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Phoenix Avenue of Stars, Pune Earlier known as Phoenix MarketCity Pune Photo shot at location THE PHOENIX MILLS LIMITED Built to Compound Investor Presentation Q2 & H1 FY27
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22 A Diversified Real Estate Platform Built for Compounding R E T A I L >18 msft GLA by 2030 Operational: ~11 msft Operational across: 12 malls | 8 Cities O F F I C E S ~9 msft GLA by 2030 Operational: ~5 msft Grade-A, campus-integrated offices operational across Mumbai, Pune, Bengaluru, Chennai H O S P I T A L I T Y ~2,188 keys Operational by 2030 Operational: 2 hotels, ~588 keys The St. Regis, Mumbai, Courtyard by Marriott, Agra R E S I D E N T I A L ~7 msft Cumulative Saleable Area by 2030 Area launched: ~2.8 msft Premium projects in Bengaluru One Bangalore West, Kessaku From 1 Mall in 2005 to a Retail-led Mixed-use Portfolio Pan-India
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26 263 778 2,637 FY06 FY13 FY18 FY26 EBITDA (Rs. Cr) Concept Architect 33 26% EBITDA CAGR Over 20 Years: Compounding Through Cycles Note: Above figures represent the Consolidated EBITDA of PML Group. CAGR 26%
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Concept Architect India’s Best Retail Developer & Operator 44 2,570 16,587 FY13 FY26 Consumption (Rs. Cr) 420 2,157 FY13 FY26 Retail Rental (Rs. Cr) CAGR 15% CAGR 13%
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Q2 FY27 Consolidated Performance Overview 5 Rs. 1,055 cr ↑ 16% vs Q2 FY26 Rs. 669 cr ↑ 21% vs Q2 FY26 Annuity Businesses (Retail, Offices, Hotel and Asset Management) Rs. 391 cr ↑ 31% vs Q2 FY26 Revenue EBITDA PAT Rs. 1,153 cr ↑ 3% vs Q2 FY26 Rs. 710 cr ↑ 7% vs Q2 FY26 Consolidated Group Performance Rs. 424 cr ↑ 11% vs Q2 FY26
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H1 FY27 Consolidated Performance Overview 6 Rs. 2,089 cr ↑ 16% vs H1 FY26 Rs. 1,318 cr ↑ 20% vs H1 FY26 Annuity Businesses (Retail, Offices, Hotel and Asset Management) Rs. 2,228 cr ↑ 8% vs H1 FY26 Rs. 1,352 cr ↑ 10% vs H1 FY26 Consolidated Group Performance Revenue EBITDA Rs. 793 cr ↑ 31% vs H1 FY26 PAT Rs. 818 cr ↑ 16% vs H1 FY26
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Strong Cash Flows and Balance Sheet Provide Visibility for Next Growth Phase 7 Operating Free Cash Flow (H1 FY27)1 Rs. 1,215 cr ↑ 22% YoY Liquidity (as of 30-Sep-26)2,3 Rs. 2,638 cr ↑ Rs. 634 cr vs March 2026 Gross Debt (as of 30-Sep-26)3 Rs. 6,117 cr ↑ Rs. 953 cr vs March 2026 Net Debt (as of 30-Sep-26)3 Rs. 3,479 cr ↑ Rs. 319 cr vs March 2026 Cost of Debt: 7.66% (spread of 241 bps over Repo) Net Debt/EBITDA4 at 1.2x as of Sep-26 vs. 1.2x as of Mar-26 Notes: 1. Refers to net cash flow from operating activities after taxes, adjusted for interest paid/received. 2. Does not include amount available in overdraft accounts. 3. Includes Associate companies, which do not form a part of PML Consolidated financial statements. 4. Net Debt to EBITDA is based on trailing 12-month EBITDA for H1 FY27 and full-year EBITDA for FY26. Net Debt and EBITDA both include associate companies, which are not part of PML Consolidated financial statements.
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8 Multiple Growth Levers Driving Earnings and Cash Flow Growth Embedded Growth in Operating Retail Portfolio • Rental uplift on existing malls through strategic repositioning. • Contractual lease expiries unlock repricing spreads across the portfolio. • Addition of Luxury & Flagship Brands to drive further growth. Densification & Portfolio Expansion • Densification of existing destinations and creation of integrated mixed-use campuses in Mumbai and Bengaluru. • Development of New Retail Destinations Kolkata, Surat, Thane, Chandigarh and Coimbatore. • Office Portfolio Ramp-Up: Conversion of leased space into occupied, rent- paying premises. Incremental Growth Drivers • 100% Ownership of ISMDPL Platform (4.4 msft retail, 2.2 msft office, plus expansion). • Additional cash flows from Residential properties • Infrastructure-led Catchment Uplift Our growth roadmap to 2030 is embedded within existing assets, land parcels and development rights already under our control.
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Q2 and H1 FY27 Business wise Update Photo shot at location 9Phoenix Mall of Asia, Bengaluru
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Concept Architect 1010 Rs. 4,685 cr ↑ 25% vs Q2 FY26 Q2 FY27 Consumption Rs. 605 cr ↑ 15% vs Q2 FY26 Q2 FY27 Retail Rental Income Rs. 639 cr ↑ 18% vs Q2 FY26 Q2 FY27 Retail Asset EBITDA Retail: Strong Performance Across Consumption, Rentals and EBITDA Rs. 9,415 cr ↑ 28% vs H1 FY26 H1 FY27 Consumption Rs. 1,200 cr ↑ 16% vs H1 FY26 H1 FY27 Retail Rental Income Rs. 1,264 cr ↑ 17% vs H1 FY26 H1 FY27 Retail Asset EBITDA
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Concept Architect 1111 Q2 FY27 Retail Consumption up 25% with growth across all malls 682 777 542 509 479 417 363 355 263 166 69 63 Phoenix Palladium Phoenix Mall of Asia PMC Bangalore Phoenix Avenue of Stars, Pune PMC & Palladium Chennai Phoenix Mall of the Millennium PMC Mumbai Phoenix Palassio Palladium Ahmedabad Phoenix Pride of India, Indore PU Lucknow PU Bareilly Q2 FY27 Consumption (Rs. Cr) • Total consumption in Q2 FY27 stood at Rs. 4,685 cr, demonstrating a YoY growth of 25% over Q2 FY26. Growth over Q2 FY26 Note: Above numbers are indicative and presented for illustration purpose. 17% 68% 19% 21% 16% 22% 18% 19% 25% 17% 25% 10%
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Concept Architect 1212 H1 FY27 Retail Consumption up 28% with growth across all malls 1,393 1,501 1,083 1,045 934 849 747 727 524 342 136 134 Phoenix Palladium Phoenix Mall of Asia PMC Bangalore Phoenix Avenue of Stars, Pune PMC & Palladium Chennai Phoenix Mall of the Millennium PMC Mumbai Phoenix Palassio Palladium Ahmedabad Phoenix Pride of India, Indore PU Lucknow PU Bareilly H1 FY27 Consumption (Rs. Cr) • Total consumption in H1 FY27 stood at Rs. 9,415 cr, demonstrating a YoY growth of 28% over H1 FY26. Growth over H1 FY26 Note: Above numbers are indicative and presented for illustration purpose. 21% 81% 20% 25% 17% 28% 21% 20% 26% 20% 21% 9%
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Q2 FY27: Consumption Across the Entire Spectrum of Discretionary Wallet Spend 1313 51% 15% 13% 9% 5% 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% 4% 15% 4% 22% 28% 39% 21% 34% 16% 14% Growth: 25% Focused initiatives undertaken to optimize hypermarket space across the portfolio and drive better asset utilization.
