Earnings release
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Exhibit 99.1 YATRA ONLINE, INC. ANNOUNCES RESULTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 Gurugram, India and New York November 12, 2025— Yatra Online, Inc. (NASDAQ: YTRA) (the “Company”), India’s leading corporate travel services provider and one of India’s leading online travel companies, today announced its unaudited financial and operating results for the three months ended September 30, 2025. “I am pleased to report that for the second quarter we delivered robust financial and operational performance, exceeding our original annual growth guidance despite declining business in the overall domestic aviation industry in India. Our success is driven by sustained momentum in business travel demand and effective execution across our platforms. “For the three months ended September 30, 2025, revenue reached INR 3,508.7 million (USD 39.5 million), a 48.5% year-over-year increase, driven by a stronger corporate travel mix and growth in Hotels and Packages. Adjusted EBITDA surged 217.7%, reflecting disciplined cost management and profitable scaling. “Our Corporate Travel segment remains a growth cornerstone, onboarding 34 new clients during the second quarter and expanding annual billing potential by INR 2,615.0 million (USD 29.5 million). The Meetings, Incentives, Conferences, and Exhibitions (“MICE”) business continues to excel, establishing Yatra as a dominant market player in India. Despite margin pressures in B2C air ticketing, the diversified revenue mix, including Hotels & Packages and MICE, successfully mitigated challenges. “Integration of Globe Travels has delivered supplier synergies, technology innovation, and cross-selling opportunities, enhancing client offerings. The Company is progressing on its restructuring efforts to unlock shareholder value, with timelines subject to complexity. Looking ahead, we remain focused on scaling high-margin segments, deepening technology capabilities, and driving sustainable long-term value for stakeholders. I extend my sincere thanks to our dedicated team, trusted partners, and supportive shareholders.” – Dhruv Shringi, Co-founder and CEO.
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Financial and operating highlights for the three months ended September 30, 2025: ● Revenue of INR 3,508.7 million (USD 39.5 million), representing an increase of 48.5% year-over-year basis (“YoY”). ● Adjusted Margin (1) from Air Ticketing of INR 1,016.0 million (USD 11.4 million), representing an increase of 14.7% YoY.● Adjusted Margin (1) from Hotels and Packages of INR 514.5 million (USD 5.8 million), representing an increase of 28.6% YoY.● Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)(3) of INR 20,504.8 million (USD 231.0 million), representing an increase of 16.2% YoY. ● Profit for the period was INR 98.8 million (USD 1.1 million) versus a Loss of INR 0.3 million (USD 0.1 million) for the three months ended September 30, 2024, reflecting an increase in profit by INR 99.1 million (USD 1.1 million) YoY. ● Results from operations were a profit of INR 104.7 million (USD 1.2 million) versus a loss of INR 37.7 million (USD 0.4 million) for the three months ended September 30, 2024, reflecting an increase in profit by INR 142.4 million (USD 1.6 million) YoY. ● Adjusted EBITDA(2) was INR 212.0 million (USD 2.4 million) reflecting an increase of 217.7% YoY. Three months ended September 30, 2024 2025 2025 YoY Change Unaudited Unaudited Unaudited (In thousands except percentages) INR INR USD % Financial Summary as per IFRS Accounting Standards Revenue 2,363,325 3,508,690 39,521 48.5% Results from operations (37,679) 104,671 1,178 377.8% (Loss)/ Profit for the period (296) 98,771 1,111 33468.6% Financial Summary as per non-IFRS measures Adjusted Margin (1) Adjusted Margin - Air Ticketing 885,855 1,016,046 11,445 14.7% Adjusted Margin - Hotels and Packages 400,148 514,468 5,795 28.6% Adjusted Margin - Other Services 75,935 94,967 1,070 25.1% Others (Including Other Income) 145,895 137,843 1,553 (5.5)% Adjusted EBITDA (2) 66,716 211,985 2,388 217.7% Operating Metrics Gross Bookings (3) 17,651,566 20,504,854 230,962 16.2% Air Ticketing 13,260,073 14,811,400 166,833 11.7% Hotels and Packages 3,661,505 5,141,643 57,914 40.4% Other Services (6) 729,988 551,811 6,215 (24.4)% Adjusted Margin% (4) Air Ticketing 6.7% 6.9% Hotels and Packages 10.9% 10.0% Other Services 10.4% 17.2% Quantitative details (5) Air Passengers Booked 1,377 1,329 (3.5)% Stand-alone Hotel Room Nights Booked 461 504 9.4% Packages Passengers Travelled 15 33 115.2% Note: (1) As certain parts of our revenue are recognized on a “net” basis and other parts of our revenue are recognized on a “gross” basis, we evaluate our financial performance based on Adjusted Margin, which is a non-IFRS measure. (2) See the section below titled “Certain Non-IFRS Measures.” (3) Gross Bookings represent the total amount paid by our customers for travel services, freight services and products booked through us, including taxes, fees and other charges, and are net of cancellation and refunds. (4) Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings. (5) Quantitative details are considered on a gross basis. (6) Other Services primarily consists of freight business, IT services, bus, rail and cab and others services. As of September 30, 2025, 62,294,143 ordinary shares (on an as-converted basis), par value $0.0001 per share, of the Company (the “Ordinary Shares”) were issued and outstanding.
