Earnings release
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Exhibit 99.1 MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2027 SECOND QUARTER RESULTS Gurugram, India and New York, October 26, 2026 — MakeMyTrip Limited (NASDAQ: MMYT), India’s leading travel service provider, today announced its unaudited interim financial and operating results for its fiscal second quarter ended September 30, 2026. (in thousands) For the three months ended September 30, 2025 For the three months ended September 30, 2026 YoY Change YoY Change in constant currency For the six months ended September 30, 2025 For the six months ended September 30, 2026 YoY Change YoY Change in constant currency Financial Summary as per IFRS Revenue $ 229,341 $ 235,155 2.5% 11.2% $ 498,187 $ 520,734 4.5% 13.7% Air Ticketing $ 61,029 $ 56,651 -7.2% 0.6% $ 121,154 $ 112,258 -7.3% 0.8% Hotels and Packages $ 108,229 $ 107,111 -1.0% 7.4% $ 249,877 $ 258,290 3.4% 12.5% Bus Ticketing $ 33,488 $ 39,053 16.6% 25.7% $ 72,241 $ 83,986 16.3% 25.8% Others $ 26,595 $ 32,340 21.6% 32.7% $ 54,915 $ 66,200 20.5% 32.1% Results from Operating Activities $ 34,437 $ 36,663 6.5% $ 74,798 $ 80,369 7.4% Profit (loss) for the period $ (5,738) $ 1,769 $ 20,067 $ 10,874 -45.8% Financial Summary as per non-IFRS measures Adjusted Margin Air Ticketing $ 102,818 $ 108,612 5.6% 14.3% $ 199,878 $ 207,159 3.6% 12.7% Hotels and Packages $ 105,817 $ 116,779 10.4% 20.2% $ 227,698 $ 251,241 10.3% 20.7% Bus Ticketing $ 37,749 $ 45,116 19.5% 29.0% $ 80,342 $ 96,952 20.7% 30.7% Others $ 20,500 $ 24,408 19.1% 29.8% $ 41,995 $ 49,300 17.4% 28.5% Adjusted Operating Profit $ 44,186 $ 46,241 4.7% $ 91,527 $ 97,637 6.7% Adjusted Net Profit Before Tax $ 36,352 $ 46,170 27.0% $ 85,781 $ 98,337 14.6% Adjusted EBITDA $ 48,344 $ 51,456 6.4% $ 99,977 $ 106,957 7.0% Free Cash Flow $ 45,689 $ 47,142 3.2% $ 83,619 $ 67,062 -19.8% Gross Bookings $ 2,447,318 $ 2,724,652 11.3% 20.9% $ 5,055,797 $ 5,579,330 10.4% 20.3% Air Ticketing $ 1,426,312 $ 1,577,405 10.6% 19.9% $ 2,859,695 $ 3,119,745 9.1% 18.8% Hotels and Packages $ 584,017 $ 640,380 9.7% 19.7% $ 1,271,729 $ 1,386,768 9.0% 19.6% Bus Ticketing $ 362,734 $ 435,299 20.0% 29.4% $ 778,275 $ 937,237 20.4% 30.3% Other Transport Services $ 74,255 $ 71,568 -3.6% 5.5% $ 146,098 $ 135,580 -7.2% 2.1% Notes: (1) Constant currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on the rates in effect during the comparable fiscal period in the prior fiscal year. This is a non-IFRS measure. For more information, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. IFRS refers to IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB). Reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release. (2) This is a non-IFRS measure. For more information, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. Reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release. Financial Highlights for Fiscal 2027 Second Quarter (Year over Year (YoY) growth % is based on constant currency(1)) • Gross Bookings increased by 20.9% YoY in 2Q27 to $2,724.7 million. • Adjusted Margin(2) – Air Ticketing increased by 14.3% YoY in 2Q27 to $108.6 million. • Adjusted Margin(2) – Hotels and Packages increased by 20.2% YoY in 2Q27 to $116.8 million. • Adjusted Margin(2) – Bus Ticketing increased by 29.0% YoY in 2Q27 to $45.1 million. • Adjusted Margin(2) – Others increased by 29.8% YoY in 2Q27 to $24.4 million. • Adjusted Operating Profit(2) improved to $46.2 million in 2Q27 versus $44.2 million in 2Q26, reflecting an improvement of $2.0 million YoY. • Adjusted Net Profit Before Tax(2) improved to $46.2 million in 2Q27 versus $36.4 million in 2Q26, reflecting an improvement of $9.8 million YoY. (1) (1) (2) (2) (2) (2) (2)
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Reconciliation of revenue and Adjusted Margin in terms of reported and constant currency amount and growth The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported amount and constant currency(1) amount for the period indicated: (Unaudited) For the three months ended September 30, 2026 Revenue Adjusted Margin Reported Amount and Constant Currency Amount Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others (Amounts in USD thousands) Reported Amount 56,651 107,111 39,053 32,340 235,15 5 108,61 2 116,779 45,116 24,408 Impact of Foreign Currency Translation 4,727 9,100 3,054 2,961 19,842 8,945 10,366 3,563 2,207 Constant Currency Amount 61,378 116,211 42,107 35,301 254,99 7 117,55 7 127,145 48,679 26,615 (Unaudited) For the six months ended September 30, 2026 Revenue Adjusted Margin Reported Amount and Constant Currency Amount Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others (Amounts in USD thousands) Reported Amount 112,25 8 258,290 83,986 66,200 520,73 4 207,15 9 251,241 96,952 49,300 Impact of Foreign Currency Translation 9,895 22,786 6,896 6,335 45,912 18,065 23,500 8,049 4,652 Constant Currency Amount 122,15 3 281,076 90,882 72,535 566,64 6 225,22 4 274,741 105,001 53,952 The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported growth and constant currency(1) growth for the period indicated: (Unaudited) For the three months ended September 30, 2026 Revenue Adjusted Margin Reported Growth and Constant Currency Growth (YoY) Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others Reported Growth -7.2% -1.0% 16.6% 21.6% 2.5% 5.6% 10.4% 19.5% 19.1% Impact of Foreign Currency Translation 7.8% 8.4% 9.1% 11.1% 8.7% 8.7% 9.8% 9.5% 10.7% Constant Currency Growth 0.6% 7.4% 25.7% 32.7% 11.2% 14.3% 20.2% 29.0% 29.8% (Unaudited) For the six months ended September 30, 2026 Revenue Adjusted Margin Reported Growth and Constant Currency Growth (YoY) Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others Reported Growth -7.3% 3.4% 16.3% 20.5% 4.5% 3.6% 10.3% 20.7% 17.4% Impact of Foreign Currency Translation 8.1% 9.1% 9.5% 11.6% 9.2% 9.1% 10.4% 10.0% 11.1% Constant Currency Growth 0.8% 12.5% 25.8% 32.1% 13.7% 12.7% 20.7% 30.7% 28.5% Fiscal 2027 Second Quarter Financial Results Our overall results and growth for the quarter ended September 30, 2026 were impacted by several factors. While the Group reports its financial results in U.S. Dollars (USD), the