Slides
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Consumer Intelligence Driven Global Technology Company Affle 3i Limited Q2 & H1 FY2026 Earnings Presentation For the period ended September 30, 2025
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Affle 3i Vision: Powering 10x Decadal Growth • Maximising measurable business outcomes driving real-world impact • Inclusive, democratized access to media for brands of all sizes • Leveraging Authentic, Actionable and Augmented Intelligence (Affle AI) • AI agents to enhance operational productivity • Leading with platform & product innovation powering the connected ecosystem • AI-driven hyper-contextual creative generation at exponential scale
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Affle | Performance Highlights 3 EBITDA PAT Revenue1 Note: 1) Revenue from contracts with customers *All numbers are on a consolidated basis, unless otherwise stated Amount in INR million Q2 FY2026 vs. Q2 FY2025 Y-o-Y Comparison 5,429 6,467 +19.1% +28.9% 1,133 1,461 +20.1% 920 1,105 +4.8% 1,055 1,105 Q2 FY2026 vs. Q1 FY2026 Q-o-Q Comparison 6,207 6,467 +4.2% +4.6% 1,397 1,461 H1 FY2026 vs. H1 FY2025 Y-o-Y Comparison 10,624 12,675 +19.3% +31.2% 2,178 2,858 +21.0% 1,786 2,160
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In INR million Q2 FY2026 Q2 FY2025 Y-o-Y Growth Q1 FY2026 Q-o-Q Growth H1 FY2026 H1 FY2025 Y-o-Y Growth Revenue from Contracts with Customers 6,467 5,429 19.1% 6,207 4.2% 12,675 10,624 19.3% Inventory and Data Costs 3,961 3,315 19.5% 3,780 4.8% 7,741 6,515 18.8% Employee Benefits Expenses 632 567 11.3% 609 3.7% 1,240 1,153 7.5% Other Expenses 414 414 (0.0%) 421 (1.7%) 834 778 7.3% EBITDA 1,461 1,133 28.9% 1,397 4.6% 2,858 2,178 31.2% % EBITDA Margin 22.6% 20.9% 22.5% 22.6% 20.5% Depreciation and Amortisation Expenses 319 251 27.1% 259 23.3% 578 444 30.2% Finance Costs 12 36 (67.3%) 18 (36.2%) 30 74 (59.3%) Other Income 223 288 (22.7%) 172 29.7% 394 539 (26.9%) Profit Before Tax 1,353 1,135 19.2% 1,292 4.8% 2,645 2,201 20.2% Total Tax 248 215 15.4% 237 4.8% 485 415 17.0% Profit After Tax (net of non-controlling interest, if any) 1,105 920 20.1% 1,055 4.8% 2,160 1,786 21.0% % PAT Margin 16.5% 16.1% 16.5% 16.5% 16.0% % Effective Tax Rate (ETR) 18.3% 18.9% 18.3% 18.3% 18.8% Consolidated Financial Summary 4
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4,272 7,021 8,379 10,624 12,675 871 1,394 1,653 2,178 2,858 706 1,139 1,330 1,786 2,160 H1 FY2022 H1 FY2023 H1 FY2024 H1 FY2025 H1 FY2026 Revenue from Operations EBITDA PAT Half-yearly Performance Trend (Consolidated) 5 Revenue CAGR 31.2% EBITDA CAGR 34.6% PATCAGR 32.3% 19.3% 31.2% 21.0%Y-o-Y Growth Note: 1) Normalized PAT (Refer respective quarter’s earnings presentation for the detailed working) Particulars in INR million 11
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Cashflow Trend and Balance Sheet Position (Consolidated) 6 Operating Cash Flows* (INR mn) Asset & Liabilities (INR mn) – As of Sep 30,2025 Assets Note: 1) FY2021 OCF was adjusted for Deferred Tax Liability on account of Goodwill of INR 14.18mn (one -time expense); *Operating Cashflow includes impact of FCTRs (Foreign Currency Translation Reserves) as per IND AS 1 Equity & Liabilities 1,032 2,060 2,603 2,623 4,260 1,459 1,832 FY2021 FY2022 FY2023 FY2024 FY2025 H1 FY2025 H1 FY2026 15,040 14,063 6,402 3,636 39,140 Cash & Liquid Investments Goodwill & Intangibles Assets Contract Assets & Trade Receivables Other Assets Total Assets 32,561 351 4,389 1,838 39,140 Total Equity Total Borrowings Contract Liabilities & Trade Payables Other Liabilities Total Equity & Liabilities
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Quarterly Performance Trend (Consolidated) 7 Revenue from Operations (INR mn) Market-wise Performance (Q2 FY2026) India & Emerging Markets 20.0% Developed Markets 16.8% Broad-based Growth Across Markets (Y-o-Y) Y-o-Y Y-o-Y Revenue Split 3,475 3,546 3,761 3,558 4,066 4,313 4,987 5,062 5,195 5,429 6,017 6,023 6,207 6,467 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 73.9% 26.1% India & Emerging Markets Developed Markets
