Embassy Office Parks Reit · NSE:EMBASSY.RR
Embassy Office Parks Reit — Q1 FY2026 Earnings Presentation
42 slides from Embassy Office Parks Reit's earnings presentation, Jul 31, 2025
Slide 1: Embassy Office Parks REIT Q1 FY2026 Earnings Materials
Embassy Office Parks REIT Q1 FY2026 Earnings Materials July 31, 2025 1
Slide 2: Press Release
Q1 FY2026 Earnings Materials Press Release Embassy REIT Leases Record 2.0 Million Square Feet in Q1 FY2026 • 2.0 msf leased this quarter across 25 deals; highest-ever Q1 leasing • Chennai sees strong pre-leasing with over 500k square feet leased at Embassy Splendid TechZone • Revenue up 13% YoY to ₹
Slide 3: Press Release (Cont'd)
Q1 FY2026 Earnings Materials Press Release (Cont’d) Operational & Growth Highlights • Entered binding documents for divestment of ~376k square feet of two strata owned blocks at Embassy Manyata in Bengaluru as part of strategic capital recycling • Received an invitation to offer from Embassy Develop
Slide 4: Table of Contents
Q1 FY2026 Earnings Materials Table of Contents I. Key Highlights 5 II. Embedded Growth Opportunities 14 III. Financial Updates 21 IV. Market Outlook 28 V. ESG & Total Business Ecosystem 31 VI. Appendix 34 4
Slide 5: I. Key Highlights
Q2 FY2025 Earnings Materials I. Key Highlights Central Garden, Embassy TechVillage, Bangalore
Slide 6: A Stellar Operating Quarter on Multiple Fronts
Q1 FY2026 Earnings Materials A Stellar Operating Quarter on Multiple Fronts In Q1, we touched leasing and financial records, and we remain on track to deliver double digit growth in FY2026 Leased 2.0 msf at 35% spreads, including ~0.7 msf of pre-leasing Leasing 64% of Q1 leasing was driven by GC
Slide 7: Milestone Q1 Leasing Performance
Q1 FY2026 Earnings Materials Milestone Q1 Leasing Performance We achieved our best start to the year and leased 2.0 msf during Q1 at 35% blended spreads, pre- leased 508k sf in Chennai, and renewed 360k sf at 27% renewal spreads Area (msf) 2.0 msf 8.1 Total Lease-up across 25 deals(1) 6.6 ~1.0 msf 5
Slide 8: Leasing Highlights for the Quarter
Q1 FY2026 Earnings Materials Leasing Highlights for the Quarter Q1 leasing spanned across multiple sectors such as Technology, Healthcare and Financial Services, with 64% of the total leasing driven by GCCs Area Occupier Property Sector ('000 sf) Q1 Leasing - Sectoral Trends New Leases 993 Retail Ot
Slide 9: Uptick in Portfolio Occupancy
Q1 FY2026 Earnings Materials Uptick in Portfolio Occupancy Portfolio occupancy stands at 88% by area and 91% by value. 10 out of 14 office parks that contribute 80%+ of REIT’s value are above 90% occupancy levels Occupancy (%)(2) Occupancy (%)(2) City Occupancy for Marquee Assets (Top 5)(3) Q1 FY26
Slide 10: Record Q1 Financial Performance
Q1 FY2026 Earnings Materials Record Q1 Financial Performance We delivered our highest ever Q1 Revenue, NOI & EBITDA during the quarter. We grew Revenue & NOI by 13% & 15% Y-o-Y respectively, and grew Distributions 4% Y-o-Y growth Particulars Q1 FY2026 Q1 FY2025 Growth(%) On Track to Deliver Double D
Slide 11: Proactive Debt Management
Q1 FY2026 Earnings Materials Proactive Debt Management In July, we became the first Indian REIT to issue 10-year NCDs raising ₹20 bn to capitalize on a conducive rate environment that saw us raise ₹42 bn in Q1 FY2026 Raised ₹62 bn from a Diverse Investor Pool Optimized Debt Cost through Refinance at
Slide 12: Active Best-in-Class Development Pipeline
Q1 FY2026 Earnings Materials Active Best-in-Class Development Pipeline Best in-class development pipeline of 6.1 msf with an expected 18% yield on cost Development Pipeline(1) (msf) Area (msf) 90%(2) 84% - 38% 3.2 2.5 1.4 2.2 0.9 1.9 0.6 1.4 FY2025 FY2026 FY2027 FY2028 Delivered New Development(1) R
Slide 13: Divestment of Strata Owned Blocks at Embassy Manyata
Q1 FY2026 Earnings Materials Divestment of 2 Strata Owned Blocks at Embassy Manyata Entered into binding documents with a third party for divestment of ~0.4 msf strata owned blocks at Embassy Manyata at an attractive valuation Block A2 231k sf (100% leased)(1) Block 1A & 1B 145k sf (Vacant) Actual P
Slide 14: II. Embedded Growth Opportunities
Q2 FY2025 Earnings Materials II. Embedded Growth Opportunities Embassy Oxygen, Noida
Slide 15: Powerful Growth Levers
Q1 FY2026 Earnings Materials Powerful Growth Levers Embassy REIT’s strategy capitalizes on multiple drivers to boost NOI and generate long-term total returns for its Unitholders Vacant area lease-up – occupancy expected to stabilize at pre-Covid 5.0 msf levels of mid-90s in the next few years Ne
Slide 16: Contracted Rental Growth and Limited Upcoming Expiries
