SWIGGY Q2: INSTAMART ( QUICK-COMMERCE) LOSSES LIKELY PEAKED; EXPECTS DOUBLE-DIGIT GROWTH & MARGIN RECOVERY IN Q3

• Growth Acceleration: Instamart NOV up 13.4% QoQ to ₹6,594 Cr, compared with 4% and 2.5% growth in the previous two quarters • Q3 Guidance: Management expects another quarter of double-digit sequential NOV growth in Q3 FY27 • User Growth: Added 1.3 Mn monthly transacting users, highest in 5 quarters; user retention exceeded 60% • Dark Store Expansion: Added 69 dark stores; orders per store per day increased 9.5% to 1,192 • Margin Pressure: Contribution margin declined 82 bps QoQ to -1.0% of GOV due to targeted pricing investments and customer acquisition • Losses Peak: Management believes Adjusted EBITDA losses peaked in Q2 FY27, with pricing investments expected to reverse over the next few quarters • Q3 Margin Guidance: Expects Adjusted EBITDA margin to improve approximately 100 bps QoQ, while contribution margin remains between 0% and -1% • Breakeven Target: Requires annualised NOV of approximately ₹60,000 Cr, versus current ₹26,400 Cr, and ₹30 contribution per order to achieve Adjusted EBITDA breakeven • Profitability Drivers: Two-thirds of improvement expected from higher revenue per order and one-third from cost efficiencies, automation and operating leverage

SWIGGY LIMITED

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