August 04, 2026 DR. VIKASH AGARWAL — MANAGING DIRECTOR — CRIZAC LIMITED MR. CHRISTOPHER NAGLE — CHAIRMAN — CRIZAC LIMITED MR. MANISH AGARWAL — CHIEF FINANCIAL OFFICER — CRIZAC LIMITED MR. SANJEEV SANCHETI — INVESTOR RELATIONS ADVISOR — CRIZAC LIMITED MS. NIHARIKAA PANPALIYA — ANAND RATHI SHARES AND STOCK BROKERS LIMITED Page 10f18

Crizac Limited August 04, 2026 Ladies and gentlemen, good day, and welcome to the Crizac Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference, please signal an operator by pressing star, then zero on your touch-tone phone. Please note this conference is being recorded. I now hand the conference over to Ms. Niharikaa from Anand Rathi Shares and Stock Brokers Limited. Thank you, and over to you, ma'am. Good afternoon, everyone, and welcome to Crizac's Q1 FY27 camings conference call. We have with us Dr. Vikash Agarwal, the Managing Director of the company; Mr. Manish Agarwal, the Chief Financial Officer of the company; Mr. Christopher, the Chairman of the company; and Mr. Sanjeev Sancheti, the IR Advisor of the company. Sanjeev sir, if you can start by giving your overview on the first quarter FY27 performance and beyond, and after which we can open up for Q&A. Over to you, Sanjeev sir. Thank you and good evening to all the participants. Before I hand over the call to Dr. Vikash Agarwal for the opening remarks, I would like to draw your attention to the Safe Harbor statement in the investor presentation. I request each one of you to go through the presentation thoroughly before the Q&A starts so that you are aware of the Safe Harbor statement. Thank you, and over to you, Dr. Vikash. Thank you, Sanjeev. Good evening, everyone, and a very warm welcome to the quarter 1 FY27 earnings call of Crizac Limited. For those who are new to our story, Crizac Limited is one of India’s leading B2B Al-native student mobility platform. Since our founding in Caleutta in 2011, we have connected students, counselling partuers, and universities across international markets. Today, our proprietary technology platform connects more than 17,400 counselling partners with over 450 university partners actoss 12 destination markets and more than 85 source markets. To date, we have facilitated over 12 lakh student applications, including 1.04 lakh applications processed during this quarter alone. Our platform forms the operating backbone of our business, with network effects that strengthen as we add more counseling partners, students, and university partuers to our platform. Quarter 1 FY27 demonstrated a resilience of our Al platform model. Revenue from operations for the current quarter stood at INR2,012 million, representing a decline of 4% year-on-year. This decline reflects a less favorable mix of university partners this quarter, rather than any reduction in our underlying platform activities. Subsequently, revenue was lower than the INR3,917 million reported in quarter 4 of FY26, in line with the pronounced seasonality of our business, with quarter 4 being our peak intake quarter and quarter 1 being the seasonal trough. On the operational front, application process moderated by 6.2 year-on-year to 1.04 lakh for the quarter. Nevertheless, our underlying network continued to expand, with our active counseling partners base increased by 1.2% year-on-year basis to 4,032, and student Page 2 0of 18 T rizac EDUCATION EASY enrollment growth growing by 15% year-on-year to 4,751, reflecting the disciplined, quality- led approach maintained by both Crizac and our university partners in a more demanding operating environment. Importantly, we continued to gain market share despite a challenging operating environment. In the United Kingdom, our largest destination market, our share of total student visa granted increased from 3.5% in FY24 to 6% in FY26. From the same period, our share for US study visa granted to Indian student rose even more significantly from 9% to 13.9%. This consistent market share gain reflects the growing trust that university and counselling partners place in Crizac as a reliable, compliant, and preferred global education platform. We also continued our acquisition-led approach to strengthen and secure future growth. In June 2026, we made a strategic investment in ForeignAdmits, extending our capabilities to education financing and visa preparation. Its founder, Mr. Nikhil Jain, has joined us as Chief Product and Marketing Officer. This investment supports our ambition to build a full-stack, Al-enabled ecosystem by expanding into adjacent services along our core student recruitment business. Subsequently, in quarter end in July 2026, we acquired 100% of Innova Consultancy Limited through our wholly owned UK subsidiary. This acquisition strengthens our UK partnership across UK and Europe and extends our presence in Mexico and marks our entry into a new destination market, Netherland. Innova Founder, Mr. Eric Wijmenga, joined us as Regional Director UK & Europe, bringing more than 25 years of experience and strong institutional relationships across England and a wider European region. As Eric takes on operational leadership of our UK and European business, I would also like to share an important development in our leadership structure. Mr. Christopher Nagle, who has led the group UK entity as Chief Executive Officer, will step down from his exccutive role. He will, however, continue to serve as a Director on the Board of the UK entity and assume the role of Non-Executive Director and Chairman of Crizac Limited, our Indian holding company. In this capacity, he will provide strategic oversight, institutional governance, and mentor the leadership team at board level. I would also like to emphasize that this represents a change in the nature of Christopher's involvement with Crizac rather than departure from the group. He will remain actively engaged at Board level, providing strategic oversight, institutional govemance, and offering guidance to our global business, while day-to-day operational responsibility will continue to rest with Managing Director, the executive management team. Eric’s appointment will ensure a seamless transition and continuity in our university relationships. Together, these changes will retain valuable institutional knowledge, reinforce our governance framework, and strengthen our executive leadership as we position the group for its next phase of growth.

