Slides
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Westlife Foodworld Hardcastle Restaurants Pvt. Ltd. Q2 FY27 Earnings Presentation October 23, 2026
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Safe harbour disclosure This presentation contains forward-looking statements that represent our beliefs, projections and predictions about future events or our future performance. Forward-looking statements can be identified by terminology such as “may,” “will,” “would,” “could,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” or the negative of these terms or other similar expressions or phrases. These forward-looking statements are necessarily subjective and involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements or industry results to differ materially from any future results, performance or achievement described in or implied by such statements. The forward-looking statements contained herein include statements about the business prospects of Westlife Foodworld Ltd (‘WFL’), its ability to attract customers, its affordable platform, its expectation for revenue generation and its outlook. These statements are subject to the general risks inherent in WFL’s business. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, WFL’s business and operations involve numerous risks and uncertainties, many of which are beyond the control of WFL, which could result in WFL’s expectations not being realized or otherwise materially affecting the financial condition, results of operations and cash flows of WFL. Additional information relating to the uncertainties affecting WFL’s business is contained in its filings with various regulators and the Bombay Stock Exchange (BSE). The forward-looking statements are made only as of the date hereof, and WFL does not undertake any obligation to (and expressly disclaims any obligation to update any forward- looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events. 2
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SSSG improves to double digit +10.1% Double digit SSSG driven by operational excellence Strongest topline growth in the recent past +16% 7% 4% 3% 9% 12% 16% Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Sales growth YoY (%) 0.5% -2.8% -3.2% 1.5% 4.3% 10.1% Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 SSSG (%)
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Q2 FY27 highlights Note: 1) On-Premise includes Dine In & Takeaway. Off-Premise includes Delivery, On-The-Go Pickup & Drive Thrus. 2) LTD: Life To Date; *Based on Q2 FY26 adjusted Cash PAT, excluding exceptional items. ₹ 7.47 bn 16% YoY | 10.1% SSSG Sales ₹ 981 mn 29% YoY | 13.1% margin Op. EBITDA ₹ 526 mn 25% YoY* | 7.0% margin Cash PAT +75% Apps + SOKs Digital Sales +58 mn LTD | MAU: ~4.2 mn App Downloads 492 +11 in Q2 FY27 | 80 cities Store Network 17% YoY 59% contribution On-premise Sales 60+ Openings in FY27 New Stores Target 4 ₹ 62.3 mn 3% YoY Comp. AUV (TTM)
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Strongest topline growth backed by robust guest count Revenue, INR mn ▪ Strongest topline growth in the recent past, supported by double-digit SSSG and broad-based performance across channels and regions, with continued growth momentum in the South market. ▪ Positive business momentum accelerated further this quarter, supported by double-digit guest count growth across all three months. ▪ Strong momentum reinforces our confidence in the underlying business, providing a healthy backdrop for the festive season, supported by a robust pipeline of consumer activations. ▪ On-premise and off-premise businesses grew broadly in line. McDelivery continued to witness strong growth, further strengthening its position as the preferred delivery channel among loyal customers. 5 Off-PremiseOn-Premise 12,995 14,824 16% YoY 58% 59% 59% 42% 41% 41% Q2 FY26 Q1 FY27 Q2 FY27 6,419 7,356 7,467 59% 59% 41% 41% 1H FY26 1H FY27 14% YoY
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Strengthening value leadership and brand trust TTM Average Sales per Comparable Store, INR mn ▪ Growth remained firmly anchored in value, with the everyday value meal continuing to serve as the primary driver of guest count growth. ▪ Food safety, quality and hygiene remain foundational to the McDonald’s system and are non-negotiable. We take pride in upholding rigorous standards across every stage, from sourcing and supply chain to food preparation and restaurant operations. ▪ Continued to strengthen brand affinity through the new brand anthem and limited-time offerings. Fam Fries and Spider-Man Meal launched during the quarter saw strong traction. ▪ Digital sales contribution stood at +75%, increasing by ~60 bps YoY , led by higher engagement across the McDelivery platform, the McDonald’s app and self- ordering kiosks. 60.9 60.9 62.3 Sep'25 Jun'26 Sep'26 6 Note: 1) Numbers in above chart reflect sales per comparable store base instead of sales per overall store base, hence growth numbers are not comparable; 2) Digital Sales largely includes sales from Mobile Apps and Self Ordering Kiosks. 3% YoY