functional currency of its material subsidiaries is the Indian Rupee (INR). During the quarter ended September 30, 2026, the INR depreciated against the USD by approximately 10% year-on-year compared to the quarter ended September 30, 2025. The continued depreciation impacted our reported revenues and year-on-year growth rates. On the demand side, international long-haul outbound travel from India remained subdued, as elevated fuel prices led to higher airfares and the depreciation of the INR increased the overall cost of international trips for our customers in India. These factors affected the growth of our international travel offerings and our results for the quarter ended September 30, 2026. Nevertheless, strong domestic travel demand during the quarter partially offset these factors and supported our overall performance. Revenue. We generated revenue of $235.2 million in the quarter ended September 30, 2026, an increase of 2.5% (11.2% in constant currency(1)) over revenue of $229.3 million in the quarter ended September 30, 2025. This increase in revenue was primarily attributable to an increase of 16.6% (25.7% in constant currency) in revenue from our bus ticketing business and an increase of 21.6% (32.7% in constant currency) in revenue from our others business, partially offset by a decrease of 7.2% in revenue from our air ticketing business (an increase of 0.6% in constant currency) and a decrease of 1.0% in revenue from our hotels and packages business (an increase of 7.4% in constant currency), each as further described below.
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The table below summarizes our segment profitability in terms of revenue and Adjusted Margin in each segment. For more information on non-IFRS measures and segment profitability measures, see “About Key Performance Indicators and Non-IFRS Measures” and “Information About Reportable Segments” in our condensed consolidated interim financial statements included elsewhere in this release. For the three months ended September 30 Air ticketing Hotels and packages Bus ticketing Others 2025 2026 2025 2026 2025 2026 2025 2026 (Amounts in USD thousands) Revenue as per IFRS 61,029 56,651 108,229 107,111 33,488 39,053 26,595 32,340 Add: Customer inducement costs recorded as a reduction of revenue 41,789 51,961 42,429 50,661 4,261 6,063 578 241 Less: Service cost — — 44,841 40,993 — — 6,673 8,173 Adjusted Margin 102,818 108,612 105,817 116,779 37,749 45,116 20,500 24,408 Air Ticketing. Revenue from our air ticketing business decreased by 7.2% (an increase of 0.6% in constant currency) to $56.7 million for the quarter ended September 30, 2026 compared to $61.0 million for the quarter ended September 30, 2025. Our Adjusted Margin – Air ticketing increased by 5.6% (14.3% in constant currency) to $108.6 million in the quarter ended September 30, 2026, from $102.8 million in the quarter ended September 30, 2025. Adjusted Margin – Air ticketing includes customer inducement costs of $52.0 million in the quarter ended September 30, 2026 and $41.8 million in the quarter ended September 30, 2025, recorded as a reduction of revenue. The increase in revenue (in constant currency) from our air ticketing business and Adjusted Margin – Air ticketing was primarily due to an increase in Gross Bookings by 10.6% (19.9% in constant currency) in the quarter ended September 30, 2026, as compared to the quarter ended September 30, 2025. Further, our Adjusted Margin % (defined as Adjusted Margin as a percentage of Gross Bookings) – Air ticketing decreased to 6.9% in the quarter ended September 30, 2026 as compared to 7.2% in the quarter ended September 30, 2025. Hotels and Packages. Revenue from our hotels and packages business decreased by 1.0% (an increase of 7.4% in constant currency) to $107.1 million in the quarter ended September 30, 2026, from $108.2 million in the quarter ended September 30, 2025. Our Adjusted Margin – Hotels and packages increased by 10.4% (20.2% in constant currency) to $116.8 million in the quarter ended September 30, 2026 from $105.8 million in the quarter ended September 30, 2025. Adjusted Margin – Hotels and packages includes customer inducement costs of $50.7 million in the quarter ended September 30, 2026 and $42.4 million in the quarter ended September 30, 2025, recorded as a reduction of revenue. The increase in revenue (in constant currency) from our hotels and packages business and Adjusted Margin – Hotels and packages was primarily due to an increase in Gross Bookings by 9.7% (19.7% in constant currency), which was primarily driven by an 18.5% increase in the number of hotel room nights in the quarter ended September 30, 2026 as compared to the quarter ended September 30, 2025. Our Adjusted Margin % – Hotels and packages increased marginally to 18.2% in the quarter ended September 30, 2026 as compared to 18.1% in the quarter ended September 30, 2025. Bus Ticketing. Revenue from our bus ticketing business increased by 16.6% (25.7% in constant currency) to $39.1 million in the quarter ended September 30, 2026, from $33.5 million in the quarter ended September 30, 2025. Our Adjusted Margin – Bus ticketing increased by 19.5% (29.0% in constant currency) to $45.1 million in the quarter ended September 30, 2026 from $37.7 million in the quarter ended September 30, 2025. Adjusted Margin – Bus ticketing includes customer inducement costs of $6.1 million in the quarter ended September 30, 2026 and $4.3 million in the quarter ended September 30, 2025, recorded as a reduction of revenue. The increase in revenue from our bus ticketing business and Adjusted Margin – Bus ticketing was primarily due to an increase in Gross Bookings by 20.0% (29.4% in constant currency) driven by a 24.7% increase in the number of bus tickets in the quarter ended September 30, 2026 as compared to the quarter ended September 30, 2025. Our Adjusted Margin % – Bus ticketing remained constant at 10.4% in each of the quarters ended September 30, 2026 and September 30, 2025. Others. Revenue from our others business increased by 21.6% (32.7% in constant currency) to $32.3 million in the quarter ended September 30, 2026, from $26.6 