Analysts/Institutional Investor Meet/Con. Call Updates

ZAGGLE/26-27/ 67 August 21, 2026 To To Listing Department The Corporate Relations Department NATIONAL STOCK EXCHANGE OF INDIA LIMITED BSE LIMITED Exchange Plaza, Plot No C/1, G Block Phiroz Jeejeebhoy Towers Bandra Kurla Complex, Bandra (East) 25th Floor, Dalal Street Mumbai -400 051, Maharashtra Mumbai -400 001, Maharashtra Company Symbol: ZAGGLE Company Scrip Code: 543985 Dear Sir / Madam, Sub: Transcript of Earnings Call held on August 14, 2026 Pursuant to the Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations 2015 and further to our letter no. ZAGGLE/26-27/58 dated August 11, 2026, please find attached the Transcript of the said earnings call on the Company’s operational and financial performance for the quarter ended on June 30, 2026, and the same has been uploaded on our website on the web-link: https://ir.zaggle.in/wp-content/uploads/2026/08/Q1FY27-Transcript.pdf. We request you to kindly take the same on records. Thanking you, Yours faithfully, For Zaggle Prepaid Ocean Services Limited Raj P Narayanam Executive Chairman Encl. As Above “Zaggle Prepaid Ocean Services 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: DR. RAJ NARAYANAM – EXECUTIVE CHAIRMAN – ZAGGLE PREPAID OCEAN SERVICES LIMITED MR. AVINASH GODKHINDI – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – ZAGGLE PREPAID OCEAN SERVICES LIMITED SGA, INVESTOR RELATIONS ADVISORS Page 1 of 18 Zaggle Prepaid Ocean Services Limited August 14, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Zaggle Prepaid Ocean Services Limited Q1 FY27 Earnings Conference Call. 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 guarantees of future performance, and it may involve risks and uncertainties that are difficult to predict. 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 this 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 Dr. Raj Narayanam, Executive Chairman. Thank you, and over to you, sir. Raj Narayanam: Thank you so much. A very good evening to everyone. Thank you for joining the earnings call for Zaggle Prepaid Ocean Services Limited for the first quarter of fiscal year 2027. On behalf of the company, I extend a very warm welcome to all of you and an advanced Happy Independence Day. The financial results, press release and the investor presentation are uploaded on the stock exchange and on the company website. I hope everybody has had a chance to look at it. Now I would like to take the opportunity to talk about Zaggle's financial update at a consolidated level. It's been a decade of sustained growth, and it has brought us to a natural and exciting reflection point. For FY27 for us is going to be about transformation through consolidation, optimizing our core operations, harnessing the power of AI and seamlessly integrating our recent acquisitions. We are moving from a merely profitable growth paradigm that has served us very well in the past decade to a more focused approach on improving cash flows and calibrating capitalization, which will position us well for the next phase of growth with higher margins. By taking a deliberate, focused approach to our fundamental performance today amidst rapid technological shifts and dynamic market, we ensure our business remains resilient, agile and positioned to drive long-term shareholder value and global scale. In Q1 FY27, we sustained our top line momentum, delivering revenue of INR423 crores, a 28% year-on-year growth compared to Q1 FY26. Our adjusted EBITDA stood at around INR34.7 crores, reflecting key strategic transitions that I will detail shortly. What's more encouraging, however, is our expanding revenue footprint, a clear sign of strong growing demand for our core platform. Now I would like to take the opportunity to elaborate more on our 3 focus areas: revenue, EBITDA and operating cash flow. On revenue, our total revenue growth of 28% reflects operational momentum across both our stand-alone business and our subsidiaries. On a stand-alone basis, Q1 FY27 revenue reached Page 2 of 18 Zaggle Prepaid Ocean Services Limited August 14, 2026 approximately INR390 crores, representing an 18% expansion over INR331 crores in Q1 FY26. This 18% top line is particularly resilient given that Q1 is historically a soft quarter due to seasonality. Meanwhile, performance across our subsidiaries has been exceptional, and I look forward to detailing those results shortly. As always, we expect growth to accelerate through Q2 and remainder of the fiscal year. Now on EBITDA. In Q1 FY27, our adjusted EBITDA margin stands at around 8.2% as compared to 10.1% in Q1 FY26. Our overall cost base, which includes employee cost as well as other expenses went up by around 25% comparing Q1 FY27 to Q4 FY26 at a consolidated level. While we were successfully able to optimize around 15% of the cost base throughout FY26, which would have reflected in FY27, there were 4 major areas, which contributed to the rise. Expenses related to DICE acquisition, which we absorbed when we absorbed around 100 talented AI professionals, costs, including their transfer onetime costs and also would want to highlight at this point that we will start realizing the revenue from novated DICE contracts only from Q2 FY27. A moderated push of expenses into the P&L, which we were earlier capitalizing, and this is what we are going to continue to do it over the year. The standard employee increments, which come at the end of the year -- end of the financial year and gets reflected in the Q1 is also one of the reasons. Added employee costs, marketing costs and other expenses from the acquisition of Zagg.Money. Expenses related to DICE acquisitions were predominantly relocation costs for transitioning 100 employees from Pune to Hyderabad between May and June, along with onetime tech vendor payments to ensure continuity between the transition, along with onetime transaction costs reflected primarily under other expenses. With the relocation now complete, the DICE team cost from Q2 FY27 will sit under our employee benefit expenses. On the capitalization front, we are reviewing and updating our policies in close consultation with our advisers. Rather than waiting for a full policy rollout, we took immediate proactive measures in Q1 FY27 to moderate new capitalization levels. This calibrated moderation aligns with our focus on operational prudence and ensures our P&L better reflects our run rate costs. On operating cash flow, strengthening our operating cash flow trajectory remains a key priority. We look forward to detailing our progress on the next earnings calls, highlighting not only the actions what we have already taken to improve cash conversion, but also the additional levers, which we are preparing to execute forward -- going forward. Now I would like to give you an overview of Zaggle investments and acquisitions. I would like to start off by talking about our latest investment. We have made a strategic investment of around INR8 crores in Unobanc Private Limited, which operates under the brand of moneyHOP. Unobanc now holds an authorized dealer Category 2 license from the Reserve Bank of India, Page 3 of 18 Zaggle Prepaid Ocean Services Limited August 14, 2026 which allows it to offer digital cross-border payments, remittances and foreign exchange services as well as forex car [Showing first 8,000 characters — download PDF for full document]