WeWork India Management (WEWORK) investor relations material

Executive summary

• FY26 delivered record results with revenue reaching ₹2,477.4 crore, up 23.4% year-over-year, EBITDA at ₹499.2 crore (20.2% margin), and PAT at ₹179 crore, compounding 8x in two years.

• Occupancy reached all-time highs at 86.9% portfolio-wide and 88.9% in mature centers, with member count up 31% versus 16% capacity growth.

• The business became self-funding, generating surplus cash, turning net debt negative, and exceeding expectations across all key metrics.

• Strategic expansion included launching Rivet, a standalone design and build business, and broadening technology-enabled and sustainability offerings.

• Completed IPO, raising ₹29,996.43 million, and listed on NSE and BSE on October 10, 2025.

Financial highlights

• FY26 revenue: ₹2,477.4 crore, up 23.4% YoY; EBITDA: ₹499.2 crore, up 23.1%; PAT: ₹179 crore, up 134%; free cash from operations: ₹585.5 crore, up 44.3%.

• Q4 FY26 revenue: ₹709.9 crore, up 28.6% YoY; EBITDA: ₹164.7 crore (23.2% margin); PAT: ₹79.6 crore, up 141.9% YoY.

• Net debt negative at -₹11.7 crore by year-end, with a two-notch credit rating upgrade to A+ and cost of borrowing at 8.5%.

• CapEx for FY26: ₹456 crore; free cash flow after CapEx: ₹129 crore, up 286% YoY.

• Cash and cash equivalents at year-end were ₹626.46 million, up from ₹235.55 million.

Outlook and guidance

• Locked-in capacity to reach 155,000 desks by March 2027, with visibility on an additional 46,000 seats over 18 months.

• CapEx for FY27 projected at ₹500-600 crore, focused on growth and expansion.

• Revenue expected to grow over 20% YoY, with higher earnings growth anticipated and margin expansion as demand-backed capacity additions reduce volatility.

• Occupancy targeted to remain above 85% despite significant new capacity additions.

• IPO proceeds to be used for business expansion and strengthening the balance sheet.