Adani Ports & Special Economic Zone Ltd · NSE:ADANIPORTS
Adani Ports & Special Economic Zone — Investor Presentation (February 2026)
39 slides from Adani Ports & Special Economic Zone's investor presentation, February 2026
Slide 1: Adani Ports and Special Economic Zone Limited
Adani Ports and Special Economic Zone Limited Investor presentation (USD) | February 2026
Slide 2: Contents
Contents 1 Group profile 2 APSEZ investment thesis 3 Annexure 2
Slide 3: Group profile
1 Group profile STRICTLY CONFIDENTIAL
Slide 4: Adani Portfolio: A World Class Infrastructure & Utility Portfolio
Adani Portfolio: A World Class Infrastructure & Utility Portfolio Flagship Infrastructure & Utility Core Portfolio Primary Industry Other Incubator Materials, Metal Energy & Utility Transport & Logistics Specialty & Mining (73.97%) (62.43%) (74.96%) (68.02%) (67.64%)4 AEL1 AGEL APL APSEZ3 Ports & Lo
Slide 5: Adani Portfolio: Best-in class growth with national footprint
Adani Portfolio: Best-in class growth with national footprint All figures in INR cr Predictable, high and rising free cash flow National footprint with deep coverage Tax paid EBITDA Finance cost paid 92,943 CAT (FFO) 65,016 (74%) EBITDA 24,870 12,784 AEL (51%) 22,819 APSEZ (21%) Adani’s Core Infra.
Slide 6: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment DEVELOPMENT1 OPERATIONS CONSUMERS 2 New C.E.O. Adani Infra (India) Limited | Cemindia Projects Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Constructi
Slide 7: APSEZ investment thesis
2 APSEZ investment thesis STRICTLY CONFIDENTIAL
Slide 8: APSEZ is an Integrated Transport Utility
APSEZ is an Integrated Transport Utility We deliver transport solutions across the supply chain International Freight Network Services 1 Marine services Ports Trains & Tracks MMLPs Warehouses Trucks Customer gate ~65-70% of value ~10% of value generated from Ocean generated from ~20-25% of value gen
Slide 9: We are India's largest private port operator with select global presence
We are India’s largest private port operator with select global presence 15 ports in India with a total capacity of 653 MMT 4 international ports in Israel (Haifa), Tanzania (Dar es Salaam), Sri Lanka (Colombo) and Australia (North Queensland) Bulk terminals & ports Bulk terminals & ports West coast
Slide 10: Significant market share gains driven by operational excellence
Significant market share gains driven by operational excellence Consistent ports market share growth led by rising container market share In the last decade, APSEZ domestic port volume growth was 3x industry growth 30% All-India cargo market share 27% 46% All-India cargo (MMT) APSEZ domestic cargo (
Slide 11: APSEZ's strategic partnerships ensure consistently high volume of sticky cargo
APSEZ’s strategic partnerships ensure consistently high volume of sticky cargo Strategic partnerships Adani International Container Adani Ennore Container Terminal Pvt Ltd (AICTPL) Terminal Pvt Ltd (AECTPL) APSEZ stake – 50% APSEZ stake – 51% Adani CMA Mundra Terminal Pvt Haifa Port Company (HPC) Lt
Slide 12: Demonstrated experience in turning around acquired ports
Demonstrated experience in turning around acquired ports Dhamra Kattupalli Krishnapatnam Karaikal EBITDA growth: ~2.5x EBITDA growth: ~4x EBITDA growth: ~1.2x EBITDA growth: ~2x Margin expansion: ~800bps Margin expansion: ~4,000bps Margin expansion: ~800bps Margin expansion: ~2,600bps FY14 FY25 FY18
Slide 13: APSEZ's fully integrated commercial model provides the Highest Value Capture
APSEZ’s fully integrated commercial model provides the ‘Highest Value Capture’ in the industry Delivery at customer gate Cargo originating port • Last-mile connectivity with focus on specific • Ensures volumes are directed to routes across industrial clusters Freight APSEZ ports • Return loads optim
Slide 14: Our land bank is unmatched in the industry
Our land bank is unmatched in the industry and creates unique, embedded growth opportunity SEZ land bank Strategic investment in landbank Mundra land bank: ~12,500 Ha near industrial clusters • Rail: 64 km dedicated electrified Mundra- MMLPs present in proximity of industrial Adipur double track rai
