Edelweiss Financial Services Limited · NSE:EDELWEISS
Edelweiss Financial Services — Q3 FY2026 Earnings Presentation
52 slides from Edelweiss Financial Services's earnings presentation, February 2026
Slide 1: Edelweiss Financial Services Limited Earnings update – Quarter and Nine Months ended Dec 25
Edelweiss Financial Services Limited Earnings update – Quarter and Nine Months ended Dec 25 US $ version
Slide 2: Contents
CONTENTS Overview 03 Performance highlights 06 Strategic updates 17 Business performance 27 Governance & corporate responsibility 45
Slide 3: Overview
Overview Quarter and Nine Months ended Dec 25 3
Slide 4: Edelweiss at a glance – quarter ended Dec 25
Edelweiss at a glance – quarter ended Dec 25 $652 Mn $1,267 Mn Net Worth Net Debt $30 Mn $0.6 (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 Nine Months ended Dec 25 6
Slide 7: Performance highlights
Performance highlights 1 Steady growth in PAT and key metrics of underlying businesses Consol PAT grew by 45% YoY in nine months Alternative Asset Mgt FPAUM grew by 33% YoY to $4,662 Mn MF Equity AUM increased by 33% YoY to $9,230 Mn MSME and Housing Finance disbursements grew by 84% and 38% YoY, re
Slide 8: Earnings distribution across businesses
1 Earnings distribution across businesses $ Mn Quarter Ended Nine Months Ended Profit after Tax Dec 25 Dec 24 Dec 25 Dec 24 Alternative Asset Management 9 7 25 20 Mutual Fund 3 1 9 6 Asset Reconstruction 9 11 28 31 NBFC 1 1 2 5 Housing Finance 1 1 3 1 General Insurance (2) (3) (4) (5) Life Insurance
Slide 9: Key business highlights (1/2)
1 Key business highlights (1/2) Alternative FPAUM $4,662 Mn Fund raise $843 Mn in nine months Asset Mgt up 33% YoY up 67% YoY Equity AUM $9,230 Mn SIP Book $62 Mn Mutual Fund up 33% YoY up 55% YoY Asset Recoveries in the quarter Capital employed in retail Reconstruction $94 Mn 25% 9
Slide 10: Key business highlights (2/2)
1 Key business highlights (2/2) MSME Disbursals in the quarter Wholesale book $267 Mn NBFC $33 Mn down 34% YoY Housing Disbursals of $62 Mn in the quarter AUM $534 Mn Finance up 36% YoY up 21% YoY General GWP at $45 Mn in the quarter Issued 2,54,080 policies in the quarter Insurance up 47% YoY recor
Slide 11: Total customer reach grew by 31% YoY
2 Total customer reach grew by 31% YoY In Lakhs Total Customer Reach Mutual Fund Folios General Insurance Customers 128 89 34 97 66 23 Dec 24 Dec 25 Dec 24 Dec 25 Dec 24 Dec 25 31% YoY 46% YoY 34% YoY 11
Slide 12: With a steady growth in customer assets
2 With a steady growth in customer assets $ Mn Customer Assets Alternative Asset Mgt AUM Mutual Fund AUM 27,200 18,383 25,125 7,582 15,603 6,425 Dec 24 Dec 25 Dec 24 Dec 25 Dec 24 Dec 25 8% YoY 18% YoY 18% YoY 12
Slide 13: Strong balance sheet with well capitalised businesses
3 Strong balance sheet with well capitalised businesses Business Metric Value NBFC Capital Adequacy 30.1% Housing Finance Capital Adequacy 29.5% Asset Reconstruction Capital Adequacy 85.2% General Insurance Solvency Ratio 165% Life Insurance Solvency Ratio 181% 13
Slide 14: Net debt across businesses
3 Net debt across businesses $ Mn Business Dec 25 Dec 24 NBFC 296 344 Housing Finance 199 144 Alternative Asset Mgt 58 46 Asset Reconstruction (11) 33 Corporate 725 722 Net Debt 1,267 1,289 14
Slide 15: Comfortable liquidity position over next 1 year
