Samhi Hotels Limited · NSE:SAMHI
Samhi Hotels — Investor Day (June 2025)
69 slides from Samhi Hotels's investor day presentation, Jun 5, 2025
Slide 1: SAMHI Investor Presentation - Investor Day 2025
— SAMHI SMART HOTEL INVESTMENTS— 05" June 2025 SAMHI Hotels Ltd. CIN: 155101DL2010PLC211816 BSE Limited National Stock Exchange of India Regd. Office: Caspia Hotels Corporate Relationship Department Limited Delhi, District Centre Crossing, Opp. Galaxy Toyota Outer Ring Phiroze Jeejeebhoy Towers, Exc
Slide 2: Investor Day, 5 June 2025
www.samhi.co.in ~™® Go for — gre a t n e s s SAMHI —— SMART HOTEL INVESTMENTS Investor day, 5 June 2025
Slide 3: Presenters
www.samhi.co.in Presenters Ashish Rajat Gyana Nakul Jakhanwala Mehra Das Manaktala Founder, MD & CEO CFO EVP & Head of Investments VP —Investments e@e Page 2
Slide 4: Business Environment
Business Environment
Slide 5: World follows the headline, we follow the trendline
www.samhi.co.in The, ust che: The. The EcONOMISt — *wbsppyannverarytcans Economist Economist Economist a ‘The world’s skyscraper boom i Can ‘A.14-PAGE India fly? ) SPECIAL REPORT i Can India Goodnews /% become fromindia 4% newer The meaning of the world’s biggestelection | ‘baverica's one-year-old p
Slide 6: India's GDP has grown 4x
www.samhi.co.in India’s GDP has grown 4x in less than 20 years & continues to outpace global srowth Growth Rate Comparison: Between 2022 and 2032, outpacing the projected global economic growth rate by ~2x" Note: All figures in US$ TN? 1: Source: EHL Insights e@e 2: Source: World Bank Page 5
Slide 7: Travel & Tourism (% Contribution to GDP)
www.samhi.co.in Travel & Tourism (% Contribution to GDP) Global | India 11.4% 9.1% 7.6% 6.5% CY23 CY34E Page 6
Slide 8: Cities like Bangalore & Hyderabad are transforming into large office markets
www.samhi.co.in City Office Stock? (mn sq. ft.) Cities like Bangalore & Hyderabad are New York City Washington ~500 ~420 transforming into some of the largest office markets globally Chicago ~350 Dallas ~340 Bangalore (2030 Est.)" 330+ Note: data includes only grade-A office space, thus excluding la
Slide 9: CY2024 Net Absorption of office space
www.samhi.co.in CY2024 Net Absorption (inmn sq. ft.) led the world in 11 office leasing activity in : : : 8 CY2024, recording a historic 7 7 of net , absorption ° Bangalore Mumbai Hyderabad DelhiNCR New York Tokyo London e@ @ @ Source: Cushman & Wakefield (for Indian cities); Crains (New York), JLL
Slide 10: Aviation Growth Fueling Demand
www.samhi.co.in Air passenger growth continues its upward trajectory Avi at [ Oo Nn G rowt h with~295 million passengers’ in Fy25 Fueling Demand (+8.7% YoY) QoQ airline passenger {in mn) N Q~ Q4FY20 a5 2014 [| > 2024 [| » 2047E largest aviation # Airports market globally (by number of passengers, be
Slide 11: Favorable Hotel Demand-Supply Dynamics
www.samhi.co.in Favorable Hotel Demand-Supply Dynamics Market Growth Estimates (FY25-FY29E) Gl) Demand growth = FY14-FY24 Actuals Supply growth = Estimates basis current pipeline (FY25-FY29E) Bangalore ee 6.2% 4.7% Hyderabad Pune Delhi NCR Chennai Mumbai t @ @ Source: Hotelivate Trends and Opportuni
Slide 12: SAMHI Hotels Ltd Our Journey
SAMHI Hotels Ltd Ourjourney 7
Slide 13: Company of scale created in rapid time through acquisition & turnaround
www.samhi.co.in SAME SMART HOTEL INVESTMENTS Listed Hospitality Peers (by FY25 Total Income, in = mn) # Yrs. since incorporation 52 hotels fo) QO 2 iT?) Sa ro) o 4,948 rooms S N 10 brands 14 cities 21,600 17,540 [Hotet___| 16,040 Hotel| 15,210 14.070 12.820 11,500 ron) oO ~ oO Company of scale creat
Slide 14: A rare partnership between management & best in class financial institutions
