Cube Highways Trust Units · NSE:CUBEINVIT
Cube Highways Trust Units — Investor Presentation (June 2026)
38 slides from Cube Highways Trust Units's investor presentation, June 2026
Slide 1: Investor Presentation
Investor Presentation June 2026 www.cubehighwaystrust.com RESTRICTED 0
Slide 2: Agenda
Agenda 1 Cube Highways Trust Overview 2 1 Cube Highways Trust Overview 2 2 Investment Highlights 7 2 Investment Highlights 7 3 Annexures 22 3 Annexures 22 RESTRICTED 1
Slide 3: Agenda
Agenda 1 Cube Highways Trust Overview 2 1 Cube Highways Trust Overview 2 2 Investment Highlights 7 2 Investment Highlights 7 3 Annexures 22 3 Annexures 22 RESTRICTED 2
Slide 4: Cube Highways Trust at a glance
Cube Highways Trust ( “the Trust” / “the InvIT”) at a glance Financial and portfolio performance Present across key economic and high growth corridors9 Figures as of March 31, 2026, unless stated otherwise Representational map; not drawn to scale Toll Assets 27 Assets9 26 18 toll assets and 9 27 Ann
Slide 5: Current structure of the InvIT
Current structure of the InvIT Sponsor & Sponsor Group1,2 Other Unit Holders BCI IRR INDIA Bodies Corporate Insurance Companies HOLDINGS SEVENTY SECOND Mutual Funds Others3 (CH-V, CH-I, CH-II, CH-III, CH-ID, CH-IV) INVESTMENT COMPANY LLC Responsible for managing 32.88% 67.12% investments / portfolio
Slide 6: Cube Highways Trust Journey
Cube Highways Trust Journey1 ✓ 100% acquisition of NAMEPL ✓ Issuance of ✓ Filed the DOD India’s first with SEBI for Sustainability- conversion ✓ World record2: Linked Bond in from private Laying of112.5 lane the road to public InvIT km of bituminous infrastructure ✓ Acquisition of 2 with an OFS conc
Slide 7: Governed by an experienced board providing oversight and strategic guidance
Governed by an experienced board providing oversight and strategic guidance Advised by an experienced management team with an established track record in the Indian infrastructure sector Upendra Kumar Sinha Surinder Chawla Jayesh Ramniklal Desai Fereshte Dhunjishaw Sethna Helly Bharat Ajmera Sandeep
Slide 8: Agenda
Agenda 1 Cube Highways Trust Overview 2 1 Cube Highways Trust Overview 2 2 Investment Highlights 7 2 Investment Highlights 7 2.1 Growthco Vehicle Strong ROFO Pipeline 9 2.1 Growthco Vehicle & Strong ROFO Pipeline 9 2.2 Strong Portfolio Construction Operational Capabilities 15 2.2 Strong Portfolio Co
Slide 9: Cube Highways Trust: Key Strengths
Cube Highways Trust: Key Strengths Ability to pursue disciplined growth through stable and cash-generating assets supporting long-term stability of distributions and sustained portfolio growth INR 34.86 of cumulative DPU and 45.77% increase in NAV per unit since listing2 Dedicated growth vehicle and
Slide 10: Agenda
Agenda 1 Cube Highways Trust Overview 2 1 Cube Highways Trust Overview 2 2 Investment Highlights 7 2 Investment Highlights 7 2.1 Growthco Vehicle Strong ROFO Pipeline 9 2.1 Growthco Vehicle & Strong ROFO Pipeline 9 a Acquisition of 4 Committed Assets 12 a Acquisition of 4 Committed Assets 12 2.2 Str
Slide 11: Calibrated growth strategy of acquiring operating and de-risked assets
Calibrated growth strategy of acquiring operating and de-risked assets Dec-25 AUM1 282.93 Revenue for (INR Bn) 48.35 29.66 72.93 ROFO assets FY25 GrowthCo structure facilitating direct drop down of assets with an INR 8,805.92 Mn identified ROFO pipeline 18 assets 6 HAM 2 DBFOT/ 2 DBFOT + 1 (8 BOT/DB
Slide 12: Distribution History
Distribution History Declared FY26 distribution of INR 13.77 per unit, taking the cumulative distribution to INR 34.86 per unit 1 34.86 10.09 11.00 13.77 5.00 150.00 131.8 143.0 142.7 145.8 4.50 133.8 137.0 131.4 132.4 125.4 128.2 4.10 4.00 120.9 3.94 3.75 3.60 3.57 3.50 100.0 3.25 100.00 DPU (INR/u
Slide 13: Agenda
Agenda 1 Cube Highways Trust Overview 2 1 Cube Highways Trust Overview 2 2 Investment Highlights 7 2 Investment Highlights 7 2.1 Growthco Vehicle Strong ROFO Pipeline 9 2.1 Growthco Vehicle & Strong ROFO Pipeline 9 a Acquisition of 4 Committed Assets 12 a Acquisition of 4 Committed Assets 12 2.2 Str
Slide 14: Committed Assets Overview
