Embassy Office Parks Reit · NSE:EMBASSY.RR
Embassy Office Parks Reit — Q2 FY2026 Earnings Presentation
48 slides from Embassy Office Parks Reit's earnings presentation, Nov 5, 2025
Slide 1: Embassy Office Parks REIT Q2 FY2026 Earnings Materials
Embassy Office Parks REIT Q2 FY2026 Earnings Materials November 05, 2025 1
Slide 2: Press Release
Q2 FY2026 Earnings Materials Press Release Embassy REIT Reports Stellar Q2 FY2026: Quarterly Distributions Hit All-Time High with 12% YoY Growth, Occupancy at 93% • Portfolio occupancy rises to 93% by value* • Leased 1.5 msf this quarter across 20 deals to leading GCCs and corporates • Highest-ever
Slide 3: Press Release (Cont’d)
Q2 FY2026 Earnings Materials Press Release (Cont’d) Financial Highlights • Grew Revenue from Operations by 13% YoY to ₹1,124 crores and Net Operating Income (NOI) by 15% YoY to ₹927 crores • Delivered record quarterly distributions of ₹617 crores or ₹6.51 per unit, up 12% YoY • Successfully complete
Slide 4: Table of Contents
Q2 FY2026 Earnings Materials Table of Contents I. Key Highlights 5 II. Business Updates 11 III. Development Updates 17 IV. Financial Updates 23 V. Market Outlook 31 VI. ESG & Total Business Ecosystem 36 VII. Appendix 39 4
Slide 5: I. Key Highlights
Q2 FY2025 Earnings Materials I. Key Highlights Central Garden, Embassy TechVillage, Bangalore
Slide 6: Record Distributions and Occupancy Surge led by Strong Leasing
Q2 FY2026 Earnings Materials Record Distributions and Occupancy Surge led by Strong Leasing Solid quarter with highest-ever quarterly distributions and portfolio occupancy touching 90%, led by 1.5 msf leasing and a fully-leased 0.9 msf new office delivery Leased 1.5 msf in Q2; Grew Occupancy by 200
Slide 7: Double Digit Growth Across Key Metrices
Q2 FY2026 Earnings Materials Double Digit Growth Across Key Metrices Grew Q2 Revenue & NOI by 13% and 15%, respectively on a YoY basis. Also, delivered 12% YoY growth in distributions, making this the highest quarterly distributions since listing Particulars Q2 FY2026 Q2 FY2025 Growth(%) On Track to
Slide 8: 0.9 msf Delivered
Q2 FY2026 Earnings Materials Delivered | Block L4 at Embassy Manyata Actual Picture 0.9 msf 100% Delivered Total Area Leased to a Fortune 500 Ahead of Schedule Retail Major Note: (1) Oct’25 Picture 8
Slide 9: Double Digit Growth Guidance in FY2026
Q2 FY2026 Earnings Materials Double Digit Growth Guidance in FY2026 On track to deliver double digit growth for FY2026 NOI and DPU at the mid-point of the guidance range Distributions (₹ per unit) NOI (₹ crs) ₹3,589 crs - ₹3,811 crs ₹24.50 - ₹26.00 +13% 3,700 25.25 +10% 3,283 49% 23.01 Achieved in H
Slide 10: Embedded Growth Levers
Q2 FY2026 Earnings Materials Embedded Growth Levers Embassy REIT’s strategy banks on multiple drivers to boost NOI and generate long-term total returns for its Unitholders Vacant area lease-up – occupancy expected to stabilize at pre-Covid 4.2 msf levels of mid-90s in the next few years New Deve
Slide 11: II. Business Updates
Q2 FY2025 Earnings Materials II. Business Updates Embassy Manyata, Bangalore
Slide 12: Strong Q2 Leasing Performance
Q2 FY2026 Earnings Materials Strong Q2 Leasing Performance Leased 1.5 msf across 20 deals, including 1 msf new leasing at 27% re-leasing spreads, 0.4 msf of renewals and 64k sf of pre-commitments in Chennai Area (msf) 1.5 msf 8.1 Total Lease-up across 20 deals(1) 6.6 1.0 msf 5.0 New Lease-up at 27%
