PHOENIX MILLS Q2 CONCALL: TARGETS 15–17% FY27 RENTAL GROWTH, 14–15% FY28 GROWTH; ₹4,685 CR RETAIL CONSUMPTION, MAJOR MALL EXPANSIONS PLANNED

• FY27 Rental Guidance: Management expects to exceed its earlier 15% rental growth guidance by approximately 1–2 percentage points. • FY28 Rental Guidance: Targets 14–15% rental income growth, supported by higher occupancy, lease renewals and asset upgrades. • Retail Consumption Outlook: October 2026 consumption growth estimated at 20–25% on a normalised basis; festive demand remains strong. • Mall Expansion: Kolkata, Surat, Bangalore and Palladium expansions progressing, with new retail openings planned during CY2027–28. • New Mall Pipeline: Thane, Chandigarh and Coimbatore projects targeted for operations around CY2030, subject to approvals. • Retail Leasing: Kolkata 90% leased, Bangalore expansion 70%, Palladium Rise 60% and Surat 50%. • Palladium Expansion: Plans to add approximately 150 stores, with expected rentals above ₹500 per sq. ft. per month. • Lucknow Expansion: Approximately 100 additional stores and 1 lakh sq. ft. incremental area planned. • Office Occupancy: Portfolio 79% leased and 54% rent-generating; targets 70% billing occupancy by March 2027 and 80% by June–July 2027. • Lease Renewals: Approximately 50% of retail area up for renewal during FY27–29, offering rental repricing opportunities. • Retail Consumption: UP 25% YoY to ₹4,685 Cr in Q2; H1 consumption UP 28% to ₹9,415 Cr. • Retail Rental Income: UP 15% YoY to ₹605 Cr in Q2; H1 rentals UP 16% to ₹1,200 Cr. • Retail EBITDA: UP 18% YoY to ₹639 Cr. • Mall of Asia: Consumption UP 68% YoY, rental income UP 44%; trading occupancy reached 96%. • Office Business: Revenue UP 64% YoY to ₹89 Cr; EBITDA at ₹56 Cr. • Q2 Consolidated Revenue: ₹1,153 Cr; operating EBITDA ₹710 Cr with approximately 62% margin. • Q2 Net Profit: ₹326 Cr after minority interest. • Operating Cash Flow: Q2 net operating cash flow UP 20% to ₹711 Cr; operating free cash flow at ₹631 Cr. • Net Debt: ₹3,479 Cr as of September 2026; net debt-to-EBITDA at 1.2x. • ISML Acquisition: Stake expected to increase to 68.1% in November 2026 following ₹1,350 Cr capital reduction. Overall Outlook: POSITIVE — Strong retail consumption, rental growth, improving office occupancy and upcoming mall expansions support sustained earnings growth.

THE PHOENIX MILLS LTD

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