SHADOWFAX TECHNOLOGIES LIMITED — Investor Presentation 2026

Feb 12, 2026

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February 12, 2026

To

National Stock Exchange of India Ltd Exchange Plaza, C/1, Block G, Bandra Kurla Complex, Bandra (East) Mumbai – 400 051 NSE Symbol: SHADOWFAX

BSE Limited P J Towers, Dalal Street, Mumbai – 400 001 BSE Scrip Code: 544685

Dear Sir/ Madam,

Sub: Investors Presentation

Pursuant to Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), please find enclosed the Investors Presentation on the Unaudited (standalone and consolidated) Financial results for the quarter and nine-months ended December 31, 2025.

The above information is also being made available on the website of the Company at https://www.shadowfax.in/investor-relations

Kindly take the above information on record.

For Shadowfax Technologies Limited

KRISHNAKANTH Digitally signed by VENKATA KRISHNAKANTH VENKATA GANGAVARAPU GANGAVARAPU Date: 2026.02.12 14:02:28 +05'30'

_________ Name: Krishnakanth Venkata Gangavarapu Designation: Company Secretary & Compliance Officer Membership No. A17291

Encl.: As Above

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Shareholder Letter | The Challenger’s Edge

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To our Shareholders,

A few weeks ago, as we stood on the podium to ring the bell, I spoke about Shadowfax being a "100-year story." That ceremony celebrated our resilience , this letter, our first as a public company, is about our resolve .

Challenging the Status Quo

Shadowfax began when we were in our mid-twenties, fresh out of college, driven by a desire to build something of our own. We entered an industry dominated by heavyweights, industry veterans and established networks; ten years later, we have emerged as the country’s fastest-growing logistics player of national scale. To us, being a "Challenger" is our competitive DNA. We aggressively captured market share by solving hard problems using a first-principles approach.

Our work has only just begun. We see a vast horizon ahead and will continue to operate with the hunger of a challenger. We believe India’s digital commerce will continue to expand for decades whether through e-commerce, value commerce, quick commerce, or new emerging models and our potential to fulfill this segment is immense.

Innovation as a Force Multiplier

Our foundation was built through anchor customers, and we have scaled by being a technology-first disruptor . Our leadership in the Value-Added Services (VAS) segment is a direct result of this innovation-driven approach.

Pioneering Quick Commerce last-mile, perfecting Prime delivery, to managing critical logistics, Shadowfax has consistently been first to market with new-age solutions. We continuously add value through innovation, integrating deeply into our clients' operations and transforming logistics from a back-end function into a front-end advantage for them.

Doing More With Less

If innovation is our engine, efficiency is our fuel . We maintain a healthy paranoia for driving lean operations. In our discussions with you, one thing will remain constant: our endeavor to grow efficiently.

We believe frugality is the ultimate competitive advantage. Our technology investments are not just about "features"; they are deep, focused tools designed to ensure we do more with less. From the last mile to our core network, we focus on creating the right assets . As we scale, we will continue to maximize efficiency and pass value back to the ecosystem.

Building the Network of the Future

We have already built a unique last-mile network. Now, we are moving upstream. Over the last few years, we have invested heavily in strategic assets, specifically our Sort Centers and cutting-edge automation.

Network ownership is the bedrock of long-term leverage . Our vision for this network is akin to a Power Grid: a sophisticated, high-tension infrastructure that is invisible yet indispensable. As the market grows and our customers look to diversify their supply chains, our "Power Grid" model, powered by automation and lean engineering, gives us a massive headway for growth in the coming years. 1

The Road Ahead

We have been lean. Now, we lead.

We enter this new chapter with a singular focus: building a fundamental force in digital India’s economic fabric through precision, technology, and trust.

Thank you for your trust. Let’s move forward.

With gratitude,

Abhishek Bansal

Managing Director & CEO Shadowfax Technologies Limited

Q3 FY26

SHADOWFAX TECHNOLOGIES

Fast. Flexible. Future-Ready.

12th February 2026

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Safe Harbour Statement

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This presentation contains forward-looking statements , which are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These statements are based on current expectations, assumptions, estimates, and projections, and are not guarantees of future performance.

Factors that may cause differences include, but are not limited to, market conditions, operational challenges, competitive dynamics, regulatory changes, and macroeconomic factors.