Q1 FY2026 Earnings Materials Contracted Rental Growth and Limited Upcoming Expiries Contracted rent escalations (generally ~15% every 3 years) and significant mark-to-market opportunity (9% blended MTM till FY2029) are key drivers for NOI growth Embedded Rent Escalations of 12%-15% aids NOI Growth 2
Slide 17: Upcoming Deliveries | Embassy Manyata – Block L4
Q1 FY2026 Earnings Materials Upcoming Deliveries | Embassy Manyata – Block L4 Perspective Actual Picture 0.8 msf 100% Sep’25 Total Area Pre-leased to American Target Delivery Retailer Note: (1) Jul’25 Picture 17
Slide 18: Upcoming Deliveries | Embassy Manyata – Blocks D1 and D2
Q1 FY2026 Earnings Materials Upcoming Deliveries | Embassy Manyata – Blocks D1 and D2 Actual Picture Perspective 1.4 msf 100% Feb’26 Total Area Pre-leased to Target Delivery Australian Bank(1) Notes: (1) Includes expansion option of 296k sf available with Australian Bank in Embassy Manyata 18 (2) Ju
Slide 19: Upcoming Deliveries | Embassy Splendid TechZone
Q1 FY2026 Earnings Materials Upcoming Deliveries | Embassy Splendid TechZone – Blocks 4 and 10 Block 10 (0.4 msf) Block 4 (0.6 msf) Actual Picture Perspective Actual Picture Perspective Perspective 100% Sep’25 14% Dec’25 Pre-leased to Global Target Delivery Pre-leased to Dexian(1) Target Delivery He
Slide 20: Hospitality Business Update
Q1 FY2026 Earnings Materials Hospitality Business Update Our hotel portfolio remains resilient delivering 9% Revenue and 9% EBITDA growth aided by 10% growth in ADR Revenue (₹ mn), EBITDA (₹ mn) & Occupancy (%) 50% 56% 63% 61% 60% 5,039 4,363 3,394 2,298 1,841 982 1,066 1,161 451 489 FY23 FY24 FY25
Slide 21: III. Financial Updates
Q2 FY2025 Earnings Materials III. Financial Updates Embassy TechVillage, Bangalore
Slide 22: Reaffirm Double Digit Growth in FY2026
Q1 FY2026 Earnings Materials Reaffirm Double Digit Growth in FY2026 On track to deliver double digit growth on FY26 NOI & distributions at the mid-point of the guidance range Distributions (₹ per unit) NOI (₹ mn) FY26 DPU ₹35.9 bn - ₹38.1 bn Guidance ₹24.50 - ₹26.00 +13% 37,004 25.25 +10% 24% 23.01
Slide 23: Delivering on Distributions
Q1 FY2026 Earnings Materials Delivering on Distributions Delivered distributions of ₹5,498 mn or ₹5.80 per unit, up 4% YoY. Cumulative distributions of ~ ₹126bn since listing Distribution Highlights Distribution Mix – Q1 FY2026 Particulars Q1 FY2026 Distribution period Apr’25 – Jun’25 Interest 3% Di
Slide 24: Well-Diversified Debt Book
Q1 FY2026 Earnings Materials Well-Diversified Debt Book Option 1: ₹30 bn Bond at REIT Level and ₹15 bn LRD at Manyata to refinance ZCB at an average Total debt book of ₹209 bn well-balanced across diverse investor pools, debt instruments and tenures coupon rate of 7%, average maturity period of 4 ye
Slide 25: Active Debt Management to Capitalize on Lower Rates
Q1 FY2026 Earnings Materials Active Debt Management to Capitalize on Lower Rates Actively managed debt book, with industry-leading cost of borrowing in a volatile interest rate environment 79% 78% 62% 61% 60% 51% 58% 35% 33% 10.00% 32% 9.61% 9.50% 30% 29% 28% 9.00% 25% 24% 8.50% 22% 8.00% 20% 7.82%
Slide 26: Blue-chip Unitholder Base
Q1 FY2026 Earnings Materials Blue-chip Unitholder Base Unitholder base continues to expand and diversify since listing. Public float of 92% is well distributed among foreign and domestic institutions and retail unitholders Well-diversified Investor Base(1) Increasing Acceptance of REIT as an Investm
Slide 27: Walkdown of Key Financial Metrics
Q1 FY2026 Earnings Materials Walkdown of Key Financial Metrics Particulars Q1 FY2026 Q1 FY2025 Variance (%) Q4 FY2025 Variance (%) Revenue from Operations 10,598 9,342 13% 10,858 (2%) NOI Property Taxes and Insurance (375) (345) 9% (390) (4%) Direct Operating Expenses (1,505) (1,421) 6% (1,544) (2%)
Slide 28: IV. Market Outlook
Q2 FY2025 Earnings Materials IV. Market Outlook Embassy TechZone, Pune
Slide 29: India | The Office to the World
Q1 FY2026 Earnings Materials India | The Office to the World India remains at the epicenter of global offshoring demand, led by favorable demographics, skilled talent availability and cost-efficient premium quality spaces offered in India’s gateway cities India’s Dual Structural Advantage Continues(
Slide 30: India Office – Occupier Driven Absorption
Q1 FY2026 Earnings Materials India Office – Occupier Driven Absorption Indian office market continues to shine. Gross Absorption in CY2025 estimated to beat previous year’s record high of 74.4 msf by 12%, driven by continued demand from GCCs Demand and Supply Trends(1) 83.1 86.2 30% 74.4 75 63.6 60.
