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info@sworks.co.in Ill SMA RTWORKS www.smartworksofflce.com (@ Date: 30th October, 2026 To, To, National Stock Exchange of India Limited (“NSE”) BSE Limited (“BSE”) Listing Department Listing Department Exchange Plaza, C-1 Block G, Bandra Kurla Complex Corporate Relationship Department Phiroze Bandra [E], Mumbai – 400051 Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001 NSE Scrip Symbol: SMARTWORKS BSE Scrip Code: 544447 ISIN: INE0NAZ01010 ISIN: INE0NAZ01010 Subject: Disclosure under Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Shareholder’s Letter dated October 30, 2026. Dear Sir/Ma’am, Pursuant to Regulations 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed Shareholders’ letter dated October 30, 2026 and also available on the website of the Company at https://www.smartworksoffice.com/investors/. This is for your information and records. Thanking you, For Smartworks Coworking Spaces Limited Punam Dargar Company Secretary & Compliance Officer Membership No.: A56987 Address: Unit No. 305-310, Plot No 9, 10 & 11 Vardhman Trade Centre Nehru Place, South Delhi, Delhi, Delhi, India, 110019 Encl.: As above Smartworks Coworking Spaces Limited (Formerly known as Smartworks Coworking Spaces Private Limited) Regd. Office: Unit No. 305 – 310, Plot No. 9,10, & 11, Vardhman Trade Centre, Nehru Place, South Delhi – 110 019. Corporate Office: DLF Commercial Building, Block - 3, Zone-6, DLF Phase – 5, Gurugram, Haryana-122002 Phone No: 0124-6919 400 CIN: L74900DL2015PLC310656 SMA RTWORKS Where India Will Work This Decade India’s Largest Managed Campus Platform � Secured Office Space � Contracted Revenue � Accelerated Growth Shareholders’ Letter & Results | Q2 FY27 OCTOBER 30, 2026 THE STATEMENT Safe Harbor Statement This newsletter, which has been prepared by Smartworks Coworking Spaces Limited (the "Company"), has been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This newsletter has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this newsletter. This newsletter may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this newsletter is expressly excluded. Certain matters discussed in this newsletter may contain statements regarding the Company's market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company's ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this newsletter. The Company assumes no obligation to update any forward-looking information contained in this newsletter. Any forward-looking statements and projections made by third parties included in this newsletter are not adopted by the Company and the Company is not responsible for such third-party statements and projections. Page 02 MESSAGE FROM THE LEADERSHIP To Our Shareholders Neetish Sarda Harsh Binani Founder & Managing Director Co-Founder & Executive Director Dear Shareholders, At the start of FY27 we guided for 28–30% revenue growth, 19–20% normalised EBITDA margins, and 12.5 to 13 million sq ft of operational space by March 2027. However, in the first half, revenue grew 41% year on year, the margin was 19.7%, and Q2 FY27 was our sixth consecutive quarter of sequential growth since listing. Hence, we are raising our FY27 revenue growth guidance to 33–35%, keeping our margin guidance at 19–20% trending towards the upper band, and now expect to end the year at about 12.5-13 million sq ft. The hardest part of our business has never been finding clients. It is finding the right buildings, early. This half we secured some of the biggest capacities we have ever taken. Eastside in Pune and Eastbridge in Mumbai, our two largest campuses, are under fit-out and open in the second half with healthy pre commitments. Sattva Group joined us as a developer partner in Bengaluru, and Panchshil, who gave us Tech Park One earlier, has now given us Eastside. We have 4.3 million sq ft in hand against the 1.6 to 2.1 million we need to go live by March. When a client asks us for space two years from now, we want the answer to be “already built”. We are glad that clients keep asking. One global customer experience company took its first centre with us in 2020 and recently expanded to its fourth city with us this December; it is now close to 8,500+ seats. A logistics leader went from one city to four in under three years. A German engineering group that has been with us since 2019 took a second centre last year. 35+ clients now have more than 1,000 seats with us and 75+ are with us in more than one city. These clients are, from consulting, engineering, banking, healthcare and the global capability centres building their next teams in India, including their AI teams. A way to see the business that we find more useful than any single ratio: ~31% of operational SBA opened in the last two years, and a further 4.3 million sq ft is not yet open. Our centres reach break-even occupancy in about a year and keep improving for years after, as fit-out is paid back and contracts re-price. So the ageing of the portfolio alone lifts normalised RoCE, with no new wins required. That is why we can carry the heaviest capex year in our history with steady returns, hold our margin guidance and raise our revenue guidance in the same quarter. Page 03 Building for future growth has a cost, About a fifth of our capital is in buildings that have not started earning, which is why headline ROCE has been flat at about 21–22% for three quarters and will stay near that level until the second-half campuses bill. We have paid deposits on buildings before they open, which is why cash conversion was 0.9x this quarter while on the centres that are operational it was >1.0x. Every decade, India decides where it will go to work. Over the last ten years, large companies moved from scattered floors to managed campuses; over the next decade, we intend to be where most of that work happens. Thank you for your trust. Neetish Sarda · Harsh Binani Page 04 OUR PURPOSE - WHO WE ARE & WHY WE EXIST Our Vision, Mission & Values Vision LARGEST MANAGED SPACE PROVIDER A third of our lives is spent at work! Our vision is to craft and manage workspaces where work meets purpose – every space built to inspire greatness. Mission To deliver flexible, tech-enabled, and customized workspaces that empower clients to fo [Showing first 8,000 characters — download PDF for full document]