Wework India Management Limited · NSE:WEWORK

Wework India Management — Q2 FY27 Earnings Presentation

40 slides from Wework India Management's earnings presentation, Oct 26, 2026

  1. Slide 1: Exchange filing cover letter

    WEWORK INDIA MANAGEMENT LIMITED (Formerly known as WeWork India Management Private Limited) Regd. Office: 6th Floor, Prestige Central, 36 Infantry Road Shivaji Nagar, Bengaluru, Karnataka, 560001 Email: [email protected]; Website: https://wework.co.in/ Telephone no.: 080-37880881 CIN: L74999KA2016P

  2. Slide 2: Investor Presentation H1 & Q2 FY27 Earnings

    INVESTOR PRESENTATION H1& Q2 FY27 Earnings 1| ©2026 WeWork India

  3. Slide 3: Disclaimer

    IMPORTANT NOTICE Disclaimer You must read the following before continuing . You agree to be bound by the following limitations and restrictions by reading these materials or by attending the meeting/ call where this document is presented, the oral presentation of the information in this document mad

  4. Slide 4: Built for how India works

    FROM THE CEO’S DESK A NOTE TO OUR INVESTORS Built for how India works . Dear shareholders, WeWork is the brand India’s companies look for first when they AI has widened the market further. Knowledge, and the tools to choose where to work. We pioneered this category in India and put it to work, are n

  5. Slide 5: Contents

    IN THIS PRESENTATION Contents . 01 Vision & Mission Slide 05 02 Industry Slides 06 – 09 03 Q2 & H1 FY27 highlights Slides 10 – 14 04 Key performance metrics Slides 15 – 28 05 IndAS to IGAAP reconciliation Slides 29 – 33 06 Annexure Slides 34 – 39 4| ©2026 WeWork India

  6. Slide 6: Vision, mission and values

    WHO WE ARE Vision, mission and values . VISION MISSION We believe the right environment changes everything. So we build To be an ecosystem where people spaces that don’t just enable work, they elevate it. Where a feel supported, energised and startup finds its first team. Where an enterprise moves w

  7. Slide 7: Industry

    SECTION 2 02 Industry . Record office cycle, flex now the largest occupier segment. 6| ©2026 WeWork India

  8. Slide 8: Flex leasing up 61% YoY in 9M 2026; largest occupier segment

    MARKET CONTEXT · INDIA OFFICE & FLEX Flex leasing up 61% YoY in 9M 2026; largest occupier segment. 9M CY2026 ABSORPTION 9M CY2026 FLEX LEASING FLEX STOCK 9M CY 2026 OCCUPIERS WITH FLEX 66.4 msf ~16.4 msf ~123 msf 58% Record 9M; 8% YoY Largest sector; 61% YoY Up from ~118 msf in H1; ~20% YoY CBRE sur

  9. Slide 9: Branded workspaces: the most relevant form of flex

    RELEVANT Branded workspaces: the most relevant form of flex . OUR SHARE OF ORGANISED BRANDED² We pioneered this category, India’s office market 1 bn+ sq ft and we lead it. 2 Flex ~123 MSF 3 Organised flex¹ ~83 MSF 34% 1 4 of the revenue Organised branded The brand premium ~29 MSF WeWork India Brande

  10. Slide 10: Why members choose WeWork first, and stay

    OUR RIGHT TO WIN Why members choose WeWork first, and stay . First. WHY COMPANIES CHOOSE US And stay. WHY THEY KEEP CHOOSING US #1 Brand awareness in Indian flex 96% WeWork India +79 NPS · designed for how India works WeWork design know - how from 45M+ sq ft worldwide, with world - class hospitality

  11. Slide 11: Q2 & H1 FY27 highlights

    SECTION 3 03 Q2 & H1 FY27 highlights A record quarter 10 | ©2026 WeWork India

  12. Slide 12: Operational scorecard

    OPERATIONAL SCORECARD Largest quarterly capacity addition, with member growth keeping pace . FOOTPRINT OPERATIONAL AREA | TOTAL AREA OPERATIONAL DESK CAPACITY ¹ 85 centres | 8 cities 9.8 |13.0 MSF 145.3k desks QoQ +6 QoQ +0.7 MSF +7.6% | +1.0 MSF +8.7% QoQ +11.7k +8.8% YoY +15 YoY +2.1 MSF +27.1% |