‘We also, we are also investing in the people and infrastructure required to strengthen our technology and Al capabilities. While these investments involve some upfront cost, we expect the benefit to accrue progressively as the capabilities mature and scale across our operation. Our strategic direction is centered on building an integrated technology-enabled global mobility ecosystem actoss 3 interconnected dimensions: greater geographical diversification across both source and destination market, an expanded suite of ancillary services including accommodation, student loan, visa insurance, and foreign exchange, and inorganic acceleration through targeted acquisition and partnership that extend our reach and deepens our service capabilities. Looking ahead, we remain confident in our long-term structural demand for international education. At the same time, We remain mindful of the near-term external environment, including evolving visa policies, currency movement, and geopolitical developments across the key market. We continue to navigate these conditions and discipline, while investing in the capabilities, partnership, and market presence required to create sustainable long-term growth. With that, I will now hand over to Mr. Christopher Nagle, who will share his perspective on the leadership transition and global industry environment and Crizac's competitive positioning. Over to you, Chuis. Thank you very much, Vikash, and hello to everyone on the call. Let me begin with a few words on my transition. My decision to step down as CEO of our UK entity while continuing to serve on its board and taking on the role of Non-Executive Director and Chairman of Crizac Limited reflects the natural next step as Eric assumes operational leadership of our UK and European business, ensuring leadership continuity and preserving institutional knowledge as the group enters its next phase of growth. I would like to emphasize that my belief in Crizac and my commitment to its long-term success remain as strong as ever. Over the years, I've had the privilege of sceing Crizac develop into one of the most respected platforms in global student mobility, and I'm delighted to continue supporting ts journey at the board level. I'm also very pleased that Eric Wijmenga will assume operational leadership of our UK and European business. Eric brings a deep understanding of the UK university landscape and long-standing institutional relationships. I have every confidence that the business and our university partnerships will be in excellent hands, ensuring continuity as I transition to my new role. I look forward to providing strategic oversight to the executive team as Crizac embarks on its next phase of growth. Let me now turn to the global student mobility landscape. This has been a particularly eventful few months for our sector, with the pace of policy change accelerating across several major destinations. As T want to spend a moment on what is driving it and, importantly, what it means for a platform like ours. Visa policy evolution has been the most prominent headwind. Actoss several major destination markets, immigration and study visa frameworks have tightened, causing visible shifts in student flow patterns globally. In the United States in particular, a

