Slide 1: Investor Presentation Q1 FY27
Investor Presentation Q1 FY27 August 2026 www.cubehighwaystrust.com
Slide 2: Disclaimer
Disclaimer This presentation is prepared and issued by Cube Highways Fund Advisors Pvt. Ltd. ("CHFAPL") (the “Investment Manager”) on behalf of and in its capacity as the Investment Manager of Cube Highways Trust (“InvIT”) for general information purposes only without regard to specific objectives,
Slide 3: Agenda
Agenda Page 01 Executive Summary 04 02 Operating Performance 09 03 Debt and Financing 14 04 NDCF, Distribution, Valuation & Unitholding 17 05 Industry and Sector Updates 26 06 Annexures 31 3
Slide 4: Executive Summary
& CUBEIGHWAYS O 1 Executive \>), 5 | Summary Pie Ypeatece: Ue
Slide 5: Portfolio Snapshot
Portfolio Snapshot 27 26 As on June 30, 2026, unless stated otherwise Cube InvIT offers a de-risked, diversified portfolio with steady cash flows 3 27 366.59 86% : 14% 15 14 ASSETS(1,5) AUM (INR BN)(4) TOLL AUM : ANNUITY AUM 17 18 TOLL, 6 HAM & 3 (for 27 InvIT assets) (for 27 InvIT assets)(1) 1 2 16
Slide 6: Snapshot of Q1 FY27 Performance
Snapshot of Q1 FY27 Performance As on June 30, 2026, unless stated otherwise Being India’s leading publicly listed road InvIT, Cube InvIT combines scale, predictable distributions & sustainable growth with a strong operating platform Investor Returns Portfolio Strength Debt & Credit Profile INR 3.95
Slide 7: Q1 FY27 Highlights (1/2)
Q1 FY27 Highlights (1/2) As on June 30, 2026, unless stated otherwise Strong Revenue • Revenue from operations rose 19.31% YoY to INR 11,266 Mn, with total consolidated income at INR 11,568 Mn & Traffic • Q1 portfolio traffic grew by 9.3% YoY resulting in a toll revenue growth of 11.5% YoY: Performa
Slide 8: Q1 FY27 Highlights (2/2)
Q1 FY27 Highlights (2/2) As on June 30, 2026 unless stated otherwise Management & • Annual Reporting & ESG Disclosure: Released FY26 Annual Report and voluntary BRSR disclosures, providing comprehensive disclosure on financial Reporting performance, operational progress and ESG performance Updates O
Slide 9: Operating Performance
CUBENIGHWAYS O2 Operating Performance
Slide 10: Q1 FY27: Traffic Performance
Q1 FY27: Traffic Performance GAEPL: 29.9% • Continues to perform well, supported by improved LOS from six-laning of the Ghaziabad–Aligarh and four-laning of the Aligarh–Kanpur sections. Portfolio Traffic Growth: WUPTPL: -3.4% • Healthy car traffic growth, driven by higher car sales since Q3 FY26. •
Slide 11: Tolled Assets Revenue Performance
Tolled Assets Revenue Performance Toll revenue collections grew by 11.5% YoY (In INR Mn) Rounded off to one decimal SPV Q1 FY27 (Toll Revenue) Q1 FY26 (Toll Revenue) YoY% DATRPL 1,772.9 1,573.2 12.7% 2 FRHPL 715.4 675.7 5.9% GAEPL 1,229.8 946.1 30.0% HTPL 411.3 361.2 13.9% JMTPL 601.0 648.4 -7.3% JL
Slide 12: Update on Annuity Receipts
Update on Annuity Receipts *Figures in INR million SPVs Q1 (A) Q2 (B) Q3 (B) Q4 (B) FY 2027 (A/B) Annuity Snapshot 451 √ 455 906 SIPL 9 Due: June 10 | Received: June 10 Due: Dec 10 Annuity Assets (6 HAM + 3 BOT Annuity) 664 √ 651 1315 THPL Due: May 22 |Received: May 26 Due: Nov 22 17 525 √ 525 1050
Slide 13: Major Maintenance
