Thomas Cook India : TCIL Q4 & FY 26 Investor Presentation

About this update from Thomas Cook (india) Limited

May 12, 2026 The Manager, The Manager, Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 001 Mumbai - 400 051 Scrip Code: 500413 Scrip Code: THOMASCOOK Fax No.: 2272 2037/39/41/61 Fax No.: 2659 8237/38 Dear Sir/ Madam, Sub: Analyst and Investor Earnings Conference Call Presentation Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in continuation to our intimation dated May 6, 2026, please find enclosed a copy of Investor Presentation on financial and business performance of the Company for the quarter and year ended March 31, 2026, for the Earnings Call scheduled to be held on May 13, 2026. This is for your information and records. Thank you. Yours faithfully, For Thomas Cook (India) Limited AMIT Digitally signed by AMIT JYOTINDRA JYOTINDRA PAREKH PAREKH Amit J. Parekh Date: 2026.05.12 23:37:01 +05'30' Company Secretary and Compliance Officer Encl: a/a Thomas Cook (India) Limited Investor Presentation - Q4 & FY26 May 12, 2026 T A B L E O F CO N T EN T S SR. NO. CONTENTS PAGE NO. 1 C O M P A N Y S N A P S H O T 03 2 Q 4 & F Y 2 0 2 6 F I N A N C I A L P E R F O R M A N C E 06 3 O V E R V I E W : B U S I N E S S S E G M E N T S 16 4 F I N A N C I A L D A T A 46 5 A N N E X U R E - S T R A T E G I C D I V E S T M E N T 51 2 CO M P AN Y S N AP S HO T Thomas Cook (India) Ltd - 145+ years, 28 countries, 4 engines, 800+ touchpoints Part of Fairfax Group 800+ Total Touchpoints (across the group) 300+ TCIL and SOTC; 170+ PSA & GSA; 17 Airport Counters; 264 DEI Sites, 78 Sterling Resorts CRISIL AA Credit Rating Retained AA/Stable/ A1+ rating 28 Countries 5 continents, owned operations ₹85.6 Bn Total Income FY26 ▲ 3.3% YoY Financial Services TCIL's Unassailable Moat Authorized Dealer (AD) Category II, Interbank player low capex, high float, Structurally superior returns. Revenue (FY26) ₹3,261 Mn 45.8% EBIT Margin Travel & Related Services Multi-Segment Leader. Multi-Geography Reach. B2B - DMS, MICE, Corporate & B2C - Leisure Revenue (FY26) ₹67,025 Mn 3.3% EBIT Margin Leisure Hospitality Sterling Holiday Resorts : Wide network; Debt-Free, Growing fast Revenue (FY26) ₹5,336 Mn 24.2% EBIT Margin Digital Imaging Solutions DEI - Leading player in the Souvenir Imaging Revenue (FY26) ₹8,360 Mn 1.3% EBIT Margin 3 Southern Africa East Africa Travel & Related Services Financial Services Leisure Hospitality & Resorts Digital Imaging Solutions 4 B R AN DS T HO M AS CO O K I N DI A - CO M P ET I T I VE M O AT Core advantages no single competitor can replicate. Brand Trust + Customer Experience 145+ year legacy of trust in travel and foreign exchange services Strong portfolio of 16 brands High-touch + tech-enabled service model True Omnichannel Distribution TCIL's reach combines Trust & Convenience 300 retail branches (TCIL+SOTC) | 3,500+ Fx partners | 17 airport counters Forex and holiday decisions are high trust spending moments Physical presence converts not only walk-in leads but also concludes online inquiries Diversity in Geography & Service Offerings Presence across 28 countries / 5 continents Portfolio spans Travel, Forex, Hospitality, Digital Imaging Services Reduces cyclicality; enables cross-border demand capture + resilience Financial Services- High-barrier, high-trust, scale-driven model Uniquely positioned in the space with AD II License, own Dealing room, Nostro accounts and SWIFT memberships Improving Retail Mix; Float income scales with prepaid penetration Zero proprietary FX risk Brand Trust + Digital Layer: High-trust Transactions supported by Website, App, WhatsApp, V-KYC Sterling Holiday Resorts - Execution & Scalability Moat Pan-India Leisure Footprint: 78 Resorts I 61 Cities Focus on experiential, destination-led stays (nature, hills, remote locations) Asset-light expansion through managed/leased properties Disciplined capital deployment driving operating leverage and