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 came broadly in line with both guidance and our expectations, unsurprising given the tight income and cost bands that management guided to.</li><li>Booking.com for Business (B4B) and Travel were the key revenue drivers, with revenue growth for supplier commissions of +35% to NZ$73.4m and Travel +43%.</li><li>SKO’s total income guidance range for FY27 of NZ$128m to NZ$134m is +1% above consensus of NZ$131.9m at the midpoint.</li></ul>

Serko’s (SKO) FY26 result came broadly in line with both guidance and our expectations, unsurprising given the tight income and cost bands that management guided to.Booking.com for Business (B4B) and Travel were the key revenue drivers, with revenue growth for supplier commissions of +35% to NZ$73.4m and Travel +43%.SKO’s total income guidance range for FY27 of NZ$128m to NZ$134m is +1% above consensus of NZ$131.9m at the midpoint.

Serko (SKO) FY26 Result–Initial Impressions Inline

Serko Ltd

Serko (SKO) FY26 Result–Initial Impressions Inline