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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 1 Investor Presentation Q2 & H1 FY27
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 2 Disclaimer By attending the meeting where this Presentation is made, or by reading the Presentation materials, you agree to be bound by the limitations contained herein and to maintain absolute confidentiality regarding the information disclosed in this Presentation. Any failure to comply with these terms and conditions may constitute a violation of applicable securities laws. This Presentation is for information purposes only, and is not intended to be an advertisement, and does not constitute or form part of, and should not be construed as any offer or invitation for sale or subscription of, or solicitation or invitation of, any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of, or be relied on in connection with or act as an inducement to enter into any contract, commitment or investment decision in relation thereto in India, the United States or any other jurisdiction. 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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 3 PRESENTATION PATH Executive Summary Overview Business Overview Our Presence Financial Performance 01 02 03 04 05 06 Key Strengths
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 4 Executive Summary
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 5 Executive Summary – Q2 FY27 Sustained Profitability Strong Capital & Liquidity Rs 86 Cr Profit Before Tax Profit momentum continued with ~39% QoQ growth from Rs 62 Cr in Q1 FY27. Rs 8,007 Cr AUM AUM grew ~14.0 % YoY from 7,038 Cr as at Sept 30,2025. 12.52 % NIM / Spread ~167 Bps YoY improvement led by both yield expansion and reduction in cost of borrowing. Rs 125 Cr PPOP Operating efficiency driven ~40% YoY growth from 89 Cr in Q2 FY26. 36.75% CRAR Healthy capital adequacy with well capitalized Balance sheet. Rs 1,661 Cr Liquidity ~1,365 Cr of fresh borrowing drawn in Q2 FY27. Prudent Disbursement Strategy Rs 1,726 Cr Disbursements ~ 33% YoY growth from 1,298 Cr in Q2 FY26, 83% of customers with <2 lenders, reflecting disciplined lending. 39% New Customers # ~ 2.55 Lacs loans disbursed during the quarter. Robust Asset Quality Rs 39 Cr Credit cost ~ 65% YoY reduction in credit cost from 111 Cr in Q2FY26. 1.60% GNPA ~301 bps YoY improvement from 4.61% as at Q2 FY26 and ~ 91 Bps QoQ improvement. 99.70 % Q2 Avg. CE (MFI) X bucket collection efficiency for Sept-26 at 99.77% and Net flow forward at ~ 0.07%. 2.3 times D/E Maintained healthy gearing with disciplined capital management. 5.4 Cr AUM Per Branch ~ 19% increase YoY , reflecting improving branch productivity. 9.35% Marginal COB ~ 281 Bps YoY improvement from 12.16% in Q2FY26 and ~ 74 Bps QoQ improvement.
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 6 Fusion Finance – Q2 FY27 Snapshot ₹8,007 Cr ~14% YoY AUM ₹1,726 Cr ~33% YoY Disbursement ₹486 Cr ~12% YoY Total Income 12.52% ~167 Bps YoY NIM ₹125 Cr ~40% YoY PPOP ₹39 Cr ~65% YoY Credit Cost ₹86 Cr 39% QoQ PBT 4.0% ~100 Bps QoQ ROA* 13.5% ~344 Bps QoQ ROE* 1.6% ~301 Bps YoY GNPA 36.75% CRAR 2,614 Cr Net Worth 2.3 D / E 1,475 Branches ₹63 K ATS (MFI) * Annualized
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 7 Fusion Finance – H1 FY27 Snapshot ₹8,007 Cr ~14% YoY AUM ₹3,509 Cr ~56% YoY Disbursement ₹944 Cr ~7% YoY Total Income 12.18% ~167 Bps YoY NIM ₹227 Cr ~29% YoY PPOP ₹78 Cr ~73% YoY Credit Cost ₹149 Cr PBT 3.5% ROA* 11.7% ROE* 1.6% ~301 Bps YoY GNPA 36.75% CRAR 2,614 Cr Net Worth 2.3 D / E 1,475 Branches ₹62 K ATS (MFI) * Annualized
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 8 Key Growth Drivers Focused initiatives to accelerate profitable growth and strengthen our franchise Product Expansion Strengthened Risk Framework Geographical ExpansionTechnology Enablement o Deploying next generation LOS & LMS platforms to boost process efficiency. (Rolled out in ~150 branches, remaining branches to be rolled out in H2FY27). o Building an in-house AI Center of Excellence to drive automation, strengthen risk controls, and scale AI innovation. o Scaled customer engagement through AI-powered platform, driving 10 Mn+ customer interactions. o Entering new markets while rationalizing the existing branch network. o Scaling the MSME franchise, with disbursement growing by ~ 21% in Q2FY27. o Leverage the existing MFI branch footprint to drive MSME sourcing and disbursements, enabling capital-efficient growth and strong operating leverage. o Leading industry wide deleveraging with risk guardrails calibrated tighter than industry norms. o Redesigned the underwriting architecture to improve credit quality, collection efficiencies, and strengthen portfolio performance. o Premium JLG Loans up to Rs 1 lakh for customers earning Rs.3 to 6 lakhs per annum. o Continuing to expand geographically in the MSME higher ticket size product offering.
