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October 2026 Q2 FY27 Investor Presentation www.cubehighwaystrust.com NSE: CUBEINVIT | BSE: 543899
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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”, “Cube InvIT”, “the Trust”, Cube Highways Trust”, “CHT”) for general information purposes only without regard to specific objectives, financial situations or particular needs of any reader and should not be construed as legal, tax, investment or other advice. This presentation and the accompanying slides contain selected information about the activities of the InvIT as on the date of the presentation. It does not purport to present a comprehensive overview of the InvIT or contain all the information necessary to evaluate an investment in the InvIT. This presentation is not a prospectus, disclosure document, a statement in lieu of a prospectus, an offering circular, an offering memorandum, an advertisement, an offer or an offer document under the Companies Act, 2013, the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 as amended, or any other applicable law in India or in any other jurisdictions. No part of this presentation nor the fact of its distribution should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This presentation does not constitute or form part of and should not be construed as, directly or indirectly, any present or future offer or invitation, recommendation or inducement to sell or issue or an offer, or any solicitation of any offer, to purchase or sell any securities of the InvIT or an inducement to enter into investment activity in any jurisdiction. Any decision to purchase securities in the context of an offering of securities (if any) should be made solely on the basis of information contained in the offering documentation published in relation to such offering. Unless otherwise stated in this presentation, the information contained herein is based on management information and estimates. The information contained in this presentation is only current as of its date, unless specified otherwise, and has not been independently verified. Please note that, you will not be updated in the event the information in the presentation becomes stale. This presentation contains forward-looking statements about Cube InvIT's general business plans, strategy, future financial condition, growth prospects, and future developments in its sectors and competitive environment. These statements are subject to inherent risks and uncertainties that may cause actual performances or results in future period to differ materially from any projections of future performance or results expressed in, or implied by, such forward-looking statements. The factors that may affect the results contemplated by the forward-looking statements could include, inter alia, changes in Cube InvIT's business, regulatory environment, the toll road sector, and political, economic, legal, and social conditions. You are cautioned not to place undue reliance on these forward-looking statements. This presentation comprises information given in summary form and does not purport to be complete, and it cannot be guaranteed that such information is true and accurate. Readers must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as you may consider necessary or appropriate for such purpose. Moreover, no express or implied representation or warranty is made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. Further, past performance is not necessarily indicative of future results. The information contained in, and the statements made in, this presentation should be considered in the context of the circumstances prevailing at the time. There is no obligation to update, modify or amend such information or statements or to otherwise notify any recipient if any information or statement set forth herein, changes or subsequently becomes inaccurate or outdated. The information contained in this document is provided as at the date of this document and any opinions expressed in this presentation or the contents of this presentation are subject to change without notice. Certain numbers in the presentation have been subject to routine rounding off and accordingly, figures shown in the presentation including the total in tables and diagrams may not be an arithmetic aggregation of the figures that precede them. None of the Cube Highways Trust or the Investment Manager or the Axis Trustee Services Limited or any of their respective affiliates, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this presentation. Furthermore, no person is authorized to give any information or make any representation which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Cube Highways Trust or the Investment Manager or their affiliates. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, the presentation is not intended for distribution or reproduction to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation and any persons in possession of this presentation should inform themselves about and observe any such restriction.
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3 Agenda 01 Executive Summary Operating Performance Debt and Financing NDCF, Distribution, Valuation & Unitholding Investor Engagement Industry & Sector Updates Annexures (Key differentiators, Governance, Databook, Milestones, Abbreviations) 02 03 04 05 06 04 09 14 17 23 26 Page 07 29
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4 Executive Summary 01
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5 Cube InvIT offers a de-risked, operational and diversified portfolio with steady cash flows Portfolio Snapshot 25 ASSETS(1) 17 TOLL, 6 HAM & 2 ANNUITY ASSETS 17.6 AVERAGE RESIDUAL CONCESSION YEARS (2) 13 NO. OF STATES (12) & UNION TERRITORY (1) 9.7 AVERAGE OPERATING HISTORY YEARS (3) 1,852 KILOMETERS(1) 8,143 LANE KILOMETERS (1) (for 27 InvIT assets) 87%:13% TOLL AUM : ANNUITY AUM (for 27 InvIT assets)(1,4) 1. The InvIT holds 27 SPVs, all of which continue to exist as legal entities. Of these, 25 were operational and revenue -generating as of September 30, 2026. The remaining two, WUPTPL and APEPL, were handed over to NHAI during H1 FY27 (handed over to NHAI on June 23, 2026, and September 14, 2026, respectively), upon expiry of their concessions. Asset -level metrics (number of assets, length , lane- km, residual concession and operating history) are therefore based on 25 assets. Metrics reported at the SPV level, such as A UM and the toll/annuity AUM split, are based on all 27 SPVs. 2. Calculated as Weighted Average using “Aggregate sum of Pre -MM EBITDA of the respective SPVs over their remaining life of the pro ject, as of September 30, 2026” as weights 3. Calculated as Weighted Average using “Aggregate sum of Pre -MM EBITDA of the respective SPVs over their operating life of the pro ject, as of September 30, 2026” as weights 4. AUM pertains to 27 InvIT SPVs as of September 30, 2026, the figure represents the 100% enterprise value for all SPVs including MBEL (0.03% of the equity shares of MBEL are held by Madhucon Infra Limited) As of September 30, 2026, unless stated otherwise 362.02 AUM (INR BN)(4) 4 3 1 6 2 14 5 7 17 16 15 12 10 11 13 to 18 19 20 21 22 23 HAM Assets Annuity Assets Toll Assets Representational view of assets, map not drawn to scale 1. JMTPL, 2. MBEL, 3. NAMEPL, 4. NDEPL, 5. WVEPL, 6. FRHPL, 7-10. MKTPL, KETPL, SMTPL, NKTPL, 11-12. JLTPL, JVTPL, 13. DATRPL, 14. GAEPL, 15. KMTPL, 16. LRTPL, 17. HTPL, 18. BWHPL, 19. MSHPL, 20. MHPL, 21. THPL, 22. SPPL, 23. SIPL, 24. QEPL, 25. JUHPL Assets 24 25
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6 As of September 30, 2026, unless stated otherwise 1. Traffic growth calculation methodology: I. Average: Computed on aggregate portfolio traffic (sum of daily average tollable PCUs across all 17 SPVs) versus the corresponding period of the previous year, not as an average of individual SPV growth rat es. II. Weighted Average: Portfolio traffic growth is a weighted average of tollab le PCUs across SPVs, using AUM as weights and tollable lengths of respective toll plazas as sub -weights. 2. Following considerations have been made for revenue comparability: I. Royalty payments of FRHPL have not been considered II. Toll revenue includes Annual Pass claims of INR 965 Mn (received/receivable) in Q2 FY27. III. In WUPTPL, INR 1.3 Mn relating to Annual Pass claims received in Q2 FY27. However, it is excluded in the analysis as WUPTPL w as handed over to NHAI on June 23, 2026. For a like -for-like comparison, WUPTPL revenue is excluded from all periods shown IV. A one-time revenue collection of INR 708 Mn relating to the TNSTC bus claim was received in Q2 FY26 (August) and has been exclud ed for like-for-like comparison. 3. AUM pertains to 27 InvIT SPVs as of September 30, 2026, the figure represents the 100% enterprise value for all SPVs including MBEL (0.03% of the equity shares of MBEL are held by Madhucon Infra Limited). 4. Net Debt includes interest accrued as well as promoter loan of WVEPL, SPV level debt and deferred payment for JUHPL, net of c ash, AUM includes 27 assets 5. DSCR (Debt Service Coverage Ratio) as per financing agreement for the trailing 12 -month period ending on September 30, 2026 11.1% Q2 FY27 13.6% Q2 Toll Revenue Growth2 (YoY) 44.42% Net Debt / AUM4 AAA Credit Rating (Crisil, India Ratings & ICRA) 2.0x DSCR5 49.70% NAV Growth since Private Listing INR 3.79 Q2 FY27 INR 42.60 Cumulative Distribution till date per unit (including declared distribution of Q2 FY27) Returns Portfolio Strength Debt & Credit Profile Snapshot of Q2 FY27 Performance Double-digit traffic and toll revenue growth, steady distributions and a AAA-rated balance sheet Distribution per unit PCU Traffic Growth1 (YoY) INR 362.02 Bn Assets Under Management (AUM) 3 11.6% Q2 FY27 Average Weighted Average Revised DPU Guidance FY 27 INR 14.50 INR 15.50
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7 Q2 FY27 Highlights (1/2) As of September 30, 2026, unless stated otherwise Strong Revenue & Traffic Performance Sustained Distributions • Declared DPU of INR 3.79 for Q2 FY27 ; Declared total distribution of INR 5,094 Mn in Q2 FY27 • FY27 DPU guidance increased to ₹15.50 per unit from ₹14.50 per unit in Q1, supported by strong traffic performance during the period • In H1 FY27 revenue from operations rose 10.3% YoY to INR 22,008 Mn, with total consolidated income at INR 22,605 Mn • Overall portfolio traffic of Q2 FY27 grew by 11.6% YoY resulting in a toll revenue growth of 13.6% YoY: • Growth supported by a stronger macroeconomic backdrop (RBI-projected Q2 FY27 GDP growth: 7.2%), continued strong vehicle sales and higher passenger traffic, aided by longer trip lengths, better roads and passenger convenience measures such as Annual Pass • Toll traffic growth led by GAEPL, JLTPL, JVTPL, SMTPL, NKTPL and NAMEPL • Overall traffic outperformed expectations, with majority toll assets posting double-digit growth • Annuity Receipts: All annuities scheduled for Q2 FY27 have been received • Annual Pass: Annual Pass adoption averaged 34% of cars across 16 NHAI toll SPVs in H1 FY27 • INR 965 Mn has been recognized as receivables/ received for Q2 FY27 • Average receivable days stood at 60 days on Sep 30; 47 days on Oct 6 in Q2 FY27 Acquisitions • Signed binding offers for acquisition of two HAM assets from APCO Infratech Private Limited and Chetak Enterprises Limited. • Acquisition of four Sponsor Group assets (WMTPL, DTPL, CNTL and BFHL) through a preferential issue of units is progressing, with fulfilment of the conditions precedent underway Robust Financial Discipline • Raised INR 11,500 Mn on Sep 30, 2026 through 5-year AAA-rated NCDs at 7.50% p.a. (quarterly coupon); Proceeds used to refinance existing debt • Average cost of debt stands at 7.49% • Net Debt/AUM of 44.42%, leaving adequate headroom to fund future acquisitions • Strong balance sheet with AAA credit rating and stable leverage at 4.15x Debt/EBITDA
