Slide 1: Exchange filing cover letter for investor presentation
_____________________________________________________________________________________ An ISO 9001 Company May 25, 2026 National Stock Exchange of India Limited, BSE Limited, Exchange Plaza, Plot No. C/1, G Block, Floor 25, P J Towers, Bandra Kurla Complex, Dalal Street, Bandra (E), Mumbai – 400 051
Slide 2: VA TECH WABAG LTD – Annual Investor Meet FY-2026
VA TECH WABAG LTD TECHNOLOGY-FIRST GLOBAL WATER SOLUTIONS PROVIDER ANNUAL INVESTOR MEET FY-2026
Slide 3: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation and the accompanying slides (the “Presentation”), which have been prepared by VA TECH WABAG LIMITED (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for a
Slide 4: Index
Index Middle East & Africa Cluster India Cluster Strategy & Performance THE WABAG GROUP 31 24 16 04
Slide 5: The WABAG Group
THE WABAG GROUP
Slide 6: Why Water? Why Now?
WHY WATER? WHY NOW? The largest water investment cycle in history is underway — driven by crisis, policy and capital THE CRISIS THE CAPITAL THE NEW DEMAND 2.1 Bn people lack safe drinking water $19.6 Bn committed by development banks in 2024 5 sectors creating unprecedented water demand Only 37% of
Slide 7: Why Water? Why Now? Why WABAG?
WHY WATER? WHY NOW? WHY WABAG? Leading listed pureplay water technology company of global scale | 100 years of heritage | Top 3 globally (GWI 2024) ₹172 Bn+ ₹371 Cr 19.7% AA- Stable ₹950 Cr 19.4% 13.3% Order Book PAT FY26 Revenue Growth Credit Rating Net Cash RoCE EBITDA Margin 26% backlog growth ~+
Slide 8: Delivering Innovative Water Solutions
DELIVERING INNOVATIVE WATER SOLUTIONS * Largest Private Water Operator, Among the World’s Top 25+ Countries 3 Touched 96+ Mn lives globally Desalination Plant Suppliers Delivery Models EP – EPC – DBO – O&M – BOOT – HAM Presence 2,000+ Wabagites across Locations 1,500+ Plants executed since 1995 Sust
Slide 9: Company history and milestones
Foundation of WABAG Wasserfilterbau in Wroclaw Secured its largest Desalination order in Completion of the 3-stage acquisition Middle East – 300 MLD SWA in Yanbu, KSA of WABAG by Deutsche Babcock WABAG celebrates its Centenary, & Foundation of VA TECH WABAG Achieved Highest Market Capitalization Ltd
Slide 10: Sustainable Solutions for a Better Life
Environment Our Path to Net Zero Achieve a 20% reduction of emissions under direct Reducing GHG emissions through our sustainable solutions control (scope 1 & scope 2) by 2035 through an increase share of renewable energy Increase water positivity by 50% by 2030 Water Positive Effective technolo
Slide 11: Leadership Team
LEADERSHIP TEAM Directors Rajiv Mittal S. Varadarajan Amit Goela Vijaya Sampath Milin Mehta Ranjit Singh Chairman & Whole Time Director Non-Independent Independent Independent Independent Managing Director & CGO Director Director Director Director Senior Leaders Bhupesh Chowdhary Skandaprasad Seetha
Slide 12: Our Key Clients
OUR KEY CLIENTS Municipal Funding Agencies Serving clients in…. Municipal Water & Waste Water Industrial Oil & Gas Power plants Steel Food & Beverages Fertilizer Industrial parks Sustainable Solutions for a Better Life 11
Slide 13: Global Water Treatment Market
GLOBAL WATER TREATMENT MARKET 5–7 year addressable market across WABAG's geographies; As we see it 0 5 10 15 20 25 30 35 5–7 YEAR TAM India $75 – 100 Bn Middle East EPC: $68 – 87 Bn Africa O&M: $7 – 13 Bn Europe Estimates based on market reports, adjusted for historical data SEA/SAARC FUTURE ENERGY
Slide 14: Three Engines of Growth
