Analysts/Institutional Investor Meet/Con. Call Updates

August 05, 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: Transcript of the Investor Earnings Conference Call Ref: - Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’) Dear Sir/ Ma’am, In furtherance to our intimation dated July 22, 2026, and pursuant to Regulation 30 of the Listing Regulations, please find enclosed the transcript of the Earnings Conference Call held on Thursday, July 30, 2026, on the financial results of the Company for the quarter ended on June 30, 2026. This disclosure will also be available on the website of the Company at https://www.tbo.com/engagement/investors/#StockExchangeSubmission This is for your information and records. Thanking you, Yours faithfully For and on behalf of TBO Tek Limite 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 Q1 FY27 Earnings Conference Call July 30, 2026 MANAGEMENT: MR. ANKUSH NIJHAWAN - CO-FOUNDER AND JOINT MD MR. GAURAV BHATNAGAR - CO-FOUNDER AND JOINT MD MR. AKSHAT VERMA – WHOLE TIME DIRECTOR AND CTO MR. VIKAS JAIN - CHIEF FINANCIAL OFFICER MR. PRAMENDRA TOMAR – GENERAL COUNSEL MR. SHRESHTH MAHAJAN, ASSOCIATE DIRECTOR- INVESTOR RELATIONS MODERATOR: MS. AASHVI SHAH – ADFACTORS PR: INVESTOR RELATIONS Page 1 of 27 TBO Tek Limited July 30, 2026 Aashvi Shah: Good evening, everyone. This is Aashvi Shah from the Investor Relations team at Adfactors PR. On behalf of TBO Tek Limited, I would like to welcome you all to the Earnings Conference Call for Q1 FY27. Today on the call, we have with us from the management, Mr. Ankush Nijhawan – Co-Founder and Joint Managing Director, Mr. Gaurav Bhatnagar – Co-Founder and Joint Managing Director, Mr. Vikas Jain – Chief Financial Officer, Mr. Akshat Varma – Whole-Time Director and Chief Technology Officer, Mr. Pramendra Tomar – General Counsel, Mr. Shreshth Mahajan – Associate Director: Investor Relations. We will begin the call with brief opening remarks from the management followed by a Q&A session. Please note that certain statements made during this call may be forward looking in nature. Such forward-looking statements are subject to risks and uncertainties that could cause the actual results or projections to differ materially from those statements. TBO Tek will hold no responsibility for any such actions taken based on such statements and undertakes no obligations to publicly update these forward-looking statements. I will now hand over the call to Mr. Gaurav Bhatnagar for his opening remarks. Thank you and over to you, sir. Gaurav Bhatnagar: Thank you, Aashvi, and good evening, everyone. Welcome to our Q1 FY27 Earnings Call. We uploaded our shareholder letter on our website yesterday and I hope all of you have had a chance to go through it. Before we jump into Q&A, we wanted to highlight a few salient features from this quarter: The first one, I think this was by far the toughest quarter for the company in the last two years. The increasing disturbances in the Middle East caused severe disruption in travel across the globe and the disruption expanded far beyond Middle East. Markets like India and Europe were also impacted because travel from East to West and West to East was disrupted because it is heavily reliant on the Middle East carriers. The airfares are Page 2 of 27 TBO Tek Limited July 30, 2026 also very high. In spite of that, the company has delivered growth both on top line and bottom line and we are very proud of it. It has started to show the fact that the diversity of source markets that we operate in is a big factor in building resilience in our business model. Given that no one country or no one region heavily dominates, our top line helps us cushion effects like the ones that happened in the last quarter. A couple of other things that have helped us are that we were, as you all know, investing heavily into market development in Europe and that helped tremendously. Even in a very tough quarter, travel in Europe was generally impacted as well but we still delivered 24% YoY growth in Europe. The other thing that is helping the business, especially looking forward, depending on how long this crisis lasts, is the increasing saliency of North America. With the acquisition of Classic Vacations, North America is starting to be almost a quarter of our hotel GTV, which is substantial and we believe we will be able to create growth plans over there and that saliency will help us because that corridor, the North America-Europe corridor, is far more resilient compared to other travel corridors at this point in time. The final highlight purely on the numbers was that the Middle East, in spite of the massive crisis within the region, delivered flat numbers. It delivered 1% growth in constant currency which is very commendable and full marks to our team for delivering that. So, net-net, our view is that the expanded investments that we made in retrospect were very timely because that helped us cushion a potential degrowth that could have happened in this quarter given our heavy reliance on the Middle East market, but Europe came through and the acquisition of Classic was also very timely because it has given us an entry into a much more resilient corridor. The second thing to highlight for this quarter is that operating leverage was quite visible. Our bottom-line EBITDA margins grew significantly Page 3 of 27 TBO Tek Limited July 30, 2026 faster than our GP or revenue margins. You all know we have been promising operating leverage, and it started to feel a bit mythical because Europe, we have been promising for some time. We were expecting to see it in Q4 but unfortunately the war broke out in that quarter. But we are happy with the fact that Q1, there is a clear demonstration of operating leverage and we expect, given that margins have expanded even on moderate top line growth given the war situation, our expectation is that as top line growth normalizes when things come back to normal, the bottom-line growth should accelerate further. The final point we want to highlight is that you would have observed that we have shared numbers in constant currency as well. This was feedback from some of you in the last call as well and secondly, this specific quarter was very unusual, and you would see numbers both in INR and in constant currency. There was almost an 11% gap in our hotel GTV when we looked at in constant currency versus INR and which is leading to significantly higher growth numbers if you looked at INR standalone. In the interest of transparency, we have started reporting numbers in constant currency as well. We should also highlight this was the first quarter when such a significant gap happened. For example, even last quarter when the rupee started to depreciate, there was only a 3% gap in hotel GTV in constant currency versus INR. So, we did not find it significant enough to report separately but given the steep depreciation that has happened on a YoY basis, we have started reporting numbers in constant currency as well. With that, we will take a pause and open for questions. Aashvi Shah: Thank you, sir. We will now begin the Q&A session. I would request all participants to raise their virtual hands and introduce themselves and the firm they represent. The first question is from Mr. Karan Uppal. Karan, please un [Showing first 8,000 characters — download PDF for full document]