Serko FY26 Half Year Results Announcement

Saatchi Building, Level 1, 125 The Strand, Parnell, Auckland 1010, New Zealand
Phone: +64 (9) 309 4754 • serko.com

18 November 2025
Unaudited Financial Results for six months to 30 September 2025

Serko Limited (NZX & ASX: SKO) today reports its unaudited interim results for the six months to
30 September 2025.
Please find attached the following documents:
• Market Release
• NZX Appendix 2
• Investor Presentation
• Interim Financial Statements

ENDS
Approved for release by the Board of Serko Limited

FURTHER INFORMATION
Investor relations
Shane Sampson
Chief Financial Officer
+64 9 884 5916
investor.relations@serko.com
Media relations
Kate McLaughlin
+64 27 5334529
kate.mclaughlin@serko.com

---

Saatchi Building, Level 1, 125 The Strand, Parnell, Auckland 1010, New Zealand
Phone: +64 (9) 309 4754 • serko.com
MARKET RELEASE
18 November 2025
Unaudited financial results for six months to 30 September 2025
1,2

Serko delivers 45% total income growth and EBITAFI uplift
Driven by GetThere and momentum in Booking.com for Business
Serko Limited (NZX & ASX: SKO) today reports its unaudited interim results for the six months to
30 September 2025 (1H26), with total income growth of 45% compared to 1H25 to $61.8 million,
reflecting continued strong growth with cost discipline. EBITDAFI grew to $6.1 million.
Momentum in Booking.com for Business drove Serko’s result, with Completed Room Nights up 32% to
2.1 million, underpinned by growth in Active customers and new product capabilities delivered. Active
customers increased 40% compared to 1H25.
GetThere, acquired in January, drove a step change in Serko’s US business. US revenue slightly
exceeded expectations as expected customer exits occurred more slowly. Serko has stabilised its
customer base, with new ARR churn on key accounts around 1% of annualised revenue.
Serko CEO and Co-Founder Darrin Grafton said: “Our performance reinforces Serko's continued track
record and ability to deliver high growth and cost discipline as we execute on our strategic focus
areas. We have strong momentum in our Booking.com for Business performance and conviction in
our growth strategy. We’re pleased with Booking.com for Business volume growth including a 32%
increase in completed room nights compared to the previous half year.”
“Our business is founded on a traveller-first approach and we’re excited about the future and
delivering on opportunities that have emerged from agentic AI. Serko is well positioned to unlock the
full value of AI as a core pillar of our strategy and product roadmap.”
Australasian travel revenue was stable with Online Bookings up 2% and improved margins. A –2%
decline in average revenue per booking was driven by reduced third-party pass-through costs.
Serko made progress during the half year on increasing its strategic focus including exiting its US
InterplX expense management business on 30 September 2025. Serko also continues to optimise its
operating model to unlock the value of AI and emerging technologies.
Serko is co-designing AI-powered capabilities with customers in the US and receiving positive
customer and prospect engagement.
Financial summary
Increased total income and operational efficiency delivered positive EBITDAFI of $6.1 million for the
half year, a $4.9 million improvement on 1H25. Total Spend-to-income ratio fell from 106% to 97%.
Net loss after tax was $9.5 million, an increase of $4.4 million driven by foreign exchange losses and
a non-cash accounting loss on sale of the InterplX expense business.
Free Cash Flow increased 128% to $3.0 million.

1
Comparative numbers are for the prior comparative period (1H25) unless otherwise stated. All dollar amounts are New Zealand
dollars, unless otherwise stated.
2
See notes to this release for definitions of non-GAAP financial measures used in the released materials.

Serko remains well capitalised with $65.2 million in cash and short-term deposits and no debt.
Financial results (unaudited) NZD change 1H25 change 2H25
Total income $61.8m 45% 29%
Total Spend $59.3m 34% 22%
Operating expenses $65.1m 29% 14%
EBITDAFI $6.1m 393% 303%
Net loss after tax ($9.5m) 86% -44%
Free Cash Flow $3.0m 128% -193%

Business performance
Booking.com for Business
• Completed room nights - up from 1.6 million to 2.1 million, underpinned by growth in Active
customers and new product capabilities
• Active customers - up 40% from 187,000 to 262,000 with slightly lower completed room nights
per Active customer
• Average revenue per completed room night was down 3% to €9.65
• Average commission per completed room night was down 2% to €19.64 over the same period
Product enhancements delivered in the half year include a faster, personalised onboarding flow that
has improved customer activation, the launch of Loyalty Genius Level 2 benefits, and a new checkout
experience that is improving conversion rates.
Australasia
• Online Bookings up 2%, from 2.1 million to 2.2 million
• Offset by Average Revenue Per Booking (ARRB) which was down 2% to $5.58, resulting in stable
Australasian travel revenue and improving margins with lower third party costs
Capabilities delivered in the half year include delivery of NDC with Qantas activated in July; Sabre
hotel aggregation integrated for improved supply.
FY26 Outlook
Serko reaffirms its FY26 total income guidance of $115 million – $123 million.
Serko has revised its Total Spend range to $124 million – $128 million for FY26, from $127 million –
$133 million previously.
Risks to Serko achieving its FY26 goals include macro economic and geopolitical factors, and
currency and ARPCRN movements.
Investor Call
Serko CEO Darrin Grafton and Chief Financial Officer Shane Sampson will host a conference call and
webcast at 11.00am (NZT) this morning to discuss the results.
To join the conference call, please dial the numbers below using the participant passcode 146326.

New Zealand, Auckland +64 9 889 9720 or toll free (0)800 454801
Australia, Sydney +61 (0)2 8015 5005 or toll free 1800 816 091
Numbers for additional countries can be accessed here.
You can join the live webcast here.
ENDS
Approved for release by the Board of Serko Limited

FURTHER INFORMATION
Investor relations
Shane Sampson
Chief Financial Officer
+64 9 884 5916
investor.relations@serko.com
Media relations
Kate McLaughlin
+64 27 5334529
kate.mclaughlin@serko.com

Saatchi Building, Level 1, 125 The Strand, Parnell, Auckland 1010, New Zealand
Phone: +64 (9) 309 4754 • serko.com
Important Notes
Non-GAAP 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 Investor
Presentation.
• Active customers is a non-GAAP measure comprising the number of Unmanaged customers who
have made a booking in the preceding 12-month period.
• 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.
• 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.
• 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.
• Australasia: New Zealand and Australia.
• 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.
• NDC is a non-GAAP term referring to a technical capability that allows airlines to distribute and
sell air travel products more dynamically and directly to travel agents and customers.
• Online Bookings is a non-GAAP measure comprising the 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.
• To t a l S p e n d is a non-GAAP measure comprising of Operating Expenses and capitalised
development costs. It excludes depreciation and amortisation.
• Unmanaged customers is a non-GAAP term referring companies who make Online Bookings
through Serko’s Booking.com for Business platform.

