MakeMyTrip : Q2 Earnings (MMYT IR Presentation Oct 2025 95c13ca35a)

MakeMyTrip Ltd.

(NASDAQ: MMYT)

Investor Presentation

October 2025

Key Investment Highlights

1 2 3

Leading Travel Services Provider in India with Well-Recognised Brands

Large Travel Market in a Large and Growing Economy with Attractive Demography

Comprehensive Selection of

Service and Product Offerings

- One Stop Shop for Travel and Ancillary Services

4 5 6

Advanced, Secure and Scalable Technology Platform

Strong Gross Bookings Growth and Consistent Improvement in Margin Profile Driven by Operating Leverage

Experienced Management Team

2

India expected to be the fastest-growing large economy in 20251 In Q1 FY26, India GDP grew by 7.8%1

India's GDP to surpass Japan and Germany by 2030

USD trillion, nominal terms2

4.0%

4.7%

6.2%

7.3

6.5

5

2020

2030

6

0.6%

0.0%

1.0%

1.8%

0.6%

2.0%

-0.3%

1.1%

4

2.8

Japan Germany South

Africa

US France Brazil China Mexico UK Indonesia India

India Japan Germany

103.8

Investment (Rs. Tn)

FY 17-23 FY 24-30

37.3

Total

51.2

25.6

18.3		12.4		18.9 8.6 Urban infra
					11.1	15.0	7.0 0.8
Road		Railways			Other infra		Logistics

~886 Million

Internet Users in India

Penetration 58%

900 Million+

Internet Users by 2025

E-Commerce Shoppers in India

~330 Million

Penetration 23%

500 Million

Shoppers by 2030

India will add

140 Million

middle-income and

50 Million

high-income households

by 2030

By 2030, India will add nearly

90 Million

new households headed by millennials, who were born into liberalized India and with online buying as their first nature

Online Travel Market is expected to grow from $12 Bn in 2022 to $60 Bn in 2030,

5x Growth

We are amongst the largest Travel Platforms in India

MakeMyTrip, goibibo & redBus

Unmatched Customer Reach

85Mn+

Lifetime Transacted Customers*

534Mn+

App Downloads*

482Mn+

Shopper Visits**

*These are not unique user visits across brand & devices

3 out of 10

Domestic Flyers Book with go-mmt

37Mn+

Hotel Room Nights

Sold in FY25

106Mn+

Bus Tickets

Sold in FY25

4.0Mn+ Loyalty Program Members* (MMT Black & GoTribe) - Driving Customer Retention

6 *Data as of 30th Sep 2025;

**For the Quarter ended on 30th Sep 2025

B2C Platforms

Ancillary Services

Forex

Travel Credit

Travel Insurance

Corporate B2B2C

non B2C Platforms

myAffiliate Amazon Pay Google Pay HDFC SmartBUY

B2C Platforms

Insights Driven, Differentiated Offerings

(Fare Lock, Zero Cancellation, Trip Guarantee, Hotel-Ranking, Risk/Fraud assessment, etc.)

B2C Business Layer

Corporate/B2B2C Business Layer

Common Platforms powering all Businesses

Inventory & Content

Data Pipeline & Data Science Models

Cloud Infra Security Reliability Performance

User Management Language Currency

Payment Service Ad-Tech

UI Components

Home Stay Owners

Hotel Owners

Bus Cab

Operators Operators

Supplier Platforms

Non-B2C Platforms

Leveraging Data and AI - Driving Differentiation & Personalisation

Key Pillars of Engineering Platforms

Top Of Mind Awareness1

Travel

Bus/Ground transport

64

66

9

2

2

7

4

10

3

9

Source: Brand Health Report commissioned by Company during Q2FY26

1 Top of Mind Awareness; Survey Question of first brand that comes to mind when thinking about travel brands

Growth accelerated by

• Expansion of aviation infrastructure

• New Routes

• Additional aircraft orders leading to increased supply

• Increasing Per Capita and higher disposable income driving long-term growth

• Under-Penetrated International Outbound Market

• Unique features that promote flexibility & peace of mind like Visa Rejection Full Refund, Price Lock, Hold Booking, Free Date Change, Flexi Fly & Zero Cancellation.

• Cohort based funnel enhancements to improve experience for business class travellers, students & senior citizens.

• Customized & personalised bundles including ancillaries like seats, meals, zero cancellation etc. for better distribution & visibility for customers.

