Vertis Infrastructure Trust Units · NSE:VERTIS
Vertis Infrastructure Trust Units — Q4 FY26 Earnings Presentation
33 slides from Vertis Infrastructure Trust Units's earnings presentation, May 2026
Slide 1: Investor Presentation Q4 & Full Year FY26
Investor Presentation Q4 & Full Year FY26 www.vertis.co.in
Slide 2: Disclaimer
Disclaimer This presentation has been prepared and issued by Vertis Fund Advisors Private Limited previously known as Highway Concessions One Private Limited (the “Investment Manager”), in its capacity as the investment manager of Vertis Infrastructure Trust (previously known as Highways Infrastruct
Slide 3: Table of Contents
Table of Contents 01 Year FY26 at a Glance 4 02 Highlights for Q4 FY26 5 03 Portfolio Snapshot 7 04 Traffic & Revenue Performance 8 05 Debt Profile 11 06 Distribution and NDCF 12 07 Valuation Summary 14 08 Industry & Regulatory Updates 15 09 Annexures 20 3
Slide 4: Year FY26 at a Glance
Year FY26 at a Glance +43% 4.3% 91 bps INR 12/unit AUM Growth Toll Revenue Outperformance Reduction in Debt cost Distribution to INR 272 bn (1) vs projections as per valuation (2) From 8.23% to 7.32% INR 18,120 mn distributed(3) Acquisitions Optimization & Value creation Active Treasury Management •
Slide 5: Highlights For Q4 FY26 (1/2)
Highlights For Q4 FY26 (1/2) Q4 Performance FY26 Performance Resilient 9.0% 12.4% ₹ 10,350 mn 9.9% 13.1% ₹ 40,045 mn Performance YoY Traffic Growth(1) YoY Toll Revenue Growth(2) Operating Revenue(3) YoY Traffic Growth(1) YoY Toll Revenue Growth(2) Operating Revenue(3) (vs Projected 5.5%) (Toll Asset
Slide 6: Highlights For Q4 FY26 (2/2)
Highlights For Q4 FY26 (2/2) • Recognition by Authority - AN project received 5-star for Highway Project Ratings excellence in maintenance including mechanization initiatives • SEPL Handover – Concession expired on Feb 6, 2026. Micro-surfacing work is currently ongoing as part of the handback proces
Slide 7: Portfolio Snapshot
Portfolio Snapshot Toll Assets Annuity Assets Diversified portfolio of 28 operational assets across 9 states HAM Assets 8,428 7.2%(1) 57.09(2) Lane km Traffic CAGR (FY19-26) Distribution Till Date (INR per unit) INR 272 bn(3) 70:30(3) INR 106.80 AUM AUM Mix (Toll:Annuity) NAV / Unit 41.3%(4) 13.0 ye
Slide 8: Traffic & Revenue Performance – Q4 FY26
Traffic & Revenue Performance – Q4 FY26 Robust Traffic growth of 9.0%(1) ; Revenue growth of 12.4% (2) YoY AUM Contribution 31.2% 11.0% 6.1% 4.5% 4.4% 4.1% 2.8% 2.5% 2.2% 1.3% 0.5% 0.0% 22.5% 16.9% 17.9% 13.5% 13.8% 13.7% 12.7% 12.4% 11.3% 11.6% 11.8% 9.8% 10.4% 9.3%10.6% 10.6% 10.1% 7.4% 4.7% 3.6%
Slide 9: Traffic & Revenue Performance FY26
Traffic & Revenue Performance FY26 Traffic growth of 9.9%(1) vs Projected 5.5% Revenue Outperformance of 4.3% FY26 (INR mn) Projections Variance Revenue AUM 31.2% 11.0% 6.1% 4.5% 4.4% 4.1% 2.8% 2.5% 2.2% 1.3% 0.5% 0.0% Contribution GEPL 1,966 2,079 5.8% 25.0% DBCPL 2,846 2,837 (0.3%) 20.9% UEPL 1,90
Slide 10: HAM/Annuity Projects Revenue
HAM/Annuity Projects Revenue All Annuities for Q4 Received On or Before Due Date Annuity Receipt Calendar Annuity Annuity Due Annuity Relative to Due SPV Received Q1 Q2 Q3 Q4 Date Receipt Date Date (INR mn)(1) RA GS 12-Mar-2026 26-Feb-2026 T - 14 days 275 AN 26-Mar-2026 18-Mar-2026 T - 8 days 406 RB
Slide 11: Prudent Debt Profile
Prudent Debt Profile INR 115(1) 7.3% 72% 41.3% 12 11.6 years O/s Debt (INR Bn) Rate of Interest Floating Rate Net Debt / AUM Lending Partners Residual Maturity As on 31st March 2026 One of the lowest among borrowing Banks. DFIs. MFIs. Cap Longer Tenor InvITs Market Lender Diversification (1) Borrowi
