Tbo Tek Ltd. · NSE:TBOTEK
Tbo Tek — Investor Presentation (February 2026)
38 slides from Tbo Tek's investor presentation, Feb 11, 2026
Slide 1: Exchange filing cover letter: Investor Presentation
February 11, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5 th Floor, Plot No. C/1 Dalal Street, G Block, Bandra-Kurla Complex, Bandra (E) Mumbai - 400 001, Maharashtra, India Mumbai - 400 051, Maharashtra, India Scrip Code: 544174 Scrip Symbol
Slide 2: TBO.com: Travel Simplified - Investor Presentation
TBO.com: Travel Simplified Investor Presentation 1
Slide 3: Disclaimer
Disclaimer This presentation may contain statements which reflect Management’s current views and estimates and could be construed as forward-looking statements. The future involves risks and uncertainties that could cause actual results to differ materially from the current views being expressed. Th
Slide 4: TBO at a Glance
TBO at a Glance TBO is now among the top four global B2B travel distributors, with strong growth potential1 Global Scaled presence Platform Europe 30,000+ 50,000 + Destination Sold2 Transacting Agents2 North America APAC Africa 140 16Mn+ Source Markets2 Hotel Searches Made (B2A)2 Latin America Sourc
Slide 5: Our Journey through the years… Organic and Inorganic Growth
Our Journey through the years… Organic and Inorganic Growth Affirma acquired Naspers’ Stake in TBO TBO Naspers Acquired $1Bn GTV Milestone Acquired TBO goes Public and Incorporated Stake in TBO Bookabed AG lists on NSE and BSE 2011 2015 2019 2023 2025 2006 2012 2018 2022 2024 Commenced International
Slide 6: Where to play?
Where to play ? tho.com 5
Slide 7: The Big opportunity
The Big opportunity The world is getting older and more prosperous Fertility 2.1 1.6 <1.5* Rates1 Between the years 2000-2005 Last Five Years (2018-2022) By 2050 66.8-68.5 72.46-73.16 >78.1* Lifespans2 Between the years 2000-2005 Last Five Years (2018-2022) By 2050 0.554 0.669 0.800* Income3 2005 La
Slide 8: The Big opportunity: Big Shift in Demographics
The Big opportunity Big Shift in Demographics The Developed World The Developing World Older and Very Prosperous Young, reaching higher income thresholds 7
Slide 9: The Big opportunity: Outbound Travel
The Big opportunity Outbound Travel : New Megatrend 1 More and more people will travel outside of their countries 2 Assisted travel will be a very large opportunity 3 Longer trips with multiple services stitched together. For Older, affluent travelers: expertise, comfort, 4 convenience, and novelty.
Slide 10: TBO has chosen to play in Premium outbound travel space
TBO has chosen to play in Premium outbound travel space Global US $1.9 trillion Travel Market1 Global Outbound US $1.36 trillion Travel Market2 Global Outbound Travel Market – US $912 billion Premium Segment3 Source: 1. 1Lattice Travel & Tourism Industry Report (2023); 2. Management Estimate; 3. Man
Slide 11: Leveraging Premium outbound travel market
Leveraging Premium outbound travel market …. A prime opportunity for assisted travel providers / travel agents Premium outbound travel space Travel agents TBO Trip Budget Local / Regional OTAs Global OTAs Bed banks Budget domestic travel space Trip Duration (short/long haul) 10
Slide 12: Right to win
Right to win too.com 11
Slide 13: Online channel is crowded; whitespace in assisted travel
Online channel is crowded; Lot of whitespace in assisted travel Travel Tour Agencies Operators 1.5Mn+ Search Engines Hotel Players 8 to 10 different players Independent across OTA, Meta TMCs Travel Agents Hotel META OTA TBO is the only global scaled-up player website Search dominating this whitespac
Slide 14: Our platform simplifies travel
