Mahindra & Mahindra Financial Services Limited

rs,

20th November 2025 To, BSE Limited, (Scrip Code: 532720) Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001 National Stock Exchange of India Ltd., (Symbol: M&MFIN) Exc

5X

nce ASPIRATION Most Trusted Financial Services provider for Bharat Relevance Reach Reputation 5X Growth in AUM in this decade Our Journey (1/2) FY 2005 – 2015 RUSU Leadership: Strong and Differe

27%

lent and Technology Our Journey (2/2) FY 2005 – 2015 Legacy: Strong and Differentiated AUM CAGR: 27% 18.8 14.8 14.2 15.7 15.1 90+ DPD (%) Business Assets (Rs. K Cr) 10.7 6.5 5 6 7 8 10

9%

10.7 6.5 5 6 7 8 10 14 3 FY05 FY 2015 – 2022 Challenges: Technology and Risk AUM CAGR: 9% FY 2022 – 2025 Rebuild: Asset Quality, Ops, Tech, Controls AUM CAGR: 23% 14.0 13.8 12.7 10.7

23%

logy and Risk AUM CAGR: 9% FY 2022 – 2025 Rebuild: Asset Quality, Ops, Tech, Controls AUM CAGR: 23% 14.0 13.8 12.7 10.7 32 35 40 47 6.5 26 5.3 19 7.6 55 6.4 63 8.4 68 9.0 65 7.7

95%

comparative purpose. Today Leadership Stabilized Asset Quality Revamped CX Strong Management 95%+ Pin codes served 2.5M+ Live customers 7.7 GS-3 % 8.0 7.5 7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0

rs 7.7

tabilized Asset Quality Revamped CX Strong Management 95%+ Pin codes served 2.5M+ Live customers 7.7 GS-3 % 8.0 7.5 7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 3.7 Digital onboarding

3 %

set Quality Revamped CX Strong Management 95%+ Pin codes served 2.5M+ Live customers 7.7 GS-3 % 8.0 7.5 7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 3.7 Digital onboarding Stra

INR 7

fordable housing Scale Affordable housing Diversify into Mortgage and SME Mortgages [H1F26 AUM: ~INR 7K cr] SME Lending [H1F26 AUM: ~INR 7K cr] Scale affordable housing Secured led product growth B

18%

rs Agentic AI onboarding Hybrid agentic ai & field squads Pivot to Profitable and Stable Growth 18% - 20% AUM Growth 1.3% - 1.7% Credit Cost 2.2% - 2.5% RoA Capitalize on leadership in tractor fi

20%

entic AI onboarding Hybrid agentic ai & field squads Pivot to Profitable and Stable Growth 18% - 20% AUM Growth 1.3% - 1.7% Credit Cost 2.2% - 2.5% RoA Capitalize on leadership in tractor financin

1.3%

ing Hybrid agentic ai & field squads Pivot to Profitable and Stable Growth 18% - 20% AUM Growth 1.3% - 1.7% Credit Cost 2.2% - 2.5% RoA Capitalize on leadership in tractor financing Balance growth

“Strong and Differentiated AUM CAGR: 27% 18.8 14.8 14.2 15.7 15.1 90+ DPD (%) Business Assets (Rs.”

“Technology and Risk AUM CAGR: 9% FY 2022 – 2025 Rebuild: Asset Quality, Ops, Tech, Controls AUM CAGR: 23% 14.0 13.8 12.7 10.7 32 35 40 47 6.5 26 5.3 19 7.6 55 6.4 63 8.4 68 9.0 65 7.7 65 3 5 6 7 8 10 14 19 26 32 35 FY15 40 47 55 63 68 65 65 83 103 120 FY22 83 4.5 103 3.4 119 3.7 FY25 Note: The numbers are as per Ind AS guidance of 90+ reporting , prior to March 2019 the numbers are approximated for comparative purpose.”

Challenges

2

RUSU Leadership

1

Rebuild

1

Legacy

1

Rebuild

Asset Quality, Ops, Tech, Controls • Rural and semi-urban acumen • Volatility in asset quality • Pan India distribution • Technology lag • Strengthened asset quality • Enhanced fee income • Augmented Talent and Technology Our Journey (2/2) FY 2005 – 2015

Legacy

Strong and Differentiated AUM CAGR: 27% 18.8 14.8 14.2 15.7 15.1 90+ DPD (%) Business Assets (Rs. K Cr) 10.7 6.5 5 6 7 8 10 14 3 FY05 FY 2015 – 2022

Challenges

Technology and Risk AUM CAGR: 9% FY 2022 – 2025 Rebuild: Asset Quality, Ops, Tech, Controls AUM CAGR: 23% 14.0 13.8 12.7 10.7 32 35 40 47 6.5 26 5.3 19 7.6 55 6.4 63 8.4 68 9.0 65 7.7 65 3 5 6 7 8 10 14 19 26 32 35 FY15 40 47 55 63 68 65 65 83 103 120 FY22 83 4.5 103 3.4 119 3.7 FY25 Note: The numbers are as per Ind AS guidance of 90+ reporting , prior to March 2019 the numbers are approximated for comparative purpose. Today Leadership Stabilized Asset Quality Revamped CX Strong Management 95%+ Pin codes served 2.5M+ Live customers 7.7 GS-3 % 8.0 7.5 7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 3.7 Digital onboarding Straight through processing FY22 FY23 FY24 FY25 Pivot to Profitable and Stable Growth – Priorities Capitalize on leadership in tractor financing Balance growth and margins for Auto and CV Diversify into Mortgages and SME Cross-sell with focus on fee income Enhance Ops excellence with AI Capitalize on Leadership in Tractor Financing Grow leaderboard dominance