General Updates

Corp. Office: Shree Laxmi Woolen Mills Estate, 2nd Floor, R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai - 400 011 Tel: (022) 3001 6600 Fax : (022) 3001 6601 CIN No. : L17100MH1905PLC000200 September 28, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Plot C/1, G-Block Dalal Street, Fort, Bandra-Kurla Complex, Bandra East, Mumbai- 400 001 Mumbai- 400051 Security code: 503100 Symbol: PHOENIXLTD Dear Sir(s), Sub.: Presentation made to Shareholders at the 121st Annual General Meeting We enclose herewith presentation made to the Shareholders at the 121st Annual General Meeting of the Company held today i.e. Monday, September 28, 2026, through Video Conferencing (“VC”) / Other Audio Visual Means (“OAVM”). You are requested to take the same on record. Thanking you, Yours faithfully, For The Phoenix Mills Limited Bhavik Gala Company Secretary Membership No. F8671 Encl: a/a Regd. Office : The Phoenix Mills Ltd., 462 Senapati Bapat Marg, Lower Parel, Mumbai 400 013. Tel : (022) 2496 4307 / 8 / 9 Fax : (022) 2493 8388 E-mail : info@thephoenixmills.com www.thephoenixmills.com Photo shot at location Phoenix Avenue of Stars, Pune Earlier known as Phoenix MarketCity Pune THE PHOENIX MILLS LIMITED Built to Compound AGM Presentation September 2026 A Diversified Real Estate Platform Built for Compounding R E T A I L O F F I C E S H O S P I T A L I T Y R E S I D E N T I A L >18 msft ~9 msft ~2,188 keys ~7 msft GLA by 2030 GLA by 2030 Operational by 2030 Cumulative Saleable Area by 2030 Operational: ~11.5 msft Operational: ~5 msft Operational: 2 hotels, ~588 keys Area launched: ~2.8 msft Operational across: Grade-A, campus-integrated Premium projects in Bengaluru The St. Regis, Mumbai, 12 malls | 8 Cities offices operational across One Bangalore West, Kessaku Courtyard by Marriott, Agra Mumbai, Pune, Bengaluru, Chennai From 1 Mall in 2005 to a Retail-led Mixed-use Portfolio pan India 26% EBITDA CAGR: 20 Years of Compounding Through Cycles EBITDA (Rs. Cr) CAGR 2,637 FY06 FY13 FY18 FY26 Note: Above figures represent the Consolidated EBITDA of PML Group. FY26: Strong Performance with Balance Sheet Discipline Consolidated Revenue (FY26) Consolidated EBITDA (FY26) Rs. 4,423 Cr ↑ 16% Rs. 2,637 Cr ↑ 22% Year on Year Year on Year Consolidated Net Profit1 (FY26) Operating Free Cash Flow2 (as of 31-Mar-26) Rs. 1,224 Cr Rs. 2,140 Cr ↑ 24% ↑ 23% Year on Year Year on Year Resilient Demand: Double-digit revenue growth achieved without Driving Efficiencies: Double-digit growth in Consolidated Net Profit, adding any new mall capacity in the fiscal year. ahead of revenue growth, driven by focus on optimizing expenses Notes: 1. Represents Net Profit after tax, share of associates and minority interest 2. Represents Cash Flow after working capital and taxes, adjusted for interest paid 3. Net Debt to EBITDA has been computed using annual EBITDA for FY25 and FY26. Net Debt and EBITDA both include associate companies, which are not part of PML’s consolidated financial statements. Retail Business Overview Operational: 12 Malls | 11+ msft | 8 cities FY26 FY26 Retail FY26 Retail Consumption Rental Income EBITDA Rs. 16,587 cr Rs. 2,157 cr Rs. 2,246 cr Up 21% vs FY25 Up 10% vs FY25 Up 12% vs FY25 Photo shot at location Phoenix MarketCity Pune, is now Phoenix Avenue of Stars, Pune Q1 FY27 Retail consumption up by 32% YoY over Q1 FY26 With a new identity, premium brand mix, upgraded façade and more Repositioning Driving Higher Trading Density ANCHORS QQ11 FFYY2277 PPEERRFFOORRMMAANNCCEE UNIQLO IKEA MAX Phoenix Avenue of Stars, Pune In a new avatar Rs. 536 cr ↑29% PREMIUM BRANDS MICHAEL BOSS COACH KORS Rs. 2,465 pspm ↑26% VICTORIA’s SEIKO ETHOS SECRET Rs. 60 cr ↑13% F&B BRANDS POPEYES PAUL Commercial Office Business Overview Premium Workspaces Across India’s Growth Cities Operational (FY26): 7 Offices | ~4.8 msft | 4 cities Mar-26 FY26 Total FY26 Occupancy (%) Income* EBITDA* 70% Rs. 213 cr Rs. 141 cr Up 6% vs FY25 Up 7% vs FY25 Offices Completed in 2025: