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lemon tree HOTELS ✦ Aurika , Udaipur Q1 FY27 Earnings Presentation Friday , 7th August 2026
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Disclaimer Certain statements in this communication may be ‘forward looking statements’ within the meaning of applicable laws and regulations. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Important developments that could affect the Company’s operations include changes in the industry structure, significant changes in political and economic environment in India and overseas, tax laws, import duties, litigation and labour relations. Lemon Tree Hotels Limited (LTH) will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
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3 Contents ✦ Aurika, Mumbai 1 Overview Page 4 to 5 2 Q1 FY27 Performance Page 6 to 21 3 Hotel openings and signings in Q1 FY27 Page 22 to 24 4 Hotels under development Page 25 to 40 5 Inventory Snapshot Page 41 to 44 6 Proforma Financials upon the Scheme Becoming Effective Page 45 to 47 6 Appendix: Strategic rationale – ‘Composite Scheme of Arrangement’ Page 48 to 77
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4 Executive Chairman’s Message For the quarter, total revenue stood at ₹346.8 crores, up 9% year on year. Net EBITDA stood at ₹151.9 crores, up 7%. Net EBITDA adjusted for GST Impact and Provision for Stock Appreciation Rights stood at Rs. 162.5 Cr in Q1 FY27, up 14% as compared to Rs. 142.1 Cr in Q1 FY26. PAT grew 19% to ₹57.3 crores, and Cash Profit grew 17% to ₹96.0 crores. Our Gross ARR stood at ₹6,361, up 2% year on year and occupancy was 75.7%, up 314 basis points year on year. Our net EBITDA margin for Q1 FY27 stood at 43.8%, which was 99 bps less than 44.8% which we achieved in Q1 FY26. This drop was due to Provision for Stock Appreciation Rights and the loss of input credit in the GST levied which increased our expenses by 3.1% of total revenue in Q1 FY27 versus zero in the previous year same quarter. Our gross debt as on 30th June 2026 stood at ₹1,475 crores, down 11% from ₹1,657.9 crores a year ago and our cost of debt reduced to 7.48%, down 53 basis points versus a year ago. In Q1 FY27, on the asset-light side, we opened 6 managed and franchised hotels with 334 rooms which we had signed on an average 30 months before. In this quarter, we also signed 13 managed and franchised hotels with 1,020 rooms which is over 3x of the inventory we opened. Our combined operational and pipeline inventory now stands at 23,381 rooms across 279 hotels in 170+ cities, of which 135 hotels with 11,946 rooms across 80+ cities, are already operational. Network revenue for the quarter grew 16% year on year to ₹576 crores, with owned hotels contributing ₹320 crores and managed and franchised hotels contributing ₹256 crores. So, owned hotels contributed 56% of the network revenue in this quarter. Fees from management and franchise contracts for third party-owned hotels stood at ₹22.8 crores in Q1 FY27, an increase of 42% year on year. Fees from Fleur Hotels stood at ₹22.6 crores, up 6% year on year. Total management fees for Lemon Tree stood at ₹45.4 crores, an increase of 21% year on year. At Aurika, Shimla, our owned 90-room hotel, we have deployed approximately ₹108 crores of capital as on 30th June 2026. Finishing work and operational licenses are in the final stage and we expect the hotel to open shortly. At Aurika, Shillong, a leased 165-room hotel, we have deployed approximately ₹33 crores as on 30th June 2026, with the expected opening in H2 FY28. At Aurika, Varanasi, a 47-room leased heritage hotel, we have we have begun work, with an expected opening in FY29. At Aurika, Nehru Place, Delhi — final approvals are pending from the authorities — with expected capital deployment to be announced in due course and an expected opening on or after 2030. Recently, an extension of validity of Letter of award for another year was received by Fleur from DDA, providing ample time for the project to attain all approvals. We have renovated 300 rooms this quarter for which we spent ~10 crores and we anticipate a similar number in the next quarter. As for the Keys portfolio, renovation was 2/3rd complete as on 30th June 2026 and the portfolio is showing significantly improved performance with a double-digit growth across all locations — Keys portfolio RevPAR in Q1 FY27 was up 19% year on year to ₹2,885, on the back of a 350-basis point improvement in occupancy to 67% and 13% growth in average room rate to ₹4,311. Like last quarter, we have again shared proforma financials for both Lemon Tree Hotels Limited and Fleur Hotels Limited, as they would appear upon the scheme becoming effective. For Lemon Tree on a proforma basis Q1 FY27 revenue stood at ₹65.7 crores versus ₹54.0 crores in Q1 FY26, up 22%. Net EBITDA before provision for stock appreciation rights was ₹38.1 crores versus ₹29.3 crores and Net EBITDA margin improved to 58.1% from 54.2%, up 383 basis points. PBT after share of profit of associates was ₹46.3 crores versus ₹38.4 crores, up 21%. PAT was ₹33.6 crores versus ₹27.5 crores, up 22% and Cash Profit was ₹40.0 crores versus ₹30.5 crores, up 31%. For Fleur on a proforma basis Q1 FY27 revenue stood at ₹311.4 crores versus ₹292.0 crores, up 7%. Net EBITDA without GST Impact was ₹125.1 crores versus ₹114.0 crores, up 10%, with margin at 40.2%, up 112 basis points from 39.1%. PBT was ₹46.5 crores versus ₹35.5 crores, up 31%. PAT was ₹34.7 crores versus ₹28.3 crores, up 23% and Cash Profit was ₹68.4 crores versus ₹61.0 crores, up 12%. Commenting on the performance for Q1 FY27, Mr. Patanjali Keswani, Executive Chairman – Lemon Tree Hotels Limited said,
