Slides
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Embassy Office Parks REIT Q2 FY2027 Earnings Materials October 28, 2026 Appendix II
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Q2 FY2027 Earnings Materials 2 Press Release Embassy REIT Declares Highest-Ever Quarterly Distribution of ₹7.07 per Unit; Leases 1.5 Million Square Feet in Q2 FY2027 • Leases 1.5 msf during the quarter, including a landmark 0.5 msf full-building pre-lease in Bengaluru at a 15% premium to market rents • Declares record quarterly distributions of ₹670 crores or ₹7.07 per unit, up 9% YoY • Revenue grows 16% YoY to ₹1,303 crores and Net Operating Income rises 15% YoY to ₹1,069 crores • Portfolio Net Asset Value increases 18% YoY to ₹524.74 per unit • Acquires 8,048 sq. ft. of fully leased retail space at FIFC in Mumbai’s BKC, further strengthening ownership in this flagship asset Bengaluru, India, October 28, 2026 Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, reported results today for the second quarter ended September 30, 2026. Amit Shetty, Chief Executive Officer of Embassy REIT, said, “We delivered an exceptional quarter, with 1.5 msf of leasing driven by continued GCC demand and healthy rental growth. The pre-lease at Embassy TechVillage at a 15% premium to market rents underscores the pricing power of our world-class office campuses. We are particularly encouraged by the renewed momentum in Pune, where leasing activity contributed to a 300-basis-point improvement in occupancy during the quarter. Our robust operating performance coupled with double-digit growth in revenue and NOI, enabled us to declare our highest-ever quarterly distributions. With strong business momentum and continued progress across our portfolio, we are well-positioned to capitalise on India's structural office demand and deliver sustained growth for all our stakeholders.” The Board of Directors of Embassy Office Parks Management Services Private Limited (‘EOPMSPL’), Manager to Embassy REIT, at its Board Meeting held earlier today, declared a distribution of ₹670 crores or ₹7.07 per unit for Q2 FY2027. The record date for the Q2 FY2027 distribution is October 31, 2026, and the distribution will be paid on or before November 06, 2026. Business Highlights • Leased 1.5 msf during the quarter, with GCCs driving 85% of leasing demand; new leases of 0.9 msf signed at an average 9% premium to market rents • Pre-leased an entire 0.5 msf building at Embassy TechVillage in Bengaluru to a global engineering company at a 15% premium to current market rents • Leased 0.2 msf across three Pune assets, contributing approximately 25% of new leasing during the quarter • Portfolio occupancy at 93% by value with Bengaluru, Chennai and Noida at 94% and Mumbai at 100% Note: 1) Occupancy by value refers to occupancy of the commercial offices weighted by the Gross Asset Value (GAV) of completed commercial offices
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Q2 FY2027 Earnings Materials Press Release (Cont’d) 3 Financial Highlights • Grew Revenue from Operations by 16% YoY to ₹1,303 crores and Net Operating Income (NOI) by 15% YoY to ₹1,069 crores • Delivered the highest-ever quarterly distributions of ₹670 crores or ₹7.07 per unit, representing 9% YoY growth • Raised ₹2,050 crores of debt at a blended interest rate of 7.14%, including a first-of-its-kind ₹1,000 crore financing - the first bank financing to an Indian REIT at the trust level under RBI’s new lending framework • Gross Asset Value (GAV) increased 16% YoY to ~₹74,000 crores, while Net Asset Value (NAV) rose 18% YoY to ₹524.74 per unit, supported by higher market rents, new building additions and favorable valuation assumptions Operational & Growth Highlights • Delivered a 0.6 msf office block at Embassy Splendid TechZone in Chennai, fully committed to a leading US GCC; current development pipeline of 5.6 msf in Bengaluru and Chennai • Hotel revenue grew 22% YoY in Q2, with a 10% increase in average daily rates (ADR). The newly opened Hilton Garden Inn at Embassy TechVillage achieved operating cash break-even within the first quarter of launch • Completed the acquisition of 8,048 sq. ft. of fully leased retail space at FIFC in Mumbai's BKC, further consolidating ownership in this flagship asset • Included in the Nifty 500 and Nifty Midcap 150, becoming the only REIT in the latter, alongside other key NSE indices, marking a significant milestone in enhancing investor access to India’s growing REIT market Investor Materials and Quarterly Investor Call Details Embassy REIT has released a package of information on the quarterly results and performance, that includes (i) standalone and consolidated financial results for the quarter ended September 30, 2026 (ii) an earnings presentation covering Q2 FY2027 results and, (iii) supplemental operating and financial data book that conforms with leading reporting practices across global REITs. All these materials are available in the Investors section of our website at www.embassyofficeparks.com. Embassy REIT will host a conference call on October 29, 2026 at 08:30 hours Indian Standard Time to discuss the Q2 FY2027 results. A replay of the call will be available in the Investors section of our website at www.embassyofficeparks.com. About Embassy REIT Embassy REIT is India’s first publicly listed Real Estate Investment Trust and the largest office REIT in Asia, by area. Embassy REIT owns and operates a portfolio of ~53 million square feet of world-class office spaces across India’s key gateway markets, including Bengaluru, Mumbai, Pune, the National Capital Region (NCR) and Chennai. The portfolio comprises 14 premium office ecosystems, including large, integrated office parks and city-centre office assets, and is home to 281 leading global and domestic corporations. In addition to office assets, the portfolio includes strategic amenities such as five operational business hotels, two hotels under development, and a 100 MW solar park that supplies renewable energy to tenants. Embassy REIT’s industry-leading ESG programme has received multiple accolades from globally recognised institutions, including GRESB, USGBC LEED, the British Safety Council, among others. Embassy REIT also achieved a significant milestone with its inclusion in the Nifty 500 and Nifty Midcap 150, becoming the only REIT in the Nifty Midcap 150, alongside other key NSE indices. For more information, please visit www.embassyofficeparks.com.
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Q2 FY2027 Earnings Materials I. Key Highlights 5 II. Macro Study – GCCs in the AI Era 12 III. Business Updates 16 IV. Developments Updates 23 V. Financial Updates 30 VI. Market Outlook 38 VII. ESG & Total Business Ecosystem 42 VIII. Appendix 45 Table of Contents 4
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I. Key Highlights Embassy Oxygen, Noida
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Q2 FY2027 Earnings Materials 98 106 Sep'25 Sep'26 Bangalore 63% Pune 25%Noida 7% Mumbai 4% Strong Q2 with 1.5 msf leasing, driven by GCC demand and Pune revival. Consistent above-market leasing, even as our market rents rose 8% YoY Notes:. (1) ‘Premium to Market on New Leasing’ computed by comparing weighted average of the agreed new rents for the new leasing in the particular quarter, as compared to the weighted average of the market rents (per C&W assessment) for the particular areas, respectively. (2) Market rents per C&W assessment (3) Actual legal entity name may differ Robust Leasing: GCC Demand Lifts Rents Leased 1.5 msf in Q2; 85% Driven by GCCs Continued to Lease Above Market – Achieved 9% Premium on Q2 New Leases(1) Pune Gains Momentum – 25% New Leasing Share, Occupancy Up 300 bps QoQ 6 Others 15% GCCs 85% Q2 FY27 Total Lease-up: 1.5 msf 5% 5% 6% 8% 9% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 8% Growth in Portfolio Market Rents(2) Q2 FY27 New Lease-up: 0.9 msf MTM Potential (%) 5% 10% +8% Rent (₹ psf) Premium to Market on New Leasing (%) Global Engineering Co. Cloud based Tech Co. Crestron Global Accounting Firm American Insurance Co.
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Q2 FY2027 Earnings Materials Grew NOI by 15%, distributions by 9% and NAV by 18% YoY in Q2. Raised ₹1,000 crs at 6.97% in landmark first bank financing at REIT level Revenue (₹ crs) 1,303 1,124 +16% NOI (₹ crs) 1,069 927 +15% EBITDA (₹ crs) 996 899 +11% Distributions (₹ crs) 670 617 +9% Notes: (1) Floating rate is benchmarked to 3M MIBOR OIS rate (along with 150 bps spread). Subject to quarterly reset (2) Refers to In-place debt cost of 7.32% as of Q1 FY27 (3) Details include 100% of Embassy GolfLinks operational metrics; however, GAV and financial metrics reflect only the REIT’s 50% economic interest in Embassy GolfLinks, except for the Pinehurst block located within Embassy GolfLinks, which is 100% held by the REIT and accordingly consolidated Grew NAV by 18% YoYParticulars Q2 FY2027 Q2 FY2026 Growth (%) Strong Financial Performance 7 First Indian REIT to Secure Financing at Trust Level from a Bank ₹1k crs REIT Level NCD Subscribed by a Bank 6.97% Floating Rate Achieved on the NCD(1) 445.91 524.74 Sep'25 Sep'26 +18% NAV per Unit (₹) ₹2k crs Total Debt Raised in Q2 7.14% Blended Rate of Q2 Debt Raise; 18 bps Lower than In-place Cost(2)
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Q2 FY2027 Earnings Materials Note: (1) Oct’26 Pictures Delivering Growth through Pre-Leased Assets 8 Continued to deliver on growth with handover of 100% leased 0.6 msf block in Chennai & pre-leasing of the entire 0.5 msf upcoming block in ETV Delivered Fully-leased 0.6 msf Office Block in Chennai Fully Pre-leased a 0.5 msf Upcoming Office Block in Bangalore 100% Leased for a US GCC Tenant 0.6 msf Total Leasable Area (Delivered in Q2) 100% Pre-leased to a Global Engg. Co. at 15% Premium to Current Market Rents 0.5 msf Total Leasable Area (Target Delivery: Jun’27) Actual Picture Perspective
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Q2 FY2027 Earnings Materials Note: (1) Independent Valuation 1 – Valuation as of September 30, 2026 undertaken by iVAS Partners, represented by Ms. Amrita Bhattacharya, with value assessment services undertaken provided by CBRE South Asia Priva te Limited and Independent Valuation 2 – Valuation as of September 30, 2026 undertaken by Ms. L Anuradha, in conjunction with Independent property consultant review services undertaken by C&W (2) The acquisition was announced and closed in October 2026, post the quarter-end and hence the acquired asset’s details are not included in any operational or financial metrices for the quarter Completed Acquisition of FIFC Retail Area 9 Actual Picture Acquired 8,048 sf fully-leased retail area at FIFC, further consolidating our ownership at one of our flagship assets in BKC, Mumbai 100% Leased to Leading F&B Brands ₹48.3 crs Total Purchase Consideration, 8.1% Discount to Independent Valuations(1) 8,048 sf Retail Area at FIFC, Mumbai
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Q2 FY2027 Earnings Materials 3,760 2,090 4,250 FY2026 Actual FY2027 Mid-point Guidance Note: (1) Guidance for FY2027 is based on our current view of existing market conditions and certain key assumptions for the year ending March 31, 2027. This does not include the impact of any fresh issue of units by the Embassy REIT. Guidance is not reviewed or audited or based on GAAP, Ind AS or any other internationally accepted accounting principles and should not be considered as an alternative to the historical financial results or other indicators of the Embassy REIT's financial performance based on Ind AS or any GAAP. There can be no assurance that actual amounts will not be materially higher or lower than these expectations. In particular, there are significant risks and uncertainties related to the scope, severity and duration of the global macro-economic conditions and the direct and indirect economic effects of the same on the Embassy REIT, our assets and on our occupiers. . Occupancy Range On track to deliver double-digit growth in NOI and distributions for a second consecutive year 25.28 13.38 27.80 FY2026 Actual FY2027 Mid Point Guidance FY27 NOI Range ₹4,150 crs - ₹4,350 crs +13% +10% FY2027 Distributions Range ₹27.00 - ₹28.60 43.5 44.2 FY2026 Actual FY2027E 92% - 93%90% Completed Area (msf) Occupancy (%) Distributions (₹ per Unit) NOI (₹ crores) FY2027 – On-track for Double-Digit Growth 10 48% Achieved in H1 49% Achieved in H1
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Q2 FY2027 Earnings Materials Vacant area lease-up – occupancy expected to stabilize at pre-Covid levels of mid-90s in the next few years4.1 msf Contracted escalations (~15% every 3 years)~5% p.a. Mark to market potential on the 19% leases expiring till FY203014% Notes: (1) Includes expansion options of 256k sf available with a global bank in Embassy Manyata (2) Pipeline and opportunities are indicative only. There can be no assurance that above opportunities or other pipeline opportunities will materialize in current form or at all or result in transactions Our strategy banks on multiple drivers to boost NOI and generate long-term total returns for investors Vacant area lease-up opportunity Occupancy expected to stabilize at pre-Covid levels of mid-90s in the next few years4.6 msf New developments over the next 4 years, with around ₹600 crs of expected stabilized NOI Already pre-leased around 67%(1) of the office deliveries scheduled over the next 24 months5.6 msf Multiple Embedded Growth Levers Potential acquisition opportunities from third-parties and Embassy Group(2) Upto 12.6 msf 11
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Embassy Manyata, Bengaluru II. Macro Study - GCCs in the AI Era
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Q2 FY2027 Earnings Materials 2,150 2,420 2,765 FY2026A FY2028F FY2031F +135 new setups p.a. GCC Entity Count (#) 13 BFSI and TMT Sectors to Drive ~55% of the GCC Footprint Expansion Sector(1) Incremental GCC Count (#) Incremental Area (msf) Area CAGR (%) BFSI 61 44 17% TMT 228 43 9% Manufacturing 106 27 11% Retail 41 12 19% Healthcare 41 11 9% Cyclical Commodities 28 6 10% Others 110 20 9% Total 615 160 11% Projected GCC Expansion through FY2031 Note: Source: Embark: ‘India GCCs in the AI Era’ Report, October 2026. Mid-point for the estimate ranges presented in the report are taken as the base case for ease of representation (1) For detailed sub-industry classification, please refer the report named above. Retail includes consumer packaged goods. Healthcare includes lifesciences GCC Footprint to Grow at 11% CAGR India’s GCC occupied area expected to reach 390 msf by FY2031, growing at an 11% CAGR, led by BFSI and TMT sectors 2,7652,150 CAGR +5% 3.52.3 CAGR +8% 390230 CAGR +11% FY26A FY2026A FY2031F GCC Occupied Area (msf) FY2026A FY2031F FY2026A FY2031F GCC Entities (#) GCC Headcount (mn) +115 new setups p.a.
