Mindspace Business Parks Reit · NSE:MINDSPACE.RR
Mindspace Business Parks Reit — Q2 FY26 Earnings Presentation
28 slides from Mindspace Business Parks Reit's earnings presentation, Nov 24, 2025
Slide 1: Corporate Presentation Q2 FY26
Corporate Presentation Q2 FY26 mindspacereit.com 1
Slide 2: Disclaimer
Disclaimer By attending the meeting where this presentation (“Presentation”) is made, or by reading the Presentation materials, you agree to be bound by the following limitations: This Presentation (a) is for information purposes only without regards to specific objectives, financial situations or n
Slide 3: Mindspace Business Parks REIT Portfolio Overview
Mindspace Business Parks REIT Portfolio Overview One of the largest Grade-A office portfolios in India 38.2 msf 93.8% INR 277 bn INR 6,339 Mn(4) Committed Occupancy NOI in Q2 FY26 Total Leasable Area (1) Market capitalization(2) (ex. Pocharam) (2) Presence in 4 out of top 6 Indian office markets o S
Slide 4: Delivered Robust Performance
Delivered Robust Performance Cumulative distribution of INR 99.9 p.u. since listing c. 26.1 msf (1) 6.2% CAGR Gross Leasing In-place rent(5) INR 59.5 Bn 16.3 % Total distribution(2) Annualized returns(3) 3.7 msf Delivered New 3.1 msf Developments Area Acquired 7.52 % p.a.p.m. 24.2 % Cost of Debt as
Slide 5: Five Integrated Business Parks
Five Integrated Business Parks Mindspace Madhapur Mindspace Airoli East Hyderabad | 13.7 msf (1) Mumbai Region | 7.3 msf Completed Area: 10.0 msf; Committed Occupancy: 98.0% Completed Area: 4.9 msf; Committed Occupancy: 80.1% Mindspace Airoli West Gera Commerzone Kharadi Commerzone Yerwada Mumbai Re
Slide 6: Six Quality Independent Office Assets
Six Quality Independent Office Assets Commerzone Porur Paradigm, Mindspace Malad Q City Chennai | 1.1 msf Mumbai Region | 0.8 msf Hyderabad | 0.8 msf Completed Area: 1.1 msf Completed Area: 0.8 msf Completed Area: 0.8 msf Committed Occupancy: 100.0% Committed Occupancy: 98.6% Committed Occupancy: 66
Slide 7: Diversified Portfolio of Marquee Tenants
Diversified Portfolio of Marquee Tenants Top 10 tenants contributing 34.0% (Sep-25) vs. 34.8% (Jun-25) Diversified tenant mix across sectors Top 10 tenants Gross Contracted Rentals contribution (34.0%) (1) (1) % split by Gross Contracted Rentals % of total Gross Contracted Rentals # of parks GCC- 13
Slide 8: Key Highlights: Q2 FY26
Key Highlights: Q2 FY26 mindspacereit.com 8
Slide 9: Strong Financial Performance fueled by Sustained Demand for Grade-A Assets
Strong Financial Performance fueled by Sustained Demand for Grade-A Assets 93.8% msf 0.8 msf 410.2 bn (1) (3) INR ( Mar’25 - INR 366.5 bn) Committed Occupancy Gross Leasing Q2 FY26 Gross Asset Value 94.6% on Like-to-Like Up 11.9% v/s Mar’25 basis excl. The Square 110 Financial district acquired in Q
Slide 10: Delivered Strong Operational performance
Delivered Strong Operational performance Key Operating Indicators Q2 FY26 H1 FY26 Gross Leasing 0.8 msf 2.6 msf Re-leased Area 0.4 msf 1.6 msf New and Vacant Area Leased 0.4 msf 1.0 msf Average Rent for Area Leased INR 76 psf/Month INR 77 psf/Month Re-leasing Spread(1) 28.1 % 29.1 % on 0.7 msf on 2.