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 9 FY27 Foundation for Sustainable Growth FY26: A Year of Stabilization FY27 Onwards: Building a Foundation for Sustainable Growth Strong Capitalization Robust Capital Base to Support Sustainable Growth Strengthened Risk Framework Industry-wide deleveraging combined with enhanced risk management and next-generation underwriting Technology Enablement Capabilities Technology driven Operating Leverage Growth Momentum MSME is emerging as a key growth driver, supported by the MFI branch infra and strategic expansion into Tamil Nadu. New Product Individual Loan Product with MSME oversight launched. MSME Build Scale. Drive Impact.FY26 Year of Stabilization Portfolio Recalibration Tightened underwriting and strengthened credit guardrails for healthier growth Asset Quality Recovery Marked improvement in collection performance and reduction in delinquencies Stronger Leadership & Governance Enhanced leadership team, risk oversight and institutional capabilities Capital Reinforced Rights Issue to strengthen capital base and liquidity position Operational Discipline Sharper processes, digital enablement and focus on sustainable profitability » From Stabilization to Sustainable Growth » %
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 10 Fusion Finance Overview Building an inclusive financial institution driven by purpose, customer trust, and sustainable growth Our Business Verticals Microfinance MSME Loans Loans to women entrepreneurs through the Joint Liability Group (JLG) model Loans against property for MSME’s in Tier 3 & 4 About Fusion Finance Started operations 2010 Achieved AUM of Rs 1,000 Cr 2017 Diversified to MSME Loans 2019 Listed on NSE & BSE 2023 Focus on sustainable growth 2026 Key Milestones Established in 2010 as a registered NBFC Providing financial services to underserved women in rural and semi-rural India Customer-centric approach driving financial inclusion in underserved markets. Well-positioned to broaden its financial product portfolio across high-potential rural markets. Our Vision Fusion Finance, with a social vision and business orientation, aims to provide underprivileged women with economic opportunities to transform the quality of their lives. Our Mission A self-sustainable financial institution which leverages the distribution network to channel products and services.
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 11 Diversified Geographical Presence Our footprint across India AUM/Branch (In Rs. Cr) 19 Lakh+ Active Customers 3 Union Territories | 22 States | 486 Districts 1,475 Total No. of Branches ~68% Top 5 states concentration 1545 1537 1536 1512 1475 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 No. of Branches State wise branches 4.6 4.5 4.8 5.1 5.4 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 291 198 125 124 107 109 62 53 51 49 45 34 38 41 36 34 42 21 7 2 5 1 Consolidation of low productive branches and plan to open ~50 new branches Co 95% 5% Presence Mix Rural Urban
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 12 MFI Business
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 13 Book composition || Borrower deleveraging *PR data Source : Equifax Data calculations done on all Fusion customers Ticket Size wise distribution of Fusion Customers* Timelines → June’25 Sep’25 Dec’25 Mar’26 Jun’26 Sep’26 Bucket ↓ <=40k 67% 59% 49% 38% 34% 34% >40k-60k 21% 24% 28% 30% 31% 31% >60k-100k 12% 16% 23% 32% 35% 31% >=100k 0% 0% 0% 0% 0% 3% Total 100% 100% 100% 100% 100% 100% Timelines Fusion only Fusion+1 Fusion+2 Fusion+ ≥ 3 Sep’26 39.5% 34.3% 20.4% 5.8% (3.7% on POS) Mar’26 37.1% 32.8% 22.4% 7.7% (5.0% on POS) Mar’25 35.5% 26.8% 19.6% 18.1% Mar’24 30.9% 19.7% 17.8% 31.5% Fusion Customers having MFI Exposure* Timelines → Jun’25 Sep’25 Dec’25 Mar’26 Jun’26 Sep’26 Bucket ↓ <=40k 37% 38% 38% 33% 29% 27% >40k-60k 15% 15% 16% 16% 16% 17% >60k-100k 25% 25% 24% 24% 25% 25% >=100k 23% 22% 22% 26% 29% 31% Total 100% 100% 100% 100% 100% 100%