Our platform simplifies travel Suppliers Direct APIs or through Retail Selling Buyers Platform supply aggregators Retail Buyers Hotels Travel Agencies Airlines Independent Travel Retail Selling Platform Advisors Travelers Car Rentals Integration API for Enterprise Customers Transfers Payments Infras
Slide 15: We address key needs of suppliers & buyers
We address key needs of suppliers & buyers Discovery Trust Payments Service Real-time access Supplier Transact in 24x7, multi-lingual to global travel onboarding is respective local pre- and post- inventory of curated by TBO currencies booking support over 1 Million+ with strict SLAs hotels & 750+ P
Slide 16: TBO's Global Footprint
TBO’s Global Footprint Europe 30% 34% 20% 279% North America 25% APAC 8% 33% 34% 9% 2% 8% 10% Latin America XX% YoY growth rate Regional share of Hotels & Ancillaries segment GTV for Q3’FY26. GTV is calculated basis source market (i.e. location of the booking agent) 15
Slide 17: Our platform is core to retail buyers and suppliers
Our platform is core to retail buyers and suppliers The buyer onboarding process has 3 key steps… Marketing Driven Sales Driven Platform Driven Account ~200K Lead generation Nurturing onboarding Registered Travel Agent Base2 Inbound: Website registrations Seamless KYC1 with country specific Data led
Slide 18: Interlinked flywheels enhance value proposition for our partners
Interlinked flywheels enhance value proposition for our partners More More Buyers Data Wider More Richer options Network effects Learning effects Transactions insights for Buyers Superior More platform Suppliers experience 17
Slide 19: Our dynamic founding team is backed by an experienced board
Our dynamic founding team is backed by an experienced board… Ravindra Dhariwal Ankush Nijhawan Gaurav Bhatnagar Akshat Verma Chairman and Independent Co-founder, Joint Managing Co-founder, Joint Managing Chief Technology Officer & Director Director Director Whole-time Director Prior : Pepsico Prior:
Slide 20: …and is supported by a deeply experienced team
…and is supported by a deeply experienced team Gerardo Del Rio Melissa Krueger Akshat Verma Nishant Misra Vikas Jain President – International CEO – Classic Vacations Chief Technology Officer Chief Product Officer Chief Financial Officer Prior: Hotelbeds, Dida Travel Prior: Travel Impressions Prior:
Slide 21: Our strategic vectors that contributed to rapid growth
Our strategic vectors that contributed to rapid growth A B Expand in new Grow buyer Bolster supplier New lines of business New product lines geographies segments network E.g., Paxes, Umrah E.g., Car Rental, Transfers Grow Platform Users Diversified lines of revenue across the globe Strategic Vectors
Slide 22: Our journey of over 18 years
Our journey of over 18 years Strong YoY GTV growth Driving growth through business diversification Investment in technology driving operating leverage Capital efficient business model with strong cash generation Delivering positive shareholder returns 21
Slide 23: Our Business Approach
Our Business Approach Transacting Gross Profit EBITDA GTV Revenue buyers1 Grow Buyer Increase buyer Focus on Focus on multiple Improve base in existing stickiness and product & products, e.g.- operating and new share of wallet geography mix hotels and leverage and geographies and improve ancillaries
Slide 24: Solid Q3 performance driven by broad-based growth and integration of CV
Solid Q3 performance driven by broad-based growth and integration of CV Transacting buyers GTV Revenue Gross Profit Adj. EBITDA (Monthly) (Before M&A Costs) Reported 33,324 9,709 Cr. 784 Cr. 483 Cr. 115 Cr. (TBO Organic + CV) Up 16% YoY Up 35% YoY Up 86% YoY Up 63% YoY Up 53% YoY TBO Organic 31,262
Slide 25: Adjusted EBITDA Walk
Adjusted EBITDA Walk Quarter ended Nine months ended Year ended Particulars (INR Cr.) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 March 31, 2025 Profit/(loss) for the year/period (A) 53.7 67.5 42.0 125.2 121.0 229.9 Tax Expense (B) 12.4 10.7 11.2 23.0 2
