Yatra Online (YTRA) sees profit drop but bookings and Adjusted EBITDA grow

Rhea-AI Filing Summary

Yatra Online, Inc. reported mixed results for the three months ended June 30, 2026 (first quarter of fiscal 2027). Revenue from operations was INR 1,879.0 million (USD 19.9 million), down 10.4% year-over-year, as weakness in the Hotels and Packages MICE business and a challenging air environment pressured reported revenue and margins. Profit for the period declined to INR 40.9 million (USD 0.4 million) from INR 109.9 million, while results from operations fell to INR 55.9 million from INR 104.4 million.

Operationally, demand remained resilient: total Gross Bookings rose 16.3% to INR 21,006.8 million, driven by Air Ticketing bookings up 17.6% and Hotels and Packages up 12.9%. Standalone hotel room nights grew 29.6%. Non-IFRS metrics improved, with Adjusted Margin from Air Ticketing up 8.9%, Hotels and Packages up 24.3%, and Adjusted EBITDA up 4.7% to INR 215.9 million. Profitability was constrained by higher personnel and other operating expenses, increased finance costs, and geopolitical and aviation-related headwinds. Cash and term deposits totaled INR 2,162.8 million (USD 22.8 million) as of June 30, 2026.

Positive

• Gross Bookings grew 16.3% year-over-year to INR 21,006.8 million (USD 221.9 million), indicating resilient underlying travel demand despite macro and geopolitical headwinds.
• Adjusted Margin from Hotels and Packages rose 24.3% to INR 472.5 million, supported by approximately 34% growth in standalone hotel gross bookings and about 66% revenue growth, strengthening a higher-margin segment.
• Adjusted EBITDA increased 4.7% to INR 215.9 million (USD 2.3 million), showing improved non-IFRS operating performance even as IFRS profit declined.
• Cash and term deposits totaled INR 2,162.8 million (USD 22.8 million) at June 30, 2026, providing a meaningful liquidity cushion.
• Air Ticketing Adjusted Margin rose 8.9% to INR 1,069.5 million, aligned with 17.6% growth in air gross bookings, reflecting continued strength in the core air franchise.

Negative

• Revenue declined 10.4% year-over-year to INR 1,879.0 million (USD 19.9 million), largely due to weakness in the Hotels and Packages business, particularly MICE.
• Profit for the period fell 62.8% to INR 40.9 million (USD 0.4 million) from INR 109.9 million, driven by higher personnel, operating and finance costs.
• Results from operations decreased 46.4% year-over-year to INR 55.9 million, indicating margin compression despite higher gross bookings.
• Hotels and Packages IFRS revenue dropped 17.2% to INR 1,037.4 million, as MICE volumes and margins were hurt by geopolitical uncertainty and higher travel costs.
• Operating cash flow turned negative, with net cash used in operating activities of INR 675.4 million versus an inflow of INR 1,350.5 million in the prior-year quarter, mainly from adverse working-capital movements.

Filing Explained

The report is incorporated into registration statements without a disclosed share sale or issuance; operating cash flow was negative for the quarter.

Form 6-K is an interim report used by a foreign private issuer to furnish material information published in its home market. On August 12, 2026, Yatra Online furnished unaudited results for the three months ended June 30, 2026.

The filing states that the report is incorporated by reference into the company’s existing Form F-3 and two Form S-8 registration statements. The disclosed action is inclusion in those registration statements, not a reported sale or issuance of shares.

For liquidity context, the quarter produced net cash used in operating activities of INR 675,418 thousand. The company separately reported INR 2,162.8 million of cash and term deposits on its balance sheet at June 30, 2026.

Key Figures

Revenue: INR 1,878,950 thousand Profit for the period: INR 40,861 thousand Adjusted EBITDA: INR 215,899 thousand +5 more

8 metrics

Revenue INR 1,878,950 thousand Three months ended June 30, 2026; down 10.4% year-over-year

Profit for the period INR 40,861 thousand Three months ended June 30, 2026; decreased 62.8% year-over-year

Adjusted EBITDA INR 215,899 thousand Three months ended June 30, 2026; up 4.7% year-over-year

Total Gross Bookings INR 21,006,783 thousand Three months ended June 30, 2026; up 16.3% year-over-year

Adjusted Margin - Hotels and Packages INR 472,516 thousand Three months ended June 30, 2026; up 24.3% year-over-year

Cash and term deposits INR 2,162,822 thousand Balance of cash and cash equivalents and term deposits as of June 30, 2026

Basic EPS INR 0.54 Three months ended June 30, 2026, on 63,990,178 weighted average shares

Adjusted Basic EPS INR 1.30 Three months ended June 30, 2026; excludes share-based compensation

Key Terms

Adjusted Margin, Adjusted EBITDA, Gross Bookings, MICE, +2 more

6 terms

Adjusted Margin financial

"we evaluate our financial performance based on Adjusted Margin, which is a non-IFRS measure"

Adjusted margin measures a company’s profitability after removing or altering certain charges or gains that management believes obscure its regular results, such as one‑time costs, unusual gains, or accounting items. Investors care because it aims to show the business’s recurring profit rate — like looking at a household budget but ignoring a single big, unexpected expense — which helps compare performance across periods and between companies more fairly.

Adjusted EBITDA financial

"Adjusted EBITDA (2) was INR 215.9 million (USD 2.3 million) reflecting an increase of 4.7% YoY"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Gross Bookings financial

"Gross Bookings represent the total amount paid by our customers for travel services"

Gross bookings is the total dollar value of transactions a company records from sales, reservations, or orders before subtracting cancellations, refunds, taxes, or fees. Think of it as the full amount put into a shopping cart at checkout rather than the final receipt; it shows raw customer demand and sales momentum but does not equal actual revenue or profit, so investors use it to gauge growth and market interest while also watching conversion to net revenue.

