Annual Shareholders Meeting Materials

Market Release
30 June 2026
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 Pension & Market Services, Level 30, PwC Tower, 15 Customs Street West, Auckland or virtually
at www.virtualmeeting.co.nz/sko26 .
ENDS
Released on behalf of Serko Limited by Jason Hawthorne, General Counsel & Company Secretary
FURTHER INFORMATION
Investor relations
Shane Sampson
Chief Financial Officer
+64 9 884 5916
investor.relations@serko.com
Media relations
Alisha Vallabh
Sling & Stone
+64 21 0821 3224
serko@slingstone.com
125 The Strand, Parnell, Auckland, New Zealand
PO Box 37-865, Parnell, T: +64 9 884 5916, investor.relations@serko.com
Incorporated in New Zealand ARBN 611 613 980

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30 June 2026
2026 Annual Shareholders Meeting Addresses
The addresses below will be given at Serko’s Annual Shareholders Meeting which is to
commence at 10.00am today (30 June 2026) and is being held in person at the offices of
MUFG Pension & Market Services, Level 30, PwC Tower, 15 Customs Street West, Auckland
and online at http://www.virtualmeeting.co.nz/sko26 .
_____________________________________________________________________
Chair’s Address
Tena koutou katoa. Nga mihi nui ki a koutou katoa i tenei ata. 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.
The world Serko is operating in is moving at an unprecedented pace. Geopolitical uncertainty
is reshaping travel patterns. Artificial intelligence is fundamentally disrupting industries,
including ours. And financial markets have reflected this broad uncertainty.
These challenges, and the opportunities they present, have energised the Board and the
management team. The foundations we have built over recent years are now genuine
competitive advantages. What many businesses are experiencing as challenges and
uncertainty are acting as potential tailwinds for us.
What is most important for any company operating in this environment is:
● the quality of its governance and culture
● the strength of its foundations
● the clarity of its strategy, and
● the excellence and speed of its execution.
At Serko, all of these are in excellent shape. The decisions we have made, and the disciplines
we have embedded, are positioning us to lead in the next era of business travel.
Today I will cover the strength of our FY26 performance and our business, how we are
governing during this period of change and opportunity, and why we are confident in Serko’s
future.
Serko’s Board of Directors
Good governance starts with the right people around the Board table. I want to take a
moment to speak to the strength of the Serko Board, because in an environment defined by
AI disruption, geopolitical complexity and rapid technology change, the capabilities of
directors matter enormously.
Jan Dawson brings deep financial acumen, executive leadership experience and rigorous
governance skills as Chair of our Audit, Risk and Sustainability Committee. Jan's oversight of
our financial reporting, risk management frameworks and sustainability practices has been
an important contributor to the discipline you see reflected in our results.
1

Sean Gourley brings something rare and valuable: deep expertise in AI and technology,
cybersecurity and data governance, combined with strategic insight into building and scaling
businesses in the US market. This allows him to test our ambition and strategy against
world-leading technology companies. Sean has been instrumental in shaping the Board's
thinking on AI governance. This capability is no longer optional for a company like Serko. It’s
essential.
Darrin Grafton and Bob Shaw, as co-founders and executive directors, bring the deep domain
expertise and long-term industry knowledge and relationships, and that continues to be
extremely valuable as we navigate a fast-moving competitive landscape.
Together, this is a Board with the right blend of financial rigour, technology and AI expertise,
US market experience, and governance depth for this period of Serko's development. In
recent years, the Board has been refreshed, and I remain committed to ongoing renewal as I
will cover today.
We also recently provided an executive leadership update, to accelerate the execution of our
strategy. Matthew Gerrie's role as COO has expanded to cover day-to-day operational
performance across the business as we execute our strategy at scale. This frees Darrin to
focus on where the industry is heading, where Serko needs to be positioned, and the external
relationships that will get us there. We've also promoted David Holyoke to Chief Product
Officer. David has led the development of Serko.ai and has driven growth in Booking.com for
Business. He is a highly experienced executive, having worked for some of the world’s
largest travel brands including most recently Airbnb.
FY26 financial results
FY26 was a strong year. Total income grew 34% to $120.9 million, at the top end of our
narrowed guidance range. EBITDAFI increased 137% to $6.5 million, a significant
improvement in our underlying operating earnings. Our net loss after tax narrowed by $4.2
million to $17.7 million. Total spend reached near-parity with total income at 102%,
demonstrating our operating leverage. And we remain well-capitalised, with $54.1 million in
cash and no debt, providing us with flexibility as we pursue our strategy.
Our FY26 performance is proof that our business model is working - that we can achieve
high revenue growth while managing costs with discipline.
The Board is satisfied that FY26 provides further evidence of Serko's execution capability,
and provides a solid foundation for the investment and growth initiatives we are pursuing in
FY27 and beyond.
Darrin will provide further detail on the results.
Delivering on our FY26 Board priorities
At last year's meeting I outlined five Board priorities for FY26. I am pleased to report
meaningful progress across all of them.
On capital management, the Board oversaw disciplined allocation of capital toward our three
strategic initiatives: Serko.ai, Booking.com for Business, and the defined US corporate
segments opportunity. This was done while maintaining our strong balance sheet and
near-parity of spend to income. Platform investment has been scaled and weighted to the
areas of highest strategic priority. Darrin will cover this in more detail.
2