Committed Assets Overview Committed Assets’ Characteristics Committed 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 State West Bengal Madhya Pradesh Karnataka Jammu and Kashmir 28 Nati
Slide 15: ROFO Assets
ROFO Assets Kokhraj Handia Expressway Private Limited Malayagiri Highways Private Limited Delhi Hapur Meerut Expressway Private Particulars (KHEPL) (MHPL2) Limited (DHMEPL) Equity Shareholders CH –V CH –V CH –V Project Connecting Kokhraj to Handia Binjabahal to Teliebani NCR to Meerut and Hapur Gran
Slide 16: Agenda
Agenda 1 Cube Highways Trust Overview 2 1 Cube Highways Trust Overview 2 2 Investment Highlights 7 2 Investment Highlights 7 2.1 Growthco Vehicle Strong ROFO Pipeline 9 2.1 Growthco Vehicle & Strong ROFO Pipeline 9 2.2 Strong Portfolio Construction Operational Capabilities 15 2.2 Strong Portfolio Co
Slide 17: Scaled infrastructure platform with a strategically constructed portfolio
Scaled infrastructure platform with a strategically constructed portfolio Cube InvIT has a diversified portfolio with advanced asset management and maintenance expertise, and strong portfolio construction capabilities High quality & diversified 01 asset portfolio • 18 toll, 6 HAM and 3 annuity road
Slide 18: Advanced asset management and maintenance expertise
Advanced asset management and maintenance expertise Technology-Driven Testing R&D backed Innovation AI capable in-house Economies of Scale through software team centralized supply chain ⁻ Advanced testing techniques: Non- ⁻ Advanced construction materials: destructive surface testing techniques Use
Slide 19: Trust's historic portfolio traffic growth
Trust’s historic portfolio traffic growth Cube InvIT assets have demonstrated resilient traffic growth reflecting the strength of the corridors in which our assets operate Trust’s toll asset portfolio exhibit strong traffic growth - 5.85% CAGR Traffic Synopsis (Apr-Sep 2025) Traffic growth across to
Slide 20: Agenda
Agenda 1 Cube Highways Trust Overview 2 1 Cube Highways Trust Overview 2 2 Investment Highlights 7 2 Investment Highlights 7 2.1 Growthco Vehicle Strong ROFO Pipeline 9 2.1 Growthco Vehicle & Strong ROFO Pipeline 9 2.2 Strong Portfolio Construction Operational Capabilities 15 2.2 Strong Portfolio Co
Slide 21: Resilient capital structure with a range of lenders
Resilient capital structure with a range of lenders Competitive total cost of debt and refinancing ability at lower rates reflect stable and predictable debt servicing Key metrics (as of March 31, 2026) Evolution of lender universe Gross borrowings (INR Bn)2 NCD Promoters 25% Fund Strategic Diversif
Slide 22: Calibrated expansion and active asset management to drive growth
Calibrated expansion and active asset management to drive growth Consistent expansion and disciplined cost management 01 Resilient historical traffic growth 02 Active management of O&M costs Portfolio of assets with strong performance track record Lifecycle management strategy to avoid over reactive
Slide 23: Agenda
Agenda 1 Cube Highways Trust Overview 2 1 Cube Highways Trust Overview 2 2 Investment Highlights 7 2 Investment Highlights 7 3 Annexures 22 3 Annexures 22 3.1 Industry Overview 23 3.1 Industry Overview 23 3.2 Miscellaneous 27 3.2 Miscellaneous 27 RESTRICTED 22
Slide 24: Agenda
Agenda 1 Cube Highways Trust Overview 2 1 Cube Highways Trust Overview 2 2 Investment Highlights 7 2 Investment Highlights 7 3 Annexures 23 3 Annexures 23 3.1 Industry Overview 23 3.1 Industry Overview 23 3.2 Miscellaneous 27 3.2 Miscellaneous 27 RESTRICTED 23
Slide 25: The Indian economy positioned for a positive outlook
The Indian economy positioned for a positive outlook India’s economy has shown strong and steady progress over the past decade supported by strong domestic demand and a sustained capex push India maintains 4th largest economy and is the fastest growing major economy Government remains committed to i
Slide 26: Roads continue to be an area of national importance
Roads continue to be an area of national importance Government spend on road infrastructure to meet growing demand Key growth drivers Roads attract nearly half of the overall infrastructure spending Improving private Changes in HAM & BOT models to ease cash flows during Share of roads in total infra
