WeWork India Management (WEWORK) investor relations material

Executive summary

• Achieved record quarterly revenue and profitability, with consolidated revenue reaching INR 640 crore (Rs. 6,341.05 million), up 27% year-over-year, driven by strong demand, operational excellence, and pricing discipline.

• Occupied desks grew nearly 30% year-over-year, with portfolio occupancy at 84%, and the member base surpassed 100,000, reinforcing leadership in India's premium flexible workspace sector.

• Managed office business scaled to 26,000 desks, now 21% of total revenue, with an annualized run rate over INR 530 crore, growing at 63% CAGR over two years, fueled by enterprise adoption and repeat demand.

• PAT surged to INR 52 crore, up 32% quarter-on-quarter and 512% year-over-year, with ROSI at 33%, and net profit for the quarter was Rs. 167.89 million, compared to a net loss of Rs. 831.19 million last year.

• Strategic partnerships, 'GCC-in-a-box' platforms, and operational leverage led to all-time high occupancy, significant EBITDA and PAT expansion, and accelerated RFP pipeline.

Financial highlights

• Q3 FY26 revenue: INR 640.3 crore (₹640.3 Crs), up 9.6% quarter-on-quarter and 27% year-on-year; total income for the quarter was Rs. 6,438.17 million.

• EBITDA: INR 141 crore pre-ESOP, INR 135 crore post-ESOP, up 14% quarter-on-quarter and 48% year-on-year, with margins expanding to 21%.

• PAT: INR 52 crore, up 32% quarter-on-quarter and 512% year-on-year; PAT margin at 8.1%.

• Free cash flow from operations: INR 203.8 crore, up 114% quarter-on-quarter and 119% year-on-year.

• Basic EPS for the quarter was Rs. 1.25, compared to a loss per share of Rs. 6.58 in the same quarter last year.

Outlook and guidance

• Planned capacity to reach 8.7 million sq ft by March FY26 and 10.3 million sq ft by March FY27, with seat additions for FY27 and FY28 expected at 30,000 per year.

• Managed office share expected to rise to 30% of revenue in 24 months, with strong RFP momentum and improved demand visibility.

• CAPEX guidance: INR 450–500 crore annual run rate, with speculative business at INR 300–400 crore.

• Margins expected to remain at 20–21% with potential for expansion as mature centers reach higher occupancy.

• The company is monitoring the impact of new Labour Codes and will account for changes as rules are notified.