Embassy Office Parks Reit · NSE:EMBASSY.RR
Embassy Office Parks Reit — Q4 FY2026 Earnings Presentation
57 slides from Embassy Office Parks Reit's earnings presentation, Apr 27, 2026
Slide 1: Embassy Office Parks REIT FY2026 Earnings Materials
Embassy Office Parks REIT FY2026 Earnings Materials April 27, 2026
Slide 2: Press Release
Q4 FY2026 Earnings Materials Press Release Embassy REIT Leases 6.4 MSF in FY2026 and Grows Net Operating Income by 15%; Guides to Double-Digit Growth in FY2027 for the Second Consecutive Year • Leases 6.4 msf across 86 deals in FY2026 at 17% higher leasing spreads • Achieves double-digit growth with
Slide 3: Press Release (Cont'd)
Q4 FY2026 Earnings Materials Press Release (Cont’d) Financial Highlights • Grew Revenue from Operations by 13% YoY to ₹4,582 crores and Net Operating Income (NOI) by 15% to ₹3,760 crores in FY2026 • Delivered Distributions of ₹2,396 crores or ₹25.28 per unit, up 10% YoY for FY2026; Cumulative distri
Slide 4: Table of Contents
Q4 FY2026 Earnings Materials Table of Contents I. Key Highlights 5 II. Business Updates 15 III. Development Updates 23 IV. Financial Updates 30 V. Market Outlook 38 VI. ESG & Total Business Ecosystem 43 VII. Appendix 48 4
Slide 5: I. Key Highlights
I. Key Highlights Embassy Oxygen, Noida
Slide 6: 7-Year Recap – Performance Since Listing
Q4 FY2026 Earnings Materials 7-Year Recap– Performance Since Listing Delivered strong performance across all key metrices since listing, including 12% annualized total returns to our investors 75% 17.3 msf 11.4 msf Increase in Completed Area Acquisitions since Listing, New Buildings Delivered(2) fro
Slide 7: FY2026 – Robust Leasing & Portfolio Expansion
Q4 FY2026 Earnings Materials FY2026 – Robust Leasing & Portfolio Expansion Solid Year with 6.4 msf leasing at 17% spreads, resulting in occupancy growth of 300 bps to 90%, on an expanded operational portfolio of 43.5 msf Leased 6.4 msf across 86 Deals in FY2026; 59% driven by GCCs Grew Occupancy by
Slide 8: FY2026 - 10% YoY DPU Growth
Q4 FY2026 Earnings Materials FY2026 - 10% YoY DPU Growth Achieved FY2026 financial guidance with a 15% growth in NOI and 10% growth in distributions, on a YoY basis Particulars FY2026 FY2025 Growth (%) Delivered on FY2026 Distribution Guidance Distribution / Unit (₹) ₹24.50 - ₹26.00 FY26 DPU Revenue
Slide 9: Proactive Debt Management
Q4 FY2026 Earnings Materials Proactive Debt Management Successfully raised ₹11.2k crores during FY2026, including ₹3,400 crores of 10-year NCDs, reducing our in-place debt cost by 65 bps to 7.25% Reduced In-place Debt Cost by 65 bps Raised ₹11.2k crores from a Diverse Investor Pool Insurance 65 bps
Slide 10: Completed Pinehurst Acquisition
Q4 FY2026 Earnings Materials Completed Pinehurst Acquisition Completed the acquisition of Pinehurst, 100% leased 0.3 msf building within our prime asset Embassy GolfLinks, from a third-party 0.3 msf Total Leasable Area ₹852 crs Total Enterprise Value(1) ~7.9% NOI Yield(2) Actual Picture Notes: (1) T
Slide 11: Completed our First Divestment
Q4 FY2026 Earnings Materials Completed our First Divestment Completed the divestment of two strata-owned blocks totaling 0.4 msf at Embassy Manyata, aligning with our capital recycling strategy and enhancing our portfolio efficiency Block A2 231k sf 0.4 msf Total Leasable Area(1) Block 1A & 1B 145k
Slide 12: Unlocking Growth at Embassy Manyata
