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

• Q3 FY27 Revenue Outlook: Management expects total revenue per available seat kilometre (TRASK) to grow more than 25% YoY, supported by strong pricing and festive-season demand. • Q3 Capacity Guidance: Management expects capacity growth in the early single digits YoY, reflecting disciplined deployment and the withdrawal of damp-leased wide-body aircraft. • FY27 Capacity Guidance: Full-year capacity growth is expected to remain in the early single digits. • FY28 Capacity Guidance: Management retained its mid-teens capacity growth outlook for FY28, although the guidance remains under review due to fuel prices and geopolitical uncertainty. • FY30 Long-Term Target: Management maintained its target of reaching approximately 300 billion available seat kilometres (ASKMs) by FY30. • Q3 Passenger Load Factor: Management expects passenger load factors to remain broadly flat YoY, supported by stronger seasonal demand and forward bookings. • FY27 Cost Guidance: CASK excluding fuel and forex mark-to-market impact is expected to increase in the high-single-digit to low-double-digit range YoY. • Underlying Cost Inflation: Excluding currency depreciation, management indicated structural non-fuel cost inflation in the mid-single-digit range. • Wide-Body Operations: IndiGo will discontinue its damp-leased wide-body operations from 1 November 2026, citing elevated fuel costs, rupee depreciation and geopolitical challenges. • Wide-Body Exit Benefit: Management expects the withdrawal to improve the difference between revenue per seat kilometre and operating cost per seat kilometre. • International Expansion: Management remains committed to long-haul operations, with Airbus A350 deliveries expected to begin in 2028. A321XLR aircraft will help maintain the Amsterdam slot. • Aircraft Deliveries: Management expects more than one aircraft delivery per week, despite some delays from aircraft manufacturers. • Fleet Position: IndiGo ended Q2 FY27 with 442 aircraft after inducting 22 aircraft from its original order book during the quarter. • Fuel Cost Pressure: Jet fuel expenses increased 69% YoY, while the Singapore Jet Fuel Index was approximately 60% higher than the corresponding quarter last year. • Currency Pressure: The rupee depreciated approximately 9% over the preceding 12 months, increasing dollar-denominated operating expenses. • Pricing Performance: Q2 TRASK increased 31% YoY, exceeding management's earlier guidance of more than 25% growth. Passenger yields increased over 34% YoY. • Ancillary Revenue: Average ancillary revenue per passenger increased to approximately ₹590 from ₹525. Management expects further growth from add-on services, premium offerings and loyalty. • IndiGo Stretch: Management highlighted encouraging early demand for its premium product and plans to expand its contribution without compromising the core low-cost operating model. • BluChip Loyalty Programme: Membership is approaching 2 crore, supported by more than 30 partners. Management sees opportunities to increase revenue from active members over time. • Cargo Business: Cargo revenue increased 37% YoY during Q2. Management expects underlying demand momentum to continue, although the wide-body exit will reduce some long-haul cargo capacity. • New International Route: IndiGo plans daily direct Mumbai–Dar es Salaam services beginning in November 2026, strengthening its African network. • Navi Mumbai Airport: Management views Navi Mumbai Airport as strategically important for long-term expansion, despite potentially higher operating charges. • Q2 Financial Performance: Total income increased 24% YoY to approximately ₹24,300 Cr, supported by improved pricing despite softer seasonal demand. • Q2 EBITDA: EBITDA increased to approximately ₹2,500 Cr from ₹1,100 Cr YoY, with reported EBITDA margin improving to around 11% from 6%. • Underlying Margins: Excluding mark-to-market and hedging effects, EBITDA margin declined approximately 5 percentage points YoY, mainly due to higher fuel and operating costs. • Q2 Net Loss: Reported net loss narrowed to approximately ₹1,900 Cr from ₹2,600 Cr YoY. Excluding MTM and hedging effects, net loss stood at approximately ₹700 Cr versus a ₹100 Cr profit last year. • Balance Sheet: Total cash stood at approximately ₹52,700 Cr, including free cash of ₹39,900 Cr and restricted cash of ₹12,800 Cr. • Key Challenges: Elevated aviation fuel prices, rupee depreciation, geopolitical disruptions, aircraft delivery delays and passenger sensitivity to higher fares remain important factors.

INTERGLOBE AVIATION LTD

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