Investor Presentation

Date: October 29, 2026 BSE Limited, National Stock Exchange of India Limited, 20th Floor, P.J. Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai - 400001. Mumbai – 400 051 BSE Scrip Code: 544606 NSE Scrip Symbol: PINELABS Subject: Analysts / Institutional Investors Presentation Dear Sir/Ma’am, Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith a copy of Presentation to be made during the conference call with Analyst/Investors as scheduled to be held today i.e., on October 29, 2026, for the information of the Stock Exchanges. The above information will also be available on the website of the Company at www.pinelabs.com/investor-relations/ We request you to kindly take the above on your records. Thanking you. For Pine Labs Limited Neerav Mehta Company Secretary and Compliance Officer Membership Number: A20949 Encl. a/a Our Vision To build the best commerce and fintech platform from Asia, for the world. Q2 FY27 2 Key Highlights – Q2 FY27 Revenue from Contribution Margin Adjusted EBITDA Profit after Tax Operations ₹806 Cr ₹587 Cr ₹155 Cr ₹39 Cr 24% YoY 18% YoY 27% YoY 6x YoY 19% Margin Platform GTV Number of Digital Checkout Number of Transactions (#) Points (#) Merchants (#) ~$46.5 Bn1 229 Cr 22.3 Lakh 11.6 Lakh (₹445k Cr) 13% YoY 22% YoY 17% YoY Q2 FY27 3 (1) Exchange rate $1= ₹ 95.59 (Avg. RBI reference rate for the quarter); For Definitions, please refer to the glossary. Revenue growth accelerates to a 5 quarter high of ~24% YoY; Driving improvement in profitability and cash flow +24% 18.8% 17.1% 19.2% Revenue from 806 Adjusted EBITDA +₹33 Cr Operations 650 +27% YoY 275 155 +24% YoY 210 122 126 ₹ Cr % Adj. EBITDA margin ₹ Cr 440 ■ DITP1 +21% ■ IAP2 +31% Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q1 FY27 Q2 FY27 Profit after Tax Operating Cashflow 6x YoY 2x YoY ₹ Cr ₹ Cr (159) Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY27 1DITP: Digital Infrastructure and Transaction Platform 2IAP: Issuing and Acquiring Platform 4 Our underlying businesses continue to compound Business Q2 FY27 highlights In-store Payments 17% 49% Mid-market led, enterprise anchored: Continuing to drive higher flow-based revenue Overall DCPs base Mid-market DCPs base Partnerships with Global tech players: Deepening Tap & Pay, UPI & wallet acceptance YoY, Q2 FY27 YoY, Q2 FY27 In-store & Online UPI is the next frontier: ~10 lakh soundbox deployments over the medium term Payments 70%+ 45%+ Online Payments UPI transactions mix Online payments New value pools: Agentic commerce, cross-border, SMB & government on DCPs YoY, Q2 FY27 Q2 FY27 52% 77% Flow, Affordability Multiple levers to monetize GTV : DCC, GrowthX, UPI, Scan & Go, Payment Aggregation & Transaction Expansion of Affordability TAM: Growth across Q-commerce, UPI-based, Non-Consumer GTV UPI GTV Processing electronics & Int’l markets YoY, Q2 FY27 YoY, Q2 FY27 Core processing & distribution compounding: multi-year contracts, new brands 31% Key Client Issuing & New value pools: wallets, entertainment & corporate gifting, D2C scaling; employee Acquiring2 Renewals1 benefits, gaming & mobility (Bharat Yatra) gaining momentum Revenue YoY, Q2 FY27 Multi-year contract extensions International: regional expansion via anchor retail & travel relationships ~40% 2.7x Presence across 22+ markets, credit processing for banks & fintechs in 17+ markets International 80k+ DCPs (SEA); ~1 lakh daily transactions (UAE) SEA revenue DCPs YoY, Q2 FY27 YoY, Q2 FY27 (80k base) Where we are heading: Malaysia playbook to the UAE, Philippines & Singapore 1. Extended long-term strategic partnerships with three major accounts, including India top e-commerce players and Australia’s leading retailer; Q2 FY27 2. We clarify that sale of gift cards of Roblox, as stated in earlier letter, was through a 3rd party distributor and statement did not intend to imply a formal direct contractual relationship between Pine Labs and Roblox. 