BLACKBUCK Q2 FY27 CONCALL: VEHICLE FINANCE EBITDA BREAKEVEN TARGET ON TRACK FOR FY27; SUPERLOADS GROWS 166% YOY, TELEMATICS SALES HIT RECORD HIGH

• Vehicle Finance Guidance: Management reiterated its target of achieving EBITDA breakeven in the vehicle finance business during FY27, supported by steady growth in partner-managed AUM. • H2 Business Outlook: Management expects trucking activity and toll transaction volumes to improve during Q3–Q4 FY27, in line with historical seasonal trends. • Core Business Growth: Core businesses grew 31% YoY and 11% QoQ, supported by tolling, FASTag issuance and accelerating telematics sales. • Growth Businesses: Revenue from growth businesses, primarily Superloads and vehicle finance, surged 166% YoY and 25% QoQ. • Superloads Expansion: Superloads currently operates across 14 cities, including 12 newer markets. Management plans to continue investing as existing cities improve productivity and unit economics. • Superloads Profitability: Management highlighted improving margins in mature cities, supporting its confidence in the long-term profitability potential of the business. • Superloads Working Capital: Business operates largely on a cash-and-carry model, with customer advances received around vehicle loading and only a few days of working capital required. • AI-Led Productivity: Management is using AI-based freight matching to improve operational productivity, customer acquisition efficiency and Superloads unit economics. • Telematics Growth: New telematics device sales reached another record high in Q2 FY27, surpassing the previous quarter's record. • Telematics Outlook: Management expects strong growth momentum to continue, supported by AIS regulatory mandates across states and increasing demand for fleet-management solutions. • Deferred Revenue: Telematics revenue is recognized over the service period rather than entirely at device installation. Management expects recent record sales to support revenue recognition in upcoming quarters. • New Telematics Products: Company is expanding its fuel sensor offering and piloting dashcams, creating additional opportunities within its existing customer base. • FASTag Business: Tolling gross transaction value increased 17% YoY to approximately ₹7,070 Cr, supported by its established trucking customer network. • Own FASTag Issuance: BlackBuck FASTag issuance through subsidiary TZR increased significantly. Management expects the partner-led FASTag model to remain the majority of the business over the long term. • UPI MDR Impact: Management expects the potential impact of UPI MDR on FASTag recharges to be minimal, supported by smaller transactions and the zero pre-debit notification mandate mechanism. Final impact depends on implementation. • Customer Growth: Transacting customers reached approximately 9 lakh, growing 13% YoY. • Power Users: Customers using at least two services increased approximately 20% YoY to around 4.8 lakh, representing more than half of the transacting customer base. • Distribution Network: BlackBuck operates approximately 10,000 physical touchpoints and maintains a presence across around 80% of India's districts. • Core Business Profitability: Management highlighted strong recurring operating cash flows and approximately 50% operating leverage despite increased customer acquisition investments. • Contribution Margins: Overall contribution margins remain above 90%, although the growing telematics revenue mix has created some moderation. • Customer Acquisition Costs: Management expects higher upfront expenses during periods of rapid customer acquisition, with revenue and profitability benefits accruing over the customer lifecycle. • Operating Expenses: Total expenses increased 36% YoY, driven by core business expansion, higher customer acquisition and continued investment in Superloads. • Q2 Revenue Performance: Total income grew 51% YoY to approximately ₹253 Cr. Revenue from operations increased 56% YoY and around 15% QoQ. • Net Revenue: Net revenue increased approximately 35% YoY to ₹183 Cr, reflecting growth across core and emerging businesses. • Q2 Profitability: Reported EBITDA increased approximately 40% YoY to ₹51 Cr, adjusted EBITDA grew around 30% to ₹55 Cr, and PAT rose 42% to ₹41.4 Cr. • Key Risks: Seasonal trucking activity, execution of Superloads expansion, higher customer acquisition costs, regulatory changes affecting telematics and uncertainty over UPI MDR implementation remain important factors.

BLACKBUCK LIMITED

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