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8 Q2 FY27 Highlights (2/2) As of September 30, 2026, unless stated otherwise Operations & Maintenance Updates Other Updates • Major Maintenance (MM) • Completed MM works at WUPTPL ahead of the concession expiry on June 23, 2026 • MM at NAMEPL and DATRPL progressing on schedule and within approved budgets • Energy Optimization: • Added 785 kWp of rooftop solar capacity across toll plazas and offices at 4 SPVs; Additional ~1,100 kWp under implementation across 10 SPVs • 550+ ATMS devices now powered by ~600 kWp of standalone and hybrid solar capacity • ISO 37001:2025 Certification: CHAPAPL, the Project Manager, has been certified to ISO 37001:2025, the international standard for Anti -Bribery Management Systems (ABMS), reinforcing the Trust’s commitment to high standards of governance and ethical business conduct • Awards and Recognition • GAEPL won “Excellence in Highway Asset Management” and SMTPL won “Best Smart Highway/ Intelligent Transport Solution” at the RAHSTA Awards 2026 • Won Best O&M Practices at the Build India Infra Awards 2026 • NAMEPL and THPL received formal appreciation from the Authority for excellence in highway operations, maintenance and road sa fety • Ask CHT: Launched an AI-powered investor chatbot that turns our disclosures and presentations into instant, conversational answers, giving investors on-demand access to Cube InvIT’s documents and performance data, anytime
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9 Operating Performance 02
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10 Q2 FY27: Traffic Performance 6 14 7 17 16 15 12 10 11 13 to Representational view of assets, map not drawn to scale Portfolio Traffic Growth: 11.1% (average)1 11.6% (weighted average - AUM)2 JMTPL: 10.2% • Minimal monsoon impact in Q2 FY27 supported traffic growth MBEL: 10.1% • Minimal monsoon impact in Q2 FY27 supported traffic growth GAEPL: 21.9% • Continues to lead traffic growth in the portfolio, supported by improved level of service (LOS) after six - laning of Ghaziabad–Aligarh and four-laning of Aligarh–Kanpur, attracting long-distance traffic (Ghaziabad–Kanpur and beyond) • Temporary positive diversion from four-laning works on Palwal–Tappal–Aligarh • Healthy car traffic growth, driven by higher car sales following GST reforms and reduction in exemption/ violation share JLTPL (19.5%) and JVTPL (19.9%): • Strong growth on a low base: Q2 FY26 traffic was subdued by congestion around Jhansi during construction of two flyovers • Completion of four-laning of the Indore–Betul– Nagpur section, which is fed by the Delhi Mumbai Expressway DATRPL: 10.4% • Continued car traffic growth, supported by higher trip frequency from the Annual Pass and stronger car sales following GST reforms NAMEPL: 12.4% • Construction traffic from development activity in Andhra Pradesh, including the new capital (Amaravati) NDEPL: 11.5% • Traffic growth is higher due to a relatively lower base HTPL: 2.1% • Q2 FY27 slightly impacted due to heavy rains in August and September KMTPL: 2.0% Subdued growth in commercial traffic LRTPL: 10.5% MKTPL (9.0%), KETPL (8.9%), SMTPL (12.9%) and NKTPL (12.2%): • Conversion of non-toll-paying buses into toll-paying buses supported higher traffic and revenue at MKTPL • Temporary construction material movement added commercial traffic at MKTPL • Healthy passenger traffic growth driven by higher car sales and the Annual Pass WVEPL: 7.8% FRHPL: 11.5% • Traffic recovery post elections in March 2026 • Minimal monsoon disruption further supported Q2 growth 1. Average is calculated as “Computed on aggregate portfolio traffic (sum of daily average tollable PCUs across all 17 SPVs) versus the corresponding period of the previous year, not as an average of individual SPV growth rates.” 2. Average portfolio traffic growth is a weighted average of tollable PCUs across SPVs, using AUM as weights and tollable lengths of respective toll plazas as sub -weights. 1 2 3 4 5
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11 Toll Assets Revenue Performance 1. Following considerations have been made for revenue comparability: I. Royalty payments of FRHPL have not been considered II. Toll revenue includes Annual Pass claims of INR 1,081 Mn (received/receivable) in Q1 FY27 and INR 965 Mn (received/receivable) in Q2 FY27. III. In WUPTPL, INR 1.3 Mn relating to Annual Pass claims was received in Q2 FY27. However, it is excluded from the above analysis as WUPTPL was handed over to NHAI on June 23, 2026. For a like -for-like comparison, WUPTPL revenue is excluded from all periods shown IV. A one-time revenue collection of INR 708 Mn relating to the TNSTC bus claim was received in Q2 FY26 (August) and has been exclud ed for like-for-like comparison. 2. Due to rounding, some totals may not correspond with the sum of the individual figures Toll revenue collections in Q2 FY27 grew by 13.6% YoY (In INR Mn) Rounded off to one decimal SPV Q2 FY27 Q2 FY26 YoY% H1 FY27 H1 FY26 YoY% DATRPL 1,723.9 1,555.4 10.8% 3,499.4 3,128.7 11.8% FRHPL 688.0 604.9 13.7% 1,403.4 1,280.6 9.6% GAEPL 1,220.8 1,005.7 21.4% 2,450.6 1,951.9 25.5% HTPL 371.2 356.7 4.1% 782.6 717.9 9.0% JMTPL 619.1 549.2 12.7% 1,220.1 1,197.6 1.9% JLTPL 316.3 258.0 22.6% 628.1 519.7 20.9% JVTPL 221.2 180.1 22.8% 439.9 362.4 21.4% KETPL 216.9 196.0 10.7% 441.2 387.2 13.9% KMTPL 297.5 286.5 3.8% 623.9 601.7 3.7% LRTPL 173.6 155.7 11.5% 361.7 341.7 5.8% MKTPL 367.9 332.9 10.5% 733.3 647.2 13.3% MBEL 318.2 283.2 12.3% 631.9 574.1 10.1% NKTPL 223.2 194.2 15.0% 444.7 383.1 16.1% NDEPL 326.5 282.3 15.6% 669.8 585.4 14.4% SMTPL 238.1 208.1 14.4% 483.5 419.3 15.3% WVEPL 315.7 285.1 10.8% 614.6 564.3 8.9% NAMEPL 984.5 853.8 15.3% 1,926.0 1,673.4 15.1% Revenue 8,622.5 7,587.7 13.6% 17,354.5 15,336.1 13.2%
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12 52% Annuity Received; 8,002 48% Annuity not due yet; 7,422 Update on Annuity Receipts All three annuities due in Q2 FY27, aggregating INR 3,461 Mn, have been received *Figures in INR mn | A – Actual Received | B – Budgeted Annuity SPVs Q1 (A) Q2 (A) Q3 (B) Q4 (B) FY 2027 (A/B) SIPL 451 √ 455 906 Due: June 10 | Received: June 10 Due: Dec 10 THPL 664 √ 651 1315 Due: May 22 |Received: May 26 Due: Nov 22 SPPL 525 √ 525 1050 Due: April 19 |Received: April 18 Due: Oct 19 MSHPL 480 √ 478 959 Due: June 29 |Received: July 1 Due: Dec 29 MHPL 402 √ 404 806 Due: June 29|Received: June 27 Due: Dec 29 BWHPL 446 √ 440 886 Due: Oct 8/ Received: Sep 23 Due: April 8 JUHPL 2,019 √ 2,019 4038 Due: June 1 | Received: June 1 Due: Dec 1 QEPL 2,450 √ 2,450 4900 Due: Jul 30/ Received: Jul 30 Due: Jan 30 APEPL 565 √ 565 Due: Sep 15/ Received: Sep 24 Total 4541 3461 4532 2890 15425 17 No. of Annuities Receivable in FY27 INR 15,425 mn Total Annuities to be received in FY27 9 Annuity Assets (6 HAM + 3 BOT Annuity) Annuity Snapshot INR 3,461 Mn Total Annuities due for Q2 FY27 (1) As per the Concession Agreement, the annuity amount is payable within 15 days from the respective due date. (2) The annuity amounts presented above are gross amounts and are exclusive of GST and TDS. (3) The budget figures presented above are forward-looking estimates based on current assumptions, including a bank interest rate of 5.5%. Any change in prevailing bank interest rates may impact the projected figures.. The following deductions have been considered from the annuity amounts presented above: (a) MSHPL: Interest amounting to ~INR 1 Mn has been underpaid on account of lesser interest of 1 day ; which will be recovered in the subsequent annuities (b) THPL: ~INR 70 Mn on account of excess interest received in the initial annuities and higher GST on Bonus Annuity. Out of the above , INR 62 million has been adjusted from CH-III while acquiring and balance can be recovered from Seller. (4) Due to rounding, some totals may not correspond with the sum of the individual figures √ Annuity Received INR 3,461 Mn Total Annuities received for Q2 FY27
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13 Major Maintenance *Figures in INR mn Major maintenance works carried out as per schedule at the planned assets S. No. SPV Length for MM works (km) Start Date End Date Budget presented in last update (Jun 30, 2026) 1 Pending as on September 30, 2026 Utilization in Q2 FY27 Total Utilization till Date 1 NAMEPL 64.6 Dec-25 Jan-27 1,137 134 86 1,003 2 WUPTPL 78.1 May-25 Jun-26 951 109 2 842 3 DATRPL 44.0 Jun-26 Jun-27 1,101 807 290 294 4 NDEPL 80.2 Nov-26 Jun-27 1,053 1,053 - - 1. No material change to the budgeted cost is anticipated, as the impact of bitumen price movements is expected to be offset through design optimizations NAMEPL (~92% MM work completed) • Major Maintenance Strategy: Combination of DBM rehabilitation in isolated sections, BC overlay, and thin white topping. • Sustainability Initiatives: Use of 35% RAP in DBM, 25% RAP in BC, and 50% RAP in shoulder repair works. • Progress Update: Thin white topping and certain ancillary works are pending and are expected to be completed by the end of January 2027. WUPTPL: All scheduled MM work has been completed within budget. Balance budget has been retained pending finalization of concession handover related costs, if any. DATRPL (~35% physical progress) • Main Carriageway Strategy: 30 mm BC inlay using 25% RAP, along with rigid pavement repairs. • Service Road Strategy: 30 mm BC patchwork using 25% RAP. NDEPL • Main Carriageway Strategy: 30 mm BC inlay with 25% RAP in approximately 70% of the MCW sections, while the remaining 30% will be executed with micro surfacing and BC patchwork. • Service Road Strategy: Micro surfacing along with DBM patchwork, incorporating 25% RAP in the DBM mix. • Progress Update: Works are expected to commence in November 2026. Notes
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14 Debt and Financing 03
