Pine Labs Limited

rs,

Date: December 3, 2025 To, BSE Limited, 20th Floor, P.J. Towers, Dalal Street, Mumbai - 400001. BSE Scrip Code: 544606 National Stock Exchange of India Limited,

₹650

ghts Q2 FY26 Revenue from Operations Contribution Margin Adjusted EBITDA Profit after Tax ₹650 Cr ₹497 Cr 77% Margin ₹122 Cr 19% Margin ₹6 Cr 18% YoY 21% YoY 62% YoY From (₹32 Cr) to +₹6

₹497

FY26 Revenue from Operations Contribution Margin Adjusted EBITDA Profit after Tax ₹650 Cr ₹497 Cr 77% Margin ₹122 Cr 19% Margin ₹6 Cr 18% YoY 21% YoY 62% YoY From (₹32 Cr) to +₹6 Cr YoY P

77%

venue from Operations Contribution Margin Adjusted EBITDA Profit after Tax ₹650 Cr ₹497 Cr 77% Margin ₹122 Cr 19% Margin ₹6 Cr 18% YoY 21% YoY 62% YoY From (₹32 Cr) to +₹6 Cr YoY Platfor

₹122

Operations Contribution Margin Adjusted EBITDA Profit after Tax ₹650 Cr ₹497 Cr 77% Margin ₹122 Cr 19% Margin ₹6 Cr 18% YoY 21% YoY 62% YoY From (₹32 Cr) to +₹6 Cr YoY Platform GTV Number

19%

ns Contribution Margin Adjusted EBITDA Profit after Tax ₹650 Cr ₹497 Cr 77% Margin ₹122 Cr 19% Margin ₹6 Cr 18% YoY 21% YoY 62% YoY From (₹32 Cr) to +₹6 Cr YoY Platform GTV Number of T

₹6

tion Margin Adjusted EBITDA Profit after Tax ₹650 Cr ₹497 Cr 77% Margin ₹122 Cr 19% Margin ₹6 Cr 18% YoY 21% YoY 62% YoY From (₹32 Cr) to +₹6 Cr YoY Platform GTV Number of Transactions

18%

argin Adjusted EBITDA Profit after Tax ₹650 Cr ₹497 Cr 77% Margin ₹122 Cr 19% Margin ₹6 Cr 18% YoY 21% YoY 62% YoY From (₹32 Cr) to +₹6 Cr YoY Platform GTV Number of Transactions Digita

21%

justed EBITDA Profit after Tax ₹650 Cr ₹497 Cr 77% Margin ₹122 Cr 19% Margin ₹6 Cr 18% YoY 21% YoY 62% YoY From (₹32 Cr) to +₹6 Cr YoY Platform GTV Number of Transactions Digital Checkou

62%

BITDA Profit after Tax ₹650 Cr ₹497 Cr 77% Margin ₹122 Cr 19% Margin ₹6 Cr 18% YoY 21% YoY 62% YoY From (₹32 Cr) to +₹6 Cr YoY Platform GTV Number of Transactions Digital Checkout Points

₹32

fter Tax ₹650 Cr ₹497 Cr 77% Margin ₹122 Cr 19% Margin ₹6 Cr 18% YoY 21% YoY 62% YoY From (₹32 Cr) to +₹6 Cr YoY Platform GTV Number of Transactions Digital Checkout Points Number of Merc

₹424

oY Platform GTV Number of Transactions Digital Checkout Points Number of Merchants $48+Bn1 (₹424k Cr) ~1.9 Bn2 1.9 Mn 1 Mn+ 92% YoY 44% YoY 19% YoY 29% YoY Q2 FY26 Milestones Crossed 1M

“Adjusted EBIDTA margins have significantly improved - 19% in Q2 FY26 from 16% in FY25 and 9% in FY22.”

“Adjusted EBITDA margins expanded from 9% in FY22 to 16% in FY25 to 19% in Q2 FY26.”

“Our contribution margin grew by 21% YoY in Q2 FY26.”

“Q2 FY26 Results 19 What’s on Investors Mind Revenue | Growth Q2.”

“Why has the overall H1 FY26 growth rate at 18% vs a higher CAGR witnessed in earlier years?”

“Revenue grew 18% in Q2 FY26, with contribution margin up by 21%.”

“Another point to remember is that on a two-year basis, performance remains strong, with revenues up 64% between Q2 FY24 and Q2 FY26.”

“Q2 FY25 was an unusually strong quarter.”

“Q2 FY26 Results 20 What’s on Investors Mind Revenue | Issuing & Acquiring Platform Q3.”

“Prepaid is a fast-growing segment in the payments industry (26% CAGR).”

Launched Co-branded Card

1

Please find below a table capturing the details

1

Launched Co-branded Card

▪ Partnered with a major e-commerce retailer to introduce Bharat Yatra card, a co-branded open-loop transit mobility card. International Revenue (35% YoY growth) ▪ Driven asset-lite platform, with live programs across SEA (FairPrice), MENA (Alshaya group), the USA (Blackhawk Network, Totus partnership), Australia (Woolworths and Samsung Pay–led affiliates), and 18 airlines globally. Q2 FY26 Results 13 Management’s View: Income Statement (1/2) Particulars Revenue from Operations Digital Infrastructure and Transaction Platform Revenue Issuing and Acquiring Platform Revenue Unit Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 YoY % FY24 FY25 ₹ Cr 552 602 599 616 650 18% 1,770 2,274 ₹ Cr 393 426 410 434 440 12% 1,276 1,603 ₹ Cr 158 175 188 182 210 33% 493 671 Less: Direct Expenses ₹ Cr 141 140 154 136 152 8% 384 545 Connectivity and Operational Cost ₹ Cr 34 40 COGS of DCP sale ₹ Cr 43 Distribution cost of prepaid cards ₹ Cr 63 27 72 36 44 74 28 40 68 32 (8%) 123 141 40 (7%) 112 136 80 27% 150 269

Please find below a table capturing the details

Particulars (₹ Cr) Unit Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 FY 24 FY 25 Net cash generated from/(used in) operating activities ₹ Cr 104 66 (24) (281) 152 (229) 50 (Less)/Add: Early Settlement ₹ Cr (43) (7) 29 245 89 278 200 Adjusted Net cash generated from/(used in) operating activities ₹ Cr 61 59 5 (36) 241 49 250 Q2 FY26 Results 24 What’s on Investors Mind Impact of UPI Q7. What is the impact of growing UPI on our business? Can it disrupt our business model? Growing UPI volumes are a clear net positive for Pine Labs. UPI volumes processed on Pine Labs terminals have grown over 50% YoY, and overall UPI values and volumes are expected to keep rising as customers and merchants increasingly prefer instant, account-to-account payments. Pine Labs is building the rails and value-added services on top of UPI. The platform focuses on solving acceptance, routing and reconciliation for UPI at the core infrastructure level, and then layers capabilities such as offers, EMIs, loyalty, and campaign manag