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Convenience Translation The interim unaudited condensed consolidated financial statements are stated in INR. However, solely for the convenience of readers, the interim unaudited condensed consolidated statement of profit or loss and other comprehensive loss for the three months and six months ended September 30, 2025, the interim unaudited condensed consolidated statement of financial position as at September 30, 2025, the interim unaudited condensed consolidated statement of cash flows for the six months ended September 30, 2025 and discussion of the results of the three months ended September 30, 2025 compared with three months ended September 30, 2024, were converted into U.S. dollars at the exchange rate of 88.78 INR per USD, which is based on the noon buying rate as at September 30, 2025, in The City of New York for cable transfers of Indian rupees as certified for customs purposes by the Federal Reserve Bank of New York. This arithmetic conversion should not be construed as representation that the amounts expressed in INR may be converted into USD at that or any other exchange rate as well as that such numbers are in compliance as per the requirements of the International Financial Reporting Standards (“IFRS”). Recent developments 1. The Board of Directors (the “Board”) of Yatra Online Limited (“Yatra India”), the Indian subsidiary of the Company, approved a Composite Scheme of Amalgamation (“Scheme”) on August 12, 2024. The Scheme involves a structural reorganization of Yatra India (the “Amalgamated Company”) and its six wholly-owned subsidiaries (collectively, the “Amalgamating Companies”), and excludes the Company. The Amalgamating Companies and Amalgamated Company had previously filed the Scheme with the Hon’ble National Company Law Tribunal, Mumbai (“NCLT”), for the requisite approvals. The NCLT delivered an order dated February 07, 2025 allowing the first motion application. Subsequently, Yatra India filed the second motion application with NCLT for approval, which the NCLT allowed via an order dated July 10, 2025. The NCLT, via its order dated October 14, 2025 (“Order”), has approved the Scheme. The Scheme shall become effective upon filing of the certified copy of the Order with the Registrar of Companies, Mumbai, Maharashtra, India. 2. On September 30, 2025, the Board of the Company appointed Mr. Siddhartha Gupta as a director of the Company, effective immediately. Mr. Siddhartha Gupta will serve in the class of directors whose term expires at the Company’s 2026 Annual General Meeting of Shareholders. 3. On August 26, 2025, the Company has received a letter from the Listing Qualifications Department of The Nasdaq Stock Market, Inc. notifying the Company that it has regained compliance with the NASDAQ Capital Market’s minimum bid price continued listing requirement. The letter noted that for last 11 consecutive business days, from August 11, 2025 through August 25, 2025, the closing bid price of the Company’s Ordinary Shares has been at $1.00 per share or greater. Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2) and NASDAQ considers the matter closed. The Company’s financial and operating results for the three months ended September 30, 2024, include the financial and operating results of Globe All India Services Limited (GAISL) from September 11, 2024, to September 30, 2024. Accordingly, the reported results for three months ended September 30, 2025, which are inclusive of the full quarter impact of consolidation of GAISL may not be comparable with the reported results for the three months ended September 30, 2024, which includes the impact of consolidation of GAISL from September 11, 2024, to September 30, 2024.