T rizac EDUCATION EASY more restrictive visa environment, including tighter scrutiny, processing delays, and greater uncertainty for international students, has weighed on demand for that destination. In the United Kingdom, our largest destination market, the shortening of the graduate route, higher maintenance thresholds, and stricter compliance standards for sponsoring institutions have raised the bar on application quality. Importantly, this tightening in the US and elsewhere is redirecting demand towards markets such as Ireland, Germany, and New Zealand, where structured, compliant recruitment is increasingly valued. Crizac, given our strong presence in the UK and our expanding New Zealand and Ireland capabilities, is structurally well-placed to benefit from this redistribution of demand. Beyond visa policy, currency dynamics have added to the cost burden for students from emerging source markets. The continued strength of both the US dollar and the pound sterling increases the effective cost of education in those markets, which can affect conversion timelines and student decision-making. We are monitoring these dynamics carefully, and our multi-geography sourcing model provides a natural hedge against single-market concentration risk. Geopolitical uncertainty in certain regions also continues to influence student confidence and family decision-making. We are cognizant of this, and our counseling partner network, spanning 85 source countries with on-ground presence in 11 countries, gives us carly-cycle visibility into sentiment shifts and demand patterns in ways that purely digital or lighter-touch platforms cannot replicate. Against this backdrop, let me explain why we remain confident that these structural tailwinds will extend beyond the near-term uncertainty. I would frame it slightly differently this quarter by focusing on what the current environment increasingly rewards. As compliance and quality become central to universities' choice of recruitment partners, scale, trust, and execution capabilities have emerged as key differentiators. Our platform brings together more than 17,400 counseling partners and over 450 university relationships, with several of our leading partnerships extending beyond 5 years. This combination of reach and long-standing institutional relationships positions us as a trusted partner for universities secking compliant, high-quality applications with strong conversion outcomes. As Dr. Vikash highlighted ealier, this is reflected in the continued growth of our share in the UK market. Equally important is that we are no longer a single-corridor story. While the UK remains our anchor, our reach now extends across New Zealand, Ireland, Netherlands, UAE, USA, Australia, Canada, and Singapore, sourced from more than 85 countries and our recent moves, Studies Planet in Latin America, Global Tree in India, Medway in New Zealand, and now Innova in Europe are steadily rebalancing that mix. In an environment where student flows are constantly evolving, the breadth of our network gives us more than just diversification; it gives us resilience. As demand shifts across source and destination markets, our presence across the global education ecosystem allows us to capture opportunities wherever they emerge. Technology plays a central role in making this Page 5 0of 18

possible. The AI capabilities we are developing in-house are helping us match students with the right institutions more accurately and efficiently. Ultimately, the ability to consistently ‘make the right match will be a key differentiator for successful platforms in our industry. So while the external environment is undeniably complex, the demand for quality international education remains intact. The regulatory shift is on balance, working in our favor. And Crizac's combination of scale, trust, geographic breadth, and technology leaves us well-placed to convert this period of disruption into durable share gains. T will now hand over to Manish for the financial commentary. Thank you, Chis. Good afternoon, everyone. As we have already spoken on revemue performance, I will focus on the remaining elements of our financial performance. EBITDA for Q1 FY27 stood at INR600 million, representing a decline of approximately 7.6% year-on- year from INR649 million in Q1 FY26. EBITDA margin was 29.8% compared to 31% in Q1 FY26. The year-on-year moderation was primarily due to our deliberate step in our cost base to support team buildout following our ongoing expansion, including the investments we are making in technology, AL and talent to position the business for the next phase of growth. Sequentially, EBITDA margin expanded by 585 basis points fiom 24% in Q4 FY26 to 29.8% in the current quarter, driven by the favorable remuneration economics carried by the Q1 intake. While our technology and talent investments involve upfront costs, we expect the benefits to emerge progressively as the capability matures and scales our operation. PAT for Q1 FY27 stood at INR471 million, a year-on-year growth of 2.9% with PAT margin expanding by 152 basis points to 22.6%, underscoring the scalability and capital efficiency of our operating model, even in a seasonally lighter and externally challenging quarter. I am pleased to report that Crizac remains debt-free with a healthy net cash position of INRS,695 million. Our capital efficiency continues to be a key strength, with ROE of 28.8% and ROCE of 40.3%, reflecting the asset-light nature of our operating model. Our operating cash generation remains strong, affirming that our reported profits are backed by real cash generation, a hallmark of disciplined, high-quality business we continue to build. On the outlook, the global operating environment continues to evolve, shaped by visa policy framework, currency movements, and recent geopolitical developments. In particular, intemational travel disruption and widespread flight cancellations between February and June are expected to impact our Q2 performance. However, as mobility normalizes and based on our current application flow, we anticipate a recovery across Quarter 3 and Quarter 4. Taking all these factors into account, our full-year performance for FY27 is expected to remain broadly in line with FY26 levels. We consider this outlook to be appropriately measured and will revisit it as visibility improves over the coming quarters regarding student flows, conversion rates, and our revenue profile. Page 6 0f 18