• Best-in-class customer service + instant refunds

Opportunity Creating moats with host of industry-first products & practices

has leading market share of Online Air Ticketing

For budget hotel bookings

• Budget Certification Program & goStays Certified Properties Available

• Good Ratings & Standard Amenities

• Consistency Across Fragmented Supply

• Low Online Domestic Hotel Penetration

• Fragmented Hotels & Alternative Accommodations Supply

• Cross-Sell Opportunities to Flight and

  Ground Transport bookers on us

• Large Pool of Supply for all Stay options in India and International destinations

• Proprietary Supplier Technology Platform

• 2 Strong Brands to Drive Volumes

For premium hotel bookings

• Delivering superior personalised end-to-end user experience

• Targeting high spending & repeat customers

• Leveraging loyalty programs to drive retention

For mid-tier hotel bookings

• Wide selection & choice

• Enhanced pre-booking, post sales & on trip customer experience

• Use of technology to make discovery & buying experience more intuitive & delightful

Opportunity How we are creating a differentiation

has leading share of online accommodation booking

Alternative to Traditional Hotel Experience

Wide range of options- Villas, Apartments, Homestays, Hostels

etc.

Unlocking Off-Beat Locations

Broadens Customer Reach

Inventory available for both Independent Hosts and Chains

Partnering with State Tourism Boards to Promote Local &

Community Based Travel Increasing Supply

Driving Buying Behaviour Shift from Offline to Online

Demand fulfilment through multiple channels Online - App / Website Offline - Holiday Experts, Franchise

Wide range of destinations both Domestic and International

MakeMyTrip curated Packages to suit every need Fixed & Group Packages Frequent Individual Traveler (FIT) & Customised Packages

Ancillary Services Trip Planning Activities & Experiences Forex for International Travelers Visa Services for International Travelers

Curated Holiday Packages with Deep Integration of Add On & Cross Sell Services

Consumer Booking Platform

Supplier Distribution Platform

Agents*

18,000+

Operators*

5,950+

network of bus operators worldwide

API Partners*

130+

across India

• Leading Bus Ticketing Brand with Superior Customer Experience

• Comprehensive Selection & Choice of Intercity Bus Operators (Public & Private)

• Live Bus Tracking & Fleet Management Platform

• Supplier Platform for Bus Operators to help Digitize Inventory & Distribution Management

• Travel Agent & API Distribution Platform

• India playbook replicated in International markets - now also operating in LATAM & Southeast Asia

  
  
  

  • Convenience of attaching cab while booking a flight

  • Easy and quick hop on experience -customers board cabs from partner kiosks

  • Fare lock - no surge pricing

  • Safety & sanitization assurance provided

  Airport Cabs

• Convenience of online booking

• Market largely fragmented and offline

• Ability to compare prices & cab categories

• Expert & verified drivers

• Catering Short drive holidays & Staycations

• Assuring safety & sanitization using machine learning algorithm

Outstation Cabs

Train Ticketing

• Capturing next 100 million users

• One of the most frequently used travel method in India - help extend reach

• Targeting users from Tier 3 & Tier 4 cities and introducing them to online travel at an early stage of internet adoption

• Build lifetime value of onboarded users - cross selling other travel products

• High frequency use case helps in user retention

• Standalone redRail App; one of the lightest App with a size of 7.2 MB

• Simplified User & Booking Experience

• Personalized Content and Features for Corporates

• Automated Invoice & Expense Management Solution

• Robust Reporting & MIS

• Cost Savings Features

• MMYT's Supply Advantage

• 75.5k+ Active Accounts*

Comprehensive Self Serve Solution for SMEs

• Customized Modules to Meet Large Enterprise Customers' Needs

• All Use Cases Automated

• Leveraging MMYT's Hotel Supply Advantage

• 527 Active Accounts*

Reports

Spend Management

Documentation

Bookings

Approvals

Travel Policy

Digital Platform for Large Enterprises with customization

capabilities

Largely Fragmented and Offline Corporate Travel Market Gaining Share in online Corporate Travel Market

UAE OTA Platform- International Platform with Localized Offerings redBus

• High Digital Reach & GDP

• Scope for increasing online penetration in Travel Booking

• Brand Bleed effect

• Providing a Localized Booking Experience (UAE Sites Supply, Traffic, Payments,

  Arabic Language)

