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Adani Enterprises Limited Earnings Presentation Q2 FY26 Annexure B
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Adani Enterprises Limited (“AEL”): Consolidated Financial Highlights H1-26 2 Hamburger Menu Icon with solid fill Total Income EBITDA PBT Established Businesses Incubating Businesses (core infra) 5% 31,976 27,109 17,287 17,172 49,263 44,281 H1-25 H1-26 3,421 2,218 5,233 5,470 8,654 7,688 H1-25 H1-26 1,766 (349) 2,878 2,630 4,644 2,281 Results at glance ₹ crore ➢ EBITDA impacted primarily on account of decrease in trade volume and price volatility in IRM and Commercial Mining ➢ Incubating businesses EBITDA continues growth momentum led by Airports ➢ Large Infra assets comprising Navi Mumbai Airport, Copper Plant and Ganga Expressway to unlock EBITDA from Q4 FY26 Incubating Business – [Energy & Utility – ANIL Ecosystem, Adani Connex Data Center, Transport & Logistics – Adani Airports Holdings Ltd, Adani Road Transport Ltd] Established Business – [Primary Industries – Mining services, IRM, Mining, Metals and Industrials] # # Excluding exceptional pre-tax gain of Rs. 3,583 cr H1-25 H1-26
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Adani Enterprises Limited (“AEL”): Incubating Businesses 3 Hamburger Menu Icon with solid fill ₹ crore ANIL Green H2 Ecosystem 14,236 Large Infra assets comprising Navi Mumbai Airport, Copper Plant and Ganga Expressway to unlock EBITDA from Q4 FY26 Total Income EBITDA 7,233 H1-26 (YoY change)FY25 4,776 2,384 10,224 5,882 3,480 2,157 10,086 4,056 1,769 930 Incubating Businesses at glance Incubating Business – [Energy & Utility – ANIL Ecosystem, Adani Connex Data Center, Transport & Logistics – Adani Airports Holdings Ltd, Adani Road Transport Ltd.] (5%) (14%) 32% 51% (22%) (11%) AAHL Airports ARTL Roads AAHL Airports H1-26 EBITDA increased by 51% to Rs. 2,157 cr at quarterly run-rate of Rs. 1,000+ crore from seven operational airports H1-26 (YoY change)FY25 H1-26 (YoY change)FY25
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Home outline Hamburger Menu Icon with solid fill 01 Adani Portfolio Overview 02 AEL – Largest Listed Incubator 03 Business & Operational Highlights 04 Financial Highlights 05 Debt Profile 06 ESG Highlights Appendix Contents Home outline Hamburger Menu Icon with solid fill 4
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Adani Portfolio Overview 01 5 Hamburger Menu Icon with solid fill
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Home outline Hamburger Menu Icon with solid fill Adani Portfolio: A World Class Infrastructure & Utility Portfolio 6 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%)
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Home outline Hamburger Menu Icon with solid fill 1,668 4,568 10,418 18,711 12,784 66,527 24,870 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Tax paid Finance cost paid CAT (FFO) 89,806 EBITDA EBITDA (51%) (74%) (42%) (21%) Predictable, high and rising free cash flow Adani Portfolio: Best-in class growth with national footprint 7 EBITDA: Earning before Interest Tax Depreciation & Amortization I EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) + Exceptional Items | FFO: Fund Flow from Operations l FFO : EBITDA – Actual Finance cost paid (excl. Capitalized Interest, incl. Int. on Lease Liabilities)– Tax Paid l AEL: Adani Enterprises Limited l APSEZ: Adani Ports and Special Economic Zone Limited l AGEL: Adani Green Energy Limited | ATGL: Adani Total Gas Limited l AESL: Adani Energy Solutions Limited l APL: Adani Power Limited National footprint with deep coverage AEL Ambuja Cement APSEZ AESL APL ATGL AGEL Adani’s Core Infra. Platform – 350 Mn Userbase All figures in INR cr
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Home outline Hamburger Menu Icon with solid fill PERFORMANCE 55%31% 14% Note : 1. Cemindia Projects Ltd. (formerly known as ITD Cementation India Ltd.): the total shareholding stands at 67.47%. PSP Projects Ltd.: the total shareholding stands at 34.41%.| 2. Adani Environmental Resource Management Services Ltd. (additional company is being proposed) | O&M: Operations & Maintenance l HVDC: High voltage direct current l PSU: Public Sector Undertaking (Public Banks in India) l GMTN: Global Medium-Term Notes l SLB: Sustainability Linked Bonds l AEML: Adani Electricity Mumbai Ltd. l AIMSL : Adani Infra Mgt Services Pvt Ltd l IG: Investment Grade l LC: Letter of Credit l DII: Domestic Institutional Investors l COP26: 2021 United Nations Climate Change Conference l AGEL: Adani Green Energy Ltd. l NBFC: Non-Banking Financial Company l AIIL: Adani Infra (India) Ltd. | AOCC : Airport Operations Control Center ACTIVITY CONSUMERS • Delivering exceptional products & services