Investor Presentation

August 18, 2026 The Secretary The Secretary BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor, Plot no. C/l Dalal Street, G Block, Bandra-Kurla Complex Mumbai- 400 001 Bandra (E), Mumbai - 400 051 BSE Scrip Code: 532348 NSE Symbol: SUBEXLTD Dear Sir/Madam, Sub: Investor Presentation for Analyst / Institutional Investor meeting Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Investor presentation for the Analyst/Institutional Investor Meeting (NDR) with the management of the Company scheduled to be held on Wednesday, August 19, 2026, at 10:00 A.M. (IST). This is for your information. Thanking you, Yours faithfully, For Subex Limited Ramu Akkili Company Secretary & Compliance Officer Encl: as above Years of Domain Expertise 150+ The Turnaround Installations in 100+ Countries You Didn't See Coming AI is rewriting the economics and we have the proof Customer Retention 19 August 2026 Recurring Revenue Forward looking statement Certain statements in this presentation concerning our future growth prospects are forward looking statements, which involve several risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. the risks and uncertainties relating to these statements include, but are not limited to, fluctuations in earnings, our ability to successfully integrate acquisitions, competition in our areas of business, client concentration, liability for damages in our contracts, withdrawal of tax incentives, political instability, unauthorized use of our intellectual property and general economic conditions affecting our industry. A 3–5 Year Window is Open Telco industry is getting reshaped Unlock Incremental Telco Is the Last New Spend AI Frontier 1.3T AI Sessions per year $1.7 Trillion Industry (53.5% on mobile) – Nokia $30-40B New Spending every year 27B tokens per day - AT&T 6G is AI & Agent Native - Qualcomm In the next 3 years, the new leaders will be set. We believe Subex has the assets to win this phase Source: MWC 2026 What Problem do we solve? Empowering every digital journey to be fearless, seamless and fraud-free Telcos leak 2.46% of revenues to fraud ~$42 B Subex protects telco revenues through Business Assurance, Fraud management, and Partner Ecosystem Management. Telco Revenue losses growing at almost 6x the industry growth and drive new category spend Source: CFCA Deep Install Base and High Switching Costs EMEA FY27 YTD 79.45 Crs. EBITDA 21.2.% PAT 17.9% QoQ 8.9% CPQ YoY 19.7% 150+ Installations across 100+ countries ~60% of customers are >= 8 years Asia Recognized Vendor In first ever MQ for AI in CSPs Contributor to Standards/ Frameworks for Assurance and Fraud Americas 700+ Employees across the globe A Telecom AI Company – We Build Products BUSINESS ASSURANCE (BA) FRAUD MANAGEMENT (FM) • Revenue Assurance (RA) • Comprehensive telco • Margin Assurance frauds detection, • Migration Assurance, etc. prevention and case management AI AT THE CORE • Embedded AI in Subex platforms & products • AI Use Cases • GenAI Agents PARTNER ECOSYSTEM FRAUD ZAP MANAGEMENT (PEM) • Lightweight Fraud Detection use cases for • Partner Settlement (PS) faster deployment • Routing Optimization (RO) Deep Domain expertise, Large Scale Data Engineering and access to massive Telco Dataset Strong Foundation for Sustained Growth (Since FY2023) Right Business Strong Business Portfolio Fundamentals • Back to profitability (FY23 to FY27 YTD - TTM) • EBITDA (3.9)% to 14.9% • Exited non-core business • PAT (18.4)% to 10.2% • Reinvest in core telco • ~54% increase in Cash and business where we have a cash equivalent to ₹ 184.8 crs. moat • 39% Employee Productivity unlock • No de-growth in transformation phase Proof Point: GenAI Bending Project Economics Device Proof Idea to Product Product to Sales Sales to Delivery Delivery to Services Fraud Points • GenAI SDLC • FraudzapTM • Configurable • AI Agent • #1 Fraud dramatically sold in 6 in weeks vs managed vs • Deployment/ contracts type in 2025 reducing months months in humans across Tier 1 timelines • GenAI first, Telco products • Fraud • 10% of • FraudzapTM use • LLM generated Investigation Telcos overall fraud built in ChatGPT to controls vs Agents • Spanning losses months vs address new human • Additional MS North multi years use cases configuration of model • Online & • Pre built • Stand alone • AI/ML model maintenance America, South retail AI/ML models AI/ML model built in weeks America, channels sale vs months Europe, & Middle East Increased R&D Reduced time High margin intensity Faster PMF to subscription annuity revenues revenues Operating leverage - less investments, higher velocity to revenue in a growth area – New Fly Wheel $4.3B TAM - Most of it Didn't Exist 3 Years Ago $1.53B Telco Adjacencies Telco Fintech • MVNO Fraud Controls • Revenue Assurance $1.70B New-Age Leakage Vectors $1.53B Telco Subscription Fraud • Device & Equipment Theft • Account Takeover Adjacencies • Social Engineering • A2P/SMS Fraud $1.70B $0.88B Agentic in-house & MS Replacement New-Age Leakage Vectors $0.88B Telco in-house team displacement • Managed service replacement • Investigation automation Agentic in-house & MS Replacement $0.19B Traditional Telco Leakage $0.19B Traditional IRSF/AIT • Simbox/Bypass - CLI Spoofing • Wangiri Telco Leakage Device Fraud was the proof of concept. The rest is the opportunity. Source: CFCA, Subex Analysis Our Right to Create Long Term Value 500B+ 92% 30+ Yrs Records/day processed Domain expertise Customer retention Live telco data across 100+ Fraud patterns, assurance models High switching cost and networks and telco logic deep integration Revenue Margin Expansion 1. Existing market 1. Gross Margin Upsell AI use cases Reduce Implementation Faster feature addition cycles 2. Net New Pipeline 2. Op. Margin Green Field Opportunities Higher R&D intensity Faster PMF G&A Automation AI is Changing the Revenue and Margin Profile of the Business Reasons to Invest in Subex 1. Proven Flywheel, Not a Promise 2. Annuity Revenue with AI Upside Device fraud demonstrates the new model works: AI- ~70% of revenue is recurring. 92% customer retention. native products, faster build, faster deploy, higher AI upsell is incremental, it's the growth layer on top of a margin. This is repeatable across the portfolio. stable annuity base that doesn't need to be rebuilt. 3. A Moat That Compounds Over Time 4. Re-Rating Opportunity at Current Valuations Every new customer adds data. Every new data point improves models. Every better model wins new A turnaround re-rating opportunity for an AI Product customers. The data flywheel compounds and enables Company. us to get to New TAM. Thank You