---

Saatchi Building, Level 1, 125 The Strand, Parnell, Auckland 1010, New Zealand
Phone: +64 (9) 309 4754 • serko.com
Results Announcement
18 November 2025
Results for announcement to the market


Name of issuer Serko Limited (SKO)
Reporting Period Six months to 30 September 2025
Previous Reporting Period Six months to 30 September 2024
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$61,766 Up 45%
Total Revenue $61,766 Up 45%
Net profit/(loss) from
continuing operations
($9,516)
86% increase in
loss
Total net profit/(loss)
($9,516)
86% increase in
loss
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividends have been paid during the period and there is no intention
to pay dividends while Serko pursues growth opportunities
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
55.73 cents 71.48 cents
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the market release and unaudited interim financial
statements released in conjunction with this announcement.
Pursuant to ASX listing rule 1.15.3, Serko Limited confirms that it
continues to comply with the rules of its home exchange (NZX Main
Board).
Authority for this announcement
Name of person authorised to
make this announcement
Shane Sampson
Contact person for this
announcement
Shane Sampson, CFO
Contact phone number +64 9 884 5916
Contact email address investor.relations@serko.com
Date of release through MAP 18 November 2025

Unaudited financial statements for the six months ended 30 September 2025 accompany this announcement.

---

Financial Results
for the 6 months to 30 September 2025
Investor Presentation • 18 November 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 (1H FY25) unless otherwise stated.
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

What we'll cover today
Results
overview
Darrin Grafton
Chief Executive Officer
Slide 4
Financial
results
Shane Sampson
Chief Financial Officer
Slide 10
Strategy &
FY26 outlook
Darrin Grafton
Chief Executive Officer
Slide 18
Q&A
Serko 3

Results overview
Serko 4
Darrin Grafton
Chief Executive Officer

Serko delivers strong 1H performance
RevenueProfit (loss)CostsBalance sheet
$6.1m
EBITDAFI
$4.9m increase
$3.0m
Free Cash Flow
128% increase
Serko 5
$61.8m
Total
income
45% increase
$59.3m
Total
spend
34% increase
$(9.5m)
Net loss
after tax
$4.4m increase
$65.0m
Cash
on hand
6% increase*
Refer to Appendix for definitions and descriptions of the non-GAAP measures used by management throughout this presentation
* Compared to balance as at 31 March 2025
High growth + cost discipline = positive EBITDAFI & Free Cash Flow
$65.1m
Operating
expenses
29% increase

2.7m
3.0m
0.9m
1.7m
2.5m
2.4m
2.8m
3.6m
4.7m
0.0m
0.5m
1.0m
1.5m
2.0m
2.5m
3.0m
3.5m
4. 0m
4. 5m
5.0m
1H242H241H252H251H26
Total online bookings
$42.9m
$52.9m
$4.8m
$8.8m
$36.3m
$34.8m
$42.7m
$47.7m
$61.8m
$0m
$10m
$20m
$30m
$4 0m
$50m
$60m
$7 0m
1H242H241H252H251H26
Total income $m
Total income growth of 45%
Serko 6
+45%
1H26 v 1H25
+71%
1H26 v 1H25
Strong total income growth driven by GetThere acquisition in January 2025 and momentum in
Booking.com for Business
GetTherePre-acquisition business
GetThere acquisition primary driver of 71% growth in online bookings

€ 10.09
€ 9.38
€ 10.00
€ 9.30
€ 9.65
€ 6
€ 7
€ 7
€ 8
€ 8
€ 9
€ 9
€ 10
€ 10
€ 11
1H242H241H252H251H26
Average revenue per CRN
(€)
1.3m
1.2m
1.6m
1.7m
2.1m
0.0m
0.5m
1.0m
1.5m
2.0m
2.5m
1H242H241H252H251H26
Completed room nights
Booking.com for Business momentum continuing
Serko 7
Completed room nights increased 32% to 2.1 million, underpinned by growth in active customers
and new product capabilities
Active customer numbers increased 40% with slightly lower completed room nights per
active customer
176k
172k
187k
222k
262k
-
50
100
150
200
250
300
1H242H241H252H251H26
Active customers (k)
+32% -3%
+40%

Australasia: stable revenuewith improving margins
Serko 8
+2% increase in Online Bookings was offset by a (-2%) decline in average revenue per booking
resulting in stable Australasian travel revenue while improving margins with lower third party costs
Continued to invest and innovate in the Australasian market to strengthen our market leadership
as NDC starts to gain traction
2.0m
1.9m
2.1m
1.9m
2.2m
1.7m
1.8m
1.8m
1.9m
1.9m
2.0m
2.0m
2.1 m
2.1 m
2.2m
2.2m
1H242H241H252H251H26
Australasia Online bookings (m)
$5.02
$5.33
$5.68
$5.79
$5.58
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
1H242H241H252H251H26
Australasia ARPB ($)
+2%
-2%

GetThere drives US step change
Serko 9
Revenue slightly exceeded expectations as expected customer exits occurred more
slowly.Customer base stabilised. New sales below target; accelerating new platform investment
Co-designing AI-powered capabilities with customers – positive customer and prospect
engagement
0.0m
1.0m
1.8m
.0m
.2m
.4m
.6m
.8m
1.0m
1.2m
1.4m
1.6m
1.8m
2.0m
1H252H251H26
US Online bookings (m)
$6.96
$5.01
$5.10
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
1H252H251H26
US ARPB ($NZD)

Financial results
Serko 10
Shane Sampson
Chief Financial Officer

Total incomeup 45% on PCP to $61.8 million
1H26 summary
For a more detailed view of financial and operational performance see the Appendix
Serko 11
1H261H25% Change
Financial ($m)
Total income$61.8m $42.7m 45%
Total Operating Expenses$65.1m $50.4m 29%
Total Spend$59.3m $44.1m 34%
EBITDAFI gain/(loss)$6.1m $1.2m 394%
Net gain/(loss) after tax
($9.5m)($5.1m)86%
Free Cash Flow$3.0m $1.3m 128%

