Analysts/Institutional Investor Meet/Con. Call Updates

August 03, 2026 To To National Stock Exchange of India Ltd BSE Limited Exchange Plaza, 5th Floor, C-1, Block G, 1st Floor, Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Bandra (E), Mumbai 400051 Dalal Street Mumbai – 400001 NSE Symbol: ATHERENERG Scrip Code: 544397 Sub: Investor Presentation for the quarter ended June 30, 2026 Dear Sir/ Madam, Pursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith a copy of the Investor Presentation on the Company’s performance for the quarter ended June 30, 2026. Kindly take the above information on record. Thank you For Ather Energy Limited Puja Aggarwal Company Secretary & Compliance Officer Membership No: A49310 Earnings Call Q1 FY27 Forward Looking statement disclaimer This presentation contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, product development, market position, expenditures, and financial results, are forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements. The Company assume no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events, or otherwise. Macro shift drives structural tailwinds Policy, fuel economics and consumer sentiment are moving together for the first time in our industry’s history E2W Penetration 11% Transport electrification is accelerating as national agenda in the up 44%1 background of global fuel crisis EV Searches up2 75% Policy support continues to strengthen - Delhi EV Policy and PM E-Drive reinforce adoption Ather Searches2 118% 3 Availability concerns on fuel are shifting consumer sentiment - EV Demand surged even before the fuel price hikes 4 Rising petrol prices in India improve EV Total Cost of Ownership Note: 1. In June ’26 compared to June ‘25; 2. Source: Google Keyword Planner; Period Q1 YoY Growth comparison Every demand proxy is inflecting INDUSTRY REGISTRATIONS1 ATHER ENQUIRIES2 ATHER PRE-ORDERS2 150k 525k 707k 150k +68%* +95%* +158%* 525k 707k 312k 362k 344k 234k 58k Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 25 25 25 25 26 26 26 26 27 25 25 25 25 26 26 26 26 27 25 25 25 25 26 26 26 26 27 Note: 1. Source: Industry - Vahan; 2. Enquiries & Pre Orders - Ather internal data; * Period: Q1 FY 27; YoY Growth comparison Strong YoY wholesale volume growth 81% YoY Growth Ramping Supply Units Units in 1,000s 83,173 83,418 67,851 +81% 65,595 46,078 Apr ‘26 May ‘26 Jun‘26 Q1 Q2 Q3 Q4 FY 26 FY 27 ..despite labour and West Asia crisis at the start of the quarter Even stronger growth in YoY Registrations at 102% 102% YoY Growth1 Strong growth across Geographies Units Units in 1,000s 141% 90,808 27.8k 11.6k 81,204 Middle India2 70,734 +102% 118% 57,745 14.4k 6.6k Rest of India3 44,900 46.2k 26.3k Q1 Q2 Q3 Q4 South India4 FY 26 FY 27 Q1’26 Q1’27 Note: 1. Source: Vahan Portal + International dispatch data; 2. Middle India comprises of Chhattisgarh, Gujarat, Madhya Pradesh, Maharashtra, Odisha, Dadra and Nagar Haveli and Daman and Diu; 3. Rest of India is defined as all states and Union territories excluding South India and Middle India; 4. South India comprises of Andhra Pradesh, Goa, Karnataka, Kerala, Tamil Nadu, Telangana, Andaman & Nicobar islands, Lakshadweep, Puducherry. 