Edelweiss Financial Services Limited · NSE:EDELWEISS
Edelweiss Financial Services — Q2 FY2026 Earnings Presentation
57 slides from Edelweiss Financial Services's earnings presentation, November 2025
Slide 1: Earnings update – Quarter and Six Months ended Sep 25
Edelweiss Financial Services Limited Earnings update – Quarter and Six Months ended Sep 25 US $ version
Slide 2: Contents
CONTENTS Overview 03 Performance highlights 06 Strategic updates 16 Business performance 32 Governance & corporate responsibility 50
Slide 3: Overview
Overview Quarter and Six Months ended Sep 25 3
Slide 4: Edelweiss at a glance – quarter ended Sep 25
Edelweiss at a glance – quarter ended Sep 25 $635 Mn $1,276 Mn Net Worth Net Debt $0.5 $20 Mn (FV $0.01) Consolidated PAT BVPS 4
Slide 5: Diversified with seven high-quality businesses
Diversified with seven high-quality businesses Edelweiss Financial Services Ltd (EFSL) Asset Housing General Life Alternative Mutual Fund NBFC Asset Mgt Reconstruction Finance Insurance Insurance Edelweiss Asset EAAA India Edelweiss Asset Nido Home Zuno General Edelweiss Life Reconstruction ECL Fina
Slide 6: Performance Highlights
Performance Highlights Quarter and Six Months ended Sep 25 6
Slide 7: Performance highlights
Performance highlights 1 Steady growth in PAT and key metrics of underlying businesses PAT of underlying businesses grew by 15% YoY and consol PAT increased by 25% YoY in six months Alternative Asset Mgt AUM at $7,372 Mn, up by 14% YoY MF Equity AUM increased by 30% YoY to $8,683 Mn MSME and Housing
Slide 8: Earnings distribution across businesses
1 Earnings distribution across businesses $ Mn Quarter Ended Six Months Ended Profit after Tax Sep 25 Sep 24 Sep 25 Sep 24 Alternative Asset Management 8 7 14 14 Mutual Fund 2 2 5 5 Asset Reconstruction 10 10 20 20 NBFC 0.5 1 1 4 Housing Finance 1 0.3 1 0.4 General Insurance (1) (1) (2) (2) Life Ins
Slide 9: Key business highlights (1/2)
1 Key business highlights (1/2) EAAA launched India’s first Alternative Fund raise of $584 Mn in six Energy Transition Fund anchored Asset Mgt months, up 3x YoY by European Investment Bank Robust growth in Equity AUM to Altiva SIF launched India’s first Mutual Fund $8,683 Mn, up 30% YoY; AUM at hybr
Slide 10: Key business highlights (2/2)
1 Key business highlights (2/2) Disbursals of $19 Mn in MSME Wholesale book reduced by 36% NBFC loans in the quarter, up 2.5x YoY YoY to $270 Mn Housing Disbursals of $64 Mn in the AUM grew by 15% YoY to Finance quarter, up 2x YoY $518 Mn General Gross Written Premium grew by 7% Losses declined by 1
Slide 11: Net debt reduced by $253 Mn, 17% YoY
2 Net debt reduced by $253 Mn, 17% YoY Net Debt $ Mn Business Sep 25 Sep 24 17% 1,529 NBFC 278 412 1,276 Housing Finance 220 165 Alternative Asset Mgt 48 43 Asset Reconstruction (14) 93 Corporate 744 817 Net Debt 1,276 1,529 Sep 24 Sep 25 QoQ increase in Corporate Net Debt reflects the consolidation
Slide 12: Total customer reach grew by 31% YoY
3 Total customer reach grew by 31% YoY In Lakhs Total Customer Reach Mutual Fund Folios General Insurance Customers 120 83 30 91 62 20 Sep 24 Sep 25 Sep 24 Sep 25 Sep 24 Sep 25 31% YoY 49% YoY 35% YoY 12
Slide 13: Strong balance sheet with well capitalised businesses
4 Strong balance sheet with well capitalised businesses Business Metric Value NBFC Capital Adequacy 33.5% Housing Finance Capital Adequacy 30.6% Asset Reconstruction Capital Adequacy 93.6% General Insurance Solvency Ratio 189% Life Insurance Solvency Ratio 176% 13
Slide 14: Comfortable liquidity position over next 1 year
4 Comfortable liquidity position over next 1 year Oct 25 to Sep 26 $ Mn Opening Available Liquidity (A) 563 Inflows Expected Inflows 980 Fresh Borrowings 248 Total Inflows (B) 1,228 Outflows Repayments 698 Disbursements 518 Total Outflows (C) 1,216 Closing Available Liquidity (A+B-C) 574 14
Slide 15: Assets in each tenor range adequately cover liabilities
4 Assets in each tenor range adequately cover liabilities $ Mn Assets Liabilities Excess / (Gap) Up to 1 year 1,216 1,115 101 1-3 years 1,183 1,137 45 3 years+ 980 496 484 15
