WEWORKNSE10 November 2025

WeWork India Management Limited has informed the Exchange about Investor Presentation

WeWork India Management Limited

WEWORK INDIA MANAGEMENT LIMITED (Formerly known as WeWork India Management Private Limited) Regd. Office: 6th Floor, Prestige Central, 36 Infantry Road Shivaji Nagar Bengaluru, Karnataka, 560001 Email: cswwi@wework.co.in; Website: https://wework.co.in/ Telephone no.: 080-37880881 CIN: U74999KA2016PLC093227

November 10, 2025

Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051

Listing Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400 001

Symbol: WEWORK

Scrip Code: 544570

Dear Sir/ Madam,

Subject: Investor Presentation

Pursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the Investor Presentation on highlights of the Financial Results of the Company for the quarter ended September 30, 2025.

The said presentation is also being hosted on the Company’s website at https://wework.co.in/investors- relations/shareholders-information/#analysts.

You are requested to kindly take the above information on record.

Yours faithfully,

For WeWork India Management Limited

Udayan Shukla Company Secretary & Compliance Officer Membership No.: F11744

Encl.: As above

Investor Presentation

Q2 FY26 | November 2025

WeWork Enam Sambhav, BKC, Mumbai

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Disclaimer

You must read the following before continuing. You agree to be bound by the following limitations and restrictions by reading document is presented, the oral presentation of the information in this document made for and on behalf of WeWork India Manag session that follows the oral presentation (collectively, the “ specific objectives, financial situations, or information needs of any particular person. This Presentation is not intended, any offer or invitation, directly or indirectly, in any manner or inducement to sell or issue, or any solicitation of an offe jurisdiction. This Presentation should not, nor should any information contained in it, form the basis of or be relied upon i nothing in this document should be construed as constituting legal, business, tax or financial advice.

these materials or by attending the meeting/ call where this

eme nt Limited (the “ Company ”) and any question - and - answer

and does not provide any recommendation or constitute or form part of

r to purchase or subscribe to any securities of the Company in any

n c onnection with any contract or commitment whatsoever. Further,

Presentation ”). This Presentation has been issued by the Company for general information purposes only, without regard to any

- looking statements. All statements other than statements of historical facts included in this

This Presentation includes forward Company’s financial position, business strategy, plans, prospects and objectives of management for future operations (includi products and services) are forward results, performance or achievements of the Company to be materially different from results, performance or achievements expr forward - looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and and must be read together with those assumptions. This could be due to risks or uncertainties associated with expectations with in which the Company operates and its ability to respond to them and the ability to successfully implement its strategy, grow the date of this Presentation. Past performance is not necessarily indicative of future performance. You are cautioned not to are based on the current views of the Company on future events.

- looking statements. Such forward

- looking statements involve known and unknown risks, uncertai

Presentation, including, without limitation, those regarding the

ng development plans and objectives relating to the Company’s

nties and other important factors that could cause the actual - looking statements. Such

ess ed or implied by such forward

the environment in which the Company will operate, respect to, but not limited to, regulatory changes in the industry

th and expansion. These forward place undue reliance on these forward

- looking statements speak only as of

- looking statements, which

This Presentation may not be copied, reproduced, summarised or disseminated, in whole or in part, in any manner or for any pu violation of applicable laws. None of the Company, its directors or affiliates, nor any of its or their respective employees, whatsoever, whether arising in tort, contract, or otherwise, for any errors, omissions, or inaccuracies in such information o Presentation, or otherwise in connection with this Presentation. The Company makes no representation or warranty, express or accuracy, fairness, completeness, or reasonableness, or for any other statement made or purported to be made by any of them, update any statement or information to either reflect events or circumstances that occur after the date of the statement or is required by law.

rpo se. Failure to comply with this restriction may constitute a

ad visers, or representatives, accepts any responsibility or liability

r o pinions, or for any loss howsoever arising, from any use of this

imp lied, for the contents of this Presentation, including its or on behalf of them. The Company undertakes no obligation to inf ormation is made or to account for unanticipated events, unless it

The information in this Presentation has not been independently verified and certain data contained in this Presentation was opinions contained in this Presentation noted above are subject to change without notice. Certain figures contained in this P

obt ained from various external data sources. The information and res entation may have been rounded off for representation.

2 |

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From the CEO’s desk

Karan Virwani MD & CEO, WeWork India

“We’re shaping the future of work, building India’s most trusted, tech enabled workspace ecosystem.”

October 10th, 2025, will always be remembered as the day WeWork India became

a publicly listed company, a testament to our resilience, belief, and commitment

to transforming how India works.

A strong economy, rapid

urbanisation , and large - scale infrastructure growth are

turning our cities into powerful growth hubs. With nearly 600 million people

moving to urban centres by 2036, India’s transformation into a dynamic hub of

innovation and opportunity is accelerating.

WeWork India has been the backbone of enterprise growth, helping global

companies establish presence in India and empowering entrepreneurs to turn

bold ideas into thriving ventures.

