Tbo Tek Ltd. · NSE:TBOTEK
Tbo Tek — Jefferies 4th India Forum (September 2025)
28 slides from Tbo Tek's conference presentation, Sep 15, 2025
Slide 1: Exchange filing cover letter for Investor Presentation
September 15, 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 Code: 544174 Scrip Symbo
Slide 2: TBO.com: Travel Simplified - Investor Presentation
TBO.com: Travel Simplified Investor Presentation 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 ? too.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
The Big opportunity Big Shift in Demographics The Developed World The Developing World Older and Very Prosperous Young, reaching higher income thresholds 7
Slide 9: The Big opportunity
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 too.com 1
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 Retail Buyers Hotels Travel Agencies Airlines Independent Travel Retail Selling Platform Advisors Travelers Car Rentals Integration API for Enterprise Customers Transfers Payments Infras
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 35% 9% 8% 11% North America 26% APAC 8% 25% 35% 94% 14% 4% 9% -2% Latin America 6% ROW XX% YoY growth rate Regional share of Hotels & Ancillaries segment GTV for Q1’FY26. Regional share of Air segment GTV for Q1’FY26. GTV is calculated basis source market (i.e. location
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 e lu rs e r B va uy fo re Mo Wider More Richer options Network effects Learning effects Transactions insights for Buyers pl l u e rs v a ie r e p o M r Su fo Superior More platform Suppliers experience 17
Slide 19: Business Performance – Q1'FY26
Business Performance – Q1’FY26 Active Agent** Active Bookers** # +10% # +12% 39,030 50,369 35,589 44,979 23,557 24,560 23,271 23,947 15,473 21,032 25,809 12,318 Q1 FY’25* Q1 FY’26 Q1 FY’25* Q1 FY’26 GTV Revenue *** INR Cr +2% INR Cr +22% 7,940 8,119 511 418 109 3,956 3,592 122 402 3,984 4,527 296 Q1
Slide 20: 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 21: 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 22: …and is supported by a deeply experienced team
…and is supported by a deeply experienced team Gerardo Del Rio Anil Berera Akshat Verma Nishant Misra Vikas Jain President – International President - Strategy Chief Technology Officer Chief Product Officer Chief Financial Officer Prior: Hotelbeds, Dida Travel Prior: CFO & Vice President – Prior: Ma
Slide 23: 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 24: 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 23
Slide 25: 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 26: Strong resilience against macro headwinds in Q1'FY26
Strong resilience against macro headwinds in Q1’FY26 Transacting GTV Revenue Gross Adj. buyers Profit EBITDA (Monthly) 29,570 ₹ 8,119 Cr. ₹ 511 Cr. ₹ 333 Cr. ₹ 85 Cr. 5% 2% 22% 19% (0)% YoY Growth YoY Growth YoY Growth YoY Growth YoY Growth 25
Slide 27: 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 28: Thank You!
Thank You! tbo.com 27