Vertis Infrastructure Trust Units · NSE:VERTIS
Vertis Infrastructure Trust Units — Q2 FY26 Earnings Presentation
35 slides from Vertis Infrastructure Trust Units's earnings presentation, November 2025
Slide 1: Investor Presentation Q2 FY26
Investor Presentation Q2 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 Performance Highlights 4 02 Portfolio Snapshot 5 03 Growth Journey 6 04 FY26 Q2 Performance 7 05 Debt Profile 10 06 NDCF and Distribution 11 07 Unitholding Pattern 14 08 Industry & Regulatory Updates 15 09 Annexures 20 3
Slide 4: Highlights For The Quarter
Highlights For The Quarter ₹50/ unit Distributed • Vertis has delivered cumulative distributions of INR 50.46(1) /unit in just over three years since listing • Distribution of INR 3.00 / unit for Q2 FY26(1) (INR 4,530 mn) • Cumulative distributions of INR 39,162 mn Q2 Performance H1 Performance Resi
Slide 5: Portfolio Snapshot
Portfolio Snapshot Diversified portfolio of 28 assets across 10 states Toll Assets Annuity Assets 10 25 HAM Assets 8,300 6.2%(1) 50.46(2) 09 08 17 19 23 Lane km Traffic CAGR (FY19-25) Distribution Till Date 28 20 24 (INR per unit) 27 18 06 03 21 22 INR 266 bn(3) 70:30(3) INR 103.55 11 01 02 AUM AUM
Slide 6: Growth Journey
Growth Journey Aug 2022 Jan 2024 Jan - Feb 2025 Jul 2025 • Formation of InvIT and listing • Completed acquisition of • Appointed date for TOT16 • Completed acquisition of BN of units STPL and GRICL from • Completed acquisition of RB from from PNC Infratech • 6 Project SPVs out of initial Macquarie A
Slide 7: Traffic Performance – Q2 FY26
Traffic Performance – Q2 FY26 Robust Traffic growth of 9.9%(1) ; Revenue growth of 14.0% YoY AUM Contribution 29.6% 10.9% 6.8% 4.3% 4.2% 3.8% 2.6% 2.4% 2.4% 1.2% 1.0% 0.6% PCU and Revenue 22.5% 17.9% 14.2% 16.1% 17.7% 15.0% 15.1% 14.9% 15.0% 15.2% Growth 13.2% 13.9% 11.6% 11.9% 8.9% 9.7% 8.8% 9.5% 7
Slide 8: Traffic Performance – H1 FY26
Traffic Performance – H1 FY26 Traffic growth of 9.7%(1) vs Projected 5.5% AUM Contribution(1) 29.6% 10.9% 6.8% 4.3% 4.2% 3.8% 2.6% 2.4% 2.4% 1.2% 1.0% 0.6% 90,000 5.3% 16% 80,000 14% 70,000 12% PCU Growth 60,000 14.2% 14.2% 8.3% 5.0% 10% 50,000 4.1% 10.0% 8% 40,000 11.7% 11.3% 11.2% 6% 30,000 1.7% 9
Slide 9: HAM Projects Revenue
HAM Projects Revenue Annuity Income of INR 4,705 mn for Q2 FY26 from HAM assets Annuity Receipt Calendar Annuity Annuity Due Annuity SPV Received (INR Q1 Q2 Q3 Q4 Date Receipt Date mn)(1) RA - - - GS 09-Sep-25 08-Sep-25 282 AN 26-Sep-25 25-Sep-25 423 RB - - - DL 29-Aug-25 22-Aug-25 374 AK2 - - - CA(
Slide 10: Prudent Debt Profile
Prudent Debt Profile ✓ Low refinancing risk Two quarters’ cash flow sufficient to cover bullet repayments, reducing refinance risk INR 109(1) 7.53% 71% O/s Debt (INR bn) Rate of Interest Floating Rate borrowing ✓ ~60% of outstanding annuities backed by repo-linked borrowings, providing natural hedge
Slide 11: Proven Track Record of Distribution
Proven Track Record of Distribution Cumulative DPU of INR 50.46(1) since listing in Aug 2022 16.2 16.6 12.3 9.38 6.53 4.84 4.84 4.76 3.66 (1) 3.12 3.25 3.00 2.65 2.37 0.87 1.19 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1FY26 Q2FY26 70% tax exempt distri
Slide 12: Q2 FY26 Distribution
Q2 FY26 Distribution Distribution from SPV To Trust (INR mn)(1) SPV NDCF to Distribution (INR mn)(1) (2) Toll Revenue 5,993 Net Distributable Cashflow at SPV 7,975 (3) Annuity Revenue 4,518 Treasury income 49 (7) Total Revenue 10,511 Trust expenses (162) (4) (8) Operating expenses (1,163) Reserves c
Slide 13: FY26H1 Distributions
FY26H1 Distributions Distribution from SPV To Trust (INR mn)(1) SPV NDCF to Distribution (INR mn)(1) (2) Toll Revenue 11,901 Net Distributable Cashflow at SPV 13,991 (3) Annuity Revenue 6,605 Treasury income 88 (7) Total Revenue 18,506 Trust expenses (253) (4) (8) Operating expenses (2,109) Reserves
Slide 14: Unitholding Pattern
Unitholding Pattern Unit Holding Pattern 57.8%% Sponsor and Sponsor Group Mutual Funds 1.4% OTPP 21.8% Insurance Cos. 2.0% PF/pension Fund 1.0% L&T Group 4.1% Individuals 4.0% 360 one 2.4% SBI Pension Fund 1.0% Non - Institutional Holding, 12.1% WhiteOak 1.0% Kotak Mahindra Life Insurance Company Lt
Slide 15: Industry Updates (1/2)
Industry Updates (1/2) Annual Pass Implementation – To be compensated by NHAI, Minimal Working Cycle Impact Background • W.e.f. August 15, 2025, annual passes for private passenger vehicles on national highways have been introduced at INR 3,000 per annum, allowing up to 200 trips • Applicability – o
Slide 16: Industry Updates (2/2)
Industry Updates (2/2) NHAI Circular on WPI Linking Factor Background On Sept 13, 2025, NHAI issued Circular revising the linking factor for conversion of WPI from 2011-12 series to 2004-05 series. As per the said circular the linking factor is proposed to be revised from 1.641 to 1.561 • Annual rev