Q4 FY2026 Earnings Materials Unlocking Growth at Embassy Manyata Revised upwards the total re-development potential of E1 block to 1.4 msf (vs 0.8 msf announced in Q3) 7x Increase in Leasable Area (from 0.2 msf to 1.4 msf)(1) 22% Yield on Cost(2) Dec’29 Target Delivery Perspective Notes: (1) Demolit
Slide 13: FY2027 – Guiding to Double-Digit Growth
Q4 FY2026 Earnings Materials FY2027 – Guiding to Double-Digit Growth Guiding to second consecutive year of double-digit growth, with a 13% NOI growth and 10% DPU growth for FY2027, at mid point of guidance range Distributions (₹ per Unit) NOI (₹ crores) ₹27.00 - ₹28.60 ₹4,150 crs - ₹4,350 crs 27.80
Slide 14: Multiple Embedded Growth Levers
Q4 FY2026 Earnings Materials Multiple Embedded Growth Levers Our strategy banks on multiple drivers to boost NOI and generate long-term total returns for investors 4.5 msf 4.1 msf Vacant Vacantarea arealease-up next lease-up few years the next –– occupancy few years expected occupancy to stabili
Slide 15: II. Business Updates
FIFC, Mumbai II. Business Updates
Slide 16: Robust Leasing During the Year
Q4 FY2026 Earnings Materials Robust Leasing During the Year Leased a total of 6.4 msf in FY2026 across 86 deals, including 4.0 msf of new leasing at 24% re-leasing spreads 8.1 6.4 msf Area (msf) Total Lease-up 6.6 across 86 deals(1) 6.4 5.0 4.0 msf 6.8 New Lease-up at 24% Re-leasing Spreads 5.0 4.9
Slide 17: Leasing Highlights for Q4
Q4 FY2026 Earnings Materials Leasing Highlights for Q4 Leased 1.8 msf in Q4, driven by GCCs (69% of Q4 Leasing), including 0.9 msf of pre-leasing in the upcoming deliveries in Bangalore and Chennai Occupier Property Sector Area ('000 sf) Q4 Leasing – Sectoral Split New Leases 364 Financial Services
Slide 18: Grew Portfolio Occupancy to 90%
Q4 FY2026 Earnings Materials Grew Portfolio Occupancy to 90% Grew portfolio occupancy by 300 bps YoY to reach 90% by area, on an expanded base of 43.5 msf Occupancy (%) Occupancy (%) City Delivered on FY2026 Occupancy Guidance Q4 FY26 Q4 FY25 Completed Area (msf) Occupancy +300 bps Bangalore Area +8
Slide 19: Portfolio Market Rents Up 8% YoY
Q4 FY2026 Earnings Materials Portfolio Market Rents Up 8% YoY Portfolio market rents gone up by 8% during the Market year, increasing Rent MTM our total portfolio MTM potential to 10% Growth YoY (%) Potential (%) Portfolio Market Rent (₹ psf) Market Rent Growth for Marquee Assets 5% 10% Market Rent
Slide 20: Achieved 24% Leasing Spreads
Q4 FY2026 Earnings Materials Achieved 24% Leasing Spreads Signed FY26 leases at 24% re-leasing spreads, including an average 5% premium to market rents, demonstrating our portfolio strength Bangalore Mumbai Rent (₹ psf) 105 Rent (₹ psf) 285 4% 10% 21% 25% 84 211 Old MTM Premium Agreed Rent Old MTM P
Slide 21: Embedded Rent Growth
Q4 FY2026 Earnings Materials Embedded Rent Growth Contracted escalations (~5% p.a. or 15% every 3 years) and significant MTM opportunity on lease expiries are key drivers of our NOI growth 14% Avg. Contractual Rent Escalations on 43 msf till FY2030 13%(1) Blended MTM Potential on 8.5 msf or 21% of L
Slide 22: Hospitality Business Update
Q4 FY2026 Earnings Materials Hospitality Business Update Our hotel portfolio remained resilient amidst geopolitical tensions; recorded FY2026 occupancy of 63% and ADR growth of 8% YoY Revenue (₹ crs), EBITDA (₹ crs) and Occupancy (%) 26% 50% 56% 63% 63% 504 532 436 339 230 241 184 98 61 (15) FY22 FY