for elevated engagement • Differentiated and many P&Ls Inspired Purpose & Value Creation New C.E.O. Consumer I Employees I Other Stakeholders OPERATIONS • Life cycle O&M planning • Asset Management plan Operation Operations (AIMSL) 2 DEVELOPMENT1 • Site acquisition • Concessions & regulatory agreements • Engineering & design • Sourcing & quality • Project Management Consultancy (PMC) Site Development Construction Adani Infra (India) Limited | Cemindia Projects Ltd. | PSP Projects Ltd. Origination • Analysis & market intelligence • Viability analysis India’s Largest Commercial Port (at Mundra) Longest Private HVDC Line in Asia (Mundra - Mohindergarh) World’s largest Renewable Cluster (at Khavda) CAPITAL MANAGEMENT Strategic value Mapping Investment Case Development Growth Capital – Platform Infrastructure Financing Framework Duration Risk Matching Risk Management – Rate & Currency Governance & Assurance Diversified Source of Capital March 2016 Energy Network Operation Center (ENOC) Policy, Strategy & Risk Framework Human Capital Development • Leadership Development Initiatives • Investment in Human Capital AI enabled Digital Transformation • Power Utility Business - ENOC • City Gas Distribution - SOUL • Transportation Business - AOCC Continued Focus & Investment ENABLER Adani Portfolio: Repeatable, robust & proven transformative model of investment Adani’s Core Infra. Platform – 350 Mn Userbase Home outline 8 5% 18% 25% 1% 26% 2% 23% March 2025 PSU Banks Pvt. Banks USD Bonds DII Global Int. Banks NBFCs & FIs Long Term Debt Capex LC
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL AEL – Largest Listed Incubator 02 9 Hamburger Menu Icon with solid fill
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL APSEZ: Adani Ports and Special Economic Zone Ltd I APL: Adani Power Ltd I AESL: Adani Energy Solutions Ltd I AGEL: Adani Green Energy Ltd I ATGL: Adani Total Gas Ltd I B2B: Business to Business I B2C: Business to Consumer; WTG: Wind Turbine Generator I ESG: Environmental, Social, and Governance; CAGR: Compounded Annual Growth Rate; #Market Cap as on September 30, 2025 Development Operations Sustainable value creation Attractive Incubation Record Proven incubation success record Year 2015 > APSEZ, APL & AESL Year 2018 > AGEL & ATGL Global Recognition Testing & Certification backed operations to meet global standards e.g. Largest WTG of 5.2 MW received type certification from WINDGUARD Value to shareholders Significant value creation for shareholders CAGR @ 31% over 30 Years Market Cap @ USD 32.6 Bn# Green Hydrogen Ecosystem Intend to set up integrated manufacturing for generating low-cost green hydrogen Ingots, wafers, cells, modules, wind turbines & electrolysers Technology backed operations Consistent upgradation in technology for business efficiencies e.g. TopCon technology in Modules Efficient Capital Management Capital management plan in line with underlying business philosophy Consolidated Net Debt / Equity ratio at 0.98x in H1-26 Business Model B2B Model ANIL Ecosystem, Data Center B2C Model Airports, Roads Capacity Enhancement Scaling size in Top Line & Asset Base ANIL Ecosystem Module & Cell - 4 GW ANIL Ecosystem Ingot & Wafer - 2 GW ANIL Ecosystem WTG – 2.25 GW Roads Project @ 5500+ Lane-Kms ESG Governance Scored 62/ 100 in S&P/DJSI assessment as against industry average score of 29/ 100 AEL : Incubation Model 10 Hamburger Menu Icon with solid fill
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Home outline Hamburger Menu Icon with solid fill 11 AEL 2.0: Current incubation portfolio with long term growth potential Home outline Hamburger Menu Icon with solid fill A multi-decade story of high growth centered around infrastructure & utility core Data Center Energy & Utility Transport & Logistics Services Primary Industry Direct to consumer Others Direct Consumer Businesses Infrastructure & Utility Core Portfolio New Industries (End to end Green H2 chain) Water Roads Airports Food FMCG1 Mining Metals Industrials Mining Services Commercial Mining Copper, Aluminium PVC Specialized Manufacturing2 AEL Business Portfolio Integrated Resource Management 1. Food FMCG business – AWL Agri Business Ltd. : AEL to exit Wilmar JV, diluted 13.50% through Offer For Sale (Jan’25), 10.42% stake has been diluted through Block Deal during Jul’25, agreement signed for residual 20% stake dilution I 2. Includes the manufacturing of Defense and Aerospace Equipment H2: Hydrogen I FMCG: Fast-moving consumer goods I PVC: Poly Vinyl Chloride Media
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Business & Operational Highlights 03 12 Hamburger Menu Icon with solid fill
