SYNGENE INTERNATIONAL Q2 CONCALL : REVENUE RISES 13% QOQ BUT FALLS 9% YOY; RETURNS TO PROFITABILITY, MANAGEMENT MAINTAINS MID-20% EBITDA MARGIN GUIDANCE EXCLUDING FOREX HEDGE LOSSES

FINANCIAL PERFORMANCE & BUSINESS DEVELOPMENTS • Q2 REVENUE STOOD AT ₹833 CR, UP 13% QOQ BUT DOWN 9% YOY, REFLECTING SEQUENTIAL RECOVERY AMID CONTINUED ANNUAL GROWTH PRESSURE • Q2 OPERATING EBITDA REACHED ₹147 CR, WITH REPORTED OPERATING EBITDA MARGIN AT APPROXIMATELY 17.6% (₹147 CR ÷ ₹833 CR), ROUNDED TO 18%, UP AROUND 600 BPS QOQ • Q2 REPORTED NET PROFIT STOOD AT ₹32 CR AGAINST A LOSS OF ₹9 CR IN Q1, WHILE PROFIT BEFORE EXCEPTIONAL ITEMS WAS ₹38 CR • COMPANY RECORDED ₹61 CR FOREX HEDGE LOSSES DURING Q2; ADDING BACK THESE LOSSES GIVES INDICATIVE ADJUSTED EBITDA OF ₹208 CR & MARGIN OF APPROXIMATELY 25.0% • CDMO CONTRIBUTED 35% OF Q2 REVENUE, WHILE DISCOVERY SERVICES ACCOUNTED FOR 65%; DISCOVERY BUSINESS REMAINED UNDER PRESSURE FROM CUSTOMER ATTRITION • COMPANY SIGNED ITS FIRST MANUFACTURING AGREEMENT FOR THE BAYVIEW BIOLOGICS FACILITY IN THE US, WITH PROCESS DEVELOPMENT BEGINNING IN INDIA DURING FY27 • COMPANY SECURED AN ADDITIONAL CLINICAL SUPPLY AGREEMENT AT BENGALURU UNIT 3 & COMPLETED A COMPLEX SIRNA OLIGONUCLEOTIDE MANUFACTURING PROGRAMME • H1 CAPITAL EXPENDITURE STOOD AT APPROXIMATELY ₹200 CR, WHILE NET CASH REMAINED STRONG AT ₹1,392 CR AT Q2-END MANAGEMENT GUIDANCE & OUTLOOK • MANAGEMENT MAINTAINS MID-20% OPERATING EBITDA MARGIN GUIDANCE EXCLUDING FOREX HEDGE LOSSES; THIS IS AN ADJUSTED MARGIN OBJECTIVE, NOT REPORTED MARGIN GUIDANCE • MANAGEMENT EXPECTS ADDITIONAL COST SAVINGS DURING H2 FY27, FOLLOWING COMPLETION OF MANPOWER OPTIMISATION & CONTINUED REDUCTION IN OTHER OPERATING EXPENSES • MANAGEMENT EXPECTS FOREX HEDGE LOSSES TO CONTINUE DURING H2 FY27, WITH BENEFITS FROM ITS REVISED HEDGING STRATEGY LIKELY AFTER EXISTING CONTRACTS EXPIRE • MANAGEMENT EXPECTS ZOETIS MANUFACTURING TO RESUME DURING H2 FY27, WITH DELIVERIES SCHEDULED FOR Q4; ASSOCIATED BIOLOGICS CAPACITY BECOMES AVAILABLE TO OTHER CUSTOMERS FROM FY28 • MANAGEMENT EXPECTS BAYVIEW TECHNOLOGY TRANSFER & DRUG SUBSTANCE MANUFACTURING DURING FY28, WITH FIRST REGULATORY APPROVAL POSSIBLE IN H2 CALENDAR 2028 AT THE EARLIEST • MANAGEMENT IS REPOSITIONING DISCOVERY SERVICES TOWARDS HIGHER-VALUE FEE-FOR-SERVICE OFFERINGS, WHILE PRIORITISING CDMO GROWTH IN BIOLOGICS, PEPTIDES, OLIGONUCLEOTIDES & ADCs • MANAGEMENT EXPECTS FY27 TO REMAIN A TRANSITION YEAR, WITH SUSTAINED RECOVERY DEPENDENT ON NEW CDMO CONTRACT CONVERSION, DISCOVERY CUSTOMER ADDITIONS, CAPACITY UTILISATION & FOREX COST NORMALISATION EBITDA MARGIN CLARIFICATION • REPORTED OPERATING EBITDA MARGIN: ₹147 CR ÷ ₹833 CR × 100 = 17.65% • INDICATIVE EBITDA EXCLUDING FOREX HEDGE LOSS: ₹147 CR + ₹61 CR = ₹208 CR • INDICATIVE ADJUSTED EBITDA MARGIN: ₹208 CR ÷ ₹833 CR × 100 = 24.97% THE APPROXIMATELY 25% ADJUSTED MARGIN ASSUMES THE FULL ₹61 CR HEDGE LOSS IS INCLUDED IN REPORTED OPERATING EBITDA AND NO OTHER ADJUSTMENTS ARE REQUIRED. INVESTOR TAKEAWAY: MIXED — SEQUENTIAL REVENUE RECOVERY, RETURN TO PROFITABILITY, COST REDUCTIONS & NEW CDMO CONTRACTS ARE ENCOURAGING. HOWEVER, REPORTED EBITDA MARGINS REMAIN BELOW MANAGEMENT'S ADJUSTED OBJECTIVE, FOREX LOSSES ARE EXPECTED TO CONTINUE & YEAR-ON-YEAR REVENUE REMAINS WEAK. SUSTAINABLE RECOVERY DEPENDS ON CDMO EXECUTION & DISCOVERY SERVICES STABILISATION.

SYNGENE INTERNATIONAL LTD

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