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The St. Regis | Phoenix Palladium | Rise, Mumbai Artist’s Impression THE PHOENIX MILLS LIMITED Investor Presentation Q2 and H1 FY26
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H1 FY26 Consolidated Performance Overview 2 Rs. 2,068 cr Up 14% vs H1 FY25 Rs. 1,231 cr Up 17% vs H1 FY25 Consolidated Group Performance Rs. 1,794 cr Up 6% vs H1 FY25 Rs. 1,095 cr Up 5% vs H1 FY25 Core Businesses (Retail, Office, Hotel, Asset Management) Revenue from operations Operating EBITDA Revenue from operations Operating EBITDA
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Q2 FY26 Consolidated Performance Overview 3 Rs. 1,115 cr Up 22% vs Q2 FY25 Rs. 667 cr Up 29% vs Q2 FY25 Consolidated Group Performance Rs. 914 cr Up 9% vs Q2 FY25 Rs. 552 cr Up 8% vs Q2 FY25 Core Businesses (Retail, Office, Hotel, Asset Management) Revenue from operations Operating EBITDA Revenue from operations Operating EBITDA
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Photo shot at location Phoenix Palassio, Lucknow Business Performance - Retail Financial Results Annexures 44
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Concept Architect Retail business overview 55 Rs. 3,750 cr Up 14% vs Q2 FY25 Q2 FY26 Consumption Rs. 527 cr Up 10% vs Q2 FY25 Q2 FY26 Retail Rental Income Rs. 551 cr Up 10% vs Q2 FY25 Q2 FY26 Retail EBITDA Rs. 7,335 cr Up 13% vs H1 FY25 H1 FY26 Consumption Rs. 1,038 cr Up 7% vs H1 FY25 H1 FY26 Retail Rental Income Rs. 1,093 cr Up 7% vs H1 FY25 H1 FY26 Retail EBITDA
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Concept Architect 66 H1 FY26 Retail consumption up by 13% over H1 FY25 1,151 900 837 832 795 663 619 604 415 285 123 113 Phoenix Palladium PMC Bangalore PMC Pune Phoenix Mall of Asia PMC & Palladium Chennai Phoenix Mall of the Millennium PMC Mumbai Phoenix Palassio Palladium Ahmedabad Phoenix Citadel PU Bareilly PU Lucknow H1 FY26 Consumption (Rs. cr) • Total consumption in H1 FY26 stood at ~Rs. 7,335 cr, demonstrating a YoY growth of 13% over H1 FY25. Growth over H1 FY25 Note: Above numbers are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be mate rially different from indicative numbers. 10% -1% - 68% 5% 31% 5% 9% 24% 15% 11% 8%
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Concept Architect 77 Q2 FY26 Retail consumption up by 14% over Q2 FY25 582 463 457 422 413 341 309 298 209 143 57 55 Phoenix Palladium Phoenix Mall of Asia PMC Bangalore PMC Pune PMC & Palladium Chennai Phoenix Mall of the Millennium PMC Mumbai Phoenix Palassio Palladium Ahmedabad Phoenix Citadel PU Bareilly PU Lucknow Q2 FY26 Consumption (Rs. cr) • Total consumption in Q2 FY26 stood at ~Rs. 3,750 cr, demonstrating a YoY growth of 14% over Q2 FY25. Growth over Q2 FY25 Note: Above numbers are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be mate rially different from indicative numbers. 13% 78% - -2% 7% 27% 7% 7% 24% 15% 7% 8%
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Q2 FY26 - Consumption across entire spectrum of discretionary wallet spend 88 53% 14% 12% 10% 4% 5% 2% Fashion & Accessories Jewellery Electronics Food & Beverages Others FEC & Multiplex Gourmet & Hypermarket Consumption Contribution Trading Area Mix YoY Consumption Growth 61% 2% 3% 11% 3% 15% 4% 17% 12% 23% 6% -5% 23% -16% Growth: 14%
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Concept Architect Q2 FY26: Insights into Adjusted Consumption Growth of 19-20% 99 14% Q2 FY26 YoY Base Consumption Growth ~1.5% Adj. for Courtyard Block in Phoenix Palladium 19 - 20% Q2 FY26 YoY Adjusted Consumption Growth ~3% Impact of Strategic Churn across Phoenix MarketCity Malls Note: The above numbers are provided for illustrative purposes only.
