Prime Focus Limited · NSE:PFOCUS
Prime Focus — Investor Presentation (September 2026)
45 slides from Prime Focus's investor presentation, Sep 29, 2026
Slide 1: Exchange filing cover letter
September 29, 2026 To, To, National Stock Exchange of India Limited BSE Limited Listing Department, Listing Department, Exchange Plaza, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra East, Dalal Street Mumbai - 400 051 Mumbai - 400 001 Fax Nos.: 26598237 I 26598238 Fax Nos.: 22723121/2037/2
Slide 2: Investor Presentation
INVESTOR PRESENTATION
Slide 3: Table of Contents
1. EXECUTIVE SUMMARY 2. BUSINESS OVERVIEW ○ CREATIVE SERVICES TABLE OF ○ BRAHMA AI CONTENTS ○ PRIME FOCUS STUDIOS 3. FINANCIAL PERFORMANCE 2 2
Slide 4: Forward Looking and Cautionary Statement (1/2)
FORWARD LOOKING AND CAUTIONARY STATEMENT (1 / 2) THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE NOT FOR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA. Important Notice: This presentation and the accompanying slides (the “prese
Slide 5: Forward Looking and Cautionary Statement (2/2)
FORWARD LOOKING AND CAUTIONARY STATEMENT (2 / 2) No recommendation is made as to how investors should exercise any investment decision. Past performance information in this presentation should not be relied upon as an indication of (and is not an indicator of) future performance. This presentation c
Slide 6: 1. Executive Summary
1. EXECUTIVE SUMMARY
Slide 7: Leading Tech-Enabled Creative Solutions Provider to the Entertainment Industry
LEADING TECH-ENABLED CREATIVE SOLUTIONS PROVIDER TO THE ENTERTAINMENT INDUSTRY ● Long-standing relationships with content ● Advantage of Brahma AI - the AI-native operating system for enterprise creators around the world audiovisual content, as well as tech stacks developed across DNEG ● Full suite
Slide 8: Key Milestones in PFL's Journey of Success
KEY MILESTONES IN PFL’S JOURNEY OF SUCCESS INDEPENDENT PLAYER ERA GLOBAL EXPANSION NEXT LEG OF GROWTH Becoming one of the key players in VFX and DNEG brand solidifies and Expansion by new business vectors listing on the Indian Stock Exchanges global expansion continues enabled by AI-led capabilities
Slide 9: Simplified Organizational Structure
SIMPLIFIED ORGANIZATIONAL STRUCTURE Promoter group Other Shareholders(1) 60.5% 39.5% Prime Focus Ltd (PFL) (listed entity) 88.3%(2) 7.5% United Al Saqer Group (UASG) DNEG S.à r.l. 4.3% ESOPs 100% Other Global Double Negative 20.0% Founder shares, ESOPs, and Subsidiaries(3) Holdings Ltd (UK) others 7
Slide 10: Multi-Brand Platform Across the Content Value Chain
MULTI-BRAND PLATFORM ACROSS THE CONTENT VALUE CHAIN Creative services AI-native enterprise content Production studio developing IP Core business unit focused on Sub-brand of VFX / animation platform for media asset and producing original feature and providing VFX, animation, stereo services focused
Slide 11: Key Highlights
KEY HIGHLIGHTS 1 PRESENT IN LARGE CORE MARKETS WITH MULTIPLE ADJACENT GROWTH OPPORTUNITIES 2 LEADING INDEPENDENT PROVIDER OF VFX AND ANIMATION SERVICES AT SCALE 3 LONG-STANDING STUDIO AND STREAMER RELATIONSHIPS DRIVE RECURRING REVENUES 4 BRAHMA AI PLATFORM INVESTMENT AND GLOBALLY INTEGRATED TECH BAC
Slide 12: Present in Large Core Markets with Multiple Adjacent Growth Opportunities
1 PRESENT IN LARGE CORE MARKETS WITH MULTIPLE ADJACENT GROWTH OPPORTUNITIES ● High-budget feature films and high-end episodic content account for a significant share of VFX & animation spend VFX & ANIMATION MARKET SIZE (2025E; $B) ○ Higher-budget and effects-led productions typically require greater