Slide 13: Leasing Highlights for the Quarter
Q2 FY2026 Earnings Materials Leasing Highlights for the Quarter Over 85% of deals signed in our core market Bangalore, with GCCs driving 56% of the total leasing Area Occupier Property Sector Q2 Leasing – Sectoral Split ('000 sf) New Leases 1,012 Healthcare Others Engg & 2% 2% Indian Tech Co. Embass
Slide 14: Upswing in Portfolio Occupancy
Q2 FY2026 Earnings Materials Upswing in Portfolio Occupancy Grew portfolio occupancy to 93% by value and 90% by area. This was driven by a 300 bps QoQ increase in the occupancy in our Bangalore portfolio (representing 75% of REIT’s value(1)) Occupancy (%) Occupancy (%) City Occupancy for Marquee Ass
Slide 15: Contracted Rental Growth and Limited Upcoming Expiries
Q2 FY2026 Earnings Materials Contracted Rental Growth and Limited Upcoming Expiries Contracted rent escalations (generally ~15% every 3 years) and significant mark-to-market opportunity (10% blended MTM till FY2029) are key drivers for NOI growth Embedded Rent Escalations of 12%-15% aids NOI Growth
Slide 16: Hospitality Business Update
Q2 FY2026 Earnings Materials Hospitality Business Update Our hotel portfolio remains resilient with 64% occupancy and a 16% YoY growth in ADR Revenue (₹ crs), EBITDA (₹ crs) & Occupancy (%) 28% 49% 52% 67% 64% 122 125 100 80 51 57 37 25 14 (3) Q2 FY22 Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26 Revenue EBITDA O
Slide 17: III. Development Updates
Q2 FY2025 Earnings Materials III. Development Updates Embassy Oxygen, Noida
Slide 18: Refueled Development Pipeline
Q2 FY2026 Earnings Materials Refueled Development Pipeline Total development pipeline of 7.2 msf, including the newly launched 2 msf development in Chennai Development Pipeline(1) (msf) Area (msf) 97% 81%(2) 35% 38% - 3.3 2.5 1.4 2.2 2.0 0.9 Additionally, 518 Key Hilton hotels 1.0 at ETV to be deliv
Slide 19: 0.4 msf Completed
Q2 FY2026 Earnings Materials Upcoming Deliveries | Block 10 at Embassy Splendid TechZone Actual Picture 0.4 msf 100% Completed Total Area Leased to a Global Yet to receive OC Healthcare Co. Note: (1) Oct’25 Picture 19
Slide 20: Upcoming Deliveries | Embassy Splendid TechZone
Q2 FY2026 Earnings Materials Upcoming Deliveries | Embassy Splendid TechZone – Block 4 Perspective Actual Picture Perspective 0.6 msf 25% Dec’25 Total Area Pre-leased(1) to multiple Target Delivery tenants Notes: (1) Includes expansion option of ~12k sf available with Dexian at Embassy Splendid Tech
Slide 21: Upcoming Deliveries | Embassy Manyata – Blocks D1 and D2
Q2 FY2026 Earnings Materials Upcoming Deliveries | Embassy Manyata – Blocks D1 and D2 Actual Picture Perspective 1.4 msf 100% Feb’26 Total Area Pre-leased to an Target Delivery Australian Bank(1) Notes: (1) Includes expansion option of 284k sf available with an Australian Bank 21 (2) Oct’25 Picture
Slide 22: Upcoming Deliveries | Embassy Splendid TechZone
Q2 FY2026 Earnings Materials Upcoming Deliveries | Embassy Splendid TechZone – Block 1 Actual Picture Perspective 0.6 msf 35% Jun’26 Total Area Pre-leased(1) Target Delivery Notes: (1) Including expansion option of 213k sf with an existing tenant in Embassy Splendid TechZone 22 (2) Oct’25 Picture
Slide 23: IV. Financial Updates
