Transcript of Q2 FY27 Earnings Call

WEWORK INDIA MANAGEMENT LIMITED (Formerly known as WeWork India Management Private Limited) Regd. Office: 6th Floor, Prestige Central, 36 Infantry Road Shivaji Nagar, Bengaluru, Karnataka, 560001 Email: cswwi@wework.co.in; Website: https://wework.co.in/ Telephone no.: 080-37880881 CIN: L74999KA2016PLC093227 October 30, 2026 Listing Department Listing Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex, Phiroze Jeejeebhoy Towers, Dalal Street, Bandra (East), Mumbai – 400 051 Fort, Mumbai – 400 001 Symbol: WEWORK Scrip Code: 544570 Dear Sir/Madam, Subject: Transcript of Q2 FY27 Earnings Call Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of the Q2 FY27 Earnings Call held on October 27, 2026. The aforesaid transcript is also being made available on the website of the Company at https://wework.co.in/investors-relations/shareholders-information/#analysts. This is for your information and records. Yours faithfully, For WeWork India Management Limited Udayan Shukla Company Secretary & Compliance Officer Membership No.: F11744 Encl.: As above “WeWork India Management Limited Q2 FY27 Earnings Conference Call” October 27, 2026 MANAGEMENT: MR. KARAN VIRWANI – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – WEWORK INDIA MANAGEMENT LIMITED MR. CLIFFORD LOBO – CHIEF FINANCIAL OFFICER – WEWORK INDIA MANAGEMENT LIMITED Page 1 of 18 WeWork India Management Limited October 27, 2026 Moderator: Ladies and gentlemen, good day, and welcome to WeWork India Management Limited Q2 FY27 Earnings Conference Call. The presentation in this call is a concise version of the presentation uploaded on the company's website and shared with the stock exchanges. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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. Participants connected on webcast may click on the "Ask a Question" tab to join the question queue after the management's opening remarks. Please note that this conference is being recorded. I now hand the conference over to Mr. Karan Virwani, MD and CEO. Thank you, and over to you, sir. Karan Virwani: Thank you, Michelle, and good morning, everyone. Thank you for joining us for our Q2 and first half FY27 results. As always, the financials we discuss today are on an I-GAAP-equivalent basis. The reconciliation to reported Ind AS is in the presentation and our shareholder letter. Before we turn to the numbers, I want to start where everything we build starts. WeWork is the brand India's companies look for first when they choose where to work. We pioneered this category in India, we lead it today, and that brand is the foundation of everything that we do. Our vision is an ecosystem where people feel supported, energized, and inspired to do their best work. Our mission is to build spaces that don't just enable work; they elevate it. It shapes how we design WeWork spaces, how we operate it, and how our members experience it to the same standard day one in any city. The market around us has had another strong quarter. India absorbed 21 million square feet of office space in Q3, up 6% year-over-year, with GCCs taking about 41% of it. Flex took 24% of all leasing, about 5 million square feet, which is up 21%, ahead of BFSI at 22% and tech at 15%. It has now been India's largest occupier segment for three quarters running. Two nuggets from the quarter that stand out for us: domestic companies took 47% of all leasing, and flex operators drove half of that. Hyderabad led the country with 25% of Q3 leasing, a market where we have doubled down this year. The move to quality also continued, with 80% of completions being green-certified, and about three quarters of leasing in buildings under 10 years old, the same segment our portfolio sits in. Flex has gone mainstream, and branded workspaces are the most relevant form. Of India's billion-plus square feet of office space, Flex is about 123 million, organized Flex about 83 million, and organized branded workspace, a category we pioneered, about 29 million. We operate about 10 million square feet of WeWork-branded spaces, by our estimate about 26% of the space and 34% of the revenue. That premium reflects how deeply our members build Page 2 of 18 WeWork India Management Limited October 27, 2026 around us. Once a company is inside the ecosystem, WeWork becomes part of how it runs, not just where it sits. The demand comes from a change in how companies plan. Few can say how many people they will need or where a year from now, they're going to be, and five-plus year leases have collapsed from 40% of enterprises to just 8%. A new hire joins in 45 days to 60 days, while a team can be live in a WeWork space on day one, with no fit-out and no capex. And companies are trading up to keep their people, with 55% of those planning or moved to targeting better buildings. Loyalty in Flex is never locked in; it's earned at every renewal. Companies choose WeWork first because the brand defines the category. 96% of companies that are not yet members already know us, against a 51% median for other operators. We bring a global network of more than 600 locations in 37 countries, with 1 in every 4 Global Fortune 500 companies as a WeWork member worldwide. The backing of the Embassy Group and our relationship with India's leading developers put us in the right buildings, with about 94% of our portfolio in Grade A across 8 cities that take roughly 95% of the country's Grade A absorption. They stay because the network grows with them. Our NPS is +79. More than 16,000 accounts work with us, and of those using our physical spaces, nearly 30% work across more than one format, moving from a day pass to a managed office floor without ever leaving the network. And 27% already buy from us beyond the desk. This is where the platform begins. This is a category we created and the one that we own. AI and macro uncertainty are reshaping how companies grow, and they are now committed -- they now commit to teams before they commit to buildings. Branded workspaces and WeWork-branded workspaces are the most relevant answer to that. WeWork is the most future-ready form, one standard in every city, life from day one, and able to grow and shrink or move with the business. That's the story of this quarter. Demand is keeping pace with our largest openings. Our platform is compounding beyond the desk, and margins, returns, and cash, all strengthening throughout the build. We added nearly 11,700 desks in Q2, more than we've ever opened in a quarter, taking us to 145,300 desks across 85 centres in 8 cities, which is up 27% year-over-year, with about 18,400 added in the first half and about 4,500 more added in October. We are past the 22,000 mark that we set out for in Q1. Members grew 32.5% to about 121,700, ahead of capacity, and occupancy grew 357 basis points year-over-year to about 83.7%, with mature centres at nearly 88%. The 114-basis points dip from Q1 is new capacity ramping up, and mature centres have edged up over the same period. Demand carried straight through to the numbers. Revenue grew nearly 31.6% year-over-year and 10.1% quarter-over-quarter to about INR768.7 crores. EBITDA grew faster, at about 37.6% Page 3 of 18 WeWork India Management Limited October 27, 2026 to about INR162.9 crores, with a margin up 138 basis points over Q1 to about 21.2%. PAT grew 67.4% to about INR65.8 crores, and pricing held, with revenue to rent at all-time highs of 2.7x. Returns and cash moved the same way. ROCE reached 34.5%, which [Showing first 8,000 characters — download PDF for full document]