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Q3 FY26 Earnings Presentation January 15, 2026 Jio Financial Services Limited
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Safe Harbor 2 This presentationcontainsforward-lookingstatementswhich may be identifiedby their use of words like “plans,”“expects,”“will,”“anticipates,”“believes,”“intends,”“projects,”“estimates”or otherwordsof similar meaning. Allstatementsthataddressexpectationsorprojectionsaboutthefuture,including,butnotlimitedto, statementsaboutthestrategyforgrowth,productdevelopment,marketposition,expenditures,andfinancial results,areforward-lookingstatements. Forward-looking statementsare based on certain assumptionsand expectationsof future events. The companiesreferredto in this presentationcannotguaranteethat theseassumptionsand expectationsare accurateor willbe realized. Theactualresults,performanceor achievements,couldthusdiffermateriallyfrom thoseprojectedin anysuchforward-lookingstatements. Thesecompaniesassumeno responsibilityto publicly amend,modifyor reviseany forwardlookingstatements,on the basis of any subsequentdevelopments, informationorevents,orotherwise.
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Scaling-Up with momentum 3 *includes (a) Net interest income and fee & commission income from NBFC, (b) Gross fees & commission income from Payment solutions, (c) Gross fees & commission income from Insurance Broking, (d) Net interest income and gross Fees & Commission income from Payments Bank (e) Fee & commission income from Asset Management Company (f) fee & commission income from sale of digital gold; ^Consolidated Net Total Income is Total Consolidated Income less finance cost on external borrowings and deposits and dividend income and includes Total Income from Asset Management Company and total income of the payments bank (for Q3 FY25). ** includes owned and corporate Business Correspondent touchpoints Jio Credit Limited • Gross disbursements of Rs. 8,615Cr (+107% YoY; +30% QoQ) JioBlackRock Asset Management Private Limited • Launched 10 funds across cash, debt and equity within 6 months of launch • Introduced JioBLK Profolios - model portfolios comprising JioBlackRock mutual funds Jio Payment Solutions Limited • Expanded merchant base by 76% YoY • Net processing margin at 10bps (up 1bp YoY and QoQ) Jio Payments Bank Limited • Launched Cash Management Services and Direct Benefit Transfer • 3.2mn CASA accounts (+69% YoY); BC** network expands to ~287,000 (+44% QoQ) Rs. 901Cr (+101% YoY; +23% QoQ) Cons. Total Income (ex-dividend) Rs. 354Cr (+7% YoY; +15% QoQ) Cons. PPOP (ex-dividend) Rs. 1,49,611 Cr Cons. Total Shareholders’ Equity Rs. 386Cr (+320% YoY; +22% QoQ) Net Income from Business Operations* 55% vs 20% in Q3 FY25 and 52% in Q2 FY26 As % of Consolidated Net Total Income^ Rs. 14,972Cr across AUM across 10 funds Rs. 19,049Cr (+354% YoY) NBFC AUM Rs. 507Cr (+94% YoY) Payments Bank Deposits Rs. 16,315Cr (+156% YoY) Payment Solutions TPV
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4 Comprehensive solutions for an aspirational India INVEST Digital-first, world-class investment solutions JVs with BlackRock Asset management Wealth management Securities broking BORROW Suite of retail and corporate lending products Jio Credit Limited (JCL) TRANSACT Powering seamless digital payments for individuals and merchants PROTECT Insurance for individuals and institutions Jio Payments Bank Limited (JPBL) Jio Payment Solutions Limited (JPSL) JVs with Allianz for Reinsurance, Life & General* Jio Insurance Broking Limited (JIBL) Delivering the best for India through innovative products, omni-channel distribution, fit-for-purpose tech and high-performance talent with a digital-first approach… 20mn+ Unique users across all digital properties Growth phase Incubation Phase *Signed Non-binding agreement for Life & General 9.2mn Quarterly MAU# # Quarterly MAU- Average Monthly Active Users during Q3 FY26
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5 Products: Diversified, trusted, smart Legend: *Third-party products, ^launched in partnership with Mastercard for a closed-user group, commercial launch to follow shortly • Life (Term & Non-Term)* • Health* • Car and Two-wheeler* Protect • Tax Filing & Planning* • Tap-and-Pay^ • UPI & Bill Payments • CASA with debit cards • Biometric-enabled payments • Split Payments Transact • Home Loan • Loan against Property • Loan against ETFs • Loan against Mutual Funds (LAMF) • Loan against Shares (LAS) Borrow • Mutual Funds • Savings Pro • Jio Gold* • Finances – wealth tracking dashboard Invest