Crizac Limited August 04, 2026 ‘What T can say with confidence is, structural demand for international education remains intact, our platform is scaling, our balance sheet is strong and our inorganic pipeline is active. We remain constructively optimistic about the medium-term opportunity. ‘With this, T hand over back to the operator to open the floor for questions. Thank you. Thank you. We will now begin the question-and-answer session. The first question comes from the line of Disha with Sapphire Capital. Please go ahead. Hello. Am I audible, sir? Yes. Yes, thank you so much, sir, for this opportunity. Couple of questions. Firstly, sir, on a Q-0-Q basis, I understand the decline in revenues but on a sequential basis, I think we have also de- grown. So you alluded to some unfavorable mix. So if you could just elaborate a bit more on that? Hi, Disha. Yes, in a constant currency terms, we have had a de-growth of about 4%, which is more because our volume has gone up by 15%, but the university mix has changed. As a result, we have missed couple of bonuses and couple of slabs for our top-ranked universities, which has resulted in a lower revenue per student. Okay. And sir, even in your opening remarks, I think you mentioned Q2 also we'll be seeing some challenges. Can you just elaborate a bit more on that? Sure. Disha, as you must be aware, between the war which is happening in Iran and Middle East between February and June, lot of flights got canceled. There was a very heavy fluctuation in rupee movement, which has affected the students who wanted to travel for April, May and June intake. So that would - we believe would impact the overall performance for quarter two. Okay. But on an overall basis for FY27, we're expecting somewhat 20% to 25% sort of growth? No, on an overall level for F?Y27, we expect it to be in the same line as last year. Reason being, first two quarters got impacted. So, there will definitely be a pent-up demand in quarter three and quarter four, which would kind of make the overall year's performance same as last year. Okay. So it will be a flat year. Okay, understood. And sir, what will be the key geographies that you're secing the most traction in? And also, you acquired Inova Consultancy. So, could you just elaborate a bit more about what sort of synergies are we seeing? When will the integration happen and the margin profile there? Page 7 0of 18

Crizac Limited August 04, 2026 With reference to Inova Consultancy, the reason for acquisition was Inova has a very strong foothold in Mexico. At the same time, they had a lot of universities' license to recruit from Netherlands. So, this acquisition will help us recruit more students from Mexico, which will be a source country and also help us place our students globally to Netherlands as a destination country. So, it will be an expansion of both source and destination from -- because of this acquisition. And when do we expect the acquisition to complete and the integration to begin? And what sort of margin profile do we see for this company? Sure. With reference to integration, its an ongoing integration which is happening at the moment. With reference to margin expansion and profile, it's a very small acquisition of less than INR7 crores. So there won't be a huge impact — direct impact because of this acquisition, but there will be a big indirect impact because well be able to place students from our ecosystem to Netherlands. Okay. And sir, on the EBITDA margins front, on a blended basis, will it be in the range of what we've done previously, 25% to 27%? Can you repeat your question? Yes, so the EBITDA margins for the entire year, will it be in the same range as what you've done previously, 25 % to 27%? Yes, will be in the same range. Okay. Yes, that s it. Il get back in the queue. Thank you. Thank you, Disha. The next question comes from the line of Shivam Gupta with Trinetra Asset Managers. Please go abead. Hi, sir. Am I audible? Yes, Shivam. Yes, application processed declined by 6%, why enrollment increased by 15%? How much of the Q1 enrollment came from the application processed in earlier quarters? Shivam, the application processing is an ongoing process. There are students who process for one intake and they might defer it to a later intake. So lot of our application processed in Q4 and QI got deferred to, let's say, Q3, September '26 intake. So, it's very difficult to say how ‘many applications actually get converted. But on a general basis, we have seen we have got a conversion rate of 10% of all the unique applicants who apply through us in this quarter. Page 8 0f 18

Crizac Limited August 04, 2026 Okay, sir. And second thing, despite having a full quarter contribution of from Global Tree and the other acquired business, consolidated revenue declined by 4%. Could you share the organic revenue growth and the contribution from acquired companies separately? The revenue from the acquired company, all the acquired companics around? Yes. It is around INR6 crores. Okay. That's it from my side. Thank you. Thank you. The next question comes from the line of Madhur Rathi with Counter Cyclical Tnvestments. Please go ahead. Sir, firstly, I'm trying to - I'm not able to understand for FY27 full year, in terms of revenue, what kind of ballpark growth are we expecting? Or are we expecting it to be a flat year revenue-wise? We expect it to be a flatish year. Sir, but if I remember corectly, in the fourth quarter, you had mentioned something like 15% to 17% year-on-year growth in FY27. So has anything changed between Q4 and now? Yes. If you remember correctly, we have not given any guidance because We wWere not sure how the geopolitical things will play. Now, we have a decent idea how the Q1 number is, how the Q2 number s looking. So, even incorporating the pent-up demand, we feel we will end up in the similar line as last year. So, we have now a better visibility. Understood. Now, sir, again if we look at till last quarter that is Q4 of FY26, our consolidated PBT used to be significantly higher than the standalone. Now, for example, in the fourth quarter of last year, consolidated PBT was INR92 crores and standalone was INR50 crores. But in this quarter, which I believe is the first quarter wherein our standalone PBT is roughly INR70 crores and the consolidated PBT is less than INRG5 crores. So, so basically, the recently acquired companies, what loss have they made in the first quarter? No, it's not like that. The Crizac India entity, on a standalone basis, has got few payments as a revenue, which has increased its profitability compared to overall consolidated basis. We have invested lot of money in Crizac UK and our subsidiaries for which we are expecting the effect to come in Q3. Understood. Sir, now, again, if we look at like in FY26, the volume growth was 14%, which is the number of student enrolments increased by 14%. So, has anything really changed in FY27 which was not there in FY26, in the sense that have visa regulations, ctcetera, have they been further tightened, or is it what it was like last year? Page 9 0of 18

