Ola Electric Mobility Limited

20.4%

FY 2 5 | F E B R UA RY 7, 2 0 2 5 Key Consolidated Metrics ₨1,069 Cr Revenue 84,029 Deliveries 20.4% Gross Margin -28.8% Auto EBIDTA Margin -40.7% Consolidated EBIDTA Margin Executive Summary Cont

28.8%

RY 7, 2 0 2 5 Key Consolidated Metrics ₨1,069 Cr Revenue 84,029 Deliveries 20.4% Gross Margin -28.8% Auto EBIDTA Margin -40.7% Consolidated EBIDTA Margin Executive Summary Continued EV growth: Q3 F

40.7%

ated Metrics ₨1,069 Cr Revenue 84,029 Deliveries 20.4% Gross Margin -28.8% Auto EBIDTA Margin -40.7% Consolidated EBIDTA Margin Executive Summary Continued EV growth: Q3 FY25 recorded the highest-ev

15.9%

tive Summary Continued EV growth: Q3 FY25 recorded the highest-ever e2W registrations at 333K1, up 15.9%1 QoQ and 37.5%1 YoY—a strong indicator of growing consumer preference for EVs. Increased competit

37.5%

tinued EV growth: Q3 FY25 recorded the highest-ever e2W registrations at 333K1, up 15.9%1 QoQ and 37.5%1 YoY—a strong indicator of growing consumer preference for EVs. Increased competitive intensity f

25.5%

Maintained: Despite increased competitive intensity, Ola Electric retained the #1 market share at 25.5%1, driven by our technology leadership, strong product portfolio, and expanding service footprint.

rs 20

service footprint. Product Expansion & Innovation: Gen 3 deliveries commenced this month and offers 20% higher peak power, 11% lower cost, and 20% increased range over Gen 2. Motorcycle segment entry

11%

ct Expansion & Innovation: Gen 3 deliveries commenced this month and offers 20% higher peak power, 11% lower cost, and 20% increased range over Gen 2. Motorcycle segment entry: The launch of the Road

20%

ation: Gen 3 deliveries commenced this month and offers 20% higher peak power, 11% lower cost, and 20% increased range over Gen 2. Motorcycle segment entry: The launch of the Roadster series position

2x

launch of the Roadster series positions us to capture India’s largest 2W market segment, offering 2x peak power and 40% higher speed vs. ICE motorcycles. New product launches: Introduced S1 Pro+ (5.3

40%

ster series positions us to capture India’s largest 2W market segment, offering 2x peak power and 40% higher speed vs. ICE motorcycles. New product launches: Introduced S1 Pro+ (5.3 kWh), Ola Gig, Gig

20.8%

from Q1 FY26, reducing battery costs and boosting margins. Improved Auto Segment Gross Margin of 20.8%, up 2.2pp YoY, due to BOM cost reduction & vertical integration initiatives. 1 Source : Vahan as

“In January, we’re back to market leadership with an expected gross margin of approx 26%2, up from 20.4% in Q3 FY25.”

“Our automotive gross margin improved by 20 bps QoQ to 20.8% in Q3 FY25, despite a 14% QoQ decline in revenue to ₹1,075 Cr due to intensified competition and festive discounts.”

“We expect Gen 3 savings to start coming in from Feb onwards and Gross Margin through Q4 and beyond continuing to improve.”

“In Q3 FY25, our Consolidated EBITDA, excluding exceptional costs such as warranty and one-time employee-related expenses, declined to -29.2%, compared to -19.4% in Q2 FY25.”

“Similarly, the Auto Segment EBITDA, excluding exceptional costs, dropped to -18.5%, vs -12.8% in Q2 FY25.”

“However, with technology-led innovation and Gen 3 launch we remain on track to normalise these costs from FY26 onwards.”

“Market Commentary In Q3 FY25, e2Ws recorded their highest volume to date with registrations growing 15.9%1 QoQ and 37.5%1 YoY.”

“500K 375K 250K 125K 0K High due to FAME reduction starting from Apr’24 Highest ever quarterly EV volume 1,81,391 2,42,209 3,05,230 2,22,882 2,87,256 3,33,063 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 1 Source : Vahan as on 6th February 2025 e2W Registrations1 We welcome the increased focus of incumbents on EVs as this will only lead to more EV choices for customers.”

“Broadening of product portfolio We are ahead of the product roadmap we had shared in Q2 FY25.”

“S1 Pro/Pro+ (Gen 3) S1 X/X+ (Gen 3) S1 Pro (Gen 2) S1 X (Gen 2) Gig/Gig+ S1 Sports S2 City S2 Sports S3 Grand Adventure S2 Tourer S3 Grand Tourer S1 Z Sportster Arrowhead Roadster Pro Cruiser Adventure Diamondhead Roadster X/X+ Roadster Cargo Passenger Dec’ 24 Q4 FY25 Q1 FY26 Q2 FY26 and Beyond a.”

