Analysts/Institutional Investor Meet/Con. Call Updates

Date: 5th November 2026 To, To, National Stock Exchange of India Limited (“NSE”) BSE Limited (“BSE”) Listing Department Listing Department Exchange Plaza, C-1 Block G, Bandra Kurla Corporate Relationship Department C omplex Bandra [E], Mumbai – 400051 Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001 NSE Scrip Symbol: SMARTWORKS BSE Scrip Code: 544447 ISIN: INE0NAZ01010 ISIN: INE0NAZ01010 Subject: Disclosure under Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015- Transcript Dear Sir/Ma’am, As per Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Transcript of the discussion on the Un-Audited (Standalone and Consolidated) Financial Results of the Company for the Quarter and half year ended September 30, 2026 along with the Limited Review Report thereon, at the analyst meet held on Friday, October 30, 2026, is available on the website of the Company at https://www.smartworksoffice.com/investors/ The analyst meet, conducted through Audio means at 01:30 P.M. (IST) and concluded at 02:37 P.M. (IST) on October 30, 2026. This is for your information and records. For Smartworks Coworking Spaces Limited Punam Dargar Company Secretary & Compliance Officer Membership No.: A56987 Address: Unit No. 305-310, Plot No 9, 10 & 11 Vardhman Trade Centre Nehru Place, South Delhi, Delhi, Delhi, India, 110019 Smartworks Coworking Spaces Limited (Formerly known as Smartworks Coworking Spaces Private Limited) Regd. Office: Unit No. 305 – 310, Plot No. 9,10, & 11, Vardhman Trade Centre, Nehru Place, South Delhi – 110 019. Corporate Office: DLF Commercial Building, Block - 3, Zone-6, DLF Phase – 5, Gurugram, Haryana-122002 Phone No: 0124-6919 400 CIN: L74900DL2015PLC310656 “Smartworks Coworking Spaces Limited Q2 FY27 Earnings Conference Call” October 30, 2026 MANAGEMENT: MR. NEETISH SARDA – MANAGING DIRECTOR MR. HARSH BINANI – EXECUTIVE DIRECTOR MR. SAHIL JAIN – CHIEF FINANCIAL OFFICER MR. PRATIK AGARWAL – CHIEF BUSINESS OFFICER MR. ANIRUDH TAPURIAH – CHIEF OF STRATEGY AND INVESTOR RELATIONS MODERATOR: MR. DIWAKAR PINGLE – EY INVESTOR RELATIONS Page 1 of 19 Smartworks Coworking Spaces Limited October 30, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Smartworks Coworking Spaces Limited Q2 FY '27 Earnings Conference Call. 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. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Diwakar from EY. Thank you, and over to you, sir. Diwakar: Thank you, Huda. Good afternoon to all of you. Welcome to the Q2 and H1 FY '27 Earnings Call of Smartworks Coworking Spaces Limited. To take us through the results today and answer your questions, we have the top management with us represented by Neetish Sarda, Managing Director; Harsh Binani, Executive Director; Sahil Jain, Chief Financial Officer; Pratik Agarwal, Chief Business Officer; and Anirudh Tapuriah, Chief of Strategy and Investor Relations. We will start with opening remarks from management, post which we will open the floor for Q&A session. Before we proceed, I would like to remind you that certain statements made during this call may be forward-looking in nature. These statements are subject to risks and uncertainties, which are outlined in the presentation and that you can find on the website. That said, I'd now like to hand over the call to Neetish Sarda for his opening remarks. Over to you, Neetish. Neetish Sarda: Thank you. Good afternoon, everyone, and thank you for joining us. We are at the halfway mark of FY '27, and we are ahead of the plan that we shared with you in April. Let me start with the quarter in brief. Revenue from operations stood at INR 591 crores, up 39% YoY and 8% QoQ, our sixth consecutive quarter of sequential growth since listing. The normalised EBITDA stood at INR 117 crores, up 68% at a margin of 19.8%, 340 basis points higher than a year ago. Our normalised PAT stood at INR 43 crores, up 136% YoY. So, revenue is growing every quarter. Profitability is growing with it. The building we need are secured with high revenue visibility as our contracted revenue stands at ~INR 5,800 crores, we are increasing our revenue guidance to 33% to 35% from our earlier given guidance of 28% to 30%. Let me walk you through the market, our supply, our clients because together, they explain both the quarter and the investment that we are making. India leased a record 66.4 million square foot of office space in the first 9 months of 2026, up 8% YoY according to CBRE. Even though geopolitical tensions and uncertainties on AI, occupier decision and deal closures stayed broadly intact. Uncertainty is exactly why Flex is winning. When companies are unsure how fast they will grow, they do not want to lock in long leases and large upfront spending. Flex gives them ready-to-use space that they can scale up and down. This is why flexible space operators took 24% of all office leasing in July to September quarter. GCCs and AI are adding to the demand, not reducing it. Global capability centres took a record 28 million square foot in 9 months of this year, 42% of all leasing activities. Several clients who expanded with us this quarter are building their AI teams in our campuses. In short, AI changes what happens inside an office. It does not change the need for one. In a Page 2 of 19 Smartworks Coworking Spaces Limited October 30, 2026 market like this, the hardest part of our business is not finding clients. It is finding the right buildings early. Our platform now stands at 17.5 million square foot across 71 centres, of which 10.9 million square foot across 58 centres is already operational. We added almost 1 million square foot of operational space in the first half. We have 4.3 million square foot of space under fit-out or awaiting handover within this year against the 1.6 million to 2.1 million we need to go live by March. Two of our major campuses, Eastside in Pune and East Bridge in Mumbai will go live in the second half of this year. Both campuses open with healthy pre-commitments and both will contribute meaningfully to the FY '28 revenue. Everything we need for FY '27 is secured. Our supply for FY '28 is now largely in hand with work for FY '29 underway. In Singapore, we now run 4 centres with ~1,600 seats at around 86% committed1 occupancy. Large supplies attract large clients. Large clients sign large deals and large deals come with long tenure. This makes our revenue sticky and durable. Look at who works in our campuses today. Some of the world's largest GCCs, multinationals from the U.S., Europe, Japan, Fortune 500 and Forbes 2000 companies and India's leading conglomerates. Large enterprises now bring us 91% of our rental revenue. For instance, 35-plus clients now have more than 1,000 seats with us. Our 1,000-plus seat cohorts contribute to more than 41% of our rental revenue, up from 35% a year ago. 70-plus clients are with us in more than one city, contributing to our multi-city revenue, which stands at 35% of our rental2 revenue. GCCs are3 22% of our rental revenue and our Smart Vantage programme now gives them one partner for workspace, hiring, legal, tax, compliance and as they set up and scale in India, they'll need it all. Our base is also broader than ever. IT, ITES is down to about 36% of the rental revenue from about 40% a year ago. Over 75% of the revenue that we added over the last year came from outside IT and ITES companies. Our top 10 clients are now about 24% of our rental revenue, up from about 20% a year ago. This is because our largest clients [Showing first 8,000 characters — download PDF for full document]