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15 1. Does not include SPV level debt; Includes interest accrued 2. Net Debt includes interest accrued as well as promoter loan of WVEPL, SPV level debt and deferred payment for JUHPL, net of cash, AUM includes 27 assets 3. Debt at consolidated level, includes interest accrued, Promoter debt as of September 30, 2026; Considers estimated cash EBITDA (Pre-MM) for FY27 for 27 assets 4. Includes interest accrued on September 30, 2026, of INR 316 Mn and Erstwhile Promoters Fund of INR 150.99 Mn and excludes NIIF passthrough payment of INR 119 Mn. 5. On September 30, 2026, the Trust issued NCDs of INR 11,500 Mn to refinance floating-rate borrowings with fixed-rate borrowings. Of the proceeds, INR 5,100 Mn was used to repay existing borrowings on September 30, 2026, and the balance of INR 6,400 Mn on Oct 1, 2026. Outstanding borrowings were therefore INR 181 bn as of September 30, 2026, and INR 175 bn as of Oct 1, 2026. 6. DSCR (Debt Service Coverage Ratio) as per financing agreement for the trailing 12-month period ending on September 30, 2026 Our Marquee Lenders and NCD holders: AAA Credit Rated Lender-wise Borrowings – Term Loan Gross Borrowings4 Strong Balance Sheet and Financing Key Metrics 7.49% Cost of Debt (for consolidated trust borrowings)1,5 35.6% Fixed Rate borrowing (at Trust level)5 (As of October 1,2026) 44.42% Net Debt/ AUM2 4.15x Debt/ EBITDA3 As of September 30, 2026, unless stated otherwise5 INR 175.0 bn Issued an INR 11,500 Mn NCD in Q2 FY27 at a 7.5% coupon rate with 5-year tenor, maturing in September 2031. INR 112.5 bn SBI 58% HDFC 13% AXIS 8% NABFID 19% ICICI 2% SBI HDFC AXIS NABFID ICICI Term loan 64% NCD 36% Promoters fund <1% Term loan NCD Promoters fund 2.0x DSCR6 (As of October 1, 2026)
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16 As of September 30, 2026 % of maturing debt 1% 3% 8% 3% 4% 12% 10% 6% 6% 5% 6% 9% 7% 6% 6% 5% 2% 1% Repayment Schedule Repayment Schedule (INR billions) 1. Assumes repayment profile of loan/NCDs to continue after respective put/call dates 2. Debt as of September 30, 2026 is reduced by amount prepaid to SBI and Axis on Oc tober 1, 2026 2.0 4.1 3.5 4.8 5.9 7.4 7.3 7.4 7.6 5.9 8.5 10.1 10.1 8.1 7.9 7.9 2.1 1.9 0.3 0.5 10.2 0.7 1.3 13.3 9.4 3.6 3.6 2.9 2.4 4.8 2.3 1.9 1.9 0.9 0.9 0.20.0 0.2 0.3 0.4 2.2 4.8 13.9 5.8 7.2 20.7 16.8 11.1 11.2 8.9 10.8 14.9 12.4 10.0 9.8 8.9 3.0 2.1 - 5 10 15 20 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 Term Loan NCD MBEL Strong DSCR of 2.0x and a well-staggered maturity profile
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17 NDCF, Distribution, Valuation & Unitholding 04
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18 In Q2 FY27, Cube InvIT has declared a distribution of INR 5,094 Mn (INR 3.79 per unit) 1. Toll revenue includes: (a) Compensation received/receivable from NHAI under the Annual Pass scheme, (b) Gross overloading rev enue in FRHPL, (c) WUPTPL revenue as of June 23, 2026 (handed over to NHAI on June 23, 2026) 2. Annuity income is recognised on an accrual basis. 3. Other income includes interest on fixed deposits, realised / unrealised gains on mutual funds, interest on income-tax refunds and treasury income at Trust. 4. O&M expenses include operation & maintenance expenses, employee benefit expenses, other expenses, Investment Manager expenses and Trust expenses. 5. Tax payments include refunds of INR 84 Mn (net of provision for tax) at the SPV level and INR 13 Mn paid by the Trust; the SP V-level tax movement is added to the NDCF calculation. Other adjustments include working capital movement of INR 950 Mn at SPV l evel, Trust working capital of INR 70 Mn and repayment to erstwhile seller of INR 38 Mn. 6. Debt servicing includes external debt repayment of INR 226 Mn, interest payments of INR 200 Mn and Trust -level debt servicing of INR 9,236 Mn. 7. Movement in reserves represents the half year change, from 1,165 Mn on March 31, 2026, to 903 Mn on September 30, 2026 8. Vide order dated July 29, 2026, the National Company Law Tribunal (“NCLT”) approved WUPTPL’s Scheme of Arrangement for the reduction and reorganization of its equity share capital and reserves. WUPTPL submitted the certified copy of the NCLT order, alon g with the relevant forms in respect of the Scheme of Arrangement, to the Registrar of Companies (“ROC”) on September 7, 2026. The consequential impact of the Scheme of Arrangement, comprising a reduction in investment in equity shares of INR 259.12 millio n and a gain on reduction of investment in equity shares of INR 10.88 million, has been duly considered in the Unaudited Standa lone Financial Information. As on September 30, 2026, the same is receivable by Trust from WUPTPL. 9. Due to rounding, some totals may not correspond with the sum of the individual figures 10. Access SPV wise NDCF summary (In INR Mn) Rounded off to Zero decimals Inflows forming part of NDCF Outflows forming part of NDCF Net Distributable Cash Flow and Distributions: H1 FY27 Distribution Others 17,827 7,981 786 26,594 4,798 846 9,662 988 263 10,563 151 10,412 5,309 9 5,094 - 5,000 10,000 15,000 20,000 25,000 30,000 Toll revenue of 18 assets(1) Annuity(2) Other Income as per NDCF(3) Total generation O&M expense(4) Tax and other adjustments(5) Debt servicing(6) Major maintenance and capex Movement in Reserves(7) Cash available for distribution in H1 FY27 WUPTPL cash not distributed(8) NDCF for H1 FY27 Distribution in Q1 FY27 Retention Distribution for Q2 FY27
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19 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 Q2 FY27 Return of Capital 1.94 0.73 0.71 1.81 1.46 1.17 0.32 1.33 1.55 0.76 1.71 Treasury Income 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 - Interest Income 1.34 1.98 1.99 1.79 1.04 1.27 1.44 1.96 1.33 2.72 2.00 1.74 2.10 1.76 Dividend Income 0.80 0.20 0.22 0.01 0.32 0.54 0.77 0.27 1.08 0.32 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 3.79 - 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 DPU (INR/unit) FY26: INR 13.77FY24: INR 10.09 FY25: INR 11.00 INR 42.60 Distribution History Declared Q2 FY27 distribution of INR 3.79 per unit, taking the cumulative distribution since April 2023 private listing to INR 42.60 per unit H1 FY27: INR 7.74
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20 Particulars Value Enterprise Value (EV) INR mn 362,023 Total Debt INR mn 181,511 Total Cash INR mn 20,690 Less: Net Debt INR mn 160,821 Less: Minority shareholding MBEL INR mn 1 Equity Value INR mn 201,201 Net Debt/EV % 44.42% NAV INR/ unit 149.70 Particulars Mn Units Total Units 1,344 Valuation Summary Valuation Summary Number of Units As of September 30, 2026, for 27 Assets 1. Figures may not add up due to rounding
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21 Particulars Description Revenue Assumptions Revenue growth rate of ~8.8% p.a., calculated as a sum of traffic and WPI CAGR. Traffic: 4.7% p.a. traffic growth1 based on Traffic report from Steer (SDG – traffic consultant) WPI: 4.1% p.a. CAGR for the overall concession life Operating & Routine Maintenance Expenses Operating expenses and routine maintenance of base year (FY27) based on board-approved budget, escalated YoY. This is in line with valuation report. Major Maintenance As per technical study and Valuation report Particulars Toll Remarks HAM/Annuity Remarks Rf 7.18% Prevailing YTMs of G-Secs bonds with 10 yr residual maturity as on September 30, 2026 2026. MRP 7.0% Basis independent valuer analysis of MRP in India Beta 0.88 Basis listed Indian companies engaged primarily in construction & operation of road SPVs and 5 listed Invits Alpha adjustment -0.50% Refer remarks in EY Valuation Report Ke 2 12.88% 12.5%/ 10.5% Cost of equity calculated using build-up method by adding premium to the cost of debt. Kd (after tax) 5.79% Based on actual cost of debt 5.5%/ 6.9% Based on actual cost of debt D:E 50:50 70:30 WACC 9.33% 7.58%/ 7.99% For HAM and Annuity assets respectively 1. Portfolio traffic growth is calculated using post-diversion PCU growth through the end of each asset's concession life, weighted by Enterprise Value (EV). 2. Ke includes 0.50% of Concessioning authority specific risk premium for NAMEPL. Note: • All WACC parameters and assumptions represent weighted averages based on the Enterprise Value (EV) of each SPV • Abbreviations: Rf — Risk-free rate; MRP — Market risk premium; Ke — Cost of equity; Kd — Cost of debt; D:E — Debt-to-equity ratio. Valuation Assumptions As of September 30, 2026, for 27 Assets
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22 As of September 30, 2026 Unitholding Pattern2 As of September 30, 2026 Top Five Public Unitholders Unitholding (%) BCI IRR INDIA HOLDINGS INC 14.66% LARSEN AND TOUBRO LIMITED 8.84% PRAZIM TRADING AND INVESTMENT CO. PVT. LTD 6.11% KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD 3.09% LTM LIMITED 1.73% Total 34.43% Trusted by Leading Investors Marquee Investors & Unitholding Pattern Total units: ~1,344 Mn 1. Due to rounding, sum total may be different than 100% Banks, 2% Foreign Portfolio Investor, 2% Non-Resident Indian, 1% Non-Institutional Bodies Corporates, 22% Sponsor and Sponsor Group, 19%Institutional Foreign Bodies Corporate, 15% Trusts, 2% Alternate Investment Fund, 2% Pension / Provident Funds, 2% NBFC, 6% Mutual Funds, 9% Insurance Company, 9% Individuals, 10%
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23 Investor Engagement 05
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Ask CHT: an AI assistant for every unitholder Instant, source-based answers from Cube InvIT’s public disclosures Ask in plain language High query volume Distributions, Form 64B, financials and other standard requests Scattered information Reports, disclosures and multiple Investor Center sections HOW IT WORKS Investor asks a question Searches disclosures Understands context Source-linked answer https://www.cubehighwaystrust.com/chat Ask CHT AI assistant Where can I find Form 64B? You can find the Form 64B on the Cube Highways Trust website by visiting the following link: Form 64B. Source: Investor Center Where can I find other regulatory filings? Ask about DPU, NAV, filings… Instant answers Source-backed Available anytime
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25 Investor Resources & Tools BRSR Report FY26 Our Business Responsibility and Sustainability Report, covering ESG performance, governance practices and sustainability initiatives for the year. View BRSR report → Investor Toolkit A self-service hub for unitholders - live unit price and quote data, an investment/return calculator, and other unit-related information in one place. Open Investor Toolkit → Fact Sheet One-page snapshot of Cube InvIT’s overall performance, covering portfolio footprint, operational and financial performance, investment highlights and key investor metrics. Open Fact Sheet → Distribution Details and Form 64B Digital investor tools enabling easy access to Form 64B tax certificates and personalised distribution details using PAN and DP/Client ID. Open Distribution Details → Open Form 64B → Annual Report FY26 Investor-focused annual report highlighting Cube Highways Trust’s portfolio, financial performance, operational highlights, ESG initiatives, and key developments during the year. Open Annual Report → Financial Calendar Centralised calendar of upcoming and past investor events, helping investors track key dates, announcements and engagement events. Open Financial Calendar → Comprehensive, self-service resources designed for transparency and ease of access