Slide 23: III. Development Updates
Embassy Splendid TechZone, Chennai III. Development Updates
Slide 24: Active Development Pipeline
Q4 FY2026 Earnings Materials Active Development Pipeline Total development pipeline of 6.2 msf across Bangalore and Chennai; around 60%(2) already pre-leased for the next 2-years’ deliveries Development Pipeline (msf) Area (msf) 86%(1) 100% 48%(2) - ₹3,500 crs Total Capex for Ongoing 3.3 3.3 Office
Slide 25: Delivered: Blocks D1 and D2 at Embassy Manyata
Q4 FY2026 Earnings Materials Delivered: Blocks D1 and D2 at Embassy Manyata 1.4 msf Total Leasable Area 86% Leased to Multiple Tenants (incl. a Major Australian Bank) Delivered OC Received in Feb’26 Actual Picture Note: (1) Apr’26 Picture 25
Slide 26: Delivered: Block 4 at Embassy Splendid TechZone
Q4 FY2026 Earnings Materials Delivered: Block 4 at Embassy Splendid TechZone 0.6 msf Total Leasable Area 56% Pre-leased to Multiple Tenants(1) Delivered OC Received in Feb’26 Actual Picture Note: (1) Includes expansion options of 70k sf with a global accounting firm 26 (2) Apr’26 Picture
Slide 27: Upcoming Deliveries: Block 1 at Embassy Splendid TechZone
Q4 FY2026 Earnings Materials Upcoming Deliveries: Block 1 at Embassy Splendid TechZone 0.6 msf Total Leasable Area Actual Picture 100% Pre-leased to Cognizant for a GCC Tenant Jun’26 Target Delivery Perspective Note: (1) Apr’26 Picture 27
Slide 28: Upcoming Deliveries: Hotels at Embassy TechVillage
Q4 FY2026 Earnings Materials Upcoming Deliveries: Hotels at Embassy TechVillage 518 Keys Dual-branded Hilton Hotels 30k sf Convention Center Jul’26 – Mar’27 Target Launch(1) (OC Received) Perspective Actual Picture Notes: (1) Target launch of the 3-star hotel in Jul’26 followed by the 5-star hotel i
Slide 29: Launched New Hotel in Pune
Q4 FY2026 Earnings Materials Launched New Hotel in Pune Launched the construction of 116-key ‘Spark by Hilton’ hotel in Embassy TechZone in Pune, envisioned as a strategic ancillary offering for the tenants in our park and vicinity areas Spark by Hilton Mid Chain Scale Hotel at Embassy TechZone, Pun
Slide 30: IV. Financial Updates
IV. Financial Updates Hilton Embassy GolfLinks, Bengaluru
Slide 31: Strong Q4 Financial Performance
Q4 FY2026 Earnings Materials Strong Q4 Financial Performance Grew Q4 Revenue and NOI by 11% and 9% YoY, respectively, resulting in a 14% growth in distributions Particulars Q4FY2026 Q4 FY2025 Growth(%) Grew NAV per Unit by 16% YoY NAV per Unit (₹) Revenue (₹ crs) 1,205 1,086 +11% +16% NOI (₹ crs) 97
Slide 32: 10% YoY Growth in Distributions
Q4 FY2026 Earnings Materials 10% YoY Growth in Distributions Delivered annual distributions of ₹2,396 crs or ₹25.28 per unit , up 10% YoY. Cumulative distributions of over ₹14,400 crs since listing Distribution Highlights Distribution Mix – FY2026 Particulars Q4 FY2026 FY2026 Interest Distribution p
Slide 33: Well-Diversified Debt Book
Q4 FY2026 Earnings Materials Well-Diversified Debt Book Total debt book of ₹22k crs well-balanced across diverse investor pools, debt instruments and tenures Diversified Investor Pools Diversified Debt Composition Mutual Funds Fixed 30% 31% Rate Debt Insurers Leverage(1) with Dual 60% AAA / Stable C
Slide 34: Debt Optimization Initiatives