I will speak to Board succession as part of our FY27 focus.
On strategy and execution, the Board has remained closely engaged with the development of
our 2030 strategy, which we shared with investors in March. A big shift for Serko in FY26
was the pace at which the team was able to move. Because Serko had invested early in AI
capability, data infrastructure and platform development, we entered the FY26 year strongly.
This translated directly into delivery, including the launch of Serko.ai into closed beta in May
of this year. The Board is encouraged by what this says about Serko’s ability to execute at
pace.
On AI governance and oversight, we have strengthened our frameworks for the responsible
use of AI across the business, including appropriate data governance and ethical AI
practices. AI now touches nearly every aspect of how we operate, and our focus has
broadened beyond simply governing AI itself. It is about governance in an AI world, from
ensuring safe use, to managing the implications of that use, to ensuring our strategy
remains aligned with an AI-led future. This is an area of ongoing focus as we become an
AI-led business, and one I’ll return to in more detail in the FY27 priorities section.
On our global workforce, we have continued to build our international capability. We've
expanded our India engineering hub. We've strengthened our US team, both through
GetThere talent and new additions in sales, product and technology. And we've deliberately
uplifted our senior leadership with global AI and technology experience. All of this advanced
materially in FY26.
FY26 remuneration enhancements
In addition to these priorities, in FY26 we made a number of improvements to executive
remuneration, in direct response to feedback from investors. We redesigned executive
incentives to further strengthen the connection between executive performance and
long-term shareholder value.
As part of that, we converted non-performance-based long-term incentives into a deferred,
performance-based structure with a three-year absolute total shareholder return metric. We
also significantly increased the transparency of our remuneration reporting, including
disclosing detailed performance metrics. We will continue to evolve our approach in
response to shareholder feedback.
Special meeting: 3% annual threshold
I want to directly address the reduction in Serko's share price in recent months. Like many
software businesses, Serko's share price has been significantly affected by a broad market
re-rating of the technology sector, which has also impacted a number of prominent listed
software companies in Australia, New Zealand and the United States. We do not believe it is
a reflection of anything structural to the business travel industry - an industry that continues
to grow. While we are not alone, we are using this as a catalyst to sharpen our execution and
stay firmly focused on achieving our ambitions.
We recognise Serko is at a stage where it needs to demonstrate the success of its newer
growth initiatives. Investors are rightly looking for proof points as these initiatives advance.
Translating strategy into measurable progress is a key priority for us as we move through
this financial year.
3

