Tbo Tek Ltd. · NSE:TBOTEK
Tbo Tek — Investor Presentation (December 2025)
31 slides from Tbo Tek's investor presentation, Dec 12, 2025
Slide 1: Investor Presentation exchange filing cover letter
tbo.com TRAVEL SIMPLIFIED December 12, 2025 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
Slide 2: TBO Tek | Business Update Investor Meet Dec 2025
TBO Tek | Business Update Investor Meet Dec 2025 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: The Big Opportunity, Current Progress, Future-back
tbo.com TRj L SIMPLIFIED 1 The Big Opportunity Structural upswing in the luxury travel market 2 Current Progress Investments → Growth → Operating Leverage 3 Future-back Our vision and readiness for AI-led world 3
Slide 5: Luxury travel is outpacing, driven by ~60m affluent millionaires
Luxury travel is outpacing, driven by ~60m affluent millionaires, followed by the next ~600m aspirers Wealth growth is focused among the top of the pyramid, Luxury tourism is growing ~2x leading to more discretionary and luxury spending faster The global wealth pyramid 2024 1 Split by wealth band in
Slide 6: Experiences lead the growth amongst luxury spending
Experiences lead the growth amongst luxury spending Growth of global lux ury spending by segment (index ed to 100 in 2010) CAGR CAGR CAGR 2010-19 2019-24E 2023-24E 250 Experiences 9% 4% 5% Experience-based goods 8% 2% -3% Personal goods 6% 5% -2% 100 Share of respondents reporting splurging on exper
Slide 7: Travel market is witnessing extended plans, personalized itineraries and premium travel experiences
Travel market is witnessing extended plans, personalized itineraries and premium travel experiences Added destinations & Personalized & Complex Surge in premium and extended trips Itineraries niche experiences 57% more interested in 68% respondents agree 23% expected growth in 1 4 5 visiting new des
Slide 8: Travel supply is pacing up with luxury demand from accommodation to experiences
Travel supply is pacing up with luxury demand from accommodation to experiences Hyatt’s momentum in luxury - In 2025, Hilton is on track to open over 150 continues to accelerate, hotels across its luxury and lifestyle brands— powered by our insights- Hilton such as Waldorf Astoria, Conrad, LXR and d
Slide 9: Assisted travel, central to connecting the luxury supply and demand, rides the momentum
Assisted travel, central to connecting the luxury supply and demand, rides the momentum Luxury travelers will need more — more personalization, more support, more presence Money rich, time Bespoke service, of luxury travelers view travel advisers as the best poor anytime way to book personalized lux
Slide 10: Luxury opportunity has stronger upsides for assisted travel vs self-booking
Luxury opportunity has stronger upsides for assisted travel vs self-booking 25% Top luxury 7-12% Top Global growth in 2024 consortia growth in 2024 OTAs For the fourth quarter, Expedia expects gross bookings and revenue to rise between 6% and 8% Full-year 2025 Luxury Travel Market Remains Strong Wit
Slide 11: We are in the right place at the right time
We are in the right place at the right time 37K+ $320+ 40%+ ~30K Top Annual Hotel Average GTV from Direct hotel Consortia Transacting Daily Rate bookings >$5K relationships Access advisors Notes: Nov’24-Oct’25 (Retail Business); Numbers inclusive of TBO Enterprise and CV 10
Slide 12: Revisiting | H1 FY 2025-26
Revisiting | H1 FY 2025-26 Transacting GTV Revenue Gross Adj. buyers Profit EBITDA before (Monthly) M&A Cost 9 30,116 INR 17,020 Cr INR 1078.8 Cr INR 696.6 Cr INR 188.6 Cr 6.6% 7.2% 24.1% 18.9% 8.0% H1 - Growth H1 - Growth H1 - Growth H1 - Growth H1 - Growth Rate (YoY) Rate (YoY) Rate (YoY) Rate (Yo
Slide 13: Hotel business has delivered strong growth in past 3 years
Hotel business has delivered strong growth in past 3 years GTV Revenue Gross Profit INR Cr INR Cr INR Cr +35% +38% +38% FY 23 FY 24 FY 25 FY 23 FY 24 FY 25 FY 23 FY 24 FY 25 12
Slide 14: Our footprint in Hotels+ segment is global with consistent growth trend across markets
Our footprint in Hotels+ segment is global with consistent growth trend across markets Europe 36% 14% 8% 14% North America 27% APAC 9% 26% 39% 11% 4% 9% 4% Latin America XX% YoY growth rate Regional share of Hotels & Ancillaries segment GTV for H1FY26. Notes: GTV is calculated basis source market (i
Slide 15: We are set on the right trajectory for margin expansion with continued growth
We are set on the right trajectory for margin expansion with continued growth Investment-forward phase → Reclaiming Leverage Our P&L trends 30 29 demonstrate 28 27 leverage in 26 sight %Growth YoY 25 24 23 22 SG&A 21 Revenue 20 19 18 17 0 Q2 FY 25 Q3 FY 25 Q4 FY 25 Q1 FY 26 Q2 FY 26 Notes : Excludes
Slide 16: The new business acquisition has shown a step-change driven by new KAM addition and higher efficiency