million in the quarter ended September 30, 2025. Our Adjusted Margin – Others increased by 19.1% (29.8% in constant currency) to $24.4 million in the quarter ended September 30, 2026 from $20.5 million in the quarter ended September 30, 2025. Adjusted Margin – Others includes customer inducement costs of $0.2 million in the quarter ended September 30, 2026 and $0.6 million in the quarter ended September 30, 2025, recorded as a reduction of revenue. The increase in revenue from our others business and Adjusted Margin – Others was primarily led by growth in our ancillary services and car booking businesses. Other Income. Other income was $0.2 million in the quarter ended September 30, 2026 and $0.3 million in the quarter ended September 30, 2025. Service Cost. Service cost decreased by 4.6% to $49.2 million in the quarter ended September 30, 2026 from $51.5 million in the quarter ended September 30, 2025, primarily due to depreciation of the INR against the USD, which was partially offset by strong travel demand for our car booking business in India during the quarter ended September 30, 2026. (2)
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Personnel Expenses. Personnel expenses decreased by 4.9% to $38.4 million in the quarter ended September 30, 2026 from $40.4 million in the quarter ended September 30, 2025, primarily due to the impact of foreign currency translation, particularly the depreciation of the Indian rupee against the U.S. dollar during the period, and a decrease in share-based compensation costs in the quarter ended September 30, 2026 as compared to the quarter ended September 30, 2025. These decreases were partially offset by the annual wage increases effected in the quarter ended June 30, 2026. Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 2.6% to $38.9 million in the quarter ended September 30, 2026 from $37.9 million in the quarter ended September 30, 2025, primarily due to an increase in variable costs and discretionary expenditures such as expenses on events and brand building initiatives. Additionally, we incurred customer inducement costs recorded as a reduction of revenue of $108.9 million in the quarter ended September 30, 2026 and $89.1 million in the quarter ended September 30, 2025. The details are as follows: For the three months ended September 30 2025 2026 (Amounts in USD thousands) Marketing and sales promotion expenses 37,931 38,931 Customer inducement costs recorded as a reduction of revenue 89,057 108,926 Other Operating Expenses. Other operating expenses increased by 9.3% to $63.7 million in the quarter ended September 30, 2026 from $58.3 million in the quarter ended September 30, 2025, primarily due to an increase in operating expenses, including distribution costs, website hosting charges and payment gateway charges linked to an increase in Gross Bookings, which was partially offset by a decrease in outsourcing expenses in the quarter ended September 30, 2026 as compared to the quarter ended September 30, 2025. Depreciation and Amortization. Our depreciation and amortization expenses were $8.4 million in the quarter ended September 30, 2026 and $7.0 million in the quarter ended September 30, 2025. Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were $36.7 million in the quarter ended September 30, 2026 as compared to $34.4 million in the quarter ended September 30, 2025. Our Adjusted Operating Profit was $46.2 million in the quarter ended September 30, 2026 as compared to $44.2 million in the quarter ended September 30, 2025. For a description of the components and calculation of “Adjusted Operating Profit” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Results from operating activities”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. Net Finance Costs. Our net finance costs were $29.8 million in the quarter ended September 30, 2026 as compared to $35.9 million in the quarter ended September 30, 2025, primarily due to a decrease of $8.3 million in net foreign exchange loss. Income Tax Expense. Our income tax expense was $5.1 million in the quarter ended September 30, 2026 as compared to $4.3 million in the quarter ended September 30, 2025, primarily due to an increase in our taxable income in the quarter ended September 30, 2026. Profit (loss) for the Period. As a result of the foregoing factors, our profit for the quarter ended September 30, 2026 was $1.8 million as compared to a loss of $5.7 million in the quarter ended September 30, 2025. Our Adjusted Net Profit Before Tax was $46.2 million in the quarter ended September 30, 2026, as compared to $36.4 million in the quarter ended September 30, 2025. Our Adjusted EBITDA was $51.5 million in the quarter ended September 30, 2026, as compared to $48.3 million in the quarter ended September 30, 2025. For a description of the components and calculation of “Adjusted Net Profit Before Tax” and “Adjusted EBITDA” and a reconciliation of these non-IFRS measures to the most directly comparable IFRS measure “Profit (loss) for the period”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. Diluted Earnings (loss) per Share. As a result of the foregoing factors, diluted earnings per share was $0.02 for the quarter ended September 30, 2026 as compared to diluted loss per share of $0.06 in the quarter ended September 30, 2025. Our Adjusted Diluted Earnings per Share was $0.47 in the quarter ended September 30, 2026 as compared to $0.37 in the quarter ended September 30, 2025. For a description of the components and calculation of “Adjusted Diluted Earnings per Share” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Diluted earnings (loss) per share”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. Liquidity. As at September 30, 2026, we had $427.9 million of cash and cash equivalents (including restricted cash and cash equivalents of $3.7 million) and $388.6 million in term deposits with various banks (including term deposits amounting to $9.8 million marked as a lien with the National Company Law Appellate Tribunal and pledged with banks for bank guarantees, against court orders and credit facilities). As at September 30, 2026, we had $0.8 million in bank overdrafts.
