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Earnings Presentation | Q3 FY26
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2 Disclaimer These materials have been prepared by Apollo Tyres Limited together with its subsidiaries (the “Company”), are for informational purposes only and do not constitute a prospectus or an offer document, or form part of an offer, solicitation or invitation of any offer to purchase or subscribe for any securities of the Company in any jurisdiction, nor should these materials or any part thereof form the basis of, or be relied upon in any connection with, any contract, commitment or investment decision whatsoever. These materials have not been independently verified. No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in these materials. None of the Company or any of its directo₹, office₹, affiliates, advise₹ or representatives accepts any liability whatsoever for any loss howsoever arising from any information presented or contained in these materials. The information presented or contained in these materials is subject to change without notice and its accuracy is not guaranteed. These materials contain statements that constitute forward-looking or belief statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its management and information currently available with them including with respect to the consolidated results of operations and financial condition of the Company. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” “believes,” “intends,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various facto₹ and assumptions. Neither the Company nor any of its adviso₹ or representatives, on behalf of the Company assumes any responsibility or obligation to update or revise forward-looking statements to reflect future events or circumstances. In no event shall the Company be responsible to any pe₹on or entity for any loss or damage, whether direct, indirect, incidental, consequential or otherwise, arising out of access or use or dissemination of information contained in this presentation, including, but not limited to, loss of profits. You acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. No representation, warranty, guarantee or undertaking (express or implied) is made as to, and no reliance should be placed on, the accuracy, completeness or correctness of any information, including any projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any erro₹, omissions or misstatements contained herein and, accordingly, none of the Company, its adviso₹ and representative and any of its or their affiliates, office₹, directo₹, employees or agents, and anyone acting on behalf of such pe₹ons accepts any responsibility or liability whatsoever, in negligence or otherwise, for any loss or damage, direct, indirect, consequential or otherwise arising directly or indirectly from use of this presentation or its contents or otherwise arising in connection therewith. This presentation includes certain industry data and projections that have been obtained from industry publications and surveys. Industry publications and surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance that the information is accurate or complete. Neither the Company nor any of its adviso₹ or representatives have independently verified any of the data from third-party sources or ascertained the underlying economic assumptions relied upon therein. All industry data and projections contained in this presentation are based on data obtained from the sources cited and involve significant elements of subjective judgment and analysis, which may or may not be correct. For the reasons mentioned above, you should not rely in any way on any of the projections contained in this presentation for any purpose. The distribution of these materials in certain jurisdictions may be restricted by law and pe₹ons into whose possession these materials comes should inform themselves about and observe any such restrictions. THIS PRESENTATION AND INFORMATION CONTAINED HERE IS NOT INTENDED FOR PUBLICATION OR DISTRIBUTION IN, AND DOES NOT CONSTITUTE AN OFFER OF SECURITIES IN, THE UNITED STATES. NO SECURITIES OF THE COMPANY HAVE BEEN OR WILL BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR WITH ANY SECURITY REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES EXCEPT PU₹UANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR PU₹UANT TO AN EFFECTIVE REGISTRATION UNDER THE SECURITIES ACT AND/OR ANY APPLICABLE U.S. STATE OR LOCAL SECURITIES LAWS. By accessing this presentation, you accept that this disclaimer and any claims arising out of the use of the information from this presentation shall be governed by the laws of India and only the courts in New Delhi, India, and no other courts, shall have jurisdiction over the same.
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3 Consolidated Financial Snapshot Q3 FY26 Financial Performance Revenue INR 77,431 Mn Y-o-Y +11.8% EBITDA INR 11,859 Mn Y-o-Y +25.2% EBITDA Margins 15.3% Y-o-Y +165 Bps ROCE* 12.5% YTD FY26 Financial Performance Revenue INR 211,349 Mn Y-o-Y +7.3% EBITDA INR 30,744 Mn Y-o-Y +12.4% EBITDA Margins 14.5% Y-o-Y +67 Bps 3 Net Debt / EBITDA* 0.4x ROCE** 13.4% Net Debt / EBITDA* 0.4x * based on TTM figures ** Annualizing earnings of the stated period
