INDIGO Q2 FY27 CONCALL: EXPECTS Q3 TRASK GROWTH ABOVE 25%; RETAINS FY28 MID-TEENS CAPACITY GROWTH GUIDANCE & FY30 TARGET OF 300 BILLION ASKMs

• Q3 FY27 Revenue Outlook: Management expects TRASK (total revenue per available seat kilometre) to grow more than 25% YoY, supported by stronger ticket pricing and festive-season demand. • Q3 Capacity Guidance: Expects capacity growth in the early single digits YoY, reflecting disciplined deployment and the withdrawal of wide-body damp-lease operations. • FY27 Capacity Guidance: Management expects full-year capacity growth in the early single digits, prioritizing profitability over aggressive capacity additions. • FY28 Capacity Guidance: Management retained its mid-teens capacity growth outlook, supported by aircraft deliveries and international expansion, while keeping plans under review. • FY30 Long-Term Target: Management reiterated its long-term target of approximately 300 billion available seat kilometres (ASKMs) by FY30, despite near-term aviation industry challenges. • FY27 Cost Guidance: CASK excluding fuel and forex MTM is expected to increase in the high-single-digit to low-double-digit range YoY, primarily due to rupee depreciation and contractual cost escalations. • Long-Term Cost Outlook: Management indicated underlying non-fuel cost inflation could remain in the mid-single digits, excluding currency depreciation. • Q3 Load Factor Outlook: Management expects passenger load factors to remain broadly flat YoY, supported by stronger seasonal demand and forward bookings. • Wide-Body Operations: IndiGo will discontinue its damp-leased wide-body operations from November 1, 2026, due to elevated fuel costs and geopolitical challenges. Management expects this decision to improve operating spreads. • A350 Expansion: Management remains committed to introducing Airbus A350 aircraft in 2028, supporting its long-haul international expansion strategy. • A321XLR Strategy: IndiGo plans to use A321XLR aircraft to maintain its Amsterdam slot and strengthen international connectivity without compromising its low-cost operating model. • Aircraft Deliveries: Management expects aircraft deliveries to continue at more than one aircraft per week, although some delays from manufacturers remain possible. • Pricing Strategy: Management will continue adjusting ticket fares and capacity according to fuel prices, customer demand and competitive conditions. • Fuel Cost Pressure: Q2 fuel expenses increased 69% YoY, driven by elevated jet fuel prices and rupee depreciation. Management expects fuel volatility to remain a key near-term challenge. • Ancillary Revenue Growth: Ancillary revenue per passenger increased to approximately ₹590 from ₹525. Management sees further growth potential through additional services and improved customer monetization. • Premium Travel: Management expects IndiGo Stretch premium services to contribute more meaningfully to revenue over time, supported by encouraging early customer response. • Loyalty Programme: IndiGo BluChip is approaching 2 crore members, with more than 30 partners. Management plans to increase engagement and revenue contribution from loyalty customers. • Cargo Business: Cargo revenue grew 37% YoY in Q2. Management expects underlying demand to remain encouraging, although wide-body aircraft withdrawal will affect long-haul cargo capacity. • International Expansion: New Mumbai–Dar es Salaam daily services are scheduled to begin in November 2026, expanding IndiGo's presence in Africa. • Navi Mumbai Airport: Management views the new airport as strategically important for long-term network growth, despite potentially higher operating charges. • Liquidity Position: Total cash stood at approximately ₹52,700 Cr, including free cash of ₹39,900 Cr, providing flexibility to manage volatility and fund future expansion. • Q2 Financial Performance: Total income increased 24% YoY to approximately ₹24,300 Cr, while EBITDA stood at ₹2,500 Cr. The company reported a net loss of ₹1,900 Cr amid elevated fuel costs. • Key Risks: Persistently high aviation fuel prices, rupee depreciation, geopolitical disruptions, aircraft delivery delays and demand sensitivity to higher ticket fares remain major challenges.

INTERGLOBE AVIATION LTD

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