Serko (SKO) AGM 2025 summary

Opening remarks and agenda

• Chair welcomed shareholders in person and online, outlined voting procedures, and confirmed quorum was met.

• Notice of meeting was sent on May 22, 2025, and the agenda included performance review, Q&A, and formal business.

• Chair Claudia Batten welcomed attendees and outlined the meeting agenda, including addresses from the Chair and CEO, shareholder Q&A, formal business, and general business discussions.

Financial performance review

• Total income for FY25 increased by 27% to NZD 90.5 million, with total spend up 10% to NZD 92.7 million and operating expenses up 20% to NZD 107.6 million.

• Positive EBITDA of NZD 2.8 million, a NZD 4.3 million improvement; net loss after tax was NZD 22 million due to one-off costs and GetThere impairment.

• Free cash flow improved by NZD 5.2 million, narrowing net outflow to NZD 1.9 million; pre-acquisition business generated NZD 7.4 million positive free cash flow.

• Booking.com for Business partnership drove room nights from 300,000 in 2022 to 3.3 million in 2025, with completed room nights and active customer numbers up 29%.

• Australasian travel revenue grew 18%, supported by a 12% increase in average revenue per booking and a 6% rise in online bookings.

Board and executive committee updates

• Clyde McConaghy will not stand for re-election; Sean Gourley to become Chair of the People, Remuneration and Culture Committee.

• Board succession and ongoing capability strengthening highlighted as priorities, with plans to appoint a new independent director with global travel tech experience.

• Board priorities for FY25 focused on data-led business, talent growth, capital management, and governance improvements.

• FY26 board priorities include capital management, board succession, strategy execution, AI governance, and global workforce integration.

• Board approved a NZD 40 million acceleration investment for platform development and oversaw the renewal of the Booking.com partnership and North American expansion.