GMR Airports Infrastructure : Financial Performance – Q4 FY 2024

GMR Airports Infrastructure Limited

(formerly known as GMR Infrastructure Ltd.)

INVESTOR PRESENTATION Q4FY24

DISCLAIMER

All statements, graphics, data, tables, charts, logos, names, figures and all other information ("Contents") contained in this document ("Material") is prepared by GMR Airports Infrastructure Limited ("Company", formerly known as GMR Infrastructure Ltd.) solely for the purpose of this Material and not otherwise. This Material is prepared as on the date mentioned herein which is solely intended for reporting the developments of the Company to the investors of equity shares in the Company as on such date, the Contents of which are subject to change without any prior notice. The Material is based upon information that we consider reliable, but we do not represent that it is accurate or complete.

Neither the Company, its subsidiaries and associate companies ("GMR Group"), nor any director, member, manager, officer, advisor, auditor and other persons ("Representatives") of the Company or the GMR Group provide any representation or warranties as to the correctness, accuracy or completeness of the Contents and this Material. It is not the intention of the Company to provide a complete or comprehensive analysis or prospects of the financial or other information within the Contents and no reliance should be placed on the fairness on the same as this Material has not been independently verified by any person.

NONE OF THE COMPANY, THE GMR GROUP AND THE REPRESENTATIVES OF THE COMPANY AND THE GMR GROUP ACCEPT ANY LIABILITY WHATSOEVER FROM ANY LOSS OR DAMAGE HOWSOEVER ARISING FROM ANY CONTENTS OR OTHERWISE ARISING OUT OF OR IN CONNECTION WITH THIS MATERIAL.

This Material is published and available on the Company's website https://www.gmrinfra.com/which is subject to the laws of India, and is solely for information purposes only and should not be reproduced, retransmitted, republished, quoted or distributed to any other person whether in whole or in part or for any other purpose or otherwise.

Any reproduction, retransmission, republishing or distribution of this Material or the Contents thereof in certain jurisdictions may be restricted by law and persons who come into possession of this Material should observe such laws and restrictions if any.

This Material and any discussions which follows may contain 'forward looking statements' relating to the Company and the GMR Group and may include statements relating to future results of operation, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the directors and management of the Company about the business, industry and markets in which the Company and the GMR Group operates and such statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's or the GMR Group's control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements. Such statements are not, and should not be construed, as a representation as to future performance or achievements of the Company or the GMR Group. In particular, such statements should not be regarded as a projection of future performance of the Company or the GMR Group. It should be noted that the actual performance or achievements of the Company and the GMR Group may vary significantly from such statements. All forward-looking statements are not predictions and may be subject to change without notice.

This Material is not and does not constitute any offer or invitation or recommendation or advise to purchase, acquire or subscribe to shares and other securities of the Company or the GMR Group and not part of this Material shall neither form the basis of or part of any contract, commitment or investment decision nor shall be relied upon as a basis for entering into any contract, commitment or investment decision in relation thereto. Prospective investors in the Company or the GMR Group should make its own investment decisions and seek professional advice including from legal, tax or investment advisors before making an investment decision in shares or other securities of the Company or the GMR Group. Remember, investments are subject to risks including the risk of loss of the initial principal amount invested; past performance is not indicative of future results.

REGULATORY AUTHORITIES IN THE UNITES STATES OF AMERICA, INDIA, OR OTHER JURISDICTIONS, INCLUDING THE SECURITIES AND EXCHANGE COMMISSION AND THE SECURITIES AND EXCHANGE BOARD OF INDIA ("SEBI"), HAVE NEITHER APPROVED OR DISAPPROVED THIS MATERIAL OR DETERMINED IF THIS MATERIAL IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY MAY CONSTITUTE A CRIMINAL OFFENSE.