We’re confident in our ability to do so. Serko’s data foundations, domain expertise,
established partnerships and early investment in AI mean that the disruption others fear is,
for Serko, an opportunity.
The share price decline does, however, create a practical challenge. Under NZX Listing Rules,
the number of securities we can issue for employee incentives is capped at 3% of shares on
issue. The reduction in our share price means that meeting our incentive commitments
would require issuing more securities than this cap allows.
To address this, we will be convening a separate special virtual meeting of shareholders in
August. The notice of meeting will be distributed to shareholders in July. The resolution will
seek approval to issue securities above the 3% threshold, to allow us to grant equity
incentive awards to members of the executive team and select, critical hires. The alternative
would be to grant cash incentives that provide the same economic award. We believe this
request is the right way to maintain strong alignment between executive and shareholder
interests and honour existing commitments.
Our FY27 Board priorities
For the year ahead, the Board's priorities are centred on four areas.
First, the Board is ensuring that execution against our strategic milestones remains the top
priority. Solid progress is already being made on each of these as we will update you on
today.
Second, Board succession: completing the search for and appointment of two new
non-executive directors. One of those appointments is intended to be a potential
Chair-successor. The skills we are targeting are technology, innovation and US operating
experience, complementing and extending the existing capabilities of the Board.
We are taking a disciplined approach, prioritising quality over speed. There is a smaller pool
of directors with the right skillset for a technology company with a big international growth
objective so we are taking our time to ensure we get the right directors . We will keep
shareholders updated as the process progresses.
The Board has determined that it is in the best interests of the company that I continue as
Chair through this transition, to support the appointment and onboarding of the potential
Chair-successor. Once that process is complete, I intend to step down.
In the meantime, I am standing for re-election today.
Third, driving growth with financial discipline. We are focused on capturing outsized growth
opportunities, funded by the cash flows of our existing businesses — all while maintaining a
strong balance sheet. We have demonstrated we can deliver operational leverage at scale.
And fourth, artificial intelligence: Last year we broadened our focus from simply governing AI
to governance in an AI world. This year, that means going further - embedding AI thinking
into how we build product, how we set strategy and how we run the business.
Thank you
On behalf of the Board, I want to thank our partners, our customers, and all of you, our
shareholders, for your ongoing support. I particularly want to thank the Serko team. The
4

pace and quality of execution is a direct reflection of the talent, commitment and belief of
the people who build and run this business every day.
We look forward to sharing our ongoing progress with you. I will now hand over to Darrin.
CEO’s Address – Darrin Grafton
Good morning. I’d also like to take this opportunity to say that I support Claudia’s re-election
to the Board - your guidance continues to be invaluable, and I look forward to continuing to
work with you. And thank you to the rest of our Board for your continued guidance and
challenge - it is greatly appreciated.
Today I want to cover three things:
● a brief overview of our FY26 performance
● our strategic position and what makes Serko competitively differentiated, and
● the pathway to our $250 million FY30 aspiration.
I will then hand over to our COO Matthew Gerrie who will then take you through our progress
on our three growth initiatives in more detail.
Serko’s Executive Team
With me this morning are:
● Matthew Gerrie, our Chief Operating Officer
● Liz Fraser, our Chief Revenue Officer
● Shane Sampson, our Chief Financial Officer
● Rachael Satherley, our Chief People Officer,
● Bob Shaw, our Chief Strategy Officer, and
● Simon Young, our Chief Technology Officer.
Our Chief Product Officer, David Holyoke, sends his apologies - he is based in the US.
Claudia has spoken to the recent leadership update, and I'm delighted to welcome both Matt
in his expanded role and David as our new Chief Product Officer. What I'm most proud of is
the quality of the team we have - the talent across our executive and leadership group is
exceptional, and we're seeing that in the quality and pace of our delivery.
FY26 financial results: Total income up 34%
Claudia has covered the headline numbers, so let me give you more of the detail behind
them.
The 34% growth in total income reflects strong momentum in Booking.com for Business,
and the first full year of GetThere revenue. Online bookings increased 41%, from 6.4 to 9
million.
5

