AWFIS Space Solutions Ltd Management Discussions

14,935 mn	36.8%	~250	~60%
Revenue from	Operating EBITDA	Operational centres	Return on capital
operations	margin	~167,000 seats \u30fb 18 cities	employed
+24% YoY	+350 bps \u30fb 5,500 mn		net-cash \u30fb A+ (Stable)

Economic Overview

GLOBAL ECONOMY

Global growth remained resilient but uneven through CY2025, even as an escalation of conflict in the Middle East (West Asia) unsettled energy markets and revived inflation pressures. The International Monetary Fund estimates world output grew about 3.2% in CY2025 . Growth is projected at 3.0% in CY2026 and 3.4% in CY2027 , with the near-term softness reflecting the war shock felt most acutely by energy importers partly offset by an artificial-intelligence-led technology upcycle that is lifting economies integrated into the global technology value chain. After a steady disinflation since early 2024, global disinflation has stalled. Headline inflation is now expected to rise from about 4.1% in CY2025 to 4.7% in CY2026 driven mainly by higher energy and food prices before easing to 3.9% in CY2027 . Risks are more balanced than earlier in the year, though a renewed escalation in West Asia and a repricing of financial markets remain the principal downside risks. Divergence across regions persists, with several emerging economies in Asia continuing to outpace the global average.

Global Real GDP Growth (%)	CY2025	CY2026 P	CY2027 P
World output	3.2	3.0	3.4
Global headline inflation	4.1	4.7	3.9

Source: IMF World Economic Outlook Update, July 2026. P = projection. Figures on a calendar-year basis.

INDIAN ECONOMY

India retained its position as the fastest-growing major economy and remained relatively insulated from the global energy shock. On the Ministry of Statistics provisional estimates (2022 23 base), real GDP grew 7.7% in FY2025 26 , up from 7.1% in FY2024

25 , with nominal GDP rising about 8.9%. Fourth-quarter real GDP growth was estimated at 7.8%. Growth was anchored by strong domestic demand and a broad-based investment cycle. Public capital expenditure remained a central driver, with sustained government spending on roads, railways, ports, airports and urban infrastructure crowding in private activity. Industrial and manufacturing momentum continued to build, supported by production-linked incentive (PLI) schemes, rising capacity utilisation and a gradual revival in private capital expenditure . A resilient services sector led by IT, financial services and global capability centres together with healthy consumption underpinned the expansion.

Inflation eased materially through the year on the back of a prolonged decline in food prices, giving the Reserve Bank of India room to lower the policy repo rate to 5.25% by the second half of the year while maintaining adequate system liquidity. While the global energy shock is a factor to watch for imported inflation, a benign domestic inflation trajectory, a stable currency and continued infrastructure and industrial investment provide a supportive backdrop for corporate demand.

OUTLOOK

India is expected to remain among the fastest-growing large economies, with growth anchored by domestic consumption, public and private capital formation, a maturing services sector and the continued expansion of global capability centres (GCCs). For the commercial real-estate and flexible-workspace industry in which the Company operates, this macro backdrop resilient growth, a sustained investment cycle and contained domestic inflation remains constructive. Global energy prices, trade-policy and geopolitical developments in West Asia remain the principal external risks to monitor.

Industry Overview

INDIAS OFFICE MARKET

India s commercial office market recorded another landmark year. Gross office leasing across the leading cities reached a record 82.6 million sq ft in CY2025 its third consecutive record year while new Grade A completions touched a peak of about 58.9 million sq ft . Momentum carried into the new calendar year, with first-quarter CY2026 gross leasing of about 21.9 million sq ft, up roughly

13% year-on-year , despite a noisy global environment. Demand was led by technology and BFSI occupiers and, increasingly, by global capability centres (GCCs) , which now account for more than 40% of commercial real-estate leasing and have become the single most important driver of net absorption. Bengaluru, Hyderabad, Pune, Chennai, Delhi-NCR and

Mumbai remained the core demand centres, with Tier-ll markets emerging as the next frontier of expansion. Healthy demand, a moderating supply pipeline in prime micro-markets and firming rentals point to a landlord-favourable cycle, while vacancy in Grade A assets has trended lower in the leading cities.

INDUSTRY OUTLOOK

The medium-term outlook for India s office market is constructive. Occupier demand is expected to remain healthy, underpinned by the structural expansion of GCCs, the continued services capacity, and India s cost and talent advantages. Grade A and sustainability-certified assets should command a growing share of demand, and flexible workspace is expected to take an increasing proportion of overall leasing as occupiers prioritise agility and capital efficiency. Tier-ll cities are likely to see disproportionately faster growth from a smaller base.

