Serko Limited

FY'26 total income increased 34% to $120.9 million. EBITDAFI was $6.5 million, up 137%. Net loss after tax narrowed by $4.2 million to $17.7 million, and free cash flow was negative $4.4 million. Total spend increased $30.3 million, or 33%, to $122.9 million. Booking.com for Business completed room nights grew 31% to 4.3 million, and active customers grew 36% to 301,000. FY'27 guidance is for total income of $128 million to $134 million and total spend of $132 million to $140 million. Management said the FY'27 range is mainly driven by timing of booking volumes from the targeted U.S. corporate segment initiative.

Darrin Grafton framed FY'26 as a strong year marked by execution, operating leverage and disciplined cost control. He emphasized that Serko is shifting toward an AI-led travel future, with Serko.ai now in closed beta in the U.S. and the company leveraging its transaction data, policy intelligence and ecosystem relationships. His tone was confident and strategic, with repeated focus on Serko's long-term position and the FY'30 aspiration.

Shane Sampson highlighted that total spend rose 33% to $122.9 million, driven by a full year of GetThere costs adding $20.8 million and platform investment of $13.3 million. He said net finance income was $2.4 million lower, foreign exchange losses increased by $3 million, and the company recorded a $3.8 million loss on forward exchange contracts due to euro and Australian dollar appreciation. He also noted $54.1 million in cash and short-term deposits, no debt, and that FY'27 includes hedging of EUR 32 million at an average NZD 1.977 per euro to reduce revenue volatility.

Analysts focused on whether the FY'30 $250 million revenue aspiration can be reached given the implied operating leverage, and management said it remains the aspiration and is supported by multiple growth drivers, not just Booking.com for Business. Questions also centered on the U.S. defined-segment initiative: management said it is early stage, the range is driven by timing, and a meaningful part of FY'27 guidance depends on when customers onboard and begin booking. Analysts asked about spend and cash allocation, and management said cash provides optionality, but the current priority is executing Serko.ai, the targeted U.S. segments and continued Booking.com for Business growth.