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Quarterly Performance Trend (Consolidated) 8 EBITDA (INR mn) & EBITDA Margin (%) Profit After Tax1 (INR mn) & PAT Margin (%) Note: 1) PAT for select previous quarters may be normalized to exclude any impact of non -cash gain on fair valuation of financial instruments and any such exceptional item. Refer respective quarter presentations for a detailed PAT working 687 723 804 716 781 872 967 980 1,045 1,133 1,314 1,340 1,397 1,46119.8% 20.3% 21.4% 20.0% 19.2% 20.2% 19.4% 19.4% 20.1% 20.9% 21.8% 22.2% 22.5% 22.6% Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 545 587 690 624 662 668 768 875 866 920 1,002 1,031 1,055 1,105 15.4% 16.0% 17.6% 16.7% 15.9% 15.1% 15.1% 16.4% 15.9% 16.1% 16.1% 16.6% 16.5% 16.5% Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26
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CPCU Business | Q2 Performance Trend (y-o-y) 9 # No. of Conversions (mn) Average CPCU(INR) CPCU Revenue (INR mn) Q2 FY2026 Q2 FY2025 72.0 94.8 109.0 vs. Q2 FY2024 vs. 55.6 57.1 58.0 4,006 5,416 6,319 *All numbers are on a consolidated basis, unless otherwise stated
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CPCU Business | H1 Performance Trend (y-o-y) 10 # No. of Conversions (mn) Average CPCU(INR) CPCU Revenue (INR mn) H1 FY2026 H1 FY2025 140.7 185.6 216.0 vs. H1 FY2024 vs. 55.3 57.1 58.0 7,783 10,592 12,519 *All numbers are on a consolidated basis, unless otherwise stated
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68.7 72.0 83.8 88.4 90.8 94.8 103.3 104.0 107.0 109.0 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 CPCU Business | Conversions Trend 11 Y-o-Y growth in all quarters Number of Conversions (mn) *All numbers are on a consolidated basis, unless otherwise stated
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74% 74% 76% 76% 76% 8,009 10,675 14,074 17,169 9,595 FY2022 FY2023 FY2024 FY2025 H1 FY2026 % Revenue Contribution Revenue (INR mn) Verticalized Focus on High Growth Categories 12 Verticalized approach within fast-growing resilient industry segments across E, F, G, H Categories driving 100% of our revenue Direct Customers – Revenue Contribution E-commerce Entertainment Edtech Category E Apps for casual consumption of entertainment content & activities Apps for education & learning through online channels Online marketplace for shopping and retail Gaming Government Groceries Category G Facilitation of government services / distribution of citizen services Marketplace for ordering groceries and having it delivered to doorstep Apps for gamers with skills and gaming related money & transactions Fintech FMCG Foodtech Category F Brands promoting wide range of everyday goods & items across categories Apps for online food ordering and F&B related supply chain services Apps enabling online payments or delivering financial products & services Healthtech Hospitality & Travel Home & Other Utilities Category H Services related to hotels, travel, ride- hailing, auto, and more Brands promoting range of household and utility related products & services Spanning across a range of medical, healthcare & wellness related services
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Business Overview & Case Studies - Affle Overview - CPCU Business Model - Affle Culture - Affle Consumer Platform Case Studies
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141) For the 12 months period of October 1, 2024 to September 30, 2025; 2) Numbers aligned to reported consolidated financials statements (without any adjustments) About Us o Global technology company enabling AI-led solutions in digital advertising, driving performance across connected devices o Delivers consumer recommendations and conversions through relevant mobile advertising for leading global brands ROI-driven CPCU Business Model o Affle Consumer Platform Stack powers integrated consumer journeys for marketers to drive high ROI, outcome-led advertising anchored on our CPCU model o AI/ML deep learning algorithms powered by our in-house Data Management Platform 3.8 Billion1 Connected Devices Business Credentials o Tech IP addressing privacy & ad fraud o R&D focus with a strong patent portfolio o DPTM accredited o ISO 27001:2022 certified Tech Capabilities o Affle boasts a global reach across all key regions including Asia, North America, South America, Europe and Africa, encompassing both developed and emerging markets Global Reach Performance-driven CPCU Conversions (In million) Converted Users 72 105 195 257 313 393 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Financials2 Revenue 4.4x INR 22,663 mn 5-yr Growth FY2025 Total 36 Unique Patents 16 Granted; 20 filed & pending EBITDA 3.7x INR 4,832 mn PAT 3.7x INR 3,819 mn73.1% India & Emerging Markets Revenue – H1 FY26 26.9% Developed Markets Revenue – H1 FY26 Affle Overview