On Booking.com for Business specifically, completed room nights grew 31% to 4.3 million,
driven by active customer growth of 36% to 301,000. That’s approximately 79,000 new active
customers over the year, reflecting our acquisition strategy with Booking.com and the
strength of the product in the SME market.
FY26 financial results: Australasia & US
In Australasia, we continued to see growth across both customers and bookings, with travel
revenue up 6%. I’d note this growth was largely driven by one-off services work for specific
partners, so we don’t expect that rate to repeat. We remain the market leader in the region,
and the New Distribution Capability or NDC continues to gain real traction, with our full
integration across Sabre and Amadeus a genuine point of difference.
In the US, GetThere has provided us with a strategic foundation that would otherwise have
taken years to build organically: direct customer relationships, transaction data at scale, and
real visibility into one of the world’s largest business travel markets. That foundation is now
supporting two initiatives Matt will take you through shortly - Serko.ai, and a targeted push
into specific US corporate segments through Booking.com for Business. The signals from
both reinforce our confidence in the opportunity.
Serko’s foundations are difficult to replicate
It’s been a big year for AI. We’ve been positioning Serko at the front end of this shift for some
time, but the disruption it’s capable of was truly felt across multiple sectors this year.
I want to address directly the question that I know is on many investors' minds: what does AI
disruption mean for Serko?
As we outlined at our investor day, we see AI disruption as an advantage, not a threat.
Every year, our technology processes millions of bookings. We understand how people
travelling for work actually make decisions, what travel policies organisations need to
enforce, and where the friction points are.
We’re not just building another AI travel tool. We’re leveraging years of travel data, supplier
connections, and policy intelligence to operate at the centre of how AI-enabled travel gets
orchestrated.
This is very difficult to replicate. The large language models are commodities - anyone can
access them. What is not a commodity is the data, the domain understanding, and the
customer relationships that determine whether AI can actually deliver value in a specific
context. Serko has all three.
We started our AI journey early. We made the foundational investments before they were
more commonplace. And we are now in delivery mode, with a product in advanced testing
with users, and improving continuously.
Capital allocation weighted towards strategic initiatives
Platform investment will continue to scale in FY27, funded largely by reallocating existing
spend rather than adding new cost.
This reflects a deliberate strategy to simplify our operations and sharpen our focus on the
growth initiatives that will drive Serko’s next phase of growth.
6

Cost discipline and operating leverage remain a focus, supporting the scale up of investment
in FY27.
This investment is focused across key areas of the business as we evolve our technology to
execute on our FY30 strategy. This includes our dedicated Booking.com for Business teams,
our expanding India engineering hub, and Serko.ai.
Long-term revenue growth and cost discipline
The most important point on this slide isn’t only how much we have grown, but how. We’ve
consistently and substantially increased the top line while improving efficiency.
Over the last five years, income has increased more than five times, while spend has grown
by less than double. Few companies are able to demonstrate that level of operating leverage
at scale.
That track record gives us confidence that as we deliver on our plans and revenue continues
to grow, profitability and cash flow can expand materially faster.
We are often asked when Serko will become sustainably cash flow positive. The answer is
that we know how to achieve that outcome. The question today is not capability, but
optimisation. Where we see opportunities to create significantly greater long-term value, we
will continue to invest ahead of the curve.
We believe the combination of our market position, strategic partnerships, AI opportunity
and proven operating leverage gives us a unique opportunity to create substantial
shareholder value over the coming years.
Delivering to our $250m FY30 aspiration
Our aspiration of $250 million total income by FY30 is grounded in the growth initiatives we
already have underway.
Booking.com for Business is the core engine. It is already at 4.3 million completed room
nights and growing. It is expected to be the highest contributor to our FY30 aspiration, and
the partnership provides a strong structural foundation.
Serko.ai represents the highest upside potential. As it moves from closed beta through open
beta and into commercial scale, we expect it to create new revenue models and capture
value that legacy tools simply cannot reach. We are currently validating potential commercial
models through user research and focus groups. We look forward to sharing more as we
take the product to the broader market.
The US corporate segment is a meaningful additional growth lever, targeting a multi-billion
accommodation market that’s underserved by modern, policy-compliant tools at scale.
And our Australasian business is a stable and reliable performer in a market in which we
remain the clear leader.
As these initiatives gain further traction, we’ll share more detail on the pathway ahead.
I will now hand to Matt, who will take you through the execution update on each of our three
strategic initiatives.
7