Q4 FY2026 Earnings Materials Debt Optimization Initiatives Active debt management aimed at managing comfortable debt levels, capitalizing on lower rates and staggering debt maturities 79% 78% 62% 61% 60% 51% 60% 26 24 30 22 23 22 45 35% 10.00% 32% 9.61% 30% 9.50% 30% 29% 28% 9.00% 25% 24% 8.50% 22%
Slide 35: 16% YoY Growth in NAV
Q4 FY2026 Earnings Materials 16% YoY Growth in NAV Gross Asset Value up by 15% YoY to ₹70.5k crores and Net Asset Value up by 16% YoY to ₹491.62 per unit Particulars (₹ crs) March 31, 2026 GAV Break-up by Segment Gross Asset Value (GAV)(1,2) 70,540 Add: Other Assets 5,202 Less: Other Liabilities (6,
Slide 36: Walkdown of Key Financial Metrics
Q4 FY2026 Earnings Materials Walkdown of Key Financial Metrics Particulars (₹ crs) Q4 FY2026 Q4 FY2025 Variance (%) FY2026 FY2025 Variance (%) Revenue from Operations 1,205 1,086 11% 4,582 4,039 13% NOI Property Taxes and Insurance (70) (39) 79% (187) (146) 28% Direct Operating Expenses (159) (154)
Slide 37: Diversified Unitholder Base
Q4 FY2026 Earnings Materials Diversified Unitholder Base 92% public float well distributed among foreign & domestic institutions and retail investors. Delivered 22% total returns in FY26 to 135k+ investors Well-diversified Investor Base(1) Increasing Acceptance of REIT as an Investment Class Others
Slide 38: V. Market Outlook
Embassy TechVillage, Bengaluru V. Market Outlook
Slide 39: India – The Office to the World
Q4 FY2026 Earnings Materials India – The Office to the World India remains at the epicenter of global offshoring demand, led by favorable demographics, skilled talent and cost-efficient premium quality spaces offered in India’s gateway cities India’s Dual Structured Advantage Continues(1,2) Over 500
Slide 40: India Office – Occupier-driven Absorption
Q4 FY2026 Earnings Materials India Office – Occupier-driven Absorption India office demand remains resilient amidst global disruption. Favorable demand-supply dynamics leading to vacancy drop and rent growth Demand and Supply Trends 74.4 80.4 81.2 84.2 30% 20 msf 75 63.9 66.4 60.8 58.7 25% Gross Abs
Slide 41: Bangalore – India's Leading Office Market
Q4 FY2026 Earnings Materials Bangalore– India’s Leading Office Market On the back of sustained demand from GCCs, Bangalore continues to lead India’s office absorption with a 30% market share Area (msf) 25 102 109 120 30% 92 96 Bangalore’s Share in Pan-India Leasing in Q1 CY26 100 20 88 87 83 84 84 8
Slide 42: Chennai – New Growth Market In India
Q4 FY2026 Earnings Materials Chennai – New Growth Market In India Supported by an established education infrastructure and abundant STEM talent, the Chennai office market continues to attract top global firms Area (msf) 10 94 100 ~10% 92 90 Chennai’s share in Pan India 9 84 90 Leasing in Q1 CY26 78
Slide 43: VI. ESG & Total Business Ecosystem
Embassy TechVillage, Bengaluru VI. ESG & Total Business Ecosystem
Slide 44: Certifications & Awards
Q4 FY2026 Earnings Materials Certifications & Awards ESG certifications, awards and performance on global benchmarks reflect our commitment to sustainability and transparency Building Certifications World’s Largest USGBC LEED LEED Net Zero Water, Net Zero World’s largest IWBI WELL 5-star Rating for
Slide 45: Our ESG Initiatives
Q4 FY2026 Earnings Materials Our ESG Initiatives We launched a 5-year sustainability road map up to FY2030 focusing on targets that are pivotal to meet our broader 2040 net zero commitment Pillar Metric Target(1) FY26 Update Status ► Renewable energy consumption share 80% by FY30 69% On Track ► Achi