Slide 13: Content Production Landscape Is Broadening Across Film, Streaming and Immersive
1 THE CONTENT PRODUCTION LANDSCAPE IS BROADENING ACROSS FILM, STREAMING AND IMMERSIVE EXPERIENCES PREMIUM FILM STREAMING IMMERSIVE EXPERIENCES (Theatrical releases) (Premium over-the-counter content) (Digital concerts, Theme park rides) Paramount Skydance / Warner Bros. 30 Discovery minimum commitme
Slide 14: Leading Independent Provider of VFX and Animation Services at Scale
2 LEADING INDEPENDENT PROVIDER OF VFX AND ANIMATION SERVICES AT SCALE Scale is a key differentiator in a highly fragmented market across feature and episodic production(1) PROVIDERS OF VFX PROVIDERS ANIMATION PROVIDERS BOTH(2) Competitive Advantage Globally (1) ✔ Fully embedded into content Scaled X
Slide 15: Long-Standing Studio Relationships and Filmmaker Collaborations
3 LONG-STANDING STUDIO RELATIONSHIPS AND FILMMAKER COLLABORATIONS DRIVE RECURRING REVENUES 20+ YEARS OF RELATIONSHIP(1) WITH …AND REPEAT COLLABORATIONS …WITH MULTIPLE CUSTOMERS INCREASING THEIR BUSINESS MULTIPLE TOP PRODUCTION HOUSES… WITH MARQUEE FILMMAKERS… WITH THE COMPANY Director Select project
Slide 16: Brahma AI Emerging as an AI-Native Enterprise Content Platform
4 BRAHMA AI EMERGING AS AN AI-NATIVE ENTERPRISE CONTENT PLATFORM High-fidelity output combined with enterprise-grade trust infrastructure STUDIO AI content creation engines 90M+ 90+ ATMAN VAANI IDEATION AGENT Assets Home grown managed AI engines Photoreal Digital Humans Face & Voice Localization Con
Slide 17: Globally Integrated Tech Backbone with Continued AI Investments
4 GLOBALLY INTEGRATED TECH BACKBONE WITH CONTINUED AI INVESTMENTS Ability to implement tech-driven solutions to execute technical, complex VFX work, maintain stringent cybersecurity requirements, and foster global workforce collaboration, drives efficiencies and improves margins c.400,000 c.70 PB c.
Slide 18: Global Footprint Across Key VFX Hubs with Attractive Tax Incentives
5 GLOBAL FOOTPRINT ACROSS KEY VFX HUBS WITH ATTRACTIVE TAX INCENTIVES DNEG’s global footprint provides a competitive advantage, allowing the company to take advantage of attractive tax incentive structures in different countries, and provide services worldwide at a lower cost due to a large India-ba
Slide 19: Experienced Management Team Across PFL and Brahma AI
6 EXPERIENCED MANAGEMENT TEAM ACROSS PFL AND BRAHMA AI VIKAS RATHEE ANSHUL DOSHI JO PLAETE CFO GROUP PRESIDENT & COO CTO, BRAHMA AI SIMON HEDGES MERZIN TAVARIA PRABHU NARASIMHAN MURALIDHAR S. NAMIT MALHOTRA CHIEF BUSINESS OFFICER CO-PRESIDENT, VFX PRESIDENT, BRAHMA AI FOUNDER, PRIME FOCUS GROUP, AND
Slide 20: Financial Profile Underpinned by Strong Growth and Resilient Operating Model
7 FINANCIAL PROFILE UNDERPINNED BY STRONG GROWTH, AND A RESILIENT AND SCALABLE OPERATING MODEL CONSISTENT GROWTH SUPPORTED BY DIVERSIFIED GLOBAL MIX RESILIENT MARGINS SUPPORTED BY OPERATING LEVERAGE TOTAL REVENUE FROM OPERATIONS (INR Cr.)(1) EBITDA (INR Cr.)(2) | EBITDA MARGIN (%) 23.5% 21.0% 6.4% 2
Slide 21: 2. Business Overview
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Slide 22: Creative Services
CREATIVE SERVICES — ONEG ReDefine’ | : ~~ A SS S iy) tii, OW’ \ »
Slide 23: Illustrious History of Recognitions and Long-Term Relationships with Major Studios
