Please find enclosed the Transcript of Earnings Call held on November 03, 2026.

November 05, 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: Transcript of the Investor Earnings Conference Call Ref: - Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’) Dear Sir/ Ma’am, In continuation to our intimation dated October 28, 2026, and pursuant to Regulation 30 of the Listing Regulations, please find enclosed the transcript of the Earnings Conference Call held on Tuesday, November 03, 2026, on Unaudited Standalone and Consolidated Financial Results (“Results”) of the Company for the quarter and half year ended on September 30, 2026. This disclosure will also be available on the website of the Company at https://www.tbo.com/engagement/investors/#StockExchangeSubmission This is for your information and records. 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 Q2 & H1 FY27 Earnings Conference Call November 03, 2026 MANAGEMENT: MR. ANKUSH NIJHAWAN - CO-FOUNDER AND JOINT MD MR. GAURAV BHATNAGAR - CO-FOUNDER AND JOINT MD MR. AKSHAT VERMA – WHOLE TIME DIRECTOR & CTO MR. VIKAS JAIN - CHIEF FINANCIAL OFFICER MR. PRAMENDRA TOMAR – GENERAL COUNSEL MR. SHRESHTH MAHAJAN , ASSOCIATE DIRECTOR-INVESTOR RELATIONS MODERATOR: MS. AASHVI SHAH – ADFACTORS PR: INVESTOR RELATIONS Page 1 of 32 TBO Tek Limited November 03, 2026 Aashvi Shah: Good evening, everyone. This is Aashvi Shah from Adfactors PR Investor Relations. On behalf of TBO Tek Limited, I would like to welcome you all to the Earnings Conference Call for Q2 and H1 FY27. Today on the call, we have with us from the management, Mr. Ankush Nijhawan, Co-Founder and Joint Managing Director, Mr. Gaurav Bhatnagar, Co-Founder and Joint Managing Director, Mr. Vikas Jain, Chief Financial Officer, Mr. Akshat Verma, Whole-Time Director and Chief Technology Officer, Mr. Pramendra Tomar, General Counsel and Mr. Shreshth Mahajan, Associate Director- Investor Relations. We will begin today's call with opening remarks from the management, following which we will open the flow for Q&A. Before we begin, I would like to remind everyone that certain statements made during this call may be forward-looking in nature. These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. TBO Tek undertakes no obligation to publicly update these or revise any forward-looking statements based on subsequent events or developments. With that, I would now like to hand over the call to Mr. Gaurav Bhatnagar for his opening remarks. Thank you, and over to you, sir. Gaurav Bhatnagar: Thank you, Aashvi. Good evening, everyone, and thank you for joining our Q2 & H1 FY27 Earnings Call. We are very happy to report that despite a very difficult geopolitical climate, we have been able to deliver strong double-digit growth in the core organic business as well. We have shared the numbers, but I do want to highlight that the 16% growth in GTV led to a 27% growth in adjusted EBITDA. So, we are continuing to demonstrate operating leverage for the second consecutive quarter. These numbers could be a lot stronger, and I just want to highlight a few things to demonstrate that once things start to get better, where Page 2 of 32 TBO Tek Limited November 03, 2026 eventually expect the business to be. Middle East, which has been the most impacted market because of the ongoing conflict, also delivered 10% growth on constant currency basis. With currency, we are seeing a 20% growth, but even on constant currency, Middle East delivered a 10% growth, which is quite remarkable given the circumstances that we are operating in. The market is obviously well below its baseline from a year ago. Our belief is that in a market like Middle East, we are continuing to gain share. Markets like Europe and APAC have delivered north of 30% growth. Europe on a fairly large base, has been becoming our largest source market now, which again is generally a consequence of the investment we had done in market development starting early 2025, which is also visible in the number of active agents continuing to grow at a solid pace. While the quarter has been tough, our belief in the organic business remains because of the fact that the underlying metrics, which is number of active agents, bookings per active agent, and growth in our ancillary businesses all continue to point to strong revival and strong, even faster growth once the geopolitical climate improves. The other bit that I want to highlight on is Classic Vacations. We have completed one year of that transaction now, and have started to get a good grip of that business. One of the key actions we have taken in the last six months is that we have expanded our sales team. We have hired about 20 new people in sales since we acquired the business. About half of them are in the company less than six months. In fact, probably a quarter of them are less than three months. About half of them are less than six months in the company. There is going to be some lag between when this investment starts to deliver results, but we have a clear idea on how we want to develop this business. The investment thesis remains strong on Classic. The opportunity with Classic ease our entry into the luxury end of the segment, which is where we want to operate in the post-AI era. Classic is also giving us Page 3 of 32 TBO Tek Limited November 03, 2026 opportunities to develop a newest corridor, which is the U.S. to Europe corridor. Our belief is that if the conflict remains, if the conflict prolongs, then probably that is one corridor which will have relatively less headwinds because of what is happening elsewhere in the world. The final bit is we are continuing to focus on operational efficiencies. While we wait for markets to revive and there is a little bit of pause on new market development at this point in time, we are continuing to invest in building or using AI and technology to automate processes, to build tools for our sales team to become more effective, and tools for our operations team to automate a fair bit of work that they do. This is one of the reasons why you will see that our constant currency SG&A growth has been high single digits and significantly outpacing our top-line growth. I will take a pause here, and we will open for questions. Aashvi Shah: Thank you, sir. We will now begin the Q&A session. Participants are requested to raise their virtual hands and to ask questions. We request you to introduce yourself and the firm you represent before you ask the question. We shall wait for few moments before everyone assembles for the question que. We will take the first question from Mr. Karan Uppal. Karan, please unmute yourself and go ahead with your question. Karan Uppal: Thanks for the opportunity and fairly good set of numbers. First question is on the demand environment. Gaurav, you touched upon it, but just wanted to understand that given the elevated fares in international flights as well as uncertain geopolitical and macro environment, any pullback you are seeing in the demand, given that you cater to, let us say, the premium and the luxury end of the market? Just wanted to understand from you, how are [Showing first 8,000 characters — download PDF for full document]