Cube Highways Trust Units · NSE:CUBEINVIT
Cube Highways Trust Units — Q4 FY2025 Earnings Presentation
47 slides from Cube Highways Trust Units's earnings presentation, June 2025
Slide 1: Q4 FY 2025 - Investor Presentation
Q4 FY 2025 - INVESTOR PRESENTATION CUBE HIGHWAYS TRUST June 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 regards to specific objectives,
Slide 3: Agenda
Agenda 04 FY25 Performance overview 15 FY25 Key Highlights 23 Corporate Governance & Management Team 28 Annexures 3
Slide 4: FY25 Performance Overview
WY JIGHWAYS FY25 Performance Overview
Slide 5: Portfolio Snapshot
Portfolio Snapshot 27 26 As on 31st March 2025 except stated otherwise 27 80% : 20% ASSETS(1) TOLL REV. : ANNUITY REV. (1) 3 (based on FY 25A for 25 SPVs) 15 14 17 2,021 8,819 1 2 16 7 KILOMETERS LANE KILOMETERS 12 13 18 19.4 27 Assets 1. JMTPL, 2. MBEL, 3. WUPTPL, 4. NAMEL, AVERAGE RESIDUAL TOLL PL
Slide 6: Sustained Growth, Strong Results
Sustained Growth, Strong Results As on 31st March 2025 except stated otherwise Financial and Portfolio Performance Key Highlights of FY25 ₹ 11 11.45% ₹ 21.09 Acquired 6 HAM Assets and 1 BOT-Toll; Also, signed binding Distribution per ordinary Annualized Yield – FY252 Cumulative distribution SPAs for
Slide 7: Revenue & Traffic Performance Snapshot: FY vs FY
Revenue & Traffic Performance Snapshot: FY 25 v/s FY 24 Asset-wise toll revenue collection (FY25 v/s FY24)... Revenue: 8.0%1 increase 5.2% FY 25 vs FY 24 Average daily 17.4% Average Daily Collection (INR Mn)2 12.0% revenue 8.2% 4.7% -2.0% 7.7% 7.4% 1.4% 20.8% 10.1% 5.3% 5.4% FY25 84.3 9.9% 10.8% 7.5%
Slide 8: Revenue & Traffic Performance Snapshot: Q4 FY vs Q4 FY
Revenue & Traffic Performance Snapshot: Q4 FY 25 v/s Q4 FY 24 Asset-wise toll revenue collection Q4 FY25 v/s Q4 FY24)... Revenue: 10.1%1 increase 7.5% Q4 FY 25 vs Q4 FY 24 16.4% Average daily 8.3% 20.6% Average Daily Collection (INR Mn)2 9.0% revenue 10.0% -3.0% 22.4% 9.7% 3.2% 3.5% 6.9% 36.6% 6.7% 4.
Slide 9: Strong Balance Sheet and Financing
Strong Balance Sheet and Financing Key Metrics Our Marquee Lenders As on 31st March 2025 except stated otherwise 8.06% INR 11 28% 44.65% 1.7x 4.66x Cost of Debt (FY25) Fixed Rate Net Debt/ AUM 1 DSCR2 Debt/ EBITDA3 (for borrowings at trust level) – Distribution per borrowing As on date – 31st May 20
Slide 10: Net Distributable Cash Flow and Distributions: FY 2025
Net Distributable Cash Flow and Distributions: FY 2025 (Apr-Mar) 14 (In INR Crores) 131 Rounded off to zero decimals 133 3,718 543 634 Items other than part of NDCF 131 Inflows forming part of NDCF 27 1,570 2,820 Outflows forming part of NDCF 168 117 1,468 117 85 1,284 184 117 1,085 1,082 Toll Revenue
Slide 11: 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 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 Breakup of DPU (Distribution per or
Slide 12: Industry & Macro-Economy
Industry & Macro-Economy • Real GDP Growth: During the year 2024-24, real GDP growth was at 6.5% and RBI projects it to remain stable at 6.5% in the current FY 2025-26 • Infl ation (WPI), March: Increase to 2.05% in FY25 from 0.26% in FY24. Macro Economy • Infl ation (CPI), March: Projected at 3.34% i
Slide 13: ESG Highlights FY 2025
ESG Highlights FY 2025 Environment Highlights Social Highlights 29.6% 13 33 25.78% Energy* Female Strength in 144 Corporate (IM & PM) Female Female Toll Collectors years Local 25,589 MWh 134 MWh employees (13.4% of total) Average and Total Electricity Consumption Solar Energy Generated 8.27% 2 promo
Slide 14: Cube InvIT Journey
Cube InvIT Journey June 23 Feb 25 Apr 25 Cube Highways April 23 Trust issued NCDs Dec 24 Signed share NHAI excellence Gold purchase award for Excellence in CHT acquired amounting to INR Acquired 6 HAM agreements (SPA) Operations and 18 SPVs and assets (100%) got listed on 10,300 Million. Subscribed