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Results of Three Months Ended September 30, 2025 Revenue. We generated Revenue of INR 3,508.7 million (USD 39.5 million) in the three months ended September 30, 2025, an increase of 48.5% compared with INR 2,363.3 million (USD 26.6 million) in the three months ended September 30, 2024. Increase in revenue is mainly driven by an increase in our Hotel and Packages business on account of our MICE business and the impact of our acquisition of GAISL. Service cost. Our Service cost increased to INR 2,251.4 million (USD 25.4 million) in the three months ended September 30, 2025, compared to Service cost of INR 1,427.7 million (USD 16.1 million) in the three months ended September 30, 2024. The increase in Service cost is driven by an increase in Hotel and Packages gross bookings on account of our MICE business and the impact of our acquisition of GAISL. The following table reconciles our Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure), for further details, see section below titled “Certain Non-IFRS Measures.” Reconciliation of Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure) Reportable Segments Air Ticketing Hotels and Packages Other Services Three months ended September 30, Amount in INR thousands (Unaudited) 2024 2025 2024 2025 2024 2025 Revenue as per IFRS - Rendering of services 429,666 584,705 1,703,783 2,706,918 93,940 91,310 Customer promotional expenses 456,189 431,341 101,109 58,945 4,961 3,657 Service cost - - (1,404,744) (2,251,395) (22,966) - Adjusted Margin 885,855 1,016,046 400,148 514,468 75,935 94,967 Air Ticketing. Revenue from our Air Ticketing business was INR 584.7 million (USD 6.6 million) in the three months ended September 30, 2025 as compared to INR 429.7 million (USD 4.8 million) in the three months ended September 30, 2024, reflecting an increase of 36.1% mainly due to an increase in gross bookings. Adjusted Margin (1) from our Air Ticketing business increased to INR 1,016.0 million (USD 11.4 million) in the three months ended September 30, 2025, as compared to INR 885.9 million (USD 10.0 million) in the three months ended September 30, 2024. In the three months ended September 30, 2025, Adjusted Margin (1) for Air Ticketing includes the add-back of INR 431.3 million (USD 4.9 million) of consumer promotion and loyalty program costs, which had been reduced from Revenue as per IFRS 15, against an add-back of INR 456.2 million (USD 5.1 million) in the three months ended September 30, 2024 The increase in Adjusted Margin – Air Ticketing was largely due to higher gross booking on account of optimization of discounts. Hotels and Packages. Revenue from our Hotels and Packages business was INR 2,706.9 million (USD 30.5 million) in the three months ended September 30, 2025, as compared to INR 1703.8 million (USD 19.2 million) in the three months ended September 30, 2024, reflecting an increase of 58.9%. Adjusted Margin (1) for this segment increased by 28.6% to INR 514.5 million (USD 5.8 million) in the three months ended September 30, 2025 from INR 400.1 million (USD 4.5 million) in the three months ended September 30, 2024. In the three months ended September 30, 2025, Adjusted Margin (1)l for Hotels and Packages includes the add-back of customer promotional expenses, which had been reduced from Revenue as per IFRS 15 of INR 58.9 million (USD 0.7 million) against an add-back of INR 101.1 million (USD 1.1 million) in the three months ended September 30, 2024. The increase in Adjusted Margin is driven by increase in gross bookings of our Hotel and Packages business on account of MICE business and full quarter impact of our acquisition of GAISL. Other Services. Our Revenue from Other Services was INR 91.3 million (USD 1.0 million) in the three months ended September 30, 2025, a decrease from INR 93.9 million (USD 1.1 million) in the three months ended September 30, 2024. Adjusted Margin for this segment increased by 25.0% to INR 94.9 million (USD 1.1 million) in the three months ended September 30, 2025, from INR 75.9 million (USD 0.9 million) in the three months ended September 30, 2024. In the three months ended September 30, 2025, Adjusted Margin includes the add- back of consumer promotion expenses, which had been reduced from Revenue of INR 3.7 million (USD 0.1 million) against an add-back of INR 5.0 million (USD 0.1 million) in the three months ended September 30, 2024 pursuant to IFRS 15. (1) See the section titled “Certain Non-IFRS Measures.”
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Other Revenue. Our Other Revenue was INR 125.8 million (USD 1.4 million) in the three months ended September 30, 2025, a decrease from INR 135.9 million (USD 1.5 million) in the three months ended September 30, 2024 due to a decrease in advertising revenue. Other Income. Our Other Income increased to INR 12.1 million (USD 0.1 million) in the three months ended September 30, 2025 from INR 10.0 million (USD 0.1 million) in the three months ended September 30, 2024 due to an increase in write back of liabilities no longer required to be paid. Personnel Expenses. Our Personnel Expenses increased by 14.5% to INR 419.5 million (USD 4.4 million) in the three months ended September 30, 2025 from INR 366.5 million (USD 4.1 million) in the three months ended September 30, 2024. Excluding