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) 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.

<ul><li>We upgrade our rating on Serko (SKO) to OUTPERFORM from NEUTRAL, with a target price rising +1% to NZ$3.70.</li><li>Serko's core business is estimated to deliver &gt;NZ$35m of EBITDA by FY28, representing an EV/EBITDA multiple of ~8x.</li><li>Recent performance in SKO’s underlying business has been robust, with significant operating leverage achieved.</li></ul>

We upgrade our rating on Serko (SKO) to OUTPERFORM from NEUTRAL, with a target price rising +1% to NZ$3.70.Serko's core business is estimated to deliver &gt;NZ$35m of EBITDA by FY28, representing an EV/EBITDA multiple of ~8x.Recent performance in SKO’s underlying business has been robust, with significant operating leverage achieved.

<ul><li>Serko reported weaker-than-expected revenue growth for FY25, with guidance for total income approximately 10% below consensus for FY26.</li><li>Integration costs for GetThere will be lower than previously thought, and the core business is now solidly cash-generative.</li><li>Despite the challenges, completed room-night (CRN) growth is expected to re-accelerate for B4B in FY26.</li></ul>

Serko reported weaker-than-expected revenue growth for FY25, with guidance for total income approximately 10% below consensus for FY26.Integration costs for GetThere will be lower than previously thought, and the core business is now solidly cash-generative.Despite the challenges, completed room-night (CRN) growth is expected to re-accelerate for B4B in FY26.

<ul><li>Serko (SKO) is expected to report a solid FY25 result with continued growth of the Booking.com for Business platform.</li><li>Outlook commentary may be cautious due to recent updates indicating a decline in corporate travel demand, particularly in the US.</li><li>Key focus areas include completed room-night growth for B4B, momentum with the US/GetThere platform, and progress towards SKO's integrated-platform vision.</li></ul>

Serko (SKO) is expected to report a solid FY25 result with continued growth of the Booking.com for Business platform.Outlook commentary may be cautious due to recent updates indicating a decline in corporate travel demand, particularly in the US.Key focus areas include completed room-night growth for B4B, momentum with the US/GetThere platform, and progress towards SKO's integrated-platform vision.

Serko - FY25 Preview—On the Right Flight Path

New Zealand

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

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Serko Ltd (SKO NZ)

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

Serko Expectations Reset—Time to Fly

We upgrade our rating on Serko (SKO) to OUTPERFORM from NEUTRAL, with a target price rising +1% to NZ$3.70. Serko's core business is estimated to...

Forsyth Barr

Serko FY25 Result—US Takeoff Delayed

Serko reported weaker-than-expected revenue growth for FY25, with guidance for total income approximately 10% below consensus for FY26.

Forsyth Barr

Serko - FY25 Preview—On the Right Flight Path

Outlook commentary may be cautious due to recent updates indicating a decline in corporate travel demand, particularly in the US.

Forsyth Barr

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