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New/existing user conversion (offline) Existing user repeat conversion (online) New user conversion (online) Affle | Cost Per Converted User (CPCU) Business 15 Use Case – Targeted new user acquisition optimized to in-app transaction/registration/event Use Case – Target interested user to complete the transaction Use Case – Driving footfalls and transactions at physical retail stores (O2O) 97.7% of Revenue from Contracts with Customers contributed by CPCU model in Q2 FY2026
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Affle Consumer Platform with multiple DSPs | Simplifying and unifying the ecosystem 16 Advertisers Demand-Side Platforms Use-Cases New User Acquisition Retargeting Branding Data Management Platform AI / ML Advanced Algorithms Multiple Patents filed & granted ROI Consumers Shoppers ConvergeAI Supply Cloud ● Cloud Optimization ● Supply Optimization ● Fraud Prevention ● Data Privacy Compliance Supply-Side Platforms OEMs & Operators Direct Partnerships Walled Gardens Verticalization E F G H Industry Categories Consumer Platform Business Average CPCU Rate No. of Conversions CPCU Revenue C P C U M o d e l
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Affle Culture | Tech Innovations & Accreditation 17 Global Tech IP Portfolio Total 36 unique Patents with 16 granted and rest filed & pending across jurisdictions Powering Futuristic Tech Use Cases Award-winning Ad Fraud Detection Platform Affle’s mFaas: Real-time solution for addressing digital ad fraud, with multiple patents granted and/or filed Global Accreditations • Data Protection Trustmark certified • ISO 27001:2022 certified 20+ years of focused R&D and innovation Real-time Predictive Algorithm 3.8 Bn1 Connected Devices Reached Unified Consumer Tech Proposition Artificial Intelligence Machine Learning Deep Learning Note: 1. For the 12 months period of October 1, 2024 to September 30, 2025
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Affle Culture | Tech & Thought Leadership 18
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Affle Consumer Platform Case Studies 1. PolicyBazaar | Growing online insurance in India through a full-funnel growth strategy 2. Fetch | Driving growth for a popular rewards app in US through a unique CTV led strategy 3. Casas Bahia | Delivering retail growth in Brazil amongst premium iOS users
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PolicyBazaar | Growing online insurance in India through a full-funnel growth strategy 20 Note: (1) All case studies are based on First Party data consented and shared by the advertiser/agency together with Affle’s platform data; (2) Campaign Period: July 25 - Sept 25; (3) The ads and/or platform modules/screenshots shown here are for illustrative purpose only About the Advertiser PolicyBazaar, founded in 2008, is India’s largest online insurance platform, serving over 16 million Indians. It is publicly listed and a fast-growing company in India. Objective PolicyBazaar wanted to increase its customer base for some specific products and increase the monthly booking rates Affle Consumer Platform Solutions Affle’s consumer platform delivered growth for PolicyBazaar through: ● Full-funnel strategy for high-LTV new & existing user conversions ● Leveraging on-device search recommendations to maximize visibility during key user engagements ● App recommendations to target cohorts with higher affinity towards engaging and converting for these specific insurance products Results ● Over 150K conversions delivered within Q2 FY26 itself ● >10% quarterly growth in conversions (Q2 FY26 vs Q1 FY26) ● Consistent monthly growth in registrations among new users acquired “Affle platform’s full-funnel strategy helped us to target new users while also e-engaging existing users to convert. As we were targeting specific product registrations, the robust recommendations helped us to reach high affinity users across regions and vernaculars." Urmesh Chandra, Head, Digital Marketing PolicyBazaar.com