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Concept Architect Post-Repositioning Occupancy Ramp-Up to Drive Rental Upside 1010 Phoenix MarketCity Bangalore Retail Assets Phoenix MarketCity Pune Phoenix MarketCity + Palladium Chennai 82% Q2 FY26 Trading Occupancy (%) 82% 88% 95%+ Historical Stabilized Occupancy seen across PML Assets Stabilized Occupancy (%) Growth Drivers Large Anchor spaces optimized and leased to flagship inline and mini anchors at higher rental yields Category and Brand Mix Improvements Prime floor locations now leased to luxury and star brands
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Concept Architect Strategic Repositioning improves Tenant Producitivity Across PMC Malls 1111 Phoenix MarketCity Bangalore Retail Assets Phoenix MarketCity Pune Phoenix MarketCity + Palladium Chennai Q2 FY26 Trading Density Rs. 2,831 pspm (↑21%) Rs. 2,083 pspm (↑11%) Rs. 1,965 pspm (↑13%) Q2 FY26 Consumption Rs. 457 cr (Flat) Rs. 422 cr (↓2%) Rs. 413 cr (↑7%) Q2 FY26 Trading Occupancy 82% (↓14 pps) 82% (↓13 pps) 88% (↓5 pps)
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Indicative Render One National Park, Chennai Business Performance - Offices Financial Results Annexures 1212
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13 Premium Workspaces within Mixed-Use Ecosystems BENGALURU MUMBAI Grade A Offices Strategically integrated with destination malls to enhance value creation and tenant experience. Integrated Campus Design Synergistic environments that blend work, retail, dining, and leisure for an elevated workplace experience. Future-Ready Workspaces Focused on regional headquarters seeking premium spaces. Phoenix Asia Towers GLA: ~0.78 msft Millennium Towers GLA: ~1.37 msft
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Concept Architect 1414 Strong Leasing Traction and Uptick in Occupancy 9.43 lakh sq. ft.1 Gross Leasing (YTD upto Mid Oct-25) Notes: 1. Reflects gross leasing across assets in Mumbai, Pune, Bengaluru and Chennai. 2. Represents offices in Mumbai and Pune i.e. Art Guild House, The Centrium. Phoenix Paragon Plaza, Phoenix House and Fountainhead totalling to a GLA of ~2 msft. 3. Represents offices in Bengaluru, Pune and Chennai i.e. Phoenix Asia Towers, Millennium Towers (Tower 3), & One National Park respectively, totalling to a GLA of ~1.87 msft. Operational Assets2 Leased Occupancy Recently completed assets3 67% Mar-25 5% 77% Oct-25 38% • Occupancy in the operational offices at Mumbai and Vimmanagar in Pune stood at 77% in Oct-25 vs. 67% in Mar-25 • Gross leasing of ~9.43 lakh sq. ft. in the offices at Mumbai, Pune, Bengaluru and Chennai between April to Mid Oct-25.
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Concept Architect 1515 Rs. 54 cr Up 1% vs Q2 FY25 Q2 FY26 Income Rs. 33 cr Down 2% vs Q2 FY25 Q2 FY26 EBITDA Commercial offices performance overview Operational assets: Mumbai, Pune Rs. 106 cr Up 2% vs H1 FY25 H1 FY26 Income Rs. 67 cr Up 1% vs H1 FY25 H1 FY26 EBITDA
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Photo shot at location Koiishii, The St. Regis, Mumbai Business Performance - Hospitality Financial Results Annexures 1616
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Concept Architect 1717 Rs. 121 cr Flat vs Q2 FY25 Q2 FY26 Income Rs. 53 cr Up 12% vs Q1 FY25 Q2 FY26 EBITDA 85% Q2 FY26 Occupancy (The St. Regis) 60% Q2 FY26 Occupancy (CYMA) Rs. 244 cr Up 5% vs H1 FY25 H1 FY26 Income Rs. 105 cr Up 16% vs H1 FY25 H1 FY26 EBITDA Hotels Overview
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The St. Regis, Mumbai: Performance overview for Q2 and H1 FY26 18 EBITDA Overview ~Rs. 53 Cr Margin: 47% ~Rs. 103 cr Margin: 46% ↑ 13 % Vs Q2 FY25 ↑ 16 % Vs H1 FY25 Q2 FY26 H1 FY26 17,320 17,727 16,875 18,129 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 ARR (Rs.) 7% Growth 2% Growth 14,694 14,999 14,311 15,230 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 RevPAR (Rs.) 6% Growth 2% Growth Note: F&B includes revenue from Banquet Q2 FY26 Revenue Mix F&B 50% Rooms 46% Other 4% Rs. 113 crores 1% growth over Q2 FY25 H1 FY26 Revenue Mix F&B 50% Rooms 47% Other 4% Rs. 225 crores 5% growth over H1 FY25 Occupancy 85% Q2 FY26 84% H1 FY26
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Courtyard by Marriott, Agra: Performance overview for Q2 and H1 FY26 19 EBITDA Overview ~Rs. 0.4 Cr Margin: 5% ~Rs. 2 cr Margin: 10% ↓ 7% Vs H1 FY25 4,569 4,396 4,375 4,384 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 ARR (Rs.) Flat4% De-Growth ↓ 50% Vs Q2 FY25 3,044 2,621 2,826 2,862 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 RevPAR (Rs.) 1% Growth 14% De-Growth Note: F&B includes revenue from Banquet Q2 FY26 Revenue Mix F&B 43% Rooms 52% Other 5% Rs. 9 crores 11% De-Growth over Q2 FY25 H1 FY26 Revenue Mix F&B 46% Rooms 50% Other 4% Rs. 20 crores 6% Growth over H1 FY25 Q2 FY26 H1 FY26 Occupancy 60% Q2 FY26 65% H1 FY26