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Home outline Hamburger Menu Icon with solid fill 13 AEL : Performance Highlights Airports ❑ Greenfield Navi Mumbai International Airport inaugurated on 08th October 2025, a major landmark in India’s aviation journey; set to commence operations from Q3 FY26 ❑ Mumbai Airport received the “Best Airport for Digitization” award at the India Cargo Award 2025 Roads Water ❑ AEL bags three new projects, received LoA for ▪ the prestigious 12.9 KM ropeway project between Sonprayag and Kedarnath and ▪ Two projects connecting Munger-Sultanganj and Sultanganj-Sabour Road under HAM from BSRDCL ❑ AEL operationalizes its 7th Road project; received PCOD for Nanasa-Pidgaon HAM project Debt Issue LoA: Letter of Award I PCOD: Provisional Commercial Operation Date I HAM: Hybrid Annuity Model I RWGCL: Rajasthan Water Grid Corporation Ltd I O&M: Operation & Maintenance I NCDs: Non-Convertible Debentures I BPRPL: Bilaspur Pathrapali Road Private Limited I BSRDCL: Bihar State Road Development Corporation Ltd ❑ AEL raised Rs. 1,000 crore through private placement of “AA-” NCDs in October,2025 ❑ BPRPL raised Rs. 371 crore through private placement of “AAA” rated NCDs in October,2025 ❑ Received LoA for two projects in Rajasthan (RWGCL) under HAM for construction of ▪ Brahmani Barrage across Brahmani river with its O&M for a period of 20 years ▪ Mor Sagar Artificial Reservoir with its O&M for a period of 20 years Data Center ❑ Partnership with Google to develop India’s largest AI Data Center campus in Visakhapatnam, Andhra Pradesh
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Home outline Hamburger Menu Icon with solid fill 14 AEL : Energy & Utility – Adani New Industries Limited (ANIL) Integrated Manufacturing Solar Plant Capacity Status Cell & Module (MonoPerc) 2.0 GW ▪ Operational Cell & Module (TopCon) 2.0 GW ▪ Operational Cell & Module (TopCon) 6.0 GW ▪ Financial Closure achieved ▪ Under Construction Ingot & Wafer 2.0 GW ▪ Operational Integrated Manufacturing Wind Plant Capacity 4 Models listed in RLMM Wind Turbine Generator 2.25 GW ▪ 5.2 MW 160m RD 120m HH - TT ▪ 5.2 MW 160m RD 140m HH – HT ▪ 3.0 MW 147m RD ▪ 3.3 MW 164m RD RLMM: Revised List of Models & Manufacturers I RD: Rotor Diameter I HH: Hub Height I TT: Tabular Tower I HT: Hybrid Tower WTG sales in sets ➢ Q2-26 WTG sets supply increased 87% Y-o-Y to 28 sets ➢ ANIL Wind division honored with “Gold Award” at Apex India Safety Award 2025 41 35 15 28 56 63 H1-25 H1-26 Module sales in MW Q1 Q2 H1-25 2,380 MW H1-26 2,443 MW 571 511 646 905 808 490 704 188 1,379 1,001 1,350 1,093 Q1-25 Q2-25 Q1-26 Q2-26 Domestic Export
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Home outline Hamburger Menu Icon with solid fill 15 AEL : Energy & Utility – Adani ConneX (ACX) Empowering Digital India with a platform of Data Center Solutions with Strong Partnership Total Growth Data Centers Status Operational Capacity Chennai Phase II – Under Construction 33 MW 17 MW Noida 40 MW - C&S completed, MEP under progress 50 MW 10 MW C&S: Core & Shell I MEP: Mechanical, Electrical & Plumbing Hyderabad Phase II – 9.6 MW C&S completed, MEP – ~96% 48 MW 9.6 MW Pune Phase I 9.6 MW – Pune-I ~97% & Pune-II ~93% 96 MW Navi Mumbai Execution started 30 MW ➢ 210+ MW Tied up Capacity ➢ 100% uptime in Chennai, Noida and Hyderabad Data Center Target of 1 GW tied -up capacity powered with renewable energy by 2030 Hyderabad Noida Vizag Chennai Mumbai Pune
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Home outline Hamburger Menu Icon with solid fill 16 AEL : Transport & Logistics – Adani Airport Holdings Ltd (AAHL) AAHL powered with 300 Mn+ consumer base leveraging network effect and consumer mindset Portfolio of 8 Airports Serving pan India presence of ➢ ~23% of total passenger base ➢ ~22% of total air traffic movements ➢ ~29% of total cargo volume Lucknow Ahmedabad Jaipur Guwahati Thiruvananthapuram Mumbai + Navi Mumbai Mangaluru Aero Performance Pax (Mn) ATM (‘000) Cargo (L-MT) 2% ➢ 7 New Routes, 8 New Flights and 1 New Airline added during the quarter ➢ MIAL honored with “Airport of the Year' award by Exim India at Aviation Cargo Express (ACE) Awards,2025 ➢ Ahmedabad airport received 5 Star Rating Award from the British Safety Council ➢ Thiruvananthapuram airport got first prize in the Airport category at the prestigious AURA 2025 Awards 22.8 23.4 22.3 22.6 45.1 46.0 H1-25 H1-26 Q1 Q2 152.1 153.6 153.3 148.2 305.4 301.7 H1-25 H1-26 2.7 2.8 2.8 2.9 5.5 5.7 H1-25 H1-26 1% 4%
