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Highlights

  • Serko FY25’s total income increased by 27% YoY, EBITDAFI turns positive.
  • In FY25, Serko’s EBITDA margin rose to 3.1% from -2.3% in FY24.
  • In FY26, Serko projects NZD 115–123 million income, driven by the trajectory in Booking.com for business.

Serko Limited (NZX:SKO) provides online travel booking and expense management solutions for business travelers. Founded in 1994 as Interactive Technologies Limited, it initially supported travel agents with mid- and back-office systems. The company relaunched as Serko in 2000, becoming Australasia’s leading online booking tool (OBT) for corporate clients.

FY25 Performance

In the financial year 2025 (FY25), the company reported total income of NZD 90.5 million, up 27.1% from NZD 71.2 million in FY24. The growth was driven mainly by continued demand for Booking.com for Business, with both completed room nights and active customers increasing by 29%. Higher total income, combined with improved operational efficiency, contributed to a positive EBITDAFI of NZD 2.8 million, compared to a loss of NZD 1.5 million in the previous year.

Business Update

Serko’s CEO Darrin Grafton said the company is pursuing growth with platform investments and North American expansion. The pre-acquisition business generated positive Free Cash Flow of NZD 7.4 million, up NZD 14.5 million. Increased income and operational efficiency delivered a positive EBITDAFI of NZD 2.8 million, while net loss after tax was NZD 22 million due to one-off costs and non-cash impairments. Free Cash Flow improved by NZD 5.2 million, reducing the net outflow to NZD 1.9 million.

Key Positives and Negatives

In FY25, Serko’s EBITDA margin rose to 3.1% from -2.3% in FY24. The company reported a negative operating margin of -25.1% and a net margin of -24.8%. The current ratio improved to 3.73x from 2.11x, above the industry median.

Outlook

For FY26, Serko expects total income to range between NZD 115 million and NZD 123 million. The forecast is based on ongoing demand for Booking.com for Business. The company plans to continue its operations in line with this trend.

Share Performance of SKO

SKO closed at NZD 2.6500 per share on 29 September 2025. Over the past year, the share price fell 10.16% and dropped 14.51% in the last three months, as well as recorded a fall of 32.0512% in the past six months. The 52-week high of SKO is NZD 4.0700, recorded on 25 November 2024, and the 52-week low is NZD 2.2700, recorded on 29 August 2025.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 29 September 2025. The reference data in this report has been partly sourced from EODHD/Others.

 

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.