Dear Unitholders,

As India continues to invest in expanding and modernizing its infrastructure, the role of infrastructure investment platforms has become increasingly important in enabling long-term asset ownership and financing, operational efficiency and stable yield generation. In this evolving landscape, Cube InvIT has continued to strengthen its position through a diversified portfolio of high-quality highway assets, disciplined capital allocation and a consistent focus on operational performance.

Over the years, we have scaled the platform by acquiring long-duration assets, resulting in resilient cash flows and a strong track record of delivering stable returns to unitholders. More importantly, we have built an operating culture designed not only to sustain performance but also to support growth.

A Differentiated Platform Focused on Long-term Yield

As of March 31, 2026, Cube InvIT’s portfolio comprises 27 road assets spanning 8,754 lane km across 12 states and one union territory, with an average operating history of 9.2 years and 18.0 years of residual concession life. This combination of scale, diversification, operational maturity, and long-duration cash flow visibility provides a strong foundation for sustainable long-term growth and distributions.

Our platform has scaled, with AUM increasing 42%, from INR 258.11 billion as of March 31, 2024 to INR 368.42 billion as of March 31, 2026, supported by nine completed acquisitions. The portfolio maintains a healthy mix of 85% toll and 15% annuity assets as per the AUM share.

Toll assets provide uptick from India’s economic growth through WPI-linked escalation, rising traffic intensity and long-term increase in freight and passenger movement across economically active corridors. Annuity assets provide contractually assured cash flows, insulated from traffic volatility and market cycles.

Together, they create a balanced and resilient earnings profile designed to support high yields with organic growth. Through our sponsor-led approach, assets are de-risked—construction completed, financing optimized, and operations stabilized—before being inducted into the InvIT.

The historical traffic growth of the portfolio since COD stands at ~6.3% CAGR, sustained across 18 assets and multiple economic cycles. Additionally, all 18 annuity payments due during the year were received in full.

Our assets support daily passenger movement, freight connectivity, and regional trade across economically important industrial and agricultural corridors. At the same time, diversification across geographies and asset types provides resilience across traffic cycles and broader economic conditions.

Consistent Value Creation through Yield, Growth and Financial Discipline

During the year, we declared a DPU of INR 13.77, our highest annual DPU since listing, delivering cumulative distributions of INR 34.86 per unit with the NAV up from INR 100 per unit to INR 145.77 per unit, resulting in a total return of INR 77.1 per unit over 3 years, delivering an IRR of 23.63%, reflecting consistent value creation for our unitholders.

While the platform remains focused on delivering stable and predictable yield-led returns through disciplined ownership of operating infrastructure assets, the portfolio has also generated strong historical capital appreciation supported by prudent financing (AAA rated), disciplined capital allocation, and consistent operational execution.

Transition to Public InvIT

During the year, we achieved an important milestone in the platform’s evolution with the filing of the draft offer document for transition into a publicly listed InvIT structure under the SEBI InvIT Regulations following receipt of the necessary Board and unitholder approvals.

The proposed Offer for Sale (OFS) of up to INR 5,000 billion is expected to further broaden the investor base, improve liquidity, and strengthen price discovery for the platform over the long term.

This transition is the culmination of a sustained effort to institutionalize the platform.

Acquisitions: Completed and Pipeline

During FY 2026, we completed the acquisition of two fully operational annuity road assets: Quazigund Expressway Pvt. Ltd. (QEPL) and Jammu Udhampur Highway Pvt. Ltd. (JUHPL) from the National Investment and Infrastructure Fund (NIIF) for an enterprise value (including cash) of INR 41.85 billion, subject to all closing adjustments as specified in the SPA. These acquisitions further strengthened the portfolio through addition of strategically important infrastructure assets in Jammu & Kashmir, including one of India’s longest bi-directional tunnels and a critical regional connectivity corridor. Both assets are backed by fixed semi-annual annuity payments from NHAI, providing stable and predictable cash flows with limited exposure to traffic volatility, while also diversifying the platform beyond sponsor-led acquisitions.

Looking ahead, commitment letters have been executed for four additional highway SPVs: Baharampore-Farakka Highways Limited (BFHL), Devanahalli Tollway Private Limited (DTPL), Western MP Infrastructure & Toll Roads Private Limited (WMTPL), and Chenani Nashri Tunnelway Limited (CNTL).

The aggregate enterprise value of these four assets was INR 72.93 billion as of March 31, 2026.

The transaction is structured through an equity swap mechanism, preserving debt headroom while adding scale. With these additions, the portfolio will expand to 31 assets across 13 states and one union territory.

We have also negotiated a Right of First Offer for three further sponsor assets, subject to commercial alignment and regulatory approvals.

The business continues to maintain sufficient debt headroom and financial flexibility to pursue growth opportunities.