Slide 16: Strategic Updates
Strategic Updates 1. Update on Key Priorities 2. EAAA IPO Update 3. Update on Strategic Investment in Mutual Fund 16
Slide 17: Update on key priorities
Update on key priorities A Scale up in profits of underlying businesses B Insurance businesses on track to breakeven by FY27 C Focused reduction in corporate net debt 17
Slide 18: Scale up in profits of underlying businesses
A Scale up in profits of underlying businesses $ Mn PAT for six months ended September 24% CAGR 33 29 22 Sep 23 Sep 24 Sep 25 18
Slide 19: Insurance businesses on track to breakeven: Losses
B Insurance businesses on track to breakeven: Losses 55% $ Mn PAT for six months ended September General Insurance Life Insurance Sep 23 Sep 24 Sep 25 (2) (2) (8) (6) (12) (8) (10) (14) 55% (18) 19
Slide 20: Strategic focus on reducing corporate net debt
C Strategic focus on reducing corporate net debt … $ Mn 824 10% 817 744 Sep 23 Sep 24 Sep 25 Corporate net debt is now on the path to reduction 20
Slide 21: Clear plan to be at near zero over the next 3 years
C … with a clear plan to be at near zero over the next 3 years $ Mn Corporate Net Debt 744 Expected cash inflows over the next 3 years: Current value of Property and 340 Investments Dividends from Businesses 170 Stake Sale in Businesses 225 - 340 21
Slide 22: Strategic Updates
Strategic Updates 1. Update on Key Priorities 2. EAAA IPO Update 3. Update on Strategic Investment in Mutual Fund 22
Slide 23: EAAA IPO update – next steps
EAAA IPO update – next steps We are on track to launch the EAAA IPO around April 2026 The IPO marks the first step towards building EAAA as a standalone, institutionalized platform As a listed entity, EAAA will be better positioned to pursue inorganic growth and further strengthen its institutio
Slide 24: Scale up of EAAA – At a glance
Scale up of EAAA – At a glance 24
Slide 25: Pioneer in yield strategies in Indian Alternatives
Pioneer in yield strategies in Indian Alternatives Private Credit Real Assets Performing Credit Special Situations Infrastructure Yield Commercial RE Energy Transition Core Credit InvIT Fund • Consistent cashflows & Customised solutions • Stable, inflation-linked cashflows • Diversification & Capita
Slide 26: Backed by a diversified and expanding client base
Backed by a diversified and expanding client base AUM by Geography 5000+ 1000+ 5% Unique client 22% Repeat clients across 17% relationships across the multiple strategies world ~50% 12 56% of AUM from a diverse Clients with AUM of over base of institutional North America India $100 Mn clients Europe
Slide 27: Proven track record of consistent returns
Proven track record of consistent returns Funds raised Deployments Realisations $4,955 Mn $3,940 Mn $4,055 Mn Proven & Repeatable: Key strategies are now entering their 3rd and 4th vintage Funds raised, Deployments and Realisations represent the approximate cumulative totals since FY21 27
Slide 28: Robust growth trajectory over the years
Robust growth trajectory over the years $ Mn Assets Under Management Profit After Tax 7,372 26 3,401 3 Sep 21 Sep 25 Sep 21 Sep 25 Evolving into a scaled, multi-strategy platform PAT figures are based on TTM 28
Slide 29: Strategic Updates
Strategic Updates 1. Update on Key Priorities 2. EAAA IPO Update 3. Update on Strategic Investment in Mutual Fund 29
Slide 30: Update on strategic investment by WestBridge in Mutual Fund
Update on strategic investment by WestBridge in Mutual Fund WestBridge Capital is acquiring a 15% stake in Edelweiss Mutual Fund for a consideration of $51 Mn Regulatory approvals are in process The transaction values the business at 57x P/E on FY25 PAT of $6 Mn, which aligns with industry benchmark
Slide 31: Process and next steps
Process and next steps SEBI Approval CCI Approval Nov 2025 Oct 2025 (Expected) Share Purchase and Share Transfer to Shareholders’ WestBridge Capital Agreements Execution Dec 2025 (Expected) Aug 2025 31
Slide 32: Business Performance
