The transcript of the earning call held on July 23, 2026 on the company''s performance for the first quarter ended June 30, 2026 is enclosed herewith. The said transcript is also available ....

WATERWAYS LEISURE TOURISM LIMITED (FORMERLY KNOWN AS WATERWAYS LEISURE TOURISM PRIVATE LIMITED) 28th July, 2026 To To Listing Department, Listing Department BSE Limited National Stock Exchange of India Limited P.J Tower, Dalal Street, Exchange Plaza, Plot No. C/1, G Block, Mumbai- 400001 BKC, Bandra (East), Mumbai – 400051. Scrip Code: 544802 Symbol: CORDELIA Sub: Transcript of the conference call 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 July 23, 2026 on the Company's performance for the first quarter ended June 30, 2026, is enclosed herewith. The said transcript is also available on Company's website at: https://www.cordeliacruises.com/view-pdf?file=pdfs%2FEarningCallTranscriptQ1FY2027.pdf This is for your information and record. Thanking you For on behalf of Waterways Leisure Tourism Limited (Formerly Waterways Leisure Tourism Private Limited) Ankit Satish Shah Company Secretary & Compliance Officer (ACS: 68732) CIN No. L63030MH2020PLC440323 Regd. Office & Corp. a – A-1601, Marathon Futurex, NM Joshi Marg, Lower Parel East, Delisle Road, Mumbai – 400013. Email – waterwaysleisure2021@gmail.com/cs@waterways-leisure.com| Website - www.cordeliacruises.com *Confidentiality Notice: This letterhead including supporting enclosures (if any) are intended for the use of the recipient(s) only and may contain confidential or privileged information. Unauthorized use, disclosure, copying, or uploading on social media platforms is strictly prohibited. If you are not the intended recipient, please notify the sender immediately and destroy all copies of this document and enclosures. WATERWAYS LEISURE TOURISM LIMITED (FORMERLY KNOWN AS WATERWAYS LEISURE TOURISM PRIVATE LIMITED) Q1 FY 2027 Earning Conference Call July 23, 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,” “Maybe,” “should” or “will”, “almost”, “odd”, “around” 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. Moderator Ladies and gentlemen, good day and welcome to the Waterways Leisure Tourism Limited Q1 FY2027 earnings call. All participants are currently in the listen only mode. There will be an opportunity to ask questions following the conclusion of the management’s opening remarks. If you wish to join the question queue, please click on the raise hand icon from the participant tab. Please note that this call is being recorded. I now hand the conference over to Mr. Jurgen Bailom, CEO. Thank you and over to you Sir! Jurgen Bailom: A very good afternoon, everyone. Thank you so much for taking your time joining us for our first earning call. The first quarter was shaped by the geopolitical situation in the Middle East that created huge headwinds for the entire global cruise sector and the entire transportation industry driven by extremely high fuel costs. Despite these industry wide impacts and headwinds, we report a load factor of 105% for Q1 with an increase of 4.3% of average ticket price versus Q1 2025. With the higher fuel costs, we report a net profit of Rs.22.77 Crores on a consolidated basis and a net profit margin of around 12% for the quarter ended June 2026. While the revenue environment saw moderation increase over last year, demand for cruising in India remained strong, as we served more than 55,700 guests and 24,245 staterooms booked during the quarter reflecting a growth of around 10% over last year Q1. Looking forward to remain optimistic about the growth of cruise vacations in India and with our scale, network and fit-for-purpose fleet, we remain committed to serve the growing demand. Our Q1 result demonstrated the exceptional appeal and compelling value proposition of our cruise brand, leading this industry in India with our ships, and the growing appetite for Indians enjoying Indian cruise vacations and its fabulous destinations. Demand for our onboard offerings, entertainment, services, and destination experience continues to be the highlight and key driver for our guest satisfaction and we remain focused on delivering the best vacation responsibly, accelerating revenue growth, and managing costs, all while continuing to invest in our future and drive future differentiation in this industry. We expect a year of revenue and earnings growth driven by consumer preference for our cruise brand and expanding our new destinations. We continue to execute on our innovation pipeline and broaden our vacation ecosystem in ways that further strengthen our long-term growth trajectory. We are expanding our presence in Lakshadweep with two new islands and successfully testing new ports and destinations on the West Coast for our continuous growth as we speak by the upcoming delivery of Cordelia Sky in September, and then followed by Cordelia Sun. Of a particular note are the steps we are taking to enhance our loyalty ecosystem, including the rollout of our loyalty program called Chairman’s Club, end of Q2, and further, aggressively building on our direct business by opening a new sales center in Cochin in September. This one further step to deepen our outreach to future guests and enhancing our Indian multilingual guest engagement to position us to capture a greater share of the growing Indian domestic cruise market. Thank you. I am pleased handing over to Shivani. Moderator: Thank you. Now we will begin with the question-and-answer session. Anyone who wishes to ask a question may click on the raise hand icon from the participant tab on your screen. We request participants to restrict to one question and then return to the queue for more questions. To rejoin the queue, you may click on the raise hand icon again. We will wait for a few minutes until the question queue assembles. We take the first question from Divyansh Jaju of Trinetra Asset Managers. Divyansh, you can go ahead. Divyansh, you are on mute. Divyansh Jaju: Good afternoon, Sir. Thank you for the opportunity. Good afternoon. So could you help us understand like what is the reason in the last two quarters the EBITDA margin has been declined and it is any one-off or is there a decline in the margins? Nishikant Upadhyay: If you talk about two years, largely the numbers are same. When we talk about EBITDA, so the major driver is the fuel cost, except there are changes in the manpower cost with a small percentage, which is related to largely because our employee salaries are driven by global standard, so there is a slight increase in the employee cost. However, the major increase is in the fuel, which is around Rs.14 odd Crores, so if it would have not been there your EBITDA would have gone up by Rs.14 odd Crores that is a major impact. Second impact is very minuscule, is around maybe around Rs.1 Crore in the case of food expenses and the rest crew related is Rs.2 Crores, [Showing first 8,000 characters — download PDF for full document]