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26 Industry & Sector Updates 06
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27 Macroeconomic Overview Particulars Description Remarks GDP Growth Rate1,2 • Real GDP grew 7.8% in Q1 FY27 (higher than expected); RBI projection: FY27 7.1%: Q2 7.2%, Q3 6.9%, Q4 6.8% • Strong activity supports traffic: portfolio PCU traffic grew 11.6% YoY in Q2, well above the 4.7% long-term growth assumed in the valuation • FY27 traffic projection assumes 6.5% GDP growth Repo Rate 2 • Raised 25 bps from 5.25% to 5.50%, first hike since February 2023 • 35.6% of Trust-level borrowings are at fixed rates, after the September 2026 NCD (INR 11,500 Mn at 7.50%) refinanced floating-rate debt. Toll rates are indexed to WPI and HAM annuity interest is linked to the bank rate, acting as natural hedges Wholesale Price Index (WPI) 3 • WPI is expected to be higher this year given the geopolitical situation [YoY: July’26 9.78% → August’26 9.92% → September’26 11.39%] • Fuel & power +25.85% YoY, food +8.66% YoY in September 2026 • Most toll SPVs revise tariffs annually at 3% + 40% of WPI, so higher WPI feeds into future toll revisions. The valuation conservatively assumes 5.0% for December 2026 and March 2027 (considered in the valuation model) and 4.1% long-term WPI Consumer Price Index (CPI) 1,4 • CPI rose to 5.54% YoY in September 2026 (up from 4.83% in August’26 on YoY basis ) • RBI FY27 CPI projection raised to 5.2% from 5.0%; core inflation at 4.4%. • Upside risks from an uneven monsoon, El Niño and crude volatility; • Inflation-indexed toll tariffs and bank rate linked HAM payments mitigate the impact on cash flows. Bitumen Rates5 • Bitumen rates rose over H1 FY27; Q2 ended broadly flat after a July–August dip: • The valuation already factors in higher bitumen prices for FY27 major maintenance. Centralised bitumen procurement helps manage cost and availability. • FY27 major maintenance costs are expected to remain broadly in line with approved budgets Sources: 1. RBI MPR October 2026 2. RBI MPC Key Takeaways 2026 - The Economic Times 3. Microsoft Word - WPI_Press_Release_14102026.docx 4. latest_release_1791800601071_643518af-5320-4e52-b78c-75c92b83885b_Press_Release_for_the_month_of_September,_2026.pdf 5. Average Bitumen Rates across 3 Indian refineries 66,002 69,802 78,085 81,575 75,075 74,005 76,805 77,575 70,575 68,515 68,835 69,995 72,705 77,275 50,000 70,000 90,000INR/MT
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28 Regulation Updates For the quarter ended September 30, 2026 and developments up to October 2026 Particulars Description Remarks SEBI – Unitholder Approval Threshold • SEBI (InvIT) (Second Amendment) Regulations, 2026, notified Oct 12, 2026: matters requiring a special majority now need votes in favour of at least 75% of total votes cast (excluding votes of related parties), instead of 75% of unitholders by value. Aligns InvIT voting with the Companies Act, 2013 • Makes approvals more practical as the unitholder base broadens after public listing; applies to future special-majority resolutions, including related-party acquisitions SEBI – Depository Receipts on InvIT Units • Enabling provision for depository receipts (DRs) on InvIT and REIT units, initially to be issued and listed in IFSC (GIFT City). Detailed framework to follow by SEBI circular • Potential new channel for foreign capital, which could widen the investor base and liquidity of listed InvITs
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29 Annexures 07
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30 Key Differentiators
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31 Scaled & Diversified Portfolio • Diversified across 17 Toll and 6 HAM & 2 Annuity assets • Balanced mix of GDP linked toll revenues and contracted annuity cash flows • Exposure to diverse freight commodities across multiple economic sectors • Staggered residual concession lives support consistent yield profiles 12 & 1 Consistent Value Creation • Delivered sustained unitholder value through 49.70% NAV growth as of September 30, 2026 • INR 42.60 cumulative DPU since listing (incl. declared Q2 FY27) • 9.8%2 annualized distribution yield as of March 31, 2026 23.6% XIRR since private listing till March 31, 20263 Proven Operating Track Record • Average operating history of 9.7 years4, demonstrating resilience • 17.6-year5 weighted average residual concession life, providing long-term cash flow visibility 6.3% Traffic CAGR since COD6 India's Infrastructure Growth Story • Supported by India's infrastructure-led growth (~7.2% GDP growth in Q2 FY279) • Roads remain a key government investment priority, INR 4.14 trillion road monetization pipeline under NMP 2.0 • Strong long-term traffic demand fundamentals ~2× Road capex growth (FY19–24 vs. FY25–30P) Technology-Enabled Asset Management • AI-enabled maintenance and asset monitoring • Predictive, lifecycle- based maintenance approach • Centralized engineering and operational excellenceIn-house Apps Road-Aid · Build-Aid · HiRate Strong Corporate Finance Capabilities • Supported by AAA credit ratings and a prudent capital structure • 44.42% Net Debt/EV 7, providing financial flexibility to pursue disciplined growth 7.49% Weighted avg. cost of debt As of September 30, 20268 Dual Growth Engine & Visible Pipeline • Disciplined acquisitions from sponsors through ROFO • Selective third-party acquisitions meeting investment criteria • Clear visibility into future portfolio expansion4 + 3 Committed Assets + ROFO pipeline1 Cube Highways Trust: Key Investment Highlights 1. Includes 4 Committed assets: CNTL, WMTPL, DTPL and BFHL, and 3 ROFO Assets: KHEPL, DHMEPL, and MHPL2 2. Distribution per ordinary unit since private listing, average of DPU yield for FY24, FY25 and FY26; DPU Yield = DPU / Average traded price (BSE), Privately listed on BSE/NSE on April 19, 2023 3. Returns are calculated as of March 31, 2026. For calculating the Total Return, listing date and listing price of InvIT are co nsidered as the initial value, all distributions as per record date for interim cash flows, and NAV as of March 31, 2026 has been considered as termi nal value 4. Calculated as Weighted Average using “Aggregate sum of Pre-MM EBITDA of the respective SPVs over their operating life of the project, As of September 30, 2026” as weights 5. Calculated as Weighted Average using “Aggregate sum of Pre-MM EBITDA of the respective SPVs over their residual life of the pro ject, as of September 30, 2026” as weights 6. Portfolio CAGR is calculated as a weighted average of individual SPV AUMs, as of March 31, 2026 7. Net Debt includes interest accrued as well as promoter loan of WVEPL, SPV level debt and deferred payment for JUHPL, net of c ash, AUM includes 27 assets 8. As of September 30, 2026; Does not include SPV level debt of MBEL; Includes interest accrued . 9. Press Releases | Official Website of Reserve Bank of India States and Union Territory
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32 Acquiring operating, de-risked road assets across India through GrowthCo and bilateral acquisitions GrowthCo structure Facilitates direct drop-down of assets, with an identified ROFO pipeline into the InvIT Asset stabilization GrowthCo de-risks and stabilizes assets before they are dropped into the InvIT Proven track record Strong history acquiring, operating and integrating complex road assets across India Institutional backing I Squared Capital, ADIA and BCI¹ Indicates assets committed / to be acquired from Sponsor Group Note: 1. I Squared Capital (through ISQ Fund III Asia Infrastructure Holdings Pte. Ltd), Platinum Rock B 2014 RSC Limited (as trustee of the Platinum Stone A 2014 Trust, a wholly owned subsidiary of the Abu Dhabi Investment Authority), Varese IRR LP (BCI) 2. Cube Highways Trust proposes to acquire CH-V and CH-II’s equity holding in 4 Committed Assets by way of an equity swap, to be effected through a preferential allotment, subject to receipt of the requisite corporate, regulatory and other approvals in accordance with the applicable law 3. AUM as of March 31, 2026 4. The concession period for the WUPTPL Project ended on June 23, 2026, following which the asset was handed over to the NHAI. The Investment Manager shall fulfil its obligations in respect of WUPTPL in accordance with the SEBI circular dated May 15, 2026, bearing the reference number SEBI/HO/DDHS/DDHS-PoD-2/I/11698/2026, read with the InvIT Regulations, as amended 5. In September 2026, Cube InvIT entered into binding offers with APCO Infratech and Chetak Enterprises Limited to acquire 100% stakes in two operational HAM assets in Uttar Pradesh: APCO Chetak Ultraway Private Limited and APCO Chetak Expressway Private Limited. Calibrated Growth Strategy Listing (Apr- 23) 8 BOT/DBFOT, 1 BOT-Annuity, 9 TOT Jun-24 – Feb- 25 Acquisitions 6 HAM assets + 1 DBFOT asset AUM: INR 49.73 Bn Jun-25 Acquisition 2 DBFOT / BOT Annuity assets AUM: INR 31.49 Bn Committed Assets² 2 DBFOT + BOT + 1 DBFOT Annuity AUM: INR 72.93 Bn ROFO Assets 3 Toll assets FY25 Revenue: INR 8,805.92 Mn Total Assets incl. ROFO Full portfolio on completion Acquisition Date & Asset type AUM (INR Bn)3 18 7 2 4 3 34 Listing (Apr-23) Jun-24 and Dec-24/ … Jun-25 Committed Assets2 ROFO assets Total assets incl. ROFO assets
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33 GDP Growth – Top 6 countriesIndia Infra Capital Expenditure (INR Bn) 782 2,097 5,557 5,593 6,089 FY16 FY 21 FY 25 '26RE '27BE ~7.8x growth in infra capex since FY16, reflecting sustained government commitment. Flagship government programs drive large scale infrastructure improvements INR 111 Tn National Infrastructure Pipeline — 7,400 projects, FY20–FY25 34,800 km Bharatmala Phase I target — 19,826 km completed by Feb 2025 800 Sagarmala projects (INR 3.59 Tn) — 250 completed as of 2025 159 airports UDAN — up from 74 in FY14; 635 routes operationalized Source: CRISIL Industry Report The Indian economy, positioned for a positive outlook 30,507.2 19,231.7 4,744.84,187.04,186.43,839.2 Nominal GDP – top 6 countries (USD billion) 16 Ministries PM GatiShakti — digital platform aligning 16 ministries for multi-modal project connectivity. 9.7% 7.6% 9.2% 6.5% 6.2% 6.3% 6.5% CY21 CY22 CY23 CY24 CY25E CY26P CY30P US Eurozone UK India China Japan REAL GDP GROWTH, CY26P 6.3% India remains among the fastest-growing major economies, driven by resilient domestic demand and services.
