Adani Enterprises Limited · NSE:ADANIENT
Adani Enterprises — Adani Airport Holdings — Investor Presentation (June 2025)
24 slides from Adani Enterprises's investor presentation, June 2025
Slide 1: Adani Airport Holdings Limited Business Presentation June 2025
Adani Airport Holdings Limited Business Presentation | June 2025
Slide 2: Table of Contents
Table of Contents 1 India Growth Story 2 Indian Aviation Market 3 AAHL | Business Overview 4 AAHL | Integrated Airport Network 5 AAHL | Holding structure 6 AAHL | Commercial model 8 AAHL | Key Investment highlights 9 AAHL | Revenue structure 10 AAHL | Regulatory framework 11 AAHL | Deep dive in busi
Slide 3: India Growth Story | The Colossal Growth Opportunity
India Growth Story | The Colossal Growth Opportunity Key Highlights: Fastest growing economy + large consumer base…. …needs critical infra in transport and logistics • The estimated growth Fastest Growing Large Economy Large Consumer Base Under penetration of Air Travel High logistics cost G20 Real
Slide 4: Indian Aviation Market | Strong Growth Indicators
Indian Aviation Market | Strong Growth Indicators India – Fastest growing aviation market over the last decade… ...with strong indicators of future growth Passengers in millions CAGR (2018-40) – Top 10 fastest growing Asia Pacific aviation markets COVID-19 by passenger impact 84 1. Vietnam 2. India
Slide 5: Adani Airport Holdings Limited (AAHL) | Business Overview
Adani Airport Holdings Limited (“AAHL”) | Business Overview India’s largest Airport Operator Adani Airports across India Key Operating Metrics (FY25) • Adani Airports is India’s largest airport operator with eight airports and a market share of c. [23]%1 in passengers and c. 8 96m Pax [33]%1 in air
Slide 6: Integrated Airport Network
AAHL | Integrated Airport Network Diversified Portfolio of Scale Integrated Airport Network Operational AAHL Near Operations Lucknow | 7.0m Mumbai 1 Ahmedabad Lucknow Mangaluru Jaipur | 6.1m Navi Mumbai Jaipur Guwahati Trivandrum Ahmedabad | 13.6m Network Effect Mumbai | 55.3m Navi Mumbai | Under Co
Slide 7: Holding Structure
AAHL | Holding Structure AEL 100% Non-Aero business for the Airport Network AAHL MSA with AAHL Ahmedabad 100%1 74% MTRPL 26% Mangaluru 74%2 Flemingo (Duty-free) Lucknow 26% AAI MIAL 6 Airports Promoter Family of Jaipur Flemingo AMD: Ahmedabad, Guwahati 74% 74% AMRPL 26% LKO: Lucknow, Ahuja Family Tr
Slide 8: AAHL | Commercial Model
Adani Airport Holdings Limited (“AAHL”) | Commercial Model Passengers Non- passengers City Dwellers ▪ Landing Fees ▪ Aerobridge charges ▪ Duty Free / Duty paid ▪ Advertisement ▪ F&B ▪ Car parking Long term sub-lease on land co- ▪ Parking Charges ▪ Unauthorized terminus with airport concession ▪ User
Slide 9: AAHL | Key Investment Highlights
Adani Airport Holdings Limited (“AAHL”) | Key Investment Highlights 1 Indian Airport Macro features − India – Fastest growing aviation market − Non-Aero spend per pax lower vs other airports globally (potential for 2x-3x growth from current levels) − Stable and evolved regulatory environment with a
Slide 10: AAHL | Revenue Structure
Adani Airport Holdings Limited (“AAHL”) | Revenue Structure There are two types of revenues in Airport Business : Infra Play 1 Regulated Revenue Non- Regulated (Aero Revenue) Revenue Assured Return Revenue in relation to through Asset Aero Services at Airport 2 3 Hardening (Aero Non-Aero Revenue CSD
Slide 11: Stable and Mature Regulatory Framework
AAHL | Stable and Mature Regulatory Framework ICAO GoI Well-Defined Model Regulatory environment has evolved to become Regulatory Set up more mature and efficient MoCA Matured and well-defined Tariff setting process, stakeholders are Independent consulted throughout to ensure buy-in regulatory body
Slide 12: Aeronautical Business - Deep Dive
AAHL | Aeronautical Business - Deep Dive Focused on route development and stakeholder management to sweat airport assets to the fullest ▪ De-bottlenecking and capacity expansion Long term economic alignment with all Capacity 1 stakeholders ▪ Focus on smart planning of airside and terminals Creation