Crizac Limited August 04, 2026 1 mean, definitely there is a change in visa regulations and other immigration rules. But this has not impacted the revenue per student. The university mix of students who wants to go into quarter 1 has changed compared to last year. Some of the universities where fees was much higher and revenue per student was higher, this quarter students gone to a different set of universities where fees was comparatively lower. As a result, revenue per student was lower. There can be multiple reasons for this one, including change in exchange rate, which would have made students to pick a much less expensive university. Understood. Now, sir, if in your investor presentation it shows that how over the period of time what acquisitions you have made and which countries you have entered. So, basically, way back, if I remember correctly, in FY16 itself, we had entered Canada and then other countries, but what exactly is the reason why we have been so successful in UK and not as successful in other English-speaking countries? I believe in your investor presentation, page number six, it shows the journey of Crizac. So, so basically, what exactly worked for us in UK, and can we really replicate that success in the other English-speaking markets? Definitely. The reason why we are most successful in UK is because of our history and network effect. Crizac started with UK as a destination. As a result, we could acquire or get more and more universities where we could recruit students. Company had been known and growing for UK as a destination since its inception. We can replicate the same with other countries as well. We try to~today we are one of the biggest recruiters for Ireland, so we have replicated that. Recently, the acquisition of New Zealand, we believe, would make us one of the biggest recruiters for New Zealand starting from India, but eventually across the globe. Other countries will take a bit of time because of incumbent player in those countries. We-- three years back, we planned to expand our footprint into USA, but unfortunately because of change in leadership at government level in USA and the change of immigration and visa rules, that could not be materialized. Once the policy gets changed, that would again create a vety strong opportunity for Crizac to expand its recruitment into USA. Understood. Now, sir, if we see our per student revenue that we are making, so in FY24, we made around INR3.55 lakh per student revenue, which in FY26 increased to INR4 lakh, and in Ql, it scems to have increased to INR4.2 lakh per student. I'm just dividing the revemue number by the number of enrolments. Sir, but now if we see during this period, the basically since FY24 till Q1 FY27, our realization per student has increased by 18%, but the pound itself has appreciated by 22% during this period. So basically, has there been a — I mean, basically realization de-growth like for one student if 2 years back if the same university for the same course was paying us X, now today is it paying us X minus something?

Crizac Limited August 04, 2026 No, in terms of universities' payment, that has been same. It's just year-on-year basis or quarter-on-quarter basis university mix of students, which we want--which they want to go, has changed. Say, for example, if a student wants to go to a university where the fee is very high, at a particular quarter, the revenue per student will be very high for that university. While for a university where the fee is low, your revenue will be lower. So, its only the change in university mix which has changed, and not our realization from all those individual universities. Understood. Now, sir, another issue is that -- so our stock is trading at around 11x EBITDA. So, any plans to do a share buyback? Currently, we have a float of 20% in the market. I think SEBI does not allow us to do a buyback at this level. Sir, what can be done, company can do a share buyback at the current market price, and since there'l be no incentive for the other shareholders to tender, so promoters can tender and reduce their sharcholding to less than 75%, and so the caming per share will also increase, and the future growth will get divided on a smaller equity base. Sure. Wel talk to our compliance team on this one and can look into the suggestion. Sir, my last issue is that, sir, now out of 110 universities which we have partnered with, three universities alone contribute 41% of the revenue. So, so basically, what is it that we are offering those three universities, and wherein they have really scaled up their business with us, whereas the other universities, it seems they are just like we are barely, I mean, enrolled with them, like, but hardly any revenue seems to be coming from them. So, what has worked with, let's say, the top 3 to top 10 universities, and what will it take for us to replicate the same success with other universities? The 41% of top 3 universities which you are seeing is only for quarter 1. Quarter 1 includes April, May, and June, where you don't have a traditional university. Very few modem universities have the intake. Overall, you have around 10 to 15 universities only. That's why this concentration is looking high. But if you see on a full-year basis, that will give you a different picture. So, 50 even so, instead of 41% three universities contributing, even if it i, let's say, lower than that, and so point remains that top 10 are contributing, let's say, 60% to 70% of the revenue for the full year. So now the issue is that what exactly worked for us with these 10 universities, and what will it take for us to replicate the same success with the other 100 universities that we are—-have tie-up with, but it seems the scale-up is not happening? Sure. With these top 10 universities, which changes every year, we have a much deep strategic tie-up with them, where which includes defined SLA, quick offer turnaround, and lot of other events which we do with them. We are trying to do replicate the same with other remaining universities as well. These negotiations take time, and is a multi-year process.