superior returns DEI - Global & tech-enabled ecosystem Global Presence & Scale: Operations across 14 countries and tourist locations → network advantage WeC - integrated, tech-enabled platform that drives efficiency, engagement, and conversion across the customer journey Exclusive Site Partnership B2B & B2C Travel - Thomas Cook & SOTC Covers the spectrum of Indian consumer arc Trust-led brands offering group tours, FIT, and Customized group travel - from aspiration to premium, end-to-end. B2B - Relationship-led services across corporate travel & MICE and DMS - end-to-end planning and execution. B2B ~73% | B2C ~27% of total travel pie Cash & Cash Equivalents Cash and Cash Equivalents - Rs 26 bn, Total Debt Rs 2,773 mn Cash generation supports reinvestment for growth, technology initiatives and opportunities for shareholder value creation. Capital-Efficient Growth Model Scale benefits across Travel, Forex, Hospitality and DEI support operating leverage Asset-light expansion reduces capital intensity and improves return profile Digital initiatives help reduce servicing costs and improve processing efficiency 5 Q 4 & F Y 2 02 6 F I N AN CI AL P ER F O R MAN CE Commenting on the results, Mahesh Iyer - Managing Director & CEO Thomas Cook (India) Limited said, FY 2026 was marked by significant geopolitical disruptions at both the start and close of the FY, effectively truncating the sales & operating period from 12 to less than 9 months. Despite this challenging environment, characterised by airspace disruptions, elevated costs, and significant negative currency volatility, the Thomas Cook India Group has delivered a good performance with consolidated Income for FY 2026 growing by 3% to Rs. 85,578 Mn. Looking ahead, while the environment remains uncertain, we are cautiously optimistic that the peace will endure. Our focus will remain on prudent fiscal management & leveraging technology for increased productivity - to deliver sustainable growth & value to our stakeholders." 7 M AN AGEM EN T CO M M EN T AR Y : Q 4 & F Y 2 6 F Y 2 6 F I N A N C I A L HI GHL I GHT S (₹ Mn) SEGMENT PERFORMANCE Income from Operations FY26 FY25 YoY Financial Services* 3,261 3,277 ▼ 0.5% Travel & Related Services 67,025 64,689 ▲ 3.6% Leisure Hospitality & Resorts 5,336 5,006 ▲ 6.6% Digital Imaging Solutions 8,360 8,423 ▼ 0.8% Total 83,982 81,396 ▲ 3.2% EBIT FY26 FY25 YoY Financial Services 1,493 1,498 ▼ 0.3% Travel & Related Services 2,218 2,485 ▼ 10.8% Leisure Hospitality & Resorts 1,292 1,291 ▲ 0.1% Digital Imaging Solutions 110 268 ▼ 59.1% Total 5,113 5,542 ▼ 7.7% CONSOLIDATED PERFORMANCE Other Income 1,596 1,450 ▲ 10.1% Total Income 85,578 82,845 ▲ 3.3% EBIT 4,276 4,798 ▼ 10.9% EBIT Margin % 5.0% 5.8% ▼ 79 bps PBT 3,268 3,784 ▼ 13.6% PBT Margin % 3.8% 4.6% ▼ 75 bps PAT 2,205 2,584 ▼ 14.7% PAT Margin % 2.6% 3.1% ▼ 54 bps EPS 4.70 5.46 ▼ 13.9% 8 * Reported on net basis Q 4 F Y 2 6 F I N A N C I A L HI GHL I GHT S SEGMENT PERFORMANCE Income from Operations Q4 FY26 Q4 FY25 YoY Financial Services* 813 787 ▲ 3.3% Travel & Related Services 13,569 15,723 ▼ 13.7% Leisure Hospitality & Resorts 1,385 1,164 ▲ 19.0% Digital Imaging Solutions 1,940 2,015 ▼ 3.7% Total 17,707 19,689 ▼ 10.1% CONSOLIDATED PERFORMANCE Other Income 348 531 ▼ 34.6% Total Income 18,054 20,220 ▼ 10.7% EBIT 707 1,151 ▼ 38.6% EBIT Margin % 3.9% 5.7% ▼ 178 bps (₹ Mn) EBIT Q4 FY26 Q4 FY25 YoY Financial Services 392 334 ▲ 17.3% Travel & Related Services 239 589 ▼ 59.3% Leisure Hospitality & Resorts 243 235 ▲ 3.6% Digital Imaging Solutions (102) 78 - Total 773 1,236 ▼ 37.5% PBT 461 884 ▼ 47.9% PBT Margin % 2.6% 4.4% ▼ 182 bps PAT 307 660 ▼ 53.5% PAT Margin % 1.7% 3.3% ▼ 157 bps EPS 0.83 1.39 ▼ 40.3% 9 * Reported on net basis S EGM EN T P ER F O RM A NCE - F I N AN CI AL S ER V I CES % Margin (₹ Mn) Revenue 3.3% 787 842 845 762 813 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 (0.5%) 3,277 3,261 FY25 FY26 334 374 316 392 42.5% 44.4% 48.7% 41.5% 