Cube Highways Trust Units · NSE:CUBEINVIT
Cube Highways Trust Units — Q1 FY2026 Earnings Presentation
35 slides from Cube Highways Trust Units's earnings presentation, August 2025
Slide 1: Q1 FY 2026 - Investor Presentation
Q1 FY 2026 - INVESTOR PRESENTATION CUBE HIGHWAYS TRUST August 2025
Slide 2: Disclaimer
Disclaimer This presentation is prepared and issued by Cube Highways Fund Advisors Pvt. Ltd. ("CHFAPL") (the “Investment Manager”) on behalf of and in its capacity as the Investment Manager of Cube Highways Trust (“InvIT”) for general information purposes only without regard to specific objectives,
Slide 3: Agenda
Agenda 04 Q1 FY26 Performance Overview Corporate Governance & 12 Management Team 17 Annexures 3
Slide 4: Q1 FY26 Performance Overview
Q1 FY26 Performance Overview 4
Slide 5: Portfolio Snapshot
Portfolio Snapshot 27 26 As on 30th June 2025 except stated otherwise 27 67% : 33% ASSETS(1) TOLL REVENUE : ANNUITY REVENUE 3 (based on FY 26 Budgeted Revenue for 27 SPVs) (1) 15 14 2,021 8,819 17 1 2 16 7 KILOMETERS LANE KILOMETERS 12 13 18 19.4 27 Assets 1. JMTPL, 2. MBEL, 3. WUPTPL, 4. NAMEL, AVE
Slide 6: Sustained Growth, Strong Results
Sustained Growth, Strong Results As on 30th June 2025 except stated otherwise Financial and Portfolio Performance ₹ 2.5 37% ₹ 23.59 Distribution per ordinary NAV Growth Since Listing2 Cumulative distribution unit – Q1 FY261 till Date per ordinary unit1 6.3% ₹ 365.43 bn 27.0% Q1 FY26 Traffic Growth3
Slide 7: Revenue & Traffic Performance Snapshot: Q1 FY26 vs Q1 FY25
Revenue & Traffic Performance Snapshot: Q1 FY 26 v/s Q1 FY 25 Asset-wise toll revenue collection (Q1 FY26 v/s Q1 FY25)... Revenue: 10.3%1 increase 9.0% FY 26 vs FY 25 17.6% Average daily 16.8% Average Daily Collection (INR Mn)2 3.0% 9.3% revenue 0.6% 1.5% 4.8% 6.7% 16.4% 9.4% 11.2% 13.1% 8.9% 21.3%
Slide 8: Strong Balance Sheet and Financing
Strong Balance Sheet and Financing Key Metrics Our Marquee Lenders As on 30th June 2025 except stated otherwise 7.7% INR 2.5 30% 49.62% 1.8x 4.88x Cost of Debt (Q1 FY26) Fixed Rate Net Debt/ AUM 3 DSCR4 Debt/ EBITDA5 (for consolidated borrowings) – Distribution per borrowing As on date – 31st July 2
Slide 9: Net Distributable Cash Flow and Distributions: Q1 FY26
Net Distributable Cash Flow and Distributions: Q1 FY26 (Apr-June) 1,200 (In INR crores) Rounded off to zero decimals 1,000 Inflows forming part of NDCF 177 22 1,022 Outflows forming part of NDCF 800 154 36 54 600 824 400 146 379 336 200 533 2 10 233 - Toll revenue Annuity Other Income Total generati
Slide 10: Dividend Distribution - Snapshot
Dividend Distribution - Snapshot Quarterly Distributions (INR Mn) 6,000.00 5,083.96 5,004.18 5,000.00 4,336.96 4,000.00 3,360.18 INR Mn 2,774.24 2,580.69 2,580.69 2,668.90 2,668.90 3,000.00 2,000.00 1,000.00 - Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Breakup of DPU (Di
Slide 11: Cube InvIT Journey
Cube InvIT Journey June 23 Feb 25 Apr 25 Cube Highways April 23 Dec 24 Signed share NHAI excellence Gold Trust issued NCDs purchase award for Excellence in CHT acquired amounting to INR Acquired 6 HAM agreements (SPA) Operations and 18 SPVs and 10,300 million, assets (100%) was listed on subscribed
Slide 12: Corporate Governance & Management Team
Corporate Governance & Management Team 12
Slide 13: Board of Directors
Board of Directors As on 30th June 2025 UPENDRA K SINHA | Independent Director HELLY BHARAT AJMERA | Non-Executive Director • He has served as the chairman of SEBI, UTI Asset Management • She is Director & Head of BCI’s India Investments since January 2023. Company Limited, Association of Mutual Fun
