Smartworks Coworking Spaces Limited · NSE:SMARTWORKS
Smartworks Coworking Spaces — Q2 FY26 Earnings Presentation
40 slides from Smartworks Coworking Spaces's earnings presentation, Nov 6, 2025
Slide 1: Regulation 30 disclosure letter to NSE and BSE
info@sworks.co.in ‘ SMARTWORKS www.smartworksoffice.com ' Date: November 6, 2025 To, To, National Stock Exchange of India Limited (“NSE”) | BSE Limited (“BSE”) Listing Department Listing Department Exchange Plaza, C-1 Block G, Bandra Kurla Corporate Relationship Department Complex Bandra [E], Mumbai
Slide 2: Smartworks: Workspaces that work for you - Q2 FY26
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Slide 3: Disclaimer
Disclaimer F = 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
Slide 4: Agenda
@ The Smart Model @ Industry Overview @ Q2 FY26 Performance @ New Product Launch @ Historical Financials & Annexures
Slide 5: The Smart Model
THE SMART MODEL
Slide 6: Smartworks: India's #1 Managed Office Platform
Smartworks: India’s #1 Managed Office Platform Total | Leased SBA! o Total | Leased Total | Leased (Including Cltles - LOsTTem Sheets) Centers Capacity Seats 12.7 Msf | 103Msf 14 59| 54 294k | 235k oA 09 DK Revenue Cash Flow* Annualized RoCE* INR 4,248 Mn INR 696 Mn INR 614 Mn 14.3% Note:* Financial
Slide 7: Platform connecting landlords, clients and vendor partners
Our Platform connects Landlords, Clients, and Vendor Partners with amenity rich campuses delivering experience with efficiency &) -~ Non-institutional Landlords Enterprise Clients One stop solution with guaranteed rentals Flexible, Hassle-free offices in just 45 — 60 days SMARTWORKS Vendor Partners
Slide 8: Smartworks Experience Ecosystem
Smartworks Experience Ecosystem & 5 siness address Mail handling Shared meeting facilities Office cleaning
Slide 9: Smartworks: Our Key Pillars
Smartworks: Our Key Pillars High Predictable Self-sustaining Business Growth Revenue Cash Flows Longevity e o & R — S — " 1y Pan-India presence driven by Annuity-based, REIT-like Sustained Cash Flows, Longevity visible in extended Unique Supply Access & income streams reflecting financial prudence c
Slide 10: Flywheel Gaining Momentum Across Supply and Demand
Flywheel Gaining Momentum Across Supply and Demand Faster Scalability, Pan-India leasing Large, Entire buildings with Strong Pre-fill from Existing Clients " Institutional and Non-institutional " Scale enables Better Commercial Landlord partnerships ensure Terms with Landlords, Better Unit resilienc
Slide 11: Our Distinct Supply Advantage
Our Distinct Supply Advantage supply from Institutional of portfolio from Non- Developers Institutional Landlords “Now acquiring Supply as well” % -’ T~ Smartworks Edge ':] N . = - Taking on Large Campuses ! . 3 A T 1 As large as 800K sq ft+ vs Floors DLF Commercial Tower-A (Gurgaon) M-Agile (Pune)
Slide 12: Rapidly Expanding Pan-India Footprint
Rapidly Expanding Pan-India Footprint Total SBA % of Total Total SBA % of Total (square feet) SBA SOt (square feet) SBA //I \\ \ 207 Mn 16.33% N oohi \ 0.37 Mn 2.92% 1 elni 1 Gurligram @® g H e . Noida~ L AN \ / . ~ \\ // I’ Ny ~ . ‘v kS Seo__--7 1 \ - =i -~ ]i !| . N 5 ° ) Total SBA % of Total /’ \
Slide 13: Diversified City-Wise Supply Pipeline with Strong Growth Visibility
Diversified City-Wise Supply Pipeline with Strong Growth Visibility 7777777777 1402 | 1.29 | Pune 2.85 35.2% 395 31.0% 395 28.1% z Lol ! Bengaluru 153 18.9% 230 18.1% 2.89 20.6% <7 : 8 248 Term Sheet | Mumbai 046 5.7% 2.05 16.1% 2.05 14.6% £ i Gurugram 0.31 3.8% 1.20 9.4% 1.90 13.6% Hyderabad 0.99 1
Slide 14: Operational Portfolio Scaling Rapidly, Maturing by FY27