One National Park, Millennium Towers, Phoenix Asia Towers *Does not include Phoenix Asia Towers (OC received in 2025), Millennium Towers (Part OC received in 2025) and One National Park (Completion Certificate received in 2025) Offices launched during 2025 Millennium Towers, Pune Phoenix Asia Towers, Bengaluru One National Park, Chennai GLA: ~1.46 msft GLA: ~0.82 msft GLA: ~0.60 msft Grade A Offices Integrated Campus Design Future-Ready Workspaces Strategically integrated with destination Synergistic environments that blend work, Focused on regional headquarters seeking malls to enhance value creation and tenant retail, dining, and leisure for an elevated premium spaces. experience. workplace experience. Hotels: Growing Cash Flows, Strengthening Ecosystem The St. Regis, Mumbai The St. Regis Mumbai | Courtyard By Marriott, Agra 588 keys Rs. 596 Cr FY26 Operating Income Up 8% vs FY25 Rs. 276 Cr FY26 Operating EBITDA Up 14% vs FY25 Photo shot at location One Bangalore West and Kessaku Luxury Living in Bengaluru One Bangalore West Rs. 471 Cr FY26 Gross Bookings Rs. 467 Cr FY26 Collections ~Rs. 28,600 psf FY26 Average Sales Price Indicative Render Phoenix Grand Victoria Kolkata: East India’s retail destination Expected Completion: 2027 Indicative Render Retail GLA: ~1 msft Our Second Retail Destination in Gujarat, at Surat Expected Completion: 2027 Indicative Render Retail GLA: ~1 msft Investing back into the core Expansion of Phoenix Palladium Artist’s Impression Rise Offices (~1.60 msft) + Retail (~0.50 msft) The St. Regis, Mumbai 395 Keys | 9 F&B Venues | ~60,000 sq. ft. Banquet Phoenix Palladium, Mumbai Current Retail GLA : ~1 msft Making of an icon Expansion of Phoenix MarketCity Bangalore Artist’s Impression Phase 3: Phase 2 Phase 3: Retail expansion Expansion: Office Expansion GLA- ~0.6 msft Grand Hyatt Hotel GLA ~1.20 msft ~ 400 Keys Phase 2: Retail expansion GLA- ~0.17 msft Phase 3 Expansion: Hotel ~300 Keys Phoenix MarketCity Phase 2 Bangalore (Existing) Art Exchange ~1 msft (Offices) GLA - ~0.40 msft FSI Potential: ~1.1 msft* FSI Potential: ~2.2 msft* *areas mentioned are subject to planning and regulatory approvals and payment of premiums, charges etc. as may be applicable Phase 2*: Under Construction Phase 3*: To commence construction Key Projects Moving from Approvals to Execution Thane Chandigarh Bangalore Coimbatore Retail GLA: ~1.30 msft Retail GLA: ~1.70 msft Retail | Office | Hotel Retail GLA: ~1 msft Phase 1 Phase 1 Phase 3 Expansion All approvals secured. Approvals secured. Excavation commenced. Excavation commenced. Excavation to commence soon. Civil contracts awarded. From Destination Retail to Integrated Urban Icons Segments 2026 By 2027 - 2028 By 2030 Retail ~11 msft >14 msft >18 msft Offices ~5 msft ~7 msft ~9 msft Hotels ~588 keys ~988 keys ~2,188 keys Residential^ ~3.5 msft ~4.5 msft ~7 msft GLA is an estimate based on current plans and market/company norms and is subject to change based on changes in development plans and tenant negotiations. ^Residential area denotes cumulative area Disciplined Growth, Stronger Balance Sheet Mar-18 Mar-26 Change Amount Rs. cr EBITDA 778 ~3 x 2,637 + 1,859 Gross Block* 6,834 ~3 x 23,049 + 16,215 Net Debt 3,922 3,160 - 762 Refers to Fixed Assets + CWIP Acquisition of CPP Investments’ Stake in ISMDPL Buyout progressing as planned THE ISMDPL PLATFORM Phoenix MarketCity Bangalore + High-Quality 51% ➔ 100% Expansion High-Growth PML Ownership in ISMDPL Phoenix Mall of Asia + Phoenix Platform of Marquee malls, is moving to 100% Asia Towers, Bengaluru offices and hotels Phoenix Mall of the Millennium + Millennium Towers, Pune Funded responsibly ~Rs. 5,449 crores Phoenix Citadel, Indore Surplus cash, internal accruals Transaction Consideration and measured debt​ Retail · Offices · Hotels Tranche 1 paid in November 2025 Today: ~6.6 msft operational → Growing to ~13 msft by 2030 Stake increased from 51% to 58.33% Sustainab [Showing first 8,000 characters — download PDF for full document]