The new business acquisition has shown a step-change driven by new KAM addition and higher efficiency ~1.8x FY 26 FY 25 FY 24 Active New +9% Agents Monthly Retail agent acquisition run-rate vis-à- vis last year Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar ~25% More transacting agents New Agents +
Slide 17: Market Coverage | Our organic playbook is delivering
Market Coverage | Our organic playbook is delivering Scale and Drive Attain penetrate Efficiency Profitability market 1 2 3 4 5 KAM Onboarding Break-even in Yr1; Identify priority Hire KAMs as per Drive efficiency and training accretive going markets for market need and Perf. Mgmt. forward organic g
Slide 18: Market Coverage | CV acquisition has given us scale and brand strength
Market Coverage | CV acquisition has given us scale and brand strength in the largest luxury travel market US: The real luxury market driven by offline relationships TBO + CV • • • 47- year history with a track record Strong, growing and highly engaged community Advisors view Classic as an extension
Slide 19: Tech is leading the innovation agenda | CRM-led org transformation
Tech is leading the innovation agenda | CRM-led org transformation across sales and supply People Managers Supply Q Epicenter Customer Welcome to Epicenter Manager Select Your Epicenter Experience Finance Operations Sales Org Supply Org In-house design and development to 70%+ adoption in less than a
Slide 20: Tech is leading the innovation agenda | Automation has continued to demonstrate strong efficiency gains
Tech is leading the innovation agenda | Automation has continued to demonstrate strong efficiency gains on ops front #Tickets Automated Resolution 300k Supplier- initiated tickets 72% TBO Operations 45k Customer- initiated tickets 33% System- 150k Generated Tickets 72% Notes: Monthly ticket data, cu
Slide 21: Tech is leading the innovation agenda | Building H-Next a Better than OTA platform
Tech is leading the innovation agenda | Building H-Next a “Better than OTA” platform Smooth Search Instant Quote Compare Rooms Experience & Compare Across Hotels ▪ Multi Room – different room Quote/Compare Properties Your recent searches Dubai, United Arab Emirates types booking experience 01 Apr -
Slide 22: Building stronger proposition | Platinum program is scaling fast
Building stronger proposition | Platinum program is scaling fast TBO Platinum ~ 160 Hotels in portfolio r o s ewo o d One&Only A TBO-curated selection HOTEL GROUP ONE ZA’ABEEL Dubai of the world's most THE PENINSULA prestigious hotels NEW YORK offering unmatched luxury and exclusive perks based on 5
Slide 23: Building stronger proposition | From Umrah to Academy, we are creating differentiated lock-ins
Building stronger proposition | From Umrah to Academy, we are creating differentiated lock-ins ANCILLARY: Sightseeing, Car Rentals, TBO ACADEMY: Offers partnerships and Transfers, and Rail — enabling a full-stack consultative services to tourism destinations, “Beyond Hotels” travel offering. cruises
Slide 24: We are on a sustainable growth trajectory
We are on a sustainable growth trajectory 23
Slide 25: Path to the new AI-led world
Path to the new AI-led world o What is the impact on Travel industry? o What risk it poses on TBO’s customer? o What opportunities and threats it carries? o What are we doing to address that? 24
Slide 26: Internet proliferated travel inspirations, AI is set to redefine planning and experiences
Internet proliferated travel inspirations, AI is set to redefine planning and experiences Sources of travel inspiration, % of respondents selecting option Online Destination Family/ Search Family / Friends’ specific Online Travel Hotel Guide- Social media Booking Friends Engine social media website
Slide 27: In assisted travel, AI will transform the advisor x traveler landscape
In assisted travel, AI will transform the advisor x traveler landscape Narrower but more Bigger tick et size - Simple bookers phase out, premium TG complex, longer itineraries but true ex perts gain We need to build and cater to AI-enabled Travel Specialists in luxury 26
Slide 28: We are solving AI use-cases across the advisor-traveler spectrum
We are solving AI use-cases across the advisor- traveler spectrum Back -end → Advisor → Traveler 27
Slide 29: Building a connected trip for the luxury traveler
Building a connected trip for the luxury traveler Connected Trips transform the entire journey—villa, rail, yacht, chef, One itinerary, permits, insurance, and support—into a seamlessly orchestrated one cart, product, planned, priced, booked, and serviced as one: one conversation @ Itineraries Disco
Slide 30: We are adding new flywheels to accelerate growth and higher profitability
We are adding new flywheels to accelerate growth and higher profitability AI enablement of agents More More Buyers Data Wider More Richer options Network effects Learning effects Transactions insights for Buyers Superior More platform Suppliers Connected experience Trips 29
Slide 31: Thank You!
Thank You! 30