MAHINDRA HOLIDAYS Q2 CONCALL : 1,000 NEW RESORT KEYS PLANNED IN H2, 10,000 KEYS TARGET BY FY30 & OCCUPANCY RECOVERY

• APPROXIMATELY 1,000 GROSS RESORT KEYS PLANNED FOR ADDITION DURING H2 FY27 • FY30 RESORT CAPACITY TARGET MAINTAINED AT 10,000 KEYS • MANAGEMENT HAS PIPELINE VISIBILITY FOR APPROXIMATELY 85% OF FY30 CAPACITY TARGET • CURRENT PORTFOLIO AT 5,762 KEYS ACROSS 106 RESORTS • APPROXIMATELY 650 KEYS EXPECTED TO EXIT THE PORTFOLIO DURING FY27 • MAJORITY OF 442 KEYS UNDER RENOVATION EXPECTED TO REOPEN IN Q3–Q4 FY27 • RESORT OCCUPANCY EXPECTED TO IMPROVE DURING SEASONALLY STRONGER H2 FY27 • MEMBERSHIP ADDITIONS EXPECTED TO IMPROVE OVER NEXT 1–2 QUARTERS • MEMBERSHIP UPGRADE SALES UP 26% YOY; AVERAGE UNIT REALIZATION UP 43% YOY • H2 FY27 CAPEX EXPECTED AROUND ₹312 CR, TAKING POTENTIAL FY27 SPENDING TO ₹624 CR • LONG-TERM CAPEX ALLOCATION PLANNED AT 70% FOR NEW RESORTS & 30% FOR EXISTING PROPERTY UPGRADES • SIGNATURE LUXURY RESORTS TARGETING AVERAGE ROOM RATES OF APPROXIMATELY ₹20,000 • OPERATING LEVERAGE EXPECTED TO IMPROVE AS RENOVATED RESORTS REOPEN & UTILIZATION INCREASES • RENOVATION CLOSURES, HIGHER MARKETING SPENDING & NEW-RESORT STARTUP COSTS REMAIN NEAR-TERM PROFITABILITY RISKS

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