3 Comfortable liquidity position over next 1 year Jan 26 to Dec 26 $ Mn Opening Available Liquidity (A) 623 Inflows Expected Inflows 990 Fresh Borrowings 267 Total Inflows (B) 1,257 Outflows Repayments 745 Disbursements 534 Total Outflows (C) 1,279 Closing Available Liquidity (A+B-C) 601 15
Slide 16: Assets in each tenor range adequately cover liabilities
3 Assets in each tenor range adequately cover liabilities $ Mn Assets Liabilities Excess / (Gap) Up to 1 year 1,223 1,123 100 1-3 years 1,301 1,268 33 3 years+ 979 456 523 16
Slide 17: Strategic Updates
Strategic Updates 1. EAAA IPO 2. Mutual Fund Stake Sale 3. Housing Finance Stake Sale and Capital Raise 4. Key Priorities 17
Slide 18: EAAA IPO – next steps
1 EAAA IPO – next steps Filing of DRHP Review by SEBI Listing EAAA filed DRHP for IPO on Approval of the DRHP RHP filing and IPO January 20, 2026 Completed Awaited Post SEBI approval 18
Slide 19: Update on strategic investment by WestBridge in Mutual Fund
2 Update on strategic investment by WestBridge in Mutual Fund Final approval from regulator received in November Sale duly consummated in accordance with the agreed terms in December 19
Slide 20: Strategic majority investment by Carlyle in Housing Finance
3 Strategic majority investment by Carlyle in Housing Finance Global investment firm Carlyle will invest around $230 Mn in Nido Home Finance (Nido), including both primary and secondary investment. The transaction is subject to regulatory approvals Carlyle will acquire a 45% stake in Nido through a
Slide 21: The transaction is a win-win-win for all stakeholders
3 The transaction is a win-win-win for all stakeholders For Edelweiss For Nido For Carlyle Advances the objective Reinforces the growth A strategic opportunity t t t of value creation and momentum by to enter a high-growth value unlock in its infusion of fresh housing financing sector businesses cap
Slide 22: Next steps
3 Next steps Regulatory and Other Customary Approvals Investment and Share Transfer and Shareholders’ Issuance to Carlyle Agreements Execution 22
Slide 23: Update on key priorities
4 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 23
Slide 24: Scale up in profits of underlying businesses
4.a Scale up in profits of underlying businesses $ Mn PAT for nine months ended December Total Underlying Business Alternative Asset Mgt Mutual Fund 50 25 9 34 15 4 Dec 23 Dec 25 Dec 23 Dec 25 Dec 23 Dec 25 22% CAGR 28% CAGR 57% CAGR 24
Slide 25: Insurance businesses on track to breakeven: Losses
4.b Insurance businesses on track to breakeven: Losses 39% $ Mn PAT for nine months ended December General Insurance Life Insurance Dec 23 Dec 25 (4) (10) (12) (15) (16) 39% (26) 25
Slide 26: Corporate net debt reduction on track
4.c Corporate net debt reduction on track $ Mn 15% 851 725 Dec 23 Dec 25 26
Slide 27: Business Performance
Business Performance Quarter and Nine Months ended Dec 25 27
Slide 28: Alternative Asset Mgt: Business performance snapshot
Alternative Asset Mgt: Business performance snapshot Key Metrics for the quarter Business Update FPAUM ($ Mn) 4,662 Fund raise of $843 Mn in nine months, up 67% YoY FPAUM grew by 33% YoY to $4,662 Mn AUM ($ Mn) 7,582 Anzen, energy focused InvIT: Investors list finalised for preferential issue of $77
Slide 29: Alternative Asset Mgt: Financial performance snapshot