  13. Slide 13: A growing top line, with compounding profits

    FINANCIAL SCORECARD · Q2 FY27 A growing top line, with compounding profits . TOTAL REVENUE EBITDA¹ PAT ₹ 768.7 Cr ₹162.9 Cr ₹65.8 Cr QoQ +10.1% QoQ +17.8% QoQ +23.7% YoY +31.6% YoY +37.6% YoY +67.4% REVENUE / RENT MULTIPLES EBITDA MARGIN PAT MARGIN 2.7x | 3.0x 21.2% 8.6% QoQ +138 bps QoQ +94 bps YoY

  14. Slide 14: Self-funding growth, with net cash on the balance sheet

    CAPITAL SCORECARD · Q2 FY27 Self-funding growth, with net cash on the balance sheet . RETURN ON CAPITAL EMPLOYED FCFO² FCFO / EBITDA 34.5% ₹ 237.7 Cr 1.5x QoQ +590 bps QoQ +67.5% QoQ +0.4x YoY +1,235 bps YoY +149.2% YoY +0.7x NET DEBT ¹ FCFF³ COST OF BORROWING | RATING ₹ (23.1) Cr net debt negative

  15. Slide 15: A stronger first half, with margins up year on year

    HALF YEAR FY27 A stronger first half, with margins up year on year . TOTAL REVENUE · H1 FY27 EBITDA¹ · H1 FY27 PAT · H1 FY27 1,466.7 301.2 20.5% 119.0 8.1% YoY +30.1% YoY +50.6% | +279 bps margin YoY +149.5% | +388 bps margin OCCUPANCY · PORTFOLIO | MATURE ROCE · H1 FY27 FCFO | FCFF · H1 FY27 83.7%

  16. Slide 16: Key performance metrics

    SECTION 4 04 Key performance metrics . Q2 & H1 FY27 15 | ©2026 WeWork India

  17. Slide 17: 85 centres in eight cities, with 18.4k desks added

    OUR FOOTPRINT IN INDIA'S KEY GROWTH CORRIDORS 85 centres in eight cities, with 18.4k desks added in the first half. Gurgaon Total Operational Supply 12 Centres | 1.2 MSF | 15.3k Desks | YoY 20.3% Delhi 85 Centres 02 Centres | 0.2 MSF | 2.5k Desks | YoY 234.3% Noida 9.8 MSF 03 Centres | 0.3 MSF | 4.1

  18. Slide 18: 32% capacity growth already committed

    CONTRACTED CAPACITY 32% capacity growth already committed . 0.5 2.7 13.0 9.8 ~47k incremental desks committed via signed leases and LOIs Operational Leasable Area Lease signed LOI Signed Total Area 145.3k 9k+ 38k+ 190k - 195k Desks Lease signed LOI signed Total desks desks desks LOCKED IN SUPPLY FOR

  19. Slide 19: Diversified member mix

    DIVERSIFIED MEMBER MIX · Q2 FY27 Diversified member mix, balanced across sectors and geographies . CORE REVENUE · BY MEMBER TYPE · Q2 FY27 CORE REVENUE · BY DOMICILE · Q2 FY27 CORE REVENUE · BY SECTOR · Q2 FY27 Technology BFSI 18.9% 22.7% 26.9% Professional Services 28.5% Fortune 500 33.7% Large Ent

  20. Slide 20: A larger order book, with contract value growing faster than rent

    STRONGER ORDER BOOK A larger order book, with contract value growing faster than rent . COMMITMENT TERM · MONTHS REMAINING LOCKED - IN CORE REVENUE · CR TO LOCKED - IN RENTAL COST · CR FOR OPERATIONAL CENTRES 2.9 Portfolio average 2.7 2.6 Contract Value 27 → 28 +1 QoQ +₹480 Cr · 14.3% YoY +₹1,529 Cr

