Vertis Infrastructure Trust (VERTIS) Q1 25/26 earnings summary

Executive summary

• Achieved consolidated revenue of INR 8,178.13 million for FY26Q1 with an 88% EBITDA margin, reflecting strong operational performance.

• Completed one of the largest road sector acquisitions, adding 10 operational HAM assets and 1 toll asset, increasing AUM to INR 260 billion (37% growth over Mar 2025).

• Raised INR 9,000 million via a 10-year sustainability-linked bond at 7.40% and INR 8,000 million via 3-year bonds at 6.95%, setting new benchmarks for InvITs.

• Distributed INR 2.3711 per unit for FY26Q1, with a total payout of INR 3,580.32 million and cumulative distributions of INR 47.5 per unit since listing in Aug 2022.

• Approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2025, with an unmodified review report from statutory auditors.

Financial highlights

• FY26Q1 consolidated revenue: INR 8,178.13 million; EBITDA: INR 7,049 million; EBITDA margin: 88%.

• Net distributable cash flow at SPV level: INR 6,016 million; distribution to unitholders: INR 3,580 million.

• Standalone profit after tax: INR 3,749.96 million; consolidated profit after tax: INR 1,297.24 million.

• Portfolio PCU growth of 9.5% YoY and toll revenue growth of 12.7% YoY.

• Annuity income from HAM assets: INR 3,130 million for FY26Q1.

Outlook and guidance

• AUM expected to grow to INR 272 billion with further acquisitions in the pipeline.

• Average cost of debt at 7.58% as of June 30, 2025, with potential for a further 20 bps reduction by Mar 2026.

• Net debt/AUM at 40.1%, providing headroom for future acquisitions.

• Continued focus on upstreaming cash from SPVs and addressing cash traps via capital reduction schemes.

• Board confirmed all proceeds from NCDs were used as intended, with no deviation or variation.