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Distribution: Covering 19K+ PIN codes of India 6 JioFinance & MyJio: Primary source of customer acquisition with 9.2mn quarterly MAU JPSL: Launched transactional website and BizzApp on iOS for merchants JioBlackRock AMC: Expanded partnerships from 71 to 84 digital fintech platforms and Registered Investment Advisors JIBL: Launched digital funnel for institutional sales on website and driving organic traffic search traffic JPBL: Launched web portal for streamlined, secure account opening Physical Digital JPBL: Built network of ~287,000 Business Correspondents (BC)** vs. 7,263 in Q3 FY25 JCL: Expanded physical footprint to 16 cities with 18 offices vs. 8 cities with 8 offices in Q3 FY25 JIBL: Expanded digital PoSP* channel presence to 10 states * PoSP - Point of Sales Person, ** includes owned and corporate BC touchpoints JPSL: Strengthened offline merchant network across 7 states
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AI, Data & Tech: Driving financial empowerment 7 Jio Credit Limited Jio Payments Bank Limited Video & Cloud Tele solutions for Collections targeting a “zero feet-on-street” model Video Personal Discussion for Credit assessment significantly reducing customer turnaround time “Do-it-yourself” partner portal for seamless onboarding AI-driven Email Automation for customer queries B2B Recon & Settlement Automation for same- day partner settlements for AEPS, DMT and UPI Jio Payment Solutions Limited Successful migration to new payment gateway to optimize performance and costs End-to-End automation of reconciliation processes accelerating merchant payouts Launched AI "Compliance Brain“ for conversation- driven regulatory verification of merchants Jio Insurance Broking Limited AI-assisted journeys & agentic voice bots to boost self-serve insurance conversions Analyzing user behavior across journeys for data-driven conversion optimizations Automated policy servicing for fast processing with minimal operational risk AI Robust data & intelligence layer across all entities with 360O Customer view at the core
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8 People: Augmenting Human Potential for Impact 8 Built a young and dynamic team of 1,900+ agile minds with diverse backgrounds AI-driven, cross-functional teams focused on targeted customer outcomes Cultural DNA of Execution Excellence, Ownership and Digital Mindset Our in-house innovation expo focused on high-impact tech & AI-based solutions Jio FinX
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9 Lending (1/2) 4,199 14,712 19,049 Q3 FY25 Q2 FY26 Q3 FY26 29% AUM (Rs. Cr) 4,168 6,624 8,615 Q3 FY25 Q2 FY26 Q3 FY26 Disbursements (Rs. Cr) 30% Borrowings (Rs. Cr) Product Portfolio & Distribution Home Loan (HL) & Loan Against Property Sourcing through app, website, group ecosystem, online aggregators, channel partners & developer partnerships (for HL) Loan Against Mutual Funds, Shares & ETFs Sourcing through app, website, wealth management companies and banks Corporate Loans (including SME & MSME) Direct sourcing, channel partners and group ecosystem Jio Credit Limited Q3 FY26 Highlights 9% 9%17% 19% 60% 63% 100% 14% 9% Q3 FY25 Q2 FY26 Q3 FY26 CP* NCD** Bank Loans^ ICD & B-TREPS^^ Average Cost of Borrowing of 6.99% vs 7.06% in Q2 FY26 1,350 11,960 16,192 * Commercial Papers; ** Non-Convertible Debentures, ^includes WCDL and Term Loans, ^^Inter-Corporate Deposits and Tri-party Repo Rate
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10 Lending (2/2) Statement of Profit and Loss Particulars (in Rs. crore) Q3 FY25 Q2 FY26 Q3 FY26 Interest income 64 299 400 Finance cost1 2 159 235 Net Interest Income 62 140 165 Fees and commission income 0 2 7 Net gain on fair value changes 15 0 0 Other Income 0 1 0 Net Total Income 77 143 172 Staff Expenses 22 40 48 Other Operating Expenses 12 23 25 Total Expenses 34 63 73 Pre-provisioning operating profit 43 80 99 Provisions 12 13 19 Profit before tax 31 67 80 Provision for taxation 8 17 21 Profit after tax 23 50 59 Rs. 5,093 Cr Total Shareholders’ Equity as of December 31, 2025 24.29% Capital Adequacy Ratio 3.2x Debt/Equity Ratio 1 Finance cost paid on internal and external borrowings