Building on strong momentum, we’re evolving into a full

- stack ecosystem of

workspace solutions, services, and technology, strengthened by the WeWork

India app and new digital revenue streams.

As India transforms, so do we. The next decade will be defined by innovation,

collaboration, and entrepreneurship, and WeWork India will remain the

foundation where ambition finds a home, and the future of work continues to be

written.

3 |

Contents

01. Quarterly highlights

02. Industry

03. Key performance metrics

04. Other highlights

05. Annexure

Quarterly Highlights

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Leadership in India’s Flex Industry with sustainable growth and momentum

7.7 | 10 MSF Operational Area | Total Area 1

114.5K

Operational Desk Capacity

+0.8% | +8.0% QoQ

+19.2% | + 29.9% YoY

+0.5k | +0.4% QoQ

+20.0k 2 | +21.3% YoY

91.8K | 80.2%

Occupancy

+4.6k |+5.2% QoQ

+18k |+24.5% YoY

+75

NPS

In the league of top - tier global brands

70 Centres | 8 Cities

Footprint

+2.9% QoQ

+18.6% YoY

15.5K

Sales Velocity

+39.7% QoQ

+61.5% YoY

Highest desks sales - Quarterly and Half - yearly

6 |

Note: 1- Total Area includes LOI/EOI signed with

landlords. MSF is million square feet.

A record -breaking quarter driven by established profitability

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Highest quarterly revenue

Highest amongst listed peers

585.5 Crs

Total Revenue

+7.3% QoQ

+17.2% YoY

390.9 Crs | 66.8%

6.4 Crs | 1.1%

Ind AS EBITDA

+12.9% QoQ

+18.9% YoY

Ind AS PAT

+20.5 crs QoQ

+37.9 crs YoY

First Ind AS Profit Quarter 1

2.9x Total Revenue to Rent

118.4 Crs | 20.3% IGAAP Equivalent EBITDA

39.3 Crs | 6.7% IGAAP Equivalent PAT 2

+45.0% QoQ

+15.8% YoY

+367.3% QoQ

+104.3% YoY

7 |

Note: 1- Excluding deferred tax benefit for Q2 FY25. | 2

- Pre - impact of exceptional item for Q2 FY25

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Delivered record profitability on the back of strong demand

Highest - ever quarterly revenue, reflecting strong demand and pricing discipline

Recorded highest QoQ EBITDA Growth of 45%

Total Revenue in ₹ Crs

499.5

545.7

585.5

Q2 FY'25

Q1 FY'26

Q2 FY'26

+7.3% QoQ

+17.2% YoY

IGAAP EBITDA in ₹ Crs

IGAAP EBITDA Margin %

21.1%

20.3%

15.0%

102.2

81.7

118.4

+15.8% YoY

Q2 FY'25

Q1 FY'26

Q2 FY'26

+ 45.0 % QoQ

First ever quarter with Ind AS Profitability

Delivered highest ever quarterly and half yearly sales velocity

- 31.5

- 14.1

- 2.6%

1.1% 6.4

+20.5 crs QoQ

+37.9 crs YoY

Ind AS PAT in ₹ Crs Ind AS PAT Margin %

- 6.3% Q2'FY25*

Q1'FY26

Q2'FY26

Desks Sold in 000s

+39.7% QoQ

+61.5% YoY

9.6

11.1

15.5

Q2 FY'25

Q1 FY'26

Q2 FY'26

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Note: *Q2FY’25 Ind AS PAT excludes deferred tax benefit of

₹ 235.5 Crs . 1- Excluding deferred tax benefit for Q2 FY25

Industry

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Market opportunity and demand drivers

Tier 1 Flex Stock 1

Flex is now the second - largest driver of India’s office market, contributing 21% of all incremental leasing activity in Q3 CY 2025, up from ~9 –11% in 2021.

CRE Demand outpacing Supply

12- 14%

11- 13%

10- 12%

9- 11%

6- 8%

5- 7%

7- 9%

4- 6%

35 - 37

39 - 41

49 - 51

62 - 64

82 - 86

102- 106

121- 125

140- 144

2020

2021

2022

2023

2024

2025F

2026F

2027F

Tier 1 Total Flex Market (MSF)

Tier 1 Flex Share of Total Office Stock

54.8

37.2

35.0

38.6

78.9

49.0

85.5

87.1

88.9

67.8

68.0

63.2

2015

2020

2024

Supply (MSF)

2025F Absorption (MSF)

2026F

2027F

The next decade belongs to India — and to the companies powering its work

• Youngest and the largest

population

• 2 nd largest English - speaking population

• 2 nd largest tech - skilled workforce in the

world

• Rapid urbanisation, with 600 million people expected to move to Indian cities by 2036

•

– India now hosts Largest GCC market ~3,000+ GCCs, projected to exceed 4,300 by 2030;

Leasing by GCCs contributed ~38% of overall take - up in Q3 CY 2025.

• 3 rd largest start - up ecosystem 6 globally

• Availability of skilled

talent at a relatively

lower c ost

• Quality grade and cost

- effective real

estate

Favorable Demographics

Conducive Business Environment

Cost Advantage

10 |

Note: information as per CBRE Industry Report commissioned by WeWork India for its prospectus.

