Analysts/Institutional Investor Meet/Con. Call Updates

WATERWAYS LEISURE TOURISM LIMITED (FORMERLY KNOWN AS WATERWAYS LEISURE TOURISM PRIVATE LIMITED) 15th October, 2026 To To Listing Department, Listing Department BSE Limited National Stock Exchange of India Limited P.J Tower, Dalal Street, Exchange Plaza, Plot No. C/1, G Block, Mumbai- 400001 BKC, Bandra (East), Mumbai – 400051. Scrip Code: 544802 Symbol: CORDELIA Dear Sir(s), Sub: Transcript of the conference call Pursuant to the provisions of Regulation 46(2)(oa) (iii) read with Schedule III of Part A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations'), the transcript of the conference call held on October 09, 2026 on the Company's performance for the Second Quarter/Half Year ended September 30, 2026, is enclosed herewith. The said transcript is also available on Company's website at: https://www.cordeliacruises.com/investor-relation?tab=financialInfo This is for your information and record. Thanking you For on behalf of Waterways Leisure Tourism Limited (Formerly Waterways Leisure Tourism Private Limited) Ankit Satish Shah Company Secretary & Compliance Officer (ACS: 68732) CIN No. L63030MH2020PLC440323 Regd. Office & Corp. a – A-1601, Marathon Futurex, NM Joshi Marg, Lower Parel East, Delisle Road, Mumbai – 400013. Email – waterwaysleisure2021@gmail.com/cs@waterways-leisure.com| Website - www.cordeliacruises.com *Confidentiality Notice: This letterhead including supporting enclosures (if any) are intended for the use of the recipient(s) only and may contain confidential or privileged information. Unauthorized use, disclosure, copying, or uploading on social media platforms is strictly prohibited. If you are not the intended recipient, please notify the sender immediately and destroy all copies of this document and enclosures. Waterways Leisure Tourism Limited Q2 and H1 FY27 Earnings Conference Call October 09, 2026 Moderator: Good evening, ladies and gentlemen and welcome to the Waterways Leisure Tourism Limited Q2 and H1 FY27 Earnings Conference Call hosted by Concept Investor Relations to discuss the company's financial and operational performance for the quarter and half year ended September 2026. Before we begin, let me mention a short cautionary statement. Some of the statements made in today's earnings call may be forward looking in nature. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from those anticipated. Such statements are made on management's beliefs as well as assumptions made by the information currently available to the management. Audiences are cautioned not to place any undue reliance on these forward-looking statements in making any investment decisions. The purpose of today's earnings call is purely to educate and bring awareness about the company's fundamental business and financial quarter under review. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing “*” and then “0” on your touchtone phone. Let me introduce you to the management, Mr. Jurgen Bailom – Executive Director and CEO, Mr. Nishikant Upadhyay – Chief Financial Officer. I now hand the conference over to Mr. Jurgen Bailom. Thank you and over to you, sir. Jurgen Bailom: Thank you, Sagar. Very good evening, everyone and thank you for joining us today for Waterways Leisure Tourism Limited Q2 and H1 FY27 Earnings Call. Joining me today is Mr. Nishikant Upadhyay – our Chief Financial Officer and our Investor Relations Partners, Concept Public Relations. Let me start with a little perspective on where we are as business today: Page 1 of 17 We started Waterways Leisure Tourism in November 2020 and we set sail with Cordelia Cruises in September 2021. Over the last few years, we have built Cordelia into a strong cruise brand in India. From the very beginning, our goal was simply to create the premium cruise experience built around the Indian traveler and what they value most. For us a cruise is not just about the destination. It's about the complete holiday from food and entertainment, accommodation, family experiences, wellness and our guest experience both on board and ashore. Very pleased to say a key development as we enter the second half of FY27 is the delivery of Cordelia Sky, which has arrived in Mumbai today this morning at 8:00 A.M. at the beautiful International Cruise Terminal in Mumbai on schedule and will commence sailing from 23rd of October. The early delivery reflects a strong execution and operational efficiency while giving us additional time to complete preparation and ensure a smooth start to operations. With a capacity of 2,400 guests across 1,002 staterooms, Sky will increase our overall capacity by approximately 126%. More importantly, it gives us significantly greater flexibility to operate a wider range of domestic and international itineraries. Revenue from Sky will start contributing from second half of this financial year with the larger benefits building progressively as utilization ramps up. We are encouraged by the initial booking grants and we believe the additional capacity will allow us to serve a much broader range of customer occasions and travel preferences. For us, Sky is more than an addition to the fleet. It is an important step in expanding the number of occasions on which customers can choose Cordelia, whether for family holiday, weekend getaways, celebrations, a destination wedding or an international vacation. Coming up to our performance: Q2 FY27 was a strong quarter for us, with performance improving both year-on-year and sequentially. We have outperformed Q1 and delivered improvement despite a challenging external environment, including geopolitical uncertainty and broader macroeconomic headwinds. For us, this is an important message. While external conditions can influence travel patterns and consumer sentiments, our focus remains on what we can control demand generation, pricing, inventory management, customer experience and cost discipline. We have also seen additional revenue streams contributing to the business, reflecting the increasing breadth of our offering and opportunities we have to enhance revenue per guest. At the same time, cost management remains an important priority. We are taking an aggressive, but disciplined approach to sales and inventory management, balancing demand Page 2 of 17 stimulation with pricing and capacity optimization. The objective is clear to drive higher utilization and revenue while protecting the quality of our earnings. Looking at the larger opportunities: We remain very positive of the long-term potential of cruising in India. India recorded approximately 4.8 lakh cruise passenger movements in CY 2025, while domestic passengers accounting for nearly 89%. The Indian overnight ocean and coastal cruise industry was valued at approximately ₹8,301 millionsin FY25 compared to ₹5,764 millions in FY20 and is expected to grow at around 20% to 25% CAGR between FY26 and FY31. Yet, cruise penetration in India remains very low relative to the overall travel and tourism opportunities. As consumers increasingly look for differentiated, experience-led holidays, we believe cruising is well-positioned to benefit from the structural shift by bringing accommodation, dining, entertainment and destinations together in one experience. India's extensive coastline is a significant structural advantage for the industry. In addition, wherever applicable, passport-free and visa-free cruise itineraries can reduce the friction associated with conventional international travel, further supporting cruising as an attractive and accessible holiday choice for Indian consumers. We therefore see a long runway for the category and believe our increasing scale, broad itinerary network and differentiated cu [Showing first 8,000 characters — download PDF for full document]