Mahindra Holidays & Resorts India Limited

rs,

Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051 Symbol: MHRIL BSE Limited Floor 25, PJ Towers, Dalal Street, Fort, Mumbai - 400 001 Scrip Code: 533088 Dear Sir/Madam, Sub.: Earnings Present

3%

yle & e- commerce sectors ~ 1.8 Tn by 2030 Annual Household income (Rs mn ) >2.8 High 9Mn (3%) 0.5 – 2.8 0.2 – 0.5 <0.2 Upper mid 68Mn (23%) Lower mid 85Mn (29%) Low 134Mn (45%) 2021

23%

ual Household income (Rs mn ) >2.8 High 9Mn (3%) 0.5 – 2.8 0.2 – 0.5 <0.2 Upper mid 68Mn (23%) Lower mid 85Mn (29%) Low 134Mn (45%) 2021 High 23Mn (6%) Upper mid 152Mn (39%) Lower mi

29%

(Rs mn ) >2.8 High 9Mn (3%) 0.5 – 2.8 0.2 – 0.5 <0.2 Upper mid 68Mn (23%) Lower mid 85Mn (29%) Low 134Mn (45%) 2021 High 23Mn (6%) Upper mid 152Mn (39%) Lower mid 119Mn (31%) Low 92

45%

gh 9Mn (3%) 0.5 – 2.8 0.2 – 0.5 <0.2 Upper mid 68Mn (23%) Lower mid 85Mn (29%) Low 134Mn (45%) 2021 High 23Mn (6%) Upper mid 152Mn (39%) Lower mid 119Mn (31%) Low 92Mn (24%) 2030 Gr

6%

0.2 – 0.5 <0.2 Upper mid 68Mn (23%) Lower mid 85Mn (29%) Low 134Mn (45%) 2021 High 23Mn (6%) Upper mid 152Mn (39%) Lower mid 119Mn (31%) Low 92Mn (24%) 2030 Growth rate of discretiona

39%

mid 68Mn (23%) Lower mid 85Mn (29%) Low 134Mn (45%) 2021 High 23Mn (6%) Upper mid 152Mn (39%) Lower mid 119Mn (31%) Low 92Mn (24%) 2030 Growth rate of discretionary spends is expected to

31%

id 85Mn (29%) Low 134Mn (45%) 2021 High 23Mn (6%) Upper mid 152Mn (39%) Lower mid 119Mn (31%) Low 92Mn (24%) 2030 Growth rate of discretionary spends is expected to be at 19% (2022 - 2030

24%

ow 134Mn (45%) 2021 High 23Mn (6%) Upper mid 152Mn (39%) Lower mid 119Mn (31%) Low 92Mn (24%) 2030 Growth rate of discretionary spends is expected to be at 19% (2022 - 2030E) vs 6% in essen

19%

r mid 119Mn (31%) Low 92Mn (24%) 2030 Growth rate of discretionary spends is expected to be at 19% (2022 - 2030E) vs 6% in essential spends Source: Oxford Economics, S&P Global, WEF/Future of Con

2.2x

and to outpace Hotel room supply growth Strong Real GDP Growth Travel Growth Outlook till FY30 2.2x no. of trips (2.3Bn pre - COVID) 2.7x travel expense ($150Bn pre - COVID) Branded Penetration

2.7x

h Strong Real GDP Growth Travel Growth Outlook till FY30 2.2x no. of trips (2.3Bn pre - COVID) 2.7x travel expense ($150Bn pre - COVID) Branded Penetration (% of Supply) 35% 70% 40% 8% Brand

“Development Initiated at 5 destinations, estimated to add ~600 keys by FY30 Kass, Koyna, Harihareshw ar in Maharashtra, Kadapakkam in Tamil Nadu & Amritsar in Punjab 14 Resort Operations | Q4 Performance Resort Revenue (Rs Cr) Occupancy +11% Keys 5847 6228 107 120 84.6% 82.1% Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Resort revenue Including all subsidiaries (except HCR) 15 Resort Operations | Strong revenue growth, high utilization Resort Revenue (Rs Cr) Occ.”

“84.4% 84.6% 84% 80.7% 342 + 7% 366 + 8% 396 +1 2% 443 FY23 FY24 FY25 FY26 16 Resorts | Increasing availability & more holiday options for members Member to Room Ratio Keys 4940 5327 5847 6228 57 56 52 FY23 FY24 FY25 49 FY26 17 Keystone Privileged Access Our most privileged key.”

“Cr Income +2% 398 407 EBITDA +8% PAT - 4% 132 142 57 55 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Excludes ~Rs 234 Cr impairment 21 Standalone Financials | FY26 Rs.”

“Finnish numbers 24 HCR Performance | Q4FY26 Euro Mn Income - 3% 39.7 38.7 EBITDA - 53% 6.0 2.8 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 PAT - 84% 3.1 0.5 Q4 FY25 Q4 FY26 Financials are as per Finnish Accounting Standards (FAS) 25 HCR Performance | FY26 Euro Mn Income EBITDA PAT 138.2 137.1 FY25 FY26 4.4 - 1.2 FY25 FY26 FY25 - 2.1 FY26 - 6.8 Financials are as per Finnish Accounting Standards (FAS) 26 MANALI CLUB MAHINDRA POOVAR HIMACHAL PRADESH KERALA Consolidated 27 Consolidated Financials | Q4FY26 Rs.”

“Cr Income +5% 807 844 EBITDA - 5% - 5% 12 232 11 221 12 73 PAT - 43% - 38% 11 41 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 One off loss PAT includes one off forex loss of Rs 11 Cr in Q4FY26 vs Rs 12 Cr in Q4FY25 28 Consolidated Financials | FY26 Rs.”

Increasing affluence

1

Increasing affluence

Growth in Luxury & Up - upscale Membership Non-Membership 50 New Tourism Destinations with better connectivity MHRIL share 85% -- ~80% Preferred experiential travel Emerging Trends 56% Book a week before travel Weddings & MICE Fastest growing segments ^FY19 - FY24 References - Booking.com, MMT, Horwath HTL, Grand View Research 66 MHRIL Standalone Business CLUB MAHINDRA VARCA GOA 7 Unique and Sustainable Business Model ~3 Lakh+ members 2,000+ curated experiences Strong free cashflows Creator of new leisure destinations and world - class resorts Strong Brand for quality family vacation experiences Continuous member engagement to enhance lifetime Value Strong economic model; difficult to replicate ~160 resorts globally ~100 Partner Hotels Debt Free on Standalone basis Predictable revenue streams & cash generation 8 Multi -Year Sources of Value Creation across the Membership Tenure Guest Vacation Ownership (VO) Income Membership Fee over the entire tenure Interest Income Referrals Happy Fa