EBITDAFI lifted 137% but free cash flow worsened to -NZ$4.4m

Revenue moved to NZ$119.4m from NZ$88.5m and EBITDAFI to NZ$6.5m, which the company describes as a 137% increase against a transaction-distorted base. Loss before tax was NZ$17.0m versus NZ$20.6m and net loss NZ$17.7m versus NZ$22.0m, but those movements sit on the same non-comparable basis and should not be read as organic growth.

Free cash flow moved to -NZ$4.4m from -NZ$1.9m as capex rose 59.7% to NZ$9.9m (8.3% of revenue). Cash on hand fell NZ$7.3m to NZ$54.1m. Operating cash flow was NZ$7.0m versus NZ$4.8m, assisted by a working-capital release at the lower edge of the company's historical range.

US revenue was NZ$16.0m versus NZ$6.7m, lifting US share to 13.4% from 7.6%, while Australia's share compressed to 21.4% from 27.5%.

EBITDAFI was reported up sharply, but free cash flow moved further into deficit at -NZ$4.4m on capex of NZ$9.9m. Operating cash flow of NZ$7.0m benefited from a working-capital release of NZ$0.4m, where Annolyse's historical baseline shows two of three prior periods carrying builds averaging NZ$7.4m. This matters because the non-GAAP earnings step has not yet translated into self-funding cash generation.

Acquisition-driven comparability. GetThere contributed NZ$16.1m of revenue in its first full year, so the revenue, PBT and NPAT movements sit on a different basis from FY25 and should not be treated as organic. The narrowing in PBT amounts to NZ$3.6m against a NZ$30.9m revenue uplift, which is a modest operating-leverage read given the scale of the consolidation and the transaction-distorted denominator.

Segment mix has tilted to the US. US share of revenue moved from 7.6% to 13.4%, the largest shift in the segment table, while Australia fell back. This matters because GetThere customer retention, contract migration, and US integration cost trajectory are now a more material driver of consolidated economics than a year ago.

The interim disclosure implies HY26 EBITDAFI of NZ$6.1m on revenue of NZ$61.1m, leaving an implied H2 contribution of roughly NZ$0.4m of EBITDAFI on NZ$58.3m of revenue. That is a heavily H1-weighted EBITDAFI shape that the release does not directly address.

The company refers to total spend within a narrowed guidance range and to Serko.ai as a strategic focus, but no specific FY27 dollar target is provided in the supplied context. The release confirms total income landed at the top of the narrowed range.

The narrowing in losses is real but modest in absolute dollars relative to the revenue base added by the acquisition, and the underlying growth read remains constrained by the basis discontinuity.

The OCF improvement is partially balance-sheet assisted. Debtor days were 19.3 against a historical mean of 29.4, and operating working capital was a release of NZ$0.4m against a typical pattern of builds. Both flatter the OCF line and their reversibility should be tested in FY27. On the investment side, capitalised development costs of NZ$8.6m sit inside the NZ$9.9m capex figure, meaning a portion of the EBITDAFI expansion reflects costs being capitalised rather than expensed. Capex/revenue moved to 8.3% from 7.0%, so the cash investment cycle is accelerating just as reported earnings improve.

This briefing cannot assess GetThere customer retention economics, Serko.ai monetisation timing, or the durability of the working-capital favourability without further disclosure of underlying drivers.