Slide 31: V. ESG & Total Business Ecosystem
Q2 FY2025 Earnings Materials V. ESG & Total Business Ecosystem Embassy GolfLinks, Bangalore
Slide 32: Certifications and Awards
Q1 FY2026 Earnings Materials Certifications and Awards ESG certifications, awards and performance on global benchmarks reflect our commitment to sustainability and transparency Building Certifications World’s Largest USGBC LEED 35 Buildings Certified for 5-star Rating for 100% ISO 9001/14001/45001/2
Slide 33: Revitalized Communities & Responsible Business
Q1 FY2026 Earnings Materials Our ESG Initiatives We launched a 5-year sustainability road map up to FY2030 focusing on targets that are pivotal to meet our broader 2040 net zero commitment Pillar Metric Target(1) Q1 FY26 Update Status ► Renewable energy consumption share 80% by FY30 56%(2) On Track
Slide 34: VI. Appendix
Q2 FY2025 Earnings Materials VI. Appendix Embassy Business Hub, Bangalore
Slide 35: Who We Are: Quick Facts
Q1 FY2026 Earnings Materials Who We Are: Quick Facts Embassy REIT is India’s first listed REIT and the largest office REIT in Asia by area. It owns and operates a commercial office portfolio across 5 major cities in India 51.2 msf(1) 274 88% Portfolio Blue-chip Occupancy occupiers 14 1,614(2) 100 MW
Slide 36: High Quality and Diversified Occupier Base
Q1 FY2026 Earnings Materials High Quality and Diversified Occupier Base GCCs and Tech occupiers constitute over 70% of our total occupier base, which now boasts over 270 marquee names Industry Diversification(1) Top 5 Occupiers Sector % of Rentals Financial Services JP Morgan Financial Services 6.9%
Slide 37: Embassy REIT Structure
Q1 FY2026 Earnings Materials Embassy REIT Structure Blackstone Embassy Sponsor Group Sponsor Public Unitholders Acts on behalf Management of Unitholders Embassy Services Trustee Manager (Axis Trustee) REIT (EOPMSPL) 100% Manyata Promoters Private Limited (Embassy Manyata) 80% 50%(1) 100%(3) 100% 100
Slide 38: Ten Infrastructure-like Office Parks
Q1 FY2026 Earnings Materials Ten Infrastructure-like Office Parks Embassy Manyata Embassy TechVillage Embassy TechZone Bangalore (16.3 msf) Bangalore (9.6 msf) Pune (5.5 msf) Embassy Splendid TechZone Embassy Oxygen Embassy GolfLinks Chennai (5.0 msf) Noida (3.3 msf) Bangalore (3.1 msf) Embassy Quad
Slide 39: Four Prime City-center Offices
Q1 FY2026 Earnings Materials Four Prime City-center Offices Express Towers FIFC Embassy One Mumbai (0.5 msf) Mumbai (0.4 msf) Bangalore (0.3 msf) Embassy 247 Mumbai (1.2 msf) 39
Slide 40: Key Terms & Definitions
Q1 FY2026 Earnings Materials Key Terms & Definitions Notes: 37. MNC – Multinational Corporation ► All figures in this presentation are as of June 30, 2025, unless otherwise specified 38. msf – Million square feet ► All figures corresponding to year denoted with “FY” are as of or for the one-year per
Slide 41: Disclaimer
Q1 FY2026 Earnings Materials Disclaimer This presentation is issued by Embassy Office Parks Management Services Private Limited (the “Manager”) in its capacity as the Manager of the Embassy Office Parks REIT (“Embassy REIT”), for general information purposes only, without regards to the specific obj
Slide 42: Q1 FY2026 Earnings Materials
Q1 FY2026 Earnings Materials 42
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