Smartworks Coworking Spaces Limited · NSE:SMARTWORKS
Smartworks Coworking Spaces — Q1 FY26 Earnings Presentation
40 slides from Smartworks Coworking Spaces's earnings presentation, Aug 12, 2025
Slide 1: Stock exchange disclosure letter
Date: 12 th August, 2025 To, To, National Stock Exchange of India Limited BSE Limited (“BSE”) (“NSE”) Listing Department Listing Department Corporate Relationship Department Exchange Plaza, C-1 Block G, Bandra Kurla Phiroze Jeejeebhoy Towers, Complex Bandra [E], Mumbai – 400051 Dalal Street, Fort, M
Slide 2: Workspaces that work for you Q1FY26
Workspaces that work for you Q1FY26 | 12th August 2025
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), prepared by Smartworks Coworking Spaces Limited (the “Company”), is furnished solely for informational purposes without regard to any specific investment objectives, financial situations, or informational needs of any par
Slide 4: The Smart Model, Industry Overview, Why Smartworks, Q1 FY26 Performance
The Smart Model Industry Overview Why Smartworks Q1 FY26 Performance Historical Financials ‘SMARTWORKS | | as
Slide 5: The Smart Model
THE SWART MODEL Bangalore | 700K square feet = Smartworks - Vaishnavi Tech Park
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Slide 7: Smartworks at a glance
Total | Leased SBA1 Total | Leased Total | Leased (Including LOIs/Term Cities Sheets) Centres Capacity Seats 12.0 Msf | 10.1 Msf 15 56 | 54 275k | 232k Revenue EBITDA* Cash Flow* Annualized RoCE* INR 3,792 Mn INR 607 Mn INR 855 Mn 13% Note:* Financial numbers Normalized are as per Non-Gaap measures;
Slide 8: Fully Managed, Flexible Workspaces with Aspirational Amenities
Fully Managed, Flexible Workspaces with Aspirational Amenities – Redefining Commercial Spaces Ecosystem in India 7
Slide 9: Our Journey: Evolving from Co-working to Managed Office Platform
Our Journey: Evolving from Co-working to India’s Leading Managed Office Platform Started as a co-working company Focused on mid to large enterprise clients Evolved to a managed office platform 10 cities IPO: Smartworks 30 centres gets Listed SBA of 4.0 Msf Transition towards fully managed workspaces
Slide 10: Our Platform connects Landlords, Clients, and Vendor Partners
Our Platform connects Landlords, Clients, and Vendor Partners — Creating a Powerful Network Effect for All WHO WE PARTNER WITH… WHO WE SERVE Non-institutional Landlords Enterprise Clients One stop solution with guaranteed rentals Flexible, Hassle-free offices in just 45 – 60 days Vendor Partners C
Slide 11: Network Effect Plays Out on Both Supply and Demand Sides
Network Effect Plays Out on Both Supply and Demand Sides Drive client Provide benefits retention and to the landlords expansion Improve workspace Demand Supply Lease large bare- shell properties environment Transform the Provide daily life properties into and aspirational managed amenities workspace
Slide 12: Larger Addressable Supply base; Working with Institutional Developers
Larger Addressable Supply base; Broken barriers working with Institutional Developers 76% of portfolio from Non- 24% supply from Institutional Institutional Landlords City Level (Super built up area) Developers Some of the examples… Some of the examples… DELHI (~9.6k) GURUGRAM (~1,203k) NOIDA (~860k
Slide 13: Lifecycle of a Typical Centre: Strong Unit Economics
Lifecycle of a Typical Centre: Strong Unit Economics driving Superior Payback Pre-leasing Centre Maturity Centre Payback ✓ Strong pre-fill occupancy ✓ Achieve breakeven at ~65 –70% occupancy ✓ Achieve payback in 30-32 months commitment from existing or ✓ Asset liability mismatch risk eliminated pros
Slide 14: Industry Overview
Pune | 613k square feet
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Slide 16: Flexible Workspaces are growing the fastest in India's Office Market
In India’s booming Office Market, Flexible Workspaces are growing the fastest 15 1. Market Intelligence
Slide 17: Why Smartworks
WHY SMARTWORKS AG OGRUREE PERE ORER TT) eed Ti) || | | a 25005 jeune) OHUEBe BR RNOe — age Smartworks - AP81
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Slide 19: Smartworks: What We Stand For
Smartworks: What We Stand For 18 Psf – per square feet
Slide 20: Rapidly Expanding our Pan India Footprint
We are Rapidly Expanding our Pan India Footprint North East Total SBA Total SBA % of Total % of Total (square (square SBA SBA feet) feet) 2.12 Mn 17.80% 0.37 Mn 3.12 % In addition to India, Delhi Gurugram we have ~35K square Noida Jaipur feet across 2 centres in Singapore Kolkata Ahmedabad Indore Mu
Slide 21: Our Demand Is Enterprise Focused, De-risked and Diversified
Our Demand Is Enterprise Focused, De-risked and Diversified across Cities and Sectors Large, Multicity Enterprise Clients High Rental Visibility Diverse Industry Mix 24.6% 90% 83% | 89% FY25 42.3% Rental Revenue Overall Occupancy Rate | Rental (Enterprise Clients) Committed Occupancy Rate Revenue 15
Slide 22: Our Foundation: Stability, Efficiency and Financial Prudence