MICE financial

"weakness in MICE (Corporate Group Travel), where geopolitical uncertainty contributed to higher travel costs"

Mice are small laboratory animals commonly used in preclinical research to test whether new drugs, therapies, or medical devices are safe and effective before human trials. For investors, results from mouse studies act like an early pilot test—positive findings can boost confidence and value by suggesting a treatment may work, while negative or unclear results can signal higher risk, though outcomes in mice do not guarantee human success.

non-IFRS measures financial

"we also refer to Adjusted EBITDA, Adjusted Results from Operations, Adjusted Profit/(Loss) for the Period as non-IFRS measures"

Non-IFRS measures are financial figures that companies create on their own to show aspects of their performance, beyond what standard accounting rules require. They can help investors better understand how a company is really doing by highlighting information that might be more relevant or easier to interpret, much like a sports coach emphasizes certain stats to showcase team strengths not captured by official scores.

Right-of-use assets technical

"Right-of-use assets | 257,291 | 234,216 | 2,474"

Right-of-use assets are the rights a company gains to use a physical space or equipment under a lease agreement. They are recorded as assets on the company's balance sheet, reflecting the value of future benefits from the leased item. For investors, these assets provide a clearer picture of a company's obligations and resources related to leasing arrangements, helping to assess its financial health and operational commitments.

Earnings Snapshot

Revenue: INR 1,878,950 thousand

Three months ended June 30, 2026

Revenue INR 1,878,950 thousand -10.4% YoY

Profit for the period INR 40,861 thousand -62.8% YoY

Adjusted EBITDA INR 215,899 thousand +4.7% YoY

Total Gross Bookings INR 21,006,783 thousand +16.3% YoY

Adjusted Margin - Hotels and Packages INR 472,516 thousand +24.3% YoY

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Yatra Online (YTRA) perform financially in the quarter ended June 30, 2026?

Yatra generated revenue of INR 1,879.0 million (USD 19.9 million), down 10.4% year-over-year, and reported profit of INR 40.9 million (USD 0.4 million). Results from operations were a profit of INR 55.9 million compared with INR 104.4 million a year earlier.

What were Yatra Online (YTRA)’s Gross Bookings and growth for the quarter?

Total Gross Bookings were INR 21,006.8 million (USD 221.9 million), up 16.3% year-over-year. Air Ticketing bookings grew 17.6% to INR 16,578.9 million, while Hotels and Packages bookings increased 12.9% to INR 3,876.2 million, reflecting resilient demand across key segments.

How did Yatra Online (YTRA)’s profitability metrics change year-over-year?

IFRS profit fell 62.8% to INR 40.9 million, and results from operations declined 46.4% to INR 55.9 million. However, Adjusted EBITDA rose 4.7% to INR 215.9 million, and Adjusted Profit was INR 89.2 million versus INR 120.3 million in the prior-year quarter.

How did Yatra Online (YTRA)’s segments perform, especially Air Ticketing and Hotels and Packages?

Air Ticketing revenue rose to INR 698.8 million with Adjusted Margin of INR 1,069.5 million, up 8.9%. Hotels and Packages revenue declined to INR 1,037.4 million, but Adjusted Margin increased 24.3% to INR 472.5 million, driven by strong standalone hotel growth despite MICE weakness.

What was Yatra Online (YTRA)’s liquidity position as of June 30, 2026?

As of June 30, 2026, Yatra held cash and cash equivalents and term deposits of INR 2,162.8 million (USD 22.8 million). On the cash flow statement, operating activities used INR 675.4 million, while financing activities provided INR 393.0 million in the quarter.

How did non-IFRS measures like Adjusted Margin and Adjusted EPS trend for Yatra Online (YTRA)?

Adjusted Margin improved across segments, with Air up 8.9% and Hotels and Packages up 24.3%. Adjusted Basic and Diluted EPS both increased to INR 1.30 versus INR 0.97 a year earlier, reflecting adjustments mainly for higher share-based compensation.

How many shares of Yatra Online (YTRA) were outstanding during the quarter?

As of June 30, 2026, 63,990,178 ordinary shares were issued and outstanding on an as-converted basis. The same figure was used as the basic and diluted weighted average share count for calculating earnings per share in the quarter.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

August 12, 2026

Commission File Number: 001-37968

YATRA ONLINE, INC.

Gulf Adiba, Plot No. 272,

4th Floor, Udyog Vihar, Phase-II,

Sector-20, Gurugram-122008, Haryana

India

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Other Events

On August 12, 2026, Yatra Online, Inc. issued an earnings release announcing its unaudited financial and operating results for the three months ended June 30, 2026. A copy of the earnings release is attached hereto as Exhibit 99.1.

This Report on Form 6-K is hereby incorporated by reference into Yatra Online, Inc.’s registration statement on Form F-3 (Registration Statement No. 333-256442) filed with the Securities and Exchange Commission (“SEC”) on May 24, 2021 (and subsequently amended on July 7, 2021), Form S-8 (Registration Statement No. 333-218498) filed with the SEC on June 5, 2017 and Form S-8 (Registration Statement No. 333-298000) filed with the SEC on August 5, 2026, to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

Exhibit Index

Exhibit No.		Description
99.1		Earnings release of Yatra Online, Inc. dated August 12, 2026

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	YATRA ONLINE, INC.
Date: August 12, 2026	By:	/s/ Siddhartha Gupta
		Siddhartha Gupta
		Chief Executive Officer

3

Exhibit 99.1

YATRA ONLINE, INC. ANNOUNCES RESULTS FOR

THE THREE MONTHS ENDED JUNE 30, 2026

Gurugram, India and New York August 12, 2026— Yatra Online, Inc. (NASDAQ: YTRA) (the “Company”), India’s leading corporate travel services provider and one of India’s leading online travel companies, today announced its unaudited financial and operating results for the three months ended June 30, 2026.

“The first quarter of fiscal year 2027 was characterized by resilient demand and strong growth in Gross Bookings despite a challenging operating environment that pressured revenue and margins. Gross Bookings increased 16.3% year-over-year to INR 21,006.8 million (USD 221.9 million), reflecting continued momentum across our platform.