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Business Performance: Residential Financial Results Annexures 20 Indicative Render One Bangalore West
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Concept Architect Residential Portfolio: Steady traction in demand for ready units 2121 Q2 FY26 Gross Sales Rs. 139 Cr Q2 FY26 Average sales price ~28,900 psfRs. 116 Cr Q2 FY26 Collections H1 FY26 Gross Sales Rs. 287 Cr H1 FY26 Average sales price ~27,900 psfRs. 214 Cr H1 FY26 Collections
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Business Performance Financial Results Annexures Photo shot at location 22Phoenix MarketCity Mumbai
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Q2 FY26 Consolidated EBITDA at Rs. 667 crores, up 29% 23 Notes: 1. Exceptional item represents tax on gain on account of sale of undivided share in land and applicable Development Potential by the company to its subsidiary, Plutocrat Commercial Real Estate Private Limited NC: Not comparable due to exceptional items Particulars Q2 FY26 Q2 FY25 YoY% H1 FY26 H1 FY25 YoY% Income from operations 1,115 918 22% 2,068 1,822 14% Operating EBITDA 667 518 29% 1,231 1,049 17% EBITDA Margin (%) 60% 56% 3 pps 60% 58% 2 pps Add: Other income 31 37 -17% 62 75 -17% Less: Finance Cost 92 103 -11% 187 206 -9% Less: Depreciation 91 78 18% 185 155 19% Profit before tax & exceptional items 515 374 38% 922 763 21% Exceptional items1 - - - - -1 NC Profit before tax 515 374 38% 922 762 21% Less: Tax 132 84 58% 219 158 38% Net Profit after tax for the period 383 291 32% 703 604 16% Net Profit after tax, and after share of associates and minority interest 304 218 39% 545 451 21% Diluted EPS (Rs.) (after exceptional items) 8.50 6.10 39% 15.23 12.60 21% Amount in Rs. Cr
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Q2 and H1 FY26 Break up of Consolidated P&L 24 Particulars Q2 FY26 Q2 FY25 YoY% H1 FY26 H1 FY25 YoY% Revenue from core businesses (Retail, Offices, Hotel & Asset Management) 914 842 9% 1,794 1,686 6% Add: Residential & Others 202 76 165% 274 136 102% Consolidated Revenue 1,115 918 22% 2,068 1,822 14% EBITDA from core businesses (Retail, Offices, Hotel & Asset Management) 552 509 8% 1,095 1,040 5% Add: Residential & Others 115 8 - 136 9 - Consolidated EBITDA 667 518 29% 1,231 1,049 17% Amount in Rs. Cr
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Q2 FY26 Standalone EBITDA at Rs. 87 crores up 20% 25 Notes: 1. Exceptional item includes gain on account of sale of undivided share in land including its development potential (in Q1 FY25) by PML to its subsidiary - Plutocrat Commercial Real Estate Private Limited aggregating to Rs. 76 crs. Figures presented above are net of taxes. NC: Not comparable due to exceptional items Amount in Rs. Cr Particulars Q2 FY26 Q2 FY25 YoY% H1 FY26 H1 FY25 YoY% Income from operations 137 116 19% 263 234 12% Operating EBITDA 87 72 20% 168 149 13% EBITDA Margin (%) 63% 63% 1 pps 64% 64% 0 pps Add: Other income 95 105 -9% 101 111 -9% Less: Finance Cost 16 18 -11% 33 35 -5% Less: Depreciation 16 9 87% 39 17 129% Profit before tax & exceptional items 150 150 0% 198 208 -5% Exceptional items1 - - - - 47 NC Profit before tax 150 150 0% 198 256 NC Less: Tax 20 16 27% 27 26 7% Net Profit after tax for the period 129 134 -3% 170 230 NC Diluted EPS (Rs.) (after exceptional items) 3.62 3.74 -3% 3.62 3.74 NC
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Operating cash flow in Q2 FY26 26 486 -105 380 Q2 FY25 378 3 20% - 30% 34% % Change 16% - 582 -74 508 Q2 FY26 439 69 Net cash from operating activities Less: Interest paid Operating free cash flow Amount in Rs. cr Retail, Offices, Hotels Residential Contribution to Operating free cash flow from
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Operating cash flow in H1 FY26 27 1,000 -190 809 H1 FY25 786 23 15% -12% 21% % Change 9% - 1,147 -167 981 H1 FY26 854 126 Net cash from operating activities Less: Interest paid Operating free cash flow Amount in Rs. cr Retail, Offices, Hotels Residential Contribution to Operating free cash flow from
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1,702 Group-level Debt and Cash position as on 30th September 2025 vs. 31st March 2025 4,409 Liquidity (Bank balance + Investments + DSRA)*^ 2,707 Gross Debt^ 31-Mar-25 Net Debt^ Amount Rs. cr *Does not include amount available in overdraft accounts ^ Includes Starboard which does not form part of PML Consolidated financials 28 2,481 4,684 2,203 30-Sep-25 + 779 + 276 - 503 Change ~1.2xNet Debt to EBITDA^ ~0.9x
