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 (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

Serko Ltd

Serko Genius Delivers In 1H26, More In The Wallet