa Helyer-Akhara
Global Head of Design
25 y ears’ experience leading
eCommerce design and CX
Worked with Samsung, Alibaba
and Virgin.
David Holyoke
Head of Unmanaged Travel
25 years' corporate
travel experience
Joined from Airbnb
Matt Weaver
Head of Data
Ten years' experience in data
science, analytics and
experimentation.
Joined from Booking.com

We have delivered on our priorities
To realise the growth opportunity
To build a stronger and more efficient Serko
F Y 2 2
–

F Y 2 4
S T R A T E G I C
G O A L S
0102030405
Customer
success
Unmanaged
revenue
Managed
revenue
Marketplace
& content
Culture
Operational efficiency
Total spend as
% of total income
has materially
decreased over time
Positive free cash flow
for 1H25 Adjusted Free
Cash Flow was $2.3m
$18.9m
$48.0m
$71 .2m
$62.3m
$83.3m
$83.9m
FY22FY23FY24
Total income vs total spend
Tot al incomeTot al spend
$18.9m
$48.0m
$71 .2m
FY22FY23FY24
Total income $m
48%
154%
Disciplined delivery
Booking.com for Business
and maximising the travel
recovery
Growth acceleration
1H25 results — total
income up 18% to $42.7m

Global business travel forecast to hit
$US2 trillion by 2028
$US1.5 trillion
$US2 trillion
20242028
GB TA 2024 Business Travel Index Outlook. Includes in-destination spend.

The traditional supply chain is changing
Travel
Suppliers
Eg. Airlines,
hotels, ground
transport
Content
Aggregators
E.g. GDSs
(Sabre, Amadeus,
Travelport);
Booking.com
Travel
Management
Companies
(TMCs)
Eg. BCD, FCM,
Amex GBT
Online
Booking Tools
(OBTs)
E.g. GetThere,
Serko, Concur
Travel Manager
Organisation
T RA D I T I O NA L
S
U P P L Y C HA I N
D R I V E R S O F
C HA N G E
Provide travel
content
Aggregate
content
Retail travel
content
Sell, service
and support
Procure travel
content
Suppliers targeting
business travellers
directly
Disruptive changes
from NDC
Tech focused new
entrants gaining ground
Need to respond to
demand for consumer
grade experience
‘Off channel’ / direct
bookings undermine
control and visibility
Travel Booker
Employee

We are well positioned to maximise growth
opportunities across segments
No contracts or service fees /
Independent bookers
Managed bookers /
Travel Management Companies
Unmanaged TravelManaged Travel

Our Serko platform will expandour market
opportunities beyond online booking tools
Already servicing key
parts of Booking.com
for Business
Will support greater
third partycontent
and services
Will power existing and
future market offerings
for all customers
Built-in data and AI capabilities

Our focus to FY30
Booking.com
for Business
Aspiration
of $250m total
income in FY30
North American
expansion
Evolution of the Serko platform

Unmanaged travel and
Booking.com for Business progress
David Holyoke • Head of Unmanaged Travel

Unmanaged travel is fast-growing and innovation-driven
Strong market reach*
•SMBs represent over $900B in
annual business travel spend
•Represent approximately 45% of
every dollar spent on business
travel globally
Booking innovators
•SMBs bridge the divide between
consumer and business travel
•87% want more simplified
booking services and processes.
42% thought booking a trip was
actually more challenging than
traveling itself **
Travel trendsetters
•Bleisure: expanding
opportunities for alternative
accommodations, longer stays,
and ancillary revenue streams
•Sustainability: 50% said
sustainability is one of their top
four key purchase criteria when
purchasing products or
services***
Why unmanaged travel is transformative
* Modiv Group article "Small an d M edium Busin ess to Lead T ravel in 2024"
** Travelperk article "60+ onlin e travel bookin g statistics & trends"
*** Travelperk article "60+ B usin ess sustainability statistics (relevant in 2024)"