ILLUSTRIOUS HISTORY OF RECOGNITIONS AND LONG-TERM RELATIONSHIPS WITH MAJOR STUDIOS DNEG creative supervisors have won many prestigious industry awards over recent years 8 ACADEMY AWARDS 8 BAFTA AWARDS 26 VISUAL EFFECTS SOCIETY AWARDS 4 PRIMETIME EMMY AWARDS LONG-TERM RELATIONSHIPS WITH ALL MAJOR HOL
Slide 24: DNEG Is Fully Integrated into the Content Creation Process (1/2)
DNEG IS FULLY INTEGRATED INTO THE CONTENT CREATION PROCESS (1 / 2) Revenues are not dependent on release date, but rather work completion, taking no production risk (Months before release) CONTENT RELEASED PRE-PRODUCTION + CONCEPT ART Contributes majority of the revenue c.10 months THE ODYSSEY CASE
Slide 25: DNEG Is Fully Integrated into the Content Creation Process (2/2)
DNEG IS FULLY INTEGRATED INTO THE CONTENT CREATION PROCESS (2 / 2) PFL has complete end-to-end capabilities available to partner with the world’s premier content creators Film & Episodic VFX AI Full service, end-to-end Tools Feature & Episodic Animation capabilities across: ● Pre-production Stereo E
Slide 26: New Growth Vector: Immersive Experiences
NEW GROWTH VECTOR: IMMERSIVE EXPERIENCES DNEG IXP (Immersive Experiences) creates media for themed entertainment and immersive experiences, pushing storytelling beyond traditional screens and into physical worlds DNEG IXP combines our global network of creative and technical talent with cutting-edge
Slide 27: Slide 27
Slide 28: Building the AI-Native Operating System for Content Management, Creation and Innovation
BUILDING THE AI-NATIVE OPERATING SYSTEM FOR CONTENT MANAGEMENT, CREATION AND INNOVATION STUDIO ● Advanced Creative AI suite empowering rapid creation, manipulation, and localization of high-fidelity content, powered by proprietary models like ATMAN and VAANI ● Brahma AI Studio also undertakes deep r
Slide 29: Enterprise Customers with Roots in Media & Entertainment
ENTERPRISE CUSTOMERS WITH ROOTS IN MEDIA & ENTERTAINMENT AND EXPANDING ACROSS OTHER SECTORS Scaling personalized, trusted content across industries MEDIA & SPORTS & HEALTHCARE & ADVERTISING & ENTERTAINMENT ATHLETICS PHARMA CREATIVE AGENCIES Digital athletes for fan Digital brand ambassadors Anchor &
Slide 30: Brahma AI Fund Raise: A Significant Milestone
BRAHMA AI FUND RAISE: A SIGNIFICANT MILESTONE IN THE EVOLUTION OF A SCALED, INDEPENDENT AI PLATFORM Brahma AI raises $150M at a $2B post-money valuation ● On September 23, 2026, Brahma AI announced a capital raise of $150M from investors led by funds managed by Multiples Alternate Asset Management (
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Slide 32: Key Upcoming Prime Focus Studios Releases
KEY UPCOMING PRIME FOCUS STUDIOS RELEASES SECRET AGENT RAMAYANA ANGRY BIRDS 3 JACK STALWART ANIMAL FRIENDS COCOMELON EXPANDING GLOBAL ANIMATION PRESENCE ● Prime Focus Studios has partnered with SETT (a Spanish public investment agency) to acquire majority stake in ‘Anima Kitchent’ to Renaissance Par
Slide 33: Selective, Risk Hedged and Cash Accretive Content Investments
SELECTIVE, RISK HEDGED AND CASH ACCRETIVE CONTENT INVESTMENTS INNER CIRCLE RISK HEDGED, INVESTMENT CONTROL ON VISIBILITY CASH ACCRETIVE FRAMEWORK PRODUCTION SCHEDULES ● Visibility on marquee global ● Services contract size is ● Minority stakes at ● Control on work turnover premium content being a ty
Slide 34: "The Garfield Movie": Integrated Model Spanning Investment, Services and Franchise
“THE GARFIELD MOVIE”: INTEGRATED MODEL SPANNING INVESTMENT, SERVICES AND FRANCHISE PARTICIPATION “THE GARFIELD MOVIE” CASE STUDY INVESTMENT PREFERRED FRANCHISE ABOUT THE PROJECT ANIMATION CONTRACT & ROI PARTNER ● Produced by Alcon ● DNEG invested $21.5M ● Given DNEG was a ● The sequel - The Garfield