employee share-based compensation costs of INR 8.6 million (USD 0.1 million) in the three months ended September 30, 2025, compared to INR 30.5 million (USD 0.3 million) in the three months ended September 30, 2024, personnel expenses increased by 22.3% in the three months ended September 30, 2025 on account of full quarter impact of acquired GAISL and an impact of our annual appraisal cycle. Marketing and Sales Promotion Expenses. Marketing and Sales Promotion Expenses decreased by 17.7% to INR 66.5 million (USD 0.7 million) in the three months ended September 30, 2025 from INR 80.8 million (USD 0.9 million) in the three months ended September 30, 2024. Adding back the expenses for consumer promotions and loyalty program costs, which have been deducted from Revenue per IFRS 15, our marketing spend would have been INR 560.4 million (USD 6.3 million) in the three months ended September 30, 2025 against INR 643.1 million (USD 7.2 million) in the three months ended September 30, 2024, decreased by 12.9% on a YoY. Other Operating Expenses. Other Operating Expenses increased by 25.5% to INR 580.1 million (USD 6.5 million) in the three months ended September 30, 2025 from INR 462.1 million (USD 5.2 million) in the three months ended September 30, 2024 primarily due to increases in commission, legal and professional charges, payment gateway charges, and communication. Depreciation and Amortization. Our Depreciation and Amortization expenses increased by 33.6% to INR 98.7 million (USD 1.1 million) in the three months ended September 30, 2025 from INR 73.9 million (USD 0.8 million) in the three months ended September 30, 2024. Results from Operations. As a result of the foregoing factors, our Results from Operations was a profit of INR 104.7 million (USD 1.2 million) in the three months ended September 30, 2025. Our results from operations for the three months ended September 30, 2024 was a loss of INR 37.7 million (USD 0.4 million). Excluding the employee share-based compensation costs, Adjusted Results from Operations(1) would have been a profit of INR 113.3 million (USD 1.3 million) for three months ended September 30, 2025 as compared to a loss of INR 7.2 million (USD 0.1 million) for three months ended September 30, 2024. Finance Income. Our finance income decreased to INR 49.0 million (USD 0.6 million) in the three months ended September 30, 2025 from INR 62.9 million (USD 0.7 million) in the three months ended September 30, 2024 Finance Costs. Our finance costs of INR 28.2 million (USD 0.3 million) in the three months ended September 30, 2025 which includes interest on the lease liability of INR 9.1 million (USD 0.1 million) increased by INR 2.8 million (USD 0.1 million) from finance cost of INR 25.4 million (USD 0.3 million) in the three months ended September 30, 2024, which includes interest on the lease liability of INR 8.1 million (USD 0.1 million). Income Tax Expense. Our Income Tax Expense during the three months ended September 30, 2025 was INR 26.7 million (USD 0.3 million) compared to income tax expense of INR 0.1 million (USD 0.1 million) during the three months ended September 30, 2024. Profit/(Loss) for the Period. As a result of the foregoing factors, our profit in the three months ended September 30, 2025 was INR 98.8 million (USD 1.1 million) as compared to a Loss of INR 0.3 million (USD 0.1 million) in the three months ended September 30, 2024. Excluding the employee share-based compensation costs and listing and related expenses, the Adjusted Profit(1) would have been INR 107.4 million (USD 1.2 million) for the three months ended September 30, 2025 against an Adjusted Profit(1) of INR 30.2 million (USD 0.3 million) for the three months ended September 30, 2024. Adjusted EBITDA(1). Due to the foregoing factors, Adjusted EBITDA (1) increased to INR 212.0 million (USD 2.4 million) in the three months ended September 30, 2025 from an Adjusted EBITDA (1) of INR 66.7 million (USD 0.8 million) in the three months ended September 30, 2024. Basic Earnings (Loss) per Share. Basic Earning per Share was INR 0.77 (USD 0.01) in the three months ended September 30, 2025 as compared to Basic Loss per share of INR 0.25 (USD 0.01) in the three months ended September 30, 2024. After excluding the employee share-based compensation costs and listing and related expenses, Adjusted Basic Earnings per Share(1) would have been INR 0.87 (USD 0.01) in the three months ended September 30, 2025, as compared to Adjusted Basic Earnings per share of INR 0.10 (USD 0.01) in the three months ended September 30, 2024. Diluted Earnings/(Loss) per Share. Diluted Earning per Share was INR 0.77 (USD 0.01) in the three months ended September 30, 2025 as compared to Diluted Loss per share of INR 0.25 (USD 0.01) in the three months ended September 30, 2024. After excluding the employee share-based compensation costs and listing and related expenses, Adjusted Diluted Earnings per Share(1) would have been INR 0.87 (USD 0.01) in the three months ended September 30, 2025 as compared to Adjusted Diluted Earnings of INR 0.10 (USD 0.01) in the three months ended September 30, 2024. Liquidity. As of September 30, 2025, the balance of cash and cash equivalents and term deposits on our balance sheet was INR 2,207.8 million (USD 24.9 million). (1) See the section titled “Certain Non-IFRS Measures.”
