TBO Tek Limited has informed the Exchange about Investor Presentation
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November 13, 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 November 10, 2025, and pursuant to the provisions of Regulation 30 read with Schedule III of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we hereby enclose the Investor Presentation to be discussed during the said investor conferences.
The same is also available on the website of the Company at https://www.tbo.com/
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 Investor Presentation
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Disclaimer
This presentation may contain statements which reflect Management’s current views and estimates and could be construed as forward-looking statements. The future involves risks and uncertainties that could cause actual results to differ materially from the current views being expressed. These risks and uncertainties
include but are not limited to our growth and expansion plans, our ability to obtain foreign regulatory approvals, exchange rates, our ability to manage international operations, our exposure to market risks as well as other risks.
fluctuation in earnings,
technological changes,
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TBO at a Glance TBO is now among the top four global B2B travel distributors, with strong growth potential1
Global presence
30,000+ Destination Sold2
140 Source Markets2
Europe
North America
APAC
Africa
Latin America
Scaled Platform
50,000 + Transacting Agents2
16Mn+ Hotel Searches Made (B2A)2
Source: 1. HBX Group’s Industry Analysis 2. As reported in 2024-25 Annual Report
3 Our Technology Platform Enables Global Travel Buyers & Suppliers to Do Business Seamlessly
Our Journey through the years… Organic and Inorganic Growth
Affirma acquired Naspers’ Stake in TBO
TBO Incorporated
Naspers Acquired Stake in TBO
$1Bn GTV Milestone
Acquired Bookabed AG
TBO goes Public and lists on NSE and BSE
2011
2015
2019
2023
2025
2006
2012
2018
2022
2024
Commenced International Operations in UAE
Commenced Operations in Brazil
First Acquisition – Island Hopper
$10Mn GTV in one day Milestone
Acquired Classic Vacations
General Atlantic acquired stake in TBO
Acquired Jumbonline S.L.U.
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Where to play ?
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The Big opportunity
The world is getting older and more prosperous
Fertility Rates1
2.1 Between the years 2000-2005
1.6 Last Five Years (2018-2022)
Lifespans2
66.8-68.5 Between the years 2000-2005
72.46-73.16 Last Five Years (2018-2022)
<1.5* By 2050
>78.1* By 2050
Income3
0.554 2005
0.669 Last Five Years (2018-2022)
0.800* By 2050
Annual Work Hours4
1800-2200 2005
1600-2000 2022
1500-1700* By 2050
Sources: 1: World Bank Data. 2: Data.who 3: Measured as Human Development Index (HDI): UNDP 4: CLOCKIFY. *: Estimated
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The Big opportunity
Big Shift in Demographics
The Developed World Older and Very Prosperous
The Developing World Young, reaching higher income thresholds
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The Big opportunity
Outbound Travel : New Megatrend
1
2
3
4
More and more people will travel outside of their countries
Assisted travel will be a very large opportunity
Longer trips with multiple services stitched together.
For Older, affluent travelers: expertise, comfort, convenience, and novelty.