Major Maintenance Major maintenance works carried out as per schedule at the planned assets *Figures in INR mn S. SPV Length for MM Start Date End Date Budget presented Revised Pending as on Utilization in Q1 Total Utilization No. works (km) in last update Budget June 30, 20261 FY27 till Date (March
Slide 14: Debt and Financing
NN] AIGHWAYS TRUST. Debt and Financing
Slide 15: Strong Balance Sheet and Financing
Strong Balance Sheet and Financing As on June 30, 2026, unless stated otherwise Key Metrics Gross Borrowings5 Lender-wise Borrowings – (INR billions) Term Loan 7.49% 28.5% 45.17% Promoters ICICI 1% fund, 0% Cost of Debt Fixed Rate Net Debt/ AUM2 NCDs, 29% NABFID (for consolidated borrowing 20% borro
Slide 16: Repayment Profile
Repayment Profile InvIT maintains strong DSCR of 2.0x levels and a well-staggered debt maturity profile 20.0 Repayment Schedule (INR billions) 18.0 17.1 16.0 15.6 14.2 14.0 0.3 13.1 4.8 9.4 11.6 11.9 11.6 12.0 2.3 10.6 10.3 10.2 10.0 3.6 2.4 9.4 3.6 9.1 1.9 8.3 1.8 1.9 10.2 0.9 8.0 6.8 1.3 2.9 5.5 0
Slide 17: NDCF, Distribution, Valuation & Unitholding
04 NDCF, Distribution, Valuation & Unitholding 17
Slide 18: Net Distributable Cash Flow and Distributions: Q1 FY27
Net Distributable Cash Flow and Distributions: Q1 FY27 16,000 (In INR Mn) Rounded off to Zero decimals 14,000 Inflows forming part of NDCF 283 13,968 2,353 4,491 Outflows forming part of NDCF 12,000 Distribution 657 4,866 Others 10,000 9,195 8,000 6,000 587 4 5,509 186 5,322 13 5,309 4,000 2,000 - T
Slide 19: Distribution History
Distribution History Declared Q1 FY27 distribution of INR 3.95 per unit, taking the cumulative distribution since listing to INR 38.81 per unit 38.81 10.09 11.00 13.77 3.95 5.00 4.50 4.10 3.94 4.00 3.75 3.60 3.57 3.50 3.25 DPU (INR/unit) 3.00 2.50 2.50 2.15 2.00 2.00 2.00 2.00 2.00 1.50 1.00 0.50 -
Slide 20: Valuation Summary
Valuation Summary As on June 30, 2026, for 27 Assets Valuation Summary Number of Units Particulars INR Mn Particulars INR Mn Enterprise Value (EV) 366,593 Total Units 1,344 Total Debt 176,454 Total Cash 10,878 Less: Net Debt 165,577 Less: Minority shareholding MBEL 1 Equity Value 201,016 Net Debt/EV
Slide 21: Valuation Assumptions
Valuation Assumptions As on June 30, 2026, for 27 Assets Particulars Description Revenue Assumptions Revenue growth rate of ~8.8%, calculated as a sum of traffic and WPI CAGR. Traffic: 4.7% traffic growth1 based on Traffic report from Steer (SDG – traffic consultant) WPI: 4.1% CAGR for the overall c
Slide 22: Acquisition of 4 Committed Assets — Key CPs: Status Update
Acquisition of 4 Committed Assets — Key CPs : Status Update ● Cube Highways Trust proposed acquiring 4 assets: BFHL, WMTPL, DTPL (from CH-V) and CNTL (from CH-II) via equity swap, first announced in the Q3 FY26 Investor Presentation ● Board, Unitholder (postal ballot) and CCI approvals secured; SPAs
Slide 23: Marquee Investors & Unitholding Pattern
Marquee Investors & Unitholding Pattern Trusted by Leading Investors Unitholding Pattern2 As on June 30, 2026 As on June 30, 2026 Top Five Public Unitholders Unitholding (%) Trusts, 1% Foreign Portfolio Investor, 1% BCI IRR INDIA HOLDINGS1 19.0% Alternate Investment Fund, 2% Banks, 1% Non-Resident I
Slide 24: Investor Resources & Tools: What's New?