Strategy execution
Serko.ai: milestones delivered, launch on track
Thanks Darrin. Good morning everyone. I’ll take you through where we are on the three
initiatives and what’s next. We’ve made rapid progress across all three, with meaningful
developments since FY26 results last month.
Before I get into the detail, Claudia noted David Holyoke’s promotion to Chief Product Officer.
David is based in the US, and brings deep US and global product experience. It’s a
well-deserved appointment, and a great example of the leadership we have in place to deliver
on everything I’m about to cover.
Starting with Serko.ai. Six months ago this was a proof of concept. Today it’s live in beta
with US-based users. That pace reflects several years of investment in our AI and data
foundations, and the strength of our team.
For users, the experience is simple - a conversational interface that removes the friction of
booking work travel. But simple to use doesn’t mean simple to build. Behind every
interaction, Serko.ai is coordinating multiple AI agents working in parallel, managing
connections with third-party suppliers, and navigating a huge range of possible options and
outcomes. This is all taking place in real time, and all invisible to the person booking a trip.
Delivering that level of simplicity is, in fact, vastly complex.
We launched the closed beta in May to a deliberately small group of users to test and iterate.
Alongside this, more than 100 Serko employees have rigorously tested the product. This is a
real advantage for us as their deep expertise in business travel means they catch issues an
average user might miss.
During June and July, we’re expanding the beta to several hundred more users. Feedback
has been very positive. Users say it saves time, it’s easy to navigate, and it removes pain
points in business travel booking. We’re rolling out improvements on a frequent basis based
on data and user insights.
Building on this momentum, we continue to strengthen and innovate core parts of the
product experience. This includes developing new functionality for organisations wanting to
deploy Serko.ai across their workforce, and testing pricing and packaging approaches.
Demand to join the beta has been strong, and we're pleased with the quality and the volume
of users coming through.
Last week, we held an innovation forum with 20 corporate customers and potential
customers in the US, to showcase our progress on Serko.ai; demonstrate some prototypes
of future corporate-facing features; and gather their feedback on our approach and future
directions. We received very positive feedback. It was a strong signal of the appetite for
Serko.ai and the feedback and engagement were strong validation for the direction we’re
heading.
Looking ahead, we’ll keep growing beta users through targeted acquisition over the coming
weeks and maintain our cadence of continuous improvement.
We’re proud of the progress our teams have made on Serko.ai and remain on track for open
beta launch in Q3 FY27.
8

Scaling Booking.com for Business
Our second initiative is scaling Booking.com for Business. This remains the core growth
engine of our business and the highest contributor to our FY30 aspiration. The 31% growth in
completed room nights and 36% growth in active customers in FY26 reflects both the
strength of the product and the quality of our partnership and execution.
In FY26, we delivered meaningful product improvements that are translating into commercial
results - including:
● a new checkout experience that significantly outperformed the legacy experience in
driving incremental bookings
● an enhanced mobile experience that is driving higher booking conversion rates, and
● AI-powered customer support that is autonomously resolving support queries.
In FY27, our focus is on three things:
● identifying and converting new customers, and incentivising and rewarding customer
behaviour. As an example, there is opportunity to bring on more users from Booking.com
to Booking.com for Business
● ensuring a seamless booking experience on any device and personalised travel
suggestions at scale, and
● giving organisations the visibility and policy control they need to keep their teams
booking through the platform.
US corporate segments - gaining pace
Our third strategic initiative is the defined US corporate segments opportunity, targeting US
organisations that regularly move people at scale, using Booking.com for Business.
This accommodation market is large, recurring, high-frequency and high-volume, yet
underserved by modern, simple, scalable tools. We believe Serko's corporate travel expertise
and Booking.com for Business simplicity is uniquely suited to what these customers need.
One example is insurance displacement housing. When a policyholder’s home is damaged,
insurers need to place them into temporary accommodation, often same-day or next-day.
These placements are frequently in suburban or rural areas where major hotel chains have
limited reach, for stays that can run anywhere from two weeks to several months. Demand
can also spike rapidly during catastrophe events, when thousands of people need housing at
once. This is where Booking.com for Business is strong: its inventory in suburban and
regional markets is strong, and its centralised booking model suits this far better than
individual, self-serve booking. It’s a use case insurers have struggled to solve well, and one
we believe we’re well placed to address.
We’ve signed two organisations in our target market, with onboarding underway. We’re
currently training the travel arrangers within these organisations, a key step in embedding
the product into daily operations. Our focus right now is on testing, learning and refining our
approach with an initial customer group before we scale.
9