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We Are Everywhere 5 11,946 Operational Rooms 135 Operational Hotels in 80+ Cities including 3 International Markets Operational Hotels Upcoming Hotels Operational and Upcoming Hotels Sonmarg Srinagar Jammu Dalhousie McLeodganj Manali Mashobra Kufri Shimla Mussoorie Dehradun Badrinath Rishikesh Neelkanth Gulmarg Katra Pathankot Amritsar Kartarpur Moga Sri Ganganagar Ludhiana Kasauli Zirakpur Baddi Kharar Chandigarh Hisar DelhiGurugram Bhiwadi Aligarh Vrindavan Arga Manesar Alwar JaipurSankhwas Garh Pushkar Ajmer Kumbhalgarh Mori Bera Udaipur Chittorgarh Kota Banswara Ahmedabad Morbi Rajkot Gandhidham Anjar Jamnagar Dwarka Junagadh Sasan Gir Samnath Bhuj Bhavnagar Gir Pavagadh Vadodara Anand Bharuch Surat Navsari Valsad Bapane Mumbai Navi Mumbai Pali Mahabaleshwar Dapoli Pune Shirdi Nashik Malshej Ghat Aurangabad Mhasrul Jalgaon Mhow Indore Limbodagari Ujjain Niman Garoth Bhopal Shivpuri Jhansi Bandhavgarh Jabalpur Kanha Pench Bhilai Marpalle Hyderabad Yadagirigutta Vijayawada Bapatla Tirupati Chennai Erode Coimbatore Tiruchirappalli Thekkady Thiruvananthapuram Alleppey Kochi Kozhikode Coorg Bengaluru Hubli Goa Kalaburagi Kundapura Visakhapatnam Rajahmundry Port Blair Bhubaneswar Ranchi Kolkata Mirik Bokaro Jamshedpur Agartala Shillong Guwahati Dibrugarh Chirang Itanagar Tezpur Gangtok Siliguri DarjeelingMotihari Patna Gaya Varanasi Ayodhya Lucknow Rewa Mahoba Chandausi Bareilly Gr. Noida Noida Ghaziabad Rudrapur Mukteshwar Jim Corbett Meerut Haridwar Kurali Ambala International Destinations Bandipur | Nagarkot | Janakpur | Simara Budhanilkantha | Chitwan | Biratnagar Kathmandu Thimphu Dubai Nepal Bhutan UAE 11,435 Upcoming Rooms 144 Upcoming Hotels in 100+ Cities 23,381 Operational + Upcoming Rooms 279 Operational + Upcoming Hotels in 170+ Cities 2 Hotels 808 Rooms 8 Hotels 1,373 Rooms 23 Hotels 2,963 Rooms 13 Hotels 1,569 Rooms 75 Hotels 5,362 Rooms 79 Hotels 6,014 Rooms 9 Hotels 1,003 Rooms 1 Hotel 50 Rooms 5 Hotels 453 Rooms 10 Hotels 688 Rooms 12 Hotels 964 Rooms 20 Hotels 1,208 Rooms 9 Hotels 393 Rooms 13 Hotels 533 Rooms Ahilyanagar Akola Barog Chitrakoot Garudeshwar Gorakhpur Igatpuri Jalandhar Karnal Khurpatal Kumbakonam Lonaval Najibabad Omkareshwar Raipur Tadgaon
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Operational Performance Q1 FY27
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7 Q1 FY27 Performance: Key Financial Metrics * As on 30th June 2026 # Cash Profit= PAT + Depreciation + Provision for Stock Appreciation Rights ✦ Aurika, Udaipur Total Revenue ₹346.8 Cr ▲ 9% YoY Adjusted Net EBITDA ₹162.5 Cr ▲ 14% YoY Adjusted EBITDA Margin % 46.9% ▲ 309 bps Net EBITDA ₹151.9 Cr ▲ 7% YoY Cash Profit# ₹96.0 Cr ▲ 17% YoYCost of Debt % 7.48% * ▼ 53 bps Net EBITDA Margin % 43.8% ▼ 99 bps Adjusted for the GST Impact and Provision for Stock Appreciation Rights of 3.1% of total revenue in Q1 FY27 PAT ₹57.3 Cr ▲ 19% YoY Adjusted for the GST Impact and Provision for Stock Appreciation Rights of Rs. 10.7 Cr in Q1 FY27
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Q1 FY27 Performance: Operational Metrics (Consolidated) 8 Notes: ARR, Occupancy and RevPAR are for our owned and leased hotels only 5,759 5,759 4,902 6,187 10,661 11,946 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Owned/ Leased Rooms Managed/ Franchised Rooms Total Rooms 26% 12% Inventory Average Room Rate (₹) 6,236 7,457 6,361 Q1 FY26 Q4 FY26 Q1 FY27 2% 15% Occupancy (%) 72.5 78.5 75.7 Q1 FY26 Q4 FY26 Q1 FY27 314 bps 283 bps RevPAR (₹) 4,523 5,855 4,814 Q1 FY26 Q4 FY26 Q1 FY27 18% 6%
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Q1 FY27 Performance: Financial Metrics (Consolidated) 9 # Cash Profit for Q1 FY27 = PAT + Depreciation + Provision for Stock Appreciation Rights # Cash Profit for Q4 FY26 = PAT + Depreciation + Provision for Stock Appreciation Rights # Cash Profit = PAT + Depreciation Total Revenue (₹ Cr) 317.4 419.5 346.8 Q1 FY26 Q4 FY26 Q1 FY27 9% 17% Net EBITDA (₹ Cr) 142.1 218.3 151.9 Q1 FY26 Q4 FY26 Q1 FY27 7% 30% Net EBITDA Margin (%) 44.8 52.0 43.8 Q1 FY26 Q4 FY26 Q1 FY27 99 bps 826 bps Cash Profit# (₹ Cr) 82.3 153.4 96.0 Q1 FY26 Q4 FY26 Q1 FY27 17% 37%
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10 Q - o - Q Performance of FY27 , FY26, FY25, FY24 and FY23 # Cash Profit for Q1 FY27 = PAT + Depreciation + Provision for Stock Appreciation Rights # Cash Profit for Q4 FY26 = PAT + Depreciation + Provision for Stock Appreciation Rights # Cash Profit for Q3 FY26 = PAT + Depreciation + Provision for New Labour Code # Cash Profit = PAT + Depreciation Particulars Q1 FY27 Q4 FY26 Q3 FY26 Q2 FY26 Q1 FY26 Q4 FY25 Q3 FY25 Q2 FY25 Q1 FY25 Q4 FY24 Q3 FY24 Q2 FY24 Q1 FY24 Q4 FY23 Q3 FY23 Q2 FY23 Q1 FY23 Gross ARR (₹) 6,361 7,457 7,487 6,247 6,236 7,042 6,763 5,902 5,686 6,605 6,333 5,268 5,237 5,824 5,738 4,917 4,822 Occupancy (%) 75.7% 78.5% 73.4% 69.8% 72.5% 77.6% 74.2% 68.4% 66.6% 72.0% 65.9% 71.7% 70.2% 73.6% 67.6% 66.2% 65.1% Revenue (₹ Cr) 346.8 419.5 407.8 308.0 317.4 379.4 355.8 284.8 268.4 331.2 290.9 230.1 224.6 254.7 234.1 197.4 192.3 Net EBITDA (₹ Cr) 151.9 218.3 206.4 132.4 142.1 205.0 184.8 131.2 115.4 175.3 141.9 104.8 106.8 141.9 127.0 94.3 92.6 Net EBITDA (%) 43.8% 52.0% 50.6% 43.0% 44.8% 54.0% 51.9% 46.1% 43.0% 52.9% 48.8% 45.5% 47.6% 55.7% 54.3% 47.8% 48.2% PBT (₹ Cr) 79.1 141.6 98.8 55.8 62.9 122.3 99.5 45.3 29.2 89.0 55.5 35.0 36.2 73.4 59.2 25.0 20.7 PAT (₹ Cr) 57.3 116.5 81.8 41.9 48.1 108.1 79.9 35.0 20.1 84.0 43.8 26.4 27.5 59.0 48.6 19.4 13.6 Cash Profit# (₹ Cr) 96.0 153.4 131.1 76.3 82.3 143.0 114.9 69.8 54.7 117.4 77.1 49.0 50.3 82.5 72.1 44.4 38.1
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11 Consolidated Profit & Loss Statement: Q1 FY27 # Cash Profit for Q1 FY27 = PAT + Depreciation + Provision for Stock Appreciation Rights # Cash Profit for Q4 FY26 = PAT + Depreciation + Provision for Stock Appreciation Rights # Cash Profit = PAT + Depreciation Revenue from Operations is inclusive of fees from managed & franchised hotels (₹ Cr) Q1 FY27 Q4 FY26 Q1 FY26 Q-o-Q Change % Y-o-Y Change % Revenue from Operations 344.6 416.4 315.8 -17% 9% Other Income 2.1 3.1 1.6 -31% 31% Total Revenue 346.8 419.5 317.4 -17% 9% Total Expenses 194.9 201.2 175.3 -3% 11% Net EBITDA 151.9 218.3 142.1 -30% 7% Net EBITDA Margin (%) 43.8% 52.0% 44.8% -826 bps -99 bps Finance Costs on Borrowings 29.8 31.4 37.3 -5% -20% Finance Costs on Leases 10.7 10.7 10.6 - - Finance Income 4.1 3.3 3.3 24% 24% Depreciation & Amortization on Assets 29.7 29.1 27.8 2% 7% Depreciation & Amortization on Leases 6.4 6.4 6.4 - - PBT Before Exceptional Items 79.1 143.5 62.9 -45% 26% Exceptional Items 0.0 1.9 0.0 -100% - PBT After Exceptional Items 79.1 141.6 62.9 -44% 26% Tax Expense 21.8 25.1 14.8 -13% 48% PAT 57.3 116.5 48.1 -51% 19% Cash Profit# 96.0 153.4 82.3 -37% 17%
