Analysts/Institutional Investor Meet/Con. Call Updates

Date: 28th July, 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 ended June 30, 2026 along with the Limited Review Report thereon, at the analyst meet held on Wednesday the 22nd Day of July, 2026, is available on the website of the Company at https://www.smartworksoffice.com/investors/. The analyst meet, conducted through Audio means at 04.00 P.M. (IST) and concluded at 05:04 P.M. (IST) on July 22, 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 1Q FY27 Earnings Conference Call” July 22, 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. KARAN KHANNA – AMBIT CAPITAL PRIVATE LIMITED Page 1 of 17 Smartworks Coworking Spaces Limited July 22, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Smartworks Coworking Spaces Limited Q1 FY27 Earnings Call, hosted by Ambit Capital. As a reminder, all participant lines will be in 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Karan Khanna. Thank you and over to you, sir. Karan Khanna: Thank you, Ananya. Good afternoon, everyone and on behalf of Ambit Capital, I would like to welcome you all to the 1Q FY27 Earnings Conference Call for Smartworks Coworking Spaces Limited. From the management today, we have with us Mr. Neetish Sarda, Managing Director; Mr. Harsh Binani, Executive Director; Mr. Sahil Jain, Chief Financial Officer; Mr. Pratik Agarwal, Chief Business Officer; and Mr. Anirudh Tapuriah, Chief of Strategy and Investor Relations of the company. We would like to now begin the call with opening remarks from the management, post which we will have the forum open for an interactive question-and-answer session. Thank you and over to Neetish and Harsh. Neetish Sarda: Thank you, Karan. Good afternoon, everyone, and thank you for joining us. This month marks one year since Smartworks listed on the NSE and BSE. We are grateful to every stakeholder who has been part of this journey. In this one year, we have delivered what we promised earlier, the fastest growth in the industry, both in area, revenue, and EBITDA, and steadily rising market share quarter after quarter. Let me go through our model in a minute. Smartworks leases entire buildings from India's leading developers and non-institutional landlords in prime micro-markets and transforms them into fully managed, amenity-rich campuses with cafeterias, gyms, crèches, convenience stores, recreation zones, and round-the-clock support for the client. For them, it is a single contract, one SLA, one invoice, and a genuine one-stop solution for everything their workplace requires. Our platform has grown to almost 17 million square foot of total area and over 760 clients from Fortune 500 to Forbes 2000 companies, MNCs, leading Indian conglomerates, and unicorns. We have over 150,000 professionals working out of our campuses on a day-to-day basis. Our clients typically sign long-tenure agreements of four to five years, which gives our revenue an annuity-like character. Committed contracted revenue today stands at approximately INR 5,400 crores, and 87% of our FY27 revenue is already contracted for. Let me talk about Q1 '27 now. This is another strong quarter and another sequential step-up. Our revenues stood at INR 546 crores, up 44% year-on-year and 5% quarter-on-quarter. The normalized EBITDA of INR 107 crores, up 74% year-on-year and 8% quarter-on-quarter, with the margin expanding from 19% in the last quarter to 19.6% this quarter. Page 2 of 17 Smartworks Coworking Spaces Limited July 22, 2026 Our normalized PAT stood at INR 39 crores, which nearly tripled from INR 13 crores in the same quarter last year. Our operational area stands at 10.4 million square foot with committed occupancy of mature centres around (1) 92%. The multi-city clients now contribute 35% of our revenue, up from 31% in FY26. The next metric, which is 1,000 plus seater cohort, now contributes more than 41% of Smartworks' revenue, up from 37% in FY26. We have increased our penetration into GCC clients as well. Today, GCC clients contribute 21% of our revenue, up from 15% in FY26, with significant headroom ahead. Every durable metric, whether it is revenue, EBITDA, margins, PAT, and ROCE, has continued to move up for 5 consecutive quarters post listing. A fresh capex cycle has started this quarter. In our industry, there are two ways to reach 20% margin. You can oscillate towards them cycle after cycle, or you can compound to them quarter after quarter. Smartworks compounds. The low volatility, durability of cash flows, and scale make us anti-fragile and set us apart from any of our peers. I will let Harsh talk through the remaining highlights in detail shortly. Let me put our growth in market context briefly. Two things are happening at once, and our client roster shows we are leading both, not following them. One, the office market is at a record high. Flex is its biggest buyer, and Flex is consolidating fast towards us. India recorded its highest ever quarterly leasing of 24.6 million square foot, with 27% coming through Flex, a big jump from 19% a year ago. Within Flex, Cushman & Wakefield's data shows a widening gap. The top 10 operators' share of Flex leasing has climbed every year, from 67% in 2024 to 72% in 2025. It's already gone to 74% in H1 of this year, with the long tail continuing to remain less than 5% and shrinking further. Scale, balance sheet strength, and developer relations are now the price of entry, and smaller players simply cannot add buildings the way large platforms can. The big are getting bigger and we are the biggest, growing the fastest. Our lead over the next largest operator in terms of area will only keep expanding. The second trend is AI and GCCs are expanding office demand, and they are already our clients. The AI workforce inside India's GCC is set to grow fourfold by 2030, and that demand lands in premium collaboration-rich campuses, exactly what we build. GCCs today contribute 21% of our rental revenue, up from 15% in FY26, and several of our largest clients are building their AI and GCC talent hubs inside Smartwork [Showing first 8,000 characters — download PDF for full document]