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Conference Call The Company will host a conference call to discuss its unaudited results for the three months ended September 30, 2025 beginning at 8:00 AM Eastern Standard Time (or 6:30 PM India Standard Time) on November 12, 2025. Dial in details for the conference call is as follows: US/International dial-in number: +1 646 844 6383. Confirmation Code: 217542 (Callers should dial in 5-10 minutes prior to the start time and provide the operator with the Confirmation Code). The conference call will also be available via webcast at https://events.q4inc.com/attendee/185910578 Certain Non-IFRS Measures As certain parts of our Revenue are recognized on a “net” basis and other parts of our Revenue are recognized on a “gross” basis, we evaluate our financial performance based on Adjusted Margin, which is a non-IFRS measure. We believe that Adjusted Margin provides investors with useful supplemental information about the financial performance of our business and more accurately reflects the value addition of the travel services that we provide to our customers. The presentation of this non-IFRS information is not meant to be considered in isolation or as a substitute for our unaudited condensed consolidated financial results prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”). Our Adjusted Margin may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation. In addition to referring to Adjusted Margin, we also refer to Adjusted EBITDA, Adjusted Results from Operations, Adjusted Profit/(Loss) for the Period and Adjusted Basic and Adjusted Diluted Earnings/(Loss) Per Share which are also non-IFRS measures. For our internal management reporting, budgeting and decision-making purposes, including comparing our operating results to that of our competitors, these non-IFRS financial measures exclude employee share- based compensation cost. Our non-IFRS financial measures reflect adjustments based on the following: ● Employee share-based compensation cost - The compensation cost to be recorded is dependent on varying available valuation methodologies and subjective assumptions that companies can use while valuing these expenses especially when adopting IFRS 2 “Share-based Payment”. Thus, the management believes that providing non-IFRS financial measures that exclude such expenses allows investors to make additional comparisons between our operating results and those of other companies. ● Finance income - These primarily reflect income on the bank deposit. ● Finance cost - These primarily reflect income on the borrowings and interest in lease liability. ● Depreciation and amortization - These primarily reflect depreciation and amortization on tangible and intangible assets. ● Tax expense - These primarily reflect income tax and deferred tax. We evaluate the performance of our business after excluding the impact of the above measures and believe it is useful to understand the effects of these items on our results from operations, Profit/(Loss) for the period and Basic and Diluted Earnings/(Loss) Per Share. The presentation of these non-IFRS measures is not meant to be considered in isolation or as a substitute for our unaudited condensed consolidated financial results prepared in accordance with IFRS Accounting Standards as issued by the IASB. These non-IFRS measures may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation. A limitation of using Adjusted EBITDA, Adjusted Results from Operations, Adjusted Profit/(Loss) for the period and Adjusted Basic and Adjusted Diluted Earnings/(Loss) Per Share as against using measures in accordance with IFRS as issued by the IASB are that these non-IFRS financial measures exclude share- based compensation cost, depreciation and amortization, finance income, finance costs, and tax expenses in case of Adjusted EBITDA. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted EBITDA, Adjusted Results from Operations, Adjusted Profit/(Loss) for the Period and Adjusted Basic and Adjusted Diluted Earnings/(Loss) Per Share.
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The following table reconciles our Profits/(Losses) for the periods (an IFRS measure) to Adjusted EBITDA (a non-IFRS measure) for the periods indicated: Reconciliation of Adjusted EBITDA (unaudited) Three months ended Six months ended Amount in INR thousands September 30, 2024 September 30, 2025 September 30, 2024 September 30, 2025 Profit/(Loss) for the period as per IFRS (296) 98,771 (1,057) 208,712 Employee share-based compensation costs 30,514 8,618 69,306 18,957 Depreciation and amortization 73,881 98,696 134,803 190,206 Finance income (62,910) (49,012) (128,724) (84,084) Finance costs 25,383 28,215 53,989 46,437 Tax expense 144 26,697 3,991 37,985 Adjusted EBITDA 66,716 211,985 132,308 418,213 Reconciliation of Adjusted Results from Operations (unaudited) Three months ended Six months ended Amount in INR thousands September 30, 2024 September 30, 2025 September 30, 2024 September 30, 2025 Results from operations (as per IFRS) (37,679) 104,671 (71,802) 209,050 Employee share-based compensation costs 30,514 8,618 69,306 18,957 Adjusted Results from Operations (7,165) 113,289 (2,496) 228,007 Reconciliation of Adjusted Profit/(Loss) (unaudited) Three months ended Six months ended Amount in INR thousands September 30, 2024 September 30, 2025 September 30, 2024 September 30, 2025 Profit/(Loss) for the period (as per IFRS) (296) 98,771 (1,057) 208,712 Employee share-based compensation costs 30,514 8,618 69,306 18,957 Adjusted Profit/(Loss) for the period 30,218 107,389 68,249 227,669