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Operating leverage drives margin expansion despite headwinds Adj. Gross Margin*, Percent ROM^, Percent Cash PAT Margin, PercentOp. EBITDA Margin, Percent 67.6% 67.6% 67.6% 67.6% 67.6% Q2'26 Q1'27 Q2'27 1H'26 1H'27 ▪ Cost pressures persisted across commodities and utilities, particularly oil and chicken. However, robust cost governance and internal efficiencies helped maintain gross margin on a sequential basis. In the near term, gross margin is expected to remain above 67%. ▪ The increase in minimum wages in Karnataka added to employee cost pressures during the quarter, impacting restaurant level margins. ▪ Despite heightened inflationary pressures, restaurant operating margin remained broadly stable YoY , while operating EBITDA margin expanded by 130 bps YoY , driven by strong operating leverage. ▪ Cash PAT stood at ₹526 million, representing 7% of sales. 7 19.2% 18.6% 19.3% 19.6% 19.0% Q2'26 Q1'27 Q2'27 1H'26 1H'27 11.8% 12.9% 13.1% 12.4% 13.0% Q2'26 Q1'27 Q2'27 1H'26 1H'27 12.6%# 7.0% 7.0% 9.9%# 7.0% Q2'26 Q1'27 Q2'27 1H'26 1H'27 6.0% 6.6% Note – *Please refer to slide 17 for the note on Adjusted Gross Margin trends, ^ROM is Restaurant Operating Margin, #Q2FY26 Cash PAT margin includes a one-time exceptional income; Adjusted Cash PAT margin was 6.6% for the quarter and 6.9% for 1H FY26. 3.0% 6.9%
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A unique business model catering various market segments across dayparts Multi-Category Multi-Channel Multi-Daypart Multi Brand Extensions Breakfast SnacksLunch Burgers Chicken Desserts CoffeeSides Dine in DeliveryDrive thru On the Go Takeaway Wraps Shakes, Smoothies & Coolers 8 Dinner Late Night
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Three strategic focus areas over the medium term Modern, relevant and progressive food and food tech company Running great restaurants and brand building Cost leadership and operating efficiencies 9 Winning proposition Strengthened Consumer Proposition to Drive Scalable, Profitable Guest Count Growth. Omni-channel Integrate various channels and touchpoints to a One McDonald’s platform to provide consumers a seamless experience Network expansion Penetrate unserved geographies and fortify existing markets with renewed aggression
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Consumer Proposition Framework to aggressively drive guest count growth in near to mid term Graphs for representation purpose only, not to scale 10 Proposition Drive aggressive guest growth through accessible value and iconic experiences, delivered with consistency and economic discipline. Value Predictable value to build habitual visits Experience Fast, Familiar, Frictionless, Feel-Good Moments Relevance Brand that is Culturally Relevant, Everyday Choice Profitability Volume-Led, Margin- Protected Growth Sustained Market leadership Consistency Same McDonald’s, Every time
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Robust Omni Channel model with unified experience Dine In Take Away Drive Thru Delivery On The Go Self Ordering Kiosk McDelivery (Own App + 3PO) McDonalds Omni Channel App 11 UNIFIED EXPERIENCE ~4.2 mn MAU Monthly Active Users +58 mn Cumulative Apps Downloads +75% Digital-led Sales Omnichannel Front Counter
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Aggressive and prudent Network Expansion Presence in 492 restaurants across 80 cities (as of September 2026) Drive-thrus McCafés Modern digital experience ^ Eligible Store base ▪ Added 11 restaurants in Q2 FY27; Closed 1 restaurant ▪ On track to achieve our target of 580+ restaurants by March 2028 12 Network Expansion 26% Penetration 100% Penetration^ 100% Penetration^
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Driving brand affinity and top-of-mind recall
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For Your Every Family, Let’s Family at McD Brand Anthem Celebrating 30 years of everyday feel-good moments at McDonald’s India Let’s Family at McD FOR YOUR EVERY FAMILY: The ones you're born into, and the ones you find along the way!