What’s exciting is the pace.. It’s been a short time since we set out this opportunity at our
investor day, and we already have a market-ready product with customers being onboarded.
We have a strong team on the ground in the US. We are leveraging the GetThere talent base,
who have deep US market knowledge and established customer relationships, plus new
hires including dedicated sales capability for this segment. The pipeline is growing, and we
expect to bring on additional customers through FY27.
Thank you and I look forward to keeping you updated. I will now hand back to Darrin.
FY27 Guidance
Thank you Matt. Before I cover guidance, I want to flag something for shareholders.
We are operating in an environment of unusual external uncertainty. The conflict in the
Middle East, macroeconomic volatility and the broader geopolitical context create a level of
unpredictability that we know shareholders are watching closely. While our business has
proven resilient, we want to keep you appropriately updated.
We have therefore decided to provide a one-off non-financial business update in August,
covering key operational metrics and progress on our strategic initiatives. We will provide
advanced notice to shareholders of the date and format of the update.
FY27 Guidance affirmed
Serko has made a strong start to FY27. Booking volumes are slightly ahead of our growth
expectations, and we have not seen material impacts from the geopolitical environment on
our core markets.
We affirm the guidance provided at FY26 results in May.
In closing, we enter FY27 with real momentum and we are delivering on our milestones.
Serko.ai is live in closed beta and on track for open beta in Q3. We are onboarding new US
customers. Booking.com for Business is growing strongly. Our Australasian business is
resilient.
We are executing with discipline and pace. Thank you for your continued support.
ENDS
10

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Annual
Shareholders Meeting
30 June 2026
© Copyright Serko Ltd 2026

Important notice
This presentation has been prepared by Serko Limited and its related companies (Serko). All information is current at the date of this presentation,
unless stated otherwise. This notice applies to this presentation and any verbal or written comments of any persons presenting it.
Comparative figures are for the prior comparative period (FY25) unless otherwise stated. All currency amounts are in NZ dollars unless stated otherwise.
Information in this presentation
●is for general information purposes only, does not purport to be complete or comprehensive 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) and on NZX Limited’s market announcement platform (www.nzx.com) under the ticker code ‘SKO’;
●may include statements relating to past performance information for illustrative purposes only and should not be relied upon as (and is not) an indication
of future performance; and
●may contain information from third-parties believed to be reliable, however, no representations or warranties are made as to the accuracy or completeness
of such information.
All forward-looking statements are based on directors’ and management's current expectations and assumptions regarding Serko's businesses and performance,
the economy and other future conditions, circumstances and results, which are based on assumptions and subject to risks, uncertainties and contingencies outside
Serko’s control – Serko’s actual results; or performance may differ materially from these statements and undue reliance should not be placed on any
forward-looking statements.
Statements of ambition or aspiration for FY30 assume renewal of Serko’s Booking.com for Business partnership agreement beyond March 2029 on
comparable terms.
The information in this presentation has been prepared with all reasonable care, however neither Serko (including its 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. Serko is under no obligation to update this
presentation after its release.
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 presentation has not been subject to review by auditors. Non-GAAP measures are
used by management to monitor the business and are useful to provide investors to assess business performance.
Serko 2

Welcome
Claudia Batten
Chair
Serko 3

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

Chair’s Address
Serko 5

Serko 6
Serko’s Board of Directors
Claudia Batten (Chair)Jan DawsonSean GourleyDarrin GraftonBob Shaw
Independent
non-executive director
(since April 2014)
Chair
(since September 2020)
Independent
non-executive director
(since August 2021)
Chair of the Audit,
Risk and Sustainability
Committee
(since August 2021)
Independent
non-executive director
(since February 2024)
Chair of the People,
Remuneration and
Culture Committee
(since June 2025)
Executive director
(since 2007)

Co-founder and Chief
Executive Officer
Executive director
(since 2007)
Co-founder and Chief
Strategy Officer

34% total income growth, EBITDAFI up 137%
$120.9m
Total
income

34% increase
$122.9m
Total
spend

33% increase
$132.4m
Operating
expenses

23% increase
$(17.7m)
Net profit/(loss)
after tax

19% improvement
$6.5m
EBITDAFI

137% increase
$54.1m
Cash
on hand

12% decrease
($4.4m)
Free Cash Flow

$2.5m higher burn
FY26 financial results

RevenueCostsProfit (loss)Balance sheet

Capital
management
Board
succession
Strategy and
execution
AI governance
and oversight
Global
workforce
Delivering on our FY26 Board priorities
Serko 8
FY26 focus

FY26 remuneration enhancements
Executive incentives redesign
Serko redesigned its Executive incentives
(including CEO incentives) in FY26 to further
strengthen the connection between Executive
performance and long-term shareholder value.
This was achieved by converting prior
non-performance based LTI into a deferred,
performance based STI with the LTI component
linked to a three-year aTSR metric.
Increased transparency
●Disclosing detailed Company scorecard
performance metrics and results.
●Disclosing the aTSR performance hurdles for
Executive LTI at threshold, target and stretch.
●Disclosing CEO severance term and notice periods,
including any termination payments.
●Disclosing the CEO/Worker pay ratio.
●Confirming that Serko does not provide loans
to executives.

