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Market Release

26 June 2025

Annual Shareholders Meeting Materials

The attached addresses and presentation will be given today at Serko’s Annual Shareholders Meeting, which will commence at 10.00am.

The meeting is being held in a hybrid format. We invite shareholders to join in person at the offices of MUFG Corporate Services, Level 30, PwC Tower, 15 Customs Street West, Auckland or virtually at www.virtualmeeting.co.nz/sko25.

FY26 Guidance

Please note that the presentation contains the following guidance:

We reaffirm our FY26 guidance provided on 20 May 2025 of $115m-$123m total income and $127m$133m total spend.

We continue to monitor elevated macroeconomic and geopolitical risks, including the potential impacts of conflict in the Middle East.

We remain focused on disciplined execution, delivering on our FY26 goals, and creating long-term shareholder value.

ENDS

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

FURTHER INFORMATION

Investor relations

Shane Sampson Chief Financial Officer +64 9 884 5916 [email protected]

Media relations

Coran Lill +61 (0)468 963 068 [email protected]

Serko Limited, Saatchi Building, Unit 14D, 125 The Strand, Parnell, Auckland, New Zealand PO Box 37-865, Parnell, T: +64 9 884 5916, F: +64 9 377 0545, [email protected] Incorporated in New Zealand ARBN 611 613 980

Annual Shareholders Meeting

26 June 2025

Important notice

This presentation has been prepared by Serko Limited ("Serko"). All information is current at the date of this presentation, unless stated otherwise. All currency amounts are in NZ dollars unless stated otherwise.
Information in this presentation
is for general information purposes only, and does not constitute, or contain, an offer or invitation for subscription, purchase, or recommendation of securities in Serko for the purposes of the Financial Markets Conduct Act 2013 or otherwise, or constitute legal, financial, tax, financial product, or investment advice;
should be read in conjunction with, and is subject to Serko’s Financial Statements and Annual Reports, market releases and information published on Serko’s website (www.serko.com);
may include 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 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.

Non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities. The non-GAAP financial information included in this release has not been subject to review by auditors. Non-GAAP measures are used by management to monitor the business and are useful to provide investors to assess business performance.

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

Serko 2

Welcome from Chair Claudia Batten

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Serko's Board

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----- Start of picture text -----

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

Chair Address

Order of meeting

CEO Address
Shareholder Q&A
Formal Business & Resolutions
General Business

Serko 5

Chair's Address

Claudia Batten

Serko 6

A track record of growth and disciplined execution

High growth trajectory Total income up 27% for FY25

Strategic impact Booking.com for Business powering growth

Operational leverage Underpinned by efficiency and capability

Pursuing new growth Supported by targeted investment

Serko 7

FY25 financial results

Disciplined growth delivers improved cashflow

	FY25	Change v FY24
Total income	$90.5m	27%
Total spend	$92.7m	10%
Total operating expenses	$107.6m	20%
EBITDAFI gain/(loss)	$2.8m	$4.3m improvement
Net gain/(loss) after tax	$(22.0m)	$6.1m increase
Free Cash Flow	$(1.9m)	$5.2m improvement

Increase in net loss after tax included $5.1m non-cash accounting impairment relating to acquisition of GetThere

When excluding the GetThere acquisition, positive Free Cash Flow improved $14.5m to $7.4m

Serko 8

Delivery on our FY25 Board priorities

FY25 focus

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Data-led	Talent and	Capital	Environmental,	Growth
business	leadership	management	social and	at scale
			governance
Lay groundwork	Support talent	Intelligent	Uplift in practices	Stable growth
for commercial	growth and	investments into	including reset	with responsible
outcomes	attract high	technology for	of values	investments
	performers	modernisation
		and innovation

Disciplined capital management to accelerate scale

Investing ahead of revenue

Strategic growth and market expansion

Approved $40m acceleration investment for Serko platform
Part of broader technology investment strategy
- Oversaw Booking.com partnership renewal
- Supported North America expansion (GetThere + Sabre)
- Investor day CYQ4 to outline long-term plans
Oversight of AI, automation,
and data enablement