Who is playing in unmanaged travel
Competitors largely serve niche needs rather than providing
a comprehensive solution for SMBs
Travel management
platforms
•Specialised travel platforms focus
on policy-heavy enterprises
•Concur, Egencia, Navan, Spotnana
Online travel
agencies
•Lack business-critical features
•Expedia, Hotels.com, Airbnb
Supplier direct
channels
•Limited in scope
•United, American, Marriott, Hilton

Why Booking.com
for Business
is positioned
to succeed
Expertise from both
consumer and business
travel worlds ensures
a holistic solution for
SMBs – simple, scalable
and cost-effective
Booking.com's
consumer expertise
•Extensive global inventory of
28M accommodation listings,
offering flights to 4500+
destinationsacross 55 markets,
and 60,000 car rental locations.
•Deep insights and
understanding from tens
of millions of bookers
and travelers
Serko's business
travel expertise
•Proven success in simplifying
business travel through
products like Zeno
•Robust capabilities in
traveler workflow, travel
policy compliance, and
expense integration

Laying the foundation for further scale
Customer growth
and engagement
•Sign-ups: Nearly 200k
companies actively using
Booking.com for Business
•Engagement: Strong YoY
booking growth
Major product
improvements
•Customer onboarding: A modern
onboarding experience to drive
higher activation rates
•Accommodation checkout
experience: Boosting conversion
rates with modern ecommerce
•Serko platform: Strengthened
reliability, performance, and
scalability tosupport future growth
Fostering a culture
of experimentation
•Conducted 150+ experiments
this year
•Driving smarter development
by validating ideas early

Our future opportunity
Seamless
end-to-end journey
Unified platform to
effortlessly book and
manage your trips
Enabling
intelligence
Making business
travel smarter through
automation
Real-time
assistance
Proactive travel
support every step
of the way
From booking tool to an intelligent travel solution

Booking data integration
(Leisure / Business visibility)
Unified Account
(Business / Leisure profile)
Loyalty / Incentives
(Genius benefits,
Earn / Burn credits)
Customer Communications
(Marketing opt-in /
transactional emails)
Mobile foundation
(readying for mobile integration)
The next 12 months
Deepening integration
Enhanced Admin Portal
(new admin dashboard)
Unified Company Framework
(merge multiple accounts)
Easily Join a Company
(Employee visibility,
simple verification)
Proactive Travel Insights
(enhanced onboarding, policy
setup, smart notifications)
End-to-End Ecommerce Experience
(Air, Rail, Ground)
Traveler Arranger Experience
(easily book for others)
Team Planning
(group planning coordination)
Post-Booking Management
(easily share, re-book, modify)
Experiment-Driven Growth
(drive signups, booking conversion)
Empowering businessesSimplify travel booking

North American expansion
in managed travel
Liz Fraser • Chief Revenue Officer

Serko’s offerings in North America are aligned
to our target markets
~52% Unmanaged travel
Small to Medium Businesses
NZ$207 billion market size *
~ 48% Managed travel
Medium to Large Enterprises
NZ$192 billion market size*
Low functional
complexity
E-commerce
deployment
and experience
Small to medium
sized businesses
Moderate to high
functional
complexity
High-touch channel
or direct customer
deployment
Global enterprise /
multi-national
companies
* Market segmentation is based on management estimates and GBTA Business Travel Index Outlook (2024) on total transaction value basis, less in-destination spend.

What is important to customers
Key drivers of managed travel
Visibility and control
Spend and carbon management
Duty of care
Corporate preferred suppliers
Choice
Convenience
Low friction
Personal preferred suppliers
Travel Bookers /
Travellers
Companies /
Travel Managers

How we’re going to succeed
Demonstrated capability to deliver on our 3 growth pillars
Customer retention
and growth
New customer
acquisition
Increase average
revenue per booking

A valuable partnership with Sabre
Three key advantages
Depth of
content
Relationships
in market
Technology
and innovation

Todd Arthur
SVP Sabre North America Agency,
Americas Delivery and Global Corporate Solutions