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Home outline Hamburger Menu Icon with solid fill 17 AEL : Transport & Logistics – Adani Airport Holdings Ltd (AAHL) Revenue Mix H1-26 Cargo - Up by 14% Y-o-Y - Volume up by 11% in Ahmedabad airport Others - Up by 98% Y-o-Y Aero - Up by 22% Y-o-Y - Tariff order revision for 4 airports - Aero YPP INR 485 Up by 20% Y-o-Y (YPP: Yield per pax = Aero Income / Number of Passengers) Revenue Growth 4,453 407 754 46 222 5,882 H1-25 Aero Non-Aero Cargo Others H1-26 Increase Decrease Total Total Income Q2-25 Q2-26 H1-25 H1-26 Aero 935 1,145 1,823 2,229 Non-Aero 1,075 1,424 2,069 2,823 Cargo 174 200 336 382 Others 92 398 226 448 Total 2,276 3,167 4,453 5,882 38% Non-Aero - Up by 36% Y-o-Y - Penetration at all time high backed by Digital and Duty-Free Initiatives - Non-Aero IPP INR 614 Up by 34% Y-o-Y (IPP: Income per pax = Non-Aero Income / Number of Passengers) 48% 8% 6% Revenue Build-up H1-26
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Home outline Hamburger Menu Icon with solid fill 18 AEL : Transport & Logistics – Adani Airport Holdings Ltd (AAHL) Non-Aero Performance Non-aero revenue Mix H1-26 Operational Efficiency Particular KPI Benchmark as per Guidelines Particular KPI Benchmark as per Guidelines Security Check Queue 95% of peak pax < 5 mins Car Park 95% of drivers take less than 5 minutes Immigrations 95% of peak pax wait less than 10 minutes- Arrivals/Dep Check In 95% of peak pax < 5 mins Jul Aug Sep Benchmark 92% 94% 96% 98% 100% AMD LKO IXE BOM JAI GAU TRV Security Check Queue 92% 94% 96% 98% 100% AMD LKO IXE BOM JAI GAU TRV Immigrations 92% 94% 96% 98% 100% AMD LKO IXE BOM JAI GAU TRV Car Parking 92% 94% 96% 98% 100% AMD LKO IXE BOM JAI GAU TRV Check In 34% 17%19% 5% 24% Duty Free F&B Lease & Retail Car Park Passenger Services & Others Non Aero Revenue Q2-25 Q2-26 H1-25 H1-26 Duty Free 386 498 733 956 Food & Beverages (F&B) 80 233 162 486 Lease & Retails 188 286 369 549 Car Park 67 75 125 150 Passenger Services & Others 354 333 680 682 Total 1,075 1,424 2,069 2,823
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Home outline Hamburger Menu Icon with solid fill 19 AEL : Transport & Logistics – Adani Road Transport Ltd (ARTL) BPRPL: Bilaspur Pathrapali Road Pvt Ltd | MRRPL: Mancherial Repallewada Road Pvt Ltd | SKRPL: Suryapet Khammam Road Pvt Ltd | VBPL: Vijayawada Bypass Project Ltd | NPRL: Nanasa Pidgaon Road Ltd | BKRL: Badakumari Karki Road Ltd | KKRL: Kodad Khammam Road Ltd | AVRL: Azhiyur Vengalam Road Ltd | PRSTL: PRS Tolls Ltd | PPRL: Panagarh Palsit Road Ltd | BHRL: Budaon Hardoi Road Ltd | HURL: Hardoi Unnao Road Ltd | UPRL: Unnao Prayagraj Roads Ltd | KSRL: Kagal Satara Road Ltd I SKRL: Shri Kedarnath Ropeways Ltd I SSRL: Sultanganj Sabour Road Ltd I MSRL: Munger Sultanganj Road Ltd HAM BOT Ganga Expressway Construction in progress [7] Operational [7] Portfolio of 17 projects Project Completion Status Model Nos Lane KMs Nos Lane KMs HAM 5 933 3 637 BOT 1 406 4 3176 TOT 1 198 - - NPRL BPRPL SKRPL MRRPL VBPL AVRL KKRL BKRL PPRL KSRL BHRL HURL UPRL PRSTL 93% 87% 97% 79% 68% 95% 97% 88% 83% 94% 78% 67% 93% 94% UPRL HURL BHRL KSRL AVRL BKRL VBPL Till Q1-26 Till Q2-26 New Projects [3] SSRL MSRL SKRL Activity Q2-25 Q2-26 % change H1-25 H1-26 % change Construction (in Lane-KM) 180.4 456.1 153% 910.4 949.3 4%
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Home outline Hamburger Menu Icon with solid fill 20 AEL : Primary Industry IRM: Integrated Resource Management I PEKB: Parsa East Kente Basen I GP III: Gare Pelma III I MMT: Million Metric Tonne I RRVUNL – Rajasthan Rajya Vidyut Utpadan Nigam Ltd CSPGCL – Chhattisgarh State Power Generation Company Ltd I NLCIL – NLC India Ltd I APMDC – Andhra Pradesh Mineral Development Corporation Ltd I OMC – Odisha Mining Corporation Ltd Operational Service Contracts Customer / Owner Dispatch Qty. (MMT) Q2-25 Q2-26 % change H1-25 H1-26 % change PEKB, Chhattisgarh RRVUNL 2.4 3.4 43% 5.1 7.0 38% GP III, Chhattisgarh CSPGCL 0.9 1.0 11% 1.9 2.0 2% Talabira, Odisha NLCIL 3.1 3.7 19% 6.0 7.5 26% Suliyari, MP APMDC 1.4 1.3 (8%) 2.9 3.3 16% Parsa, Chhattisgarh RRVUNL - 0.7 - - 1.2 - Kurmitar, Odisha OMC 0.4 0.4 (6%) 1.7 1.5 (12%) Total Operational 8.2 10.5 27% 17.5 22.6 29% Activity Q2-25 Q2-26 % change H1-25 H1-26 % change Volume in MMT 13.7 11.3 (17%) 29.1 24.1 (17%) Mining Services Portfolio Carmichael Mine, Australia ➢ Total 16 Mining Service Contracts from 10 Customers across 5 states ➢ Total 6 service contracts operational including 1 iron ore mine ➢ Dispatch volume 32% of total contracted capacity IRM Activity Q2-25 Q2-26 % change H1-25 H1-26 % change Volume in MMT 3.8 3.9 3% 6.6 6.2 (6%) Total Peak Capacity 140.1 MMTPA 63.077.1 Operational Under development
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Financial Highlights 04 21