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 14 Q1 FY26 (Avg.) Q2 FY26 (Avg.) Q3 FY26 (Avg.) Q4 FY26 (Avg.) Q1 FY27 (Avg.) Q2 FY27 (Avg.) Fusion + 0 43% 41% 44% 46% 51% 49% Fusion + 1 35% 34% 35% 34% 34% 34% Fusion + 2 22% 24% 22% 20% 15% 16% Fusion + 3 0% 0% 0% 0% 0% 0% Approval rate 14% 24% 25% 30% 25% 27% Avg. Monthly Customers (#) 55,739 74,896 84,893 1,10,589 92,124 85,130 Avg. Monthly Disbursement (₹ Cr) 297 406 506 672 563 536 Disbursement share || Less leveraged customers Fusion only onboards customers if they are in current bucket for all their MFI loans
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 15 Customer segmentation & Cycle wise ATS Period → Customers ↓ Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 New 24% 25% 24% 27% 27% 28% Existing 76% 75% 76% 73% 73% 72% Cycle No Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 1 40,715 41,108 43,107 44,539 45,019 45,506 2 57,940 59,279 64,311 66,215 65,991 66,018 3 + 69,936 70,734 71,259 74,877 74,538 79,784 Overall 55,308 56,414 59,584 60,826 61,127 62,905 Calculations on Disbursement values
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 16 Q2 FY27 Cycle No Fusion Only Fusion+1 Fusion+2 Fusion+>=3 Overall 1 25% 11% 3% 0% 39% 2 12% 9% 5% 0% 27% 3 + 13% 14% 8% 0% 35% Disbursement || Cycle wise and Lenders association Q3 FY26 Cycle No Fusion Only Fusion+1 Fusion+2 Fusion+>=3 Overall 1 19% 11% 5% 0% 35% 2 14% 12% 8% 0% 34% 3 + 11% 11% 9% 0% 31% Q1 FY27 Cycle No Fusion Only Fusion+1 Fusion+2 Fusion+>=3 Overall 1 24% 10% 1% 0% 36% 2 14% 12% 6% 0% 32% 3 + 12% 12% 7% 0% 32% Q4 FY26 Cycle No Fusion Only Fusion+1 Fusion+2 Fusion+>=3 Overall 1 21% 11% 5% 0% 37% 2 14% 11% 7% 0% 32% 3 + 11% 12% 8% 0% 31%
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 17 Disbursement trend || Quarterly Avg || State wise All figures in ₹ Cr. State Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 QoQ % YoY % Proportion % (Q2 FY27) Uttar Pradesh* 108 129 169 151 141 -7% 31% 26% Bihar* 73 97 134 109 95 -13% 30% 18% Odisha* 35 46 60 46 46 1% 32% 9% MP* 31 38 52 48 44 -8% 43% 8% Tamil Nadu 24 28 33 24 28 15% 15% 5% Jharkhand* 23 31 42 35 28 -21% 21% 5% Other States 112 137 183 150 154 2% 37% 29% Total 406 506 672 563 536 -5% 32% 100% *Across Five states in Q2 FY27, floods disrupted customer access and business activity, collections were prioritized, with disbursement now normalized to normal run rates.
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 18 Stable Current Bucket collections % Net flow Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Sep’26 Current to PAR 0.57% 0.54% 0.60% 0.25% 0.03% 0.08% 0.16% 0.07% CE – Collection Efficiency, calculated as (closing POS – Roll forward POS) /closing POS Flow rate on POS – Quarterly Average EOM – End of Month Previous EOM CE have been re-calculated on POS Top 5 State Current CE% on POS (EOM) Mar’25 Jun’25 Sep’25 Dec’25 Mar’26 Jun’26 Sep’26 Uttar Pradesh 98.93% 98.96% 98.93% 99.47% 99.79% 99.77% 99.74% Bihar 98.21% 98.74% 98.86% 99.44% 99.83% 99.84% 99.81% Odisha 98.14% 98.05% 98.50% 99.25% 99.76% 99.76% 99.89% Madhya Pradesh 98.61% 98.29% 98.40% 99.18% 99.64% 99.64% 99.69% Tamil Nadu 98.42% 98.83% 99.10% 99.56% 99.82% 99.74% 99.71% All India 98.63% 98.80% 98.81% 99.41% 99.79% 99.76% 99.77%
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 19 COLLECTIONS Avg. Monthly Flow Rates and QoQ bucket movement average monthly flow rates 43.8% 37.4% 28.3% 30.6% 49.0% 48.0% 66.4% 65.9% 53.6% 51.7% 69.7% 70.4% 74.6% 73.8% 63.5% 60.7% 68.4% 71.8% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Sep'26 PAR 0 - > PAR 30 PAR 30 - > PAR 60 PAR 60 - > PAR 90
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 20 MSME Business
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 21 Retail Shop Traders Wholesalers Manufacturers Service Providers MSME Business Empowering India’s Entrepreneurs & Driving Sustainable Growth SECURED BUSINESS LOAN • Lending for established businesses, backed by collateral • Introduced collateral backed Loans upto 25 Lac in Focused States. Serving underserved rural & semi-urban entrepreneurs across India Product Offerings Key Metrics Who we lend to OPERATIONAL METRICS FINANCIAL METRICS 86 Branches Rs. 828 Cr. AUM ( As at Sept 30, 2026) Rs. 118 Cr. Disbursements (Q2 FY27) 18K + Active Customers 42.4% LTV 69 Avg Tenor (Months) 7 States Growth Strategies Scale secured MSME franchise profitability Drive cross-sell opportunities across branch network Real-time payment links & digital servicing ~ 50 MFI branches infra to be used in MSME.
