Cube Highways Trust (543899) Q3 25/26 earnings summary

Executive summary

• Delivered strong returns with robust growth and a stable, AAA-rated credit profile as of December 31, 2025.

• Consolidated unaudited financials for the quarter and nine months ended December 31, 2025, reviewed and approved by the Board and Audit Committee on January 30, 2026.

• Portfolio consists of 27 diversified assets/SPVs across 13 states/UTs, with 2,005 km under management and an average residual concession life of 18.2 years.

• Announced conversion from a private to a public InvIT to access broader capital pools and enhance liquidity; Board evaluating public listing.

• Statutory auditors provided a limited review with no material misstatements identified.

Financial highlights

• Revenue from operations for the nine months ended December 31, 2025, was INR 30,767.23 Mn, up 25% YoY from INR 24,611.23 Mn.

• Net profit for the nine months ended December 31, 2025, was INR 817.12 Mn, compared to INR 259.64 Mn for the same period last year.

• Q3 FY26 toll revenue grew 12.1% YoY, with portfolio traffic up 9.4% YoY.

• Declared Q3 FY26 distribution of INR 4.10/unit; cumulative distribution since listing at INR 31.29/unit.

• AUM increased 24% YoY to INR 360.93 Bn; NAV per unit at INR 142.7.

Outlook and guidance

• India's GDP growth for FY26 revised upwards to 7.4%, supporting sustained traffic and revenue growth.

• Portfolio positioned for further expansion with proposed acquisition of four new assets, expected to strengthen revenue base and NAV.

• The Board approved a distribution of Rs. 4.10 per unit (Rs. 5,510.51 million) for the quarter ended December 31, 2025, to be paid within 5 days from the record date.

• Management continues to monitor regulatory changes, including labor codes and toll rate adjustments, with no material financial impact expected as of the reporting date.