THREE ENGINES OF GROWTH Core Market + Future Energy Solutions + Operations & Maintenance CORE MARKET FUTURE ENERGY SOLUTIONS O&M Desalination · Reuse · Municipal · Industrial Solar · Semicon · Green H₂ · Data Centres · AI The annuity engine — predictable & cash accretive ~$75 Bn $4–6 Bn ~$10 Bn 5–7
Slide 15: Tailwinds and Headwinds
TAILWINDS AND HEADWINDS Navigating the landscape to emerge stronger | FY26 order book: ₹17,200+ Cr | Net cash: ₹834 Cr ▲ TAILWINDS ▼ HEADWINDS — How we manage ★ THE RESULT — FY26 proof ₹17,235 Cr $75–100 Bn global water market Geopolitical tensions in Middle East Rising scarcity, urbanisation and cl
Slide 16: Long Term Goal
LONG TERM GOAL Profitable & 01 Global Water Leader 02 Technology Pioneer 03 Responsible Growth Be the world's most trusted name in water and Lead innovation in water treatment — From AI-driven Grow sustainably with discipline — asset-light, cash- wastewater management. ops to next-gen energy & resou
Slide 17: Business Strategy & Finance
=10SINeESS Strategy & Finance
Slide 18: Performance Highlights
PERFORMANCE HIGHLIGHTS INR Mn REVENUE EBITDA Full Year PAT Full Year Full Year FY’25 32,940 FY’25 4,302 FY’25 2,953 39,442 +19.7% 5,241 +21.8% 3,705 +25.5% Q4 Q4 Q4 Q4’25 1,408 Q4’25 995 Q4’25 11,562 1,771 +25.8% 1,283 +28.9% 14,144 +22.3% 2-year CAGR: 17.5% | Guided: 15–20% CAGR FY26 margin: 13.3%
Slide 19: Medium Term Outlook
MEDIUM TERM OUTLOOK Outlook Performance Commentary (3-5 Years) FY’26 >4x of revenue; Order Book 3x of Revenue INR 172 Bn+ Strong growth visibility Revenues Growth on track; Driven by Up 19.7% (YoY) efficient execution & new projects 15 - 20% CAGR EBITDA Margin Consistent Performance 13 - 15% 13.3% o
Slide 20: Cash & Debt Position
CASH & DEBT POSITION INR Mn Net Cash Positive INR 9,500 Mn 10,591 9,500 9,461 7,952 7,056 6,753 6,433 5,149 1,156 3,442 3,375 3,465 1,166 3,135 622 3,058 1,085 2,132 2,405 1,140 1,163 1,295 1,707 1,002 1,198 2,170 1,091 Q4 FY’23 Q2 FY’24 Q4 FY’24 Q2 FY’25 Q4 FY’25 Q2 FY’26 Q4 FY’26 Cash Balance excl
Slide 21: Cash Flow Bridge
CASH FLOW BRIDGE INR Mn ₹466 ₹2,964 ₹615 ₹2,067 -₹184 ₹63 ₹10,592 -₹1,421 -₹227 ₹9,462 -₹249 Opening Operating Forex & Interest & Interco. & FCF to Repayment Interest Dividend ESOP Closing Gross Cash cash flow others div. recd others firm of borrowings paid paid Gross Cash Free cash flow to firm Fre
Slide 22: Revenue by business offering, customer segment and geography
By Business Offering & Customer Segment By Geography INR Mn EPC (INR Bn) Municipal Industrial Total Total EPC 25,647 6,612 32,260 India 18,587 32.3 O&M 5,534 1,290 6,824 Overseas 20,497 26.8 Grand Total 31,181 7,903 39,084 Grand Total 39,084 FY 25 FY 26 O&M (INR Bn) 80% 83% 48% 52% 17% 6.8 20% 6.0 F
Slide 23: Order book by business offering and geography
By Business Offering & Customer Segment By Geography INR Mn Municipal Industrial Total Total EPC 88,004 14,769 102,773 India 96,124 O&M 53,045 10,417 63,462 Overseas 70,110 63 Framework 6,114 Framework 6,114 Grand Total 1,41,049 25,186 1,72,349 Grand Total 1,72,349 54 103 71 62% 85% 42% 38% 15% 58%
Slide 24: Key contracts in order book and backlog movement
INR Mn S.N Key Contracts in Order book Nature Classification* Key Framework Contracts # Amount Libya STP ## 6,114 1 300 MLD SWA, Yanbu Al-Bahr, KSA Desalination Mega 2 400 MLD Perur, Chennai Desalination Mega 26% CMWSSB- Chennai Ring Main Looped Water 3 Mega system Grid 39,084 4 100 MLD Indosol, And
Slide 25: India Cluster
INDIA Cluster
Slide 26: Market Outlook – 5 to 7 Years
