Lemon Tree Hotels Limited

₹1,452.7 crore

ever fourth quarter on the same parameters. For the full year in FY26 the total revenue stood at ₹1,452.7 crores, up 13% year on year. Net EBITDA stood at ₹699.3 crores, up 10%. PAT grew 19% to ₹288.3 crores an

13%

on the same parameters. For the full year in FY26 the total revenue stood at ₹1,452.7 crores, up 13% year on year. Net EBITDA stood at ₹699.3 crores, up 10%. PAT grew 19% to ₹288.3 crores and Cash Pr

₹699.3 crore

l year in FY26 the total revenue stood at ₹1,452.7 crores, up 13% year on year. Net EBITDA stood at ₹699.3 crores, up 10%. PAT grew 19% to ₹288.3 crores and Cash Profit grew 16% to ₹443.1 crores. Our Gross ARR s

10%

total revenue stood at ₹1,452.7 crores, up 13% year on year. Net EBITDA stood at ₹699.3 crores, up 10%. PAT grew 19% to ₹288.3 crores and Cash Profit grew 16% to ₹443.1 crores. Our Gross ARR stood at ₹

19%

stood at ₹1,452.7 crores, up 13% year on year. Net EBITDA stood at ₹699.3 crores, up 10%. PAT grew 19% to ₹288.3 crores and Cash Profit grew 16% to ₹443.1 crores. Our Gross ARR stood at ₹6,875 for the

₹288.3 crore

at ₹1,452.7 crores, up 13% year on year. Net EBITDA stood at ₹699.3 crores, up 10%. PAT grew 19% to ₹288.3 crores and Cash Profit grew 16% to ₹443.1 crores. Our Gross ARR stood at ₹6,875 for the full year and oc

16%

ear. Net EBITDA stood at ₹699.3 crores, up 10%. PAT grew 19% to ₹288.3 crores and Cash Profit grew 16% to ₹443.1 crores. Our Gross ARR stood at ₹6,875 for the full year and occupancy was 73.5%, both the

₹443.1 crore

t EBITDA stood at ₹699.3 crores, up 10%. PAT grew 19% to ₹288.3 crores and Cash Profit grew 16% to ₹443.1 crores. Our Gross ARR stood at ₹6,875 for the full year and occupancy was 73.5%, both the highest we have

₹6,875

%. PAT grew 19% to ₹288.3 crores and Cash Profit grew 16% to ₹443.1 crores. Our Gross ARR stood at ₹6,875 for the full year and occupancy was 73.5%, both the highest we have ever reported for a full financ

73.5%

Profit grew 16% to ₹443.1 crores. Our Gross ARR stood at ₹6,875 for the full year and occupancy was 73.5%, both the highest we have ever reported for a full financial year. For Q4 specifically, revenue s

₹419.5 crore

he highest we have ever reported for a full financial year. For Q4 specifically, revenue stood at ₹419.5 crores, up 11% year on year. Net EBITDA was ₹218.3 crores, up 7%. PAT was ₹116.5 crores, up 8%. Occupancy

11%

ever reported for a full financial year. For Q4 specifically, revenue stood at ₹419.5 crores, up 11% year on year. Net EBITDA was ₹218.3 crores, up 7%. PAT was ₹116.5 crores, up 8%. Occupancy for the

“# FY26 PAT for Fleur Hotels is after extraordinary expenses of Rs.”

“of Managed Rooms1,2 Total Revenue1,3 (₹ Cr) 1.4x 11,811 9,858 10,269 8,382 19% CAGR 247 220 184 148 EBITDA1 (₹ Cr) Investments in technology at ~5% of Revenue impacting EBITDA for FY26 and FY25 EBITDA Margin 63% 64% 60% 60% 149 132 117 94 FY2023 FY2024 FY2025 FY2026 FY2023 FY2024 FY2025 FY2026 FY2023 FY2024 FY2025 FY2026”

“(1) Numbers for FY26 are Pro-forma numbers (2) Represents Rooms Managed for Third Party Owners, including Fleur Hotels and 2 leased hotels (3) Represents Total Revenue (including Management Fees) on Pro-forma Basis 54 Strong Commercial Engine Driving Superior Outcomes for Hotel Owners Technology Led Distribution Network… …with Industry Leading Occupancy”

“First fully renovated hotel of Keys portfolio, renovated in FY24 and FY25 and rebranded as Keys Prima from a Keys Select.”

