Investor Presentation

Ref: BLACKBUCK/CORP/2026-27/101 October 29, 2026 To To National Stock Exchange of India Ltd., BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Dalal Street Bandra (E), Mumbai – 400051 Mumbai – 400001 Scrip Code: 544288, Scrip Symbol: BLACKBUCK, Series – EQ ISIN- INE0UIZ01018 Dear Sir/ Madam, Sub: Investor Presentation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. In continuation of our letter dated October 24, 2026 regarding Analyst/Institutional call scheduled on October 29, 2026 at 05:00 PM. We are enclosing herewith Investor Presentation for the quarter and half year ended September 30, 2026. The above information shall also be made available on the Company's website at https://a.blbk.in/Financials_Information Kindly take the above information on record. Thanking you Yours Sincerely, For BlackBuck Limited (Formerly known as Zinka Logistics Solutions Limited) Barun Pandey Company Secretary and Compliance Officer Membership No: A39508 Q2’FY27 Earnings Presentation Snapshot of Q2’FY27 ₹ 253.15 Cr. ₹ 50.61 Cr. ₹ 41.40 Cr. Total Income1 EBITDA2 PAT3 ▲ 51% YoY ▲ 39% YoY ▲ 42% YoY 895,125 476,628 ₹ 7,070 Cr. Transacting Customers Users (>=2 Services) GTV Tolling ▲13% YoY ▲ 19% YoY ▲ 17% YoY 1. Total Income is defined as Total Income as per Statement of unaudited consolidated financial results 2.EBITDA is defined as profit before tax and adjusted for (a) other income (b) finance costs (c) depreciation and amortisationexpense and (d) exceptional item 3.PAT is defined as profit for the period as per Statement of unaudited consolidated financial results 2 Our Strategy Offerings + Vehicle Fuel Vehicle Loads Fuel Tolling Superloads Fleet Docs Pipeline Tracking Payments Finance Classified Sensor 895K+ 42 Mins BlackBuckPlatform Transacting Customers Daily App Usage Truck Operator’s Lifecycle 10K+ 80%+ Distribution Physical Touchpoint Districts Presence Network Key KPIs METRICS Q2’FY27 Q2’FY26 YoY H1’FY27 H1’FY26 YoY Average monthly transacting truck operators Units 895,125 791,670 13% 889,256 787,535 13% Monthly transacting users using at least two Units 476,628 399,051 19% 467,774 392,361 19% services Time spent on App daily by transacting Minutes 41.81 43.19 (3%) 42.96 43.49 (1%) customers Gross transaction value of tolling ₹ in Cr 7,070 6,039 17% 14,115 12,112 17% Total number of tolling transactions Units in Cr 17.41 15.52 12% 35.25 31.30 13% Revenue from operations ₹ in Cr 235.33 151.14 56% 439.50 294.75 49% Net revenues1 ₹ in Cr 182.96 135.86 35% 347.99 267.71 30% Contribution margin2 ₹ in Cr 168.79 126.54 33% 321.52 248.74 29% Contribution margin (% of Net Revenue) % 92% 93% 92% 93% Adjusted EBITDA3 ₹ in Cr 55.04 42.69 29% 109.65 89.90 22% 1. Net revenues is defined as Revenue from operation as per Statement of unaudited consolidated financial results (-) Revenues of superloads business (+) Gross margin of superloads business 2.Contribution margin is defined as Revenue from operations as per Statement of unaudited consolidated financial results excludingsuperloads business (-) Direct costs associated with delivering service activities 3.Adjusted EBITDA is defined as profit before tax adjusted for (a) finance costs (b) depreciation and amortization expense (c) employee share-based payment expenses (d) other Income and (e) exceptional item Key Highlights • Revenue fromoperations grewby56%Y-o-Yand15%Q-o-QinQ2’FY27to235.33Cr o Corebusinessesgrewby31%Y-o-Yand11%Q-o-QinQ2'FY27,despite Q2beingaseasonally lowquarter ✓ Tolling business continued to deliver