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 22 Performance Highlights & Credit Cost
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 23 Performance Highlights Key Metrics Q2 FY27 Q1 FY27 QoQ Q2 FY26 YoY AUM 8,007 7,702 4% 7,038 14% Disbursement 1,726 1,783 (3)% 1,298 33% NII 265 236 12% 247 7% NIM / Spread (%) 12.5% 11.9% 59 Bps 10.9% 167 Bps Total Income 486 458 6% 433 12% OPEX 210 206 2% 209 0% PPOP 125 102 22% 89 40% Credit Cost 39 40 (3)% 111 (65)% PBT 86 62 39% (22) n.m. PAT 86 62 39% (22) n.m. Net worth 2,614 2,521 4% 1,918 36% All figures in ₹ Cr. H1 FY27 FY26 8,007 7,407 3,509 5,983 501 974 12.2% 10.8% 944 1,733 417 832 227 362 78 425 149 (63) 149 14 2,614 2,456
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 24 Credit Cost Particulars Q2 FY27 Q1 FY27 Q2 FY26 FY 26 Opening ECL [A] 233 270 579 887 - Provisions as per ECL[B] 39 38 111 421 Reversals (on account of write-off/sale) [C] 63 75 246 1,038 Closing ECL [D = A+B-C] 209 233 444 270 Impairment on Loan Portfolio [E] 39 38 111 421 Credit Cost (Provisions) / % of Avg. On-Book Loan Portfolio* 0.6% 0.6% 1.7% 5.8% Bad-Debt Recovery [F] 21 21 13 54 Net P&L Impact [E – F] 18 17 99 367 Net P&L Impact – % of Avg. On-Book Loan Portfolio* 0.3% 0.3% 1.5% 5.1% Slab Loans (Gross) (₹ Cr) Loans (Gross) (%) ECL (₹ Cr) ECL (%) Q2 FY27 ECL (%) Q1 FY27 - Stage I 6,836 97.7% 70 1.0% 1.0% - Stage II 51 0.7% 34 67.3% 64.5% - Stage III 112 1.6% 105 93.4% 81.5% Total 6,999 100% 209 3.0% 3.5% - GNPA (Stage III) 1.6% 2.5% - NNPA (Net Stage III) 0.1% 0.5% * Non-annualized for quarter ended ₹ 19.5 Cr management overlay All figures in ₹ Cr.
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 25 Tech Capabilities & ESG
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 26 AI Excellence: Turning Intelligence into Business Impact AI AT EVERY STEP Customer Onboarding AI enabled onboarding, multilingual engagement Collections Reminder calls for Pre Due and Overdue, Higher Stage Collections across MFI and MSME Customer Service AI Call Quality Monitoring, improved experience and cost to serve Credit Assessment AI Video PD & Income Assessment: faster underwriting, fraud reduction Risk & Fraud Employee and Portfolio Verification: stronger controls and auditability AI TOUCHING MILLIONS 10 Mn+ Customers Reached via AI 1.5 Mn+ Customers actively engaged through AI 12.5K+ Calls monitored for Quality AI CENTRE OF EXCELLENCE 01 Fusion Mitra: AI Knowledge & Training Bot Deployed for employees across the board for training and knowledge enhancement on product, policy and process. Available in every vernacular language and supports text as well as voice, for both input and output. Currently under pilot for model training and enhancement, with full-scale deployment targeted by mid-November. 02 Fusion Drishti: AI-Enabled Fraud Detector A proprietary tool that analyses Video PD recordings to detect fraud and inaccuracy in field- captured information, empowering the team with an independent, evidence-backed view of every case. It produces a transcript, key frames, conversation-based income estimation and a summary report, surfacing inconsistencies that are easy to miss in manual review. 03 Fusion Vaani: In-House Voice AI Agent Our own voice AI calling platform, built end to end by the in-house team. It lowers per-call cost and vendor dependency while giving consistent, scalable call coverage. Going live by end- November and designed as a reusable platform for every future calling use case. THE ROAD AHEAD, BUILT IN -HOUSE Every capability below is planned to be built and owned by our own AI team, on our own infrastructure. CREDIT & UNDERWRITING AI-powered underwriting and behavioural credit scoring Video PD and income assessment at scale Autonomous decisioning on low-risk cases RISK & FRAUD Fraud prevention across the lending lifecycle Predictive delinquency and early-warning systems ENGAGEMENT & PRODUCTIVITY Hyper-personalised multilingual customer service AI calling extended across every vertical AI-led hiring, onboarding and productivity Build once, reuse everywhere — no vendor lock-in, data and IP stay with Fusion. Better Risk & Quality Profile AI-driven fraud detection Video identity verification Early warning systems Continuous portfolio monitoring Consistent compliance documentation