Note

1

How Lemon Tree Benefits

1

How Fleur Benefits

1

Lemon Tree Hotels

1

Notes

1

Dedicated Distribution Network

1

Active Revenue Management

1

Proprietary Tech Platform

1

Infinity Rewards

1

Fleur Hotels

1

Note

All figures in the following slides are presented on a proforma (ie basis the post-scheme structure assuming the de-merger has taken effect) basis, except where explicitly called out Key Elements of the Re-structuring 1 2 3 45 Purchase of APG’s ~41% stake in Fleur by Warburg Pincus Lemon Tree to transfer 17 hotels along with development capabilities; Fleur will issue new shares to Lemon Tree & its shareholders in exchange for these Listing of Fleur as an independent entity post-Scheme Group Structure Pre and Post Scheme Re-structuring is value-accretive for public shareholders: Effective ownership in Fleur increases from 45.8% to 57.5%; Total Attributable EBITDA increases by 8%+ post-scheme Current Group Structure Post-Scheme Group Structure (Excluding any primary investment by Warburg Pincus) Public Shareholders (including APG)1 Promoter Group 77.7% 22.3% APG 41.1% Public Shareholders (including APG)1 Promoter Group Warburg Pincus 77.7% 22.3% 26.0% ~7.3% ~25.6% Transfer of 17 hotels (

How Fleur Benefits

Expansion Flexibility, while having a Reliable Management Partner ✦ Operator of choice for hospitality asset owners across brands ✦ Flexibility to partner with leading hospitality brands such as Lemon Tree as well as other operators, across domestic and international opportunities ✦ Meaningful ownership stake of ~41% ensures alignment in Fleur’s success and pipeline development ✦ Fleur is the exclusive development partner for any owned-hotel opportunities originating within the Lemon Tree Group, and will be free to pursue third- party deals, M&A and partnerships ✦ Long -term management agreement with Fleur, allows contractually- ✦ Predictable management partnership with Lemon Tree, accelerates anchored growing fee-income visibility underwriting for new projects ✦ Lemon Tree to expand management contracts across sub-segments and Tier I / II / III markets ✦ In-house development team with proven track record in sourcing, evaluating and executing new hotel projects 48 Proforma Financials f

Lemon Tree Hotels

An Industry Leading Fee -Business Distinct Portfolio of Brands, Operating Pan India Rapidly Growing and Highly Capital Efficient Business Model Largest mid to upscale hotel chain with ~6% of the total branded inventory in India and segment disruptor in mid market segment ~11,800 rooms operationalised in 20+ years, 70%+ steady state EBITDA margins, and minimal capital required for growth Strong Commercial Engine Driving Superior Outcome for Hotel Owners Through higher occupancy, RevPAR growth, loyalty-led demand and industry leading EBITDA margins Significant Growth Profile Managed/franchised hotels pipeline of ~13,300 rooms; of which ~10,000 rooms owned by 3rd party owners and ~3,300 rooms owned by Fleur (875 under-construction + ~2,500 under active discussion), to be expanded further; opportunity to consolidate India’s unbranded mid- market inventory 52 Source: Industry Reports Well-positioned to Capture Unbranded Opportunity with Multi-segment Brand Presence Large Runway of Growth Le

Notes

(1) Numbers for FY26 are Pro-forma numbers (2) Represents Rooms Managed for Third Party Owners, including Fleur Hotels and 2 leased hotels (3) Represents Total Revenue (including Management Fees) on Pro-forma Basis 54 Strong Commercial Engine Driving Superior Outcomes for Hotel Owners Technology Led Distribution Network… …with Industry Leading Occupancy

Dedicated Distribution Network

Experienced sales & marketing professionals across the country on-site in 131 hotels and off-site in 8 regional offices

Proprietary Tech Platform

Totally Foxed Solutions (TFS) drives ‘Lemon Tree’s 2.0’ digital transformation with AI/ML solutions boosting profitability and guest experience India vs Lemon Tree (same store) Occupancy (%) +2% 66% 68% +3% 70% 67% +4% 72% 68%