Partnership designed to accelerate innovation
in managed travel
Innovation
•Co-development of initiatives​ to
minimise friction and increase
efficiency
•Streamlining processes beyond
shop, book and manage
•Utilising Sabre and Google’s
co-innovation framework
Sales
•Leverage sales and account
management teams across
Sabre’s TMC customer base
•Serko can showcase Sabre’s
capabilities and support
new innovations
•Revenue share and bonus
payments align Sabre incentives
for selling Serko products
Marketing
•Joint approach to research,
thought leadership and
customer engagement
•Reinforce Serko and Sabre’s
position as innovators
•Mutual commitments to
activity and resourcing

GetThere significantly extends our capabilities
Market share & customers
•#2 player in the US market*
•Market presence will make us a
default option in RFP selection
process for corporates
•Blue-chip customer base with
growth potential
Experience & expertise
•Highly experienced people with
deep domain expertise
•Development hub in India
•Complementary skillsets
and cultures
•Fast-track our platform build
Data & insights
•Support complex, multinational
travel programs for demanding
customers
•Data and insights from
~5 million bookings per year
•Fast-track our expansion
in market
* By volume. Based on management estimates.

Key takeaways
Four things to remember
We understand
customers and
what's important
to them
We have clear
plans on how
to succeed
We have a
new strategic
partnership
with Sabre
With GetThere,
we extend our
capabilities,
market share and
data and insights

Meet the leaders
Joydip Das
Chief Product
Officer
Liz Fraser
Chief Revenue
Officer
Rachael Satherley
Chief People
Officer
Simon Young
Chief Technology
Officer

Serko’s platform
Joydip Das • Chief Product Officer

We have strong and proven foundations
•Three proven products
•Two established technology stacks
across Serko and GetThere
•Emerging, modern high-scale
technology platform
Heritage
Technologies
Heritage
Technologies
New
Serko
Platform

Transforming business travel
We want to go beyond being an online booking tool
Solve challenges
with AI and data
•Empower travellers
•Reduce travel
disruption impact
•Efficiencies for partners
and customers
Put customers and
partners at the centre
•Address biggest pain points
•Co-design future approach
Create a unified
open platform
•Scale, speed
and innovation
•Supports all customers
•Connected ecosystem

Addressing customers' key problems
Transforming the traveller's experience with data and AI
Smart sourcing
and content
Optimise sourcing
and content
orchestration to
manage options
and spend.
Disruption
management
Minimise the
impact of travel
disruption through
proactive AI-
assisted
interventions.
Travel
intelligence
Intelligent retailing
driven by in-built
AI/ML for
advanced
analytics and
predictive
capabilities.
Customer
empowerment
Consumer-grade
experiences
tailored to diverse
customer needs.
Serko 35

How we are evolving Serko’s platform
•Unify common travel domain
services to reduce duplication
and serve different application
experiences
•Built-in AI, data and cloud-scale to
future proof technology evolution
•Build and deploy once and adapt
to meet diverse customer and
market needs
Serko
Product
Suite
Serko EnterpriseSerko SMESerko Partner Ecosystem
. . .
Serko
Technology
Platform
Cloud infrastructure
Hotel
Booking
Se rvice
Common
Travel Services
Policy
Se rvice
AI/ML Foundations
Data Lake
Content
Orchestration

Serko’s platform
Simon Young • Chief Technology Officer

We have a strong, global team
<5
UK
~70
China
~65
India
<10
Australia
~140
New Zealand
~20
USA
* Global Product & Technology roles as at October 2024 (plus GetThere)

We are
organised
to scale
Operating
tenets
Communities
of practice

We’ve made big leaps in 2024
Cloud spend
-33% YoY

Our platform evolution
We are on a path to unify
our various technologies
into a single Serko platform.
Our new Serko platform
will increasingly power all
our in-market offerings
over time.
Heritage
Technologies
Heritage
Technologies
Heritage
Technologies
Heritage
Technologies
In-market
offerings
B.Com
Zeno
GetThere
B.Com
Zeno
GetThere
B.Com
Zeno
GetThere
B.Com
Zeno
GetThere
New Serko
Technology
New Serko
Technology
New Serko
Technology
Serko
Platform
New OfferingsNew OfferingsNew Offerings
Ecosystem Partners
Platform as
a Service
New Serko
Technology
Phase 1
Phase 2Phase 3Phase 4