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 27 Technology Transformation || Scalable growth, stronger controls, superior customer experience 1 Digitize End-to-end digital customer onboarding and servicing • Identity & fraud: Aadhaar face authentication; 100% real-time Voter ID validation across branches • Paperless journey: OCR capture, eKYC, PAN verification and OTP-based digital signing • Field-ready: automated receipts; Video KYC Impact: Faster onboarding, stronger fraud prevention and compliance 2 Intelligence AI-enabled credit, collections and customer engagement • AI calling: Multiple AI use cases live across onboarding, sales, collections and service • Credit & risk: automated KYC validation and risk grading; AI/ML-led identification of high-risk customers • Engagement: omni-channel outreach via SMS and WhatsApp across digital, tele- calling and field teams Impact: Consistent credit decisions, scalable and consistent customer outreach 3 Scale FinSetu-powered lending platform and modernized core stack • FinSetu program: new LOS (web & mobile) and Temenos LMS; • Operations: dedicated AMS support model for platform reliability and governance • Core stack: integration and reporting modernization Impact: Unified lending platform, improved availability and resilience Outcome: Stronger controls, improved productivity, enhanced customer experience and a scalable foundation for future growth
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 28 ESG : Aspiring to become a responsible Financial Institution • Continued adherence to the IFC Exclusion List • Sustainable Operations: Expanded digital receipts, SMS confirmations and paperless workflows, reducing paper usage and enhancing efficiency. • Ensured compliance with India’s E-Waste Rules 2022 with compliant disposal via CPCB-registered channels. • Strengthened customer-centric practices aligned with Cerise+SPTF standards. Social • More than 50% board comprising independent directors including 1-woman independent director • Risk Management Committee to review management policies in relation to various risks related issues. • Awarded a score of 96% on the Code of Conduct Assessment (CoCA) for MFIs in India by M-CRIL*. Also, CRISIL assigned a rating of 66 which is considered STRONG. • Awarded the Gold Level Certification by M-CRIL according to the Client Protection Certification Framework promoted by SPTF and CERISE. • Received Alpha rating for MIR (Microfinance Institutional Rating) by M-CRIL. • Dedicated ALM committee to monitor maturity schedule of financial liabilities & assets. • Under 6 CSR programs, 19 activities implemented and covered 16 districts across 12 states and UTs , touching 1593 lives. • Under Health & Hygiene thematic area, 3 Health camps conducted across 3 states and touched 459 lives • Under Education and skill development thematic area, 4 FLP conducted across 4 states and touched 348 lives • Under Relief work covered Sorada locations in Odisha states and touched 92 lives. • Mandatory training launched. GovernanceEnvironmental Reducing Environmental Impact Empowering Community & Employees through various Initiatives Responsible business practices through transparency, integrity & accountability * Rated 96% on the Code of Conduct Assessment for MFIs in India, based on indicators of transparency, client protection, governance, recruitment, client education, grievance redress and data sharing, by M-CRIL, a global leader in the financial rating of microfinance institutions
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 29 CSR Footprint : Driving Impact Across Communities Glimpses of our CSR Programs Program : Health Camp Providing basic health care facilities for underserved communities. Program : Nanhi Pahel Supporting access to quality early childhood education and holistic development for children up to 5 years of age. Program : Financial Literacy Enhancing financial and digital literacy through awareness programs.. 12 States 16 Districts 2 Aspirational Districts 6 Branding & Visibility 3 Partnership with NGO’s 6 CSR Programs 2 SDG’s Covered 1,590+ Lives Touched 85+ Employees Volunteering 68+ Govt. / Key officials
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 30 Risk Governance & Internal Audit Structure Independent Team Independent team structure and reporting Complete access to data, system and information Board Audit Committee chaired by Independent Director Majority of Committee members are independent Chief Internal Auditor Board Audit Committee Board of Directors Corporate Office Audit Team Field Audit Team MD & CEO MFI Audit Team MSME Audit Team Operations Risk Management Management Risk Committee Credit Risk Management Analytics Board Risk Management Committee Board of Directors Risk Management Dept. (second line of defense) Line Management (first line of defense) Internal Audit (third line of defense) Framework Board Risk Management Committee (BRMC) Board Level Committee chaired by independent director Approves Risk Management Policies & Framework Quarterly review of the Organizational Risk environment Comprehensive coverage of all the risk management areas Management Risk Committee (MRC) Committee of Senior Management Monthly review of risk areas of all departments Detailed presentation by all departments Strategic actionable are agreed & tracked Internal Audit StructureRisk Governance Framework
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 31 Key Strengths & Liability Management