Slide 14: Governance Committees
Governance Committees As on 30th June 2025 Audit Nomination & Stakeholders Risk Management Operations Investment Committee Remuneration Committee Relationship Committee Committee Committee Committee Composition Composition Composition Composition Composition Composition Consists of 3 Independent Con
Slide 15: Team of Specialists - Investment Manager
Team of Specialists Investment Manager (IM) Team Vinay C Sekar Pankaj Vasani Richa Gupta Rohatgi Abhijit S Sathe Saurabh Bansal Deepan Shah Saurabh Kumar Chief Executive Officer Group Chief Financial Compliance Officer SVP, Finance and SVP, Capital Raising and VP, Legal VP, Strategy & Investor Offic
Slide 16: Team of Specialists - Project Manager
Team of Specialists Project Manager (PM) Team Dr. Harikishan Bovin Kumar Dr. Bhagwan Raju Rahul Shankar Dr. Mukul Shastry MVS Reddy Dr. Ashok Sharma Anuj Maitrey Koppula Reddy Chief Executive Officer Chief Operating Chief HR Officer General Counsel Chief Information Chief Environment & Head – Operat
Slide 17: Annexures
Annexures Portfolio Details InvIT Structure InvIT Vision & Mission Unit Holders Information Valuation Summary Key Differentiators ESG and Sustainability Strategy 17
Slide 18: Cube InvIT - Asset Portfolio (1/2)
Cube InvIT - Asset Portfolio (1/2) Project JMTPL MBEL WUPTL NDEPL FRHPL WVEPL DATRPL TOT3 GAEPL APEPL No. of SPVs 1 1 1 1 1 1 1 9 1 1 State Rajasthan Rajasthan Uttar Pradesh Karnataka West Bengal Kerala Uttar Pradesh, Jharkhand, Uttar Pradesh Andhra Haryana Uttar Pradesh, Pradesh, Bihar, Telangana T
Slide 19: Cube InvIT - Asset Portfolio (2/2)
Cube InvIT - Asset Portfolio (2/2) Geographic BWHPL MSHPL MHPL THPL SIPL SPPL NAMEL QEPL AJUHPL Stretch No. of asset 1 1 1 1 1 1 1 1 1 States Covered Maharashtra Maharashtra Telangana Andhra Pradesh Tamil Nadu Telangana Andhra Pradesh, Jammu and Jammu and Telangana Kashmir Kashmir Project Length 52.
Slide 20: Historic Traffic Trends
Historic Traffic Trends Average Daily Tollable Traffic and CAGR Cube’s toll asset portfolio exhibit strong traffic growth - 5.9% CAGR Year FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY25 Q1 FY26 Period2 CAGR JMTPL 18,698 20,179 20,923 22,704 25,333 25,532 28,367 26
Slide 21: Distribution, NAV & AUM History
Distribution, NAV & AUM History Particulars Units Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Distribution Per Unit (DPU) INR 2.15 2.00 2.00 3.94 2.00 2.00 3.25 3.75 2.5 Dividend INR 0.80 - - 0.20 0.22 0.01 - 0.32 Interest INR 1.34 1.98 1.99 1.79 1.04 1.27 1.44 1.96 1.33
Slide 22: Portfolio's Traffic Composition
Portfolio’s Traffic Composition Vehicle wise share calculated based on total number of tollable vehicles in Q1 FY26 Q1 FY26 Traffic Synopsis 3A Truck 2% Q1 Average Daily Traffic Commercial Vehicles: Bus LCV 4% 27% 35,918 PCUs* 6% Passenger vehicles: 2A Truck 7% 73% Electronic Toll Collection on the
Slide 23: Cube Highways InvIT Structure
Cube Highways InvIT Structure CH-I = Cube Highways and Infrastructure Pte. Ltd., CH-III = Cube Highways and Infrastructure III Pte. Ltd., CHFAPL = Cube Highways Fund Advisors Private Limited, CHTAAPL = Cube Highways and Transportation Assets Advisors Private Limited, JMTPL = Jaipur-Mahua Tollway Pri
Slide 24: Cube Vision & Mission
Cube Vision & Mission VISION MISSIONS We are driven by following Missions We aspire to become the most admired organization, To invest in and operate offering a diversified and exceptional, sustainable, sustainable portfolio reliable, safe, and inclusive comprising high quality infrastructure assets