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Three months ended Six months ended Reconciliation of Adjusted Basic Earnings/(Loss) (Per Share) (unaudited) September 30, 2024 September 30, 2025 September 30, 2024 September 30, 2025 Basic Earnings/Loss per share (as per IFRS) (0.25) 0.77 (0.67) 1.62 Employee share-based compensation costs 0.35 0.10 0.77 0.22 Adjusted Basic Earnings/(Loss) Per Share 0.10 0.87 0.10 1.84 Three months ended Six months ended Reconciliation of Adjusted Diluted Loss (Per Share) (unaudited) September 30, 2024 September 30, 2025 September 30, 2024 September 30, 2025 Diluted Earnings/(Loss) per share (as per IFRS) (0.25) 0.77 (0.67) 1.61 Employee share-based compensation costs 0.35 0.10 0.77 0.22 Adjusted Diluted Earnings/(Loss) Per Share 0.10 0.87 0.10 1.83 The following table reconciles our Revenue (an IFRS measure), to Adjusted Margin (a non-IFRS measure): Reconciliation of Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure) Reportable Segments Air Ticketing Hotels and Packages Other Services Three months ended September 30, Amount in INR thousands (Unaudited) 2024 2025 2024 2025 2024 2025 Revenue as per IFRS - Rendering of services 429,666 584,705 1,703,783 2,706,918 93,940 91,310 Customer promotional expenses 456,189 431,341 101,109 58,945 4,961 3,657 Service cost - - (1,404,744) (2,251,395) (22,966) - Adjusted Margin 885,855 1,016,046 400,148 514,468 75,935 94,967 Reportable Segments Air Ticketing Hotels and Packages Other Services Six months ended September 30, Amount in INR thousands 2024 2025 2024 2025 2024 2025 Revenue as per IFRS - Rendering of services 886,575 1,231,677 2,086,919 3,959,474 161,727 158,719 Customer promotional expenses 918,231 766,886 199,068 128,390 9,291 8,153 Service cost - - (1,608,698) (3,193,248) (22,966) - Adjusted Margin 1,804,806 1,998,563 677,289 894,616 148,052 166,872
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Safe Harbor Statement This earnings 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, as amended. 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 “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “project,” “seek,” “should” similar expressions and the negative forms of such expressions. Such statements include, among other things, statements regarding the long-term growth trajectory for the Indian travel market; growth of the MICE business and corporate travel business; our expectations regarding the benefits of utilizing AI-enabled services; statements concerning management’s beliefs as well as our strategic and operational plans; our ability to simplify our corporate structure and operations and enhance shareholder value; our expectations regarding sustained margin expansion as a result of simplifying our legal and corporate structure; our future financial performance; our ability to meet our financial guidance; and our ability to comply with Nasdaq’s continued listing requirements for our Ordinary Shares to remain listed on Nasdaq. 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, the impact of increasing competition in the Indian travel industry and our expectations regarding the development of our industry and the competitive environment in which we operate; the slowdown in Indian economic growth and other declines or disruptions in the Indian economy in general and travel industry in particular, including disruptions caused by safety concerns, terrorist attacks, regional conflicts (including the ongoing conflict between Ukraine and Russia, the evolving events in Israel, Gaza and the Middle East, pandemics, macroeconomic factors, including tariff and trade issues, and natural calamities; our ability to successfully negotiate our contracts with airline suppliers and global distribution system service providers and mitigate any negative impacts on our Revenue that result from reduced commissions, incentive payments and fees we receive; the risk that airline suppliers (including our GDS service providers) may reduce or eliminate the commission and other fees they pay to us for the sale of air tickets; our ability to pursue strategic partnerships and the risks associated with our business partners; the potential impact of recent developments in the Indian travel industry, on our profitability and financial condition; political and economic stability in and around India and other key travel destinations; our ability to maintain and increase our brand awareness; our ability to realize the anticipated benefits of any past or future acquisitions; our ability to successfully implement our growth strategy; our ability to attract, train and retain executives and other qualified employees, and our ability to successfully implement any new business initiatives; our ability to effectively integrate artificial intelligence, machine learning and automated decision-making tools; non-compliance with Nasdaq’s continued listing requirements and consequent delisting of our ordinary shares from Nasdaq; and our ability to simplify our multi-jurisdictional corporate structure or reduce resources and management time devoted to compliance requirement. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange Commission. All information provided in this earnings release is provided as of the date of issuance of this earnings release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law. About Yatra Online, Inc. Yatra Online, Inc. is the ultimate parent company of Yatra India, a public listed company on the National Stock Exchange of India Limited and BSE Limited, whose corporate office is based in Gurugram, India. Yatra India is India’s largest corporate travel services provider in terms of number of corporate clients with over 1,300 large corporate customers and approximately 58,983 registered SME customers and the third largest online travel company in India among key online travel agency (“OTA”) players in terms of gross booking revenue and operating revenue for Fiscal 2023 (Source: CRISIL Report). Leisure and business travelers use Yatra India’s mobile applications, its website, www.yatra.com, and its other offerings and services to explore, research, compare prices and book a wide range of travel-related services. These services include domestic and international air ticketing on nearly all Indian and international airlines, as well as bus ticketing, rail ticketing, cab bookings and ancillary services within India. With approximately 80,685 hotels and homestays in approximately 1,500 cities and towns in India as well as more than 2.5 million hotels around the world, Yatra India has the largest hotels inventory amongst key Indian OTA players. For more information, please contact: Bill Zima ICR Inc. Email: bill.zima@icrinc.com
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Yatra Online, Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME/ LOSS FOR THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2025 (Amount in thousands, except per share data and number of shares) Three months ended September 30, Six months ended September 30, 2024 2025 2024 2025 INR INR USD INR INR USD Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Revenue Rendering of services 2,227,389 3,382,934 38,105 3,135,221 5,349,870 60,260 Other revenue 135,936 125,756 1,416 278,822 256,965 2,894 Total revenue 2,363,325 3,508,690 39,521 3,414,043 5,606,835 63,154 Other income 9,960 12,087 136 21,557 21,881 246 Service cost 1,427,710 2,251,395 25,359 1,631,664 3,193,248 35,968 Personnel expenses 366,509 419,472 4,725 725,757 823,060 9,271 Marketing and sales promotion expenses 80,797 66,469 749 144,277 114,914 1,294 Other operating expenses 462,067 580,074 6,534 870,901 1,098,238 12,370 Depreciation and amortization 73,881 98,696 1,112 134,803 190,206 2,142 Results from operations (37,679) 104,671 1,178 (71,802) 209,050 2,355 Finance income 62,910 49,012 552 128,724 84,084 947 Finance costs (25,383) (28,215) (318) (53,989) (46,437) (523) Profit/(Loss) before taxes (152) 125,468 1,412 2,934 246,697 2,779 Tax (expense)/benefit (144) (26,697) (301) (3,991) (37,985) (428) Profit/(Loss) for the period (296) 98,771 1,111 (1,057) 208,712 2,351 Other comprehensive income/ (loss) Items not to be reclassified to profit or loss in subsequent periods (net of taxes) Remeasurement gain on defined benefit plan 380 (3,371) (38) (826) (4,326) (48) Items that are or may be reclassified subsequently to profit or loss (net of taxes) Foreign currency translation differences loss 2,372 (39,660) (447) 5,503 (262,950) (2,961) Other comprehensive profit/(loss) for the period, net of tax 2,752 (43,031) (485) 4,677 (267,276) (3,009) Total comprehensive profit/(loss) for the period, net of tax 2,456 55,740 626 3,620 (58,564) (658) Profit/(loss) attributable to : Owners of the Parent Company (15,723) 47,898 538 (41,211) 100,794 1,137 Non-Controlling interest 15,427 50,873 573 40,154 107,918 1,214 Profit/(Loss) for the period (296) 98,771 1,111 (1,057) 208,712 2,351 Total comprehensive profit/(loss) attributable to : Owners of the Parent Company (13,106) 6,057 66 (36,242) (164,944) (1,858) Non-Controlling interest 15,562 49,683 560 39,862 106,380 1,198 Total comprehensive profit/(loss) for the period 2,456 55,740 626 3,620 (58,564) (658) Earnings/(Loss) per share Basic (0.25) 0.77 0.01 (0.67) 1.62 0.02 Diluted (0.25) 0.77 0.01 (0.67) 1.61 0.02 Weighted average no. of shares Basic 62,059,766 62,248,772 62,248,772 61,973,195 62,303,232 62,303,232 Diluted 62,059,766 62,488,154 62,488,154 61,973,195 62,542,614 62,542,614
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Yatra Online, Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2025 (Amounts in thousands, except per share data and number of shares) March 31, 2025 September 30, 2025 September 30, 2025 INR INR USD Audited Unaudited Assets Non-current assets Property, plant and equipment 136,824 129,807 1,462 Right-of-use assets 183,029 294,678 3,319 Intangible assets and goodwill 2,344,983 2,460,278 27,712 Prepayments and other assets 610 1,918 22 Other financial assets 90,714 95,460 1,075 Term deposits 44,770 39,795 448 Other non-financial assets 168,883 126,983 1,430 Deferred tax asset 22,519 21,456 242 Total non-current assets 2,992,332 3,170,375 35,710 Current assets Inventories 54 59 1 Trade and other receivables 5,568,241 5,368,613 60,471 Prepayments and other assets 2,163,456 1,707,968 19,238 Income tax recoverable 504,131 444,119 5,002 Other financial assets 64,722 82,413 928 Term deposits 1,309,400 1,409,270 15,874 Cash and cash equivalents 605,802 