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Fetch | Driving growth for a popular rewards app in US through a unique CTV led strategy 21 Note: (1) All case studies are based on First Party data consented and shared by the advertiser/agency together with Affle’s platform data; (2) Campaign Period: Apr’25 - Aug’25; (3) The ads and/or platform modules/screenshots shown here are for illustrative purpose only About the Advertiser With the mission to make users’ life easier and more rewarding, Fetch helps consumers earn rewards by buying the products they know and love. Fetch users have submitted more than 5 billion receipts and earned more than $1 billion in rewards. Objective Fetch was looking for a growth channel to drive incremental reach beyond mobile. With that goal in mind, Fetch identified CTV as a medium to diversify their acquisition strategy. Affle Consumer Platform Solutions Partnering with Affle’s Consumer Platform, Fetch delivered a high-impact cross-screen campaign that effectively engaged CTV audiences and converted them into mobile app users driving incremental ROI and ROAS. The strategy focused on: ● Targeting untapped audiences on CTV through our cross-screen identification technologies to maximize mobile conversions ● Creating a seamless bridge between TV and mobile with Smart QR codes that led CTV viewers directly to the mobile app store, reducing drop-offs. ● Measuring the impact of CTV ads on mobile engagements/ROI via cross-screen attribution Results ● 58% quarterly growth in new user onboards (Jul-Aug ‘25 vs. Apr-Jun ‘25) ● 53% quarterly growth in sign ups (Jul-Aug ‘25 vs. Apr-Jun ‘25) ● High impact in brand metrics thanks to premium placements on top CTV channels “Introducing CTV into our acquisition strategy was a strategic move for us — and Affle’s Consumer Platform rose to the challenge. Their proactive guidance and precise execution helped us drive a clear increase in installs and first signups." Abby Patton, Associate Director of Performance Marketing at Fetch
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Casas Bahia | Delivering retail growth in Brazil amongst premium iOS users 22 Note: (1) All case studies are based on First Party data consented and shared by the advertiser/agency together with Affle’s platform data; (2) Campaign Period: July’25 - Sep’25; (3) The ads and/or platform modules/screenshots shown here are for illustrative purpose only About the Advertiser Casas Bahia is one of the largest retail chains in Brazil, specializing in furniture and home appliances. Founded in 1952, the company has over 800 stores in Brazil and also reaches customers via its app. Objective Casas Bahia worked with Affle’s consumer platform to grow the reach and maximize purchases via its app Affle Consumer Platform Solutions Affle’s consumer platform delivered business growth for Casas Bahia through: ● Campaign ROI optimisation based on Casas Bahia’s sales seasonality, leading to greater campaign skew on key peak days to maximize impact ● Optimised Dayparting to dynamically align with periods of highest audience activity ● Multi-placement strategy to reach users across key moments on the App Store Results ● >20% growth in conversions Q2 FY26 vs Q1 FY26, with more engaged users ● Over 15K high value premium conversions delivered within Q2 FY26 ● Stable conversion rate (87%), maintaining strong efficiency across the user funnel Q1FY26 Q2 FY26
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Shareholders Information
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Affle | Shareholders Information 24 Shareholding Pattern (As on Sept 30, 2025) Brokerages Covering Affle ICICI DirectSharekhan Institutional Research Desk HNI / Retail Desk 55.0% 14.7% 21.2% 9.1% Promoters & Promoter Group Mutual Funds / Banks / Insurance / AIFs / QIBs FIIs / FCBs Others *Total Shares Outstanding – 140,640,216 B&K Securities Elara Capital Ambit Capital Avendus Spark Amsec DAM Capital Mirae Research Dolat CapitalICICI Securities Equirus Capital Citi Research * Includes 51,580 new equity shares allotted to ESOP trust of Affle 3i Limited for which listing and trading approval was received during the quarter. Anand Rathi