Shadowfax undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances. This presentation is for investor information purposes only .

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3

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“ We are a New Age,
Technology-led Third-Party
Logistics Company,
Enabling Digital Commerce
Penetration in India”
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~~Fast. Flexible. Future-Ready.~~

3 4

Our Operating Network | End-to-End Control Over Value Chain

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Horizontal
Extensive E-Commerce
Mesh 4,519 15,166 45L+ MSF 3,000+
Non-Horizontal
Network Touch Pin Code Operation Trucks on
Points Reach Space Daily Basis E-Commerce
Quick Commerce
Food Marketplace
On Demand
Mobility
Mid Mile Last Mile
Network Network Online Retail
2.5L+
22L+ MSF
Average Quarterly D2C Brands
Middle Mile
Unique Transacting
Operational space
Delivery Partners
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We employ 4,879 Permanent Employees along with 17,975 Employees on Contractual Basis

4 5

Market Share Expansion | India’s Fastest Growing Third Party Logistics Company

Fastest Growing 3PL Express Logistics Player

Market Leadership across…

Express Orders Per Day Rebased to 100 as of FY22[(1,2)]

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≈ 8% Consistently Gained Market Share ≈ 23%
481
359
319
221
100
134 138 136
122
100
FY22 FY23 FY24 FY25 H1FY2026
Shadowfax Market Share % Shadowfax 3PL Express Market
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3PL Quick Commerce Solutions

Reverse Pick Up

Same Day Delivery

Source: RedSeer Report; Company data

Notes:

1. E-commerce shipments include the total volume of shipments including delivered plus RTO (single parcel count for forward and return legs of RTO) plus reverse pick-up shipments

2. Express Shipments of the Company includes comparable metrics as the 3PL e-commerce shipments

5 6

Service Portfolio | Market Leadership in Value Added Services

Express

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Forward Reverse Pickup and Prime Others
Hyperlocal
Express Parcel Hand in Hand Exchange Delivery Logistics Services
Forward express parcel Seamless and efficient Quick commerce
Same day intracity services, food delivery
delivery to suit the product returns and Critical Logistics
and next day intercity and on-demand
requirements of e- hand-in-hand
Overview commerce clients exchanges delivery delivery, and mobility
solutions
Strategic Insourcing of
Unbundled Services
Market share up
Largest 3PL company Largest 3PL company
from 8% in FY22 to Largest 3PL company
Scale and +23%1 in 6MFY26; pickup shipmentsfor reverse for same day delivery for quick commerce deliveries
Leadership [(1)] Fastest growing player Dark Store Operations
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Source: 1. RedSeer Report Note:

6 7

1. By number of orders for the period of 6MFY26

Deep Client Partnership | Diversified Service Adoption Across Top Clients

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Express Logistics Hyperlocal Other Logistics Services
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Client Name	Forward Logistics	Reverse Logistics	Prime	Quick Commerce	Food & On-Demand Hyperlocal	Mobility	Critical Logistics	Insourced Unbundled Services	Dark Store
Client 1	✓	✓	✓				✓	✓
Client 2	✓	✓	✓	✓	✓			✓
Client 3	✓	✓	✓				✓		✓
Client 4				✓	✓
Client 5				✓
Client 6				✓	✓
Client 7	✓	✓	✓	✓
Client 8				✓	✓			✓
Client 9	✓	✓	✓		✓		✓
Client 10						✓

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Use case not applicable to the client as per their business model

7 8

Note - Top 10 clients for the 9M FY26

Team & Board | Entrepreneurial, Visionary Team with Strong Tech Background

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Abhishek Bansal
Managing Director and
Chief Executive Officer
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Vaibhav Khandelwal
Co-Founder and
Chief Technology Officer
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Praharsh Chandra Chief Business Officer

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Praveen Nitesh Lohiya
Kumar KJ Chief Product Officer
Chief Financial Officer
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Mohan Sitharam MS Ankit Kala Chief Human Resources Chief of Network & Officer Planning

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Gaurav Jaithlia
Head of Business Strategy
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Deepak Kumar Krishnakanth Goel G V Chief of Last Mile Company Secretary and Operations Compliance Officer

Strong Independent Board

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Bijou Kurien Independent Director

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Dinkar Gupta Independent Director

