Smartworks Coworking Spaces Limited · NSE:SMARTWORKS
Smartworks Coworking Spaces — Q4 and FY2026 Earnings Presentation
48 slides from Smartworks Coworking Spaces's earnings presentation, Apr 30, 2026
Slide 1: Smartworks Coworking Spaces Limited exchange filing cover letter
info@sworks.co.in ‘ SMARTWORKS www.smartworksoffice.com ' Date: April 30, 2026 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: Workspaces that work for you: Q4 and FY26
SMARTWORKS Workspaces that work for ou, Q4 and H'ZG i
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
Slide 4: Smartworks
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Slide 6: Smartworks Grew 24%, 3x Faster Than India's Office Market
Smartworks Grew 24% - 3x Faster Than India’s Office Market, And Faster Than Flex Itself Flex is Outgrowing CRE; Smartworks is Outgrowing Flex INDIA OFFICE STOCK FLEX STOCK » SMARTWORKS ~1 Bn* 110 Msf* 11 Msf (easear Total market Fastest-growing segment Fastest-growing platform YoY growth YoY growth
Slide 7: 16.1 Msf, 89% Mature Occupancy, INR 52,000 Mn Contracted
16.1 Msf, 89% Mature Occupancy, INR 52,000 Mn Contracted — Scale Is Now An Annuity ‘ Total Super Built-up Area ‘ Operational SBA ‘ Net Seats Leased 16.1 Msf 10.1 Msf ~38k (369k Total Seat Capacity) (231k seats Operational) A ~5%QoQ A ~37%YoY A ~68% YoY . Centres | Cities . Mature Occupancy . Contrac
Slide 8: Enterprise-led Demand Delivers High Visibility And Low Volatility Revenues
Enterprise-led Demand Delivers High Visibility And Low Volatility Revenues Large, Multicity Enterprise Clients Rental Revenue * Rental Revenue” Rental Revenue” (Enterprise Clients) (for 300+ seat) (Multi-city clients) ~90% ~69% ~31% High Rental Visibility Overall Occupancy Rate | . n Average Client
Slide 9: Operating Leverage Driving Margin Expansion
Operating Leverage Driving Margin Expansion QUARTERLY REVIEW Total Revenue Normalised EBITDA A 10% QoQ | 45% YoY A17% QoQ | 71% YoY INR Mn INR Mn | Margin % 19.0% 16.1% 16.2% 16.4% 17.9% . 4721 5,197 ¢ - ‘* 3,584 3,792 4,248 ' 847 987 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4
Slide 10: RoCE Up 2x+; Growth Now Self Sustaining
RoCE Up 2x+; Growth Now Self Sustaining QUARTERLY REVIEW Normalised PBT RoCE ( ) INR Mn A15% QoQ | 153% YoY % A 210 bps QoQ | 610 bps YoY 466 19.5% 21.5% 0, 404 184 175 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 ANNUAL REVIEW Normalised PBT o RoCE INR Mn +~ 453% YoY % +~ 8
Slide 11: From Scaling To Compounding: All Returns Converge
From Scaling To Compounding: All Returns Converge RoCE +~ 870 bps YoY RoCE — what 7.3% — 16% reflects % 10, * Maturity-driven returns: ROCE expands as centres move past payback and operate at 16.0% sustained, high occupancy. 0, o 7.3% « Strong incremental economics: Post-breakeven revenue flows disp
Slide 12: Modularity And Standardization Driving Disciplined Maintenance Spend
Modularity And Standardization Driving Disciplined Maintenance Spend (INR Mn) uespatommes mowessze | Reported Gross Block 22,502 Less: Fitout cost capitalised (6328) « A modular, standardised build model delivers efficient initial i fit-outs and structurally disciplined maintenance economics. (Less)
Slide 13: Robust Cash Generation and a Healthy Balance Sheet Fueling Expansion
Robust Cash Generation and a Healthy Balance Sheet Fueling Expansion QUARTER REVIEW OCF to EBITDA (x)* : + OCF to EBITDA is our proof point that growth is i real and not just on paper 1.3 1.4 1.2 . Strt_lcturally above 1x — Negative working capital : 1.1 i business model 0.9 * Quarterly dips reflect
Slide 14: How The Model Works And Why It Compounds
How The Model Works — And / Why It Compounds o 7 -
Slide 15: One Platform Connecting Four Stakeholders And 45-60 Days Go Live
