Analysts/Institutional Investor Meet/Con. Call Updates

Date: August 3, 2026 BSE Limited, National Stock Exchange of India Limited, 20th Floor, P.J. Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai - 400001. Mumbai – 400 051 BSE Scrip Code: 544606 NSE Scrip Symbol: PINELABS Subject: Transcript of the Analysts / Institutional Call Dear Sir/Ma’am, Pursuant to Regulation 30 and 46 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the transcript of the conference call that was organized with the Analysts/Investors on July 29, 2026 and the same can be accessed at www.pinelabs.com/investorrelations/financial-results?tab=quarterly-results. We request you to kindly take the above on record. Thanking you. For Pine Labs Limited Neerav Mehta Company Secretary and Compliance Officer Membership Number: A20949 “Pine Labs Limited Q1 FY2027 Earnings Call” July 29, 2026 Management: Mr. Amrish Rau – Chief Executive Officer Mr. Sameer Kamath - Group CFO Moderator: Hello, everyone. Welcome to the Pine Labs Limited Q1 FY2027 earnings call. Please note all participant lines will be in the listen-only mode and this call is being recorded. Joining us from the Pine Labs management team are Mr. Amrish Rau, CEO, and Mr. Sameer Kamath, Group CFO. The call will begin with opening remarks from Mr. Amrish Rau, including the business highlights and performance, followed by a Q&A session. Before we begin, please note that some of the statements made during this discussion may be forward-looking in nature. Actual results may vary significantly due to various external factors. The Zoom conference call is intended solely for investors and analysts, so if you are joining from a media organization, we request that you please disconnect. Please reach out to the Company's investor relations team for any questions. With that, I now hand the call over to Mr. Rau. Over to you, sir. Amrish Rau: Thank you. Good morning and thank you everyone for joining us early at the start of the day. As you know, we released our Q1 results yesterday. I hope you all have had the time to look through that Q1 results. What I want to do is before we take the Q&A and go into the financials, many questions around the financials. I just wanted to give a very quick overview of where the business is and what is happening in the marketplace, however, we are thinking about it, what are we building towards and what are we most excited about. Just to reiterate, obviously, I would first want to reiterate the vision of the Company. We have been pretty much consistent with our vision where we think that we have an opportunity to build a world- class fintech coming out of India, coming out of the Asian markets, and we are building our products in that direction. These are the quick financials. We will come back to it. At a very high level, what I would want to reiterate is another very strong, powerful performance. We came in at about 20% on a year-on-year growth. As you would know, we had guided to about a 21-23.5% growth on a full year basis. We had also said that the Q1 generally would be on the lower end of it. We feel very, very comfortable with where we are. When you look at our EBITDA and you look at the adjusted EBITDA on an adjusted EBITDA basis, you would see that we came in, again, with a very strong performance. But I think there were some forward-looking investments that we made very early and that just comes out of the confidence that we are getting to see in the market. I will go a little bit more deeper into what we are getting to see and why we think that it is time for us to invest early into that part of the business. On the PAT basis, we came in close to about Rs.20 Crores. But if you actually look at the PBT number, the PBT number was quite interesting. and Sameer will go through that a little bit more in detail. As far as operating cash flow is concerned, we came in at about 16%. We have guided to trying to keep this under the 15% range on a full year basis. There will be variance between various quarters. We, again, feel very, very comfortable with where we are when it comes to the operating cash flow and where we think the full year would go to. Net-net summary on the financial side, very powerful performance, continue to execute in the field. But let me give you a little bit more deeper into what we are doing and how we are continuing to build. Remember, we are a tech Company and we continue to build new technology and new payment services. So what I have out here is really the value chain of all the areas that we are currently operating in. But what I have grayed out here, that is the payments infrastructure, that is the payments rails that we have created, both in the online world, as well as in the offline world, both in the acceptance side, but also on the issuing side. As you know, in every transaction, there is somebody making the payment, somebody receiving the payment. And each of the areas, there is a lot of tech which has to be built. The entire world is changing when it comes to fintech and what it means in terms of tech architecture. We are continuously investing into building that technology capabilities out there. We continue to charge for payment acceptance, payment processing, and in many cases for any issuance or credit issuance that we do using our tech platforms. Around it then comes the flow-based services. On the flow-based services, what we basically do is, we help brands, banks, financial institutions, acquire new customers, convert those customers, engage with those customers. So that is what we put under the flow-based services. And even in flow-based services, we are getting to see huge change in the marketplace. And it is not just about EMI, but there is EMI, there are offers, there are consumer communications which are happening at the point of purchases. We are getting to see a completely new range of fintech which are coming and wanting to address their consumer base at the point of purchase. We are enabling all of them on our platforms and hence our flow-based income, flow-based transactions continue to rise steadily. We are taking the same playbook to international markets. Let me tell you this, in Malaysia, we have now become the single largest installment payments provider in that market. And except for one large bank, we pretty much have about eight or nine banks where we are doing installment payment services in the Malaysian market. We have replicated that in Singapore. We are about to launch all of those services in the Dubai markets too. So our abilities to take our tech stack, take our flow-based capabilities into international markets that is going extremely well. I feel very comfortable that we are making progress from a technology layer standpoint, architecture and also from a distribution standpoint. Purely in terms of what we doing on the AI side, in terms of the products that we are releasing in the market, and these are all completely new products, we have actually now signed up with six banks and NBFCs doing what we call a SignalIQ. What SignalIQ does is it allows banks to integrate their data, integrate the consumer's data and then look for signals and information in the consumer's data so that they can underwrite that consumer better. One of the things I have talked for many years is that th future of payments is not going to be only in terms of money movement, but also in terms of data movement. So payments and data is something that we have been investing into. Second piece is, as you would know, NPCI is being promoting credit on UPI. We have a full tech stack on credit on UPI in place. We actually have a bank, which has gone live with us, which is J&K Bank on credit on UPI. We continue to expand into that area. Third, as I told you, the EMI product is going global. And fourth, what has now started to become fairly significant in our revenue stream on a full-year basis is we are actually working with br [Showing first 8,000 characters — download PDF for full document]