Bagmane Prime Office Reit · NSE:BAGMANE.RR
Bagmane Prime Office Reit — Q1 FY27 Earnings Presentation
46 slides from Bagmane Prime Office Reit's earnings presentation, August 2026
Slide 1: Q1 FY27 Earnings Update
BAGMANE BAGMANE — REIT — Q1 FY27 Earnings Update
Slide 2: Table of Contents
TABLE OF CONTENTS Page Section No. 01. Listing Highlights 03 02. Key Performance Highlights 04 03. Portfolio Overview 10 04. Proven Track Record 19 05. Development Update 23 06. ROFO Assets 26 07. Sustainability 30 08. Industry Overview 33 09. Annexures 0 39 Bagmane Constellation Business Park
Slide 3: IPO & Listing Highlights
IPO & LISTING HIGHLIGHTS GCC focused office REIT with Grade A+ assets in the world’s best performing micro markets | Listed in May ‘26 ₹100.00 ₹ 351,900 Mn ISSUE PRICE PER UNIT MARKET CAP AT LISTING ₹108.70 207 k applications U N I T P R I C E A S O F A U G 1 0 , 2 0 2 6 (1) Bagmane Prime Office REI
Slide 4: Key Performance Highlights
Private & Confidential 02 Key Performance Highlights Bagmane Constellation Business Park
Slide 5: Q1 FY27 Performance Overview
Q1 FY27 PERFORMANCE OVERVIEW Robust Operating Performance 260k sft 98.7 % ₹7,337 Mn ₹6,605 Mn ₹1.50 p.u COMMITTED REVENUE FROM GROSS LEASING N O I (1) DISTRIBUTION (DPU) OCCUPANCY O P E R A T I O N (1) Operational Committed Occupancy of 98.7% across 16.6 msf completed portfolio (98.8% at Dec'25); In
Slide 6: Leasing Performance
LEASING PERFORMANCE Maintained best in class occupancy | 260k sft leased in Q1 FY27 with mark to market of 16% 260k sft ₹ 147 psf/month 16% Gross Leasing Average Rent Achieved MTM Achieved (4% above projected market rents) 100% Leased to Existing Tenants Assets Tenant Sector Area (k sft) New Leases
Slide 7: Asset-Level Revenue & NOI – Q1 FY27
ASSET-LEVEL REVENUE & NOI – Q1 FY27(1) Delivered 90% NOI margin in Q1 FY27, with 16% Y-o-Y growth in Revenue and NOI REVENUE FROM OPERATIONS NET OPERATING INCOME Assets (₹Mn) Q1 FY27 Q1 FY26 Growth % Q1 FY27 Q1 FY26 Growth % BWTC 1,829 1,750 4% 1,627 1,619 0% BCBP 1,666 1,521 10% 1,447 1,362 6% RIO
Slide 8: Debt Profile
DEBT PROFILE Lowest leverage among Indian REITs with significant debt headroom for growth ₹23 Bn ₹16 Bn 4% 7.4%(2) AAA ₹180+ Bn Gross Debt Net Debt LTV(1) Avg. Cost of debt Credit Rating(3) Debt headroom Debt Maturity Profile (₹ Mn) Composition of Debt 6,245 OD 27% 9,061 ₹ 23 Bn 2,165 Gross Debt 1,7
Slide 9: Distribution Profile
DISTRIBUTION PROFILE Maiden distribution of ₹1.50 per unit | Most Tax efficient with highest dividend component Interest DISTRIBUTION AMOUNT 8% ₹5,100 Mn ₹1.50 p.u Private & Confidential UNITS OUTSTANDING 3,400 Mn Dividend 92% Key Dates DISTRIBUTION PER UNIT August 11, 2026 August 14, 2026 On or bef
Slide 10: Portfolio Overview
03 Portfolio Overview Bagmane Tech Park
Slide 11: Portfolio Overview
PORTFOLIO OVERVIEW A pure-play Bengaluru portfolio with embedded growth: 18% MTM upside and 47.2 msf ROFO runway 98.7% 18% 47.2 msf C O M M I T T E D O C C U P A N C Y (2) MTM POTENTIAL R O F O P I P E L I N E (3) msf TOTAL AREA 90% 111 psf 6.8 Years LEASABLE AREA - 19.6 msf GCC IN PLACE RENT WALE a
Slide 12: Expansive Business Parks in ORR
