WeWork India Management Limited — Earnings Release 2026

May 21, 2026

wework

INDIA

WEWORK INDIA MANAGEMENT LIMITED

(Formerly known as WeWork India Management Private Limited)

Regd. Office: 6th Floor, Prestige Central, 36 Infantry Road

Shivaji Nagar Bengaluru, Karnataka, 560001

Email: cswwi@wework.co.in; Website: https://wework.co.in/

Telephone no.: 080-37880881

CIN: L74999KA2016PLC093227

May 21, 2026

Listing Department
National Stock Exchange of India Limited
Exchange Plaza, Bandra Kurla Complex,
Bandra (East), Mumbai – 400 051

Listing Department
BSE Limited
Phiroze Jeejeebhoy Towers, Dalal Street,
Fort, Mumbai – 400 001

Symbol: WEWORK
Scrip Code: 544570

Dear Sir/ Madam,

Subject: Media Release on the Audited Financial Results

Further to our submission of the Audited Standalone and Consolidated Financial Results of the Company for the quarter and financial year ended March 31, 2026, please find enclosed herewith the Media Release issued by the Company in this regard.

The Media Release is also being hosted on the Company’s website at https://wework.co.in/investors-relations/shareholders-information/#media-release

This is for your information and records.

Yours faithfully,

For WeWork India Management Limited

UDAYAN DIGIATES HIPARTIER
UDAYAN 2026.03.21
SHUKLA
Tel: 202610 v03.50

Udayan Shukla
Company Secretary & Compliance Officer
Membership No.: F11744

Encl.: As above

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wework INDIA

WeWork India caps off record FY26 after blockbuster Q4: quarterly revenue at ₹709.9 Cr (+28.6% YoY), EBITDA ₹164.7 Cr and PAT at ₹79.6 Cr; full-year revenue up 23.4% YoY to ₹2,477.4 Cr, EBITDA ₹499.2 Cr and PAT at ₹179 Cr

Q4 revenue at ₹709.9 Cr (+28.6% YoY); PAT scaled 8X since FY2024; credit rating upgraded to A+; turns net debt negative for the first time

• Portfolio: Operational footprint of 8.6 MSF across 76 centres in 8 cities; total committed footprint of 11.6 million sq ft including signed leases and LOIs (+39% YoY); portfolio occupancy at an all-time high of 86.9% (mature centres at 88.9%); NPS at an all-time high of +79
• Q4 FY26: Revenue ₹709.9 Cr (+28.6% YoY); EBITDA ₹164.7 Cr (+42.8 YoY) at 23.2% margin (+231 bps); PAT ₹79.6 Cr (+141.9% YoY) at 11.2% margin (+525 bps)
• FY26: Revenue ₹2,477.4 Cr (+23.4% YoY); EBITDA ₹499.2 Cr (+23.1% YoY) at 20.2% margin; PAT ₹179 Cr at 7.2% margin (+133.7% YoY); ROCE at 28.3% (+317 bps)
• ROCE: 45.1% (+1832 bps YoY) for Q4, 28.3% (+317 bps YoY) for FY26
• Balance sheet: Free cash flow from operations ₹585.5 Cr for FY26 (+44.3% YoY); net debt position of -₹11.7 Cr for the first time; cost of borrowing down 225 bps YoY to 8.5%; credit rating upgraded two notches from A- to A+

Bengaluru, 21 May 2026: WeWork India Management Limited, the industry leader in the flexible workspace sector, today reported its results for the fourth quarter and full year ended 31 March 2026, closing its first listed financial year at record highs across operational and financial metrics.

WeWork India closed FY26 with 8.6 million sq ft across 76 centres in 8 cities, and a total committed footprint of 11.6 million sq ft including signed leases and LOIs (+39% YoY). Operational desk capacity stood at 126.9k desks (+15.8% YoY), with 110.2k members (+31% YoY). Portfolio occupancy reached an all-time high of 86.9% (mature centres at 88.9%), and member growth expanded nearly 2x faster than capacity additions, underscoring strong demand momentum across centres. Enterprises continued to anchor the portfolio, contributing 77% of core revenue in Q4 FY26. In FY26 the company sold ~48,000 new desks, its highest ever, with over 50% of new desk sales driven by existing members expanding within the network.

Q4 FY26 closed the year on a record note. Revenue rose to ₹709.9 Cr, up 28.6% YoY and 10.9% QoQ. EBITDA grew 42.8% YoY to ₹164.7 Cr at a 23.2% margin (+231 bps YoY), and PAT grew 141.9% YoY to ₹79.6 Cr at an 11.2% margin (+525 bps YoY).

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wework INDIA

For the full year, revenue rose to ₹2,477.4 Cr (+23.4% YoY), with EBITDA at ₹499.2 Cr (20.2% margin) and PAT more than doubling to ₹179 Cr at a 7.2% margin (+133.7% YoY).

