Annual Shareholders Meeting Materials

Serko Limited, Saatchi Building, Unit 14D, 125 The Strand, Parnell, Auckland, New Zealand
PO Box 37-865, 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
26 June 2025
Annual Shareholders Meeting Materials
The attached addresses and presentation will be given today at Serko’s Annual Shareholders Meeting,
which will commence at 10.00am.
The meeting is being held in a hybrid format. We invite shareholders to join in person at the offices of
MUFG Corporate Services, Level 30, PwC Tower, 15 Customs Street West, Auckland or virtually at
www.virtualmeeting.co.nz/sko25.
FY26 Guidance
Please note that the presentation contains the following guidance:
We reaffirm our FY26 guidance provided on 20 May 2025 of $115m-$123m total income and $127m-
$133m total spend.
We continue to monitor elevated macroeconomic and geopolitical risks, including the potential
impacts of conflict in the Middle East.
We remain focused on disciplined execution, delivering on our FY26 goals, and creating long-term
shareholder value.

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
+61 (0)468 963 068
coran.lill@csladivisory.com

---

1
26 June 2025
2025 Annual Shareholders Meeting Addresses
The addresses below will be given at Serko’s Annual Shareholders Meeting which is to commence at
10.00am today (26 June 2025) and is being held in person at the offices of MUFG Corporate Markets,
Level 30, PwC Tower, 15 Customs Street West, Auckland and online at www.virtualmeeting.co.nz/sko25

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 morning. My name is Claudia Batten and I am the Chair of Serko.
I’m pleased to update you on another year of significant progress for Serko, and the opportunities we’re
now focused on.
A track record of growth and disciplined execution
In the 2025 financial year, we built on our track record of high growth and disciplined execution –
reinforcing our confidence in the path ahead.
Much of what we achieved during the year is the outcome of bold, strategic choices made in previous
periods – most notably our partnership with Booking.com, as part of our ambition to scale globally. We
believed in the path we set, and we backed it with focused delivery and operational discipline. That has
paid off – with Booking.com for Business growing from 300,000 completed room nights in 2022 to
3.3 million in FY25.
The Serko of today is a more capable, efficient, and data-driven business – and we are stepping into the
next phase of our strategy and delivery. With global business travel forecast to exceed US$2 trillion by
2028
1
, Serko is positioned to capture the opportunity as technology reshapes business travel.
That’s why we have made the decision to pursue new opportunities, supported by targeted investment in
Serko’s existing platform, and North American expansion. We are well positioned to do this, with
continued income growth, cost discipline, and an increase in our capability, including data and AI.
Disciplined growth delivers improved cashflow
I’ll comment on key aspects of our financial results and Darrin will provide additional details.
• We delivered high total income growth alongside disciplined cost management. Notably, our ratio
of total spend against total income improved from 118% to 102%.
• We delivered positive EBITDAFI of $2.8 million for the year, a $4.3 million improvement.
• Our net loss after tax was $22 million, an increase of $6.1 million, reflecting one-off costs and a
non-cash accounting impairment relating to the acquisition of GetThere.