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 32 Key Strengths || Agility across business cycles AUM Disbursement AUM Disbursement QoQ YoY All figures in ₹ Cr. 1,298 1,594 2,140 1,783 1,726 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 8,596 10,294 6,971 5,983 3,509 FY23 FY24 FY25 FY26 H1 FY27 7,038 6,876 7,407 7,702 8,007 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 9,296 11,476 8,980 7,407 8,007 FY23 FY24 FY25 FY26 H1 FY27
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 33 AUM/ RO (₹ in Cr) AUM/Branch (₹ in Cr) Borrower/ Branch AUM/ RO (₹ in Cr) AUM/Branch (₹ in Cr) Borrower/ Branch For MFI Vertical only QoQ YoY 1.1 1.4 1.3 0.9 1.0 1.2 FY22 FY23 FY24 FY25 FY26 H1 FY27 7.4 8.8 9.1 5.7 4.6 5.2 FY22 FY23 FY24 FY25 FY26 H1 FY27 3,020 3,452 3,204 2,177 1,487 1,375 FY22 FY23 FY24 FY25 FY26 H1 FY27 0.8 0.9 1.0 1.1 1.2 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 4.4 4.3 4.6 4.9 5.2 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 1,759 1,602 1,487 1,406 1,375 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Key Strengths || Steadily Improving Branch Performance
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 34 Key Strengths || Operational Prudence Avg. Ticket Size (₹ in K) Borrowers (in Lacs) Avg. OS / Borrower (₹ in K) Avg. Ticket Size (₹ in K) Borrowers (in Lacs) Avg. OS / Borrower (₹ in K) For MFI Vertical only QoQ YoY 54.2 59.6 60.8 61.1 62.9 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 25.6 23.2 21.5 20.0 19.1 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 24.8 26.5 30.9 34.6 37.7 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 35.7 37.9 43.4 46.8 57.7 62.0 FY22 FY23 FY24 FY25 FY26 H1 FY27 27.2 35.2 38.4 31.9 21.5 19.1 FY22 FY23 FY24 FY25 FY26 H1 FY27 24.5 25.6 28.5 26.1 30.9 37.7 FY22 FY23 FY24 FY25 FY26 H1 FY27
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 35 Key Strengths || Liability Management Institutions / Banks Q2 FY27 Q1 FY27 FY26 FY25 Public Sector Banks 8% 11% 16% 27% DFI- Domestic 2% 3% 3% 7% Private Sector Banks 53% 47% 43% 36% Foreign-Banks 21% 21% 18% 20% Non-Banking Financial Institutions 11% 13% 14% 5% Foreign Portfolio Investors 2% 3% 2% 2% DFI - Foreign 3% 2% 4% 3% Total 100% 100% 100% 100% Average & Marginal Cost of Borrowing YoY Average & Marginal Cost of Borrowing QoQ 10.4% 10.3% 10.4% 10.3% 10.3% 10.5% 9.6% 10.2% 10.0% 9.9% 11.2% 9.8% FY22 FY23 FY24 FY25 FY26 H1 FY27 Cost of Borrowing Marginal Cost of Borrowing 10.3% 10.3% 10.3% 10.6% 10.3% 12.2% 11.2% 10.3% 10.1% 9.4% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Cost of Borrowing Marginal Cost of Borrowing Instruments Q2 FY27 Q1 FY27 FY26 FY25 Term Loan 78% 81% 82% 94% NCD 4% 5% 5% 2% Sub Debt 1% 1% 1% 1% ECB 7% 7% 7% 3% PTC 10% 6% 5% 0% Total 100% 100% 100% 100%
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 36 20.4 17.6 17.5 14.5 17.5 17.9 22.2 24.2 23.1 19.2 24.9 25.1 FY22 FY23 FY24 FY25 FY26 H1 FY27 Avg. Maturity of Assets Avg. Maturity of Liabilities Key Strengths || Liability Management Rating Instrument Rating Agency Ratings Long-term debt CRISIL A - / Stable CARE A / Stable NCD ICRA A - / Stable PTC CRISIL AA+(SO) /AA-(SO)/ A(SO) ICRA AA+(SO) CARE AA+(SO) & A+(SO) Commercial Paper (CP) CRISIL A1 Grading CART MFI 1 Comprehensive MFI Grading (COCA) M-CRIL M2C1 Client Protection Certification M-CRIL Gold Level Positive ALM (Months) Loan Maturity *Includes Lien free deposits **Loan Recovery taken as 90% of scheduled demand • Sanctions in hand ₹ 2,822 Cr All figures in ₹ Cr. Stable Liquidity Position Particulars (₹ Cr) Oct26 (P) Nov26 (P) Dec26 (P) Jan-27- Mar 27(P) Opening Cash & Equivalents (A) 1,661* 1,613 1,582 1,400 Loan Recovery [P + I] **(B) 472 465 484 1,319 Total Inflow C= (A + B) 2,133 2,078 2,066 2,719 Borrowing Payment [P + I] (D) 318 291 471 844 DA/PTC/BC [P + I] (E) 144 147 136 398 Opex (F) 58 58 59 180 Total Outflow G = (D + E + F ) 520 496 666 1,422 Closing Cash & equivalents H = (C - G) 1,613 1,582 1,400 1,297 1 – 3 Year 89% 3 – 5 Year 6% >5 years 5%
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 37 Financial Performance
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 38 Profit and Loss Statement Profit & Loss Statement Q2 FY27 Q1 FY27 QoQ% Q2 FY26 YoY% - Interest Income on portfolio 415.6 386.1 8% 381.6 9% - Finance Cost 150.5 149.8 0% 134.3 12% Net Interest Income 265.1 236.2 12% 247.3 7% - Treasury Income 21.2 25.1 (16)% 9.1 133% - Net gain on derecognition of financial instruments 16.4 14.2 15% 9.8 67% - Other operating Income 32.5 32.8 (1)% 15.3 112% - Non-operating Income 0.1 0.1 (57)% 16.9 (100)% Gross Income (Net of Finance Cost) 335.2 308.5 9% 298.4 12% - Employee benefit expense 157.7 155.5 1% 154.1 2% - Depreciation and amortization expense 1.8 1.7 1% 2.5 (29)% - Other expenses 50.7 49.2 3% 52.8 (4)% Total Operating Expenses 210.2 206.4 2% 209.4 0% Pre-Provision Operating Profit (PPOP) 125.0 102.1 22% 89.0 40% - Impairment of financial instruments 38.5 39.7 (3)% 111.2 (65)% Profit/(loss) before tax 86.5 62.4 39% (22.1) n.m. - Tax expense/(credit) - - - - - Profit/(loss) after tax 86.5 62.4 39% (22.1) n.m. All figures in ₹ Cr. H1 FY27 H1 FY26 YoY% FY26 801.7 798.7 0% 1,513.1 300.4 283.2 6% 538.7 501.3 515.6 (3)% 974.4 46.2 20.3 128% 49.8 30.6 15.5 97% 57.2 65.3 23.5 178% 78.4 0.2 20.2 (99)% 34.0 643.6 595.1 8% 1,193.8 313.2 308.3 2% 616.9 3.5 4.9 (29)% 9.6 99.8 106.3 (6)% 205.0 416.6 419.5 (1)% 831.5 227.1 175.6 29% 362.2 78.2 290.0 (73)% 425.2 148.9 (114.4) n.m. (62.9) - - - (76.8) 148.9 (114.4) n.m. 13.9
