Anantam Highways Trust has informed the Exchange regarding Disclosure of material issue

Date: October 28, 2026 Na(cid:415)onal Stock Exchange of India Limited BSE Limited Lis(cid:415)ng Compliance Department Exchange Plaza, Corporate Rela(cid:415)onship Department C-1, Block-G Bandra Kurla Complex, Bandra (E), Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-40005 Fort, Mumbai-400001 Symbol: ANANTAM BSE Scrip Code: 544579 Subject: Transcript of the Earnings Conference Call held on October 26, 2026 Dear Sir/Madam, With reference to our earlier in(cid:415)ma(cid:415)on dated October 21, 2026, the Transcript of Earnings Conference Call of Anantam Highways Trust (“Trust”) for the quarter ended September 30, 2026, held on Monday, October 26, 2026, at 10:30 A.M. (IST) is a(cid:425)ached herewith and the same is also available on the website of the Trust. You are requested to kindly take the same on record. Yours faithfully, For and on behalf of Alpha Alterna(cid:415)ves Fund-Infra Advisors Private Limited (ac(cid:415)ng as Investment Manager to Anantam Highways Trust) Chandra Kant Sharma Company Secretary & Compliance Officer Membership No. F8322 Axis Trustee Services Limited (Trustee) Axis House, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025. Encl: as above Alpha Alternatives Fund-Infra Advisors Private Limited (CIN: U70200MH2024PTC418826) A: 33rd Floor, Sunshine Tower, Senapati Bapat Marg, Dadar West, Mumbai 400 013 B: +91-22-6145-8900 | E: info@anantamhighways.com “Anantam Highways Trust Q2 FY27 Earnings Conference Call” October 26, 2026 MANAGEMENT: MR. JIGNESH SHAH – WHOLE-TIME DIRECTOR AND CHIEF EXECUTIVE OFFICER – ANANTAM HIGHWAYS TRUST Page 1 of 16 Anantam Highways Trust October 26, 2026 Moderator: Ladies and gentlemen, good day and welcome to Anantam Highways Trust Q2 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Jignesh Shah, Whole-Time Director and Chief Executive Officer of the Investment Manager of the Trust. Thank you and over to you, Mr. Shah. Jignesh Shah: Good morning everyone and thank you for joining us for Anantam Highways Trust Q2 FY2027 Earnings Call. This quarter marks an important milestone for us as we have completed one year as a listed InvIT. It is an appropriate time to reflect on what we set out to build, the progress we have made, and the priorities that will shape our next phase. When we listed, our objective was not simply to create another investment vehicle to hold road assets. We wanted to build an infrastructure investment platform combining predictable cash flows, prudent financial management, robust governance, and a credible pathway to growth. One year into that journey, we believe the foundations are in place. We have an operating portfolio of seven HAM assets, a track record of distributions, strong credit ratings, and an access to a broader pipeline of opportunities to scale the platform. Our focus now is on translating these foundations into sustained, long-term value creation for our unitholders. Our underlying portfolio provides visibility through government-backed annuity cash flows without traffic volume risk. This predictability is central to our investment proposition and supports our ability to balance distributions, financial discipline, and future growth. For an InvIT, reported earnings are only one part of the picture. Equally important are cash generation, sustainability of distributions, debt servicing capacity, and the financial flexibility to pursue future investments. For Q2 FY2027, consolidated revenue stood at INR158.2 crores. EBITDA was at INR131.9 crores and profit before tax at INR96.9 crores. During the quarter, we also repaid INR91 crores of debt and maintained our AAA credit ratings. The board has approved a distribution of INR2.75 per unit, taking cumulative distributions since the initial portfolio acquisition in October 2025 to INR10.25 per unit, aggregating an approximate distribution of INR223 crores. We regard this as an important milestone in our first year. Our objective is to sustain a distribution proposition supported by the underlying cash flows while preserving the financial capacity needed to manage the portfolio responsibly and pursue growth. Page 2 of 16 Anantam Highways Trust October 26, 2026 On growth, our approach remains unchanged. Our ROFO arrangements provide access to a meaningful pipeline of opportunities, but each acquisition must be appropriately valued, financially sound, and beneficial to existing unitholders. We do not believe in pursuing scale for its own sake. Our objective is to build a larger, stronger platform without compromising the quality of cash flows or the discipline with which we allocate capital. As we enter our second phase as a listed InvIT, our priorities remain clear, protect the quality of the existing portfolio, sustain cash generation, maintain financial flexibility, and pursue growth that creates enduring value for unitholders. We recognize that credibility comes from execution rather than ambition alone. We believe the foundations are in place and we remain focused on building on them through consistent performance and sound decisions. With that, let me take you through the detailed financial and operational performance for the quarter. Total revenue on a consolidated basis for Q2 FY2027 stood at INR158.2 crores compared with INR158.7 crores in the preceding quarter. Total expenses were INR26.3 crores, resulting in an EBITDA of INR131.9 crores. After accounting for finance costs and depreciation, consolidated profit before tax stood at INR96.9 crores compared with INR89 crores in the preceding quarter. Overall, our financial performance reflects the characteristics of the underlying annuity-based HAM portfolio. The net distributable cash flow at the SPV level for the quarter stood at INR104.1 crores, as reported in the presentation. At the Trust level, the distribution for the quarter aggregates approximately INR59.8 crores, translating into a distribution of INR2.75 per unit. The distribution comprises interest of INR0.608 per unit, dividend of INR0.349 per unit, capital repayment of INR1.789 per unit, and other income of INR0.002 per unit. With this, cumulative distribution since the acquisition of the initial portfolio on October 10, 2025, will reach INR10.25 per unit. These metrics need to be considered in the context of the overall InvIT structure. Cash generated at the project level supports debt servicing and other financial obligations, while the cash available at the Trust level supports distributions to unitholders. We remain focused on delivering distributions supported by the cash flows of the underlying assets while maintaining the financial flexibility needed to manage the portfolio and evaluate future investment opportunities. Outstanding debt reduced from approximately INR1,943 crores as of June 30, 2026 to INR1,852 crores as of September 30, 2026. The Trust continues to maintain AAA stable credit ratings from India Ratings & ICRA. Our debt maturity profile remains long-tenured, with the reported maturity extending to December 2037. In addition, the linkage of interest income on outstanding annuities to MCLR and bank rate provides a natural hedge against interest rate movements. Page 3 of 16 Anantam Highways Trust October 26, 2026 Taken together, predictable annuity cash flows, ongoing debt repayment, and a long-tenor maturity profile support the Trust's ability to service its obligations while retaining financial flexibility. Looking ahead, our focus remains on protecting the financial strength of the existing portfolio, sustaining distributions, and preserving the capacity to pursue acquisitions that are appropri [Showing first 8,000 characters — download PDF for full document]