Adani Enterprises Limited · NSE:ADANIENT
Adani Enterprises — Adani Airport Holdings — Debt Investor Presentation (May 2025)
39 slides from Adani Enterprises's debt investor presentation, May 2025
Slide 1: Adani Airport Holdings Limited Credit Update – FY25
Adani Airport Holdings Limited Credit Update – FY25 May 2025
Slide 2: Contents
Contents 01 Adani Portfolio Overview 02a Adani Portfolio: Strong Business Performance 02b Adani Airport Holdings Limited: Diversified Assets 03 Borrowings & Leverage discipline 03a Leverage Risk 03b Liquidity Risk 03c System Risk 03d Concentration Risk 04 Rating Affirmations Appendix A Business Upda
Slide 3: 01 Adani Portfolio Overview
01 Adani Portfolio Overview 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%) (60.94%) (74.96%) (65.89%) (67.53%) AEL AGEL APL APSEZ Ports & Logis
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 89,806 CAT (FFO) 66,527 (74%) EBITDA 24,870 AEL 12,784 APSEZ (51%) Adani’s Core Infra. 18,711 AGEL P
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 (AIIL) | ITD Cementation Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Const
Slide 7: Adani Portfolio: Broad based ESG commitment and Credentials
Adani Portfolio: Broad based ESG commitment and Credentials 2070 Net Zero Adani Enterprises Tax Transparency Audit ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ TCFD Supporter ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ SBTi/ Net Zero Commitment ✓ ✓ ✓ ✓ ✓ ✓ ✓* ✓* 2040 2070 2050 2050 2070 2070 2050 2050 UNGC Participant ✓ ✓ ✓ ✓ ✓ In Progress ✓ ✓ IBBI ✓ ✓ ✓
Slide 8: 02a Adani Portfolio: Strong Business Performance
02aAdani Portfolio: Strong Business Performance STRICTLY CONFIDENTIAL
Slide 9: Adani Portfolio: Resilience, Strength and Stability
Adani Portfolio: Resilience, Strength and Stability All figures in INR cr Sector EBITDA FY25 FY24 Growth % of Total Q4FY25 Q4FY24 Growth % of Total Utility 43,375 44,504 (2.54%) ▼ 48.30% 10,439 9,638 8.31% ▲ 45.90% Transport 20,471 17,202 19.00% ▲ 22.79% 5,456 4,313 26.50% ▲ 23.99% AEL - Infrastruct
Slide 10: AAHL: Core Infra Platform is powering free cashflow
AAHL: Core Infra Platform is powering free cashflow Need Software help FY25 Revenue-FFO Conversion Revenue includes other income | EBITDA: Earning before Interest Tax Depreciation & Amortization I EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss /
Slide 11: 02b Adani Airport Holdings Limited: Diversified Assets
02bAdani Airport Holdings Limited: Diversified Assets STRICTLY CONFIDENTIAL
Slide 12: AAHL: Well distributed EBITDA contribution and Asset base
AAHL: Well distributed EBITDA contribution and Asset base Portfolio AAHL EBITDA 10% 2% 2% % of Portfolio Gross Assets % of Entity’s Gross Assets 44% 40% 8,644 89,806 20,471 10% 5,000 Diversified, geographically 668 4,350 varied EBITDA with 4,500 23% 23,917 1,179 4,000 1,758 1% 3,500 minimal to no 27
Slide 13: 03a Borrowings & Leverage Risk
03aBorrowings & Leverage Risk STRICTLY CONFIDENTIAL
Slide 14: AAHL: Sustainable Financial Growth
AAHL: Sustainable Financial Growth All figures in INR cr Short Seller Event & US Short Seller Event & Major Economies in Bank Crisis US Bank Crisis Middle East Conflict Election Cycle 43% 5,000 4,500 4,000 EBITDA 3,500 CAGR 3,000 4,350 4,350 2,500 3,447 3,447 2,000 EBITDA 2,953 2,953 1,500 1,484 1,9
