Adani Enterprises Limited — PPTs, 31-07-2025: Investor Presentation

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**1. Financial Highlights:**

Consolidated Q1 revenue was Rs. 22,437 Cr (-14% YoY); EBITDA Rs. 3,786 Cr (-12% YoY). Profit was impacted by IRM/Commercial Mining volatility. Incubating businesses' EBITDA grew 5% YoY to Rs. 2,800 Cr (74% of total), led by Airports (+61% YoY). Net External Debt/EBITDA was 1.8x.

**2. Strategic Initiatives & Growth Drivers:**

EBITDA unlock is anticipated from FY26 as Navi Mumbai Airport, Copper Plant, and Ganga Expressway become operational. Initiatives include a 5 MW Green Hydrogen pilot plant, 6 GW module capacity progress, and data center advancements. Airports secured $1.75 billion for growth.

**3. Business Developments:**

A subsidiary divested 10.42% of AWL Agri Business for Rs. 3,700 Cr. A Rs. 1,000 Cr public NCD issue was fully subscribed. Airports added 7 new routes/2 new airlines; Mining Services signed two new MDO agreements.

**4. Market Position & Competitive Advantage:**

AEL reinforces its premier infrastructure incubator status, validated by growing EBITDA from a diverse portfolio, notably Airports. This model provides stability and growth, building crucial, technologically advanced infrastructure for India.

**5. Investor Implications:**

Expected EBITDA unlock from major infrastructure assets operationalizing from FY26 signals strong positive growth potential. Consistent performance from incubating businesses highlights a robust model for sustained long-term value creation.