Slide 26: Our Strengths
Our Strengths 1 Platform creating network effect 4 Data driven decision making across with interlinked flywheels to the enterprise enhance value proposition for partners 2 Modular and scalable proprietary 5 Founder led company supported by technology platform allowing experienced professional Our fi
Slide 27: Scalable Business Model with Operating Leverage
Scalable Business Model with Operating Leverage 26
Slide 28: Strong operating leverage
Strong operating leverage High buyer retention “Global” Network Effects Zero marginal cost and increased wallet leading to transaction of serving new share growth outpacing buyer transactions because of growth technology automation All incremental benefits go to bottom line leading to High Operating
Slide 29: Sustained momentum at historical high levels of engagement
Sustained momentum at historical high levels of engagement Monthly Active Agents (International Business*) 12.2K 8.6K Apr'24 May'24 Jun'24 Jul'24 Aug'24 Sep'24 Oct'24 Nov'24 Dec'24 Jan'25 Feb'25 Mar'25 Apr'25 May'25 Jun'25 Jul'25 Aug'25 Sep'25 Oct'25 Nov'25 Dec'25 • Monthly Active Agents base showin
Slide 30: Acceleration of new agent addition has started showing up in incremental growth
Acceleration of new agent addition has started showing up in incremental growth Sales Driven by New Agents* 1,435.1** 9.4% 137 1.5x new business from New Agents (acquired in current year) 1,169** 6.1% New Cohort 71 Old Cohorts 9M’FY25 9M’FY26 Notes: * New Agent is defined as an agent who made his fi
Slide 31: Thank You!
Thank You! TRAVEL SIMPLIFIED
Slide 32: Annexures
Annexures tbo.com 31
Slide 33: India | Strong recovery in the Airline business in Q3'FY26
India | Strong recovery in the Airline business in Q3’FY26 580 2% Market fundamentals 573 570 24K 69 559 560 Transacting Cities with 550 Agents Feet-on-street GTV (₹ Cr) 540 530 15% 20 520 Non-Air Regional sales 510 Saliency offices 500 Q3'FY25 Q3'FY26 1) The India business continued the upward traj
Slide 34: Europe | Continued strength across markets while building presence in new markets
Europe | Continued strength across markets while building presence in new markets 1900 34% 1,862 Market fundamentals 1700 1500 1,392 5K Transacting Agents 27 Countries with Feet-on-street GTV (₹ Cr) 1300 1100 30% 900 51 Business Source Markets 700 Salience in the region 500 Q3'FY25 Q3'FY26 1) Contin
Slide 35: MEA | Gaining depth in select markets and increasing SoW
MEA | Gaining depth in select markets and increasing SoW 1,600 1,582 Market fundamentals 33% 5.4K 15 1,400 1,193 Transacting Countries with Agents Feet-on-street GTV (₹ Cr) 1,200 1,000 25% Business 42 Source Markets 800 Salience in the region 600 Q3'FY25 Q3'FY26 1) The MEA market grew 33% YoY during
Slide 36: Latin America
Latin America 500 10% 488 Market fundamentals 3.7K 7 450 444 Transacting Countries with Agents Feet-on-street GTV (₹ Cr) 400 8% 23 350 Business Source Markets Salience in the region 300 Q3'FY25 Q3'FY26 1) Argentina and Colombia, our 2nd and 3rd largest source markets in the region, delivered double
Slide 37: North America
North America 1,400 1,267 Market fundamentals 1,200 279% 4.8K 2 1,000 * Transacting Countries with Agents Feet-on-street GTV (₹ Cr) 800 600 400 334 20% 2 200 Business Source Markets Salience in the region - Q3'FY25 Q3'FY26 1) The integration of Classic Vacations drove a 279% YoY GTV increase for our
Slide 38: APAC | Unlocking Potential in High Growth APAC Markets
APAC | Unlocking Potential in High Growth APAC Markets 550 510 Market fundamentals 500 34% 2.7K 15 450 Transacting Countries with Agents Feet-on-street GTV (₹ Cr) 400 381 350 300 250 200 Q3'FY25 Q3'FY26 8% Business Salience 20 Source Markets in the region 1) Asia Pacific GTV grew 34% YoY, led by str