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TBO has chosen to play in Premium outbound travel space
Global Travel Market1
US $1.9 trillion
Global Outbound Travel Market2
US $1.36 trillion
Global Outbound Travel Market – Premium Segment3
US $912 billion
Source: 1. 1Lattice Travel & Tourism Industry Report (2023); 2. Management Estimate; 3. Management Estimate
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Leveraging Premium outbound travel market …. A prime opportunity for assisted travel providers / travel agents
t e g d u B p i r T
Local / Regional OTAs
Global OTAs
Premium outbound travel space
Travel agents
TBO
Bed banks
Budget domestic travel space
Trip Duration (short/long haul)
10
Right to win
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Online channel is crowded; Lot of whitespace in assisted travel
8 to 10 different players across OTA, Meta
Search Engines
Hotel
Hotel website
OTA
META Search
Travel Agencies
Tour Operators
TMCs
Independent Travel Agents
1.5Mn+ Players
TBO is the only global scaled-up player dominating this whitespace
Online Channel
Offline Channel/ Assisted Travel
y t i r a P e t a R
l
a c i t i r c s i
Online Customer Mature travelers typically from developed markets
Well travelled
Looking for Discounts & Deals
Traveler needs
Point-to-point travel (Mostly Domestic)
Value Conscious; Single Product
Offline Customer
First time travelers from emerging markets & experienced travelers looking for complex itineraries
Traveler needs
Assistance & guidance (More International)
Customization
High value and multi product bookings
Over Served Highly penetrated &
fragmented
Low value bookings
Expensive channel to serve
with limited pricing flexibility due to rate parity
Highly Fragmented Under served No large Player
High value channel with high-
rate flexibility
Offline distribution is large but highly fragmented and underserved segment.. High need for an assisted travel platform tbo.com
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Our platform simplifies travel
Suppliers
Direct APIs or through supply aggregators
Hotels
Airlines
Car Rentals
Transfers
Cruises
Insurance & Others
Rail
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Retail Selling Platform
Integration API for Enterprise Customers
Payments Infrastructure
Customer Service
Marketing Services
Loyalty
Retail Selling Platform
XML, JSON APIs
Buyers &
Retail Buyers
Travel Agencies
T r a v e e r s
l
Independent Travel Advisors
Enterprise Buyers
Tour Operators
Travel Management Companies
Online Travel Agencies
Super apps, Loyalty Apps
Connects travel buyers across the world serving end travelers with globally distributed travel suppliers to seamlessly create joyful experiences for all travelers
Among Top 4 B2B Travel distribution platforms globally
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We address key needs of suppliers & buyers
Discovery
Trust
Real-time access to global travel inventory of over 1 Million+ hotels & 750+ Airlines. Matching to Buyer preferences
Marketing channel targeting global Buyer base
Supplier onboarding is curated by TBO with strict SLAs
Assure service delivery to the traveler
Guarantee payment to Supplier
Payments
Transact in respective local currencies
Payments accepted in 88 currencies
Service
24x7, multi-lingual pre- and post- booking support
Platform supports 16 languages
All numbers are as reported in 2024-25 Annual Report
14
TBO’s Global Footprint
Europe
36%
20%
8%
16%
North America
9%
10%
Latin America
28%
27%
APAC
9%
41%
9%
4%
GTV is calculated basis source market (i.e. location of the booking agent)
XX%
YoY growth rate
Regional share of Hotels & Ancillaries segment GTV for Q2’FY26.
15
Our platform is core to retail buyers and suppliers
The buyer onboarding process has 3 key steps…
Marketing Driven
Sales Driven
Platform Driven
Lead generation
Account onboarding
Nurturing
~200K Registered Travel Agent Base2
Inbound: Website registrations through web search, referrals, travel trade shows (e.g.- ATM, SATTE, ITB, etc.)
Seamless KYC1 with country specific identity validation
Data led nurturing by sales effectiveness team till first 10 bookings
Our technology enables quick access to new supply
Airlines
GDS
aMaDEus Sabre / inTeRGLoee
nested Airlines hosted is platforms
navitaire
an aMaoEus company
pyton
Hotels
Channel Channel managers managers
Direct Direct connectivity
connectivity 'bssoftware * Third party Q°^ia
Third party
iRoibosc
terbySoft |Hilton|
WebE
ieds
Ancillary (Rentals, Transfers)
Cruise & Rail
SiteMinder
Direct Direct connectivity CITYRIDE connectivity
-O tCIIXO
Third Party viator gBZ
Third Party
t.atnilit
.