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Repurchases of Shares and Convertible Notes The Company’s share repurchase program, pursuant to which the Company can repurchase its ordinary shares at any price determined by its board of directors from time to time, is effective until March 31, 2030. Furthermore, the board of directors has authorized the Company to repurchase its convertible senior notes due 2028 (the “2028 Notes”) and its convertible senior notes due 2030 (the “2030 Notes”) from time to time until March 31, 2030. In each case, repurchases may be made using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with applicable securities laws and regulations. The Company may also, from time to time, enter into plans that are compliant with Rule 10b5-1 of the U.S. Securities Exchange Act of 1934, as amended, to facilitate repurchases of its securities under the above-mentioned authorizations. The aggregate amount of ordinary shares, 2028 Notes and 2030 Notes that may be repurchased by the Company pursuant to this existing program shall not exceed $200.0 million, with a sub-limit of $100.0 million during each fiscal year. The price and timing of any such repurchases will depend on prevailing market conditions, liquidity requirements, contractual restrictions and other factors as determined by the board of directors from time to time. There can be no assurance that we will execute any such repurchase pursuant to this existing program. Pursuant to the repurchase program, the Company repurchased 345,158 ordinary shares for an aggregate price of $17.2 million during the second quarter of fiscal 2027. There were no repurchases of 2028 Notes or 2030 Notes during the second quarter of fiscal 2027. As at September 30, 2026, the Company had remaining authority to repurchase an aggregate of up to $78.6 million in outstanding ordinary shares, 2028 Notes and 2030 Notes (with a sub-limit of $75.0 million for fiscal 2027). Conference Call MakeMyTrip will host a live Zoom webinar to discuss the Company’s results for the quarter ended September 30, 2026 beginning at 7:30 AM EDT or 5:00 PM IST on October 26, 2026 through the Company’s Investor Relations website at https://investors.makemytrip.com/. To participate, please use the following link https://makemytrip.zoom.us/webinar/register/WN_j6vUmgNWSH6mvB_YJfm4AA to register for the live event. Registered participants will receive a confirmation email containing the Zoom access link and alternative phone dial-in details. A replay of the event will be available on the “Investor Relations” section of the Company’s website at http://investors.makemytrip.com, approximately two hours after the conclusion of the live event. About Key Performance Indicators and Non-IFRS Measures We refer to certain non-IFRS measures in various places within this release, including “Adjusted Operating Profit”, “Adjusted Net Profit (Loss) Before Tax”, “Adjusted EBITDA”, “Adjusted Diluted Earnings per Share”, “Free Cash Flow” and constant currency results. We evaluate our financial performance in each of our reportable segments based on our key performance indicators, Adjusted Margin and Adjusted Margin %, which are non-IFRS measures and segment profitability measures. Adjusted Margin represents IFRS revenue after adding back customer inducement costs recorded as a reduction of revenue, and deducting service costs primarily relating to sales to customers where we act as the principal, for the relevant segment. Adjusted Margin % represents Adjusted Margin as a percentage of Gross Bookings. As certain parts of our revenues are recognized on a “net” basis when we are acting as an agent, and other parts of our revenue are recognized on a “gross” basis when we are acting as the principal, we evaluate our financial performance in each of our reportable segments based on Adjusted Margin, which is a non-IFRS measure and a segment profitability measure, as we believe that Adjusted Margin reflects the value addition of the travel services that we provide to our customers. For our air ticketing (other than air tickets sold as part of a package), standalone hotel reservations, bus ticketing, rail ticketing and others businesses (excluding car bookings through our subsidiary, Savaari), we recognize revenue on a “net” basis (i.e., the amount billed to a traveler less the amount paid to a supplier), as the supplier is primarily responsible for providing the underlying travel services and we do not control the service provided by the supplier to the traveler. For our holiday packages (including air tickets, hotel room nights, car bookings, and tours and attractions sold as part of packages) and car bookings through our subsidiary, Savaari, we recognize revenue on a “gross” basis as we act as the principal and control the services before such services are transferred to the traveler. Adjusted Operating Profit (Loss) (which is a non-IFRS measure) is most directly comparable to results from operating activities (which is an IFRS measure). Adjusted Net Profit (Loss) Before Tax and Adjusted EBITDA (each of which is a non-IFRS measure) are most directly comparable to profit (loss) for the period (which is an IFRS measure). Adjusted Diluted Earnings (Loss) per Share (which is a non-IFRS measure) is most directly comparable to diluted earnings (loss) per share for the period (which is an IFRS measure). Free Cash Flow (which is a non-IFRS measure) is most directly comparable to net cash generated from operating activities (which is an IFRS measure). A limitation of using Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) Before Tax, Adjusted EBITDA, Adjusted Diluted Earnings (Loss) per Share and Free Cash Flow instead of results from operating activities, profit (loss) for the period, diluted earnings (loss) per share for the period and net cash generated from operating activities calculated in accordance with IFRS as issued by the IASB is that these non-IFRS financial measures exclude certain recurring costs. For example: • Adjusted EBITDA excludes charges such as depreciation, amortization and impairment, and share-based compensation costs;