Net profit summary /
EBITDAFI reconciliation
•Finance income has reduced due to lower
interest rates and lower cash and short-term
deposits
•Asset impairment relates predominately to
the disposal of the InterplX business, a non
cash accounting adjustment
•The stronger EUR:NZD drove foreign
exchange losses on forward exchange
contracts used to provide an economic
hedge for revenue. In the prior period we had
a gain on these economic hedges
Serko 12
Net Profit Summary1H261H25ChangeChange
EBITDAFI Reconciliation$m$m$m%
NZ$’m
Revenue61.1 41.5 19.7 47%
Other income (including Grants)0.7 1.3 (0.6)(48%)
Total income61.8 42.7 19.0 45%
Operating expenses(65.1)(50.4)(14.7)29%
Percentage of revenue-107%-122%
Foreign exchange gains/(losses)(0.3)0.4 (0.7)(164%)
Forward exchange contract gains/(losses)(3.5)1.0 (4.5)(444%)
Asset impairments and disposals(2.1)(0.3)(1.8)699%
Finance Income0.8 2.0 (1.1)(57%)
Finance expenses(0.2)(0.1)(0.2)223%
Net profit/(loss) before tax(8.5)(4.6)(3.9)84%
Percentage of revenue-14%-11%
Income tax benefit/(expense)(1.0)(0.5)0.5 103%
Net profit/(loss) after tax(9.5)(5.1)(4.4)86%
Add back: net finance expense/(income)(0.6)(1.9)1.3 (69%)
Add back: income tax1.00.5 0.5103%
Add back:depreciation and amortisation 9.4 8.9 0.5 6%
Add back:asset impairments and disposals2.1 0.3 1.8 699%
Add back: net foreign exchange (gains)/losses3.7 (1.4)5.1(363%)
EBITDAFI6.1 1.2 4.9 394%
EBITDAFI margin10%3%

We are achieving growth with cost discipline
Serko 13
•Continued strong revenue growth
outpaced spend even as we
increased investment in our
areas of strategic focus
•Total Spend fell from 102% (2H25)
to 96% of income (1H26)
•Proving capability of investing in
growth then driving operating
leverage
$36.3m
$34.8m
$42.7m
$47.7m
$61.8m
$42.2m
$41.8m
$44.1m
$48.6m
$59.3m
$0m
$10m
$20m
$30m
$4 0m
$50m
$60m
$7 0m
1H242H241H252H251H26
Total income vs total spend
Total incomeTotal spend

•Serko’s balance sheet
remainsstrong with cash
and short-termdeposits of
$65.0 million and nodebt
•Cash and short-term
deposits reduced 21%,
primarily reflecting the
GetThere purchase
•Relative to 31 March 2025
cash increased by
$3.6 million
Serko 14
Balance sheet
Well capitalised: cash increasing to $65m, no debt
Balance Sheet1H261H25ChangeChange31-Mar-25
$m$m$m%$m
Cash and Short-Term Deposits65.0 82.0 (16.9)(21%)61.4
Other Current Assets27.6 16.8 10.8 64%28.6
Intangibles23.8 25.1 (1.3)(5%)30.7
Other Non Current Assets7.1 2.9 4.2 145%5.7
Total Assets123.4 126.7 (3.2)(3%)126.3
Current Liabilities27.1 13.6 13.6 100%24.1
Non Current Liabilities4.1 0.6 3.5 587%2.3
Equity92.2 112.5 (20.3)(18%)99.9
Total Liabilities and Equity123.4 126.7 (3.2)(3%)126.3

50%
50%50%50%
$-
$50m
$100m
3.3m4.2m6.2m8.5m
Completed Room Nights
Gross Revenue at various CRN volumes
Incremental tiers
50% commission tier
Total contribution will continue to grow
Booking.com for Business
Projections based on assuming AComPCRN, NZD: EUR rate, seasonality and room nights per booking are consistent with 1H FY26 actuals. Revenue estimates are approximate, contractual calculations
are monthly rather than annual and on completed bookings rather than CRNs. Gross revenue is revenue before deducting consideration payable to customers relating to jointly agreed marketing fees.
Serko 15
Potential
future volumes
FY25FY26
trajectory
A portion of 1H26 volume was at the second tier slightly reducing ARPCRN relative to AComPCRN
€ 10.09
€ 9.38
€ 10.00
€ 9.30
€ 9.65
€ 6
€ 7
€ 7
€ 8
€ 8
€ 9
€ 9
€ 10
€ 10
€ 11
1H242H241H252H251H26
Average revenue per CRN (€)
-3%
€ 20.18
€ 18.75
€ 20.00
€ 18.61
€ 19.64
€ 6
€ 8
€ 10
€ 12
€ 14
€ 16
€ 18
€ 20
€ 22
1H242H241H252H251H26
Average Comm per CRN (€)
-2%
50%50%50%50%49%

Accounting hedges for EUR for FY27
Hedging
•Serko has historically had forward contracts in place
to hedge cash receipts in EUR and AUD but has not
designated those contracts as hedges for accounting
purposes. In 1H26 we recognised losses of
$3.5 million ($2.0 million realised, $1.5 million mark
to market on open forward contracts) as the EUR
strengthened against the NZD
•For FY27 Serko has put EUR:NZD forward contracts in
place for a portion of expected EUR receipts and
designated them as hedges for accounting purposes
•The hedge designation means that the exchange rate
on the hedged revenue is fixed and that any mark to
market gains or losses in the interim go to the cashflow
hedge reserve rather than to the profit or loss. This will
reduce foreign exchange related volatility in FY27
reported revenues
Serko 16
Table of Designated Hedges
Serko
Sells
Serko
Buys
Effective
Rate
EUR mNZD m
1HFY2715.831.21.9723
2HFY2716.232.11.9808
FY2732.063.31.9766

Exit of Interplx drives strategic focus
Partnering with leading Expense providers in US
•Serko has integration and referral partnerships with
several leading US payments and expense providers
and will continue to expand these relationships rather
than operate a standalone US focused expense product
•On 30 September Serko sold its InterplX expense
management assets in the US to CerebriAI. Serko will
receive a royalty on future revenues of the business
•Revenue from the InterplX expense management
business in 1H26 was $0.8 million and the business
generated operating losses
•Serko has recognised a non cash loss on the sale and
expects a net benefit to profitability in addition to the
strategic benefits of the sale
Serko 17
Present Value of Royalties$0.2m
Goodwill($1.6m)
Other Intangibles($0.4m)
Net Other Assets Sold($0.2m)
Net loss on sale($2.0m)

Strategy & FY26 Outlook
Serko 18
Darrin Grafton
Chief Executive Officer

Focussed execution enables future growth
Strong delivery in 1H26 against Serko’s strategic focus areas
Booking.com for
Business growth
•Improving loyalty and
retention with Loyalty Genius
Level 2 launch
•New checkout experience
improving conversion rates
•Faster, personalised onboarding
improving activation and
engagement
Reinforced
Australasian position
•NDC supply channel delivered,
gaining traction
•Qantas NDC activated in July
•Sabre hotel aggregation
integrated for improved
supply
North American
expansion
•Co-designing AI powered
product with customers
•New hotel shopping
experience
•New NDC connections
Serko platform
evolution
•Booking.com for Business
capabilities built into
the Serko platform
•India product and
technology capability
expanded
•AI coding tools firmly
embedded in daily
workflows
Serko 19
01020304