1
GBTA Business Travel Index Outlook (2024) on total transaction value basis, including in-destination spend.

2
When we acquired GetThere we were aware that an accounting-based impairment was a possible
outcome given GetThere’s current negative cashflows and accounting standards that prevent us
from factoring in planned improvements when assessing impairment. We noted this possibility at
the Investor Day in December 2024. We concluded that it was appropriate to impair the full
amount of goodwill from the acquisition of $5.1 million. We consider this impairment to be
prudent, particularly given the uncertainty in financial markets at 31 March 2025 when the
assessment was made.
The impairment does not impact expected future cash flows and as Darrin will cover in more
detail, GetThere is an attractive strategic asset, which enables the acceleration of our expansion
in the US.
• Free Cash Flow showed a $5.2 million improvement, narrowing the net outflow to $1.9 million.
For the pre-acquisition business, Serko generated positive Free Cash Flow for FY25 of $7.4
million, an improvement of $14.5 million. We expect this cash-generative strength to continue
building, providing a solid foundation as we scale.
• Finally, we remain well capitalised, with $61.4 million in cash at the balance date, and we have no
debt.
Delivery on our FY25 Board priorities
At last year’s meeting I outlined five key areas of Board focus for FY25:
• Becoming a data-led business
• Strengthening talent and leadership
• Exercising disciplined capital and technology management
• Uplifting environmental, social and governance practices, and
• Driving growth at scale
I’m pleased to report we have made meaningful progress across all of these areas.
On data, we have laid the groundwork for a data-led business – both in how we operate as a business,
and the experiences we deliver to our partners and customers. Darrin will take you through some of the
work we are delivering.
On talent and leadership, we are seeing the benefits of a deliberate, strategic focus on attracting and
retaining top talent. The calibre of people joining Serko – including in leadership roles – is a core part of
our scaling strategy and delivering on our long-term ambitions.
And as outlined in our ESG Report released in May, over the past year we’ve continued to strengthen our
environmental, social, and governance performance. Notably, we have enhanced our global remuneration
strategy to attract and retain top talent, implemented governance frameworks for the responsible use of
AI and data, and strengthened our cybersecurity posture, achieving globally-recognised certifications in
payment and data security.
These improvements reflect Serko’s growing maturity, and we remain focused on continually uplifting our
policies and practices.

3
I’ll cover the remaining two priorities on the next slide.
Disciplined capital allocation to accelerate scale
One of the Board’s priorities this year has been overseeing how capital is allocated to support long-term
growth — ensuring Serko invests ahead of revenue but does so with discipline and strong governance.
As part of a broader capital investment program in Serko’s technology, the Board approved a $40 million
initiative to accelerate platform delivery. We see this as a strategic step — bringing forward the benefits
of automation, AI, and data capability to support efficient scale across customer segments.
The platform already underpins Booking.com for Business and will play a key role in delivering greater
speed and precision for future offerings.
At the same time, we’ve provided oversight of Serko’s global expansion. That includes the renewal of the
Booking.com partnership and the entry into North America through the acquisition of GetThere and a new
long-term partnership with Sabre.
These decisions reflect our confidence in the strategy, and we look forward to sharing this at an investor
day, which we are planning for the final quarter of this calendar year.
Our FY26 Board priorities
Let me briefly speak to the Board’s priorities for the year ahead, as shown on the slide.
On capital management, our focus is ensuring effective oversight of capital allocation — supporting
scalable growth while continuing to deliver long-term shareholder value.
In terms of Board succession, we intend to appoint a new independent director. I will speak to this
shortly.
When it comes to strategy and execution, the Board will be focused on ensuring the delivery of near-term
revenue opportunities in key markets. In addition, the Board will be supporting the development and
communication of a detailed pathway for future growth.
With respect to AI enablement, we’re focused on ensuring the business is appropriately investing in AI
initiatives to unlock data-led decision-making and build long-term capability.
And finally, on global workforce leverage, the Board will monitor the integration and effectiveness of
Serko’s international workforce strategy, making sure it supports innovation, scale, and operating
efficiency across the business.
Board succession
Today, I’d like to acknowledge that Clyde McConaghy, has confirmed he will not be standing for re-
election. Clyde joined Serko’s Board as a non-executive director at the time of our NZX listing in 2014.
Clyde has made a lasting contribution to Serko and has brought a valuable perspective as Serko has
evolved from a local start-up into a fast-growing international technology company. On behalf of the
Board, I sincerely thank him for his service. I will personally miss having his insights and perspective
around the board table.