Slide 15: AAHL: High growth profile & Credit Discipline
7.50 7.00 6.50 AAHL: High growth profile & Credit Discipline 6.00 5.50 5.00 5.28x Threshold 5.0x 4.50 4.00 4.42x Guided 3.5x to 4.5x 3.72x 3.50 3.60x Benchmark 2.5x to 3.5x 3.00 2.50 2.00 Net Debt / EBITDA 1.50 FY22 FY23 FY24 FY25 Avg Maturity (yrs)1 6.7 6.5 6.9 20.00% 1.20 18.00% 16.53% 12.17% 1.00
Slide 16: 03b Liquidity Risk
03bLiquidity Risk STRICTLY CONFIDENTIAL
Slide 17: AAHL: Derisking Balance Sheet
AAHL: Derisking Balance Sheet Particulars UOM FY22A FY23A FY24A FY25A EBITDA INR Cr 1,484 2,953 3,447 4,350 Gross Assets1 INR Cr 21,220 26,155 32,171 42,305 Gross Debt INR Cr 8,487 11,774 13,815 20,163 Net Debt INR Cr 7,842 11,000 12,416 19,249 Equity Deployed INR Cr 9,979 9,412 11,801 11,174 Return
Slide 18: AAHL: Maintaining RoA at rapidly increasing Asset base
AAHL: Maintaining RoA at rapidly increasing Asset base All figures in INR cr 70,000 Gross Assets RoA 20.00% 60,000 50,000 15.00% 40,000 12.00% 12.00% 12.00% 10.00% 30,000 7.00% 20,000 42,305 32,171 5.00% 26,155 10,000 21,220 - -% FY22 FY23 FY24 FY25 Particulars FY22A FY23A FY24A FY25A EBITDA 1,484 2
Slide 19: 03c System Risk
03cSystem Risk STRICTLY CONFIDENTIAL
Slide 20: Adani Portfolio: Eliminating system risk
Adani Portfolio: Eliminating system risk Long Term Net Long Avg. Maturity Leverage Net Debt / RR FFO Cash Balance Listed Entity Debt Term Debt Net LTD/FFO of LTD Ratio EBITDA INR cr. INR cr. INR cr. INR cr. (Years) ATGL 1.05x 872 521 1,716 1,195 1.37x 2.97 0.0x – 2.5x APL 1.39x 20,506 7,311 28,784 2
Slide 21: AAHL: No maturity outside of cash & FFO envelop
AAHL: No maturity outside of cash & FFO envelop page All figures in INR cr FFO for FY25 10 years of under debt refinancing/maturity profile 4,350 7,130 (226) 2,056 Part of (2,068) Refinancing Plan 3,466 6,474 FFO + Cash Balances – 2,970 EBITDA Tax Interest FFO 3,428 1,529 (13%) 2,970 3,421 FFO – 2,0
Slide 22: 03d Concentration Risk
03dConcentration Risk STRICTLY CONFIDENTIAL
Slide 23: AAHL: Concentration risk management
AAHL: Concentration risk management Debt mix profile of AAHL as on 31st March 2025 All figures in INR cr Global Capital Domestic Capital Domestic Banking Global Banking Others Markets Markets Debt Mix 40% 17% 32% 11% 0% Avg Maturity (yrs) 12.06 1.00 5.00 3.20 - Long Term Debt 20,026, 99.4% 7,992 6,4
Slide 24: Rating Affirmations
04 Rating Affirmations STRICTLY CONFIDENTIAL
Slide 25: AAHL: Continuously improving credit profile with deep rating coverage
AAHL: Continuously improving credit profile with deep rating coverage Global Domestic 31% IG AAA - AA+ Rating Track 41% 40% Record April April April BB+ AA – AA- 2022 2023 2025 3 A Category 59% 60% BB- 69% BBB+ - Below years 100% rated above “A” 100% rated above “A” 100% rated above “A” RR EBITDA IN
Slide 26: A Business Credit Update
A APPENDIX Business Credit Update
Slide 27: AAHL: FY25 Highlights
AAHL: FY25 Highlights Business Updates Consumer Centricity: • With 94.44 million passengers handled in FY 2024-25, AAHL commands a 23% • The Total Passengers served by all 7 operational airports is 94.4 Mn in share of India’s domestic air traffic and 29.3% of international traffic. FY25 and 88.6 Mn
Slide 28: AAHL: Credit Updates