1: Represents flex stock of top 9 cities. | 2

- MSF = Million square feet

Key performance metrics

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Delivering sustained growth at par with the industry

Portfolio Level: Operational Capacity, Occupied Members & Occupancy %

78.1%

76.5%

80.2%

73.8

94.4

Sep-24

87.2

114.1

91.8

114.5

Jun-25

Sep-25

Occupied Members in 000s

Operational Capacity in 000s

Occupancy %

Capacity

Members

+0.4% QoQ

+21.3% YoY

+5.2% QoQ

+24.5% YoY

Mature Centres 1

Growth Centres

83.3%

82.1%

84.2%

69.2

83.1

80.0

98.0

84.5

100.4

Sep-24

Jun-25

Sep-25

40.2%

45.2%

4.5

11.3

Sep-24

7.2

16.0

Jun-25

51.7%

7.3

14.2

Sep-25

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Note: 1- Operational Centres which have been operational for more than 12 months

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Record desks sales while maintaining strong Revenue

-to-Rent multiples

Demonstrated ability to charge premium pricing

Sales Velocity

3.0x

2.7x

2.9x

2.9

2.6x

26.6k Desks sold - Highest half yearly sales till date

1.1

Desks Sold in 000s

Desks Sold Area in MSF

0.8

0.7

2.2x Industry Average Revenue to Rent Range (1)

9.6

11.1

15.5

Highest quarterly desk sold

Q2'FY25

Q1'FY26

Q2'FY26

Q2 FY'25

Q1 FY'26

Q2 FY'26

Revenue to Rent Multiple

Total Revenue to Rent Multiple

~50% of our new desks sales came from existing members

+39.7% QoQ

+61.5% YoY

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Note: 1- Industry Average derived from Industry Average Range of 1.9

- 2.5x as per CBRE Industry Report commissioned by WeWork Ind

ia for its prospectus.

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Robust growth driven by diversified revenue streams

Revenue from Operations

Core Operations

Workspace as a service,

redefining workspace leasing.

Private Offices & Managed Office

Value Added Services

Enabling businesses beyond

space and enhancing member experience.

Events, F&B, Customisation, Tech Solutions

Digital Products

Technology - driven solutions enabling

seamless access to workspaces.

Workplace, All Access, On Demand & Virtual Office

(₹ in Cr)

469.5

535.3

574.7

Q2'FY25

Q1'FY26

398.7

461.6

Q2'FY25

Q1'FY26

54.8

53.0

Q2'FY26

492.1

Q2'FY26

62.6

Q2'FY25

Q1'FY26

Q2'FY26

16.1

Q2'FY25

20.7

Q1'FY26

20.0

Q2 FY26

Q2‘FY26 Revenue Contribution

100%

85.6%

10.9%

3.5%

+7.4% QoQ

+22.4% YoY

+6.6% QoQ

+23.4% YoY

+18.2% QoQ

+14.4% YoY

- 3.3% QoQ

+25.0% YoY

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Leveraging scale and efficiency to achieve industry

-leading centre -level margins

Centre Level EBITDA 1 & Margin

Effectively managing fixed and variable costs

Centre - level EBITDA in ₹ Crs

Centre-level EBITDA Margin

27.0%

23.1%

27.30%

+420 bps QoQ

+30 bps YoY

Rent

Rent costs increased minimally by ~1.8% YoY per sq. ft.

+27.0% QoQ

+20.2% YoY

Opex

Operating Expenses per sq. ft. per month declined ~5.3% YoY, reflecting continued cost discipline and efficiency despite inflationary pressures.

129

Q2'FY25

122

Q1'FY26

155

Q2'FY26

Higher Centre - level EBITDA margins and focus on cost controls

have lowered

the operational breakeven occupancy levels at our centres to 54.9%

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Note - 1: Signifies the Centre level profitability. Total Revenue less rental payouts to landlords less common area maintenance charges management fees less sales and marketing expenses

less direct Centre level operating costs less brokerage fees less

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Consistently delivering high EBITDA

and margins…

Reported Ind AS EBITDA & Margin

IGAAP Equivalent EBITDA & Margin

Ind AS EBITDA in ₹ Crs

Ind AS EBITDA Margin %

IGAAP EBITDA in ₹ Crs

IGAAP EBITDA Margin %

65.8%

63.4%

66.8%

21.1%

20.3%

15.0%

329

Q2 FY'25

346

Q1 FY'26

391

Q2 FY'26

102

Q2 FY'25

Q1 FY'26

118

Q2 FY'26

+12.9 % QoQ

+18.9% YoY

+ 45.0 % QoQ

+15.8% YoY

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…along with sustained profitability at PAT level