Direct Direct connectivity connectivity
WIVlOV NORWEGIAN HU
»
C R U 1 S B t
CRUISE LINE
j — Rai|
|w Europe
t IRCTC
Switzerland.
tribution New Distribution ities Capabilities
^yi <=rrn-uxo AIRWAYS
@ Lufthansa
Extranet Extranet
Extranet Extranet
1. Know your customer; 2. As reported in 2024-25 Annual Report
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Interlinked flywheels enhance value proposition for our partners
More Buyers
More Data
Wider options for Buyers
Network effects
More Transactions
Learning effects
Richer insights
More Suppliers
Superior platform experience
17
Our dynamic founding team is backed by an experienced board…
Ravindra Dhariwal Chairman and Independent Director Prior : Pepsico
Ankush Nijhawan Co-founder, Joint Managing Director Prior: Nijhawan Group
Gaurav Bhatnagar Co-founder, Joint Managing Director Prior : Microsoft
Akshat Verma Chief Technology Officer & Whole-time Director Prior : MakeMyTrip
Bhaskar Pramanik Independent Director Prior : Microsoft
Rahul Bhatnagar Independent Director Prior : Pepsico
Anuranjita Kumar Independent Director Prior : Royal Bank of Scotland
Shantanu Rastogi Non-Executive Director Prior : APAX Partners
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…and is supported by a deeply experienced team
Gerardo Del Rio President – International
Melissa Krueger CEO – Classic Vacations
Akshat Verma Chief Technology Officer
Prior: Hotelbeds, Dida Travel Education: BBA Mexico
Prior: Travel Impressions Education: California State University
Prior: MakeMyTrip Education: IIT Delhi, IIT Kharagpur
Nishant Misra Chief Product Officer
Prior: Deutsche Bank Education: IIT Kanpur
Vikas Jain Chief Financial Officer
Prior: Ibibo Education: ICAI, SRCC
Aarish Khan Chief Commercial Officer, India
Prior: Times Internet
KA Hamid Chief Business Officer – Airlines India
Prior: Midair Express Education: India International Trade Center
Deepak Khanna Chief Operating Officer, India
Prior: Cherry E-Commerce Services Pvt. Ltd. Education: University of Delhi
Pramendra Tomar Senior Vice President – General Counsel
Prior: Ola Electric Education: Fellow member ICSI, Law Graduate Delhi University
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Our strategic vectors that contributed to rapid growth
A
C
Expand in new geographies
Grow buyer segments
Bolster supplier network
New lines of business E.g., Paxes, Umrah
New product lines
E.g., Car Rental, Transfers
B
Grow Platform Users across the globe
Diversified lines of revenue
Strategic Vectors
Pursue value accretive acquisitions
Deploy AI and high-tech innovation for efficiency
Acquire to grow:
Enhance:
Data and / or tech capabilities
Supplier network
Buyer base
Supplier engagement
Use data to enhance platform
Buyer experience
D
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Our journey of over 18 years
Strong YoY GTV growth
Driving growth through business diversification
Investment in technology driving operating leverage
Capital efficient business model with strong cash generation
Delivering positive shareholder returns
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Our Business Approach
Transacting buyers1
Grow Buyer base in existing and new geographies
GTV
Revenue
Gross Profit
EBITDA
Increase buyer stickiness and share of wallet
Improve Multi-product sales
Focus on product & geography mix and improve take rate
Focus on multiple products, e.g.- hotels and ancillaries
Improve operating leverage and achieve higher EBITDA margins
Transacting buyers are the monthly average number of buyers with net positive sale during each month.
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Strong broad based recovery from macro headwinds in Q2
Transacting buyers (Monthly)
GTV
Revenue
Gross Profit
Adj. EBITDA before M&A Costs
30,662
₹ 8,901 Cr.
₹ 568 Cr.
₹ 363 Cr.
₹ 104 Cr.