Well positioned to achieve our FY30 revenue aspiration
$250 million revenue aspiration for FY30
Bigger
Booking.com for
Business - growth
strategy in place
Faster
Accelerating
platform
transformation
todeliver AI-powered
capabilities for
customers
Optimised
Increasing
operational
efficiency and
effectiveness as key
enabler of growth
Serko 20

Key Booking.com for Business milestones achieved
Platform evolution delivering new capabilities and value
Current key priorities
Major initiatives underway
•Flight service
modernisation
•Organisation and
travellerprofile services
Technical foundations
•Full decoupling from
heritage systems
•AI and data frameworks
Team expansion
•Complete hiring to unlock
full team velocity
Serko 21
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
September 2025
New checkout
experience and
company
onboarding
H2 FY26
upcoming
Multi content
flight service and
customer comms

Positioning Serko to unlock the full value of AI and data
Going faster as we capitalise on AI
•AI is central toour strategy and
product roadmap
•Increasing our AI investment in a targeted,
disciplined way
•Co-designing AI powered capabilities
with customers in the US
•Growing our data-driven culture - AI tool
utilisation,training, deeper use of tools
Optimising our operating model
as key enabler for delivery
•Evolving how we organise, lead and enable
our people with focus on delivering AI and
data powered capabilities
•Shifting workforce investment to accelerate
AI capabilities
Serko 22

FY26 Guidance
We reaffirm our FY26 total income guidance of $115 million -$123
million.
Serko is revising its TotalSpend range to $124 million -$128 million for
FY26, from $127 million - $133 million previously.
Risks to Serko achieving its FY26 goals include macro economic and
geopolitical factors, andcurrency and ARPCRN movements.
Serko 23

Your questions
Serko 24

Appendix
Serko 25

FY26 financial and operational summary
Serko 26
1H252H25FY251H261H26 v 1H25 %
Financial ($m)
Total income$42.7m $47.7m $90.5m $61.8m 45%
Total Spend$44.1m $48.6m $92.7m $59.3m 34%
Total Operating Expenses$50.4m $57.2m $107.6m $65.1m 29%
EBITDAFI gain/(loss)$1.2m $1.5m $2.8m $6.1m 394%
Net gain/(loss) after tax($5.1m)($16.9m)($22.0m)($9.5m)86%
Free Cash Flow$1.3m ($3.2m)($1.9m)$3.0m 128%
Operational
Online Bookings (millions)2.8m 3.6m 6.4m 4.7m 71%
Completed room nights (millions)1.6m 1.7m 3.3m 2.1m 32%
ARPB$13.75 $12.15 $12.85 $12.04 (12%)
ARPCRN€10.00€9.30€9.63€9.65(3%)
AComPCRN€20.00€18.61€19.27€19.64(2%)
Active Customers (000)187 222 222 262 40%

•Personalised onboarding,
reducing activation time for
new companies
•New checkout with pay-now
and authentication
improvements
•Automated, personalised
email campaigns driving user
re-engagement
•Testing in-product incentives
to drive activation and repeat
bookings
•Provide a single travellerview
to manage all Booking.com
for Business bookings
•Ensuring company-compliant
bookings via VAT and
city-level budgets
•Dashboard improvements
for travel administrators
•Improved targeting of
travel arrangers (e.g. book
for others)
•Simplify joining an
existing company
•Optimise mobile web
experience to improve
booking conversion
•Improve the flight search
and shop experience
•Enhance admin features
for inviting and managing
employees
Serko 27
In progressUpcomingCompleted in 1H
Booking.com for Business: 1H progress & 2H plans

Revenue analysis
•Booking.com for Business partnership
continues to drive growth in the Supplier
Commissions category and the Europe
and Other geography
•Travel platform booking revenue grew with
the additional GetThere revenue
•Service revenue growth in ANZ
•Lower ARPB with the addition of
GetThere providing a higher mix of
managed travel transactions
•Total income of $61.8 million includes
$8.8 million following the acquisition
of GetThere on 7 January 2025. Excluding
the GetThere contribution, total income for
1H26 was $52.9 million.
Serko 28
Revenue and Other Income1H261H25ChangeChange
by Type$m$m$m%
Revenue – transaction and usage fees
Travel platform booking revenue20.5 11.7 8.7 74%
Expense platform revenue2.5 2.7 (0.2)(7%)
Supplier commissions revenue36.5 26.4 10.1 38%
Services revenue1.5 0.5 1.0 196%
Other revenue0.2 0.2 0.0 1%
Other Income0.7 1.3 (0.6)(48%)
Total income61.8 42.7 19.0 45%
Operating Revenue by Geography
Australia13.2 12.4 0.9 7%
New Zealand1.5 1.5 0.1 4%
North & South America10.1 1.3 8.7 647%
Europe36.3 26.3 10.0 38%
Total Revenue61.1 41.5 19.7 47%
Total travel bookings (m)5.5 3.4 2.1 62%
Online Bookings (m)4.7 2.8 2.0 71%
ARPB (travel related revenue only/Online Bookings)$12.04 $13.75($1.71)(12%)
Average revenue per completed room night (ARPCRN)€9.65€10.00(€0.35)(3%)

Total Spend
•Total Spend increased by $15.2 million,
primarily due to GetThere related spend and
the initial platform acceleration investment
partially offset by lower third party costs and
efficiencies achieved in hosting costs for
Zeno and Booking for Business
•Total Income has grown 45% on 1H25 while
Total Spend has been held at 34% increase
Serko 29
23
GetThere
Serko Platform Acceleration
Operating Expenses1H261H25ChangeChange
$m$m$m%
Total Operating Expense65.1 50.4 14.7 29%
Add back capitalised development3.6 2.6 1.0 39%
Amortisation and depreciation(9.4)(8.9)(0.5)6%
Total Spend59.3 44.1 15.2 34%
Percentage of revenue
97%106%-9%
343
344
71
74
7
40
345
347
321
421
458
-
50
100
150
200
250
300
350
400
450
500
1H242H241H252H251H26
Total Headcount

Operating Expenses
•Remuneration and benefits has increased
with addition of GetThere and the increased
Platform investment
•While Online Booking growth was 71%,
third party direct costs have only increased
by 19% with efficiencies across the pre-
acquisition business
•Other Operating Expenses increased
primarily driven by GetThere related costs,
including payments to Sabre for transitional
services (included within professional fees in
note 3 to the financial statements)
•Amortisation and depreciation has increased
reflecting $2.3m from GetThere intangible
assets and fixed assets acquired partially
offset by lower amortisation on capitalised
software development
Serko 30
22
Operating Expenses1H261H25ChangeChange
$m$m$m%
Total remuneration and benefits37.528.59.0 32%
Percentage of revenue61%69%-7%
Third party connection costs6.9 5.8 1.1 19%
Percentage of revenue11%14%-3%
Other operating expenses11.2 7.2 4.0 56%
Percentage of revenue18%17%1%
Total amortisation and depreciation9.4 8.9 0.5 6%
Percentage of revenue15%21%-6%
Total Operating Expense65.1 50.4 14.7 29%
Percentage of revenue107%122%
$50.4m
$1.6m
$14.0m
$0.5m
($0.7m)
($1.3m)
$0.5m $65.1m
1H25 Operating
Expenses
Platform
Acceleration
GetThere
Costs
US
Marketing
Non-GetThere
Hosting
3rd Party Connection
& Other costs
Amortisation
and Depn
1H26 Operating
Expenses
$40m
$45m
$50m
$55m
$60m
$65m
$70m
Operating Expenses 1H26 vs 1H25

