Analysts/Institutional Investor Meet/Con. Call Updates

November 5, 2026 The Listing Department, The Listing Department, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Fort Bandra-Kurla Complex, Mumbai - 400 001 Bandra (East), Mumbai- 400 051 BSE Scrip Code Equity: 505537 NSE Symbol: ZEEL EQ Dear Sir / Madam, Sub: Transcript of the conference call This has reference to our communication dated October 30, 2026 and pursuant to the provisions of Regulation 46(2)(oa)(iii) read with Schedule III of Part A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), the transcript of the conference call held on October 30, 2026 on the Company's performance for the quarter and half year ended September 30, 2026, is enclosed herewith. The said transcript is also available on Company's website https://assets-prod.zee.com/wp-content/uploads/2026/11/ZEEL_Earnings_Call_Transcript-Q2_FY27_vF.pdf This is for your information and record. Yours truly, For Zee Entertainment Enterprises Limited Sangeeta Shetty Company Secretary ACS 18865 Encl: As above Zee Entertainment Enterprises Limited Q2 FY27 Earnings Conference Call October 30, 2026 Transcript Disclaimer: This transcript is provided without express or implied warranties of any kind and should be read in conjunction with the accompanying materials published by the company. The information contained in the transcript is a textual representation of the company's event and while efforts are made to provide accurate transcription, there may be material errors, omissions, or inaccuracies in the reporting of the substance of the event. The transcript has been edited wherever required for clarity, correctness of data or transcription error. This document may contain “forward-looking statements” - that is, statements related to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. These uncertainties may cause actual future results to be materially different that those expressed in such forward-looking statements. The company does not undertake to update its forward-looking statements. 1 | P a g e Zee Entertainment Enterprises Limited October 30, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 FY'27 Earnings Conference Call of Zee Entertainment Enterprises Limited. 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. I now hand the conference over to Mr. Ankit Arora, Head of Investor Relations from Zee. Thank you and over to you, Mr. Ankit. Ankit Arora: Thanks, Rutuja. Hello, everyone. Good evening. Welcome to our Q2 FY'27 earnings discussion. We hope you have had an opportunity to review the results. We have with us today our CEO, Mr. Punit Goenka along with senior management team. We will start with the opening remarks from Mr. Goenka, followed by commentary on operating and financial performance by Mr. Mukund Galgali, our Deputy CEO and CFO and subsequently, we'll open the floor for question- and-answer session. Before we get started, I would like to remind everyone that some of the statements made or discussed on today's conference call will be forward-looking in nature and must be viewed in conjunction with risks and uncertainties we face. The company does not undertake to update any of these forward-looking statements publicly. With that said, I will now hand the call over to PG for his remarks. Thank you, and over to you, PG. Punit Goenka: Thank you, Ankit. Good evening, everyone. Hope you and your families are enjoying the festive season. Diwali is a few days away, but let me take this opportunity to wish each one of you and your lovely families in advance a very happy and prosperous Diwali and a great year ahead. Thank you for joining me and my team this evening for a conversation on the quarter gone by. As always, I will throw some light on the macro level strategic growth points, while the finer points pertaining to the financial and operational aspects will be touched upon by the domain expert, our CFO, in the room. For your company, the second quarter of this financial year was one of growth, strategic future- centric investments and creative decisions focused towards achieving consumer delight. We witnessed a 13% growth in our operating revenues year-on-year. Despite the volatile geopolitical environment and macroeconomic headwinds that led to a subdued sentiment, your company's entrepreneurial spirit, pioneering vision and prudent approach enabled it to stay ahead of the curve. The revenue growth largely stems from a business that is a result of the key future-centric investment decisions as you all might have guessed our sports business. The steps taken in this business have led to strategic gains across the board especially for the digital business. So let me kick off, this preamble with some brief growth-led points about the sports business. I'm hoping that you all enjoyed the action of FIFA World Cup with your friends and families on ZEE5 and Unite8 Sports. Our strategic and timely investment in this property, which I must mention should be viewed with a long-term lens, has not just enhanced the consumer delight quotient by many levels, but has also contributed significantly to the growth of our digital business. 2 | P age Zee Entertainment Enterprises Limited October 30, 2026 The blend of live sports action and well-curated pre- and post-match programming kept the fans engaged across our linear and digital platforms. But from a larger strategic lens, the step has enabled us to welcome a new set of viewers to our platform that has provided a strong foundation for the overall sports business, especially the newly launched Unite8 Sports channels, a foundation that gave us the confidence to further strengthen the sports offering. As you all must have noted, we also acquired the rights to premium global football properties like Bundesliga and Serie A, offering a comprehensive and quality sports content experience to the fans across our platforms. Having said that, I must reiterate, be it in the sports business or for that matter, any vertical across the company, every decision is and will always be prudent in nature, one that enables it to realize a long-term vision and a sharp focus on profitability. Speaking of which, let me steer you all to our digital business. In order to offer a comprehensive entertainment proposition to our users, ZEE5 unveiled a multilingual content slate during the quarter. Our viewers have embraced and appreciated this new slate, leading to enhanced levels of engagement and time spent. I'm glad to share that ZEE5's revenues doubled year-on-year, charting a strong growth trajectory. Multilingual entertainment offerings and global sports content have led to a healthy gain in the overall subscription revenue with a 30% increase year-on-year. I am more certain that ZEE5 is now well poised for growth levers for us as we transform ourselves into the future-centric company, offering world-class content backed by state-of-the-art technology to garner maximum revenue share of the attention economy. To achieve this, we are embracing technology-led innovations across the business to further enhance operational efficiencies and enrich consumer experience. I firmly believe that for a company that has content at its core, it is imperative to present a personalized and seamless experience to its consumers, and it is technology that will play this pivotal role in achieving this. We are constantly strengthening our teams across various verticals within the company by on- boarding the best talent in the realm of techn [Showing first 8,000 characters — download PDF for full document]