48.3% 45.7% 45.8% Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY25 FY26 17.3% (0.3%) 411 1,498 1,493 EBIT & Margin Q4 & FY26 highlights Retail sales growth: 27% y-o-y in Q4 FY26; 16% in FY26 Holiday sales growth: 29% y-o-y in Q4 FY26; 13% in FY26 Education sales growth: 25% y-o-y in Q4 FY26; 17% in FY26 Retail turnover grew by 20% y-o-y in Q4 FY26, contributed by the Holiday 25% y-o-y and Education 5% y-o-y Digital adoption rate has moved to 22.8% from 22% y-o-y in Q4 FY26 Growth in digital end-to-end retail transactions: WhatsApp transactions grew by 2.2x in Q4 FY26 and 2.6x in FY26; App by 4.9x in Q4FY26 and 3.5x in FY26; Website by 65% in Q4 FY26 and 8% in FY26 Opened 7 new outlets in Q4 FY26: 5 GCP outlets, 1 owned outlet at Banjara Hills and counters at Kempegowda International Airport, Bangalore Quick-commerce expansion (via Blinkit) in 6 additional cities - Noida, Kolkata, Jaipur, Ahmedabad, Lucknow and Chandigarh, increasing our digital distribution network to 12 cities 10 S EGM EN T P ER F O RM A NCE - T R AV EL & R EL AT ED S ER V I CES % Margin (₹ Mn) Revenue (13.7%) 19,784 15,723 16,891 16,781 13,569 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 3.6% 64,689 67,025 FY25 FY26 811 (59.3%) (10.8%) 589 651 516 3.7% 4.1% 3.9% 3.1% 239 1.8% 2,218 3.8% 3.3% 2,485 EBIT & Margin Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY25 FY26 Q4 & FY26 highlights Corporate Travel Acquired 8 accounts in Q4 FY26 across financial services, automobile, telecom & energy sector; 4 new large corporate accounts are in the pipeline for Q4 FY26 Air Volume recorded a growth of over 7.3% y-o-y in Q4 FY26 and 4.8% in FY26; International Air Volume recorded a growth of over 19.4% y-o-y in Q4 FY26 & 7.4% in FY26 Hotel Volume & transactions grew by 7.6% and 10.7% respectively y-o-y in Q4 FY26 Total Air & Non Air Volume grew at 6.8% y-o-y in Q4 FY26 Thomas Cook India and SOTC Travel partner with Booking.com to offer corporate clients world-class accommodation solutions to enhance their business travel experience 11 S EGM EN T P ER F O RM A NCE - T R AV EL & R EL AT ED S ER V I CE S Meetings-Incentives-Conferences-Exhibitions (MICE) : Managed over 130 groups ranging from 50 to 1300 delegates per group. Key international destinations: Australia, Dubai, Egypt, Vietnam, Czech Republic, Austria, Japan, Singapore, Thailand, Indonesia, Spain, Scotland, Hong Kong; Domestic: Jaipur, Delhi, Bangalore, Guwahati, Kolkata Leisure Travel Launched Bhutan charter flights ex Bengaluru & Ahmedabad to capitalize on direct air connectivity and growing travel interest to the destination Launched Kailash Mansarovar holidays for Indian travellers after a gap of 5 years Introduced TravSure, a pioneering travel protection initiative designed to address the evolving realities of modern travel and provide customers with greater confidence and peace of mind Introduced an industry-first Visa rejection Cover - a pioneering, ground-breaking insurance solution that safeguards travellers against financial losses arising from visa rejections SOTC Travel announced its association with Padma Shri Anuradha Paudwal to promote its Darshans spiritual packages Destination Management Services (DMS) Network: India DMS: Turnover increased by 5% y-o-y in Q4 FY26 in spite of cancellation due to Israel-Iran War Overseas DMS : Sales declined by 24% y-o-y in Q4 FY26, primarily impacted by geopolitical disruptions in the Middle East, impacting Desert Adventures and certain transit markets. This was partially offset by resilient performance in Asia Pacific and strong growth in Private Safaris across East and Southern Africa. Revenue grew by 3% y-o-y in FY26, supported by strong performance in Asian Trails and Private Safaris, along with steady growth in Allied T Pro. Asia Pacific - Asian Trails: Delivered growth by 18% y-o-y in FY26 and 6% in Q4 FY26, supported by strong contributions from Thailand, Malaysia, Vietnam, and China, with