Serko 10

Our FY26 Board priorities

FY26 focus



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

Board succession

Serko 12

CEO's Address

Darrin Grafton

Serko 13

A rare opportunity ahead

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

Serko 14

27% total income growth

Strong total income growth driven by momentum in Booking.com for Business

Pre-acquisition business1 is cash generating, supporting our growth plans

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----- Start of picture text -----

Total income Total online bookings
$100m $90.5m 7m 6.4m
$90m
$4.8m 6m 0.9m
$80m
$71.2m 4.9m
$70m 5m
4.1m
$60m 4m
$48.0m
$50m
$85.7m 3m
$40m 5.5m
+27% $30m 2m +30%
$20m
FY25 v FY24 1m FY25 v FY24
$10m
$0m 0m
FY23 FY24 FY25 FY23 FY24 FY25
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Serko 15

Pre-acquisition business

GetThere

See notes to this release for definitions of non-GAAP financial measures used in the released materials.

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29% increase in Booking.com for Business CRNs

Completed room nights increased to 3.3 million, underpinned by stronger demand and product improvements

Active customer numbers increased 29%

Completed room nights

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----- Start of picture text -----

3.5m 3.3m
3.0m
2.5m +29%
2.5m
2.0m
1.5m
1.5m
1.0m
0.5m
0.0m
FY23 FY24 FY25
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Average revenue per CRN

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----- Start of picture text -----

€ 10 € 9.75
€ 9.63 -1%
€ 9.34
€ 10
€ 9
€ 9
€ 8
€ 8
€ 7
€ 7
€ 6
FY23 FY24 FY25
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Active customers

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----- Start of picture text -----

250
222k
200
172k +29%
157k
150
100
50
-
FY23 FY24 FY25
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Serko 16

18% growth in Australasian travel revenue

12% increase in average revenue per booking and 6% increase in online bookings drove higher travel revenue growth

Continued to invest and innovate in the Australasian market to strengthen our market leadership

Australasia online bookings

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----- Start of picture text -----

4.1m
3.9m +6%
4.0m
3.4m
3.0m
2.0m
1.0m
.0m
FY23 FY24 FY25
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Australasia ARPB

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----- Start of picture text -----

$7.00
$5.73
$6.00
$4.96 $5.12 +12%
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
FY23 FY24 FY25
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Serko 17

We are achieving growth with cost discipline

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Total income vs total spend
$60m
$48.6m
$50m
$44.1m
$41.1m $42.2m $42.2m $41.8m $47.7m
$40m $42.7m
$36.3m
$34.8m
$30m
$28.6m
$20m
$19.4m
$10m
$0m
1H23 2H23 1H24 2H24 1H25 2H25
Total income Total spend
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Disciplined cost management saw income grow ahead of spend
Total spend fell from 118% (FY24) to 102% of income (FY25)
Business is driving a return to positive Free Cash Flow

Serko 18

Strong cashflow trajectory in pre-acquisition business

Pre-acquisition business Total income vs total spend

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----- Start of picture text -----

$90m $83.3m $83.9m $85.7m
$80m
$83.0m
$70m
$71.2m
$60m
$50m
$48.0m
$40m
$30m
$20m
$10m
$0m
FY23 FY24 FY25
Total Income Total Spend
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Pre-acquisition business Free Cash Flow

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----- Start of picture text -----

FY23 FY24 FY25
$10m $7.4m
$5m
$0m
($5m)
($7.1m)
($10m)
($15m)
($20m)
($25m)
($30m)
($35m)
($36.8m)
($40m)
----- End of picture text -----

Serko 19

We are accelerating organisational performance as we scale globally

We are attracting global talent from leading consumer technology businesses to strengthen our team

In FY25, we welcomed senior leaders with data, AI, and e-commerce expertise from Airbnb, Booking.com and Uber for Business

We continued our delivery of operational efficiency

Reallocated resources to support growth
Headcount reduced 1% (excluding acquisition)

Data and AI are critical to our success

79% of our people say they’re equipped to succeed with data — up 13 points on 2023

86% 8pts Overall employee engagement

89% 5pts Proud to work at Serko

91% 10pts Would recommend Serko as a great place to work

99% of our people have completed initial AI learning pathways

Annual employee survey, November 2024. Comparisons with December 2023 annual employee survey.