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Crizac Limited August 04, 2026 So as and when a university agrees to go on a strategic relationship with our company, the share of those ones increases. And that's why you would see that on a year-on-year basis, our concentration of revenue per top 10 universities is declining, not because mumbers are declining, but the numbers from remaining 90 are going up. And sir, just one question, sir. I'm sorry to interrupt, Mr. Madhur. I would request you to please come back in the queue for further questions. Thank you. The next question comes from the line of Vanshika with Aequitas Capital. Please go ahead. Yes, sir. So, my first question was that despite so many acquisitions, our UK concentration from the last 5 to 10 years still remains very high, at around 97%. So, what are--and you said in the last call that we'll reduce this share in the next two to three years to 60%. So, what exactly are we aiming for? How will we achieve this? It is still our objective to reduce our UK concentration. And that's one of the reason why we acquired Inova Consultancy. So, now, we can recruit students to Netherlands. Likewise, we are working for all the other jurisdictions where we can increase our numbers. We’ll take some time, especially there's a shift in geopolitical and immigration policies. So, we are navigating through that, and we still believe that eventually we'll bring down our numbers concentration from UK lower. As that we also acquired — we still believe if things go as per our forecast, within next 3 years, we should be able to reduce our UK concentration to less than 60%. Okay. And sir, my mext question was that we recently acquired ForeignAdmits for accommodation and forex loan services. And for we have also ventured into immigration and education financing and visa preparation. That's through ForeignAdmits. Help us... Yes. Education financing and visa prep and we've also ventured into accommodation and forex loan and all that ancillary services. So, are we looking at these services as a significant proportion of our revenue going forward? Not at initial stage. We still need to scale it up. But with the acquisition of ForeignAdmits, this will accelerate the process. Now, we have got all the tie-ups and other things required, including key people who understand this process better. So, we believe our distribution network will become more strong, and over the next couple of years, this should help us increase our both at revenue and EBITDA levels. Sir, like what percentage, if you could give a ballpark number? Yes. We believe because of these value-added services, the EBITDA would go up between 2% to 5%.

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Crizac Limited August 04, 2026 And what percentage of revenue would this form? What are the expectations? Percentage of revenue, just hold on. Sorry, sir. I couldn’t hear you. Yes. Just a moment. Across 1% to 1.5% of revenue. Okay, sir. And sir, my next question was that we are - we have all always, I mean, we are targeting inorganic as well as inorganic growth, and we have planned many acquisitions. So, what is the strategy for those acquisitions? Like, it is given that geographic diversification or talent acquisition, but still like, what would be our strategy for those? Its a combination of both. We are looking at talent acquisition. That was the case for EduMentor, for example, but at the same time, it's also acquisition of cither new source market or destination market. Example, we acquired Medway because it opened up a new destination market, New Zealand, for us. Likewise... Yes, sir. Like you acquired that, but how will we grow from there in those markets? Is there any strategy that we have in mind? Yes. If I talk about New Zealand, we did not have any - we did not have much of tie-ups with universities where we could place our students. With this acquisition, now we can place all our students across the globe where we recruit to New Zealand if they want to go to New Zealand. Okay. Sir, my next question was. .. Likewise, this acquisition also help us open new source market. For example, now we can recruit students from Mexico and can place them into UK, New Zealand, or any ofher destinations where they want to go. Okay, sir. Okay. Sir, my next question was that with the kind of deglobalization we are sceing in the USA, are we expecting some of this same deglobalization in UK as well, because it could highly impact our business? Yes. You are right. There is an impact which we're seeing across the globe, and the only way by which we can prevent that is by diversifying into new source and destination maket. And we are already working on that. Yes. And sir, my last question was that we paid a very high dividend last year. So, what -- was it a one-time thing, or will it be a steady state? No. Its a steady state. We have declared in our DRHP that we'll be paying minimum of 40% of PAT of that year as a dividend to our shareholders. And that would be for at least minimum of 3 years. 1 year is already done, so minimum next 2 years we are committed to pay 40% dividend.