Investor Resources & Tools: What’s New? Comprehensive, self-service resources designed for transparency and ease of access Annual Report FY26 BRSR Report FY26 Fact Sheet Investor-focused annual report Our Business Responsibility and One-page snapshot of Cube highlighting Cube Highways Sustainability
Slide 25: Glimpses from the Public Listing Ceremony
Glimpses from the Public Listing Ceremony BSE: Bell Ringing Ceremony NSE: Bell Ringing Ceremony 25
Slide 26: Industry & Sector Updates
05 Industry & Sector Updates 26
Slide 27: Regulation Updates – GoI/ SEBI/ RBI (1/2)
Regulation Updates – GoI/ SEBI/ RBI (1/2) Particulars Description Remarks Proposed Changes to InvIT / • The Taxation and Other Laws (Amendment) Bill, 2026 (passed by Parliament on • The amendment is expected to simplify and provide REIT Dividend Taxation and 11 August 2026) proposes tax-exempt treat
Slide 28: Regulation Updates – GoI/ SEBI/ RBI (2/2)
Regulation Updates – GoI/ SEBI/ RBI (2/2) Particulars Description Remarks RBI third amendment • Only listed InvITs are eligible for bank finance. ≥80% of asset value in • Bank lending only to mature, cash generating InvITs directions completed, revenue-generating projects with ≥1 year of positive ne
Slide 29: Macroeconomic Overview
Macroeconomic Overview Particulars Description Remarks GDP Growth Rate1 The RBI has projected India’s real GDP growth for FY27 at 6.7%, with Q1 at 7.0%; • GDP growth rate of 6.5% has been considered in the traffic Q2 at 6.4%; Q3 at 6.5%; and Q4 at 6.8%. projection for FY27 Wholesale Price Index (WPI
Slide 30: Road Sector Updates
Road Sector Updates Particulars Description Remarks FASTag Annual Pass Fee • NHAI revised the FASTag Annual Pass fee from ₹3,000 to ₹3,075, effective 1 • Higher Annual Pass adoption has improved user Revision (FY27) April 2026. convenience for cars and strengthened digital tolling penetration • Pass
Slide 31: Annexures
06 Annexures 31
Slide 32: Key Differentiators
g AIGHWAYS TRUST Key Differentiators
Slide 33: Cube Highways Trust: Key Investment Highlights
Cube Highways Trust: Key Investment Highlights Dual Growth Engine & Scaled & Diversified Consistent Value Proven Operating Technology-Enabled Strong Corporate India's Infrastructure Visible Pipeline Portfolio Creation Track Record Asset Management Finance Capabilities Growth Story • Disciplined • Di
Slide 34: Calibrated Growth Strategy
Calibrated Growth Strategy Acquiring operating, de-risked road assets across India through GrowthCo and bilateral acquisitions GrowthCo structure Acquisition Date Listing (Apr- Jun-24 – Dec- Jun-25 Committed ROFO Total Assets & Asset type Facilitates direct drop-down of assets, 23) 25 Acquisition As
Slide 35: Thoughtfully Constructed Portfolio
Thoughtfully Constructed Portfolio Geographic Contiguous & Balanced mix & Diversified Proven operating Long Residual Diversification resilient corridors traffic diversification Commodity track record Concession Life Comprising a varied collection Contiguous assets enable Significant share of Exposur
Slide 36: The Indian economy, positioned for a positive outlook
The Indian economy, positioned for a positive outlook India Infra Capital Expenditure (INR Bn) GDP Growth – Top 6 countries #4 GLOBAL RANKING, NOMINAL GDP 9.7% 9.2% 6,089 7.6% 5,557 5,593 6.5% 6.5% 6.2% 6.3% largest economy in the world and among the fastest-growing among major economies. 2,097 Nomi
Slide 37: Roads continue to be an area of national importance
Roads continue to be an area of national importance Share of roads in total infrastructure investments in India (INR Bn) ~49% SHARE OF TOTAL INFRA INVESTMENT, FY26 44.5% 52.9% 49.7% 50.3% 49.1% 46.4% 44.2% 43.0% 6,028.1 5,313.8 5,669.8 5,541.3 3,894.6 2,545.2 2,073.1 1,546.6 of India's total infrast