Alternative Asset Mgt: Financial performance snapshot $ Mn Quarter ended Quarter ended Dec 25 Dec 24 AUM 7,582 6,425 FPAUM 4,662 3,497 Equity 110 102 Total Earnings 27 21 Opex 15 13 Profit After Tax 9 7 29
Slide 30: Alternative assets overview
Alternative assets overview AUM – Strategy wise AUM – Geography wise FPAUM – Strategy wise 1% 2% 36% 45% 46% $7,582 Mn $7,582 Mn $4,662 Mn 55% 52% 63% Private Credit Real Assets Others India Rest of the world Private Credit Real Assets Others 30
Slide 31: Mutual Fund: Business performance snapshot
Mutual Fund: Business performance snapshot Key Metrics for the quarter Business Update Equity AUM ($ Mn) 9,230 Equity AUM at $9,230 Mn, up 33% YoY AUM grew by 18% YoY to $18,383 Mn AUM ($ Mn) 18,383 Net equity inflows of $450 Mn in the quarter; $1,535 Mn in trailing twelve months SIP book grew by 55
Slide 32: Mutual Fund: Financial performance snapshot
Mutual Fund: Financial performance snapshot $ Mn Quarter ended Quarter ended Dec 25 Dec 24 AUM 18,383 15,603 Equity AUM 9,230 6,917 Equity 27 23 Revenue 9 6 Opex 6 4 Profit After Tax 3 1 32
Slide 33: Robust growth in AUM and customer base
Robust growth in AUM and customer base Equity AUM ($ Mn) Debt AUM ($ Mn) 9,230 9,064 8,919 8,674 6,917 4,448 Dec 23 Dec 24 Dec 25 Dec 23 Dec 24 Dec 25 SIP Book ($ Mn) Active Folios (# in Lakhs) 62 34 40 23 22 14 Dec 23 Dec 24 Dec 25 Dec 23 Dec 24 Dec 25 Growing SIP book adds to the predictability of
Slide 34: Asset Reconstruction: Business performance snapshot
Asset Reconstruction: Business performance snapshot Key Metrics for the quarter Business Update Equity ($ Mn) 329 Recovered $94 Mn in the quarter Share of retail assets in capital employed increased to Fee Paying AUM ($ Mn) 1,054 25%, up from 15% YoY Well matched ALM across all durations Capital Emp
Slide 35: Asset Reconstruction: Financial performance snapshot
Asset Reconstruction: Financial performance snapshot $ Mn Quarter ended Quarter ended Dec 25 Dec 24 Fee Paying AUM 1,054 1,633 Capital Employed 303 402 Wholesale assets 227 341 Retail assets 76 61 Equity 329 381 Revenue 17 22 Opex 3 3 Profit After Tax 9 11 35
Slide 36: NBFC: Business performance snapshot
NBFC: Business performance snapshot Key Metrics for the quarter Business Update Equity ($ Mn) 234 Disbursals of $33 Mn in MSME loans in the quarter, up 5.7x YoY AUM ($ Mn) 403 Partnership with Central Bank of India, IDFC First Bank and Godrej Capital continues to deepen Capital Adequacy 30.1% GNPA a
Slide 37: NBFC: Financial performance snapshot
NBFC: Financial performance snapshot $ Mn Quarter ended Quarter ended Dec 25 Dec 24 AUM 403 597 Gross Loan Book 165 148 Gross Revenue 23 18 Net Revenue 9 4 Opex 7 4 Credit Cost 1 (1) Profit After Tax 1 1 GNPA 2.79% 2.32% NNPA 1.55% 1.46% 37
Slide 38: ECLF wholesale book on a steady downward trajectory
ECLF wholesale book on a steady downward trajectory $ Mn 73% 995 462 406 267 Dec 22 Dec 23 Dec 24 Dec 25 Reduced by $728 Mn in last 3 years 38
Slide 39: Housing Finance: Business performance snapshot
Housing Finance: Business performance snapshot Key Metrics for the quarter Business Update Equity ($ Mn) 94 Disbursals of $62 Mn in the quarter, up 36% YoY; 27% of these were via CLM AUM ($ Mn) 534 AUM at $534 Mn, up 21% YoY Capital Adequacy 29.5% Partnership with State Bank of India continues to de
Slide 40: Housing Finance: Financial performance snapshot