Product and Technology
•Product & Technology (P&T)¹ costs is
a non-GAAP measure representing the
internal and external costs related to
P&T that have been included in Operating
Expenses or capitalised as computer
software development during the period plus
amortisation of previously capitalised P&T
•Total P&T expenditure has increased due to
GetThere operations
Product & Technology Expenditure
1H261H25ChangeChange
$m$m$m%
Total Product & Technology spend
29.620.49.2 45%
Percentage of revenue
48%49%
Less: capitalised product development costs
(3.6)(2.6)(1.0)39%
Percentage of Product Design & Development costs
12%13%
Product & Technology (excluding amortisation)
26.017.88.2 46%
Percentage of revenue
43%43%
Add: Amortisation of capitalised development costs
8.3 8.2 0.1 1%
Total Product & Technology Operating Expense
34.326.08.3 32%
Percentage of revenue
56%63%
Serko 31
24

Free Cash Flow
•Free Cash Flow excludes movements
between cash and short-term investments,
cash flows related to capital raises and
unusual items from a timing perspective
•The GetThere purchase price receipt relates
to a working capital adjustment where the
funds were received in the current period
•Free Cash Flow includes purchases of fixed
assets and multi year licences to support the
acquired business but excludes purchase
price related payments and receipts
Free Cash Flow
1H261H25ChangeChange
$m$m$m%
Movement in cash3.67.8(4.2)(54%)
Cash movements from short-term deposits
-
(6.5)6.5nm¹
GetThere purchase price payments/(receipts)(0.6)-
(0.6)
nm¹
Free Cash Flow3.01.31.7128%
Cash, cash equivalents and short-term deposits
at beginning of year
61.480.6(19.2)(24%)
Reported Cash, cash equivalents and
short-term deposits at the end of the year
65.082.0(16.9)(21%)
Serko 32
24
1 nm stands for not meaningful

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 and this Investor Presentation.
•Active customers is a non-GAAP measure comprising the number of Unmanaged customerswho have made a booking in the preceding
12-month period.
•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.
•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.
•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.
•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 andstrategicacquisition payments.
Serko 33

Definitions (continued)
•New Distribution Capability (NDC) is a non-GAAP term referring to a technical capability that allows airlines to distribute
and sell air travel products more dynamically and directly to travel agents and customers.
•Online Bookings is a non-GAAP measure comprising the 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.
•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.
Serko 34

---

Financial
Statements
For the six months ended 30 September 2025
FY26 Interim Report

Contents
Consolidated statement of comprehensive income 1
Consolidated statement of changes in equity 2
Consolidated statement of financial position 3
Consolidated statement of cash flows 4
Notes to the financial statements 5

Consolidated statement of comprehensive income
For the six months ended 30 September 2025
The accompanying notes form part of these financial statements.
 Notes
6 months
Unaudited
30 Sep 2025
6 months
Unaudited
30 Sep 2024
12 months
Audited
31 Mar 2025
  $ (000)$ (000)$ (000)
    
Revenue361,11241,46088,482
Other income36541,263 1,979
Total income61,76642,72390,461
  
Remuneration and benefits(37,526)(28,503)(59,143)
Other operating expenses(18,144)(12,895)(28,568)
Amortisation and depreciation(9,418)(8,894)(19,907)
Expenses from ordinary activities4(65,088)(50,382)(107,618)
  
Loss before finance items, asset impairments and disposals(3,322)(7,659)(17,157)
 
Foreign exchange gains / (losses) – net(261)410(65)
Forward exchange contract gains / (losses)(3,451)1,002(1,348)
Asset impairments and disposals(2,078)(260)(5,354)
Finance income8371,9623,470
Finance expenses(249)(77)(148)
Loss before income tax(8,524)(4,622)(20,602)
Income tax expense(992)(489)(1,360)
Net loss (9,516)(5,111)(21,962)
 
Movement in foreign currency translation reserve(32)(726)656
Movement in cashflow hedge reserve(1,851)--
Total comprehensive loss for the period(11,399)(5,837)(21,306)
 
Earnings per share
Basic and diluted (loss) per share (dollars)11(0.08)(0.04)(0.18)
1

Consolidated statement of changes in equity
For the six months ended 30 September 2025
* Items in other comprehensive income / (loss) may be reclassified to the income statement and are shown net of tax.
The accompanying notes form part of these financial statements.
6 months Unaudited
30 September 2025
Notes
Share
capital
Share-
based
payment
reserve
Cashflow
Hedge
reserve
Foreign
currency
translation
reserve
Accumulated
lossesTotal
 $ (000)$ (000)$ (000)$ (000)$ (000)$ (000)
      
Balance as at 1 April 2025249,6739,482-607(159,824)99,938
Net loss for the period----(9,516)(9,516)
Other comprehensive income / (loss)*--(1,851)(32)-(1,883)
Total comprehensive loss for the period(1,851)(32)(9,516)(11,399)
 
Transactions with owners
Equity-settled share-based payments4,717(1,120)--993,696
Balance as at 30 September 202510254,3908,362(1,851)575(169,241)92,235
6 months Unaudited
30 September 2024     
Balance as at 1 April 2024244,546 9,092 -(49)(137,863)115,726
Net loss for the period----(5,111)(5,111)
Other comprehensive income / (loss)*---(726)-(726)
Total comprehensive loss for the period---(726)(5,111)(5,837)
 
Transactions with owners
Equity-settled share-based payments2,645(13)--3 2,635
Balance as at 30 September 202410247,1919,079-(775)(142,971)115,524
12 months Audited
31 March 2025
As presented in the 31 March 2025 Annual Report 
   
Balance as at 1 April 2024244,5469,092-(49)(137,863)115,726
Net loss for the period - - - - (21,962)(21,962)
Other comprehensive income / (loss)*- - -656-656
Total comprehensive loss for the year- - -656(21,962)(21,306)
      
Transactions with owners     
Equity-settled share-based payments5,127390- -15,518
Balance as at 31 March 202510249,673 9,482-607(159,824)99,938
2