www.samhi.co.in SAMHI Hotels “—@ a rare partnership between management & best in class financial institutions 7,620 6,280 10 730 7 Strategic oldman Partnership with a Sachs gic = equity international | t @ @ Note: Above graph shows Total Income (in = mn); data roundedto nearesttenth Page 13
Slide 15: Shareholder Testimonials
www.samhi.co.in Shareholder Testimonials Tom Heneghan Gaurav Dalmia CEO Chairman Equity International Landmark Holdings “Equity International, a private equity firm founded by Sam Zell, made its first "In the hotel industry in India, the demand-supply gap was obvious, whether investment in SAMHI in
Slide 16: Sector Acquisition & Turnaround Strategy
www.samhi.co.in Sector Acquisition & Turnaround Strategy Multi-decade opportunity tailing growth of Finding opportunities where others see problems Indian economy Programmatic value creation in under appreciated assets ¢ Growth of disposable income and Quick capex-to-revenue cycle discretionary spen
Slide 17: What sets us apart
What sets US apart “7 01 Q2 03 04 Abilityto work Acquisition & Dominant share Analytical with institutional tumaround with leading approach Capital expenence operators Raised capital from various Demonstrated track record in One of the largest owners of Data backed asset best-in-class financial clos
Slide 18: Programmatic value creation in under appreciated assets
www.samhi.co.in Programmatic - | a | o o = A value creation» High Potential Strong brand in under Location Choose a high Strong relationships appreciated potential micro- to attract highest market with long term brand for given demand and high product barriers for new assets supply Page 17
Slide 19: Sheraton
SHERATON
Slide 20: Sheraton - Acquisition & Turnaround
5S? SHERATON . A Aqguisition & Turnaround LP we, — =
Slide 21: Sheraton - RoCE of ~18% in FY25
www.samhi.co.in oot SHERATON © Acquisition & Turnaround Resulting in 9,140 ~18% RoCE InN FY25 6,050 4,100 Pre-Renovation RevPAR _ 25% + FY 2015 FY 2019 FY 2023 FY 2025 Target ROCE (zrzrcoms } > (s26%00me | Page 20
Slide 22: Playbook repeated with ~87% of inventory from acquisitions
www.samhi.co.in We have repeated this Greenfield, 13% playbook several times with about 8/% of our hotel inventory being developed through acquisitions Acquisition & Turnaround, 87% Page 21
Slide 23: Rebranding of 2 portfolios to Fairfield and Holiday Inn Express
www.samhi.co.in © Acquisition & Turnaround Rebranding of 2 portfolios to and Holiday Inn Express Proven track record for yield expansion
Slide 24: High density locations in key cities
www.samhi.co.in _ \ 4 ~155mn sft. office space ; CaS q ~79mn aviation passengers { <2 We seek high density 2 locations in key cities Cm This provides our asset with vue -. a stable operating environment with low | sae Hyderabad ~140mn sft. office space future volatility. Allows us to focus on Goa) —
Slide 25: Capture demand across price points and markets
www.samhi.co.in Capture demand Key Cities and Upper Mid-scale Micro-markets Upscalet Mid-scale across price points NCR Gurugram Hyatt Place HIEX Delhi Noida HIEX and markets Bengaluru Fairfield HIEX Whitefield Tribute Portfolio City Centre Fairfield Outer Ring Road Courtyard Fairfield North Bengalur
Slide 26: Dominant share with leading operators
Dominant share R COURTYARD Aaarriott with leading RENAISSANCE* BENGALURU OUTER RING ROAD operators Senne 6: FAIRFIELD’ BY SHERATON Marriott. Hotel & Serviced . Apartments, Pune Bengaluru Outer Ring Road eocscscscccccccccecs eee eee eee MSS SS SS W WESTIN TRIBUTE SSS Marriott HOTELS HOTELS & RESORTS
Slide 27: SID - in-house proprietary asset management tool