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Discussion on Consolidated Financial & Operational Performance – Q1 FY27 12 Revenue Profit after tax Cost Operating Margins Cash Profit# • Total expenses stood at Rs. 194.9 Cr in Q1 FY27 which was down 3.1% from Rs. 201.2 Cr in Q4 FY26 and was up 11.2% as compared to Rs. 175.3 Cr in Q1 FY26 • PAT stood at Rs. 57.3 Cr in Q1 FY27 which was down 50.8% from Rs. 116.5 Cr in Q4 FY26 and was up 19.2% as compared to Rs 48.1 Cr in Q1 FY26 • Net EBITDA stood at Rs. 151.9 Cr in Q1 FY27 which was down 30.5% from Rs. 218.3 Cr in Q4 FY26 and was up 6.8% as compared to Rs. 142.1 Cr in Q1 FY26. Adjusted Net EBITDA stood at Rs. 162.5 Cr in Q1 FY27 which was down 25.5% from Rs. 218.3 Cr in Q4 FY26 and was up 14.4% as compared to Rs. 142.1 Cr in Q1 FY26. • Net EBITDA margin % stood at 43.8% in Q1 FY27 which was down 826 bps from 52.0% in Q4 FY26 and was down 99 bps as compared to 44.8% in Q1 FY26. Adjusted Net EBITDA margin % stood at 46.9% in Q1 FY27 which was down 516 bps from 52.0% in Q4 FY26 and was up 308 bps as compared to 44.8% in Q1 FY26 • Cash Profit stood at Rs. 96.0 Cr in Q1 FY27 which was down 37.5% from Rs. 153.4 Cr in Q4 FY26 and was up 16.6% as compared to Rs. 82.3 Cr in Q1 FY26 • Total Revenue stood at Rs. 346.8 Cr in Q1 FY27 which was down 17.3% from Rs. 419.5 Cr in Q4 FY26 and was up 9.2% as compared to Rs. 317.4 Cr in Q1 FY26 • Gross ARR stood at Rs. 6,361 in Q1 FY27 which was down 14.7% from Rs 7,457 in Q4 FY26 and was up 2.0% as compared to Rs. 6,236 in Q1 FY26 • Occupancy% stood at 75.7% in Q1 FY27 which was down 283 bps from 78.5% in Q4 FY26 and was up 314 bps as compared to 72.5% in Q1 FY26 # Cash Profit for Q1 FY27 = PAT + Depreciation + Provision for Stock Appreciation Rights # Cash Profit for Q4 FY26 = PAT + Depreciation + Provision for Stock Appreciation Rights # Cash Profit = PAT + Depreciation
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13 Q1 FY27 Operational Performance by Brands & Region (for all 41 Owned Hotels) * Hotel level EBITDAR and EBITDAR Margin% is before renovation expense for both Q1 FY27 and Q1 FY26 # Effective 1st October 2025, Red Fox Hotel – Aerocity, New Delhi was rebranded to Lemon Tree Hotel – Aerocity, New Delhi RevPAR (₹) Occupancy Rate (%) Average Daily Rate (₹) Hotel level EBITDAR /Room (₹ Lacs) Hotel level EBITDAR Margin (%) Parameters Q1 FY27 Q1 FY26 Change (%) Q1 FY27 Q1 FY26 Change (bps) Q1 FY27 Q1 FY26 Change (%) Q1 FY27 Q1 FY26 Change (%) Q1 FY27 Q1 FY26 Change (bps) Brand (#Rooms) Aurika Hotels & Resorts (808) 6,548 6,569 0% 71% 72% -79 9,189 9,118 1% 5.04 4.88 3% 58% 58% 13 Lemon Tree Premier (1,603) 6,095 5,753 6% 84% 81% 339 7,252 7,132 2% 3.77 3.73 1% 55% 57% -200 Lemon Tree Hotels (1,769)# 4,619 4,259 8% 78% 74% 416 5,938 5,785 3% 2.43 2.33 4% 47% 48% -153 Red Fox by Lemon Tree Hotels (643)# 2,785 2,685 4% 67% 63% 416 4,137 4,250 -3% 1.32 1.37 -3% 46% 50% -406 Keys by Lemon Tree Hotels (936) 2,885 2,415 19% 67% 63% 350 4,311 3,808 13% 1.40 1.08 29% 45% 41% 351 Region (#Rooms) Delhi (636) 5,880 5,203 13% 86% 76% 992 6,874 6,880 0% 3.18 2.94 8% 48% 50% -167 Gurugram (529) 3,866 3,987 -3% 72% 72% 27 5,368 5,557 -3% 1.78 2.15 -17% 39% 45% -563 Hyderabad (663) 5,691 5,468 4% 80% 76% 382 7,134 7,199 -1% 3.70 3.58 3% 60% 61% -142 Bengaluru (874) 4,109 3,623 13% 72% 69% 293 5,727 5,266 9% 2.48 2.10 18% 55% 54% 120 Mumbai (972) 6,781 6,876 -1% 77% 80% -322 8,829 8,592 3% 5.34 5.30 1% 62% 62% -2 Pune (426) 4,905 4,333 13% 84% 77% 638 5,865 5,610 5% 2.65 2.46 8% 49% 51% -146 Rest of India (1,659) 3,553 3,201 11% 71% 67% 420 5,018 4,806 4% 1.61 1.51 7% 40% 42% -130 Owned Hotels (5,759) 4,814 4,523 6% 76% 73% 314 6,361 6,236 2% 2.88 2.77 4% 52% 53% -120
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14 Consolidated P&L: Q1 FY27 vs Q1 FY26 * SAR = Provision for Stock Appreciation Rights # Cash Profit = PAT + Depreciation + Provision for Stock Appreciation Rights Q1 FY27 Consolidated P&L Waterfall: Revenue to Cash Profit (₹ Cr) Q1 FY27 vs Q1 FY26: Change in Consolidated P&L Items to Explain Delta (₹ Cr) 346.8 (20.4) (64.7) (23.9) (67.9) (9.8) (8.1) 151.9 (40.5) 4.1 (36.1) (0.3) 79.1 (21.8) 57.3 36.1 2.6 96.0 Total Rev. RMC Payroll HLP Other Exp. Renovation Exp. GST Impact EBITDA Fin. Cost Fin. Inc. Dep. Share of Asso. PBT Tax PAT Dep. SAR* Cash Profit# 29.3 (0.6) (6.8) (2.0) (7.3) 5.2 (8.1) 9.7 7.5 0.8 (1.9) 0.1 16.3 (7.0) 9.2 1.9 2.6 13.6 Total Rev. RMC Payroll HLP Other Exp. Renovation Exp. GST Impact EBITDA Fin. Cost Fin. Inc. Dep. Share of Asso. PBT Tax PAT Dep. SAR* Cash Profit# Incremental (for Revenue) / Delta (for Expenses)
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15 Cost Structure: Q1 FY27 vs Q1 FY26 * Expenses as a percentage of total revenue 18.3% 6.2% 6.9% 23.8% 55.2% 18.7% 5.9% 6.9% 24.7% 56.2% Payroll Expenses* F&B/Raw Material Expenses* Power & Fuel Expenses* Other Expenses* Total Expenses* Q1 FY26 Q1 FY27 41 bps 34 bps Flat 93 bps 99 bpsGST Impact was 2.3% of Total Revenue in Q1 FY27 vs 0.0% of Total Revenue in Q1 FY26 Provision for Stock Appreciation Rights accounted for 0.8% of Total Revenue in Q1 FY27 vs 0.0% of Total Revenue in Q1 FY26
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16 Consolidated Profit & Loss Statement Breakup (₹ Cr) Lemon Tree Consolidated Excluding Keys Hotels Keys Hotels Lemon Tree Consolidated Q1 FY27 Q4 FY26 Q1 FY26 QoQ Change YoY Change Q1 FY27 Q4 FY26 Q1 FY26 QoQ Change YoY Change Q1 FY27 Q4 FY26 Q1 FY26 QoQ Change YoY Change Inventory 4,823 4,823 4,823 - - 936 936 936 - - 5,759 5,759 5,759 - - Gross ARR 6,705 7,899 6,638 -15% 1% 4,311 4,557 3,808 -5% 13% 6,361 7,457 6,236 -15% 2% Occupancy (%) 77.4% 81.4% 74.3% -398 bps 307 Bps 66.9% 63.9% 63.4% 307 bps 350 bps 75.7% 78.5% 72.5% -283 bps 314 Bps RevPAR 5,188 6,426 4,933 -19% 5% 2,885 2,910 2,415 -1% 19% 4,814 5,855 4,523 -18% 6% Revenue from Operations 315.5 387.9 291.4 -19% 8% 29.1 28.5 24.4 2% 19% 344.6 416.4 315.8 -17% 9% Other Income 2.1 2.8 1.6 -24% 35% 0.0 0.3 0.1 -92% -60% 2.1 3.1 1.6 -31% 31% Total Revenue 317.7 390.7 293.0 -19% 8% 29.1 28.8 24.4 1% 19% 346.8 419.5 317.4 -17% 9% Total Expenses (Includes Renovation) 176.2 178.8 158.7 -1% 11% 18.7 22.4 16.6 -16% 13% 194.9 201.2 175.3 -3% 11% EBITDA 141.4 211.9 134.3 -33% 5% 10.41 6.52 7.8 61% 33% 151.9 218.3 142.1 -30% 7% EBITDA Margin (%) 44.5% 54.2% 45.8% -971 bps -131 bps 35.8% 22.5% 32.1% 1,330 bps 368 bps 43.8% 52.0% 44.8% -826 bps -99 bps PBT Before Exceptional Items 75.5 144.0 61.4 -48% 23% 3.7 (0.5) 1.5 - 150% 79.1 143.5 62.9 -45% 26% 1) Q1 FY27 EBITDA of Keys Hotels impacted over Q1 FY26 due to GST changes + incremental renovation expenses totalling to Rs. 2.3 Cr 2) Q4 FY26 EBITDA of Keys Hotels impacted over Q4 FY25 due to GST changes + incremental renovation expenses totalling to Rs. 4.3 Cr
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17 Market Segments: Q1 FY27 vs Q1 FY26 (for all 41 owned hotels) Market Segments: Room Nights Sold Non-Negotiated Negotiated 54.3% 45.7% Q1 FY26 47.1% 52.9% Q1 FY27 Market Segments: Room Revenue 55.4% 44.6% Q1 FY26 47.4% 52.6% Q1 FY27 Non-Negotiated Negotiated