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9.19% 8.17% 7.30% 8.74% 8.81% 8.50% 7.92% 7.68% 4.40% 4.00% 4.00% 6.50% 6.50% 6.25% 5.50% 5.50% Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Jun-25 Sep-25 PML's Avg. Cost of Debt (%) RBI Repo rate (%) Average cost of debt in September-2025 down to 7.68% 29 Effective cost of debt (%) Spread: 218 bps Spread: 479 bps
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CPP Transaction Update Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Deal Approval Received CCI Approval Received Shareholders Approval Received Other conditions precedent completed Payment of Tranche 1 30
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Business Performance Financial Results Annexures Photo shot at location 31Phoenix Mall of the Millennium
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Q2 FY26 Q2 FY25 Retail Rental Income Retail Rental Income (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai 116 101 14% Phoenix MarketCity Bangalore 49 50 -3% Phoenix MarketCity Pune 52 54 -3% Phoenix MarketCity and Palladium Chennai 58 55 6% Phoenix MarketCity Mumbai 45 43 3% Phoenix Palassio Lucknow 37 35 8% Phoenix United Lucknow 9 8 5% Phoenix United Bareilly 7 6 11% Phoenix Citadel Indore (operational from Dec-22) 26 25 6% Palladium Ahmedabad (operational from Feb-23) 33 29 14% Phoenix Mall of the Millennium Pune (operational from Sep-23) 44 35 26% Phoenix Mall Asia Bangalore (operational from Oct-23) 51 39 30% Grand Total 527 481 10% Name of Asset % growth Q2 FY26 Retail Rental Income grew by 10% over Q2 FY25 32 Note: Phoenix Palladium Mumbai comprises the retail portion of the Mall housed under the standalone entity and the Lower Ground Floor of the Mall which is housed in a separate subsidiary.
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Q2 FY26 Q2 FY25 Retail EBITDA Retail EBITDA (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai 117 105 12% Phoenix MarketCity Bangalore 51 54 -6% Phoenix MarketCity Pune 58 60 -4% Phoenix MarketCity and Palladium Chennai 64 61 4% Phoenix MarketCity Mumbai 49 46 8% Phoenix Palassio Lucknow 40 35 14% Phoenix United Lucknow 9 8 10% Phoenix United Bareilly 7 6 23% Phoenix Citadel Indore (operational from Dec-22) 25 24 4% Palladium Ahmedabad (operational from Feb-23) 31 27 15% Phoenix Mall of the Millennium Pune (operational from Sep-23) 44 33 35% Phoenix Mall Asia Bangalore (operational from Oct-23) 55 40 36% Grand Total 551 499 10% Name of Asset % growth Q2 FY26 Retail EBITDA grew by 10% over Q2 FY25 33 Note: Phoenix Palladium Mumbai comprises the retail portion of the Mall housed under the standalone entity and the Lower Ground Floor of the Mall which is housed in a separate subsidiary.
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H1 FY26 H1 FY25 Retail Rental Income Retail Rental Income (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai 224 205 9% Phoenix MarketCity Bangalore 96 101 -5% Phoenix MarketCity Pune 106 107 -1% Phoenix MarketCity and Palladium Chennai 115 110 4% Phoenix MarketCity Mumbai 90 88 2% Phoenix Palassio Lucknow 73 69 6% Phoenix United Lucknow 17 17 4% Phoenix United Bareilly 14 13 9% Phoenix Citadel Indore (operational from Dec-22) 52 48 8% Palladium Ahmedabad (operational from Feb-23) 65 57 15% Phoenix Mall of the Millennium Pune (operational from Sep-23) 87 72 20% Phoenix Mall Asia Bangalore (operational from Oct-23) 98 87 13% Grand Total 1,038 973 7% Name of Asset % growth H1 FY26 Retail Rental Income grew by 7% over H1 FY25 34 Note: Phoenix Palladium Mumbai comprises the retail portion of the Mall housed under the standalone entity and the Lower Ground Floor of the Mall which is housed in a separate subsidiary.
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H1 FY26 H1 FY25 Retail EBITDA Retail EBITDA (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai 231 212 9% Phoenix MarketCity Bangalore 102 110 -8% Phoenix MarketCity Pune 117 118 -1% Phoenix MarketCity and Palladium Chennai 127 124 2% Phoenix MarketCity Mumbai 97 93 4% Phoenix Palassio Lucknow 79 72 10% Phoenix United Lucknow 18 16 10% Phoenix United Bareilly 14 12 18% Phoenix Citadel Indore (operational from Dec-22) 51 46 12% Palladium Ahmedabad (operational from Feb-23) 63 54 17% Phoenix Mall of the Millennium Pune (operational from Sep-23) 89 68 31% Phoenix Mall Asia Bangalore (operational from Oct-23) 105 91 15% Grand Total 1,093 1,017 8% Name of Asset % growth H1 FY26 Retail EBITDA grew by 7% over H1 FY25 35 Note: Phoenix Palladium Mumbai comprises the retail portion of the Mall housed under the standalone entity and the Lower Ground Floor of the Mall which is housed in a separate subsidiary.