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CORPORATE

OVERVIEW

Leading global airports platform with end-to-end capabilities

across the airport value chain

One of the largest airports platform…

2nd Largest1		#96
		No. of airport
globally
		assets under
Largest in India
		operations or
Private airport
		various stages of
operator
		development

~190 m
Operational		1212 m
capacity: ~142 m6		Passengers
Under		handled across all
development: ~46		gateway airports
m

"Best Airport" in

CY23

In Asia Pacific catering to 40mn+ pax (DIAL) Catering to 15mn - 25mn pax (GHIAL)

~2,520 acres4,6 Of land with strong real estate ("RE") development potential

27%5

share of passenger traffic in India in FY24

Long remaining concession

period with rated capacity of 394m pax positions to capitalize on robust traffic growth outlook

Integrated plus end-to-end capabilities across the entire airport value chain

1. GMR Airports is the 2nd largest private airport operator in the world based on 2023 passengers; 2) Apr'23-Mar'24 data including DIAL, GHIAL, Goa, Medan, Cebu 3) ACI: Airport Council International; 4) Includes DIAL (230 acres), GHIAL (1,500 acres), Goa (232 acres), Bhogapuram (294 acres), Nagpur (247 acres), Cebu (11 acres),Greece (~10 acres); 5) Only includes operational Indian airports in GMR Airports Infrastructure Ltd. (GIL) portfolio in FY24 - DIAL, GHIAL and Mopa (Goa); 6) Includes Cebu - Divestment underway but will operate as the Technical Services Provider until Dec'26

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Corporate Structure - Pre and Post merger

												Pre-Merger
			GMR Promoters								Public
				58.9%													41.1%
			GMR Airports Infrastructure Ltd (GIL)
		Groupe ADP		51%
	49%						GMR Airports Ltd (GAL)
										India					Outside India
										100%
					64%								21.6%
	Delhi Airport				Bhogapuram Airport3				Crete Airport, Greece
								74%						49%
	Hyderabad Airport				Nagpur Airport2				Medan Airport, Indonesia
												(Signing of Concession Awaited)
											33.3%
						100%	100%
	Goa Airport3								Cebu Airport, Philippines

Operational

% of paid-up share capital

Immediately Post-Merger

		Groupe ADP					GMR Promoters						Public
			32.3%	33.7%								34.0%
		GMR Airports Infrastructure Ltd (GIL)
					India							Outside India
					100%
			64%								21.6%
	Delhi Airport				Bhogapuram Airport3			Crete Airport, Greece
				74%						49%
	Hyderabad Airport			Nagpur Airport2		Medan Airport, Indonesia
								(Signing of Concession Awaited)
							33.3%1
			100%	100%
	Goa Airport3
						Cebu Airport, Philippines

Under Development

• GMR Promoters to remain as the single largest shareholders, immediately upon completion of the merger and will continue to retain management control over GIL
• Minority shareholders of GIL to move closer to the Airport Assets & Cash Flows

Merger expected to be completed by Q1FY25

1. Business has been divested with 6.67% already been transferred and the remaining 33.33% to be transferred by Oct'24. GMR will continue to operate as the Technical Services Provider until Dec'26; 2. Supreme Court has upholded Bombay High Court's judgement granting of concession rights of Nagpur Airport to GMR; 3. To change basis equity conversion of NIIF's current investment which is in the form of CCDs and can be converted into equity of up to 49% stake

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Portfolio of World Class Assets

Faster ramp-up expected given old airports with existing traffic to be closed post COD of new airports

DIAL

GHIAL

MOPA

Medan

Mactan Cebu

Bidar

Nagpur

Bhogapuram

Crete

Airport / % GAL stake

(64%)

(74%)8

(100%)6

(49%)

(33.3%)5

(n/a%)1

(100%)2

(100%)6

(21.6%)

Base city

Delhi

Hyderabad

Goa

Medan

Cebu

Bidar

Nagpur

Visakhapatnam

Kastelli

FY2024 Pax (mn)

73.7

25.0

4.4

7.3(3)

10.45.1

n/a

2.8

n/a

n/a

10 Years7 Pax CAGR

7.2%

11.2%

n/a

n/a

n/a

n/a

8.3%

n/a

n/a

10 Years7 Cargo CAGR

5.2%

5.6%

n/a

n/a

n/a

n/a

3.8%

n/a

n/a

Concession awarded

2006

2008

2016

2021

2014

2020

Awaited

2020

2017

year / COD

Remaining life

42y

44y

54y

23y

n/a

9y

n/a

40y

30y

(assuming renewal of

from COD

concession)

119

80

33

n/a

28

n/a

n/a

40

15

Max capacity (mpax)

230 acres

1,500 acres

232 acres

n/a

11 acres

n/a

n/a

294 acres

10 acres

Land available

19% gross revenue

FY35 domestic4 -

Upfront

INR303 / pax;