4
Following today's meeting, Sean Gourley will become Chair of the People, Remuneration and Culture
Committee.
To support succession planning and continue to strengthen our capability, the Board intends to appoint a
new independent director. Ideally, this person will bring operating and executive experience in globally-
scaled businesses, with a background in travel technology or adjacent sectors. I look forward to keeping
you updated.
Thank you
We couldn’t deliver what we do without our partners, customers and you – our shareholders. I say this
every year – but truly, thank you for your ongoing support.
I thank my fellow directors for their commitment and the thoughtful, robust contributions they bring to
Serko.
On behalf of the Board, I’d also like to thank Darrin, the executive team and the wider Serko team for your
commitment, focus and belief in what we're building.
CEO’s Address - Darrin Grafton
Thanks Claudia. Welcome to everyone attending today – it's great to have you with us.
First, thank you to the Board, chaired by Claudia, for your ongoing guidance and support. It is greatly
appreciated by both me and the executive team.
I pay particular thanks to Clyde for your many years of contribution to Serko. We have benefited greatly
from your experience and perspective.
I also want to introduce members of the executive team here today, if you can please stand:
• Matt Gerrie, Chief Operating Officer
• Shane Sampson, Chief Financial Officer
• Rachael Satherley, Chief People Officer, and
• Simon Young, Chief Technology Officer.
Our Chief Revenue Officer, Liz Fraser, sends her apologies. She is meeting with customers in Europe.
A rare opportunity ahead
The opportunity ahead of us is rare: a global business travel market undergoing structural change, with
Serko positioned at the forefront. We have solid foundations, world-class partners, and a track record of
disciplined execution. In particular:
• Booking.com for Business is on a strong trajectory following a pivotal year
• Our pre-acquisition business is cash-generative, supporting our investments and growth
initiatives

5
• The evolution of our platform and expansion in North America present compelling long-term
opportunities, and we are focused on laying the right foundations.
• To reflect the size of the opportunity ahead, Serko has announced a new aspirational goal of
$250 million total income in FY30.
I’ll start by providing more detail on our FY25 results and then outline our strategic focus in FY26 and
beyond.
27% total income growth
The 27% increase in total income for the year to $90.5 million was underpinned by significant traction in
Booking.com for Business and growth in our Australasian business.
As Claudia mentioned, our pre-acquisition business is cash generating, supporting our expansion and
investment plans.
29% increase in Booking.com for Business CRNs
2025 marked a pivotal year for Booking.com for Business, with focused execution on activation,
engagement and conversion leading to substantial growth.
We achieved a 29% year-over-year increase in both active customers and completed room nights,
demonstrating the accelerating adoption of the platform. This was driven by marketing, experimentation
and onboarding enhancements delivered during the year.
Completed room nights increased 43% over the second half of 2024, indicating increasing traction and
user stickiness.
In FY26, we expect to achieve the first milestone under our partnership agreement with Booking.com and
exceed 4.2 million completed room nights. We will continue to receive a 50% share of commissions up to
4.2 million completed room nights each year, providing a solid basis for profitability. Commissions above
this number each year will be earned at the lower agreed rates but will continue to provide strong
contribution.
18% growth in Australasian travel revenue
In Australasia, we had a solid year with an 18% increase in Australasian travel revenue – made up of a 6%
increase in online bookings - including new wins within the markets, and a 12% increase in average
revenue per booking.
We continue to invest in and innovate our Zeno product for all partners and customers, including those in
Australasia. This year we applied learnings we had gained from our work with Booking.com to boost
satisfaction and user experience.
We are achieving growth with cost discipline
Our focus on scaling revenue while maintaining cost discipline is delivering meaningful gains in
operational leverage with a key reduction in long-term hosting costs.
In FY25, total spend declined as a percentage of income, highlighting the increasing scalability of our
model and our ability to grow without a corresponding rise in costs.