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Home outline Hamburger Menu Icon with solid fill 22 AEL: Consolidated Financial Highlights H1-26 Y-o-Y ₹ crore TOTAL INCOME Impacted due to low export volume by 31% 49,263 (4,867) (115) 44,281 H1-25 Established Incubating H1-26 EBITDA ANIL Ecosystem Airports IRM Mining Service 7,634 7,233 H1-25 H1-26 1,660 2,247 H1-25 H1-26 20,898 14,899 H1-25 H1-26 4,453 5,882 H1-25 H1-26 Increased in line with tariff revision and non-aero growth Impacted due to low volume and prices Increased in line with higher volume 2,763 2,384 H1-25 H1-26 Consolidated 1,426 2,157 H1-25 H1-26 Impacted due to low export and levy of tariff Increased in line with revenue and tariff order revision Impacted due to low volume and prices Increased in line with higher volume 1,916 1,331 H1-25 H1-26 746 1,019 H1-25 H1-26 8,654 (1,203) 237 7,688 H1-25 Established Incubating H1-26 Increase Decrease Total (5%) (14%) 32% 51% (29%) (31%) 35% 37%
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Home outline Hamburger Menu Icon with solid fill 23 AEL: Consolidated Financial Highlights Q2-26 Y-o-Y ₹ crore TOTAL INCOME Increased on account of higher WTG sets supply EBITDA ANIL Ecosystem Airports IRM Mining Service Impacted due to low volume and prices Increased in line with higher volume Consolidated Increase in line with revenue Increased in line with revenue Impacted due to low volume and prices Increased in line with higher volume Increase Decrease Total 3% 39% 43% (29%) (22%) 35% 34% 23,196 (1,560) 208 21,844 Q2-25 Established Incubating Q2-26 4,354 (556) 104 3,902 Q2-25 Established Incubating Q2-26 3,115 3,199 Q2-25 Q2-26 1,121 1,172 Q2-25 Q2-26 5% 2,276 3,167 Q2-25 Q2-26 Increased in line with tariff revision and non-aero growth 744 1,062 Q2-25 Q2-26 9,697 6,843 Q2-25 Q2-26 927 726 Q2-25 Q2-26 803 1,088 Q2-25 Q2-26 400 535 Q2-25 Q2-26
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Debt Profile 05 24
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Home outline Hamburger Menu Icon with solid fill AEL: Consolidated Debt Movement H1-26 vis-à-vis March-2024 ₹ crore External debt Navi Mumbai Airport in FY26 ➢ Construction of Navi Mumbai Airport ➢ PPRA Payment of Three Airports ➢ Construction of New Terminals ➢ Capex expenditure for Non-aero activities Interest coverage ratio Debt Service coverage ratio Net External Debt/ EBITDA EBITDAExternal debt from Mar-24 35% in AAHL Airports 23% in ARTL Roads 21% in KCL Copper 18% in MPL PVC ➢ Construction of PVC plant 1 MMTPA ➢ Construction of Copper plant 500 KTPA ➢ Working capital requirements ➢ Construction of Ganga Expressway project ➢ Construction of other projects Ganga Expressway in FY26 Copper Plant fully by FY26 PVC Plant by FY28 Rs. 31,064 cr accounted for yet to unlock2.8 2.4 3.1 3.6 3.4 2.5 FY21 FY22 FY23 FY24 FY25 H126 3.0 5.2 2.2 2.3 2.9 3.9 FY21 FY22 FY23 FY24 FY25 H126 25 1.7 1.8 2.5 2.5 2.6 1.8 FY21 FY22 FY23 FY24 FY25 H126
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Home outline Hamburger Menu Icon with solid fill AEL: Consolidated Debt Details ₹ crore 26 Increase in external debt during the half-year deployed in incubating infra-assets As at Mar-24 ANIL Ecosystem 4,010 2,997 546 3,543 2,996 970 3,966 Airport 19,206 27,714 143 27,857 29,891 162 30,053 Road 8,038 14,588 - 14,588 15,172 - 15,172 Copper 3,578 5,411 1,530 6,942 5,371 4,638 10,009 IRM 1,249 106 890 996 113 994 1,107 Mining Services 978 965 364 1,330 962 227 1,189 Australia Project 6,882 7,886 929 8,815 8,216 1,148 9,364 Defence 415 265 487 752 333 854 1,187 PVC - 1,759 - 1,759 4,236 - 4,236 Corporate & Others 5,768 8,761 894 9,655 14,505 1,278 15,783 Gross Debt 50,124 70,452 5,784 76,236 81,795 10,270 92,065 Less : Shareholder's Loan 12,090 19,928 39 19,968 22,926 41 22,967 External Debt 38,035 50,524 5,745 56,269 58,869 10,229 69,098 Less : Cash & Bank Balances 7,068 6,962 9,028 Net External Debt 30,966 49,306 60,070 Total As at Mar-25 Long-Term Debt Segment Total As at Sep-25 Long-Term Debt Working Capital Debt Working Capital Debt Total
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL ESG Highlights 06 27
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Home outline Hamburger Menu Icon with solid fill AEL: ESG Rating & Performance Highlights Ratings Performance Highlights ANIL Ecosystem Data Center Airports Mining Services 19% renewable energy in electricity mix 26% renewable energy in electricity mix 51% renewable energy in electricity mix 100% water withdrawal from non-competing sources 26% reduction1 in scope 1 emission intensity 27% reduction in scope 23 emission intensity Achieved in H1-26 against H1-25 ; 1: Per million pax ; 2: Per ton of copper production ; 3: Per ton of ROM (coal + iron ore) 12% reduction in water consumption3 intensity 2,81,678 trees planted in H1-26 99% of waste managed through reuse, recycle and other recovery operations 3 Operational sites achieved Zero Liquid Discharge (ZLD) status 28 DJSI CSA (2025) 62 Ranked among the top 5 companies in its sector globally and