758,772 8,547 Total current assets 10,215,806 9,771,214 110,061 Total assets 13,208,138 12,941,589 145,771 Equity and liabilities Equity ` Share capital 863 865 10 Share premium 20,595,068 20,620,762 232,268 Treasury shares (418,555) (418,555) (4,715) Other capital reserve 412,232 402,148 4,530 Accumulated deficit (20,374,549) (20,276,543) (228,391) Non-controlling interest reserve 5,032,282 5,032,282 56,683 Foreign currency translation reserve 156,353 (106,597) (1,201) Total equity attributable to equity holders of the Company 5,403,693 5,254,362 59,184 Total Non-controlling interest 2,501,141 2,607,521 29,371 Total equity 7,904,834 7,861,883 88,555 Non-current liabilities Borrowings 20,744 17,124 193 Deferred tax liability 142,468 135,676 1,528 Employee benefits 65,830 71,416 804 Lease liability 186,339 268,359 3,023 Total non-current liabilities 415,381 492,575 5,548 Current liabilities Borrowings 525,120 193,544 2,180 Trade and other payables 2,953,069 2,856,071 32,170 Employee benefits 62,550 67,171 757 Deferred revenue 2,390 2,193 25 Income taxes payable 1,723 2,404 27 Lease liability 51,810 79,887 900 Other financial liabilities 93,924 93,917 1,058 Other current liabilities 1,197,337 1,291,944 14,553 Total current liabilities 4,887,923 4,587,131 51,663 Total liabilities 5,303,304 5,079,706 57,217 Total equity and liabilities 13,208,138 12,941,589 145,771
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Yatra Online, Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR SIX MONTHS ENDED SEPTEMBER 30, 2025 (Amount in INR thousands, except per share data and number of shares) Attributable to shareholders of the Parent Company Equity share capital Equity share premium Treasury shares Accumulated deficit Noncontrolling interest reserve Other capital reserve Foreign currency translation reserve Total Non- controlling interest Total Equity Balance as at April 1, 2025 863 20,595,068 (418,555) (20,374,549) 5,032,282 412,232 156,353 5,403,693 2,501,141 7,904,834 Loss for the period - - - 100,794 - - - 100,794 107,918 208,712 Other comprehensive loss Foreign currency translation differences - - - - - - (262,950) (262,950) - (262,950) Re-measurement gain on defined benefit plan - - - (2,788) - - - (2,788) (1,538) (4,326) Total other comprehensive loss - - - (2,788) - - (262,950) (265,738) (1,538) (267,276) Total comprehensive loss - - - 98,006 - - (292,950) (164,944) 106,380 (58,564) Share based payments - - - - - 18,957 - 18,957 - 18,957 Vested PSUs net settled for employee’s tax obligation - (1,728) - - - - - (1,728) - (1,728) Exercise of options 2 27,422 - - - (29,041) - (1,617) - (1,617) Own shares repurchase - - - - - - - - - - Total contribution by owners 2 25,694 - - - (10,084) - 15,612 - 15,612 Balance as at September 30, 2025 865 20,620,762 (418,555) (20,276,543) 5,032,282 402,148 (106,597) 5,254,362 2,607,521 7,861,883
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Yatra Online, Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR SIX MONTHS ENDED SEPTEMBER 30, 2025 (Amount in thousands, except per share data and number of shares) Six months ended September 30, 2024 2025 2025 INR INR USD Profit before tax 2,934 246,697 2,779 Adjustments for non-cash and non-operating items 88,761 187,544 2,112 Change in working capital 84,356 658,887 7,422 Direct taxes (paid)/ refunds (net) (60,094) 17,49 193 Net cash flows from operating activities 115,957 1,110,277 12,506 Net cash flows generated from/(used in) investing activities 171,332 (305,760) (3,444) Net cash flows generated from/(used in) financing activities (1,155,693) (528,146) (5,949) Net increase/decrease in cash and cash equivalents (868,404) 276,371 3,113 Cash and Cash Equivalents acquired on Business acquisition 3,026 - - Effect of exchange differences on cash and cash equivalents 16,483 (249,475) (2,810) Cash and cash equivalents at the beginning of the period* 1,741,950 548,668 6,180 Cash and cash equivalents at the end of the period* 893,055 575,564 6,483 * Includes overdraft of INR 183,208 (INR 57,134 as on March 31, 2025)
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Yatra Online, Inc. OPERATING DATA The following table sets forth certain selected unaudited condensed consolidated financial and other data for the periods indicated: For the three months ended September 30, For the six months ended September 30, (In thousands except percentages) 2024 2025 2024 2025 Quantitative details * Air Passengers Booked 1,377 1,329 2,707 2,535 Stand-alone Hotel Room Nights Booked 461 504 878 927 Packages Passengers Travelled 15 33 22 52 Gross Bookings Air Ticketing 13,260,073 14,811,400 26,780,366 28,914,623 Hotels and Packages 3,661,505 5,141,643 6,060,337 8,574,965 Other Services 729,988 551,811 1,358,512 1,073,120 Total 17,651,566 20,504,854 34,199,215 38,562,708 Adjusted Margin Adjusted Margin - Air Ticketing 885,855 1,016,046 1,804,806 1,998,563 Adjusted Margin - Hotels and Packages 400,148 514,468 677,289 894,617 Adjusted Margin - Other Services 75,935 94,967 148,052 166,871 Others (Including Other Income) 145,895 137,843 300,379 278,845 Total 1,507,833 1,763,324 2,930,526 3,338,896 Adjusted Margin%** Air Ticketing 6.7% 6.9% 6.7% 6.9% Hotels and Packages 10.9% 10.0% 11.2% 10.4% Other Services 10.4% 17.2% 10.9% 15.6% * Quantitative details are considered on Gross basis. ** Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings.