MAHINDRA LOGISTICS Q2 CONCALL : TARGETS 100 BPS GROSS MARGIN IMPROVEMENT, RIVIGO TURNS EBITDA POSITIVE & LAST MILE DELIVERY GROWTH EXPECTED FROM Q3

• MANAGEMENT TARGETS APPROXIMATELY 100 BPS CONTRACT LOGISTICS GROSS MARGIN IMPROVEMENT OVER THE MEDIUM TERM • RIVIGO TURNS EBITDA POSITIVE AT ₹2.3 CR VS ₹9 CR LOSS YOY, WITH REVENUE UP 69% TO ₹169 CR • MANAGEMENT TARGETS PAT PROFITABILITY AS RIVIGO'S NEXT MILESTONE, WITHOUT A FIXED TIMELINE • RIVIGO GROWTH EXPECTED TO BECOME MORE VOLUME-LED, SUPPORTED BY NEW HUBS, HIGHER CAPACITY & WIDER PIN-CODE COVERAGE • LAST MILE DELIVERY EXPECTED TO RETURN TO YOY REVENUE GROWTH FROM Q3 FY27 • FREIGHT FORWARDING EXPECTED TO REMAIN IN REBUILDING PHASE DURING H2 FY27, WITH RECOVERY BENEFITS EXPECTED IN FY28 • FY27 CAPEX GUIDANCE AT APPROXIMATELY ₹100–110 CR, FOCUSED ON CONTRACT LOGISTICS & CAR-CARRIER OPERATIONS • TECHNOLOGY TRANSFORMATION EXECUTION EXPECTED TO BEGIN AROUND Q4 FY27, WITH FOCUS ON AUTOMATION, AI & OPERATIONAL EFFICIENCY • MANAGEMENT TARGETS NEW BUSINESS WINS AT 3.5 TIMES PREVIOUS YEAR'S LEVEL, WITH H1 PERFORMANCE TRACKING AHEAD OF INTERNAL TARGET • CONTRACT LOGISTICS REVENUE UP 28% YOY TO ₹1,688 CR, WITH EBITDA AT ₹115 CR • HIGHER WAREHOUSING CONTRIBUTION, BETTER PRODUCTIVITY & SELECTIVE PRICE INCREASES EXPECTED TO SUPPORT MARGIN EXPANSION • VACANT WAREHOUSE SPACE REDUCED BY APPROXIMATELY 95% FROM JUNE 2025 LEVELS, IMPROVING ASSET UTILIZATION • COMPANY REPORTS NET CASH OF ₹308 CR, WITH H1 FREE CASH FLOW IMPROVING TO POSITIVE ₹52 CR • H1 ROCE IMPROVED TO 12.9% FROM 1.7% YOY, SUPPORTED BY PROFITABILITY RECOVERY & WORKING CAPITAL DISCIPLINE • MANPOWER COST PRESSURE, FESTIVE CAPACITY EXPENSES, FREIGHT FORWARDING WEAKNESS & APPROXIMATELY 60% REVENUE DEPENDENCE ON M&M REMAIN KEY RISKS

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