New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Serko’s (SKO) 1Q27 update should ease investor concerns over room-night growth and the risk that the Middle East conflict has materially disrupted trading.</li><li>Booking.com for Business (B4B) continues to broaden, with a large active customer base and a modest increase in booking frequency driving robust room-night growth.</li><li>With FY27 total income and spend guidance unchanged, the update implies potential for upside to our forecast revenue growth if current implied commission revenue run-rates persist.</li></ul>

Serko’s (SKO) 1Q27 update should ease investor concerns over room-night growth and the risk that the Middle East conflict has materially disrupted trading.Booking.com for Business (B4B) continues to broaden, with a large active customer base and a modest increase in booking frequency driving robust room-night growth.With FY27 total income and spend guidance unchanged, the update implies potential for upside to our forecast revenue growth if current implied commission revenue run-rates persist.

Serko 1Q27 B4B Revenue Climbs Despite Tiering

Serko Ltd

Serko 1Q27 B4B Revenue Climbs Despite Tiering