Jan Dawson
Chair of Audit, Risk and Sustainability Committee
Claudia Batten
Chair
The financial statements are signed on behalf of the Board of Directors on 18 November 2025
The accompanying notes form part of these financial statements.
Consolidated statement of financial position
As at 30 September 2025
 Notes
6 months
Unaudited
30 Sep 2025
6 months
Unaudited
30 Sep 2024
12 months
Audited
31 Mar 2025
  $ (000)$ (000)$ (000)
  
Current assets 
Cash at bank 20,02321,95516,404
Short-term deposits45,00060,00045,000
Trade and other receivables527,56015,89528,392
Derivative financial instruments6-866194
Total current assets92,58398,71689,990
 
Non-current assets
Property, plant and equipment75,4432,1853,482
Intangible assets 823,76425,06030,692
Deferred tax asset323711329
Other non-current assets1,323-1,847
Total non-current assets30,85327,95636,350
 
Total assets123,436126,672126,340
 
Current liabilities
Trade and other payables918,49410,35118,338
Deferred income1,8671,4731,905
Lease liabilities8151,135922
Derivative financial instruments65,6922222,565
Income tax payable273376369
Total current liabilities27,14113,55724,099
 
Non-current liabilities
Deferred income-30-
Lease liabilities3,0085611,131
Deferred tax liability1,052-1,172
Total non-current liabilities4,0605912,303
 
Total liabilities31,20114,14826,402
 
Equity
Share capital10254,390247,191249,673
Share-based payment reserve108,3629,0799,482
Cashflow hedge reserve6(1,851)--
Foreign currency translation reserve575(775)607
Accumulated losses(169,241)(142,971)(159,824)
Total equity92,235112,52499,938
 
Total equity and liabilities123,436126,672126,340
3

Consolidated statement of cash flows
For the six months ended 30 September 2025
The accompanying notes form part of these financial statements.
 Notes
6 months
Unaudited
30 Sep 2025
6 months
Unaudited
30 Sep 2024
12 months
Audited
31 Mar 2025
 $ (000)$ (000)$ (000)
  
Cash flows from operating activities 
Receipts from customers60,66841,12183,142
Interest received1,2081,4213,706
Receipts from government grants-35231
Taxation paid(1,194)(359)(858)
Payments to suppliers and employees(52,761)(38,804)(84,080)
Interest payments on lease liabilities(173)(55)(100)
Net GST refunded8061,3262,781
Net cash flows from operating activities128,5544,6854,822
 
Cash flows from investing activities
Purchase of property, plant and equipment(740)(175)(1,236)
Capitalised development costs and other intangible assets(3,601)(2,599)(4,982)
Business combinations622-(17,322)
Investment in term deposits(60,000)(37,500)(101,000)
Proceeds from matured term deposits60,00044,000122,500
Net cash flows from / (used in) investing activities(3,719)3,726(2,040)
 
Cash flows from financing activities
Payment of lease liabilities(783) (486)(1,159)
Net cash flows from / (used in) financing activities(783)(486)(1,159)
 
Net increase / (decrease) in total cash4,0527,9251,623
Net foreign exchange difference(433)(109)642
Cash and cash equivalents at beginning of period16,40414,13914,139
Cash and cash equivalents at the end of the period20,02321,95516,404
 
Cash and cash equivalents comprises the following:
Cash at bank and on hand20,02321,95516,404
20,02321,95516,404
4

Notes to the Interim Financial Statements
For the six months ended 30 September 2025
1. CORPORATE INFORMATION
The unaudited interim consolidated financial statements
of Serko Limited (Company or Serko) and subsidiaries
(Group) were authorised for issue in accordance with a
Board resolution.
The Company is a limited liability company domiciled
and incorporated in New Zealand under the Companies
Act 1993 and is listed on the New Zealand Stock
Exchange (NZX) and the Australian Securities Exchange
(ASX) as an ASX Foreign Exempt Listing. The Company
is a for-profit entity and is required to be treated as
an FMC reporting entity under the Financial Markets
Conduct Act 2013.
Its registered office is at Unit 14d, 125 The Strand,
Parnell, Auckland.
The Group provides online business travel booking
software solutions and is headquartered in Auckland,
New Zealand.
2. BASIS OF ACCOUNTING
The interim financial statements have been prepared
in accordance with generally accepted accounting
practice in New Zealand (NZ GAAP) and comply with
NZ IAS 34: Interim Financial Reporting. The unaudited
Interim Financial Statements have been prepared using
the going concern assumption and are presented in
thousands of New Zealand Dollars.
a) Accounting policies and disclosures
The interim financial statements have been prepared
using the same accounting policies and methods of
computation as, and should be read in conjunction with,
the financial statements and related notes included in
the Group’s annual report for the financial year ended
31 March 2025. Serko has entered into designated
hedge accounting positions during the six months ended
30 September 2025. The new accounting policy for
hedge accounting is outlined in note 6.
Certain comparative amounts have been reclassified to
conform to the current period’s presentation.
b) Sales Tax
The Consolidated statement of comprehensive income
and the Consolidated statement of cash flows have been
prepared so that all components are stated exclusive of
sales tax, except where sales tax is not recoverable. All
items in the Consolidated statement of financial position
are stated net of sales tax except for trade receivables
and trade payables, which include sales tax payable /
receivable. Sales tax includes Goods and Services Tax.
c) Application of new and revised standards,
amendments and interpretations
There are no new revised or amended IFRS Standards
that have a material impact on the Group for the period.
The accounting policies adopted are consistent with the
prior period.
5

3. REVENUE AND OTHER INCOME
Serko reduces supplier commissions revenue by the amount of consideration payable to customers relating to
jointly agreed marketing fees. For the six months ended 30 September 2025, consideration payable to customers
was $2.5 million (30 September 2024: $1.8 million; 31 March 2025: $3.6 million).
 
6 months
Unaudited
30 Sep 2025
6 months
Unaudited
30 Sep 2024
12 months
Audited
31 Mar 2025
 $ (000)$ (000)$ (000)
  
Revenue – transaction and usage fees: 
Travel platform booking revenue20,47811,74227,280
Expense platform revenue2,4842,6725,336
Supplier commissions revenue36,51726,38754,333
Services revenue1,4694961,204
Other revenue164163329
Total revenue61,11241,46088,482
 
Government grants6311,2621,977
Other2312
Total other income6541,2631,979
 
Total revenue and other income61,76642,72390,461
   
 
6 months
Unaudited
30 Sep 2025
6 months
Unaudited
30 Sep 2024
12 months
Audited
31 Mar 2025
 $ (000)$ (000)
$ (000)
   
Geographic information 
Australia13,23812,38224,315
New Zealand1,5171,4592,748
US10,0581,3476,685
Europe and Other36,29926,27254,734
Total revenue61,11241,46088,482
6

4. EXPENSES
 
6 months
Unaudited
30 Sep 2025
6 months
Unaudited
30 Sep 2024
12 months
Audited
31 Mar 2025
 $ (000)$ (000)$ (000)
  
