MEESHO LTD Q2 CONCALL: FY27 CONTRIBUTION MARGIN IMPROVEMENT EXPECTED, 6% Q2 MARGIN, 15% FASTER DELIVERIES, VALMO LOGISTICS EFFICIENCY & FY28 ADVERTISING MONETIZATION OPPORTUNITY

• Management expects FY27 contribution margins to be substantially better than FY26, supported by logistics efficiencies, operating improvements and disciplined cost management. • Management cautioned that the 6% contribution margin achieved in Q2 FY27 should not be treated as a sustainable quarterly run rate. • Management indicated that contribution margins could normalize below the Q2 level in subsequent quarters as operational savings are reinvested into lower pricing. • Management did not provide a specific numerical contribution margin target for FY27. • Management expects advertising monetization to become a more meaningful contributor to contribution margins during FY28. • Management did not provide a numerical FY28 contribution margin target or advertising revenue growth forecast. • Management expects higher advertising revenue relative to marketplace activity to improve monetization over time. • Management expects continued logistics cost reductions through Valmo's expanding network, higher shipment density and improved operating efficiency. • Management expects the approximately 15% improvement in delivery speed to remain sustainable across the combined Q2 and Q3 period. • Management expects faster deliveries to support customer experience, marketplace conversion and logistics efficiency. • Management intends to reinvest a meaningful portion of logistics and operating cost savings into lower marketplace prices rather than maximizing near-term margins. • Management indicated that there is typically a timing gap between achieving operational cost efficiencies and passing those benefits to sellers and consumers. • Management expects lower pricing to support customer acquisition, order growth and Meesho's value-commerce positioning. • Management expects Valmo's logistics network to benefit from higher shipment density as more packages are handled across existing delivery routes. • Management expects increased route utilization to reduce logistics costs per shipment over time. • Management highlighted additional linehaul shifts as an important driver of delivery-speed improvements. • Management indicated that some logistics routes have expanded from two shifts to three, improving delivery frequency and network capacity. • Management expects software-led route optimization and better network planning to support further logistics productivity. • Management expects improvements in address accuracy to help delivery personnel locate customers more efficiently. • Management indicated that the logistics network has improved its ability to handle festive-season volumes compared with the previous year. • Management stated that major logistics capacity and operational challenges experienced during the previous year were largely behind the company. • Management expects continued network capacity additions to support higher shipment volumes without proportionate increases in operating costs. • Management remains confident about consumer demand, supported by healthy platform traffic and conversion. • Management expects Meesho's value-oriented positioning to remain attractive to price-sensitive consumers. • Management highlighted personal care, beauty, home and kitchen, baby care and other utility categories as important areas of consumer demand. • Management expects affordable product pricing and improved delivery performance to support customer engagement. • Management acknowledged that broader macroeconomic conditions could still influence consumer spending and marketplace demand. • Management highlighted seller-side supply-chain disruptions as a major near-term operating concern. • Management indicated that volatile input prices, including crude oil and petroleum-derived materials, continue to affect sellers across multiple categories. • Management expects seller input-cost volatility to remain an important factor influencing product pricing and availability. • Management is working to help sellers manage supply-chain challenges, although disruptions continued during the preceding month. • Management indicated that prolonged seller cost pressures could affect marketplace pricing and supply availability. • Management highlighted additional technology infrastructure expenses during Q2, particularly related to servers and GPUs. • Management indicated that these technology expenses influenced the timing of passing logistics savings through to lower pricing. • Management expects some of the temporary technology cost pressures to normalize, potentially creating room for additional pricing benefits. • Management continues to prioritize long-term marketplace growth and operating efficiency over short-term contribution margin maximization. • Management expects Valmo's operational improvements to remain an important structural advantage for its e-commerce business. • Management expects the combination of faster delivery, lower logistics costs and competitive pricing to strengthen customer experience. • Management expects advertising to provide an additional monetization opportunity beyond logistics cost optimization. • Management referred to advertising revenue as a percentage of NMB but did not define the acronym or disclose the current percentage in the available transcript. • Q2 FY27 contribution margin stood at 6.0%, supported by logistics efficiencies and improved operational performance. • Management clarified that the Q2 contribution margin benefited from the timing of cost savings and their subsequent reinvestment into pricing. • Q2 delivery speed improved by approximately 15%, reflecting better shipment density, route frequency, network capacity and software optimization. • Valmo continued to deliver logistics cost efficiencies through improved utilization of its delivery infrastructure. • Higher shipment density allowed more packages to move through existing routes, supporting improved network productivity. • Additional linehaul capacity and more frequent shifts contributed to faster package movement across the logistics network. • Software improvements in address identification and network planning helped improve last-mile delivery efficiency. • Management reported healthy consumer traffic and conversion, indicating continued demand for value-oriented e-commerce products. • Seller supply chains remained under pressure from volatile raw material and petroleum-linked input costs. • Technology infrastructure spending on servers and GPUs created additional Q2 operating costs. • The company continued balancing contribution margin improvement with reinvestment in lower marketplace prices. • The available three-page transcript extract does not disclose Q2 consolidated revenue, EBITDA, PAT, GMV, order volumes or cash-flow figures. • The available transcript does not provide numerical FY27 revenue growth, EBITDA growth or PAT guidance. • The available transcript does not establish a specific FY28 advertising revenue target or contribution margin percentage. • Key risks include contribution margin normalization below 6%, seller input-cost inflation, supply-chain disruptions and temporary technology cost pressures. • Additional risks include execution of advertising monetization, continued logistics network scalability and potential weakness in consumer spending. • Overall outlook remains cautiously positive, supported by improving Valmo logistics efficiency, approximately 15% faster deliveries, healthy consumer demand and expectations of substantially better FY27 contribution margins than FY26. • Key monitorables include Q3 contribution margin normalization, sustainability of delivery-speed improvements, logistics cost reductions, seller supply-chain conditions and progress in advertising monetization during FY28. • These conclusions are based on a partial three-page earnings call extract that ends mid-question; additional financial disclosures and management commentary may exist outside the supplied material.

MEESHO LIMITED

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