Slide 12: Q4 FY26 Distribution
Q4 FY26 Distribution Distribution from SPV To Trust (1) INR mn SPV NDCF to Distribution(1) INR mn Toll Revenue(2) 6,901 NDCF (SPV Level) 7,617 Annuity Revenue 3,448 Treasury Income 143 Total Revenue 10,350 Trust Expenses(7) (231) Operating Expenses(3) (1,627) Reserves Created for Lenders(8) (230) EB
Slide 13: FY26 Distribution
FY26 Distribution Distribution from SPV To Trust(1) INR mn SPV NDCF to Distribution(1) INR mn Toll Revenue(2) 25,249 NDCF (SPV Level) 29,097 Annuity Revenue 14,796 Treasury Income 271 Total Revenue 40,045 Trust Expenses(7) (812) Operating Expenses(3) (4,895) Reserves Created for Lenders(8) (256) EBI
Slide 14: Valuation Summary
Valuation Summary Valuation Summary INR Mn Enterprise Value 2,63,514 Cash & Equivalents 14,164 Other Assets and Liabilities (919) Consolidated Borrowings (1,15,491) Net Assets Value 1,61,268 No. of Units Outstanding 1,510 Net Assets Value (INR per unit) 106.8 WACC Assumptions Toll SPVs HAM SPVs Basi
Slide 15: Authority Updates (1/3)
Authority Updates (1/3) Description Impact National • NMP (National Monetisation Pipeline) 1.0 achieved approximately 89% of its monetisation target (~INR 5.3 • Given past success of NMP 1.0, NMP 2.0 expected Monetisation Policy trillion), of which highways sector saw monetisation of INR 1.1 trillio
Slide 16: Authority Updates (2/3)
Authority Updates (2/3) Description Impact NHAI Circular on WPI • NHAI issued a circular in Sep 2025 proposing revision of the WPI linking factor from 1.641 to 1.561 for annual toll • If the final decision is adverse, the change could Linking Factor revisions impact 8 toll assets, which together acc
Slide 17: Authority Updates (3/3)
Authority Updates (3/3) Multi Lane Free Flow (MLFF) is a barrier-less tolling system aimed at Current Status reducing congestion, waiting time, fuel consumption and vehicle ✓ MLFF pilot launched at Choryasi toll plaza (NH-48, Gujarat) on May 1, 2026 emissions through seamless traffic movement ✓ ~25
Slide 18: SEBI & Market Updates
SEBI & Market Updates Description Impact Key amendments SEBI has amended SEBI InvIT Regulations with effect from Apr 17, 2026, with following key changes: applicable to InvITs • SPV continuation post-concession expiry: InvITs are now permitted to retain SPVs after the underlying • Provides needed cl
Slide 19: Macro Economic Updates
Macro Economic Updates Description Impact Wholesale Price • WPI inflation came in at ~3.9% for Mar 2026 (Applicable for UEPL, STPL-NI and STPL-TN and BETPL) • WPI for the FY27 likely to be substantially higher Index (WPI) than long term averages, especially if US-Iran • Subsequently in Apr 2026, WPI
Slide 20: Annexures
Annexures 20
Slide 21: InvIT Structure
InvIT Structure Others Funds managed / Existing portfolio of Signed pipeline of 1 Sponsor 57.8% 42.2% advised by KKR and its 12 Toll and 16 HAM asset under affiliates (Sponsor) Annuity/HAM assets acquisition Vertis Fund Advisors Private Limited Vertis Fund Advisor Private Limited Vertis Project Mana
Slide 22: Growth Journey
Growth Journey Aug 2022 Jan 2024 Jan - Feb 2025 Jul 2025 • Formation of InvIT and listing of • Completed acquisition of STPL and • Appointed date for TOT16 • Completed acquisition of BN from units GRICL from Macquarie Asia • Completed acquisition of RB from HG PNC Infratech • 6 Project SPVs out of i
Slide 23: Unitholding Pattern