Our technology drives customer value
New capabilities
are continually
deployed and
experimentally
validated
The ecosystem
supported by the
Serko platform
will include our
products as well
as third parties
Our platform is
designed for
global scale,
powered by data,
and built to
support AI
The Serko
platform powers
all Booking.com
for Business hotel
transactions

We’ll use AI
to achieve our
business goals
better, faster,
smarter.
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How we think about AI

Financial overview
Shane Sampson • Chief Financial Officer

Overview
Review of expected financials post 28 October announcements
•Total spend impacts to 31 March 2025
•Non cash accounting issues
•Spend profile
•Income profile

FY25 impacts of transactions on spend
Assuming 3 months of GetThere
•Serko “status quo” guidance unchanged from May
•$3m of transaction related costs in FY25
•$3m of one-off implementation costs likely weighted 2/3 FY25, 1/3 FY26
•Includes purchase of computers etc which will be capitalised
•GetThere income of c.$4m and spend of c.$9m in FY25

Accounting judgements
Accounting papers and related audit to be completed
IssuePotential Impacts
Purchase price accountingWill allocate purchase price across fixed life intangibles
(software, customer contracts etc) and goodwill (if any).
Any fixed life intangibles will amortise to the P&L over time.
Performance paymentsBase assumption that accrued as sales made and accrued.
Potentially could be treated as purchase price (unlikely).
Potentially may be capitalised and amortised over time.
Impairment testingTo be confirmed whether GetThere is part of one cash
generating unit with the rest of Serko’s business.
CapitalisationLikely much of the tech acceleration investment will be capitalisable.
Assuming limited capitalisation of GetThere product development.

Anticipated spend profile
*
Funded from cash on hand and anticipated revenues
* High level management estimates bas ed on current business plans intended to be illustrative only. S erko’s actual results or performance may differ
materially from these projections and undue reliance should not be placed on any forward-looking projections.
FY25FY26FY27FY28FY29FY30
Spend Profile
FY25FY26FY27FY28FY29FY30
Spend Profile - Accelerated
Performance Payments
Tech Acceleration
US Expansion
Implementation
Transaction
Status Quo
$200m
$200m

Anticipated income profile
Analysts have range of $191m - $247m vs $250m aspiration
•Based on analyst reports post 29 October 2024
announcement
•Growth driven by
•Booking.com for Business volume growth
•US volume growth
•ARPB growth in Managed Travel
•Potential size of prize*
•Booking.com for Business 2% of global SME market
could be $250m
•15m TMC transactions @$10 APRB would be $150m
^ Provided for information purposes only – Serko makes no representation in relation to analyst projections. Numbers based on projections provided to Serko by the primary analysts
covering Serko. Serko’s actual results or performance may differ materially from these projections and undue reliance should not be placed on any forward-looking projections.
* Based on management estimate and intended to be illustrative only.
0
50
100
150
200
250
FY26FY27FY28FY29FY30
Range of Analyst Estimates of Income^
LowHigh

Closing comments
Darrin Grafton • Co-founder and CEO

What we want you to take from today
We have solid
foundations in
place as we
pursue our next
growth horizon
There are
compelling
opportunities that
line up to our goals
We have
the plans and
people to
successfully
execute
An evolved Serko
platform with built-
in AI capability will
benefit all
customers

---

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 37865, Parnell, T: +64 9 884 5916, F: +64 9 377 0545, investor.relations@serko.com
Incorporated in New Zealand ARBN 611 613 980
Market Release
9 December 2024
Serko Investor Day – 10 December 2024
Serko Limited (NZX & ASX: SKO) will hold an investor day in Auckland for members of the investment
community on Tuesday 10
th
December.
Attached is the investor day presentation for release to the market.

ENDS
Released for and on behalf of Serko Limited by Shane Sampson, Chief Financial Officer.


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