Less

4

Registered Office

2

Notes

1

Notes

Revenue = Total Income - Interest income - TN incentive. Total Income is available in the statutory financials. Gross Margin and EBITDA excludes Interest Income and TN Incentive. 2 Financial Performance Summary Key Operating Metrics Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Deliveries (units) 56,813 86,775 1,15,386 1,25,198 98,619 84,029 Premium 56,813 83,396 65,682 75,977 42,074 29,283 Mass 0 3,379 49,704 49,221 56,545 54,746 Automotive Segment (in ₹Cr) Revenue 896 1,336 1,655 1,691 1,246 1,075 Gross Margin 73 248 297 350 257 224 Gross Margin (%) 8.1% 18.6% 18.0% 20.7% 20.6% 20.8% Operating Expenses 392 416 451 EBITDA (321) (169) (154) 415 (65) 480 533 (223) (309) EBITDA margin (%) -35.9% -12.6% -9.3% -3.8% -17.9% -28.8% Consolidate Segment (in ₹Cr) Revenue 896 1,336 1,641 1,687 1,240 1,069 Gross Margin Operating Expenses 74 486 248 509 283 552 346 508 251 604 219 654 EBITDA (412) (261) (269) (162) (353) (436) EBITDA margin (%) -46.0% -19.5% -16.4% -9.6% -28.4% -40.7% October sa

Registered Office

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063 BS R & Co. LLP Limited Review Report (Continued) Ola Electric Mobility Limited (formerly known as 'Ola Electric Mobility Private Limited') 6. The Statement includes the interim financial information of eight subsidiaries (including stepdown foreign subsidiaries) which have not been reviewed , whose interim financial information reflects total revenues (before consolidation adjustments) of Rs. Nil and Rs Nil, total net loss after tax (before consolidation adjustments) of Rs. 10 crores and Rs. 31 crores and total comprehensive loss (before consolidation adjustments) of Rs. 14 crores and Rs. 29 crores, for the quarter ended 31 December 2024 and for the period from 1 April 2024 to 31 December 2024 respectively, as considered in the Statement. According to the information and explanations given to us by the Parent's management, these financial information are

Less

i. Unallocable Income ii. Inter- seoment eliminations Total Other Income Segment Total Income a) Automotive b)Cell Tomi Segment T olAI Income

Less

i, Unallocable Income ii. Inter- seament eliminations Total Income Segment Cost of Goods Sold (COGS) a) Automotive b)Cell Total Segmen1 Cost of Goods Sold (COGS) less: Inter- seament eliminations Total Cosl of Goods Sold (COGS) Segment Employee Benefrt & Other Expenses a) Automotive b) Cell Total Segment Employee Benefit & Other Expenses excluding unallocilted costs Add: Unallocable employee benefits & other expenses Less: Inter- seQment eWminations T ot.11 Emplovee Benefits & Other Expenses Segment loss before finance costs, depreciation, amortfz:ation, exceptional items and tax expense a) Automotive b)Cell Total Segment Loss before unallocable costs, finance costs, depreciation, amortization, exceptional items and tax expense

Less

I. Unallocable Expenses (Net) ,r Inter- seament eliminations Total Loss before finance costs, depreciation, amortization, e:iccepiiona,t items and tax e..xoan5D Segment Depreciation, Amortization and Finance Costs a) Automolive b)Cell Total Segment Depreciation, Amortization and Finance Costs Less: Inter- seament eliminations Total Depreciation. Amortization and Finance Costs Segment Results loss before tax a) Automotive b)Cell Tot.al Seq mental Results

Less

I Unallocated expenses Ii. Inter- segment eliminations Iii. Exceptional Item Loss before Tax Segment Assets a) Automotive b)Cell Total Segment Assets Less: Inter- seoment eliminations Total Assets 10 Segment Liabilities a) Automotive b)Cell r otal Segment Liabilities less: i, Unallocated liabmties U. Inter- seoment eliminations Total Liabilities 7 8 9 1,045 3 1,048 (3) 1.045 108 24 132 (5) 127 1,153 27 1,180 (8\ 1.172 851 1 852 (1) 851 533 34 567 87 654 (231) (8) (239) (87) (7) (333) 192 44 237 15\ 231 (423) (52) (475) (87) (2) (564\ 9.423 2,903 12,326 (329) 11,997 5,188 1,250 6,438 (100) (329\ 6,009 1,214 1 1,215 l1l f,214 93 10 103 3 (6) 100 1,307 11 1,318 3 m 1,314 989 1 990 (11 989 480 18 498 102 4 604 (162) (8) (170) (99) '10\ 1,296 1,296 1,296 74 1 75 75 1,370 1 1,371 - 1,371 1,088 - 1,088 1,088 380 7 387 122 509 (98) (6) (104) (122) (279) (226) 185 41 226 (10 216 (347) (49) 1396 (99) (0) 0 (495} 10,017 2,799 12,816 (245 12,571 5.230 1,097 6,327 (84) (245 5.998 145 1 146 - 146 (2