Slide 38: Advanced asset management and maintenance expertise
Advanced asset management and maintenance expertise Advanced asset management and maintenance expertise Technology-Driven Testing R&D backed Innovation AI capable in-house software team Economies of Scale through centralized supply chain ⁻ Advanced testing techniques: Non- ⁻ Advanced construction ma
Slide 39: AI, ML and in-house developed application driving operational excellence
AI, ML and in-house developed application driving operational excellence Artificial intelligence / machine learning applications In-house developed applications and technology driving operational excellence Asset identification & classification Road – Aid BuildAID Accident analytics & fleet monitori
Slide 40: Sustainability Strategy
Sustainability Strategy Cube Highways prioritizes sustainability through strategic material selection and community engagement, fostering positive relationships while minimizing environmental impact. Guided by global sponsors' standards, it ensures responsible practices across all projects, cementin
Slide 41: Cube Highways InvIT Structure
Cube Highways InvIT Structure Sponsors & Sponsor group1,2 Other Unitholders3 (CH-V, CH-I, CH-II, CH-III, CH-ID, CH-IV) Responsible for managing investments / portfolio and regulatory compliance in accordance with the SEBI InvIT Regulations and other applicable laws. Investment Management Trust Manag
Slide 42: Corporate Governance & Management Team
Corporate Governance & Management Team 42
Slide 43: Board of Directors
Board of Directors As on June 30, 2026 UPENDRA KUMAR SINHA | Independent Director HELLY BHARAT AJMERA | Non-Executive Director • He has served as the chairman of SEBI, UTI Asset Management Company • She has completed her Post-graduation in Management from Indian Institute of Limited, Association of
Slide 44: Team of Specialists
Team of Specialists Investment Manager (IM) Team Vinay C Sekar Pankaj Vasani Saurabh Bansal Richa Gupta Rohatgi Abhijit S Sathe Deepan Shah Saurabh Kumar Chief Executive Officer Group Chief Financial Head - Capital Raising, Compliance Officer and Joint Executive VP, Finance VP, Legal VP, Strategy &
Slide 45: Team of Specialists
Team of Specialists Project Manager (PM) Team Bovin Kumar Dr. Bhagwan Raju Rahul Shankar Dr. Mukul Shastry MVS Reddy Anuj Maitrey Neeraj Singh Sippy N Kumar Bhanoj Dokku Chief Executive Officer Chief Operating Officer Chief HR Officer General Counsel Chief Information Head – Operations and Head of R
Slide 46: Governance Committees
Governance Committees As on June 30, 2026 Audit Nomination & Stakeholders Risk Management Operations Investment Committee Remuneration Committee Relationship Committee Committee Committee Committee Composition Composition Composition Composition Composition Composition Consists of 3 Independent Cons
Slide 47: Databook
§ CUBENIGHWaYS Databook
Slide 48: Cube InvIT - Asset Portfolio (1/2)
Cube InvIT - Asset Portfolio (1/2) Project JMTPL MBEL WUPTPL NDEPL FRHPL WVEPL DATRPL TOT3 GAEPL APEPL No. of SPVs 1 1 1 1 1 1 1 9 1 1 State Rajasthan Rajasthan Uttar Pradesh Karnataka West Bengal Kerala Uttar Pradesh, Jharkhand, Uttar Uttar Pradesh Andhra Pradesh, Haryana Pradesh, Bihar, Telangana
Slide 49: Cube InvIT - Asset Portfolio (2/2)
Cube InvIT - Asset Portfolio (2/2) Geographic Stretch BWHPL MSHPL MHPL THPL SIPL SPPL NAMEPL QEPL JUHPL No. of asset 1 1 1 1 1 1 1 1 1 Andhra Pradesh, States Covered Maharashtra Maharashtra Telangana Andhra Pradesh Tamil Nadu Telangana Jammu and Kashmir Jammu and Kashmir Telangana Project Length 52.