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34 SHARE OF TOTAL INFRA INVESTMENT, FY26 ~49% of India's total infrastructure investment is directed toward roads — the single largest sector allocation. → Peaked at 52.9% in FY23, holding near half of all infra spend since. National highways: fastest-growing segment of the network ROAD NETWORK EXPANSION, FY16 – FY25 +44.7% National highways 101,011 → 146,204 km +1.9% State highways 176,166 → 179,533 km +13.0% Other roads 53.4 → 60.2 lakh km Improving private participation Changes in HAM & BOT models ease cash flows during construction & reinstate developer interest. Rail limitations Last-mile connectivity & capacity constraints; improving feeder roads and terminal linkages is a stated priority. User behaviour & policy Willingness to pay tolls & electronic toll collection has supported faster rollout of national highways. Supply-side improvements Modern construction technologies & mechanisms have reduced execution time and unit costs. Demographic & urbanization Higher urban populations increase intra-city passenger & goods movement, elevating demand for roads. Source: CRISIL Industry Report Roads continue to be an area of national importance Share of roads in total infrastructure investments in India (INR Bn) 1,546.6 2,073.1 2,545.2 3,894.6 5,313.8 5,669.8 5,541.3 6,028.144.2% 43.0% 44.5% 52.9% 49.7% 50.3% 49.1% 46.4% FY20 FY21 FY22 FY23 FY24 FY25 FY26 RE FY27 BE Total Share of roads (%) Domestic personal vehicle industry outlook (sales volume, millions of units) 2.8 2.7 3.1 3.9 4.2 4.3 5.2-5.7 FY20 FY21 FY22 FY23 FY24 FY25 FY30P FY25-30P CAGR: 4-6% Key Growth Drivers
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35 Advanced asset management and maintenance expertise Technology-Driven Testing ⁻ Advanced testing techniques: Non- destructive surface testing techniques (e.g. falling weight deflectometers, network survey vehicles) ⁻ Tailored maintenance strategies: targeted, segment-specific interventions based on structural assessments, traffic loading patterns and pavement condition analysis ⁻ Data driven insights: Predictive analytics forecast material requirements and optimize MM cycles ⁻ MINDS: In-house innovation framework to identify, mentor and deploy new technologies and process improvements R&D backed Innovation ⁻ Advanced construction materials: Use of high polymer Highly Modified Asphalt (HiMA) provides more durable and higher-quality roads to the users, which can reinforce toll-paying behavior ⁻ Implementing new construction technology: CCPR, Polymer-Modified Bitumen overlays and micro-surfacing ⁻ Lifecycle Cost Management: A lifecycle focused approach to maintenance, which lowers overall costs AI capable in-house software team ⁻ In-house team of IT professionals: Developing custom software & digital tools; Internal Toll Management System ⁻ Road-Aid: Real-time monitoring and evaluation of on-site road maintenance, safety oversight ⁻ Build-Aid: Real-time progress monitoring, quality testing, and compliance monitoring during major maintenance and rehabilitation works ⁻ Artificial intelligence / machine learning applications: Pavement distress identification, asset inventory mapping and automated safety compliance monitoring Comprehensive O&M framework combining advanced engineering practices, data-driven software and centralized procurement Economies of Scale through centralized supply chain ⁻ Centrally managed procurement strategy, to ensure cost efficiency, quality control & vendor accountability ⁻ Dedicated team for bitumen procurement, to leverage economies of scale & ensure timely availability ⁻ ESG- aligned procurement focused on ethical sourcing, waste minimization & carbon reduction Advanced asset management and maintenance expertise
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36 AI, ML and in-house developed application driving operational excellence Videos are uploaded to Google Cloud and processed without any external input to generate asset inventory (signboards, streetlights, kilometers stones, delineators) for highway evaluation in HiRate Asset identification & classification Artificial intelligence / machine learning applications In-house developed applications and technology driving operational excellence Current AI model identify cracks with an approximate calculation of crack width in black, grey and rigid pavement as well Pavement distress identification Utilizing machine learning and automated safety compliance monitoring (e.g. personal safety equipment, road safety markers) Safety compliance Road–Aid Build-Aid Accident analytics & fleet monitoring HiRATE Sethu STHITI ATMS Real-time monitoring and evaluation of on-site road maintenance, safety oversight and verification through digitizing highway O&M Rating parameters Road asset management Tracking daily progress Inventory procurement Incident report & analytics Real-time progress monitoring, test recordings, non-compliance report, bitumen billing and tracking etc. through multiple checklists Embankment Drainage LightingSignboards Median Barriers Kerb Pavement Marking Objective evaluation of Highways Assigns score Evaluates optional parameters Shoulder Input of inventory Audit app enabling multi-platform documentation on inspections, defect identification, and structural condition monitoring, with built-in compliance App functionality Defect input Tools for site inspection In-house accident dashboards and GPS-based vehicle monitoring systems for analysis of accident factors, trip reports, resources for accident areas Real-time traffic guidance, weather alerts, over-speeding penalties, emergency response systems, and accident prevention measures Components of ATMS Central control Room (CCR) CCTVs Variable message signs Network video recorder (NVR) Meteorological data System High speed cameras Software overview
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37 Sustainability Strategy Key Pillars Key Initiatives Material Topics International Finance Corporation Performance Standards (IFC PSs) United Nations Sustainable Development Goals (UN SDGs) Environmental Responsibility ⁻ Resource management efficiency ⁻ Sustainable O&M practices ⁻ Adopt Sustainable technology and material recycling ⁻ Technological Innovation for work monitoring at sites ⁻ GHG Inventory - Scope 1,2,3 ⁻ GHG Emissions and Energy Management ⁻ Resource Management ⁻ Climate Change ⁻ PS1: Assessment and Management of Environmental and Social Risks and Impacts ⁻ PS3: Resource Efficiency and Pollution Prevention Social Responsibility ⁻ Create and nurture safe workplace for employees and contractors ⁻ Cultivate diversity, inclusiveness and fair workplace ⁻ Efforts on work zone safety and road safety ⁻ community development program majorly focused on skill development , education and sanitation ⁻ Integration of EHS and labour working requirements in major contracts and their implementation monitoring ⁻ Safety (Health & Road) ⁻ Human Capital Development ⁻ Community Welfare ⁻ Responsible Procurement ⁻ PS1: Assessment and Management of Environmental and Social Risks and Impacts ⁻ PS2: Labor and Working Conditions ⁻ PS4: Community Health, Safety, and Security ⁻ PS5: Land Acquisition and Involuntary Resettlement Governance ⁻ Adopt and Implement Environment & Social management System and related SOPs in line with IFC Performance Standards ⁻ Active engagement with stakeholders ⁻ Robust policies and procedure ⁻ Strong corporate governance ⁻ Compliance with applicable regulations ⁻ Cyber Security Policy and Manual; implementation of related procedure, Periodic Cybersecurity awareness sessions ⁻ Corporate Governance and Business Ethics ⁻ Data Privacy and Cybersecurity ⁻ Regulatory Compliance ⁻ PS1: Assessment and Management of Environmental and Social Risks and Impacts ⁻ PS3: Resource Efficiency and Pollution Prevention Cube InvIT 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, cementing its commitment to ESG principles.
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38 Cube Highways InvIT Structure Toll Annuity HAM Responsible for managing investments / portfolio and regulatory compliance in accordance with the SEBI InvIT Regulations and other applicable laws. Responsible for overseeing the operations and maintenance of Project SPVs while ensuring compliance with laws Cube Highways Trust, Public InvIT JMTPL MBEL^ GAEPL NAMEPL NDEPL KETPL FRHPL WVEPL HTPL JLTPL JVTPL DATRPL KMTPL LRTPL MKTPL SMTPL NKTPL BWHPL MSHPL MHPL THPL SIPL SPPL QEPL JUHPL Investment Manager4 CHFAPL Project Manager4 CHAPAPL Trustee Axis Trustee Services Limited Portfolio of Assets Sponsor & Sponsor group1,2 (CH-V, CH-I, CH-II, CH-III, CH-ID, CH-IV) Other Unitholders3 Investment Management Services Service Provider 100% Ownership Trust Management Services Project Management Services ^ 0.03% of the equity share is held by Madhucon Infra Limited 1. Cube Highways and Infrastructure V Pte. Ltd. (CH-V), Cube Highways and Infrastructure Pte. Ltd. (CH-I), Cube Highways and Infrastructure II Pte. Ltd. (CH-II), Cube Highways and Infrastructure III Pte. Ltd. (CH-III), Cube Highways and Infrastructure I-D Pte. Ltd. (CH-ID) and Cube Mobility Investments Pte. Ltd. (CH-IV) 2. CH-V is the Sponsor of the Trust, and all other entities mentioned above are members of the Sponsor Group under the SEBI InvIT Regulations. 3. Includes Individuals, Trusts, Alternate Investment Funds, Foreign Portfolio Investors, Financial Institutions / Banks, Non- Resident Indians, Insurance Companies, Mutual Funds ,NBFCs etc. 4. IM & PM are associates of the Sponsor. Cube Highways Asset & Project Advisory Private Limited has been appointed as the Project Manager of the Trust with effect from June 26, 2026, replacing the erstwhile Project Manager whose engagement continued up to June 25, 2026.
