Tbo Tek Ltd. · NSE:TBOTEK
Tbo Tek — Investor Presentation (November 2025)
45 slides from Tbo Tek's investor presentation, Nov 13, 2025
Slide 1: Investor Presentation filing letter to BSE and NSE
tbo.com TRAVEL SIMPLIFIED November 13, 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.com: Travel Simplified Investor Presentation
TBO.com: Travel Simplified Investor Presentation tbo.com TRAVEL SIMPLIFIED 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: TBO at a Glance
TBO at a Glance TBO is now among the top four global B2B travel distributors, with strong growth potential1 Global Scaled presence Platform Europe 30,000+ 50,000 + Destination Sold2 Transacting Agents2 North America APAC Africa 140 16Mn+ Source Markets2 Hotel Searches Made (B2A)2 Latin America Sourc
Slide 5: Our Journey through the years… Organic and Inorganic Growth
Our Journey through the years… Organic and Inorganic Growth Affirma acquired Naspers’ Stake in TBO TBO Naspers Acquired $1Bn GTV Milestone Acquired TBO goes Public and Incorporated Stake in TBO Bookabed AG lists on NSE and BSE 2011 2015 2019 2023 2025 2006 2012 2018 2022 2024 Commenced International
Slide 6: Where to play?
Where to play ? tbo.com 5
Slide 7: The Big opportunity
The Big opportunity The world is getting older and more prosperous Fertility 2.1 1.6 <1.5* Rates1 Between the years 2000-2005 Last Five Years (2018-2022) By 2050 66.8-68.5 72.46-73.16 >78.1* Lifespans2 Between the years 2000-2005 Last Five Years (2018-2022) By 2050 0.554 0.669 0.800* Income3 2005 La
Slide 8: The Big opportunity: Big Shift in Demographics
The Big opportunity Big Shift in Demographics The Developed World The Developing World Older and Very Prosperous Young, reaching higher income thresholds tbo.com TRAVEL SIMPLIFIED 7
Slide 9: The Big opportunity: Outbound Travel New Megatrend
The Big opportunity Outbound Travel : New Megatrend 1 More and more people will travel outside of their countries 2 Assisted travel will be a very large opportunity 3 Longer trips with multiple services stitched together. For Older, affluent travelers: expertise, comfort, 4 convenience, and novelty.
Slide 10: TBO has chosen to play in Premium outbound travel space
TBO has chosen to play in Premium outbound travel space Global US $1.9 trillion Travel Market1 Global Outbound US $1.36 trillion Travel Market2 Global Outbound Travel Market – US $912 billion Premium Segment3 Source: 1. 1Lattice Travel & Tourism Industry Report (2023); 2. Management Estimate; 3. Man
Slide 11: Leveraging Premium outbound travel market
Leveraging Premium outbound travel market …. A prime opportunity for assisted travel providers / travel agents Premium outbound travel space Travel agents TBO Trip Budget Local / Regional OTAs Global OTAs Bed banks Budget domestic travel space Trip Duration (short/long haul) 10
Slide 12: Right to win
Right to win tbo.com 11
Slide 13: Online channel is crowded; whitespace in assisted travel is critical
Online channel is crowded; Lot of whitespace in assisted travel Travel Tour Agencies Operators 1.5Mn+ Search Engines Hotel Players 8 to 10 different players Independent across OTA, Meta TMCs Travel Agents Hotel META OTA TBO is the only global scaled-up player website Search dominating this whitespac
Slide 14: Our platform simplifies travel
Our platform simplifies travel Suppliers Direct APIs or through Retail Selling Buyers Platform supply aggregators Hotels tbo.com TRAVEL SIMPLIFIED & Retail Buyers Travel Agencies Airlines Independent Travel Retail Selling Platform Advisors Travelers Car Rentals Integration API for Enterprise Custome
Slide 15: We address key needs of suppliers & buyers
We address key needs of suppliers & buyers Discovery Trust Payments Service Real-time access Supplier Transact in 24x7, multi-lingual to global travel onboarding is respective local pre- and post- inventory of curated by TBO currencies booking support over 1 Million+ with strict SLAs hotels & 750+ P
Slide 16: TBO's Global Footprint
TBO’s Global Footprint Europe 36% 20% 8% 16% North America 28% APAC 9% 27% 41% 9% 4% 9% 10% Latin America XX% YoY growth rate Regional share of Hotels & Ancillaries segment GTV for Q2’FY26. GTV is calculated basis source market (i.e. location of the booking agent) 15
Slide 17: Our platform is core to retail buyers and suppliers