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Repositioning Driving Higher Rentals at Phoenix Avenue of Stars, Pune 14 ANCHORS UNIQLO IKEA MAX In a new avatar PREMIUM BRANDS BOSS MICHAEL KORS COACH SEIKO VICTORIA’s SECRET ETHOS F&B BRANDS POPEYES PAUL PHOENIX AVENUE OF STARS, PUNE – PERFORMANCE Note: Growth comparisons are vs Q2 FY26 and H1 FY26 respectively. Q2 FY27 Value YoY Growth Consumption Rs. 509 cr ↑ 21% Trading Density Rs. 2,328 pspm ↑ 12% Rental Income Rs. 60 cr ↑ 16% H1 FY27 Value YoY Growth Consumption Rs. 1,045 cr ↑ 25% Trading Density Rs. 2,397 pspm ↑ 19% Rental Income Rs. 120 cr ↑ 14%
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Repositioning Driving Higher Rentals at Phoenix MarketCity Bangalore 15 NEW BRANDS UNIQLO AZORTE NEXT NYKAA TIRA LEVI’S BUGATTI FOOT LOCKER LEGO F&B BRANDS POPEYES PAUL PHOENIX MARKETCITY BANGALORE – PERFORMANCE Note: Growth comparisons are vs Q2 FY26 and H1 FY26 respectively. Q2 FY27 Value YoY Growth Consumption Rs. 542 cr ↑ 19% Trading Density Rs. 2,894 pspm ↑ 2% Rental Income Rs. 61 cr ↑ 25% H1 FY27 Value YoY Growth Consumption Rs. 1,083 cr ↑ 20% Trading Density Rs. 2,978 pspm ↑ 8% Rental Income Rs. 117 cr ↑ 21%
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Phoenix Citadel, Indore relaunched as Phoenix Pride of India, Indore 16
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Drone show at Phoenix Palassio, Lucknow Diwali Fireworks at Phoenix Pride of India Diwali Décor at Phoenix Palladium INDIA CELEBRATES AT PHOENIX
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18 Millennium Towers, Pune (Completed Dec-25) 1.47 msft · 78% leased One National Park, Chennai (Completed Aug-25) 0.60 msft · 64% leased Phoenix Asia Towers, Bengaluru (Completed Jan-25) 0.81 msft · 84% leased LEASED OCCUPANCY (SEPTEMBER 2026) Offices: Expanding the Base, Building Occupancy Portfolio doubled in 2 years, driven by three major completions during 2025 83% Occupancy across Established Assets1 77% Occupancy across New Assets2 Notes: 1. Established Assets comprise offices in Mumbai and Pune i.e. Art Guild House, The Centrium, Phoenix Paragon and Fountainhead totalling to a GLA of ~2 msft. 2. New Assets represent offices completed in 2025 i.e. Phoenix Asia Towers, Millennium Towers and One National Park, in Bengaluru, Pune and Chennai respectively with a total GLA of ~2.9 msft. 2.0 3.3 4.8 Mar-24 Mar-25 Sep-26 LEASABLE AREA & LEASED OCCUPANCY GROWTH Total Area addition of ~2.8 msft in 2025 70% Occupancy Mar-24 79% Occupancy Sep-26
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Concept Architect 1919 Rs. 89 cr ↑ 64% vs Q2 FY26 Q2 FY27 Income Rs. 56 cr ↑ 61% vs Q2 FY26 Q2 FY27 EBITDA Note: The numbers cover our entire offices portfolio across Mumbai, Pune, Chennai and Bengaluru. Offices: Occupancy Ramp-Up Driving Income & EBITDA growth Rs. 163 cr ↑ 55% vs H1 FY26 H1 FY27 Income Rs. 98 cr ↑ 47% vs H1 FY26 H1 FY27 EBITDA
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Concept Architect 2020 Rs. 137 cr ↑ 13% vs Q2 FY26 Q2 FY27 Income Rs. 56 cr ↑ 12% vs Q2 FY26 Q2 FY27 EBITDA 82% For H1 FY27 Occupancy (The St. Regis) 76% For H1 FY27 Occupancy (CYMA) Rs. 282 cr ↑ 15% vs H1 FY26 H1 FY27 Income Rs. 118 cr ↑ 16% vs H1 FY26 H1 FY27 EBITDA Hotels: Growing Cash Flows, Strengthening Ecosystem
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The St. Regis, Mumbai: Performance Overview for Q2 and H1 FY27 21 EBITDA Overview ~Rs. 56 cr Margin: 44% ~Rs. 116 cr Margin: 45% ↑ 13 % Vs Q2 FY26 ↑ 17 % Vs H1 FY26 Q2 FY27 H1 FY27 17,727 21,247 18,129 21,051 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 ARR (Rs.) 16% Growth 20% Growth 14,999 16,953 15,230 17,353 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 RevPAR (Rs.) 14% Growth 13% Growth Note: F&B includes revenue from Banquet Q2 FY27 Revenue Mix F&B 50% Rooms 46% Other 4% Rs. 128 crores 13% growth over Q2 FY26 H1 FY27 Revenue Mix F&B 51% Rooms 46% Other 3% Rs. 261 crores 16% growth over H1 FY26 Occupancy 80% Q2 FY27 82% H1 FY27
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Courtyard by Marriott, Agra: Performance Overview for Q2 and H1 FY27 22 EBITDA Overview ~Rs. 0.2 cr Margin: 3% ~Rs. 1.5 cr Margin: 7% ↓ 24% Vs H1 FY26 4,396 4,950 4,384 4,949 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 ARR (Rs.) 13% Growth 13% Growth ↓ 37% Vs Q2 FY26 2,621 3,548 2,862 3,738 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 RevPAR (Rs.) 31% Growth 35% Growth Note: F&B includes revenue from Banquet Q2 FY27 Revenue Mix F&B 40% Rooms 57% Other 3% Rs. 10 crores 9% Growth over Q2 FY26 H1 FY27 Revenue Mix F&B 42% Rooms 55% Other 3% Rs. 21 crores 7% Growth over H1 FY26 Q2 FY27 H1 FY27 Occupancy 72% Q2 FY27 ↑ 12 pps 76% H1 FY27 ↑ 10 pps
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Concept Architect 2323 Q2 FY27 Gross Sales Rs. 84 cr H1 FY27 Average Sales Price (Rs.) ~37,300 psfRs. 85 cr Q2 FY27 Collections H1 FY27 Gross Sales Rs. 147 cr H1 FY27 Revenue recognized Rs. 62 crRs. 136 cr H1 FY27 Collections Residential Business Generating Cash Flows to Fund Future Growth