AAHL: Credit Updates International Ratings 10 Years LTD Maturity Profile as on March 31, 2025 (INR Cr) Entity Rating Cash Balances1 : INR 914 cr Mumbai International Airport Limited BB+ (Fitch) EBITDA: INR 4,350 cr 7,130 Domestic Ratings Entity Rating Agency Rating 3,466 Adani Airport Holding Limite
Slide 29: AAHL: FY25 Highlights
AAHL: FY25 Highlights Growth with Responsibility Net Debt/ EBITDA FY25 FY24 EBITDA (INR Cr) 4,350 3,447 5.28x EBITDA (USD bn) 4.42x 0.51 0.41 3.72x 3.60x CAT (FFO) (INR Cr) 2,056 2,029 CAT (FFO) (USD bn) 0.24 0.24 FY22 FY23 FY24 FY25 • With eight airports in its management and development portfolio,
Slide 30: B Ownership Structure
B APPENDIX Ownership Structure STRICTLY CONFIDENTIAL
Slide 31: AAHL : Holding Structure
AAHL : Holding Structure AEL 100% AAHL Non-Aero business for the Airport Network MSA with AAHL 3 AMD 74% MTRPL 26% 74%2 100%1 Flemingo IXE (Duty-free) 26% AAFSL & LKO MIAL 6 Airports AAI BOM: Mumbai AGACSL Promoter Family of Flemingo JPR AMD LKO 100% subsidiary 74% 26% GWA 74% AMRPL IXE for Cargo an
Slide 32: Adani Portfolio: Shareholding Summary
Adani Portfolio: Shareholding Summary Total Total Total Promoter Total Public Listed Entity Others Onshore Offshore Holding Holding AEL 58.29% 15.68% 73.97% - 26.03% APSEZ 42.65% 23.24% 65.89% - 34.11% APL 47.20% 27.76% 74.96% - 25.04% AGEL 51.02% 9.92% 60.94% - 39.06% AESL 58.21% 11.73% 69.94% - 30
Slide 33: Adani Portfolio: UBO (Onshore)
Adani Portfolio: UBO (Onshore) Trustees Gautam S. Adani Rajesh S. Adani Vinod S Adani 100% S. B. Adani Family Trust (SBAFT) 15.59% 83.97% 100% Adani Properties Private Ltd. (APPL) & Adani Rail Infra Private Ltd. Individual Promoters 1 Total its wholly owned Subsidiaries (ARIPL) AEL 0.00% 58.29% - 58
Slide 34: Adani Portfolio: UBO (Offshore)
Adani Portfolio: UBO (Offshore) Trust (Beneficiary Owner: VSA & RVA) Amulya Resources Holding Ltd through Holding Company (BVI) Adani Global Investment DMCC (UAE) Acropolis Trade & Investment through Total Subsidiaries & Financial Companies (Mauritius) AEL 1.66% 14.02% 15.68% APSEZ 6.31% 16.93% 23.2
Slide 35: C Synergy
C APPENDIX Synergy STRICTLY CONFIDENTIAL
Slide 36: Operational Synergies accruing to each business in Portfolio
Operational Synergies accruing to each business in Portfolio Adani Portfolio Ecosystem EPC & PMC O&M Human Resource AIMSL GCC AIIL1 Centre of Centre of Centre of Excellence Excellence Excellence Supply of Power Synergy benefits between entities providing assurance on Supply chain and off Mining Ener
Slide 37: Thank You
Thank You V20- credit metrices threshold change after Robbie sir’s comment
Slide 38: ESG Credentials Legend Scale
ESG Credentials Legend Scale Risk Assessment Negligible Low Medium High Severe SUSTAINALYTICS (Lower the better) 0-10 10-20 20-30 30-40 40+ ESG Assessment Leadership Strong Adequate Below Avg. Weak (Higher the better) 71-100 61-70 51-60 41-50 0-40 ESG Assessment Highest Lowest (Higher the better) 10
Slide 39: AAHL: Stable Weighted average Cost of debt capital
AAHL: Stable Weighted average Cost of debt capital AAHL: 16.00% 2.00 1.80 Finance cost paid 14.00% 1.60 12.00% 10.00% 16.53% 1.40 1.20 / Avg Gross Debt1 12.17% 1.00 8.00% 10.87% 0.80 6.00% 8.85% 0.60 4.00% 0.40 2.00% 0.20 0.00% 0.00 82.17 83.41 85.48 Forex Rate 75.79 14.00% Fx Risk USD/ INR3 12.00%
Adani Airport Holdings — Debt Investor Presentation (May 2025) on 6ix