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Pirojshaw Sarkari Independent Director

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Ruchira Shukla Independent Director

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Quarterly Highlights

Executive Summary

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Festive Season Growth & Peak Performance

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• Delivered 20.6 Cr customer orders in Q3 FY26 across Express & Hyperlocal

• Recorded a peak of 36L daily orders in the festive season

• 17 Cr Express orders delivered in the quarter with 68% YoY growth

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Robust Revenue Growth With Market Share Expansion

• 1,160 Cr revenue in Q3 FY26, 66% YoY growth driven by Express parcel &

• Quick Commerce

• 2,965 Cr revenue in 9M FY26, 67% YoY growth

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Efficiency & Operating Leverage

• 49 Cr of Adj. EBITDA in Q3 FY26; 101 Cr of Adj. EBITDA in 9M FY26

• 4.3% Adj. EBITDA margin for Q3 FY26; 170 bps YoY improvement

• 35 Cr (3%) of PAT in Q3 FY26, 61 Cr of Free Cash Flow in 9M FY26

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Q3 Highlight | Record Quarter for Revenue & Margins

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Revenue Scale Express Hyperlocal
INR Cr 20.6 Cr 878 INR Cr 200 INR Cr
1,160
65.5% vs Q3FY25 61.0% vs Q3FY25 71.9% vs Q3FY25 42.5% vs Q3FY25
18.1% vs Q2FY26 28.7% vs Q2FY26 24.3% vs Q2FY26 10.2% vs Q2FY26
Ind AS EBITDA Adjusted EBITDA Net Profit Ecosystem
66 5.7% 49 4.3% 35 3.0% 2.5L
INR Cr Margin INR Cr Margin INR Cr Margin
218.6% vs Q3FY25 175.4% vs Q3FY25 440.6% vs Q3FY25 47.3% vs Q3FY25
vs Q2FY26 78.1% vs Q2FY26 167.8% vs Q2FY26 13.6% vs Q2FY26
69.5%
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9M FY26 Highlight | Growth Anchored in Scale & Efficiency

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Revenue Scale Express Hyperlocal
INR Cr 50.0 Cr INR Cr 560 INR Cr
2,965 2,117
67.3% vs 9M FY25 54.4% vs 9MFY25 63.1% vs 9MFY25 65.9% vs 9MFY25
Ind AS EBITDA Adjusted EBITDA Net Profit Ecosystem
131 4.4% 101 3.4% 56 1.9% 2.2L
INR Cr Margin INR Cr Margin INR Cr Margin
196.5% vs 9MFY25 131.6% vs 9MFY25 243.3% vs 9MFY25 58.2% vs 9MFY25
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||y Performance Indicators| Efficiency & Operating Leverage|y Performance Indicators| Efficiency & Operating Leverage|y Performance Indicators| Efficiency & Operating Leverage|y Performance Indicators| Efficiency & Operating Leverage|y Performance Indicators| Efficiency & Operating Leverage|y Performance Indicators| Efficiency & Operating Leverage|y Performance Indicators| Efficiency & Operating Leverage|y Performance Indicators| Efficiency & Operating Leverage|
|---|---|---|---|---|---|---|---|---|
||METRIC
UNIT
Q3FY26
Q3FY25
YOY %
Q2FY26
QOQ %
Express Orders
Cr
17.0
10.1
67.9%
12.7
34.3%
Hyperlocal Orders
Cr
3.5
2.6
34.6%
3.3
7.2%
Total Orders
Cr
20.6
12.8
61.0%
16.0
28.7%
Express Revenue
Cr
878
511
71.9%
706
24.3%
Hyperlocal Revenue
Cr
200
141
42.5%
182
10.3%
Other Logistics Rev.
Cr
81
49
65.4%
94
-13.5%
Revenue from Ops.
Cr
1,160
701
65.5%
982
18.1%
PAT
Cr
35
6
440.6%
13
167.8%
Adj. EBITDA
Cr
49
18
175.4%
28
78.1%
Adj. EBITDA Margin
%
4.3%
2.6%
--
2.8%
--
Pin-Codes Reach
#
15,166
14,370
5.5%
14,758
2.8%
No. of Touchpoints
#
4,519
3,414
32.4%
4,299
5.1%
Quarterly Delivery
Partners
#
254,044
172,467
47.3%
223,534
13.6%
4,800+
Permanent Employees
13
17,900+
Contractual Manpower
45L+ SFT
Operations Space
2.5L
Quarterly Delivery Partners
3,000+
Trucks on Daily Basis||||||||
||METRIC|UNIT|Q3FY26|Q3FY25|YOY %|Q2FY26|QOQ %||
||Express Orders|Cr|17.0|10.1|67.9%|12.7|34.3%||
||Hyperlocal Orders|Cr|3.5|2.6|34.6%|3.3|7.2%||
||Total Orders|Cr|20.6|12.8|61.0%|16.0|28.7%||
||Express Revenue|Cr|878|511|71.9%|706|24.3%||
||Hyperlocal Revenue|Cr|200|141|42.5%|182|10.3%||
||Other Logistics Rev.|Cr|81|49|65.4%|94|-13.5%||
||Revenue from Ops.|Cr|1,160|701|65.5%|982|18.1%||
||PAT|Cr|35|6|440.6%|13|167.8%||
||Adj. EBITDA|Cr|49|18|175.4%|28|78.1%||
||Adj. EBITDA Margin|%|4.3%|2.6%|--|2.8%|--||
||Pin-Codes Reach|#|15,166|14,370|5.5%|14,758|2.8%||
||No. of Touchpoints|#|4,519|3,414|32.4%|4,299|5.1%||
||Quarterly Delivery
Partners|#|254,044|172,467|47.3%|223,534|13.6%||