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Q2 FY2027 Earnings Materials Existing GCCs to Drive 80% of Growth 80% of the GCC headcount growth till FY2031 expected to come from existing GCCs and the rest from 120+ new GCC setups expected every year Brownfield Expansion Greenfield Expansion GCCs Expected to Expand by FY2028 70-75% 28% Mid-market Companies’ Share 80% GCC Headcount Expansion to be Driven by Existing GCCs (till FY2031) 120+ p.a. Expected New GCC Setups (till FY2031) TMT and Manufacturing Sectors’ Share(1) ~60% 55% Expected New GCC Setups ex-North America 71% Expect Broader Functional Ownership from India(2) 1,057 Viable G2000 Enterprises without an Indian GCC Note: Source: Embark: ‘India GCCs in the AI Era’ Report, October 2026. Mid-point for the estimate ranges presented in the report are taken as the base case for ease of representation (1) Refers to the number of GCCs in the TMT and manufacturing sectors as a percentage of total number of Indian GCCs expected to expand by FY2031 (2) Refers to results of a survey conducted with India GCC leaders (N=100) to understand the expected direction of India GCC ownership, as mentioned in the report named above 14
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Q2 FY2027 Earnings Materials 2.3 1.4 0.3 3.5 FY2026A Organic Growth Productivity-led Avoided Demand Net-new AI Roles FY2031F India GCC Headcount (mn) ~10% AI-Specialists ~25% AI-Specialists Note: Source: Embark: ‘India GCCs in the AI Era’ Report, October 2026. Mid-point for the estimate ranges presented in the report are taken as the base case for ease of representation (1) Refers to results of a survey conducted with India GCC leaders (N=100) to understand AI adoption and maturity in their firms, as mentioned in the report named above (0.5) AI Productivity and GCC Expansion to Coexist India’s growing AI-specialist talent pool to drive GCC headcount expansion as AI mandates broaden beyond function-specific pilots 92% GCC Leaders are Beyond Selective AI Adoption(1) <15% Current Productivity Gains Realized for All(1)How AI Mandates are Deepening in India Last 2 –3 Years (2022 –25) Assistive Mode AI stayed assistive under human-led governance, held back by fragmented data, pilot-bound agents, costly talent and immature metrics Current (2026) Humans in Control Humans retain approvals and risk ownership. Patchy data and orchestration, uneven adoption and fragmented, activity- focused metrics limit agent-led execution Next 2 Years (2026 –28 ) Workflow -level Scale Workflow-level AI scales where processes are standardized, but transition costs persist and gains stay marginal as data cleanup lags ambition Next 3 –5 Years (2029 –31) Selective Maturity Standardized functions mature but judgement- heavy work still needs human oversight. AI-ready hiring becomes core, but firm-wide productivity standards remain unlikely 3x Growth AI-Specialists in Indian GCCs to Grow to 0.8-0.9 mn by FY2031 15
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III. Business Updates Embassy Quadron, Pune
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Q2 FY2027 Earnings Materials 0.5 0.6 1.2 1.8 1.3 1.6 1.5 0.7 2.4 0.6 1.0 3.2 6.8 5.0 4.9 2.0 2.9 1.2 2.2 5.0 8.1 6.6 6.4 2.8 FY20 FY21 FY22 FY23 FY24 FY25 FY26 H1 FY27 Renewals New Lease-up (Incl. pre-commitments in U/C Area) Note: (1) Total leases includes new lease-up, pre-commitment in under development properties, end-of-tenure renewals and early renewals. End-of-tenure renewals exclude rolling renewals Resilient Leasing Momentum Leased 1.5 msf across 17 deals, including 0.9 of new leasing, 0.1 msf of renewals and 0.5 msf of pre-leasing of an entire block in Bangalore Area (msf) 1.5 msf Total Q2 Lease-up across 17 deals(1) 0.5 msf Pre-leased in Bangalore 0.9 msf Q2 New Lease-up, incl. 0.2 msf in Pune 85% Share of GCCs in Total Leasing 17
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Q2 FY2027 Earnings Materials Engineering & Manufacturing 38% Research Consulting & Analytics 21% Technology 19% Financial Services 11% Healthcare 6% Others 6% Bangalore 73%Pune 16% Mumbai 6% Noida 5% GCCs contributed 85% of Q2 leasing, with the demand primarily driven by Engg. & Manufacturing and Research, Consulting & Analytics sectors Note: (1) Actual legal entity name may differ Q2 Total Lease-up: 1.5 msf Q2 Total Lease-up: 1.5msf Leasing Highlights for Q2 Q2 Leasing – Sectoral Split Q2 Leasing – City wise Split 18 Occupier Property Sector Area ('000 sf) New Leases 895 ANSR Embassy Manyata Research Consulting & Analytics 300 Cloud Based Tech Co. Embassy Manyata Technology 139 BirchTech India Pvt Ltd. Embassy Quadron Technology 108 Global Accounting Firm Embassy TechZone Research Consulting & Analytics 106 Crestron Embassy TechVillage Engineering & Manufacturing 62 Savista Global Embassy Oxygen Healthcare 60 Sports Retailer Embassy Manyata Retail 38 Global Electrical Co. Embassy Manyata Engineering & Manufacturing 25 Aarti Pharmaceuticals Embassy 247 Healthcare 20 Others Various Various 36 Renewals 96 American Insurance Co. Embassy 247 Financial Services 49 Global Telecom Co. Embassy Manyata Telecom 36 Others Various Various 10 Pre leases 462 Global Engineering Co. Embassy Techvillage Engineering & Manufacturing 462 Total Q2 Lease-up 1,453 Pipeline Discussions c.1,000
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Q2 FY2027 Earnings Materials Occupancy for Marquee Assets (Top 5)(2) 38.4 40.9 44.2 Sep'24 Sep'25 Sep'26 Notes: (1) Occupancy by value refers to occupancy of the commercial offices weighted by the Gross Asset Value (GAV) of completed commercial offices (2) Refers top 5 assets by contribution to GAV (Includes GAV of under construction & proposed development area) with occupancy by area over 90% (3) Details include 100% of Embassy GolfLinks operational metrics; however, GAV reflects the REIT’s 50% economic interest in Embassy GolfLinks and 100% of the Pinehurst block located within Embassy GolfLinks (4) City wise split by % of Gross Asset Value (GAV). GAV considered per Sep’26 valuation undertaken by Ms. L Anuradha, in conjunction with Independent property consultant review services undertaken by C&W. Valuation exercise undertaken semi-annually Bangalore (75% of GAV) 95%94% Mumbai (10% of GAV) 100%100% Noida (6% of GAV) 92%94% Chennai (3% of GAV) 96%94% Pune (6% of GAV) 63%62% Total Portfolio 90% 90% Occupancy +300 bps Area +15% 87% 90% Portfolio Occupancy at 90% Portfolio occupancy at 93% by value(1) and 90% by area, with 4 out of 5 cities above 94% occupancy levels (by area) Occupancy up by 300 bps to 90% in L2Y, as Area Grew by 15% 19 City Occupancy (%) Q2 FY27 Occupancy (%) Q2 FY26 Asset Contribution to GAV (%) Occupancy by Area (%) Embassy Manyata 36% 91% Embassy TechVillage 23% 96% Embassy GolfLinks(3) 7% 100% Embassy Oxygen 4% 92% Express Towers 4% 100% Completed Area (msf) 90%
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Q2 FY2027 Earnings Materials 50 55 Market Rent Agreed Rent 46 51 Market Rent Agreed Rent 107 117 Market Rent Agreed Rent 150 163 Market Rent Agreed Rent Signed Q2 new leases at an average 9% premium to market rents, demonstrating our portfolio strength Actual Picture Actual Picture Rent (₹ psf) Note: (1) ‘Market Rent’ computed as weighted average of the market rents (per C&W assessment as of Sep 30, 2026) for the respective assets for the new leases reported in Q2 FY27. ‘Agreed Rent’ computed as the weighted average of the actual new rents agreed for the respective new leases reported in Q2 FY27 Achieved 9% Premium to Market Rents Embassy Manyata – 500k sf New Lease-up Embassy Quadron – 110k sf New Lease-up Embassy 247 - 40k sf New Lease-up Embassy Qubix – 14k sf New Lease-up 20 Rent (₹ psf) Rent (₹ psf) Rent (₹ psf) Rent (₹ psf) +9% +10% +11% +10%
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Q2 FY2027 Earnings Materials 0.9 2.0 1.6 1.4 0.7 3.4 3.3 1.8 3.2 1.6 FY2026 FY2027 FY2028 FY2029 FY2030 Notes: (1) MTM potential computed basis market rent per latest C&W assessment as on Sep 30, 2026 and in-place rent for respective leases (2) Refers to annualized rent obligations % Rents Expiring(2) 2% 5% 7% 4% Rent Escalations Due 14% 14% 14% 14% Area Due for EscalationsSuccessful Rent Escalations Renewed Exited Area Due for Expiry Embedded Rent Growth Contracted escalations (~5% p.a. or 15% every 3 years) and significant MTM opportunity on lease expiries are key drivers of our NOI growth 14% Avg. Contractual Rent Escalations on 41 msf till FY2030 14%(1) Blended MTM Potential on 7.5 msf or 19% of Leases Expiring(2) till FY2030 21 Area (msf) Area (msf) 3.3 4.9 6.9 8.1 13.9 11.2 11.0 FY2026 FY2027 FY2028 FY2029 FY2030
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Q2 FY2027 Earnings Materials 7,437 7,722 H1 FY26 H1 FY27 12,037 12,977 H1 FY26 H1 FY27 339 436 504 532 241 273 98 184 230 241 106 93 FY23 FY24 FY25 FY26 H1 FY26 H1 FY27 EBITDA Our hotel portfolio remained resilient amidst geopolitical tensions; recorded H1 FY2027 occupancy of 60% and ADR growth of 8% YoY Revenue (₹ crs), EBITDA (₹ crs) and Occupancy (%) 4% +8% 50% 56% 63% 60% Occupancy (%)Revenue Hospitality Business Update RevPar (₹) Average Daily Rate (₹) 22 62%63% Notes: (1) EBITDA for Four Seasons includes a one-time payment made during the quarter. For more details, refer unaudited consolidated financial results for quarter and half year ended September 30, 2026 (2) Excluding recently launched Hilton Garden Inn at Embassy TechVillage, the Occupancy for H1 FY27 stood at 63% and recorded Revenue of ₹262 crs and EBITDA of ₹92 crs respectively (3) Excluding recently launched Hilton Garden Inn at Embassy TechVillage, recorded RevPar of ₹8,040 and ADR of ₹12,726 respectively in H1 FY27
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IV. Development Updates Embassy TechVillage, Bangalore
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Q2 FY2027 Earnings Materials 3.3 0.6 0.5 1.0 2.0 0.9 1.4 3.3 0.6 0.5 1.8 3.3 FY2026 FY2027 FY2028 FY2029 FY2030 Best-in-class development pipeline of 5.6 msf across Bangalore and Chennai. Of the 2.3 msf deliveries over next 24m, ~67%(1) already pre-leased Notes: (1) Includes expansion options of 256k sf available with a global bank in Embassy Manyata (2) Already launched 211 keys Hilton Graden Inn at ETV in Q1 FY2027 Area (msf) Development Pipeline (msf) 100%100%92% 59%(1) Active Development Pipeline New Development Redevelopment % Pre-LeasedDelivered Occupancy (%) ₹3.3k crs Total Capex for Ongoing Office Developments ₹600 crs NOI Upside 15% Implied Yield on Cost 24 Additionally, 318 Key Hilton 5 Star hotel(2) at ETV expected to be launched in FY27 - Additionally, 116 Key Spark by Hilton hotel at ETZ expected to be delivered in FY29
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Q2 FY2027 Earnings Materials Note: (1) Oct’26 Picture Delivered: Block 1 at Embassy Splendid TechZone 0.6 msf Total Leasable Area Completed OC Received in Sep’26 100% Leased for a US GCC Tenant 25 Actual Picture
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Q2 FY2027 Earnings Materials Notes: (1) Launched 211 keys Hilton Graden Inn in Q1 FY2027, remaining 318 keys Hilton 5-star is slated for launch later during the year (2) Oct’26 Picture Upcoming Deliveries: Hilton Hotel at Embassy TechVillage 318 Keys 5-Star Hilton Hotel(1) 75k sf Retail Area 37k sf Convention Center 26 Actual Picture
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Q2 FY2027 Earnings Materials Note: (1) Oct’26 Picture Upcoming Deliveries: Block 6 at Embassy TechVillage Perspective 0.5 msf Total Leasable Area Jun’27 Target Delivery 100% Pre-leased to a Global Engineering Co. 27 Actual Picture
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Q2 FY2027 Earnings Materials Upcoming Deliveries: Embassy Business Hub – Phase 2 Perspective 1.0 msf Total Leasable Area Jun’28 Target Delivery 23% Pre-leased to a Major Indian Flex Operator 28
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Q2 FY2027 Earnings Materials Notes: (1) Includes expansion options of 256k sf with Major US Bank Upcoming Deliveries: Block B at Embassy Manyata Perspective 0.9 msf Total Leasable Area Jul’28 Target Delivery 100% Pre-leased to a Major US Bank(1) 29
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V. Financial Updates Hilton Embassy GolfLinks, Bangalore
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Q2 FY2027 Earnings Materials Grew both H1 Revenue and NOI by 16% YoY respectively, and delivered 9% YoY distributions growth in the first half of FY2027 Revenue (₹ crs) 2,543 2,184 +16% NOI (₹ crs) 2,090 1,799 +16% EBITDA (₹ crs) 1,974 1,741 +13% Distributions (₹ crs) 1,268 1,167 +9% Notes: (1) Details include 100% of Embassy GolfLinks operational metrics; however, GAV and financial metrics reflect only the REIT’s 50% economic interest in Embassy GolfLinks, except for the Pinehurst block located within Embassy GolfLinks, which is 100% held by the REIT and accordingly consolidated (2) Guidance for FY2027 is based on our current view of existing market conditions and certain key assumptions for the year ending March 31, 2027. This does not include the impact of any fresh issue of units by the Embassy REIT. Guidance is not reviewed or audited or based on GAAP, Ind AS or any other internationally accepted accounting principles and should not be considered as an alternative to the historical financial results or other indicators of the Embassy REIT's financial performance based on Ind AS or any GAAP. There can be no assurance that actual amounts will not be materially higher or lower than these expectations. In particular, there are significant risks and uncertainties related to the scope, severity and duration of the global macro-economic conditions and the direct and indirect economic effects of the same on the Embassy REIT, our assets and on our occupiers. . On Track to Deliver on FY2027 Distribution GuidanceParticulars H1 FY2027 H1 FY2026 Growth (%) H1 Financial Performance 31 13.38 21.33 23.01 25.28 27.80 FY2024 FY2025 FY2026 FY2027 Mid Point Guidance +10% +8% Distribution / Unit (₹) ₹27.00 - ₹28.60 FY27 DPU Guidance +10% 48% Achieved in H1
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Q2 FY2027 Earnings Materials Dividend 12% Interest 2% Repayment of Debt 86% Particulars Q2 FY2027 H1 FY2027 Distribution period Jul’26 – Sep’26 Apr’26 – Sep’26 Distribution amount (₹crs) ₹670 crs ₹1,268 crs Outstanding units (crs) 94.8 94.8 Distribution per unit (DPU) ₹7.07 ₹13.38 Announcement date October 28, 2026 - Record date October 31, 2026 - Payment date On or before November 06, 2026 - Q2 FY2027 Distribution: ₹7.07 / unit Delivered highest ever quarterly distributions of ₹670 crs or ₹7.07 per unit, up 9% YoY. Cumulative distributions of over ₹15,700 crs since listing Distribution Highlights Distribution Mix – Q2 FY2027 Highest Ever Quarterly Distributions 32
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Q2 FY2027 Earnings Materials Fixed Rate Debt 57% Floating Rate Debt 43% Banks 44% Mutual Funds 34% Insurers 16% Pension Funds 3% Corporates 1%NBFCs 2% Well-Diversified Debt Book Diversified Investor Pools Staggered Debt Maturity (₹ crs) Total debt book of ₹24k crs, well-balanced across diverse investor pools, debt instruments and tenures Diversified Debt Composition Gross Debt: ₹24k crs Gross Debt: ₹24k crs REIT Level Debt SPV Level Debt REIT Level CP % Total Debt Maturity 16% 17% 7% 14% 5% 41% 30% Leverage(1) with Dual AAA / Stable Credit Ratings 43 Months Average Maturity for Fixed Rate Debt(2) 7.33% Average Debt Cost 33 Notes: (1) Based on Net Debt to GAV ratio. Net Debt as of September 30, 2026. GAV considered as per September 30, 2026, valuation of the portfolio undertaken by Ms. L. Anuradha, in conjunction with Independent property consultant review services undertaken by C&W (2) Includes only non-convertible debentures 1,945 1,850 3,400 1,000 2,700 3,725 159 848 694 714 1,206 6,172 3,954 4,248 1,694 3,414 1,206 9,897 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 & Beyond
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15% 22% 24% 28% 29% 32% 30% 30% 9.61% 7.81% 6.72% 7.25% 7.82% 7.90% 7.25% 7.33% 5.00% 5.50% 6.00% 6.50% 7.00% 7.50% 8.00% 8.50% 9.00% 9.50% 10.00% 0% 5% 10% 15% 20% 25% 30% 35% FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 H1 FY2027 Debt Optimization Initiatives Active debt management aimed at managing comfortable debt levels, optimizing interest rates and staggering debt maturities 79% 62%78% 51%61% 60% 60% 26 3024 2222 23 45 Leverage(1) (%) Avg. Debt Cost (%) Fixed Debt (%) Fixed Debt Maturity(2) (Months) Notes: (1) Data based on Net Debt to GAV ratio. For H1 FY2027, calculated using Net Debt as of Sep 30, 2026 and GAV considered per September 30, 2026 valuation of the portfolio undertaken by Ms. L. Anuradha, in conjunction with Independent property consultant review services undertaken by C&W (2) Refers to debt maturities for the non-convertible debentures at fixed rates raised at both REIT level and SPV level 34 Q2 FY2027 Earnings Materials 57% 43 Post refinance of ₹1,100 crs post quarter closure, gross debt stands at ₹23.3k crs with an in-place cost of 7.34%
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Q2 FY2027 Earnings Materials Bangalore 75% Mumbai 10% Pune 6% Noida 6% Chennai 3% Gross Asset Value up by 16% YoY to ₹74.0k crores and Net Asset Value up by 18% YoY to ₹524.74 per unit Notes: (1) Gross Asset Value (GAV) considered per Sep’26 valuation undertaken by Ms. L Anuradha, in conjunction with Independent property consultant review services undertaken by C&W. Valuation exercise undertaken semi-annually. For further details, refer notes on slide 52 (2) Details include 100% of Embassy GolfLinks operational metrics; however, GAV and financial metrics reflect only the REIT’s 50% economic interest in Embassy GolfLinks, except for the Pinehurst block located within Embassy GolfLinks, which is 100% held by the REIT and accordingly consolidated Commercial Offices 93% Hospitality 7% Others <1% 18% YoY Growth in NAV 35 GAV: ₹74.0k crs GAV: ₹74.0k crs 445.91 491.62 524.74 Sep'25 Mar'26 Sep'26 ₹70.5k crs Gross Asset Value (₹ crs) ₹63.9k crs ₹74.0k crs NAV per Unit (₹) Grew GAV by 16% and NAV by 18% YoY GAV Break-up by Segment GAV Break-up by Geography +10% +6% +18%
