General Updates

July 29, 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: Shareholders’ Letter on Unaudited Standalone and Consolidated Financial Results for the quarter ended on June 30, 2026. Ref: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’) Dear Sir/ Ma’am, Pursuant to Regulation 30 of Listing Regulations, please find enclosed the Shareholders’ letter in relation to the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended on June 30, 2026. This disclosure will also be available on Company's website at https://www.tbo.com/engagement/investors/#StockExchangeSubmission Kindly take the same on record. 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 Shareholders’ Letter | Q1’FY2027 TBO Tek delivers solid quarter, with early operating leverage driving margin expansion Q1’FY27 Key Metrics Note: * CC - Constant currency P&L numbers are derived by translating current period consolidated results of Tek Travels FZCO (HoldCo for the International Business), at prior period average rate and GTV numbers are derived by translating at average daily rate of prior period Executive Summary • The quarter was characterized by robust performance despite continued geopolitical headwinds from the Middle East crisis. GTV for the quarter stood at ₹11,154 Cr, up 37% YoY, with organic GTV (without Classic Vacations) up 22% YoY to ₹9,918 Cr. • The organic Hotels + Ancillary business (without Classic Vacations) grew 27.3% YoY for the quarter, while on a Consolidated basis (with Classic Vacations), the Hotels + Ancillary business grew 49.8% YoY for the quarter. • The India Airlines business grew 14.7% YoY, while the Consolidated Airlines business grew 16.9% YoY. • Monthly Transacting Buyers (MTBs) for the quarter reached 33,736, up 14% YoY led by a 39% YoY increase for transacting buyers in the International Markets while the transacting buyer base in India remained the largest on an absolute basis. • The quarter marked a key inflection point for the business as Gross Profit growth outpaced the SG&A growth for the quarter. The inherent operating leverage profile of the business led to a 16% YoY growth in GP for the organic business to drive a 25% Adj. EBITDA growth with Adj. EBITDA margin for the quarter expanding to 18% (organic). • Cash and Cash Equivalents (including bank balances, bank deposits and liquid investments) were ₹1,984Cr as on 30th June 2026, up ₹392 Cr from 31st March 2026, driven in part by working capital release. However, it is worth noting that the cash balance includes ₹65 Cr from drawdown of a Working Capital facility in Jumbonline. Founders’ Message Dear Fellow Shareholders, Q1’FY27 was important not merely because of the growth we delivered, but because several characteristics we have been building into TBO became visible together. The quarter began against a backdrop of continuing uncertainty across the Middle East. Travel routes, destination preferences and booking behaviour were still adjusting to the disruption. Against this environment, our platform continued to grow, Adj. EBITDA grew faster than Gross Profit with healthy cash generation. Together, these outcomes provide some of the clearest evidence yet of how we expect the TBO platform to behave as it scales: absorb disruption through diversification, grow revenues and profits faster than their underlying cost base, and convert earnings into cash at a consistent rate. The platform economics are becoming visible We have consistently maintained that the economic potential of TBO lies in the ability of our operating infrastructure to support progressively greater volumes of business without requiring a commensurate increase in costs. This quarter, the organic business demonstrated that operating model clearly. Organic Gross Profit grew 16%, while SG&A grew ~12%, allowing organic Adj. EBITDA to grow 25%. Adj. EBITDA as a percentage of Gross Profit expanded from 23.5% last quarter to 27.5%, while Adj. EBITDA margin (as a percentage of organic Revenue) increased from 15.4% to 17.8%. Q1 FY27 Q1 FY26 YoY Variance Q4 FY26 QoQ Variance Adj. EBITDA/GP 27.5% 25.4% 2.1% 23.5% 4.0% Adj. EBITDA/Revenue 17.8% 16.6% 1.3% 15.4% 2.4% Note: Without Classic Vacations The economic relationship is simple. When Gross Profit grows faster than SG&A, a greater proportion of incremental Gross Profit flows through to Adj. EBITDA. Adj. EBITDA can therefore grow faster than Gross Profit, allowing the platform to deliver progressively stronger margins as it scales. What gives us greater confidence is that the moderation in SG&A growth has developed over several quarters, with all the individual cost elements structurally driving this headline trend. In constant currency terms, organic SG&A grew only 4% during the quarter vs Last year. Total headcount costs have been flat for multiple quarters, Hosting and bandwidth expenses declined 13.7%, despite continued growth in platform activity. Investments made over the past few years in commercial capacity, technology, automation and operating infrastructure are beginning to mature and support a larger business base. This doesn’t mean that we will stop investing entirely. We continue to see substantial opportunities across market development, technology, supply, data and connected journeys. It means that each incremental rupee of Gross Profit should require progressively less incremental operating expenditure, allowing us to invest for future growth while improving the profitability of the business. The purpose of building a scalable platform is not to keep every cost line static. It is to create an organization in which profits can compound faster than the infrastructure required to support them. This quarter represented a meaningful milestone in that direction. Adapting through disruption The significance of this operating leverage is amplified by the environment in which it was delivered. The Middle East is important to TBO as a source market, a destination and a major aviation transit hub. Disruption across the region affected airline capacity, travel routes, destination preferences and traveller sentiment. The breadth of our platform allowed us to participate as travel flows shifted across alternate destinations, airlines and geographies. Demand across our source markets helped absorb part of the weakness in the affected region, while our supply breadth allowed us to serve travellers whose original journeys had to be reconfigured. The nature of the demand we serve also contributed to this resilience. Premium, complex and advisor assisted travellers are often more likely to preserve their underlying intent to travel, even when the destination, route or individual components of the journey must change. The disruption was nevertheless visible in our business mix. The Middle East is among our higher margin markets, and its lower saliency during the quarter affected the blended Gross Profit margin of the Hotels and Ancillaries business. In an environment of temporary demand weakness and greater competitive intensity, we made a calibrated decision to protect strategically important volumes where the incremental business remained contribution positive. As cond [Showing first 8,000 characters — download PDF for full document]