growth across key markets. USA - Allied T Pro: Revenue remained resilient, with revenue growing by 9% y-o-y in FY26 and 12% in Q4 FY26, supported by higher volumes, despite continued challenges in U.S. inbound travel driven by visa and regulatory constraints. Middle East - Desert Adventures: - Performance declined during the year by 22%, impacted by geopolitical tensions in the Middle East, including travel disruptions and airspace closures following regional escalation in June and further instability towards the end of the year, which affected travel demand and connectivity. The decline was also influenced by the absence of large one-off MICE movements in the prior year base. Private Safaris: Southern Africa: Performance remained strong, with revenue growing by 34% in FY26 and 23% y-o-y in Q4FY26 by continued upselling across Groups and MICE segments, despite weather-related disruptions in certain regions. East Africa: Performance was driven by charter operations and strong demand from key source markets, resulting in revenue growth of 18% in FY26 and 87% y-o-y in Q4 FY26, along with continued traction in direct local sales. 12 S EGM EN T P ER F O RM A NCE - T R AV EL & R EL AT ED S ER V I CES SEGMENT REVENUE BREAKDOWN ( ₹ Mn) Segment FY25 FY26 YoY (%) Q4FY25 Q4FY26 YoY (%) (A) B2C TOTAL 17,504 18,874 8% 3,027 3,281 8% Domestic 1,661 1,426 (14%) 321 250 (22%) Outbound 15,844 17,448 10% 2,706 3,032 12% Long Haul 10,980 11,752 7% 1,288 1,323 3% Short Haul 4,864 5,696 17% 1,418 1,709 21% (B) B2B TOTAL 49,346 50,463 2% 12,934 10,557 (18% ) DMS Total 34,478 35,559 3% 10,421 8,728 (16% ) India DMS 6,292 6,467 3% 2,839 2,969 5% International DMS 28,186^ 29,092 3% 7,582^ 5,759 (24%) MICE 13,578 13,364 (2%) 2,183 1,408 (35%) Corporate 12,563 13,364 6% 1,168 1,408 21% Government 1,015 - - 1,015 - - Corporate Travel* 1,290 1,541 19% 330 421 28% (C) Inter Segment Elimination (2,162) (2,313) - (237) (269) - Total (A+B+C) 64,689 67,025 4% 15,723 13,569 (14% ) *Reported on net basis 13 ^ high-volume MICE events related to Amway and BMW (sales of Rs. 1,131 Mn) S EGM EN T P ER F O RM A NCE - L E I S UR E HO S P I T AL I TY % Margin (₹ Mn) 19% 6.6% 1,550 1,164 1,357 1,385 1,044 5,006 5,336 Revenue Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY25 FY26 409 471 235 243 20.2% 30.2% 169 16.2% 30.4% 17.5% 3.6% 0.1% 25.8% 24.2% 1,291 1,292 EBIT & Margin Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY25 FY26 Q4 & FY26 highlights Record Quarter Delivered: Highest ever Revenue for Q4 in Sterling history delivered - Rs 1,385 mn, which is a 19% growth y-o-y. Profitability Sustained : EBIT at Rs 243 Mn. Sterling delivers 25 consecutive profitable quarters. Resort Engine - Powering Growth: Resort Revenue contributes 80% of Total Company Revenue for Q4, which is the highest ever - signaling the transformation of the business model and start of the growth phase. Room and F&B Revenue show impressive growth: Room Revenue up nearly 38% , F&B Revenue grows 14% y-o-y H2 Outperforms H1: 2 Record quarters powers H2 Revenue to outperform H1 ( 2,401 Mn) by 22%. Balance Sheet Strengthens alongside Growth: Free Cash Flow at Rs 1,140 Mn grows 49% over last year. Company continues to be totally Debt-Free. 14 S EGM EN T P ER F O RM A NCE - DI GI T AL I M AGI N G S O L UT I O NS Revenue (3.7%) 2,015 2,097 1,958 2,365 1,940 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 (0.8%) 8,423 8,360 FY25 FY26 % Margin (₹ Mn) 78 106 3.9% 5.1% 1.2% 3.5% 23 83 3.2% 1.3% 268 (59.1%) EBIT & Margin (102) Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 110 FY25 FY26 Q4 & FY26 highlights Sales for the quarter came in below prior year levels, reflecting the challenging operating environment stemming from geopolitical tensions in the Middle East and the temporary suspension of operations in the UAE. The timing made the disruption particularly consequential, as this quarter represents DEI's peak operating season While growth in