Analysts/Institutional Investor Meet/Con. Call Updates

amag1 August 20, 2026 BRSeE: A LMimAiGteI/dS E/2026-27/54 National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, SDcarlaipl SCtoredeet ,– F 5o4rt4, 679 SByamndbroal K –u ArlMa ACoGmI plex, Bandra (E), Mumbai – 400001, Maharashtra Mumbai – 400051, Maharashtra DSuebarje Scitr:/ TMraadnasmcr, i pt of Q1 FY27 Earnings Conference Call. Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Q1 FY27 Earnings Conference Call held on Friday, August 14, 2026. The said transcript is also being hosted on the website of the Company at https://www.amagi.com/investors/quarterly-financials. We request you to please take the same on record. Thanking you. Amagi Media Labs Limited For and on behalf of Sridhar Muthukrishnan Company Secretary and Compliance Officer MEnecml.:b Aesr sahbiopv Ne o.: F9606 Amagi Media Labs Limited (formerly known as “Amagi Media Labs Private Limited”) CIN: L73100KA2008PLC045144 Registered office: Raj Alkaa Park, Sy. No. 29/3 & 32/2, 4 Floor, Kalena Agrahara Village, Begur Hobli, Bengaluru - 560076 Karnataka P E W : +91 80 4663 4444 | : info@amagi.com | : www.amagi.com “Amagi Media Labs Limited Q1 FY27 Earnings Conference Call” August 14, 2026 “E&OE” - THIS TRANSCRIPT IS EDITED FOR FACTUAL ERRORS. IN CASE OF DISCREPANCY, THE AUDIO RECORDINGS UPLOADED ON THE STOCK EXCHANGE ON AUGUST 14, 2026, WILL PREVAIL.” MANAGEMENT: MR. BASKAR SUBRAMANIAN – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – AMAGI MEDIA LABS LIMITED MR. VIJAY NP – CHIEF FINANCIAL OFFICER – AMAGI MEDIA LABS LIMITED SGA – INVESTOR RELATIONS – AMAGI MEDIA LABS LIMITED Page 1 of 18 Amagi Media Labs Limited August 14, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Amagi Media Labs Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will remain in the listen-only mode and there will be an opportunity for you to ask questions after the management's opening remarks. Should you need assistance during the conference call, please signal the operator by pressing star then zero on your touchtone telephone. Please note that this conference is being recorded. Before we begin, a brief disclaimer. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantee of future performance of the company, and it may involve risks and uncertainties that are difficult to predict. I will now hand the conference over to Mr. Baskar Subramanian, the Managing Director and CEO of Amagi Media Labs Limited for opening remarks. Thank you, and over to you, sir. Baskar Subramanian: Good morning and thank you for joining Amagi's Q1 FY27 Earnings Call. We'll be walking through the investor presentation, which is also available on our Investor Relations website. I'll spend the next few minutes on the quarter, the opportunity ahead, the customer momentum that we're seeing and our progress in AI. Vijay, our CFO, will then take you through the financials in detail, after which we'll open the floor for questions. If you go to Slide 2, as we begin the year, let me start with the macro picture of what you're going to see before the quarter. First, growth momentum remains strong, and margins continue to expand. Revenue grew 32%. We saw our trailing 12-month net retention, NRR going up to 125%. The adjusted EBITDA margin reached 11.5%. Second, if you look at it, the opportunity remains large, and it's very early in the market. Our TAM is close to $17 billion, and about 10% of the playout has moved to the cloud. And more importantly, AI will expand this opportunity materially over time. Third, customers are moving core mission-critical workloads to Amagi. The proof point of this quarter is that we managed the whole FIFA World Cup, all of the 104 matches were aired on Amagi's infrastructure for some of our key customers, and we could actually deliver 100% availability of this for a major U.S. broadcaster. Fourth, AI is getting real customer traction. We've been talking about it, and we now have 10 active pilots that's happening. And one of the major U.S. news networks has chosen to work with Amagi's Newspulse to transform the newsrooms into more of an AI-first workflows. So clearly, there's a lot more to unpack on this. We'll talk about it. If you go to Slide 3. As we said in the last quarter, the core model that works for us is the operating leverage, and that continues to play out. Revenue was INR437 crores, up 32% year- on-year, and 21% on a constant currency basis. That's a strong start of the year and our highest ever quarterly revenue in the history of the company. Page 2 of 18 Amagi Media Labs Limited August 14, 2026 Adjusted EBITDA rose to INR50 crores with a 11.5% margin and PAT was INR34 crores with a 7.5% margin. For context, Q1 has historically been seasonally softer quarter for us, fundamentally because all the salary raises and increments kicks in. Adjusted EBITDA coming in at 11.5% margin, above the FY26 full year margin of 10.3% is a data point on how the operating leverage is playing out. More importantly, as incremental revenue comes in, a greater share is flowing to the bottom line, and that's visible in the expansion of both adjusted EBITDA and PAT margins. We also closed the quarter with INR1,616 crores in cash and investments, including IPO proceeds. Vijay will take you through the details of all these financials in the follow-on slides that will come up. If you go to Slide 4, Amagi operates end-to-end across the media value chain, what we call glass- to-glass. From camera glass, where the content is created, to production, preparation, distribution and monetization, till it reaches the viewer's screen, we serve content providers, distributors and advertisers on a single cloud-native platform. But the more important point is what sits beneath all of this. Media is not like other software. Everything is mission-critical, every workflow is real-time, and there's zero tolerance for errors. To run at this scale, we operate what we call a video fabric, the underlying mesh of compute, networking, storage and orchestration that makes this whole glass-to-glass operations possible. Most of the industry sees this as applications. For us, the fabric is the harder problem, and that's where Amagi's deepest engineering investments come up. It's also what makes everything on the top possible, including AI, and we'll come back to it later. Glass-to-glass on a single video fabric- that's the foundation of everything else that we are actually working on today. If we come to Slide 5, as of this first quarter of the year, we want to step back for a moment and look at the opportunity size we're working with. If you look at it, across modernization, unification and monetization and marketplaces, our total TAM is roughly $17 billion. But I wanted to highlight a bigger point that's starting to evolve in our industry and in the market that we serve today is that AI, we believe, could nearly double that opportunity over time. And that's the more exciting proposition that we see. And for our customers, the opportunity comes in 2 dimensions, operating leverage in terms of cost, in terms of for every dollar they spend on technology, they're roughly spending close to $2 to $4 on human toil. That is a huge opportunity to build AI-enabled solutions that can replace their workflows today. On the revenue front, AI can help customers create more content, reach more new audiences and increase engagement, and we feel that's a new opportunity that's evolving as we speak. To be clear, these are directional views, not a forecast, but we believe this is the direction we're seeing today. We expect to have more proof points over the coming quarters. If we come to Slide 6. The core opportuni [Showing first 8,000 characters — download PDF for full document]