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Q2 and H1 FY27 Financial Results Photo shot at location 24Palladium Ahmedabad
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Particulars Q2 FY27 Q2 FY26 YoY% H1 FY27 H1 FY26 YoY% Income from operations 1,153 1,115 3% 2,228 2,068 8% Operating EBITDA 710 667 7% 1,352 1,231 10% EBITDA Margin (%) 62% 60% 2 pps 61% 60% 1 pps Profit before tax & exceptional items 550 515 7% 1,042 922 13% Exceptional items - - - - - - Profit before tax 550 515 7% 1,042 922 13% Net profit after tax for the period 424 383 11% 818 703 16% Net Profit after tax, and after share of associates and minority interest 326 304 7% 623 545 14% Diluted EPS (Rs.) (after exceptional items) 9.10 8.50 7% 17.40 15.23 14% 25 Amount in Rs. Cr H1 FY27 Consolidated EBITDA at Rs. 1,352 crores, up 10% YoY
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Breakup of Consolidated P&L 26 Amount in Rs. Cr Particulars Q2 FY27 Q2 FY26 YoY% H1 FY27 H1 FY26 YoY% Revenue from annuity businesses (Retail, Offices, Hotel & Asset Management) 1,055 914 16% 2,089 1,794 16% Add: Residential & Others 98 202 -52% 139 274 -49% Consolidated Revenue 1,153 1,115 3% 2,228 2,068 8% EBITDA from annuity businesses (Retail, Offices, Hotel & Asset Management) 669 552 21% 1,318 1,095 20% Add: Residential & Others 41 115 -64% 34 136 -75% Consolidated EBITDA 710 667 7% 1,352 1,231 10% PAT from annuity businesses (Retail, Offices, Hotel & Asset Management) 391 298 31% 793 605 31% Add: Residential & Others 33 85 -62% 25 98 -75% Consolidated PAT 424 383 11% 818 703 16% Amount in Rs. Cr
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Particulars Q2 FY27 Q2 FY26 YoY% H1 FY27 H1 FY26 YoY% Income from operations 141 137 3% 288 263 10% Operating EBITDA 93 87 7% 194 168 15% EBITDA Margin (%) 66% 63% 3 pps 67% 64% 3 pps Profit before tax & exceptional items 164 150 9% 236 198 20% Exceptional Items* -12 - - -12 - - Profit before tax 152 150 1% 224 198 14% Net Profit after tax for the period 127 129 -2% 189 170 11% Diluted EPS (Rs.) (after exceptional items) 3.55 3.62 -2% 5.27 4.76 11% H1 FY27 Standalone EBITDA at Rs. 194 crores up 15% Amount in Rs. Cr 27*During the quarter, PML paid Rs. 12 crores for settlement of a matter relating to one of its subsidiaries.
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Operating Cash Flow in Q2 FY27 590 -75 516 Q2 FY26 446 69 20% 7% 22% % Change 28% -13% 711 -80 631 Q2 FY27 570 60 Net cash from operating activities Less: Net Interest paid Operating free cash flow* Amount in Rs. cr Retail, Offices, Hotels Residential Contribution to Operating free cash flow from *Refers to net cash flow from operating activities after taxes, adjusted for interest paid/received. 28
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Operating Cash Flow in H1 FY27 1,148 -149 998 H1 FY26 872 126 19% 1% 22% % Change 30% -38% 1,367 -151 1,215 H1 FY27 1,137 78 Net cash from operating activities Less: Net Interest paid Operating free cash flow* Amount in Rs. cr Retail, Offices, Hotels Residential Contribution to Operating free cash flow from *Refers to net cash flow from operating activities after taxes, adjusted for interest paid/received. 29
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Group-level Debt & Cash position as on 30th September 2026 vs. 31st March 2026 Amount Rs. cr Notes: 1. Does not include amount available in overdraft accounts. 2. Includes Associate companies, which do not form a part of PML Consolidated financials. 3. Net Debt to EBITDA is based on trailing 12-month EBITDA for H1 FY27 and full-year EBITDA for FY26. Net Debt and EBITDA both include associate companies, which are not part of PML’s consolidated financial statements. + 634 + 953 + 319 Change 2,004 5,164 3,160 31-Mar-26 1.2x Liquidity (Bank balance + Investments + DSRA)1,2 Gross Debt 1,2 Net Debt 1,2 Net Debt to EBITDA 3 2,638 6,117 3,479 30-Sep-26 1.2x 30
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9.19% 8.17% 7.30% 8.74% 8.81% 8.50% 7.51% 7.69% 7.66% 4.40% 4.00% 4.00% 6.50% 6.50% 6.25% 5.25% 5.25% 5.25% Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Jun-26 Sep-26 PML's Avg. Cost of Debt (%) RBI Repo rate (%) Average cost of debt in September 2026 is 7.66% 31 Effective cost of debt (%) Spread: 241 bps Spread: 479 bps
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Landmark Destinations completing by 2028 32 2027 Phoenix Grand Victoria, Kolkata Retail: ~1 msft 2027 Phoenix MarketCity Bangalore Expansion 2027 Phoenix Palladium, Mumbai Expansion Retail: ~0.45 msft 2027 Phoenix Surat* Retail: ~1 msft 2027 Art Exchange, Bengaluru Offices: ~0.4 msft 2027 Grand Hyatt Bangalore Hotel: Upto 400 keys 2028 Rise Offices, Mumbai Offices: ~1.6 msft Retail: ~0.2 msft *Completion targeted by end of 2027
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33 Thane Retail GLA: ~1.30 msft Phase 1 Coimbatore Retail GLA: ~1 msft Chandigarh Retail GLA: ~1.70 msft Phase 1 Excavation commenced. Excavation commenced. Key Projects Moving from Approvals to Execution Bangalore Expansion Retail | Office | Hotel Phase 3 Approvals secured. Civil contracts awarded.Excavation commenced.