Serko 9
Serko has made a number of remuneration enhancements, following feedback

Special meeting: 3% annual threshold

●Special virtual meeting of shareholders in August,
with notice of meeting distributed in July.
●The resolution will seek approval to issue securities
above the 3% threshold.
●This will allow us to grant equity incentive awards
to members of the executive team and select,
critical hires.
●The alternative would be to grant cash incentives
that provide the same economic award
●We believe the proposed solution is the right way to
maintain strong alignment between executive and
shareholder interests.
●Serko's share price has been significantly
affected by a broad market re-rating of the
technology sector. Serko remains strongly
positioned in a growing business travel market.

●Under NZX Listing Rules, the number of
securities we can issue for employee incentives
is capped at 3% of shares on issue.

●The reduction in our share price means meeting
our incentive commitments would require
issuing more securities than this cap allows.

The context
Special virtual meeting in August

Execution and
delivery
Ensuring execution
remains the top
priority
Board
succession
Appoint two new
directors as part of
Board succession
Growth with
financial discipline
Funding outsized
opportunities from
our cash flows
Artificial
intelligence
Make Serko future-fit
through AI
Our FY27 Board priorities
Serko 11
FY27 focus

CEO’s Address
Darrin Grafton
CEO & Co-founder
Serko 12

Serko’s
Executive
Team
Serko 13
Shane Sampson
Darrin GraftonMatt Gerrie
Chief Operating Officer
Liz Fraser
Chief Revenue Officer
Chief Executive Officer
David Holyoke
Chief Product Officer
Bob Shaw
Chief Strategy Officer
Chief Financial Officer
Rachael Satherley
Chief People Officer
Simon Young
Chief Technology Officer

FY26 financial results: Total income up 34%
Booking.com for Business
Serko 14

Serko 15
FY26 financial results: Australasia & US

Serko’s
foundations
are difficult
to replicate
Serko powers
10 million trips annually,
integration to 450+ suppliers
and years of policy and
compliance intelligence
Horizontal AI agents span industries
Vertical AI
agents do
specific tasks
Serko’s
AI advantages
BankingHealthTravelRetail
Policy intelligence
Travel data at scale
Domain expertise
Embedded platform
Connected ecosystem
Serko 16

Capital allocation weighted towards
strategic initiatives
Serko 17
* High level management estimates based on current business plans intended to be illustrative only. Serko’s actual results or performance may differ
materially from these projections and undue reliance should not be placed on any forward-looking projections. Numbers exclude one off costs.
●Platform investment will continue
to scale in FY27, largely funded by
reallocating spend.
●Ongoing strategy to simplify
operations and sharpen focus on core
growth priorities with the divestment
of Interplx in September 2025.
●Continued focus on cost discipline to
support increased investment in FY27.
●Platform investment is focused across
key areas of the business, evolving our
technology to execute on our 2030
strategy. This includes the dedicated
Booking.com for Business teams, the
expanding India engineering hub and
Serko.ai.

Serko 18
↑ 33%
↑ 34%
Long-term revenue growth and cost discipline
Covid-19
impact
Long-term revenue trendsTotal income vs Total Spend

Delivering to our $250m FY30 aspiration
A&NZ
Contribution to $250m by FY30

Growth trajectory to FY30
Serko.ai
Defined
US
corporate
segments
Booking
.com for
Business

Booking.com for Business
Core growth engine.
Highest contributor to
$250m aspiration, based
on growing volumes.
Pursuing new, diversified opportunities balanced with strengthening our core business
Illustrative only, not to scale, based on management estimates
Serko.ai
Highest upside potential. Revenue
acceleration towards FY30 from
expected partner and customer
take-up and direct acquisition.
Defined US corporate segments
Using Booking.com for Business,
meaningful contributor through to
FY30 based on expected incremental
volume outside the commission tiering
model.
A&NZ
Foundation revenue. Stable
with lower growth trajectory with
customers expected to increase
usage of Serko.ai over time.
Growth across time:StableEmergingStrong GrowthHigh growth
Serko 19

