We are enclosing herewith Transcript of the Analyst and Investor Earnings Conference Call held on May 13, 2026.

Thomas Cook reported a challenging FY26 impacted by geopolitical headwinds including the Pahalgam attack, Operation Sindoor, and US-Iran-Israel conflict affecting Middle East travel routes and business operations. Q4 FY26 consolidated revenue declined 10% YoY to INR 17,707 million, while full-year income rose 3% to INR 83,982 million with EBT down 14% to INR 3,268 million. However, India operations showed resilience with 16% EBT growth in Q4, driven by financial services, short-haul outbound, and corporate travel. Sterling Holiday Resorts delivered its 25th consecutive profitable quarter with Q4 revenue up 14% to INR 1,408 million, maintaining a debt-free balance sheet with INR 3,400 million cash reserves. The company announced an in-principle approval for demerging Sterling into a separate entity and holds approximately INR 800 crores in net cash, which management plans to deploy toward technology investments, debt repayment, and potential acquisitions. Short-haul and domestic travel continue to show double-digit growth while long-haul bookings remain subdued.