Slide 17: Authority Updates
Authority Updates Description Impact NHAI Awarding • ~390 km awarded in H1 FY26 vs ~460 km in H1 FY25, reflecting moderation in pace of project awards • Over time, newly awarded projects, once Activities commissioned, will expand the pipeline universe • In FY25, awarding picked up sharply in Q4 (2,6
Slide 18: Macro-economic Updates
Macro-economic Updates Description Impact Wholesale Price • WPI inflation turned positive from Aug 2025, registering +0.52% YoY (provisional), after remaining in deflation • Long term WPI expected to track last 5 year trend Index (WPI) during June (-0.13%) and July (-0.58%) • Sep 2025 (provisional)
Slide 19: SEBI & Market Updates
SEBI & Market Updates Description Impact Classifying REIT • SEBI on Sep 12, 2025 approved reclassification of RIET as “equity” (For MF/SIF investment Puporse) and • REITs will now be classified under equity exposure as equity retained “hybrid” status for InvIT limits, freeing the earlier combined RE
Slide 20: Annexures
Annexures 20
Slide 21: InvIT Structure
InvIT Structure Others Funds managed / Existing portfolio of Signed pipeline of 1 Sponsor 57.8% 21.8% 20.5% 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 Projec
Slide 22: 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 23: Portfolio Summary – HAM & Annuity
Portfolio Summary – HAM & Annuity Project Name AK5 CA JF UL MN JK1 JK2 AK2 CD AN RB GS DL RA NBPL SEPL 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 Annuity Annuity Concession State UP UP UP U
Slide 24: Distribution History
Distribution History FY23Q2 FY23Q3 FY23Q3 FY23Q4 FY24Q1 FY24Q2 FY24Q3 FY24Q4 FY25Q1 FY25Q2 FY25Q3 FY25Q4 FY26Q1 FY26Q2 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, Record Date 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2025 202
Slide 25: Annual Pass User Adoption Trend
Annual Pass User Adoption Trend Compensation Revenue as % of Car Revenue 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 15-Aug-25 22-Aug-25 29-Aug-25 05-Sep-25 12-Sep-25 19-Sep-25 26-Sep-25 03-Oct-25 10-Oct-25 17-Oct-25 24-Oct-25 31-Oct-25 GEPL BETPL JPEPL UTPL STPL-TN STPL-NI UEPL NTEPL 25
Slide 26: Key Strategic Differentiators for Vertis
Key Strategic Differentiators for Vertis 1 Balanced InvIT portfolio of scale with demonstrated AUM growth Diversified toll portfolio with exposure to key traffic corridors. Balanced geographical and commodity mix 2 reduces traffic risk 3 Toll portfolio also benefits from multiple favorable macro-eco
Slide 27: Strategic Platform for Sustained Competitive Advantages
Strategic Platform for Sustained Competitive Advantages Fully Independent Platform with End-to-End Capabilities 1 Superior Asset Acquisition and Integration Capability 2 Efficient Tolling and Revenue Assurance Framework 3 Operational Excellence while Ensuring Cost Efficiencies 4 Best in Class Financ
Slide 28: Road Sector Benefits from Positive Industry Tailwinds
Road Sector Benefits from Positive Industry Tailwinds India: Fastest Growing Major Economy Strong Growth in GST Collections Healthy Growth in Automobile Sales Real GDP growth (%) Gross GST Collections (INR tn) Passenger Vehicle Sales (‘000s) (1) 6.3 India 6.2 22.1 4,302 4.0 China 4.0 12.2 2,774 2.1
Slide 29: Road Sector Benefits from Positive Industry Tailwinds
Road Sector Benefits from Positive Industry Tailwinds Operational HAM and BOT Toll assets market opportunity of c.INR 3.1 tn over the next 5 years NHAI Awarding Mix (Road Length in km) • Future pace of NHAI awards is expected to be maintained at c.4,500 km / annum HAM BOT EPC 7,808 • Recent relaunch
Slide 30: Roads as Preferred Asset Class for InvITs
Roads as Preferred Asset Class for InvITs Cashflow Predictability with Growth Upside Large Market Opportunity Road concessions provide upside of traffic growth and stability of NHAI’s large road capex program and focus on asset recycling / annuities monetisation by both government and private develo
Slide 31: Management Team
Management Team Investment Manager Project Manager Mr. Gaurav Chandna Dr. Zafar Khan Mr. Abhishek Chhajer Ms. Meghana Singh Mr. GVM Kiran Babu (Joint CEO and Executive Director ) (Joint CEO and Executive Director ) (CFO ) (General Counsel) (COO) • As a CEO, all critical IM positions • As a CEO, all
Slide 32: 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 33: 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 34: Glossary of Terms
Glossary of Terms AK2 Aligarh Highways Private Limited GST Goods and Service Tax OEA Office of Economic Adviser AK5 Bithur Kanpur Highways Private Limited HAM Hybrid Annuity Model O&M Operations and Maintenance AN Ateli Narnaul Highway Pvt Ltd HG Infra HG Infra Engineering Limited OTPP Ontario Teach
Slide 35: 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
Vertis Infrastructure Trust — Q2 FY26 Earnings Presentation on 6ix