The conflict in the Middle East and related geopolitical uncertainty, continued to impact the travel environment during the quarter, particularly international travel. Elevated aviation fuel prices, higher airfares and airline capacity rationalization adversely affected travel demand and profitability. Domestic demand remained comparatively resilient.

For the three months ended June 30, 2026, revenue from operations was INR 1,879.0 million (USD 19.9 million), a decline of 10.4% year-over-year.

Our Air Travel segment delivered Gross Bookings growth of approximately 17.6% year-over-year, supported by higher average ticket prices and continued expansion across our distribution channels. A change of mix in air volumes across lines of businesses, resulted in lower margins together with competitive market conditions and delays in certain airline incentive arrangements, contributed to lower Air take rates during the quarter.

Our Hotels and Packages segment delivered Gross Bookings growth of approximately 12.9% year-over-year. Within the segment, standalone Hotels continued its strong performance, with Gross Bookings increasing approximately 34% and revenue approximately 66%. This reinforces our strategy of scaling Hotels as an important higher-margin component of our business.

Hotels and Packages performance was partially offset by weakness in MICE (Corporate Group Travel), where geopolitical uncertainty, particularly in the Middle East, contributed to higher travel costs, delayed corporate travel decisions and a shift in some incentive travel from international to domestic destinations, resulting in lower volumes and margins.

Profitability was also affected by higher personnel and other operating expenses, including planned investments in strategic growth initiatives. 

Corporate Travel remains a key strategic growth pillar for Yatra. We continue to focus on expanding our corporate customer base, increasing wallet share and leveraging our technology platform to deliver a differentiated enterprise travel experience.

We are also expanding our addressable market through investments in initiatives like Travel Pro for the MSME segment, RECAP for expense management, new technology-led partnerships and strategic global partnerships.

Looking ahead, while geopolitical and aviation-related uncertainties persist, we believe the structural drivers of travel market remain compelling. We remain focused on scaling our higher-margin Hotels business, strengthening profitability across our Air and Hotels and Packages segments, and leveraging technology, artificial intelligence and automation to improve customer experience and operating efficiency.

Our objective remains disciplined, profitable growth and sustainable long-term value creation for all our stakeholders. I extend my sincere thanks to our dedicated team, trusted partners, customers and shareholders for their continued support.” — Siddhartha Gupta, CEO.

Financial and operating highlights for the three months ended June 30, 2026:

●	Revenue of INR 1,879.0 million (USD 19.9 million), representing a decrease of 10.4% year-over-year basis (“YoY”).
●	Adjusted Margin (1) from Air Ticketing of INR 1,069.5 million (USD 11.3 million), representing an increase of 8.9% YoY.
●	Adjusted Margin (1) from Hotels and Packages of INR 472.5 million (USD 5.0 million), representing an increase of 24.3% YoY.
●	Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)(3) of INR 21,006.8 million (USD 221.9 million), representing an increase of 16.3% YoY.
●	Profit for the period was INR 40.9 million (USD 0.4 million) versus a profit of INR 109.9 million (USD 1.2 million) for the three months ended June 30, 2025, reflecting a decrease of INR 69.1 million (USD 0.7 million) YoY.
●	Result from operations was a Profit of INR 55.9 million (USD 0.6 million) versus a profit of INR 104.4 million (USD 1.1 million) for the three months ended June 30, 2025, reflecting a decrease of INR 48.5 million (USD 0.5 million) YoY.
●	Adjusted EBITDA(2) was INR 215.9 million (USD 2.3 million) reflecting an increase of 4.7% YoY.

		Three months ended June 30,
		2025				2026				2026				YoY Change
		Unaudited				Unaudited				Unaudited
(In thousands except percentages)		INR				INR				USD				%
Financial Summary as per IFRS
Revenue			2,098,144				1,878,950				19,850				(10.4	)%
Results from operations			104,378				55,900				592				(46.4	)%
(Loss)/ Profit for the period			109,937				40,861				433				(62.8	)%
Financial Summary as per non-IFRS measures
Adjusted Margin (1)
Adjusted Margin - Air Ticketing			982,517				1,069,538				11,299				8.9	%
Adjusted Margin - Hotels and Packages			380,148				472,516				4,992				24.3	%
Adjusted Margin - Other Services			71,905				74,821				790				4.1	%
Others (Including Other Income)			141,002				238,195				2,516				68.9	%
Adjusted EBITDA (2)			206,226				215,899				2,281				4.7	%
Operating Metrics
Gross Bookings (3)			18,057,854				21,006,783				221,918				16.3	%
Air Ticketing			14,103,223				16,578,853				175,141				17.6	%
Hotels and Packages			3,433,322				3,876,188				40,949				12.9	%
Other Services (6)			521,309				551,742				5,829				5.8	%
Adjusted Margin% (4)
Air Ticketing			7.0	%			6.5	%
Hotels and Packages			11.1	%			12.2	%
Other Services			13.8	%			13.6	%
Quantitative details (5)
Air Passengers Booked			1,206				1,264								4.8	%
Stand-alone Hotel Room Nights Booked			423				548								29.6	%
Packages Passengers Travelled			19				17								(13.1	)%

Note:

	(1)	As certain parts of our revenue are recognized on a “net” basis and other parts of our revenue are recognized on a “gross” basis, we evaluate our financial performance based on Adjusted Margin, which is a non-IFRS measure.
	(2)	See the section below titled “Certain Non-IFRS Measures.”
	(3)	Gross Bookings represent the total amount paid by our customers for travel services, freight services and products booked through us, including taxes, fees and other charges, and are net of cancellation and refunds.
	(4)	Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings.
	(5)	Quantitative details are considered on a gross basis.
	(6)	Other Services primarily consists of freight business, IT services, bus, rail and cab and others services.

As of June 30, 2026, 63,990,178 ordinary shares (on an as-converted basis), par value $0.0001 per share, of the Company (the “Ordinary Shares”) were issued and outstanding.