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18 Network Revenue: Delta in Q1 FY27 vs Q1 FY26 * Excludes fees from managed & franchised hotels 498 20 58 576 Q1 FY26 Total Network Revenue Owned Hotels Managed and Franchised Hotels Q1 FY27 Total Network Revenue (₹ Cr) Hotel Network Revenue (₹ Cr) Q1 FY26 Q1 FY27 Y-o-Y Change Owned Hotels 300 (60% of total) 320 (56% of total) 6% Managed and Franchised Hotels* 198 (40% of total) 256 (44% of total) 29% Total Network Revenue 498 (100% of total) 576 (100% of total) 16%
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19 Total Management Fees: Q1 FY27 vs Q1 FY26 16.1 21.3 37.4 22.8 22.6 45.4 Management / Franchise Fees From 3ʳᵈ Party Hotels Management Fees from Fleur Hotels Total Management Fees Q1 FY26 Q1 FY27 (₹ Cr) Fees to Lemon Tree Hotels (₹ Cr) Q1 FY26 Q1 FY27 Y-o-Y Change Management / Franchise Fees from 3rd Party Owned Hotels 16.1 22.8 42% Management Fees from Fleur Hotels 21.3 22.6 6% Total Management Fees 37.4 45.4 21%
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20 Impact of Renovations, GST Changes and Tech Investments on Net EBITDA % (FY23 to FY28 E) E: Estimated; P: Projected 1.3% 2.4% 2.7% 4.2% 1.9% 1.3% 0.5% 0.6% 0.9% 0.7% 1.0% 2.0% 1.7% Σ1.3% Σ2.4% Σ3.2% Σ5.8% Σ4.8% Σ3.7% FY23 FY24 FY25 FY26 FY27 P FY28 E Total Renovation (% of revenue) Technology Investments (% of revenue) GST Impact (% of revenue) Impact of GST is only for half year in FY26
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21 Y - o - Y Performance of FY26, FY25, FY24 and FY23 Best Ever FY: Highest FY ARR, Occ%, Revenue, EBITDA, PBT, PAT and Cash Profit # Cash Profit for FY26 = PAT + Depreciation + Provision for New Labour Code and Stock Appreciation Rights Particulars FY26 FY25 FY24 FY23 Gross ARR (₹) 6,875 6,381 5,876 5,340 Occupancy (%) 73.5% 71.7% 69.9% 68.1% Revenue (₹ Cr) 1,452.7 1,288.4 1,076.8 878.5 EBITDA (₹ Cr) 699.3 636.4 528.8 455.8 EBITDA (%) 48.1% 49.4% 49.1% 51.9% PBT (₹ Cr) 359.1 296.3 215.7 178.3 PAT (₹ Cr) 288.3 243.1 181.7 140.6 Cash Profit# (₹ Cr) 443.1 382.4 293.8 237.1 8% 16% 19% 21% 126 bps 10% 13% 186 bps
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Hotel Openings and Signings Managed and Franchised Hotels
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23 Hotels Opened in Q1 FY27 (Managed & Franchised Contracts) 6 hotels with 334 rooms opened in Q1 FY27 Hotels 6 Rooms 334 Openings in Q1 FY27 # Hotel opened in Q1 FY27 Cities States/Country Rooms 1 Lemon Tree Premier, Biratnagar, Nepal Biratnagar Nepal 80 2 Keys Select by Lemon Tree Hotels, Amritsar Amritsar Punjab 50 3 Lemon Tree Hotel, Bhubaneswar Bhubaneswar Odisha 65 4 Keys Select by Lemon Tree Hotels, Chirang Chirang Assam 40 5 Lemon Tree Hotel, Sri Ganganagar Sri Ganganagar Rajasthan 68 6 Keys Lite by Lemon Tree Hotels, Ajmer Ajmer Rajasthan 31 Total Openings 334 Lemon Tree Premier, Biratnagar, Nepal Keys Select by Lemon Tree, Amritsar Lemon Tree Hotel, Bhubaneswar Keys Select by Lemon Tree, Chirang Lemon Tree Hotel, Sri Ganganagar Keys Lite by Lemon Tree Hotels, Ajmer
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24 Hotels Signed in Q1 FY27 (Managed & Franchised Contracts) 13 hotels with 1,020 rooms signed in Q1 FY27 Hotels 13 Signings in Q1 FY27 # Hotel signed in Q1 FY27 Cities States/Country Rooms 1 Keys Prima by Lemon Tree Hotels, Srinagar Srinagar Jammu & Kashmir 60 2 Lemon Tree Hotel, Simara, Nepal Simara Madhesh Province 98 3 Lemon Tree Hotel, Garudeshwar, Gujarat Garudeshwar Gujarat 90 4 Lemon Tree Hotel, Ahilyanagar, Maharashtra Ahilyanagar Maharashtra 95 5 Lemon Tree Hotel, Satya Nagar, Bhubaneswar Bhubaneswar Odisha 50 6 Lemon Tree Hotel, Kumbakonam Kumbakonam Tamil Nadu 66 7 Lemon Tree Hotel, Janakpur, Nepal Janakpur Madhesh Province 85 8 Lemon Tree Resort, Igatpuri Igatpuri Maharashtra 90 9 Keys Prima by Lemon Tree Hotels, Jaipur Jaipur Rajasthan 88 10 Lemon Tree Hotel, Jalandhar Jalandhar Punjab 60 11 Keys Prima by Lemon Tree Hotels, Karnal Karnal Haryana 50 12 Lemon Tree Premier, Raipur Raipur Chattisgarh 78 13 Lemon Tree Resort, Tadgaon Tadgaon Maharashtra 110 Total Signings 1,020 Rooms 1,020
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Hotels under development Owned/Leased Hotels
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26 Expansion Plans: Hotels Under Development (Owned / Leased Hotels) * Final approvals are pending from the authorities and are subject to modification. Aurika, Shimla Type Owned Rooms 90 Expected Opening Date FY27 ~ ₹108 Cr Total capital deployed/capital expenditure already incurred (i.e. CWIP + Land Capitalised + Capital advances – Capital creditors) as on 30th June 2026 Aurika, Shillong Type Leased Rooms 165 Expected Opening Date FY28 ~ ₹ 33 Cr Total capital deployed/capital expenditure already incurred (i.e. CWIP + Capital advances – Capital creditors) as on 30th June 2026 Aurika, Nehru Place, Delhi Type Leased Rooms 572* Expected Opening Date FY30 Expected capital to be deployed/capital expenditure will be announced soon Aurika, Varanasi Type Leased Rooms 47 Expected Opening Date FY29 ~ ₹ 0.4 Cr Total capital deployed/capital expenditure already incurred (i.e. CWIP + Capital advances – Capital creditors) as on 30th June 2026
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27 Aurika, Shimla Representation
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28 Aurika, Shimla Representation
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29 Aurika, Shimla Current Status Public Area Guest Block
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30 Aurika, Shimla Current Status Lobby Coffee Shop
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31 Aurika, Shimla Current Status Pool Bar
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32 Aurika, Shimla Current Status Room Room
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33 Aurika, Shimla Current Status Room Room
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34 Aurika, Shillong Representation
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35 Aurika, Shillong Current Status
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36 Aurika, Shillong Current Status
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37 Aurika, Shillong Current Status
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38 Aurika, Varanasi Representation
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39 Aurika, Varanasi Current Status
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40 Aurika, Nehru Place, Delhi Representation
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Inventory Snapshot As on 30th June 2026
