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>Completed room nights up +39% year-on-year in 1Q27 to 1.4m, this is ahead of our FY27 forecast for +31% year-on-year growth.</li><li>Average revenue per completed room night (ARPCN) was down -11% year-on-year to €8.70.</li><li>Active customer lifted +35% year-on-year to 325k.</li></ul>

Completed room nights up +39% year-on-year in 1Q27 to 1.4m, this is ahead of our FY27 forecast for +31% year-on-year growth.Average revenue per completed room night (ARPCN) was down -11% year-on-year to €8.70.Active customer lifted +35% year-on-year to 325k.

Serko Ltd

Serko (SKO) 1Q27 Trading Update