INDIA OFFICE & FLEX MARKET - A STRUCTURAL GROWTH STORY

82.6 MSF		58.9 MSF		21.9 MSF	8.3 MSF
Record office		New Grade A supply,		Q1 CY26 gross	New Grade A supply,
leasing, 2025		2025		leasing	Q1 2026
3rd consecutive record		peak addition		+13% year-on-year
year
18.6 MSF	21%		~3.5X			55%
Flex space leasing,	Flex share of office		Increase in flexible-			Occupiers already
2025	leasing		workspace stock			including flex
8 growth from 2017	in CY26		since 2020			in their portfolio

Flex is no longer a start-up enabler it is a core realestate strategy.

THE FLEXIBLE WORKSPACE OPPORTUNITY

Flexible workspace has moved from a start-up enabler to a core element of corporate real-estate strategy. Flex leasing reached about

18.6 million sq ft in CY2025 roughly eight times its 2017 level and the flex share of total office leasing has risen from about 5% eight years ago to around 21% , with leading estimates pointing to ~25% by 2027 . More than half of domestic and global occupiers now include flex in their portfolios, and India s flexible-workspace stock has grown roughly 3.5x since 2020.

The shift is being driven by a combination of structural forces: enterprises and GCCs increasingly prefer managed, capital-light workspaces that offer speed to occupancy, flexibility to scale up or down, and a superior, fully serviced employee experience without the burden of long-dated capital commitments. Hybrid working, hub-and-spoke portfolio strategies, and the desire to convert fixed real-estate costs into variable, outcome-based expenditure have all deepened adoption. Demand is broadening beyond the technology sector into BFSI, consulting, manufacturing and professional services, and beyond the largest cities into Tier-ll markets.

FLEX OUTLOOK

The flexible-workspace segment is expected to remain among the fastest-growing parts of the office market, with penetration continuing toward ~25% of leasing by 2027 . Growth is likely to be led by enterprises and GCCs signing larger, longer-tenure managed-office and dedicated-centre mandates, a continued shift toward Grade A/A+ and premium, sustainability-certified space, and consolidation in favour of scaled, well-capitalised operators with pan-India networks and design-and-build capability. These trends play directly to the Company s strengths.

GLOBAL CAPABILITY CENTRES - A STRUCTURAL DEMAND ENGINE

India hosts the world s largest GCC ecosystem, and the tailwind is structural rather than cyclical. On industry estimates for FY26, India had over 2,100 GCCs across ~3,728 units , generating aggregate revenue of about USD 98 billion and employing installed talent of roughly 2.36 million professionals . GCCs now represent more than 40% of commercial real-estate leasing, and India adds an estimated 20 30 first-time GCCs every quarter. Artificial-intelligence capability is deepening the base: more than 1,200 GCCs in India already have active AI/ML capabilities. The fast-growing mid-market GCC segment (roughly 25 200 seats) is among the most underpenetrated categories directly aligned with the Company s flexible, managed and enterprise offerings.

Opportunities And Challenges

OPPORTUNITIES

Rising flex penetration: a structural shift toward flexible and managed workspaces as occupiers prioritise agility, capital efficiency and employee experience.

GCC and enterprise demand:

Sustained, multi-year demand from global capability centres and large enterprises, including the underpenetrated mid-market GCC segment.

Premiumisation: Growing occupier preference for Grade A/A+ assets.

Tier-2 expansion: Emerging demand across smaller cities broadening the addressable market.

CHALLENGES

Macroeconomic and geopolitical uncertainty: Global trade-policy shifts, the West Asia conflict, energy-price volatility and visa-policy changes could weigh on occupier sentiment and the pace of MNC and GCC expansion decisions.

Interest-rate and real-estate cycle:

Movements in interest rates, construction costs and commercial rentals influence both occupier demand and the cost of capacity addition across the industry.

Quality-supply availability: The availability and timing of Grade A/A+ supply in preferred micro-markets.

Regulatory and policy environment:

Changes in taxation, real-estate regulation, GST treatment and workplace norms could affect the operating environment.