MARKET OUTLOOK – 5 TO 7 YEARS Combined addressable market of $30–45 Bn across WABAG’s strongest geographies KEY GROWTH DRIVERS INDIA $20–25 Bn ~10% CAGR Only 28% of 72,368 MLD sewage treated. 52,133 MLD gap driving Sovereign policy push JJM 2.0, AMRUT 2.0, Namami Gange, Bangladesh Delta Plan, multi-
Slide 27: Major Order Intake
MAJOR ORDER INTAKE MEGA MEGA –O&M LARGE CMWSSB – Ring Main System CMWSSB – RFOMT 45 MLD TTRO, Melamchi MWSDB – 255 MLD WTP, • First complete ring main project of the Kodungaiyur Nepal country ensuring equitable water • One of India’s largest TTPs in its class • Repeat order from Melamchi Water Suppl
Slide 28: Major Projects Highlights
MAJOR PROJECTS HIGHLIGHTS 100 & 50 MLD WTP, D&K STP, Bihar 90 MLD WTP – Bhagalpur, Bihar 40 MLD TTRO – GNN, Ghaziabad, • Inaugurated by Hon’ble Prime Minister • Successfully commissioned on 1st July Uttar Pradesh Shri Narendra Modi; Former Union 2025; plant now under O&M • Commercial Operation Date
Slide 29: Major Execution Highlights
MAJOR EXECUTION HIGHLIGHTS 400 MLD Desalination 200 MLD Pagla STP – 69 MLD KUKL-Kodku 40 MLD ETP – RIL NMD Plant – Perur Bangladesh STPs – Nepal • 3D modelling nearly complete • All offshore works successfully • Engineering phase • Engineering works • All civil drawings released for completed, inclu
Slide 30: Business Robustness & Agility
BUSINESS ROBUSTNESS & AGILITY Market Leadership India’s largest pure-play water technology company with dominant presence across Advantages municipal & industrial segments. Trusted partner for Namami Gange & AMRUT programmes and MDBs.. Largest private water technology player in India Strategic Foc
Slide 31: Sustainable Solutions for a Better Life
Sustainable Solutions for a Better Life 30
Slide 32: Middle East & Africa Cluster
MIDDLE EAST & Africa Cluster
Slide 33: Market Outlook – 10 Years
MARKET OUTLOOK – 10 YEARS Combined addressable EPC + O&M market of $70–80 Bn across sovereign-funded geographies KEY GROWTH DRIVERS GCC $40–50 Bn ~14% CAGR Desalination mega-cycle Global desal: $21 Bn (2025) → $47 Bn (2034) at 9.1% CAGR. GCC thermal- KSA Vision 2030: >$10 Bn water infra · UAE Water
Slide 34: Major Order Intake
MAJOR ORDER INTAKE 300 MLD SWRO, Yanbu, KSA 50 MLD BWRO, AL JOUF, KSA O&M of 40 MLD STP, AMAS, • Secured a mega 300 MLD SWRO • Secured a ‘Large’ repeat order from Bahrain desalination project in Yanbu, KSA Saudi Water Authority; Reinforces • Secured repeat O&M order for Madinat • Demonstrates capabi
Slide 35: Major Project Highlights
MAJOR PROJECT HIGHLIGHTS 200 MLD WWTP Plant 20 MLD WWTP Plant at Mamelles 50 MLD Ngwere and Chunga at Al Haer, KSA Ras Tanura, KSA SWRO, Senegal STPs, Zambia • Detailed engineering activities • All major Items dispatched and • Pre-commissioning works • Major Equipment ordering nearing completion ins
Slide 36: Major Project Highlights – O&M Excellence
MAJOR PROJECT HIGHLIGHTS O&M of 40 MLD WWTP, WWTP O&M BAPCO Duqm SWRO O&M, Qatar Energy O&M, Bahrain Refinery, Bahrain Oman Qatar • 100% treated water • With no downtime, achieved • 2nd Year Operation and • Achieved 5-Star Award parameters achieved till date the Supreme Council of maintenance is in
Slide 37: Business Robustness & Agility
BUSINESS ROBUSTNESS & AGILITY New Market Expansion Advantages Wabag planning to enter into new markets in GCC, Africa and Central Asia. UAE, Kuwait, Jordan, Morocco, Uzbekistan & Kazakhstan Among the top 3 Global Desalination Players. Global Strategy Well known brand in the market. Wabag shall a
Slide 38: Sustainable Solutions for a Better Life
Sustainable Solutions for a Better Life 37
Slide 39: Thank You
Thank You