Operational Portfolio Scaling Rapidly, Maturing by FY27 Operational SBA Mature SBA 0.56 Maturity of operational centers 0.99 (in Mn sq ft) Operational (in Mn sq ft) 111 1.00 809 7.52 I = FY25 H1FY26 H2 FY26 (E) FY26 (E) Sep’25 Dec’25 Mar’26 Jun’26 Sep’26 Dec’26 Mar'27 13 SMARTWORKS
Slide 15: Introducing the world's largest flexible workspace campus
Raising the bar yet again — Introducing the world’s largest flexible workspace campus Eastbridge (Mumbai) | SBA: 815k sq. ft. | Capacity seats: ~17k Hiranandani creating better communities Commenting on the association, Mr. Niranjan Hiranandani, Founder & Chairman, Hiranandani Group said, “Our partn
Slide 16: Enterprise first model, de-risked and diversified
Enterprise first model with De-risked and Diversified across Cities and Sectors Large, Multicity Enterprise Clients High Rental Visibility Diverse Industry Mix —————— ~81% | ~88% Rental Revenue Overall Occupancy Rate | Q2 FY26 Rental (Enterprise Clients) Committed Occupancy Rate Revenue S ~68% 74%*
Slide 17: Enterprise-Led growth: 1,000+ Seats Cohort
Enterprise-Led growth — 1,000+ Seats Cohort Driving the Next Wave of Demand 1000+ seats client bucket: 50+ mMonihs tenure ~35°/o revenue contribution from Rental Revenue Contribution in clients with >1000-seats...& the cohort continues to grow FY22 Q2FY26 Some Examples of Clients in this Cohort iR c
Slide 18: Smartworks: What We Stand For
Smartworks: What We Stand For © Standardized Reliability Frugality High Quality Value-centric Product Campuses pricing Customers get a Offices delivered in Industry-leading cost High-quality Deliver a uniform experience less than 2 structure for CAPEX campuses with all competitive and across India m
Slide 19: Credit Rating Upgraded
Credit Rating Upgraded — Confidence reinforced through performance Improved leverage & cash flow SMARTWORKS strength 2-Notch Credit Rating Upgrade by CARE W7y (Stable) Consistent Revenue & EBITDA Ratings growth Upgraded from BBB+ (Positive) Robust liquidity & disciplined capital allocation 18 Note:
Slide 20: Industry Overview
INDUSTRY OVERVIEW Smartworks — Intellion Park Mumbai | 558k sq ft _ . -
Slide 21: Flex Spaces Dominate India's Office Boom
Flex Spaces Dominate India’s Office Boom, with Managed Workspaces Growing the Fastest Managed spaces have grown the fastest — over 25X faster than flex! The commercial office India remains the Average take-up for market is close to largest flexible j managed office over 1Bn sq ft already? I office m
Slide 22: GCCs Emerged as Primary Occupiers of Flex Spaces
GCCs have Emerged as the Primary Occupiers of Flex Spaces Across the Country Cost advantages & talent pool are [ International firms Il Startups driving the influx of GCCs in India FY23 FY24 Occupier categorization with flex adoption -2024 Growth in GCC occupied flex seats Int'l companies >> majorit
Slide 23: Derisked & Insulated Business
Derisked & Insulated Business — Making us a preferred partner even during Downturns 2 e — Asset Liability Mismatch Risk —— Concentration Risk Cyclical Risk ® Focus on mid-to-large Typically not leasing > Value Pricing ensures that enterprises drives longer lock- 30% space in a center? Smartworks is
Slide 24: Q2 FY26 Performance
Q2 FY26 PERFORMANCE Bey oy
Slide 25: Quarterly Financial Highlights
Quarterly Financial Highlights Revenue (INR) EBITDA* (INR) PBT* (INR) OCF* (INR) 4,248 Mn 696 Mn 245 Mn 614 Mn A ~21% Yoy A ~46% YOY A 153% YOY v ~29% YOY* *Includes Security Deposit part payment for ~2 Mn sq. ft. of centers yet to be handed over or under Lol, providing greater supply visibility. Re
Slide 26: Consistently Expanding Margins
Consistently Expanding Margins +46% ! 696 614 « EBITDA ~1.5x since Q2 = 475 = FY25 RE = Z £ SE > C Company continues % i to b be i PBT (Normalized) positive Q2 FY25 Q1FY26 Q2 FY26 Normalized 16.2% 16.4% 13.6% EBITDA margin> 25 Note: Financial numbers Normalized are as per Non-Gaap measures SMARTWORK
