Transcript of Investor Call

August 14, 2026 The Listing Department, The Listing Department, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Fort Bandra-Kurla Complex, Mumbai - 400 001 Bandra (East), Mumbai- 400 051 BSE Scrip Code Equity: 505537 NSE Symbol: ZEEL EQ Dear Sir / Madam, Sub: Transcript of the conference call This has reference to our communication dated August 10, 2026 and pursuant to the provisions of Regulation 46(2)(oa)(iii) read with Schedule III of Part A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), the transcript of the conference call held on August 10, 2026 on the Company's performance for the quarter ended June 30, 2026, is enclosed herewith. The said transcript is also available on Company's website at: https://assets-prod.zee.com/wp-content/uploads/2026/08/Q1_FY27_Earnings_Call_Transcript_vF.pdf This is for your information and record. Thanking you, Yours faithfully, For Zee Entertainment Enterprises Limited Ashish Agarwal Company Secretary FCS6669 Encl: As above Zee Entertainment Enterprises Limited Q1 FY27 Earnings Conference Call August 10, 2026 Transcript Disclaimer: This transcript is provided without express or implied warranties of any kind and should be read in conjunction with the accompanying materials published by the company. The information contained in the transcript is a textual representation of the company's event and while efforts are made to provide accurate transcription, there may be material errors, omissions, or inaccuracies in the reporting of the substance of the event. The transcript has been edited wherever required for clarity, correctness of data or transcription error. This document may contain “forward-looking statements” - that is, statements related to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. These uncertainties may cause actual future results to be materially different that those expressed in such forward-looking statements. The company does not undertake to update its forward-looking statements. Page 1 of 18 Zee Entertainment Enterprises Limited August 10, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q1 FY27 Earnings Conference Call of Zee Entertainment Enterprises Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ankit Arora, Head of Investor Relations from Zee Entertainment Enterprises Limited. Thank you, and over to you, Mr. Ankit. Ankit Arora: Thanks Sagar. Hello, everyone. Welcome to our Q1 FY27 earnings discussion. We hope you have had an opportunity to review the results. We have with us today our CEO, Mr. Punit Goenka, along with senior management team. We will start with the opening remarks from Mr. Goenka, followed by commentary on operating and financial performance by Mr. Mukund Galgali, our Deputy CEO and CFO. And subsequently, we will open the floor for question-and-answer session. Before we get started, I would like to remind everyone that some of the statements made or discussed on today's conference call will be forward- looking in nature and must be viewed in conjunction with risks and uncertainties we face. The company does not undertake to update any of these forward-looking statements publicly. With that said, I will now hand the call over to PG for his remarks. Thank you. Punit Goenka: Thank you, Ankit. Good evening, everyone. It is my pleasure to connect with all of you today as we discuss your company's performance in the first quarter of the new financial year. I will also speak about the key strategic growth levers embedded into the business that will translate into a meaningful business outcome in the quarters to come. Let me commence with the quarter gone by. The subdued macroeconomic sentiments from the previous fiscal flowed into the first quarter, impacting the industry at large. The continued volatility in West Asia resulted in Page 2 of 18 Zee Entertainment Enterprises Limited August 10, 2026 inflationary pressures that affected the spending patterns of advertisers. Amidst this environment, our company remain resilient to navigate the challenges and maintain a sharp focus on strengthening its foundation for the future. To give you context, your company implemented strategic steps to expand into newer avenues that will enable it to unlock the growth opportunities required to fortify the competitive advantage going forward. In line with this approach, we took certain conscious yet confident steps while exploring into the sports business, launch of Unite8 sports channels marks an important step in our journey to enhance consumer engagement through a curated portfolio of emerging and high-potential sports properties. Our approach is to maintain a balanced focus on long-term value creation and financial sustainability. For us, value delivery will take precedent over pursuing expensive properties, enabling us to build a differentiated and sustainable offering. In line with this approach, your company secured the rights of key global football properties, including FIFA, Bundesliga and Serie A. I must mention that the recently concluded FIFA World Cup 2026, performed exceptionally well on your company's linear and digital platforms reaching over 400 million consumers in India. The tournament provided a strong flip to both segments, attracting millions of viewers. Now speaking about our digital business. Zee5 continued to display profitable growth for the third consecutive quarter, attaining a 58% increase in revenue year-on-year. In order to propel this positive momentum further, we recently unveiled a multilingual content slate encompassing a bold showcase of stories and formats across movies, original series, live sports, AI-powered story telling, animation and kids entertainment. With the compelling mix of offerings, the platform remains well positioned to achieve higher growth in the future. The robust content strategy Page 3 of 18 Zee Entertainment Enterprises Limited August 10, 2026 implemented across key businesses continued to display positive results. On the linear side, your company achieved an all-time high network share of 20% during the quarter. I'm pleased to share that our flagship Hindi channel Zee TV is gaining ground, fortifying its position in the entertainment landscape. It has been a leader in prime time for over 32 consecutive weeks reflecting the growing resonance of the new shows with our viewers. The language channels are also displaying a strong growth momentum by maintaining a firm leadership position across the respective markets. Advertisement revenue during the quarter remained muted, primarily due to external headwinds. That said, it remains a critical priority for us and the team is investing the required time and energy to gain traction. On the subscription revenue front, we reported a 16% year-on-year growth that largely stems from the performance of the digital platform. Our movies and music business are also growing at a steady pace quarter- on-quarter, driving strong synergies with our other business segments. Your company is also bolstering its presence across other key strategic initiatives, including micro-drama's, kids’ entertainment, live events, VFX and animation that have immense potential to boost your company's growth. Even as we continue to strengthen the [Showing first 8,000 characters — download PDF for full document]