Housing Finance: Financial performance snapshot $ Mn Quarter ended Quarter ended Dec 25 Dec 24 AUM 534 442 Gross Loan Book 390 341 Gross Revenue 18 15 Net Revenue 8 6 Opex 6 5 Credit Cost 1 0 Profit After Tax 1 1 GNPA 2.53% 2.19% NNPA 2.09% 1.79% 40
Slide 41: General Insurance: Business performance snapshot
General Insurance: Business performance snapshot Key Metrics for the quarter Business Update Equity ($ Mn) 40 Gross written premium (GWP) increased by 47% YoY in the quarter GWP ($ Mn) 45 Gross direct premium income (GDPI) increased by 29% YoY in the quarter Motor segment GDPI grew 23% YoY in the qu
Slide 42: General Insurance: Financial performance snapshot
General Insurance: Financial performance snapshot $ Mn Quarter ended Quarter ended Dec 25 Dec 24 Gross Written Premium 45 31 Net Premium Income 19 16 Investment & Other Income 8 5 Total Income 27 21 Policy liability & claims paid 16 13 Other expenses 13 11 Profit After Tax (2) (3) 42
Slide 43: Life Insurance: Business performance snapshot
Life Insurance: Business performance snapshot Key Metrics for the quarter Business Update Equity ($ Mn) 69 Gross premium of $57 Mn in the quarter, up 15% YoY Individual APE ($ Mn) 18 Issued 42,935 policies in nine months, up 40% YoY Policies Issued 19,320 Total AUM at $1,166 Mn, up 17% YoY AUM ($ Mn
Slide 44: Life Insurance: Financial performance snapshot
Life Insurance: Financial performance snapshot $ Mn Quarter ended Quarter ended Dec 25 Dec 24 Gross Premium 57 50 Net Premium Income 56 49 Investment & Other Income 30 (1) Total Income 86 48 Policy liability & claims paid 69 31 Other expenses 23 22 Profit After Tax (6) (5) 44
Slide 45: Governance & Corporate Responsibility
Governance & Corporate Responsibility 45
Slide 46: 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 47: Significant institutional ownership
Significant institutional ownership Shareholding Pattern as on Dec 31, 2025 Key Shareholders Holding TIAA CREF Funds 3.6% LIC 2.6% Vanguard Group 2.4% 32.7% Promoter Group DIIs, Non Flowering Tree Investment Institutions 1.7% Management & Others 48.3% Pabrai Investment Funds 1.5% Blackrock 1.3% 0.6%
Slide 48: 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 65% of Ensured long term $179 Mn mobilized association with NGO Partnered with over 294 EdelGive’s NGO partners to through commitments partners with an averag
Slide 49: Our investment in communities
Our investment in communities EdelGive Foundation’s commitment to investing in communities As on Dec 25 Impact metrics since inception up to quarter ended Sep 25 Sustainable Women Quality Education 76 Districts Livelihoods Empowerment across 19 States t 2.2 Cr children impacted t 2.61 lakh Individua
Slide 50: Trusted partner: EdelGive funding partners & networks
Trusted partner: EdelGive funding partners & networks Foundations, Corporates and HNIs partner with Edelgive Platform for their philanthropic allocation 50
Slide 51: 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 52: Safe Harbour
Safe Harbour Net worth figures include MI. PAT figures are presented pre MI unless stated otherwise. PAT of businesses for the quarter ended Dec 25 and nine months ended Dec 25 are presented excluding the exceptional items. Exceptional items include labour code impact and ESOP expenses (pre-tax) acr
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