Reported Ind AS PAT & Margin

IGAAP Equivalent PAT & Margin

Ind AS PAT in ₹ Crs

Ind AS PAT Margin %

IGAAP EBITDA in ₹ Crs

IGAAP EBITDA Margin %

1.1%

6.4

- 14.1

- 2.6%

- 31.5

- 6.3%

Q2'FY25*

Q1'FY26

Q2'FY26

+20.5 C rs QoQ

+37.9 C rs YoY

4.0%

19.3

Q2 FY'25

1.5%

8.4

Q1 FY'26

6.7%

39.3

Q2 FY'26

+367.3% QoQ

+104.3% YoY

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Note: * - Q2FY’25 INDAS PAT excludes deferred tax benefit of

₹ 235.5 Crs

Self -sustaining business with efficient capital deployment and strong returns

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Free Cash Flow

Free Cash flow in ₹ Cr

Q2'FY26

Q1'FY26

Q2'FY25

Reported Cash Flow from Operations

375.2

322.7

338.0

Less:

Cash Outflow for lease liabilities towards rent*

Actual cash flow towards brokerage

Free Cash Flow from Operations

245.6

34.2

95.4

237.9

33.4

51.4

191.2

12.7

134.1

Balance Sheet Highlights

Debt & Cash Position

Gross Debt

Cash & Cash Equivalents

Net Debt

Average cost of borrowing

+85.6% QoQ

- 28.9% YoY

Q2'FY26

Q1'FY26

Q2'FY25

409.6

98.9

310.7

389.2

92.0

297.3

805.8

276.4

529.4

+41.3% YoY

10.35%

10.39%

15.37%

502 bps YoY

Return on Capital Employed

24.0%

Q2 FY'25

9.0%

Q1 FY'26

22.0%

Q2 FY'26

ROCE is calculated as IGAAP equivalent EBIT divided by

total capital employed .

Total capital employed = account of Ind AS 116 (leases) + lease liabilities towards finance leases – deferred tax asset

net worth + net debt + net worth erosion on

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Diversified client profile with growing commitment terms

Revenue from Core Operations

- By Member Type

Revenue from Core Operations

- By Domicile

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26.6%

24.2%

Non - Enterprise Members 2

Q2 FY’26

Fortune 500 Members

14.9%

34.2%

Large Enterprise Members

Other Enterprise Members

73%

Enterprise Members 1

61.9%

Q2 FY’26

38.1%

Domestic

International

Revenue from Core Operations

- By Sector

Membership Tenure in months

Others

Consumer

Pharma

Manufacturing

4.8%

5.6%

4.7%

7.8%

17.0%

34.5%

Q2 FY’26

Technology

Well diversified member base with Top 10 clients contributing 23.2% of Revenue from Core Operations in Q2 FY’26

Media

Professional Services

10.4%

15.2%

Finance

+4 months

Q2'FY25

Q2'FY26

Portfolio Tenure

Large Enterprise Tenure

Note : 1- Members belonging to organisations with more than 200 full FTEs), and large enterprises (>1,000

FTEs) | 2- Members that do not fall into the enterprise category, including freelancers, early

- stage startups, small teams, and organisatio

ns with 200 or fewer FTEs

- time employees (FTEs). For internal segmentation, these include small enterpr

ises (200 –500 FTEs), medium enterprises (500

–1,000

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Deepening our presence across

top 8 cities

WeWork stock in India’s Key Growth Corridors

Operational Leasable Area in million square feet Operational Desks Capacity in all Centres in thousands

94%

Grade A Portfolio

Gurgaon 1.0 MSF | 12.7k Desks +18.6% YoY

Mumbai 1.4 MSF | 18.8k Desks +4.0% YoY

Pune 0.8 MSF | 12.5k Desks 17.9% YoY

Bengaluru 3.2 MSF | 50.2k Desks

+23.0% YoY

Delhi 0.1 MSF | 0.8k Desks -

Noida 0.3 MSF | 3.9k Desks +0.1% YoY

Hyderabad 0.7 MSF | 10.3k Desks +31.3% YoY

Chennai 0.4 MSF | 5.3 k Desks +165.1% YoY

26% capacity growth already signed

7.7 MSF

Operational leasable area

114.5k Operational desk capacity

0.9k Warm shell desks

0.8 MSF

Under fit - outs

11.3k

0.2 MSF

Yet to receive hand over

3.1k

8.7 MSF Total Leasable Area

129.8k Total Desk Capacity in all Centres

10.0 MSF

Total Leasable Area including LOIs 144.8k Total Desk Capacity including LOI

Note : Information as at September 30 , 2025 , our Company had signed letters of intent with various landlords for an additional 1.3 million square feet of area/ 15k desks .

20 |

Other highlights

Building excellence through technology, impact, and culture

We are Great Place To Work® certified, across the following categories

We have multiple ISO Certifications & Awards

• Great Mid - size Workplaces • Best Workplaces in Real Estate Consultants • Best Workplaces in Health and Wellness •

India's Best Workplaces (DEIB) Best Workplaces

in Diversity, Equity, Inclusion & Belonging for Women

•

• •

ISO 14001: Certified at a portfolio level for Environment management practices established in line with industry benchmarks ISO 45001: Certified at a portfolio level for Health & Safety practices established in line with industry benchmarks ISO 50001: Energy management certification completed for one pilot asset (Galaxy). ISO 22000: Food safety certification completed for one pilot asset (Spectrum towers).