Slide 25: Marquee Investors & Unitholding Pattern
Marquee Investors & Unitholding Pattern Ordinary Unitholding Pattern As on 30th June 2025 Alternative Investment Fund 1% Foreign Portfolio Investors 1% Trust 1% Financial Institutions/Banks 1% Individuals 2% Insurance Companies 3% Mutual Funds 9% Sponsor and Sponsor group 31% Clearing Member 11% Non
Slide 26: Valuation Summary
Valuation Summary As of 30th June 2025, for 27 Assets : (INR Mn) Total Particulars Description Enterprise Value 3,65,432 Revenue Assumptions Revenue growth rate of 9.0% for the overall concession life based on Traffic report from Steer (SDG – traffic consultant) Assumptions Total Debt 1,92,121 Traff
Slide 27: Key Differentiators
@ CUBHIGHWAYS Key Differentiators
Slide 28: Irreplicable Portfolio built over the years
Irreplicable Portfolio built over the years Our Expertise Traffic Corridors Presence in nearly all of India’s most attractive and high growth traffic corridors, tracking future growth trends Traffic and toll Asset Technological Project planning Last mile Planning management management innovation and
Slide 29: Thoughtfully Constructed Portfolio
Thoughtfully Constructed Portfolio Geographic Contiguous Traffic Share Diversified No Premium Rich Operating Long Residual Diversification Assets Diversification Commodity Obligation History of Assets Concession Life Boasting a varied collection Our assets are contiguous or Significant share of Expo
Slide 30: Strong Corporate Finance Capabilities
Strong Corporate Finance Capabilities AAA Credit Diversified Expertise Driven Global Transparent Investor Rating Funding Financial Investors Financial Practices Confidence Management Achieved AAA rating from Leverage a diversified Experienced financial We cultivate robust Committed to high Garnered
Slide 31: Technical Leadership
Technical Leadership Last-mile Construction Technology-Driven Testing Innovative Material Lifecycle Cost Management Excellence Utilization ⁻ Advanced testing techniques: Non- ⁻ Award winning surface mixes ⁻ Strategic Focus: A lifecycle focused ⁻ FRHPL and DATRPL: Completed approach to strategic main
Slide 32: Technology Driven Road Asset Management Systems
Technology Driven Road Asset Management Systems Road-Aid HiRate Build-Aid Data logging, workflow management and A first-of its kind application, developed fully in-house, that Quality control and progress tracking for highway oversight through digitizing highway operations objectively rates and asse
Slide 33: Cube InvIT's Sustainability Strategy
Cube InvIT’s Sustainability Strategy Key Pillars Environmental Responsibility Social Responsibility Governance Key Initiatives ⁻ Efforts on Resource Management efficiency ⁻ Create and nurture safe workplace for ⁻ Adopt and Implement Environment & Social ⁻ Sustainable O&M practices employees and cont
Slide 34: Abbreviations
Abbreviations Abbreviations Definition Abbreviations Definition 2A Truck 2 Axle Truck LCV Light Commercial Vehicle 3A Truck 3 Axle Truck LRTPL Lucknow-Raebareli Tollway Private Limited ADIA Abu Dhabi Investment Authority MAV Multi-Axle Vehicle APEPL Andhra Pradesh Expressway Private Limited MBEL Mah
Slide 35: Thank you
Thank you Cube Highways Trust Correspondence Address: Unit No. 1901, 19th Floor, Tower-B, World Trade Tower, Plot No. C-1, Sector-16, Noida, U.P-201301, Tel: +91-120-4868300 Email: Investor.Relations@cubehighways.com 35
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