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From Destination Retail to Integrated Urban Icons 34 GLA is an estimate based on current plans and market/company norms and is subject to change based on changes in development p lans and tenant negotiations. ^Residential area denotes cumulative area Retail Offices Segments Residential^ Hotels 2025 ~11 msft ~5 msft ~3.5 msft ~588 keys >14 msft ~7 msft ~4.5 msft ~988 keys By 2027 - 2028 By 2030 >18 msft ~9 msft ~7 msft ~2,188 keys
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Growth Drivers Photo shot at location 35Phoenix Palladium, Mumbai
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36 E M B E D D E D P O R T F O L I O G R O W T H Strategic Repositioning • Rental uplift on rechurned space. • Trading occupancy ramping up towards ~95% as stores open. Growth from Lease Expiries • Contractual lease expiries unlock repricing spreads across the portfolio, compounding rental growth with zero new capex. Luxury & Premium Brand Addition • Luxury brands and Flagship formats being strategically added across the portfolio to drive further growth. D E N S I F I C A T I O N & P O R T F O L I O E X P A N S I O N Office Portfolio Ramp-Up • Ramp up in the leased occupancy across the office portfolio adds meaningful EBITDA. Campus Densification • Adding 1.6 msft offices + 0.45 msft retail at Phoenix Palladium campus, in Lower Parel. • PMC-B growing from 1 msft to 4+ msft integrated mixed-use campus. Portfolio Visibility: 2030 & Beyond • Across Retail, Offices, Hotel and Residential. • Land parcels secured; all in high-growth cities. I N C R E M E N T A L D R I V E R S ISMDPL Acquisition • 100% ownership of a completed platform of 4.4 msft retail and 2.2 msft office. • PAT Accretive, self-funded acquisition. Residential Cash Engine • Significant cash generation with minimal incremental capex. Infrastructure-led Catchment Uplift • Across multiple micro markets expanding catchment and corporate footfall — at zero cost to PML. Multiple Growth Levers Driving the Next Phase of EBITDA Expansion Our growth roadmap to 2030 is embedded within existing assets, land parcels and development rights already under our control.
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37 Re-leasing and Re-layout Unlock Higher Rents and Density Growth Trigger 1: Case Study: Phoenix MarketCity Bangalore Layout GLA (lakh sft) Trading Density (Rs. pspm) Monthly Rent (Rs. Cr) Hypermarket + 1 Fashion Anchor Before 0.82 568 0.65 After 1 Electronic + 2 Fashion Anchor 0.87 2,932 (projected TD after stabilization) 1.23 Exited Hypermarket Redesigned the layout Increased fashion category ✓ Identify stores with large area, low density and low rent. ✓ Optimize size for anchors or relocation ✓ Prime area available for re- leasing to flagship in-line and mini anchors at higher rent and generate higher TD Resizing & Relocation Strategy 2X 5X
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38 Embedded Retail Growth from Lease Expiries and Re-leasing Growth Trigger 2: Leases expiring for 72% of the GLA over FY26 to FY30 FY26 FY27 FY28 FY29 FY30 Lease expiries between FY26 and FY30 ~1.52 msft ~1.43 msft ~2.74 msft ~1.61 msft ~8.21 msft~0.90 msft 13% 12% 8%24% 14% % of operational retail GLA Lease expiries create opportunities to refresh the brand and category mix, achieve higher re-leasing spreads and drive growth without new capex 72%
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39 Luxury and Star Brands Addition Driving Higher Rentals Growth Trigger 3: Case Study: Phoenix Mall of Asia Trading Occupancy Q2 FY27 Leased Occupancy (Period ended Sep-26) 96% 99% • Prime Upper Ground Level, strategically leased last to select Star and Luxury Brands driving higher TD and highest rental per sq ft. • Most watch brand deals at Rs. 550 pspm++ • Mall average rental – Rs. 206 pspm (Q2 FY27), UG floor average rental – Rs. 250 pspm++ Indicative Render
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40 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: ~0.81 msft Millennium Towers GLA: ~1.47 msft Premium Workspaces anchoring Retail Ecosystems Growth Trigger 4: Ramp up of the Offices Portfolio
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41 Campus Densification to Unlock Multi-Year Growth at Phoenix MarketCity Bangalore Growth Trigger 5: Densification: Expansion of PMC-B from ~1 msft to 4+ msft Phase 2 Expansion: Grand Hyatt Hotel ~ 400 Keys Target Completion: 2027 Phoenix MarketCity Bangalore (Existing) ~1 msft *areas mentioned are subject to planning and regulatory approvals and payment of premiums, charges etc. as may be applicable Phase 3: Office Expansion GLA ~1.20 msft Phase 3 Expansion: Hotel ~300 Keys Phase 2: Retail expansion GLA- ~0.17 msft Target Completion: 2027 Phase 2*: Under Construction Phase 3: Retail expansion GLA- ~0.6 msft Phase 2 Art Exchange (Offices) GLA - ~0.40 msft Target Completion: 2027 Phase 3*: Civil contracts awarded FSI Potential: ~1.1 msft* FSI Potential: ~2.2 msft* Artist’s Impression
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42 Phoenix Grand Victoria, Kolkata: Flagship Entry into East India Expected Completion: 2027 Retail GLA: ~1 msftIndicative Render Growth Trigger 6
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43 Surat: Our Second Retail Destination in Gujarat Expected Completion: 2027-2028 43 Retail GLA: ~1 msftIndicative Render Growth Trigger 6
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44 Thane Retail GLA: ~1.30 msft Phase 1 Coimbatore Retail GLA: ~1 msft Chandigarh Retail GLA: ~1.70 msft Phase 1 Growth Trigger 6 Excavation commenced. Excavation commenced. Excavation commenced. Pipeline of Scalable Retail-Led Developments Thane, Coimbatore, Chandigarh | Expected Completion: By 2030