8% YoY Growth
12% YoY Growth
26% YoY Growth
19% YoY Growth
16% YoY Growth
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Our Strengths
1
2
Our financial and operational performance has showcased consistent results over past few years
Platform creating network effect with interlinked flywheels to enhance value proposition for partners
4
Data driven decision making across the enterprise
Modular and scalable proprietary technology platform allowing addition of new lines of business, markets, and travel products
3
Ability to generate and leverage large data assets
5
6
Founder led company supported by experienced professional management team with deep travel and technology expertise
Capital efficient business model with a combination of sustainable growth
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Scalable Business Model with Operating Leverage
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Strong operating leverage
High buyer retention and increased wallet share
“Global” Network Effects leading to transaction growth outpacing buyer growth
Zero marginal cost of serving new transactions because of technology automation
All incremental benefits go to bottom line leading to High Operating Leverage
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Early green shoots of the impact of investments in growth
Monthly Active Agents (International Business*)
12K
10.8K
8.6K
Apr'24 May'24 Jun'24
Jul'24 Aug'24 Sep'24 Oct'24 Nov'24 Dec'24 Jan'25 Feb'25 Mar'25 Apr'25 May'25 Jun'25
Jul'25 Aug'25 Sep'25
• Monthly Active Agents base showing rapid growth since start of investments into growth •
Investments made in expansion of sales personnel across key growth markets like LATAM, APAC, Europe and MEA
Note: * Does not include Jumbo Online
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Growth across the new agent sales funnel with high degree of engagement
689
744
725
835
635
745
777
Rapidly expanding new agent funnel
2.3x of Jan’25
566
446
314
291
378
331
427
316
338
267
202
472
368
506
398
516
520
530
452
445
Higher number of agents maturing on the Platform 2.2x of Jan’25
January
February
March
April
May
June
July
August
September
T1
T5
T10
Notes: T1: Number of Agents who have made their first booking with TBO; T5: Number of Agents who have made their fifth booking with TBO; T10: Number of Agents who have made their tenth booking with TBO Above metrics are for the International Business, excluding Jumbo Online
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Acceleration of new agent addition has started showing up in incremental growth
Sales Driven by New Agents*
951.1**
6.9%
65.3
1.6x new business from New Agents (acquired in current year)
New Cohort
780.3**
4.3%
33.8
Old Cohorts
H1’FY25
H1’FY26
Notes: * New Agent is defined as an agent who made his first booking in the current financial year ** $ Mn Above metrics are for the International Business, excluding Jumbo Online and BAB
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Inorganic Growth Strategy
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Acquisition is a key growth lever for us to increase market share
P U R S U E V A L U E A C C R E T I V E A C Q U I S I T O N S
Acquire companies with strong
supply and distribution capabilities
Build an ecosystem around our
platform to enhance the long-term value of our platform for Buyers and Suppliers
9 1 0 2
I I
2 2 0 2
Island hopper
Gemini tours & travels
Year | Country
2019 | India
Consideration
Rationale
INR 19 Cr Supply depth in Indian Ocean Islands
Year | Country
2022 | India
Consideration
INR 9 Cr
Rationale
Supply depth in Maldives
3 2 0 2
BookaBed AG
Year | Country
2023 | Switzerland
Consideration
Rationale
INR 90.4 Cr Increase market share in Ireland and UK
3 2 0 2
Jumbonline accommodations & services, S.L.U.
Year | Country
2023 | Spain
Consideration
INR 219.6 Cr staggered over 2 yrs
Rationale
Expansion in Europe and access to direct supply of hotels
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TBO acquired Classic Vacations, expanding its global reach into North America
The Najafi Companies
CLASSIC
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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
•
•
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)
•
Professionally managed company with Strong management team
Target
Purchase Consideration: $125Mn, including closing adjustments
Source of Funds: Internal cash reserves + $70Mn Term Debt
Transaction closed on 1st October 2025
•
•
•
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Classic Vacations is premier B2B2C luxury travel company focused on US travel advisors
• • •
• •
• • • •
•
•
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
Brand
Offering
Approach
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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
•
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
Gad VWner Trova Ayrit
2023 mm™
Melissa Krueger Chief Executive Officer
Sharon Conway Chief Financial Officer
Joelle Apilado VP of Product Development
Bhuwnesh Pande VP of Technology
10
Years at Classic Vacations
1 7
Years at Classic Vacations
Yeats at Classic Vacations
10 Years at Classic Vacations
Prior to being CEO. Melissa served as the Director of Sales and VP/GM of Groups
Leads Accounting. FP&A, Financial Operations and Human Resources
Oversees global strategic initiatives for worldwide hotels and tours
Prior experience includes Microsoft and Yahoo and now leads software development across Classic's platforms
• 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
Darren Polino Head of Contact Center
Sue Ferguson VP of Business Development
Anthony Tucker VP of Digital Solutions & Business Intelligence
Sharon McGrath Head of Marketing
Year at Classic Vacations
Year at Classic Vacations
1
Year at Classic Vacations
1
Year at Classic Vacations
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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
1
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
3
TBO tapping into the consortia relationships in US market
TBO with CV has over $600M US business from ~12,000 buyers
35
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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Thank You!