Serko 20

Strategic focus

Our opportunity and strategic focus

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----- Start of picture text -----

Growth drivers Serko’s strategic focus areas
Consumer-grade Data and
expectations intelligence 1 Booking.com for Business growth
Business
Content choice 2 Reinforce Australasian position
efficiency
3 North American expansion
Global business travel forecast
to rise from USD $1.5 trillion to
4 Serko platform evolution
USD $2.0 trillion by 2028. []
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Serko 21

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

GetThere's contribution to our US expansion extends beyond revenue

Market presence

The acquisition of GetThere, and our strategic partnership with Sabre, has redefined Serko's position in North America

No longer a challenger - we're an in-market player

Insights, data and expertise

Direct customer relationships

Engaging existing and potential customers to shape new, targeted offerings
Drawing insights from software used by the world's largest corporates and data from ~4m bookings
Global team with deep US market expertise

Sabre partnership

Co-developing next-generation solutions with Sabre

Serko 22

North American foothold and expansion

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~~NOW~~

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INTEGRATION ACTIVATION EXPANSION AND SCALE

Acquisition completion

Expanding pipeline

Scale US customer base

• •
Employee onboarding Building sales pipeline including Signing and implementing
• co-selling with Sabre new customers Customer and prospect • •
engagement through multiple Co-development with Sabre Platform capabilities available customer and industry events including leveraging AI capabilities for enterprise customers
• • Activation of Sabre partnership Deliver Zeno and GetThere product enhancements
• Deliver pilot consumer-grade traveller experiences to US customers on the Serko platform

Serko 23

Targeted investment in platform acceleration

Accelerated investment to unlock opportunity, drive faster innovation, and improve cost efficiency – built to support AI and data capabilities.

Current key priorities

We have continued to release new platform capabilities since the accelerated investment programme announced in October 2024.

Advanced scoping and planning

Flight service modernisation
Multi-component API integration

The platform is successfully powering core components of Booking.com for Business, including all hotel transactions

Technical foundations

Multi-tenant architecture
Extended authentication

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June 2023:

New hotel search experience for Booking.com for Business

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June 2024:

New Booking.com for Business user dashboard

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FY26 upcoming:

March 2025:

New Booking.com New checkout for Business experience and onboarding company experience onboarding

and authorisation

Expertise

Expanding India-based product and technology capability

Serko 24

FY26 guidance

We reaffirm our FY26 guidance provided on 20 May 2025 of $115m$123m total income and $127m-$133m total spend.

We continue to monitor elevated macroeconomic and geopolitical risks, including the potential impacts of conflict in the Middle East. We remain focused on disciplined execution, delivering on our FY26 goals, and creating long-term shareholder value.

Serko 25

Q&A

Serko 26

General Business

Serko 27

Thank you

Serko 28

Appendix

Serko 29

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 (unmanaged) is a non-GAAP measure comprising the number of companies who have made a booking in the preceding 12month period.
ARPB or Average Revenue Per Booking is a non-GAAP measure. Serko uses this as a useful indicator of the revenue value per online booking. ARPB for travel-related revenue is calculated as travel-related revenue divided by the total number of online bookings.
AComPCRN or Average Commission per Completed Room Night is a non-GAAP measure and comprises the total unmanaged supplier commissions from a transaction, prior to the commission sharing arrangements per completed room night for revenue generating hotel transactions.
ARPCRN or Average Revenue per Completed Room Night is a non-GAAP measure and comprises the gross unmanaged supplier commissions revenue per completed room night for revenue generating hotel transactions – Serko’s share of the AComPCRN.
Australasia : New Zealand and Australia.
Cash on hand is a non-GAAP measure comprising cash and short-term investments.
CRN or Completed room nights is a non-GAAP measure comprising the number of unmanaged hotel room nights which have been booked and the traveller has completed the stay at the hotel.
EBITDAFI is a non-GAAP measure representing Earnings Before the deduction of costs relating to Interest, Taxation, Depreciation, Amortisation, Foreign Currency (Gains)/Losses, Fair value measurement and Impairment.
Free Cash Flow is a non-GAAP measure comprising GAAP cash flows excluding movements between cash and short-term investments, cash flows related to capital raises and strategic acquisition payments.