Convenience Translation

The unaudited condensed consolidated financial statements are stated in INR. However, solely for the convenience of readers, the unaudited condensed consolidated statement of profit or loss and other comprehensive loss for the three months ended June 30, 2026, the unaudited condensed consolidated statement of financial position as at June 30, 2026, the unaudited condensed consolidated statement of cash flows for the three months ended June 30, 2026 and discussion of the results of the three months ended June 30, 2026 compared with three months ended June 30, 2025, were converted into U.S. dollars at the exchange rate of 94.66 INR per USD, which is based on the noon buying rate as at June 30, 2026, in The City of New York for cable transfers of Indian rupees as certified for customs purposes by the Federal Reserve Bank of New York. This arithmetic conversion should not be construed as representation that the amounts expressed in INR may be converted into USD at that or any other exchange rate as well as that such numbers are in compliance as per the requirements of the International Financial Reporting Standards (“IFRS”).

Results of Three Months Ended June 30, 2026

Revenue. We generated Revenue of INR 1,879.0 million (USD 19.9 million) in the three months ended June 30, 2026, a decrease of 10.4% compared with INR 2,098.1 million (USD 22.2 million) in three months ended June 30, 2025. Decrease in revenue is mainly on account of decrease in our Hotels and Packages business on account of our Meetings, Incentives, Conferences, and Exhibitions (“MICE”) business.

Service cost. Our Service cost decreased to INR 651.6 million (USD 6.9 million) in the three months ended June 30, 2026, compared to Service cost of INR 941.9 million (USD 9.9 million) in the three months ended June 30, 2025. The decrease in Service cost is driven by a decrease in Hotels and Packages gross bookings on account of our MICE business.

The following table reconciles our Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure), for further details, see section below titled “Certain Non-IFRS Measures.”

Reconciliation of Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure)

		Reportable Segments
		Air Ticketing								Hotels and Packages								Other Services
		Three months ended June 30,
Amount in INR thousands (Unaudited)		2025				2026				2025				2026				2025				2026
Revenue as per IFRS - Rendering of services			646,972				698,828				1,252,556				1,037,429				67,409				69,084
Customer promotional expenses			335,545				370,710				69,445				86,726				4,496				5,737
Service cost			-				-				(941,853	)			(651,639	)			-				-
Adjusted Margin			982,517				1,069,538				380,148				472,516				71,905				74,821

Air Ticketing. Revenue from our Air Ticketing business was INR 698.8 million (USD 7.4 million) in the three months ended June 30, 2026 as compared to INR 647.0 million (USD 6.8 million) in the three months ended June 30, 2025, reflecting an increase of 8%.

Adjusted Margin ⁽¹⁾ from our Air Ticketing business increased to INR 1,069.5 million (USD 11.3 million) in the three months ended June 30, 2026, as compared to INR 982.5 million (USD 10.4 million) in the three months ended June 30, 2025. In the three months ended June 30, 2026, Adjusted Margin ⁽¹⁾ for Air Ticketing includes the add-back of INR 370.7 million (USD 3.9 million) of consumer promotion and loyalty program costs, which had been reduced from Revenue as per IFRS 15, against an add-back of INR 335.5 million (USD 3.5 million) in the three months ended June 30, 2025. The increase in Adjusted Margin – Air Ticketing is in line with the increase in gross bookings.

Hotels and Packages. Revenue from our Hotels and Packages business was INR 1,037.4 million (USD 11.0 million) in the three months ended June 30, 2026, as compared to INR 1,252.6 million (USD 13.2 million) in the three months ended June 30, 2025, reflecting a decrease of 17.2%.

Adjusted Margin ⁽¹⁾ for this segment increased by 24.3% to INR 472.5 million (USD 5.0 million) in the three months ended June 30, 2026 from INR 380.1 million (USD 4.0 million) in the three months ended June 30, 2025. In the three months ended June 30, 2026, Adjusted Margin ⁽¹⁾ for Hotels and Packages includes the add-back of customer promotional expenses, which had been reduced from Revenue as per IFRS 15 of INR 86.7 million (USD 0.9 million) against an add-back of INR 69.4 million (USD 0.7 million) in the three months ended June 30, 2025. The increase in Adjusted Margin is driven by increase in gross bookings of our Hotels and Packages business on account of Stand-alone Hotel Room Nights Booked.

Other Services. Our Revenue from Other Services was INR 69.1 million (USD 0.7 million) in the three months ended June 30, 2026, an increase from INR 67.4 million (USD 0.7 million) in the three months ended June 30, 2025.

Adjusted Margin for this segment increased by 4.1% to INR 74.8 million (USD 0.8 million) in the three months ended June 30, 2026, from INR 71.9 million (USD 0.8 million) in the three months ended June 30, 2025. In the three months ended June 30, 2026, Adjusted Margin includes the add-back of consumer promotion expenses, which had been reduced from Revenue of INR 5.7 million (USD 0.1 million) against an add-back of INR 4.5 million (USD 0.1 million) in the three months ended June 30, 2025 pursuant to IFRS 15.

(1) See the section titled “Certain Non-IFRS Measures.”

Other Revenue. Our Other Revenue was INR 73.6 million (USD 0.8 million) in the three months ended June 30, 2026, a decrease from INR 131.2 million (USD 1.4 million) in the three months ended June 30, 2025 due to a decrease in advertising revenue.

Other Income. Our Other Income increased to INR 164.6 million (USD 1.7 million) in the three months ended June 30, 2026 from INR 9.8 million (USD 0.1 million) in the three months ended June 30, 2025 due to an increase in write back of liabilities no longer required to be paid.

Personnel Expenses. Our personnel expenses increased by 29.2% to INR 521.3 million (USD 5.5 million) in the three months ended June 30, 2026 from INR 403.6 million (USD 4.3 million) in the three months ended June 30, 2025. Excluding employee share-based compensation costs of INR 48.4 million (USD 0.5 million) in the three months ended June 30, 2026, compared to INR 10.3 million (USD 0.1 million) in the three months ended June 30, 2025, personnel expenses increased by 20.3% in the three months ended June 30, 2026 on account of an impact of annual appraisal cycle.

Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses decreased by 55.6% to INR 44.8 million (USD 0.5 million) in the three months ended June 30, 2026 from INR 100.8 million (USD 1.1 million) in the three months ended June 30, 2025. Adding back the expenses for consumer promotions and loyalty program costs, which have been deducted from Revenue per IFRS 15, our marketing spend would have been INR 508.0 million (USD 5.4 million) in the three months ended June 30, 2026 against INR 510.3 million (USD 5.4 million) in the three months ended June 30, 2025, a decrease by 0.5% on a YoY basis on account of optimization of consumer promotion expenses across all the businesses.

Other Operating Expenses. Other operating expenses increased by 41.3% to INR 658.3 million (USD 7.1 million) in the three months ended June 30, 2026 from INR 465.8 million (USD 4.9 million) in the three months ended June 30, 2025.

Depreciation and Amortization. Our depreciation and amortization expenses increased by 22.0% to INR 111.6 million (USD 1.2 million) in the three months ended June 30, 2026 from INR 91.5 million (USD 1.0 million) in the three months ended June 30, 2025 on account of higher capitalization of intangible assets.

Results from Operations. As a result of the foregoing factors, our Results from Operations were a profit of INR 55.9 million (USD 0.6 million) in the three months ended June 30, 2026. Our results from operations for the three months ended June 30, 2025 was a profit of INR 104.4 million (USD 1.1 million). Excluding the employee share-based compensation costs, Adjusted Results from Operations⁽¹⁾ would have been a profit of INR 104.3 million (USD 1.1 million) for three months ended June 30, 2026 as compared to a profit of INR 114.7 million (USD 1.2 million) for three months ended June 30, 2025.

Finance Income. Our finance income increased to INR 36.1 million (USD 0.4 million) in the three months ended June 30, 2026 from INR 35.1 million (USD 0.4 million) in the three months ended June 30, 2025. This increase was primarily on account of an increase in our term deposits.

Finance Costs. Our finance costs of INR 46.4 million (USD 0.5 million) in the three months ended June 30, 2026 which includes interest on the lease liability of INR 9.1 million (USD 0.1 million) increased by INR 28.2 million (USD 0.4 million) from finance cost of INR 18.2 million (USD 0.2 million) in the three months ended June 30, 2025, which includes interest on the lease liability of INR 8.6 million (USD 0.1 million).

Income Tax Expense. Our income tax expense during the three months ended June 30, 2026 was INR 4.7 million (USD 0.1 million) compared to income tax expense of INR 11.3 million (USD 0.1 million) during the three months ended June 30, 2025.

Profit/ (Loss) for the Period. As a result of the foregoing factors, our profit in the three months ended June 30, 2026 was INR 40.9 million (USD 0.4 million) as compared to a profit of INR 109.9 million (USD 1.2 million) in the three months ended June 30, 2025. Excluding the employee share based compensation costs, the Adjusted Profit⁽¹⁾ would have been INR 89.2 million (USD 0.9 million) for the three months ended June 30, 2026 against an Adjusted Profit⁽¹⁾ of INR 120.3 million (USD 1.3 million) for the three months ended June 30, 2025. Due to the foregoing factors, Adjusted EBITDA ⁽¹⁾ increased to INR 215.9 million (USD 2.3 million) in the three months ended June 30, 2026 from an Adjusted EBITDA ⁽¹⁾ of INR 206.2 million (USD 2.2 million) in the three months ended June 30, 2025.

Basic Earnings/(Loss) per Share. Basic Earnings per Share was INR 0.54 (USD 0.01) in the three months ended June 30, 2026 as compared to Basic Earnings per share of INR 0.85 (USD 0.01) in the three months ended June 30, 2025. After excluding the employee share-based compensation costs, Adjusted Basic Earnings per Share⁽¹⁾ would have been INR 1.30 (USD 0.01) in the three months ended June 30, 2026, as compared to Adjusted Basic Earnings per share of INR 0.97 (USD 0.01) in the three months ended June 30, 2025.

Diluted Earnings/(Loss) per Share. Diluted Earnings per Share was INR 0.54 (USD 0.01) in the three months ended June 30, 2026 as compared to Diluted Earnings per share of INR 0.85 (USD 0.01) in the three months ended June 30, 2025. After excluding the employee share-based compensation costs, Adjusted Diluted Earnings per Share⁽¹⁾ would have been INR 1.30 (USD 0.01) in the three months ended June 30, 2026 as compared to Adjusted Diluted Earnings of INR 0.97 (USD 0.01) in the three months ended June 30, 2025.

(1) See the section titled “Certain Non-IFRS Measures.”

Liquidity. As of June 30, 2026, the balance of cash and cash equivalents and term deposits on our balance sheet was INR 2,162.8 million (USD 22.8 million).

(1) See the section titled “Certain Non-IFRS Measures.”

Conference Call

The Company will host a conference call to discuss its unaudited results for the three months ended June 30, 2026 beginning at 08:30 AM Eastern Daylight Time (or 06:00 PM India Standard Time) on August 13, 2026. Dial in details for the conference call is as follows: US/International dial-in number: +1 585-542-9983. Confirmation Code: 129782492 (Callers should dial in 5-10 minutes prior to the start time and provide the operator with the Confirmation Code). The conference call will also be available via webcast at https://events.q4inc.com/attendee/129782492.

Certain Non-IFRS Measures

As certain parts of our Revenue are recognized on a “net” basis and other parts of our Revenue are recognized on a “gross” basis, we evaluate our financial performance based on Adjusted Margin, which is a non-IFRS measure.