36.99%;

share + 2.5% of

% revenue sharing /

fees of

FY35 international4

-

45.99%

4.0%

2 year

aero revenue +

Cost plus

14.49%

n/a

concession fee

US$320m +

INR606 / pax;

moratorium US$207m over 8

VAT

10 year

years

Note

moratorium

1. Contracted by GHIAL

2. Supreme Court upholds Bombay High Court's judgement granting of concession rights of Nagpur Airport to GMR

3. Traffic for FY24

4. Moratorium till FY35, FY35 base figures provided and inflation adjusted fee from FY36

Operational

Under development

Brownfield projects

5. Business has been divested with 6.67% already been transferred and the remaining 33.33% to be transferred by Oct'24. GMR will continue to operate

as the Technical Services Provider until Dec'26; 5.1 Traffic data from Apr'22 to Mar'23

6. To change basis equity conversion of NIIF's current investment which is in the form of CCDs and can be converted into equity of up to 49% stake

7. FY14-FY24 CAGR

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8. Post acquisition of 11% stake from MAHB Group (per 25 Oct'23 press release)

Poised for Breakout Growth

1

2

3

4

Present across most lucrative Asian markets - Long term airport concessions to capitalize on the growth in Indian aviation market which is expected to grow avg of 7% p.a. till 20401

Mature tariff regime for Aero Revenue driving

'Sustainable Cash Flow Profile'.

Tariff determination at DIAL post expansion capex to have significant impact on Aero Revenue

"GAL Platform" being developed to foray into Airport adjacency businesses to capture Non-Aeroupside driven by strong India consumption story

Substantial embedded growth in valuable real estate parcels of over 2,000 acres

5

6

7

8

Organic growth visibility given expansion at Delhi, Hyderabad and Goa almost completed -

EBITDA to improve

Multiple growth and profitability levers - Exploit

Hub opportunities for GMR Airports

Expand geographical presence by winning new airports

Proven track record of strategic partnerships with marquee names like Groupe ADP, Fraport , NIIF, etc.

ESG focus remains at the core of the business framework

Note: 1. Boeing projections, 2 CAPA

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FINANCIAL

HIGHLIGHTS

GIL Q4FY24 Consolidated Results at a Glance

Pax Traffic1

31.4mn

• 11% YoY
• 2% QoQ

Gross Income

INR 25.7bn

• 29% YoY
• 9% QoQ

ATMs ('000)1

199.2

• 6% YoY
• 1% QoQ

EBITDA

INR 9.4bn

• 160% YoY
• 19% QoQ

Aero YPP2

INR 242

• 21% YoY
• 4% QoQ

Net Debt4

INR 271bn

• 19% YoY
• 7% QoQ

Non-Aero IPP3

INR 360

• 4% YoY
• 1% QoQ

Capex

Progress5

Delhi - 99.6%

Hyd - 99.7%

Crete - 32.7%

GVIAL6 - 18.7%

1Includes Delhi, Hyderabad, Goa, Medan and Cebu. For comparison purpose considered Medan's operation for full quarter. ATMs are passenger ATMs 2Aero Yield Per Pax = Aero Revenue of Delhi and Hyderabad ÷ Pax of Delhi and Hyderabad

3Non-Aero Income Per Pax = Non-aero Revenue of Delhi and Hyderabad ÷ Pax of Delhi and Hyderabad; 4&5 As of 31 Mar'24; 6 GMR Vishakapatnam Airport

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GIL FY24 Consolidated Results at a Glance

Pax Traffic1

120.8mn

• 20% YoY

Gross Income

INR 92.1bn

• 27% YoY

ATMs ('000)1

781.5

• 12% YoY

EBITDA

INR 34.2bn

• 49% YoY

Aero YPP2

INR 235

• 21% YoY

Net Debt4

INR 271bn

• 19% YoY

Non-Aero IPP3

INR 356

• 4% YoY

Capex

Progress5

Delhi - 99.6%

Hyd - 99.7%

Crete - 32.7%

GVIAL6 - 18.7%

1Includes Delhi, Hyderabad, Goa, Medan and Cebu. For comparison purpose considered Medan's operation for full quarter. ATMs are passenger ATMs 2Aero Yield Per Pax = Aero Revenue of Delhi and Hyderabad ÷ Pax of Delhi and Hyderabad

3Non-Aero Income Per Pax = Non-aero Revenue of Delhi and Hyderabad ÷ Pax of Delhi and Hyderabad; 4&5 As of 31 Dec'23; ; 6 GMR Vishakapatnam Airport

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