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Q2 FY2027 Earnings Materials Notes: Walkdown of Financial Metrics upto 'NDCF at SPV Level' represents financial numbers of all SPV's consolidated excluding Embassy REIT’s standalone numbers (1) Property management fees includes 3% of facility rentals from only Commercial Office segment and does not include fees on Hospitality and Other segments; REIT Management fees is 1% of REIT distribution Walkdown of Key Financial Metrics 36 Particulars (₹ crs) Q2 FY2027 Q2 FY2026 Variance (%) H1 FY2027 H1 FY2026 Variance (%) NOI NDCF at SPV level Distribution Revenue from Operations 1,303 1,124 16% 2,543 2,184 16% Property Taxes and Insurance (45) (41) 11% (111) (78) 41% Direct Operating Expenses (188) (156) 20% (343) (307) 12% Net Operating Income 1,069 927 15% 2,090 1,799 16% Other Income 8 23 (65%) 20 37 (46%) Dividends from Embassy GolfLinks 37 31 19% 69 60 14% Property Management Fees(1) (28) (23) 21% (55) (45) 21% Indirect Operating Expenses (51) (23) 120% (74) (41) 83% EBITDA 1,036 936 11% 2,050 1,810 13% Working Capital Adjustments 51 75 (32%) 88 128 (31%) Cash Taxes (65) (53) 23% (162) (95) 70% Principal Repayment on external debt - - NA - - NA Interest on external debt (130) (151) (14%) (264) (334) (21%) NDCF at SPV level 892 806 11% 1,712 1,509 13% Distribution from SPVs to REIT 898 816 10% 1,722 1,523 13% Distribution from Embassy Golflinks 28 28 (0%) 57 57 (0%) Interest on external debt (257) (212) 21% (498) (386) 29% REIT Management Fees(1) (8) (7) 15% (15) (13) 15% Trust level expenses, net of income (2) (6) (59%) (6) (11) (43%) Working Capital changes 10 (3) NR 11 (1) NR NDCF at REIT level 670 618 9% 1,270 1,169 9% Distribution 670 617 9% 1,268 1,167 9%
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Q2 FY2027 Earnings Materials 3% 13% 5% 5% 6% 7% 7% 6% L1Y L3Y L5Y Since Listing Sponsors 8% FPIs 32% Mutual Funds 33% Insurers 6% AIFs 1% Individuals 16% Others 3% Steady Growth in our Investor Base IPO FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Q2 FY2027 Total Units: ~95 crs Sponsors – 8% Public Float – 92% Notes: (1) Refers to unitholding base as of September 30, 2026 (2) Source: Bloomberg. Refers to total returns as of Sep 30, 2026 for the respective periods (3) FPIs - Foreign Portfolio Investors, MFs – Mutual Funds, Insurers – Insurance Companies & Pensions, AIFs - Alternative Investment Funds, Others – Trusts, Non Resident Indians, Clearing Members and Body Corporates 39x Growth 4k 91k 32k 75k 139k 11k 105k Actual Picture Embassy REIT Total Returns (%) Mutual Funds PPFAS Mutual Fund ICICI Prudential Mutual Fund HDFC Mutual Fund SBI Mutual Fund Insurers SBI Life HDFC Life Price Appreciation (%) Distribution Yield (%) Total Unitholders (#) Diversified Investor Base Well-diversified Investor Base(1) 92% float well distributed across foreign, domestic institutions and retail investors. Delivered higher total returns than Nifty, since our listing Top Institutional Investors Embassy REIT Continues to Outperform Broader Markets(2) 37 155k+ 9% 20% 12% 11% (7%) 6% 7% 11% NIFTY Total Return (%) FPIs The Vanguard Group BlackRock Carmignac Norges Bank AM
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VI. Market Outlook Embassy TechVillage, Bengaluru
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Q2 FY2027 Earnings Materials Notes: Source: CBRE (1) Refers to market data for top 7 cities as on September 30, 2026 – Bangalore, Pune, Mumbai, NCR, Chennai, Hyderabad and Kolkata (excludes Noida non-IT in Delhi NCR and PCMC in Pune) (2) Others include FMCG & Retail & other sectors such as Aviation. Tech – Technology, RC&A – Research Consulting & Analytics, E&M – Engineering & Manufacturing India Office – Occupier-driven Absorption India office demand remains resilient amidst global disruption. Favorable demand-supply dynamics leading to vacancy drop and rent growth Demand and Supply Trends(1) City-wise Performance (Jan’26 – Sep’26) Sector-wise Leasing Performance(2) 21 msf Q3CY26 Gross Absorption(1) (Highest ever in Q3) 102 bps YoY Decline in Pan-India Vacancy (Sep’26) 44% Share of GCCs in Pan-India Absorption (in 9M CY26 )(1) 39 60.8 33.7 37.9 53.1 58.7 74.4 80.4 86.1 91.6 47.2 39.5 43.7 44.4 53.9 48.5 57.1 65.4 73.5 14% 17% 19% 21% 22% 21% 20% 20% 20% 10% 15% 20% 25% 30% -5 15 35 55 75 95 CY2019 CY2020 CY2021 CY2022 CY2023 CY2024 CY2025 CY2026E CY2027E Gross Absorption (msf) Supply (msf) Vacancy (%) City Gross Absorption (msf) Supply (msf) Vacancy (%) Bangalore 18.1 18.6 16% Mumbai 8.8 3.7 16% NCR 11.4 3.0 21% Pune 6.9 6.9 25% Chennai 5.6 2.5 12% REIT Markets 50.8 34.7 18% Hyderabad 11.9 11.5 27% Kolkata 1.4 0.1 26% Other Markets 13.3 11.6 27% Grand Total 64.1 46.3 20% Others 32% Flex 24% GCCs 44% Tech 23% BFSI 26% RC&A 19% E&M 8% Others 24% 9M CY26 Gross Absorption: 64 msf (1)
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Q2 FY2027 Earnings Materials 12 15 16 16 11 11 17 15 22 22 23 26 8 8 12 11 12 13 11 15 15 16 21 22 69 76 81 83 84 84 87 88 92 96 100 105 0 20 40 60 80 100 120 0 5 10 15 20 25 30 CY2016 CY2017 CY2018 CY2019 CY2020 CY2021 CY2022 CY2023 CY2024 CY2025 CY2026E CY2027E Gross Absorption (msf) Supply (msf) Rents (₹ psf pm) Notes: Source: CBRE (1) Refers to market data as of September 30, 2026 for top 7 cities – Bangalore, Pune, Mumbai, NCR, Chennai, Hyderabad and Kolkata (excludes Noida non-IT in Delhi NCR and PCMC in Pune) Bangalore– India’s Leading Office Market On the back of sustained demand from GCCs, Bangalore continues to lead India’s office absorption with 28% market share (9M CY2026) 41% Bangalore’s Share in Pan-India GCC Absorption (in 9M CY26) 28% Bangalore’s Share in Pan-India Leasing (in 9M CY26) Area (msf) 40 16% Vacancy (Sep’26)
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Q2 FY2027 Earnings Materials 6 4 4 6 4 4 6 9 8 9 9 10 3 1 1 3 4 2 4 6 2 5 5 6 60 68 71 74 75 73 75 78 84 90 96 100 0 20 40 60 80 100 120 0 2 4 6 8 10 12 CY2016 CY2017 CY2018 CY2019 CY2020 CY2021 CY2022 CY2023 CY2024 CY2025 CY2026E CY2027E Gross Absorption (msf) Supply (msf) Rents (₹ psf pm) Notes: Source: CBRE (1) Refers to market data as of September 30, 2026 for top 7 cities – Bangalore, Pune, Mumbai, NCR, Chennai, Hyderabad and Kolkata (excludes Noida non-IT in Delhi NCR and PCMC in Pune) Chennai – New Growth Market In India Supported by an established education infrastructure and abundant STEM talent, the Chennai office market continues to attract top global firms 9% Chennai’s Share in Pan India Leasing (in 9M CY26) 12% Vacancy (Sep’26); Lowest Among Top 7 Cities 44% Share of GCCs in Chennai’s Absorption (in 9M CY26) Area (msf) 41
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VII. ESG & Total Business Ecosystem Embassy TechVillage, Bangalore
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Q2 FY2027 Earnings Materials Notes: (1) Received for our Operational Portfolio, excluding certain recently delivered and acquired buildings (2) 35 building are Net Zero Water certified and 2 buildings are Net Zero Waste and Net Zero Energy certified (3) In addition, 47 buildings were WELL Pre-certified and WELL Health Safety Rating was received as of FY2026 for 100% Operational Portfolio (4) Received 5 stars for development portfolio 5 years in a row (5) Embassy Manyata named the ‘Best Office Park of the Year at RICS South Asia Awards 2026 ESG certifications, awards and performance on global benchmarks reflect our commitment to sustainability and transparency Building Certifications ESG Benchmarks Awards World’s Largest USGBC LEED Platinum ‘v4.1 O+M’ Office Portfolio(1) World’s Largest IWBI WELL Certified Portfolio; 51 Buildings WELL Gold Certified(3) Member of FTSE4Good Index, 4.1 Score in 2026 (93rd Percentile) CSA Member of S&P Global Large Midcap ESG & Dow Jones Sustainability EM Indices, 68 Score in 2026 B Rating in 2024 5-star Rating for Operational Portfolio 14 Swords of Honor for Operational Portfolio LEED Net Zero Water, Net Zero Waste and Net Zero Energy Certified(2) ISO 9001/14001/45001/27001/50001 Certification for Operational Portfolio ‘Best Office Park of the Year’ at RICS South Asia Awards 2026(5) Multiple Recognitions at Asia Property Awards 2023 5-star Rating for Operational & New Development Portfolio(4) Global Sector Leader for Office Developments with a 100% Score; Regional Sector Leader for Asia Office Certifications & Awards 43 “Committed” Badge Achieved with a Score of 62 (61st Percentile)
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Q2 FY2027 Earnings Materials Resilient Planet Revitalized Communities & Responsible Business StatusPillar Metric 76% 61% In Progress 51% 43% 100%(2) H1 FY27 Update Notes: (1) Targets set against baseline of FY2020 actuals for the portfolio (including Embassy TechVillage acquisition) (2) For 100% of the operational portfolio excluding certain recently delivered and acquired buildings On Track On Track On Track On Track On Track Achieved 3% 100% 0 On Track Achieved Achieved 80% by FY30 40% by FY30 by FY30 20% by FY30 75% by FY30 100% by FY30 Target(1) 20% by FY30 100% by FY30 0 by FY30 ► Renewable energy consumption share ► Achieve reduction in Scope 1 & 2 emissions ► Scope 3 emissions inventory ► Increase consumption of recycled water ► Achieve portfolio certifications on energy ratings ► Maintain portfolio green building certifications ► Employee participation in volunteering programs ► Periodic performance & ESG audits for suppliers ► Maintain zero fatalities across the portfolio On-track with our 5-year sustainability road map up to FY2030, focusing on targets that are pivotal to meet our broader 2040 net zero goal Our ESG Initiatives 44
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VIII. Appendix Embassy TechVillage, Bangalore
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Q2 FY2027 Earnings Materials 1,741(2) Hotel Keys Notes: City wise split by % of Gross Asset Value (GAV). Gross Asset Value (GAV) considered per Sep’26, Gross Asset Value (GAV) considered per Sep’26 valuation undertaken by Ms. L Anuradha, in conjunction with Independent property consultant review services undertaken by C&W. Valuation exercise undertaken semi-annually (1) Comprises 44.2 msf completed, 5.6 msf under construction and 2.8 msf future development area (2) Includes 1,307 completed and 434 under construction Hotel Keys (3) Net Debt as of Sep 30, 2026 90% Occupancy 281 Blue-chip Occupiers 52.5 msf(1) Portfolio 100 MW Solar Park 14 Commercial Offices 8.4 Years WALE 68% Gross Rents from GCCs 10% Mark-to- Market Upside 30% Net Debt to GAV(3) ₹1,268 crs H1 FY2027 Distributions ₹2,090 crs H1 FY2027 Net Operating Income Mumbai (10%) Pune (6%) Bangalore (75%) NCR (6%) Chennai (3%) Who we are: Quick Facts Embassy REIT is India’s first listed REIT and the largest office REIT in Asia by area, with its portfolio spanning across 5 major cities in India 46
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Q2 FY2027 Earnings Materials Technology 28% Financial Services 27% Research, Consulting & Analytics 10% Retail 7% Engineering & Manufacturing 7%Co-Working 6% Healthcare 6% Others 9% High Quality & Diversified Occupier Base GCCs and Tech occupiers constitute over 70% of our total occupier base, which now boasts over 280 marquee names Industry Diversification(1) Key Occupiers JP Morgan 5 of the top 20 largest global companies by market capitalization(2) are our occupiers Contribution from IT services occupiers now at 7% (vs 25% during listing) 47 Notes: Actual legal entity name of occupiers may differ (1) Represents industry diversification percentages based on Embassy REIT’s share of gross rentals (2) Market capitalization as of Sep 30, 2026 Optum Global Eli Lilly Top 5 Occupiers Sector % of Rentals JP Morgan Services Financial Services 6.1% IBM India Technology 5.3% ANSR Consulting 4.7% Commonwealth Bank of Australia Financial Services 4.5% Fortune 500 Retail Major Retail 3.6% Total 24.2%
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Q2 FY2027 Earnings Materials Notes: (1) Details include 100% of Embassy GolfLinks operational metrics; however, GAV and financial metrics reflect only the REIT’s 50% economic interest in Embassy GolfLinks, except for the Pinehurst block located within Embassy GolfLinks, which is 100% held by the REIT and accordingly consolidated (2) Weighted against Gross Rentals assuming occupier exercise their renewal options after the end of the initial commitment period (3) Gross Asset Value (GAV) considered per Sep’26 valuation undertaken by Ms. L Anuradha, in conjunction with Independent property consultant review services undertaken by C&W. Valuation exercise undertaken semi-annually. For further details refer glossary on page 52 (4) Details include 100% of Embassy Splendid TechZone (ESTZ). ESNP is entitled to 61% of lease revenue and 100% of common area maintenance (CAM) in ESTZ (5) Actual hotel room keys revised upwards to 529 Keys from the earlier estimate of 518 Keys. Hilton Garden Inn Hotel at Embassy TechVillage (211 Keys) was launched on Jun 30, 2026 Portfolio Summary 52.5 msf pan India office portfolio anchored in Bangalore and backed by a commitment to delivering world-class office spaces to occupiers 48 Leasable Area (msf) / Keys / MW WALE(2) Occupancy Rent (₹ psf / mth) GAV(3) Property Completed Development Total (yrs) (%) In-place Market MTM (%) ₹ crs % of total Embassy Manyata 14.7 2.6 17.2 9.3 91% 98 107 9% 26,652 36% Embassy TechVillage 9.2 0.5 9.7 8.7 96% 91 107 18% 16,736 23% Embassy GolfLinks(1) 3.4 - 3.4 9.4 100% 165 170 3% 5,166 7% Embassy One 0.3 - 0.3 7.1 100% 151 151 0% 598 1% Embassy Business Hub 0.4 1.0 1.4 12.0 100% 58 70 20% 834 1% Bangalore Sub-total 28.0 4.0 31.9 9.1 94% 104 115 10% 49,985 68% Express Towers 0.5 - 0.5 3.0 100% 303 375 24% 2,657 4% Embassy 247 1.2 - 1.2 3.1 100% 120 150 25% 2,566 3% FIFC 0.4 - 0.4 3.0 100% 327 375 15% 1,989 3% Mumbai Sub-total 2.0 - 2.0 3.0 100% 199 242 21% 7,213 10% Embassy TechZone 3.0 2.4 5.5 6.1 75% 54 50 (7%) 2,578 3% Embassy Quadron 1.9 - 1.9 4.9 30% 55 46 (17%) 1,049 1% Embassy Qubix 1.5 - 1.5 3.7 77% 52 50 (3%) 1,037 1% Pune Sub-total 6.4 2.4 8.8 5.3 62% 53 49 (7%) 4,665 6% Embassy Oxygen 3.3 - 3.3 8.5 92% 57 59 4% 3,045 4% Embassy Galaxy 1.4 - 1.4 9.1 100% 48 55 13% 1,179 2% Noida Sub-total 4.6 - 4.6 8.6 94% 54 58 7% 4,225 6% Embassy Splendid TechZone(4) 3.1 2.0 5.1 11.8 94% 74 80 9% 2,498 3% Chennai Sub-total 3.1 2.0 5.1 11.8 94% 74 80 9% 2,498 3% Subtotal (Office) 44.2 8.4 52.5 8.4 90% 96 106 10% 68,585 93% Four Seasons at Embassy One 230 Keys - 230 Keys - 35% - - - 910 1% Hilton at Embassy GolfLinks 247 Keys - 247 Keys - 74% - - - 882 1% Hilton & Hilton Garden Inn at Embassy Manyata (5 & 4 star) 619 Keys - 619 Keys - 73% - - - 1,918 3% Hilton & Hilton Garden Inn at Embassy TechVillage (5 & 4 star)(5) 211 Keys 318 Keys 529 Keys - 22% - - - 734 2% Spark by Hilton Hotel at Embassy TechZone - 116 Keys 116 Keys - NA - - - 25 0 Embassy Energy 100MW - 100MW - NA - - - 445 1% Subtotal (Infrastructure Assets) 1,307 Keys / 100MW 434 Keys 1,741 Keys / 100MW 4,913 7% Total 44.2 msf / 1,307 Keys / 100MW 8.4 msf / 434 Keys 52.5 msf / 1,741 Keys / 100MW 73,990 100%
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Q2 FY2027 Earnings Materials 80% 50%(1) 100% 100% 100% 100%100% 100% 100% 100% 100% 20% 100%100% Acts on behalf of Unitholders Management Services Express Towers Indian Express News-papers (Mumbai) Private Limited Embassy Quadron, Embassy One and Four Seasons Quadron Business Park Private Limited Embassy Qubix Qubix Business Park Private Limited FIFC Earnest Towers Private Limited Embassy 247 Vikhroli Corporate Park Private Limited Embassy Galaxy Galaxy Square Private Limited Embassy Oxygen Oxygen Business Park Private Limited Embassy TechZone Embassy Pune TechZone Private Limited Embassy Energy Embassy Energy Private Limited Embassy GolfLinks GolfLinks Software Park Private Limited Hilton at Embassy GolfLinks Umbel Properties Private Limited Embassy TechVillage Vikas Telecom Private Limited Sarla Infrastructure Private Limited 100%(3) Manyata Promoters Private Limited (Embassy Manyata) Manager (EOPMSPL) Trustee (Axis Trustee) Blackstone Sponsor Group Embassy Sponsor Public Unitholders Embassy REIT 100% Embassy Construction Pvt Ltd Embassy Business Hub ESNP Property Builders & Developers Pvt Ltd Embassy Splendid TechZone 100% Notes: (1) Balance 50% owned by JV partner (2) The 100% owned entities are held jointly with nominee shareholders for the Embassy REIT (3) ESNP holds the ownership interest in the completed and rent/income-generating towers as well as rights, title and interest in the under- construction portions thereat, economic interest (including 61% proportionate lease revenue share), leasehold rights, co-development rights and other rights in ESTZ, Chennai, including the right to provide common area maintenance services and common infrastructure services Embassy REIT Structure Pinehurst at Embassy GolfLinks Eleanor Realty Holdings India Private Limited 100% 49
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Q2 FY2027 Earnings Materials Ten Campus-style Office Parks Embassy Manyata Bangalore (17.2 msf) Embassy TechVillage Bangalore (9.7 msf) Embassy TechZone Pune (5.5 msf) Embassy Splendid TechZone Chennai (5.1 msf) Embassy Oxygen Noida (3.3 msf) Embassy GolfLinks Bangalore (3.4 msf) Embassy Quadron Pune (1.9 msf) Embassy Qubix Pune (1.5 msf) Embassy Galaxy Noida (1.4 msf) Embassy Business Hub Bangalore (1.4 msf) 50
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Q2 FY2027 Earnings Materials Four Prime City-Center Offices Express Towers Mumbai (0.5 msf) FIFC Mumbai (0.4 msf) Embassy 247 Mumbai (1.2 msf) Embassy One Bangalore (0.3 msf) 51
