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Consumer Intelligence Driven Global Technology Company Affle 3i Limited Q3 & 9M FY2026 Earnings Presentation For the period ended December 31, 2025
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Disclaimer 2 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 split, client case studies and number of connected devices, which are unaudited and derived for market-wise performance basis our billing entities. 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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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 4 EBITDA PAT Revenue1 Note: 1) Revenue from contracts with customers *All numbers are on a consolidated basis, unless otherwise stated Amount in INR million Q3 FY2026 vs. Q3 FY2025 Y-o-Y Comparison 6,017 7,175 +19.2% +24.1% 1,314 1,630 +19.1% 1,002 1,193 +8.0% 1,105 1,193 Q3 FY2026 vs. Q2 FY2026 Q-o-Q Comparison 6,467 7,175 +10.9% +11.6% 1,461 1,630 9M FY2026 vs. 9M FY2025 Y-o-Y Comparison 16,641 19,849 +19.3% +28.5% 3,492 4,489 +20.3% 2,788 3,353
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In INR million Q3 FY2026 Q3 FY2025 Y-o-Y Growth Q2 FY2026 Q-o-Q Growth 9M FY2026 9M FY2025 Y-o-Y Growth Revenue from Contracts with Customers 7,175 6,017 19.2% 6,467 10.9% 19,849 16,641 19.3% Inventory and Data Costs 4,474 3,631 23.2% 3,961 13.0% 12,216 10,145 20.4% Employee Benefits Expenses 637 576 10.6% 632 0.9% 1,877 1,729 8.6% Other Expenses 433 496 (12.7%) 414 4.7% 1,268 1,274 (0.5%) EBITDA 1,630 1,314 24.1% 1,461 11.6% 4,489 3,492 28.5% % EBITDA Margin 22.7% 21.8% 22.6% 22.6% 21.0% Depreciation and Amortisation Expenses 332 258 28.9% 319 4.1% 909 701 29.7% Finance Costs 13 28 (54.9%) 12 7.9% 43 101 (58.1%) Other Income 175 209 (16.2%) 223 (21.3%) 570 749 (23.9%) Profit Before Tax 1,461 1,237 18.1% 1,353 8.0% 4,107 3,438 19.4% Total Tax 268 235 14.0% 248 8.0% 753 650 15.9% Profit After Tax (net of non-controlling interest, if any) 1,193 1,002 19.1% 1,105 8.0% 3,353 2,788 20.3% % PAT Margin 16.2% 16.1% 16.5% 16.4% 16.0% % Effective Tax Rate (ETR) 18.3% 19.0% 18.3% 18.3% 18.9% Consolidated Financial Summary 5
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7,666 10,781 13,366 16,641 19,849 1,548 2,198 2,620 3,492 4,489 1,306 1,829 2,098 2,788 3,353 9M FY2022 9M FY2023 9M FY2024 9M FY2025 9M FY2026 Revenue from Operations EBITDA PAT YTD Performance Trend (Consolidated) 6 Revenue CAGR 26.9% EBITDA CAGR 30.5% PATCAGR 26.6% 19.3% 28.5% 20.3%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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34,171 234 5,192 1,655 41,251 Total Equity Total Borrowings Contract Liabilities & Trade Payables Other Liabilities Total Equity & Liabilities Cashflow Trend and Balance Sheet Position (Consolidated) 7 Operating Cash Flows* (INR mn) Asset & Liabilities (INR mn) – As of Dec 31, 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 2,543 FY2021 FY2022 FY2023 FY2024 FY2025 9M FY2026 15,417 14,376 7,249 4,208 41,251 Cash & Liquid Investments Goodwill & Intangibles Assets Contract Assets & Trade Receivables Other Assets Total Assets
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4,066 4,313 4,987 5,062 5,195 5,429 6,017 6,023 6,207 6,467 7,175 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Quarterly Performance Trend (Consolidated) 8 Revenue from Operations (INR mn) Market-wise Performance (Q3 FY2026) India & Emerging Markets 19.8% Developed Markets 17.8% Broad-based Growth Across Markets (Y-o-Y) Y-o-Y Y-o-Y Revenue Split 73.9% 26.1% India & Emerging Markets Developed Markets
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Quarterly Performance Trend (Consolidated) 9 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 781 872 967 980 1,045 1,133 1,314 1,340 1,397 1,461 1,63019.2% 20.2% 19.4% 19.4% 20.1% 20.9% 21.8% 22.2% 22.5% 22.6% 22.7% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 662 668 768 875 866 920 1,002 1,031 1,055 1,105 1,193 15.9% 15.1% 15.1% 16.4% 15.9% 16.1% 16.1% 16.6% 16.5% 16.5% 16.2% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26
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CPCU Business | Q3 Performance Trend (y-o-y) 10 # No. of Conversions (mn) Average CPCU(INR) CPCU Revenue (INR mn) Q3 FY2026 Q3 FY2025 83.8 103.3 119.7 vs. Q3 FY2024 vs. 57.0 57.8 59.6 4,774 5,968 7,136 *All numbers are on a consolidated basis, unless otherwise stated
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CPCU Business | 9M Performance Trend (y-o-y) 11 # No. of Conversions (mn) Average CPCU(INR) CPCU Revenue (INR mn) 9M FY2026 9M FY2025 224.5 288.8 335.7 vs. 9M FY2024 vs. 55.9 57.3 58.5 12,558 16,561 19,655 *All numbers are on a consolidated basis, unless otherwise stated