placed in the 97th percentile CDP - CC (2024) A- Denotes “Leadership Category” indicating AEL dedication and commitment to lowering GHG emissions and their overall environmental impact CDP Supply Chain (2024) A Denotes “Leadership Category” indicating climate action, demonstrating excellence in climate governance Sustainalytics 25.9 Denotes “Medium Risk”, Improvement from previous rating of 28 score In the latest assessment by Sustainalytics, AEL score has further improved to 25.9 “Medium Risk”. This reflects our consistent strategic efforts to strengthen governance, enhance transparency, and embed sustainability into our core operations. CRISIL 51 Denotes “Adequate”, Increase from previous score of 50 (a SEBI registered ESG rating agency) TPI Level 3 Denotes “Integrating climate change into operational decision making” ESG Risk Assessment & Insight 67.5 Categorized as ‘Strong’ for its ESG performance by ESG Risk.ai (a SEBI registered agency)
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Thank You V20- credit metrices threshold change after Robbie sir’s comment
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Appendix 30
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Home outline Hamburger Menu Icon with solid fill AEL: Energy & Utility – Water Project Model Project / Location Capacity Project Status Concession Period (In Yrs) (Const. + O&M) HAM Prayagraj Water Pvt Ltd (PWPL) Uttar Pradesh 326 MLD • COD Achieved 2 + 15 Bhagalpur Waste Water Ltd (BWWL) Bihar 45 MLD • Completion > ~95%; 2 + 15 Morsagar Bisalpur Water Ltd (MBWL) Rajasthan 200 MCM • LoA issued on 24-Sep-25 2.75 + 20 Brahmani Barrage Water Ltd (BBWL) Rajasthan 55 MCM • LoA issued on 24-Sep-25 2.75 + 20 EPC Shakkar Pench Micro Lift Irrigation Project Madhya Pradesh 95000 Ha • Dam & Pipelaying execution agencies finalization are in advance stage 6 + 5 LoA: Letter of Award I COD – Commercial Operation Date I MLD – Million Liters Per Day I Ha – Hectare I MCM – Million Cubic Meter 31 Operational
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Home outline Hamburger Menu Icon with solid fill AEL: Transport & Logistics – AAHL (Airports) Volume Details Airport Passengers (In Mn) ATM (In ‘000) Cargo (In Lacs MT) Q2-25 Q2-26 H1-25 H1-26 Q2-25 Q2-26 H1-25 H1-26 Q2-25 Q2-26 H1-25 H1-26 Ahmedabad 3.0 3.1 6.2 6.6 23.4 23.6 47.2 50.2 0.3 0.3 0.5 0.6 Lucknow 1.5 1.4 3.0 2.9 12.5 9.6 25.3 19.9 0.1 0.1 0.1 0.1 Mangaluru 0.6 0.6 1.1 1.2 4.0 4.4 7.9 9.2 0.0 0.0 0.0 0.0 Jaipur 1.4 1.2 2.7 2.4 11.3 9.7 22.6 19.1 0.1 0.1 0.1 0.1 Guwahati 1.4 1.8 2.9 3.5 11.1 11.7 22.2 24.2 0.1 0.1 0.1 0.1 Thiruvananthapuram 1.2 1.2 2.5 2.4 8.2 7.4 16.2 15.2 0.1 0.1 0.1 0.1 Mumbai 13.2 13.3 26.7 26.9 82.7 81.7 164.0 164.1 2.3 2.3 4.5 4.6 Total 22.3 22.6 45.1 46.0 153.3 148.2 305.4 301.7 2.8 2.9 5.5 5.7 ATM – Air Traffic Movement 32
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Home outline Hamburger Menu Icon with solid fill AEL: Transport & Logistics – ARTL (Roads) Project Model Project SPV / Location Length (KMs) Financial Closure Project Completion Status Concession Period (in Yrs) (Const. + O&M) HAM Bilaspur Pathrapali Road Pvt Ltd (BPRPL) / Chhattisgarh 53.3 Secured Operational 2 + 15 Suryapet Khammam Road Pvt Ltd (SKRPL) / Telangana 58.6 Secured Operational 2.5 + 15 Mancherial Repallewada Road Pvt Ltd (MRRPL) / Telangana 42.0 Secured Operational 2 + 15 Vijayawada Bypass Project Ltd (VBPL) / Andhra Pradesh 17.9 Secured 97.0% 2.5 + 15 Nanasa Pidgaon Road Ltd (NPRL) / Madhya Pradesh 47.4 Secured Operational 2 + 15 Azhiyur Vengalam Road Ltd (AVRL) / Kerala 40.8 Secured 68.0% 2.5 + 15 Kodad Khammam Road Ltd (KKRL) / Telangana 31.8 Secured Operational 2 + 15 Badakumari Karki Road Ltd (BKRL) / Odisha 47.5 Secured 95.0% 2.5 + 15 Munger Sultanganj Road Ltd (MSRL) / Bihar 41.8 TBD New Project 4 + 15 Sultanganj Sabour Road Ltd (SSRL) / Bihar 41.1 TBD New Project 4 + 15 Ropeway Shri Kedarnath Ropeways Ltd (SKRL) / Uttarakhand 12.9 TBD New Project 6 + 29 TOT PRS Tolls Pvt Ltd / Gujarat 49.5 Secured Operational 0 + 20 HAM: Hybrid Annuity Model I TOT: Toll Operate Transfer I TBD: To be Decided 33Operational
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Home outline Hamburger Menu Icon with solid fill AEL: Transport & Logistics – ARTL (Roads) Project Model Project SPV / Location Length (KMs) Financial Closure Project Completion Status Concession Period (in Yrs) (Const. + O&M) BOT Panagarh Palsit Road Pvt Ltd (PPRPL) / West Bengal 67.8 Secured Operational 2.5 + 18 Kagal Satara Road Pvt Ltd (KSRPL) / Maharashtra 65.1 Secured 78.5% 2 + 16 Maharashtra Border Check Post Network Ltd (MBCPNL) / Maharashtra 24 BCPs Secured 21 BCPs Operation; 2 COD Achieved 1.5 + 23 Ganga Expressway, Uttar Pradesh 464.2 Budaun Hardoi Road Pvt Ltd (BHRPL) 151.7 Secured 97.1% 3 + 27 Hardoi Unnao Road Pvt Ltd (HURPL) 155.7 Secured 87.3% 3 + 27 Unnao Prayagraj Road Pvt Ltd (UPRPL) 156.8 Secured 93.0% 3 + 27 BOT: Build Operate Transfer I BCP: Border Check Post I COD – Commercial Operation Date 34Operational