other locations provided a partial cushion, the impact was meaningful given that the UAE contributes approximately 50% of DEI's total revenue. The market is also home to some of DEI's most strategic partnerships, where revenue potential is typically among the highest across its portfolio. EBIT consequently stood impacted by dual impact of lower topline and an increase in costs related to WeC. 9 new partnerships signed in Q4 FY26: India (Imagicaa, Wet'nJoy Lonavala, Wet'nJoy Shirdi, Sai Teerth), Saudi Arabia (Aquarabia), Malaysia (Icescape Ice Rink), Indonesia (Go Luge Bogor) and Singapore (Royal Albatross, Rainforest Wild Adventure) Renewed 12 key partnerships: India (Ramoji Film City), Maldives (Mövenpick Kuredhivaru, Emerald Maldives and Emerald Faarufushi), UAE (Ski Dubai), Singapore (Singapore Zoo, Bird Paradise, Night Safari, River Wonders, Marina Bay Sands) and Malaysia (Penang Hill, Langkawi Wildlife Park) Operational launch of 4 partnerships: India (Imagicaa, Wonderla Chennai), Malaysia (Icescape Ice Rink), and Indonesia (Go Luge Bogor) 15 O V ER V I EW: B US I N ES S S EGMENT S Financial Services services Leisure hospitality Solutions Thomas Ceok Now Buy/Sell F0f9X on WhatsApp NANAGEYO¥R fiOREXCARD ONTHESO F I N AN CI AL S ER V I CES 17 F I N AN CI AL S ER V I CES : T HE UN AS S AI L AB L E M O AT High-margin engine. AD 2 license . Structurally superior returns. ∞ RBI License 01 75+ Yrs Our Expertise 02 ~40-46% Our Margins 03 80%+ Dominant Retail Portfolio 04 Omnichannel Our Distribution 04 Largest Non-Bank Forex Service Provider in India Unmatched legacy in India's forex ecosystem. First non-bank to issue Mastercard, Visa & RuPay forex cards Card segmentation : Travel, Education & Corporate 5-year card lifecycle = durable customer lock-in Prepaid card = 5-year recurring relationship, not a one-time transaction Structural, not cyclical Retail Focus driving margin performance Float income is a strong margin driver as the book grows Four structural levers. Margin expansion by design. Retail revenue dominance across 3 retail verticals (80%) Leisure travel (Holidays): Student Remittances (Education) , Corporates Airport counters capture high-intent, last-mile demand Wholesale Portfolio (20%) Banks MSBs (Money Services Businesses) Retail-led mix → higher margins, repeat usage, and structural profitability 130+ branches, 17 airport counters 3,100+ agent partners TC Pay App WhatsApp Blinkit Google Pay. Digital adoption at 21.2%. Physical channel converts trust; digital converts convenience. No single-channel competitor can match the full funnel. Physical converts trust. Digital converts convenience. TCIL has both. Non-bank with AD-II license Own SWIFT & Nostro accounts Dedicated in-house Dealing Room Compliance-first culture Rigorous RBI regulatory adherence embedded in every process Zero proprietary FX risk Positions are fully hedged; no directional currency exposure on the books Regulatory depth + zero FX risk = a business that earns without taking balance sheet risk 18 F O R EX - HI S T O R I CAL GR O WT H T R AJECT O R Y ~30% → 46% EBIT Margin Journey FY21-FY26 ~25% CAGR Revenue Growth FY21-FY26 45%+ Sustained Margin Band Active Prepaid Card Users (Mn) Card Loads (USD Mn ) 124 123 133 CAGR ~43% CAGR ~48% CAGR ~29% Gross Turnover Value (Rs Bn)* 1.2 1.3 860 67 33 60 38 18 20 27 86 80 94 40 38 45 39 107 0.2 0.3 0.9 1.2 109 225 611 823 764 FY21 FY22 FY23 FY24 FY25 FY26 Retail Wholesale FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 % Margin EBIT (Rs Mn) & Margin (%) Float (Bn) 3,023 3,277 3,261 CAGR ~60% CAGR ~25% Revenue from Operations (Rs Mn) 2,464 1,084 1,104 46% 13% 29% 41% 46% 1,237 1,498 1,494 CAGR ~32% 16 14 12 9 5 4 723 FY21 FY22 FY23 FY24 FY25 FY26 141 (32) FY21 FY22 FY23 FY24 FY25 FY26 19 FY21 FY22 FY23 FY24 FY25 FY26 * R epresents turnover generated by Company's own network and excludes third-party sales.

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