Cube Highways Trust (543899) Q1 25/26 earnings summary

Executive summary

• Portfolio expanded to 27 assets/SPVs across 13 states and 1 union territory, totaling 2,021 km and 8,819 lane km as of June 30, 2025.

• Acquired AJUHPL, QEPL, and NAMEL during the quarter, focusing on road infrastructure.

• Achieved 10.3% YoY toll revenue growth and 6.3% YoY traffic growth in Q1 FY26.

• AUM rose 27% YoY to INR 365.4 billion.

• Distribution per unit for Q1 FY26 declared at INR 2.5, with cumulative distributions reaching INR 23.59 per unit.

Financial highlights

• Revenue from operations for the quarter was Rs. 9,442.79 million, up from Rs. 8,460.21 million in the previous quarter and Rs. 7,919.46 million in the same quarter last year.

• Net profit for the quarter was Rs. 4.59 million, compared to a net loss of Rs. 616.96 million in the previous quarter.

• EBITDA margin for the quarter was 72.03%.

• Net Debt/AUM at 49.62% as of June 30, 2025.

• NAV per ordinary unit increased to INR 138.0.

Outlook and guidance

• Revenue growth rate for the overall concession life projected at 9.0%, with traffic growth at 4.7%.

• Long residual concession life of 19.4 years supports resilience through economic cycles.

• Continued focus on sustainable growth, operational efficiency, and technology-driven asset management.

• Management expects stable cash flows from toll and annuity-based projects, with ongoing efforts to optimize capital structure and maintain high credit ratings.