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45 Transaction Structure PML to consolidate 100% ownership in ISMDPL Structured buy out of CPP Investments’ 49% stake ~Rs. 5,449 cr, to be paid over 36 months in four tranches Tranche 1 completed in Nov-25 Tranche 2 completion on track for Nov-26 Funded substantially from surplus cash + Internal accruals generated + Incremental debt at ISMDPL Operational Retail GLA ~4.4 msft Completed Offices GLA ~2.2 msft Phase 2 & Phase 3 Expansion at Phoenix MarketCity Bangalore* Retail: ~0.8 msft | Offices: ~1.6 msft Hotels: ~700 keys Balance FSI Potential* ~2.7 msft across complexes at Phoenix Pride of India, Phoenix Mall of the Millennium & Phoenix Mall of Asia ISMDPL Platform Consideration Funding Notes: 1. Island Star Mall Developers Pvt Ltd & its wholly owned subsidiaries, collectively referred to as ISMDPL 2. Consolidation of the transaction may be undertaken either directly or through affiliates 3. Payments will be made based on the actual transaction structure and execution * areas mentioned are subject to planning and regulatory approvals and payment of premiums, charges etc. as may be applicable ISMDPL Buyout Enhances Control and Earnings Visibility Growth Trigger 7
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46 Residential: Cash Generation from Ready Inventory Growth Trigger 8: One Bangalore West and Kessaku (Bengaluru) & One Belvedere (Kolkata) Average Price achieved in H1 FY27 (OBW and Kessaku) ~Rs. 37,300 per sq. ft. Constructed and Ready to Sell Inventory (OBW and Kessaku) ~0.13 msft* Inventory under planning (One Bangalore West Towers 8, 9) ~0.66 msft Photo shot at location of a completed tower of One Bangalore WestInventory under design (One Belvedere, Kolkata) ~1.00 msft Total inventory (in Bengaluru + Kolkata) ~1.79 msft * As of September 2026; Areas given above denote saleable area
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47 Infrastructure Led Catchment Expansion Benefits Portfolio Growth Trigger 9: Case Study – Phoenix Palladium Metro Aqua Line Coastal Road & Sea Link Connecting Nariman Point and Bandra to Lower Parel Ongoing infrastructure upgrades expand our catchment, enhance accessibility and increase footfalls Atal Setu: India’s Longest Sea Bridge Connecting Navi Mumbai to Lower Parel Monorail
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48 Charting the growth roadmap: 2030 and beyond List of Target Cities Thane Coimbatore Chandigarh Hyderabad NCR Navi Mumbai Goa Jaipur Visakhapatnam Nagpur Cochin Trivandrum & Varanasi
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A Distinguished Board Anchored in Experience and Governance 49 Mr. Atul Ruia Chairman Mr. Shishir Shrivastava Vice Chairman Mr. Rajesh Kulkarni Whole Time Director & CEO - Projects Delivery and Architecture Ms. Rashmi Sen Whole Time Director & CEO - Malls Dr. Archana Hingorani Independent & Non- Executive Director Mr. Sumeet Anand Independent & Non- Executive Director Mr. Sumanta Datta Independent & Non- Executive Director Mr. Anand Khatau Independent & Non- Executive Director 4 out of 8 Directors are Independent; 2 out of 8 are Women Leaders
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Q2 and H1 FY27 Annexures Photo shot at location 50Phoenix Mall of the Millennium, Pune
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Q2 FY27 Q2 FY26 Retail Rental Income Retail Rental Income (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai* 120 113 6% Phoenix MarketCity Bangalore 61 49 25% Phoenix Avenue of Stars Pune 60 52 16% Phoenix MarketCity and Palladium Chennai 64 58 10% Phoenix MarketCity Mumbai 50 45 11% Phoenix Palassio Lucknow 40 37 8% Phoenix United Lucknow 9 9 2% Phoenix United Bareilly 7 7 6% Phoenix Pride of India Indore 30 26 14% Palladium Ahmedabad 39 33 17% Phoenix Mall of the Millennium Pune 51 44 15% Phoenix Mall Asia Bangalore 73 51 44% Grand Total 605 525 15% Name of Asset % growth Q2 FY27 Retail Rental Income grew by 15% over Q2 FY26 51 *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, and excludes Phoenix House (offices).
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Q2 FY27 Q2 FY26 Retail Asset EBITDA Retail Asset EBITDA (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai* 117 110 6% Phoenix MarketCity Bangalore 67 51 32% Phoenix Avenue of Stars Pune 67 57 18% Phoenix MarketCity and Palladium Chennai 75 64 17% Phoenix MarketCity Mumbai 52 50 6% Phoenix Palassio Lucknow 43 40 8% Phoenix United Lucknow 10 9 8% Phoenix United Bareilly 7 8 -1% Phoenix Pride of India Indore 29 25 18% Palladium Ahmedabad 37 31 19% Phoenix Mall of the Millennium Pune 53 44 21% Phoenix Mall Asia Bangalore 82 55 48% Grand Total 639 544 18% Name of Asset % growth Q2 FY27 Retail Asset EBITDA grew by 18% over Q2 FY26 52 *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, and excludes Phoenix House (offices).
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H1 FY27 H1 FY26 Retail Rental Income Retail Rental Income (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai* 246 219 13% Phoenix MarketCity Bangalore 117 97 21% Phoenix Avenue of Stars Pune 120 105 14% Phoenix MarketCity and Palladium Chennai 128 115 11% Phoenix MarketCity Mumbai 101 91 11% Phoenix Palassio Lucknow 79 74 8% Phoenix United Lucknow 18 18 3% Phoenix United Bareilly 15 14 6% Phoenix Pride of India Indore 59 52 15% Palladium Ahmedabad 76 65 16% Phoenix Mall of the Millennium Pune 98 87 13% Phoenix Mall Asia Bangalore 143 98 45% Grand Total 1,200 1,033 16% Name of Asset % growth H1 FY27 Retail Rental Income grew by 16% over H1 FY26 53 *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, and excludes Phoenix House (offices).
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H1 FY27 H1 FY26 Retail EBITDA Retail EBITDA (Rs. cr) (Rs. cr) Phoenix Palladium Mumbai* 239 218 9% Phoenix MarketCity Bangalore 128 102 26% Phoenix Avenue of Stars Pune 132 117 13% Phoenix MarketCity and Palladium Chennai 144 127 13% Phoenix MarketCity Mumbai 107 97 10% Phoenix Palassio Lucknow 84 79 6% Phoenix United Lucknow 19 18 8% Phoenix United Bareilly 15 14 2% Phoenix Pride of India Indore 59 51 16% Palladium Ahmedabad 75 63 18% Phoenix Mall of the Millennium Pune 103 89 16% Phoenix Mall Asia Bangalore 159 105 52% Grand Total 1,264 1,080 17% Name of Asset % growth H1 FY27 Retail Asset EBITDA grew by 17% over H1 FY26 54 *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, and excludes Phoenix House (offices).
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Phoenix Palladium Mumbai 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. *Average trading occupancy for the period. ^Leased Occupancy for the period ended September. 55 (Rs. cr) Q2 FY27 Q2 FY26 % growth H1 FY27 H1 FY26 % growth Rental 115 109 6% 235 210 12% CAM & Others 25 26 -2% 51 47 10% Total Income 140 135 4% 287 257 12% Asset EBITDA 117 110 6% 239 218 9% Asset EBITDA as % of Rental 101% 101% 0 pps 101% 104% -2 pps PML Standalone EBITDA 93 87 7% 194 168 15% Mall GLA (msft)^ 1.01 1.03 -2% 1.01 1.03 -2% Rental Rate (Rs. pspm) 481 452 6% 483 442 9% Consumption (Rs. cr) 682 582 17% 1,393 1,151 21% Trading Density (Rs. pspm) 3,678 3,233 14% 3,714 3,346 11% Leased Occupancy (%)^ 96% 98% -2 pps 96% 98% -2 pps Trading Occupancy (%)* 93% 91% 2 pps 95% 87% 8 pps
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(Rs. cr) Q2 FY27 Q2 FY26 % growth H1 FY27 H1 FY26 % growth Rental 61 49 25% 117 97 21% CAM & Others 24 20 20% 48 41 16% Total Income 85 69 24% 165 137 20% Asset EBITDA 67 51 32% 128 102 26% Asset EBITDA as % of Rental 110% 105% 5 pps 109% 105% 4 pps Rental Rate (Rs. pspm) 216 197 9% 215 194 11% Consumption (Rs. cr) 542 457 19% 1,083 900 20% Trading Density (Rs. pspm) 2,894 2,831 2% 2,978 2,757 8% Leased Occupancy (%)^ 99% 98% 1 pps 99% 98% 1 pps Trading Occupancy (%)* 93% 82% 11 pps 90% 82% 8 pps Phoenix MarketCity Bangalore 56 Note: Reported EBITDA is before fees paid to MarketCity Resources Pvt. Ltd., a 100% subsidiary of PML *Average Trading Occupancy for the period. ^Leased Occupancy for the period ended September.
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(Rs. cr) Q2 FY27 Q2 FY26 % growth H1 FY27 H1 FY26 % growth Rental 60 52 16% 120 105 14% CAM & Others 28 23 20% 56 48 18% Total Income 88 75 17% 176 153 15% Asset EBITDA 67 57 18% 132 117 13% Asset EBITDA as % of Rental 112% 110% 2 pps 110% 111% -1 pps Rental Rate (Rs. pspm) 182 170 7% 181 167 8% Consumption (Rs. cr) 509 422 21% 1,045 837 25% Trading Density (Rs. pspm) 2,328 2,083 12% 2,397 2,017 19% Leased Occupancy (%)^ 98% 94% 4 pps 98% 94% 4 pps Trading Occupancy (%)* 90% 82% 8 pps 90% 86% 4 pps Phoenix Avenue of Stars, Pune 57 Note: Reported EBITDA is before fees paid to MarketCity Resources Pvt. Ltd., a 100% subsidiary of PML *Average Trading Occupancy for the period. ^Leased Occupancy for the period ended September.
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(Rs. cr) Q2 FY27 Q2 FY26 % growth H1 FY27 H1 FY26 % growth Rental 64 58 10% 128 115 11% CAM & Others 34 32 8% 68 63 7% Total Income 98 90 9% 196 178 10% Asset EBITDA 75 64 17% 144 127 13% Asset EBITDA as % of Rental 116% 109% 7 pps 112% 110% 2 pps Rental Rate (Rs. pspm) 198 186 6% 197 183 7% Consumption (Rs. cr) 479 413 16% 934 795 17% Trading Density (Rs. pspm) 2,178 1,965 11% 2,121 1,889 12% Leased Occupancy (%)^ 98% 96% 2 pps 98% 96% 2 pps Trading Occupancy (%)* 92% 88% 4 pps 93% 89% 4 pps Phoenix MarketCity & Palladium Chennai 58 *Average Trading Occupancy for the period. ^Leased Occupancy for the period ended September.
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(Rs. cr) Q2 FY27 Q2 FY26 % growth H1 FY27 H1 FY26 % growth Rental 50 45 11% 101 91 11% CAM & Others 24 22 8% 48 43 10% Total Income 74 67 10% 148 134 11% Asset EBITDA 52 50 6% 107 97 10% Asset EBITDA as % of Rental 104% 109% -5 pps 107% 108% -1 pps Rental Rate (Rs. pspm) 155 135 15% 151 134 13% Consumption (Rs. cr) 363 309 18% 747 619 21% Trading Density (Rs. pspm) 1,655 1,387 19% 1,683 1,400 20% Leased Occupancy (%)^ 97% 97% 0 pps 97% 97% 0 pps Trading Occupancy (%)* 89% 90% -1 pps 90% 91% -1 pps Phoenix MarketCity Mumbai 59 Note: Reported EBITDA is before fees paid to MarketCity Resources Pvt. Ltd., a 100% subsidiary of PML *Average Trading Occupancy for the period. ^Leased Occupancy for the period ended September.
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(Rs. cr) Q2 FY27 Q2 FY26 % growth H1 FY27 H1 FY26 % growth Rental 40 37 8% 79 74 8% CAM & Others 21 20 9% 41 38 8% Total Income 62 57 8% 121 112 8% Asset EBITDA 43 40 8% 84 79 6% Asset EBITDA as % of Rental 108% 108% 0 pps 106% 108% -2 pps Rental Rate (Rs. pspm) 160 140 14% 157 139 13% Consumption (Rs. cr) 355 298 19% 727 604 20% Trading Density (Rs. pspm) 2,110 1,695 24% 2,159 1,728 25% Leased Occupancy (%)^ 96% 99% -3 pps 96% 99% -3 pps Trading Occupancy (%)* 92% 98% -6 pps 93% 97% -4 pps Phoenix Palassio, Lucknow 60 *Average Trading Occupancy for the period. ^Leased Occupancy for the period ended September.
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(Rs. cr) Q2 FY27 Q2 FY26 % growth H1 FY27 H1 FY26 % growth Rental 9 9 2% 18 18 3% CAM & Others 6 6 3% 13 12 6% Total Income 16 15 2% 31 30 4% Asset EBITDA 10 9 8% 19 18 8% Asset EBITDA as % of Rental 108% 103% 6 pps 107% 102% 5 pps Rental Rate (Rs. pspm) 92 95 -3% 92 96 -4% Consumption (Rs. cr) 69 55 25% 136 113 21% Trading Density (Rs. pspm) 987 836 18% 973 865 12% Leased Occupancy (%)^ 85% 85% 0 pps 85% 85% 0 pps Trading Occupancy (%)* 84% 83% 1 pps 85% 81% 4 pps Phoenix United Lucknow 61 *Average Trading Occupancy for the period. ^Leased Occupancy for the period ended September.
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(Rs. cr) Q2 FY27 Q2 FY26 % growth H1 FY27 H1 FY26 % growth Rental 7 7 6% 15 14 6% CAM & Others 6 6 -6% 12 12 0% Total Income 13 13 0% 26 25 3% Asset EBITDA 7 8 -1% 15 14 2% Asset EBITDA as % of Rental 102% 110% -7 pps 102% 106% -4 pps Rental Rate (Rs. pspm) 79 74 7% 79 75 6% Consumption (Rs. cr) 63 57 10% 134 123 9% Trading Density (Rs. pspm) 982 886 11% 1,040 951 9% Leased Occupancy (%)^ 90% 92% -2 pps 90% 92% -2 pps Trading Occupancy (%)* 89% 89% 0 pps 89% 89% 0 pps Phoenix United Bareilly 62 *Average Trading Occupancy for the period. ^Leased Occupancy for the period ended September.