Slide 15: Key Highlights FY25
@ AIGHWAYS Key Highlights FY25
Slide 16: Acquisitions: 7 Assets added in the Portfolio in FY25
Acquisitions: 7 Assets added in the Portfolio in FY25 Acquisition Overview HAM (6) & BOT (1) 50.24 bn ~516 km ~2,186 lane km ~13.5 years Asset Mix Enterprise Value Length Length Residual Concession Life 6 HAM Assets 1 BOT Asset • Acquired full ownership of 6 operational HAM projects - BWHPL, MSHPL,
Slide 17: Signing of SPAs to acquire 2 BOT - Annuity Assets
Signing of SPAs to acquire 2 BOT - Annuity Assets Cube InvIT signed defi nitive Share Purchase Agreements (SPAs) on February 7, 2025, with the National Investment and Infrastructure Fund (NIIF) for the acquisition of a 100% stake in the following two annuity-based road assets Quazigund Expressway Pri
Slide 18: Issuance of India's first SLB in Roads and Highways Sector
Issuance of India’s first SLB in Roads and Highways Sector Cube InvIT made history in February 2025 by becoming the fi rst issuer of a Sustainability-Linked Bond (SLB) in India’s road infrastructure sector Investor NCD Amount Tenor Coupon Rating International Finance INR 860 crores 17 years and 10 mon
Slide 19: Cube hosted the Global Convention on Cold Central Plant Recycling (CCPR)
Cube hosted the Global Convention on Cold Central Plant Recycling (CCPR) Cube Highways presented its remarkable achievement on the Ghaziabad–Aligarh section of Cube Highways hosted the Global Convention Convention provided a platform for NH-91, where it implemented CCPR to: on CCPR on December 4, 20
Slide 20: Refinancing of Term Loan through Issuance of NCDs
Refinancing of Term Loan through Issuance of NCDs Cube InvIT continued to deepen its access to long-term capital markets during the year through well-timed and strategically structured bond issuances in two tranches. To optimize its capital structure, reduce interest rate risk, and secure cost-effecti
Slide 21: Investor Relations – New Initiatives
Investor Relations – New Initiatives Since listing, Cube InvIT's investor base has grown ~3.5x, with rising participation from MFs, Pension Funds, Insurers, and notably more HNIs. Dedicated Investor Relations Team Dividend Distribution Details Portal • Proactive Investor Relations: Ensures timely up
Slide 22: Celebrating Innovation, Sustainability & Compliance in FY 2025
Celebrating Innovation, Sustainability & Compliance in FY 2025 National Highways Excellence Awards MoRTH Hackathon 2024: पथ िचंतन Build India Infra Awards 2025 Compliance and Risk 2023 – Gold Award for NKTPL Management Summit & Awards • Award instituted by the Ministry of Road First-ever Hackathon 2
Slide 23: Corporate Governance & Management Team
Corporate Governance & Management Team 23
Slide 24: Board of Directors
Board of Directors As on 31st March 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 F
Slide 25: Governance Committees
Governance Committees As on 1st 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 Cons
Slide 26: Team of Specialists
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 Officer Acc
Slide 27: Team of Specialists
Team of Specialists Project Manager (PM) Team Dr. Harikishan Bovin Kumar Dr. Bhagwan Raju Rahul Shank ar Dr. Muk ul Shastry MVS Reddy Dr. Ashok Sharma Ank it Jain Anuj Maitrey Koppula Reddy Chief Executive Officer Chief Operating Chief HR Officer General Counsel Chief Information Chief Environment & Chi
Slide 28: Annexures
Annexures Portfolio Details InvIT Structure InvIT Vision & Mission Unit Holders Information Valuation Summary Key Differentiators ESG and Sustainability Strategy 28
Slide 29: 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 30: Cube InvIT - Asset Portfolio (2/2)
Cube InvIT - Asset Portfolio (2/2) Geographic BWHPL MSHPL MHPL THPL SIPL SPPL NAMEL QB JU 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 52.0 kms