Slide 15: The Indian Logistics industry has grown steadily and is poised for further expansion
The Indian Logistics industry has grown steadily and is poised for further expansion Indian Logistics industry1 423 10% CAGR 7% CAGR 261 Logistics industry components 238 244 14% 214 Others 2 202 11% 3 183 Warehouse 13% Rail 62% Road // FY19 FY20 FY21 FY22 FY23 FY24 FY29F Figures in $ Bn 1. Source:
Slide 16: APSEZ is best positioned to tap into this growth opportunity
APSEZ is best positioned to tap into this growth opportunity with its expanding pan-India Logistics footprint APSEZ specializes in retail, industrial, container, bulk, liquids, auto, and grain logistics Pan-India Logistics presence across MMLPs, warehouses and agri-silos 12 MMLPs Present near key in
Slide 17: APSEZ is also targeting opportunities in the MEASA waters
APSEZ is also targeting opportunities in the MEASA waters Marine business timeline 2022 2023 2024 FY 2027 Acquired Ocean Incorporated TAHID Acquired Astro 3x revenue Sparkle Ltd Offshore growth 1 Marine strategy Diversified marine fleet Profitable operations, high Focused on MEASA region Tier-1 cust
Slide 18: Consistently strong revenue and EBITDA growth with market-leading margins
Consistently strong revenue and EBITDA growth with market-leading margins Revenue from operations ($ Mn) EBITDA ($ Mn) Net cash generated from operations ($ Mn) $4,228 Mn 4,500 (FY26 guidance) 3,000 2,500 $2,537 Mn 4,000 (FY26 guidance) 2,500 2,000 3,500 3,675 2,037 2,250 3,000 2,000 3,115 1,500 2,5
Slide 19: APSEZ has consistently delivered best-in-class RoCE
APSEZ has consistently delivered best-in-class RoCE 1 2 APSEZ (Consolidated) Domestic ports Marine 24% 16% 15% 21% 13% 19% 15% 14% 12% 15% 13% 12% FY23 FY24 FY25 H1 FY26 FY23 FY24 FY25 H1 FY26 FY23 FY24 FY25 H1 FY26 The following gestating businesses are expected to achieve threshold RoCE in 3-4 yea
Slide 20: Domestic port RoCE
Domestic port RoCE 40% 39% 39% 38% 36% 33% 33% 31% 27% 24% 22% 22% 21% 20% 20% 20% 20% 19% 18% 16% 15% 13% 12% 11% 11% 10% 9% 7% 7% 6% 4% Mundra Hazira Dahej Dhamra Katupalli Krishnapatnam Gangavaram Karaikal FY23 FY24 FY25 H1 FY26 RoCE – Return on Capital Employed; RoCE based on INR reported figure
Slide 21: Investment grade, deleveraged balance sheet (1/2)
Investment grade, deleveraged balance sheet with significant capital markets track record (1/2) Gross debt1, net debt1 & average maturity (in $ Mn) Net Debt to EBITDA 5,988 6,062 5,908 6.0 7.0 5,550 5,362 3.3 4,876 3.0 3.1 Including NQXT debt; See 4,699 4,373 4,310 4,594 4,172 5.5 5.6 Note (1) 3,889
Slide 22: Investment grade, deleveraged balance sheet (2/2)
Investment grade, deleveraged balance sheet with significant capital markets track record (2/2) Global rating agencies Baa3 / Stable BBB- / Positive BBB- / Stable A- / Stable • JCR has assigned foreign currency and local currency long-term issuer credit rating of “A-/Stable” to APSEZ • A- / Stable i
Slide 23: Long-term debt maturity profile (as of 31st December 2025)
Long-term debt maturity profile (as of 31st December 2025) (in $ Mn) Reported Proforma Proforma figure using TTM EBITDA of NQXT 1 FFO (TTM Dec’25) $2,034 Mn $2,118 Mn 1,150 FFO (TTM Dec’25) + Cash (9M FY26) $3,386 Mn $3,470 Mn 1,030 976 675 532 443 450 111 111 111 111 111 69 28 5 FY26 FY27 FY28 FY29
Slide 24: Future-ready integrated technology platform across the value chain
Future-ready integrated technology platform across the value chain Advanced digital layer integrated across business processes and physical assets Automated container depot management Fleet / truck management Port operations management Real-time rake tracking PCS (TOS) system International Freight N
Slide 25: APSEZ's 5-yr capex plan focuses on capacity expansion and footprint
APSEZ’s 5-yr capex plan focuses on capacity expansion and enhancing geographical footprint Total capex plan of Domestic ports Logistics Technology & decarbonization $8 - 9 Bn during FY25 - $5.3 – 5.9 Bn $1.8 – 2.3 Bn $585 Mn FY291 Capex themes • Capacity expansion + enhanced operational efficiency a
Slide 26: APSEZ guidance: All-round growth in Ports, Logistics and Marine (1/3)