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Building excellence through technology, impact, and culture

We hosted our 3rd Sustainability Summit in Gurgaon focusing on " Decarbonising commercial real estate”

We launched the WeWork India App on Oct 6th, bringing cardless access to our members

• Fireside chat with actor • 3 panel discussions and • 100% of event waste responsibly processed • All carbon emissions offset

- entrepreneur Bhumi Satish Pednekkar 24 sustainable vendors

showcased

via Climes, neutralizing 28,000 kg of CO ₂

since launch

• 14,000+ downloads • Features include • 99.98% crash - free sessions • 4.9 ★ average rating on the App Store (640 ratings)

cardless entry, faster bookings, and instant actions

, with 0.8s iOS and 3s Android load times

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Our Impact Projects

Tarahunise Village Lake Restoration Project

Waste management centre

Through our ongoing Tarahunise Village Lake Restoration Project (since 2022), we’ve brought life back to the lake. Biodiversity was enhanced by securing bunds, planting tree saplings and 40+ floating wetlands, resulting in improved lake water quality by over 72%. Increasing local species count to 386 and reviving community livelihoods by keeping underground water levels stable.

In the same village, since 2023 we have supported the operations of the Solid Waste management centre which manages waste from 7 villages and 5,200 waste generators. Here we’ve achieved a 90% reduction in open dumping, waste segregation now stands at 98% (village) and 94.5% (bulk). We also empowered 40+ women through the Threads of Life upcycling initiative, and trained 500+ school children in sustainable waste management.

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Our Impact Projects

Living with Leopards

Colours of Life Academy

Our partnership with the Wildlife Conservation Society (since 2023) continues to mitigate human –leopard conflict at the Sanjay Gandhi National Park, Mumbai. With the help of 13,000+ camera trap images, 54 unique leopards and other near threatened species such as civets, rusty team drives large - scale citizen awareness through training programs and training 400+ forest officials across Maharashtra’s protected regions.

- spotted cats and mouse deer were identified. The research

In partnership with the Colours of Life Academy (since 2024), we’ve supported access to higher education for 2000+ students from underserved communities. Awarding 271 scholarships, 71% employment rate among eligible youth and a Gross Enrolment Ratio of 46% well above state and national

averages).

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Our spaces

WeWork Eldeco Centre, Delhi

WeWork DLF 10, Chennai

WeWork Embassy Quest, Bengaluru

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WeWork RMZ Spire, Hyderabad

WeWork Vaswani Chambers, Mumbai

WeWork Amanora crest, Pune

26 |

Annexure

Our board of directors

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Mr. Jitendra Mohandas Virwani

Chairman and Non - executive Director

Jitendra Mohandas Virwani is the Chairman and Non - executive Director of our Board . He is a fellow of the Royal Institution of Chartered Surveyors . He is the chairman and managing director of the Embassy group of companies, including Embassy Property Developments Private Limited . He is also a member of the Equestrian Federation of India .

Managing Director & Chief Executive Officer

Mr. Karan Virwani

Karan Virwani is the Managing Director and Chief Executive Officer of our Company . He holds a bachelor’s degree in business administration from the University of Kent . He is responsible for overseeing critical operation and growth - oriented functions of our Company . He started his career club houses and outdoor catering with Lounge Hospitality LLP, a startup venture that owns and operates premium restaurants, manages residential in India and went on to working in the Chairman’s Office at Embassy Property Developments Private Limited . He has been recognised in Forbes 30 Under 30 Asia List 2019, GQs Most Influential Young Indians 2018 and BWs Best CEO of a Flex Space and as Entrepreneur of the Year by ET Business Awards 2025 .

Mr. Adnan Mostafa Ahmad Non - executive Nominee Director

Adnan Mostafa Ahmad is a Non - executive Nominee Director of our Board . He holds a bachelor of arts degree in international studies from Johns Hopkins University, where he graduated as a Fulbright Scholarship award recipient . At present, he is associated with Yardi Systems, Inc . as a senior advisor . Previously, he was associated with Willoughby Capital Holdings, LLC and Roystone Capital Management LP . He has over two years of experience in an advisory capacity .

Mr. Manoj Kumar Kohli Independent Director

Manoj Kumar Kohli is an Independent Director on our Board . He holds a bachelor’s degree in commerce (honours) and a master’s degree in business administration from the University of Delhi . He has also received a diploma in training and development from the Indian Society for Training and Development and a post - graduate diploma in personnel management from the New Delhi YMCA Institute of Management Studies . He was previously associated with SoftBank Group International as country head and Bharti Enterprises Limited as the managing director . He has been awarded at the NDTV Profit Business Leadership Awards 2009 .

