New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Serko (SKO) will report its 1H26 results on 18 November 2025.</li><li>Despite a softer US corporate travel backdrop, Europe remains SKO’s key geographic exposure, and we expect execution in B4B to overshadow macro impacts.</li><li>We retain OUTPERFORM.</li></ul>

Serko (SKO) will report its 1H26 results on 18 November 2025.Despite a softer US corporate travel backdrop, Europe remains SKO’s key geographic exposure, and we expect execution in B4B to overshadow macro impacts.We retain OUTPERFORM.

United States

Booking Holdings Inc. operates as an online travel company. The Company offers a platform that allows to make travel reservations with providers of travel services, as well as provides accommodation reservations, rentals cars, airline tickets, and vacation packages. Booking Holdings serves customers worldwide.

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Booking Holdings (BKNG US)

Serko 1H26 Preview—Genius At The Gate

Despite a softer US corporate travel backdrop, Europe remains SKO’s key geographic exposure, and we expect execution in B4B to overshadow macro...

Forsyth Barr

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