Key Performance Indicators | Efficiency & Operating Leverage

Revenue Performance | 65.5% YoY Growth in Q3 FY26, in line with H1 FY26 pace

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Revenue from Operations Total Orders
1,160 INR Cr 20.6 Cr
In Q3 FY26 In Q3 FY26
65.5% YoY 18.1% QoQ 61% YoY 28.7% QoQ
1,160 20.6
982
16.0
824
13.5
701 712 12.8
11.3
Q3FY25 Q4 FY25 Q1 FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY25 Q2FY26 Q3FY26
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Q3 performance drives 9M revenue growth to 67.3%
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9M order growth stands at 54.4%
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Revenue in INR Cr, Orders in Cr

14

Segmental Performance | Growth Surge Across All Services

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Express Revenue 878
706
INR Cr 511
72% YoY
+24% QoQ
Q3FY25 Q2FY26 Q3FY26
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Express Orders
17.0
Cr Volume 12.7
10.1
68% YoY
+34% QoQ
Q3FY25 Q2FY26 Q3FY26
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Hyperlocal Revenue 200
182
INR Cr 141
43% YoY
+10% QoQ
Q3FY25 Q2FY26 Q3FY26
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3.5
Hyperlocal Orders 3.3
2.6
Cr Volume
35% YoY
+7% QoQ
Q3FY25 Q2FY26 Q3FY26
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94
Other Logistics 81
INR Cr 49
65% YoY
14% QoQ
Q3FY25 Q2FY26 Q3FY26
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Key Highlights

Revenue grew to ₹1,160 Cr, supported by strong volume momentum

Market share expansion drove Express to 17 Cr orders (+68% YoY), while Hyperlocal remained stable at 3.5 Cr, maintaining portfolio balance.

CriticaLog revenue remained stable in Q3 FY26 at 32 Cr as against Q2 FY26

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Revenue in INR Cr, Orders in Cr

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Margin Improvement | Most Profitable Quarter, ~170 BPS YoY Adj. EBITDA Expansion

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Adjusted EBITDA 175% YoY Increase Profit After Tax 441% YoY Increase
Strong operating leverage playing out Accelerated bottom-line growth
Abs. Value (INR Cr) Margin % Abs. Value (INR Cr) Margin %
4.3% 3.0%
60 4.3% 40 3.0%
35
49
50
2.8% 3.3%
2.6% 30
40 2.0%
2.3%
28 1.3%
30 20
1.3% 0.9% 13
18
20 1.0%
10
6
0.3%
10
0 -0.7% 0 0.0%
Q3FY25 Q2FY26 Q3FY26 Q3FY25 Q2FY26 Q3FY26
Q3FY26 Value Margin Expansion Q3FY26 Value Margin Expansion
₹ 49 Cr ~170 bps YoY ₹ 35 Cr ~210 bps YoY
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Balance Sheet & Cash Flow