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39 Corporate Governance & Management Team
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40 Board of Directors UPENDRA KUMAR SINHA | Chairman • He has served as the chairman of SEBI, UTI Asset Management Company Limited, Association of Mutual Funds in India and Working Group on Foreign Investment in India formed by the GoI. • He is also a retired officer in the Indian Administrative Service and has held several government positions including as Joint Secretary (Banking) and Joint Secretary (Capital Markets) in the Ministry of Finance, GoI. SURINDER CHAWLA | Independent Director • He holds a Bachelor’s Degree in Technology in Chemical Engineering from IIT Delhi. And a Post-Graduate Diploma in Management from IIM, Calcutta. • He has worked at the International Finance Corporation ("IFC"), a member of theWorld Bank as its Chief Investment Officer. JAYESH RAMNIKLAL DESAI | Independent Director • He holds a Bachelor's Degree in Commerce from the University of Bombay. He is a Chartered Accountant. He has been associated with E&Y Private Limited and Coca-Cola India. • He was also employed with Piramal Enterprises Limited. He has also served as a director on the boards of, amongst others, TruBoard Private Limited, Ayana Renewable Power Private Limited, and Piramal Investment Advisory Services Private Limited FERESHTE DHUNJISHAW SETHNA | Independent Director • She holds a Bachelor's Degree In Commerce and a Bachelor’s And master’s degree In Law from the University of Bombay. She is enrolled on roll of advocate maintained by the Bar Council of Maharashtra and Goa in 1990. • She is also a director on the board of Morrisett Agro Forestry Ventures Private Ltd., Morrisett One Harvests Private Ltd., Morrisett Agro Plantations Private Ltd., Morrisett Litigators Private Limited and Lexnovum Consultaire Private Ltd. HELLY BHARAT AJMERA | Non-Executive Director • She has completed her Post-graduation in Management from Indian Institute of Management (IIM) and graduated as an engineer in telecommunications. • She is Director & Head of BCI’s Asia Investments. At BCI she is responsible for investing in and managing Infrastructure & Renewable Resources investments across Asian economies, including India, the Philippines, Indonesia, Singapore, Japan, and Korea. Prior to joining BCI, she has worked with Ernst & Young. SANDEEP LAKHANPAL | Non-Executive Director • He holds a Bachelor's Degree in Technology and Electrical Engineering from Punjab Technical University, Punjab and a master's degree in business administration in finance from NMIMS, Mumbai • He is a managing director at I Squared Capital. Prior to joining I Squared he had been associated with Cube Highways and Transportation Assets Advisors Private Limited, and Ernst & Young. RAVIRAJ VIPUL ACHARYA | Non-Executive Director • He is an Investment Manager in the Infrastructure Department at Abu Dhabi Investment Authority. • He has over 9 years of experience across investments and corporate finance. Prior to joining Abu Dhabi Investment Authority in 2020, he had worked at Morgan Stanley and Edelweiss Financial Services Limited in India. He is a member of the Institute of Chartered Accountants of India As of September 30, 2026
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41 Team of Specialists Investment Manager (IM) Team • He holds a bachelor’s degree in mechanical engineering from the Indian Institute of Technology, Madras and a post-graduate diploma in management from the Indian Institute of Management, Ahmedabad. • He has over 16 years of experience in infrastructure financing and advisory services. • Prior to joining the Investment Manager, he had worked with Cube Highways and Transportation Asset Advisors Private Limited, IndusInd Bank Limited and IFCI Limited. Vinay C Sekar Chief Executive Officer • He holds a bachelor’s degree in commerce and a LL.B. degree from the University of Delhi. He is a member of the Institute of Chartered Accountants of India. • He is also an associate of the Institute of Chartered Accountants of England and Wales and an associate Certified Public Accountant (CPA) from CPA Australia. • Prior to joining the Investment Manager, he had worked with Vodafone Group, Publicis Groupe, Coca- Cola, and Subros. Cable & Wireless Global India Private Limited, within the Vodafone group. Pankaj Vasani Group Chief Financial Officer • He holds a bachelor’s degree in commerce from the University of Pune. He is a member of the Institute of Chartered Accountants of India. • He has over 21 years of experience, and prior to joining the Investment Manager, he has worked with Vodafone group, HSBC group and the TATA group. He has also served as the Chief Financial Officer of Cable and Wireless Global India Private Limited, within the Vodafone group. Abhijit S Sathe Joint Executive VP, Finance and Accounts • He holds a bachelor’s degree in technology in electronics and communication engineering from Malaviya National Institute of Technology, Jaipur and a post graduate diploma in industrial management from IIM Mumbai and has cleared level III exam of chartered financial analyst from CFA Institute (USA). • He has over 13 years of experience and Previously associated with, Yes Bank Limited, L&T Fincorp Limited and Northern Arc Capital Limited. Saurabh Bansal Head - Capital Raising, Investments and Strategy • He holds a B.A. LLB (Hons.) degree from National Law University, Delhi. • He has more than 9 years of experience, and prior to joining the Investment Manager, he worked with Cube Highways and Transportation Assets Advisors Private Limited and Trilegal. Deepan Shah VP, Legal • He holds a bachelor’s degree in technology in civil engineering from the Indian Institute of Technology, Bombay and a post-graduate diploma in management from the Indian Institute of Management, Bangalore. • He has over 11 years of experience, and prior to joining the Investment Manager, he worked with Deloitte India and Feedback Infra Private Limited. Saurabh Kumar VP, Strategy & Investor Relations • She is an associate member of the Institute of Company Secretaries of India. • She holds a bachelor’s degree in law from Chaudhri Charan Singh University, Meerut and a bachelor’s in commerce from Hansraj College, Delhi University. • She has over 16 years of experience and prior to joining the Investment Manager, she was associated with Bharti Airtel Limited, Eldeco Infrastructure and Properties Ltd, SRL Limited, Pacific Development Corporation Limited and Religare Finvest Limited. Richa Gupta Rohatgi Compliance Officer and Company Secretary
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42 Team of Specialists He holds a bachelor’s degree in civil engineering from Regional Engineering College Hamirpur (HP) and master’s degree in technology from Indian Institute of Technology, Kanpur. He also holds executive post-graduate diploma in international business from the IIFT, New Delhi. He has over 25 years of experience in designing, development and operating & maintaining of roads. Previously associated with Ramboll, CH2MHILL, Halcrow, NHAI and MoRT&H Bovin Kumar Chief Executive Officer He holds a bachelor’s of technology in civil engineering from Jawaharlal Nehru Technological University, Kakinada, A.P, Master of Engineering from University of Poona, and a Doctor of Philosophy (PhD) in civil engineering, specializing in flexible pavements from JNTU, Kakinada, A.P. He has over 32 years of experience. Previously associated with Afcons Infrastructure, Land Transport Authority, Singapore, Soma Enterprise Ltd., Gammon Infrastructures Pvt Ltd., Ashoka Buildcon Ltd., and Megha Engineering & Infrastructure Ltd.. Dr. Bhagwan Raju Chief Operating Officer He holds master’s in business administration from Ecole Nationale des Ponts et Chaussèes. He has over 19 years of experience. Prior to joining Cube Highways and Transportation Assets Advisors Private Limited, he had worked with KEC International Limited, Kenersys Kalyani Ltd, Dalkia Energy, Punj Lloyd, and Bharti Teletech Ltd. Rahul Shankar Group Chief HR Officer He holds a bachelor’s, master’s and doctorate in Law from the University of Rajasthan, Jaipur, and is an alumnus of the Indian Institute of Management, Ahmedabad, where he completed the PGPX program (one-year full time MBA). He is also a qualified company secretary and has cleared the CAIIB. His career spans legal practice, academia as an assistant professor at National Law University, Jodhpur, and central banker as a legal officer with the Reserve Bank of India Dr. Mukul Shastry Group General Counsel He holds a bachelor’s in technology in civil engineering, from Dr. Ram Manohar Lohia Avadh University, and a master’s degree in planning (transport) from School of Planning and Architecture, New Delhi and MBA from Leeds University Business School, Leeds (United Kingdom). He was previously associated with Halcrow Consulting India Limited (now Jacobs), IL&FS Infrastructure Development Corporation, Isolux Corsan Concessions (now Roadis), Ramboll India, and Steer Davies Gleave, India. Anuj Maitrey Head – Operations Project Manager (PM) Team He holds a Graduate Degree and a Post Graduate Degree in Civil Engineering from Lingaya’s Vidyapeeth, Faridabad, and a Diploma in Civil Engineering from the Board of Technical Education, Delhi. He has over 25 years of experience. Prior to joining Cube Highways and Transportation Assets Advisors Private Limited, he was previously associated with Punj Lloyd, Oriental Structural Engineers, Leighton Contractors, Galfar Engineering, and Continental Engineering Corporation. Neeraj Singh Joint Executive VP – Maintenance She holds a bachelor’s degree in environmental engineering from the Delhi College of Engineering (now Delhi Technological University), University of Delhi and pursuing executive MBA from SP Jain school of Global Management. She has over 18 years of experience and was previously associated with SMEC (now part of Surbana Jurong Group), Halcrow (now Jacobs) and SNC Lavalin Sippy N Kumar Senior VP – Environment and Social He holds a bachelor's degree in civil engineering and a postgraduate degree in Transportation Engineering from the Indian Institute of Technology, Madras. He has over 9 years of experience. Prior to joining Cube Highways and Transportation Assets Advisors Private Limited, he worked with Mahua Bharatpur Expressways Limited (Cube Highways Group) and ITS Planners and Engineers. Bhanoj Dokku VP - Strategies & Analytics He has a Masters Degree in Electrical Engineering from University of Wisconsin, Madison. 25+ years of experience in project managing of software solutions Experience in developing software solutions in various sectors including infrastructure, education and online gaming catering to multiple geographies. MVS Reddy Chief Information Officer
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43 Governance Committees Composition Consists of 3 Independent Directors and 1 Non- Independent Director Members Mr. Upendra K. Sinha Chairman Ms. Fereshte D. Sethna Mr. Jayesh R. Desai Mr. Sandeep Lakhanpal Audit Committee Composition Consists of 4 Independent Directors and 2 Non- Independent Directors Members Mr. Surinder Chawla Chairman Mr. Upendra K. Sinha Ms. Fereshte D. Sethna Mr. Jayesh R. Desai Ms. Helly B. Ajmera Mr. Sandeep Lakhanpal Nomination & Remuneration Committee Composition Consists of 3 Independent Directors and 1 Non- Independent Director Members Ms. Fereshte D. Sethna Chairperson Ms. Helly B. Ajmera Mr. Surinder Chawla Mr. Upendra K. Sinha Stakeholders Relationship Committee Composition Consists of 1 Independent Director and 3 Non- Independent Directors Members Mr. Jayesh R. Desai Chairman Ms. Helly B. Ajmera Mr. Raviraj V. Acharya Mr. Sandeep Lakhanpal Risk Management Committee Composition Consists of 1 Independent Director and 3 Non- Independent Directors Members Mr. Jayesh R. Desai Chairman Ms. Helly B. Ajmera Mr. Raviraj V. Acharya Mr. Sandeep Lakhanpal Operations Committee Composition Consists of 1 Independent Director and 3 Non- Independent Directors Members Mr. Surinder Chawla Chairman Ms. Helly B. Ajmera Mr. Raviraj V. Acharya Mr. Sandeep Lakhanpal Investment Committee As of September 30, 2026
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44 Databook
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45 Cube InvIT - Asset Portfolio (1/2) Project JMTPL MBEL NDEPL FRHPL WVEPL DATRPL TOT3 GAEPL No. of SPVs 1 1 1 1 1 1 9 1 State Rajasthan Rajasthan Karnataka West Bengal Kerala Uttar Pradesh, Haryana Jharkhand, Uttar Pradesh, Bihar, Uttar Pradesh Tamil Nadu Highway (New|Old) NH21 | NH11 NH21 | NH11 NH75 | NH48 NH12 | NH34 NH544 | NH47 NH19 | NH2 NH27, NH28, NH44, NH7, NH26, NH30, NH24-B, NH33 NH91 | NH34 Authority NHAI NHAI NHAI NHAI NHAI NHAI NHAI NHAI Length (km) 109.1 57.3 80.3 100.1 53.5 179.5 566 126.3 No. of lanes 4 4 4 4 4 6 4 6 Toll Plazas 2 2 2 2 1 3 9 2 AUM (INR mn) 6,421 3,124 4,378 27,111 9,531 79,852 117,029 38,899 Concession end date1 6/9/2031 5/26/2031 1/29/2033 5/3/2041 8/24/2037 2/12/2044 Different Years2 6/22/2039 Pavement Type Flexible Flexible Flexible Flexible Flexible Rigid and Flexible Flexible Flexible Toll revision formula WPI of March WPI of March Avg. WPI of FY 3%+ 40% of WPI 3%+ 40% of WPI 3%+ 40% of WPI 3% + 40% of WPI 3%+ 40% of WPI Notes 1. The concession period is specified under the concession agreement (CA) entered into by the respective SPVs with the Grantor ( NHAI/ State authorities). However, it may vary based on the terms of the respective SPVs depending upon achievement of conditions relating to Target Traffic or Target revenue generated at Target date specified in the CA. For the purposes of est imation of variation in the concession period at each reporting period, the Trust evaluates the contractual entitlement to varia tions in concession period on a case-to-case basis taking into account the provisions of the concession agreement of the respective SPVs, the facts and circumstances giving rise to such variations and the status of the approvals for such variation. Estimating the concession period under Appendix C of Ind AS 115 requires a careful analysis of the specific service concession arrangement. For estimation of the concession period, the Management considers future traffic estimates with the help of an independent expert , assessment of outcomes with respect to disputes/ arbitration with the Grantor for the SPVs claims for variation in concession period on account of Target Traffic, etc. based on the legal advice received, discount rates, revenue growth rate and inflation and other economic factors, as considered relevant. Based on the above, the Management has considered variation in concession period for certain SPVs for the purpose of estimating amortization of Intangible Assets- Toll Road Carriageway, estimating fair value of net assets of SPVs and also for determination of recoverable amounts for Intangible Assets- Toll Road Carriageway of SPVs. 2. HTPL, LRTPL, KETPL, SMTPL and NKTPL have concession end dates of October 19, 2050, while JLTPL, JVTPL, KMTPL and MKTPL have conc ession end dates of October 19, 2045.