Business Performance Quarter and Six Months ended Sep 25 32
Slide 33: Alternative Asset Mgt: Business performance snapshot
Alternative Asset Mgt: Business performance snapshot Key Metrics for the quarter Business Update ARR AUM ($ Mn) 5,369 Fund raise of $584 Mn in six months, up 3x YoY AUM grew by 14% YoY to $7,372 Mn AUM ($ Mn) 7,372 Raised $507 Mn within 6 months entirely from domestic investors in the Special Situat
Slide 34: Alternative Asset Mgt: Financial performance snapshot
Alternative Asset Mgt: Financial performance snapshot $ Mn Quarter ended Quarter ended Sep 25 Sep 24 AUM 7,372 6,448 ARR AUM 5,369 5,016 Equity 115 98 Total Earnings 24 24 Opex 15 16 Profit After Tax 8 7 34
Slide 35: Alternative assets overview
Alternative assets overview AUM – Strategy wise AUM – Geography wise ARR AUM – Strategy wise 1% 5% 2% 22% 17% 34% $7,372 Mn $7,372 Mn $5,369 Mn 49% 49% 65% 56% Private Credit Real Assets Others North America India Private Credit Real Assets Others Europe Rest of the world 35
Slide 36: Mutual Fund: Business performance snapshot
Mutual Fund: Business performance snapshot Key Metrics for the quarter Business Update Equity AUM ($ Mn) 8,683 Equity AUM at $8,683 Mn, up 30% YoY; AUM grew by 10% YoY to $17,411 Mn Net equity inflows of $484 Mn in the quarter; $1,565 Mn in trailing twelve months AUM ($ Mn) 17,411 SIP book grew by 5
Slide 37: Mutual Fund: Financial performance snapshot
Mutual Fund: Financial performance snapshot $ Mn Quarter ended Quarter ended Sep 25 Sep 24 AUM 17,411 15,823 Equity AUM 8,683 6,690 Equity 27 27 Revenue 8 7 Opex 6 5 Profit After Tax 2 2 37
Slide 38: Robust growth in AUM and customer base
Robust growth in AUM and customer base Equity AUM ($ Mn) Debt AUM ($ Mn) 8,785 9,134 8,728 8,683 6,690 3,852 Sep 23 Sep 24 Sep 25 Sep 23 Sep 24 Sep 25 SIP Book ($ Mn) Active Folios (# in Lakhs) 55 30 35 20 20 12 Sep 23 Sep 24 Sep 25 Sep 23 Sep 24 Sep 25 Growing SIP book adds to the predictability of
Slide 39: Asset Reconstruction: Business performance snapshot
Asset Reconstruction: Business performance snapshot Key Metrics for the quarter Business Update Equity ($ Mn) 333 Recovered $138 Mn in the quarter Fee Paying AUM ($ Mn) 1,119 $40 Mn of retail assets were acquired in the quarter Share of retail assets in capital employed increased to 25%, up from 14%
Slide 40: Asset Reconstruction: Financial performance snapshot
Asset Reconstruction: Financial performance snapshot $ Mn Quarter ended Quarter ended Sep 25 Sep 24 Fee Paying AUM 1,119 1,789 Capital Employed 301 457 Wholesale assets 227 393 Retail assets 74 64 Equity 333 375 Revenue 19 27 Opex 3 4 Profit After Tax 10 10 Edelweiss’ share in PAT 6 6 40
Slide 41: NBFC: Business performance snapshot
NBFC: Business performance snapshot Key Metrics for the quarter Business Update Equity ($ Mn) 237 Disbursals of $19 Mn in MSME loans in the quarter, up 2.5x YoY; 22% of these were under co-lending model AUM ($ Mn) 373 Partnership with Central Bank of India, IDFC First Bank Capital Adequacy 33.5% and
Slide 42: NBFC: Financial performance snapshot
NBFC: Financial performance snapshot $ Mn Quarter ended Quarter ended Sep 25 Sep 24 AUM 373 671 Gross Loan Book 131 197 Gross Revenue 19 21 Net Revenue 5 3 Opex 4 5 Credit Cost 0 (3) Profit After Tax 0.5 1 GNPA 3.35% 2.47% NNPA 1.94% 1.77% 42
Slide 43: ECLF wholesale book on a steady downward trajectory
ECLF wholesale book on a steady downward trajectory $ Mn 75% 1,070 642 422 270 Sep 22 Sep 23 Sep 24 Sep 25 Reduced by $800 Mn in last 3 years 43
Slide 44: Housing Finance: Business performance snapshot
Housing Finance: Business performance snapshot Key Metrics for the quarter Business Update Equity ($ Mn) 94 Disbursals of $64 Mn in the quarter, up 2x YoY; 30% of these were via CLM AUM ($ Mn) 518 AUM at $518 Mn, up 15% YoY Capital Adequacy 30.6% Partnership with State Bank of India continues to dee
Slide 45: Housing Finance: Financial performance snapshot