5 Pine Labs had immediately suspended sale of Roblox gift cards and has since then attempted a direct formal contractual relationship with Roblox to allow relaunch of Roblox gift card products. Key products launched at Global Fintech Fest 2026 Business Product launches/showcased What it does Opening new value pools Employee Benefits Multi-wallet, compliant, widely accepted card on Pine Labs' acceptance Opens a significant new TAM; 50m+ formal Card (Prism) and issuing network; employers offer tax benefits employees Issuing & Digital Mobility Mobile becomes the ticket for multiple public transport; launched in Addresses India’s 50mn+ daily metro & bus Acquiring Card Issuance partnership with a major global tech player commuters Issuers and fintechs offer open-loop prepaid cards funded by any Early bet on global payments, positions us Stablecoin prepaid card stablecoin wallet; merchants still settle in local currency. The solution is for stablecoin-led cross-border flows for International markets for Int’l markets Agentic Commerce As commerce automates, we address the full chain – Full stack agentic As merchants scale their agentic operations, commerce platform (agents, trust, payments, orchestration); significant we grow with them—monetizing at each new software monetization bundled with payments; live transaction layer as their AI maturity advances Agentic & Online demonstrated on Big Basket at GFF Payments Cross-Border Import Indian customers pay overseas sellers via familiar local methods; Pine Labs is one of the few payment Payments Pine Labs manages payments, compliance, refunds and settlement companies with this capability—and one of our highest-margin revenue streams Ready-to-deploy AI agents that autonomously handle repetitive Deepens merchant engagement through Agent Toolkit workflows with built-in controls, guardrails and auditability, simplifying operational efficiency gains and drives In-store merchant operations and improving efficiency volume growth as merchants AI capabilities compound over time Payments Connects merchants with trusted business solutions across billing, Partner Central finance, marketing and loyalty, simplifying discovery and adoption through Pine Labs Commerce OS Innovating, winning transactions and making commerce seamless Q2 FY27 6 What’s on Investors’ minds? (1/5) Q1 How has revenue growth performed this quarter? Do you expect this pace of growth to continue in H2? Q2 FY27 revenue grew 24% YoY reflecting broad-based momentum across both our platforms. Our confidence in sustaining this Revenue from Operations pace into H2 is anchored in the breadth of growth engines now contributing to the top line — merchant acquisition, deeper monetization of the installed base, newer products and use cases, and international expansion. +24% YoY DITP • Our Mid-market investments are delivering strong results, with DCPs growing 49% YoY & monetization deepening beyond ₹ Cr | ■ DITP ■ IAP subscriptions through higher flow-based revenue. In Q2, we entered a new strategic partnership with a global payments technology player to scale Tap & Pay and UPI transactions, further strengthening the growth opportunity. • Subscription revenue now contributes 27% of overall revenue, while 30% of our installed DCP base is now generating flow & 806 affordability GTV. Strong DCP residency + omni channel payments is unlocking deeper monetization, as we move beyond subscription revenues to more GTV-linked revenues, with 29%+ of DITP* GTV now monetized vs. 18% a year ago through flow, affordability & online payments. Solutions such as DCC, Growthx, Scan & Go, Payment aggregation etc. are scaling rapidly. 650 275 +31% • Affordability continues to scale and diversify with emerging channels and international increasingly becoming meaningful growth vectors. During the quarter, we have expanded multi-issuer affordability across leading electronics brands in Malaysia with 13 issuers already onboarded. • Online Payments expanded [Showing first 8,000 characters — download PDF for full document]