Slide 31: Historic Traffic Trends
Historic Traffic Trends Average Daily Tollable Traffi c 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 Period CAGR JMTPL 18,698 20,179 20,923 22,704 25,333 25,532 28,367 26,614 26,740 26
Slide 32: 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 Distribution per unit (DPU) INR 2.15 2.00 2.00 3.94 2.00 2.00 3.25 3.75 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 Treasury INR 0.01
Slide 33: Portfolio's Traffic Composition
Portfolio’s Traffic Composition Vehicle wise share calculated based on total number of tollable vehicles in Q4 FY25 Q4 FY25 Traffi c Synopsis 3A Truck 2% Q4 Average Daily Traffic Commercial Vehicles: Bus LCV 5% 29% 36,767 PCUs* 6% Passenger vehicles: 71% 2A Truck 7% Electronic Toll on the basis of total C
Slide 34: Cube Highways InvIT Structure
Cube Highways InvIT Structure Sponsors & Sponsor group Other CH-I, CH-III & CH-II, CH-IV, CH-1D Unitholders IM Agreement (Advisory) Investment Manager Trustee CHFAPL Axis Trustee Services Limited Shared Services Cube (Advisory) Highways Trust, Private Listed InvIT Project Manager CHTAAPL CH-I = Cube
Slide 35: 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 t
Slide 36: Marquee Investors & Unitholding Pattern
Marquee Investors & Unitholding Pattern Ordinary Unitholding Pattern As on 31st March 2025 Trust, 1% Alternative Investment Fund, 1% Foreign Portfolio Investors, 1% Individuals, 1% Non-Resident Indians, 0.1% Insurance Companies, 3% Mutual Funds, 9% Non-Institution - Body Corporate, 13% Sponsor and S
Slide 37: Valuation Summary
Valuation Summary As of 31st March 2025, for 25 Assets : (INR Mn) Total Particulars Description Enterprise Value 3,22,657 Revenue Assumptions Revenue growth rate of 9.0% for the overall concession life based on Traffic Total Debt 1,52,064 report from Steer (SDG – traffic consultant) Traffic : 4.7% traffic g
Slide 38: Key Differentiators
CUBEIIGHWAYS Ke Differentiators
Slide 39: Irreplicable Portfolio built over the years
Irreplicable Portfolio built over the years Our Expertise Traffi c Corridors Presence in nearly all of India’s most attractive and high growth traffic corridors, tracking future growth trends Traffi c and toll Asset Technological Project planning Last mile Planning management management innovation and exe
Slide 40: Thoughtfully Constructed Portfolio
Thoughtfully Constructed Portfolio Geographic Contiguous Traffi c Share Diversifi ed No Premium Rich Operating Long Residual Diversifi cation Assets Diversifi cation Commodity Obligation History of Assets Concession Life Boasting a varied collection Our assets are contiguous or Signifi cant share of Expos
Slide 41: Strong Corporate Finance Capabilities
Strong Corporate Finance Capabilities AAA Credit Diversifi ed Expertise Driven Global Transparent Raised funds at Investor Rating Funding Financial Investors Financial Practices Competitive Confi dence Management Financing rate Achieved AAA rating from Leverage a diversified Experienced financial We cul
Slide 42: 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 43: 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 assess
Slide 44: Awards and Achievements
Awards and Achievements 2025 2024 2023 2022 CHTAAPL Cube Highways FRHPL National Highways Excellence Best Digital Technology Fund Advisors Gold award Award in Road Building Green Highways Awards – Gold Award - Excellence M&A Deal of the RAHSTA Awards Year – Infrastructure in Operations and Maintenan
Slide 45: 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 contrac
Slide 46: Abbreviations
Abbreviations Abbreviations Defi nition Abbreviations Defi nition 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 47: 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 47
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