Ms. Mahua Acharya Independent Director

Mahua Acharya is an Independent Director on our Board . She holds a master’s degree from Yale University . She currently serves on the board of directors of Gabriel India Ltd, Emergent Forest Finance Accelerator, USA as chairperson and Exicom Telesystems Limited . She was also previously associated with Convergence Energy Services Limited as managing director and chief executive officer, Brightspark Energy Private Limited as Chief of Staff and Global Green Growth Institute under the grade of assistant director general . She also serves as a member of the Expert Committee on Voluntary Carbon Markets, International Finance Services Centres Authority (IFSCA), Government of India .

Ms. Anupa Rajiv Sahney

Independent Director

Anupa Rajiv Sahney is an Independent Director on our Board . She holds a bachelor’s degree in arts (honors ) in accountancy, finance & economics from the University of Essex . She currently serves on the board of directors of Borosil Limited, Borosil Scientific Limited and Goel Scientific Glass Works Limited . She is a member of the Institute of Chartered Accountants in England & Wales . She is amongst the first directors of Origami Consultants Private Limited and is on the board of advisors of the Balco Medical Centre, a unit of Vedanta Research Foundation .

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Led by experienced leadership and management team

Karan Virwani Managing Director Chief Executive Officer

Clifford Lobo

Vinayak Parameswaran

Arnav Gusain

Chief Financial Officer

Chief Investment Officer

Chief Supply Officer

Debosmita Majumdar

Chief Marketing Officer

Hiranmai Rallabandi

General Counsel & Chief Governance Officer

Priti Shetty

Chief People & Culture Officer

Raghuvinder S. Pathania

Head, Community & Building Operations

Rupesh Kumar

Santosh Martin

Chief Product and Technology Officer

Chief Revenue Officer

Udayan Shukla

Company Secretary & Compliance Officer

has demonstrated leadership in innovation and execution prowess

in shaping the evolution of the workspace industries in India

Led by a team of experienced professional management with industry expertise and

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Reported Financial Performance | Ind AS to IGAAP equivalent reconciliation

Particulars

Reported Ind AS

Q2 FY26 Ind AS adjustment

IGAAP Equivalent

Reported Ind AS

Q1 FY26 Ind AS adjustment

IGAAP Equivalent

Reported Ind AS

All amounts in ₹ Crs

Q2 FY25 Ind AS adjustment

IGAAP Equivalent

Revenue from operations

Finance and Other Income

Total Revenue

Operating and Other expenses

EBITDA

Depreciation and amortisation

- Pure Fit outs incl finance lease

Depreciation and amortisation

– ROU asset

EBIT

Finance costs

- Borrowings & Others

Finance costs – Interest on Finance lease liability

Finance costs – Interest on ROU Lease liability

Profit / (Loss) before share of loss in associate, exceptional item and tax for the period

Share of loss in associate

Profit / (Loss) before exceptional item and tax for the period

Exceptional item

Profit / (Loss) before tax for the period

Current Tax / Deferred tax

Profit / (Loss) after tax for the period

EBITDA Margin

PAT Margin

30 |

]]

574.7

10.8

585.5

194.6

390.9

62.6

168.6

159.7

21.2 2.2 129.9

6.5

(0.3)

6.2

3.7

(5.2)

(1.5)

271.0

(272.5)

578.4

5.6

584.0

465.6

118.4

1.9

64.5

(168.6)

(105.8)

(9.1)

(129.9)

33.2

53.9

12.1 2.2

39.7

(0.3)

39.4

535.3

10.4

545.7

199.5

346.2

59.0

164.5

122.7

18.7 2.3 115.4

(13.7)

(0.4)

(14.1)

33.2

0.3

32.9

6.2

(0.2)

6.4

66.8%

39.4

0.1

39.3

20.3%

6.7%

(14.1)

0.0

(14.1)

63.4%

2.6

(5.0)

(2.4)

262.1

(264.5)

1.8

(164.5)

(101.8)

(8.9)

(115.4)

22.5

(0.0)

22.5

537.9

5.4

543.3

461.6

81.7

60.8

20.9

9.8 2.3

8.8

(0.4)

8.4

15.0%

1.5%

7.5

(22.2)

(14.8)

211.7

(226.5)

4.1

(151.7)

(78.9)

(35.5) 6.3 (100.5)

50.8

235.3

(184.5)

469.5

30.0

499.5

170.8

328.7

50.7

151.7

126.3

48.5 8.2 100.5

(30.9)

(0.6)

(31.5)

(235.2)

203.7

65.8%

477.0

7.7

484.7

382.5

102.2

54.8

47.4

13.0 14.5

19.9

(0.6)

19.3

34.1 (14.8)

0.1

(14.9)

21.1%

4.0%

Consolidated Statement of Assets and Liabilities

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Particulars (INR Mn)

Equity share capital Instruments entirely in the nature of equity Other equity

Equity attributable to owners of the parent

Non - controlling interest

Total Equity

Liabilities Non - current liabilities Financial liabilities Borrowings Lease liabilities Other financial liabilities

Provisions Deferred tax liabilities (net) Other non - current liabilities

Total non - current liabilities

Current Liabilities Financial liabilities Borrowings Lease liabilities Trade payables

Total outstanding dues of micro and small enterprises Total outstanding dues of creditors other than micro and small enterprises Other current financial liabilities