Slide 50: Historic Traffic Trends
Historic Traffic Trends Average Daily Tollable Traffic and CAGR Cube’s toll asset portfolio exhibit strong traffic growth – 6.3% CAGR as on March 31, 2026 Year FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY25 FY26 Q1 FY27 Period2 CAGR JMTPL 18,698 20,179 20,923 22,7
Slide 51: Distribution, NAV & AUM History
Distribution, NAV & AUM History Particulars Units Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Distribution Per Unit INR 2.15 2.00 2.00 3.94 2.00 2.00 3.25 3.75 2.50 3.60 4.10 3.57 3.95 (DPU) Dividend INR 0.80 - - 0.20 0.22 0.01 - 0.32 - 0.5
Slide 52: Annual Pass Insights
Annual Pass Insights Portfolio adoption Annual Pass Amount Receivables Multi-trip cars Receivable days 32% INR 1,081 Mn 57% 42 days2 1% As on June 30, 2026 As on June 30, 2026 As on June 30, 2026 Of the total cars Adoption rate across SPVs 60% 45% 45% 43% 40% 37% 39% 36% 36% 37% 40% 32% 34% 24% 25%
Slide 53: Portfolio's Traffic Composition
Portfolio’s Traffic Composition Vehicle wise share calculated based on daily average total number of tollable vehicles in Q1 FY27 Q1 FY27 Traffic Synopsis Commercial Vehicles: Passenger vehicles: 26% 74% 3A Truck, 2% OSV, 0% LCV, 4% Bus, 6% on the basis of total no. of tollable vehicles 2A Truck, 7%
Slide 54: NCDs Issued
NCDs Issued As on June 30, 2026, unless stated otherwise Outstanding Issue Size Tenor NCDs amount Coupon Rate Debt Issuance Date Retirement Date Put/Call option (INR mn) (INR mn) (years) CUBE HIGHWAYS TRUST 7.49 NCD 15AP41 10,300 9,229 7.49% 17.8 Jun-23 Apr-41 Yes - June 2035 CUBE HIGHWAYS TRUST 7.6
Slide 55: Portfolio Performance
Tracking Portfolio Growth FY24 FY25 FY26 Portfolio Strength AUM INR 258.11 Bn INR 322.66 Bn 25% INR 368.42 Bn 14% Revenue from INR 29.16 Bn INR 33.07 Bn INR 42.39 Bn Operations2 13% 28% No. of Assets 18 25 27 Net Debt/AUM 33.65% 44.65% 46.82% Portfolio Performance Share of Fixed rate borrowings 11%
Slide 56: Milestones & Awards
g AIGHWAYS TRUST. Milestones & Awards
Slide 57: Cube InvIT Journey
Cube InvIT Journey Jan 24 Feb 25 April 23 National Apr 25 Feb 26 Signed share InvIT got listed Highways NHAI excellence Gold Committed acquisition of purchase on NSE and Excellence award for Excellence four sponsor assets, agreements (SPA) BSE with initial Award, 2022 for Dec 24 for acquisition of 2
Slide 58: Awards and Achievements
Awards and Achievements 2025 2025 2025 2025 2026 2026 Winner of GPTW (Cube Build Infra Legal Team of RAHSTA Awards Build India Hackathon 2025 on Highways and Award for the Year – 2026 – GAEPL: Infra Awards “Real-time Cube Best O&M Indian Legal Era Excellence in 2026 – Best Visualisation of NSV Highw
Slide 59: Abbreviations
‘TRUST— Abbreviations
Slide 60: Abbreviations (1/3)
Abbreviations (1/3) Abbreviations Definition Abbreviations Definition 2A Truck 2 Axle Truck GDP Gross Domestic Product 3A Truck 3 Axle Truck GHG Green House Gas ADIA Abu Dhabi Investment Authority GoI Government of India AI Artificial Intelligence GPS Global Positioning System ANPR Automatic Number
Slide 61: Abbreviations (2/3)
Abbreviations (2/3) Abbreviations Definition NH National Highway NHAI National Highways Authority of India NII Non-Institutional Investor NMP National Monetisation Pipeline NSE National Stock Exchange of India NSV Network Survey Vehicle O&M Operations and Maintenance OSV Oversized Vehicles PCU Passe
Slide 62: Abbreviations (3/3)
Abbreviations (3/3) SPV and Entity Acronyms Abbreviations Definition Abbreviations Definition CH-I Cube Highways and Infrastructure Pte. Ltd. DATRPL DA Toll Road Private Limited CH-III Cube Highways and Infrastructure III Pte. Ltd. GAEPL Ghaziabad Aligarh Expressway Private Limited CHFAPL Cube Highw
Slide 63: Thank you
Thank you Cube Highways Trust Correspondence Address: Unit No. 1901, 19th Floor, Tower-B, World Trade Tower, Plot No. C-1, Sector-16, Noida, U.P-201301, Tel: +91-120-4868300 Email: Investor.Relations@cubehighways.com 63