Company Overview

Awfis Space Solutions Limited is one of India s foremost providers of flexible-workspace ecosystems, catering to the evolving needs of contemporary organisations across the country. With a strong presence in major metropolitan areas and emerging Tier-ll cities, the Company offers a comprehensive portfolio spanning coworking spaces, customised managed offices, design-and-build services, and a suite of allied services including food and beverage, IT

infrastructure management, mobility solutions and concierge services. Its progressive workplace models and strategic alliances have positioned it as a trusted partner to start-ups, SMEs, large domestic corporates, multinationals and global capability centres alike. The Company is strategically positioned to benefit from the escalating demand for flexible workspace by methodically expanding its pan-India presence and elevating its client-centric value proposition.

It aims to consolidate its leadership by leveraging its asset-light managed-aggregation model, premium services and a strong ecosystem that encompasses advanced workspace design and comprehensive support solutions. Through FY26 the Company operated across 18 cities and the leading micro-markets within them, serving

3,500+ clients , with enterprise and MNC occupiers now representing 64% of the client base.

BUSINESS PORTFOLIO

The Company has curated a comprehensive service portfolio that caters to the shifting requirements of modern enterprises. Its flexible-workspace offerings are structured into two principal business segments: Space Solutions offering coworking spaces, enterprise and managed-office solutions and a suite of allied services; and Transform by Awfis which delivers design, construction and fit-out services for workspace projects. During the year the Company also began scaling Frame by Awfis , a capital-light furniture and fit-out offering.

SPACE SOLUTIONS AND ALLIED SERVICES

Awfis offers a versatile array of flexible workspace solutions, thoughtfully designed to accommodate a broad spectrum of client requirements, ranging from individual desks to bespoke office spaces with dedicated access. Beyond conventional workspace infrastructure, the Company has broadened its allied-services portfolio to elevate the overall workplace experience including Awfis Cafe for community engagement,

TechLabs for IT and network solutions, and premium, sustainable employee-transportation partnerships. Together with event management, mobility and concierge support, these initiatives deliver seamless, turnkey workplace solutions while boosting client satisfaction and generating ancillary revenue per seat.

COWORKING SOLUTIONS

With a focus on flexibility and convenience, the Company provides coworking solutions accommodating a range of booking durations, from daily and weekly access to monthly, yearly and extended fixed-term arrangements. Its diverse clientele spans freelancers, start-ups, SMEs and larger corporates across industries such as IT and IT-enabled services, banking, financial services, insurance and consulting. Reservations can be made through the Awfis mobile app or in collaboration with an extensive network of domestic and international property consultants and third-party aggregator platforms, supported by the sales team and community managers. Once finalised, clients enter into a membership agreement specifying the number of seats, pricing, contract duration, notice and lock-in clauses and security deposit.

ENTERPRISE AND MANAGED-OFFICE SOLUTIONS

customised enterprise workspace solutions, delivering a comprehensive suite of services encompassing workspace design, construction and ongoing management. Each office environment is tailored in close collaboration with client teams to reflect the client s specifications and brand identity, resulting in fully equipped, ready-to-occupy spaces, including dedicated and partial-managed configurations for GCCs and multinationals. Centres are equipped with high-speed connectivity, meeting rooms, pantry services, collaborative areas and tech-enabled visitor management, complemented by dedicated IT support and customised facility management. The Company has expanded its presence in Tier-ll cities and high-potential micro-markets, supported by growing demand for flexible work models among large corporates and MNCs, while sharpening its focus on occupancy optimisation and high-margin allied offerings.

ELITE AND PREMIUM FORMATS

The premium Gold and Elite formats represent the Company s higher-specification, design-led environments, crafted for large enterprises and GCCs seeking exclusivity, elevated design and high-end amenities such as personalised catering, concierge services and curated wellness programmes. Strategically situated in prime micro-markets, these centres reinforce Awfis position as an end-to-end provider across the value chain. The Company closed FY26 with 35 premium centres

(27 Gold and 8 Elite) and made premiumisation the default for new supply, with 100% of new centres signed in Grade A/A+ assets. Awfis also became the first coworking brand in India to achieve three simultaneous WELL certifications.

TRANSFORM BY AWFIS (DESIGN AND BUILD)

The vertical delivers turnkey design-and-build (D&B) services to both the Company s own centres and external clients, spanning space planning, interior design, project management and turnkey execution, with a strong presence in the IT/ITeS and BFSI sectors and increasing reach into retail, hospitality and institutional projects. For external assignments, the Company enters into formal client initial advance of 15 20% of contract value, with subsequent payments tied to project milestones. During FY26 the business was deliberately sharpened toward larger, higher-value mandates: third-party D&B revenue rose to ~ 1,520 million (from ~ 1,290 million), lifting the third-party share to ~59%, with five orders above 100 million executed across 20+ cities.

