General Updates

November 02, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1 Dalal Street, G Block, Bandra-Kurla Complex, Bandra (E) Mumbai - 400 001, Maharashtra, India Mumbai - 400 051, Maharashtra, India Scrip Code: 544174 Symbol: TBOTEK Sub: Shareholders’ Letter on Financial Results Ref: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’) Dear Sir/ Ma’am, Pursuant to Regulation 30 of Listing Regulations, please find enclosed the Shareholders’ letter in relation to the Unaudited Standalone and Consolidated Financial Results (Financial Results) of the Company for the quarter and half year ended on September 30, 2026. This disclosure will also be available on Company's website at https://www.tbo.com/engagement/investors/#StockExchangeSubmission Kindly take the same on record. Thanking you, Yours faithfully, For and on behalf of TBO Tek Limited Neera Chandak Company Secretary & Compliance Officer Encl.: As above TBO Tek Limited CIN: L74999DL2006PLC155233 ✉️ info@tbo.com | +91 124 4998999 Registered Office Address: Unit No. 501, 5th Floor, Worldmark-4, Asset Area No. LP-IB-04, Gateway District, Aerocity, Near Indira Gandhi International Airport, New Delhi – 110037 Corporate Office Address:Plot No. 728, Udyog Vihar Phase- V Gurgaon-122016 Haryana, India Your booking experience starts at www.tbo.com TBO Tek Limited Shareholders’ Letter | Q2’FY2027 TBO Tek delivers a strong quarter as it continues to execute on fundamentals, amid uncertain macros Q2’FY27 Key Metrics Note: CC - Constant currency P&L numbers are derived by translating current period consolidated results of Tek Travels FZCO (HoldCo for the International Business), at prior period average rate and GTV numbers are derived by translating at average daily rate of prior period. * Q2’FY26 Adj. EBITDA Pre-M&A cost used to calculate YoY Adj. EBITDA growth Executive Summary • TBO’s robust performance in a challenging macro environment continues to demonstrate the platform’s inherent resilience. The organic business delivered 21% YoY growth in gross profit, translating into 36% YoY growth in Adj. EBITDA and underscoring the platform’s structural operating leverage. • The India business continued on the strong trajectory, delivering healthy growth across both the Airlines and Hotels + Ancillary businesses. • Monthly transacting buyers in the organic international business grew 17.4% YoY to a record 14,449 for the quarter. We view this growth as a leading indicator of the continued benefits of last year’s investment in KAM hiring. • On a constant currency basis, the organic business delivered YoY growth of 16% in GTV, 14% in gross profit and 27% in adjusted EBITDA. • During the quarter, we saw a robust recovery in our Middle East Hotels + Ancillary business, with regional GTV growing 10% YoY on a constant currency basis in Q2’FY27. While the underlying market is unlikely to have fully recovered, we believe our performance suggests market share gains for TBO. However, the subsequent escalation in Saudi Arabia meaningfully amplified the fluidity of the situation in the market. • Gross profit margin in the Hotels and Ancillary segment recovered to 5.5% of GTV for the quarter, up from 5.2% in Q1’FY27. • Cash and Cash Equivalents (including bank balances, bank deposits and liquid investments) were ₹2,060Cr as on 30th September 2026. During the quarter, the company prepaid $10Mn of its term loan bring down the total outstanding term debt to $60Mn. Founders’ Message Dear Fellow Shareholders, This quarter was about continuity, execution and delivery. While the macro environment continued to be challenging in many ways, the business continued to deliver – Monthly transacting buyers reached an all-time high as we continue to reap the benefits of last year’s investments, GTV for the organic business was up 22% YoY, Adj. EBITDA growth continued to outpace Gross profit growth driven the platform’s inherent operating leverage, the integration efforts at Classic Vacations remains on track, we continue to build the platform capabilities in line with our thesis on luxury complex trips. Our investments in strengthening our commercial presence and expanding agent relationships continue to deliver results. Our expanded KAM base enables us to engage with more agents. As new agents become more familiar with our self-service platform, they require less support, freeing up capacity for our commercial teams to develop new relationships. This ability to support a growing business without a proportionate increase in costs is fundamental to TBO’s platform economics and the inherent operating leverage. Our conviction in the opportunity ahead remains strong. The breadth of our global network gives us access to diverse travel markets, while our relationships with suppliers provide a foundation for deeper participation in those markets. Our strategic priorities centre on expanding this distribution, strengthening differentiated supply and consistently improving the value we deliver to our partners. Luxury and complex travel are particularly compelling opportunities within this strategy. Personal advice, trusted relationships and reliable service play an important role in these journeys. By combining our technology and global reach with richer content, curated supply and broader trip capabilities, we aim to help advisors serve more of their customers’ travel needs through TBO. Classic Vacations, which has now completed its first year with TBO, adds meaningful depth to this proposition. Its established advisor relationships, luxury expertise and supplier partnerships complement our wider platform. Our focus remains on integrating these strengths thoughtfully, supporting its commercial capabilities and preserving the service standards associated with the Classic Vacations brand. During the quarter, we meaningfully expanded the sales team at Classic to allow it to maintain a high touch relationship with key customers while actively expanding the customer base. These costs will be partially offset by cost optimization initiatives. The impact of such initiatives are already showing early green shoots in the form of a small yet directionally pertinent margin growth in the Classic vacations P&L on a trailing 12 month basis (2.5% Adj. EBITDA conversion from GTV vs 2.4% estimated at the time of the acquisition). Technology remains central to how we strengthen our proposition and improve productivity. Our focus on AI, simpler workflows and greater operating efficiency supports both better service and a lower cost to serve. Alongside disciplined investment in distribution and supply, these capabilities are important to building a more competitive and scalable business. We remain focused on creating enduring shareholder value through profitable growth, thoughtful capital allocation while continuously striving to perfect the underlying consistent execution capabilities. Gaurav Bhatnagar and Ankush Nijhawan Co-Founders and Joint. Managing Directors Performance across Geographies NOTE: The above graph captures Classic Vacations’ GTV on Check-in bases in line with their revenue accounting methodology. Q2’FY26 GTV figures for individual markets may differ from those previously reported due to refinements in the allocation of intercompany eliminations. Total GTV remains unchanged. India Note: Hotels and Ancillary GTV • The India market continued to deliver healthy numbers with broad-based strength, with overall GTV growth of 14.1% YoY for the quarter, despite higher fuel prices and continued stress in the Middle East corridor. • This overall growth was enabled by 14.5% YoY growth in the India Air business • The GTV for the Hotels + Ancillary business also saw healthy growth, up 12.2% on a YoY basis. Europe Note: Hotels + Ancillaries GTV • Europe continued to lead the pack with 36% YoY GTV growth for the quarter. Q2 is the [Showing first 8,000 characters — download PDF for full document]