Other current liabilities Provisions Current tax liabilities (net)

Total current liabilities

Total equity and liabilities

31 |

As at September 30, 2025

As at March 31, 2025

Particulars (INR Mn)

As at September 30, 2025

As at March 31, 2025

134.0 - 66.7

200.7

0.8

201.5

234.0 3,760.5 1,14.3 9.4 - 18.0

4,136.2

175.6 624.2

2.8

42.7

686.4 64.5 31.4 0.6

1,628.2

5,966.0

134.0

Assets

65.7

199.7

0.8

200.5

209.5 3,399.0 161.8 8.8

19.4

3,798.5

100.8 563.7

4.4

47.2

571.3 75.5 29.0 0.8

1,392.7

5,391.7

Non - current assets

Property, plant and equipment

Capital work - in- progress

Right - of - use assets

Goodwill

Other Intangible assets

Intangible assets under development

Investments accounted for using equity method

Financial assets

Investment

Other financial assets

Deferred tax assets (net)

Income tax assets (net)

Other non - current assets

Total non - current assets

Current assets

Inventories

Financial assets

Investments

Trade receivables

Cash and cash equivalents

Other Bank balances

Loans

Other financial assets

Other current assets

Total current assets

Total assets

940.2

42.4

3,791.1

2.2

5.7

10.0

4.3

255.1

285.2

78.1

51.9

5,466.2

0.6

31.7

1,23.7

8.97

3.7

1,00.0

168.13

63.1

499.8

908.5

33.7

3,394.7

2.2

7.4

10.7

2.1

215.3

285.0

57.5

13.4

4,930.3

0.7

30.7

83.2

23.6

3.2

1,00.0

1,40.3

79.7

461.4

5,966.0

5,391.7

Consolidated Statement of Profit & Loss

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Particulars (INR Mn)

Income

Revenue from operations

Other income

Finance income

Total income

Expenses

Sub - contracting cost

Cost of materials consumed

Employee benefits expense

Finance costs

Depreciation and amortisation expense

Operating expenses

Other expenses

Total expenses

Profit/(Loss) before tax and share of loss in associate

Share of loss in associate

Proft/ (Loss) before tax

Tax expense

Current tax charge

Deferred tax (credit) / charge

Total Tax expense

Proft/(Loss) for the period

For the three months period ended September 30, 2025

For the three months period ended June 30, 2025

For the three months period ended September 30, 2024

574.7

0.5

10.3

585.5

0.4

48.4

153.2

231.2

128.2

17.7

579.0

6.5

(0.3)

6.2

0.1

(0.2)

(0.1)

6.4

535.3

0.6

9.8

545.7

3.6

0.4

47.3

136.4

223.5

130.0

18.2

559.5

(13.8)

(0.3)

(14.1)

469.5

18.3

11.6

499.5

0.4

37.9

157.2

202.4

116.1

16.5

530.4

(30.9)

(0.5)

(31.5)

0.1

(235.3)

(235.2)

203.7

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For the six months period ended

September 30, 2025

September 30, 2024

Particulars (INR Mn)

For the six months period ended

September 30, 2025

September 30, 2024

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Consolidated Statement Cash Flow

Particulars (INR Mn)

Cash Flow from operating activities

Profit/(Loss) before tax and share of loss in associate

(7.24)

Adjustments for:

Depreciation and amortisation expense Share based payment expense Bad debts/ advances written off Provision for doubtful debts (net of reversals) Liability written back Profit on sale of investments in mutual funds (net) Gain on financial instruments at fair value through profit and loss Profit / (loss) on sale of property, plant and equipment (net) Finance income Exceptional item Gain on termination of lease (net) Gain on termination of security deposits Finance costs

Operating profit before working capital changes Working capital adjustments:

Decrease / (Increase) in inventories (Increase) / Decrease in trade receivables Decrease / (Increase) in other assets Decrease / (Increase) in other financial assets (Decrease) / Increase in trade payables Increase / (Decrease) in provisions Increase / (Decrease) in other liabilities Increase / (Decrease) in other financial liabilities Cash generated from operations Income taxes refunded / (paid) (net)

Net cash generated from operating activities

454.7 9.2 - 3.5 - -

(1.0)

0.1

(20.1) - - - 289.6 728.8

0.1 (44.1) 16.6 (59.5) (6.3) 2.7 (12.5) 92.9 718.7 (20.8) 679.9

(58.7)

394.2 3.9 - 1.2 - (3.3)

(1.3)

0.1

(21.5) - (15.9) - 290.1 588.8

(0.3) (23.9) 19.0 (29.9) (17.9) 4.4 3.9 52.1 596.1 (28.6) 567.5

Cash flow from investing activities

Acquisition of property, plant and equipment and intangible assets Proceeds from sale of property, plant and equipment Payment for acquiring right of use asset (stamp duty and brokerage) Inter corporate deposit given to related parties Investment / (redemption) made in bank deposits (having original maturity more than 3 months) Payment for acquisition of subsidiaries (net of cash acquired) and associate Purchase of non - current investments Proceeds from sale of current investments / (Purchase of current investments) (net) Interest received