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Disclaimer 25 This presentation and the accompanying slides (“Presentation”) have been prepared by Affle 3i Limited (“Affle” or the “Company”) solely for informational purposes. It does not constitute an offer to sell, or a recommendation or solicitation of an offer to subscribe for or purchase any securities, and nothing contained herein shall form the basis of any contract or commitment. This Presentation is not intended to be a prospectus under the Companies Act, 2013, or an offer document under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended. This Presentation should be viewed in conjunction with the Company’s financial results as disclosed on the stock exchanges where it is listed and is not intended to be updated for any material developments occurring after the date of the Presentation. The Presentation includes certain non-GAAP / non-Ind AS financial measures and operational key performance indicators (“KPIs”) including but not limited to EBITDA, CPCU data, vertical-wise split, geographic data, client data and number of connected devices, which are unaudited and may be derived from internal management reports. These metrics are intended to offer additional insight into our operating performance, as monitored by our management and Board of Directors, and are based on internal methodologies developed to support strategic and operational decision-making. These methodologies may involve judgments, estimates, and assumptions that are intended to reflect the evolving nature of the business and its priorities. As such, these metrics may not be prepared in accordance with standardized accounting principles and may not be comparable to similarly titled measures presented by other companies. Certain statements in this Presentation are forward-looking in nature and reflect management’s current views, plans, or expectations. These are based on various assumptions and involve known and unknown risks and uncertainties, which may cause actual results to differ materially from those expressed or implied. Such statements should not be regarded as guarantees of future performance, and undue reliance should not be placed on them. The information contained in this Presentation is not to be taken as any recommendation made by the Company or any other person to enter into any agreement with regard to any investment. You will be solely responsible for your own assessment of the market and the market position of the Company, and you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. You acknowledge and agree that the Company and/or its affiliated companies and/or their respective employees and/or agents have no responsibility or liability (express or implied) whatsoever and howsoever arising (including, without limitation for any claim, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of this Presentation and neither the Company, its affiliated companies nor their respective employees or agents accepts any liability for any error, omission or misstatement, negligent or otherwise, in this Presentation and any liability in respect of the Presentation or any inaccuracy therein or omission therefrom which might otherwise arise is hereby expressly disclaimed. By attending this Presentation and/or accepting a copy of this document, you acknowledge and agree to the above limitations and conditions, and specifically represent and warrant that: (i) you will use this document solely for informational purposes; (ii) you will not engage in any unauthorized communication regarding the information contained herein with any employee, director, customer, supplier, or regulatory authority without prior written consent from the Company; and (iii) you are an eligible investor attending this presentation.
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Website www.affle.com Contact Us Investor Relations Contact investor.relations@affle.com