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’s (SKO) FY26 result was broadly in line with our forecasts.</li><li>However, FY27 total spend guidance was materially ahead of expectations, as management pushes further platform development.</li><li>Booking.com for Business (B4B) remained the key growth driver in FY26, while Travel benefited from a full-year contribution from GetThere.</li></ul>

Serko’s (SKO) FY26 result was broadly in line with our forecasts.However, FY27 total spend guidance was materially ahead of expectations, as management pushes further platform development.Booking.com for Business (B4B) remained the key growth driver in FY26, while Travel benefited from a full-year contribution from GetThere.

Serko FY26: Rooms Boom, But Leverage On Hold

<ul><li>Serko’s (SKO) FY26 result came broadly in line with both guidance and our expectations, unsurprising given the tight income and cost bands that management guided to.</li><li>Booking.com for Business (B4B) and Travel were the key revenue drivers, with revenue growth for supplier commissions of +35% to NZ$73.4m and Travel +43%.</li><li>SKO’s total income guidance range for FY27 of NZ$128m to NZ$134m is +1% above consensus of NZ$131.9m at the midpoint.</li></ul>

Serko’s (SKO) FY26 result came broadly in line with both guidance and our expectations, unsurprising given the tight income and cost bands that management guided to.Booking.com for Business (B4B) and Travel were the key revenue drivers, with revenue growth for supplier commissions of +35% to NZ$73.4m and Travel +43%.SKO’s total income guidance range for FY27 of NZ$128m to NZ$134m is +1% above consensus of NZ$131.9m at the midpoint.

Serko (SKO) FY26 Result–Initial Impressions Inline

<ul><li>Serko’s (SKO) 2026 investor day centred on artificial intelligence (AI), culminating in the unveiling of Serko.ai—its upcoming AI-enabled conversational corporate booking platform.</li><li>Management reaffirmed its NZ$250m FY30 total revenue target with increased confidence, supported by a new Booking.com for Business (B4B) strategic roadmap and AI-enabled initiatives.</li><li>Cost discipline was a second focus, with FY26 total spend guidance lowered and FY26 total income guidance tightened.</li></ul>

Serko’s (SKO) 2026 investor day centred on artificial intelligence (AI), culminating in the unveiling of Serko.ai—its upcoming AI-enabled conversational corporate booking platform.Management reaffirmed its NZ$250m FY30 total revenue target with increased confidence, supported by a new Booking.com for Business (B4B) strategic roadmap and AI-enabled initiatives.Cost discipline was a second focus, with FY26 total spend guidance lowered and FY26 total income guidance tightened.

Serko Investor Day 2026—AI Underpins Ambitions

<ul><li>Serko (SKO) reported a stronger-than-expected 1H26 result, underpinned by robust growth in Booking.com for Business (B4B), a better-than-expected first full-half contribution from GetThere, and disciplined cost control.</li><li>Total income rose +45% year-on-year to NZ$61.8m, while EBITDA of NZ$6.1m exceeded expectations on sustained completed room-night (CRN) growth, stable Australasian performance, and improving operating leverage.</li><li>Feature development momentum and a +40% increase in active customers through 1H26 suggest further acceleration into 2H26 and FY27.</li></ul>

Serko (SKO) reported a stronger-than-expected 1H26 result, underpinned by robust growth in Booking.com for Business (B4B), a better-than-expected first full-half contribution from GetThere, and disciplined cost control.Total income rose +45% year-on-year to NZ$61.8m, while EBITDA of NZ$6.1m exceeded expectations on sustained completed room-night (CRN) growth, stable Australasian performance, and improving operating leverage.Feature development momentum and a +40% increase in active customers through 1H26 suggest further acceleration into 2H26 and FY27.

Serko Genius Delivers In 1H26, More In The Wallet

<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.

New Zealand

Serko Ltd operates as an online corporate travel booking and expense management company.

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Serko Ltd (SKO NZ)

Serko FY26: Rooms Boom, But Leverage On Hold

Serko’s (SKO) FY26 result was broadly in line with our forecasts. However, FY27 total spend guidance was materially ahead of expectations, as...

Forsyth Barr

Serko (SKO) FY26 Result–Initial Impressions Inline

Serko’s (SKO) FY26 result came broadly in line with both guidance and our expectations, unsurprising given the tight income and cost bands that...

Forsyth Barr

Serko Investor Day 2026—AI Underpins Ambitions

Serko’s (SKO) 2026 investor day centred on artificial intelligence (AI), culminating in the unveiling of Serko.ai—its upcoming AI-enabled...

Forsyth Barr

Serko Genius Delivers In 1H26, More In The Wallet

Serko (SKO) reported a stronger-than-expected 1H26 result, underpinned by robust growth in Booking.com for Business (B4B), a better-than-expected...

Forsyth Barr

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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