Free cash flow from operations reached ₹585.5 Cr for FY26 (+44.3% YoY) and ₹233.7 Cr in Q4 (1.4× EBITDA conversion). Driven by strong and consistent cash generation, the company closed the year in a net debt negative position for the first time at -₹11.7 Cr, compared to a net debt of ₹215.3 Cr a year ago - marking a significant financial inflection point. The company also generated ₹126 Cr in Free Cash Flow to Firm (FCFF), up +8.4% YoY, despite significant capex investments towards growth and expansion, demonstrating the strength of its recurring cash-generating business model and its ability to self-fund growth while maintaining healthy cash reserves. This underscores the strength of the underlying business model, enhances resilience across cycles, and supports a structurally lower cost of capital. Cost of borrowing fell 225 bps YoY to 8.5%, with the credit rating upgraded from A- to A+. ROCE for FY26 stood at 28.3% (+317 bps YoY), with the Q4 exit print at 45.1% (+1,832 bps).

Karan Virwani, Managing Director & CEO, WeWork India, said, "FY26 was a defining year for both the industry and WeWork India. Adoption of flex deepened across enterprise segments, and we continued to lead from the front while delivering on every commitment we made to the market. During the year, we listed on the stock exchanges, more than doubled PAT, turned net debt negative for the first time in our history, and continued expanding our footprint with pricing discipline and strong occupancy across centres. What is increasingly visible now is the strength of the compounding flywheel we have built, where occupancy, premiumisation and operating leverage continue to reinforce profitability, cash generation and returns on capital quarter after quarter.

More importantly, WeWork India today is no longer just a workspace operator. We are building a full-stack platform that enables enterprises to scale - combining infrastructure, technology-enabled operations, design, flexibility and capital efficiency into a single integrated offering. As India cements its position at the centre of the global AI and GCC economy, the need for agile, scalable and experience-led workspaces will only accelerate. AI is not replacing the office; it is intensifying collaboration, innovation and talent density, making flexibility even more critical to how companies operate. We enter FY27 from the strongest opening position in our history, with deep demand visibility, strong operating leverage, and growing confidence in the long-term monetisation potential of the platform we are building."

Alongside results, WeWork India launched "AI & the Future of Flexible Workspaces", a research study with Redseer Strategy Consultants and Smartworks based on a survey of 230+ Indian enterprises. Key findings from the report include:

• AI hiring in India has grown 6× since 2019 (48k to 290k open roles);
• 95% of enterprises plan to accelerate AI adoption over the next 18-24 months;
• the GCC AI workforce is projected to quadruple to 730k by 2030;
• India's flex stock is on track to 4× to 324 MSF by 2030, with GCC flex leasing growing at a 28% CAGR, 1.7× the rest of the market.

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wework INDIA

During the quarter, WeWork India continued to strengthen its leadership position in India's flex industry, supported by sustainable growth momentum. The Company also launched Rivet, a standalone design & build platform offered to enterprises, landlords and developers, monetising in-house capability built over a decade across our portfolio. Rivet is asset-light, milestone-based, and acts as a cross-sell funnel into managed-office demand. The Company delivered an impactful year driven by established profitability, while continuing to build excellence through technology, impact, and culture.

Note: All financial figures in this release are presented on an IGAAP- equivalent basis, calculated under the Indian GAAP framework without the benefit of non-cash rent straight-lining under Ind AS 116, and are net of ESOP costs. A detailed Ind AS to IGAAP-equivalent reconciliation is included in the investor presentation available on the Company's investor relations website.

About WeWork India

Launched in 2017, WeWork India Management Limited is India's leading premium flexible workspace operator and has been the largest operator by total revenue for the past three fiscal years. The Company operates 76 centres across 8.6 million sq ft in 8 cities - Bengaluru, Mumbai, Gurugram, Pune, Hyderabad, Chennai, Noida and New Delhi - serving over 110,000 members across Fortune 500 companies, global capability centres, enterprises and startups. WeWork India was listed on the NSE and BSE in FY26.

For media inquiries, please contact: press@wework.co.in

Investor Relations:

Mr. Vinayak Parameswaran, Chief Investment Officer | investor.relations@wework.co.in

Company Secretary & Compliance Officer

Mr. Udayan Shukla, cswwi@wework.co.in

Safe Harbour Statement

This press release (the "Release"), prepared by WeWork Management India Limited (the "Company"), is furnished solely for informational purposes and shall not constitute, or be relied upon in connection with, any offer, solicitation, or invitation to subscribe for or purchase any securities of the Company. No securities of the Company will be offered except by means of a statutory offering document that contains detailed information about the Company.

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wework INDIA

The information and data contained herein have been compiled from sources the Company believes to be reliable; however, the Company makes no representation or warranty, express or implied, as to the accuracy, completeness, or fairness of such information. This Release is not intended to be all-inclusive, and readers should not rely solely on the information contained herein. The Company expressly disclaims any liability for any loss arising from, or in reliance upon, the whole or any part of the contents of this Release.

This Release may include forward-looking statements regarding, among other things, the Company's financial performance, growth prospects, strategy, and market opportunities. These statements involve known and unknown risks, uncertainties, and other factors such as macro-economic conditions, competitive pressures, regulatory changes, technological developments, and execution challenges that could cause actual results, performance, or achievements to differ materially from those expressed or implied herein. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. Any forward-looking statements or projections attributed to third parties contained in this Release are not endorsed by the Company, which accepts no responsibility for such third-party information.