6 AURIC Phase 1 capacity gearing up to capture this demand Enquiries1 Pre-Orders1 Retails + International Sales 2 Production3 +13-15k/month 13-15k unrealized retail potential Dealer stock 14 days 3 days Q4 FY 26 Q1 FY 27 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Note: 1. Enquiries & Pre Orders - Ather Internal Data; 2. Retail + International Sales - Vahan and International Dispatch data; 3. Production - SIAM. All values are monthly averages AURIC Phase 1 capacity gearing up to capture this demand Enquiries1 Pre-Orders1 Q4 27 Retails + International Sales 2 Production3 5L5 9.2L5 42k4 Auric Phase 1 CURRENT 13-15k 4.2L5 4.2L5 35k4 Hosur Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Note: 1. Enquiries & Pre Orders - Ather Internal Data; 2. Retail + International Sales - Vahan and International Dispatch data; 3. Production - SIAM. All values are monthly averages 4. Monthly Capacity; 5. Annual Capacity; AURIC Phase 2 scalable for fueling future growth TO FOLLOW Enquiries1 5L5 14.2L5 Pre-Orders1 42k4 Retails + International Sales 2 Auric Production3 Phase 26 Q4 27 9.2L5 42k4 Auric Phase 1 CURRENT 13-15k 4.2L5 4.2L5 35k4 30k Hosur Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Note: 1. Enquiries & Pre Orders - Ather Internal Data; 2. Retail + International Sales - Vahan and International Dispatch data; 3. Production - SIAM. All values are monthly averages 4. Monthly Capacity; 5. Annual Capacity; 6. Auric Phase 2 planned capacity Near term headwinds in commodities Commodity Index 2W commodity cost index1 AI data center growth spikes demand for copper and aluminium 107 Anti involution campaigns in China and mining 100 What we guided in Q4 FY26 license cuts spiking lithium prices West Asia conflict disruption to crude oil supply, driving up plastics and polymers cost Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 HSBC commodity index Company estimates Aluminium Copper Plastics Lithium Hydroxide +43% +25% +131% +60% Note: 1. Source: HSBC commodity index & company estimates Our average Ex-Showroom Price across the country ASP1 Scooter & Atherstack Pro Vehicle price increase 11k ASP Increase2 AtherStack Pro price increase High range models show growth Improved Skew Atherstack Pro Attach Rate +1.2k +1.2k +1.6k +0.85k +2.2k Note:1. ASP (Average Selling Price) calculated taking into account the Ex-Showroom price (net of subsidy) of all Ather models at a city level for each month / quarter; 2 Increase in ASP from Q4 26 to Jun’26 Consistent focus on ecosystem: Expanding margins and deepening moats Attach rate1 consistent at 94% even with ~ 5x volume surge 89% 91% 92% 91% 89% 90% 92% 94% 94% 88,387 80,716 70,126 56,409 44,460 42,942 43,994 36,967 17,798 non-vehicle revenue Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 Total Registrations Attach Rate1 Note: 1. Attach Rate is the percentage of total users that opt for AtherStack Pro Source: Vahan Portal Gross Margin evolution in Q1 FY27 Note : Adjusted Gross Margin % (AGM %) is calculated as adjusted gross margin (₹) divided by total income *100 where adjusted gross margin is calculated as total income reduced by cost of materials consumed, purchase of stock-in-trade and change in inventories of finished goods, stock-in-trade and work-in-progress; EBITDA shows sharp improvement despite commodity pressure AGM2 and EBITDA1 trajectory YoY EBITDA Margin1 growth 22.4% 9% 0.8% ~1,650 0.8% (7%) bps improvement YoY (-15.7%) (23%) (36%) Q1 FY 26 Q1 FY 27 FY 24 FY 25 FY 26 Q1 FY 27 Adjusted Gross Margin %2 EBITDA Margin %1 Note: 1. EBITDA margin % is calculated as Earnings before exceptional items and tax plus finance cost and depreciation and amortization expenses divided by total income; 2. Adjusted Gross Margin % is calculated as adjusted gross margin (₹) divided by total income *100 where adjusted gross margin is calculated as total income reduced by cost of materials consumed, purchase of stock-in-trade and change in inventories of finished goods, stock-in-trade and work-in-progress; 14 Scooter Platform Powering the next phase of growth: EL scooter High volume production trials underway Homologation Complet [Showing first 8,000 characters — download PDF for full document]