Unitholding Pattern Unit Holding Pattern as on March 31, 2026 Sponsor & OTPP Sponsor Group Non -Institutional 21.8% Holding Individuals 12.1% 57.8% Insurance Cos. 4.0% 2.0% Mutual Funds 1.4% 1.0% PF/pension Fund 23
Slide 24: Management Team
Management Team Investment Manager Project Manager Mr. Gaurav Chandna Dr. Zafar Khan Mr. Abhishek Chhajer Ms. Meghana Singh Mr. GVM Kiran Babu Mr. Jonathan D’Souza (Joint CEO & Executive Director) (Joint CEO & Executive Director) (CFO) (General Counsel) (COO) (CHRO) • As a CEO, all critical IM posit
Slide 25: Highly Distinguished Independent Board of Directors
Highly Distinguished Independent Board of Directors Diverse board providing strong focus on governance and functional expertise c.40 c.38 c.30 Years of Experience Years of Experience Years of Experience Previous Organizations Previous Organizations Previous Organizations Area of Expertise: Area of E
Slide 26: Board of Directors (Non-Executive & Nominees)
Board of Directors (Non-Executive & Nominees) Mr. Hardik Shah Mr. Vaibhav Vaidya Mr. Michael Nachaty (Non-Executive Director) (Non-Executive Director) (Unitholder Nominee Director) • c.15 years of experience in advisory role and • c.19 years of experience managing investments • c.12 years of experie
Slide 27: Portfolio Summary - Toll
Portfolio Summary - Toll Project Name NTEPL GEPL DBCPL GRICL-VH GRICL-AM STPL-NI STPL-TN UTPL JPEPL BN UEPL BETPL State Telangana Gujarat MP Gujarat Gujarat AP AP Karnataka Rajasthan UP Tamil Nadu Karnataka Authority NHAI NHAI MPRDC GoG GoG NHAI NHAI NHAI MoRTH UPSHA NHAI NHAI Lanes 4 4 4 4 4 4 4 4
Slide 28: Portfolio Summary – HAM & Annuity
Portfolio Summary – HAM & Annuity Project Name AK5 CA JF UL MN JK1 CH JK2 AK2 CD AN RB GS DL RA NBPL Authority NHAI NHAI NHAI NHAI NHAI NHAI NHAI NHAI NHAI NHAI NHAI NHAI NHAI NHAI NHAI NHAI Type of HAM HAM HAM HAM HAM HAM HAM HAM HAM HAM HAM HAM HAM HAM HAM Annuity Concession State UP UP UP UP UP M
Slide 29: Historical Traffic Summary
Historical Traffic Summary FY19-26 FY26 PCUs FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27P (3) CAGR (1) Growth GEPL 17,752 18,870 20,176 22,330 24,670 26,331 28,805 31,912 33,780 8.7% 10.8% DBCPL 17,330 16,611 17,668 18,005 21,173 23,744 24,926 26,452 27,194 6.2% 6.1% UEPL 46,748 47,121 37,784 43,22
Slide 30: Annual Pass User Adoption Trend
Annual Pass User Adoption Trend Annual Pass Revenue as % of Car Revenue 60% • NHAI has revised the annual pass fee from INR 3,000 to INR 3,075 effective April 1, 2026 50% • Annual Pass base crossed 56 lakh as of mid-March 2026 40% • Around 28% of the total car users 30% transactions recorded through
Slide 31: Distribution History
Distribution History FY23Q2 FY23Q3 FY23Q3 FY23Q4 FY24Q1 FY24Q2 FY24Q3 FY24Q4 FY25Q1 FY25Q2 FY25Q3 FY25Q4 FY26Q1 FY26Q2 FY26Q3 FY26Q4 Nov 19, Feb 15, Mar 19, May 27, Aug 19, Nov 18, Feb 14, May 24, Aug 17, Nov 13, Feb 7, May 21, Aug 19, Nov 12, Feb 4, May 23, Record Date 2022 2023 2023 2023 2023 2023
Slide 32: Glossary of Terms
Glossary of Terms AK2 Aligarh Highways Private Limited GS Gurgaon Sohna Highway Pvt Ltd OEA Office of Economic Adviser AK5 Bithur Kanpur Highways Private Limited GST Goods and Service Tax O&M Operations and Maintenance AN Ateli Narnaul Highway Pvt Ltd HAM Hybrid Annuity Model OTPP Ontario Teachers'
Slide 33: Thank You
Thank You Contact: Komal.d@vertis.co.in Unit No. 601-602, 6th Floor, Windsor House, Off CST Road, Kalina, Santacruz East, Mumbai 400 098, Maharashtra
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