www.samhi.co.in Portfolio Details Asset, area, facilities, segment, market Asset Performance — SMART HOTEL INVESTMENTS— Day-by-day, demand pattern, holiday impact, KPI monitoring, benchmarking Financial Performance Asset and Company P&L, Balance Sheet, Trial Balance level details “SID” is our inhous
Slide 28: Portfolio Snapshot
Portfolio Snapshot 7
Slide 29: Portfolio spans price points capturing a wide segment of travelers
www.samhi.co.in Our portfolio spans across price points capturing a wide segment of travelers Mid-scale Upper Mid-scale Upper Upscale & Upscale Unique portfolio of assets with a 14 sq. Bridge to high-end hotels. Maintain Individually curated hotels capturing mt. room but competing with much efficien
Slide 30: Upper Upscale & Upscale hotels
www.samhi.co.in Upper Upscale & Upscale Operating HYATT REGENCY 5 Hotels +5 under development 1,086 Rooms (+930 under development/ rebranding) WESTIN HOTELS & RESORTS *4,850m N Revenue 25) J ¢ TRIBUTE @ PORTFOLIO ion @ = Bengaluru GO o. = 2 FOUR? — ® POINTS > 2 TRIBUTE W Q COURTYARD Narnott PORTFOLI
Slide 31: Upper Mid-scale hotels
www.samhi.co.in Upper Mid-scale | eee eee Be rficld] =~ Re 15 Hotels 2,189 Rooms (+86 under development and inc. 473 under rebranding) <~4,766MN Revenue es | : a. BY MARRIOTT SRE Fairticid =BY MARRIOTT a ee ih ra ar ec 5 Pace oc oe Os 7 a oh f. a we GE oy GE WO UO Wnutili Ee GG Gk OW - Fairfield Fai
Slide 32: Mid-scale hotels
www.samhi.co.in Mid-scale 12 Hotels 1,673 Rooms (+56 under development) <1 ,/1 7mn Revenue (FY25)
Slide 33: Operational Overview
Operational Overview
Slide 34: Diverse & Balanced Segmentation Mix
www.samhi.co.in Diverse & Balanced Segmentation Mix a ) ~ . Room Income Split by Total Income Split P Source (FY25) by Segment (FY25) Others, 5% Groups/ MICE, 13% 15% Negotatiated Contract, 32% 43% Portfolio revenue well distributed across segments de-risking concentration impact Upper Upscale & Ups
Slide 35: Focused Business Portfolio
www.samhi.co.in Room Revenue Focused Business @ Total Income Split Assets located in key by Department (FY25) business districts with predictable demand source Share of Room Revenue by Segment (FY25) 72% 90% Mid-scale 74% Upper Mid-scale 64% Upper Upscale & Upscale Rooms a F&B Others Page 34
Slide 36: Portfolio Catering Primarily to Domestic Travelers
www.samhi.co.in Portfolio Catering Primarily to Domestic Travelers © Total Income Split by Origin (FY25) Share of Domestic Volume by Segment (FY25) 94% Mid-scale 76% Upper Mid-scale 65% Upper Upscale & Upscale = Domestic International Page 35
Slide 37: Strength of Brand & Distribution Entails More Direct Business
www.samhi.co.in Strength of Brand & Distribution Entails More Direct Business Voice 28% of> = Lot 4% O {§ o DOE Qaoe6 7 oe - % = Groups 16% © Bas oO 1 fF n 0 oO QOFts Brand.com 13% 528 L _ , Direct Business 52° oO oO Q 20 Others my: 53-8 od Ww 2 se) LL Lower OTA business entails lower commissions pa
Slide 38: Portfolio Operating Margins
www.samhi.co.in Portfolio Operating Margins @ 1 6% Payroll =: Fixed Costs 39% Consol. EBITDA (pre-ESOP) 1 9% Variable Costs 1% Net Corp. G&A 6% utilities 1 % Lease Expense 5% Management Fee 2% Ownership Expense e @ @ Note: Exctudes assets under development (i.e. Caspia, Delhi and Trinity, Bangalore)
Slide 39: Financial Summary
Financial Summary @
Slide 40: Acquisition led strategy has delivered scale
www.samhi.co.in Acquisition led Strategy has delivered scale 1:497 * Short capex to revenue cycle due to acquisition led approach an Consol Revenue ¢ Discount to replacement cost for long x (7818 32% cAGR (10 yrs.) term returns * Long term variable leases to use 6,276 - capital more efficiently a m™
Slide 41: GIC partnership impact