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Phoenix Palladium Mumbai ^NC: Not comparable. *Average occupancy for the period Note: Rental income includes income from Phoenix House but does not include income from Lower Ground Floor in Phoenix Palladium which is housed under a separate subsidiary. 36 (Rs. cr) Q2 FY26 Q2 FY25 % growth H1 FY26 H1 FY25 % growth Rental 109 95 14% 210 193 9% CAM & Others 26 20 28% 47 41 14% Total Income 135 115 17% 257 234 10% Asset EBITDA 111 99 12% 218 201 9% Asset EBITDA as % of Rental 102% 104% -2 pps 104% 104% -1 pps PML Standalone EBITDA 87 72 20% 168 149 13% Mall GLA (msft)^ 1.03 0.87 NC 1.03 0.87 NC Rental Rate (Rs. pspm) 452 421 7% 442 423 5% Consumption (Rs. cr) 582 513 13% 1,151 1,049 10% Trading Density (Rs. pspm) 3,233 3,170 2% 3,346 3,208 4% Leased Occupancy (%)* 98% 97% NC 98% 98% NC Trading Occupancy (%)* 91% 96% NC 87% 97% NC
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(Rs. cr) Q2 FY26 Q2 FY25 % growth H1 FY26 H1 FY25 % growth Rental 49 50 -3% 96 101 -5% CAM & Others 20 22 -9% 41 45 -9% Total Income 69 72 -4% 137 146 -6% Asset EBITDA 51 54 -6% 102 110 -8% Asset EBITDA as % of Rental 105% 107% -2 pps 105% 109% -3 pps Rental Rate (Rs. pspm) 197 172 15% 194 172 13% Consumption (Rs. cr) 457 459 0% 900 912 -1% Trading Density (Rs. pspm) 2,831 2,344 21% 2,757 2,329 18% Leased Occupancy (%)* 98% 98% 0 pps 96% 98% -2 pps Trading Occupancy (%)* 82% 97% -14 pps 82% 97% -15 pps Phoenix MarketCity Bangalore Note: Reported EBITDA is before fees paid to MarketCity Resources Pvt. Ltd., a 100% subsidiary of PML *Average trading occupancy for the period 37
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(Rs. cr) Q2 FY26 Q2 FY25 % growth H1 FY26 H1 FY25 % growth Rental 52 54 -3% 106 107 -1% CAM & Others 23 24 -6% 47 48 -2% Total Income 75 78 -4% 153 155 -2% Asset EBITDA 58 60 -4% 117 118 -1% Asset EBITDA as % of Rental 110% 111% -1 pps 111% 110% 1 pps Rental Rate (Rs. pspm) 170 157 8% 167 157 7% Consumption (Rs. cr) 422 428 -2% 837 836 0% Trading Density (Rs. pspm) 2,083 1,871 11% 2,017 1,823 11% Leased Occupancy (%)* 94% 97% -3 pps 93% 97% -4 pps Trading Occupancy (%)* 82% 95% -13 pps 86% 95% -9 pps Phoenix MarketCity Pune 38 Note: Reported EBITDA is before fees paid to MarketCity Resources Pvt. Ltd., a 100% subsidiary of PML *Average trading occupancy for the period
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(Rs. cr) Q2 FY26 Q2 FY25 % growth H1 FY26 H1 FY25 % growth Rental 58 55 6% 115 110 4% CAM & Others 32 29 8% 63 60 5% Total Income 90 84 7% 178 171 4% Asset EBITDA 64 61 4% 127 124 2% Asset EBITDA as % of Rental 109% 111% -2 pps 110% 113% -2 pps Rental Rate (Rs. pspm) 186 165 13% 183 166 11% Consumption (Rs. cr) 413 386 7% 795 759 5% Trading Density (Rs. pspm) 1,965 1,741 13% 1,889 1,713 10% Leased Occupancy (%)* 96% 97% -1 pps 96% 97% -1 pps Trading Occupancy (%)* 88% 93% -5 pps 89% 94% -5 pps Phoenix MarketCity & Palladium Chennai 39 Note: Reported EBITDA is before fees paid to MarketCity Resources Pvt. Ltd., a 100% subsidiary of PML *Average trading occupancy for the period
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(Rs. cr) Q2 FY26 Q2 FY25 % growth H1 FY26 H1 FY25 % growth Rental 45 43 3% 90 88 2% CAM & Others 23 21 7% 44 43 2% Total Income 67 65 4% 134 131 2% Asset EBITDA 49 46 8% 97 93 4% Asset EBITDA as % of Rental 110% 105% 5 pps 108% 106% 2 pps Rental Rate (Rs. pspm) 129 127 2% 129 128 0% Consumption (Rs. cr) 309 289 7% 619 590 5% Trading Density (Rs. pspm) 1,387 1,314 6% 1,400 1,366 3% Leased Occupancy (%)* 97% 99% -2 pps 97% 99% -2 pps Trading Occupancy (%)* 90% 95% -4 pps 91% 93% -3 pps Phoenix MarketCity Mumbai 40 Note: Reported EBITDA is before fees paid to MarketCity Resources Pvt. Ltd., a 100% subsidiary of PML *Average trading occupancy for the period