Our Foundation: Stability, Efficiency and Financial Prudence OCF to EBITDA* Cost of Doing Business Reducing 855 ❖ OCF to EBITDA is Normalized operating +71% ❖ CAPEX: SW ~INR 1,350 psf (Lower than industry) cash flow (INR Mn) consistently >1 501 ❖ OPEX: SW ~INR 34-36 psf (Lower than industry) ❖ Cash
Slide 23: Our Committed Team is Led by Strong Leadership and Management Team
Our Committed Team is Led by Strong Leadership and Management Team Leadership team comes with experience across real estate, operations, financing and consulting Neetish Sarda Harsh Binani Managing Director Executive Director Supported by a strong management team comprising of Key Managerial Personn
Slide 24: Our Strategic Choices driving Sustainable Growth
Our Strategic Choices driving Sustainable Growth IMPACT SCALABILITY ❖ Large scale allows Rapid Growth Floors Entire ❖ Better space utilization of ~45 square feet/seat Campuses CUSTOMER FOCUS ❖ High predictability and visibility for Revenue Retail Enterprises & ❖ 90% Demand from Enterprise Clients cl
Slide 25: Growth Strategy fueling our Market Leadership
Growth Strategy fueling our Market Leadership 24
Slide 26: Q1 FY26 Performance
Q1 FY26 PERFORMANCE ONY Smartworks - Aurobindo Galaxy re Xxx XX & \ ‘ XO PMY Hyderabad | 463k square feet
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Slide 28: Quarterly Financial Highlights
Quarterly Financial Highlights Revenue (INR) EBITDA* (INR) PBT* (INR) Annualized ROCE* OCF* (INR) 3,792 Mn 607 Mn 168 Mn 13.0% 855 Mn ~21% YOY ~109% YOY PBT positive 6.5% points from FY25 ~71% YOY Revenue grew 21% since Q1 FY25 Annualized RoCE has almost doubled from FY25 +21% 13.0% 3,792 3,584 3,13
Slide 29: Consistently Expanding Margins
Consistently Expanding Margins +109% 607 ❖ EBITDA more than doubled 570 since Q1 FY25 ❖ Company continues to be PBT EBITDA (INR Mn) (normalized) positive Normalized 290 ❖ Our OCF to EBITDA has consistently been >1 because of Negative working capital and reducing Cost of doing business Q1 FY25 Q4 FY2
Slide 30: Scaling footprint with Low Capex per square feet
Scaling footprint with Low Capex per square feet leading to Efficient Deployment of Capital Gross Block* (INR Mn) 31% YoY • Low capex per square feet ~INR 9,910 12,075 1,350 in a straight-lease model, 13,016 Q1FY25 Q4FY25 Q1FY26 enabling rapid build-out 22% 8% Q1FY25 Q4FY25 Q1FY26 • ~8.3 Million squ
Slide 31: Quarterly Performance – Operational Metrics
Quarterly Performance – Operational Metrics 10.1 Msf 54 232k 15 730 Leased SBA Leased Centres Leased Capacity Total Cities Total Clients Seats ❖ Out of total SBA (including operational, fitouts,yet to be handed over and LOI) of 12.0 million square feet, 70% is operational, 6% is under Fitout, 9% is
Slide 32: Supply grew by 1.09 Million square feet across 14 Cities
Supply grew by 1.09 Million square feet with Centres across 14 Cities in India 12.0 ~221k sf became operational in Q1 FY26 adding ~7k capacity seats 1.9 MediaStiti (Kolkata) Bharat IT Park (Bangalore) SBA: 110k sf (21k operational) SBA: 200k sf Capacity seats: ~2k (452 operational) Capacity seats: ~
Slide 33: Historical Financials
Gurgaon | 100k square feet
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Slide 35: Reported Financial Performance
Reported Financial Performance (INR Mn) Particulars Q1FY26 Q1FY25 YoY Growth Q4FY25 QoQ Growth FY25 Revenue from operations 3,792 3,134 21.0% 3,584 5.8% 13,741 Revenue from Lease rentals 3,566 2,962 3,412 12,893 Other operating revenue* 226 173 172 848 Expenses 1,382 1,213 13.9% 1,260 9.7% 5,168 Ope
Slide 36: Normalized Business Performance (1/3)
Normalized Business Performance (1/3) (INR Mn) Particulars Q1FY26 Q1FY25 YoY Growth Q4FY25 QoQ Growth FY25 Revenue from operations (A) 3,792 3,134 21.0% 3,584 5.8% 13,741 Reported EBITDA 2,410 1,921 25.5% 2,324 3.7% 8,573 Adjustments to EBITDA Less: Repayment of lease liabilities 1,803 1,631 1,754 6
Slide 37: Normalized Business Performance (2/3)
Normalized Business Performance (2/3) (INR Mn) Particulars Q1FY26 Q1FY25 Q4FY25 FY25 Reported Gross Block 17,923 13,865 16,490 16,490 Less: Fitout cost capitalized 4,873 4,136 4,373 4,373 (Less) / Add : Other INDAS adjustments # (34) 181 (42) (42) Normalized Gross Block 13,016 9,910 12,075 12,075 Re
Slide 38: Normalized Business Performance (3/3)
Normalized Business Performance (3/3) (INR Mn) Business Performance Q1FY26 Q1FY25 Q4FY25 FY25 Reported cash flow operations 2,658 2,131 2,482 9,285 Less: Interest paid on lease liabilities 630 687 697 2,791 Payment of Principal portion of lease Liabilities 1,174 943 1,058 4,060 Normalized Operating
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Slide 40: Company Investor Relations
Company Investor Relations investor_relations@sworks.co.in Mr Diwakar Pingle / Ms Runjhun Jain www.smartworksoffice.com E:diwakar.pingle@in.ey.com/runjhun.jain1@in.ey.com T: +91 9833904971 / +91 9820720993 39
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