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Q2 FY2027 Earnings Materials Notes: ► All figures in this presentation are as of September 30, 2026, unless otherwise specified • All figures corresponding to year denoted with “FY” are as of or for the one-year period ending (as may be relevant) March 31st of the respective year. Similarly, all figures corresponding to year denoted with “CY” are as of or for the one-year period ending (as may be relevant) March 31st of the respective year ► Some of the figures in this presentation have been rounded-off to the nearest decimal for the ease of presentation ► All details include 100% of Embassy GolfLinks operational metrics; however, GAV reflects the REIT’s 50% economic interest in Embassy GolfLinks and 100% of the Pinehurst block located within Embassy GolfLinks. ► All details included in this presentation considers 100% of ESTZ unless otherwise stated. ESNP holds the ownership interest in the completed and rent/income-generating towers as well as rights, title and interest in the under-construction portions thereat, economic interest (including 61% proportionate lease revenue share), leasehold rights, co-development rights and other rights in ESTZ, Chennai, including the right to provide common area maintenance services and common infrastructure services ► Any reference to long-term leases or WALE (weighted average lease expiry) assumes successive renewals by occupiers at their option ► Gross Asset Value (GAV) considered per September 30, 2026, valuation of the portfolio undertaken by Ms. L. Anuradha, in conjunction with Independent property consultant review services undertaken by C&W. Valuation exercise undertaken semi-annually ► Key Terms and Definitions: 1. 2Q/Q2/Three Months ended – Quarter ending Sep’26 2. ADR – Average Daily Rate (ADR) is a measure of the average rate charged for rooms sold and is calculated by dividing total rooms revenue for a period by the number of rooms sold during that period 3. Annualized Rental Obligations – Defined as Gross Rentals multiplied by twelve (12) 4. Average Occupancy – Commercial Offices - Occupied Area / Completed Area. Hotels - Occupied Rooms / Completed Rooms or Keys 5. Base Rentals – Rental income contracted from the leasing of Completed Area; does not include fit-out & car parking income 6. bn – Billions 7. bps – Basis points 8. BTS – Built to Suit 9. BSE – BSE Limited 10. CAM – Common Area Maintenance 11. CP – Commercial Paper 12. C&W – Cushman & Wakefield 13. CAGR – Compounded Annual Growth Rate 14. CBRE – CBRE South Asia Private Limited 15. Completed Area – Leasable Area for which occupancy certificate has been received 16. crs – Crores 17. DPU – Distribution Per Unit 18. EBITDA – Earnings/ (loss) before finance costs, depreciation, amortization, impairment loss and income tax excluding share of profit of equity accounted investee 19. Embark – An Embassy Group entity 20. Embassy TechVillage / ETV – Comprises of the legal entities Vikas Telecom Private Limited ('VTPL') and Sarla Infrastructure Private Limited ('SIPL') 21. Embassy Group – refers to the Embassy Sponsor or its subsidiaries or limited liability partnerships and other Embassy Group entities 22. Embassy REIT refers to Embassy Office Parks REIT 23. EOPMSPL – Embassy Office Parks Management Services Private Limited 24. ESNP – ESNP Property Builders and Developers Private Limited 25. ESTZ – Embassy Splendid TechZone, Chennai 26. ETZ – Embassy TechZone 27. FY – Period of 12 months ended March 31 of that particular year, unless otherwise stated 28. GAV – Gross Asset Value 29. GCC – Global Capability Centers 30. GLSP – GolfLinks Software Park Private Limited 31. GRESB – Formerly known as Global Real Estate Sustainability Benchmark 32. Held for Sale - Assets held for sale are those assets whose carrying amount will be recovered principally through a sale transaction rather than through continuing use. Assets held for sale is shown separately on the face of Balance sheet. Liabilities directly associated with assets held for sale are also shown separately on the face of Balance sheet. 33. Holdco – Refers to MPPL 34. Investment Entity – Refers to GolfLinks Software Park Private Limited 35. Leasable Area – Total square footage that can be occupied by an occupier for the purpose of determining an occupier’s rental obligations. Leasable Area is the sum of Completed Area, Under Construction Area and Proposed Development Area 36. LTM – Last Twelve Months 37. Manager – Embassy Office Parks Management Services Private Limited 38. Mid Market GCC – A GCC whose parent company has US$ 100mn to US$ 1bn in annual global revenues 39. Mn – Millions 40. MNC – Multinational Corporation 41. msf – Million square feet 34. MTM – Mark to Market 35. Mumbai – Mumbai Metropolitan Region (MMR) 36. MW – Mega-Watt 37. NAV – Net Asset Value 38. NCD – Non-Convertible Debentures 39. NDCF refers to Net Distributable Cash Flows 40. Net Debt – Net Debt is as per computation prescribed under Chapter 4, paragraph 4.6.5 to SEBI Master circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated 11 July 2025 41. NM – Not Material 42. NOI – Net Operating Income 43. NR – Not Relevant 44. NSE – The National Stock Exchange of India Limited 45. NTM – Next Twelve Months 46. OC – Occupancy Certificate 47. Occupancy / % Occupied / % Leased – Occupancy is defined as the ratio of the Occupied Area and the Completed Area 48. Occupancy by Value – Occupancy by value (%) refers to occupancy of the Commercial Offices weighted by the Gross Asset Value (GAV) of completed Commercial Offices 49. Occupied Area – The Completed Area of a property which has been leased or rented out in accordance with an agreement entered into for the purpose and also includes Letter of Intents (LoI) 50. ORR – Outer Ring Road 51. Proforma Debt Headroom – Proforma Debt Capacity (Maximum debt as per REIT Regulations) - Current Net Debt 52. Portfolio – Together, the Portfolio Assets and the Portfolio Investment 53. Proposed Development Area – The Leasable Area of a property for which the master plan for development has been obtained, internal development plans are yet to be finalized and applications for requisite approvals required under the law for commencement of construction are yet to be received 54. QoQ – Quarter on quarter 55. REIT Regulations – Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 56. Rents – Refers to Gross Rentals unless specified otherwise. Gross Rentals are defined as the sum of Base Rentals, fit-out and car parking income from Occupied Area for the month of Dec’25 57. RevPAR – Revenue Per Available Room (RevPAR) is a hotel industry financial metric calculated by multiplying the Average Daily Rate by the percentage occupancy 58. Re-leasing spread – Refers to the change in rent psf between new & expiring leases, expressed as a percentage 59. ROFO – Right of First Offer 60. sf / psf – Square feet / per square feet 61. Sponsor(s) – Embassy Property Developments Private Limited and BRE / Mauritius Investments 62. SPV – Special purpose vehicles, as defined in Regulation 2(l)(zs) of the REIT Regulations, in this case being UPPL, EEPL, IENMPL, VCPPL, ETPL, QBPL, QBPPL, OBPPL, VTPL, SIPL, EPTPL, GSPL, ECPL and ESNP 63. TEV – Total Enterprise Value 64. Under Construction / U/C Area – Leasable Area for which internal development plans have been finalized and requisite approvals as required under law for the commencement of construction have been applied for, construction has commenced, and the occupancy certificate is yet to be received 65. Units – An undivided beneficial interest in the Embassy REIT, and such units together represent the entire beneficial interest in the Embassy REIT 66. WALE – Weighted Average Lease Expiry (weighted according to facility rentals excluding impact of Ind-AS adjustments) assuming that each occupier exercises the right to renew for future terms after expiry of initial commitment period 67. WIP – Work-in-progress 68. Years – Refers to fiscal years unless specified otherwise 69. YoY – Year on Year 70. YTD – Year To Date Key Terms & Definitions 52
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Q2 FY2027 Earnings Materials This presentation is issued by Embassy Office Parks Management Services Private Limited (the “Manager”) in its capacity as the Manager of the Embassy Office Parks REIT (“Embassy REIT”), for general information purposes only, without regards to the specific objectives, financial situation or requirements of any particular person. This presentation may not be copied, published, distributed or transmitted, in whole or in part, for any purpose, and should not be construed as legal, tax, investment or other advice. This presentation does not constitute a prospectus, placement document, offering circular or offering memorandum and is not an offer or invitation or recommendation or solicitation or inducement to buy or sell any units or other securities including any units or other securities of: (i) the Embassy REIT, its holdcos, SPVs and / or investment entities; or (ii) its Sponsors or any of the subsidiaries of the Sponsors or any member of the Sponsor Group; or (iii) the Manager; or (iv) the Trustee, nor shall part, or all, of this presentation form the basis of, or be relied on, in connection with, any contract or investment decision in relation to any securities. Unless otherwise stated, the information contained herein is based on management information and estimates. The information contained herein is only current as of the date specified herein, has not been independently verified and may be subject to change without notice, our occupiers and the Indian and global economies. Please note that past performance is not indicative of future results. Please note that the recipient will not be updated in the event the information becomes stale. The Manager assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events, or otherwise. The Manager, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of the content including any information or opinions contained herein. Any opinions expressed in this presentation or the contents of this presentation are subject to change without notice. Neither the delivery of this presentation nor any further discussions of the Manager with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Embassy REIT since the date of this presentation. This presentation also contains forward-looking statements based on the currently held beliefs, opinions and assumptions of the Manager. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Embassy REIT or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, our occupiers and the Indian and global economies, recipients of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Manager disclaims any obligation to update these forward-looking statements to reflect future events or developments or the impact of events which cannot currently be ascertained. In addition to statements which are forward looking by reason of context, the words ‘may’, ‘will’, ‘should’, ‘expects’, ‘plans’, ‘intends’, ‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continue’ and similar expressions identify forward-looking statements. There can be no assurance that Embassy REIT will enter into any definitive arrangements for any of the acquisition deals in pipeline Certain information (including any guidance and proforma information) presented herein is based on management information, assumptions and estimates and is not audited or reviewed by an auditor or based on GAAP, Ind AS or any other internationally accepted accounting principles. The reader should not consider such items as an alternative to the historical financial results or other indicators of the Embassy REIT's profit, cash flows or distribution based on any GAAP. Actual results may be materially different from the expectations expressed or implied by this information, and there can be no assurance that the expectations reflected in this information will prove to be correct. By reading this presentation the recipient acknowledges that the recipient will be solely responsible for its own investigation, assessment and analysis of the market and the market position of the Embassy REIT and that the recipient will conduct its own analysis and be solely responsible for forming its own view of the potential future performance of the business of the Embassy REIT. This presentation may not be all inclusive and may not contain all of the information that the recipient considers material. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any persons in possession of this presentation should inform themselves about and observe any such restrictions. None of the Embassy REIT, the Manager, the Sponsors, the Sponsor Group or the Trustee or any of their respective affiliates, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this presentation. Furthermore, no person is authorized to give any information or make any representation which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having being authorized by or on behalf of the Embassy REIT, its holdcos, SPVs and investment entities or the Manager. Investors are advised to consult their investment advisor before making an investment decision. This information should not be used or considered as financial or investment advice, recommendation or an offer for sale or a solicitation of any offer to buy any units or other securities of the Embassy REIT. This presentation and any of its contents do not provide for and should not be construed as any assurance or guarantee of returns or distribution to investors or the trading price of the units. THIS PRESENTATION DOES NOT CONSTITUTE OR FORM ANY PART OF ANY OFFER, INVITATION OR RECOMMENDATION TO PURCHASE OR SUBSCRIBE FOR ANY UNITS OR OTHER SECURITIES IN INDIA, THE UNITED STATES OR ELSEWHERE. Disclaimer 53
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INVESTOR CONTACT: Website: www.embassyofficeparks.com |Email:ir@embassyofficeparks.com |Office: + 9 180 4722 2222
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Principal Place of Business Investor Contact NSE/BSE Ticker EMBASSY OFFICE PARKS REIT ('Embassy REIT') Supplemental Operating and Financial Data for the Quarter and Half Year ended September 30, 2026 ('Supplementary Databook') Published on October 28, 2026 12th Floor, Pinnacle Tower Embassy One 8, Bellary Road, Ganganagar Bangalore 560 032 Karnataka, India Tel : +91 80 6935 4864 Sakshi Garg Head - Investor Relations & Strategy Email : IR@embassyofficeparks.com EMBASSY / 542602 Appendix III
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General Disclaimer Non-GAAP Financial Metrics This Supplementary Databook is issued by Embassy Office Parks Management Services Private Limited (the “Manager”) in its capacity as the Manager of the Embassy Office Parks REIT (“Embassy REIT”), for general information purposes only, without regards to the specific objectives, financial situation or requirements of any particular person. This Supplementary Databook may not be copied, published, distributed or transmitted, in whole or in part, for any purpose, and should not be construed as legal, tax, investment or other advice. This Supplementary Databook does not constitute a prospectus, placement document, offering circular or offering memorandum and is not an offer or invitation or recommendation or solicitation or inducement to buy or sell any units or other securities including any units or other securities of: (i) the Embassy REIT, its holdcos, SPVs and/or investment entities; or (ii) its Sponsors or any of the subsidiaries of the Sponsors or any member of the Sponsor Group; or (iii) the Manager; or (iv) the Trustee, nor shall part, or all, of this Supplementary Databook form the basis of, or be relied on, in connection with, any contract or investment decision in relation to any securities. Unless otherwise stated, the information contained herein is based on management information and estimates. The information contained herein is only current as of the date specified herein, has not been independently verified and may be subject to change without notice. Please note that past performance is not indicative of future results. Please note that the recipient will not be updated in the event the information becomes stale. The Manager assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events, or otherwise. The Manager, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of the content including any information or opinions contained herein. Any opinions expressed in this Supplementary Databook or the contents of this Supplementary Databook are subject to change without notice. Neither the delivery of this Supplementary Databook nor any further discussions of the Manager with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Embassy REIT since the date of this Supplementary Databook. This Supplementary Databook also contains forward-looking statements based on the currently held beliefs, opinions and assumptions of the Manager. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Embassy REIT or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, recipients of this Supplementary Databook are cautioned not to place undue reliance on these forward-looking statements. The Manager disclaims any obligation to update these forward- looking statements to reflect future events or developments or the impact of events which cannot currently be ascertained. In addition to statements which are forward looking by reason of context, the words ‘may’, ‘will’, ‘should’, ‘expects’, ‘plans’, ‘intends’, ‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continue’ and similar expressions identify forward-looking statements. Certain information (including any guidance and proforma information) presented herein is based on management information, assumptions and estimates and is not audited or reviewed by an auditor or based on GAAP, Ind AS or any other internationally accepted accounting principles. The reader should not consider such items as an alternative to the historical financial results or other indicators of the Embassy REIT's profit, cash flows or distributions based on any GAAP. Actual results may be materially different from the expectations expressed or implied by this information, and there can be no assurance that the expectations reflected in this information will prove to be correct. There can be no assurance that Embassy REIT will enter into any definitive arrangements for any of the acquisition deals in pipeline. By reading this Supplementary Databook the recipient acknowledges that the recipient will be solely responsible for its own assessment of the market and the market position of the Embassy REIT and that the recipient will conduct its own analysis and be solely responsible for forming its own view of the potential future performance of the business of the Embassy REIT. This Supplementary Databook may not be all inclusive and may not contain all of the information that the recipient considers material. The distribution of this Supplementary Databook in certain jurisdictions may be restricted by law. Accordingly, any persons in possession of this Supplementary Databook should inform themselves about and observe any such restrictions. None of the Embassy REIT, the Manager, the Sponsors, the Sponsor Group or the Trustee or any of their respective affiliates, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this Supplementary Databook. Furthermore, no person is authorized to give any information or make any representation which is not contained in, or is inconsistent with, this Supplementary Databook. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having being authorized by or on behalf of the Embassy REIT, its holdcos, SPVs and investment entities or the Manager. Investors are advised to consult their investment advisor before making an investment decision. This information should not be used or considered as financial or investment advice, recommendation or an offer for sale or a solicitation of any offer to buy any units or other securities of the Embassy REIT. This Supplementary Databook and any of its contents do not provide for and should not be construed as any assurance or guarantee of returns or distributions to investors or the trading price of the units. THIS SUPPLEMENTARY DATABOOK DOES NOT CONSTITUTE OR FORM ANY PART OF ANY OFFER, INVITATION OR RECOMMENDATION TO PURCHASE OR SUBSCRIBE FOR ANY UNITS OR OTHER SECURITIES IN INDIA, THE UNITED STATES OR ELSEWHERE. The body of generally accepted accounting principles is commonly referred to as “GAAP.” The Manager believes that the presentation of certain non-GAAP measures provides additional useful information to investors regarding the Embassy REIT's performance and trends related to results of operations. Accordingly, the Manager believes that when non-GAAP financial information is viewed with GAAP or Ind-AS financial information, investors are provided with a more meaningful understanding of the Embassy REIT's ongoing operating performance and financial results. For this reason, this Supplementary Package contains information regarding EBITDA, EBITDA Margin, Net Distributable Cash Flow, Net Operating Income, and other metrics based on or derived from these metrics. However, these financial measures are not measures determined based on GAAP, Ind-AS or any other internationally accepted accounting principles, and the recipient should not consider such items as an alternative to the historical financial results or other indicators of the Embassy REIT's cash flow based on Ind-AS or IFRS. These non-GAAP financial measures, as defined by the Manager, may not be comparable to similarly-titled measures as presented by other REITs due to differences in the way non-GAAP financial measures are calculated. Even though the non-GAAP financial measures are used by management to assess the Embassy REIT's financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of the Embassy REIT's financial position or results of operations as reported under Ind-AS. 2