Slide 27: Key Operational Metrics
Key Operational Metrics Total SBA (Leased + LOls/Term Sheets) 9.2 12 12.7 No of Cities (Total SBA) 15 15 14 No of Centers (Total SBA) 48 56 59 No of Clients 680 730 767 Leased SBA (Operational + Fitout + Yet to be handover) 8.3 10.1 10.3 Capacity Seats (Leased SBA) (‘000s) 187 232 235 No of Centers
Slide 28: Expanding Footprint with Improving Overall Occupancy
Expanding Footprint with Improving Overall Occupancy SBA in Mn sq ft Stable % occupancy trends Committed occupancy stands at 93% for mature centres 12.7 87% 88% 86% 88% = 83% 81% o A 7] > c Q = :’ 5Q. % o o X Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1 FY26 Q2 FY26 Operational SBA | Mature SBA [l Overall SBA [ O
Slide 29: Growth Expected to Accelerate in H2 FY26
Growth is Expected to Accelerate in H2 FY26, Driven by Three Key Factors Centre level occupancy Operational Leverage Ancillary Services gains driving margin expansion ~1 Mn sq. ft. of new + Corporate costs and Cost » FaaS (Fit-out-as-a service) operational supply and VAS (Value Added of Acquisition
Slide 30: SmartVantage
SMARTVANTAGE Smartworks - DLF Commercial Tower § Gurgaon | 478k sq ft
Slide 31: GCCs Move from Cost Center to Value Creator
As GCCs Move from Cost Center to Value Creator, Smartworks is poised to be the platform for Next-Gen Growth 2030 GCC Growth Vision 14% 2400 | 115lyear 4.5 Mn CAGR growth Totalno. of GCCinIndia = New GCC set-ups Total Headcount ...20232030 & Flexibility & Growth & Strategic Ecosystem Trusted GCC More
Slide 32: Introducing SmartVantage: Purpose-Built Solution for GCCs
Introducing SmartVantage: The Purpose-Built Solution for GCCs Four Pillars powering our GCC success Legal, Compliance & Talent & Operational Innovation & Registration Workforce Solutions Support Research Setting up, Licenses, Tax Subcontracting, Hiring, and Talent- Financial audits, tax advisory, an
Slide 33: Historical Financials & Annexures
HISTORICAL FINANCIALS & ANNEXURES
Slide 34: Reported Financial Performance
Reported Financial Performance (INR Mn) Revenue from operations (A) 4,248 3,504 21.2% 3792 12.0% 8,040 6,638 21.1% 13,741 Revenue from Lease rentals 3,795 3219 3,566 7361 6,181 12,893 Other operating revenue* 453 285 226 679 457 848 Expenses 1,546 1,359 13.8% 1,382 11.9% 2,928 2,572 13.8% 5,168 Oper
Slide 35: Normalized Business Performance (1/3)
Normalized Business Performance (1/3) ) Revenue from operations (A) 4,248 3,504 21% 3,792 12% 8,040 6,638 21% 13,741 Reported EBITDA 2,701 2,145 26% 2,410 12% 5112 4,066 26% 8,573 Adjustments to EBITDA Less: Repayment of lease liabilities (2,006) (1,670) (1,796) (3802) (3,300) (6,772) Normalized EBI
Slide 36: Normalized Business Performance (2/3)
Normalized Business Performance (2/3) (INR Mn) Reported Gross Block 19,918 14,791 17,923 19,918 14,791 Less: Fitout cost capitalized (5815) (4,306) (4,873) (5815) (4,306) (4,373) (Less) / Add : Other INDAS adjustments # (11) 183 (34) ()] 183 (42) Normalized Gross Block 14,093 10,668 13,016 14,093 10
Slide 37: Normalized Business Performance (3/3)
Normalized Business Performance (3/3) (INR Mn) Reported cash flow operations 2,620 2,539 2,658 5,278 4,670 9,285 Less: - Interest paid on lease liabilities (773) (706) (689) (1,467) (1,393) (2,791) - Payment of Principal portion of lease Liabilities (1,233) (964) (1,108) (2,341) (1,907) (3,981) Norm
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Slide 40: Company Investor Relations
Company Investor Relations et SMARTWORKS EY ‘Shape the future with confidence 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 SMARTWORKS
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