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4 Performance Summary – YTD FY26 Revenue Mix Consolidated – YTD FY26 Replacement, 80% OEM, 20% By Product By Channel Revenue Mix Standalone – YTD FY26 Truck & Bus, 54% Passenger Vehicle, 22% Farm, 6% Light Commercial Vehicle, 9% Others, 9% Replacement, 64% OEM, 23% Export, 13% By Product By Channel Revenue Mix Consolidated – YTD FY22 India, 63% Europe1, 30% Others, 8% Revenue Mix Consolidated – YTD FY26 By Region Note: 1. Europe Includes operations of ReifenCom Consolidated Revenue ~₹211 Bn Consolidated EBITDA ~₹31 Bn (14.5%) Europe 94% India 87% Capacity Utilization 4 Truck & Bus, 39% Passenger Vehicle, 39% Farm/Off Highway, 10% Light Truck, 7% Others, 6%
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5 11.1% 14.5% Q3 FY25 Q3 FY26 • In Q3FY26, we registered the highest ever quarterly revenue crossing ₹5,000 Cr mark for India • We also registered the highest YoY growth over the last 12 quarters, driven by pent up demand from GST rate reduction • Robust double digit growth across replacement, OE and exports YoY • Our premium mix in PCR continues to improve. We registered highest ever Vredestein volumes in Q3 FY26. Our dual brand strategy in PCR continues to augur well • We will continue to focus on profitable growth, free cash flow generation and return ratios 45,398 51,390 Q3 FY25 Q3 FY26 Operating Highlights – India Q3 FY26 Revenue (₹ Mn) EBITDA Margin (%)
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6 • We registered a flattish overall topline on a YoY basis, in line with a muted demand environment • Continuing with our premiumization journey, UHP mix for the quarter stood at 52%, compared to 48% for the same quarter last year • Improvement in EBITDA margins by 15 bps on a YoY basis and 520 bps on a sequential basis owing to seasonality and higher sale of winter tyres • Looking ahead, operating performance is expected to improve, driven by a gradual recovery in demand and cost optimization measures 17.7% 17.9% Q3 FY25 Q3 FY26 181 180 Q3 FY25 Q3 FY26 Operating Highlights – Europe1 Revenue (€ Mn) EBITDA Margin (%) Notes: 1. Includes only sales and manufacturing operations , excl. Reifencom GmbH (Distribution business) -0.5% Q3 FY26 +15 bps
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7 Consolidated Cash Flow & Balance Sheet Highlights Key Highlights • Net debt at the end of Dec’25 decreased significantly by ₹ 13 Bn, compared to Sep’25. The decrease in net debt was primarily driven by reduction in short-term borrowings as a result of strong operational cash flows • This allows us to invest in future growth capex to drive growth over the next 2-3 years 26 13 0.8 0.4 0.0 1.0 2.0 10 30 Sep '25 Dec '25 Net Debt (₹ Bn) Net Debt (₹Bn) Net Debt to EBITDA (x) 7 10 FY25 YTD FY26 Capex (₹ Bn) 3 16 FY25 YTD FY26 Free Cash flow (₹ Bn)
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Financial Statements
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9 Profit & Loss (Quarterly) – Consolidated Particulars (₹ Mn) Q3 FY26 Q3 FY25 Q2 FY26 % Change - YoY % Change - QoQ Revenues 77,431 69,280 68,311 11.8% 13.4% Raw Material 42,601 40,521 37,356 Staff Cost 9,086 7,971 8,786 Other Costs 13,885 11,318 11,962 EBITDA 11,859 9,470 10,207 25.2% 16.2% EBITDA Margin (%) 15.3% 13.7% 14.9% Depreciation 3,853 3,759 3,834 Other Income 496 81 297 EBIT 8,501 5,791 6,671 EBIT Margin 11.0% 8.4% 9.8% Interest 1,001 1,105 1,010 Tax 2,526 1,273 1,280 Exceptional Items 271 42 1,800 PAT 4,703 3,370 2,580 PAT Margin (%) 6.1% 4.9% 3.8%
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10 Profit & Loss (YTD) – Consolidated Particulars (₹ Mn) YTD FY26 YTD FY25 % Change - YoY Revenues 211,349 1,96,998 7.3% Raw Material 116,641 1,10,602 Staff Cost 26,567 23,636 Other Costs 37,397 35,419 EBITDA 30,744 27,342 12.4% EBITDA Margin (%) 14.5% 13.9% Depreciation 11,463 11,213 Other Income 982 606 EBIT 20,263 16,734 EBIT Margin 9.6% 8.5% Interest 3,017 3,372 Tax 4,061 3,500 Exceptional Items 5,774 498 PAT 7,411 9,363 PAT Margin (%) 3.5% 4.8%
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11 Profit & Loss (Quarterly) – Standalone Particulars (₹ Mn) Q3 FY26 Q3 FY25 Q2 FY26 % Change - YoY % Change - QoQ Revenues 51,390 45,398 47,149 13.2% 9.0% Raw Material 31,893 30,254 29,212 Staff Cost 3,383 2,856 3,237 Other Costs 8,648 7,252 7,495 EBITDA 7,466 5,035 7,206 48.3% 3.6% EBITDA Margin (%) 14.5% 11.1% 15.3% Depreciation 2,375 2,332 2,338 Other Income 2,323 215 301 EBIT 7,413 2,919 5,168 EBIT Margin 14.4% 6.4% 11.0% Interest 850 961 833 Tax 1,801 698 1,528 Exceptional Items 271 24 36 PAT 4,491 1,235 2,772 PAT Margin (%) 8.7% 2.7% 5.9%
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12 Profit & Loss (YTD) – Standalone Particulars (₹ Mn) YTD FY26 YTD FY25 % Change - YoY Revenues 145,793 1,35,931 7.3% Raw Material 91,031 87,042 Staff Cost 9,860 8,631 Other Costs 23,783 23,502 EBITDA 21,119 16,756 26.0% EBITDA Margin (%) 14.5% 12.3% Depreciation 7,060 6,950 Other Income 2,774 772 EBIT 16,833 10,577 EBIT Margin 11.5% 7.8% Interest 2,541 2,708 Tax 4,484 2,476 Exceptional Items 324 591 PAT 9,484 4,803 PAT Margin (%) 6.5% 3.5%
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Thank you For further details please feel free to get in touch with the Investor Relations team. Ritu Kumar Group Head – Strategic Planning and Legal ritu.kumar@apollotyres.com Saloni Agarwal Lead – Investor Relations saloni.agarwal@apollotyres.com