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Summary Balance Sheet
Particulars Dec 31, 2025 Sep 30, 2025 Mar 31, 2025
ASSETS
Property, Plant & Equipment 218 153 117
Right-of-Use Assets 172 140 121
Goodwill & Intangible Assets 97 96 91
Cash & Bank Balance 537 581 520
Trade Receivables 461 373 329
Other Current & Non-Current Assets 134 110 81
Total Assets 1,620 1,453 1259
EQUITY & LIABILITIES
Total Equity 735 694 660
Lease Liabilities 180 147 126
Borrowings 0 1 6
Trade Payables 327 274 215
Other Current & Non-Current Liabilities 378 338 252
Total Equity and Liabilities 1,620 1,453 1,259
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Cash Flow Statement – Key Highlights
Particulars 9M Dec '25 6M Sep '25 FY 2025
Net Cash Generated from Operating Activities 194 141 50
Less: Cash Outflow Towards Capex 133 54 86
Free Cashflow (FCFF) 61 87 (36)
Closing Cash & Bank Balance 537 581 520
Closing Cash & Bank Balance (Excl. COD) 421 433 397
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Net Working Capital Days[(1) (2)]

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36.3
34.7
30.3
29.2
5.4 6.0
30th Sep'25 31st Dec'25
Trade Receivable Days Trade Payable Days Working Capital Days
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~~(1) Trade Receivable Days = Trade receivables including unbilled receivable * 365 / Annualized revenue of the last quarter of the period. Trade Receivables is not adjusted for COD held~~ against receivables

(2) Trade Payable Days = Trade payables * 365 / Annualized other expenses of the last quarter of the period. (3) Working Capital calculation does not include cash on delivery at hand. Net cash position to be looked at.

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All monetary figures in INR Cr unless specified

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Q3 FY26 | Shadowfax

S t r a t e g i c O u t l o o k

Strengthening the Network.

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From strong quarterly performance to long-term infrastructure investment and market expansion.

Capital Investment Strategy | Driving Expansion of Sortation Infrastructure

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Inception to FY25
9M FY26 Capex
19% 13%
15%
17% 57%
5%
67%
8%
Network and Automation Administrative
Network and Automation Administrative
Geographic Expansion Technology Development
Geographic Expansion Technology Development
~₹246 Cr [(1)] ~₹140 Cr
Total Capex Total Capex
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Capacity Development

Capacity development in-line with volume surge

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Building for Growth

Automation with strong unit economics

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Speed & Reliability

Sort centers as competitive moat

Majority of FY26 capex investment were front-loaded in the first 3 quarters

Capex as a % of revenue stood at 4.7% in 9M FY26

This is expected to moderate to 4% in FY26

19

(1) Excluding Capex on Acquisition of CriticaLog

Q3 FY26 | Shadowfax Infrastructure at Scale

45L+ Sq. Ft. Space

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4,519 Touchpoints

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15,166 Pin Codes

Growth Strategy

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Diversified Growth Engines

Building distinct capabilities across the logistics spectrum — driven by speed, weight, value, and agility.

H I G H V a l u e

QUICK-COMM

PRIME

PRIME LARGE

CRITICALOG

On-demand last mile capacity solutions

Intracity Same Day + Intercity Next Day Delivery

Comprehensive solution for Heavy & Volumetric categories

Specialized handling for Time Sensitive & Luxury goods

Consistent market leadership in Q-Comm

Expanding coverage to serve D2C and SME brands

Live in 30% of active pin codes with large network

Specialized high-value, timesensitive delivery capability

Present in most metro tier 1 cities with rapid deployment

Dedicated sales capacity for customer acquisition

Addressing a large underserved market

Strategic vertical with strong margin potential

Hyperlocal tech capability as a key competitive moat

Targeting the fastest-growing segment in express parcel

White goods category to be launched in FY27

Acquired capability with clear path to profitability

66% YoY Revenue Growth in 9M FY26 85% YoY Revenue Growth in 9M FY26

50 Cr ARR based on Q3 FY26

126 Cr ARR based on Q3 FY26

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Adjusted EBITDA Bridge | Reconciliation