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Crizac Limited August 04, 2026 Okay, sir. That's all from my side. Thank you. Thank you. Thank you. The next question comes from the line of Prateck Jha with Monarch PMS. Please go abead. Hi. So, I wanted to understand, like, what is the primary reason students choose to study at Crizac partner universities in the UK? Like, is it mainly for education and then returning back to India or whatever country they are from, or like students see it as a pathway to work and eventually settle in the UK, for example, as it is in the case of Canada? Also, like, do you guys track how many students stay back after completing their course in UK and those countries, and of those, how many eventually get a PR? This is my first question. I mean, we are a platform which connects counselors, students to the university. And that platform is for study abroad only. So, we assume the intent of the student who are going abroad is education only. Yes, the student do have a desire to stay back and work, get the work experience. Some of them do have a desire to immigrate in that country. But our objective is only to place the students and track them for study. T get your point that your objective is to send students and act as a intermediary between students and universities. But my point is that this rationale could be driving the majority of demand, right? So, in case of Canada, majority of students who are going to study there, their ultimate objective is to get a PR. So, do you -- I just want to understand, like, do you guys track, like, what is the ultimate rationale for those students who is going to UK primarily? Because in case of top universities, as you said in your previous con-calls also, they don't go through any intermediary. They usually do it directly. So, in case of Crizac affiliated universities, what is that rationale that a student is going to study there? Tmean, even for Crizac affiliated universities, top-end universities like King's College London, Manchester, Leeds, Birmingham, they are on our platform. And students can go to world top universities via our platform. So, it's a misconception that top-tiered student who wants to go to a top-tier university applies directly and not via Crizac platform. In UK, out of 100 commercial universities, we represent more than 95 of those ones. Okay. And one last question and on the acquisition front. So, these two last acquisitions that you have made, could you give us like what youve paid for these two acquisitions and what is the - what was the revenue when you acquired these companics and EBITDA margin? Both the acquisition was less than INR10 crores. And the rationale for acquisition was never to add on any benefit on revenue or EBITDA, but to help us expand into new source market or destination market.

Crizac Limited August 04, 2026 Okay. So, in case of, for example, Inova Consultancy, you said that you wanted to expand in Mexico market. So, do you have like some data in terms of what kind of enrollments they were initially doing before acquiring that company? Then the second number is... Yes. We do have, but that's commercially sensitive data which has not been disclosed. Okay. And on a TTM basis, what has been your blended conversion rate overall? Rough 10%. Okay. Thank you so much. Thank you. Thank you. The next question comes from the line of Anurag Chheda with 9 Rays Equiresearch. Please go ahead. Hello. Am I audible? Yes, Anurag. Yes. T wanted ~ I did my masters from UK. So, when I did at that time, it was 24 months PSW. Now, that's changed to 18 months. Plus, there has been lot of visa issues also in UK. So, still do you think like there will be enrollments to UK further? Yes, T believe that there will still be a demand, reason being the reduction in post-study graduate visa route from 24 months to 18 months had been done few years now. And the demand for UK has not declined. So which makes me believe that students still is getting what they are looking for, even after a decrease of 6 months. Christopher, do you want to add something into this one? Plus, there has been an increase in the exchange as well as 180 job roles have been removed from skilled visa as well. So what do you think, like, I was just calculating. There has been almost 50% increase in cost of my own masters, which I did years back. Yes, thank you, Vikas. I can add something on that question, which is, every destination exists in a global marketplace. So, yes, the UK has scen a little bit of tightening, but on a relative basis compared to other major destinations, it has tightened less, which causes there to be enduring demand. You know, masters in the UK is one year. And then still having 18 months afterwards is still a very attractive proposition globally, where the post-study work length is longer than the degree length. And that's ot the case in most other destination markets. So can I ask further one question? Yes, please.

