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

Date: August 19, 2026 National Stock Exchange of India Limited BSE Limited Listing Compliance Department Exchange Plaza, Corporate Relationship 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 August 17, 2026 Dear Sir/Madam, With reference to our earlier intimation dated August 12, 2026, the Transcript of Earnings Conference Call of Anantam Highways Trust (“Trust”) for the quarter ended June 30, 2026, held on Monday, August 17, 2026, at 03:00 P.M. (IST) is attached 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 Alternatives Fund-Infra Advisors Private Limited (acting 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 Q1 FY27 Earnings Conference Call” August 17, 2026 MANAGEMENT: MR. JIGNESH SHAH – WHOLE-TIME DIRECTOR AND CHIEF EXECUTIVE OFFICER – ANANTAM HIGHWAYS TRUST Page 1 of 13 Anantam Highways Trust August 17, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Anantam Highways Trust Q1 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 and 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: Thank you, Sagar. Good afternoon, everyone, and thank you for joining us for Anantam Highways Trust Q1 FY2027 Earnings Call. On behalf of the board and the management team, I extend a warm welcome to all our unit holders, analysts, lenders, and other stakeholders. When we first addressed our investors after listing, we had spoken about building Anantam not merely as another InvIT, but as a long-term institutional infrastructure platform, one founded on predictable cash flows, disciplined capital allocation, strong governance, and sustainable growth. Our Q4 call was about establishing that foundation and giving investors visibility on the growth opportunity ahead. I believe Q1 FY2027 is about demonstrating that we are now building momentum on that foundation. The underlying portfolio continues to perform in line with our expectations, with the seven HAM assets providing stable, government-backed annuity cash flows and no traffic risk. We have maintained our quarterly distribution of INR2.50 per unit, taking cumulative distribution since listing to INR7.5 per unit. Equally importantly, we have continued to strengthen the balance sheet while maintaining these distributions. For us, this is an important part of the Anantam story. Our objective is not to pursue growth at the expense of financial discipline. We want to demonstrate that Anantam can grow while strengthening its balance sheet, maintain distributions while creating capacity for future growth, and scale without compromising the quality of the platform. As we have consistently said, growth for us is not an objective in itself. Every acquisition has to make sense for our existing unit holders from the perspective of cash flow quality, DPU sustainability, leverage, NAV accretion, and ultimately total return. The ROFO framework with Alpha Alternatives and Dilip Buildcon gives us significant visibility on the opportunity set, but the opportunity is only one part of the equation. Our ability to execute that opportunity with discipline and create value for existing unit holders is what will define the next phase of Anantam. We therefore see the journey ahead in three broad phases. We have established the foundation a high-quality operating portfolio, predictable cash flows, and institutional governance. We are now demonstrating momentum consistent distributions, strong cash flow generation, and a progressively stronger balance sheet. Page 2 of 13 Anantam Highways Trust August 17, 2026 And the next phase is going to be scale selectively adding assets where we believe the risk- adjusted returns are attractive and where growth can be achieved without compromising financial discipline. Our ambition remains to build Anantam into a leading institutional road infrastructure platform in India, but we recognize that this will be earned over time through consistent execution, not through ambition alone. Ultimately, we want our investors to see Anantam as a platform where stability and growth are not competing objectives but are built together. That remains the focus of the management team, and we believe the progress made during the first quarter of FY2027 is an encouraging step in that direction. With that, I will now take you through the key financial and operating developments for the quarter. For Q1 FY2027, consolidated revenue stood at INR158.7 crores with EBITDA of INR127.2 crores. Importantly, the underlying cash generation remains strong with SPV level NDCF of INR283.6 crores. At the Trust level, NDCF available for distribution was INR54.4 crores, enabling the board to approve a further INR2.50 per unit as distribution for the quarter. The combination of strong cash flow generation, continued distributions and declining leverage is particularly important to us. It demonstrates that we are able to strengthen the balance sheet and continue to deliver total returns to our unit holders. Overall, we remain in a strong financial position, providing a solid foundation for the next phase of Anantam's growth. With that, I will now hand over the call to the moderator for the Q&A. Moderator: Thank you very much. We will now begin the question-and-answer session. Your first question comes from the line of Dhvanil Raut with Dalal & Broacha Stock Broking Private Limited. Please go ahead. Dhvanil Raut: Hi, thank you for the opportunity. I have specifically two questions. The first one would be about your preferential issue to acquire the new assets where y'all are raising capital of around INR1,800 crores , INR1,893.72 crores to be precise with 16.48 crores units at INR104.76. So I wanted to know what's the timeline like and how did you all arrive at the INR104.76 figure and is it fair as per your financials? Jignesh Shah: You said you have two questions. You want to complete both the questions? Dhvanil Raut: Okay, yes. The second one would be since you are fully HAM, the annuity amount in the beginning years are way higher than the latter years, so should we expect a higher distribution and why is it that we are only stuck at INR2.5? These are my two questions. Jignesh Shah: Okay, sure. So I'll take the first question first and then I'll answer your second question. Regarding the preferential issue, the approach basically is in line with the regulations. There was an independent valuation exercise which had been conducted for the assets and the postal ballot basically notice had all the details laying out how the valuation had been arrived at for the assets. I think the valuation reports were attached along with the postal ballot notice; they've also been uploaded on the website. SEBI basically has their own preferential allotment regulations. So whatever has been proposed is in accordance with the regul [Showing first 8,000 characters — download PDF for full document]