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 39 Balance Sheet Financial Position Q2 FY27 Q1 FY27 QoQ % Q2 FY26 YoY % Financial and Non-financial assets - Cash & Other Bank Balances 1,660.7 1,880.2 (12)% 809.9 105% - Bank balances other than cash and cash equivalents 127.1 113.2 12% 168.2 (24)% - Loans (Net of Impairment Loss Allowance) 6,789.6 6,405.9 6% 5,936.2 14% - Investments 23.2 2.0 1047% 2.1 1014% - Current and deferred tax assets 87.6 84.9 3% 35.0 150% - PPE, Right of use asset and Intangible assets & Capital WIP 43.9 45.0 (2)% 41.5 6% - Trade Receivables, Derivative financial & Other financial assets 113.7 114.8 (1)% 68.5 66% - Other non-financial assets 11.3 11.6 (3)% 29.0 (61)% Total assets 8,857.0 8,657.8 2% 7,090.4 25% Financial and Non-Financial liabilities - Debt securities 266.9 306.4 (13)% - n.m. - Borrowings (other than debt securities) 5,615.0 5,479.6 2% 4,879.6 15% - Subordinated liabilities 54.5 54.4 0% 54.0 1% - Trade payables & Derivative financial instrument 37.8 32.5 16% 27.1 40% - Other financial liabilities 220.3 221.2 0% 159.5 38% - Current tax, Provisions & Other non-financial liabilities 48.7 43.1 13% 52.0 (6)% Total liabilities 6,243.1 6,137.1 2% 5,172.2 21% Total equity 2,613.9 2,520.7 4% 1,918.2 36% Total liabilities and equity 8,857.0 8,657.8 2% 7,090.4 25% All figures in ₹ Cr.
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 40 Key Ratios Margin Analysis Cost to Income Opex to Avg. AUM Margin Analysis Cost to Income Opex to Avg. AUM QoQ YoY 18.8% 20.4% 21.6% 20.5% 21.0% 22.7% 10.4% 10.3% 10.4% 10.3% 10.3% 10.5% 8.4% 10.2% 11.2% 10.2% 10.8% 12.2% FY22 FY23 FY24 FY25 FY26 H1 FY27 Portfolio Yield Cost of Borrowing NIM / Spread 44.3% 38.4% 36.6% 51.7% 69.7% 64.7% FY22 FY23 FY24 FY25 FY26 H1 FY27 21.2% 21.6% 21.7% 22.5% 22.8% 10.3% 10.3% 10.3% 10.6% 10.3% 10.9% 11.3% 11.4% 11.9% 12.5% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Portfolio Yield Cost of Borrowing NIM / Spread 70.2% 68.9% 68.8% 66.9% 62.7% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 5.5% 5.5% 5.7% 7.7% 10.1% 10.8% FY22 FY23 FY24 FY25 FY26 H1 FY27 11.4% 11.9% 11.5% 10.9% 10.7% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 41 Key ratios GNPA CRAR NNPA 4.61% 4.38% 3.21% 2.51% 1.60% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 0.38% 0.63% 0.51% 0.47% 0.11% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 31.31% 38.80% 36.46% 36.95% 36.75% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 42 Stakeholder Management Category Top Share Holders Mutual Fund HDFC TRUSTEE COMPANY LTD. A/C HDFC BALANCED ADVANTAGE FUND Foreign Portfolio Investors INDIA CAPITAL FUND LIMITED Mutual Fund NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA VALUE FUND Mutual Fund ADITYA BIRLA SUN LIFE MUTUAL FUND - ADITYA BIRLA SUN LIFE BANKING AND FINANCIAL SERVICES FUND Mutual Fund BANDHAN BALANCED ADVANTAGE FUND Insurance Company GENERALI CENTRAL LIFE INSURANCE COMPANY LIMITED SH/ NON UNIT LINKED Public DEVESH SACHDEV Mutual Fund ICICI PRUDENTIAL BANKING AND FINANCIAL SERVICES FUND Mutual Fund JM FINANCIAL MUTUAL FUND - JM SMALL CAP FUND Insurance Company INDUSIND GENERAL INSURANCE COMPANY LIMITED Alternate Investment Fund AIONIOS ALPHA FUND - AIONIOS ALPHA FUND I Mutual Fund WHITEOAK CAPITAL SPECIAL OPPORTUNITIES FUND Foreign Portfolio Investors MORGAN STANLEY ASIA (SINGAPORE) PTE. – ODI *During the quarter, the promoters’ shareholding in the Company decreased mainly on account re-classification of Mr. Devesh Sachdev and his family members from the Promoter and Promoter Group category to the Public shareholder category. 54.5% 14.7% 30.8% 51.8%* 17.1% 31.2% Promoter & Promoter Group Top Shareholders Public + Others 31-Mar-26 30-Sep-2026
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 43 Highly Experienced Board with Strong Governance • Hemant Mundra is a Managing Director at Warburg Pincus. Mr. Mundra is a postgraduate from Indian Institute of Management, Ahmedabad and BTech in Chemical Engineering from IIT, Bombay Hemant Mundra, Non-Executive Director • Rajeev Sardana is an ex-member of the Executive Management at HDFC, with expertise in financial services, lending, retail assets, and credit risk management. Since 2024, he has been serving as Senior Director for Strategy and Planning at Greenfinch Global Consulting. Rajeev Sardana, Independent Director • 28+ years of expertise in retail financial markets and a deep understanding of the key drivers in the sector. Prior to joining Fusion Sanjay