Siteminder (SDR) $7.69

SDR +2.5%: reaffirmed that the strength seen into the end of FY25 has continued into the new financial year:

• Annual Recurring Revenue (ARR) growth on a constant currency & organic basis is tracking at a similar rate to FY25
• Management expects strong ARR & revenue growth through FY26 under the same metrics
• Medium-term ambition remains to accelerate revenue growth toward 30%, leveraging expansion into higher-value product modules, continued adoption of its Hotel Commerce Platform, monetisation from payments and distribution add-ons and upsell into a highly fragmented global hotel market

Importantly, the hotel tech spending cycle remains healthy – platform adoption continues to broaden across geographies and property tiers.

While still investing for growth, the shape of the P&L continues to improve as scale benefits start to come through in gross margin and customer acquisition efficiency.

We continue to believe SDR offers one of the better visible-growth tech names on the ASX.