Cube Highways Trust Units · NSE:CUBEINVIT

Cube Highways Trust Units — Investor Presentation (January 2026)

33 slides from Cube Highways Trust Units's investor presentation, January 2026

  1. Slide 1: Investor Presentation

    Investor Presentation January 2026

  2. Slide 2: Disclaimer

    Disclaimer This presentation is prepared and issued by Cube Highways Fund Advisors Private Limited ("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 objecti

  3. Slide 3: Agenda

    Agenda 1 Introduction 4 2 Conversion from Private Listed InvIT to Public Listed InvIT 10 3 Proposed Transaction 13 4 Annexures 28 5 Glossary 31 3 CONFIDENTIAL

  4. Slide 4: Agenda

    Agenda 1 Introduction 4 2 Conversion from Private Listed InvIT to Public Listed InvIT 10 3 Proposed Transaction 13 4 Annexures 28 5 Glossary 31 4 CONFIDENTIAL

  5. Slide 5: Portfolio Snapshot

    Portfolio Snapshot 26 27 27 365.19 85% : 15% ASSETS(1) AUM (INR BILLION)(2) TOLL AUM : ANNUITY AUM 3 18 TOLL, 6 HAM & 3 (for Existing Portfolio Assets) (for Existing Portfolio Assets)(3) ANNUITY ASSETS 15 14 17 1 2 16 2,005 8,754 13 12 13 7 KILOMETERS LANE KILOMETERS NO. OF STATES (12) & UNION TERRI

  6. Slide 6: Current structure of the InvIT

    Current structure of the InvIT Sponsors & Sponsor Group Other Unit Holders2,3 Bodies Insurance BCI IRR INDIA 19% 16% 3% HOLDINGS Corporate Companies SEVENTY SECOND (CH-I1, CH-III1 & CH-II, CH-IV, CH-1D) INVESTMENT COMPANY LLC 6% Mutual Funds 9% Others2 6% (Mubadala) Responsible for managing 41% 59%

  7. Slide 7: Cube Highways Trust Journey

    Cube Highways Trust Journey  100% acquisition of N.A.M. Expressway Limited  World record1 of  Issuance of India’s first laying 112.5 lane Sustainability-Linked Bond km of bituminous in the road infrastructure  Acquisition of 2 concrete in 100 sector, raising INR 8,600 Mn Annuity assets: hours at

  8. Slide 8: Tracking Portfolio Growth

    Tracking Portfolio Growth FY 2024 FY 2025 FYTD 2026 (Apr-Sep) Portfolio Strength AUM 1 INR 258.11 bn INR 322.66 bn 25% INR 365.19 bn Revenue from INR 29.16 bn INR 33.07 bn INR 19.96 bn Operations2 13% No. of Assets 18 25 27 Net Debt/AUM 33.65% 3 44.65% 4 47.37% 5 Portfolio Performance Share of Fixed

  9. Slide 9: Cube Highways Trust's Distribution History

    Cube Highways Trust’s Distribution History Since listing1, Cube Highways Trust has cumulative distributions per unit of INR 27.19, as of September 30, 2025 27.19 For FY 2024 – 10.09 For FY 2025 - 11.00 For FY 20262 - 6.10 5.00 4.50 3.94 4.00 3.75 3.60 3.50 3.25 DPU (INR/unit) 3.00 2.50 2.50 2.15 2.0

  10. Slide 10: Agenda

    Agenda 1 Introduction 4 2 Conversion from Private Listed InvIT to Public Listed InvIT 10 3 Proposed Transaction 13 4 Annexures 28 5 Glossary 31 10 CONFIDENTIAL

  11. Slide 11: Foundation for a Public InvIT

    Foundation for a Public InvIT 1. Unitholder base growth from 40 in April 2023 to over 400 in September 2025 • The unitholder profile has diversified with increased participation from non-institutional investors alongside traditional institutional categories, including corporates, mutual funds, financia

  12. Slide 12: Rationale for conversion to Public InvIT

    Rationale for conversion to Public InvIT Proposal: Cube Highways Trust, being a Private listed InvIT is proposing to convert to a Public Listed InvIT in accordance with the framework provided therefor in Chapter 14 of the Master Circular dated July 11, 2025 on Infrastructure Investment Trusts (the “