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68.7 72.0 83.8 88.4 90.8 94.8 103.3 104.0 107.0 109.0 119.7 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 CPCU Business | Conversions Trend 12 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% 74% 8,009 10,675 14,074 17,169 14,743 FY2022 FY2023 FY2024 FY2025 9M FY2026 % Revenue Contribution Revenue (INR mn) Verticalized Focus on High Growth Categories 13 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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151) For the 12 months period of January 1, 2025 to December 31, 2025 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 3.9 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 72 105 195 257 313 393 336 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 9M FY2026 Financials Revenue 4.4x INR 22,663 mn 5-yr Growth FY2025 Total 39 Unique Patents 16 Granted; 23 filed & pending EBITDA 3.7x INR 4,832 mn PAT 3.7x INR 3,819 mn73.4% India & Emerging Markets Revenue – 9M FY26 26.6% Developed Markets Revenue – 9M 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 16 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) 99.5% of Revenue from Contracts with Customers contributed by CPCU model in Q3 FY2026
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Affle Consumer Platform with multiple DSPs | Simplifying and unifying the ecosystem 17 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 18 Global Tech IP Portfolio Total 39 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 3.9 Bn1 Connected Devices Reached Unified Consumer Tech Proposition Artificial Intelligence Machine Learning Deep Learning Note: 1. For the 12 months period of January 1, 2025 to December 31, 2025
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Affle Culture | Tech & Thought Leadership 19 Represents No. of Ranks achieved by Affle Platforms
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Affle Consumer Platform Case Studies 1. Hospitality & Travel | Driving conversions across India & other Emerging Markets 2. Rovio | Driving repeat users (gamers) conversions to expand monetisation for a leading game in US 3. Kiddopia | Scaling conversions of premium iOS users (parents) worldwide for a leading edtech app
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21NOTE: (1) All case studies are based on First Party data consented ad shared by the advertiser/agency together with Affle’s platform data (2) The ads and/or platform modules/screenshots shown here are for illustrative purpose only Hospitality & Travel | Driving conversions across India & other Emerging Markets Goibibo is India’s leading online travel booking brand providing range of choice for hotels, flights, trains, and buses. About the Advertiser Objective Accelerate conversions for hotels and flights by improving efficiency and ROI on premium Apple devices. Solutions & Results ● AI-intelligence to identify peak engagement hours and reach high-intent users & optimization with agentic AI ● Creative optimization with OpticksAI to deliver personalized creatives for different user personas, improving engagement-to- purchase rate ● 2X growth in new user conversions (Q3 FY26 vs Q2 FY26) ● Purchase rate improved by 50%, with a healthy 7% Conversion Ratio translating into high quality new account opens in Q3FY26 MyBluebird is a prominent taxi ride-hailing app in Indonesia, part of the public-listed BlueBird Group. About the Advertiser Objective Revive conversions from existing users (inactive for 30 to 90 days) and drive ride completions. Solutions & Results ● Revive conversions from existing users with personalized, city- specific creatives & geo-fenced targeting in high-demand locations for higher reach ● Drive engagement through dayparting campaigns optimized for demands & seasonality ● >250% growth in monthly rides from revived users (Dec’25 vs Jul’25) ● >175% quarterly growth in ride completions, with consistent growth in ROI redBus is India’s leading bus and train ticket booking platform for over 18 years and 56+ million users. About the Advertiser Objective Scale growth, onboard new users, drive conversions and purchases while strengthening category leadership in a competitive market Solutions & Results ● Personal & contextual recommendation delivered at key decision-making moments ● AI-powered intent engine to interact with relevant users actively searching for bus and train services ● 90% quarterly growth in new user conversions (Q3 FY26 vs Q2 FY26) ● Approx 40% quarterly increase in new purchases (Q3 FY26 vs Q2 FY26)