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OVERVIEW Page Reference Snapshot 4 Strategy and Management 5 BUSINESS INFORMATION Business Highlights 6 Portfolio Overview 7 Leasing Highlights 8 Lease Expiry Schedule 9 Hospitality and Others 10 FINANCIAL INFORMATION Financial Highlights 11-13 Guidance 14 Balance Sheet Highlights 15 Walkdown of Financial Metrics 16 Debt Maturity Schedule 17-18 Valuation Highlights 19 DEVELOPMENT ACTIVITY Development in Progress and Proposed Development 20-21 ACQUISITION Potential ROFO Assets 22 OTHERS Environmental, Social and Governance (ESG) 23 Analyst Coverage 24 Unitholding Pattern 25 Notes with General Terms & Definitions & Abbreviations 26 TABLE OF CONTENTS 3
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Snapshot as of 30-Sep-2026 Key Portfolio Information Commercial Offices1,2 Number of Completed Office buildings 111 Leasable Area (msf) 52.5 Completed Area (msf) 44.2 Under Construction Area (msf) 5.6 Proposed Development Area (msf) 2.8 Hospitality Number of Completed Hotels 5 Number of Hotel keys 1,741 Completed (keys) 1,307 Under Construction (keys) 434 Others3 Solar Park Capacity 100MW (AC) Key Financial Information Closing Price (₹ per Unit)4 434.42 52-Week Closing High (₹ per Unit)4 460.99 52-Week Closing Low (₹ per Unit)4 415.33 52-Week ADTV (Units)5 1,396,489 52-Week ADTV (₹ mn)5 601.50 Units Outstanding (mn) 947.89 Market Capitalization (₹ mn)4 411,784 Net Debt (₹ mn) 223,888 Total Enterprise Value (₹ mn)6 635,672 NAV (₹ per unit)7 524.74 Distribution for quarter ended September 30, 2026 (₹ per Unit) 7.07 Ratings CRISIL AAA/Stable (Reaffirmed on September 28, 2026 ) CARE AAA/Stable (Reaffirmed on October 22, 2026 ) Embassy Office Parks REIT Series V NCD (Tranche B)8 CRISIL AAA/Stable (Reaffirmed on September 28, 2026 ) Embassy Office Parks REIT Series VI NCD9 CRISIL AAA/Stable (Reaffirmed on September 28, 2026 ) CRISIL AAA/Stable (Reaffirmed on September 28, 2026 ) CARE AAA/Stable (Reaffirmed on October 22, 2026 ) Embassy Office Parks REIT Series XI NCD11 CRISIL AAA/Stable (Reaffirmed on September 28, 2026 ) CRISIL AAA/Stable (Reaffirmed on September 28, 2026 ) CARE AAA/Stable (Reaffirmed on October 22, 2026 ) Embassy Office Parks REIT Series XIII NCD (Tranche A)13 CRISIL AAA/Stable (Reaffirmed on September 28, 2026 ) Embassy Office Parks REIT Series XIII NCD (Tranche B)14 CRISIL AAA/Stable (Reaffirmed on September 28, 2026 ) Embassy Office Parks REIT Series XIV NCD15 CRISIL AAA/Stable (Reaffirmed on September 28, 2026 ) CRISIL AAA/Stable (Reaffirmed on September 28, 2026 ) CARE AAA/Stable (Reaffirmed on October 22, 2026 ) CRISIL AAA/Stable (Reaffirmed on September 28, 2026 ) CARE AAA/Stable (Reaffirmed on October 22, 2026 ) CRISIL AAA/Stable (Reaffirmed on September 28, 2026 ) CARE AAA/Stable (Reaffirmed on October 22, 2026 ) Embassy Office Parks REIT Series XVIII NCD19 CARE AAA/Stable (Reaffirmed on October 22, 2026 ) CRISIL A1+ (Reaffirmed on September 28, 2026 ) CARE A1+ (Reaffirmed on October 22, 2026 ) CRISIL A1+ (Reaffirmed on September 28, 2026 ) CARE A1+ (Reaffirmed on October 22, 2026 ) CRISIL A1+ (Reaffirmed on September 28, 2026 ) CARE A1+ (Reaffirmed on October 22, 2026 ) CRISIL A1+ (Reaffirmed on September 28, 2026 ) CARE A1+ (Reaffirmed on October 22, 2026 ) 16 ISIN|Security code - INE041007191|976946 17 ISIN|Security code - INE041007209|977606 18 ISIN|Security code - INE041007217|977901 19 ISIN|Security code - INE041007225|978208 20 ISIN|Security code - INE041014080|731343 21 ISIN|Security code - INE041014098|731468 (Series A) 22 ISIN|Security code - INE041014106|731469 (Series B) 23 ISIN|Security code - INE041014114|732282 8 ISIN|Security code - INE041007084|973546 (Tranche B) 9 ISIN|Security code - INE041007092|973910 10 ISIN|Security code - INE041007118|975051 11 ISIN|Security code - INE041007142|976042 12 ISIN|Security code - INE041007159|976240 13 ISIN|Security code - INE041007167|976699 (Tranche A) 14 ISIN|Security code - INE041007175|976700 (Tranche B) 15 ISIN|Security code - INE041007183|976864 Embassy Office Parks REIT (Corporate Credit Rating) Embassy Office Parks REIT Series VIII NCD10 Embassy Office Parks REIT Series XII NCD12 Embassy Office Parks REIT Series XVI NCD17 1Details include 100% of Embassy GolfLinks operational metrics; however, GAV and financial metrics reflect only the REIT’s 50% economic interest in Embassy GolfLinks, except for the Pinehurst block located within Embassy GolfLinks, which is 100% held by the REIT and accordingly consolidated 2Details include 100% of Embassy Splendid TechZone (ESTZ). ESNP is entitled to 61% of lease revenue and 100% of common area maintenance (CAM) in ESTZ (Refer Page 26, Note 5 for additional details) 3Comprises Solar Park located at Bellary district, Karnataka 4NSE as at September 30, 2026 5Average of units/volume traded on NSE & BSE 6Market Capitalization + Net Debt 7Refer Statement of Net Asset at Fair Value which is included as part of unaudited consolidated financial results for the quarter and half year ended September 30, 2026 Embassy Office Parks REIT CP Tranche IX20 Embassy Office Parks REIT Series XV NCD16 Embassy Office Parks REIT Series XVII NCD18 Embassy Office Parks REIT CP Tranche X (Series B)22 Embassy Office Parks REIT CP Tranche X (Series A)21 Embassy Office Parks REIT CP Tranche XI23 4
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Strategy Embassy REIT aims to maximize the total return for Unitholders by targeting growth in distributions and in NAV per Unit. The operating and investment strategies we intend to execute to achieve this goal include: (1) Capitalizing on our Portfolio’s embedded organic growth and new development opportunities by: - Leasing up vacant space - Delivering ‘on-campus’ development (2) Maintaining disciplined acquisition strategy and using balance sheet to fund acquisitions, in addition to: - Acquisition of Right of First Offer ('ROFO') assets, and - Third Party acquisitions in gateway office markets (3) Driving value through proactive asset management: - Proactive Property Management - Focus on Occupier Retention and total Business Ecosystem - Adherence to world class ESG standards (4) Upholding Industry Leading Corporate Governance standards with: - 4 out of 6 Directors being Independent Directors - Strong safeguards related to Leverage, Related Party Transactions and Unitholders' Interests Management Non - Independent Non - Executive Directors Independent Directors of the Manager Jitendra Virwani - Chairman, Embassy Group Dr. Punita Kumar-Sinha - Chairperson - Stakeholders Relationship Committee & CSR Committee Aditya Virwani - Managing Director, Embassy Group Dr. Anoop Kumar Mittal - Chairman – Investment Committee Prabhakar Kalavacherla - Chairman - Audit Committee Management Team of the Manager Amit Shetty – Chief Executive Officer Manish Garg – Head – Hospitality Abhishek Agrawal – Chief Financial Officer Paul Thomas Jayaraj – Head – SEZ and Approvals Shwetha Reddy – Chief Marketing Officer Amit Anil Kharche – Head – Acquisitions Ajay Koshy – Chief Design Officer Sakshi Garg – Head – Investor Relations & Strategy Manish Kumar Manu – Chief Development Officer Donnie Dominic George – General Counsel Brijesh Dsouza – Head – Leasing Vinitha Menon – Head – Company Secretary and Compliance Officer Deepthi Dasan – Head – Human Resources Manager Fees for 30-Sep-2026 (in ₹ mn) Half Year ended 30-Sep-26 30-Sep-25 Property Management Fees 3% of Facility Rentals1 547 454 REIT Management Fees 1% of REIT Distributions 149 130 Acquisition Fees NIL NIL NIL Divestment Fees NIL NIL NIL AUM linked Fees NIL NIL NIL Total Fees (% of Revenue from Operations) 2.73% 2.67% Total Fees2 (% of GAV3) 0.19% 0.18% Timing of Earnings Announcements Quarterly results will be announced according to the following tentative schedule: 3Q FY2027 Week commencing February 01, 2027 4Q FY2027 Week commencing May 03, 2027 1Property management fees include 3% of facility rentals from only Commercial Office segment and does not include fees on Hospitality and Other segments 2Fee is annualized for full year 3GAV considered as per September 30, 2026 valuation of the portfolio undertaken by Ms. L. Anuradha, in conjunction with Independent property consultant review services undertaken by C&W. Valuation exercise for the entire portfolio is undertaken semi-annually Arvind Kathpalia - Chairman – Nomination and Remuneration Committee & Risk Management Committee 5
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Business Highlights1,2,3 As of Commercial Offices Completed Area (msf) Occupancy by Area Same-Store Occupancy 4 Occupancy by Value5 No. of Occupiers WALE (yrs) Average in-place rents (₹ psf pm) Average Market rents (₹ psf pm)6 MTM opportunity 30-Sep-26 30-Sep-25 30-Jun-26 30-Sep-26 30-Sep-25 Total Lease-up 1,453 1,468 1,305 2,758 3,486 Number of deals 17 20 17 34 45 - New Lease-up ('000 sf) 895 1,012 667 1,562 2,005 Re-leased Area ('000 sf) 847 759 335 1,182 1,398 Re-leasing spread (%) 5% 27% 11% 6% 31% Number of deals 12 13 13 25 32 - Renewed Area ('000 sf) 96 392 638 734 752 Renewal spread (%) 7% 5% 9% 9% 10% Number of deals 4 6 4 8 9 - Pre-Leased Area ('000 sf) 462 64 - 462 729 Number of deals 1 1 - 1 4 Hospitality Completed Keys (Nos.) 1,307 1,096 1,096 1,096 1,096 Average Occupancy (%) 58% 64% 61% 62% 62% Average Daily Rate (ADR) (₹) 13,529 12,325 12,345 12,037 12,037 RevPAR (₹) 7,858 7,866 7,558 7,437 7,437 Other7 Solar Energy generated (mn units) 42 20 44 86 45 Top 10 Occupiers8 % of Gross Annualized Rental Obligations Occupiers As of 30-Sep-26 Occupiers JP Morgan Services 6.1% JP Morgan Services 6.8% IBM India 5.3% IBM India 6.4% ANSR 4.7% ANSR 5.2% Commonwealth Bank of Australia 4.5% Fortune 500 Retail Major 3.9% Fortune 500 Retail Major 3.6% WeWork India 3.5% Cognizant9 3.5% Large US Bank 2.8% WeWork India 2.6% NTT Data 2.7% Large US Bank 2.5% Cognizant 2.5% NTT Data 2.5% Global Software Co. 2.1% Optum Global 2.3% ANZ Support Services 1.9% Total 37.6% Total 37.8% Occupier Mix Sectoral Composition Fortune 500 Contribution Business Mix 5% 8% 1Details include 100% of Embassy GolfLinks operational metrics; however, GAV and financial metrics reflect only the REIT’s 50% economic interest in Embassy GolfLinks, except for the Pinehurst block located within Embassy GolfLinks, which is 100% held by the REIT and accordingly consolidated. 2Details include 100% of Embassy Splendid TechZone (ESTZ). ESNP is entitled to 61% of lease revenue and 100% of common area maintenance (CAM) in ESTZ (Refer Page 26, Note 5 for additional details) 3On completed area basis 4Same-Store Occupancy excludes 0.3msf Pinehurst block at Embassy GolfLinks,0.6msf Block 1, 0.4msf Block 10 & 0.6msf Block 4 at Embassy Splendid TechZone, 1.4msf Block D1/D2 and 0.2 msf Block E1 at Embassy Manyata 5Refer Page 26 for details 6Market rent as per C&W assessment as of September 30, 2026 7Comprises Solar Park located at Bellary district, Karnataka 8Actual legal entity name may be different 9Include rental from 0.65msf Block 1 at Embassy Splendid TechZone (1% of gross rental) which has been taken for a leading US GCC As of 30-Sep-25 Based on Gross Annualized Rental Obligations as of 30-Sep-26 93% 93% 93% 281 274 285 90% 90% 90% 89% 90% 90% 30-Sep-26 30-Sep-25 30-Jun-26 44.2 40.9 43.5 Three months ended Half year ended 8.4 8.5 8.4 96 93 96 106 98 104 10% Fortune Global 500 48% Others 52% Financial Services 27% Research, Consulting & Analytics 10% Healthcare 6%Telecom 4%Others 11% Retail 7% E-Commerce 2% Co-working 6% Technology 28% GCC 68% IT Services 7% Co-working 6% Others 18% 6
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Portfolio Overview as of 30-Sep-2026 Commercial Offices Leasable Area (msf) Rent (₹ psf pm) GAV8 as of Sep-26 (₹ mn) Asset Location Completed Under Construction Proposed Development Total WALE (yrs) Occupancy (%)1 In-place Market2 MTM (%) Completed Under Construction % of total Embassy Manyata Bangalore 14.7 2.2 0.4 17.2 9.3 91% 98 107 9% 247,049 19,470 36.0% Embassy TechVillage Bangalore 9.2 0.5 - 9.7 8.7 96% 91 107 18% 160,838 6,520 22.6% Embassy GolfLinks3 Bangalore 3.4 - - 3.4 9.4 100% 165 170 3% 51,664 7.0% Embassy One Bangalore 0.3 - - 0.3 7.1 100% 151 151 0% 5,976 - 0.8% Embassy Business Hub Bangalore 0.4 1.0 - 1.4 12.0 100% 58 70 20% 4,769 3,566 1.1% Bangalore Sub-total 28.0 3.6 0.4 31.9 9.1 94% 104 115 10% 470,295 29,557 67.6% Express Towers Mumbai 0.5 - - 0.5 3.0 100% 303 375 24% 26,572 - 3.6% Embassy 247 Mumbai 1.2 - - 1.2 3.1 100% 120 150 25% 25,665 - 3.5% FIFC Mumbai 0.4 - - 0.4 3.0 100% 327 375 15% 19,890 - 2.7% Mumbai Sub-total 2.0 - - 2.0 3.0 100% 199 242 21% 72,126 - 9.7% Embassy TechZone Pune 3.0 - 2.4 5.5 6.1 75% 54 50 (7%) 23,238 2,544 3.5% Embassy Quadron Pune 1.9 - - 1.9 4.9 30% 55 46 (17%) 10,492 1.4% Embassy Qubix Pune 1.5 - - 1.5 3.7 77% 52 50 (3%) 10,372 1.4% Pune Sub-total 6.4 - 2.4 8.8 5.3 62% 53 49 (7%) 44,102 2,544 6.3% Embassy Oxygen Noida 3.3 - - 3.3 8.5 92% 57 59 4% 30,452 - 4.1% Embassy Galaxy Noida 1.4 - - 1.4 9.1 100% 48 55 13% 11,794 - 1.6% Noida Sub-total 4.6 - - 4.6 8.6 94% 54 58 7% 42,246 - 5.7% Embassy Splendid TechZone4 Chennai 3.1 2.0 - 5.1 11.8 94% 74 80 9% 20,602 4,381 3.4% Chennai Sub-total 3.1 2.0 - 5.1 11.8 94% 74 80 9% 20,602 4,381 3.4% Sub-Total (Commercial Offices) 44.2 5.6 2.8 52.5 8.4 90% 96 106 10% 649,372 36,482 92.7% Hospitality Keys GAV8 as of Sep-26 (₹ mn) Asset Location Completed Under Construction Proposed Development Total Occupancy (%)1 Completed Under Construction % of total Hilton at Embassy GolfLinks Bangalore 247 Keys - - 247 Keys 74% 8,817 - 1.2% Four Seasons at Embassy One Bangalore 230 Keys - - 230 Keys 35% 9,099 - 1.2% Hilton and Hilton Garden Inn at Embassy Manyata Bangalore 619 Keys - - 619 Keys 73% 19,180 - 2.6% Hilton and Hilton Garden Inn at Embassy TechVillage5 Bangalore 211 Keys 318 Keys - 529 Keys 22% 4,915 7,337 1.7% Spark by Hilton Hotel at Embassy TechZone Pune - 116 Keys - 116 Keys NA - 249 0.0% Sub-Total (Hospitality) 1,307 Keys 434 Keys - 1,741 Keys 58% 42,012 7,586 6.7% Others6 MW GAV8 as of Sep-26 (₹ mn) Asset Location Completed Under Construction Proposed Development Total Generated (mn units)1 Average Tariff7 (₹) Completed Under Construction % of total Embassy Energy Karnataka 100MW - - 100MW 42 6.2 4,450 - 0.6% Sub-Total (Others) 100MW - - 100MW 4,450 - 0.6% Total 44.2 msf/1,307 Keys/100MW 5.6 msf/434 Keys 2.8 msf 52.5 msf/1,741 keys/100MW 695,833 44,068 100.0% Gross Asset Value By Construction Status By Asset type By Geography 1Represents occupancy as at September 30, 2026 for commercial offices (on completed area basis). Hospitality occupancy and units generated for Embassy Energy are for three months period ended September 30, 2026 2Market rent as per C&W assessment as of September 30, 2026 3Details include 100% of Embassy GolfLinks operational metrics; however, GAV reflects the REIT’s 50% economic interest in Embassy GolfLinks and 100% of the Pinehurst block located within Embassy GolfLinks 4Details include 100% of Embassy Splendid TechZone (ESTZ). ESNP is entitled to 61% of lease revenue and 100% of common area maintenance (CAM) in ESTZ (Refer Page 26, Note 5 for additional details) 5Occupancy is for Hilton Garden Inn (211 keys) at Embassy TechVillage, launched on June 30, 2026 and is currently under stabalization 6Comprises Solar Park located at Bellary district, Karnataka 7Average blended realised tariff for the quarter ended September 30, 2026 8GAV considered as per September 30, 2026 valuation of the portfolio undertaken by Ms. L. Anuradha, in conjunction with Independent property consultant review services undertaken by C&W. Valuation exercise for the entire portfolio is undertaken semi-annually Completed 94% Under Construction 6% Commercial Offices 93% Hospitality 7% Others 1% Bangalore 75% Mumbai 10% Pune 6% Noida 6% Chennai 3% 7