Crizac Limited August 04, 2026 So when I was applying for jobs in UK, I faced one issue like they had a thing that we cannot sponsor you later on, so in first place we will not hire you, because if we are training you for a year and then we cannot sponsor you, so there's no meaning we hire you. So now that scenario was when I had 24 months of PSW. Now it is 18 months, so it will become more worse for getting a skilled visa, practically. So based on the legislation and on the policy and the rules, there's no restriction for a company to hire or sponsor someone on a post-study work visa to go on to a Tier 2 skilled worker visa. So I'm not sure about your particular case, but it is a very common thing in the UK that students come from a post-study work visa onto a Tier 2 visa. And yes, the UK is still the most straightforward for skilled worker sponsorship out of all of the major destination markets. All right. Thank you so much. Thank you. The next question comes from the line of Himanshu Dugar with Stylus Holdings. Please go ahead. Yes, hi. Thank you for the opportunity. So my first question is on the number of applications that we have processed this time. So this 7% decline, could you kind of split that between regions, like which regions saw the most decline? ‘We don't have exact data on this one. Will that be okay if we can come back to you on this one? Sure. The other question was on, so the unique applicants that you have mentioned, this time, this was interesting. So when you say that there are 47,000 applicants, roughly an applicant applies at two universities. These are, so just wanted to get more understanding on this. Are they typically applying for the same region, say, it's for the UK, or now you are seeing candidates applying for New Zealand or the other, markets that you have opened up? Also, if we can also get some corollary information on of these 47.000 like, are there guys who are only doing non-UK applications as well? Usually what we have seen based on our past experience and trend is, if a student is applying on our platform for a particular destination, they apply to multiple universities of that destination only. Though that's not mandatory or necessary, but in general, if I look at the overall trend, that is the case, what happens. With reference to other destinations which we have opened in our platform, these are very recent development where we have added New Zealand and some European countries. So long-term trend wise, you'll be right to say that roughly one student would apply to 2 or 2.5 universities as an average. So in the current quarter, if you can kind of give s an insight on how many applicants did you get from the, for the non-UK universities that you processed?

Crizac Limited August 04, 2026 Again, T'll have to come back to you on this one, because for non-UK universities, mid intake is not a very big intake. But I'l come back to you on that data. A rough figure, like is it like less than 5%? Because I'm just curious, because we have done a few acquisitions last 1.5 years. We have done in Dubai, we have done here in India for the US market, we have done it now most recently we have done it for Netherlands via the Mexico market. So I'm just curious how has the shift basically, whether the sourcing or the destination, how has there been any meaningful change in terms of the candidates? I understand the revenue is still minuscule and it will take time, but just from candidates, if you can share some data points? I understand. But as of today, if I see, because one, this quarter is very small, and not every destination offers route of entry in this quarter, so it will be very difficult to predict. But overall percentage still s fairly low to give a exact correlation of change in destination because of different source market. Got it. A final question, just a little clarification. So I think initially you mentioned we are looking at growth, but then in the second, for the second caller, you mentioned that we will be flat for the year. So if you can just, I mean, I know it will be difficult to kind of think through it, but based on the 4-month trend, where are we? Do you think that we can, kind of actually deliver some growth in terms of enrollments or candidates processed? Hi Himanshu, we have a negative growth in quarter 1 by 4% in constant currency growth. We expect Quarter 2 also to be a bit down. But considering the overall scenario, we expect the pent-up demand to come in Quarter 3 and Quarter 4. So overall will be same as last year. With reference to Quarter 3, we are already seeing the application flow on our system, and that has been very healthy. So any kind of a miss what we have in quarter 1 and what we expect in Quarter 2, will be caught up in Quarter 3 and Quarter 4. Got it. Can I ask even one small question about the UK operations, I mean, because Chris I heard that he's moving out. So if you can just elaborate a bit more on how the US, UK operations will go ahead then like who will be leading it, etcetera? There won't be any major change in operations. With reference to institutional relationship, which Christopher was managing with UK universities, now we have got Eric, who has got 25 years of experience behind him, and he will be managing those relationship with the universities. So from a board perspective, Christopher will still be with the company, will still be guiding and navigating the company for the next growth level, while the UK university relationship will be managed by Eric. Got it. Thank you so much.

‘@ri"zmgc EDUCATION EASY

Crizac Limited August 04, 2026 Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments. Thank you, everyone, for being a part of this con-call and joining us today. We sincerely appreciate your continued support and look forward to engage with you again next quarter. Thank you and have a wonderful day. Thank you. On behalf of Anand Rathi Shares and Stock Brokers Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.