Our platform is core to retail buyers and suppliers The buyer onboarding process has 3 key steps… Marketing Driven Sales Driven Platform Driven Account ~200K Lead generation Nurturing onboarding Registered Travel Agent Base2 Inbound: Website registrations Seamless KYC1 with country specific Data led
Slide 18: Interlinked flywheels enhance value proposition for our partners
Interlinked flywheels enhance value proposition for our partners More More Buyers Data Wider More Richer options Network effects Learning effects Transactions insights for Buyers Superior More platform Suppliers experience 17
Slide 19: Our dynamic founding team is backed by an experienced board
Our dynamic founding team is backed by an experienced board… Ravindra Dhariwal Ankush Nijhawan Gaurav Bhatnagar Akshat Verma Chairman and Independent Co-founder, Joint Managing Co-founder, Joint Managing Chief Technology Officer & Director Director Director Whole-time Director Prior : Pepsico Prior:
Slide 20: …and is supported by a deeply experienced team
…and is supported by a deeply experienced team Gerardo Del Rio Melissa Krueger Akshat Verma Nishant Misra Vikas Jain President – International CEO – Classic Vacations Chief Technology Officer Chief Product Officer Chief Financial Officer Prior: Hotelbeds, Dida Travel Prior: Travel Impressions Prior:
Slide 21: Our strategic vectors that contributed to rapid growth
Our strategic vectors that contributed to rapid growth A B Expand in new Grow buyer Bolster supplier New lines of business New product lines geographies segments network E.g., Paxes, Umrah E.g., Car Rental, Transfers Grow Platform Users Diversified lines of revenue across the globe Strategic Vectors
Slide 22: Our journey of over 18 years
Our journey of over 18 years Strong YoY GTV growth Driving growth through business diversification Investment in technology driving operating leverage Capital efficient business model with strong cash generation Delivering positive shareholder returns tbo.com TRAVEL SIMPLIFIED 21
Slide 23: Our Business Approach
Our Business Approach Transacting Gross Profit EBITDA GTV Revenue buyers1 Grow Buyer Increase buyer Focus on Focus on multiple Improve base in existing stickiness and product & products, e.g.- operating and new share of wallet geography mix hotels and leverage and geographies and improve ancillaries
Slide 24: Strong broad based recovery from macro headwinds in Q2
Strong broad based recovery from macro headwinds in Q2 Transacting GTV Revenue Gross Adj. buyers Profit EBITDA before (Monthly) M&A Costs 30,662 ₹ 8,901 Cr. ₹ 568 Cr. ₹ 363 Cr. ₹ 104 Cr. 8% 12% 26% 19% 16% YoY Growth YoY Growth YoY Growth YoY Growth YoY Growth tbo.com TRAVEL SIMPLIFIED 23
Slide 25: Our Strengths
Our Strengths 1 Platform creating network effect 4 Data driven decision making across with interlinked flywheels to the enterprise enhance value proposition for partners 2 Modular and scalable proprietary 5 Founder led company supported by technology platform allowing experienced professional Our fi
Slide 26: Scalable Business Model with Operating Leverage
Scalable Business Model with Operating Leverage tbo.com 25
Slide 27: Strong operating leverage
Strong operating leverage High buyer retention “Global” Network Effects Zero marginal cost and increased wallet leading to transaction of serving new share growth outpacing buyer transactions because of growth technology automation All incremental benefits go to bottom line leading to High Operating
Slide 28: Early green shoots of the impact of investments in growth
Early green shoots of the impact of investments in growth Monthly Active Agents 12K (International Business*) 10.8K 8.6K Apr'24 May'24 Jun'24 Jul'24 Aug'24 Sep'24 Oct'24 Nov'24 Dec'24 Jan'25 Feb'25 Mar'25 Apr'25 May'25 Jun'25 Jul'25 Aug'25 Sep'25 • Monthly Active Agents base showing rapid growth sin
Slide 29: Growth across the new agent sales funnel with high engagement
Growth across the new agent sales funnel with high degree of engagement Rapidly expanding new agent funnel 835 2.3x of Jan’25 777 744 745 725 689 635 566 516 520 530 506 472 446 452 445 427 378 398 Higher number of agents 368 338 331 maturing on the Platform 314 316 291 267 2.2x of Jan’25 202 Januar
Slide 30: Acceleration of new agent addition showing up in incremental growth
Acceleration of new agent addition has started showing up in incremental growth Sales Driven by New Agents* 951.1** 65.3 1.6x new business 6.9% from New Agents (acquired in current year) 780.3** 4.3% New Cohort 33.8 Old Cohorts H1’FY25 H1’FY26 Notes: * New Agent is defined as an agent who made his f