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• Adjusted Net Profit (Loss) Before Tax excludes, among others, share-based compensation costs and acquisition related intangibles amortization; and • Free Cash Flow does not reflect the impact of equity or debt raises or repayment of debt or dividends paid. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) Before Tax, Adjusted EBITDA, Adjusted Diluted Earnings (Loss) per Share and Free Cash Flow. Because of varying available valuation methodologies and subjective assumptions that companies can use when applying IFRS 2 “Share- based payment,” management believes that providing non-IFRS measures that exclude such expenses allows investors to make additional comparisons between our operating results and those of other companies. In addition, reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release. Constant currency results are financial measures that are not prepared in accordance with IFRS and assume constant currency exchange rates used for translation based on the rates in effect during the comparable period in the prior fiscal year. Because the impact of changing foreign currency exchange rates may not provide an accurate baseline for analyzing trends in our business, management believes that percentage growth in constant currency is an important metric for evaluating our operations. Constant currency is a non-IFRS measure and it should not be considered as a substitute for measures prepared in accordance with IFRS. We believe that our current calculations of Adjusted Operating Profit, Adjusted Net Profit (Loss) Before Tax, Adjusted EBITDA, Adjusted Diluted Earnings per Share, Free Cash Flow, Adjusted Margin, Adjusted Margin % and constant currency results represent a balanced approach to adjusting for the impact of certain discrete, unusual or non-cash items and other items such as customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs, which we believe are representative of our operating results and provide useful information to investors and analysts. We believe that investors and analysts in our industry use these non-IFRS measures and key performance indicators to compare our company and our performance to that of our global peers. However, the presentation of these non-IFRS measures and key performance indicators is not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued by the IASB. These non-IFRS measures and key performance indicators may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation. The IFRS measures that are most directly comparable to Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) Before Tax, Adjusted EBITDA, Adjusted Diluted Earnings (Loss) per Share and Free Cash Flow are results from operating activities, profit (loss) for the period, diluted earnings (loss) per share for the period and net cash generated from operating activities. Safe Harbor Statement This release contains certain statements concerning the Company’s future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “aim”, “anticipate”, “believe”, “continue”, “estimate”, “expect”, “is/are likely to”, “intend”, “may”, “potential”, “plan”, “project”, “should”, “seek”, “will”, or other similar expressions. Such statements include, among other things, quotations from management as well as the Company’s strategic and operational plans. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward- looking statement. Potential risks and uncertainties include, but are not limited to, a slowdown of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, volatility in the trading price of the Company’s shares, the Company’s reliance on its relationships with travel suppliers and strategic alliances, failure to further increase the Company’s brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in India and overseas, failure to successfully develop the Company’s corporate travel business, damage to or failure of the Company’s infrastructure and technology, loss of services of the Company’s key executives, and inflation in India and in other countries. These and other factors are more fully discussed in the “Risk Factors” section of the Company’s 20-F dated July 27, 2026, filed with the United States Securities and Exchange Commission. All information provided in this release is provided as of the date of issuance of this release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.
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About MakeMyTrip Limited We are a leading travel service provider in India. Our travel technology platform enables transactions across a range of travel needs, empowering customers with seamless and integrated experiences. Our comprehensive suite of travel products and services includes air tickets, hotels and alternative accommodations, holiday packages, bus tickets, rail tickets, car hire, tours and attractions and ancillary services. We serve a broad and diverse customer base, ranging from individuals to enterprises and small and medium-sized businesses. Our customers can discover, compare, plan, book and manage a wide range of travel products and services through our digital-first, omni-channel distribution platform. Our MakeMyTrip, Goibibo and redBus mobile applications are available on Android and iOS and our primary websites are www.makemytrip.com, www.goibibo.com and www.redbus.in. We operate an asset-light marketplace model, connecting travelers with a broad network of suppliers, including airlines, hotels, accommodation providers and ground transport operators. In addition, we offer foreign exchange, prepaid forex cards, cross-border remittances, visa-processing and travel assurance services, and facilitate access to third-party travel credit and travel insurance products for travelers. Outside India, we have a growing presence in the United Arab Emirates, where we offer localized travel products and services such as air ticketing and hotels. In addition, redBus operates in certain countries in Southeast Asia and Latin America. For more details, please contact: Vipul Garg Senior Vice President - Investor Relations MakeMyTrip Limited Vipul.garg@go-mmt.com