APSEZ guidance: All-round growth in Ports, Logistics and Marine (1/3) 1 APSEZ consolidated forecast Ports will drive significant absolute growth with strong cargo visibility and stable margins All-round growth driven by Ports, Logistics, Marine Revenue ($ Mn) Cargo (MMT) Revenue ($ Mn) 7,667 5,502 1
Slide 27: APSEZ guidance: All-round growth in Ports, Logistics and Marine (2/3)
APSEZ guidance: All-round growth in Ports, Logistics and Marine (2/3) APSEZ consolidated forecast Logistics growth will enhance differentiated “shore-to-door” value proposition All-round growth driven by Ports, Logistics, Marine Revenue ($ Mn) 7,667 Revenue ($ Mn) Combination of asset-heavy & asset-
Slide 28: APSEZ guidance: All-round growth in Ports, Logistics and Marine (3/3)
APSEZ guidance: All-round growth in Ports, Logistics and Marine (3/3) APSEZ consolidated forecast Growth in Marine business driven by vessel acquisition All-round growth driven by Ports, Logistics, Marine Revenue ($ Mn) OSL OSL + Astro Offshore + TAHID 7,667 Fleet size 150+ 3,675 115 1,674 72 FY20 F
Slide 29: Sustainability: At the core of our operations
Sustainability: At the core of our operations Our commitment Biodiversity Net Zero by 2040 Zero waste to landfill Zero safety incidents conservation Guiding Guiding principles Policies principles • United Nations (UN) Global Compact • United Nations (UN) Sustainable Development Goals • Science Based
Slide 30: Environment: Advancing Low-Emission, Reduced Energy & Water Use
Environment: Advancing Low-Emission, Reduced Energy & Water Use with TNFD-Aligned Nature Management Emission reduction - Mechanized operations, electrifying Energy reduction - Migration from mechanization to Lower water consumption - Real-time monitoring, equipment, sourcing green electricity electr
Slide 31: Social: Prioritizing employee well-being, contributing to community development
Social: Prioritizing employee well-being, contributing to community development Building strong ties with communities LTIFR reduction by 10% with doubled cargo operations 800,000+ 1,350+ villages $62+ Mn Lost Time Injury Frequency Rate Lives impacted in FY25 Covered near our operational sites Spent
Slide 32: Governance: Best-in-class corporate governance standards
Governance: Best-in-class corporate governance standards, independent directors, independent review of related party transactions 100% Chaired Board of Directors IDs by IDs Independent Directors (IDs) Statutory Committees 50% + Audit Comprised of only Independent Directors Nomination & Remuneration
Slide 33: Key investment highlights
Key investment highlights Differentiated Integrated • Ports, Logistics & Marine deliver port gate-to-customer gate solutions Transport Utility proposition • Digitized value chain delivers cost effective and efficient services • Largest private port operator with presence across Indian coastline, sel
Slide 34: Annexure
3 Annexure STRICTLY CONFIDENTIAL
Slide 35: Profit & Loss snapshot
Profit & Loss snapshot Particulars Unit FY221 FY23 FY24 FY25 9MFY26 9M FY26 Insights Revenue from Operations $ Mn 2,298 2,596 3,226 3,675 3,206 Total Income $ Mn 2,298 2,596 3,226 3,675 3,206 Operating Expenses $ Mn 653 704 860 954 905 $3,206 Mn Employee Benefit Expenses $ Mn 105 147 229 238 197 Rev
Slide 36: Balance Sheet snapshot
Balance Sheet snapshot Particulars Unit FY22 FY23 FY24 FY25 H1FY26 Assets H1 FY26 Insights Gross Fixed Assets (Excl. CWIP) $ Mn 9,759 10,578 11,154 13,012 13,556 [-] Accumulated Depreciation $ Mn 1,518 1,790 2,142 2,509 2,680 Net Fixed Assets (Excl. CWIP) $ Mn 8,241 8,788 9,012 10,503 10,876 CWIP $
Slide 37: APSEZ: Select assets
APSEZ: Select assets Mundra port Dhamra port Vizhinjam port Capacity: 274 MMT, capacity expansion underway Capacity: 52 MMT, capacity expansion underway Phase 1 capacity: 24 MMT; Phase 2 expansion in progress FY25 throughput: 200.7 MMT FY25 throughput: 46.1 MMT Commenced operations in December 2024
Slide 38: Thank You
Growth adar Goodness adan Ports and Logistics Thank You
Slide 39: Disclaimer
Disclaimer No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or Investor Relations opinions contained in this release. Certain statements made in this release may be "forward-l
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