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Leasing Highlights for the three months ended September 30, 20261,2,3 Completed Area at Occupancy Change in Area4 Expired or Vacated New Lease-up5 Occupancy Occupied Area Vacant Area Asset Jun-26 (msf) at Jun-26 (msf) (msf) (msf) at Sep-26 (msf) (msf) Embassy Manyata 14.6 93% - (0.8) 0.5 91% 13.3 1.4 Embassy TechVillage 9.2 96% - (0.1) 0.1 96% 8.9 0.3 Embassy GolfLinks 3.4 100% - - - 100% 3.4 - Embassy One 0.3 100% - - - 100% 0.3 - Embassy Business Hub 0.4 100% - - - 100% 0.4 - Express Towers 0.5 100% - - - 100% 0.5 - Embassy 247 1.2 100% - (0.0) 0.0 100% 1.2 - FIFC 0.4 100% - - - 100% 0.4 - Embassy TechZone 3.0 73% - (0.1) 0.1 75% 2.3 0.8 Embassy Quadron 1.9 24% - - 0.1 30% 0.6 1.3 Embassy Qubix 1.5 77% - (0.0) 0.0 77% 1.1 0.3 Embassy Oxygen 3.3 90% - - 0.1 92% 3.0 0.3 Embassy Galaxy 1.4 100% - (0.0) 0.0 100% 1.4 - Embassy Splendid TechZone 2.5 92% 0.6 - - 94% 2.9 0.2 Total 43.5 90% 0.6 (0.9) 0.9 90% 39.5 4.6 Net increase/(decrease) in available space For the three months period ended 30-Sep-2026 Area (msf) Vacant space available at the beginning of the period 4.6 Add Area delivered/acquired 0.6 Leases expired/area vacated 0.9 Less Area delivered/acquired - leased (0.6) New Leases for the period (0.9) Vacant space available for lease at the end of the period 4.6 Net increase/(decrease) in available space 0.1 New Lease Analysis Three months ended Sep-26 Half Year ended Sep-26 Three months ended Sep-26 Half Year ended Sep-26 New Lease-up Area ('000 sf) (A) 895 1,562 Renewed Area ('000 sf) (B) 96 734 - Re-leased Area ('000 sf) 847 1,182 Renewal spread (%) 7% 9% - Releasing Spread (%) 5% 6% Pre-Lease up ('000 sf) (C) 462 462 Total Lease-up Area ('000 sf) (A+B+C) 1,453 2,758 WALE on new lease-up (Years) 11 10 WALE on renewal (Years) 4 9 New Lease-up to Existing Occupiers 66% 44% Pipeline Discussions ('000 sf) 1,000 Notable Deals signed for the three months ended September 30, 2026 Occupier6 City Area ('000 sf) Remarks Global Engineering Co. Embassy TechVillage Bangalore 462 Engineering & Manufacturing Pre-Lease ANSR Embassy Manyata Bangalore 300 Research, Consulting & Analytics New Lease Cloud Based Tech Co. Embassy Manyata Bangalore 139 Technology New Lease Birchtech (India) Embassy Quadron Pune 108 Technology New Lease Global Accounting Firm Embassy TechZone Pune 106 Financial Services New Lease Crestron Embassy TechVillage Bangalore 62 Engineering & Manufacturing New Lease Savista Global Embassy Oxygen Noida 60 Healthcare New Lease American Insurance Co. Embassy 247 Mumbai 49 Financial Services Renewal Sports Retail Embassy Manyata Bangalore 38 Retail New Lease Others Various Various 128 Various Various Total 1,453 1Details include 100% of Embassy GolfLinks operational metrics; however, GAV and financial metrics reflect only the REIT’s 50% economic interest in Embassy GolfLinks, except for the Pinehurst block located within Embassy GolfLinks, which is 100% held by the REIT and accordingly consolidated 2Details include 100% of Embassy Splendid TechZone (ESTZ). ESNP is entitled to 61% of lease revenue and 100% of common area maintenance (CAM) in ESTZ (Refer Page 26, Note 5 for additional details) 3On completed area basis 4Block 1 at Embassy Splendid TechZone moved to completed area 5New Lease-up excludes renewals with existing occupiers at the end of the lease tenure and area pre-leased for new space added 6Actual legal entity name may differ. For instance, Birchtech (India) refers to Birchtech (India) Private Limited Asset Sector Renewal Analysis 8
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Lease Expiry Schedule1,2,3 as of 30-Sep-2026 Area ('000 sf) / % of Gross Rentals In-place Rent (₹ psf pm)/ MTM4 (%) Area ('000 sf) / % of Gross Rentals In-place Rent (₹ psf pm)/ MTM4 (%) Area ('000 sf) / % of Gross Rentals In-place Rent (₹ psf pm)/ MTM4 (%) Area ('000 sf) / % of Gross Rentals In-place Rent (₹ psf pm)/ MTM4 (%) Portfolio Assets Embassy Manyata 395 / 3% 100 / 7% 504 / 3% 83 / 34% 927 / 5% 77 / 51% 149 / 1% 78 / 58% Embassy TechVillage 230 / 3% 112 / (5%) 562 / 6% 96 / 15% 886 / 10% 111 / 5% 198 / 2% 116 / 6% Embassy One NM / NM NM / NM NM / NM NM / NM 14 / 8% 241 / (32%) NM / NM NM / NM Embassy Business Hub NM / NM NM / NM NM / NM NM / NM NM / NM NM / NM NM / NM NM / NM Express Towers NM / NM NM / NM 165 / 37% 318 / 22% 42 / 9% 321 / 27% 37 / 8% 355 / 21% Embassy 247 NM / NM NM / NM 170 / 15% 134 / 17% 547 / 42% 122 / 34% 65 / 5% 137 / 25% FIFC NM / NM NM / NM 54 / 16% 334 / 16% 31 / 8% 352 / 16% 54 / 14% 358 / 20% Embassy TechZone NM / NM NM / NM 60 / 4% 55 / (6%) 290 / 14% 56 / (4%) 378 / 17% 64 / (11%) Embassy Quadron NM / NM NM / NM NM / NM NM / NM 239 / 47% 68 / (28%) NM / NM NM / NM Embassy Qubix 189 / 17% 53 / (6%) 29 / 3% 55 / (6%) 39 / 4% 68 / (19%) 308 / 30% 61 / (6%) Embassy Oxygen NM / NM NM / NM NM / NM NM / NM 193 / 6% 59 / 9% NM / NM NM / NM Embassy Galaxy NM / NM NM / NM 124 / 12% 55 / 4% 22 / 2% 55 / 8% 65 / 5% 55 / 14% Embassy Splendid TechZone 52 / 9% 115 / (30%) NM / NM NM / NM NM / NM NM / NM NM / NM NM / NM Total - Asset Portfolio 875 / 3% 94 / (1%) 1,669 / 6% 121 / 20% 3,229 / 9% 96 / 21% 1,253 / 3% 97 / 11% Portfolio Investment Embassy GolfLinks NM / NM NM / NM 102 / 2% 152 / 16% NM / NM NM / NM 368 / 12% 218 / (11%) Total - Portfolio 875 / 2% 94 / (1%) 1,771 / 5% 122 / 20% 3,229 / 7% 96 / 21% 1,621 / 4% 125 / 2% FY2030Half year ending FY2027 FY2028 FY2029 1Details include 100% of Embassy GolfLinks operational metrics; however, GAV and financial metrics reflect only the REIT’s 50% economic interest in Embassy GolfLinks, except for the Pinehurst block, which is 100% owned and accordingly included on a fully consolidated basis. 2Details include 100% of Embassy Splendid TechZone (ESTZ). ESNP is entitled to 61% of lease revenue and 100% of common area maintenance (CAM) in ESTZ (Refer Page 26, Note 5 for additional details) 3Percentage of Gross Rentals expiring are for respective portfolio asset and portfolio investment 4MTM calculated considering Market Rent on lease expiry as per C&W assessment as of September 30, 2026 9
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Hospitality Highlights as of 30-Sep-2026 30-Sep-26 30-Sep-25 30-Sep-26 30-Sep-25 30-Sep-26 30-Sep-25 30-Sep-26 30-Sep-25 30-Sep-26 30-Sep-25 Variance (%) Keys 247 247 230 230 619 619 211 NA 1,307 1,096 211 Occupancy 74% 73% 35% 41% 73% 69% 22% NA 58% 64% (6%) Rooms Available 22,724 22,724 21,160 21,160 56,948 56,948 19,412 NA 120,244 100,832 19% Rooms Sold 16,782 16,664 7,408 8,613 41,461 39,077 4,187 NA 69,838 64,354 9% ADR (₹) 14,806 15,032 19,090 17,206 11,309 10,095 20,550 NA 13,529 12,325 10% RevPAR (₹) 10,934 11,023 6,683 7,003 8,234 6,927 4,432 NA 7,858 7,866 (0%) Total Revenue (₹ mn) 324 321 324 307 771 624 108 NA 1,528 1,252 22% NOI (₹ mn) 184 175 110 100 440 349 18 NA 751 624 20% NOI Margin 57% 55% 34% 33% 57% 56% 17% NA 49% 50% (1%) EBITDA (₹ mn)4 163 172 (145) 86 388 308 13 NA 419 566 (26%) EBITDA Margin 50% 54% (45%) 28% 50% 49% 13% NA 27% 45% (18%) Half year ended 30-Sep-26 30-Sep-25 30-Sep-26 30-Sep-25 30-Sep-26 30-Sep-25 30-Sep-26 30-Sep-25 30-Sep-26 30-Sep-25 Variance (%) Keys 247 247 230 230 619 619 211 NA 1,307 1,096 211 Occupancy 72% 70% 34% 37% 70% 68% 22% NA 60% 62% (2%) Rooms Available 45,201 45,201 42,090 42,090 113,277 113,277 19,412 NA 219,980 200,568 10% Rooms Sold 32,729 31,422 14,221 15,658 79,760 76,838 4,187 NA 130,897 123,918 6% ADR (₹) 14,359 14,560 18,691 17,350 10,932 9,922 20,550 NA 12,977 12,037 8% RevPAR (₹) 10,397 10,121 6,315 6,454 7,697 6,730 4,432 NA 7,722 7,437 4% Total Revenue (₹ mn) 618 594 590 570 1,415 1,249 108 NA 2,731 2,413 13% NOI (₹ mn) 343 320 173 176 801 678 18 NA 1,335 1,174 14% NOI Margin 56% 54% 29% 31% 57% 54% 17% NA 49% 49% 0% EBITDA (₹ mn)4 305 302 (90) 154 705 600 13 NA 934 1,055 (11%) EBITDA Margin 49% 51% (15%) 27% 50% 48% 13% NA 34% 44% (10%) Others5 Highlights Three months ended Half year ended 30-Sep-26 30-Sep-25 Variance (%) 30-Sep-26 30-Sep-25 Variance (%) Capacity (MW) 100 100 - 100 100 - Solar Units Generated (mn units) 42 20 109% 86 45 91% Solar Units Consumed (mn units) 42 20 107% 85 45 90% Average Blended Tariff (₹ per unit)6 6.2 6.5 (4%) 6.2 6.4 (2%) Total Revenue (₹ mn) 259 130 99% 532 286 86% NOI (₹ mn) 222 104 113% 457 228 101% NOI Margin 86% 80% 6% 86% 80% 6% Three months ended Hilton at Embassy GolfLinks Four Seasons at Embassy One Hilton at Embassy Manyata Total2Hilton at Embassy TechVillage1 Hilton at Embassy GolfLinks Four Seasons at Embassy One Hilton at Embassy Manyata Total3 1Hilton Garden Inn (211 keys) at Embassy TechVillage was launched on June 30, 2026 and is currently under stabilization 2Excluding recently launched Hilton Garden Inn at Embassy TechVillage, Occupancy for the quarter stood at 65%, ADR at ₹13,081, RevPar at ₹8,517, Revenue at ₹1,420mn, NOI at ₹733mn and EBITDA at ₹406mn 3Excluding recently launched Hilton Garden Inn at Embassy TechVillage, Occupancy for the half year stood at 63%, ADR at ₹12,726, RevPar at ₹8,040, Revenue at ₹2,623mn, NOI at ₹1,317mn and EBITDA at ₹921mn 4EBITDA for Four Seasons includes a one time payment made during the quarter. For more details, refer unaudited consolidated financial results for quarter and half year ended September 30, 2026 5Comprises Solar Park located at Bellary district, Karnataka 6Average blended realised tariff including charges Hilton at Embassy TechVillage1 10
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Financial Highlights1,2 as of 30-Sep-2026 Selected Items 30-Sep-26 30-Sep-25 Variance (%) 30-Sep-26 30-Sep-25 Variance (%) (in ₹ mn except for Distribution per unit which is in ₹) REIT Consolidated Revenue 13,026 11,244 16% 25,434 21,842 16% NOI 10,695 9,273 15% 20,900 17,991 16% EBITDA 9,958 8,994 11% 19,742 17,413 13% CFO 9,776 8,921 10% 18,774 17,258 9% NDCF NDCF (SPV Level) 8,922 8,064 11% 17,117 15,089 13% NDCF (REIT Level) 6,705 6,177 9% 12,704 11,687 9% Total Distributions 6,702 6,171 9% 12,683 11,669 9% Distribution per unit (DPU) 7.07 6.51 9% 13.38 12.31 9% Interest 0.14 0.66 (79%) 0.51 0.84 (39%) Dividend 0.86 1.97 (56%) 1.66 3.98 (58%) Other Income - - NR - - NR Repayment of debt 6.07 3.88 56% 11.21 7.49 50% Segment-wise Commercial Offices Revenue 11,239 9,862 14% 22,171 19,143 16% Same-Store Revenue 10,787 9,729 11% 21,376 18,867 13% NOI 9,721 8,544 14% 19,107 16,589 15% Same-Store NOI 9,337 8,430 11% 18,451 16,348 13% NOI Margin 87% 87% (0%) 86% 87% (0%) Hospitality Revenue 1,528 1,252 22% 2,731 2,413 13% NOI 751 624 20% 1,335 1,174 14% NOI Margin 49% 50% (1%) 49% 49% 0% Others 3 Revenue 259 130 99% 532 286 86% NOI 222 104 113% 457 228 101% NOI Margin 86% 80% 6% 86% 80% 6% Consolidated Ratios NOI Margin 82% 82% (0%) 82% 82% (0%) EBITDA Margin 76% 80% (4%) 78% 80% (2%) Distribution Payout Ratio4 100% 100% NR 100% 100% NR Three months ended Half year ended 1ESNP is entitled to 61% of lease revenue and 100% of common area maintenance (CAM) in ESTZ (Refer Page 26, Note 5 for additional details) 2Details include 100% of Embassy GolfLinks operational metrics; however, GAV and financial metrics reflect only the REIT’s 50% economic interest in Embassy GolfLinks, except for the Pinehurst block located within Embassy GolfLinks, which is 100% held by the REIT and accordingly consolidated 3Comprises Solar Park located at Bellary district, Karnataka 4Distribution Payout is computed based on NDCF at REIT level 11
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Selected Items (Portfolio Assets and Portfolio Investment) as of 30-Sep-2026 (in ₹ mn) 30-Sep-26 30-Sep-25 Variance (%) 30-Sep-26 30-Sep-25 Variance (%) Revenue from Operations Portfolio Assets Embassy Manyata 4,306 3,786 14% 8,433 7,374 14% Hilton at Embassy Manyata 771 624 24% 1,415 1,249 13% Embassy TechVillage 3,017 2,674 13% 5,986 5,101 17% Hilton at Embassy TechVillage 108 NA NR 108 NA NR Embassy One1 128 96 33% 267 204 31% Embassy Business Hub 97 87 11% 194 174 11% Pinehurst at Embassy GolfLinks2 170 NA NR 340 NA NR Express Towers 464 416 12% 920 851 8% Embassy 247 503 476 6% 981 934 5% FIFC 369 370 (0%) 738 726 2% Embassy TechZone 488 574 (15%) 1,005 1,131 (11%) Embassy Quadron1 90 87 4% 189 175 8% Embassy Qubix 216 209 3% 428 401 7% Embassy Oxygen 692 582 19% 1,377 1,092 26% Embassy Galaxy 296 254 17% 556 497 12% Embassy Splendid TechZone3 402 252 59% 758 483 57% Hilton at Embassy GolfLinks 324 321 1% 618 594 4% Four Seasons at Embassy One1 324 307 6% 590 570 3% Embassy Energy 259 130 99% 532 286 86% Total - Asset Portfolio 13,026 11,244 16% 25,434 21,842 16% Portfolio Investment Embassy GolfLinks2 2,027 2,126 (5%) 4,058 3,941 3% Net Operating Income Portfolio Assets Embassy Manyata 3,762 3,302 14% 7,254 6,452 12% Hilton at Embassy Manyata 440 349 26% 801 678 18% Embassy TechVillage 2,686 2,358 14% 5,319 4,473 19% Hilton at Embassy TechVillage 18 NA NR 18 NA NR Embassy One1 93 61 51% 200 132 52% Embassy Business Hub 72 67 7% 146 139 5% Pinehurst at Embassy GolfLinks2 168 NA NR 335 NA NR Express Towers 415 373 11% 831 769 8% Embassy 247 457 423 8% 880 835 5% FIFC 337 334 1% 672 658 2% Embassy TechZone 400 494 (19%) 834 978 (15%) Embassy Quadron1 46 49 (5%) 106 104 2% Embassy Qubix 181 176 3% 359 336 7% Embassy Oxygen 578 478 21% 1,153 902 28% Embassy Galaxy 217 212 3% 435 416 5% Embassy Splendid TechZone3 311 216 44% 581 395 47% Hilton at Embassy GolfLinks 184 175 5% 343 320 7% Four Seasons at Embassy One1 110 100 10% 173 176 (2%) Embassy Energy 222 104 113% 457 228 101% Total - Asset Portfolio 10,695 9,273 15% 20,900 17,991 16% Portfolio Investment Embassy GolfLinks2 1,668 1,789 (7%) 3,374 3,290 3% Three months ended Half year ended 1Embassy Quadron, Embassy One and Four Seasons at Embassy One are part of the same legal entity, namely Quadron Business Park Private Limited. Embassy One asset comprises the commercial office block (Pinnacle) (0.3 msf) and Four Seasons (230 keys) - both part of Embassy One asset 2Details include 100% of Embassy GolfLinks operational metrics; however, GAV and financial metrics reflect only the REIT’s 50% economic interest in Embassy GolfLinks, except for the Pinehurst block located within Embassy GolfLinks, which is 100% held by the REIT and accordingly consolidated 3ESNP is entitled to 61% of lease revenue and 100% of common area maintenance (CAM) in ESTZ (Refer Page 26, Note 5 for additional details) 12
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Selected Items (Portfolio Assets and Portfolio Investment) 1 as of 30-Sep-2026 (in ₹ mn) 30-Sep-26 30-Sep-25 Variance (%) 30-Sep-26 30-Sep-25 Variance (%) NDCF (SPV Level) Portfolio Assets Embassy Manyata2 3,293 2,732 21% 5,542 5,092 9% Embassy TechVillage 2,151 2,327 (8%) 4,409 3,803 16% Embassy Business Hub 69 6 1141% 82 (40) NR Pinehurst at Embassy GolfLinks1 146 NA NR 295 NA NR Express Towers 318 317 0% 803 660 22% Embassy 247 440 361 22% 827 724 14% FIFC 287 113 153% 615 540 14% Embassy TechZone 296 397 (25%) 684 1,045 (35%) Embassy Quadron (63) (100) (37%) (99) (66) 50% Embassy Qubix 183 140 31% 345 276 25% Embassy Oxygen 572 583 (2%) 1,156 1,002 15% Embassy Galaxy 201 293 (31%) 421 480 (12%) Embassy Splendid TechZone3 276 340 (19%) 688 463 49% Hilton at Embassy GolfLinks 157 134 17% 245 233 5% Embassy Energy 223 109 105% 420 276 52% Investment Entity Dividends from Embassy GolfLinks4 373 313 19% 685 600 14% NDCF (SPV Level) 8,922 8,064 11% 17,117 15,089 13% Distributions from SPVs to Trust 8,985 8,158 10% 17,216 15,229 13% Distributions from Embassy GolfLinks 284 284 (0%) 569 569 (0%) Interest on external debt (2,568) (2,117) 21% (4,981) (3,863) 29% REIT Management Fees (76) (66) 15% (149) (130) 15% Trust level expenses, net of income (23) (57) (59%) (64) (113) (43%) Working Capital Changes 103 (26) NR 112 (6) NR NDCF (REIT Level) 6,705 6,177 9% 12,704 11,687 9% Three months ended Half year ended 1Details include 100% of Embassy GolfLinks operational metrics; however, GAV and financial metrics reflect only the REIT’s 50% economic interest in Embassy GolfLinks, except for the Pinehurst block located within Embassy GolfLinks, which is 100% held by the REIT and accordingly consolidated 2Hilton at Embassy Manyata is part of the same legal entity, namely Manyata Promoters Private Limited. It comprises of completed commercial office (14.7 msf) and Hilton Hotels (619 keys) - both part of Embassy Manyata Business Park 3ESNP is entitled to 61% of lease revenue and 100% of common area maintenance (CAM) in ESTZ (Refer Page 26, Note 5 for additional details). 4For comparability purposes, dividends received from Embassy GolfLinks, an investment entity has been excluded from NDCF of Embassy Manyata and is shown separately 13
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FY2027 Guidance FY2026 Units Low High Actuals NOI ₹ mn 41,500 43,500 37,602 NDCF ₹ mn 25,600 27,100 24,008 Distributions1 ₹ mn 25,600 27,100 23,963 No. of Units mn 948 948 948 DPU ₹ p.u. 27.00 28.60 25.28 Notes: 1Distribution guidance for FY2027 assumes 100% payout ratio (Unless otherwise mentioned, all figures in ₹ mn except for distribution per unit which is in ₹) FY2027 Guidance Guidance for FY2027 is based on our current view of existing market conditions and certain key assumptions for the year ending March 31, 2027. This does not include the impact of any fresh issue of units by the Embassy REIT. Guidance is not reviewed or audited or based on GAAP, Ind AS or any other internationally accepted accounting principles and should not be considered as an alternative to the historical financial results or other indicators of the Embassy REIT's financial performance based on Ind AS or any GAAP. There can be no assurance that actual amounts will not be materially higher or lower than these expectations. In particular, there are significant risks and uncertainties related to the scope, severity and duration of the global macro-economic conditions and the direct and indirect economic effects of the same on the Embassy REIT, our assets and on our occupiers. 14