Q2 FY2025 Earnings Materials IV. Financial Updates Embassy TechVillage, Bangalore
Slide 24: H1 Financial Performance
Q2 FY2026 Earnings Materials H1 Financial Performance Revenue and NOI for H1 up by 13% & 15% YoY, respectively. Delivered total distributions of ₹1,167 crores or ₹12.31 per unit in H1, up 8% YoY Particulars H1 FY2026 H1 FY2025 Growth(%) Grew NAV by 7% from Sep’24 Net Asset Value / Unit (₹) ₹59,104 c
Slide 25: Highest Quarterly Distributions since Listing
Q2 FY2026 Earnings Materials Highest Quarterly Distributions since Listing Announced Q2 distributions of ₹617 crores or ₹6.51 per unit, up 12% YoY. Cumulative distributions of over ₹13,200 crores since listing Distribution Highlights Distribution Mix – Q2 FY2026 Particulars Q2 FY2026 H1 FY2026 Distr
Slide 26: Well-Diversified Debt Book
Q2 FY2026 Earnings Materials Well-Diversified Debt Book Option 1: ₹30 bn Bond at REIT Level and ₹15 bn LRD at Manyata to refinance ZCB at an average Total debt book of ₹21k crs well-balanced across diverse investor pools, debt instruments and tenures coupon rate of 7%, average maturity period of 4 y
Slide 27: Active Debt Management to Capitalize on Lower Rates
Q2 FY2026 Earnings Materials Active Debt Management to Capitalize on Lower Rates Reduced average in-place debt cost by 55 bps (in H1 FY26) from 7.90% to an industry-leading 7.35% 79% 78% 62% 61% 60% 51% 60% 35% 10.00% 32% 9.61% 31% 9.50% 30% 29% 28% 9.00% 25% 24% 8.50% 22% 8.00% 20% 7.82% 7.81% 7.90
Slide 28: Growth in Portfolio Value
Q2 FY2026 Earnings Materials Growth in Portfolio Value Gross Asset Value grew by 8% YoY to ₹63,980 crores and Net Asset Value by 7% YoY to ₹445.91 per unit, as of Sep’25 Particulars (₹ crs) September 30, 2025 GAV Break-up by Segment Gross Asset Value (GAV)(1,2) 63,980 Add: Other Assets 5,107 Less: O
Slide 29: Walkdown of Key Financial Metrics
Q2 FY2026 Earnings Materials Walkdown of Key Financial Metrics Particulars (₹ crs) Q2 FY2026 Q2 FY2025 Variance (%) H1 FY2026 H1 FY2025 Variance (%) Revenue from Operations 1,124 997 13% 2,184 1,932 13% NOI Property Taxes and Insurance (41) (38) 7% (78) (73) 7% Direct Operating Expenses (156) (154)
Slide 30: Blue-Chip Unitholder Base
Q2 FY2026 Earnings Materials Blue-Chip Unitholder Base Public float of 92% is well distributed among foreign and domestic institutions and retail unitholders. Delivered ~20% total returns in the last 9 months to our 110k+ investors Well-diversified Investor Base(1) Increasing Acceptance of REIT as a
Slide 31: V. Market Outlook
Q2 FY2025 Earnings Materials V. Market Outlook Embassy TechZone, Pune
Slide 32: India | The Office to the World
Q2 FY2026 Earnings Materials India | The Office to the World India remains at the epicenter of global offshoring demand, led by favorable demographics, skilled talent availability and cost-efficient premium quality spaces offered in India’s gateway cities India’s Dual Structural Advantage Continues(
Slide 33: India Office – Occupier Driven Absorption
Q2 FY2026 Earnings Materials India Office – Occupier Driven Absorption Gross Absorption in CY2025 estimated to beat previous year’s record high of 74.4 msf by 10%, driven by continued demand from GCCs Demand and Supply Trends(1) 81.9 85.1 30% 74.4 75 60.8 58.7 62.1 53.9 58.6 25% 53.1 55 47.2 44.4 48
Slide 34: Bangalore – India’s Leading Office Market
