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) 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

Serko Ltd

Serko FY26: Rooms Boom, But Leverage On Hold