Serko 30

Definitions (continued)

Headcount is a non-GAAP measure comprising of the number of employees (excluding casual workers and employees on maternity leave) and contractors employed on the last day of the period.
Managed customers is a non-GAAP term referring to companies that make online bookings through travel management companies.
Online Bookings is a non-GAAP measure comprising the number of travel bookings made using Serko’s Zeno, GetThere and Serko Online platforms.
Operating Expenses is a non-GAAP measure comprising expenses excluding costs relating to taxation, interest, finance expenses and foreign exchange gains and losses.
P&T or Production & Technology costs are a non-GAAP measure representing the internal and external costs related to the design, development and maintenance of Serko’s platforms, including costs within operating expenses and amortisation. It excludes capitalised development costs.
Pre-acquisition business is a non-GAAP measure reflecting the Serko business excluding the impacts of acquiring GetThere, including related transaction and implementation costs.
Total Spend is a non-GAAP measure comprising of operating expenses and capitalised development costs. It excludes depreciation and amortisation.
Total travel bookings include both online and offline bookings. Offline bookings are system automated bookings.
Unmanaged customers is a non-GAAP term referring companies who make online bookings through Serko’s Booking.com for Business platform.

Serko 31

26 June 2025

2025 Annual Shareholders Meeting Addresses

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

Chair’s Address

Tena koutou katoa. Nga mihi nui ki a koutou katoa i tenei ahi ahi. Nau mai, haere mai ki tenei hui a tau. Kia Ora and good morning. My name is Claudia Batten and I am the Chair of Serko.

I’m pleased to update you on another year of significant progress for Serko, and the opportunities we’re now focused on.

A track record of growth and disciplined execution

In the 2025 financial year, we built on our track record of high growth and disciplined execution – reinforcing our confidence in the path ahead.

Much of what we achieved during the year is the outcome of bold, strategic choices made in previous periods – most notably our partnership with Booking.com, as part of our ambition to scale globally. We believed in the path we set, and we backed it with focused delivery and operational discipline. That has paid off – with Booking.com for Business growing from 300,000 completed room nights in 2022 to 3.3 million in FY25.

The Serko of today is a more capable, efficient, and data-driven business – and we are stepping into the next phase of our strategy and delivery. With global business travel forecast to exceed US$2 trillion by 2028[1] , Serko is positioned to capture the opportunity as technology reshapes business travel.

That’s why we have made the decision to pursue new opportunities, supported by targeted investment in Serko’s existing platform, and North American expansion. We are well positioned to do this, with continued income growth, cost discipline, and an increase in our capability, including data and AI.

Disciplined growth delivers improved cashflow

I’ll comment on key aspects of our financial results and Darrin will provide additional details.

We delivered high total income growth alongside disciplined cost management. Notably, our ratio of total spend against total income improved from 118% to 102%.
We delivered positive EBITDAFI of $2.8 million for the year, a $4.3 million improvement.
Our net loss after tax was $22 million, an increase of $6.1 million, reflecting one-off costs and a non-cash accounting impairment relating to the acquisition of GetThere.

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

When we acquired GetThere we were aware that an accounting-based impairment was a possible outcome given GetThere’s current negative cashflows and accounting standards that prevent us from factoring in planned improvements when assessing impairment. We noted this possibility at the Investor Day in December 2024. We concluded that it was appropriate to impair the full amount of goodwill from the acquisition of $5.1 million. We consider this impairment to be prudent, particularly given the uncertainty in financial markets at 31 March 2025 when the assessment was made.

The impairment does not impact expected future cash flows and as Darrin will cover in more detail, GetThere is an attractive strategic asset, which enables the acceleration of our expansion in the US.

Free Cash Flow showed a $5.2 million improvement, narrowing the net outflow to $1.9 million. For the pre-acquisition business, Serko generated positive Free Cash Flow for FY25 of $7.4 million, an improvement of $14.5 million. We expect this cash-generative strength to continue building, providing a solid foundation as we scale.
Finally, we remain well capitalised, with $61.4 million in cash at the balance date, and we have no debt.

Delivery on our FY25 Board priorities

At last year’s meeting I outlined five key areas of Board focus for FY25:

Becoming a data-led business
Strengthening talent and leadership
Exercising disciplined capital and technology management
Uplifting environmental, social and governance practices, and
Driving growth at scale

I’m pleased to report we have made meaningful progress across all of these areas.