EXPANSIVE BUSINESS PARKS IN ORR - THE LARGEST OFFICE MICRO-MARKET IN INDIA Bagmane World Technology Centre Bagmane Constellation Business Park 4.5 msf | 96.4% Committed Occ. | 607 Key Hotels u/c 5.0 msf | 100% Committed Occ. Samsung’s Amazon’s mini largest R&D centre(1) campus (5 towers) Bagmane Rio
Slide 13: Grade A Offices in SBD City
GRADE A OFFICES IN SBD CITY – A LEADING OFFICE DESTINATION IN BENGALURU Bagmane Tech Park Bagmane Cosmos 4.4 msf | 100% Committed Occ.(1) 3.6 msf | 95.3% Committed Occ.(2) Volvo’s Largest centre of largest R&D centre(3) Texas Instruments in India 26% of gross Largest new rentals from Semiconductors
Slide 14: Marquee Tenant Roster
MARQUEE TENANT ROSTER Partner of choice for leading GCCs, foreign MNCs and Fortune 500 companies; backed by tenants involved in or complementing the development of technology and AI innovation 99% 90% 64% Foreign MNCs GCCs Fortune 500 BFSI Others Technology Top 10 Tenants AB InBev (%) of Gross Contr
Slide 15: State-of-the-Art Infrastructure (1/4)
STATE-OF-THE-ART INFRASTRUCTURE (1/4) World-class amenities promoting live-work-play – F&B Cafeteria Craft Brewery Food Court Food Court 15
Slide 16: State-of-the-Art Infrastructure (2/4)
STATE-OF-THE-ART INFRASTRUCTURE (2/4) World-class amenities promoting live-work-play – Amenities Gymnasium Sports Facility Infinity Pool Feeder Shuttle Day Care Amphitheatre 16
Slide 17: State-of-the-Art Infrastructure (3/4)
STATE-OF-THE-ART INFRASTRUCTURE (3/4) World-class amenities promoting live-work-play - Sports & Events Bagmane Run Bagmane Cricket Bash Bagmane Run Bagmane Cricket Bash 17
Slide 18: State-of-the-Art Infrastructure (4/4)
STATE-OF-THE-ART INFRASTRUCTURE (4/4) New Lifestyle/F&B Additions During the Quarter Costa Coffee GLEN’s Bakehouse Starbucks Burger Singh 18
Slide 19: Proven Track Record
04 Proven Track Record Bagmane Rio Business Park
Slide 20: REIT Portfolio Has Outperformed the Market
REIT PORTFOLIO HAS OUTPERFORMED THE MARKET Consistently maintained over 94% committed occupancy since Mar’21 with sustained 6.1% rental CAGR Committed Occupancy In-place Rents (%) (Rebased to Mar’21) COVID COVID 99% 99% 137 98% 6.1% 97% 96% 132 96% +187 bps 94%(1) 127 +1009bps 124 93% 123 4.2% 118 1
Slide 21: Demonstrated Strong Leasing | Healthy MTM Potential
DEMONSTRATED STRONG LEASING | HEALTHY MTM POTENTIAL Superior portfolio quality driving tenant retention with high re-leasing MTM Gross Leasing Area and rentals(1) expiry (msf) (msf) Average Re-leasing Spread(1) 18% 15% (FY23-Jun’26) [ Avg. Future MTM [ Leased to existing tenants Gross Contracted 89%
Slide 22: Long-Standing Tenant Relationships
LONG-STANDING TENANT RELATIONSHIPS Preference for Bagmane offices is evidenced by multifold expansion by marquee tenants All values in k sft(1) Amazon Texas Instruments 33x 3316 14x 2673 11x 945 196 89 100 2016 Jun'26 2015 Jun'26 2013 Jun'26 Qualcomm 1.5x 824 7x 1097 20x 498 566 168 24 2005 Jun'26 2
Slide 23: Development Update
05 Development Update Bagmane Tech Park
Slide 24: Development Pipeline (1/2)
DEVELOPMENT PIPELINE – (1/2) Strong office development pipeline in SBD City to drive NOI growth 1.0 msf 2.0 msf Under Development Future Development Cosmos - Ceres Q3 FY27 ₹1.2 Bn Expected Completion Date Balance Cost 8th Floor slab under progress Façade work commenced for lower floors Perspective A