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Home outline Hamburger Menu Icon with solid fill AEL: Primary Industries – Mining Services Mine Service Contracts Name of Mine & State Peak Capacity Customer (Owner) SPV Name Coal Mine Service Contracts PEKB, Chhattisgarh 18.0 MMT RRVUNL Parsa Kente Collieries Ltd Gare Pelma III, Chhattisgarh 5.0 MMT CSPGCL Gare Pelma III Collieries Pvt. Ltd Talabira II & III, Odisha 23.0 MMT NLCIL Talabira (Odisha) Mining Pvt Ltd Suliyari, Madhya Pradesh 6.0 MMT APMDC Adani Enterprises Ltd Parsa, Chhattisgarh 5.0 MMT RRVUNL Rajasthan Collieries Ltd Kente Extension, Chhattisgarh 9.0 MMT RRUVNL Rajasthan Collieries Ltd Gare Pelma II, Chhattisgarh 23.6 MMT MAHAGENCO Gare Pelma II Collieries Pvt. Ltd Pelma, Chhattisgarh 15.0 MMT SECL Pelma Collieries Ltd Dahegaon Gowari, Maharashtra 1.0 MMT ACL Adani Mining Ltd Dhirauli, Madhya Pradesh 6.5 MMT MEL Adani Mining Ltd Gondkhari, Maharashtra 2.0 MMT MEL Adani Mining Ltd Mara II Mahan, Madhya Pradesh TBD MEL Adani Mining Ltd GBU East, Madhya Pradesh 3.0 MMT MEL Adani Mining Ltd Other Mine Service Contracts Kurmitar, Odisha 6.0 MMT OMC Kurmitar Iron Ore Mining Pvt Ltd Taldih, Odisha 7.0 MMT SAIL Adani Enterprises Ltd Srikurmam (South), Andhra Pradesh 10 MMT APMDC Alluvial Heavy Minerals Ltd PEKB: Parsa East Kente Basen I RRVUNL: Rajasthan Rajya Vidyut Utpadan Nigam Ltd I CSPGCL: Chhattisgarh State Power Generation Company Ltd I NLCIL: NLC India Ltd APMDC: Andhra Pradesh Mineral Development Corporation Ltd I SECL: South Eastern Coalfields Ltd I ACL: Ambuja Cements Ltd I MEL: Mahan Energen Ltd I OMC: Odisha Mining Corporation Ltd I SAIL: Steel Authority of India Ltd 35 Operational
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Home outline Hamburger Menu Icon with solid fill AEL: Primary Industries – Commercial Mining Mine Contracts Name of Mine & State Peak Capacity SPV Name Domestic Commercial Mining Contracts Gondulpura, Jharkhand 4.0 MMT Adani Enterprises Ltd Bijahan, Odisha 5.3 MMT Mahanadi Mines and Minerals Pvt Ltd Madheri (Northwest), Maharashtra TBD MH Natural Resources Pvt Ltd Gondbahera Ujheni, Madhya Pradesh 4.1 MMT MP Natural Resources Pvt Ltd Jhigador, Chhattisgarh TBD CG Natural Resources Pvt Ltd Khargaon, Chhattisgarh TBD CG Natural Resources Pvt Ltd Rampia & Dip side of Rampia, Odisha 15.0 MMT Jhar Mineral Resources Pvt Ltd 36
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL ESG Framework 37
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Home outline Hamburger Menu Icon with solid fill AEL: ESG backed by Assurance 38 Policy and ESG Alignment framework backed by robust assurance program ESG - Environmental, Social & Governance I UNGC - United Nations Global Compact I SDG - Sustainable Development Goals I SBTi - Science Based Targets initiative I GRI - Global Reporting Initiative I BRSR - Business Responsibility and Sustainability Reporting I DJSI - Dow Jones Sustainability Indices I TCFD - Task Force on Climate-Related Financial Disclosures I IBBI - India Business & Biodiversity Initiative I TNFD - Task Force for Nature Related Financial Disclosure I CDP - Carbon Disclosure Project UNGC SDG TCFD IBBI/ TNFD CDP SBTi GRI Standard BRSR DJSI • Climate Change Policy • Environment Policy • Energy and Emission Policy • Water Stewardship Policy • Biodiversity Policy • Climate Action • Affordable and clean energy • Clean water and sanitation • Responsible consumption • Biodiversity conservation • No poverty • Zero hunger • Good health and well being • Quality education • Decent work and economic growth • Industry, innovation & infrastructure • Human Rights • Corporate Social Responsibility Policy • Occupational Health and Safety Policy • Board Diversity • Anti-corruption and anti-bribery • Related Party Transaction Policy E S G • Aim to achieve No-Net Loss to biodiversity and align with IBBI/ TNFD principles • Becoming a net water positive company • Become a signatory to UN Global Compact (UNGC) Our Key ESG Commitments • Airport and data center businesses to become operational net zero by 2029 and 2030 respectively • Creating shared value for communities through integrated and sustainable development • Achieve ‘zero harm’ through institutionalizing systems, controls and standards Guiding principles Policy structure Focus Area Guiding principle Policies ESG Assurance Commitment Vision To be a world class leader in businesses that enrich lives and contribute to nations in building infrastructure through sustainable value creation.
