Chairperson''s Speech delivered at the 14th Annual General Meeting held on August 25, 2026.

FSN E-Commerce Ventures Limited August 25, 2026 National Stock Exchange of India Limited BSE Limited Symbol: NYKAA Scrip Code: 543384 Dear Sir/ Madam, Sub: Chairperson’s Speech at the 14th Annual General Meeting held on August 25, 2026 Please find enclosed herewith the Chairperson’s Speech delivered at the 14th Annual General Meeting of the Company held today i.e., August 25, 2026. We request you to take the same on record. Thanking You. Yours faithfully, For FSN E-Commerce Ventures Limited Dr. Chetan Sharma Company Secretary and Compliance Officer Encl: As above Registered Office: 104 Vasan Udyog Bhavan | Sun Mill Compound | S. B. Marg | Tulsi Pipe Road | Lower Parel (W) | Mumbai – 400013 Website: www.nykaa.com | Phone: +91 22 6838 9616 | Email – nykaacompanysecretary@nykaa.com CIN: L52600MH2012PLC230136 CHAIRPERSON’S SPEECH AT THE 14TH ANNUAL GENERAL MEETING Falguni Nayar: Good morning, ladies and gentlemen, It is my great honour to welcome you all to Nykaa's 14th Annual General Meeting. On behalf of the Board of Directors, I would like to thank each of you for taking the time to join us today. I will start my presentation with a brief industry overview and One Nykaa performance. I am very proud to say that today Nykaa is India’s leading beauty and lifestyle destination. Just to recap, our businesses comprise of Nykaa, our omnichannel beauty retail platform, Nykaa Fashion, India’s leading premium online fashion destination, Superstore by Nykaa, our eB2B distribution platform, serving beauty retailers across the country, and House of Nykaa which brings together a portfolio of 12 consumer brands across beauty and fashion. This ecosystem is powered by over 55 million cumulative customers, allowing us to achieve a milestone of ₹10,000 crores NSV and ₹20,000 crores GMV in FY26. India is among the fastest-growing major economies in the world. GDP has doubled from $2 trillion in FY16 to $4 trillion in FY26 and is projected to more than double again to about 10 trillion by FY36. This rise in GDP is fuelling outsized growth in discretionary consumption. Discretionary spend now makes up 53% of India's retail market, up from 35% a decade ago, and is set to reach 60–62% by FY36, approaching the current levels seen in mature economies like China and the US. Beauty and Fashion are among the fastest-growing discretionary categories in India, with both expected to grow at 12% plus over the next decade, ahead of overall discretionary consumption. Together, these categories represent about $110 billion of consumer spends today, which is expected to nearly double by FY31, increasing their share of discretionary spending from 23% to 30%. Nykaa is well positioned to capture this opportunity, sitting at the intersection of three powerful consumption trends - premiumization, digital adoption and discovery-led commerce. India’s rising affluence provides a significant structural tailwind for Nykaa. Over the next decade, our core target households are expected to nearly double from 60 million to nearly 110 million, while another 100 million households will form an emerging consumer base for us. By FY36, the upper and middle-income segments are expected to represent 55% of Indian households and will account for 85% of the country’s income pool. This expanding base of affluent consumers creates a powerful runway for Nykaa’s growth over the next decade. 1 | P age India is among the fastest growing BPC markets – the market is projected to reach $42 billion by FY31, making India the 4th largest BPC market globally. With presence across online, offline and B2B, Nykaa is well placed to serve the BPC market across every channel, each of which is expected to exceed USD 13 bn by FY31. Similarly, the India Fashion market is set to grow to $160 billion by FY31 — making it the 3rd largest globally — with online fashion growing at 22–25% CAGR to reach 30% of the market. The online premium fashion market, where Nykaa Fashion is positioned, is expected to grow even faster at 26–28% CAGR - nearly tripling from $3 billion to nearly $9 billion by FY31. As you can see, Nykaa has truly come a long way since inception. What started as an idea, today represents over 20,000 crores in GMV and we have strong conviction in its continued success. Over the last five years, we have built multiple engines of growth, each addressing a large and distinct market opportunity. Each of the businesses scaled strongly over the last 5 years - Beauty has grown 4x - Fashion has grown 7x, - House of Nykaa scaled 8x, - and Superstore scaled 4x in just three years. Each business continues to present immense opportunity given the large TAM collectively representing $100 bn by FY31. This diversified growth has been accompanied by a strong improvement in profitability. Over the last five years, while revenue has grown 4 times to over ₹10,000 crore, EBITDA has grown even faster at 5 times to ₹752 crore in FY26. This reflects the increasing operating leverage coming through as our businesses scale. This scale is a result of continued investment across customer acquisition, retail network, fulfilment and technology. Over the last five years, our cumulative customer base has grown nearly 5 times to 55 million, our beauty store network has expanded to 313 stores, and our warehouse network has scaled to 44 warehouses. Going forward, we will continue to invest in these areas while maintaining a strong focus on efficiency and returns. As Nykaa becomes a large and diversified organization, we continue to remain disciplined in how we invest in our workforce. We have steadily witnessed improving productivity over the years across functions. As a result, revenue per employee has more than doubled from ₹1.2 crore in FY21 to ₹2.5 crore in FY26 2 | P age Going forward, we will continue to invest in the capabilities and talent required for growth, while increasingly using technology to increase the productivity of our teams. Now let me begin with our Beauty Vertical. Over the last five years, Beauty NSV has grown 4 times to over ₹8,500 crore, while GMV has reached approximately ₹15,000 crore. Today, we serve a cumulative base of 45 million customers and offer more than 4,500 brands. Nykaa is the trusted partner for all iconic beauty groups globally. Today, we partner with every major global beauty group - including L’Oréal, Estée Lauder, Unilever, LVMH, P&G, Puig and Beiersdorf. These relationships span across multiple brands and in many cases Nykaa is the exclusive retail partner of choice for many coveted brands. We continued to strengthen our assortment in FY26, launching more than 200 new brands. These ranged from Korean beauty favourites and leading clinical skincare brands to some of the world’s most iconic luxury brands. Brands across categories, price points and geographies continue to choose Nykaa, reinforcing our leadership position as the destination for beauty discovery in India. Our omnichannel presence is an important lever in Nykaa’s playbook for beauty retail in India. We have built India’s largest specialty beauty retail network, with 313 stores across 99 cities at the end of FY26, compared with just over 100 stores four years ago. Importantly, our network is diversified across cities, regions and formats, allowing us to serve different consumer needs. FY26 was also a landmark year of retail innovation and first-of-a-kind format launches. We launched Nykaa Perfumery — a luxury fragrance destination; Strategic expansion into exclusive brand outlets, unlocking a new growth vector through partnerships with leading global brands such as Kiehl’s and Charlotte Tilbury. We also introduced Kay Kafe — blending beauty, coffee and community; and opened the exclusive House of Nykaa store. Last year, we launched Nykaa Now for our customers, a rapid delivery proposition reaching consumers with 30-60 mins. We are excited to share today, Nykaa Now offers the largest rapid delivery beauty assortment in the country delivering over 1 [Showing first 8,000 characters — download PDF for full document]