• Large and fragmented bus inventory

• Multiple suppliers & competition between bus operators in a route

• High internet penetration & increasing digital payments

• Conducive regulatory environment

ESG Framework & Focus Areas
Environmental Climate risk Adaptation & Mitigation Sustainable Travel Environmental Impact of Offices	Social Community Engagement Employee Growth & Well-Being Diversity, Equity & Inclusion	Governance Corporate Governance Data Privacy & Cybersecurity Digitisation, Innovation & Technology
MakeMyTrip Foundation - Corporate Social Responsibility
Climate risk Adaptation & Mitigation Dense afforestation pan-India, including Rajasthan, Uttarakhand, Kashmir and Sikkim, with plantation of trees. Partnership with Andaman Government for an integrated development initiative at Neil island in Andamans - tackling marine waste and ocean plastic, provision of water ATMs to cut down usage of single-use plastic bottles. End to end waste management initiatives in Sahastradhara and Kempty Falls in Uttarakhand (including door to door waste collection, awareness and sensitization, and management of waste (segregation and recycling).			Community Engagement Destination level integrated rural tourism initiative in Uttarakhand with Tata Trusts - setting up of homestays and cafes as an alternate livelihood source, curating local experiences and trails led by women from the communities, and setting up an all women led travel agency. Scholarship to Covid orphans to support continuity in education. Supporting visually impaired students with the National Association for the Blind. Partnership with Worldwide Fund India in Ladakh to empower local communities and create alternate livelihood sources - upskilling the locals to run homestays and eco-cafes.

Deep Kalra

Founder & Group Chairman

• Started MakeMyTrip in 2000

• Prior Experience: GE Capital India, AMF Bowling Inc. & ABN AMRO Bank

• Founding member of Ashoka University & serves on the Board & Governing Council

• Co-chair of CII's National Committee on Tourism and Hospitality

• Vice Chairman of World Travel and Tourism India

  Chapter.

• Bachelor's degree in Economics - St. Stephen's College

• MBA from Indian Institute of Management Ahmedabad, India

Rajesh Magow

Co-Founder & Group CEO

• Senior founding team member

• Member of the Board of Directors

• Previously Group CFO, Chief Executive Officer (India)

  and ex Board of Director for Flipkart

• Chairperson of ASSOCHAM's National Council on Travel

  & Tourism

• Vice-Chairperson IAMAI

• Prior Experience: eBookers.com, Aptech Limited & Voltas Limited

• Chartered Accountant from the Institute of Chartered

Accountants of India

Mohit Kabra

Group Chief Operating Officer

• Prior Experience: Kohler India, PepsiCo, Colgate & Seagram

• Received BW Best CFO & Finance Strategy Award for

  Best CFO for Sustained Wealth Creation

• Bachelor of Commerce - Osmania University

• Chartered Accountant from the Institute of Chartered Accountants of India

• Cost Accountant from the Institute of Cost Accountants of India

Financial Overview

20

Total Gross Bookings

(in $ millions)

FY20

FY23

FY24

Highest Ever Annual Gross Booking

FY25

$9,803

H1FY26

$7,954

$6,094

$6,566

$5,056

$1,635

$3,189

95% Growth

122% Growth

FY22

FY21

COVID DISRUPTION

Adjusted Operating Profit1 / (Loss)

(in $ millions)

Cost Rationalization leading to robust Profitability

Highest Ever Adjusted Operating Profit

FY20

FY23

FY24

FY25

$167.3

H1FY26

$124.2

$70.3

$91.5

($69.9)

($18.0)

3x Growth

$23.2

FY22

FY21

in $ Millions

Adjusted Margin

Air Ticketing

$96.0

$102.8

Q2FY25

Q2FY26

Growth +10.6% YoY2

Hotels & Packages

$105.8

$90.7

Q2FY25

Q2FY26

Growth +21.6% YoY2

Bus Ticketing

$45

$35

$25

$15

$5

$37.7

$27.1

Q2FY25 Q2FY26

Growth +44.1% YoY2

Others

$20.5

$16.4

Q2FY25

Q2FY26

Growth +29.7% YoY2

Strong Growth with Profitability

21

1. Adjusted for non-cash Share based compensation, Acquisition related Intangible Amortisation, and any other one-off or non-business-related adjustments

2. Latest Quarter YoY Constant Currency Growth

COVID 19 related

disruption

Indian OTA with Leading Market Share, Business Scale & Profitability

Thank you