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MAKEMYTRIP LIMITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED) (Amounts in USD thousands) As atMarch 31,2026 As atSeptember 30,2026 Assets Property, plant and equipment 21,654 21,759 Intangible assets and goodwill 552,245 538,826 Trade and other receivables 9,182 8,225 Investment in equity-accounted investees 1,586 1,541 Other investments 12,756 11,892 Term deposits 17,704 7,576 Non-current tax assets, net 22,693 12,751 Deferred tax assets, net 70,503 56,809 Other non-current assets 75 120 Total non-current assets 708,398 659,499 Inventories 612 110 Contract assets 83 6,889 Trade and other receivables 163,011 217,728 Term deposits 340,297 381,032 Other current assets 117,654 144,475 Cash and cash equivalents 424,826 427,902 Total current assets 1,046,483 1,178,136 Total assets 1,754,881 1,837,635 Equity Share capital 48 48 Share premium 2,714,138 2,719,532 Other components of equity 10,773 (26,695) Accumulated deficit (2,792,733) (2,783,903) Total equity attributable to owners of the Company (67,774) (91,018) Non-controlling interests 9,313 9,903 Total equity (58,461) (81,115) Liabilities Loans and borrowings 1,399,722 1,457,720 Employee benefits 16,477 16,768 Contract liabilities and related payables 147 164 Deferred tax liabilities, net 47,142 36,841 Other non-current liabilities 6,649 6,647 Total non-current liabilities 1,470,137 1,518,140 Bank overdraft 822 791 Loans and borrowings 5,877 6,557 Trade and other payables 135,777 160,590 Contract liabilities and related payables 113,003 147,094 Other current liabilities 87,726 85,578 Total current liabilities 343,205 400,610 Total liabilities 1,813,342 1,918,750 Total equity and liabilities 1,754,881 1,837,635 # Loans and borrowings include lease liabilities amounting to $12.0 million as at September 30, 2026 (as at March 31, 2026: $11.8 million). (#) (#)
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MAKEMYTRIP LIMITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED) (Amounts in USD thousands, except per share data and share count) For the three months ended September 30 For the six months ended September 30 2025 2026 2025 2026 Revenue Air ticketing 61,029 56,651 121,154 112,258 Hotels and packages 108,229 107,111 249,877 258,290 Bus ticketing 33,488 39,053 72,241 83,986 Other revenue 26,595 32,340 54,915 66,200 Total revenue 229,341 235,155 498,187 520,734 Other income 252 212 1,777 481 Service cost Procurement cost of hotels and packages services 44,841 40,993 112,023 113,665 Other cost of providing services 6,673 8,173 14,378 18,176 Personnel expenses 40,439 38,447 80,659 77,295 Marketing and sales promotion expenses 37,931 38,931 81,856 87,716 Other operating expenses 58,300 63,712 122,111 129,021 Depreciation and amortization 6,972 8,448 14,139 14,973 Results from operating activities 34,437 36,663 74,798 80,369 Finance income 7,248 6,818 14,042 13,364 Finance costs 43,109 36,618 53,879 71,438 Net finance costs (35,861) (29,800) (39,837) (58,074) Share of loss of equity-accounted investees (23) (15) (29) (11) Profit (loss) before tax (1,447) 6,848 34,932 22,284 Income tax expense (4,291) (5,079) (14,865) (11,410) Profit (loss) for the period (5,738) 1,769 20,067 10,874 Other comprehensive income (loss), net of tax Items that will not be reclassified to profit or loss: Remeasurements of defined benefit liability 95 83 95 83 Equity instruments at fair value through other comprehensive income (FVOCI) - net change in fair value — (890) — (890) 95 (807) 95 (807) Items that are or may be reclassified subsequently to profit or loss: Foreign currency translation differences on foreign operations (32,892) (11,380) (35,260) (18,144) Other comprehensive income (loss) for the period, net of tax (32,797) (12,187) (35,165) (18,951) Total comprehensive income (loss) for the period (38,535) (10,418) (15,098) (8,077) Profit (loss) attributable to: Owners of the Company (5,615) 1,844 20,309 10,194 Non-controlling interests (123) (75) (242) 680 Profit (loss) for the period (5,738) 1,769 20,067 10,874 Total comprehensive income (loss) attributable to: Owners of the Company (38,229) (10,214) (14,662) (8,591) Non-controlling interests (306) (204) (436) 514 Total comprehensive income (loss) for the period (38,535) (10,418) (15,098) (8,077) Earnings (loss) per share (in USD) Basic (0.06) 0.02 0.19 0.11 Diluted (0.06) 0.02 0.19 0.10 Weighted average number of shares (including Class B Shares) Basic 97,978,804 96,836,188 106,498,131 96,850,984 Diluted 97,978,804 97,964,009 108,326,036 97,911,123
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MAKEMYTRIP LIMITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED) (Amounts in USD thousands) Attributable to owners of the Company Other components of equity Share Capital Share Premium Equity Compone nt of Converti ble Notes Treasur y Shares Reserve Fair Value Reserves Share Based Payment Reserve Foreign Currency Translati on Reserve Accumul ated Deficit Total Non- Controlli ng Interests Total Equity Balance as at April 1, 2026 48 2,714, 138 272,17 2 (113, 451) 191 129,42 9 (277,5 68) (2,792, 733) (67,77 4) 9,313 (58,461) Total comprehensive income (loss) for the period Profit for the period — — — — — — — 10,194 10,194 680 10,874 Other comprehensive income (loss) Foreign currency translation differences — — — — — — (17,97 5) — (17,97 5) (169) (18,144) Equity instruments at FVOCI - net change in fair value — — — — (890) — — — (890) — (890) Remeasurement of defined benefit liability — — — — — — — 80 80 3 83 Total other comprehensive income (loss) — — — — (890) — (17,97 5) 80 (18,78 5) (166) (18,951) Total comprehensive income (loss) for