Analysts/Institutional Investor Meet/Con. Call Updates

Date: November 06, 2026 To, To, National Stock Exchange of India Limited (“NSE”) BSE Limited (“BSE”) Listing Department Listing Department Exchange Plaza, C-1 Block G, Corporate Relationship Department Bandra Kurla Complex Bandra [E], Phiroze Jeejeebhoy Towers, Mumbai – 400051 Dalal Street, Fort, Mumbai – 400001 NSE Scrip Symbol: AWFIS BSE Scrip Code: 544181 ISIN: INE108V01019 ISIN: INE108V01019 Subject: Transcript of the Earnings Conference Call w.r.t. Unaudited Financial Results of Awfis Space Solutions Limited (‘the Company’) for the quarter and half year ended September 30, 2026 Dear Sir/ Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Earnings Conference Call held w.r.t. Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2026, held on Wednesday, November 04, 2026 at 10:30 A.M. (IST) with the Management of the Company. The above information will also be available on the website of the Company at https://www.awfis.com/investor-relations/initial-public-offer/financials. We request you to kindly take this on your record. Thanking You. For Awfis Space Solutions Limited Shweta Gupta Company Secretary and Compliance Officer M. No. F8573 Address: C-28-29, Kissan Bhawan, Qutab Institutional Area, New Delhi – 110016 Encl: as above Corporate and Regd. Office Awfis Space Solutions Limited C-28-29, Kissan Bhawan, Qutab Institutional Area, New Delhi – 110016 www.awfis.com | Email: info@awfis.com | Phone: 011- 41103497 CIN: L74999DL2014PLC274236 “Awfis Space Solutions Limited Q2 & H1 FY '27 Earnings Conference Call” November 04, 2026 “E&OE -This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on 4th November 2026 will prevail.” MANAGEMENT: MR. AMIT RAMANI – CHAIRMAN AND MANAGING DIRECTOR MR. SUMIT LAKHANI – CHIEF EXECUTIVE OFFICER MR. SUMIT ROCHLANI – CHIEF FINANCIAL OFFICER MODERATOR: MR. RAHUL KUNDNANI – NIRMAL BANG INSTITUTIONAL EQUITIES Page 1 of 13 Awfis Space Solutions Limited November 04, 2026 Moderator: Ladies and gentlemen, good day and welcome to Q2 & H1 FY '27 Earnings Conference Call of Awfis Space Solutions Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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 “*” then “0” on your touchtone phone. Please note, this conference is being recorded. I now hand the conference over to Mr. Rahul Kundnani from Nirmal Bang Institutional Equities. Thank you, and over to you, sir. Rahul Kundnani: Thank you, Nazmi. Good morning, everyone. On behalf of Nirmal Bang Institutional Equities, I would like to welcome you all to Q2 FY '27 Earnings Call of Awfis Space Solutions Limited. The management is represented by Mr. Amit Ramani, Chairman and MD, Mr. Sumit Lakhani, CEO, Mr. Sumit Rochlani, the CFO. I will now hand over to the management for their opening remarks, after which we will open the floor for Q&A. Over to you, sir. Amit Ramani: Thank you, Rahul. Thank you and good morning, everyone. A very warm welcome to all of you on our Q2 & H1 FY '27 Earnings Call. I am joined by Mr. Sumit Lakhani – our CEO, Mr. Sumit Rochlani – our CFO, and SGA, our Investor Relations Advisor. Our results presentation is on the exchanges and on our website, and I hope you have had a chance to go through it. Let me give you a little color on the industry landscape: India's Grade A office stock across the top 7 cities now stands at 887 million square feet, and demand is keeping pace with the scale. Gross leasing in the first nine months of 2026 reached 54.4 million square feet, up 7% year-on-year with 18.7 million square feet absorbed in September quarter itself. What is striking is that this came in a quarter where new supply jumped 79% sequentially to 19.2 million square feet, and vacancy still fell by 42 basis points to 15.9%. When record supply and falling vacancy arrive together, it means occupiers are absorbing quality space as fast as it is delivered. Page 2 of 13 Awfis Space Solutions Limited November 04, 2026 Average quoted rents rose 6.9% year-on-year to about Rs. 115 per square foot per month. Improving the demand for Grade A+ office space is supporting rental growth in key micro- markets. This reinforces the advantage of operators with established developer partnerships and a well-positioned supply pipeline, while making disciplined sourcing increasingly important for our new capacity. Flex is now a mainstream route to that space. Flexible workspace operators leased 12.6 million square feet in nine months, close to a quarter of all leasing in the market. And on the conventional side, technology occupiers took 38% of the space and BFSI took 20%. Both of these sectors are core to our client base, so the mix of who is leasing is moving towards us and not away from us. Flex is no longer a startup enabler. It is a core real estate strategy for large enterprises, and the operators who can offer a Grade A+ address, enterprise-grade fit-out, and a national network are the ones taking that share. GCCs are the anchor of this demand. India now hosts 2,100+ GCCs operating 3,700+ units and employing 2.36 million people, and generating about $98 billion in revenue. And in August, we published The Great Workplace Reset with Zinnov on how these centers are redefining work, workforce, and the workspace. GCC leased about 8.7 million square feet in the September quarter, 41% of the market, and about 28 million square feet in nine months, which is 42% of the overall space taken. Three things in GCC data matter for us: • First, concentration. Hyderabad took 37% of GCC leasing in the quarter and Bangalore 28%, with Chennai and NCR at 11% each. And these are cities where our network is deepest. • Second, quality. 58% of leasing in the nine months was Grade A+ asset, which is exactly where our Gold and Elite portfolio sit. • Third, intent. Our report with Zinnov finds that GCC is now take 40% to 45% of enterprise flex uptake, up from 37% to 39% in 2022. And two-thirds of GCCs plan to hold more than a tenth of their portfolio in flex. The work these centers do has changed more than their numbers. As a GCC moves from cost center to product and AI hub, the workspace becomes an operating decision taken for speed, talent, scalability, rather than a real estate decision taken on rent per square feet. The message from the market is simple: enterprises and GCCs want high-quality, flexible, ready- to-use space in the best micro-markets of Hyderabad, Bangalore, Chennai, and NCR. And they want one partner who can deliver it at speed across these cities. That is the platform we have built, and the rest of the call is about how it performed in the quarter. Page 3 of 13 Awfis Space Solutions Limited November 04, 2026 Turning to our performance: We are pleased to report another quarter of consistent growth driven by continued demand from large enterprises and GCCs, along with focus on premium centers and operational efficiency. Normalized revenue for Q2 FY '27 grew by 26% year-on-year to INR 451 crores, and cash EBITDA grew 45% to INR 49 crores. The cash EBITDA margin stood at 10.8%, an improvement of 140 basis points year-on-year and 70 basis points over the previous quarter. For the first half of the year, normalized revenue was at INR 888 crores, up 30% year-on-year, and cash EBITDA was INR 93 crores, up 40%, at a margin of 10.5%. Cash EBITDA reflects the operating profitability of o [Showing first 8,000 characters — download PDF for full document]