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Annexures
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TBO’s Global Footprint
Europe
36%
20%
8%
16%
North America
9%
10%
Latin America
28%
27%
APAC
9%
41%
9%
4%
GTV is calculated basis source market (i.e. location of the booking agent)
XX%
YoY growth rate
Regional share of Hotels & Ancillaries segment GTV for Q2’FY26.
40
India | Back to positive GTV trajectory
) r C ₹ ( V T G
520
500
480
460
440
420
400
4%
518
498
Market fundamentals
23.7K
Transacting Agents
69
Cities with Feet-on-street
Q2'FY25
Q2'FY26
15% Non-Air
Saliency
20
Regional sales offices
1)
Total India Business arrested degrowth trend and return to positive growth, GTV up +0.3% YoY, despite a tepid macro environment
2) Growth in Hotels + Ancillary remains key growth opportunity and we are well positioned to leverage the platform’s
strength to grow in the space.
Notes: Fig. include Hotels & Ancillary products;
41
Europe | Building presence in new markets
) r C ₹ ( V T G
2200
2000
1800
1600
1400
1200
1000
800
20%
2,036
1,703
Market fundamentals
4.5K Transacting
Agents
27
Countries with Feet-on-street
Q2'FY25
Q2'FY26
36% Business
Salience
49
Source Markets in the region
1) After disruptions in Q1, Europe returned to normalcy growing 20% YoY led by markets such as Spain,
France, Germany, Italy and Israel
2) Growth was driven by newer markets where we expanded by adding new agencies and API clients.
Notes: GTV fig. include Hotels & Ancillary product along with BookABed, Jumbonline
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MEA | Gaining depth in select markets and increasing SoW
) r C ₹ ( V T G
1600
1400
1200
1000
800
600
1,600
27%
1,257
Market fundamentals
5.1K Transacting
Agents
15
Countries with Feet-on-street
Q2'FY25
Q2'FY26
28% Business
Salience
43
Source Markets in the region
1) MEA delivered another strong quarter, with Hotels + Ancillary GTV growing 27% YoY, reflecting a clear recovery from the
geopolitical disruptions seen in June
2) Growth was led by GCC markets, particularly the UAE, Qatar, and Kuwait, while the broader Middle East and Africa regions
also recorded healthy momentum across both GTV and transacting agents
Notes: GTV fig. include Hotels & Ancillary product, excludes Zamzam
43
Americas | Focus on US with the new acquisition
) r C ₹ ( V T G
1050
1000
950
900
850
800
750
700
650
600
13%
987
876
Market fundamentals
4.4K Transacting
Agents
9
Countries with Feet-on-street
Q2'FY25
Q2'FY26
17% Business
Salience
26
Source Markets in the region
1) Hotels + Ancillary GTV grew 10% YoY, led by Argentina and Brazil, followed by Colombia and Mexico
2) In Brazil, we made the necessary operational and compliance adjustments to support growth under the
revised tax framework
3) We continue to strengthened our local customer service and sales teams to deliver a superior service
experience.
Notes: Fig. include Hotels & Ancillary product only
LUU.UVIII
44