the period — — — — (890) — (17,97 5) 10,274 (8,591) 514 (8,077) Transactions with owners of the Company Contributions by owners Share-based payment — — — — — 11,539 — — 11,539 76 11,615 Issue of ordinary shares on exercise of share based awards * 5,394 — — — (5,394) — — — — — Transfer to accumulated deficit on expiry of share based awards — — — — — (77) — 77 — — — Treasury shares acquired — — — (24,9 45) — — — — (24,94 5) — (24,945) Total contributions by owners — 5,394 — (24,9 45) — 6,068 — 77 (13,40 6) 76 (13,330) Changes in ownership interests Change in fair value of financial liability for acquisition of non-controlling interests — — — — — — 274 (1,521) (1,247) — (1,247) Total changes in ownership interests — — — — — — 274 (1,521) (1,247) — (1,247) Total transactions with owners of the Company — 5,394 — (24,9 45) — 6,068 274 (1,444) (14,65 3) 76 (14,577) Balance as at September 30, 2026 48 2,719, 532 272,17 2 (138, 396) (699) 135,49 7 (295,2 69) (2,783, 903) (91,01 8) 9,903 (81,115) *less than 1
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MAKEMYTRIP LIMITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED) (Amounts in USD thousands) For the six months ended September 30 2025 2026 Profit for the period 20,067 10,874 Adjustments for non-cash items 79,779 95,772 Changes in working capital (9,330) (29,408) Net cash generated from operating activities 90,516 77,238 Net cash used in investing activities (57,048) (34,251) Net cash used in financing activities (3,935) (32,187) Increase in cash and cash equivalents 29,533 10,800 Cash and cash equivalents (net of bank overdraft) at beginning of the period 508,362 424,004 Effect of exchange rate fluctuations on cash held (16,649) (7,693) Cash and cash equivalents (net of bank overdraft) at end of the period 521,246 427,111
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MAKEMYTRIP LIMITED INFORMATION ABOUT REPORTABLE SEGMENTS (UNAUDITED) (Amounts in USD thousands) For the three months ended September 30 Reportable segments Air ticketing Hotels and packages Bus ticketing All other segments Total Particulars 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 Revenue from external customers 61,029 56,651 108,22 9 107,11 1 33,488 39,053 26,595 32,340 229,34 1 235,15 5 Add: Customer inducement costs recorded as a reduction of revenue* 41,789 51,961 42,429 50,661 4,261 6,063 578 241 89,057 108,92 6 Less: Service cost — — 44,841 40,993 — — 6,673 8,173 51,514 49,166 Adjusted Margin 102,81 8 108,61 2 105,81 7 116,77 9 37,749 45,116 20,500 24,408 266,88 4 294,91 5 Other income 252 212 Personnel expenses (40,43 9) (38,447) Marketing and sales promotion expenses (37,93 1) (38,931) Customer inducement costs recorded as a reduction of revenue* (89,05 7) (108,92 6) Other operating expenses (58,30 0) (63,712) Depreciation and amortization (6,972) (8,448) Finance income 7,248 6,818 Finance costs (43,10 9) (36,618) Share of loss of equity-accounted investees (23) (15) Profit (loss) before tax (1,447) 6,848 For the six months ended September 30 Reportable segments Air ticketing Hotels and packages Bus ticketing All other segments Total Particulars 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 Revenue from external customers 121,15 4 112,25 8 249,87 7 258,29 0 72,241 83,986 54,915 66,200 498,18 7 520,734 Add: Customer inducement costs recorded as a reduction of revenue* 78,724 94,901 89,844 106,61 6 8,101 12,966 1,458 1,276 178,12 7 215,759 Less: Service cost — — 112,02 3 113,66 5 — — 14,378 18,176 126,40 1 131,841 Adjusted Margin 199,87 8 207,15 9 227,69 8 251,24 1 80,342 96,952 41,995 49,300 549,91 3 604,652 Other income 1,777 481 Personnel expenses (80,65 9) (77,295) Marketing and sales promotion expenses (81,85 6) (87,716) Customer inducement costs recorded as a reduction of revenue* (178,1 27) (215,75 9) Other operating expenses (122,1 11) (129,02 1) Depreciation and amortization (14,13 9) (14,973) Finance income 14,042 13,364 Finance costs (53,87 9) (71,438) Share of loss of equity-accounted investees (29) (11) Profit before tax 34,932 22,284 * For purposes of reporting to the Chief Operating Decision Maker (CODM), the segment profitability measure i.e. Adjusted Margin represents IFRS revenue after adding back customer inducement costs recorded as a reduction of revenue, and deducting service costs primarily relating to sales to customers where we act as the principal, for the relevant segment.
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MAKEMYTRIP LIMITED RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS (UNAUDITED) (Amounts in USD thousands, except per share data) The following tables reconcile our revenue (an IFRS measure) to Adjusted Margin (a segment profitability measure) for the periods indicated: For the three months ended September 30 Air ticketing Hotels and packages Bus ticketing Others 2025 2026 2025 2026 2025 2026 2025 2026 Revenue as per IFRS 61,029 56,651 108,229 107,111 33,488 39,053 26,595 32,340 Add: Customer inducement costs recorded as a reduction of revenue 41,789 51,961 42,429 50,661 4,261 6,063 578 241 Less: Service cost — — 44,841 40,993 — — 6,673 8,173 Adjusted Margin 102,81 8 108,612 105,817 116,779 37,749 45,116 20,500 24,408 For the six months ended September 30 Air ticketing Hotels and packages Bus ticketing Others 2025 2026 2025 2026 2025 2026 2025 2026 Revenue as per IFRS 121,154 112,258 249,877 258,290 72,241 83,986 54,915 66,200 Add: Customer inducement costs recorded as a reduction of revenue 78,724 94,901 89,844 106,616 8,101 12,966 1,458 1,276 Less: Service cost — — 112,023 113,665 — — 14,378 18,176 Adjusted Margin 199,878 207,159 227,698 251,241 80,342 96,952 41,995 49,300 The following table reconciles our results from operating activities (an IFRS measure) to Adjusted Operating Profit (a non-IFRS measure) for the periods indicated: Reconciliation of Adjusted Operating Profit For the three months ended September 30 For the six months ended September 30 (Unaudited) 2025 2026 2025 2026 