  21. Slide 21: Member growth outpaced capacity growth

    MEMBERS AND OPERATIONAL CAPACITY Member growth of 32.5% outpaced 26.9% capacity growth over the year . PORTFOLIO LEVEL · OPERATIONAL CAPACITY, OCCUPIED MEMBERS & OCCUPANCY % 84.9% 83.7% QoQ 11.7k 8.8% 80.2% Capacity YoY 30.8k 26.9% QoQ 8.3k 7.3% Members 91.8 114.5 113.4 133.6 121.7 145.3 YoY 29.8k 3

  22. Slide 22: Revenue from operations up 33% YoY

    REVENUE BY SEGMENT · QUARTERLY Revenue from operations up 33% YoY . REVENUE FROM OPERATIONS CORE OPERATIONS VALUE ADDED SERVICES DIGITAL PRODUCTS Workspace as a service Private Offices & Managed Office Events, F&B, Customisation, Tech Workplace, All Access, Virtual 100% 61.1%& 24.7% 10.4% 3.8% ₹ 766

  23. Slide 23: Growth across every revenue segment in the first half

    REVENUE BY SEGMENT · HALF YEAR Growth across every revenue segment in the first half . REVENUE FROM OPERATIONS CORE OPERATIONS VALUE ADDED SERVICES DIGITAL PRODUCTS Workspace as a service Private Offices & Managed Office Events, F&B, Customisation, Tech All Access, Virtual Office, Workplace, service

  24. Slide 24: Better centre-level margins even as the portfolio scales

    CENTRE - LEVEL EBITDA · QUARTERLY AND HALF YEARLY Better centre-level margins even as the portfolio scales . CENTRE - LEVEL EBITDA · ₹ Cr · QUARTERLY CENTRE - LEVEL EBITDA · ₹ Cr · HALF YEAR 27.8% 28.4% 27.7% 28.1% 27.3% 25.3% 154.6 185.9 214.0 259.3 277.0 399.9 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY25 H1 FY

  25. Slide 25: Margins up on both EBITDA and PAT

    PROFITABILITY · QUARTERLY Margins up on both EBITDA and PAT, this quarter and over the year . EBITDA¹ · ₹ Cr · Margin % PAT · ₹ Cr · Margin % 21.2% 8.6% 20.3% 19.8% 7.6% 6.7% 118.4 138.3 162.9 39.3 53.2 65.8 Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q1 FY27 Q2 FY27 QoQ YoY QoQ YoY +17.8% · +138 bps +37.6% · +

  26. Slide 26: EBITDA up 51% and PAT up 149% in the first half

    PROFITABILITY · HALF YEAR EBITDA up 51% and PAT up 149% in the first half. EBITDA¹ · ₹ Cr · Margin % PAT² · ₹ Cr · Margin % 20.9% 20.5% 8.1% 17.7% 4.2% 3.7% 35.3 47.7 119.0 199.1 200.0 301.2 H1 FY25 H1 FY26 H1 FY27 H1 FY25 H1 FY26 H1 FY27 YoY YoY +50.6% · +279 bps +149.5% · +388 bps >3x PAT growth i

  27. Slide 27: Capital efficiency compounding with scale

    CAPITAL EFFICIENCY Capital efficiency compounding with scale . ROCE · QUARTERLY ROCE · HALF YEAR 34.5% 31.1% 28.6% 23.1% 22.2% 15.4% Q2 FY26 Q1 FY27 Q2 FY27 H1 FY25 H1 FY26 H1 FY27 QoQ YoY YoY +590 bps +1,235 bps +1,571 bps ROCE is calculated as IGAAP equivalent EBIT divided by total capital employe

  28. Slide 28: First-half capex fully funded from operating cash flow

    CASH FLOW · QUARTERLY & HALF YEAR First -half capex fully funded from operating cash flow . FREE CASH FLOW · ₹ Cr · QUARTERLY FREE CASH FLOW · ₹ Cr · HALF YEAR Particulars Q2 FY26 Q1 FY27 Q2 FY27 QoQ YoY Particulars H1 FY25 H1 FY26 H1 FY27 YoY Cash flow from operations 375.2 435.7 590.4 Cash flow fr

