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Q2 and 1H FY26 Results Presentation | October 2025 Adani Energy Solutions Limited ������������
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL 1 Executive Summary 2 1HFY26 Financial Highlights (YoY) 3 Capex Profile 4 Q2FY26 Financial Highlights (YoY) 5 Q2FY26 Operational Highlights (YoY) 6 Annexure – ESG Framework and Updates 7 Annexure – Rating and Operational and Under construction Asset Portfolio Contents
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Executive Summary 1
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Home outline 4 Adani Portfolio: A World Class Infrastructure & Utility Portfolio Notes: 1. ATGL: Adani Total Gas Ltd, JV with Total Energies | 2. NQXT: North Queensland Export Terminal . On 17th Apr’25, Board of Directors have approved the acquisition of NQXT by APSEZ, transaction will be concluded post pending regulatory approval. | 3. Ambuja Cement’s shareholding does not include Global Depository Receipt of 0.04% but includes AEL shareholding of 0.35% received as part of the consideration against transfer of Adani Cementation Limited as per NCLT order dated 18th July’25 | 4. Cement includes 67.64% (67.68% on Voting Rights basis) stake in Ambuja Cements Ltd . as on 30 th Sep’ 25 which in turn owns 50.05% in ACC Limited . Adani directly owns 6.64% stake in ACC Limited .| 5. Data center, JV with EdgeConnex | 6. Promoter holding in NDTV has increased to 69.02% post completion of right issue in the month of Oct’25 | 7. AWL Agri Business Ltd. : AEL to exit Wilmar JV, agreement signed for residual 20% stake dilution . | 8. Includes the manufacturing of Defense and Aerospace Equipment | AEL : Adani Enterprises Limited | APSEZ : Adani Ports and Special Economic Zone Limited | AESL : Adani Energy Solutions Limited | T&D : Transmission & Distribution | APL : Adani Power Limited | AGEL : Adani Green Energy Limited | AAHL : Adani Airport Holdings Limited | ARTL : Adani Roads Transport Limited | ANIL : Adani New Industries Limited | IPP : Independent Power Producer | NDTV : New Delhi Television Ltd | PVC : Polyvinyl Chloride | GCC : Global Capability Centre l Promoter’s holdings are as on 30 th September, 2025 . (%): Adani Family equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries (%): Ambuja equity stake in its subsidiaries A multi-decade story of high growth centered around infrastructure & utility core NQXT2 AGEL Renewables AESL T&D ATGL1 Gas Discom APL IPP (62.43%) (71.19%) (37.40%) (74.96%) APSEZ Ports & Logistics (65.89%) (100%) ANIL New Industries AdaniConneX5 Data Centre (100%) (50.00%) AAHL Airports ARTL Roads (100%) (100%) Energy & Utility Transport & Logistics AWL7 Food FMCG (20.00%) NDTV6 (64.71%) Materials, Metal & Mining Ambuja Cements4 (67.64%)3 ACC4 (50.05%) Primary Industry Specialty Other AEL (73.97%) Incubator Flagship Copper, Aluminum Mining Services & Com. Mining (100%) (100%) PVC (100%) Listed cos Direct Consumer Infrastructure & Utility Core Portfolio Specialist Manufacturing8 (100%) GCC (100%) Sanghi4 (58.08%) Orient4 (72.66%)