Serko Ltd

Please stand by. We're about to begin. Good day, everyone, and welcome to the CIRCO 2025 Full Year Results Announcement. Today's conference is being recorded. At this time, I would like to turn the conference over to Darren Grafton, Chief Executive Officer and Co-Founder. Please go ahead, sir.

Good morning. I'm Darren Grafton, CEO of CIRCO. I'm joined by our CFO, Shane Sampson. Today, we'll cover how FY25 has set us up to achieve our ambitions. I'll start with a summary of the 2025 financial year and then hand over to Shane to cover the financials in more detail. I'll then take you through our strategic priorities and outlook, and we'll close with your questions. Turning to slide five, the key points I want to make today are, first, we've achieved 20% growth in our pre-acquisition business with total income increasing to $85.7 million, consistent with our guidance. The inclusion of Get There for just a quarter brings our total income growth to 27% and $90.5 million. Our focus in FY25 was on the robust expansion of our business. Second, our pre-acquisition business generated $7.4 million in free cash flow, a significant $14.5 million improvement year over year. This increasing cash generation from our established operations provides a strong foundation for our strategic investments, which we'll cover shortly. And third, we're making deliberate progress in capitalizing on key opportunities, including the integration of GetThere and the expansion of our Booking.com for Business partnership. This has been supported by disciplined cost management and targeted investments in our data and AI capabilities, driving early positive momentum into FY26. I'm now on slide six. Booking.com for Business is driving significant traction. 2025 marked a pivotal year for Booking.com for Business. With a focused execution on activation, engagement, and conversion, leading to substantial growth, we achieved a 29% year-over-year increase in both active customers and completed room nights, demonstrating the accelerating adoption of the platform. Driven by marketing, experimentation, and onboarding enhancements, details in the appendix. Growth in completed room nights accelerated to 43% over the second half of 2024, indicating increasing transaction and user stickiness. Despite strong traffic to the site in early quarter four, we experienced a temporary dip in the conversion rate. Swift action by the teams led to a rebound in March of the conversion rate and a strong trajectory out of the quarter. The current financial year has commenced strongly, We're in line with our booking trajectory, and as Shane will cover in more detail, we'd expect to exceed the first milestone of the commission tier of 4.2 million completed room nights during the FY26 year.

I'm on slide seven.