Slide 46: Sell-Side Analyst Meet
Q4 FY2026 Earnings Materials Sell-Side Analyst Meet Successfully hosted an Analyst meet across Bengaluru and Chennai, with participation from ~20 sell-side research houses 46
Slide 47: Annual 'Occupier Connect' Event
Q4 FY2026 Earnings Materials Annual ‘Occupier Connect’ Event Hosted the 4th edition of our ‘Occupier Connect’ event, themed ‘Human by Design - Redefining India’s Talent Playbook’ with participation from 400+ corporate occupiers and strategic partners 47
Slide 48: VII. Appendix
Embassy TechVillage, Bengaluru VII. Appendix
Slide 49: Who we are: Quick Facts
Q4 FY2026 Earnings Materials Who we are: Quick Facts Embassy REIT is India’s first listed REIT and the largest office REIT in Asia by area, with its portfolio spanning across 5 major cities in India 52.5 msf(1) 280 90% Portfolio Blue-chip Occupancy occupiers NCR (6%) 14 1,730 (2) 100 MW Commercial H
Slide 50: High Quality & Diversified Occupier Base
Q4 FY2026 Earnings Materials High Quality & Diversified Occupier Base GCCs and Tech occupiers constitute over 70% of our total occupier base, which now boasts over 275 marquee names Industry Diversification(1) Top 5 Occupiers Sector % of Rentals Financial Services JP Morgan Financial Services 6.2% 2
Slide 51: Portfolio Summary
Q4 FY2026 Earnings Materials Portfolio Summary 52.5 msf pan India office portfolio anchored in Bangalore and backed by hotels, renewable energy and a commitment to delivering world-class office spaces to occupiers Leasable Area (msf)/Keys/MW WALE(2) Occupancy Rent (₹ psf / mth) GAV(3) Property Compl
Slide 52: Embassy REIT Structure
Q4 FY2026 Earnings Materials Embassy REIT Structure Blackstone Sponsor Embassy Sponsor Group Public Unitholders Trustee Acts on behalf of Unitholders Embassy Management Services Manager (Axis Trustee) REIT (EOPMSPL) 100% Manyata Promoters Private Limited (Embassy Manyata) 80% 50%(1) 100%(3) 100% 100
Slide 53: Ten Infrastructure-like Office Parks
Q4 FY2026 Earnings Materials Ten Infrastructure-like Office Parks Embassy Manyata Embassy TechVillage Embassy TechZone Bangalore (17.2 msf) Bangalore (9.7 msf) Pune (5.5 msf) Embassy Splendid TechZone Embassy Oxygen Embassy GolfLinks Chennai (5.1 msf) Noida (3.3 msf) Bangalore (3.4 msf) Embassy Quad
Slide 54: Four Prime City-Center Offices
Q4 FY2026 Earnings Materials Four Prime City-Center Offices Express Towers FIFC Embassy 247 Embassy One Mumbai (0.5 msf) Mumbai (0.4 msf) Mumbai (1.2 msf) Bangalore (0.3 msf) 54
Slide 55: Key Terms & Definitions
Q4 FY2026 Earnings Materials Key Terms & Definitions Notes: 35. LTM – Last Twelve Months ► All figures in this presentation are as of March 31, 2026, unless otherwise specified 36. Manager – Embassy Office Parks Management Services Private Limited ► All figures corresponding to year denoted with “FY
Slide 56: Disclaimer
Q4 FY2026 Earnings Materials Disclaimer This presentation is issued by Embassy Office Parks Management Services Private Limited (the “Manager”) in its capacity as the Manager of the Embassy Office Parks REIT (“Embassy REIT”), for general information purposes only, without regards to the specific obj
Slide 57: Investor Contact
INVESTOR CONTACT: Website: www.embassyofficeparks.com |Email: ir@embassyofficeparks.com |Office: +9180 4722 2222
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