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42 Snapshot as on 30 th June 2026 Brands Operational Pipeline Operational + Pipeline 808 Rooms; 2 Hotels 1,373 Rooms; 8 Hotels 2,181 Rooms; 10 Hotels 2,963 Rooms; 23 Hotels 1,569 Rooms; 13 Hotels 4,532 Rooms; 36 Hotels 5,362 Rooms; 75 Hotels 6,014 Rooms; 79 Hotels 11,376 Rooms; 154 Hotels 1,003 Rooms; 9 Hotels 50 Rooms; 1 Hotels 1,053 Rooms; 10 Hotels 1,810 Rooms; 26 Hotels 2,429 Rooms; 43 Hotels 4,239 Rooms; 69 Hotels Portfolio 11,946 Rooms 135 Hotels 11,435 Rooms 144 Hotels 23, 381 Rooms 279 Hotels Operational Pipeline Operational + Pipeline
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43 Portfolio Breakup as on 30 th June 2026 (Operational) Owned (incl. on leased land) Leased Managed/ Franchised Total Operational Portfolio Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms 2 808 0 0 0 0 2 808 7 1,442 2 161 14 1,360 23 2,963 14 1,448 4 321 57 3,593 75 5,362 4 552 1 91 4 360 9 1,003 2 323 0 0 3 130 5 453 5 613 0 0 7 351 12 964 0 0 0 0 9 393 9 393 Total 34 5,186 7 573 94 6,187 135 11,946
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44 Portfolio Breakup as on 30 th June 2026 (Pipeline) Owned (incl. on leased land) Leased Public Private Partnership Managed/ Franchised Total Pipeline Portfolio Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms 2 662 1 47 1 165 4 499 8 1,373 0 0 0 0 0 0 13 1,569 13 1,569 0 0 0 0 0 0 79 6,014 79 6,014 0 0 0 0 0 0 1 50 1 50 0 0 0 0 0 0 10 688 10 688 0 0 0 0 0 0 20 1,208 20 1,208 0 0 0 0 0 0 13 533 13 533 Total 2 663 1 47 1 165 140 10,561 144 11,435
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Proforma Financials upon the Scheme Becoming Effective Q1 FY27 vs Q1 FY26
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46 Lemon Tree Hotels Limited Q1 FY27 vs Q1 FY26: Proforma Financials upon the Scheme Becoming Effective Revenue (₹ Cr) 54.0 65.7 Q1 FY26 Q1 FY27 22% Net EBITDA (₹ Cr) 29.3 35.6 29.3 38.1 Q1 FY26 Q1 FY27 After Provision of SAR* Before Provision of SAR* 30% Net EBITDA Margin (%) 54.2% 54.2% 54.2% 58.1% Q1 FY26 Q1 FY27 After Provision of SAR* Before Provision of SAR* 383 bps PAT (₹ Cr) 19.2 23.5 27.5 33.6 Q1 FY26 Q1 FY27 Before Share of Profit of Associates After Share of Profit of Associates 22% Cash Profit (₹ Cr) 22.2 27.3 30.5 40.0 Q1 FY26 Q1 FY27 Before Share of Profit of Associates After Share of Profit of Associates 31% PBT (₹ Cr) 26.8 32.4 38.4 46.3 Q1 FY26 Q1 FY27 Before Share of Profit of Associates After Share of Profit of Associates 21%
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PBT (₹ Cr) 35.5 46.5 Q1 FY26 Q1 FY27 31% 47 Fleur Hotels Limited Q1 FY27 vs Q1 FY26 : Proforma Financials upon the Scheme Becoming Effective Revenue (₹ Cr) 292.0 311.4 Q1 FY26 Q1 FY27 7% Net EBITDA (₹ Cr) 114.0 117.4 114.0 125.1 Q1 FY26 Q1 FY27 With GST Impact Without GST Impact 10% Net EBITDA Margin (%) 39.1% 37.7% 39.1% 40.2% Q1 FY26 Q1 FY27 With GST Impact Without GST Impact 112 bps PAT (₹ Cr) 28.3 34.7 Q1 FY26 Q1 FY27 23% Cash Profit (₹ Cr) 61.0 68.4 Q1 FY26 Q1 FY27 12%
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Appendix
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Two Focused Platforms Specialising to Win Note: All figures in the following slides are presented on a proforma (ie basis the post-scheme structure assuming the de-merger has taken effect) basis, except where explicitly called out
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Key Elements of the Re - structuring 50 Purchase of APG’s ~41% stake in Fleur by Warburg Pincus Lemon Tree to transfer 17 hotels along with development capabilities; Fleur will issue new shares to Lemon Tree & its shareholders in exchange for these Listing of Fleur as an independent entity post - Scheme 1 2 3
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Post - Scheme Group Structure (Excluding any primary investment by Warburg Pincus) Fleur Hotels Warburg Pincus ₹1,333 Cr Revenue3 ₹554 Cr EBITDA3 26.0% Lemon Tree Hotels Promoter Group Public Shareholders (including APG)1 ₹247 Cr Revenue3 ₹149 Cr EBITDA3 77.7% 22.3% 41.0% Transfer of 17 hotels (15 operational + 2 under-construction) along with development capabilities ~7.3% ~25.6% 57.5% 5 Effective Ownership in Fleur ₹434 Cr 6 Total Attributable EBITDA Attributable to Public Share-holders 51 Group Structure Pre and Post Scheme Re-structuring is value-accretive for public shareholders: Effective ownership in Fleur increases from 45.8% to 57.5%; Total Attributable EBITDA increases by 8%+ post-scheme Notes: (1) Including APG’s stake of 4.94%; (2) Based on FY26 Pre-Demerger Financials; (3) Based on FY26 Pro-forma Financials; (4) 45.8% effective stake via LTH, derived as 77.7% * 58.9%; (5) 25.6% held directly + additional 31.9% effective stake through LTH, derived as 77.7% * 41%; (6) Total = EBITDA through direct stake in Fleur of 25.6%: ₹142 Cr, + EBITDA through indirect stake in Fleur of 31.9%: ₹177 Cr + Attributable EBITDA through direct stake in Lemon Tree of 77.7%: ₹116 Cr Fleur Hotels APG ₹1,014 Cr Revenue2 ₹443 Cr EBITDA2 41.1% Current Group Structure Lemon Tree Hotels Promoter Group Public Shareholders (including APG)1 ₹1,453 Cr Con. Revenue2 ₹699 Cr Con. EBITDA2 77.7% 22.3% 58.9% 45.8% 4 Effective Ownership in Fleur ₹402 Cr Total Attributable EBITDA Attributable to Lemon Tree’s Public Share-holders
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Benefits of the Re - structuring 52 Dedicated Leadership at Each Entity Dedicated management focus for both platforms Patanjali Govind Keswani anchors Fleur as Executive Chairman Enhanced Capital Efficiency and Funding for Growth Capital structure aligned for each business model Fleur funds asset ownership and development with a new equity line from Warburg, while Lemon Tree operates as an asset-light business Strategic Flexibility Creates strategic flexibility for future partnerships No exclusivity among the platforms; long-term management agreement and ownership stake align interests Improved Valuation Transparency Enables the market to apply appropriate peer benchmarks rather than a blended multiple