Loss before finance and taxation includes the following expenses: 
  
Employee remuneration34,63326,63754,804
Capitalised development costs(3,601)(2,245)(4,627)
Contributions to pension plans1,4211,1752,347
Share-based payment expenses3,6962,6355,429
Other remuneration and benefits1,3773011,190
Total remuneration and benefits37,52628,50359,143
 
Hosting expenses4,8383,5466,955
Third-party connection costs1091,2551,950
Other platform-related costs1,9639932,468
Auditor remuneration and other assurance fees173135339
Directors’ fees282287681
Directors’ fees - subsidiaries18926
Movement of expected credit loss allowance on receivables164(21)52
Bad debts written off---
Rental and operating lease expenses369114337
Professional fees3,9082,6136,033
Computer licenses1,5459122,616
Insurance costs7556661,450
Marketing expenses1,4268621,681
Recruitment fees21579174
Donations3415
Travel and entertainment1,0876561,878
Other expenses1,2898751,913
Total other operating expenses18,14412,98528,568
 
Amortisation8,2968,20418,441
Depreciation1,1226901,466
Total amortisation and depreciation9,4188,89419,907
 
Expenses from ordinary activities65,08850,382107,618
7

4. EXPENSES (continued)
 
6 months
Unaudited
30 Sep 2025
6 months
Unaudited
30 Sep 2024
12 months
Audited
31 Mar 2025
 $ (000)$ (000)$ (000)
  
Finance income and expenses includes: 
  
Finance income 
Interest received8361,9613,469
Dividends received111
Total finance income8371,9623,470
 
Finance expenses
Interest expense on lease liabilities(217)(55)(100)
Other finance expenses(32)(22)(48)
Total finance expenses(249)(77)(148)
 
Total finance income and expenses5881,8853,322
 
6 months
Unaudited
30 Sep 2025
6 months
Unaudited
30 Sep 2024
12 months
Audited
31 Mar 2025
 $ (000)$ (000)$ (000)
  
Asset impairments and disposals includes: 
  
Goodwill impairment--5,083
Other asset impairment79--
Loss on disposal of fixed and intangible assets1,999260271
Total asset impairments and disposals2,0782605,354
On 30 September 2025, the Group completed the sale of the InterplX business. The software assets, along with selected
other assets and liabilities, were transferred to Cerebri AI in exchange for a royalty calculated as a percentage of future
revenues. The net loss on the disposal of the InterplX business was $2.0 million. This amount includes the disposal of
$1.6 million of goodwill associated with the InterplX business and the disposal of fixed and intangible assets worth
$0.6 million for contingent consideration with the present value of $0.2 million.
8

5. TRADE AND OTHER RECEIVABLES
6. DERIVATIVE FINANCIAL INSTRUMENTS
Derivative financial instruments
The Group uses derivatives in the form of forward exchange contracts (FECs) to reduce the risk that movements in
the exchange rate will affect the Group’s New Zealand dollar cash flows. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
The following table presents the Group’s foreign currency forward exchange contracts measured at fair value:
 
6 months
Unaudited
30 Sep 2025
6 months
Unaudited
30 Sep 2024
12 months
Audited
31 Mar 2025
 $ (000)$ (000)$ (000)
   
Current derivative assets:  
Foreign currency forward exchange contracts-866194
Non-current derivative assets:
Foreign currency forward exchange contracts---
Total derivative assets-866194
Current derivative liabilities:
Foreign currency forward exchange contracts(4,786)(222)(2,565)
Non-current derivative liabilities:
Foreign currency forward exchange contracts(906)--
Total derivative liabilities(5,692)(222)(2,565)
 
6 months
Unaudited
30 Sep 2025
6 months
Unaudited
30 Sep 2024
12 months
Audited
31 Mar 2025
 $ (000)$ (000)$ (000)
Contractual amounts of forward exchange contracts were as follows:
Foreign currency forward exchange contracts: asset-46,7378,881
Foreign currency forward exchange contracts: (liability)116,8067,18159,454
 
6 months
Unaudited
30 Sep 2025
6 months
Unaudited
30 Sep 2024
12 months
Audited
31 Mar 2025
 $ (000)$ (000)$ (000)
  
Trade receivables8,4693,4037,970
Expected credit loss provision(516)(145)(356)
Trade receivables (net)7,9533,2587,614
 
GST receivable703117424
Sundry debtors4,3953,8874,124
Contract assets11,1987,19712,394
Prepayments 3,3111,4363,836
Total trade and other receivables27,56015,89528,392
9

Foreign currency hedges
The Group has designated certain forward exchange contracts as cash flow hedging instruments. The Group has
determined that the cash flows being hedged are highly probably under NZ IFRS 9: Financial instruments and there
is an economic relationship between the hedging instrument and the Group’s EUR denominated revenue, based on the
currency and timing of respective cash flows. Derivatives in hedge relationships are designated as hedging instruments
based on a hedge ratio of 1:1. Hedges are deemed to be ineffective if there is a change in the forecasted timing or
amount of cash flows of hedged items.
The changes in the fair value of forward exchange contracts that are designated and qualify as effective cash flow
hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised
immediately in the Income Statement. Amounts accumulated in equity are reclassified to the Income Statement in
the periods during which the hedged transaction effects the Group’s profit and loss. For the six months ended
30 September 2025, a net hedging gain/loss of $1.9 million (before taxation) was recognised in other comprehensive
income. All designated hedging positions are set to mature between 1 April 2026 and 31 March 2027.
Hedge position
The Group’s derivative financial instruments designated as hedging instruments are as follows:
6. DERIVATIVE FINANCIAL INSTRUMENTS (continued)
The Group’s derivative financial instruments have been determined to be within level 2 of the fair value hierarchy.
Foreign currency forward exchange contracts fair values are determined using observable market inputs, including
published market foreign exchange rates and contract forward points, discounted at rates that reflect the credit risk of
the counterparties.
 