Strategy execution
Matt Gerrie
Chief Operating Officer
Serko 20

Serko.ai: milestones delivered, launch on track
Serko 21
Milestones delivered
✓ Proof of concept complete (Dec)
✓ Closed beta wait list established (Apr)
✓ Closed beta launched (May)
✓ Comprehensive product testing (May/June)
✓ Significant improvements made and released
(May/June)
✓ Currently expanding to several hundred users
(June-July)
✓ Frequent upgrades being deployed (ongoing)
Next milestones
01Grow beta users
Targeted acquisition with
invite-only beta access
In progress
02Continuous iteration
Ongoing development,
user feedback, releases
In progress
03Open beta launch
Broader market availability,
expanded user access
Q3 FY27
04Customer scale
Drive growth in active customers
2027+
1

New company registration flow
Improvement in company registration rate
through personalised user experience
03. Retention
-Full visibility of travel bookings
-End-to-end policy management
02. Activation
-Seamless booking on any device
-Personalised travel suggestions at scale
01. Acquisition
-Identify and convert suitable users
-Incentivise and reward customer behaviour
Improving purchase experience
Scaling Booking.com for Business
Serko 22
FY26 delivered
FY27 focus
+20%
Enhancing the traveller experience
+4%
1.4x
Enhanced mobile experience
Improved mobile experience driving
significantly higher booking conversion rate
30%
AI-powered customer support
Autonomous resolution of support queries —
no human intervention required
Enhanced checkout
The new checkout significantly outperformed the
legacy experience in driving incremental bookings
2
Empowering companies and admins

US corporate segments — gaining pace
Serko 23
Executing against a significant, underserved US accommodation opportunity
The opportunity
$USD 16-24B US workforce mobility accommodation
market* — recurring, high-frequency and high volume
Why it’s the right fit
Serko’s corporate travel expertise + Booking.com for
Business simplicity = built for arrangers at scale
03. Drive volume at scale
Full commercial scale across targeted
US corporate segments
02. Expand customer base
Increase customer numbers and drive
higher booking volumes at faster rates
01. Initiate & expand testing
Continued onboarding of customers and scaling
up of volumes across initial customer group
Milestones deliveredNext milestones
Now-ongoing
1H27 and ongoing
FY28+
3
✓ Sales leadership active in market
✓ Target customers identified and
lead generation commenced
✓ Two target market companies signed,
onboarding and testing underway
*Based on management estimate

FY27 Guidance
Serko 24
Darrin Grafton
Chief Executive Officer

FY27 Guidance affirmed
Serko 25
Business travel demand in our key markets remains resilient despite ongoing geopolitical uncertainty
and macroeconomic challenges.
Serko has made a strong start to FY27, with booking volumes slightly ahead of our growth expectations.
Serko expects total income for FY27 in the range of $128 million to $134 million. The range is primarily
driven by the timing of booking volumes from the strategic initiative targeting defined US corporates.
Serko expects total spend in the range of $132 million to $140 million.
Guidance is subject to uncertainty and volatility in economic and geopolitical conditions including the
impact of the conflict in the Middle East on business travel demand.

1

Q&A
Serko 26

General Business
Serko 27

Appendix
Serko 28

Definitions
Serko 29
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 FY26 Annual Report and the FY26 Investor
Presentation.

●aTSR is absolute Total Shareholder Return.
●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 – Serko’s share of the AComPCRN.
●Australasia or A&NZ is Australia and New Zealand.
●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)
Serko 30
●LTI is a long-term incentive awarded under Serko’s Executive incentive schemes.
●New Distribution Capability or 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.
●Platform investment is a non-GAAP measure representing investment across key areas of the business that is evolving our technology
to execute on our 2030 strategy. This includes the dedicated Booking.com for Business teams, the expanding India engineering hub
teams and Serko.ai.
●Pre-acquisition business is a non-GAAP measure reflecting the Serko business excluding the impacts of acquiring GetThere,
including related transaction and implementation costs.
●STI is a short-term incentive awarded under Serko’s employee incentive schemes.
●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 to companies who make Online Bookings through Serko’s
Booking.com for Business platform.

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
31