6
This improved leverage is helping drive our return to positive Free Cash Flow.
Strong cashflow trajectory in pre-acquisition business
The trends are clear – we expect our pre acquisition business to perform strongly in FY26 with continued
ongoing organic growth and healthy free cash flow.
The free cash flows generated by the pre-acquisition business will help fund acceleration of our platform
investment and our US expansion. We also consider that the operating leverage achieved can be
replicated in the US as we grow revenue.
We are accelerating organisational performance as we scale globally
Organisational performance is front and centre.
We have seen the benefits of decisions made in previous periods to uplift capability and refocus
resources.
We have been attracting several senior leaders with data, AI and e-commerce expertise from leading
global consumer tech businesses. We've welcomed Matt Gerrie to our executive team as COO,
overseeing product and strategy. Most recently he was director of strategy and analytics in Booking
Holding’s global strategy & business development division.
We continue to build our expertise in data and AI by taking a whole-of-organisation approach and
supported by expert teams.
Our culture and organisational performance continue to improve, with encouraging gains in our employee
engagement scores.
Our opportunity and strategic focus
We have four strategic areas supporting our ambitions:
• Growth in Booking.com for Business
• Reinforcing our market leadership in Australasia
• Expanding in North America, and
• Evolving the Serko platform
I will speak to the first two on this slide and then go into a bit more detail in subsequent slides on the last
two.
Booking.com for Business growth
Starting with our first strategy area: Booking.com for Business.
During this quarter, the new e-commerce checkout technology was launched and in the near-term we will
be testing features to drive activation. We have launched – and will continue to experiment on – new AI
search capabilities during the year.

7
A current experiment that you may have had a chance to use is the new AI SmartStay Search, which lets
users search as naturally as they speak, making business travel as intuitive as consumer travel. It’s a
great example of how we’re using AI to deliver real-world value.
Our opportunity and strategic focus
Our AI focus is not only to enhance user satisfaction but to drive material increases – in conversion and
repeat use over time.
We’ll continue to leverage our data-driven and experimentation capabilities, with 500 experiments
undertaken during the year. This has led to improvements in onboarding conversion and set us up for
continued success.
Reinforce Australasian position
Our second strategy area is reinforcing our Australasian position.
We are committed to continued investment in our managed travel offerings, through our Zeno product.
We continue to win new customers within these markets.
Zeno is highly regarded for its ease of experience and in FY25 we continued to strengthen UX as well as
using data to improve recommendations.
In the coming year we will strengthen how we use data alongside continued simplification.
GetThere’s contribution to our US expansion extends beyond revenue
Our third strategic focus area is the North American market – a transformative opportunity for Serko.
The acquisition of GetThere, together with our strategic partnership with Sabre, has redefined Serko’s
position. We’re no longer a challenger trying to enter — we’re an in-market player with a credible platform,
proven partners, and access to major customer channels.
Since the acquisition, we’ve spent extensive time on the ground in the US and India, working closely with
teams, partners, and customers. This hands-on integration has accelerated both market understanding
and platform alignment.
We’ve been deliberate in our approach — engaging closely with existing GetThere customers and actively
pursuing new enterprise opportunities.
Importantly, customer feedback — both in direct conversations and formal forums — has been clear and
consistent: the market is ready for change. Corporates are actively seeking modern, user-centric, scalable
alternatives to legacy tools. Serko is uniquely positioned to meet that demand.
We expect the majority of new customer decisions to materialise slowly across FY26 and build across
FY27, in line with our stated timeline. The foundational work is in place, and momentum is building.
North American foothold and expansion
This slide shows the three phases of our North American expansion. First, we’ve completed the GetThere
acquisition, onboarded the team, and activated the Sabre partnership – with high levels of customer and
industry engagement.