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46 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 States Covered Maharashtra Maharashtra Telangana Andhra Pradesh Tamil Nadu Telangana Andhra Pradesh, Telangana Jammu and Kashmir Jammu and Kashmir Project Length (km) 52.0 55.9 49.0 61.1 38.7 46.8 212.9 16 48 Concessioning Authority NHAI NHAI NHAI NHAI NHAI NHAI State government NHAI NHAI Asset Type HAM HAM HAM HAM HAM HAM Build Operate Transfer Annuity Annuity Lane 4-lane 4-lane 4-lane 6-lane 4-lane 4-lane 4-lane 4-lane 4-lane Toll Plaza - - - - - - 3 - - AUM (INR Mn) 2,916 3,374 2,451 4,316 3,192 3,747 28,265 17,400 10,342 Concession end date 1 9/24/2036 12/13/2036 12/14/2036 5/9/2036 5/29/2036 10/4/2036 11/27/2039 6/5/2031 7/22/2031 Pavement Type Rigid Rigid Flexible Flexible Rigid and Flexible Flexible Flexible Rigid and Flexible Rigid and Flexible Toll revision formula N.A. N.A. N.A. N.A. N.A. N.A. WPI December N.A. N.A. Notes 1. The concession period is specified under the concession agreement (CA) entered into by the respective SPVs with the Granto r (NHAI/ State authorities). However, it may vary based on the terms of the respective SPVs depending upon achievement of condit ions relating to Target Traffic or Target revenue generated at Target date specified in the CA. For the purposes of estimation of var iation in the concession period at each reporting period, the Trust evaluates the contractual entitlement to variations in co ncession period on a case-to-case basis taking into account the provisions of the concession agreement of the respective SPVs, the facts and circumstances giving rise to such variations and the status of the approvals for such variation. Estimating the concessio n period under Appendix C of Ind AS 115 requires a careful analysis of the specific service concession arrangement. For estimation of the concession period, the Management considers future traffic estimates with the help of an independent expert, assessment of outcomes with respect to disputes/ arbitration with the Grantor for the SPVs claims for variation in concession period on acc ount of Target Traffic, etc. based on the legal advice received, discount rates, revenue growth rate and inflation and other eco nomic factors, as considered relevant. Based on the above, the Management has considered variation in concession period for certain SPVs for the purpose of estimating amortization of Intangible Assets- Toll Road Carriageway, estimating fair value of net assets o f SPVs and also for determination of recoverable amounts for Intangible Assets- Toll Road Carriageway of SPVs.
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47 Historic Traffic Trends Average Daily Tollable Traffic and CAGR 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 Q2 FY27 Period2 CAGR JMTPL 18,698 20,179 20,923 22,704 25,333 25,532 28,367 26,614 26,740 26,906 28,504 31,073 35,285 37,992 35,332 34,561 14 4.70% MBEL 18,261 19,383 19,759 19,976 22,835 23,357 26,529 23,887 24,233 23,938 25,228 28,118 29,144 31,221 32,420 32,535 14 4.20% WUPTPL 30,856 26,279 30,232 31,084 31,221 28,471 28,160 27,182 25,611 19,414 28,364 37,112 39,682 38,919 40,841 - 14 2.00% GAEPL 21,130 20,649 23,591 23,147 23,502 22,487 24,276 24,609 27,976 32,211 39,493 43,446 10 6.50% NDEPL 15,363 16,651 17,072 18,717 21,206 22,367 21,319 23,392 22,327 23,066 27,754 28,755 30,031 32,699 33,444 13 6.00% FRHPL 20,029 26,526 24,008 29,062 27,965 28,734 30,679 31,680 32,490 33,576 34,131 9 5.90% WVEPL 17,874 19,136 22,984 26,235 28,121 23,076 26,544 36,717 39,149 38,956 40,813 42,802 10 8.60% DATRPL 21,610 22,359 22,549 23,211 24,165 28,131 32,436 35,075 34,966 44,214 51,645 53,663 55,855 58,446 59,766 13 8.00% JLTPL 16,814 16,756 18,632 19,439 21,020 22,132 24,794 5 5.60% JVTPL 15,844 15,804 17,520 18,143 19,582 20,691 23,196 5 5.50% LRTPL 22,844 20,323 18,336 17,605 19,124 19,115 18,514 5 -3.50% KMTPL 23,852 21,963 22,533 22,839 23,649 24,717 22,944 5 0.70% HTPL 21,973 20,145 21,582 24,349 28,933 32,378 30,890 5 8.10% MKTPL 28,281 26,331 31,064 33,179 35,035 40,235 43,543 5 7.30% KETPL 16,615 14,651 17,344 19,098 20,509 22,496 23,798 5 6.20% SMTPL 14,207 12,614 15,094 16,639 17,964 20,012 21,696 5 7.10% NKTPL 16,535 14,708 18,090 18,913 19,470 22,536 24,397 5 6.40% NAMEPL 13,571 14,010 15,844 17,052 16,562 15,363 17,608 19,824 21,068 22,354 24,851 27,085 10 6.20% Portfolio CAGR% 6.3%2 1. General note: Traffic data is from respective asset’s COD, except for 9 TOT assets wherein data starts from Cube’s date of acquisition (Oct 2020) (prior data isn’t available). For TOT assets, FY21 data is based on 6 -month average (Oct- Mar period), 2. Portfolio CAGR is calculated as a weighted average of individual SPV AUMs, as of March 31, 2026 Cube's toll portfolio has delivered 6.3% traffic CAGR to March 31, 2026
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48 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 Q2 FY27 Distribution Per Unit (DPU) 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 3.79 Dividend INR 0.80 - - 0.20 0.22 0.01 - 0.32 - 0.54 0.77 0.27 1.08 0.32 Interest INR 1.34 1.98 1.99 1.79 1.04 1.27 1.44 1.96 1.33 2.72 2.00 1.74 2.10 1.76 Treasury INR 0.01 0.02 0.01 0.01 0.01 0.01 - 0.01 - 0.02 - 0.01 0.01 - Return of Capital INR - - - 1.94 0.73 0.71 1.81 1.46 1.17 0.32 1.33 1.55 0.76 1.71 Gross Distributions INR Mn 2,774.24 2,580.69 2,580.69 5,083.96 2,668.90 2,668.90 4,336.96 5,004.18 3,360.18 4,838.65 5,510.69 4,798.33 5,309.08 5,094.02 No. of Ordinary Units Mn - 1,290.35 1,290.35 1,290.35 1,334.45 1,334.45 1,334.45 1,334.45 1,334.45 1,344.07 1,344.07 1,344.07 1,344.07 1,344.07 No. of Sub-ordinary units Mn - 157.50 157.50 157.50 113.4 113.4 113.4 113.4 113.4 - - - - Record Date dd-mm-yy 11-08-23 16-11-23 13-02-24 24-05-24 09-08-24 04-11-24 04-02-25 02-06-25 04-08-25 04-11-25 04-02-26 27-05-26 19-08-26 31-10-26 Tentative Distribution Date (on or before) dd-mm-yy 25-08-23 28-11-23 24-02-24 06-06-24 14-08-24 14-11-24 11-02-25 09-06-25 11-08-25 12-11-25 11-02-26 04-06-26 26-08-26 06-11-26 NAV per Ordinary Unit INR/ unit - 120.93 125.401 131.79 128.202 131.352 132.402 133.822 136.99 143.003 142.7 145.77 149.56 149.70 AUM INR Bn 236.81 244.44 250.24 258.11 287.65 291.62 290.29 322.66 365.4 365.19 360.93 368.42 366.59 362.02 Assets Included in AUM SPVs 18 18 18 18 24 24 24 25 27 27 27 27 27 27 1. Excluding bank guarantee of INR 850 Mn at InvIT as per accounting standards 2. Considers actual reclassified units for DATRPL i.e. 44.1 Mn units done in July 2024 3. Considers actual reclassified units for JMTPL & MBEL i.e. 9.62 Mn units done in July 2025 4. Due to rounding, some totals may not correspond with the sum of the individual figures
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49 Annual Pass Insights Expected compensation (received/ receivable) from annual pass stands at INR 2,045 Mn for H1 FY27 Portfolio adoption 34% H1 FY27 (of total cars) Annual Pass Amount INR 2,045 Mn Apr – Sep 2026 Receivables INR 660 Mn As of September 30, 2026 Multi-trip cars 1% of the total cars H1 FY274 Adoption rate across SPVs 1. General notes: 1. Annual pass revenue for the months of Apr-Sep 2026 is impacted by quarterly reconciliations and therefore may not be directly co mparable with underlying adoption trends. 2. Excludes Annual Pass compensation received, and reconciliation adjustments for March 2026 made in H1 FY27. 2. Days outstanding is calculated as the ratio of average claims outstanding (average of opening and closing claims outstanding) to overall claims during the period, multiplied by the number of days in the quarter. 3. As of October 6, 2026, outstanding receivables stood at INR 322 Mn, equivalent to 47 days of outstanding claims. 4. Annual Pass crossings beyond two trips per vehicle per day at a toll plaza. These crossings remain toll- free for eligible users but are excluded from the compensation calculation. Click here Days outstanding2, 3 60 | 47 September 30, 2026 | Oct 6, 2026 41% 23% 47% 27% 44% 38% 43% 41% 26% 32% 37% 34% 28% 36% 39% 22% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% DATRPL FRHPL GAEPL HTPL JLTPL JMTPL JVTPL KETPL KMTPL LRTPL MBEL MKTPL NDEPL NKTPL SMTPL WVEPL Apr May Jun Jul Aug Sep
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50 Portfolio’s Traffic Composition Note: MAV = Multi-Axle Vehicle, 2A Truck = 2 Axle Truck, 3A Truck = 3 Axle Truck, LCV = Light Commercial Vehicle, Q2 FY27 Traffic Synopsis Goods Vehicles: Passenger vehicles (cars and buses): on the basis of total no. of tollable vehicles 28% 72% Electronic Toll Collection ~97% Includes only tollable vehicles. Vehicle wise share calculated based on daily average total number of tollable vehicles in Q2 FY27 Car 66% MAV 14% 2A Truck 7% Bus 6% LCV 5% 3A Truck 2%
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51 NCDs Issued NCDs Issue Size Outstanding amount Coupon Rate Tenor Debt Issuance Date Redemption Date Put/Call option (INR mn) (INR mn) (years) CUBE HIGHWAYS TRUST 7.49 NCD 15AP41 10,300 9,136 7.4900% 17.8 Jun-23 Apr-41 Yes - June 2035 CUBE HIGHWAYS TRUST 7.67 NCD 31DC42 (SLB) 8,600 8,450 7.6700% 17.9 Feb-25 Dec-42 Yes - Feb 2035 CUBE HIGHWAYS TRUST 7.59 NCD 31MR44 6,000 6,000 7.5900% 19.1 Feb-25 Mar-44 Yes - Feb 2030 CUBE HIGHWAYS TRUST TR I 7.2503 NCD 25AP28 5,520 5,520 7.2503% 3 Apr-25 Apr-28 No CUBE HIGHWAYS TRUST TR II 7.3006 NCD 25AP32 6,000 6,000 7.3006% 7 Apr-25 Apr-32 No CUBE HIGHWAYS TRUST TR I 6.93 NCD 20FB29 4,200 4,200 6.9300% 3.5 Aug-25 Feb-29 No CUBE HIGHWAYS TRUST TR II 7.3015 NCD 20AG35 4,000 4,000 7.3015% 10 Aug-25 Aug-35 No CUBE HIGHWAYS TRUST 7.3925 NCD 31MR38 6,370 6,338 7.3925% 11.8 Jun-26 Mar - 38 Yes- Jun 2033 CHT-7.5%-30-9-31-INVIT 11,500 11,500 7.5000% 5.0 Sep 26 Sep 31 No As of September 30, 2026, unless stated otherwise