Results from operating activities as per IFRS 34,437 36,663 74,798 80,369 Add: Acquisition related intangibles amortization 2,814 3,233 5,689 5,653 Add: Employee share-based compensation costs 6,935 6,345 12,401 11,615 Less: Gain on discontinuation of equity accounted investment — — (1,361) — Adjusted Operating Profit 44,186 46,241 91,527 97,637 The following table reconciles our profit (loss) for the period (an IFRS measure) to Adjusted Net Profit Before Tax (a non-IFRS measure) for the periods indicated: Reconciliation of Adjusted Net Profit Before Tax For the three months ended September 30 For the six months ended September 30 (Unaudited) 2025 2026 2025 2026 Profit (loss) for the period as per IFRS (5,738) 1,769 20,067 10,874 Add: Acquisition related intangibles amortization 2,814 3,233 5,689 5,653 Add: Employee share-based compensation costs 6,935 6,345 12,401 11,615 Less: Gain on discontinuation of equity accounted investment — — (1,361) — Add (Less): Change in fair value of financial asset measured at FVTPL (296) 190 (296) 16 Add: Interest expense on financial liabilities measured at amortized cost 28,323 29,539 34,387 58,758 Add: Income tax expense 4,291 5,079 14,865 11,410 Add: Share of loss of equity-accounted investees 23 15 29 11 Adjusted Net Profit Before Tax 36,352 46,170 85,781 98,337 (2) (2)
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The following table reconciles our profit (loss) for the period (an IFRS measure) to Adjusted EBITDA (a non-IFRS measure) for the periods indicated: Reconciliation of Adjusted EBITDA For the three months ended September 30 For the six months ended September 30 (Unaudited) 2025 2026 2025 2026 Profit (loss) for the period as per IFRS (5,738) 1,769 20,067 10,874 Add: Income tax expense 4,291 5,079 14,865 11,410 Add: Share of loss of equity-accounted investees 23 15 29 11 Add: Finance costs 43,109 36,618 53,879 71,438 Less: Finance income (7,248) (6,818) (14,042) (13,364) Add: Depreciation and amortization 6,972 8,448 14,139 14,973 Add: Employee share-based compensation costs 6,935 6,345 12,401 11,615 Less: Gain on discontinuation of equity accounted investment - - (1,361) - Adjusted EBITDA 48,344 51,456 99,977 106,957 The following table reconciles our diluted earnings (loss) per share for the period (an IFRS measure) to Adjusted Diluted Earnings per Share (a non-IFRS measure) for the periods indicated: Reconciliation of Adjusted Diluted Earnings per Share For the three months ended September 30 For the six months ended September 30 (Unaudited) 2025 2026 2025 2026 Diluted Earnings (loss) per Share for the period as per IFRS (0.06) 0.02 0.19 0.10 Add: Acquisition related intangibles amortization 0.03 0.03 0.05 0.06 Add: Employee share-based compensation costs 0.07 0.06 0.11 0.12 Less: Gain on discontinuation of equity accounted investment — — (0.01) — Add (Less): Change in fair value of financial asset measured at FVTPL * * * * Add: Interest expense on financial liabilities measured at amortized cost 0.29 0.30 0.32 0.60 Add: Income tax expense 0.04 0.06 0.13 0.12 Add: Share of loss of equity-accounted investees * * * * Adjusted Diluted Earnings per Share 0.37 0.47 0.79 1.00 * Less than $0.01. The following table reconciles our net cash generated from operating activities (an IFRS measure) to Free Cash Flow (a non-IFRS measure) for the periods indicated: Reconciliation of Free Cash Flow For the three months ended September 30 For the six months ended September 30 (Unaudited) 2025 2026 2025 2026 Net cash generated from operating activities 48,673 50,529 90,516 77,238 Less: Acquisition of property, plant and equipment (864) (1,429) (2,470) (1,909) Less: Acquisition of intangible assets (2,120) (1,958) (4,427) (8,267) Free Cash Flow 45,689 47,142 83,619 67,062
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MAKEMYTRIP LIMITED SELECTED OPERATING AND FINANCIAL DATA (UNAUDITED) For the three months ended September 30 For the six months ended September 30 2025 2026 2025 2026 (in thousands, except percentages) Unit Metrics Air Ticketing – Flight segments 14,760 13,932 29,239 28,117 Hotels and Packages – Room nights 10,033 11,886 20,690 24,659 Standalone Hotels – Room nights 9,880 11,714 20,267 24,195 Bus Ticketing – Bus tickets 32,798 40,906 68,003 84,535 Adjusted Margin Air Ticketing $ 102,818 $ 108,612 $ 199,878 $ 207,159 Hotels and Packages 105,817 116,779 227,698 251,241 Bus Ticketing 37,749 45,116 80,342 96,952 Others 20,500 24,408 41,995 49,300 Gross Bookings Air Ticketing $1,426,312 $1,577,405 $2,859,695 $ 3,119,745 Hotels and Packages 584,017 640,380 1,271,729 1,386,768 Bus Ticketing 362,734 435,299 778,275 937,237 Other Transport Services 74,255 71,568 146,098 135,580 $2,447,318 $2,724,652 $5,055,797 $ 5,579,330 Adjusted Margin % Air Ticketing 7.2% 6.9% 7.0% 6.6% Hotels and Packages 18.1% 18.2% 17.9% 18.1% Bus Ticketing 10.4% 10.4% 10.3% 10.3% Notes: (1) “Flight segments” means a flight between two cities, including flights booked as part of a longer itinerary or a package, and is reported net of cancellations. (2) “Hotels and Packages – Room nights” refers to the number of room nights booked on a standalone basis and as part of a package that includes elements of travel and accommodation services booked through our online and offline channels. “Standalone Hotels – Room nights” refers to the number of room nights booked through our online and offline channels on a standalone basis (excluding room nights booked as part of a package that includes elements of travel and accommodation services). “Room nights” refers to the total number of hotel rooms occupied by a customer or group, multiplied by the number of nights/days that such customer or group occupies those rooms, and is presented net of cancellations. (3) “Bus tickets” means tickets issued to customers for bus journeys, and is reported net of cancellations. (4) Excludes flight segments booked as a component of bookings for our Hotels and Packages segment. (1) (2) (2) (3) (4) (4) (4)