8
Second, we’re focused on building momentum through co-selling and co-developing with Sabre,
enhancing both Zeno and GetThere, to deliver new AI-powered traveller experiences.
The third phase will be scaling – which will include signing and implementing new US customers and
making the platform available to enterprise clients.
As Claudia mentioned we are working through our detailed plans and look forward to sharing these with
you.
Targeted investment in platform acceleration
We are building a unified, global platform designed to scale across customer segments - from SME to
mid-market to enterprise - using a modern commercial model as we remain at the forefront of business
travel. This isn’t just a roadmap, it’s already in motion, with the Serko platform already powering the
growth of Booking.com for Business.
We have consistently invested in our technology and we’re accelerating that investment to capture
emerging growth opportunities. As announced in October, this $40 million acceleration over four years is
designed to bring forward delivery and benefits - reflecting our confidence in the opportunities ahead,
particularly in the US market.
This investment is about shaping the future of business travel, not just adapting to it. We are embedding
the latest AI and data capabilities into our platform to deliver compelling user experiences and simplify
the complexities of business travel.
Our approach is deliberate: rolling out platform enhancements that serve existing users while laying the
groundwork for broader value-generating opportunities.
We’re initially focused on small to medium businesses – who generally have low complexity and provide a
faster route to market, and we will look to move up the complexity curve over time.
Since announcing our results in May, we have continued to engage with customers to understand their
needs in detail. One example is a recent showcase of new concepts to select US customers, which
received positive feedback as we prepare for commercialisation in that market.
FY26 guidance
We re affirm our FY26 guidance provided on 20 May 2025 of $115m-$123m total income and $127m-
$133m total spend.
We continue to monitor elevated macroeconomic and geopolitical risks, including the potential impacts
of conflict in the Middle East.
We remain focused on disciplined execution, delivering on our FY26 goals, and creating long-term
shareholder value.
Conclusion
With a cash-generative core, world-class partners, a global runway, and a scalable platform, we enter the
year with momentum, conviction in our strategy, and confidence in our team’s ability to execute.
Thank you again for being here today and for your support.

9

ENDS

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AnnualShareholders Meeting
26 June 2025

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 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;
•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, 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. 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.
Comparative figures are for the prior comparative period (FY2024) unless otherwise stated.
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

A track record of growth and disciplined execution
Highgrowth
trajectory
Total income up
27%for FY25
Strategic
impact
Booking.com
for Business
powering growth
Operational
leverage
Underpinned by
efficiency and
capability
Pursuing
new growth
Supported by
targeted
investment
Serko 7

Disciplined growth delivers improved cashflow
FY25 financial results
FY25Change v FY24
Total income$90.5m27%
Total spend $92.7m10%
Total operating expenses$107.6m20%
EBITDAFI gain/(loss) $2.8m
$4.3m
improvement
Net gain/(loss) after tax$(22.0m)
$6.1m
increase
Free Cash Flow $(1.9m)
$5.2m
improvement
Serko 8
Increase in net loss after tax included
$5.1m non-cash
accounting impairment relating to
acquisition of GetThere
When excluding the GetThere
acquisition, positive Free Cash Flow
improved $14.5m to $7.4m

Delivery on our FY25 Board priorities
Data-led
business
Lay groundwork
for commercial
outcomes
Talent and
leadership
Support talent
growth and
attract 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
FY25 focus

Disciplined capital management to accelerate scale
Investing ahead of revenue
•Approved $40m acceleration
investment for Serko platform
•Part of broader technology
investment strategy
•Oversight of AI, automation,
and data enablement
Strategic growth and market expansion
•Oversaw Booking.com partnership renewal
•Supported North America expansion
(GetThere + Sabre)
•Investor day CYQ4 to outline long-term plans
Serko 10

Our FY26 Board priorities
Capital
management
Disciplined
scalable growth
and value
Board
succession
Strengthen
governance
through new
director
appointment
Strategy and
execution
Guide near-term
delivery and
long-term
growth
AI governance
and oversight
Support smart
investment in AI
and responsible
use
Global
workforce
Oversee
integration to
drive scale and
efficiency
FY26 focus

Board succession
Serko 12

CEO's Address
Serko 13
Darrin Grafton

A rare opportunity ahead
•Global business travel market undergoing structural change
•We have solid foundations, world-class partners and disciplined execution
•We're delivering strong growth, improving cash flow and building long-term value
•Our platform evolution and expansion in North America present compelling long-
term opportunities
•To reflect the size of the opportunity ahead, Serko announced a new aspirational
goal of $250 million total income in FY30
Serko 14

27% total income growth
Serko 15
+27%
FY25 v FY24
+30%
FY25 v FY24
$85.7m
$4.8m
$48.0m
$71.2m
$90.5m
$0m
$10m
$20m
$30m
$40m
$50m
$60m
$70m
$80m
$90m
$100m
FY23FY24FY25
Total income
5.5m
0.9m
4.1m
4.9m
6.4m
0m
1m
2m
3m
4m
5m
6m
7m
FY23FY24FY25
Total online bookings
Strong total income growth driven by momentum in Booking.com for Business
1. See notes to this release for definitions of non-GAAP financial measures used in the released materials.
GetTherePre-acquisition business
Pre-acquisition business is cash generating, supporting our growth plans
1