Slide 25: Development Pipeline (2/2)
DEVELOPMENT PIPELINE – (2/2) Hospitality and Renewable Energy developments to support the Office Portfolio and drive NOI growth Solar – Chitradurga(1) 72.5 MW (DC) ₹0.7 Bn Capacity Balance Cost(3) 33.25 MW installed, balance under execution; Charging of substation by KPTCL awaited Actual Actual Hosp
Slide 26: ROFO Assets
06 ROFO Assets Bagmane Capital Tech Park
Slide 27: ROFO Pipeline (1/3)
ROFO PIPELINE (1/3) Largest ROFO Pipeline among listed Office REITs - 47+ msf Actual Actual Actual Actual ORR Whitefield Bagmane Capital Tech Park Bagmane Solarium City 7.1 msf 9.0 msf Total leasable area Total leasable area Development split msf Development split msf 2.1 0.0 1.3 4.6 Completed Under
Slide 28: ROFO Pipeline (2/3)
ROFO PIPELINE (2/3) Largest ROFO Pipeline among listed Office REITs - 47+ msf Perspective Perspective North Bengaluru ORR North Bengaluru Bagmane Capital South Bagmane Sierra Business District 2.2 msf 7.6 msf Total leasable area Total leasable area Development split msf Development split msf 0.8 1.4
Slide 29: ROFO Pipeline (3/3)
ROFO PIPELINE (3/3) Largest ROFO Pipeline among listed Office REITs - 47+ msf Bagmane Encore Business Park Bagmane Viva Tech Park, Chennai Bagmane Aerowest, Delhi 2.3 msf 3.7 msf 1.8 msf Perspective Perspective Bagmane District 1862 2.3 msf Bagmane Fintech City, Chennai Perspective 0.6 msf Total Ass
Slide 30: Sustainability
07 Sustainability Luxor @ Bagmane Capital Tech Park
Slide 31: Consistent Sustainability Focus
CONSISTENT SUSTAINABILITY FOCUS Committed to long-term sustainability across our operations Reducing emissions through renewable energy 92%(2) of portfolio assets are LEED certified 80%+ Share of renewable energy(1) National EHS 5 Star Rating Excellence – Silver RE100 Member 100% Renewal 93/100 scor
Slide 32: Social Initiatives
SOCIAL INITIATIVES Creating shared value in the communities we serve RampMyCity Amba for Life Initiative for making disabled-friendly public spaces Economic empowerment to the intellectually disabled JITO Foundation Janaseva Vidya Kendra Coaching and mentoring youth for careers in Civil Services Sys
Slide 33: Industry Overview
08 Industry Overview Bagmane World Technology Centre
Slide 34: Robust Demand Fuels Office Growth in India
ROBUST DEMAND FUELS OFFICE GROWTH IN INDIA Robust demand for India’s Grade-A office stock continues to outpace supply Gross leasing and Supply Avg. Gross Leasing (msf) (msf) 931 Msf 92 Grade A office stock in 86 85 Top 7 markets as of Q2 83 80 2026; >1B sf by 2027 77 75 67 63 63 63 54 CY23-25 CY26-2
Slide 35: India Remains a Preferred GCC Destination
INDIA REMAINS A PREFERRED GCC DESTINATION India’s strong demographic profile and cost advantage has aided sustained growth of GCCs Bengaluru dominating GCC absorption in India GCC expected to be the growth driver in India (% share) (# GCC units) 1.3x 4,700-4,800 1.9x 3,700+ c. 42% share of c.38% c.3
Slide 36: Bengaluru – India's Largest Office Market
