Cube Highways Trust || Project Management CEO’s Message

Overview

A Proxy to India’s Infrastructure Growth Story

Cube InvIT is a leading Infrastructure Investment Trust (InvIT) focused on India’s roads and highways sector. With the objective of acquiring and managing operational highway assets that form the country’s infrastructure backbone, we have built a yield-focused, de-risked platform. The platform enables its unitholders to participate in the nation’s growth story while providing the opportunity to make sustainable risk-adjusted returns.

Scale of Operations

27

Highways Assets (18 Toll, 6 HAM and 3 Annuity Assets)

368.42

AUM (in INR billion)

2,005 km

Portfolio Length

8,754 lane-km

Portfolio Length

13 Regions

(Spanning 12 States and 1 Union Territory)

27

Toll Plazas

18.0 Years

Average Residual Concession Life¹

9.2 Years

Average Operating Life²

¹Calculated as Weighted Average using “Aggregate sum of Pre-MM EBITDA of the respective SPVs over their remaining life of the project, as on March 31, 2026” as weights. ²Calculated as Weighted Average using “Aggregate sum of Pre-MM EBITDA of the respective SPVs over their operating life of the project, as on March 31, 2026” as weights

Investment Case

A Platform Built to Scale and Endure

We have built a resilient platform of high-quality operational assets, ensuring visible cash flows and consistent returns. Backed by disciplined execution and strong governance, we are well positioned to deliver sustainable long-term value.

Growing Yield Profile

We offer a long-term, yield-focused investment platform backed by a strong regulatory framework and predictable cash generation. Our diversified portfolio combines growth-oriented and stable cash-yielding assets, supported by disciplined acquisitions and a regulatory requirement to distribute at least 90% of net distributable cash flows, delivering a consistent distribution track record since listing.

10.09

Distribution Per Unit in FY 2024 (in INR)

11.00

Distribution Per Unit in FY 2025 (in INR)

13.77

Distribution Per Unit in FY 2026 (in INR)

Built for Stability, Wired for Growth

Our portfolio is structured to deliver a balance of stability and growth. It comprises a diversified mix of toll and annuity assets, where annuity assets provide fixed, contracted revenues, while toll assets benefit from GDP-linked traffic growth and periodic WPI-linked toll rate revisions. Together, this blend supports a resilient and steadily growing cash flow profile.

Diversified Portfolio

We operate a diversified portfolio of 27 assets across 12 states and 1 Union Territory, covering over ~2,005 km (8,754 lane km) of road network. Our assets are strategically positioned along key economic corridors and freight routes, strengthening utilization and long-term value creation.

2,005

Length (km)

8,754

Length (lane km)

Backed by Leading Global Investors

We are supported by the Cube Highways platform and backed by leading global institutional investors, including I Squared Capital, Abu Dhabi Investment Authority, British Columbia Investment Management Corporation, and Mubadala Investment Company. This strong sponsorship enables us to leverage deep global expertise, strong governance standards, and a proven track record in building and scaling infrastructure platforms.

Financial Discipline

We maintain a strong financial foundation with a AAA-rated credit profile and prudent leverage. Through active refinancing and cost optimization, along with a balanced mix of fixed-rate and floating-rate debt, we effectively manage our cost of capital and interest rate exposure.

46.82%

Net Debt/AUM^*

83.30%

Pre-MM EBITDA Margins^*

*As on March 31, 2026

Consistent Scaling through Disciplined Acquisitions

Since our listing in April 2023, we have expanded our portfolio from 18 to 27 assets through a disciplined mix of sponsor-led and bilateral acquisitions. We focus on acquiring high-quality, operational road assets backed by rigorous due diligence and strong cash flow visibility. Each acquisition has contributed to AUM growth from INR 258.11 billion as on March 31, 2024 to INR 368.42 billion as on March 31, 2026, enhancing scale and portfolio quality. Our diversified mix of toll and annuity assets has strengthened revenue stability and improved distributable cash flows. Through capital optimization and seamless integration, we continue to unlock value and drive consistent, long-term returns.

A Clear Path to Portfolio Expansion

Cube InvIT announced the proposed acquisition of four Committed Assets (three toll and one annuity) to enhance yield, improve NAV and strengthen diversification. These assets will, upon acquisition, add approximately 257.72 km of road length (1,056.68 lane km), expanding the portfolio to 31 assets across 13 states and 1 union territory. The transaction is subject to customary approvals and aligns with its strategy of acquiring de-risked, operational assets. Additionally, a robust pipeline, including ROFO opportunities from its sponsor platform, supports sustained growth and value creation.

Indicates assets acquired from Sponsor

The ROFO asset revenue disclosed here does not form a part of the Cube InvIT revenue. Revenue of ROFO assets and committed assets in the FS as of March 31, 2026 are not signed and are unaudited 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.