A Platform Built on Proprietary Systems

Over the years, we have invested in building integrated digital platforms and data-driven operating systems that strengthen operational visibility, improve execution consistency, and enable faster decision-making across assets. Our in-house platforms HiRate, RoadAid, BuildAid, and Setu Stithi, support portfolio-wide operational oversight through centralized workflow management, structural intelligence, quality assurance, and real-time asset monitoring.

Our technology, research and innovation platform, MINDS, continues to drive development and deployment of scalable solutions across pavement engineering, digital asset monitoring, sustainability, and traffic intelligence. Together, these capabilities continue to advance Cube InvIT’s transition toward a more predictive, technology-enabled, and intelligence-led asset management framework.

Scaling Operations with Discipline and Reliability

As the portfolio continues to scale, operational efficiency and execution consistency remain key priorities. Over the years, Cube InvIT has continued to drive operational efficiencies through centralized procurement, long-term rate contracts and standardized maintenance practices across the portfolio. Centralized procurement of bitumen and other key materials, strategic supply partnerships, and standardized technical specifications continue to strengthen supply reliability, improve planning visibility, and support more efficient maintenance execution while maintaining stable operating cost structures across assets.

Safety remains deeply embedded within Cube InvIT’s operating framework. During the year, emergency response capabilities were further strengthened across multiple assets through deployment of advanced life support ambulances, while work zone safety monitoring continued to be enhanced through technology-enabled oversight, centralized monitoring, and real-time tracking systems. In parallel, portfolio-wide safety governance mechanisms and periodic performance assessments continue to reinforce accountability and operational discipline across assets.

Growing Sustainably

Cube InvIT continued to make measurable progress on its sustainability commitments during FY 2026.

GHG (Scope 1 and Scope 2) emissions intensity declined to 2.23 tCO₂e per lane km in CY 2025, against a CY 2030 target of 1.62 tCO₂e per lane km. Women’s participation across the corporate and SPV workforce (25 SPVs covered in SLB) stood at 8.6%, progressing toward the 10.5% FY 2030 target under our Sustainability Linked Bond framework.

The Trust also published Voluntary BRSR Disclosures with Limited Assurance of Core KPIs during the year, reflecting our commitment to transparent and accountable ESG reporting.

Strengthening Investor Engagement

As the business grows, maintaining transparent and consistent engagement with investors remains a priority. During FY 2026, we continued to engage regularly with unitholders through quarterly performance reporting, quarterly earnings calls, and annual stakeholder meetings.

We also strengthened governance and investor communication practices on our website.

A Culture Built for Long-Term Performance

As Cube Highways Group marked its 10-year milestone this year, it also provided an opportunity to reflect on the values and culture that continue to shape the organization’s long-term success. We remain focused on fostering an inclusive, collaborative, and high-performance workplace that supports both professional growth and employee well-being. Initiatives such as CubeCare, the Women’s Circle, Kutumb, and the Cube Talent Championship continued to strengthen employee engagement and collaboration across teams.

We are honored to be recognized as a Great Place to Work®, for the third consecutive year, reflecting our continued commitment to a values-driven culture anchored in inclusion, collaboration, and integrity.

The same culture of ownership and excellence extends into our technical capabilities. Our internally developed road-marking standards, designed to maintain visibility and quality over longer operating periods, was recognized by NHAI and has been adopted as the industry standard.

Our group’s consistent demonstration of operational excellence has led to an MOU with NHAI under which officers are now being trained at our Innovation Center, with 400+ officers scheduled to participate over the coming months.

Looking Ahead with Conviction

At the same time, structural growth in passenger vehicles, freight movement, and regional connectivity continues to support long-term traffic growth across the highway sector.

Over the past decade, we have built a business designed not simply to grow, but to endure. As we look ahead, the principles guiding Cube InvIT remain unchanged. We will continue to focus on opportunities that strengthen the portfolio’s overall quality, enhance its stability through cycles, and reinforce its ability to generate sustainable long-term returns. That discipline has shaped Cube InvIT over the past decade, and it will continue to guide us in the years ahead.

As we enter the next phase of growth, we remain well positioned to build on this foundation through a visible acquisition pipeline, enhanced operational capabilities, and deeper engagement with a broadening investor base, supported by the continued expansion of India’s infrastructure ecosystem. We move forward a differentiated portfolio, a scalable operating platform, and a clear focus on delivering sustainable long-term value through disciplined growth and consistent execution.

On behalf of the entire organization, I extend my heartfelt gratitude to our unitholders, partners, lenders, regulators, board members and employees for their continued confidence and support. The decade ahead presents significant opportunity, and we look forward to building on it with the same commitment and discipline that define Cube InvIT.

Warm regards,

Vinay C. Sekar

Chief Executive Officer