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52 FY24 FY25 FY26 Tracking Portfolio Growth Net Debt/AUM 33.65% 44.65% 46.82% Share of Fixed rate borrowings 11% 28% 25% No. of Assets 18 25 27 AUM INR 258.11 Bn INR 322.66 Bn INR 368.42 Bn Revenue from Operations INR 29.16 Bn INR 33.07 Bn INR 42.39 Bn NAV per unit 131.8 133.8 145.8 Distribution INR 10.09 per unit INR 11 per unit INR 13.77 per unit Portfolio StrengthPortfolio Performance 1. AUM, NAV and debt figures are as of March 31 of the respective fiscal year; distribution and revenue figures represent full- year amounts 25% 13% 14% 28%
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53 Milestones & Awards
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54 Apr 23 InvIT got listed on NSE and BSE with initial portfolio of 18 assets Jun 24 51% acquisition of 6 HAM assets May 23 World record of laying 112.5 lane km of bituminous concrete within 100 hours at GAEPL Dec 24 100% acquisition of 6 HAM assets Jan 24 National Highways Excellence Award, 2022 for FRHPL and WVEPL Feb 25 Signed share purchase agreements (SPA) for acquisition of 2 BOT-Annuity assets Jun 25 Acquisition of 2 Annuity assets: QEPL and JUHPL Apr 25 Winner in Two Categories at MoRT&H Hackathon under the Technology Demonstration Scheme Feb 25 • Acquired 100% stake in NAM Expressway Private Limited • Issued India’s first Sustainability- Linked Bond in the road infrastructure sector, raising INR 8.60 Bn Apr 25 NHAI excellence Gold award for Excellence in Operations and Maintenance - Flexible for NKTPL Cube InvIT Journey Feb 26 Committed acquisition of four sponsor assets, comprising three toll assets and one annuity asset: BFHL, WMTPL, DTPL, and CNTL. Jul 26 Transitioned from a private to a public InvIT through an INR 50.0 Bn IPO (offer for sale)
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55 Awards and Achievements 202520252025 National Highways Excellence Awards – Gold Award - Excellence in Operations and Maintenance – Flexible for NKTPL Hackathon: 2024 of MoRT&H (Technology Demonstration Scheme of MoRT&H) Compliance and Risk Management Summit & Awards – Compliance Innovator of the Year and Industry-Specific Compliance Initiative Build India Infra Awards 2025 – Sustainability Central Cold In-Plant Recycling initiative at GAEPL 2025 2025 2025 2025 CHTAAPL Best Digital Technology Award in Road Building RAHSTA Awards Cube Highways, its SPVs and Cube Tech Great Place to Work® Certified 2025 2024 20232022 Cube Highways Fund Advisors M&A Deal of the Year – Infrastructure Cube Highways Infra Focus Award Most Admired Infrastructure Company (Asset) GAEPL World Record Laying 112 lane kms of Bituminous Concrete in 100 hours FRHPL Gold award Green Highways WVEPL Silver Award Excellence in Highway Safety – Plain Cube Highways Special Award Laying of 112.5 lane km of Bituminous Concrete in 100 hours 2023 2023 2025 Winner of Product Innovation of the Year Award in Construction World Global Award Winner of Best Digital Technology Award in Road Building at RAHSTA Expo 2025 Winner of Hackathon 2025 on “Real-time Visualisation of NSV survey reports” conducted by NHAI 2024 Cube InvIT Finance team of the year 2024 2025 GPTW (Cube Highways and Cube Highways Technologies) Build Infra Award for Best O&M Practices Legal Team of the Year – Indian Legal Era Awards 2025 2026 RAHSTA Awards 2026 – GAEPL: Excellence in Highway Asset Management; SMTPL: Best Smart Highway/ITS 2026 Build India Infra Awards 2026 – Best O&M Practices
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56 Abbreviations
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57 Abbreviations (1/3) Abbreviations Definition 2A Truck 2 Axle Truck 3A Truck 3 Axle Truck ADIA Abu Dhabi Investment Authority AI Artificial Intelligence ANPR Automatic Number Plate Recognition ATMS Advanced Traffic management System AUM Assets Under Management BC Bituminous Concrete BCI British Columbia Investment Bn Billion BOT Build, Operate, Transfer BRLMs Book Running Lead Managers BRSR Business Responsibility and Sustainability Report BSE Bombay Stock Exchange (BSE Limited) CAGR Compound Annual Growth Rate CCPR Cold Central Plant Recycling Technology CHAPAPL Cube Highways Asset & Project Advisory Private Limited COD Commercial Operations Date COS Change of Scope CP Conditions Precedent CV Commercial Vehicle D:E Debt to Equity DBFOT Design, Build, Finance, Operate and Transfer DBM Dense Bituminous Macadam DFI Development Finance Institutions DPU Distribution Per Unit DSCR Debt Service Coverage Ratio DSRA Debt Service Reserve Account E&V Exemptions and Violations EBITDA Earnings Before Interest, Taxes, Depreciation, and Amortization EHS Environment, Health and Safety ESG Environment, Social and Governance EV Enterprise Value FDI Foreign Direct Investment FII Foreign Institutional Investor FMV Fair Market Value FPI Foreign Portfolio Investor Abbreviations Definition GDP Gross Domestic Product GHG Greenhouse Gas GoI Government of India GPS Global Positioning System GPTW Great Place To Work GST Goods and Services Tax HAM Hybrid Annuity Model HiMA Highly Modified Asphalt HR Human Resources IM Investment Manager Ind AS Indian Accounting Standards InvIT Infrastructure Investment Trust IPO Initial Public Offering IT Information Technology IT Act Income Tax Act ITS Intelligent Transport(ation) System Kd Cost of Debt Ke Cost of Equity km Kilometres kWp Kilowatt-peak LCV Light Commercial Vehicle MAT Minimum Alternate Tax MAV Multi-Axle Vehicle ML Machine Learning MLFF Multi-Lane Free Flow MM Major Maintenance Mn Million MoRT&H Ministry of Road Transport and Highways MRP Market Risk Premium MT Metric Tonne MWh Megawatt Hours NAV Net Asset Value NBFC Non-Banking Financial Company NCD Non-Convertible Debentures NCLT National Company Law Tribunal NDCF Net Distributable Cash Flow
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58 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 Passenger Car Unit PM Project Manager PS Performance Standard PV Passenger Vehicle QIB Qualified Institutional Buyer R&D Research and Development RAP Reclaimed Asphalt Pavement RBI Reserve Bank of India RCC Reinforced Cement Concrete REIT Real Estate Investment Trust Rf Risk-free Rate ROFO Right of First Offer SEBI Securities and Exchange Board of India SOPs Standard Operating Procedures SPA Share Purchase Agreement SPV Special Purpose Vehicle TDS Tax Deducted at Source TOT Toll-Operate-Transfer UN SDGs United Nations Sustainable Development Goals WACC Weighted Average Cost of Capital WIM Weigh-in-Motion WPI Wholesale Price Index XIRR Extended Internal Rate of Return YoY Year over Year
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59 Abbreviations (3/3) Abbreviations Definition CH-I Cube Highways and Infrastructure Pte. Ltd. CH-III Cube Highways and Infrastructure III Pte. Ltd. CHFAPL Cube Highways Fund Advisors Private Limited CHAPAPL Cube Highways Asset & Project Advisory Private Limited JMTPL Jaipur-Mahua Tollway Private Limited MBEL Mahua Bharatpur Expressways Limited WUPTPL Western UP Tollway Private Limited APEPL Andhra Pradesh Expressway Private Limited NDEPL Nelamangala Devihalli Expressway Private Limited FRHPL Farakka-Raiganj Highways Private Limited WVEPL Walayar Vadakkencherry Expressways Private Limited HTPL Hazaribagh Tollway Private Limited JLTPL Jhansi-Lalitpur Tollway Private Limited JVTPL Jhansi-Vigakhet Tollway Private Limited KMTPL Kotwa-Muzaffarpur Tollway Private Limited LRTPL Lucknow-Raebareli Tollway Private Limited MKTPL Madurai-Kanyakumari Tollway Private Limited SMTPL Salaipudhur-Madurai Tollway Private Limited NKTPL Nanguneri-Kanyakumari Tollway Private Limited KETPL Kanyakumari-Etturavattam Tollway Private Limited Abbreviations Definition DATRPL DA Toll Road Private Limited GAEPL Ghaziabad Aligarh Expressway Private Limited BWHPL Borgaon Watambare Highways Private Limited MSHPL Mangalwedha Solapur Highways Private Limited MHPL Mangloor Highways Private Limited THPL Tirumala Highways Private Limited SIPL Srirangam Infra Private Limited SPPL Shankarampet Projects Private Limited NAMEPL N.A.M Expressway Private Limited QEPL Quazigund Expressway Private Limited JUHPL Jammu Udhampur Highway Private Limited MHPL2 Malayagiri Highways Private Limited KHEPL Kokhraj Handia Expressway Private Limited DHMEPL Delhi Hapur Meerut Expressway Private Limited BFHL Baharampore Farakka Highways Limited DTPL Devanahalli Tollway Private Limited CNTL Chenani Nashri Tunnelway Limited WMTPL Western MP Infrastructure and Toll Roads Private Limited SPV and Entity Acronyms
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60 Thank you Cube Highways Trust Mr. Saurabh Kumar, VP , Strategy & Investor Relations Correspondence Address: Unit No. 1901, 19th Floor, Tower-B, World Trade Tower, Plot No. C-1, Sector-16, Noida, Uttar Pradesh -201301, Tel: +91-120-4868300 Email: Investor.Relations@cubeinvit.com