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	Particulars (Amounts in INR Cr)	Q3 FY26	Q2 FY26	Q3 FY25	9M FY26	FY25
	Revenue From Operations	1,160	982	701	2,965	2,485
	(-)Less: Employee Benefit Expenses	109	89	66	280	266
	(-)Less: Other Expenses	985	854	614	2,554	2,163
	Ind AS EBITDA as per Financial Statement	66	39	21	131	56
	Ind AS EBITDA %	5.7%	4.0%	3.0%	4.4%	2.3%
	(+)Add: Share Based Payment Expense (1)	6	6	8	19	32
	(-)Less: Rent Expense in Lieu of Leases Accounted Under Ind AS 116 (2)	23	18	11	56	40
	(+)Add: One Time RTS Cancellation (2)	0	0	0	7	0
	Adjusted EBITDA	49	28	18	101	49
	Adjusted EBITDA %	4.3%	2.8%	2.6%	3.4%	2.0%

(1) Included in Employee benefit expenses as per audited financial statement (2) Included in Other expenses as per audited financial statement

22

Thank You

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Fast. Flexible. Future-Ready

Cost Breakdown | Margin Expansion Levers

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% of Revenue from Operations	Q3FY26	Q2FY26	Q3FY25		9M FY26	9M FY25
Revenue from Operations %	100%	100%	100%		100%	100%
Employee Benefit Expenses %(1)	8.8%	8.4%	8.4%		8.8%	9.4%
Partner Expenses %	52.3%	52.4%	54.7%		52.7%	53.5%
Transportation charges %	18.7%	18.4%	18.6%		18.3%	19.4%
Rent % (2)	3.2%	3.1%	3.1%		3.1%	3.5%
Lost Shipments & Quality Check Cost %	6.3%	8.6%	6.2%		7.5%	5.1%
Consumables Cost % (3)	2.0%	1.9%	2.5%		1.9%	2.3%
Other Expenses % (4)	4.5%	4.4%	3.9%		4.3%	4.3%
Total Expenses %	95.7%	97.2%	97.4%		96.6%	97.5%
Adjusted EBITDA %	4.3%	2.8%	2.6%		3.4%	2.5%
Corporate Overheads (5)	9.2%	9.4%	9.0%		9.4%	10.1%

(1) Employee Benefit Expenses without considering ESOP costs

(2) Rent cost is a full rent cost without rent capitalization as per Ind AS 116

• (3) Consumables cost includes Printing & Stationary & operational consumables

(4) Other expenses does not include One Time RTS Cancellation cost of Rs.7 Cr in 9MFY26

(5) As per Management estimate. Corporate Overheads are part of Employee benefit expenses and other expenses mentioned in the above table

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KPI Definitions

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METRIC	Definition
Express Orders	Express orders refer to the number of shipments for the express service line.
Hyperlocal Orders	Hyperlocal Orders refer to the number of shipments for the hyperlocal service line.
Total Orders	Total Orders refer to the total shipments for express and hyperlocal service lines.
Express Revenue	Express Revenue refers to the revenue from express service line.
Hyperlocal Revenue	Hyperlocal Revenue refers to the revenue from hyperlocal service line.
Other Logistics Rev.	Other Logistics Services Revenue refers to the revenue from the other logistics service line, including critical logistics services, strategic insourcing of unbundled services and dark store operations.
Revenue from Ops.	Revenue from operations as per the Restated Consolidated Financial Information.
PAT	Profit / (loss) for the period/year as per the Restated Consolidated Financial Information.
Adj. EBITDA	Adjusted EBITDA is calculated as Ind AS EBITDA plus share-based payment expenses, adjustment on account of lease accounting as per Ind AS 116 and adjustment on account of one time RTS cancellation fees.
Adj. EBITDA Margin	Adjusted EBITDA Margin refers to the Adjusted EBITDA divided by revenue from operations.
Pin-Codes Reach	Pin Code Reach refers to the count of distinct pin codes, out of the total pin codes as per India Post, where at least one order was received during the last quarter of the reporting period.
No. of Touchpoints	Number of touchpoints refers to our first mile, middle mile, and last mile network facilities.
Quarterly Delivery Partners	Average Quarterly Unique Transacting Delivery Partners refer to the number of unique delivery partners who completed at least one delivery in each quarter, averaged over the relevant reporting period.

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