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Financials 15 Particulars (INR Mn, Post INDAS 116) Q2FY27 % Q2FY26 % Q1FY27 % Sales 7,467.2 100.0% 6,418.6 100.0% 7,356.4 100.0% YoY Sales Growth % 16.3% 3.8% 11.9% Food & paper 2,421.4 32.4% 1,769.2 27.6% 2,386.7 32.4% Gross Profit 5,045.9 67.6% 4,649.4 72.4% 4,969.7 67.6% Payroll & Benefits 803.0 10.8% 701.4 10.9% 750.1 10.2% Royalty 417.9 5.6% 360.4 5.6% 409.6 5.6% Other Operating Expenses 2,386.4 32.0% 2,353.3 36.7% 2,438.1 33.1% Restaurant Operating Margin (ROM) 1,438.6 19.3% 1,234.3 19.2% 1,371.9 18.6% General & Admin Expense 458.2 6.1% 474.9 7.4% 426.4 5.8% Op. EBITDA 980.5 13.1% 759.4 11.8% 945.5 12.9% YoY EBITDA Growth % 29.1% -4.0% 10.6% Depreciation 619.0 8.3% 574.1 8.9% 599.6 8.2% Other (Income) / Expense, net (57.5) -0.8% (86.5) -1.3% (65.2) -0.9% Financial Expense 400.0 5.4% 363.0 5.7% 387.7 5.3% Exceptional items* 45.9 0.6% (460.6) -7.2% 15.5 0.2% PBT (26.9) -0.4% 369.5 5.8% 7.9 0.1% Tax (6.6) -0.1% 92.4 1.4% 2.0 0.0% PAT (20.4) -0.3% 277.1 4.3% 5.9 0.1% PAT (pre-IND AS 116) 91.4 1.2% 367.6 5.7% 116.2 1.6% Cash Profit After Tax 525.5 7.0% 807.3 12.6% 516.8 7.0% SSSG (%) 10.1% -2.8% 4.3% New stores opening 11 8 5 1H FY27 % 1H FY26 % 14,823.6 100.0% 12,994.9 100.0% 14.1% 5.2% 4,808.0 32.4% 3,636.2 28.0% 10,015.6 67.6% 9,358.7 72.0% 1,553.1 10.5% 1,371.8 10.6% 827.5 5.6% 730.2 5.6% 4,824.5 32.5% 4,711.6 36.3% 2,810.5 19.0% 2,545.0 19.6% 884.6 6.0% 931.1 7.2% 1,925.9 13.0% 1,613.9 12.4% 19.3% 1.4% 1,218.6 8.2% 1,124.4 8.7% (122.7) -0.8% (155.4) -1.2% 787.7 5.3% 717.2 5.5% 61.4 0.4% (458.4) -3.5% (19.1) -0.1% 386.1 3.0% (4.5) 0.0% 96.8 0.7% (14.5) -0.1% 289.4 2.2% 207.9 1.4% 483.9 3.7% 1,042.2 7.0% 1,281.0 9.9% 7.2% -1.3% 16 17 Note: * Exceptional Items include one-time gain/ expense on account of assets written off pertaining to restaurants relocation/closure. ^ Q2FY26 Cash PAT includes a one-time exceptional income; Adjusted Cash PAT was Rs. 421 mn for the quarter and Rs. 895 mn for 1H FY26.
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P&L reconciliation 16 Particulars (INR mn) (A) Q2 FY27 (Adjusted) (B) Ind AS 116 Changes^ (C) Q2 FY27 (Reported) (D) Q2 FY26 (Adjusted) (E) Ind AS 116 Changes^ (F) Q2 FY26 (Reported) (A over D) YoY Growth (Adjusted) Revenue 7,467.2 - 7,467.2 6,418.6 - 6,418.6 16.3% Occupancy and other Operating Expenses 2,787.6 -401.2 2,386.4 2,713.7 -360.5 2,353.3 2.7% Restaurant Operating Profit 1,037.4 401.2 1,438.6 873.9 360.5 1,234.4 18.7% Restaurant Operating Margin 13.9% 19.3% 13.6% 19.2% General and Administration Expenses 458.2 - 458.2 474.9 - 474.9 -3.5% Operating EBITDA 579.2 401.2 980.4 399.0 360.5 759.4 45.2% Operating EBITDA Margin 7.8% 13.1% 6.2% 11.8% Depreciation and Amortisation Expense 382.1 237.0 619.0 362.6 211.6 574.1 5.4% Other (Income) / Expense, net -32.6 -24.9 -57.5 -56.0 -30.6 -86.5 -41.8% Financial Expense 62.7 337.3 400.0 61.3 301.7 363.0 2.2% Exceptional Items* 45.9 - 45.9 -460.6 - -460.6 -110.0% Profit/(Loss) before Tax 121.2 -148.1 -26.95 491.8 -122.2 369.5 -75.4% Tax 29.8 -36.3 -6.6 124.1 -31.7 92.4 -76.0% Profit/(Loss) after Tax 91.4 -111.8 -20.4 367.6 -90.5 277.1 -75.1% PAT Margin 1.2% -0.3% 5.7% 4.3% Note: 1) ^Adjustments arising out of Ind AS 116; 2) *Exceptional Items include one-time gain/ expense on account of assets written off pertaining to restaurants relocation/closure.