29% increase in Booking.com for Business CRNs
Serko 16
1.5m
2.5m
3.3m
0.0m
0.5m
1.0m
1.5m
2.0m
2.5m
3.0m
3.5m
FY23FY24FY25
Completed room nights
€ 9.34
€ 9.75
€ 9.63
€ 6
€ 7
€ 7
€ 8
€ 8
€ 9
€ 9
€ 10
€ 10
FY23FY24FY25
Average revenue per CRN
157k
172k
222k
-
50
100
150
200
250
FY23FY24FY25
Active customers
Completed room nights increased to 3.3 million, underpinned by stronger demand
and product improvements
Active customer numbers increased 29%
+29%
-1%
+29%

18% growth in Australasian travel revenue
Serko 17
3.4m
3.9m
4.1m
.0m
1.0m
2.0m
3.0m
4.0m
FY23FY24FY25
Australasia online bookings
12% increase in average revenue per booking and 6% increase in online bookingsdrove
higher travel revenue growth
Continued to invest and innovate in the Australasian market to strengthen our market leadership
$4.96
$5.12
$5.73
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
FY23FY24FY25
Australasia ARPB
+6%
+12%

We are achieving growth with cost discipline
Serko 18
$19.4m
$28.6m
$36.3m
$34.8m
$42.7m
$47.7m
$41.1m
$42.2m $42.2m
$41.8m
$44.1m
$48.6m
$0m
$10m
$20m
$30m
$40m
$50m
$60m
1H232H231H242H241H252H25
Total income vs total spend
Total incomeTotal spend
•Disciplined cost management
saw income grow ahead of spend
•Total spend fell from 118% (FY24)
to 102% of income (FY25)
•Business is drivinga return
to positive Free Cash Flow

Strong cashflow trajectory in pre-acquisition business
Serko 19
$48.0m
$71.2m
$85.7m
$83.3m
$83.9m
$83.0m
$0m
$10m
$20m
$30m
$40m
$50m
$60m
$70m
$80m
$90m
FY23FY24FY25
Pre-acquisition business
Total income vs total spend
Total IncomeTotal Spend
($36.8m)
($7.1m)
$7.4m
($40m)
($35m)
($30m)
($25m)
($20m)
($15m)
($10m)
($5m)
$0m
$5m
$10m
FY23FY24FY25
Pre-acquisition business Free Cash Flow

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 withdata, AI, and e-commerce
expertisefrom Airbnb, Booking.com and Uber for Business
We continued our delivery of operational efficiency
•Reallocated resources to support growth
•Headcount reduced 1% (excluding acquisition)
86%
Overall employee
engagement
89%
Proud to work
at Serko
91%
Would recommend Serko
as a great place to work
Serko 20
Annual employee survey, November 2024.
Comparisons with December 2023 annual employee survey.
8pts
5pts
10pts
Data and AI are critical to our success
•79% of our people say they’re equipped to succeed
with data — up 13 points on 2023
•99% of our people have completed initial AI learning pathways

Our opportunity and strategic focus
Strategic focus
Growth drivers
Serko 21
* GBTA Business Travel Index Outlook (2024) on total transaction value basis, including in-destination spend.
Consumer-grade
expectations
Business
efficiency
Data and
intelligence
Content choice
Booking.com for Business growth
Reinforce Australasian position
North American expansion
Serko platform evolution
Serko’s strategic focus areas
Global business travel forecast
to rise from USD $1.5 trillion to
USD $2.0 trillion by 2028.
*
2
1
4
3