One Platform Connecting Four Stakeholders And 45-60 Days Go Live For Clients [a— WHO WE PARTNER WITH Ja Pa— WHO WE SERVE J. Ve Non-institutional Landlords Enterprise Clients 298 G One stop solution with guaranteed rentals Flexible, Hassle-free offices in just 45 - 60 W’ 200 A S SMARTWORKS ~ WZ ;> Ac
Slide 16: Multi Vendor Relationships Replaced By One Contract, One SLA, One Invoice
Multi Vendor Relationships Replaced By One Contract, One SLA, One Invoice TRADITIONAL LEASE SMARTWORKS Multiple vendors One-stop solution Fitout T YOUR COMPANY Design Cleaning Pantry Security ® YOUR COMPANY ONE RELATIONSHIP AMC Electricity SMARTWORKS Billing Compliance Handles multi-vendors Q Multip
Slide 17: Pan-India Platform With Undisputed Leadership In West and North India
Pan-India Platform With Undisputed Leadership In West and North India TOTAL SBA 16.1 New Delhi Gurugram & ) © Noida @ Jaipur 33% 6.5 wsf share of total SBA * LEADER share of total SBA © Indore Kolkata Ahmedabad [ © NORTH 24% EAST 2% Mumbai © © Pune 3.8 Msf 0 . 4 Msf Hyderabad share of total SBA shar
Slide 18: Smartworks Integrated Experience Ecosystem
Park)'ng Smartworks Integrated Experience Ecosystem Increases stickiness without operational complexity . g | High Speed Internet Mail handling Shared meeting fa
Slide 19: Demand And Supply Now Reinforce Each Other
Demand And Supply Now Reinforce Each Other- Every Turn Of The Flywheel Adds Margin SUPPLY DEMAND Scale enables Better Commercial Providing fully Amenitised Terms with Landlords, Better Unit Workspaces at a Value-centric Price Economics, Lower Capex and Opex to Clients Faster Scalability, Pan-India l
Slide 20: Transitioned From A Scaling Phase To A Cash-compounding Phase
Transitioned From A Scaling Phase To A Cash-compounding Phase, Where Growth, Margins, Cash Flows and Roce Improve Together Enterprise-led demand creates revenue durability: Long-tenure, multi-city enterprise contracts deliver high visibility, low volatility, and repeat expansion rather than transact
Slide 21: Developer Relationships Unlock Early Access to Large-format Supply
Developer Relationships Unlock Early Access to Large-format Supply Resulting In Superior Unit Economics Leased SBA from ~3 5% Institutional 0-150k sq ft 2.1 44K we Developers 150-300k sq ft 3.6 79K 65% of total supply is from 300-500k sq ft 4.3 97K more than 300K sqft Leased SBA from More than 500k
Slide 22: Pan-India Supply Expansion Reduces Concentration Risk
Pan-India Supply Expansion Reduces Concentration Risk Enables Growth Visibility Total SBA Total SBA 24 Pune 3.7 31% 43 27% 16% = Bengaluru 1.7 15% 34 21% 100% o= gc '2 = Gurugram 1.2 10% 22 14% 83% 2.5 Mumbai 1.9 16% 2.0 13% 5% Noida 0.9 7% 1.4 8% 56% 1.1 Hyderabad 1.2 10% 13 8% 8% — 10.1— 3 ‘ Other
Slide 23: Securing Long-term Revenue With Expanding Deal Sizes And Increased Lock-in Tenures
Securing Long-term Revenue With Expanding Deal Sizes And Increased Lock-in Tenures 1,000+ Seats Cohort Rental Revenue —e % of rev. contribution of 1,000+ seats cohort 37% Revenue contribution, 1000+ seats (INR Mn) FY22 FY23 FY24 FY25 FY26 Total tenure 42 46 49 52 49 (in months) > Lock-in tenure 27 2
Slide 24: Diversified Demand Driven By Non-IT/IES With Low Concentration Risk
Diversified Demand Driven By Non-IT/IES With Low Concentration Risk Diverse Industry Mix Revenue Breakup of ~38K net seats leased in FY26 Industry % Revenue Mix IT, Technology & Software 23% Development FY26 Business Consulting & 33% 3 Rt\e/:;zle Professional Services ° 1 e ~77 % from Engineering &
Slide 25: National Infrastructure Partner: Preferred by Large Enterprise Clients