Net cash used in investing activities Cash flow from financing activities

Proceeds from long - term borrowings

Repayment of long - term borrowings

Redemption of non convertible debentures

Proceeds from rights issue of equity shares

Payment towards surrender of ESOP's Interest, bank charges and processing charges paid on borrowings Interest paid on vehicle loan

Payment of principal portion of lease liabilities

Interest paid on lease liabilities

Net cash used in financing activities Net (decrease) / increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year

(207.7)

0.2

(68.0)

(16.1)

(2.2)

0.1

(293.7)

146.6

(49.2)

(20.1)

(0.4)

(246.1)

(249.7)

(418.8)

(14.6)

23.6

9.0

(186.2)

0.3

(28.5)

0.1

(2.1)

1.7

(82.3)

189.7

(37.6)

(41.9)

(0.2)

(216.0)

(207.9)

(313.9)

171.2

21.1

192.3

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Glossary

Desk

Centre

Clients

Member

Term

Definition

A notional work unit created to serve as the key unit of measurement of the inventory created and sold by us in a Centre

Centres refer to any facility (floor, building,) with or without shared amenities or services for which lease or operating agreement has been executed with the landlords, space owners or tenants

Customers of our company, which include Enterprises,

startups, MSME, or freelancer which occupy Seats in our Operational

Centres

Refers to occupied desks taken by clients for their employees . Each occupied desk corresponds to one member

Occupied Desks

The total number of desks contracted with our Clients in our Operational and / or Fit - out rentals Operations

Centres from Core Operations,

Digital Operations and Facility Management

Operational Centre

Centres of our Company which are operational,

but exclude Centres under Fit - outs and Centres yet to receive handover

Centres under Fit

- outs

Centres for which fit - out works are under progress and are not yet ready for Clients to move - in and start availing our services

Centres yet to receive handover

Centres for which lease or operating agreement has been executed with landlords, space owners or tenants, but which are yet to be handed over to us by the respective landlords or spaceowners

Operational Capacity

Total desks available in our Operational Centres . This includes the total desks available for our Core Operations, Operations,

and total desks available for our Facility Management and/or Fit - out rentals Operations . It excludes Warmshell Desks

total desks available for our Digital

Warmshell Desk

Desks Capacity in Operational

Centres which is yet to be built out and is unavailable to be contracted to Clients

Facility Management and / or Fit - out rentals Operations

Our operations in Centres where we provide facility management services on a cost plus model and / or earn fit - out rentals on the capital expenditure incurred by us, and where we have not executed lease or operating agreements in such Centres

Operational Capacity

Maximum number of desks available across all our Operational Centres across Core Operations, Digital Operations and Facility Management and/or Fit - out rentals Operations,

as at the end of each respective period/year . It excludes Warmshell Desks

34 |

Glossary

Term

Definition

Mature Centre

Growth Centre

Operational

Centres which have been operational

for more than 12 months

Operational

Centres which are operational

for less than or equal to 12 months

Revenue to Rent Multiple

A measure of monetization efficiency that indicates how much revenue we generate for every rupee of rent paid, independent of occupancy . The net revenue to rent multiple reflects core membership revenue efficiency, while the total revenue to rent multiple includes incremental contributions from digital products and value - added services

Upgrades

Refers to instances where existing clients increase their occupied desk count and expand within our portfolio

Enterprise Members

Members belonging to organisations with more than 200 full - time employees (FTEs) . For internal segmentation, these include small enterprises (200 –500 FTEs), medium enterprises (500 –1,000 FTEs), and large enterprises (>1,000 FTEs)

Non - Enterprise Members

Members that do not fall into the enterprise category, including freelancers, FTEs

early - stage startups, small teams, and organisations with 200 or fewer

Renewal rate

Renewal rate is calculated as Desks Renewed divided by the Total Desks due for Renewal . (i) Desks Renewed refers to Occupied Desks by Clients who chose to continue occupying desks after expiry of tenure during the period . (ii) Total Desks due for Renewal refers to the Occupied Desks by clients for which tenure was due for expiry during the period

Adjusted Renewal Rate

Adjusted Renewal Rate is calculated as Desks Renewed divided by the Total Desks due for Renewal less desks that were either pre - sold or in advanced stages of conversion for the same inventory with move - ins at higher pricing within one month of tenure expiry

Membership Tenure

Average contract period for which we enter into membership agreements with our Clients

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IGAAP Equivalent EBITDA

EBITDA calculated under the Indian Generally Accepted Accounting Principles framework without the benefit of non- cash rent cost straightlining and post impact of ESOP cost

IGAAP Equivalent PAT

PAT calculated under the Indian Generally Accepted Accounting Principles framework, based on the IGAAP Equivalent EBITDA defined above as the starting point

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Contact: Mr. Vinayak Parameswaran, Chief Investment Officer investor.relations@wework.co.in

Mr. Udayan Shukla, Company Secretary & Compliance Officer cswwi@wework.co.in | +918884564500 | wework.co.in

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