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Payments (1/3) 11 Key engagement layer for customer acquisition with high stickiness Customer Acquisition Channels • JioFinance app • MyJio app • Website Digital CASA variants (including Savings Pro) Cash Management Services Virtual and Physical Debit Cards Direct Benefit Transfer UPI & Wallets Toll Processing Target Customer and Value Proposition Urban Secondary account to declutter the primary account and provide access to broader financial services Rural Primary bank account to serve core banking requirements through assisted digital channel Jio Payments Bank Limited Products and Services Aadhar enabled Payment System • Own BCs • Corporate BC touchpoints • Group ecosystem Physical
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Payments (2/3) 12^Total Income comprises Net Interest Income and Gross Fees and Commission Income; *Includes Current Account, Savings Account and Wallets; **Q2 FY26 and Q3 FY26 includes owned and corporate BC touchpoints 1.89 2.95 3.20 Q3 FY25 Q2 FY26 Q3 FY26 261 421 507 Q3 FY25 Q2 FY26 Q3 FY26 7,263 199,193 286,766 Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY26 Highlights 6 30 61 Q3 FY25 Q2 FY26 Q3 FY26 CASA Customers (mn) Deposits* (Rs. Cr) BC Network**Total Income^ (Rs. Cr) • Transaction throughput up 3x QoQ • Awarded mandates for two additional Multi-Lane Free Flow (MLFF) plazas in Gujarat and Tamil Nadu; secured 4 out of 8 MLFF mandates given so far • In-principle approval received from RBI to set up 75,000+ new business correspondents 103% 9% 20% 44%
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13 Payments (3/3) Transaction Processing Volume (Rs. Cr) • Onboarded clients across e-commerce, quick commerce, travel, utilities, BFSI and government • Launched POS terminals for in-store card and UPI payments • Real time Bank Account Verification Services to improve merchant onboarding experience • Dynamic Currency Conversion for merchants to collect international card payments in local currency • Dashboard for enterprise merchants to enable payouts across multiple bank accounts • Launched Ask AI for Developer Docs for accelerated merchant integration • Instant Settlements [under 10 mins] to optimize merchant cash flow and liquidity 6,370 13,566 16,315 Q3 FY25 Q2 FY26 Q3 FY26 20% 21 76 96 Q3 FY25 Q2 FY26 Q3 FY26 Gross Fees and Commission Income (Rs. Cr) 26% Continue to focus on unit-level profitability with net processing margin expanding to 10bps Jio Payment Solutions Limited
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14 Investments 400+ institutional and 1,000,000+ retail investors 18%+ of our investors are new to Mutual Funds 40%+ Retail AUM coming from B30** cities BlackRock – BlackRock Advisors Singapore Pte. Ltd. and BlackRock, Inc.; ** Beyond top 30 cities; ^ Launched on 12th January 2026, *Specialized Investment Fund 51% of investors with Active SIPs • Robust retail engagement in Flexi Cap fund; AUM up 70% since NFO • NFO for an Arbitrage fund launched in December 2025 raised Rs. 213Cr • Launched JioBLK Profolios – curated model portfolios of JioBlackRock MF • NFO of Short Duration and Low Duration Funds closed on January 13, 2026 • Upcoming NFO of Sector Rotation Fund from January 27 – February 9, 2026 • Filed NOC application with SEBI to launch SIF* category of strategies AUM of Rs 14,972Cr across 10 funds Q1 FY26 • 3 Debt funds Q2 FY26 • 4 Equity Index funds • 1 Debt Index fund • 1 Active Equity fund Q3 FY26 • 1 Arbitrage fund JioBlackRock Asset Management Private Limited Jio BlackRock Investment Advisers Private Limited and Jio BlackRock Broking Private Limited Wealth Management launched website and early access campaign^ Product roadmap and GTM strategy for Broking under development