Q2 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 Balanced Demand-Supply Aiding Rent Growth 25 103 120 92 96 20 84 84 87 88 100 81 83 76 69 80 15 60 22 22 23 10 16 16 17 15 15 16 40
Slide 35: Chennai – New Growth Market in India
Q2 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 Demand Outstripping Supply Aiding Rent Growth 12 88 91 100 84 90 75 75 78 10 71 74 73 80 68
Slide 36: VI. ESG & Total Business Ecosystem
Q2 FY2025 Earnings Materials VI. ESG & Total Business Ecosystem Embassy GolfLinks, Bangalore
Slide 37: Certifications and Awards
Q2 FY2026 Earnings Materials Certifications and Awards ESG certifications, awards and performance on global benchmarks reflect our commitment to sustainability and transparency Building Certifications World’s Largest USGBC LEED 35 Buildings Certified for 5-star Rating for 100% ISO 9001/14001/45001/2
Slide 38: Revitalized Communities & Responsible Business
Q2 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) H1 FY26 Update Status ► Renewable energy consumption share 80% by FY30 62%(2) On Track
Slide 39: VII. Appendix
Q2 FY2025 Earnings Materials VII. Appendix Embassy Business Hub, Bangalore
Slide 40: Who We Are: Quick Facts
Q2 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. It owns and operates a commercial office portfolio across 5 major cities in India 51 msf(1) 274 90% Portfolio Blue-chip Occupancy occupiers 14 1,614(2) 100 MW N
Slide 41: High Quality and Diversified Occupier Base
Q2 FY2026 Earnings Materials High Quality and Diversified Occupier Base GCCs and Tech occupiers constitute over 70% of our total occupier base, which now boasts over 270 marquee names Industry Diversification(1) Top 5 Occupiers Sector % of Rentals Financial Services JP Morgan Financial Services 6.8%
Slide 42: Portfolio Summary
Q2 FY2026 Earnings Materials Portfolio Summary 51 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 Complet
Slide 43: Embassy REIT Structure
Q2 FY2026 Earnings Materials Embassy REIT Structure Blackstone Embassy Sponsor Group Sponsor Public Unitholders Acts on behalf Management of Unitholders Embassy Services Trustee Manager (Axis Trustee) REIT (EOPMSPL) 100% Manyata Promoters Private Limited (Embassy Manyata) 80% 50%(1) 100%(3) 100% 100
Slide 44: Ten Infrastructure-like Office Parks
Q2 FY2026 Earnings Materials Ten Infrastructure-like Office Parks Embassy Manyata Embassy TechVillage Embassy TechZone Bangalore (16.0 msf) Bangalore (9.6 msf) Pune (5.5 msf) Embassy Splendid TechZone Embassy Oxygen Embassy GolfLinks Chennai (5.0 msf) Noida (3.3 msf) Bangalore (3.1 msf) Embassy Quad
Slide 45: Four Prime City-center Offices
Q2 FY2026 Earnings Materials Four Prime City-center Offices Express Towers FIFC Embassy One Mumbai (0.5 msf) Mumbai (0.4 msf) Bangalore (0.3 msf) Embassy 247 Mumbai (1.2 msf) 45
Slide 46: Key Terms & Definitions
Q2 FY2026 Earnings Materials Key Terms & Definitions Notes: 34. Leasable Area – Total square footage that can be occupied by an occupier for the purpose of determining an occupier’s rental obligations. Leasable Area is the sum of Completed Area, Under Construction Area and Proposed Development Area
Slide 47: Disclaimer
Q2 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 48: Q2 FY2026 Earnings Materials
Q2 FY2026 Earnings Materials 48
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