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-I-D) and Cube Mobility Investments Pte Ltd. (CH-IV). 2. CH-V is the Sponsor of the Trust, and all other entities are members of the Sponsor Group under the SEBI InvIT Regulations. 3. IM & PM are associate of the Sponsor. Pursuant to the resolution dated February 27, 2026, the board of directors of the Investment Manager has approved the change of the project manager of the Trust and the appointment of Cube Highways Asset & Project Advisory Private Limited (which is a wholly owned subsidiary of the IM) as the new project manager of the Trust; and (ii) indicative draft of the New PIMA. The change is subject to receipt of requisite approvals from the relevant concessioning authorities of the Portfolio Assets and subsequent to the receipt of the approvals, the New PIMA will be executed.

36.48%
Sponsors & Sponsor Group¹
24.54%
Institutional - Foreign Body
3.09%
Institutional - Mutual Funds
3.66%
Institutional - Insurance Company
1.67%
Institutional - Alternative Investment Fund
0.61%
Institutional - Foreign Portfolio Investor
18.26%
Non-Institutional - Corporate Body
5.42%
Non-Institutional - Individual
0.29%
Non-Institutional - Non-Resident Indian
1.19%
Non-Institutional - Trust
0.58%
Institutional - Financial Institutions/Banks
4.21%
Non-Institutional - Clearing Members

¹Includes Units held by Associates / Related Parties of Investment Manager, Sponsor & Project Manager as on March 31, 2026. 48,50,00,00 Units (3.61% of the total units outstanding) held by certain Sponsor Group entities were reflected in the name of clearing member. The said units were thereafter credited back to the respective demat accounts of said entities. Therefore, as on March 31, 2026, total unit holding of Sponsor & Sponsor Group stands at 36.48% and total Public Unit holding stands at 63.52%.

The Beliefs that Shape our Journey

Vision

We aspire to become the most admired organization, offering a diversified and sustainable portfolio comprising high-quality highway assets tailored to evolving requirements. We are dedicated to cultivating mutually advantageous associations with all our stakeholders, including service providers, employees, and the environment. We are steadfast in optimizing returns for our unitholders and ensuring long-term sustainable growth.

Mission

To invest in and operate exceptional, sustainable, reliable, safe, and inclusive infrastructure assets that generate value for our investors, stakeholders, and the communities we serve and foster positive impact.
To yield predictable Distribution Per Unit (DPU) and facilitate growth, upholding world-class governance standards.
To leverage cutting-edge technologies for optimizing operational efficiency, enhancing asset performance, and delivering superior risk-adjusted returns to our investors.

Values

EXCELLENCE

We are committed to excellence in highways and asset management, consistently delivering exceptional quality across all facets of our operations, from project execution to maintenance and service delivery.
INTEGRITY

Upholding the highest standards of integrity, we promote transparent and ethical business practices. Prioritizing honesty, accountability, and fairness in all dealings, we build trust with authorities, contractors, employees and other stakeholders.
SAFETY

Prioritizing the safety of our employees, contractors and general public, we implement stringent safety protocols, cultivate a culture of safety awareness, and ensure compliance with industry standards.
VALUING EVERY INDIVIDUAL

We treat our employees respectfully, encouraging a nurturing and inclusive environment that encourages growth, development, and overall well-being.
SUSTAINABILITY

Our dedication to sustainable practices involves incorporating environment friendly solutions and implementing efficient resource utilization. We aim to minimize the environmental impact of our operations while contributing to the long-term well-being of communities.
INNOVATION

Embracing innovation as a driver of continuous improvement, we invest in research and development, leverage technological advancements, and foster a culture of creativity and adaptability to remain at the forefront of the highways and asset management industry.

Disclaimer: This map is a generalized illustration only for the ease of the reader to understand the locations, and it is not intended to be used for reference purposes. The representation of political boundaries and the names of geographical features/states do not necessarily reflect the actual position. Our Organization, Directors, officers or employees cannot be held responsible for any misuse or misinterpretation of any information or design thereof. Our Company does not warrant or represent any kind of connection with its accuracy or completeness.

Our Capabilities

Asset Acquisition and Portfolio Construction

Rigorous technical, legal & financial due diligence framework
Pipeline visibility through sponsor-backed right of first offer
Proprietary traffic modelling with historical & macro-economic overlays
Strategic toll-annuity blend to balance growth with cash flow certainty
Disciplined focus on de-risked, fully operational brownfield assets
Multi-state geographic diversification to mitigate corridor-level risk

Superior Asset Management

Life-cycle cost optimization
Predictive maintenance using AI based pavement assessment and condition scoring through IT based applications
Deployment of advanced materials for extended surface life
Electronic tolling with leakage analytics powered by a central control centre
ATMS-integrated corridor control for real-time incident response
Centralised performance dashboards across all SPVs
Dedicated safety management team, enhanced compliance with auditable evidence

Financial Management and Financing Capability

Strict capital discipline with board-governed investment thresholds
Relationship with a range of lenders, including mutual funds, insurance companies, pension funds, NBFCs, DFIs, etc.
Maintaining optimal balance between fixed and floating rate exposures
Ability to access innovative sources of capital while diversifying capital base
Margin expansion through operating leverage and cost rationalization