FRAME BY AWFIS

Frame by Awfis is a newer, capital-light furniture and fit-out offering built on a network of contract-manufacturing partners. It is being integrated as a default component of new coworking centres and a growing share of design-and-build deployments, with the ambition of becoming an independent revenue channel over time. The model requires minimal capital outlay and extends the Company s value beyond flex proposition.

WORKSPACE SOURCING MODEL

Awfis employs a strategic approach across the entire commercial real-estate market organised and unorganised, institutional and non-institutional, and across property grades giving it flexibility in centre size and location and access to a broad portfolio of spaces. The Company sources and procures workspace through two models:

Straight Lease: developers or space owners lease space to the operator under traditional terms, including fixed monthly rental, common-area maintenance, security deposit, lock-in, tenure and escalations, with

Awfis assuming the fit-out capital expenditure.

Managed Aggregation (MA): developers or property owners bear all or part of the fit-out cost, and instead of fixed rentals the arrangement typically involves a minimum guarantee coupled with a revenue-or profit-share, over tenures generally of five to nine years. Over time the Company has deliberately shifted toward this asset-light, lower-risk model, which reduces upfront capital intensity and occupancy risk while enabling rapid expansion. The Company intends to maintain an approximately 60:40 MA-to-straight-lease mix and is extending managed aggregation into Grade A/A+ assets through forward leasing and developer partnerships.

OPERATIONAL HIGHLIGHTS - FY26

The Company delivered a record operational performance in FY26. Net revenue rose 24% to 14,935 million and operating EBITDA grew

37% to 5,498million , with margin expanding to 36.8%. The national footprint grew to ~250 operational centres and ~167,000 operational seats across ~8.1 million sq ft in 18 cities, with signed supply (including under fit-out and signed LOIs) of ~266 centres and

~184,000 seats. During the year the Company added ~30,000 gross seats (~22,000 net of closures) across 41 new centres, with 100% of new supply in Grade A/A+ assets, and sold 58,000+ seats across the platform.

Blended occupancy stood at ~76% and mature-centre (>12 months) occupancy at ~84%. The client base deepened, with enterprise and MNC

clients at 64%, multi-centre clients at ~48%, and weighted-average tenure of ~37 months (lock-in ~26 months). The Company served 100+ GCC clients across 9 cities, contributing ~23% of rental revenue , and closed 14 major GCC mandates during the year. The credit rating was upgraded to A+ (Stable), and the Company remained in a net-cash position throughout FY26.

Growth Strategy

The Company s FY26 performance and forward strategy are organised around five reinforcing growth engines:

Premiumisation at scale Grade A/A+ supply, larger-format centres and design-led, WELL-certified environments that lift realisations and client quality.

Multi-format supply A revamped managed-aggregation engine using forward leasing, an emerging developer-partnership model (shared capital, Awfis-run operations), and enterprise supply via partial-managed and premium managed-office mandates.

GCC as a structural demand engine

- deepening penetration of global capability centres, with a particular focus on the underpenetrated mid-market segment.

Network compounding Growing revenue from the existing network through multi-centre clients and cross-sell across coworking, managed office and design-and-build.

Value beyond flex Scaling adjacencies, principally Awfis Transform (design and build) and Frame by Awfis (furniture and fit-out).

Financial Performance consolidated basis and figures are presented in million, consistent with the audited financial statements. Amounts are drawn from the

Company s FY 26 reported consolidated financial statements Figures may not sum precisely due to rounding.

ANALYSIS OF THE FINANCIAL PERFORMANCE

FY26 was a record year on every principal measure. Revenue from operations grew 24% to 14,935 million , led by the core coworking and allied-services segment, which rose 35% to 12,369 million. Operating EBITDA grew 37% to 5,498 million , with margin expanding by about 350 basis points to 36.8%. Profit after Tax before exceptional items grew ~66% to 709 million ; on a reported basis, profit after tax was 709 million versus 679 million in FY25 (which included a 251 million exceptional gain relating to the exit of the Awfis Care business, and hence a lower like-for-like base).