BENGALURU – INDIA’S LARGEST OFFICE MARKET India’s largest and best performing office market 26 % 27 % ~37 % ~11 % Vacancy – June 30, 2026 Share in India office stock(1) Highest avg net absorption(2) Avg share of GCC leasing(3) vs 15% India vacancy Strong momentum: Gross leasing and supply Rental Gro
Slide 37: Micro Market – Outer Ring Road
MICRO MARKET – OUTER RING ROAD 114 116 15.0 12% 14.5 104 14.0 100 13.5 13.0 12.0 12.5 11.1 10% 12.0 11.0 11.5 11.0 9.6% 10.3 10.0 10.5 10.0 8% 9.5 9.0 8.5 7.9 8.0 7.5 6.8 6% 7.0 5.7 5.9 6.5 6.1% 6.0 4.9 5.5 4.9% 4.4 5.0 3.9 4% 4.5 4.4% 4.3% 4.0 4.1% 3.5 3.0 5.3 2.5 3.3 2% 2.0 1.5 1.0 0.5 0.0 0% 2023
Slide 38: Micro Market – Secondary Business District (City)
MICRO MARKET – SECONDARY BUSINESS DISTRICT (CITY) 145 3.6 138 149 12% 130 3.4 3.3 3.2 3.1 3.0 2.9 2.9 10% 2.8 2.6 2.4 2.2 8% 2.2 2.0 5.8% 1.8 5.5% 5.2% 6% 1.6 1.6 1.5 4.8% 1.5 1.4 4.3% 1.3 1.2 4% 3.0% 1.0 2.0 0.8 0.6 0.5 2% 0.3 0.4 0.7 0.3 0.2 0.0 0% 2023 2024 2025 2026E 2027E 2028E Gross Leasing (m
Slide 39: Annexure
09 Annexure Bagmane World Technology Centre
Slide 40: Portfolio Snapshot
PORTFOLIO SNAPSHOT Future Leasable Completed U/C Area Committed In-place Market Asset Development Occupancy Area (msf) Area (msf) (msf) Occupancy rent (psf) Rent (psf) Area (msf) Commercial Offices Bagmane World Technology Centre, ORR 4.5 4.5 - - 91.5% 96.4% 94 108 Bagmane Constellation Business Par
Slide 41: Unit Holding Pattern & Use of Proceeds
UNIT HOLDING PATTERN & USE OF PROCEEDS High quality and diversified investor base Unit holding Pattern Use of Proceeds (As of June 30, 2026) Fresh Issue: 23,900 Mn P U B L I C U N I T H O L D E R S (1) — 1 7 . 1 9 % Items As per FOD Achieved (₹Mn) (₹Mn)(2) NIIs 6.75% Gross Fresh Issue Proceeds 23,90
Slide 42: Our Portfolio
OUR PORTFOLIO Trustee Trust Investment Manager Bagmane Realty Axis Trustee Services Bagmane Prime Investment Manager Limited Office REIT Private Limited Bagmane Developers Private Limited (Holdco) (100%) Portfolio held through SPV Portfolio held through SPV Bagmane Rio Portfolio held Bagmane Green P
Slide 43: Reputed Board Members
REPUTED BOARD MEMBERS Independent Directors Non-Executive Directors Abhishek Goenka Raja Bagmane (Chairperson) Founder of Aeka Advisors India LLP Founder of the Bagmane Group Previously associated with RMZ Group, 28+ years of experience in real estate BMR and PWC sector Rajeshwari Srinivasan
Slide 44: Key Terms & Definitions
KEY TERMS & DEFINITIONS • All figures in this presentation are as of June 30, 2026, unless otherwise specified • Some of the figures in this Presentation have been rounded -off to the nearest decimal/ whole number for the ease of presentation Term Description Agreement to lease or letter of intent N
Slide 45: Disclaimer
DISCLAIMER This presentation has been prepared by Bagmane Realty Investment Manager Private Limited ("Manager"), in its capacity as the Manager to Bagmane Prime Office REIT ("REIT"), solely for information purposes. The information contained herein has been prepared from sources believed to be relia
Slide 46: Thank You
THANK YOU INVESTOR CONTACT Website: www.bagmanereit.com Email: ir@bagmanereit.com Office: +91 80 4032 9901
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