Housing Finance: Financial performance snapshot $ Mn Quarter ended Quarter ended Sep 25 Sep 24 AUM 518 449 Gross Loan Book 386 356 Gross Revenue 16 14 Net Revenue 6 5 Opex 5 5 Credit Cost 0 0 Profit After Tax 1 0.3 GNPA 2.47% 1.93% NNPA 2.00% 1.59% 45
Slide 46: General Insurance: Business performance snapshot
General Insurance: Business performance snapshot Key Metrics for the quarter Business Update Equity ($ Mn) 43 Gross written premium (GWP) increased by 7% YoY in the quarter GWP ($ Mn) 29 Gross direct premium income (GDPI) increased by 8% YoY in the quarter Motor segment GDPI grew 6% YoY in the quart
Slide 47: General Insurance: Financial performance snapshot
General Insurance: Financial performance snapshot $ Mn Quarter ended Quarter ended Sep 25 Sep 24 Gross Written Premium 29 27 Net Premium Income 18 17 Investment Income & 7 8 Other Income Total Income 25 25 Policy benefits & 15 14 insurance policy liability Other expenses 11 12 Profit After Tax (1) (
Slide 48: Life Insurance: Business performance snapshot
Life Insurance: Business performance snapshot Key Metrics for the quarter Business Update Equity ($ Mn) 77 Gross premium of $57 Mn in the quarter Individual APE ($ Mn) 15 Issued 14,463 policies in the quarter, up 20% YoY Total AUM at $1,102 Mn, up 12% YoY Policies Issued 14,463 Embedded Value of $24
Slide 49: Life Insurance: Financial performance snapshot
Life Insurance: Financial performance snapshot $ Mn Quarter ended Quarter ended Sep 25 Sep 24 Gross Premium 57 54 Net Premium Income 56 53 Investment Income & (2) 38 Other Income Total Income 53 91 Policy benefits & 37 74 insurance policy liability Other expenses 23 23 Profit After Tax (6) (6) Edelw
Slide 50: Governance & Corporate Responsibility
Governance & Corporate Responsibility 50
Slide 51: 7 Member Board with 4 Independent Directors
7 Member Board with 4 Independent Directors Mr. Ashok Kini Independent Director Former Managing Director (National Banking Group) State Bank of India Served as an advisor to the Thorat Committee on Financial Inclusion at RBI 35 years of banking experience Dr. Ashima Goyal Independent Director Profes
Slide 52: Significant institutional ownership
Significant institutional ownership Shareholding Pattern as on Sep 30, 2025 Key Shareholders Holding TIAA CREF Funds 4.0% LIC 2.6% Vanguard Group 2.4% 32.7% Promoter Group DIIs, Non Flowering Tree Investment Institutions 1.7% Management & Others 47.5% Pabrai Investment Funds 1.5% Blackrock 1.3% 0.6%
Slide 53: Our contribution to building a more sustainable tomorrow
Our contribution to building a more sustainable tomorrow Under the leadership of EdelGive Foundation we have, since inception … Assisted over 60% of Ensured long term $177 Mn mobilized association with NGO Partnered with over 294 EdelGive’s NGO partners to through commitments partners with an averag
Slide 54: Our investment in communities
Our investment in communities EdelGive Foundation’s commitment to investing in communities As on Sep 25 Impact metrics since inception Sustainable Women Quality Education 78 Districts Livelihoods Empowerment across 16 States t 2.2 Cr children impacted t 2.60 lakh Individuals trained t 2.73 lakh wome
Slide 55: Trusted partner: EdelGive funding partners & networks
Trusted partner: EdelGive funding partners & networks Foundations, Corporates and HNIs partner with Edelgive Platform for their philanthropic allocation 55
Slide 56: Safe Harbour
Safe Harbour DISCLAIMER : This presentation and the discussion may contain certain words or phrases that are forward looking statements, which are tentative, based on current expectations of the management of Edelweiss Financial Services Ltd. or any of its subsidiaries and associate companies (“Edel
Slide 57: Safe Harbour
Safe Harbour Net worth figures include MI. PAT figures are presented pre MI unless stated otherwise. Slide 4,7,11,20, 21,41,44: Debt excludes CBLO and securitisation liabilities. Net debt is gross debt minus high quality liquid assets. The equity stake held in Nuvama Wealth Management Ltd is not net
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