led the Urban Finance business of L&T Finance, managing a large portfolio consisting of two-wheeler, consumer loans, and mortgages. Sanjay Garyali, MD and CEO • Over 34 years of experience working with companies like Grindlays Bank and Deutsche Bank Namrata Kaul, Independent Director • Served on the Boards of Sonata Finance, Kissandhan Agri Financial Services and North End Foods Marketing • Over 2 decades extensive experience in Non-Banking Financial Companies and Credit Markets Remika Agarwal, Non-Executive Director • Dr. Puneet Gupta, with nearly 30 years of experience in private equity and fintech, founded Simplilend and is an adjunct professor at IMT Ghaziabad Puneet Gupta, Independent Director • Brahmanand Hegde, a 30+ year veteran in microfinance and financial inclusion, founded Vistaar Finance and led key initiatives at ICICI Bank and Fullerton India. • He also serves as Independent Director with Varthana Finance and Kaabil Finance. Brahmanand Hegde, Independent Director
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 44 The Management Team Krishan Gopal CFO Sunil Mundra COO-MFI Jitender Sharma Deputy COO– MSME Sushil Menon CIO Nishant Monga Chief Compliance Officer Anurag Srivastava CCO Gautam Munjal Head – Internal Audit Sanjay V Choudhary CRO Chinmayi Trivedi CHRO
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 45 Abbreviations AUM Asset Under Management PAT Profit After Tax NIM Net Interest Margin ECL Expected Credit Loss CRAR Capital Risk Adequacy Ratio GNPA Gross Non-Performing Assets NNPA Net Non-Performing Assets NII Net Interest Income PPOP Pre-Provision Operating Profit before tax COB Cost of Borrowing Opex Operating Expenses YoY Year on Year QoQ Quarter on Quarter PAR Portfolio at risk ATS Average Ticket Size CE Collection Efficiency PBT Profit Before Tax RoA Return on Assets RoE Return on Equity D/E Debt to Equity EOM End of Month AI Artificial Intelligence DFI Development Financial Institutions Cr Crore L Lac Mn Million K Thousand FY Financial Year Bps Basis points H Half Yearly Q Quarter ALM Asset Liability Management TAT Turn Around Time API Application Programming Interface UPI Unified Payments Interface ISO International Organization for Standardization GLP Gross Loan Portfolio MFIN Micro Finance Industry Network SRO Self Regulatory Organization LTV Loan to Value Avg. Average LOS Loan origination system LMS Loan management system ESG Environment, Social and Governance POS Portfolio Outstanding RO Relationship Officer P + I Principal + Interest
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 46 Definitions • AUM represents the aggregate of principal outstanding for all loans including the assigned portfolio as of the last day of the relevant period/year • Net Interest Income represents interest income on loan portfolio for the relevant period/year reduced by finance costs for such period/year • Yield represents interest income as a percentage of average outstanding on-book portfolio for the relevant period/year • Cost of Borrowing represents finance cost excluding interest on finance lease as a percentage of average principal outstanding of borrowings for the relevant period/year • Net Interest Margin represents the difference between the Yield and Cost of Borrowing for the relevant period/year • Return on Assets represents profit for the relevant period/year as a percentage of average total assets for such period/year • Return on Equity represents profit for the relevant period/year as a percentage of average equity for such period/year • Pre-Provision Operating Profit represents the sum of profit before tax for the relevant period/year and impairment on financial instruments for such period/year • Debt to Equity ratio represents our total borrowings divided by total equity attributable to shareholders as of the last day of the relevant period/year. Total borrowings represent the aggregate of debt securities, subordinate liabilities, borrowings (other than debt securities) as of the last day of the relevant period/year • Marginal Cost of Borrowing represents the weighted average (IRR) cost of borrowings as a percentage of borrowings availed for the relevant period/year. • Cost to Income ratio represents operating expenses (which comprises the aggregate of employee benefits expense, depreciation and amortization and other expenses) as a percentage of total income less finance costs for the relevant period/year • Gross NPA represents our portfolio of Stage III Assets as of the last day of the relevant period/year • Net NPA represents Stage III Assets (Gross NPAs) as of the last day of the relevant period/year as reduced by ECL on Stage III Assets for such period/year.
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November 1, 2026 | © Fusion Finance Limited | www.fusionfin.com 47 THANK YOU For Investor queries contact Prashant Kumar investor.relations@fusionfin.com Adfactors PR Hanishi Shah Hanishi.shah@adfactorspr.com