GetThere's contribution to our US expansion extends
beyond revenue
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3
Market presence
Insights, data and expertise
Direct customer
relationships
The acquisition of GetThere, and our strategic partnership with
Sabre, has redefined Serko's position in North America
-No longer a challenger - we're an in-market player
-Engaging existing and potential customers to shape new,
targeted offerings
-Drawing insights from software used by the world's largest
corporates and data from ~4m bookings
-Global team with deep US market expertise
-Co-developing next-generation solutions with Sabre
Sabre partnership

North American foothold and expansion
INTEGRATION
Acquisition completion
•Employee onboarding
•Customer and prospect
engagement through multiple
customer and industry events
•Activation of Sabre partnership
ACTIVATION
Expanding pipeline
•Building sales pipeline including
co-selling with Sabre
•Co-development with Sabre
including leveraging AI capabilities
•Deliver Zeno and GetThere product
enhancements
•Deliver pilot consumer-grade
traveller experiences to US
customers on the Serko platform
EXPANSION AND SCALE
Scale US customer base
•Signingand implementing
new customers
•Platform capabilities available
for enterprise customers
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3
NOW

Targeted investment in platform acceleration
Accelerated investment to unlock opportunity, drive faster innovation,
and improve cost efficiency – built to support AI and data capabilities.
We have continued to release new platform capabilities since the accelerated
investment programme announced in October 2024.
The platform is successfully powering core components of Booking.com
for Business, including all hotel transactions
Current key priorities
Advanced scoping and planning
•Flight service modernisation
•Multi-component
API integration
Technical foundations
•Multi-tenant architecture
•Extended authentication
and authorisation
Expertise
•Expanding India-based product
and technology capability
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June 2023:
New hotel search
experience for
Booking.com for
Business
June 2024:
New Booking.com
for Business user
dashboard
March 2025:
New Booking.com
for Business
onboarding
experience
FY26 upcoming:
New checkout
experience and
company
onboarding
4

FY26 guidance
We reaffirm our FY26 guidance provided on 20 May 2025 of $115m-
$123m total income and $127m-$133m total spend.
We continue to monitor elevated macroeconomic and geopolitical risks,
including the potential impacts of conflict in the Middle East.
We remain focused on disciplined execution, delivering on our FY26
goals, and creating long-term shareholder value.
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Q&A
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General Business
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Thank you
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Appendix
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Definitions
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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 and this Investor Presentation.
•Active customers (unmanaged) is a non-GAAP measure comprising the number of companies who have made a booking in the preceding 12-
month period.
•ARPB or Average Revenue Per Booking is a non-GAAP measure. Serko uses this as a useful indicator of the revenue value per online booking.
ARPB for travel-related revenue is calculated as travel-related revenue divided by the total number of online bookings.
•AComPCRN or Average Commission per Completed Room Night is a non-GAAP measure and comprises the total unmanaged supplier
commissions from a transaction, prior to the commission sharing arrangements per completed room night for revenue generating hotel
transactions.
•ARPCRN or Average Revenue per Completed Room Night is a non-GAAP measure and comprises the gross unmanaged supplier commissions
revenue per completed room night for revenue generating hotel transactions – Serko’s share of the AComPCRN.
•Australasia: New Zealand and Australia.
•Cash on hand is a non-GAAP measure comprising cash and short-term investments.
•CRN or 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.
•EBITDAFI is a non-GAAP measure representing Earnings Before the deduction of costs relating to Interest, Taxation, Depreciation, Amortisation,
Foreign Currency (Gains)/Losses, Fair value measurement and Impairment.
•Free Cash Flow is a non-GAAP measure comprising GAAP cash flows excluding movements between cash and short-term investments, cash
flows related to capital raises and strategic acquisition payments.

Definitions (continued)
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•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 through travel management companies.
•Online Bookings is a non-GAAP measure comprising the number of travel bookings made using Serko’s Zeno, GetThere 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.
•P&T or Production & Technology costs are 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.
•Pre-acquisition business is a non-GAAP measure reflecting the Serko business excluding the impacts of acquiring GetThere, including related
transaction and implementation costs.
•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.
•Unmanaged customers is a non-GAAP term referring companies who make online bookings through Serko’s Booking.com for Business platform.