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JVs with Allianz Group 15 Insurance Go-to-market strategy under formulation Regulatory approvals for the Reinsurance business in progress Commenced leadership hiring for the reinsurance JV • Digital POSP channel premium up ~5x QoQ; customer base across 21 states • Scaled D2C offerings across motor, health and life with 73 plans • Strengthened institutional client base; leveraging own and group ecosystem 173 347 212 Q3 FY25 Q2 FY26 Q3 FY26 Premium Facilitated* (Rs. Cr) Jio Insurance Broking Limited *Premium facilitated may not be comparable on a sequential basis due to timing of renewal of high-value corporate policies
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FINANCIAL OVERVIEW
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Jio BlackRock Asset Management Private Limited JFSL is a publicly-listed entity (CIC) and acts as the holding company for the group Group Structure 17 Jio Financial Services Ltd (JFSL) JV for Asset Management; Regulated by SEBI BlackRock Legend: Ownership RILIPL - Reliance International Leasing IFSC Private Limited * Formerly known as Jio Finance Limited Jio BlackRock Trustee Private Limited Jio Credit Limited (JCL)* NBFC Regulated by RBI 100% Jio Insurance Broking Limited (JIBL) Insurance Broking entity regulated by IRDAI 100% Jio Payment Solutions Limited (JPSL) Payment Aggregator Regulated by RBI 100% Jio Payments Bank Limited (JPBL) Payments Bank Regulated by RBI 100% Reliance Industrial Investments and Holdings Limited (RIIHL) Unregistered CIC 100% Jio Finance Platform and Service Limited (JFPSL) Distribution of financial products and allied services 100% Jio BlackRock Investment Advisers Private Limited JV for Broking; Regulated by SEBI Jio BlackRock Broking Private Limited 50% 50% 50% JV for Wealth Management; Regulated by SEBI 50% 50% 50% 100% Allianz Jio Reinsurance Limited 50% 50% Allianz JV for Reinsurance Regulated by IRDAI Jio Leasing Services Limited (JLSL) Leasing entity RILIPL JV with Reliance Strategic Business Ventures Limited; Regulated by the IFSCA 100% 50%
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Statement of Profit and Loss – Consolidated 18 Particulars (in Rs. crore) Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 FY25 Interest income 210 392 504 577 1,259 853 Fees and commission income 37 140 182 116 376 155 Net gain on fair value changes 191 180 215 616 591 794 Other Income 11 21 - 11 28 36 Total Income 449 733 901 1,320 2,254 1,838 Finance cost - 136 212 - 447 8 Staff Expenses 54 95 100 160 258 215 Other Operating Expenses 65 193 235 180 519 262 Total Expenses 119 423 547 340 1,224 484 Pre provisioning operating profit 330 309 354 980 1,030 1,353 (-) Provisions 12 13 19 17 39 40 (+) Dividend income - 269 - 241 269 241 (+) Share of Associates & JV 59 217 36 347 285 393 Profit before exception items 377 783 371 1,551 1,545 1,947 Exceptional items - - - - 28 - Profit before tax 377 783 371 1,551 1,573 1,947 Provision for taxation 82 88 102 255 284 334 Profit after tax 295 695 269 1,296 1,289 1,613 Due to rounding-off, the financial figures may not recalculate exactly
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Statement of Profit and Loss – Standalone 19 Particulars (in Rs. crore) Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 FY25 Interest income 16 7 33 75 78 117 Fees and commission - 0 0 4 0 6 Net gain on fair value changes 121 107 126 340 330 447 Other Income 11 20 0 11 20 34 Total Income 148 135 159 430 428 604 Staff Expenses 19 24 19 66 60 83 Other Operating Expenses 23 36 28 65 91 96 Total Expenses 42 60 47 131 151 179 Pre provisioning operating profit 106 75 112 299 277 425 (-) Provisions 6 5 0 6 -1 7 (+) Dividend income - 405 - 235 405 235 Profit before tax 100 475 112 528 683 653 Provision for taxation 25 18 39 76 82 104 Profit after tax 75 456 73 452 601 549 Due to rounding-off, the financial figures may not recalculate exactly
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Our Principles – 4Rs 20 Set the highest ethical standards across organization and towards all stakeholders Reputation Operate within the regulatory framework with best-in-class governance standards Regulation Ensure prudent capital deployment in businesses within risk guardrails Return of Capital Ensure fair return to shareholders and other stakeholders Return on Capital
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THANK YOU
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Contact Us Mr. Dipak Daga Chief Investor Relations Officer Mr. Rishabh Rathod Investor Relations Email: investor.relations@jfs.in Website: www.jfs.in