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Synergistic Benefits Accrue to Both Lemon Tree and Fleur Hotels Platforms 53 How Lemon Tree Benefits: By Driving Asset - light, Scalable Growth across Hotel - owners ✦ Operator of choice for hospitality asset owners across brands ✦ Meaningful ownership stake of ~41% ensures alignment in Fleur’s success and pipeline development ✦ Long - term management agreement with Fleur, allows contractually - anchored growing fee - income visibility ✦ Lemon Tree to expand management contracts across sub - segments and Tier I / II / III markets How Fleur Benefits: Expansion Flexibility, while having a Reliable Management Partner ✦ Flexibility to partner with leading hospitality brands such as Lemon Tree as well as other operators, across domestic and international opportunities ✦ Fleur is the exclusive development partner for any owned - hotel opportunities originating within the Lemon Tree Group, and will be free to pursue third - party deals, M&A and partnerships ✦ Predictable management partnership with Lemon Tree, accelerates underwriting for new projects ✦ In - house development team with proven track record in sourcing, evaluating and executing new hotel projects
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Proforma Financials for Lemon Tree and Fleur Hotels ( Upon the Scheme Becoming Effective ) 54 Total Revenue (₹ Cr) 220 247 FY25 FY26 12.3% PAT (₹ Cr) 9.4% Lemon Tree Hotels Net EBITDA (₹ Cr) 132 149 FY25 FY26 13.6% 60.0% 60.5% PAT (₹ Cr) 141 190 # FY25 FY26 34.9% 99 98 * 146 160 FY25 FY26 w/o LT's share of Fleur's PAT with LT's share of Fleur's PAT Total Revenue (₹ Cr) 1,189 1,333 FY25 FY26 12.1% Fleur Hotels Net EBITDA (₹ Cr) 12.5% 46.0% Investments in technology at ~5% of Revenue suppressing EBITDA temporarily 41.6%45.8% 510 554 544 612 FY25 FY26 With-Renovation W/o-Renovation 42.8% Notes: Based on Management Accounts and upon the scheme becoming effective * FY26 PAT for Lemon Tree Hotels is after extraordinary expenses of Rs. 17.4 Cr relating to Ex-Gratia, Property Tax of Delhi Hotels, New Labour Code Impact and Expenses Related to Restructuring. # FY26 PAT for Fleur Hotels is after extraordinary expenses of Rs. 15.9 Cr relating to Ex-Gratia, Property Tax of Delhi Hotels, New Labour Code Impact and Expenses Related to Restructuring.
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Lemon Tree Fleur Patanjali Govind Keswani Executive Chair at Fleur Hotels since 2012 Driving asset development and growth pipeline as primary focus Saurabh Shatdal MD and CEO Joined LTH Group in Aug 2025, bringing 27+ years of prior leadership experience across real-estate M&A and hospitality Earlier MD at Cushman & Wakefield Mayank Sharma CFO Associated with LTH Group since ~14 years; CFO of Fleur Hotels since Feb 2024 Patanjali Govind Keswani Executive Chair at Lemon Tree until March 2027 transitioning to Non-Executive Chair after March 2027 Founder of Lemon Tree Hotels with ~24 years at LTH Group and 40+ years of leadership experience Neelendra Singh MD Joined LTH Group in Oct 2025, bringing 26 years of prior leadership experience Earlier India MD at Adidas Kapil Sharma Executive Director and CFO Associated with LTH Group for ~22 years with 30+ years of finance experience Dedicated Management Team for Lemon Tree and Fleur Hotels 55
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Pure - Play Asset - Light Management, Brand and Distribution Platform Lemon Tree Hotels Limited
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Lemon Tree Hotels: An Industry Leading Fee - Business 57 Source: Industry Reports Distinct Portfolio of Brands, Operating Pan India Largest mid to upscale hotel chain with ~6% of the total branded inventory in India and segment disruptor in mid market segment Rapidly Growing and Highly Capital Efficient Business Model ~11,800 rooms operationalised in 20+ years, 70%+ steady state EBITDA margins, and minimal capital required for growth Strong Commercial Engine Driving Superior Outcome for Hotel Owners Through higher occupancy, RevPAR growth, loyalty-led demand and industry leading EBITDA margins Significant Growth Profile Managed/franchised hotels pipeline of ~13,300 rooms; of which ~10,000 rooms owned by 3rd party owners and ~3,300 rooms owned by Fleur (875 under-construction + ~2,500 under active discussion), to be expanded further; opportunity to consolidate India’s unbranded mid- market inventory
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Well - positioned to Capture Unbranded Opportunity with Multi - segment Brand Presence 58 Source: Industry Reports and Hotelivate - India's Hospitality Industry Poised for Sustained Growth 43K Upscale 34K Upper Mid-scale 55K Mid-scale / Economy 68K Luxury, Upper Upscale 2.5 Mn Total Rooms in India ~200K (~8%) Branded Rooms Large Runway of Growth Lemon Tree has a compelling asset-light growth opportunity to tap India’s ~2.3 Mn unbranded hospitality rooms Diversified Brand Portfolio LTH’s portfolio spans multiple brands and price points, enabling broad customer coverage
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Rapidly Growing and Highly Capital Efficient Fee - Based Business Model 59 Notes: (1) Numbers for FY26 are Pro-forma numbers (2) Represents Rooms Managed for Third Party Owners, including Fleur Hotels and 2 leased hotels (3) Represents Total Revenue (including Management Fees) on Pro-forma Basis No. of Managed Rooms1,2 8,382 9,858 10,269 11,811 FY2023 FY2024 FY2025 FY2026 1.4x EBITDA1 (₹ Cr) Investments in technology at ~5% of Revenue impacting EBITDA for FY26 and FY25 94 117 132 149 FY2023 FY2024 FY2025 FY2026 63% 64% 60% 60% EBITDA Margin Total Revenue1,3 (₹ Cr) 148 184 220 247 FY2023 FY2024 FY2025 FY2026 19% CAGR
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Strong Commercial Engine Driving Superior Outcomes for Hotel Owners 60 Source: Hotelivate - India Hospitality Trends 2025: Report, Data & Market Forecast …with Industry Leading Occupancy India vs Lemon Tree (same store) Occupancy (%) 66% 67% 68% 68% 70% 72% FY 2023 FY 2024 FY 2025 India Lemon Tree Technology Led Distribution Network… Infinity Rewards: Industry-leading loyalty program with 2.0+ Mn members and high repeat usage, creating meaningful upside Active Revenue Management: Dynamic pricing and revenue management systems Dedicated Distribution Network: Experienced sales & marketing professionals across the country on-site in 131 hotels and off-site in 8 regional offices Proprietary Tech Platform: Totally Foxed Solutions (TFS) drives ‘Lemon Tree’s 2.0’ digital transformation with AI/ML solutions boosting profitability and guest experience Lemon Tree has consistently driven best-in-class occupancy for asset owners across segments +2% +3% +4%