On data, we have laid the groundwork for a data-led business – both in how we operate as a business, and the experiences we deliver to our partners and customers. Darrin will take you through some of the work we are delivering.

On talent and leadership, we are seeing the benefits of a deliberate, strategic focus on attracting and retaining top talent. The calibre of people joining Serko – including in leadership roles – is a core part of our scaling strategy and delivering on our long-term ambitions.

And as outlined in our ESG Report released in May, over the past year we’ve continued to strengthen our environmental, social, and governance performance. Notably, we have enhanced our global remuneration strategy to attract and retain top talent, implemented governance frameworks for the responsible use of AI and data, and strengthened our cybersecurity posture, achieving globally-recognised certifications in payment and data security.

These improvements reflect Serko’s growing maturity, and we remain focused on continually uplifting our policies and practices.

I’ll cover the remaining two priorities on the next slide.

Disciplined capital allocation to accelerate scale

One of the Board’s priorities this year has been overseeing how capital is allocated to support long-term growth — ensuring Serko invests ahead of revenue but does so with discipline and strong governance.

As part of a broader capital investment program in Serko’s technology, the Board approved a $40 million initiative to accelerate platform delivery. We see this as a strategic step — bringing forward the benefits of automation, AI, and data capability to support efficient scale across customer segments.

The platform already underpins Booking.com for Business and will play a key role in delivering greater speed and precision for future offerings.

At the same time, we’ve provided oversight of Serko’s global expansion. That includes the renewal of the Booking.com partnership and the entry into North America through the acquisition of GetThere and a new long-term partnership with Sabre.

These decisions reflect our confidence in the strategy, and we look forward to sharing this at an investor day, which we are planning for the final quarter of this calendar year.

Our FY26 Board priorities

Let me briefly speak to the Board’s priorities for the year ahead, as shown on the slide.

On capital management , our focus is ensuring effective oversight of capital allocation — supporting scalable growth while continuing to deliver long-term shareholder value.

In terms of Board succession , we intend to appoint a new independent director. I will speak to this shortly.

When it comes to strategy and execution , the Board will be focused on ensuring the delivery of near-term revenue opportunities in key markets. In addition, the Board will be supporting the development and communication of a detailed pathway for future growth.

With respect to AI enablement , we’re focused on ensuring the business is appropriately investing in AI initiatives to unlock data-led decision-making and build long-term capability.

And finally, on global workforce leverage , the Board will monitor the integration and effectiveness of Serko’s international workforce strategy, making sure it supports innovation, scale, and operating efficiency across the business.

Board succession

Today, I’d like to acknowledge that Clyde McConaghy, has confirmed he will not be standing for reelection. Clyde joined Serko’s Board as a non-executive director at the time of our NZX listing in 2014.

Clyde has made a lasting contribution to Serko and has brought a valuable perspective as Serko has evolved from a local start-up into a fast-growing international technology company. On behalf of the Board, I sincerely thank him for his service. I will personally miss having his insights and perspective around the board table.

Following today's meeting, Sean Gourley will become Chair of the People, Remuneration and Culture Committee.

To support succession planning and continue to strengthen our capability, the Board intends to appoint a new independent director. Ideally, this person will bring operating and executive experience in globallyscaled businesses, with a background in travel technology or adjacent sectors. I look forward to keeping you updated.

Thank you

We couldn’t deliver what we do without our partners, customers and you – our shareholders. I say this every year – but truly, thank you for your ongoing support.

I thank my fellow directors for their commitment and the thoughtful, robust contributions they bring to Serko.

On behalf of the Board, I’d also like to thank Darrin, the executive team and the wider Serko team for your commitment, focus and belief in what we're building.

CEO’s Address - Darrin Grafton

Thanks Claudia. Welcome to everyone attending today – it's great to have you with us.

First, thank you to the Board, chaired by Claudia, for your ongoing guidance and support. It is greatly appreciated by both me and the executive team.

I pay particular thanks to Clyde for your many years of contribution to Serko. We have benefited greatly from your experience and perspective.