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Balance Sheet Highlights1,2 as of 30-Sep-2026 (in ₹ mn) 30-Sep-26 30-Sep-25 Variance (%) ASSETS Property, plant and equipment 27,483 25,332 8% Investment property 340,208 323,673 5% Capital work-in-progress/Investment property under development 17,853 23,073 (23%) Intangible assets (including Goodwill) 66,312 66,824 (1%) Equity accounted investee 22,258 22,512 (1%) Cash and cash equivalents including investments3 19,920 8,673 130% Financial assets 17,729 16,829 5% Other current & non-current assets including tax assets 6,223 4,970 25% Asset held for sale4 - 3,494 NR Total 517,985 495,379 5% EQUITY AND LIABILITIES Unit capital 288,262 288,262 - Distribution – Repayment of Capital (79,435) (61,339) 30% Other equity (2,906) (6,319) (54%) Debt 243,528 209,239 16% Other financial liabilities 27,606 25,834 7% Deferred tax liabilities (net) 36,494 35,516 3% Other liabilities 4,436 3,755 18% Liabilities directly associated with assets held for sale4 - 432 NR Total 517,985 495,379 5% Capitalization (in ₹ mn) GAV5 739,901 639,803 16% Market Capitalization6 (A) 411,784 399,945 3% Net Debt (B) 223,888 200,793 12% Total Enterprise Value (A+B) 635,672 600,738 6% NAV per unit 524.74 445.91 18% As on 1ESNP is entitled to 61% of lease revenue and 100% of common area maintenance (CAM) in ESTZ (Refer Page 26, Note 5 for additional details). 2Details include 100% of Embassy GolfLinks operational metrics; however, GAV and financial metrics reflect only the REIT’s 50% economic interest in Embassy GolfLinks, except for the Pinehurst block located within Embassy GolfLinks, which is 100% held by the REIT and accordingly consolidated 3Includes short term liquid funds, fixed deposits and Q2 distributions of ₹6,702mn & ₹6,171mn for FY27 & FY26 respectively 4Blocks 1A & 1B and Block A-2 in Embassy Manyata were classified as “held for sale” as on September 30, 2025. Refer Page 26 for details 5GAV considered as per September 30, 2026 valuation of the portfolio undertaken by Ms. L. Anuradha, in conjunction with Independent property consultant review services undertaken by C&W. Valuation exercise for the entire portfolio is undertaken semi-annually 6Based on closing price at NSE as at last date of respective month or year 15
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Walkdown of Financial Metrics1,2,3 Three months ended Half year ended (in ₹ mn) 30-Sep-26 30-Sep-25 Variance (%) 30-Sep-26 30-Sep-25 Variance (%) SPV Level Facility Rentals 9,014 8,168 10% 18,078 15,883 14% Income from Hotels 1,528 1,252 22% 2,731 2,413 13% Income from Generation of Renewable Energy 259 130 99% 532 286 86% Maintenance Services and Other Operating Income 2,225 1,694 31% 4,093 3,259 26% Revenue from Operations 13,026 11,244 16% 25,434 21,842 16% Property Taxes (410) (375) 9% (1,027) (718) 43% Insurance (44) (33) 33% (78) (65) 21% Direct Operating Expenses (1,878) (1,563) 20% (3,430) (3,069) 12% Net Operating Income (NOI) 10,695 9,273 15% 20,900 17,991 16% Property Management Fees4 (276) (228) 21% (547) (454) 21% Repairs to Buildings (7) (12) (45%) (13) (17) (28%) Other Indirect Operating Expenses (503) (219) 130% (727) (388) 88% Dividends from Embassy GolfLinks 373 313 19% 685 600 14% Other Income 82 235 (65%) 197 366 (46%) EBITDA 10,364 9,362 11% 20,495 18,098 13% Working Capital changes 509 746 (32%) 882 1,283 (31%) Cash Taxes, net of refunds5 (649) (529) 23% (1,624) (953) 70% Principal Repayment on external debt - - NR - - NR Interest on external debt (1,302) (1,514) (14%) (2,636) (3,338) (21%) NDCF (SPV Level) 8,922 8,064 11% 17,117 15,089 13% Distributions from SPVs to Trust 8,985 8,158 10% 17,216 15,229 13% Distributions from Embassy GolfLinks 284 284 (0%) 569 569 (0%) Interest on external debt (2,568) (2,117) 21% (4,981) (3,863) 29% REIT Management Fees6 (76) (66) 15% (149) (130) 15% Trust level expenses, net of income (23) (57) (59%) (64) (113) (43%) Working Capital changes 103 (26) NR 112 (6) NR NDCF (REIT Level) 6,705 6,177 9% 12,704 11,687 9% Distribution from Embassy REIT 6,702 6,171 9% 12,683 11,669 9% Interest 133 626 (79%) 483 796 (39%) Dividend 815 1,867 (56%) 1,574 3,773 (58%) Other Income - - NR - - NR Repayment of debt 5,754 3,678 56% 10,626 7,100 50% SPV Level1REIT Level 1Walkdown of Financial Metrics upto 'NDCF (SPV Level)' represents financial numbers of all SPV's consolidated excluding Embassy REIT's standalone numbers 2ESNP is entitled to 61% of lease revenue and 100% of common area maintenance (CAM) in ESTZ (Refer Page 26, Note 5 for additional details). 3Details include 100% of Embassy GolfLinks operational metrics; however, GAV and financial metrics reflect only the REIT’s 50% economic interest in Embassy GolfLinks, except for the Pinehurst block located within Embassy GolfLinks, which is 100% held by the REIT and accordingly consolidated 4Property management fees includes 3% of facility rentals from only Commercial Office segment and does not include fees on Hospitality and Other segments 5Includes payments relating to quarter ended March 31, 2026 amounting to ₹300mn paid in Q1FY27 6REIT Management Fees is 1% of Embassy REIT distributions 16
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Debt Analysis as of 30-Sep-2026 Debt Maturity Schedule (₹ mn) Principal Repayment Schedule Description Rating Fixed/ Floating Total Facility Balance Facility Outstanding Principal Amortized Cost Interest Rate Maturity Date FY27 FY28 FY29 FY30 FY31 FY32 & Beyond Total At REIT Embassy Office Parks REIT Series V NCD (Tranche B) CRISIL AAA/Stable Fixed 11,000 - 11,000 10,999 7.05% Oct-26 11,000 - - - - - 11,000 Embassy Office Parks REIT Series VI NCD CRISIL AAA/Stable Fixed 10,000 - 10,000 9,995 7.35% Apr-27 - 10,000 - - - - 10,000 Embassy Office Parks REIT Series VIII NCD CRISIL AAA/Stable CARE AAA/Stable Fixed 5,000 - 5,000 4,999 8.10% Aug-281 - - 5,000 - - - 5,000 Embassy Office Parks REIT Series XI NCD CRISIL AAA/Stable Fixed 9,000 - 9,000 9,002 7.96% Sep-27 - 9,000 - - - - 9,000 Embassy Office Parks REIT Series XII NCD CRISIL AAA/Stable CARE AAA/Stable Fixed 10,000 - 10,000 9,990 7.73% Dec-29 - - - 10,000 - - 10,000 Embassy Office Parks REIT Series XIII NCD (Tranche A) CRISIL AAA/Stable Fixed 15,000 - 15,000 14,980 7.21% Mar-28 - 15,000 - - - - 15,000 Embassy Office Parks REIT Series XIII NCD (Tranche B) CRISIL AAA/Stable Fixed 5,000 - 5,000 4,994 7.22% May-28 - - 5,000 - - - 5,000 Embassy Office Parks REIT Series XIV NCD CRISIL AAA/Stable Fixed 7,500 - 7,500 7,499 6.97% Mar-27 7,500 - - - - - 7,500 Embassy Office Parks REIT Series XV NCD CRISIL AAA/Stable CARE AAA/Stable Fixed 20,000 - 20,000 19,902 7.25% Jul-352 - - - - - 20,000 20,000 Embassy Office Parks REIT Series XVI NCD CRISIL AAA/Stable CARE AAA/Stable Fixed 14,000 - 14,000 13,942 7.49% Feb-36 - - - - - 14,000 14,000 Embassy Office Parks REIT Series XVII NCD CRISIL AAA/Stable CARE AAA/Stable Fixed 7,000 - 7,000 6,985 7.49% Jun-29 - - - 7,000 - - 7,000 Embassy Office Parks REIT Series XVIII NCD CARE AAA/Stable Floating 10,000 - 10,000 9,942 6.97% Sep-29 - - - 10,000 - - 10,000 Embassy Office Parks REIT - CP Tranche IX CRISIL A1+ / CARE A1+ Fixed 5,000 - 4,851 4,851 7.15% Mar-27 4,851 - - - - - 4,851 Embassy Office Parks REIT - CP Tranche X (Series A) CRISIL A1+ / CARE A1+ Fixed 6,500 - 6,278 6,278 7.65% Mar-27 6,278 - - - - - 6,278 Embassy Office Parks REIT - CP Tranche X (Series B) CRISIL A1+ / CARE A1+ Fixed 4,500 - 4,351 4,351 7.65% Mar-27 4,351 - - - - - 4,351 Embassy Office Parks REIT - CP Tranche XI CRISIL A1+ / CARE A1+ Fixed 4,000 3,969 3,969 6.75% Nov-26 3,969 - - - - - 3,969 Term Loan - Floating 3,250 - 3,250 3,250 7.25% Feb-35 - - - - - 3,250 3,250 Sub-total (A) 146,750 - 146,200 145,928 7.36% 37,950 34,000 10,000 27,000 - 37,250 146,200 At SPV ECPL Series II NCD (Embassy Business Hub) CRISIL AAA/Stable Fixed 2,750 - 2,750 2,742 7.95% Jan-28 - 2,750 - - - - 2,750 QBPL Series I NCD (Embassy Quadron) CARE AAA/Stable Fixed 4,000 - 3,900 3,890 7.80% Apr-283 100 100 3,700 - - - 3,900 Term Loan (Embassy Manyata) CARE AAA/Stable Floating 9,000 - 8,593 8,589 7.20% Feb-39 - 286 352 504 565 6,885 8,593 Term Loan (Embassy Manyata) CARE AAA/Stable Floating 9,200 - 8,502 8,445 7.00% Sep-39 - - 388 460 528 7,125 8,502 Term Loan (Embassy Manyata) CRISIL AAA/Stable Floating 3,500 - 3,314 3,299 7.00% Aug-38 - 72 107 153 182 2,800 3,314 Term Loan (Embassy Manyata) CARE AAA/Stable Floating 7,500 - 7,500 7,460 7.22% Apr-31 - - 550 738 63 6,150 7,500 Term Loan (Embassy Manyata) CARE AAA/Stable Floating 5,000 - 4,799 4,770 7.33% Sep-39 - 123 163 204 232 4,077 4,799 Term Loan (Embassy Manyata) CRISIL AAA/Stable Floating 5,000 - 4,970 4,943 7.15% Mar-40 50 50 125 184 298 4,263 4,970 Term Loan (Embassy Manyata) CRISIL AAA/Stable Floating 3,250 - 3,250 3,230 7.40% Jun-29 - 33 33 3,185 - - 3,250 Term Loan (Embassy Manyata) CRISIL AAA/Stable Floating 4,500 2,000 2,500 2,473 7.25% Jun-38 25 25 25 25 25 2,375 2,500 Term Loan (Embassy TechVillage) CARE AAA/Stable Floating 2,000 - 1,960 1,960 7.03% Jun-27 - 1,960 - - - - 1,960 Term Loan (Embassy TechVillage) CARE AAA/Stable Floating 2,000 - 1,624 1,623 6.74% Sep-27 - 1,624 - - - - 1,624 Term Loan (Embassy TechVillage) CARE AAA/Stable Floating 2,500 - 2,444 2,440 7.07% Oct-39 - 44 65 85 107 2,144 2,444 Term Loan (Embassy TechVillage) CARE AAA/Stable Floating 5,700 - 5,160 5,126 6.90% Jan-35 190 430 490 550 610 2,890 5,160 Term Loan (Embassy TechVillage) CARE AAA/Stable Floating 4,500 - 4,298 4,319 7.50% Aug-40 - 120 172 197 210 3,599 4,298 Term Loan (Embassy TechVillage) CRISIL AAA/Stable Floating 5,000 - 4,880 4,814 7.10% Dec-40 - 125 141 158 195 4,262 4,880 Term Loan (Embassy Quadron) CARE AAA/Stable Floating 8,000 - 7,840 7,794 7.15% Jun-40 105 240 325 395 470 6,305 7,840 Term Loan (Embassy Oxygen) CARE AAA/Stable Floating 2,000 - 1,930 1,935 6.65% Jan-39 - 20 50 94 116 1,650 1,930 Term Loan (Embassy Splendid TechZone) CRISIL AAA/Stable Floating 1,700 - 1,700 1,700 7.40% Dec-30 17 17 17 17 1,632 - 1,700 Term Loan Embassy Splendid TechZone) CRISIL AAA/Stable Floating 5,500 - 5,353 5,384 7.07% Jun-39 - 60 60 60 240 4,933 5,353 Overdraft Facility (Various) CARE AAA/Stable Floating 10,671 - 10,671 10,666 8.08% Multiple 1,108 404 181 127 6,590 2,261 10,671 Sub-total (B) 103,271 2,000 97,937 97,600 7.29% 1,595 8,482 6,944 7,136 12,062 61,719 97,937 Total (A+B) 250,021 2,000 244,137 243,528 7.33% 39,545 42,482 16,944 34,136 12,062 98,969 244,137 Changes in Debt subsequent to quarter ending September 30, 2026 Debt refinanced post quarter At REIT Embassy Office Parks REIT Series V NCD (Tranche B) CRISIL AAA/Stable Fixed (11,000) - (11,000) (10,999) 7.05% Oct-26 (11,000) - - - - - (11,000) Proforma Debt post quarter closure 239,021 2,000 233,137 232,528 7.34% 28,545 42,482 16,944 34,136 12,062 98,969 233,137 Gross Debt as of September 30, 2026 243,528 19,640 Net Debt5 223,888 Less: Cash and Cash Equivalents4 Refer page no. 18 for detailed footnotes 17
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Debt Analysis (Cont'd) as of 30-Sep-2026 Leverage Ratios Particulars 30-Sep-26 30-Sep-25 Gross Debt to GAV 33% 33% Net Debt to GAV 30% 31% Net Debt to TEV 35% 33% Proforma Debt Headroom (₹ mn) 135,873 109,747 Interest Coverage Ratio (incl. capitalized interest) 2.4x 2.2x Interest Coverage Ratio (excl. capitalized interest) 2.6x 2.5x Net Debt to EBITDA6 5.30x 5.29x Net Debt to GAV Fixed v/s Floating interest rate 135,873 Green Loan Notes: 7GAV considered as per September 30, 2026 valuation of the portfolio undertaken by Ms. L. Anuradha, in conjunction with Independent property consultant review services undertaken by C&W. Valuation exercise for the entire portfolio is undertaken semi-annually 4Includes Q2 distributions of ₹6,702 mn 6Represents September 2026 and September 2025 sequentially, calculated as per financial covenants agreed under the financing documents for REIT NCDs 5Net Debt is as per computation prescribed under Chapter 4, paragraph 4.6.5 to SEBI Master circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated 11 July 2025 3QBPL/ the debenture holders have the option to redeem/seek redemption all or part of the debentures on a pro-rata basis at any time on a specified call/put option date (February 2028) subject to terms of the Debenture Trust Deed Proforma Debt Headroom (₹ mn)7 1Embassy REIT has option to redeem all or part of the debentures on a pro-rata basis on a specified call option date (February 2028 & May 2028) subject to terms of the Debenture Trust Deed 2The debenture holders have the option to seek early redemption of all or part of the debentures on a pro-rata basis on a specified put option date (July 2030) subject to terms of the Debenture Trust Deed 205,234 359,761 18,654 223,888 Existing Net Debt Proforma Debt Capacity Fixed Interest Rate 57% Floating Interest Rate 43% Net Debt 30% 18
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Valuation Highlights as of 30-Sep-2026 Leasable Area (msf)/Keys/MW Valuation Assumptions1 GAV1 as of Sep-26 (₹ mn) Asset Completed Proposed/ U/C Total Discount Rate Completed Discount Rate U/C Cap Rate/ EBITDA Multiple Rent/ ADR/Tariff Rate2 Completed Proposed/ U/C Total Commercial Assets Embassy Manyata 14.7 2.6 17.2 11.50% 12.75% 7.75% 107 247,049 19,470 266,519 Embassy TechVillage 9.2 0.5 9.7 11.50% 12.75% 7.75% 107 160,838 6,520 167,358 Embassy GolfLinks3 3.1 - 3.1 11.50% NA 7.75% 170 42,851 - 42,851 Pinehurst at Embassy GolfLinks 0.3 - 0.3 11.50% NA 7.75% 180 8,813 - 8,813 Embassy One 0.3 - 0.3 11.50% NA 7.75% 151 5,976 - 5,976 Embassy Business Hub 0.4 1.0 1.4 11.50% 12.75% 8.00% 70 4,769 3,566 8,335 Express Towers 0.5 - 0.5 11.50% NA 7.50% 375 26,572 - 26,572 Embassy 247 1.2 - 1.2 11.50% NA 8.00% 150 25,665 - 25,665 FIFC 0.4 - 0.4 11.50% NA 7.50% 375 19,890 - 19,890 Embassy TechZone 3.0 2.4 5.5 11.50% 12.75% 8.25% 50 23,238 2,544 25,782 Embassy Quadron 1.9 - 1.9 11.50% NA 8.25% 46 10,492 - 10,492 Embassy Qubix 1.5 - 1.5 11.50% NA 8.25% 50 10,372 - 10,372 Embassy Oxygen 3.3 - 3.3 11.50% NA 8.00% 59 30,452 - 30,452 Embassy Galaxy 1.4 - 1.4 11.50% NA 8.00% 55 11,794 - 11,794 Embassy Splendid TechZone4 3.1 2.0 5.1 11.50% 12.75% 7.75% 80 20,602 4,381 24,983 Sub-Total (Commercial Offices) 44.2 8.4 52.5 649,372 36,482 685,854 Hospitality Asset Hilton at Embassy GolfLinks 247 - 247 Keys 11.90% - 14.0x 15,000 8,817 - 8,817 Four Seasons at Embassy One 230 - 230 Keys 12.40% - 14.0x 18,500 9,099 - 9,099 Hilton and Hilton Garden Inn at Embassy Manyata 619 - 619 Keys 11.90% - 14.0x 5 Star - 13,500 3 Star - 8,500 19,180 - 19,180 Hilton and Hilton Garden Inn at Embassy TechVillage 211 318 529 Keys 11.90% 13.25% 14.0x 5 Star - 15,000 3 Star - 12,000 4,915 7,337 12,252 Spark by Hilton Hotel at Embassy TechZone - 116 116 Keys - 13.25% 14.0x 4,037 - 249 249 Sub-Total (Hospitality) 1,307 Keys 434 Keys 1,741 Keys 42,012 7,586 49,597 Others5 Embassy Energy 100MW - 100MW 11.50% - NA 6.0 4,450 - 4,450 Sub-Total (Others) 100MW - 100MW 4,450 - 4,450 Total 44.2 msf/1,307 Keys/100MW 8.4 msf/434 Keys 52.5 msf/1,741 keys/100MW 695,833 44,068 739,901 % Split 94% 6% 100% 1GAV considered as per Sep 30, 2026 valuation of the portfolio undertaken by Ms. L. Anuradha, in conjunction with Independent property consultant review services undertaken by C&W. Valuation exercise for the entire portfolio is undertaken semi-annually 2ADR/ Tariff Rates presented on a stabilised basis 3Details include 100% of Embassy GolfLinks operational metrics; however, GAV reflects the REIT’s 50% economic interest in Embassy GolfLinks and 100% of the Pinehurst block located within Embassy GolfLinks (Refer Page 26, Note 4 for additional details) 4Details include 100% of Embassy Splendid TechZone (ESTZ). ESNP is entitled to 61% of lease revenue and 100% of common area maintenance (CAM) in ESTZ (Refer Page 26, Note 5 for additional details) 5Comprises of Solar Park located at Bellary district, Karnataka 19
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Development in Progress1 as of 30-Sep-2026 Pre-committed/ Leased2 Estimated Balance cost Asset Projects Area (msf) Keys Area (%) Occupier3 Completion Date to be spent (₹ mn) Base-Build Projects (Under Construction) Embassy TechVillage Hilton Hotels4 NA 529 NA NA Hilton Garden Inn : Launched Hilton Hotel : Mar-27 3,780 Embassy TechVillage Block 6 0.5 NA 100% Global Engineering Co. Jun-27 1,531 Embassy Business Hub Phase 2 1.0 NA 23% WeWork India Jun-28 5,648 Embassy Manyata Block B Redevelopment 0.9 NA 70% Global Bank5 Jul-28 4,084 Embassy TechZone Spark by Hilton Hotel NA 116 NA NA Dec-28 435 Embassy Manyata Block E1 Redevelopment6 1.4 NA - - Dec-29 7,809 Embassy Splendid TechZone Block 5, 6, 7 & 8 2.0 NA - - Dec-29 8,295 Others7 Completed projects NA NA - - NA 2,854 Sub-total 5.6 645 23% 34,436 Infrastructure and Upgrade Projects8,9 Embassy Manyata H1 Refurbishment NA NA NA NA Dec-26 784 Embassy Oxygen Upgrades NA NA NA NA Mar-27 749 Embassy TechVillage Metro Works NA NA NA NA Mar-27 410 Embassy Splendid TechZone Master Plan Upgrade NA NA NA NA Mar-27 862 Embassy Manyata Master Plan Upgrade NA NA NA NA Sep-29 2,450 Others Various NA NA NA NA Various 3,039 Sub-total NA NA NA 8,294 Total (Under Construction) 5.6 645 23% 42,730 Proposed Development Asset Projects Area (msf) Keys Remarks Base-Build Projects Embassy Manyata F1 Block 0.4 NA To be initiated Embassy TechZone Blocks 1.4,1.9 & 1.10 2.4 NA To be initiated Total 2.8 NA Development Development Refer page no. 21 for detailed footnotes 20
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Development in Progress (Cont'd) Notes: 1Excludes Embassy GolfLinks as it is a portfolio investment, except Pinehurst block at Embassy GolfLinks which is 100% owned 2Excludes all expansion options available to the occupier 3Actual legal entity name may differ 4OC received. Hilton Garden Inn Hotel at Embassy TechVillage (211 Keys) was launched on June 30, 2026. Hilton hotel is expected to be launched in March 2027 5Expansion Option of 256k sf available, which when exercised will result in 100% precommitment on the building 6Demolition approval received, other requisite approvals are under process 7Includes balance cost to be spent for the projects completed in last 2 years 8Over the next 3 years 9Includes select infrastructure and upgrade projects across the portfolio such as Lobby upgrades, Food Court, Refurbishments amongst various others 21