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(Rs. cr) Q2 FY26 Q2 FY25 % growth H1 FY26 H1 FY25 % growth Rental 37 35 8% 73 69 6% CAM & Others 20 18 8% 38 35 9% Total Income 57 53 8% 112 105 7% Asset EBITDA 40 35 14% 79 72 10% Asset EBITDA as % of Rental 107% 101% 6 pps 108% 104% 4 pps Rental Rate (Rs. pspm) 140 131 7% 139 130 7% Consumption (Rs. cr) 298 278 7% 604 552 9% Trading Density (Rs. pspm) 1,695 1,570 8% 1,728 1,558 11% Leased Occupancy (%)* 99% 99% 0 pps 99% 99% 0 pps Trading Occupancy (%)* 96% 96% 0 pps 95% 96% -1 pps Phoenix Palassio, Lucknow 41 *Average trading occupancy for the period
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(Rs. cr) Q2 FY26 Q2 FY25 % growth H1 FY26 H1 FY25 % growth Rental 9 8 5% 17 17 4% CAM & Others 6 6 12% 12 11 13% Total Income 15 14 8% 30 28 7% Asset EBITDA 9 8 10% 18 16 10% Asset EBITDA as % of Rental 102% 98% 4 pps 103% 97% 6 pps Rental Rate (Rs. pspm) 95 94 1% 96 94 2% Consumption (Rs. cr) 55 51 8% 113 105 8% Trading Density (Rs. pspm) 836 794 5% 865 811 7% Leased Occupancy (%)* 85% 87% -2 pps 85% 87% -2 pps Trading Occupancy (%)* 83% 77% 5 pps 81% 78% 3 pps Phoenix United Lucknow 42 *Average trading occupancy for the period
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(Rs. cr) Q2 FY26 Q2 FY25 % growth H1 FY26 H1 FY25 % growth Rental 7 6 11% 14 13 9% CAM & Others 6 5 26% 12 10 20% Total Income 13 11 18% 25 22 14% Asset EBITDA 7 6 23% 14 12 18% Asset EBITDA as % of Rental 110% 99% 11 pps 105% 97% 8 pps Rental Rate (Rs. pspm) 74 70 6% 75 70 6% Consumption (Rs. cr) 57 53 7% 123 110 11% Trading Density (Rs. pspm) 886 867 2% 951 896 6% Leased Occupancy (%)* 92% 90% 2 pps 91% 90% 1 pps Trading Occupancy (%)* 89% 84% 5 pps 89% 84% 5 pps Phoenix United Bareilly 43 *Average trading occupancy for the period
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Phoenix Citadel, Indore (Rs. cr) Q2 FY26 Q2 FY25 % growth H1 FY26 H1 FY25 % growth Rental 26 25 6% 52 48 8% CAM & Others 17 15 7% 32 31 4% Total Income 43 40 6% 84 79 6% Asset EBITDA 25 24 4% 51 46 12% Asset EBITDA as % of Rental 95% 97% -2 pps 94% 96% -2 pps Rental Rate (Rs. pspm) 89 87 3% 88 84 5% Consumption (Rs. cr) 143 124 15% 285 248 15% Trading Density (Rs. pspm) 732 639 15% 783 637 23% Leased Occupancy (%)* 92% 93% -2 pps 92% 94% -2 pps Trading Occupancy (%)* 91% 91% 0 pps 91% 91% 0 pps 44 Note: Reported EBITDA is before fees paid to MarketCity Resources Pvt. Ltd., a 100% subsidiary of PML *Average trading occupancy for the period
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(Rs. cr) Q2 FY26 Q2 FY25 % growth H1 FY26 H1 FY25 % growth Rental 33 29 14% 65 57 15% CAM & Others 17 16 7% 35 31 12% Total Income 50 44 11% 100 88 14% Asset EBITDA 31 27 15% 63 54 17% Asset EBITDA as % of Rental 94% 93% 1 pps 97% 95% 2 pps Rental Rate (Rs. pspm) 154 141 9% 152 142 7% Consumption (Rs. cr) 209 168 24% 415 334 24% Trading Density (Rs. pspm) 1,523 1,360 12% 1,509 1,368 10% Leased Occupancy (%)* 96% 97% -1 pps 96% 97% 0 pps Trading Occupancy (%)* 95% 92% 3 pps 95% 89% 6 pps Palladium Ahmedabad 45 Note: Reported EBITDA is before fees paid to MarketCity Resources Pvt. Ltd., a 100% subsidiary of PML *Average trading occupancy for the period