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Lemon Tree Drives Superior Performance for Asset Owners 61 CASE STUDY Keys Prima Hotel, Pimpri, Pune 101 Rooms Owned by Berggruen Hotels Previous Nov 2019 onwards Under LTH Brand Before LTH (Berggruen/Keys) Operated under Berggruen with a smaller distribution footprint and limited pan-India corporate sales network. Underperformed compset on ARR due to weaker brand equity and fragmented loyalty base. After LTH Brand Integration Acquired by Fleur in Nov’19, hotel migrated to LT’s Property Management System and Revenue Management systems. First fully renovated hotel of Keys portfolio, renovated in FY24 and FY25 and rebranded as Keys Prima from a Keys Select. *EBITDA/EBITDA Margin% is before management fees Occupancy Similar ~80% FY19 ~78% FY26 Gross ARR +90% ₹3,100 FY19 ₹5,900 FY26 EBITDA%* +8 pp ~46% FY19 ~54% FY26 EBITDA* +78% ₹6 Cr FY19 ₹11 Cr FY26 ✦ Keys Prima Hotel, Pimpri, Pune
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Steady Revenue Growth and Margin Expansion for Our Third Party Hotel Owners 62 Rishikesh Revenue (Indexed to base Year) Hotel EBITDA* (Indexed to base Year) EBITDA%* -COVID 100 40 40% ~420 ~220 52% ~500 ~270 54% ~540 ~275 51% ~560 ~310 56% Noida • Steady margin expansion – taking both hotels to above 50%+ EBITDA levels • LT’s capability to convert demand profitably for our owners and grow it steadily Leisure Hotel Business Hotel CASE STUDY CASE STUDY Revenue (Indexed to base Year) Hotel EBITDA* (Indexed to base Year) EBITDA%* 100 39 39% ~120 ~50 41% ~165 ~90 54% ~180 ~100 54% ~210 ~120 57% ~230 ~130 57% ~6x ~8x ~2x ~3x *Revenue is indexed to base year and EBITDA Margin% is before management fees 1x 4.2x 5.0x 5.4x 5.6x 40% 52% 54% 51% 56% Pre-CoVID FY23 FY24 FY25 FY26 Revenue* EBITDA Margin%* 1x 1.2x 1.6x 1.8x 2.1x 2.3x 39% 41% 54% 54% 57% 57% FY19 FY20 FY23 FY24 FY25 FY26 Revenue* EBITDA Margin%*
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Significant Growth Pipeline of Rooms Inventory leading to accelerated fees income 63 FY05 FY06-10 FY11-15 FY16-20 FY21-26 FY2026 FY27 FY28 FY29 FY30 Pipeline FY2030 CAGR 51.2% CAGR 20.7% CAGR 13.1% +2,500 3,000+ 2,500+ 2,000+ +4,471 +4,278 +1,913 No. of Rooms Owned Third Party ~16,000 ~9,100 ~25,100 3,300+ +1,100 49 5,758* 6,053 11,811 Note: *Owned includes 202 rooms of Lemon Tree Hotel Indore and Lemon Tree Hotel Aurangabad which are not being transferred to Fleur as part of the Scheme (Under active discussion) Limited development due to CoVID and Balance Sheet Constraints
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64 LTH: Scalable, Asset - Light Growth with Best - in - class Returns 1 2 3 4 5 6 Long Structural Growth Runway Unique Value Proposition to Hotel Owners Asset - Light Growth Proven Scale - Up Track Record Best - in - class Margins High - Visibility Growth Pipeline India’s largely unbranded hotel market, rising middle class and infrastructure build-out create multi-decade demand for branded hotels Brands, loyalty, active revenue management and sales infrastructure drive a clear occupancy and margin premium versus the market Capital-light model enables scalable growth with minimal additional funding requirements Scaled to 6,000+ operating third-party managed rooms in ~10 years Fee-income model delivers 70%+ steady state EBITDA margins LTH’s signed pipeline projects provide clear line-of-sight on future room additions, enabling fee-income growth and rapid scale-up with limited investment
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India's Largest 1 Hotel Asset Ownership and Development Platform Fleur Hotels Limited (1) Largest Hotel Asset Ownership by Room Inventory
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66 Fleur Hotels: Built on Core Competitive Strengths 1 India’s Largest Hotel Platform in the mid-market segment with 39 operating hotels / 5.6k operating rooms, diversified pan-India ✦ Aurika, Udaipur 2 Operating in a Favorable Demand - supply Dynamic in India’s Tier-1 cities, with Fleur deriving ~80% Revenue / EBITDA from Top-6 cities with high barriers to entry 3 Fleur Structurally Well - positioned in the industry with India’s largest room inventory, and best-in-class occupancy and margins 4 Proven In - house Development Capabilities, with highly efficient cost-per-key in construction and operations 5 Strong Management Team with Patanjali Keswani to primarily focus on Fleur, along with Saurabh Shatdal to accelerate portfolio expansion 6 Robust Governance Framework, with an eminent Board of Directors from diverse backgrounds 7 Attractive Asset Acquisition Pipeline, across organic and inorganic opportunities, along with a primary equity-line of ₹960 Cr from Warburg Pincus to fund growth 8 Upcoming De - merger Scheme is value-accretive to Lemon Tree public shareholders
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Structurally Favourable Demand - Supply Dynamics in Top - 6 Markets 67 Source: Industry Reports and Hotelivate - India's Hospitality Industry Poised for Sustained Growth Notes: (1) Top 6 Cities include Mumbai, Hyderabad, Delhi, Bangalore, Gurgaon and Pune Rising Air Traffic Drives Higher Customer Inflows Air Passenger Traffic (Mn) 11 29 42 55 79 Pune Hyderabad Bangalore Mumbai Delhi 17% 12% 4% 8% YoY Growth – FY25 vs FY24 (%) 11% Growing Office Demand Drives Business Travel and Corporate Hotel Demand Cumulative Absorption from CY2016 to 2023 (msf) 113 68 61 51 41 BengaluruHyderabadDelhi NCRMumbaiPune Branded Hotel Rooms Supply Growth in Top 61 Indian Cities Lags Pan India Supply… Supply growth from FY25 to FY30 9.6% 5.3% 8.7% 6.1% 5.8% 5.4% 3.2% 2.5% All India Top 6 Cities Bangalore Hyderabad Gurgaon Mumbai Pune Delhi
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68 Fleur’s Footprint is Concentrated in Top - 6 Markets 78% Revenue / 83% EBITDA from Top-6 cities where supply is generally constrained and demand is high Source: Industry Reports Notes: (1) Aurika Hotels & Resorts and Lemon Tree Premier are classified under the Premium category; (2) Top 6 Cities include Mumbai, Hyderabad, Delhi, Bangalore, Gurgaon and Pune (3) Rest of India Revenue Mix 78% of the Total Revenue is driven via Top 6 Cities 83% of the Total EBITDA is driven via Top 6 Cities EBITDA Mix 34% 14% 13% 9% 7% 6% 17% 27% 13% 13% 11% 8% 7% 22% Mumbai Hyd Delhi Bangalore Gurgaon Pune ROI Fleur Hotels Presence across Major Commercial and Leisure Markets Pipeline (4)Operational (39) Udyog Vihar Jaipur Kaushambi/ Ghaziabad Dehradun Chennai City Center 1, Leisure Valley 2, Leisure Valley Chandigarh Sector 60 Alleppey Kochi New Town Ludhiana Shillong Shimla Thiruvananthapuram Udaipur Visakhapatnam Gurgaon Ahmedabad Bandhavgarh Electronics City Ulsoor Lake Whitefield (2) Hosur Road Bengaluru Mumbai Andheri SkyCity Pune City Center Hinjawadi Pimpri Delhi Hyderabad Gachibowli HITEC City Banjara Hills Goa Beach Resort Candolim Airport East Delhi Airport Nehru Place Varanasi 3