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Home outline Hamburger Menu Icon with solid fill AEL: Adopted UN Sustainable Development Goals 39 Social philosophy drives initiatives that are aligned with UN Sustainable Development Goals United Nations Sustainable Development Goals 2030 Women’s Education Women’s Health Women’s Empowerment Ecology Local & Rural Infra Development Sarguja Sarguja & Tamnar Mundra • Partnered with self help group to educate and provide sanitary pads for safe menstrual hygiene to ensure better health. • Various projects undertaken by Gauri Self help groups for collection and marketing of Non- Timber Forest Produce Sarguja • Organic Farming and Integrated Multi purpose business model Multiple Locations • Own schools, digitalization and up gradation of Govt. school to provide cost free education to the needy. • Project Suposhan undertaken by Adani Wilmar is successfully continuing its operation. • Conservation of mangroves in coordination with GUIDE 1. No Poverty 2. Zero Hunger 4. Quality Education 3. Good Health & Well Being 2. Zero Hunger 5. Gender Equality 8. Decent Work & Economic Growth 7. Affordable and Clean Energy 13. Climate Action 14. Life Below Water 15. Life on Land 9. Industry, Innovation & Infra Structure 11. Sustainable Cities & Communities Water Secure Nation Multiple Locations • Deepening of ponds and tanks, Rooftop Rainwater Harvesting, Recharging Bore wells 6. Clean Water and Sanitation UNSDG – United Nations Sustainable Development Goals
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Home outline Hamburger Menu Icon with solid fill AEL: Strong Governance Framework 40 Key Governance Areas Key Highlights Board Independence & Diversity ✓ 50% Independent Directors ✓ 12.5% Women Directors Corporate Responsibility, CSR & Nomination & Remuneration ✓ Corporate Responsibility Committee in place with 100% Independent Directors to provide assurance on ESG aspects ✓ Corporate Social Responsibility Committee in place with 67% Independent Directors ✓ Nomination and Remuneration Committee with 100% Independent Directors Audit Oversight ✓ Audit Committee consisting of 100% Independent Directors (100% non-promoter/ non- executive) ✓ Statutory Auditors : M/s. Shah Dhandharia & Co. LLP Risk Management ✓ Risk Management Committee in place with 50% Independent Directors ✓ Sub-Committees of Risk Management Committee with 67% independent directors: ▪ Mergers & Acquisitions Committee ▪ Legal, Regulatory & Tax Committee ▪ Commodity Price Risk Committee ▪ Reputation Risk Committee Related Party Transactions ✓ Detailed Policy in place for Related Party Transactions (RPT) to ensure all RPTs are on ‘arm’s length’ basis ✓ All RPTs are reviewed by the Audit Committee and are duly disclosed in the annual report ✓ All RPTs beyond statutory thresholds require shareholder approval by way of ordinary resolution. Stakeholders Relationship ✓ Stakeholders Relationship Committee in place with 75% Independent Directors Anti Corruption and Anti Bribery & Code of Conduct ✓ Anti Corruption and Anti Bribery policy in place with Zero tolerance of Bribery and Corruption. ✓ Code Of Conduct For Board Of Directors And Senior Management in place. ✓ Insider Trading Code in Place CRC Committee ESG Head AEL Corporate ESG Governance Structure Board of Directors ESG Heads AEL BUs CSR Committee RMC Committee Stakeholder Relationship Committee ✓ Defining and setting ESG priorities for AEL. ✓ Development of ESG related policies, and procedures ✓ Support AEL BUs for developing transition plan to become operational net zero ✓ Capacity Building on ESG for businesses including training ✓ Submit response to key ESG rating agencies such as DJSI and CDP and develop ESG & BRSR Report. ✓ ESG target setting and monitoring performance Roles & Responsibilities of AEL Corp ESG Function Roles & Responsibilities of BU ESG Team ✓ Create business-level ESG strategy, implementation and monitoring plan. ✓ Develop decarbonization strategy with an objective to become a Net Zero business ✓ Manage ESG related compliance obligations. ✓ Business specific ESG disclosures
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Thank You V20- credit metrices threshold change after Robbie sir’s comment