National Infrastructure Partner: Preferred by Large Enterprise Clients Across Sectors, Countries And Stages [ Continued onboarding of Industry Leaders drives Smartworks’ growth trajectory } PHILIPS @ Groww coTIVITI tracelink NETWORK FOR GREATER GOOD ADITYA BIRLA zepto [Davies HANSEN Financial Instit
Slide 26: Asset Liability Mismatch Eliminated Up to FY 2029
Asset Liability Mismatch Eliminated Up to FY 2029 Committed Committed Lock Committed Lock Particulars (M':\;ea ft) O(g:(:‘m::‘l(t:te&) Revenue In Revenue in Rental Key Insights q. Tt. pancy (INR Mn) (INR Mn) (INR Mn) Mature Footprint 8.9 93% 44,742 20714 11,453 | >2.6Times > ~1 Times oW . 1.2 56% 7,
Slide 27: Derisked and Insulated Model With Built-in Safeguards
Derisked and Insulated Model With Built-in Safeguards Reducing Volatility Across Cycles 2 e = — Asset Liability Mismatch Risk Concentration Risk Cyclical Risk v Focus on mid-to-large enterprises drives longer lock- in periods and client retention » Typically not leasing > ~30% space ina centre’ toa
Slide 28: Growth Is Structurally Supported By Three Compounding Drivers
Going Forward: Growth is Structurally Supported By Three Compounding Drivers | Portfolio maturity unlocking Operating leverage structurally FaaS and Vaa$S add margin embedded revenue growth expanding margins accretive , capital-light upside * Mature centres operate at ~93% » Corporate and platform c
Slide 29: The Market: Three Forces Moving In Our Favour
The Market: Three Forces Moving In Our Favour SMARTWORKS Smartworks — Tech Park One Pune
Slide 30: Demand Outpaced Supply Since 2022: Projected Gap to Persist Through 2030
Demand Outpaced Supply Since 2022: Projected Gap to Persist Through 2030 India Grade A office: Annual demand vs new supply, top 7 cities (Msf) | Demand New supply 2026F 71.5 Demand: 70-75 Msf 67.2 Supply: 60-65 Msf 59.2 53.7 51.0 50.3 43.0 2030F Demand: 90-100 Msf Supply: 75-85 Msf 2022 2023 2024 20
Slide 31: From Tactical Fix to Core Portfolio Strategy: Structural Tailwinds Accelerating Flex Adoption
From Tactical Fix to Core Portfolio Strategy: Structural Tailwinds Accelerating Flex Adoption Flex stock to cross 100 Msf by 2027; penetration to surpass 14% Flex is now a core portfolio strategy —o— Flex penetration | Flex Stock (msf) ¢ 55% —> 65% of occupiers with flex by 2027 14% Portfolio share:
Slide 32: AI is Not Shrinking Office Demand: It's Reshaping It, Upward
Al is Not Shrinking Office Demand: It's Reshaping It, Upward Higher-value work, more collaboration, more India 02 03 Al is reshaping how workspaces are Hiring is expanding in India, not slowing GCCs are India's Al innovation engine designed +44% 2.4 Msf 1.9M — 2.5M Share of collaboration space in of
Slide 33: The Numbers Behind The Story
Slide 34: Compounding Dashboard: Growth, Cash Conversion and Returns Inflect Together
Compounding Dashboard: Growth, Cash Conversion and Returns Inflect Together (INR Mn) Revenue from Operations 3,584 4,721 5197 QoQ growth % - - 10% YoY growth % - - 45% Normalised EBITDA 579 847 987 Normalised EBITDA Margin % 16% 18% 19% QoQ growth % - - 17% YoY growth % - - 71% Normalised Earnings B
Slide 35: Scaling Footprint While Consistently Improving Occupancy
Scaling Footprint While Consistently Improving Occupancy Total SBA (Leased + LOIs/Term Sheets) ( Msf) 11.8 15.3 16.1 Leased SBA (Operational + Fitout + Yet to be handover) (Msf) 9.0 111 13.7 Operational SBA (Msf) 8.1 9.2 10.1 Operational SBA for Mature Centres (Msf) 72 7.8 89 Occupied SBA (Operation
Slide 36: Robust Terms of Trade with Superior Cash Conversion
Robust Terms of Trade with Superior Cash Conversion Normalised OCF/ Normalised EBITDA (#) 1.3 1.2 1.1 Trade Payable over Trade Receivable (INR Mn) 903 1,112 1,534 Trade Receivable (INR Mn) 255 432 387 Debtor Days 7 7 7 Note: # Financial numbers Normalised are as per Non-Gaap measures; 35 Note: 1) De