Slide 31: Inorganic Growth Strategy
Inorganic Growth Strategy tbo.com 30
Slide 32: Acquisition is a key growth lever for us to increase market share
Acquisition is a key growth lever for us to increase market share PURSUE VALUE ACCRETIVE ACQUISITONS I Year | Country 2019 | India 2019 Consideration INR 19 Cr Island hopper Rationale Supply depth in Indian Ocean Islands Acquire companies with strong supply and distribution capabilities I Year | C
Slide 33: TBO acquired Classic Vacations, expanding into North America
TBO acquired Classic Vacations, expanding its global reach into North America The Najafi Companies tbo.com TRAVEL SIMPLIFIED CLASSIC About Classic Vacations About the Acquisition • Premier B2B2C luxury travel company focussed on US travel advisors • Nature of Transaction: Acquisition of 100% ownersh
Slide 34: Classic Vacations is premier B2B2C luxury travel company focused on US advisors
Classic Vacations is premier B2B2C luxury travel company focused on US travel advisors • • 47- year history with a track record Strong, growing and highly engaged community $475Mn • Advisors view Classic as an extension of their brand Gross Bookings FY24 Brand • • Expertly trained, well-traveled, an
Slide 35: CV operates luxury FIT and Group businesses
CV operates luxury FIT and Group businesses driven by a highly motivated management and strong underlying assets Retail x Luxury Outbound travel business Core Assets primarily driven by a highly experienced leadership team • Long-standing legacy brand with strong luxury connect and - FIT Business (6
Slide 36: Significant growth opportunities for both CV and TBO
We believe this will bring significant growth opportunities for both CV and TBO businesses independently 2 independent Brands with distinct … and creating value by profile Cross-leveraging the luxury hotel Classic Vacations TBO 1 supply between TBO and CV Avg. ADR $1000+ ~$250 Avg. Booking size $8,6
Slide 37: Classic Vacations – P&L Structure
Classic Vacations – P&L Structure Classic Vacations TBO Particulars (Jan-Dec’24) (Jan-Dec'24) Gross Bookings (GTV) $475.71Mn $3,595.94Mn1 Net Revenue (Take Rate) 23.3% 5.4% Gross Profit 11.9% 3.7% Adjusted EBITDA 2.4% 1.0% PAT 1.9% 0.7% NOTE: 1 - INR/USD – 84.97 tbo.com 36
Slide 38: Meaningfully negative working capital cycle driven by long booking window
Meaningfully negative working capital cycle driven by long average booking window 140 Days 245 Days FIT - Average Booking Window Group - Average Booking Window Significant Deferred Revenue ~17% of annual GTV ~$80Mn Cash and Cash Equivalents – As of July’25 tbo.com 37
Slide 39: Thank You!
Thank You! tbo.com TRAVEL SIMPLIFIED 38
Slide 40: Annexures
Annexures tbo.com 39
Slide 41: TBO's Global Footprint
TBO’s Global Footprint Europe 36% 20% 8% 16% North America 28% APAC 9% 27% 41% 9% 4% 9% 10% Latin America XX% YoY growth rate Regional share of Hotels & Ancillaries segment GTV for Q2’FY26. GTV is calculated basis source market (i.e. location of the booking agent) 40
Slide 42: India | Back to positive GTV trajectory
India | Back to positive GTV trajectory 4% 518 Market fundamentals 520 498 23.7K 69 500 Transacting Cities with 480 Agents Feet-on-street GTV (₹ Cr) 460 440 15% 20 420 Non-Air Regional sales Saliency offices 400 Q2'FY25 Q2'FY26 1) Total India Business arrested degrowth trend and return to positive g
Slide 43: Europe | Building presence in new markets
Europe | Building presence in new markets 2200 2,036 Market fundamentals 2000 20% 4.5K 27 1800 1,703 Transacting Countries with Agents Feet-on-street GTV (₹ Cr) 1600 1400 1200 36% 49 1000 Business Source Markets Salience in the region 800 Q2'FY25 Q2'FY26 1) After disruptions in Q1, Europe returned t
Slide 44: MEA | Gaining depth in select markets and increasing SoW
MEA | Gaining depth in select markets and increasing SoW 1600 1,600 Market fundamentals 27% 5.1K 15 1400 1,257 Transacting Countries with Agents Feet-on-street GTV (₹ Cr) 1200 1000 800 600 Q2'FY25 Q2'FY26 28% Business Salience 43 Source Markets in the region 1) MEA delivered another strong quarter,
Slide 45: Americas | Focus on US with the new acquisition
Americas | Focus on US with the new acquisition 1050 987 Market fundamentals 1000 13% 950 900 876 4.4K Transacting Agents 9 Countries with Feet-on-street GTV (₹ Cr) 850 800 750 17% 26 700 Business Source Markets 650 Salience in the region 600 Q2'FY25 Q2'FY26 1) Hotels + Ancillary GTV grew 10% YoY, l