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(Rs. cr) Q2 FY26 Q2 FY25 % growth H1 FY26 H1 FY25 % growth Rental 44 35 26% 87 72 20% CAM & Others 22 19 16% 45 39 16% Total Income 66 54 23% 132 111 19% Asset EBITDA 44 33 35% 89 68 31% Asset EBITDA as % of Rental 101% 94% 7 pps 102% 93% 9 pps Rental Rate (Rs. pspm) 134 120 12% 133 129 3% Consumption (Rs. cr) 341 270 27% 663 505 31% Trading Density (Rs. pspm) 1,607 1,431 12% 1,578 1,390 14% Leased Occupancy (%)* 96% 93% 2 pps 96% 93% 2 pps Trading Occupancy (%)* 94% 83% 11 pps 93% 80% 13 pps Phoenix Mall of the Millennium, Pune 46 Note: Reported EBITDA is before fees paid to MarketCity Resources Pvt. Ltd., a 100% subsidiary of PML *Average trading occupancy for the period
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Phoenix Mall of Asia, Bengaluru (Rs. cr) Q2 FY26 Q2 FY25 % growth H1 FY26 H1 FY25 % growth Rental 51 39 30% 98 87 13% CAM & Others 25 22 9% 54 45 18% Total Income 76 62 22% 152 132 15% Asset EBITDA 55 40 36% 105 91 15% Asset EBITDA as % of Rental 108% 103% 5 pps 106% 105% 1 pps Rental Rate (Rs. pspm) 161 142 13% 156 161 -3% Consumption (Rs. cr) 463 260 78% 832 496 68% Trading Density (Rs. pspm) 1,982 1,415 40% 1,893 1,391 36% Leased Occupancy (%)* 95% 90% 5 pps 92% 90% 2 pps Trading Occupancy (%)* 84% 74% 10 pps 84% 72% 12 pps 47 Note: Reported EBITDA is before fees paid to MarketCity Resources Pvt. Ltd., a 100% subsidiary of PML *Average trading occupancy for the period
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Leasing and occupancy in the Commercial Office Portfolio as of September 2025 • Occupancy in the operational offices at Mumbai and Vimmanagar in Pune stood at 77% in September 2025 vs. 67% in March 2025. • Gross leasing of ~7.20 lakh sq. ft. in the offices at Mumbai, Pune, Bengaluru and Chennai during H1 FY26. • Leasing momentum and tenant traction remained strong through H1 FY26 and continued into October 2025. Asset Location Net Leasable Area (msft) Area Leased (msft) % area leased Gross Rent (psfpm)* Art Guild House Mumbai 0.63 0.57 90% 123 Phoenix Paragon Mumbai 0.31 0.21 67% 138 The Centrium Mumbai 0.11 0.06 59% 120 Phoenix House Mumbai 0.09 0.04 43% 185 FountainHead Pune 0.84 0.64 76% 97 Total 1.98 1.52 77% 117 48* Gross rent includes CAM and Property Tax.
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Q2 FY26 Q2 FY25 Growth (%) Q2 FY26 Q2 FY25 Growth (%) Q2 FY26 Q2 FY25 Art Guild House, Mumbai 23 24 -1% 17 17 -4% 71% 73% Phoenix Paragon, Mumbai 9 9 4% 4 5 -15% 45% 55% The Centrium, Mumbai 3 4 -14% 2 2 -14% 60% 59% Phoenix House, Mumbai 2 3 -13% NA NA Fountainhead, Pune 16 15 8% 11 10 10% 66% 65% Total 54 54 1% 33 34 -2% 61% 63% Operational Portfolio EBITDA as % of Total Income Part of Phoenix Palladium Total Income (Rs. cr) EBITDA (Rs. cr) Q2 FY26 Commercial Offices Income stood at Rs. 54 cr 49 • Income from commercial offices in Q2 FY26 stood at Rs. 54 cr, flat over Q2 FY25. • EBITDA stood at Rs. 33 cr.
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H1 FY26 H1 FY25 Growth (%) H1 FY26 H1 FY25 Growth (%) H1 FY26 H1 FY25 Art Guild House, Mumbai 47 46 1% 33 34 -3% 70% 73% Phoenix Paragon, Mumbai 17 17 -3% 9 10 -11% 51% 56% The Centrium, Mumbai 6.5 7.58 -14% 4 4 -14% 59% 59% Phoenix House, Mumbai 5 5 -13% NA NA Fountainhead, Pune 31 28 12% 22 18 19% 70% 65% Total 106 105 2% 67 66 1% 63% 63% Operational Portfolio Total Income (Rs. cr) EBITDA (Rs. cr) EBITDA as % of Total Income Part of Phoenix Palladium H1 FY26 Commercial Offices Income stood at Rs. 106 cr 50 • Income from commercial offices in H1 FY26 stood at Rs. 106 cr, up 2% over H1 FY25. • EBITDA stood at Rs. 67 cr, up 1% over H1 FY25.