I also want to introduce members of the executive team here today, if you can please stand:

Matt Gerrie, Chief Operating Officer
Shane Sampson, Chief Financial Officer
Rachael Satherley, Chief People Officer, and
Simon Young, Chief Technology Officer.

Our Chief Revenue Officer, Liz Fraser, sends her apologies. She is meeting with customers in Europe.

A rare opportunity ahead

The opportunity ahead of us is rare: a global business travel market undergoing structural change, with Serko positioned at the forefront. We have solid foundations, world-class partners, and a track record of disciplined execution. In particular:

Booking.com for Business is on a strong trajectory following a pivotal year
Our pre-acquisition business is cash-generative, supporting our investments and growth initiatives

The evolution of our platform and expansion in North America present compelling long-term opportunities, and we are focused on laying the right foundations.
To reflect the size of the opportunity ahead, Serko has announced a new aspirational goal of $250 million total income in FY30.

I’ll start by providing more detail on our FY25 results and then outline our strategic focus in FY26 and beyond.

27% total income growth

The 27% increase in total income for the year to $90.5 million was underpinned by significant traction in Booking.com for Business and growth in our Australasian business.

As Claudia mentioned, our pre-acquisition business is cash generating, supporting our expansion and investment plans.

29% increase in Booking.com for Business CRNs

2025 marked a pivotal year for Booking.com for Business, with focused execution on activation, engagement and conversion leading to substantial growth.

We achieved a 29% year-over-year increase in both active customers and completed room nights, demonstrating the accelerating adoption of the platform. This was driven by marketing, experimentation and onboarding enhancements delivered during the year.

Completed room nights increased 43% over the second half of 2024, indicating increasing traction and user stickiness.

In FY26, we expect to achieve the first milestone under our partnership agreement with Booking.com and exceed 4.2 million completed room nights. We will continue to receive a 50% share of commissions up to 4.2 million completed room nights each year, providing a solid basis for profitability. Commissions above this number each year will be earned at the lower agreed rates but will continue to provide strong contribution.

18% growth in Australasian travel revenue

In Australasia, we had a solid year with an 18% increase in Australasian travel revenue – made up of a 6% increase in online bookings - including new wins within the markets, and a 12% increase in average revenue per booking.

We continue to invest in and innovate our Zeno product for all partners and customers, including those in Australasia. This year we applied learnings we had gained from our work with Booking.com to boost satisfaction and user experience.

We are achieving growth with cost discipline

Our focus on scaling revenue while maintaining cost discipline is delivering meaningful gains in operational leverage with a key reduction in long-term hosting costs.

In FY25, total spend declined as a percentage of income, highlighting the increasing scalability of our model and our ability to grow without a corresponding rise in costs.

This improved leverage is helping drive our return to positive Free Cash Flow.

Strong cashflow trajectory in pre-acquisition business

The trends are clear – we expect our pre acquisition business to perform strongly in FY26 with continued ongoing organic growth and healthy free cash flow.

The free cash flows generated by the pre-acquisition business will help fund acceleration of our platform investment and our US expansion. We also consider that the operating leverage achieved can be replicated in the US as we grow revenue.

We are accelerating organisational performance as we scale globally

Organisational performance is front and centre.

We have seen the benefits of decisions made in previous periods to uplift capability and refocus resources.

We have been attracting several senior leaders with data, AI and e-commerce expertise from leading global consumer tech businesses. We've welcomed Matt Gerrie to our executive team as COO, overseeing product and strategy. Most recently he was director of strategy and analytics in Booking Holding’s global strategy & business development division.

We continue to build our expertise in data and AI by taking a whole-of-organisation approach and supported by expert teams.

Our culture and organisational performance continue to improve, with encouraging gains in our employee engagement scores.

Our opportunity and strategic focus

We have four strategic areas supporting our ambitions:

Growth in Booking.com for Business
Reinforcing our market leadership in Australasia
Expanding in North America, and
Evolving the Serko platform

I will speak to the first two on this slide and then go into a bit more detail in subsequent slides on the last two.

Booking.com for Business growth

Starting with our first strategy area: Booking.com for Business.

During this quarter, the new e-commerce checkout technology was launched and in the near-term we will be testing features to drive activation. We have launched – and will continue to experiment on – new AI search capabilities during the year.