  29. Slide 29: Net cash of ₹23 Cr, from net debt of ₹311 Cr a year ago

    DEBT POSITION· QUARTERLY Net cash of ₹23 Cr, from net debt of ₹311 Cr a year ago. DEBT & CASH POSITION · ₹ Cr Particulars Q2 FY26 Q1 FY27 Q2 FY27 QoQ YoY Gross debt 409.6 402.6 390.2 Cash & cash equivalents 99.1 371.0 413.3 Net debt 310.5 31.6 (23.1) −₹54.7 Cr −₹333.6 Cr Net debt / EBITDA 0.76x 0.06

  30. Slide 30: IndAS to IGAAP reconciliation

    SECTION 5 05 IndAS to IGAAP reconciliation . 29 | ©2026 WeWork India

  31. Slide 31: IndAS to IGAAP reconciliation (quarterly)

    REPORTED FINANCIAL PERFORMANCE · QUARTERLY IndAS to IGAAP reconciliation . Q2 FY27 Q1 FY27 Q2 FY26 Particulars Reported IndAS IGAAP Reported IndAS IGAAP Reported IndAS IGAAP IndAS adjustment Equivalent IndAS adjustment Equivalent IndAS adjustment Equivalent Revenue from operations 767.8 (1.3) 766.5

  32. Slide 32: IndAS to IGAAP reconciliation (half yearly)

    REPORTED FINANCIAL PERFORMANCE · HALF YEARLY IndAS to IGAAP reconciliation . H1 FY27 H1 FY26 H1 FY25 Particulars Reported IndAS IGAAP Reported IndAS IGAAP Reported IndAS IGAAP IndAS adjustment Equivalent IndAS adjustment Equivalent IndAS adjustment Equivalent Revenue from operations 1,451.6 2.2 1,45

  33. Slide 33: Tracing rent paid to landlords, from the cash flow statement

    RENT COSTS · CASH FLOWS Tracing rent paid to landlords, from the cash flow statement . LEASE LIABILITIES · ₹ Cr · QUARTERLY LEASE LIABILITIES · ₹ Cr · HALF YEARLY Particulars Q2 FY26 Q1 FY27 Q2 FY27 Particulars H1 FY25 H1 FY26 H1 FY27 Payment of principal portion of lease liabilities 119.3 126.3 149

  34. Slide 34: Brokerage accrual

    BROKERAGE COST Brokerage accrual . BROKERAGE · ₹ Cr · QUARTERLY BROKERAGE · ₹ Cr · HALF YEARLY Particulars Q2 FY26 Q1 FY27 Q2 FY27 Particulars H1 FY25 H1 FY26 H1 FY27 Brokerage Accrual 17.8 25.5 29.1 Brokerage Accrual 26.1 35.6 54.6 33 | ©2026 WeWork India

  35. Slide 35: Annexure

    SECTION 6 06 Annexure 34 | ©2026 WeWork India

  36. Slide 36: Shareholders' letter

    FOR DOWNLOAD Shareholders' letter . LATEST · Q2 & H1 FY27 PREVIOUS LETTERS Click here to download Click here to download Click here to download Click here to download Click here to download 35 | ©2026 WeWork India

  37. Slide 37: Consolidated Statement of Assets and Liabilities

    REPORTED FINANCIALS · BALANCE SHEET Consolidated Statement of Assets and Liabilities . As at As at As at As at Particulars Particulars September 30, 2026 March 31, 2026 September 30, 2026 March 31, 2026 A ASSETS B EQUITY AND LIABILITIES I Non - current assets I Equity (a) Property, plant and equipme

  38. Slide 38: Consolidated Statement of Profit and Loss

    REPORTED FINANCIALS · PROFIT AND LOSS Consolidated Statement of Profit and Loss . Particulars Quarter ended Six months ended September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 1 Income Revenue from operations 7,678.38 6,838.32 5,747.02 14,516.70 11,100.12 Other

  39. Slide 39: Consolidated Statement of Cash Flows

    REPORTED FINANCIALS · CASH FLOWS Consolidated Statement of Cash Flows . Six months Six months Six months Six months Particulars ended ended Particulars ended ended September 30, September 30, September 30, September 30, 2026 2025 2026 2025 Cash flows from operating activities Cash flows from investi

  40. Slide 40: Thank you

    Thank you . INVESTOR RELATIONS COMPLIANCE & SECRETARIAL Vinayak Parameswaran Udayan Shukla [email protected] [email protected] 39 | ©2026 WeWork India

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