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(Rs. cr) Q2 FY27 Q2 FY26 % growth H1 FY27 H1 FY26 % growth Rental 30 26 14% 59 52 15% CAM & Others 17 17 5% 35 32 7% Total Income 47 43 11% 94 84 12% Asset EBITDA 29 25 18% 59 51 16% Asset EBITDA as % of Rental 97% 95% 3 pps 100% 100% 1 pps Rental Rate (Rs. pspm) 105 89 18% 103 88 17% Consumption (Rs. cr) 166 143 17% 342 285 20% Trading Density (Rs. pspm) 895 732 22% 912 783 17% Leased Occupancy (%)^ 89% 92% -3 pps 89% 92% -3 pps Trading Occupancy (%)* 89% 91% -2 pps 88% 91% -3 pps Phoenix Pride of India, Indore 63 Note: Reported EBITDA is before fees paid to MarketCity Resources Pvt. Ltd., a 100% subsidiary of PML *Average Trading Occupancy for the period. ^Leased Occupancy for the period ended September.
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(Rs. cr) Q2 FY27 Q2 FY26 % growth H1 FY27 H1 FY26 % growth Rental 39 33 17% 76 65 16% CAM & Others 18 17 7% 37 35 5% Total Income 56 50 14% 112 100 12% Asset EBITDA 37 31 19% 75 63 18% Asset EBITDA as % of Rental 96% 94% 1 pps 98% 97% 2 pps Rental Rate (Rs. pspm) 179 154 16% 178 152 17% Consumption (Rs. cr) 263 209 25% 524 415 26% Trading Density (Rs. pspm) 1,913 1,523 26% 1,911 1,509 27% Leased Occupancy (%)^ 97% 96% 1 pps 97% 96% 1 pps Trading Occupancy (%)* 94% 95% -1 pps 95% 95% 0 pps Palladium Ahmedabad 64 Note: Reported EBITDA is before fees paid to MarketCity Resources Pvt. Ltd., a 100% subsidiary of PML *Average Trading Occupancy for the period. ^Leased Occupancy for the period ended September.
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(Rs. cr) Q2 FY27 Q2 FY26 % growth H1 FY27 H1 FY26 % growth Rental 51 44 15% 98 87 13% CAM & Others 26 22 15% 51 45 13% Total Income 76 66 15% 149 132 13% Asset EBITDA 53 44 21% 103 89 16% Asset EBITDA as % of Rental 104% 100% 5 pps 106% 102% 4 pps Rental Rate (Rs. pspm) 153 134 14% 147 133 11% Consumption (Rs. cr) 417 341 22% 849 663 28% Trading Density (Rs. pspm) 1,963 1,607 22% 1,993 1,578 26% Leased Occupancy (%)^ 96% 96% 0 pps 96% 96% 0 pps Trading Occupancy (%)* 94% 94% 0 pps 94% 93% 1 pps Phoenix Mall of the Millennium, Pune 65 Note: Reported EBITDA is before fees paid to MarketCity Resources Pvt. Ltd., a 100% subsidiary of PML *Average Trading Occupancy for the period. ^Leased Occupancy for the period ended September.
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(Rs. cr) Q2 FY27 Q2 FY26 % growth H1 FY27 H1 FY26 % growth Rental 73 51 44% 143 98 45% CAM & Others 30 26 17% 60 49 23% Total Income 104 77 35% 203 147 38% Asset EBITDA 82 55 48% 159 105 52% Asset EBITDA as % of Rental 111% 108% 3 pps 111% 106% 5 pps Rental Rate (Rs. pspm) 206 161 28% 202 156 29% Consumption (Rs. cr) 777 463 68% 1,501 832 81% Trading Density (Rs. pspm) 3,342 1,982 69% 3,228 1,893 71% Leased Occupancy (%)^ 99% 95% 4 pps 99% 95% 4 pps Trading Occupancy (%)* 96% 84% 12 pps 95% 84% 11 pps Phoenix Mall of Asia, Bengaluru 66 Note: Reported EBITDA is before fees paid to MarketCity Resources Pvt. Ltd., a 100% subsidiary of PML *Average Trading Occupancy for the period. ^Leased Occupancy for the period ended September.
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Asset Location Net Leasable Area (msft) Area Leased (msft) % area leased Gross Rent (psfpm)* Operational Assets Art Guild House Mumbai 0.64 0.55 85% 130 Phoenix Paragon Mumbai 0.31 0.22 73% 145 The Centrium Mumbai 0.11 0.05 44% 122 FountainHead Pune 0.84 0.75 89% 101 Total - Operational Assets 1.89 1.56 83% 118 Offices completed during 2025 Phoenix Asia Towers Bengaluru 0.81 0.68 84% 105 Millennium Towers Pune 1.47 1.15 78% 90 One National Park Chennai 0.60 0.38 64% 100 Total - Offices completed during 2025 2.87 2.21 77% 95 Total Portfolio 4.77 3.77 79% 109 Leasing and occupancy in the Commercial Office Portfolio as of September 2026 • Occupancy in the operational offices at Mumbai and Vimmanagar in Pune stood at 83% in September 2026 vs. 77% in September 2025. • Portfolio Occupancy (across operational and offices completed in 2025) stood at ~79% in September 2026. • Gross leasing of ~6 lakh sq. ft. in the offices at Mumbai, Pune, Bengaluru and Chennai during H1 FY27. 67* September 2026 Gross Rent includes CAM and Property Tax.
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Q2 FY27 Q2 FY26 Growth (%) Q2 FY27 Q2 FY26 Growth (%) Q2 FY27 Q2 FY26 Art Guild House, Mumbai 26 23 13% 19 17 11% 72% 73% The Centrium, Mumbai 3 3 -21% 1 2 -40% 45% 60% Phoenix Paragon, Mumbai 11 9 19% 7 5 33% 64% 57% Fountainhead, Pune 21 16 31% 16 11 42% 75% 69% Total - Operational Assets 61 52 18% 43 35 21% 70% 68% Phoenix Asia Towers, Bengaluru 6 2 - 1 -1 - - - One National Park, Chennai 8 0 - 6 0 - 68% - Millennium Towers, Pune 14 0 - 7 0 - - - Total - Offices Completed During 2025 28 2 - 13 -1 - - - Grand Total 89 54 64% 56 35 61% 63% 64% Asset Name Total Income (Rs. Cr) EBITDA (Rs. Cr) EBITDA as % of Total Income Q2 FY27 Commercial Offices Income stood at Rs. 89cr, up 64% over Q2 FY26 68 • Income from Operational Portfolio in Q2 FY27 stood at Rs. 61 cr, up 18% over Q2 FY26. EBITDA stood at Rs. 43 cr, up 21% over Q2 FY26. • Office assets completed during 2025 witnessed strong momentum, driven by tenant move-ins and ramp up in occupancy, contributing Rs. 28 cr in income.
