WeWork India Management (WEWORK) investor relations material

Executive summary

• Q1 FY27 saw record expansion with 6,600 desks added, a deep pipeline of committed supply, and April 2026 as the highest sales month ever, with over half of Q1 sales from existing members expanding.

• Flex space market in India is rapidly expanding, now core to enterprise real estate planning, with the platform evolving into a fully integrated ecosystem and digital products delivering high margins.

• Ended Q1 FY27 with 79 centers, 9.1 million sq ft, and 133,600 desks, up 18.5% in capacity and 30% in members year-over-year.

• Occupancy rose to 84.9%, mature centers at 87.5%, and NPS at +78; 52% of desk sales from existing members.

• Approved unaudited standalone and consolidated financial results for Q1 FY27, with a consolidated net loss compared to profits in the previous quarter and year-ago period.

Financial highlights

• Revenue reached ₹698 crore, up 28.5% year-over-year; EBITDA was ₹138.3 crore (19.8% margin), up 69.3% year-over-year; PAT at ₹53.2 crore, a 6.5x increase and 608 bps margin expansion year-over-year.

• Consolidated revenue from operations for Q1 FY27 was ₹6,838.32 million, up from ₹5,353.10 million year-over-year but down from ₹6,960.63 million in the previous quarter.

• Consolidated net loss for the quarter was ₹40.61 million, compared to a profit of ₹658.70 million in the previous quarter and a loss of ₹141.47 million in the same quarter last year.

• Free cash from operations up 176%; net debt down 90% to ₹31.6 crore; ROCE at 28.6%, tripling year-over-year.

• Exceptional item of ₹43.26 million recognized due to one-time increase in employee benefit provisions from new Labour Codes.

Outlook and guidance

• FY27 expected to see continued growth, with 10.3 million sq ft and 155,000 desks by March 2027; CapEx guidance maintained at ₹500-600 crore for the year, with possible adjustments for large managed office deals.

• EBITDA and revenue growth guidance of 20%+ for the full year, with margin expansion expected.

• Flex workspace adoption is expected to reach two-thirds of Indian occupiers by 2027.

• No explicit forward-looking guidance provided in statutory filings; management notes ongoing evaluation of regulatory changes and operational flexibility from expanded business scope.