Profit and Loss ( million)	FY26	FY25	Y-o-Y
Revenue from Operations	14,935	12,075	+24%
Total operating expenses 1	9,437	8,052	+17%
Operating EBITDA	5,498	4,024	+37%
Operating EBITDA margin	36.8%	33.3%	+350 bps
Other income	926	532	+75%
Depreciation & amortisation	3,839	2,758	+39%
Finance costs	1,863	1,361	+37%
Profit before tax (pre-exceptional)	723	437	+65%
Exceptional items		251
Profit before tax	723	688	+5%
Tax expense	14	9
Profit after tax (reported)	709	679	+4%
PAT margin	4.7%	5.6%

Notes: 1 Total operating expenses (revenue from operations less operating EBITDA) exclude depreciation & amortisation and finance costs. 2 The FY25 exceptional item of 250 million relates to the exit of the Awfis Care business; profit after tax before exceptional items grew ~66% year-on-year, while reported PAT grew ~4% given the higher FY25 base. 3 Figures are reported/indicative and to be reconciled to the audited statement of profit and loss; totals may not sum due to rounding.

ANALYSIS OF THE REPORTED NUMBERS

Revenue from Contract with Customers

Particulars ( million)	FY26	FY25	% change
Coworking space on rent and allied services	12,369	9,160	+35%
Construction and fit-out projects (D&B)	2,566	2,783	8%
Others		132
Total	14,935	12,075	+24%

Revenue from operations rose 24% year-on-year to 14,935 million, directed by momentum across service segments. The coworking and allied-services segment grew 35% to 12,369 million an incremental ~ 3,208 million and now contributes ~83% of total revenue. This was primarily fuelled by the sale of newly added seats, sustained improvement in occupancy at mature centres, premiumisation of the network, and continued traction in allied services such as food and beverage. The construction, fit-out and design-and-build segment contributed 2,566 million, modestly lower year-on-year on account of

Expenses

Total operating expenses rose broadly in line with scale. Depreciation and amortisation increased ~39% to 3,839 million , and finance costs rose ~37% to 1,863 million , reflecting new-centre additions, the associated right-of-use assets and lease liabilities recognised under Ind AS 116. Employee, sub-contracting and project-timing and execution factors; within this, third-party D&B revenue grew to ~ 1,520 million (from ~ 1,290 million), lifting the third-party share to ~59% as the business shifted toward larger, higher-value mandates.

other operating costs increased with the Company s broader operational scale and its investments in new centres, workforce and technology. Notwithstanding these increases, operating leverage drove margin expansion, with operating EBITDA margin improving to 36.8% from 33.3%.

Transform by Awfis - FROM IN-HOUSE CAPABILIT Y TO STAND ALONE GROWTH ENGINE

D&B BUSINESS - TREND & MOMENTUM

	Third-party share of projects
47%	46%	59%
	Project Count
39	33	32

Third-party revenue compounded at 27% CAGR from FY24 to FY26, reaching 1520 Mn, now a core revenue pillar for Transform. Project count optimised deliberately; average ticket size doubled in 2 years a clear shift toward higher-value, strategic mandates. Emerging as the partner of choice for large-format fit-outs 5 orders above 100 Mn closed in FY26 vs. 1 each in FY24 and FY25; 17 orders above 50 Mn in FY26 vs. 11 in the prior 2 years combined.

THE STRUCTURAL CASE FOR TRANSFORM

Transforms growth is not opportunistic, it is structural. The business now spans BFSI, Pharma, Telecom, Industrials, Consulting and Aviation, cutting concentration risk while global enterprises increasingly choose Awfis for national, multi-city fit-outs. FY26 alone saw delivery across 20+ cities, and average ticket size has doubled in two years as mandates shift toward large-format, multi-floor projects. Underpinning all of it is a flywheel: flex relationships convert into Transform, and Transform clients anchor future flex and MO demand.

BALANCE SHEET

The balance sheet strengthened over the year, reflecting continued scale-up underpinned by strategic investment in infrastructure and capacity. Net worth rose to ~ 5,524 million (from ~ 4,592 million) and total assets grew to ~ 29,102 million (from ~ 25,070 million). The increase was driven by higher investment in property, plant and equipment (~ 6,344 million, from ~ 5,083 million) supporting the rollout of new centres. Right-of-use assets were broadly stable at ~ 10,629 million (from ~ 10,705 million); the marginal decline reflects amortisation during the year and the exit of certain leases broadly offsetting additions from new centres, consistent with the Company s continued shift toward managed-aggregation arrangements

(which are not always structured as leases). Lease liabilities moved in line with the lease portfolio. The Company remained in a net-cash position throughout the year, with gross borrowings of ~ 509 million against cash and bank balances of ~ 896 million.

