TBO Tek Limited has informed the Exchange about Investor Presentation
September 5, 2025
BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1 Dalal Street, G Block, Bandra-Kurla Complex, Bandra (E) Mumbai - 400 001, Maharashtra, India Mumbai - 400 051, Maharashtra, India Scrip Code: 544174 Scrip Symbol: TBOTEK
Sub: Investor Presentation
Dear Sir/ Madam,
In continuation to our intimation dated September 2, 2025, and pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we are enclosing herewith the Investor Presentation to be made today at the institutional investor and analyst meet organized by the Company at 07:30 pm (IST).
Kindly take the above disclosure on record.
Thanking you,
Yours faithfully For and on behalf of TBO Tek Limited
Neera Chandak Company Secretary
Encl.: As above
TBO Tek Limited
CIN: L74999DL2006PLC155233 ✉ info@tbo.com | (cid:57275)(cid:57276)(cid:57277)(cid:57278)(cid:57279) +91 124 4998999 (cid:44375)(cid:44377)(cid:44376)Registered Office Address: E-78 South Extension Part- I, New Delhi-110049, India (cid:44375)(cid:44377)(cid:44376)Corporate Office Address: Plot No. 728, Udyog Vihar Phase- V Gurgaon-122016 Haryana, India
Your booking experience starts at www.tbo.com
TBO.com: Travel Simplified
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TBO to acquire Classic Vacations, expand its global reach into North America
About Classic Vacations
About the Acquisition
Premier B2B2C luxury travel company focussed on US travel advisors
• Nature of Transaction: Acquisition of 100% ownership interest in
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Key Travel Destinations: Hawaii, Mexico, Caribbean Islands, Europe
• Owned by the Najafi Companies, a private family office, since 2021
(previously owned by Expedia – 2002 to 2021)
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Professionally managed company with Strong management team
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Target
Purchase Consideration: $125Mn, subject to the closing adjustments
Source of Funds: Internal cash reserves + $70Mn Term Debt
Closure Timelines: 1st week of October, subject to the completion of CPS
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Classic Vacations is premier B2B2C luxury travel company focused on US travel advisors
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47- year history with a track record Strong, growing and highly engaged community Advisors view Classic as an extension of their brand
$475Mn Gross Bookings FY24
Expertly trained, well-traveled, and knowledgeable Travel Experts Passionate leadership team supported by highly engaged and personal team
$11.2Mn Operating EBITDA FY24
Premium products combined with vetted inventory Top-tier commission and reliable payments Exclusive events, best-in-class education, proprietary tools Loyalty rewards program and booking incentives
1,500+ Direct Hotels Inventory
Relationship-driven, long-term thinking combined with a solutions- oriented approach Actively engaged: real-time troubleshooting and dedicated in-country white-glove support
+135K Registered Advisers
• Community feel and culture with sense of belonging
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CV operates luxury FIT and Group businesses driven by a highly motivated management and strong underlying assets
Retail x Luxury Outbound travel business primarily driven by a highly experienced leadership team
Core Assets • Long-standing legacy brand with strong luxury connect and
- FIT Business (66%): provides high-touch, personalized services and tools to Travel Advisors who sell luxury travel experiences for individuals and families
customer service
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Industry leading NPS
- Groups Business (34%): Provides curated vacation
packages for large groups and events, geared towards luxury destination weddings ranging from 20 – 200+ people
• Well-recognized scale by industry in selling luxury tour,
packages with team of 60 FIT experts and 40 Group experts
• Strong Consortia Relationships: ~10 consortia with ~132K registered advisors and ~10K transacting advisors; top 3 consortia relationship for 40+ years
• Access to bespoke supply of ~1500 hotels across and
expanding fast across key US corridors; direct connectivity with large chains including Marriott, IHG
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We believe this will bring significant growth opportunities for both CV and TBO businesses independently
2 independent Brands with distinct profile
… and creating value by
Classic Vacations
TBO
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Cross-leveraging the luxury hotel supply between TBO and CV
Avg. ADR
$1000+
~$250
Avg. Booking size (Hotels)
Travel Window
$8,600
$600
2 Access to TBO’s supply tech and
booking engine capability for CV
FIT ~140 days, Group ~245 days
~60 days
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TBO tapping into the consortia relationships in US market
TBO with CV has over $600M US business from ~12,000 buyers
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Classic Vacations – P&L Structure
Particulars
Gross Bookings (GTV)
Net Revenue (Take Rate)
Gross Profit
Adjusted EBITDA
PAT
NOTE: 1 - INR/USD – 84.97
Classic Vacations (Jan-Dec’24)
$475.71Mn
TBO (Jan-Dec'24)
$3,595.94Mn1
23.3%
11.9%
2.4%
1.9%
5.4%
3.7%
1.0%
0.7%
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Meaningfully negative working capital cycle driven by long average booking window
140 Days FIT - Average Booking Window
245 Days Group - Average Booking Window
Significant Deferred Revenue
~$80Mn Cash and Cash Equivalents – As of July’25
~17% of annual GTV
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Term Debt – Key Terms
Facility Amount – $70 Mn
Tenor – 4 years o Avg. tenor - 2.9 years
Repayment: o Moratorium - 12-month on principal o Ballooning structure with 11 equal quarterly repayments
and a Final bullet
Security Package: o Letter of Comfort (TBO Tek & DMCC) – valid till CG issuance o Corporate Guarantees – TBO Tek , DMCC, and Target o Pari-passu charge over all assets of DMCC, Borrower & Target o Exclusive DSRA charge o Share pledges – Borrower & Target o Negative pledge – DMCC & subsidiaries
Lender – Standard Chartered Bank o With a mandate to down-sell part of the facility
Interest Rate – Term SOFR linked floating interest rate with fixed spread
Servicing Frequency – Quarterly
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Thank you !!
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