Analysts/Institutional Investor Meet/Con. Call Updates

October 30, 2026 Listing Compliance Department Listing Compliance Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Plot No. C/1. G Block, Dalal Street, Bandra -Kurla Complex, Bandra (East), Mumbai - 400 001. Mumbai- 400051. Scrip Code: 543280 Scrip Symbol: NAZARA Subject: Transcript of the Investor/Analyst Earnings Call held on October 27, 2026: Dear Sir/Madam, In furtherance to our letter dated October 27, 2026, regarding the audio recording of the investors earnings call for the Q2 FY27 & H1 FY27 Results, please find enclosed herewith the transcript of the said call. The Transcript is also available on the Company’s website i.e. www.nazara.com. We request you to take the same on record. Thanking you, Yours faithfully, For Nazara Technologies Limited Arun Bhandari Company Secretary and Compliance Officer Encl.: As above “Nazara Technologies Limited Q2 FY27 & H1 FY27 Earnings Conference Call” October 27, 2026 MANAGEMENT: MR. RAYMOND STAUFFER – CHIEF EXECUTIVE OFFICER, NAZARA TECHNOLOGIES LIMITED MR. MITHUN SACHETI – EXECUTIVE DIRECTOR, NAZARA TECHNOLOGIES LIMITED MR. ARUN AGARWAL – CHIEF FINANCIAL OFFICER, NAZARA TECHNOLOGIES LIMITED MS. ANUPRIYA SINHA DAS – HEAD OF CORPORATE DEVELOPMENT, NAZARA TECHNOLOGIES LIMITED MODERATOR: MR. JINESH JOSHI – PL CAPITAL Page 1 of 17 Nazara Technologies Limited October 27, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Nazara Technologies Limited Q2 FY27 Earnings Conference Call. 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 “*” then “0” on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Jinesh Joshi from PL Capital. Thank you, and over to you, Mr. Joshi. Jinesh Joshi: Yeah. Thanks. Good day, everyone. On behalf of PL Capital, I welcome you all to the Q2 FY27 Earnings Call of Nazara Technologies Limited. We have with us the management represented Mr. Raymond Stauffer – CEO; Mr. Mithun Sacheti – Executive Director; Mr. Arun Agarwal – CFO; and Ms. Anupriya Sinha Das – Head of Corporate Development. I would now like to hand over the mic to the management for opening comments. Over to you, Raymond. Raymond Stauffer: Good morning, everyone, and thank you for joining us. As you are all aware, this is my first earnings call as the CEO of Nazara. Well, since day one, my priority has been to align the teams and operations while leveling up group capabilities by enhancing Nazara’s central platform. And part of that has started to show throughout Q2 FY27. This quarter, as you’ve seen, has been a key step in Nazara’s evolution into a global gaming platform. It is also the first quarter to include Bluetile and BestPlay, consolidated from 1 August 2026. Q2 was a record quarter for us: Revenue was INR 803 crores, our highest ever, up 53% year-on- year. EBITDA grew 93% to INR 120 crores and EBITDA margin expanded 311 basis points to 14.9%. Profit After Tax from continuing operations was INR 35 crores, compared with a loss of INR 34 crores in Q2 FY26. For H1 FY27: Revenue grew 20% to INR 1,232 crores and EBITDA grew 52% to INR 166 crores. Gaming revenue grew 122% to INR 656 crores at a 21.5% EBITDA margin, contributing 82% of consolidated revenue and effectively all EBITDA before corporate costs. Mobile revenue grew 167% to INR 550 crores. In their first two months as part of Nazara, Bluetile and BestPlay generated revenue of INR 329 crores, up 49%. EBITDA grew 64% to INR 64 crores, driven by rapid product iterations, new markets, AI-automated user acquisition, and cross-promotion. Bluetile’s leadership team holds 5.8% of Nazara, aligning our interests effectively with all of our shareholders. Our existing gaming studios delivered organic growth of 11% in revenue and 17% in EBITDA, underpinned by sustained investment in content. WildWorks grew revenue 41% on Animal Jam content. Kiddopia grew revenue by 21% and Fusebox launched The Traitors and a new Big Brother season. Curve grew revenue about 27% and EBITDA 61%, driven by Sovereign Tower, the mobile debut of Wobbly Life, and Human: Fall Flat, which has surpassed 60 million players. Page 2 of 17 Nazara Technologies Limited October 27, 2026 Much more importantly, long term, our platform is strong and is being enhanced. Bluetile’s core capabilities now operate as group centers of excellence across marketing, data, products, and technology with AI embedded in all four of them. In a single month, the marketing COE team has produced over 290 ad creatives for 3 studios across the group. And a single AI-ready data stack is going to power analytics across the group. Every game we launch and every studio we acquire now plugs straight into these proven systems, enabling us to scale faster and more profitably. As you know, we have also expanded our leadership team. Besides myself, we are very excited to have Mithun Sacheti, founder of CaratLane, join us as Executive Director, and Arun Agarwal, former Global CFO of Ness Digital Engineering, onboard as the Chief Financial Officer. And, with that, I will hand it over to Anupriya to discuss segmental performance. Anupriya, over to you. Anupriya Sinha Das: Sure, sure. I just wanted to ask if, Mithun, you would like to add something here, and then I can probably cover the segmental performance. Mithun Sacheti: Sure. Thanks, Anupriya. Good afternoon to everybody. Some of you might know this: I have been a Non-Executive Director on the Board of Nazara. I recently moved into the executive role as a part of the promoter group, and I want to share why it is relevant as well. My life has been focused on building businesses and working with founders, obsessing about consumers. I think the new consumer is spending the most time in gaming, and I think Nazara provides that opportunity more than any other place right now. The current market opportunity for us and consumer trends both point towards an intersection of short-form casual gaming along with the U.S. market It is possibly one of the few categories in the world which is seeing the kind of growth it is right now as well. At Nazara, my role largely is going to focus on making sure that we have strategic conversations and focus on governance, which is of utmost importance for anybody who is really in the public domain. Arun has joined us as the CFO, and we are all very excited as the new management. The team transition is more or less complete now. And with Raymond leading as the CEO and Arun as the CFO, it is exciting times for Nazara going forward. Thank you. Over to you, Anupriya. Anupriya Sinha Das: Thank you, Mithun. I will now cover the segmental performance: In Q2 FY27, our gaming segment revenue grew 122% year-on-year to INR 656 crores. EBITDA grew 114% to INR 141 crores, resulting in an EBITDA margin of 21.5%. Excluding Bluetile and BestPlay, gaming revenue grew organically by 11% and EBITDA grew 17%. Page 3 of 17 Nazara Technologies Limited October 27, 2026 Mobile gaming revenue, including Bluetile and BestPlay, grew 167% year-on-year to INR 550 crores, with EBITDA up 151% to INR 103 crores. Kiddopia revenue grew 21% year-on-year as subscribers rose to 5% and ARPU increased to $7.94, growing 8% year-on-year. EBITDA declined as Kiddopia stepped up user acquisition spend to accelerate subscriber growth while keeping unit economics within our target thresholds. WildWorks grew revenue 41% and EBITDA 39% year-on-year on new Animal Jam content, including a Monster High-themed season. Fusebox revenue fell 4% year-on-year on lower organic installs as downloads of similar games declined globally, while EBITDA grew 7%. Fusebox launched The Traitors and a new Big Brother season. Love Island was the number one free role-playing game on the U.S. App Store i [Showing first 8,000 characters — download PDF for full document]