We believe that Adjusted Margin provides investors with useful supplemental information about the financial performance of our business and more accurately reflects the value addition of the travel services that we provide to our customers. The presentation of this non-IFRS information is not meant to be considered in isolation or as a substitute for our unaudited condensed consolidated financial results prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”). Our Adjusted Margin may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

In addition to referring to Adjusted Margin, we also refer to Adjusted EBITDA, Adjusted Results from Operations, Adjusted Profit/(Loss) for the Period and Adjusted Basic and Adjusted Diluted Earnings/(Loss) Per Share which are also non-IFRS measures. For our internal management reporting, budgeting and decision-making purposes, including comparing our operating results to that of our competitors, these non-IFRS financial measures exclude employee share-based compensation cost. Our non-IFRS financial measures reflect adjustments based on the following:

	●	Employee share-based compensation cost - The compensation cost to be recorded is dependent on varying available valuation methodologies and subjective assumptions that companies can use while valuing these expenses especially when adopting IFRS 2 “Share-based Payment”. Thus, the management believes that providing non-IFRS financial measures that exclude such expenses allows investors to make additional comparisons between our operating results and those of other companies.
	●	Finance income - These primarily reflect income on the bank deposit.
	●	Finance cost - These primarily reflect income on the borrowings and interest in lease liability.
	●	Depreciation and amortization - These primarily reflect depreciation and amortization on tangible and intangible assets.
	●	Tax expense - These primarily reflect income tax and deferred tax.

We evaluate the performance of our business after excluding the impact of the above measures and believe it is useful to understand the effects of these items on our results from operations, Profit/(Loss) for the period and Basic and Diluted Earnings/(Loss) Per Share. The presentation of these non-IFRS measures is not meant to be considered in isolation or as a substitute for our unaudited condensed consolidated financial results prepared in accordance with IFRS as issued by the IASB. These non-IFRS measures may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

A limitation of using Adjusted EBITDA, Adjusted Results from Operations, Adjusted Profit/(Loss) for the period and Adjusted Basic and Adjusted Diluted Earnings/(Loss) Per Share as against using measures in accordance with IFRS as issued by the IASB are that these non-IFRS financial measures exclude share-based compensation cost, depreciation and amortization, finance income, finance costs, and tax expenses in case of Adjusted EBITDA. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted EBITDA, Adjusted Results from Operations, Adjusted Profit/(Loss) for the Period and Adjusted Basic and Adjusted Diluted Earnings/(Loss) Per Share.

The following table reconciles our Profits/(Losses) for the periods (an IFRS measure) to Adjusted EBITDA (a non-IFRS measure) for the periods indicated:

Reconciliation of Adjusted EBITDA (unaudited)		Three months ended
Amount in INR thousands		June 30, 2025				June 30, 2026
Profit/(Loss) for the period as per IFRS			109,937				40,861
Employee share-based compensation costs			10,339				48,354
Depreciation and amortization			91,510				111,647
Finance income			(35,070	)			(36,120	)
Finance costs			18,222				46,434
Tax expense			11,288				4,723
Adjusted EBITDA			206,226				215,899

Reconciliation of Adjusted Results from Operations (unaudited)		Three months ended
Amount in INR thousands		June 30, 2025				June 30, 2026
Results from operations (as per IFRS)			104,378				55,900
Employee share-based compensation costs			10,339				48,354
Adjusted Results from Operations			114,717				104,254

Reconciliation of Adjusted Profit/(Loss) (unaudited)		Three months ended
Amount in INR thousands		June 30, 2025				June 30, 2026
Profit/(Loss) for the period (as per IFRS)			109,937				40,861
Employee share-based compensation costs			10,339				48,354
Tax impact of non-IFRS adjustments*			-				-
Adjusted Profit/(Loss) for the period			120,276				89,215

		Three months ended
Reconciliation of Adjusted Basic Earnings/(Loss) (Per Share) (unaudited)		June 30, 2025				June 30, 2026
Basic Earnings/Loss per share (as per IFRS)			0.85				0.54
Employee share-based compensation costs			0.12				0.76
Tax impact of non-IFRS adjustments*			-				-
Adjusted Basic Earnings/(Loss) Per Share			0.97				1.30

		Three months ended
Reconciliation of Adjusted Diluted Loss (Per Share) (unaudited)		June 30, 2025				June 30, 2026
Diluted Earnings/(Loss) per share (as per IFRS)			0.85				0.54
Employee share-based compensation costs			0.12				0.76
Tax impact of non-IFRS adjustments*			-				-
Adjusted Diluted Earnings/(Loss) Per Share			0.97				1.30

*Non-IFRS adjustments, such as employee share-based compensation and listing expenses, are tax-effected using the statutory rates of the jurisdictions in which they arise. The employee share-based compensation and listing expenses adjustments are attributable to a Company subsidiary that currently has a nil tax liability. Accordingly, no income tax adjustment is required for these items.

The following table reconciles our Revenue (an IFRS measure), to Adjusted Margin (a non-IFRS measure):

Reconciliation of Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure)

		Reportable Segments
		Air Ticketing								Hotels and Packages								Other Services
		Three months ended June 30,
Amount in INR thousands (Unaudited)		2025				2026				2025				2026				2025				2026
Revenue as per IFRS - Rendering of services			646,972				698,828				1,252,556				1,037,429				67,409				69,084
Customer promotional expenses			335,545				370,710				69,445				86,726				4,496				5,737
Service cost			-				-				(941,853	)			(651,639	)			-				-
Adjusted Margin			982,517				1,069,538				380,148				472,516				71,905				74,821