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Rovio | Driving repeat users (gamers) conversions to expand monetisation for a leading game in US 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: Oct’25 – Dec’25; (3) The ads and/or platform modules/screenshots shown here are for illustrative purpose only About the Advertiser A global mobile gaming leader known for its popular titles, including the highly popular Angry Birds franchise. Rovio is now part of the global entertainment company SEGA. Objective Grow paying users and maximise Return On Ad Spend (ROAS) for its Angry Birds Dream Blast game, which operates in a highly competitive and saturated category. Affle Consumer Platform Solutions Affle’s consumer platform enabled Rovio to improve both scale and performance through: ● Data-driven repeat conversion strategy across Android and iOS, focused on stabilizing and improving conversions from existing users ● Smart audience segmentation and retargeting to engage within high-value users ● Multi-format creatives mix (video, static, MRAID, interactive) to unlock additional placements Results ● Android: ROAS from paying users increased 2X (Q3 FY’26 vs Q2 FY’26) ● iOS: ROAS improved 9X (Q3 FY’26 vs Q2 FY’26), enabling efficient scale ● Overall: Relaunched campaigns delivered ~150% of forecasted ROAS, exceeding expectations Demonstrates Affle’s ability to deliver monetisation growth through efficient repeat user conversions, outperforming return on ad spend expectations while scaling “Affle’s programmatic retargeting capabilities helped us significantly improve post-install performance and unlock new efficiency at scale. The combination of advanced audience modeling, creative flexibility, and close collaboration made a meaningful impact on our retargeting outcomes.” Tomas Järvinen Senior Performance Marketing Manager
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Kiddopia | Scaling conversions of premium iOS users (parents) worldwide for a leading edtech app 23 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: Oct’25 - Dec’25; (3) The ads and/or platform modules/screenshots shown here are for illustrative purpose only About the Advertiser Award-winning global education app with 40M+ users, part of Nazara Technologies, an Indian publicly listed gaming company. Objective Drive new user conversions on premium Apple devices to help scale efficiently into other international markets such as US, Brazil, Mexico and the UK. Affle Consumer Platform Solutions Affle’s consumer platform enabled the app growth by: ● GenAI led Keyword Recommendation to identify high-intent users across multiple geographies, enabling real-time targeting to improve conversion efficiency. ● Map parent’s search behavior to high-intent terms and key placements, ensuring the app showed up to most relevant users. ● Persona-led campaigns paired with 10+ intent-mapped custom product pages optimized in real time using agentic AI bidding Results ● 10% improvement in new-user trial sign-ups (Q3 FY’26 vs Q2 FY’26) ● Rank #1 in paid visibility, maximizing reach and competitive presence through the quarter ● 1.3× growth in new user conversions (Q3 FY’26 vs Q2 FY’26) Demonstrates Affle’s capability to scale premium iOS user conversions globally while improving efficiency and discovery in a highly competitive category. “Affle’s platform helped us cut through one of the most competitive iOS categories across the US and international markets by reaching the right users at exactly the right moment. With the deployment of Agentic AI, our campaigns were optimized 24/7, ensuring performance kept compounding as we scaled into new geographies” Shashwat Raj Performance Marketing Manager
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Shareholders Information
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Affle | Shareholders Information 25 Shareholding Pattern (As on Dec 31, 2025) Brokerages Covering Affle ICICI DirectSharekhan Institutional Research Desk HNI / Retail Desk 54.9% 16.4% 20.0% 8.7% Promoters & Promoter Group Mutual Funds / Banks / Insurance / AIFs / QIBs FIIs / FCBs Others *Total Shares Outstanding – 140,695,134 B&K Securities Equirus Capital Ambit Capital Avendus Spark Amsec DAM Capital Elara Capital Dolat CapitalICICI Securities Mirae Research Citi Research * Includes 54,918 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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Website www.affle.com Contact Us Investor Relations Contact investor.relations@affle.com