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Potential ROFO Assets1 as of 30-Sep-2026 Location Land area (in acres) Project Status Leasable Area (in msf) Completed Area (in msf) Occupancy3 Under Construction Area (in msf) Pre-committed Area (%) Proposed Development Area (in msf) 1Acquisition of ETV by the Embassy REIT excluded approximately 19.39 acres being developed by Embassy Commercial Projects (Whitefield) Private Limited (“Embassy Whitefield”), an entity which is owned by certain Blackstone entities and certain third-party shareholders, which area has been leased by VTPL to Embassy Whitefield on a long-term basis. Embassy REIT has been granted a right of first offer in respect of the controlling interest in Embassy Whitefield by the shareholders of Embassy Whitefield 2Pursuant to the letter agreement dated November 17, 2020 (‘Letter Agreement’) between Embassy Office Parks Management Services Limited (“Manager”), Embassy Commercial Projects (Whitefield) Private Limited (‘Embassy Whitefield’), Amita Garg, Vasudev Garg, Chaitanya Garg and Radhika Garg (collectively, the ‘Gargs’) and other shareholders of Embassy Whitefield, Embassy REIT received an invitation to offer (“ROFO”) for the acquisition of equity shares and compulsorily convertible debentures aggregating to 26% of the of equity share capital and voting rights (on a fully diluted basis) of Embassy Whitefield on behalf of the Gargs. Embassy REIT is unable to evaluate the ROFO in the absence of certain critical information regarding Embassy Whitefield. Gargs initiated arbitration against the Manager and others in August 2024 before SIAC with respect to the ROFO praying for (i) entitlement to sell the shares offered under the ROFO (ii) injunct against creation of encumbrance or interfering with any steps of the Gargs. On October 20, 2024, the Gargs interalia filed an application for emergency arbitration and sought various emergency interim reliefs vide order dated October 16, 2024. The application for emergency interim relief was dismissed and no emergency interim relief was granted. Further, the Gargs have also filed application for interim relief on February 14, 2025 before SIAC seeking certain interim reliefs and the tribunal has disposed the interim application vide order dated April 19, 2025. The Gargs have challenged the interim order before the High Court of Bombay. Further, the Manager had filed an early dismissal application before the tribunal claiming that the reliefs pertaining to Survey No. 9/4 were not arbitrable under the Letter Agreement and the tribunal allowed the application vide order dated October 9, 2024. The Gargs have now withdrawn all their claims in the ROFO arbitration on account of having reached a comprehensive settlement with Respondent Nos 2-6 (Blackstone entities in the arbitration and Embassy Whitefield). The withdrawal affidavits have been filed by the GFMs on January 7, 2026. The Manager has incurred substantial costs in its defense of this matter and has filed its cost submissions on January 16, 2026, requesting that the tribunal issue an award on costs and order the Gargs to bear the full amount of costs incurred by the Manager 3Occupancy as at September 30, 2026 4In addition to the above, the deed of right of first offer dated September 20, 2018 between Embassy Sponsor and Embassy REIT and certain other arrangements continue to subsist, pursuant to which Embassy Sponsor and certain affiliates have agreed to grant a right of first offer to Embassy REIT in the event of any sale of controlling interest by the Embassy Sponsor or any of its present or future subsidiaries or LLPs in an eligible asset Embassy Whitefield (ETV Backland)1,2 ORR, Embassy TechVillage Campus, Bangalore c.19.39 Completed Upto 4.2 c.1.7 93% - - c.2.5 Including above, Embassy REIT is entitled to a first opportunity (including right of first offer / right of first refusal / invitation to offer) totalling upto ~12.6 msf from third parties and Embassy group. There can be no assurance that above acquisition opportunity or other pipeline opportunities will materialize in current form or at all or result in transactions 22
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ESG Snapshot ESG Strategic Framework Resource Efficiency Sustainable Supply Chain Community Connect Responsible Investment Ethics and Responsibility - Energy and emissions - Water Stewardship - Waste - Biodiversity - ESG performance of suppliers - Local sourcing - Certified materials - Corporate social responsibility - Corporate connect - Customer centricity - Sustainable finance - Asset acquisition & Site selection - Disclosures - Corporate governance - Regulatory compliance - Risk management Key Performance Highlights Aspect Units H1 FY2027 FY2026 FY2025 Energy and Emissions Contribution of renewable energy in portfolio % 76 69 55 Renewable power consumption (wheeled and rooftop) GJ 889,031 1,362,814 1,020,955 Reduction in emissions through solar power consumption tCO2e 179,535 275,213 233,402 Water Water withdrawal 1000m3 1,293 2,261 2,300 Water recycled (% of withdrawal) 1000m3 991 (77%) 1,836 (81%) 1,662 (72%) Waste Waste generated – Hazardous waste (Oil) KL 44 66 57 Waste generated – Hazardous waste Tons 19 40 42 Waste generated – Non-hazardous waste Tons 4,915 8,816 5,578 Waste generated – Other waste Tons 57 95 48 Human Capital Employees trained Nos. 77 117 118 Average training hours per employee Hours 7 13 18 Corporate Occupiers Green leases signed during the period % 100% 98% 100% CSR and Corporate Connect Total CSR spend ₹ Mn 60 133 117 Education support – Students benefitted Nos. 15,541 8,229 16,231 Health and hygiene – Students impacted Nos. 13,372 13,111 15,364 Community health – Free and subsidized treatments provided Nos. 8,141 15,253 14,537 Environment – Waste recycled MT 163 425 435 Certification Current Score Previous Score (2026)2 (2025) 4.1 4.1 (2026) (2025) 68 68 (2026) (2025) B B (2024) (2023) 1Supporter of Task Force on Climate-Related Financial Disclosures (TCFD) 2Reflects Embassy REIT's performance in GRESB 2026 Real Estate Assessment for Standing Investment & Development Portfolio Human Capital - Employee practices and engagement - Training and development - Health, safety & well- being Resilient PlanetRevitalised Communities Memberships/Certifications1 Resilient Planet Revitalised Communities Responsible Business 23
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Unitholding Pattern as of 30-Sep-2026 Unitholding Pattern S/N Name No. of Units % Holding A Sponsors 1 Embassy 72,864,279 7.69% Sub-total 72,864,279 7.69% B Public 1 Institutions a. Mutual Funds 315,920,739 33.33% b. Foreign Portfolio Investors 302,751,052 31.94% c. Insurance Companies 52,858,345 5.58% d. Alternative Investment Funds 12,713,531 1.34% e. Provident / Pension Funds 5,332,903 0.56% f. Financial Institutions / Banks 116,666 0.01% Sub-total 689,693,236 72.76% 2 Non-Institutions a. Central Government/State Governments(s) / President of India - - b. Individuals 151,583,267 15.99% c. NBFCs registered with RBI 69,699 0.01% d. Trusts 330,568 0.03% e. Non-Resident Indians 3,923,042 0.41% f. Body Corporates 28,513,135 3.01% Sub-total 184,419,711 19.45% C Non-Sponsor Non-Public Holding 1 Embassy Office Parks REIT Employee Welfare Trust 916,517 0.10% Sub-total 916,517 0.10% Total Units Outstanding 947,893,743 100.00% 24
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Equity Research Coverage Firm Analyst Contact 360 One Capital Amit Srivastava amit.srivastava@360.one Ambit Capital Karan Khanna karan.khanna@ambit.co Avendus Spark Girish Choudhary girish.c@avendusspark.com Axis Capital Pritesh Sheth pritesh.sheth@axiscapital.in Bank of America Kunal Tayal kunal.tayal@bofa.com CLSA Bharat Parekh bharat.parekh@clsa.com Geojit D Balagopalan d_balagopalan@geojit.com HSBC Securities Puneet Gulati puneetgulati@hsbc.co.in ICICI Securities Adhidev Chattopadhyay adhidev.chattopadhyay@icicisecurities.com IIFL Securities Mohit Agrawal mohit.agrawal@iiflcap.com Investec Anuj Upadhyay anuj.upadhyay@investec.com J.P. Morgan Gaurav Khandelwal gaurav.khandelwal@jpmorgan.com Jefferies Abhinav Sinha abhinav.sinha@jefferies.com JM Financial Sumit Kumar sumit.kumar@jmfl.com Kotak Institutional Equities Murtuza Arsiwalla murtuza.ariswalla@kotak.com Morgan Stanley Monica Dasoju Monica.Sharma@morganstanley.com Nuvama Institutional Equities Parvez Qazi Parvez.Qazi@nuvama.com 25
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NOTES 1. All figures in this Supplementary Databook are as of or for the period ended September 30, 2026 unless specified otherwise 2. 3. Some of the figures in this Supplementary Databook have been rounded-off to the nearest decimal for the ease of presentation 4. 5. 6. 7. 8. 9. GENERAL TERMS, DEFINITIONS AND ABBREVIATIONS RevPAR ROFO OC Manager Market Capitalization mn msf MTM Opportunity NDCF NA NM NOI NR NSE Occupancy by Value Occupied Area Portfolio Portfolio Assets and Asset SPVs and holdcos (together the Asset Portfolio) Portfolio Investment/Embassy GolfLinks Proforma Debt Headroom Proposed Development Area (sf) psf pm Re-leasing spread WALE YTD Same-Store KPIs sf Sponsors TEV Trustee Under construction area (sf) ₹ In-place Rent (psf per month) EBITDA ECPL Embassy Office Parks Embassy REIT Embassy TechVillage / ETV ESNP ESTZ Fiscal or FY or Financial Year GAV Green Loan Gross Rentals Held for Sale Terms, Definitions and Abbreviations All figures corresponding to year denoted with “FY” are as of or for the one-year period ended (as may be relevant) 31st March of the respective year All details included in this Supplementary Databook consider 100% of Embassy GolfLinks operational metrics; however, GAV and financial metrics reflect only the REIT’s 50% economic interest in Embassy GolfLinks, except for the Pinehurst block located within Embassy GolfLinks, which is 100% held by the REIT and accordingly consolidated. Embassy Golflinks is held by GolfLinks Software Park Private Limited, which is held 50% by Embassy REIT. Block Pinehurst at Embassy Golflinks is held by Eleanor Realty Holdings India Private Limited, which is held 100% by Embassy REIT. Gross Asset Value (GAV) considered per September 30, 2026, valuation of the portfolio undertaken by Ms. L. Anuradha, in conjunction with Independent property consultant review services undertaken by C&W. Valuation exercise undertaken semi- Embassy Business Hub is a Joint development between ECPL and other third party owners where ECPL is entitled to exclusive ownership rights to the extent of 65% With respect to the disclosure of financial information for the period beginning on or after April 1, 2025, in accordance with Chapter 4 of the SEBI circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated July 11, 2025, the standalone and consolidated balance sheet of a REIT is required to be presented only for the quarters ending September 30 and March 31 of relevant financial year C&W 2Q/Q2/Three Months ended ADR ADTV Annualized Rental Obligations AUM Average Occupancy BSE CAM CFO/Cash flows from operating activities Commercial Offices Completed Area (sf) Together the Portfolio Assets excluding EEPL, UPPL, Hilton and Hilton Garden Inn at Embassy Manyata and Embassy TechVillage, Spark by Hilton at Embassy TechZone, Four Seasons at Embassy One and the Portfolio Investment. For details, refer to Portfolio Overview Quarter ending September 30 Average Daily Rate (ADR) is a measure of the average rate charged for rooms sold and is calculated by dividing total rooms revenue for a period by the number of rooms sold during that period Average daily trading volume Annualized Rental Obligations is defined as Gross Rentals multiplied by twelve (12) Blocks 1A & 1B and Block A-2 in Embassy Manyata, were classified as “held for sale” as on 30th September, 2025 have been excluded from the Business Information section (Pages 6 to 10 of this document). However, these blocks have been included in the Financial Information section for previous period(Pages 11 to 16 of this document) Assets under Management Commercial Offices - Occupied Area / Completed Area BSE Limited Common Area Maintenance Cash flows from Operating activities is computed in accordance with the requirements of Ind-AS 7 – Statement of Cash Flows Embassy Office Parks REIT, set up on March 30, 2017 as an irrevocable trust under provisions of the Indian Trusts Act, 1882 and registered with SEBI as a real estate investment trust under the REIT Regulations Comprises of the legal entities Vikas Telecom Private Limited ('VTPL') and Sarla Infrastructure Private Limited ('SIPL'). The ETV entities also included Embassy Office Ventures Private Limited , an erstwhile holding company of Embassy REIT, which has been dissolved pursuant to a restructuring among EOVPL and VTPL through an NCLT scheme ESNP Property Builders and Developers Private Limited Embassy Splendid TechZone National Stock Exchange of India Limited It is the Market value of a publicly traded company's outstanding shares Million Million square feet Mark to market Opportunity Net Distributable Cash Flow. NDCF is a significant performance metric, the framework for which is adopted by the Manager in line with the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 issued by SEBI on September 26, 2014, and further clarified under SEBI vide master circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated July 11, 2025 providing framework for computation of NDCF by REITs each, as amended from time to time and any other circulars, notifications, clarifications and guidelines issued by SEBI. The Manager believes this metric serves as a useful indicator of the REIT’s expected ability to provide a cash return on investment. NDCF does not have a standardized meaning and is not a recognized measure under Ind AS or IFRS, and may not be comparable with measures with similar names presented by other companies. NDCF should not be considered by itself or as a substitute for net income, operating income or cash flow from operating activities or related margins or other measures of operating performance, liquidity or ability to pay dividends Gross Asset Value Green loan refers to loans given by banks against Green Buildings (Gold or Platinum LEED certified). These loans are classified as Green Loans under the banks Green & Sustainable Finance Framework and comprises certifications received from Climate Bond initiatives Gross Rentals is the sum of monthly Base Rentals, fit-out and car parking income from Occupied Area, as of the last day of the reporting period Base Rent for the month ending September 30, 2026 Embassy Office Parks Management Services Private Limited (EOPMSPL) Assets held for sale are those assets whose carrying amount will be recovered principally through a sale transaction rather than through continuing use. Assets held for sale is shown separately on the face of Balance sheet. Liabilities directly associated with assets held for sale are also shown separately on the face of Balance sheet. Not Material Year ending March 31 Leasable Area for which occupancy certificate has been received Cushman and Wakefield Earnings/ (loss) before finance costs, depreciation, amortisation, impairment loss and income tax excluding share of profit of equity accounted investee Embassy Constructions Private Limited Embassy Office Parks Group is comprised of the Embassy Office Parks REIT and the SPVs and holdcos Net Operating Income calculated by subtracting Direct Operating Expenses from Revenue from Operations. NOI does not have a standardised meaning, nor is it a recognized measure under Ind AS or IFRS, and may not be comparable with measures with similar names presented by other companies. NOI should not be considered by itself or as a substitute for comparable measures under Ind AS or IFRS or other measures of operating performance, liquidity or ability to pay dividends. Our NOI may not be comparable to the NOI of other companies/REITs due to the fact that not all companies/REITs use the same definition of NOI. Accordingly, there can be no assurance that our basis for computing this non-GAAP measure is comparable with that of other companies/REITs Not Relevant All details included in this Supplementary Databook considers 100% of ESTZ unless otherwise stated. ESNP holds the ownership interest in the completed and rent/income-generating towers as well as rights, title and interest in the under-construction portions thereat, economic interest (including 61% proportionate lease revenue share), leasehold rights, co-development rights and other rights in ESTZ, Chennai, including the right to provide common area maintenance services and common infrastructure services Year to date Description Embassy Property Developments Private Limited (EPDPL) and BRE/Mauritius Investments Total Enterprise Value Axis Trustee Services Limited Leasable Area for which internal development plans have been finalized and requisite approvals as required under law for the commencement of construction have been applied for, construction has commenced and the occupancy certificate is yet to be received Weighted Average Lease Expiry (weighted according to facility rentals excluding impact of Ind-AS adjustments) assuming that each occupier exercises the right to renew for future terms after expiry of initial commitment period Revenue Per Available Room (RevPAR) is a hotel industry financial metric calculated by multiplying the Average Daily Rate by the percentage occupancy Right of First Offer Indian rupees Same-Store KPIs represents KPIs (Occupancy/ Revenue/ NOI) from properties which are in service in both the current and prior year reporting periods to make comparisons between periods more meaningful. For example, for Q2FY2027, Same-Store occupancy is computed for the portfolio excluding recent completion of Block 10, Block 1 & Block 4 at Embassy Splendid TechZone, Block D1/D2 at Embassy Manyata, removal of Block E1 at Embassy Manyata for redevelopment and recent acquisition of Pinehurst block at Embassy GolfLinks. Square feet Golflinks Software Park Private Limited or GLSP or Embassy GolfLinks or Investment Entity which owns Embassy GolfLinks Business Park. GLSP is classified as Portfolio Investment under regulation 18(5)(da) as per REIT Regulation, made prior to April 23, 2025 and is not considered as a SPV as per REIT regulations. Accordingly, it is not required to comply with the investment and distribution policy as required under REIT regulations. While GLSP is not a SPV, considering that it is a significant portfolio investment, the Manager has provided additional disclosures for GLSP. Embassy REIT owns 100% in MPPL which holds 50% of the equity shareholding in GLSP. All numbers presented for Embassy GolfLinks in this report represent the entity as a whole and are not pro-rated to 50% unless otherwise specified Proforma Debt Capacity (Maximum debt as per REIT Regulations) - Current Net Debt Leasable Area of a property for which the master plan for development has been obtained, internal development plans are yet to be finalized and applications for requisite approvals required under law for commencement of construction are yet to be made per sf per month Refers to the change in rent per square foot between new and expiring leases, expressed as a percentage Occupancy Certificate Occupancy of the Commercial Offices weighted by GAV of completed Commercial Offices The Completed Area of a property which has been leased or rented out in accordance with an agreement entered into for the purpose and also includes Letter of Intents (LoI) Together, the Portfolio Assets and the Portfolio Investment All the Portfolio Assets together are referred to as the Asset Portfolio Not Applicable 26