6 months
Unaudited
30 Sep 25
6 months
Unaudited
30 Sep 25
6 months
Unaudited
30 Sep 25
6 months
Unaudited
30 Sep 24
6 months
Unaudited
30 Sep 24
6 months
Unaudited
30 Sep 24
12 months
Audited
31 Mar 25
12 months
Audited
31 Mar 25
12 months
Audited
31 Mar 25
Average
forward
Price
Fair
Value
Notional
amount
hedged
Average
forward
Price
Fair
Value
Notional
amount
hedged
Average
forward
Price
Fair
Value
Notional
amount
hedged
(NZD)(NZD)(NZD)
 $ (000)$ (000)$ (000)$ (000)$ (000)$ (000)
Derivative liabilities
Buy NZD – Sell EUR0.511,85163,251------
10

7. PROPERTY, PLANT AND EQUIPMENT
6 months
Unaudited
30 Sep 2025
6 months
Unaudited
30 Sep 2024
12 months
Audited
31 Mar 2025
 $ (000)$ (000)$ (000)
  
Opening balance 3,4822,5002500
Additions3,6594202,442
Lease modifications(339)--
Disposal and impairment(161)(4)(22)
Depreciation(1,122)(690)(1,466)
Currency translation(76)(41)28
Closing balance5,4432,1853,482
9. TRADE AND OTHER PAYABLES
 
6 months
Unaudited
30 Sep 2025
6 months
Unaudited
30 Sep 2024
12 months
Audited
31 Mar 2025
 $ (000)$ (000)$ (000)
  
Trade payables2,1001,4153,274
Accrued expenses6,2283,6365,626
Annual leave accrual4,0183,4693,504
Other payables6,1481,8315,934
Total trade and other payables18,49410,35118,338
 
Disclosed as:
Current18,49410,35118,338
Non-current---
 18,49410,35118,338
8. INTANGIBLES
 
6 months
Unaudited
30 Sep 2025
6 months
Unaudited
30 Sep 2024
12 months
Audited
31 Mar 2025
 $ (000)$ (000)$ (000)
  
Opening Balance 30,69231,099
31,099
Additions3,6012,599
4,982
Acquisition--
18,298
Disposal and impairment(2,027)(259)
(5,349)
Amortisation(8,296)(8,204)
(18,441)
Currency translation(206)(175)
103
Closing Balance23,76425,060
30,692
11

10. EQUITY
 
6 months
Unaudited
30 Sep
2025
6 months
Unaudited
30 Sep
2024
12 months
Audited
31 Mar
2025
6 months
Unaudited
30 Sep
2025
6 months
Unaudited
30 Sep
2024
12 months
Audited
31 Mar
2025
  
Number of
shares
Number of
shares
Number of
shares
 $ (000)$ (000)$ (000)(000) (000) (000)
  
Ordinary shares 
Balance at 1 April249,673244,546244,546123,126121,846121,846
Issue of shares pursuant to RSU scheme4,7172,6455,0381,4746761,255
Issue of shares to non-executive directors--89--25
Share capital at 30 September254,390247,191249,673124,600122,522123,126
  
Share-based payment reserve 
Balance at 1 April9,4829,0929,092 
Share based payment expense3,6962,6355,429 
Shares vested to employees via RSU scheme(4,717)(2,645)(5,038) 
Share options expired(99)(3)(1) 
Share-based payment reserve at 30 September8,3629,0799,482 
12

11. EARNINGS PER SHARE (EPS)
* Net tangible assets per security is a non-GAAP measure and is provided for NZX reporting purposes. Net tangible
assets per security is calculated as Total assets less Total liabilities less Intangible assets divided by the issued
ordinary shares (excluding treasury shares) at the reporting period end.
 
6 months
Unaudited
30 Sep 2025
6 months
Unaudited
30 Sep 2024
12 months
Audited
31 Mar 2025
 $ (000)$ (000)$ (000)
  
Loss attributable to ordinary equity holders of the parent 
Continuing operations(9,516)(5,111)(21,962)
 (9,516)(5,111)(21,962)
  
 NumberNumberNumber
 (000)(000)(000)
   
Basic earnings per share 
Issued ordinary shares124,600122,522123,126
 
Weighted average of issued ordinary shares124,141122,259122,629
Adjusted for unallocated employee restricted share plan shares(1,264)(1,264)(1,264)
Weighted average of issued ordinary shares outstanding122,877120,995121,365
Basic and diluted earnings / (loss) per share (dollars)(0.08)(0.04)(0.18)
 
6 months
Unaudited
30 Sep 2025
6 months
Unaudited
30 Sep 2024
12 months
Audited
31 Mar 2025
 CentsCentsCents
  
Net tangible assets per security*55.7371.4857.03
13

12. RECONCILIATION OF OPERATING PROFIT TO NET CASH OUTFLOW FROM
OPERATING ACTIVITIES
13. EVENTS AFTER BALANCE SHEET DATE
There were no other material events between the balance sheet date and the date these financial statements were
authorised for issue.
14. CONTINGENT LIABILITIES
There were no contingent liabilities as at 30 September 2025 (30 September 2024: $nil, 31 March 2025: $nil).
 
6 months
Unaudited
30 Sep 2025
6 months
Unaudited
30 Sep 2024
12 months
Audited
31 Mar 2025
 $ (000)$ (000)$ (000)
   
Net loss(9,516)(5,111)(21,962)
 
Add non-cash items
Amortisation8,2968,20418,441
Depreciation1,1226901,466
Asset impairments and disposals2,0782605,354
Deferred tax (gain)/loss(96)409745
Unrealised foreign currency gains / losses2,302(1,345)2,017
Share-based compensation3,6962,6355,518
Other non-cash items33--
 7,9155,74211,579
Add / (less) movements in working capital items
(Increase) / decrease in receivables568(1,284)(11,643)
Increase / (decrease) in income tax payable(107)(279)(286)
Increase / (decrease) in trade and other payables1785065,172
 639(1,057)(6,757)
 
Net cash flow used in operating activities8,5544,6854,822
14

Company Directory
Serko’s ESG Report can be found at serko.com/investors.
Serko is a company incorporated with limited liability under
the New Zealand Companies Act 1993
New Zealand Companies Office registration number 1927488
Australian Registered Body Number (ARBN) 611 613 980
For investor relations queries contact: investor.relations@serko.com
Registered office
New Zealand
Saatchi Building
Unit 14d, 125 The Strand
Parnell
Auckland 1010, New Zealand
+64 9 309 4754
Australia
Boardroom Pty Limited
Level 8, 210 George Street
Sydney, NSW 2000
Australia
Principal administration office
New Zealand
Saatchi Building
Unit 14d, 125 The Strand
Parnell
Auckland 1010, New Zealand
+64 9 309 4754
Australia
Suite 310, Quay Quarter Tower
50 Bridge Street
Sydney, NSW 2000
Australia
+61 2 9435 0380
Share registrar
New Zealand
MUFG Corporate Markets
A division of MUFG Pension
& Market Services
Level 30, PwC Tower
15 Customs Street West
Auckland 1010, New Zealand
+64 9 375 5998
serko@cm.mpms.mufg.com
Australia
MUFG Corporate Markets
A division of MUFG Pension
& Market Services
Level 12, 680 George Street
Sydney, NSW 2000
Australia
+61 1300 554 474
DirectorsAuditor
Claudia Batten (Chair)
Jan Dawson
Sean Gourley
Darrin Grafton
Robert (Bob) Shaw
Deloitte Limited
Deloitte Centre
1 Queen Street
Auckland 1010, New Zealand
+64 9 303 0700
15

FY26 Interim Report · Serko Limited
serko.com