Balance Sheet ( million)	Mar-26	Mar-25
Net worth (total equity)	5,524	4,592
Property, plant & equipment	6,344	5,083
Right-of-use assets	10,629	10,705
Gross borrowings	509	234
Cash & bank balances	896	817
Total assets	29,102	25,070

KEY RATIOS
Ratio	FY26	Remarks
Return on capital employed (ROCE)	~60%	among the best in listed flex peers
Return on Equity (ROE)	~17%
Net debt / equity	(0.20)	net-cash position
Gross debt / equity	0.09
Fixed-asset turnover	1.5x	revenue to gross fixed assets
Interest coverage	~11x	see note below
Cost of borrowing	9.05%	incremental cost ~8.5% (down ~45 bps)
Credit rating	A+ (Stable)	upgraded during FY26

Basis of computation: ROCE = (Ind AS EBITDA less actual lease payments) ÷ average capital employed (net worth + borrowings cash and cash equivalents, including fixed deposits). Return on Equity = profit after tax ÷ average shareholders equity (net worth). Interest coverage = earnings before interest and tax, excluding the Ind AS 116 lease-accounting impact, ÷ finance cost on borrowings. Fixed-asset turnover = revenue from operations ÷ gross fixed assets.

The Company s liquidity and debt management remained strong, with a net-cash position maintained through the year. ROCE was sustained above

60% (FY25: ~62%) among the highest of listed flexible-workspace peers reflecting the capital efficiency of the managed-aggregation model.

Risk Management

The Board of Directors holds overarching responsibility for the Company s risk-governance framework. It defines the Company s risk appetite, oversees the

Occupancy and expansion risk rapid capacity addition can temporarily depress blended occupancy until centres mature; mitigated through disciplined, demand-led site selection, forward leasing and active renewal and churn management.

Client concentration risk large, highly customised dedicated centres carry re-leasing and refurbishment risk at the end of lock-in periods; mitigated by a selective approach to very large back-to-back deals and a diversified, multi-centre client base.

Execution / project-timing risk design-and-build revenue is exposed to project deferrals,

64 identification and monitoring of significant risks, and reviews internal-audit findings and mitigation plans. The principal risks the Company manages include: execution delays and regulatory factors; mitigated by a stronger order book and a shift toward larger, higher-value mandates.

Lease and financing risk rising lease liabilities and finance costs accompany network growth; managed through the capital-light managed-aggregation model, a net-cash balance sheet and a strong credit rating.

Macroeconomic and policy risk global energy prices, the West Asia conflict, trade-policy and visa developments could affect occupier sentiment; the Company s diversified client and city mix provides resilience.

Human Resources

The Company continued to strengthen its leadership and functional teams across design, project delivery, business development and enterprise sales, and to invest in a collaborative, customer-centric culture. It maintains an Equal Employment Opportunity Policy and provides a comprehensive benefits framework covering insurance, leave and retirement provisions. During the year the Company was recognised as a Great Place to Work and achieved three simultaneous WELL certifications the first coworking brand in India to do so reflecting its commitment to employee and occupier wellbeing.

Internal Control Systems and their Adequacy

The Company has internal control systems commensurate with the nature and size of its operations, designed to safeguard assets, ensure the accuracy and completeness of accounting records, promote operational efficiency and support compliance with applicable laws and regulations. The framework includes a defined organisational structure, documented policies and authority levels, and budgetary controls. The internal-audit function reviews the adequacy and effectiveness of controls and reports its findings, together with recommendations, to the Audit Committee, which monitors implementation.

Outlook

The Company enters FY27 with strong momentum, a deep and diversified client base and good forward visibility. Management remains focused on profitable, capital-efficient growth prioritising the quality of revenue and returns over headline seat count. The core coworking and allied-services business is expected to remain the principal growth driver, supported by continued premiumisation of the network, deeper penetration of enterprise and GCC demand, and the compounding effect of a growing multi-centre client base. The Company intends to scale its multi-format supply model extending managed aggregation into Grade A/A+ assets through forward leasing and advancing its developer-partnership approach at lower net capital intensity while continuing to build its adjacencies, Transform by Awfis and Frame by Awfis, under the value beyond flex strategy. Management expects the disciplined, asset-light model to sustain the

Company s industry-leading capital efficiency and to support a gradual improvement in profitability and occupancy over the medium term.

Cautionary Statement

Certain matters discussed in this Report may contain statements regarding the Company s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company s ability to successfully implement its strategy, the Company s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company s market preferences and its exposure to market risks, as well as other risks. The Company s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Report. The Company assumes no obligation to update any forward-looking information contained in this Report. Any forward-looking statements and projections made by third parties included in this Report are not adopted by the Company and the Company is not responsible for such third-party statements and projections.