www.samhi.co.in Pre-COVID Pre-IPO Post IPO Current Proforma FY 2020 FY 2023 FY 2024 FY 2025 FY 2025 Total Revenue 6,276 7,614 9,787 11,497 11,497 1,720 2,606 2,879 4,257 4,257 GIC partnersh ip impac t EBITDA (Reported) Finance cost 2,521 5,221 3,451 2,288 1,700 - 1,750 Depreciation 1,262 963 1,137 1
Slide 42: Target 95%+ CFO-to-EBITDA ratio
www.samhi.co.in Q1FY25 Q2FY25 Q3FY25 Q4FY25 Target 95%+ CFO-to- EBITDA (pre-Esop) 934 1,016 1,177 1,307 EBITDA ratio going CFO-to-EBITDA 45% 78% 85% 96% forward given stabilization of DPO post DSO 29 27 21 19 rationalization of COVID- DPO 80 69 68 56 led build-up of payables @ ee) @ Note: All figure
Slide 43: Net Debt-to-EBITDA reduced to ~3.2x
www.samhi.co.in 8.7X Net Debt-to-EBITDA reducedto~3.2Xon Post IPO FY25 basis post GIC 4.9x transaction ~~ <3.0x Target Leverage FY2023 FY2024 FY2025 FY2025
Slide 44: Gross Debt Profile
www.samhi.co.in Gross Debt Profile o ™~ 75% Repayment Schedule (chart reflects amortization of principle over the stated time periods)? Debt by Interest Rate Particulars % of Total ~9.2% less than 9.00% 54% 9.01% to 9.30% 30% Weighted Avg. Cost 9.31% to 10.00% 14% of Debt 11% 15% 10.01% to 11.00% 2%
Slide 45: Profit and Loss Statement
www.samhi.co.in Profit and Loss © Statement TotalRevenue 6,276 7,614 9,787 11,497 “Yov% Growth = 28.1% 128.6% 28.5% 17.5% “Consol. EBITDA (Reported) 1,720 2,606 2,879 4,257 “Yov% Growth = 75.2% 1097.1% 10.5% 47.9% PBT onowotcptonattons (2,063) (3,577) (1,709) 801 PAT (3,440) (3,386) (2,346) 855 @@e
Slide 46: Balance Sheet
www.samhi.co.in Balance 2,119 (8,076) 10,385 11,421 6 ro’ £ 19,715 27,875 20,773 21,302 ° <= ” ho @ 11.8x 8.7X 4.9x 4.4x Ss 3.2x © ro’ 11.8% 12.5% 9.8% 9.2% O 9.2% © @@e Note: All figures in 7mn, unless specified otherwise Page 45
Slide 47: Return Analysis
Return Analysis @
Slide 48: Capital Employed
www.samhi.co.in Capital Employed © Asset Status % Capital Employed’ Mature Assets ~48% ACIC Portfolio ~33% Pending Turnaround ~8% Growth ~7T% ~<33,000mn Held for Sale ~3% Total Capital Employed" e@ @ @ 1: Capital Employed = Total Assets (excluding cash) - Current Liabilities Page 47
Slide 49: Path to Delivering Mid-Teen ROCEs
www.samhi.co.in Path to Delivering Mid-Teen ROCEs @ 10% RoCE in FY25 Vv % Capital Employed! Asset Status RoCE Target 1 5%+ Mature Assets ~48% 17.0 -18.0% Portfolio ROCE Stabilize ACIC portfolio to mid-teen ROCEs by enhanced ACIC Portfolio ~33% 5.5 - 6.5% revenue management and renovation / re-brandi
Slide 50: Leasehold Business Model
www.samhi.co.in Design / Consultants, 10% won (MEAS Leasehold Business Model 12 Fitouts, ©} Lower Capex-to-Revenue Cycle Months 30% Outsource land and building structure to Lessor, thus reducing a ~4-year capex cycle to < 2 years 12-18 Structure & Facade, 15% ©} Capital Efficient Structure Months 8
Slide 51: Path towards Capital Efficient Business Model
www.samhi.co.in Path towards Capital Efficient Business Model ©) Revenue Contribution (FY25) We target to grow our high- return leasehold business — 20%+ 87% model which Is significantly more capital efficientin order to achieve our target of 20%+ revenue contribution from leased assets Freehold m L
Slide 52: FY25 ROCE Profile
www.samhi.co.in FY25 ROCE 18% 13% Profile 11% 6% Leasehold Freehold Tier 1 Tier 2 By Ownership By Market ROCEs for leasehold assets have Our core markets in Bangalore, outperformed freehold assets due to Hyderabad, NCR, Pune and Chennai their capital efficient structuring with a stable demand-supply
Slide 53: Growth
Growth 7
Slide 54: Growth levers over the next 5 years
www.samhi.co.in Growth levers over the next 5 years @) is KA a) Same Store Execution External Growth Assets Pipeline (Acquisitions) In-place inventory of Stabilization & Acquire new assets ~4,100 operating rooms redevelopment of ~790 utilizing free-cash and in core office markets operating rooms and