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Gross margin note Change Regrouping of Processing Charges from other operating expenses to cost of goods sold (COGS). Implication • Cost of Goods Sold: Increase • Other Operating Expenses: Decrease • Gross Profit and Margin: Decrease • Sales, Restaurant Operating Margin, EBITDA, PAT: No Change 17 Particulars (INR Mn, Post INDAS 116) Sales COGS (Reported) (+) Processing Charges COGS (Adjusted) Gross Profit (Adjusted) Gross Profit (Reported) Op. EBITDA (No Change) Q2FY27 % Q2FY26 % Q1FY27 % FY26 % FY25 % FY24 % 7,467.2 100.0% 6,418.6 100.0% 7,356.4 100% 26,255.6 100.0% 24,911.9 100.0% 23,918.1 100.0% 2,421.4 32.4% 1,769.2 27.6% 2,386.7 32.4% 7,908.7 30.1% 7,452.8 29.9% 7,106.9 29.7% 0.0 0.0% 312.2 4.9% 0.0 0.0% 573.6 2.2% 943.3 3.8% 845.5 3.5% 2,421.4 32.4% 2,081.4 32.4% 2,386.7 32.4% 8,482.2 32.3% 8,396.1 33.7% 7,952.5 33.2% 5,045.9 67.6% 4,337.3 67.6% 4,969.7 67.6% 17,773.4 67.7% 16,515.8 66.3% 15,965.6 66.8% 5,045.9 67.6% 4,649.5 72.4% 4,969.7 67.6% 18,346.9 69.9% 17,459.2 70.1% 16,811.2 70.3% 980.5 13.0% 759.4 11.8% 945.5 12.9% 3,470.5 13.2% 3,293.2 13.2% 3,780.4 15.8%
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Achieve market leadership in core day parts through brand relevance led by menu innovation and marketing Meals Strategy Integrate various channels and touchpoints to a One McDonald’s platform in order to provide consumers a seamless experience Omnichannel Strategy Penetrate unserved geographies and fortify existing markets with renewed aggression Faster than ever Network Expansion Targeting superior business performance and operating efficiency through execution excellence Lead with performance Vision 2027 01 02 03 04 18 Click here for Vision 2027 presentation Click here for Vision 2027 presentation
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Building a Bigger | Better | Bolder McDonald’s Together
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Westlife Foodworld Limited Westlife Foodworld Limited (NSE: WESTLIFE, BSE: 505533) will announce its results for the second quarter that ended September 30, 2026, on October 23, 2026. Following the announcement, the management team will host a conference call for investors and analysts on October 23, 2026, at 4:30 pm IST. The call will commence with a brief discussion on the previous quarter’s performance followed by an interactive question and answer session. Call details are below: Note: Please dial in at least 10 minutes prior to the scheduled time to ensure that you are connected on time. Audio and transcripts will be available within five working days after the call on the Investors page of the company website. For further information, please contact: Chintan Jajal | investor.relations@mcdonaldsindia.com Q2 FY27 Earnings Call Invite Date October 23, 2026 Time India: 4:30 pm IST | Hong Kong/ Singapore: 7:00 pm HKT/ SGT New York, USA: 7:00 am EDT | UK: 12:00 pm BST Duration 60 minutes Universal Dial In +91 22 6280 1261 | +91 22 7115 8162 International Toll Free Hong Kong: 800 964 448 | Singapore: 80 0101 2045 UK: 080 8101 1573 | USA: 186 6746 2133 DiamondPass Link (No Wait Time)
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Thank you IR Contact For additional information: Chintan Jajal | Investor Relations investor.relations@mcdonaldsindia.com Westlife Foodworld Limited