strong performance with GTV growth of ~17% Y-o-Y; significant uptick in BlackBuckFASTagissuances (Tagsissued bythesubsidiary PPIentity) ✓ Telematics business hadanotherstrongquarter,touchingnewerhighsindevicesales o Growth businesses grew by 166% Y-o-Yand 25% Q-o-Q in Q2’FY27 ✓ In Superloads business, placements and revenue grew strongly, led by AI-driven productivity gains in existing citiesandhyper-scalinginExpansioncities;Uniteconomics continue tostrengthen ✓ Vehicle Financebusiness ontracktoEBITDAbreak-even;backedbyAUMgrowthonasteady costbase • Adjusted EBITDAgrew29%Y-o-YinQ2’FY27to55.04Cr o Core businesses continued to deliver consistent profitability and operating cash flows; operating leverage continues totrendclose to50%despite upfrontinvestments instrongcustomer acquisition o Calibrated step-upofinvestmentsinSuperloadscontinued duringtheperiod; inlinewithPlan o Total expenses increase of 36% Y-o-Y primarily driven by strong growth in acquisition across core categories and InvestmentsinSuperLoads P&L Overview METRICS Q2’FY27 Q2’FY26 YoY H1’FY27 H1’FY26 YoY Total Income ₹ in Cr 253.15 167.20 51% 473.63 326.76 45% Revenue from operations ₹ in Cr 235.33 151.14 56% 439.50 294.75 49% -Core (Payments & Telematics) ₹ in Cr 161.39 123.35 31% 306.57 243.62 26% -Growth businesses ₹ in Cr 73.94 27.79 166% 132.93 51.13 160% Net Revenues1 ₹ in Cr 182.96 135.86 35% 347.99 267.71 30% Direct costs ₹ in Cr 14.18 9.31 52% 26.47 18.96 40% Contribution margin2 ₹ in Cr 168.79 126.54 33% 321.52 248.74 29% Contribution margin % (% of Net % 92% 93% 92% 93% Revenues) Total expenses ₹ in Cr 113.75 83.85 36% 211.87 158.84 33% Adjusted EBITDA3 ₹ in Cr 55.04 42.69 29% 109.65 89.90 22% EBITDA4 ₹ in Cr 50.61 36.52 39% 100.32 76.92 30% PBT ₹ in Cr 42.82 38.94 10% 84.94 84.68 0% PAT ₹ in Cr 41.40 29.20 42% 83.56 62.89 33% 1. Net revenues is defined as Revenue from operation as per Statement of unaudited consolidated financial results (-) Revenues of superloads business (+) Gross margin of superloads business 2. Contribution margin is defined as Revenue from operations as per Statement of unaudited consolidated financial results excludingsuperloads business (-) Direct costs associated with delivering service activities 3. Adjusted EBITDA is defined as profit before tax adjusted for (a) finance costs (b) depreciation and amortization expense (c) employee share-based payment expenses (d) other Income and (e) exceptional item 4. EBITDA is defined as profit before tax adjusted for (a) finance costs (b) depreciation and amortization expense (c) other Incomeand (d) exceptional item Annexures Annexure 1: PAT to Adjusted EBITDA Walk and ESOP Expense Projection PAT to Adjusted EBITDA Walk ESOP Expense Projection (in INR Cr.) (in INR Cr.) Particulars Q2’FY27 Quarters ESOP charge in P&L* Profit after tax (PAT) 41.40 Q3’FY27 3.54 Less: Q4’FY27 2.63 Other income 17.82 Add: Q1’FY28 2.30 Income tax expense 1.42 Q2’FY28 2.25 Finance costs 1.12 Q3’FY28 1.83 Depreciation and amortisation expense 24.49 EBITDA 50.61 Q4’FY28 1.35 Add: Q1’FY29 1.19 Employee shared-based payment expenses 4.43 Adjusted EBITDA 55.04 Q2’FY29 1.16 * ESOP Charge is projected assuming no further grants and estimates regarding attrition rate. The attrition rate is based on historical and other factors including expectation of future events. 8 Annexure 2: Historical GTV Tolling (in INR Cr.) Quarters GTV Tolling Q2’FY27 7,070 Q1’FY27 7,045 Q4’FY26 7,094 Q3’FY26 6,699 Q2’FY26 6,039 Q1’FY26 6,073 Q4’FY25 5,861 Q3’FY25 5,339 Q2’FY25 4,573 Q1’FY25 4,613