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Concept Architect Residential Portfolio: Sales for H1 FY26 surpassed full year sales recorded in FY25 5151 ✓ Sales performance has shown a strong upward trajectory, supported by robust demand for premium residential spaces. ✓ Gross residential sales of ~Rs. 139 cr in Q2 FY26 (up vs Rs 27 Cr in Q2 FY25) and ~Rs. 287 cr in H1 FY26 (up vs Rs 78 Cr in H1 FY25) ✓ Collections of ~Rs. 116 cr in Q2 FY26 (up vs Rs. 60 Cr in Q2 FY25) and ~Rs 214 (up vs Rs. 125 Cr in H1 FY25) Note: 1. Area Figures given in the table are as of 30-Sep-25 2. Of the nine towers in One Bangalore West (OBW), only Towers 1-7 have been launched and completed. Towers 8 & 9 are yet to be lau nched, with a saleable area of ~0.66 msft. 3. Refers to sales where Agreement To Sell was registered. in Q2 FY26 Cumulative One Bangalore West2 2.45 1.79 1.75 0.03 2,049 56 68 2,012 Kessaku, Bengaluru 1.03 1.03 0.82 0.21 1,492 60 103 1,400 Total 3.48 2.82 2.57 0.24 3,541 116 171 3,412 Collections in Q2 FY26 (Rs. cr) Revenue recognized (Rs. cr) Project Name1 Total Saleable area (msft) Area launched (msft) Cumulative Area Sold (msft) Constructed and ready to sell inventory (msft) Cumulative Sales Value (Rs. cr) 3
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The St. Regis, Mumbai Particulars Q2 FY26 Q2 FY25 % growth H1 FY26 H1 FY25 % growth Revenue from Rooms 52 52 1% 105 100 5% Revenue from F&B and Banquet 57 57 0% 111 107 4% Other Operating Income 4 3 16% 8 7 15% Total Income 113 111 1% 225 214 5% Operating EBITDA 53 46 13% 103 88 16% EBITDA margin (%) 47% 42% 5 pps 46% 41% 4 pps 52 Photo shot at location Photo shot at location Amount in Rs. Cr
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Courtyard by Marriott, Agra 53 Photo shot at location Particulars Q2 FY26 Q2 FY25 % growth H1 FY26 H1 FY25 % growth Revenue from Rooms 4.6 5.3 -13% 10.0 9.8 2% Revenue from F&B and Banquet 3.8 4.2 -9% 9.2 8.2 12% Other Operating Income 0.4 0.4 -3% 0.7 0.7 -6% Total Income 8.8 9.9 -11% 19.8 18.6 6% Operating EBITDA 0.4 0.8 -50% 2.0 2.2 -8% EBITDA margin (%) 5% 8% -4 pps 10% 12% -2 pps Amount in Rs. Cr
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Status Asset Type SPV Asset Name PML Ownership (%) Q1 FY26 (Rs. Cr) Q2 FY26 (Rs. Cr) Operational Assets Retail & Mixed-Use The Phoenix Mills Ltd. (Standalone) Phoenix Palladium, Mumbai 100.0% 738 722 Classic Mall Development Phoenix MarketCity, Chennai 100.0% 429 427 Vamona Developers Phoenix MarketCity, Pune 67.1% 282 280 Island Star Mall Developers Phoenix MarketCity, Bangalore 51.0% 366 379 Starboard Hotels Phoenix Palladium, Chennai 50.0% 187 195 Offbeat Developers Phoenix MarketCity, Mumbai 67.1% 344 322Art Guild House (Commercial), Mumbai Centrium (Commercial), Mumbai Blackwood Developers Phoenix United, Bareilly 100.0% 43 40 UPAL Developers Phoenix United, Lucknow 100.0% 0 0 Destiny Retail Mall Developers Phoenix Palassio, Lucknow 100.0% 440 441 Insight Mall Developer Phoenix Citadel, Indore 51.1% 97 97 SGH Realty Palladium, Ahmedabad 50.1% 487 477 Alyssum Mall Developers Phoenix Mall of the Millennium and Phoenix Millennium Towers, Pune 51.0% 364 367 Sparkle One Mall Developers Phoenix Mall of Asia and Phoenix Asia Towers, Bengaluru 51.0% 132 351 Hotel & Residential Pallazzio Hotels & Leisure The St. Regis, Mumbai 73.0% 257 247 Office Graceworks Realty & Leisure Phoenix Paragon Plaza, Mumbai 67.1% 91 90 Alliance Spaces Fountainhead, Pune 100.0% 41 40 Sub-Total (A) 4,300 4,473 Under- development Asset Retail Mindstone Mall Developers Phoenix Grand Victoria 51.0% 119 153 Thoth Mall And Commercial Real Estate Retail Development at Surat 53.7% 16 58 Sub-Total (B) 136 211 Entity-wise Gross Debt across Assets (A + B) 4,435 4,684 Gross Debt across Subsidiaries as on 30th September 2025 54
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Click on the logos to for updates on Instagram 55 Phoenix Marketcity Pune logo Phoenix Marketcity Kurla logo Phoenix Marketcity Bangalore logo Phoenix Marketcity Chennai logo Phoenix Palassio logo Phoenix Citadel, Indore | Linktree Palladium Ahmedabad (@palladiumAhm) / X Phoenix Mall of the Millennium | Pune Phoenix Mall Of Asia (@phoenixmoa) • Instagram photos and videos R E T A I L The St. Regis Mumbai logo H O S P I T A L I T Y Phoenix Kessaku Project Logo R E S I D E N T I A L Phoenix Workspaces logo W O R K S P A C E S
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56 Karl Kolah Email: karl.kolah@phoenixmills.com Madhurima Kane Email: madhurima.kane@phoenixmills.com Website: https://www.thephoenixmills.com/investors Linkedin: The Phoenix Mills Limited 56