  13. Slide 13: Agenda

    Agenda 1 Introduction 4 2 Conversion from Private Listed InvIT to Public Listed InvIT 10 3 Proposed Transaction 13 3.1 Change of Sponsor 14 3.2 Acquisition of 4 Proposed Portfolio Assets 17 3.3 ROFO Assets 26 4 Annexures 28 5 Glossary 31 13 CONFIDENTIAL

  14. Slide 14: Agenda

    Agenda 1 Introduction 4 2 Conversion from Private Listed InvIT to Public Listed InvIT 10 3 Proposed Transaction 13 3.1 Change of Sponsor 14 3.2 Acquisition of 4 Proposed Portfolio Assets 17 3.3 ROFO Assets 26 4 Annexures 28 5 Glossary 31 14 CONFIDENTIAL

  15. Slide 15: About CH-V and Proposed Change of Sponsor

    About Cube Highways and Infrastructure V Pte. Ltd. (“CH-V“) and Proposed Change of Sponsor Introduction to CH-V • CH-V, is a Singapore-based company that carries out investments in road and highway projects along with other select infrastructure sectors in India. • Key objective: CH-V focuses on acq

  16. Slide 16: Case Study - Derisking of assets by Sponsor post-acquisition

    Case Study - Derisking of assets by Sponsor post-acquisition Sponsor group follows a disciplined approach of acquiring operational assets from third parties, addressing underlying risks and subsequently transferring stabilized, de-risked assets into the InvIT portfolio WMTPL 1 BFHL 1 5 notch upgrade

  17. Slide 17: Agenda

    Agenda 1 Introduction 4 2 Conversion from Private Listed InvIT to Public Listed InvIT 10 3 Proposed Transaction 13 3.1 Change of Sponsor 14 3.2 Acquisition of 4 Proposed Portfolio Assets 17 3.3 ROFO Assets 26 4 Annexures 28 5 Glossary 31 17 CONFIDENTIAL

  18. Slide 18: Transaction Structure

    Transaction Structure Sponsors & Sponsor Group Cube Highways Trust proposes to: CH I, CH III, CH IV CH-V CH-II  Acquire 4 “Proposed Portfolio Assets”, from the “Seller” (CH-V and CH-II) in one or more tranches, 100%a of equity shareholding and beneficial ownership, through an equity swap either by w

  19. Slide 19: Proposed Portfolio Assets Overview

    Proposed Portfolio Assets Overview Proposed Portfolio Assets’ Characteristics Proposed Portfolio Assets at a Glance.. BFHL WMTPL DTPL CNTL Drop in from CH-V CH-V CH-V CH-II 27 26 Project Stretch Baharampore-Farakka Lebad-Jaora Hebbal-Bengaluru Chenani-Nashri 28 State West Bengal Madhya Pradesh Karna

  20. Slide 20: Transaction Construct for Proposed Portfolio Assets

    Transaction Construct for Proposed Portfolio Assets  Cube Highways Trust proposes to acquire CH-V and CH-II’s equity holding in 4 Proposed Portfolio Assets through an equity swap mechanism, wherein upto 288.413 Mn units1 and upto 98.6 Mn units1, respectively would be issued to CH-V and CH-II in lie

  21. Slide 21: Portfolio Overview: Pre & Post Acquisition

    Portfolio Overview: Pre & Post Acquisition Incremental valuation impact to Cube InvIT portfolio Portfolio Performance: Pre & Post Acquisition Existing Portfolio We believe that the acquisition of the Proposed Existing Portfolio Parameter + Proposed Portfolio Portfolio Assets would lead to: Assets As

  22. Slide 22: Asset Overview – Western MP Infrastructure and Toll Roads (WMTPL)

    Asset Overview – Western MP Infrastructure and Toll Roads Private Limited (WMTPL) 124.15 k m 7 / Remaining Madhya Pradesh Project Type BOT Length / Lanes 12.6 years2 Authority MPRDC1 Location 4 lanes concession life (SH31) 4 Project highlights Project Location Equity shareholders CH – V (95%) and Ex

  23. Slide 23: Asset Overview – Baharampore - Farakka Highways Limited (BFHL)

    Asset Overview – Baharampore - Farakka Highways Limited (BFHL) Length 100.6 k ms1/ Remaining West Bengal Project Type DBFOT 15.3 years2 Authority NHAI Location (k m)/ Lane 4 lanes concession life (NH-12)3 Project highlights Project Location Equity shareholders CH – V (100%)4 Enterprise Value INR 20.