A current experiment that you may have had a chance to use is the new AI SmartStay Search, which lets users search as naturally as they speak, making business travel as intuitive as consumer travel. It’s a great example of how we’re using AI to deliver real-world value.

Our opportunity and strategic focus

Our AI focus is not only to enhance user satisfaction but to drive material increases – in conversion and repeat use over time.

We’ll continue to leverage our data-driven and experimentation capabilities, with 500 experiments undertaken during the year. This has led to improvements in onboarding conversion and set us up for continued success.

Reinforce Australasian position

Our second strategy area is reinforcing our Australasian position.

We are committed to continued investment in our managed travel offerings, through our Zeno product. We continue to win new customers within these markets.

Zeno is highly regarded for its ease of experience and in FY25 we continued to strengthen UX as well as using data to improve recommendations.

In the coming year we will strengthen how we use data alongside continued simplification.

GetThere’s contribution to our US expansion extends beyond revenue

Our third strategic focus area is the North American market – a transformative opportunity for Serko.

The acquisition of GetThere, together with our strategic partnership with Sabre, has redefined Serko’s position. We’re no longer a challenger trying to enter — we’re an in-market player with a credible platform, proven partners, and access to major customer channels.

Since the acquisition, we’ve spent extensive time on the ground in the US and India, working closely with teams, partners, and customers. This hands-on integration has accelerated both market understanding and platform alignment.

We’ve been deliberate in our approach — engaging closely with existing GetThere customers and actively pursuing new enterprise opportunities.

Importantly, customer feedback — both in direct conversations and formal forums — has been clear and consistent: the market is ready for change. Corporates are actively seeking modern, user-centric, scalable alternatives to legacy tools. Serko is uniquely positioned to meet that demand.

We expect the majority of new customer decisions to materialise slowly across FY26 and build across FY27, in line with our stated timeline. The foundational work is in place, and momentum is building.

North American foothold and expansion

This slide shows the three phases of our North American expansion. First, we’ve completed the GetThere acquisition, onboarded the team, and activated the Sabre partnership – with high levels of customer and industry engagement.

Second, we’re focused on building momentum through co-selling and co-developing with Sabre, enhancing both Zeno and GetThere, to deliver new AI-powered traveller experiences.

The third phase will be scaling – which will include signing and implementing new US customers and making the platform available to enterprise clients.

As Claudia mentioned we are working through our detailed plans and look forward to sharing these with you.

Targeted investment in platform acceleration

We are building a unified, global platform designed to scale across customer segments - from SME to mid-market to enterprise - using a modern commercial model as we remain at the forefront of business travel. This isn’t just a roadmap, it’s already in motion, with the Serko platform already powering the growth of Booking.com for Business.

We have consistently invested in our technology and we’re accelerating that investment to capture emerging growth opportunities. As announced in October, this $40 million acceleration over four years is designed to bring forward delivery and benefits - reflecting our confidence in the opportunities ahead, particularly in the US market.

This investment is about shaping the future of business travel, not just adapting to it. We are embedding the latest AI and data capabilities into our platform to deliver compelling user experiences and simplify the complexities of business travel.

Our approach is deliberate: rolling out platform enhancements that serve existing users while laying the groundwork for broader value-generating opportunities.

We’re initially focused on small to medium businesses – who generally have low complexity and provide a faster route to market, and we will look to move up the complexity curve over time.

Since announcing our results in May, we have continued to engage with customers to understand their needs in detail. One example is a recent showcase of new concepts to select US customers, which received positive feedback as we prepare for commercialisation in that market.

FY26 guidance

We reaffirm our FY26 guidance provided on 20 May 2025 of $115m-$123m total income and $127m$133m total spend.

We continue to monitor elevated macroeconomic and geopolitical risks, including the potential impacts of conflict in the Middle East.

We remain focused on disciplined execution, delivering on our FY26 goals, and creating long-term shareholder value.

Conclusion

With a cash-generative core, world-class partners, a global runway, and a scalable platform, we enter the year with momentum, conviction in our strategy, and confidence in our team’s ability to execute.

Thank you again for being here today and for your support.

AI assistant

SERKO LIMITED — AGM Information 2025

65804_rns_2025-06-25_2f184b37-3c9a-4f9c-9850-cbcd54e25b22.pdf

Market Release