Slide 35: "Ramayana": Commercial Momentum from Our Studio Investment
“RAMAYANA”: COMMERCIAL MOMENTUM FROM OUR STUDIO INVESTMENT STRONG ENTERTAINMENT ONE OF THE BIGGEST INDIAN MOVIE ALLIANCES TRAILER LAUNCHES ● Sony Pictures comes onboard ● 1B+ views within the first 7 days(1) for global theatrical distribution (excluding India) SHOWCASE AT SAN DIEGO COMIC-CON ● Dharm
Slide 36: 3. Financial Performance
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Slide 37: Robust Revenue and Profitability, Underpinned by Multiple Growth Avenues
ROBUST REVENUE AND PROFITABILITY, UNDERPINNED BY MULTIPLE GROWTH AVENUES TOTAL REVENUE FROM OPERATIONS (INR Cr.)(1) EBITDA %(2) 23.5% 21.0% 6.4% 21.8% 30.4% 23.9% 23.8% Effect of Hollywood strikes ● Steady revenues driven by continued work with top production houses across multiple business vectors
Slide 38: Inherent Economies of Scale Driven by a Cost Efficient Operating Model
INHERENT ECONOMIES OF SCALE DRIVEN BY A COST EFFICIENT OPERATING MODEL EMPLOYEE COSTS (INR Cr.)(1) OTHER DIRECT COSTS AND OPEX (INR Cr.)(3) % of Total Revenue % of Total Revenue 73.3% 60.6% 54.0% 57.6% 59.3% from Operations (2) 20.3% 17.5% 15.6% 18.5% 16.9% from Operations (2) 804 728 631 189 214 Em
Slide 39: India-Based Delivery Model Enabling Cost Efficiency and Flexible Scaling
INDIA-BASED DELIVERY MODEL ENABLING COST EFFICIENCY AND FLEXIBLE SCALING GLOBAL # OF EMPLOYEES (AS OF MONTH END) % of employees 78% 80% 76% 79% 75% in India LOW-COST ADVANTAGE ● c.75% of total headcount is India-based providing significant cost arbitrage and favourable FX economics SCALABILITY AND F
Slide 40: Working Capital Expected to Normalise as Project Monetisation Accelerates
WORKING CAPITAL EXPECTED TO NORMALISE AS PROJECT MONETISATION ACCELERATES NET WORKING CAPITAL (NWC) DAYS(1) Net working 1,895 2,173 2,495 ● NWC elevated in recent years due to working capital (INR Cr.)(2) capital tied up in receivables and investment associated with Ramayana, as well as the impact o
Slide 41: Strategic Capex Investments Building Global Capacity
STRATEGIC CAPEX INVESTMENTS BUILDING GLOBAL CAPACITY AND ENABLING FUTURE GROWTH CAPEX (INR Cr.)(1) ● CAPEX TOWARDS BUILDING GLOBAL CAPACITY % of Total Revenue 7.7% 10.2% 11.4% ○ Established beachheads in Canada, Australia, UK from Operations(2) and Europe ○ Built a strong backbone infrastructure in
Slide 42: Debt Overview
DEBT OVERVIEW DEBT OVERVIEW (INR Cr.) ● Increase in Gross debt in FY26 primarily driven by (a) non-cash FX FY25A FY26A Q1’FY27A impact from conversion of foreign currency loans into INR terms, and (b) new construction finance facility and Gross debt(1) 4,093 4,941 5,155 increased working capital req
Slide 43: PFL Income Statement
PFL INCOME STATEMENT INR Cr.; FYE March FY24A FY25A FY26A YoY Q1’FY26A Q1’FY27A YoY Total Revenue from 3,951 3,599 4,676 30% 1,023 1,267 24% operations(1) ● Sustained revenue growth (30% YoY Personnel cost (2) 3,245 2,370 2,827 19% 653 844 29% in FY26A and 24% in Q1’FY27A) Employee cost 2,894 2,182
Slide 44: PFL Balance Sheet
PFL BALANCE SHEET INR Cr.; FYE March FY24A FY25A FY26A Assets 1 Other financial assets includes (A) Unbilled revenue, and (B) Current assets Advances towards content investments Cash and cash equivalents(1) 142 214 688 ○ “Unbilled revenue” is generated in the course of business Trade and other recei
Slide 45: Thank You
fe) — fume Olay THANK YOU