Slide 11: Financial Performance Driven by Organic Cash Flows and Acquisition
Financial Performance Driven by Organic Cash Flows and Acquisition Figures in INR Mn Key Financial Indicators Q2 FY26 H1 FY26 (Y-o-Y) (Y-o-Y) Revenue from Operations(1) 7,778 24.8% 15,301 23.1% Net Operating Income(1) 6,339 25.8% 12,503 25.0% Distribution 3,552 16.3% 7,079 17.1% DPU 5.83 p.u 13.2% 1
Slide 12: Modern and Sustainable workplaces attracting occupiers
Modern and Sustainable workplaces attracting occupiers Mindspace Airoli West has achieved highest Committed Occupancy of c. 94% 100% 100% 100% 100% 100% 98.6% 98.0% Gera The Square The Square Commerzone Commerzone Mindspace Mindspace Commerzone Nagar Road BKC Porur Raidurg Malad Madhapur Kharadi Pun
Slide 13: Project Updates
Project Updates mindspacereit.com 13
Slide 14: Gearing for Demand Resurgence
Gearing for Demand Resurgence Hyderabad Hyderabad Mindspace Madhapur Mindspace Madhapur (1A-1B Re-development) (7/8 Re-development) ▪ Leasable area: 1.5 msf ▪ Leasable area: 1.6 msf ▪ Status: 16th ,17th and 18th floor slab under progress. ▪ Status: 7th and 8th floor slab work in progress. Major MEP
Slide 15: Creating Vibrant Mixed Use ecosystems enhancing the Park's offering
Creating Vibrant Mixed Use ecosystems enhancing the Park’s offering Hyderabad Hyderabad Mindspace Madhapur Mindspace Madhapur B18 (Pearl club) ▪ Leasable area: 0.53 msf ▪ Leasable area: 0.13 msf ▪ Status: Excavation work under progress. ▪ Status: OC applied (Club ID, Façade & ▪ Estimated Completion:
Slide 16: Re-energizing Parks
Re-energizing Parks mindspacereit.com 16
Slide 17: Dynamic Environment, Vibrant Workspaces
Dynamic Environment, Vibrant Workspaces mindspacereit.com 17
Slide 18: Energized Landscape for Business Excellence
Energized Landscape for Business Excellence mindspacereit.com 18
Slide 19: Infusing modern design elements to elevate entry experience
Infusing modern design elements to elevate entry experience Tailoring common areas to meet the evolving preferences of tenants mindspacereit.com 19
Slide 20: Attracting Millennial Workforce of India
Attracting Millennial Workforce of India Amenities and high safety standards within our parks make us the partner of choice for occupiers Landscaped podiums Amphitheatre & lobby areas Club house and play area Biophilic landscaped gardens mindspacereit.com 20
Slide 21: Experience Center: An Inclusive Ecosystem for all Lifestyle & Business Needs
Experience Center: An Inclusive Ecosystem for all Lifestyle & Business Needs Enhancing the Mindspace offering with a modern club facility with top notch amenities c. 130 ksf Exclusive and premium space Perspective Offers enriching entertainment, sports, lifestyle, recreation and dining experiences m
Slide 22: Annexure
Annexure mindspacereit.com 22
Slide 23: Key Financial Metrics
Key Financial Metrics Delivered consistent growth on key financial metrics Revenue (INR bn) (1) NOI (INR bn) (1) 6.5 6.3 6.2 7.8 6.0 7.5 5.2 5.4 6.8 5.5 6.4 5.0 5.0 6.2 6.2 5.0 4.8 4.7 4.8 5.9 6.0 5.9 4.5 4.0 3.5 3.0 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q2 FY24 Q3
Slide 24: NDCF Build-up Q2 FY26
NDCF Build-up Q2 FY26 Particulars (INR Mn) Q2 FY26 Revenue from Operations(1) 7,778 Property Taxes & Insurance (236) Other Direct Operating Expenses (1,203) Net Operating Income (NOI) 6,339 Property Management Fees (187) Net Other Expenses (116) EBITDA(1) 6,036 Cash Taxes (Net of Refunds) (803) Work
Slide 25: Delivered Healthy Distribution Growth
Delivered Healthy Distribution Growth Distribution overview Q2 FY26 H1 FY26 Distribution Repayment of Debt by INR 7,079 Mn SPV to REIT, ₹2.77, 47.5% DPU ₹5.83 p.u. Interest, ₹0.03, INR 11.6 p.u. 0.5% Dividend, ₹3.02, 51.8% DPU Growth (y-o-y) Other Income, ₹0.01, 0.2% 14% Declaration Date Record Date
Slide 26: Low Leverage Offers Balance Sheet Headroom for Future Growth
Low Leverage Offers Balance Sheet Headroom for Future Growth ₹ 99,155Mn 24.2% INR 3,034Mn 7.52% 4.6x 3.1x Ne Debt to Undrawn Committed Cost of Debt Interest Coverage Net Debt (1) Net Debt to EBITDA(5) Market Value (1) Facilities (p.a.p.m) Ratio(6) Diversified Book with a mix of debentures and Weight
Slide 27: Unitholding Pattern as on Sep 2025
Unitholding Pattern as on 30 Sep 2025 Unitholding Summary INR 27,705 Cr 35.6% Market Cap(1) % Free- float 609 Mn units Unitholding Pattern (Market Cap : INR 277 Bn) (1) AIF MF NIIs 0.3% 4.9% 9.5% Insurance 3.6% DIIs 2.8% Sponsors & Sponsor Group Public (Others) 64.4% 35.6% FIIs 14.4% Sponsors / Spon
Slide 28: Thank You
Thank You Investor Relations Enquiries: Govardhan Gedela (Finance & Investor Relations) Email id: ir@mindspacereit.com mindspacereit.com 28
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