Slide 27: Opportunity in the sector with rising participation of private capital
Opportunity in the sector with rising participation of private capital Drivers of opportunity in the sector Asset pipeline driven by TOT auctions, momentum in awards under HAM / BOT and an active secondary market Upcoming asset Increase in HAM Bids for new BOT assets Potential for M&A opportunities
Slide 28: Agenda
Agenda 1 Cube Highways Trust Overview 2 1 Cube Highways Trust Overview 2 2 Investment Highlights 7 2 Investment Highlights 7 3 Annexures 22 3 Annexures 22 3.1 Attractive Industry Dynamics 24 3.1 Attractive Industry Dynamics 24 3.2 Miscellaneous 27 3.2 Miscellaneous 27 RESTRICTED 27
Slide 29: GAEPL Revenue Maximisation (Split Plaza)
GAEPL Revenue Maximisation (Split Plaza) Installation of split plazas remediated the leakage route issue, increased tollable PCUs, and enhanced operational efficiency Entry/Exit Km 47.100 • The Luharli Toll Plaza of GAEPL had a leakage due to a diversion Luharli TP Problem Leakage route, as shown in
Slide 30: Led by experienced leadership
Led by experienced leadership… Experienced management team with an established track record in the Indian infrastructure sector Vinay Chandramouli Sekar | CEO | Investment Manager Pankaj Vasani | CFO | Investment Manager 16+ yrs experience in infrastructure finance and advisory services 25+ yrs
Slide 31: Well diversified portfolio positioned for sustainable growth
Well diversified portfolio positioned for sustainable growth Balance between concession types Balance between commercial & passenger vehicles3 15% Car 3A Truck Toll 28% H1 FY26 40% AUM1 H1 FY26 LCV Bus Passenger2: 38% 6% Commercial2: 62% Annuity 4% 85% 13% 9% 2A Truck MAV Well distributed AUM across
Slide 32: Innovative cutting edge technologies
Innovative cutting edge technologies Cube’s launch of in-house R&D platform ‘MINDS’, to identify, mentor and deploy new technologies and process improvements Proposal submission and With the launch of MINDS Select focus areas Key strengths approval process (Mentoring Innovation & New Developments in
Slide 33: Awards and achievements
Awards and achievements 2025 2025 2025 2025 National Highways Winner of Winner of Best Winner of Hackathon Excellence Awards – Product Digital Technology 2025 on “Real-time Gold Award - Innovation of Award in Road Visualisation of NSV Excellence in the Year Award Building at RAHSTA survey reports” 2
Slide 34: Financial performance and distributions
Financial performance and distributions Cube has maintained consistent distributions while significantly scaling the portfolio in recent years Continued increase in financial scale Distributions trend since listing Assets Under Management (INR Mn) Distribution per ordinary unit 368,417.57 4.10 322,6
Slide 35: AI, ML and in-house developed application driving operational excellence
AI, ML and in-house developed application driving operational excellence Cube InvIT leverages AI / ML tools for asset classification, pavement distress identification and road safety enhancement Artificial intelligence / machine learning applications In-house developed applications and technology dr
Slide 36: Embedding sustainability and ESG practices
Embedding sustainability and ESG practices 1 Promoting environmental stewardship and social responsibility 2 Key ESG Aspects during Pre- and Post-Acquisition Environmental action Pre-acquisition due diligence Post-acquisition ESMS1 implementation Management of GHG emissions, energy consumption, and
Slide 37: Disclaimer
Disclaimer Cube Highways Fund Advisors Private Limited (the “Investment Manager”), on behalf of the Cube Highways Trust (the “Trust”) is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an initial public offering of units representing an undivided int
Slide 38: Disclaimer (contd.)
Disclaimer (contd.) The BRLMs, directly and/or through their affiliates, are acting for the Trust and not for the recipient of this document and the receipt of this document by any recipient is not to be taken as the giving of investment advice by the BRLMs or their affiliates to that recipient, nor
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