Analysts/Institutional Investor Meet/Con. Call Updates

Corp. Office: Shree Laxmi Woolen Mills Estate, 2nd Floor, R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai - 400 011 Tel: (022) 3001 6600 CIN No. : L17100MH1905PLC000200 November 04, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Dalal Street, Fort, Bandra-Kurla Complex, Bandra East, Mumbai- 400 001 Mumbai- 400051 Security code: 503100 Symbol: PHOENIXLTD Dear Sir/Madam, Sub: Intimation under Regulation 30 and 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Transcript of the Earnings Conference Call for Q2 & H1 FY27 Financial Results This is further to our letter dated October 31, 2026, wherein we had informed the Stock Exchanges about the conclusion of the Earnings Conference Call hosted by the Company with the Analysts/ Institutional Investors on the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2026, which was concluded on Saturday, October 31, 2026 at 12:28 P.M. (IST). Please find attached herewith the Transcript of the said Earnings Conference Call. The enclosed Transcript is being made available on the Company’s website and can be accessed at https://www.thephoenixmills.com/investors/FY2027/Earnings-Call-Transcript. You are requested to take the same on record. Yours faithfully, For The Phoenix Mills Limited Bhavik Gala Company Secretary Membership No. F8671 Encl.: As enclosed Regd. Office : The Phoenix Mills Ltd., 462 Senapati Bapat Marg, Lower Parel, Mumbai 400 013. Tel : (022) 2496 4307 / 8 / 9 Fax : (022) 2493 8388 E-mail : secretarial@phoenixmills.com www.thephoenixmills.com The Phoenix Mills Limited Q2 & H1 FY27 Results Conference Call October 31, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Q2 and H1 FY27 Results Conference Call of The Phoenix Mills Limited. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during this conference, please signal for an operator by pressing “*” followed by “0” on your touch-tone telephones. Please note that this conference call is being recorded. At this time, I would like to hand over the conference to Mr. Varun Parwal. Thank you, and over to you, sir. Varun Parwal: Good morning, everyone. Thank you for joining us to discuss our performance for the Second Quarter and First Half of Fiscal Year 2027. Our core businesses have continued their strong operating momentum in the second quarter. The revenue from retail, offices, hotel, and our asset management vertical has grown by 16% year-on-year to Rs. 1,055 crores. Our EBITDA from these annuity business lines has increased by 21% to INR 669 crores, while profit after tax and before minority interest from this business line has grown by 31% to INR 391 crores. For the first half of this financial year, our annuity EBITDA has increased by 20% to INR 1,318 crores. Importantly, this growth is being driven by improving performance across our existing operational portfolio and with no new (mall) addition to this portfolio for the last two years. And we find this very encouraging before the next wave of developments begin contributing meaningfully to earnings. In offices, our portfolio occupancy has increased to approximately 79% in September (2026) from 70% in March 2026 and 72% in June (2026). Our billing occupancy has also increased, and that is why we see office income growing by 64% year-on-year to INR 89 crores in the second quarter. EBITDA has also increased by a similar margin to INR 56 crores. As tenants complete their fit-outs and commence operations, we expect the portfolio to continue to contribute progressively more to our income and earnings. Page 1 of 17 Hospitality has also delivered a good, resilient performance during the quarter. The St. Regis, Mumbai continued to lead the performance with both income and EBITDA increasing by 13% during the second quarter and has continued to maintain its lead as far as average room rates are concerned. We saw a 20% increase in average room rates for The St. Regis, Mumbai while the EBITDA margins remained healthy at 44%. Our development pipeline is also progressing well, with projects scheduled for completion and commencement of operations from 2027 onwards. We are also progressing well with respect to excavation and construction activities at Thane, Coimbatore, and Chandigarh, which provides further visibility on the next phase of portfolio growth. Our expansion and densification projects at Lower Parel and Whitefield, Bengaluru also continue to progress well. With that, I will now hand over the call to Rashmi, who would take you through the retail performance. Over to you, Rashmi. Rashmi Sen: Thank you, Varun, and good morning, everyone. Our retail portfolio delivered another strong quarter with broad-based growth across all our key operating metrics. Importantly, this performance was achieved without any addition to our operational retail area. Consumption for the quarter stood at INR 4,685 crores, representing growth of 25% year- on-year. For the first half, consumption increased by 28% to INR 9,415 crores. What is particularly encouraging is that every mall in our portfolio delivered double-digit consumption growth during the quarter. We continue to pay close attention to the quality of this performance. Excluding jewelry and electronics, consumption grew by 22% during the quarter. Fashion and accessories, which account for approximately 60% of our trading area, grew by 22%. Food and beverages grew by 21%, while entertainment grew by 16%. This shows that growth continues to be healthy across the customer's discretionary wallet and is not dependent on one or two categories. A notable portion of incremental consumption during the quarter came from brands introduced over the past year, net of planned store closures. These additions are strengthening the customer proposition and supporting productivity across the wider retailer mix. Rental income grew by 15% to INR 605 crore during the quarter and by 16% to INR 1,200 crores during the first half. Minimum guarantee rentals continue to grow well, while revenue share income increased significantly during the quarter. Phoenix Mall of Asia has established itself as one of Bengaluru's leading premium retail destinations. During Q2, it continued to scale with consumption increasing by 68%, rental income by 44%, and trading occupancy reaching 96%, up from 84% a year ago. Page 2 of 17 Trading density, which is retailer sales per square feet of trading area at the center, crossed Rs. 3,300 pspm (per sq. ft. per month). Our repositioning initiatives also continue to translate into stronger operating performance. At Phoenix MarketCity Bangalore, consumption increased by 19% and rental income grew by 25% during Q2, while trading occupancy improved to 93% from 82% a year ago. At Phoenix Avenue of Stars, Pune, consumption grew by 21%, rental income increased by 16%, and trading occupancy improved to 90% from 82% a year ago. Both centers are more than 97% leased. The results at these assets reinforce the benefits of active asset enhancement, which remains an important part of our strategy. Similar initiatives are underway across select assets in the portfolio. At Phoenix Palassio in Lucknow, we are converting part of the existing non-F&B space into an enhanced F&B offering. We are also adding another floor to the mall along with other changes, which will add approximately 100 additional stores to the center. At Phoenix Palladium, we are refreshing the tenant mix and reconfiguring select spaces as we prepare for the addition of the new retail area. The expanded complex will allow us to introduce several new brands, including a number of first-time brands within our portfolio and in India. In the immediate next phase of ex [Showing first 8,000 characters — download PDF for full document]