Investor Presentation

November 03, 2026 The Secretary The Secretary BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor, Plot no. C/l Dalal Street, G Block, Bandra-Kurla Complex Mumbai- 400 001 Bandra (E), Mumbai - 400 051 BSE Scrip Code: 532348 NSE Symbol: SUBEXLTD Dear Sir/Madam, Sub: Subex Limited “The Company”- Investor Presentation for Q2 FY27 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Investor presentation for Q2 of FY27 for the Earnings Call scheduled to be held on Wednesday, November 04, 2026, at 11:00 A.M. (IST). This is for your information and records. Thanking you Yours faithfully, For Subex Limited Ramu Akkili Company Secretary & Compliance Officer Encl: as above Subex Limited Investor Presentation 4th November 2026 Agenda Financial Updates Business Highlights Quarterly Results – Q2FY27 Financial Highlights Revenue in ₹ lakhs • Q2FY27 revenue grew by 7.7% QoQ to ₹8,559 lakhs and YoY basis revenue grew by 24.2% • Normalized EBITDA improved to ₹1,777 lakhs in Q2FY27 as compared to ₹1,687 lakhs in Q1FY27, reflecting a growth of 5.3%, primarily supported by ongoing operational efficiencies and driven by accelerated execution of order backlog and 8,559 achievement of key billing milestones. 7,945 6,891 • Normalized EBITDA margin stood at 20.8% in Q2FY27 as compared to 21.2% in Q1FY27, a decline of 40bps on QoQ basis. • Normalised PBT stood at ₹1,703 lakhs in Q2FY27 vs ₹1,833 lakhs in Q1FY27, down 7.1% QoQ, as Q1FY27 included a one-time tax refund of ₹288 lakhs; excluding it, Q2FY26 Q1FY27 Q2FY27 PBT grew 10.2% on higher revenue. (₹ in Lakhs) • Normalised PAT % stood at 16.7% in Q2 FY27 vs 20.3% in Q1 FY27. Q2FY26 Q1FY27 Q2FY27 Normalised EBITDA* 491 1,687 1,777 Other Information Normalised PBT* 524 1,833 1,703 • As on 30th Sep, 2026 our cash & cash equivalent stood at ₹19,799 lakhs as Normalised PAT* 388 1,609 1,430 PAT Inc. Exceptional Items & Impairment compared to ₹18,480 lakhs on 30th Jun, 2026, reflecting continued liquidity stability. 286 1,422 1,429 Allowance • Earning Per share in Q2FY27 stood at ₹ 0.26 vs ₹ 0.26 in Q1FY27 vs CPY ₹ 0.05 *Excluding Exceptional Items & Impairment Allowance for Trade Receivables Revenue Metrics – Q2FY27 Revenue By Services Revenue By Region 29% 29% 25% 27% 33% 42% 15% 13% 11% Q2FY26 Q1FY27 Q2FY27 Q2FY26 Q1FY27 Q2FY27 Managed Service License implementation and Customization America EMEA Support and others India APAC and ROW Business Highlights – Q2 FY27 • Secured a new Partner Ecosystem Management deal with an APAC operator • Won a new group account in Africa for deploying Fraud Management at 2 opcos • Received a Phase 2 PEM order from a Tier 1 operator in the Middle East • Secured a new customer in Europe for Partner Ecosystem Management Growth • Minority investments in PrivaSapien & OnGrid grew ~5x and ~2x,strengthening consolidated net worth E • PAT and EBITDA continue to remain positive. In Q2 FY27, EBITDA stood at 20.8% and PAT at 16.7% • Cash & cash equivalent position continues to remains healthy at ₹ 198.0 Cr. Efficiency • Subex recognised as a “Most Preferred Workplace 2026–27” by Marksmen Daily (6th Edition), through T independent recognition • Upskilling talent in AI-led SDLC to enhance engineering productivity Talent Order Intake Snapshot – Q2 FY27 Won a new group account Won a new Partner Received a Phase 2 PEM in Africa for deploying Ecosystem Management order from a Tier 1 operator Fraud Management at 2 deal with an APAC operator in the Middle East opcos Secured a new customer in Won a new deal in Europe for Partner Ecosystem Americas for Hypersense Management BAFM The Subex Advantage Strong Tailwinds • Almost all RFPs ask for AI use cases in AI • Fraud Management a top AI & GenAI Use Case amongst Telcos Few Players with Data • Large customer base with data connectors processing 200bn+ records per instance Access • High switching costs • 30+ years of expertise in telecom and handling Telco data across functions 03 Telco Domain Expertise • Continuous product development with strong R&D spend • Revenue growth driven by strong presence in emerging markets and increased AI 04 Geography Focus adoption in developed markets 05 Landed and Expanding • Landed & expanding with AI across clients • Strong revenue model with ~70% revenue is annuity/recurring nature 06 Strong Annuity Model • Excellent customer retention of ~92% Global Marquee Customer Base EMEA Asia Americas Thank You For Further Information, Please Contact: Asha Gupta – asha.gupta@in.ey.com Pratik Jagtap – pratik.jagtap@in.ey.com Subex – investor.relations@subex.com