Slide 13: Non-Aeronautical Business - Deep Dive
AAHL | Non-Aeronautical Business - Deep Dive Non aero strategy designed to increase footfalls & provide high quality services through strategic partnerships with reputed 3rd parties – Develop new channels for sales (airport e-commerce) – Focus on increasing area for monetization both Increase Increa
Slide 14: CSD | Third Pillar of Growth, City Dwellers to drive Revenue Growth
CSD | Third Pillar of Growth, City Dwellers to drive Revenue Growth Mumbai CSD Ahmedabad CSD 657 acres City Side Development Across 8 airports 420 acres City Side Development Jaipur CSD Lucknow CSD MIAL + NMIAL ~13.2 mn sq. ft Build up Area ~21.5 mn sq. ft Navi Mumbai CSD Construction Area Phase I b
Slide 15: Navi Mumbai Airport - Largest Greenfield Airport in Asia - Construction Update
AAHL | Navi Mumbai Airport - Largest Greenfield Airport in Asia - Construction Update Photos Southern Runway, Rapid Exit Taxiway, Drainage Sh. GSA visited NMIAL site on 15th March-25 after Terminal Building – West Pier, Head House, East system completed, ILS26 Calibration test the first commercial f
Slide 16: Planned Privatization of New Airports presents an attractive Growth Opportunity
AAHL | Planned Privatization of New Airports presents an attractive Growth Opportunity • Government of India has launched a National Monetization Pipeline (NMP) National Monetization Pipeline1 for monetization of brownfield infrastructure assets of aggregate value of 24 major AAI airports in Tier 2
Slide 17: Adani Digital Labs (ADL) | Overview
Adani Digital Labs (“ADL”) | Overview A Digital Incubator Key Highlights Key Operating Metrics • Adani Digital has launched an Adani One app which • Adani B2C Pivot: Transform Adani’s existing integrates all consumer base of Adani portfolio companies companies into digital-first companies. Super App
Slide 18: No maturity outside of cash & FFO envelop
AAHL | No maturity outside of cash & FFO envelop page All figures in INR cr FFO for FY25 10 years of debt refinancing/maturity profile 4,350 7,130 (226) 2,056 Part of (2,068) Refinancing Plan 3,466 6,474 FFO + Cash Balances – 2,970 EBITDA Tax Interest FFO 3,428 1,529 (13%) 2,970 3,421 FFO – 2,056 88
Slide 19: Continuously improving credit profile with deep rating coverage
AAHL | Continuously improving credit profile with deep rating coverage Global Domestic 31% IG AAA - AA+ Rating Track 41% 40% Record April April April BB+ AA – AA- 2022 2023 2025 3 A Category 59% 60% BB- 69% BBB+ - Below years 69% rated above “A” 59% rated above “A” 40% rated above “A” RR EBITDA INR
Slide 20: Well distributed EBITDA contribution and Asset base
AAHL | Well distributed EBITDA contribution and Asset base Portfolio AAHL EBITDA 10% 2% 2% % of Portfolio Gross Assets % of Entity’s Gross Assets 44% 40% 8,644 89,806 20,471 10% 5,000 Diversified, geographically 668 4,350 varied EBITDA with 4,500 23% 23,917 1,179 4,000 1,758 1% 3,500 minimal to no 2
Slide 21: Derisking Balance Sheet
AAHL | Derisking Balance Sheet Particulars UOM FY22A FY23A FY24A FY25A EBITDA INR Cr 1,484 2,953 3,447 4,350 Gross Assets INR Cr 17,821 20,412 24,217 30,423 Gross Debt INR Cr 8,487 11,774 13,815 20,163 Net Debt INR Cr 7,842 11,000 12,416 19,249 Equity Deployed INR Cr 9,979 9,412 11,801 11,174 Return
Slide 22: High growth profile & Credit Discipline
7.50 7.00 6.50 AAHL | High growth profile & Credit Discipline 6.00 5.50 5.00 5.28x Threshold 5.0x 4.50 4.00 4.42x Guided 3.5x to 4.5x 3.72x 3.50 3.60x Benchmark 2.5x to 3.5x 3.00 2.50 2.00 Net Debt / EBITDA 1.50 FY22 FY23 FY24 FY25 Avg Maturity (yrs)1 6.7 6.5 6.9 20.00% 1.20 18.00% 16.53% 12.17% 1.0
Slide 23: Thank You
Thank You
Slide 24: AEL | Incubation Case Study 1- AAHL India's largest airport platform in <5 years
AEL | Incubation Case Study 1- AAHL India’s largest airport platform in <5 years AEL Case Study – Adani Airports Airports (Adani Airport Holdings Ltd.) India Growth Story → Air Traffic and Air Penetration ↑ AEL Strategy GDP Growth Per Capita Income Per Capita Trips – Second Round of privatization in
Adani Airport Holdings — Investor Presentation (June 2025) on 6ix