Slide 1: Submission of Investor Presentation to Stock Exchanges
Telephone: +91 22 6661 7272 | Email: info.india@blackbox.com BBOX/SD/SE/2025/91 November 12, 2025 To, Corporate Relationship Department Corporate Relationship Department Bombay Stock Exchange Limited National Stock Exchange Limited P.J. Towers, Dalal Street, Exchange Plaza, Bandra Kurla Complex, For
Slide 2: Results Presentation Q2 FY26
REDEFINE READY Your Connect-Anything, Optimize-Everything Partner Results Presentation Q2 FY26 12 November 2025 1
Slide 3: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Black Box Limited have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not f
Slide 4: Q2 & H1 FY26 Financial Highlights
Q2 & H1 FY26 FINANCIAL HIGHLIGHTS 3
Slide 5: Financial Highlights – Q2 and H1 FY26
Financial Highlights – Q2 and H1 FY26 Revenue Quarterly – 3 months Half Yearly – 6 months Amt in ` crore o Q2 FY26 delivered a healthy recovery with revenue up 14% QoQ (6% YoY) o With transformation initiatives stabilizing and a strengthened go-to- market engine, FY26 is positioned as a year of rene
Slide 6: Healthy Total Order Backlog
Healthy Total Order Backlog Increase in large value deals; focus on higher conversion of pipeline continues Total Order Book ($ million) Order Book and Pipeline’s Future Outlook o H1FY26 orders booked $394mn, on track to book orders 555 worth $1bn in FY26 based on current trajectory 504 518 22 o Foc
Slide 7: Management Commentary
Management Commentary Commenting on the results and performance Mr. Sanjeev Verma, Whole-time Director, Black Box said, “Q2 FY26 has been a strong quarter, with revenue up 14% sequentially and broad-based growth across key markets. Our transformation journey is driving sustained, profitable momentum
Slide 8: Well Diversified Global Business Model – H1 FY26
Well Diversified Global Business Model – H1 FY26 Revenue by Geography Revenue by Industry India, 7% Europe, 10% 12.8% Technology 23.5% MEA, 3% Financial Services 9.2% Consumer and Public Services APAC, 10% 12.0% Commercial and Industrial North America, 68% 22.5% Healthcare Latin America, 3% Distribu
Slide 9: Consolidated P&L – Q2 FY26
Consolidated P&L – Q2 FY26 Particulars (in ` crore) Q2 FY26 Q2 FY25 YoY Q1 FY26 QoQ H1 FY26 H1 FY25 YoY Revenue from Operations 1,585 1,497 6% 1,387 14% 2,971 2,921 2% Gross Profit 478 452 428 906 890 Gross Profit Margin 30.2% 30.2% 30.9% 30.5% 30.5% Total Other Expenses 335 317 312 645 641 EBITDA 1
Slide 10: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (in INR Crore) Sep-25 Mar-25 Particulars (in INR Crore) Sep-25 Mar-25 ASSETS EQUITY AND LIABILITIES Non-Current Assets Equity Property, Plant And Equipment 123 102 Equity Share Capital 34 34 Other Equity 871 725 Right Of Use Asset 266 254 Total Equity 905 759 G
Slide 11: Summary of Consolidated Cash Flows
Summary of Consolidated Cash Flows Particulars (in INR Crore) H1 FY26 H1 FY25 Operating profit before working capital changes 209 211 Changes in working capital -143 -87 Cash generated from operations 66 124 Direct taxes paid (net of refund) -12 -18 Net Cash from Operating Activities (A) 54 106 Net
Slide 12: Medium Term Targets
MEDIUM TERM TARGETS 11
Slide 13: FY26 Guidance
FY26 Guidance Particulars Actual Actual Guidance (in ` crore) FY25 H1 FY26 FY26E REVENUE 5,967 2,971 6,750 – 7,000 EBITDA 531 259 605 – 645 EBITDA 8.9% 8.7% 9.0% - 9.2% Margin PAT 205 103 265 – 285 PAT Margin 3.4% 3.5% 3.8% - 4.1% Estimated EBITDA growth in FY26 --- YoY growth: 14%-22% Estimated PAT
Slide 14: Large Headroom to Grow, And Long Runway
Large Headroom to Grow, And Long Runway Targeting up to 2.0% market share of the industry 13 * Source: Gartner # FY25 estimated market share of Black Box Ltd. approx. 0.6% Note: Refer “Industry Overview” under MD&A in AR FY25 for more details.