Safe Harbor Statement

This earnings release contains certain statements concerning the Company’s future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “project,” “seek,” “should” similar expressions and the negative forms of such expressions. Such statements include, among other things, statements regarding the long-term growth trajectory for the Indian travel market; growth of the MICE business and corporate travel business; statements concerning management’s beliefs as well as our strategic and operational plans; our plans and expectations regarding the growth and scaling of our Hotels business, including standalone Hotels; our expectations regarding profitability and margin improvement across our Air and Hotels and Packages businesses; our plans to use technology, artificial intelligence and automation to improve customer experience and operating efficiency; our ability to simplify our corporate structure and operations and enhance shareholder value; our expectations regarding sustained margin expansion as a result of simplifying our legal and corporate structure; our future financial performance; our ability to meet our financial guidance; and our ability to comply with Nasdaq’s continued listing requirements for our ordinary shares to remain listed on Nasdaq. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the impact of increasing competition in the Indian travel industry and our expectations regarding the development of our industry and the competitive environment in which we operate; the slowdown in Indian economic growth and other declines or disruptions in the Indian economy in general and travel and freight industry in particular, including disruptions caused by safety concerns, flight cancellations as a result of airline staffing shortages or regulatory noncompliance, terrorist attacks, regional conflicts (including the ongoing conflict between Ukraine and Russia, the evolving events in Israel, Gaza and the Middle East, including the conflict in Iran, austerity measures implemented or recommended by the Indian government, pandemics, macroeconomic factors, including tariff and trade issues, and natural calamities; fluctuations in exchange rates between the Indian rupee and the U.S. dollar, Euro, British pound sterling or other major currencies, changes in aviation fuel prices, airline capacity and average airfares; our ability to successfully negotiate our contracts with airline suppliers and global distribution system service providers and mitigate any negative impacts on our Revenue that result from reduced commissions, incentive payments and fees we receive; the risk that airline suppliers (including our GDS service providers) may reduce or eliminate the commission and other fees they pay to us for the sale of air tickets; our ability to pursue strategic partnerships and the risks associated with our business partners; the potential impact of recent developments in the Indian travel industry, on our profitability and financial condition; political and economic stability in and around India and other key travel destinations; our ability to maintain and increase our brand awareness; our ability to realize the anticipated benefits of any past or future acquisitions; our ability to successfully implement our growth strategy; our ability to attract, train and retain executives and other qualified employees, and our ability to successfully implement any new business initiatives; our ability to effectively integrate artificial intelligence, machine learning and automated decision-making tools; non-compliance with Nasdaq’s continued listing requirements and consequent delisting of our ordinary shares from Nasdaq; and our ability to simplify our multi-jurisdictional corporate structure or reduce resources and management time devoted to compliance requirement. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange Commission. All information provided in this earnings release is provided as of the date of issuance of this earnings release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Yatra Online, Inc.

Yatra Online, Inc. is the ultimate parent company of Yatra Online Limited, a public listed company on the NSE and BSE (hereinafter referred to as “Yatra India”), whose corporate office is based in Gurugram, India. Yatra India is India’s largest corporate travel services provider in terms of number of corporate clients with over 1,340 large corporate customers and approximately 60,750 registered SME customers and the second-largest player in the TMC and corporate OTA segment in the country in terms of market share for fiscal year 2024 (Videc report). Leisure and business travelers use Yatra India’s mobile applications, its website, www.yatra.com, and its other offerings and services to explore, research, compare prices and book a wide range of travel-related services. These services include domestic and international air ticketing on nearly all Indian and international airlines, as well as bus ticketing, rail ticketing, cab bookings and ancillary services within India. With approximately 81,500 hotels and homestays in approximately 1,550 cities and towns in India as well as more than 2.9 million hotels around the world, Yatra India has the largest hotels inventory amongst key Indian OTA players.

For more information, please contact:

Bill Zima

ICR Inc.

Email: bill.zima@icrinc.com

Yatra Online, Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE LOSS FOR THREE MONTHS ENDED JUNE 30, 2026

(Amount in thousands, except per share data and number of shares)

		Three months ended June 30,
		2025				2026
		INR				INR				USD
		Unaudited				Unaudited				Unaudited
Revenue
Rendering of services			1,966,936				1,805,340				19,072
Other revenue			131,208				73,610				778
Total revenue			2,098,144				1,878,950				19,850
Other income			9,794				164,585				1,739
Service cost			941,853				651,639				6,884
Personnel expenses			403,588				521,274				5,507
Marketing and sales promotion expenses			100,831				44,801				473
Other operating expenses			465,778				658,272				6,954
Depreciation and amortization			91,510				111,647				1,179
Results from operations			104,378				55,900				592
Finance income			35,070				36,120				382
Finance costs			(18,222	)			(46,436	)			(491	)
Listing and related expenses			-				-				-
Profit/(Loss) before taxes			121,225				45,584				483
Tax (expense)/benefit			(11,288	)			(4,723	)			(50	)
Profit/(Loss) for the period			109,937				40,861				433
Other comprehensive income/ (loss)
Items not to be reclassified to profit or loss in subsequent periods (net of taxes)
Remeasurement gain on defined benefit plan			(955	)			(1,689	)			(17	)
Items that are or may be reclassified subsequently to profit or loss (net of taxes)
Foreign currency translation differences loss			(223,290	)			9,117				97
Other comprehensive profit/(loss) for the period, net of tax			(224,245	)			7,428				80
Total comprehensive profit/(loss) for the period, net of tax			(114,308	)			48,289				513
Profit/(loss) attributable to :
Owners of the Parent Company			52,896				34,252				363
Non-Controlling interest			57,041				6,609				70
Profit/(Loss) for the period			109,937				40,861				433
Total comprehensive profit/(loss) attributable to :
Owners of the Parent Company			(171,005	)			42,310				449
Non-Controlling interest			56,697				5,979				64
Total comprehensive profit/(loss) for the period			(114,308	)			48,289				513
Earnings/(Loss) per share
Basic			0.85				0.54				0.01
Diluted			0.85				0.54				0.01
Weighted average no. of shares
Basic			62,063,411				63,990,178				63,990,178
Diluted			62,303,094				63,990,178				63,990,178

Yatra Online, Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF JUNE 30, 2026

(Amounts in thousands, except per share data and number of shares)

