Serko

Management affirmed FY25 total-income guidance for the current business, but the supplied excerpts do not include a quantified range in parseable form, and no multi-year target was disclosed. The second-half shape implied by the structured data is problematic: HY25 revenue of NZD 35.8m against full-period revenue of NZD 41.5m leaves only NZD 5.7m of implied second-half revenue, while the release narrative describes "Total income $42.7 million, up 18% on 1H24." That pattern is more consistent with a first-half interim being compared against a full prior-year base than with a normally shaped full-year decline, and the briefing treats the revenue trajectory with that caveat.

• How the revenue comparison should be read: the release language points to a first-half result up 18% on 1H24, but the structured comparison shows -39.7%, and the supplied excerpts do not reconcile the two bases.
• Whether the capex step-down from NZD 11.4m to NZD 2.8m reflects completion of a prior development cycle or a durable lower run-rate.
• Prior-period EBITDAF, gross borrowings, net debt, dividend, forward-work balance, and any quantified FY25 guidance range are not present in the extracted materials, so leverage, payout, and run-rate-versus-target cannot be assessed.
• The receivable-days lengthening needs to be read against billing mix, which is not disclosed.

This briefing cannot assess segment economics, customer concentration, or the underlying reason for the revenue-base mismatch between the structured comparison and the release commentary.