Please refer the attached letter.

Corp. Office: Shree Laxmi Woolen Mills Estate, 2nd Floor, R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai - 400 011 Tel: (022) 3001 6600 CIN No. : L17100MH1905PLC000200 August 03, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Dalal Street, Fort, Bandra-Kurla Complex, Bandra East, Mumbai- 400 001 Mumbai- 400051 Security code: 503100 Symbol: PHOENIXLTD Dear Sir/Madam, Sub: Transcript of Earnings Conference Call This is further to our letter dated July 29, 2026, wherein we had informed the stock exchanges about the conclusion of our Earnings Conference Call with Analysts / Institutional Investors on Un- audited Standalone and Consolidated Financial Results of the Company for the quarter ended June 30, 2026, which was concluded on Wednesday, July 29, 2026 at 11:57 A.M. (IST),. Please find attached herewith the Transcript of the said Earnings Conference Call. The enclosed Transcript is being made available on the Company’s website and can be accessed at https://www.thephoenixmills.com/investors/FY2027/Earnings-Call-Transcript. You are requested to take the same on record. Yours faithfully, For The Phoenix Mills Limited Bhavik Gala Company Secretary Membership No. F8671 Encl.: As enclosed Regd. Office : The Phoenix Mills Ltd., 462 Senapati Bapat Marg, Lower Parel, Mumbai 400 013. Tel : (022) 2496 4307 / 8 / 9 Fax : (022) 2493 8388 E-mail : secretarial@phoenixmills.com www.thephoenixmills.com The Phoenix Mills Limited Q1 FY27 Results Conference Call July 29, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Q1 FY27 Results Conference Call of The Phoenix Mills Ltd. As a reminder, all participant lines will be in the listen-only mall, 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 “*”, then “0” on your touchtone phone. Please note this conference is being recorded. At this time, I would like to hand the conference over to Mr. Varun Parwal. Thank you and over to you, sir. Varun Parwal: Thank you and good morning, everyone. It is a pleasure to welcome you all to discuss our operating and financial performance for the first quarter of Fiscal Year 2027. I am pleased to share that we have made a strong start to the year with broad-based growth across our core businesses. Consolidated revenue grew 13% to Rs. 1,075 crores and operating EBITDA grew 14% to Rs. 642 crores. Our core revenue, that is revenue from our annuity businesses, grew 17% year-on-year to Rs. 1,033 crores, while EBITDA increased 19% year-on-year to Rs. 649 crores. At Phoenix, we continue to build integrated destinations where people choose to shop, work, live and unwind, and I think this interconnected model is once again reflecting in both the resilience and the quality of our growth. There are three messages that I would like to leave you with this quarter: • First, our operating momentum remains strong and importantly, it is broad- based across every one of our businesses. • Second, our cash generation remains healthy, and our balance sheet remains conservative. And this is even after we have funded our ongoing CAPEX and completed the pending land payment for Chandigarh during the quarter, which speaks to the underlying strength of our operating cash flows and our disciplined approach to capital allocation. • And third, the next phase of growth is now clearly approaching. Several of our developments and expansions are expected to become operational through 2027 and mid-2028, while our recently completed offices continue to move steadily towards higher occupancy and billing. So, we have good visibility on the growth ahead. Page 1 of 17 With that, I will now hand the call over to Rashmi to take you through our retail portfolio performance. Over to you, Rashmi. Rashmi Sen: Thank you, Varun. Good morning, everyone. I am pleased to share that our retail portfolio delivered an outstanding performance in Q1 FY27, with robust growth across all our key operating metrics, despite no new mall area additions during the quarter. We continue to witness strong momentum in retailer sales, rental income and trading occupancy, reflecting the strength of our assets, the successful execution of our leasing strategy and sustained consumer demand across all our malls during this quarter. In Q1, rental income grew to Rs. 594 crores, increasing by 17% year-on-year, while EBITDA stood at Rs. 625 crores, also growing at 17% year-on-year. Consumption for the quarter stood at Rs. 4,730 crores, representing a strong 32% year- on-year growth, while consumption excl. jewelry and electronics across the portfolio grew by 24%. Growth was broad-based across categories and geographies. Apparel and accessories, which account for 60% of our trading area, grew by 24%. Jewelry grew by 55%. Electronics grew by 61%. What is particularly encouraging is the continued strength in F&B and experience-led categories. Growth of over 20% in the F&B and Entertainment (FEC & Multiplex) categories combined reflects sustained consumer engagement in the experience-led spending, underlining our strategy of introducing new experiential concepts such as Gourmet Village at Phoenix Palladium. Over the last year, we have consistently spoken about our strategy of repositioning select mature assets by upgrading the tenant mix and enhancing the overall customer experience. The rebranding and relaunch of Phoenix MarketCity Pune as Phoenix Avenue of Stars reflects its evolution into a more premium, experience-led retail destination. With an upgraded facade, refreshed interiors, an enhanced brand mix, and the introduction of Bridge-to-Luxury and super-premium brands, the Center has significantly elevated its market positioning and strengthened its appeal amongst the city’s affluent customers. Marquee brands such as Uniqlo, Victoria's Secret, Ethos Summit, Hugo, IKEA and several others are already operational, while several other brands currently underfit out. The response from both customers and retailers has been highly encouraging, with the impact visible from the very first quarter. Consumption is up by 29% year-on-year, trading density up by 26%, and rental income reaching Rs. 60 crores, up 13% year-on-year. Page 2 of 17 Likewise, at Phoenix MarketCity Bangalore, owing to the repositioning initiatives and addition of new marquee brands, we are seeing a positive impact on both consumption and rentals, which are already up by 22% at Rs. 540 crore, and 17% respectively. In fact, both the Pune and Bengaluru assets are operating at 89% occupancy, and we are yet to realize the full potential of our repositioning efforts at both these assets. We are also witnessing similar positive outcomes across our other assets, where efforts made over the last few quarters are continuing to translate into measurable operating performance. These centers have delivered double-digit growth in both consumption and rentals. Over the last 12 months, we launched approximately 390 new stores, introducing several leading international and domestic brands, including Uniqlo, Lego, Rolex, COS, Bershka, Victoria's Secret, IKEA, Coach, Sephora, Michael Kors and several others. These additions are enhancing the overall performance of our assets. Minimum guarantee rentals across our portfolio continue to grow at double-digit rates, while revenue share income is also growing at a healthy pace. During this quarter, we completed over 300 leasing transactions, covering nearly 1 million square feet across both operational and under-construction assets. With regard to our upcoming assets, we are approaching 90% leasing at Phoenix Grand, Victoria, Kolkata, 50% leasing at Surat. Our expansion projects at Phoenix Palladium and Phoenix MarketCity Bangalore Phase-2 are already more than 50% leased. Our other upcoming developments in Thane, Chandigarh and Coimbatore are all witnessing posi [Showing first 8,000 characters — download PDF for full document]