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H1 FY27 H1 FY26 Growth (%) H1 FY27 H1 FY26 Growth (%) H1 FY27 H1 FY26 Art Guild House, Mumbai 52 47 11% 38 34 13% 74% 73% The Centrium, Mumbai 5 7 -21% 2 4 -40% 45% 59% Phoenix Paragon, Mumbai 21 17 23% 13 10 34% 63% 57% Fountainhead, Pune 41 31 31% 30 22 35% 73% 71% Total - Operational Assets 119 102 17% 84 70 20% 70% 69% Phoenix Asia Towers, Bengaluru 10 3 - 0 -3 - - - One National Park, Chennai 15 0 - 10 0 - 64% - Millennium Towers, Pune 19 0 - 5 0 - - - Total - Offices Completed During 2025 44 3 - 14 -3 - - - Grand Total 163 105 55% 98 67 47% 60% 64% Asset Name Total Income (Rs. Cr) EBITDA (Rs. Cr) EBITDA as % of Total Income H1 FY27 Commercial Offices Income stood at Rs. 163 cr, up 55% over H1 FY26 69 • Income from Operational Portfolio in H1 FY27 stood at Rs. 119 cr, up 17% over H1 FY26. EBITDA stood at Rs. 84 cr, up 20% over H1 FY26. • Office assets completed during 2025 witnessed strong momentum, driven by tenant move-ins and ramp up in occupancy, contributing Rs. 44 cr in income.
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Particulars Q2 FY27 Q2 FY26 % growth H1 FY27 H1 FY26 % growth Revenue from Rooms 59 52 14% 120 105 14% Revenue from F&B and Banquet 64 57 13% 133 111 19% Other Operating Income 4 4 7% 8 8 3% Total Income 128 113 13% 261 225 16% Operating EBITDA 56 50 13% 116 100 17% EBITDA margin (%) 44% 44% 0 pps 45% 44% 0 pps The St. Regis, Mumbai Photo shot at locationPhoto shot at location Amount in Rs. Cr 70
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Particulars Q2 FY27 Q2 FY26 % growth H1 FY27 H1 FY26 % growth Revenue from Rooms 5.4 4.6 18% 11.6 10.0 17% Revenue from F&B and Banquet 3.8 3.8 1% 9.0 9.2 -2% Other Operating Income 0.3 0.4 -21% 0.6 0.7 -20% Total Income 9.6 8.8 9% 21.1 19.8 7% Operating EBITDA 0.2 0.4 -37% 1.5 2.0 -24% EBITDA margin (%) 3% 5% -2 pps 7% 10% -3 pps Courtyard by Marriott, Agra Photo shot at location Amount in Rs. Cr 71
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in Q2 FY27 Cumulative One Bangalore West2 2.46 1.80 1.78 0.02 2,070 2 0 2,041 Kessaku, Bengaluru 1.03 1.03 0.92 0.11 1,803 83 60 1,711 Total 3.49 2.83 2.70 0.13 3,873 85 60 3,752 Collections in Q2 FY27 (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) Concept Architect Residential Portfolio: Steady Sales and Collections in H1 FY27 7272 ✓ Residential sales and collections saw steady execution and monetisation of premium residential inventory. ✓ Gross residential sales of ~Rs. 147 cr in H1 FY27 and Collections of ~Rs. 136 cr in H1 FY27 ✓ Gross residential sales of ~Rs. 84 cr in Q2 FY27 and Collections of ~Rs. 85 cr in Q2 FY27 Note: 1. Area Figures given in the table are as of 30-Sep-26 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.
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Status Asset Type SPV Asset Name PML Ownership (%) Q1 FY27 (Rs. Cr) Q2 FY27 (Rs. Cr) Operational Assets Retail & Mixed-Use The Phoenix Mills Ltd. (Standalone) Phoenix Palladium, Mumbai 100.0% 649 688 Classic Mall Development Company Ltd Phoenix MarketCity Chennai 100.0% 413 408 Vamona Developers Pvt Ltd Phoenix Avenue of Stars, Pune 67.1% 275 268 Island Star Mall Developers Pvt. Ltd. Phoenix MarketCity Bangalore 58.3% 369 366 Starboard Hotels Pvt Ltd Palladium Chennai, One National Park (Offices) 50.0% 195 317 Offbeat Developers Pvt. Ltd. Phoenix MarketCity Mumbai 67.1% 315 312Art Guild House (Offices), Mumbai Centrium (Offices), Mumbai Destiny Retail Mall Developers Pvt. Ltd. Phoenix Palassio, Lucknow 100.0% 425 500 Insight Mall Developers Pvt. Ltd. Phoenix Pride of India, Indore 58.4% 289 290 SGH Realty Pvt. Ltd. Palladium Ahmedabad 50.1% 453 444 Alyssum Mall Developers Pvt. Ltd. Phoenix Mall of the Millennium & Millennium Towers, Pune 58.3% 450 555 Sparkle One Mall Developers Pvt. Ltd. Phoenix Mall of Asia & Phoenix Asia Towers, Bengaluru 58.3% 547 567 Hotel Pallazzio Hotels & Leisure Pvt. Ltd. The St. Regis, Mumbai 73.0% 223 222 Office Graceworks Realty & Leisure Pvt. Ltd. Phoenix Paragon, Mumbai 67.1% 87 85 Alliance Spaces Pvt. Ltd. Fountainhead, Pune 100.0% 36 34 Sub-Total (A) 4,723 5,055 Under-development Assets Retail Mindstone Mall Developers Pvt Ltd. Phoenix Grand Victoria, Kolkata 51.0% 264 334 Thoth Mall And Commercial Real Estate Pvt. Ltd. Phoenix Surat 53.7% 153 179 Casper Realty Pvt. Ltd. Phoenix Chandigarh 100.0% 519 550 Sub-Total (B) 936 1,063 Entity-wise Gross Debt across Assets (A + B) 5,658 6,117 Entity-wise Gross Debt as on 30th September 2026 73
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Click on the logos to for updates on Instagram 74 Phoenix Marketcity Kurla logo Phoenix Marketcity Bangalore logo Phoenix Marketcity Chennai logo Phoenix Palassio logo 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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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 75