  24. Slide 24: Asset Overview – Devanahalli Tollway Private Limited (DTPL)

    Asset Overview – Devanahalli Tollway Private Limited (DTPL) Length ~22.12 k m 1/ Remaining Karnataka Project Type DBFOT 6.3 years2 Authority NHAI Location (k m)/ Lane 6 lanes concession life (NH44) 3 Project highlights Project Location Equity shareholders CH – V (100%)4 Enterprise Value INR 14.77 Bn

  25. Slide 25: Asset Overview – Chenani Nashri Tunnelway Limited (CNTL)

    Asset Overview – Chenani Nashri Tunnelway Limited (CNTL) 10.85 Km/ 1 Remaining Location J&K (NH-1A) 2 Project Type Annuity Length / Lanes 6.4 years2 Authority NHAI 2/4 lanes concession life Project highlights Project Location Equity shareholders CH-II (100%)3 Project connecting Chenani to Nashri Ent

  26. Slide 26: Agenda

    Agenda 1 Introduction 4 2 Conversion from Private Listed InvIT to Public Listed InvIT 10 3 Proposed Transaction 13 3.1 Change of Sponsor 14 3.2 Acquisition of 4 Proposed Portfolio Assets 17 3.3 ROFO Assets 26 4 Annexures 28 5 Glossary 31 26 CONFIDENTIAL

  27. Slide 27: ROFO Assets

    ROFO Assets Kokhraj Handia Expressway Private Limited Delhi Hapur Meerut Expressway Private Limited Particulars Malayagiri Highways Private Limited (MHPL2) (KHEPL) (DHMEPL) Equity Shareholders CH –V CH –V CH –V Project Connecting Kokhraj to Handia Deogarh to Binjhabahal NCR to Meerut and Hapur Grant

  28. Slide 28: Agenda

    Agenda 1 Introduction 4 2 Conversion from Private Listed InvIT to Public Listed InvIT 10 3 Proposed Transaction 13 4 Annexures 28 5 Glossary 31 28 CONFIDENTIAL

  29. Slide 29: Transaction Construct for Proposed Portfolio Assets

    Transaction Construct for Proposed Portfolio Assets 3 CH-V Assets: Transaction enterprise CNTL: Transaction enterprise value 3 value 3 is at 5.9% discount to Enterprise is at 5.9% discount to Enterprise  Cube Highways Trust proposes to acquire CH-V and CH-II’s equity holding in 4 Proposed Value (as

  30. Slide 30: Earnout Construct

    Earnout Construct Earnout Mechanism 1: The acquisition consideration includes a Revenue-linked Payout mechanism for the two Proposed Portfolio Assets (BFHL and WMTPL) by the Seller (CH-V) to the InvIT. • If actual average revenue, excluding overloading revenue and penalty, for FY 27 and FY 282 is lo

  31. Slide 31: Agenda

    Agenda 1 Introduction 4 2 Conversion from Private Listed InvIT to Public Listed InvIT 10 3 Proposed Transaction 13 4 Annexures 28 5 Glossary 31 31 CONFIDENTIAL

  32. Slide 32: Glossary

    Glossary Acronym Full Form Acronym Full Form “Cube InvIT” Cube Highways Trust JUHPL Jammu Udhampur Highway Private Limited “the InvIT” Cube Highways Trust KETPL Kanyakumari-Etturavattam Tollway Private Limited APEPL Andhra Pradesh Expressway Private Limited KHEPL Kokhraj Handia Expressway Private Li

  33. Slide 33: 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 33

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