Slide 55: Established capacity to fuel growth
www.samhi.co.in Established capacity to fuel growth ©) FY25 FY25 Portfolio Actuals Proforma Same Store Assets! 10,175 10,175 Installed capacity to deliver a top line of Assuming in ¥15,300MN with Execution Pipeline 1,049 place RevPAR & 5,125 earning profile margins of ~41%, entailing an EBITDA of Co
Slide 56: Internal growth projects
www.samhi.co.in FY29 Westin Bangalore Whitefield FY28 Tribute Bangalore Whitefield (Rebrand from Trinity) Tribute Jaipur (Rebrand from Four Points) Fairfield Chennai Sriperumbudur Internal growth FY27 VW Hyderabad e Courtyard Pune projects (Rebrand from Four Points) Stabilization & FY26 redevelopmen
Slide 57: Large Corpus of Investible Surplus to Accelerate Growth
www.samhi.co.in Large Corpus of Investible Surplus to Accelerate Growth 35,500 (6,400) Lo (3,000) +-€2,000mn from Asset Recycling X71 7,000mn+ 17,300 Investible Surplus over (8,800) the next 5 years Basis current pipeline (includes maintenance capex) Growth through tactical M&A and long-term EBITDA
Slide 58: External Growth: Partnership with GIC for Upscale Assets
www.samhi.co.in External Growth Upscale Assets Partnership with GIC for } Marquee Capital Partner Upscale and higher Upscale assets are capital intensive and with a strong partner in GIC, we have ability to grow this platform beyond the seed assets and accelerate hotel assets our growth path beyond
Slide 59: External Growth: Mid-scale Assets
www.samhi.co.in External Growth Mid-scale Assets Continued focus on larger business districts Target large scale assets with 200-400 room inventory to accelerate future revenue base and improve operating margins Expansion through capital efficient lease model Secure long-term leases with built-to-su
Slide 60: Multiple levers in place to expand revenue base
New acquisitions using www.samhi.co.in Positioned for investible surplus revenue expansion X22,000 —22,500mn Market Growth & Margin Expansion %15,000 — 15,300mn Installed Capacity (FY25) =11,500mn FY25 Actual Multiple levers in place to expand revenue base over FY25 > Page 59
Slide 61: Acquisition & Development (362 rooms)
BRET ar : ag - » (362 rooms) tion & Development hs Yeu) A “CEE ;
Slide 62: Westin & Tribute Whitefield Bangalore - Under Renovation
Westin & Whitefield Bangalore%62 roo! Under Renovation Daa a inks
Slide 63: State —\ y/
State —\ y/ = eX
Slide 64: Tracking Trends for Adjacent Opportunities
www.samhi.co.in Tracking Trends for Adjacent Opportunities at Domestic travel spending is expected to rise by 7.8% p.a. to 733,945bn from 2024 to 2034". Indians are wanting to travel to lesser-known and more boutique destinations, along with exploratory and purposeful trips? Improved road and air co
Slide 65: Sustainability
sustainability
Slide 66: 2030 ESG Target: Building a Better Tomorrow Today
2030 ESG Target Building a Better Tomorrow Today N Ca Environmental * 100% transition to non-emission-based at all feasible units Page 65
Slide 67: Measures taken to achieve 2030 targets
www.samhi.co.in Measures taken to achieve 2030 targets Environmental © Installation of water bottling plants; setup © 100% coverage on employees’ health, term © More than 50% of the board of directors completed in 5 out of 32 hotels and installed and parental insurance are independent directors 15 o
Slide 68: Strong governance with highly experienced board members
www.samhi.co.in Strong governance with highly experienced board members Ashish Manav Thadani Ajish Abraham Michael David Aditya Jain Archana Capoor Krishan Dhawan Jakhanwala Non-Executive & Jacob Holland Independent Independent Independent Chairman, Non- Independent Non-Executive & Independent Direc
Slide 69: Thank You
Thank YOu