Slide 37: Enterprise Clients Powering Predictable Revenue and Pan-india Expansion
Enterprise Clients Powering Predictable Revenue and Pan-india Expansion Brokerage % Revenue from Lease Rentals 2.7% 2.5% 2.9% Revenue - Multi City clients 32% 31% 29% Enterprise Clients Revenue contribution 88% 90% 92% Seat Retention Rate 72% 93% 89% No. of Clients 738 777 775 36 SMARTWORKS
Slide 38: Smartvantage: The GCC Layer On Top Of The Platform
Smartvantage: The GCC Layer On Top Of The Platform
Slide 39: GCCs Represent A Growing Demand Vector, Layered Onto the Core Platform
GCCs Represent A Growing Demand Vector, Layered Onto the Core Platform 2030 GCC Growth Vision 14% 115/year 4.5Mn CAGR -2023-2030 GCC market Size Total no. of GCCs in India New GCC set-ups Total Headcount Why does Smartworks have the right to win this space? & & — o] T 0 & More Than Office Flexibilit
Slide 40: Smartvantage Extends Smartworks' Platform Into GCC Specific Use Cases
Smartvantage Extends Smartworks' Platform Into GCC Specific Use Cases Four Pillars powering our GCC success Legal, Compliance & Talent & Operational Innovation & Registration Workforce Solutions Support | Research Setting up, Licenses, Tax Subcontracting, Hiring, and Financial audits, tax advisory,
Slide 41: Historical Financials & Annexures
@ Historical Financials & Annexures
Slide 42: Reported Financial Performance (INR Mn)
Reported Financial Performance (INRMn) Revenue from operations 5,197 3,584 45% 4721 10% 17,958 13,741 31% Revenue from Lease rentals 4,516 3412 32% 4,059 1% 15,935 12,893 24% Other operating revenue* 681 172 296% 663 3% 2,023 848 139% Expenses 1,813 1,260 44% 1,665 9% 6,407 5168 24% Operating expens
Slide 43: Normalised Business Performance (1/3)
Normalised Business Performance (1/3) (INRMn) Revenue from operations (A) 5,197 3,584 45% 4,721 10% 17,958 13,741 31% Reported EBITDA 3,383 2,324 46% 3,056 11% 11,551 8,573 35% Adjustments to EBITDA Less: Repayment of lease liabilities (2,396) (1,745) (2,209) (8,407) (6,772) Normalised EBITDA (B) 98
Slide 44: Normalised Business Performance (2/3)
Normalised Business Performance (2/3) (INR Mn) Reported Gross Block 22,502 16,490 20857 22502 16,490 Less: Fitout cost capitalised (6:328) (4373) (5.866) (6:328) (4373) (Less)/ Add : Other INDAS adjustments # 14 (2) 1 14 (2) Normalised Gross Block 16,188 12075 34% 14,992 8% 16,188 12,075 34% Reporte
Slide 45: Normalised Business Performance (3/3)
Normalised Business Performance (3/3) (INRMn) Reported cash flow operations 3,476 2,482 40% 3,218 8% 11,972 9,285 29% Less: - Interest paid on lease liabilities (858) (697) (837) (3,156) (2,791) - Payment of Principal portion of lease Liabilities (1,539) (1,049) (1.372) (5251) (3,981) Normalised Ope
Slide 46: Smartworks Distinct Supply Advantage: Scale, Efficiency, And Strategic Landlord Partnerships
Smartworks Distinct Supply Advantage: Scale, Efficiency, And Strategic Landlord Partnerships ~35% supply from ~65% of portfolio from Non- “Now leasing Greenfield Supply as well” Institutional Developers Institutional Landlords Smartworks Edge Space Efficiency Taking on large campus — 800k sq ft+ vs
Slide 47: Smartworks: Our Key Pillars Built to Compound Across Cycles
Smartworks: Our Key Pillars Built to Compound Across Cycles High Predictable Self-sustaining Business Growth Revenue Cash Flows Longevity e Ve & R “— S — S — " i Pan-India presence driven by Annuity-based, REIT-like Sustained Cash Flows, Longevity visible in extended Unique Supply Access & income st
Slide 48: Investor Relations Contacts
Company Investor Relations - 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 a7 SMARTWORKS
Smartworks Coworking Spaces — Q4 and FY2026 Earnings Presentation on 6ix