Slide 15: Historical Financial Highlights
HISTORICAL FINANCIAL HIGHLIGHTS 14
Slide 16: Historical Performance Snapshot
Historical Performance Snapshot Amt in INR cr Revenue EBITDA and Margin PAT and Margin CAGR: 21.5% CAGR: 50% 531 CAGR: high growth 6,288 6,282 5,967 428 205 5,370 352 8.9% 4,994 4,674 3.4% 328 138 7.5% 260 269 78 73 2.2% 6.6% 6.8% 1853 1.7% 24 1.4% 0.4% 4.8% 47 4.3% -1.6% -4.3% 2.5% -79 -80 FY19 FY2
Slide 17: Consolidated P&L Statement
Consolidated P&L Statement Successful turnaround of Black Box Ltd# after its acquisition in FY19 Particulars (in ` crore) FY21 FY22 FY23 FY24 FY25 Revenue from Operations 4,674 5,370 6,288 6,282 5,967 Gross Profit 1,497 1,549 1,640 1,714 1,794 Gross Profit Margin 32.0% 28.9% 26.1% 27.3% 30.1% Total
Slide 18: Consolidated Balance Sheet
Consolidated Balance Sheet Asset-light with low leverage Particulars (in ` crore) Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Particulars (in ` crore) Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Non-Current Assets Equity Property, Plant And Equipment 164 190 161 120 102 Equity Share Capital 33 33 34 34 34 Other Equit
Slide 19: Summary of Consolidated Cash Flows
Summary of Consolidated Cash Flows Low capex business model Particulars (in ` crore) FY21 FY22 FY23 FY24 FY25 Operating profit before working capital changes 407 224 296 407 466 Changes in working capital -156 -108 -282 -301 -551 Cash generated from operations 251 117 13 106 -85 Direct taxes paid (n
Slide 20: About the Company
ABOUT THE COMPANY 19
Slide 21: Corporate Overview
Corporate Overview A global digital infrastructure services provider Black Box Limited is a global digital infrastructure integrator delivering network and system integration services and solutions, support services, and technology products to 35 30+ 5,000+ businesses in the United States, Europe, I
Slide 22: Global Footprint
Global Footprint Large presence to service the global players Seamlessly transforming technology across enterprises economically, uniformly, and with scale at a global level Across 6 Regions and 35+ Countries… Europe Austria Belgium Denmark Finland France Germany Italy Ireland Netherlands Asia-Pacif
Slide 23: Portfolio Offering
Portfolio Offering Global Solutions Integration Technology Product Solutions Others 83% 14% 3% Connectivity Infrastructure Audio Video Training Data Center Internet of Things Consulting Enterprise Networking Support Services Design services Modern Workplace Professional Services Cybersecurity 22 H1
Slide 24: Global Solutions Integration
Global Solutions Integration IoT, Physical Security & Surveillance Passive Infrastructure & Fiber Connectivity Structured Cabling INFRASTRU CTIVITY CTU ONNE RE C DC Infrastructure Advisory & GRC Financial Services and Commercial DA ITY Infrastructure X-as-a- Networking & TA Application CUR Developme
Slide 25: Technology Product Solutions
Technology Product Solutions Consulting Tailored combinations of technologies and products Factory Pre-Configuration High-Performance KVM and AV Video Wall IoT Monitoring, IP KVM Matrix Switching and Control and Sensors, and IT infrastructure, hardware Switching Extension Digital Signage Gateways and
Slide 26: Key Company Strengths
Key Company Strengths 120+ Fortune 500 clients & Strong Global Delivery Model Global Marquee Entp. With Local Expertise Entrenched Customer Well Positioned to Capitalize Relationship on Strong Industry Tailwinds KEY STRENGTHS Strategic OEM Extensive Portfolio of Partnerships Globally Solutions and S
Slide 27: Select Customers
Select Customers Associated with many of the global marquee and fortune 500 companies 6 26 * Logos Are The Property Of Their Respective Owners
Slide 28: Technology Partners
Technology Partners Furthering Digital Acceleration on Strong Partnerships 6 27 * Logos Are The Property Of Their Respective Owners
Slide 29: Contact Us
Contact Us Company Investor Relations : Investor Relations Advisor : Black Box Limited Strategic Growth Advisors Private Limited CIN: L32200MH1986PLC040652 CIN: U74140MH2010PTC204285 Purvesh Parekh (Head of Investor Relations) Rahul Agarwal / Karan Thakker purvesh.parekh@blackbox.com rahul.agarwal@s