		March 31, 2026				June 30, 2026				June 30, 2026
		INR				INR				USD
		Audited				Unaudited
Assets
Non-current assets
Property, plant and equipment			100,598				96,986				1,025
Investment Property			40,058				40,058				423
Right-of-use assets			257,291				234,216				2,474
Intangible assets and goodwill			2,483,450				2,485,975				26,262
Prepayments and other assets			3,696				2,691				28
Other financial assets			54,659				59,507				629
Term deposits			32,032				32,066				339
Other non-financial assets			129,210				130,260				1,376
Deferred tax asset			30,648				29,313				310
Total non-current assets			3,131,642				3,111,072				32,866
Current assets
Trade and other receivables			5,396,927				6,063,266				64,053
Prepayments and other assets			1,835,763				1,519,161				16,049
Income tax recoverable			525,136				429,152				4,534
Other financial assets			80,769				93,626				989
Term deposits			1,476,004				1,392,960				14,715
Cash and cash equivalents			1,004,077				769,862				8,133
Total current assets			10,318,676				10,268,027				108,473
Total assets			13,450,318				13,379,099				141,339
Equity and liabilities
Equity
Share capital			879				879				9
Share premium			20,849,558				20,849,558				220,257
Treasury shares			(418,555	)			(418,555	)			(4,422	)
Other capital reserve			370,979				419,336				4,430
Accumulated deficit			(20,609,852	)			(20,576,658	)			(217,374	)
Non-controlling interest reserve			5,341,099				5,341,099				56,424
Foreign currency translation reserve			(82,685	)			(73,569	)			(777	)
Total equity attributable to equity holders of the Company			5,451,423				5,542,089				58,547
Total Non-controlling interest			2,813,032				2,819,010				29,780
Total equity			8,264,455				8,361,099				88,327
Non-current liabilities
Borrowings			12,090				16,569				175
Trade and other payables			-				2,255				24
Deferred tax liability			128,885				125,223				1,323
Employee benefits			103,723				106,550				1,126
Lease liability			228,583				191,698				2,025
Total non-current liabilities			473,281				442,295				4,673
Current liabilities
Borrowings			704,127				1,225,592				12,947
Trade and other payables			2,821,826				2,088,666				22,065
Employee benefits			86,011				85,919				908
Deferred revenue			2,511				-				-
Income taxes payable			1,641				8,839				93
Lease liability			84,920				100,779				1,065
Other financial liabilities			67,802				63,334				669
Other current liabilities			943,744				1,002,576				10,592
Total current liabilities			4,712,582				4,575,705				48,339
Total liabilities			5,185,863				5,018,000				53,012
Total equity and liabilities			13,450,318				13,379,099				141,339

Yatra Online, Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THREE MONTHS ENDED JUNE 30, 2026

(Amount in INR thousands, except per share data and number of shares)

		Equity share capital				Equity share premium				Treasury shares				Accumulated deficit				Noncontrolling interest reserve				Other capital reserve				Foreign currency translation reserve				Total				Non- controlling interest				Total Equity
Balance as at April 1, 2026			879				20,849,558				(418,555	)			(20,609,851	)			5,341,099				370,979				(82,685	)			5,451,425				2,813,031				8,264,456
Loss for the period			-				-				-				34,252				-				-				-				34,252				6,609				40,861
Other comprehensive loss
Foreign currency translation differences			-				-				-				-				-				-				9,117				9,117				-				9,117
Re-measurement gain on defined benefit plan			-				-				-				(1,059	)			-				-				-				(1,059	)			(630	)			(1,689	)
Total other comprehensive loss			-				-				-				(1,059	)			-				-				9,117				8,058				(630	)			7,428
Total comprehensive loss			-				-				-				33,193				-				-				9,117				42,310				5,979				48,289
Share based payments			-				-				-				-				-				48,354				-				48,354				-				48,354
Total contribution by owners			-				-				-				-				-				48,354				-				48,354				-				48,354
Balance as at June 30, 2026			879				20,849,558				(418,555	)			(20,576,658	)			5,341,099				419,333				(73,568	)			5,542,089				2,819,010				8,361,099

Yatra Online, Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THREE MONTHS ENDED JUNE 30, 2026

(Amount in thousands, except per share data and number of shares)

		Three months ended June 30,
		2025				2026				2026
		INR				INR				USD
Profit before tax			121,225				45,584				486
Adjustments for non-cash and non-operating items			100,796				173,354				1,848
Change in working capital			1,057,053				(990,476	)			(10,556	)
Direct taxes (paid)/ refund (net)			71,449				96,120				1,024
Net cash flows from operating activities			1,350,523				(675,418	)			(7,198	)
Net cash flows used in investing activities			(289,333	)			6,295				67
Net cash flows used in financing activities			(690,402	)			392,981				4,188
Net increase/decrease in cash and cash equivalents			370,788				(276,142	)			(2,943	)
Effect of exchange differences on cash and cash equivalents			(223,273	)			(25,800	)			(276	)
Cash and cash equivalents at the beginning of the period*			548,668				562,613				5,996
Cash and cash equivalents at the end of the period			696,183				260,671				2,777

* Includes an overdraft balance of INR 441,465 for the period ended on June 30, 2026 and INR 57,134 for period ended on June 30, 2025

Yatra Online, Inc.

OPERATING DATA

The following table sets forth certain selected unaudited condensed consolidated financial and other data for the periods indicated:

		For the three months ended June 30,
(In thousands except percentages)		2025				2026
Quantitative details *
Air Passengers Booked			1,206				1,264
Stand-alone Hotel Room Nights Booked			423				548
Packages Passengers Travelled			19				17
Gross Bookings
Air Ticketing			14,103,223				16,578,853
Hotels and Packages			3,433,322				3,876,188
Other Services			521,309				551,742
Total			18,057,854				21,006,783
Adjusted Margin
Adjusted Margin - Air Ticketing			982,517				1,069,538
Adjusted Margin - Hotels and Packages			380,148				472,516
Adjusted Margin - Other Services			71,905				74,821
Others (Including Other Income)			141,002				238,195
Total			1,575,573				1,855,070
Adjusted Margin%**
Air Ticketing			7.0	%			6.5	%
Hotels and Packages			11.1	%			12.2	%
Other Services			13.8	%			13.6	%

* Quantitative details are considered on Gross basis.

** Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings.

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