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Well - positioned in the Industry, with Largest Room - Inventory and Peer - leading EBITDA Margins 69 Source: Industry Reports Notes: (1) For hospitality operations of Chalet and Ventive Highest Number of Operational Rooms (post-scheme: ~5,556 Rooms across 39 hotels) 2,133 2,199 3,389 4,899 5,556 JuniperVentiveChaletSAMHIFleur Operational Rooms Strong Margins, backed by higher operational efficiency (~46% without renovation; 42% with higher than usual renovation expense) EBITDA Margins (FY26)1 36.2% 37.1% 41.5% 43.9% 46.0% SAMHIVentiveJuniperChaletFleur 41.6% With Renovation
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Track Record of Strong Performance 70 Notes: (1) Based on Management Accounts and upon the scheme becoming effective …and Resilient Margin profile Net EBITDA Post Management Fees1 (₹ Cr) 359 423 510 554 370 448 544 612 FY 2023 FY 2024 FY 2025 FY 2026 With-Renovation Without-Renovation CAGR 16% Consistently Delivering High Growth… 810 991 1,189 1,333 FY 2023 FY 2024 FY 2025 FY 2026 Total Revenue1 (₹ Cr) CAGR 18% Margin 44.4% 42.7% 42.8% 41.6% 45.6% 45.2% 45.8% 46.0%
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Two Decades of Building India's Premier Asset Portfolio 71 49 898 1,639 2,302 669 5,556 875 2,490 8,900 FY05 FY06-10 FY11-15 FY16-20 FY21-26 FY26 Announced Keys Pipeline FY30 48%+ 13.5%+ 12.5% First hotel opened Warburg Pincus invests in Lemon Tree in 2008 APG invests in 2012 and 2014 Warburg Pincus invests in Fleur in May 2026 ~2,500Limited development due to CoVID and Balance Sheet Constraints Shimla (+91) + Shillong (+165) + Nehru Place (+572) + Varanasi (+47) No. of Rooms (Under active discussion) 8,900+
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Attractive Pipeline, backed with Growth Capital 72 ₹960 Cr (Warburg Pincus Primary Investment) + Strong Internal Accruals + Debt Financing Capacity (ability to raise debt at competitive interest rates) Capital Available for Growth Strong Pipeline with Clear Expansion Visibility across Domestic Markets and International Markets wherever Indians Travel Core Metro Cities International Destinations Leisure Destinations Visible Pipeline of Fleur Hotels Supports Expansion to 8,900+ Rooms 5,556 91 165 572 47 8,900 FY26 Aurika Shimla Aurika Shillong Aurika Nehru Place Aurika Varanasi Pipeline FY30 ~2,500 (Under active discussion) 8,900+
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New Pipeline Weighted towards Aurika Concentrated in Upscale and Upper Midscale Segments Aurika is the highest ARR and GOP margin product, and the growing portfolio of Aurikas should elevate overall Group profile, improve financial metrics and the growing network should further strengthen the brand. Aurika has emerged as a key contributor since the first hotel in 2019. 73 Concentrated towards Upper Upscale and Upper Midscale in both Current Portfolio and Future Expansion Pipeline +4 Hotels | ~875 Rooms Aurika, Shimla (FY27) 91 Rooms Aurika, Shillong (FY28) 165 Rooms Aurika, Nehru Place, Delhi (FY30) ~572 Rooms (Largest hotel in North India) Aurika, Varanasi (FY30) 47 Rooms Revenue Mix Aurika Hotels & Resorts Lemon Tree Premier Lemon Tree Hotels Red Fox Keys EBITDA Mix 30% 37% 23% 5% 5% 24% 34% 28% 6% 8% 58% (Aurika + LT Premier) 67% (Aurika + LT Premier)
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In Progress April 2026 CCI Approval Composite scheme of arrangement approved by CCI Pending Exchange and SEBI Filing Draft scheme filing with stock exchange and their approval; SEBI no-objection NCLT F iling , Shareholder Approval and Filing with RoC Draft scheme filing with NCLT; Shareholder and creditor approval NCLT sanction order and Scheme being effective; CY27 Fleur Listing Allotment of shares to Share- holders of Lemon Tree Hotels; Fleur lists on NSE / BSE as independent entity Completed Jan 2026 Scheme Announcement Board approval; WP-APG deal signed; Appointed date set as 1st April 2026 74 Scheme Timeline and Process Update The composite scheme of arrangement (appointed date: 1 April 2026) requires approvals from shareholders, creditors, stock exchanges, SEBI, NCLT, CCI and other regulatory authorities. 12-15 Months
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Conference Call Details 75 Lemon Tree Hotels’ Q1 FY27 Earnings Conference Call Monday, 10 th August 2026 at 4:00 PM IST Details of the conference call are as follows : Conference dial-in Primary number +91 22 6280 1141 / +91 22 7115 8042 Singapore Toll Free Number 800 101 2045 Hong Kong Toll Free Number 800 964 448 USA Toll Free Number 1 866 746 2133 UK Toll Free Number 0 808 101 1573 Pre-registration To enable participants to connect to the conference call without having to wait for an operator, please register at the below mentioned link: Diamond Pass Registration
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76 About Lemon Tree Hotels Lemon Tree Hotels Limited (LTHL) is one of the largest hotel chains in India and owns/leases/operates/franchises hotels across the upscale, upper-midscale, midscale and economy segments. LTHL delivers differentiated yet superior service offerings, with a compelling value proposition. The group offers seven brands to meet guests’ needs across all levels, viz. Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox Hotels by Lemon Tree Hotels, Keys Prima by Lemon Tree Hotels, Keys Select by Lemon Tree Hotels and Keys Lite by Lemon Tree Hotels. Since opening its first 49-room hotel in 2004, the group has grown to 279 properties (operational and upcoming), becoming a trusted name in hospitality for both business and leisure travellers. LTH operates 135 hotels across 80+ cities in India and abroad, with a growing pipeline of 144 upcoming properties. From metro hubs like Delhi-NCR, Mumbai, Bengaluru, and Hyderabad to tier II & III cities such as Jaipur, Udaipur, Kochi, and Indore, and with an international presence in Dubai, Bhutan, and Nepal, Lemon Tree Hotels delivers exceptional comfort, consistent quality, and a warm, refreshing experience. To know more, visit lemontreehotels.com / aurikahotels.com / keyshotels.com For more information about us, please visit our website or contact: Kapil Sharma (Chief Financial Officer) Lemon Tree Hotels Limited Tel: +91 11 4605 0174 / +91 11 4605 0153 Email: cfo@lemontreehotels.com Anoop Poojari CDR India Tel: +91 98330 90434 Email: anoop@cdr-india.com ✦ Tigerland Safari – A Lemon Tree Resort, Chitwan, Nepal Founded in 2004 135 Hotels 80+ Cities 7 Brands 11,946 Rooms
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Thank you