ADANI PORTS & SPECIAL ECONOMIC ZONE LTD Q2 CONCALL: FY27 REVENUE GUIDANCE RAISED TO ₹44,000–46,000 CR, EBITDA GUIDANCE UPGRADED TO ₹26,000–27,000 CR, CAPEX INCREASED BY ₹3,000 CR & MAJOR PORT CAPACITY EXPANSION

• Management raised FY27 consolidated revenue guidance by ₹1,000 Cr to approximately ₹44,000–46,000 Cr, supported by strong growth across domestic ports, international ports, logistics and marine services. • Management upgraded FY27 EBITDA guidance by ₹1,000 Cr to approximately ₹26,000–27,000 Cr, reflecting improving operating performance and capacity expansion. • Management increased FY27 capital expenditure guidance by ₹3,000 Cr, primarily to accelerate domestic port infrastructure and capacity expansion. • Management clarified that the additional ₹3,000 Cr capex allocation is focused on Indian port projects and does not include new international acquisition spending. • Management did not disclose the revised absolute FY27 capex budget in the transcript. • Management expects the upgraded FY27 financial targets to be supported by Mundra CT5 commissioning, Colombo CWIT ramp-up, Vizhinjam operations and other domestic expansion projects. • Management cautioned that FY27 revenue and EBITDA guidance should not be interpreted as a precise EBITDA margin forecast, as actual margins depend on cargo mix, operating costs and segment performance. • Management expects domestic cargo volumes and market share to improve during Q3 and Q4 FY27 following temporary disruptions in H1. • Management indicated that domestic cargo volumes were already showing double-digit growth in October 2026, supporting expectations of stronger H2 performance. • Management expects Mundra CT5 to commence operations shortly after the October 2026 earnings call, providing additional container-handling capacity. • Management expects Mundra's expanded container infrastructure to support higher throughput, improved turnaround times and stronger EXIM cargo handling. • Management expects Mundra's transshipment cargo mix to normalize toward approximately 20–22% following CT5 commissioning. • Management aims to expand domestic port handling capacity toward 1 billion metric tonnes, potentially achieving the milestone slightly before FY31 if the current expansion pace continues. • Management expects the Colombo CWIT terminal's capacity to increase from approximately 1.6 million TEUs to 3.2 million TEUs, effectively doubling container-handling capacity. • Management expects Colombo CWIT's automated operations, higher volumes and operating leverage to support further profitability improvement. • Management declined to provide a normalized international ports EBITDA margin target until additional operating history becomes available. • Management targets delivery of Vizhinjam Phase 2 by December 2028, supporting long-term container and transshipment growth. • Management confirmed completion of an 18 MMT capacity expansion at Paradip, strengthening its East Coast cargo-handling capabilities. • Management plans accelerated investment across Dhamra, Hazira and Vizag to support industrial cargo, liquid cargo and container growth. • Management plans a 100-metre berth extension in Tanzania to enhance future capacity, although construction could temporarily disrupt volumes. • Management expects domestic ports to maintain strong profitability through operating efficiency, capacity utilization and disciplined cost management. • Management expects international ports to benefit from continued Colombo growth, stable Australian operations and improving terminal utilization. • Management expects logistics to sustain double-digit growth, supported by integration of trucking, rail, inland container depots, freight forwarding and port operations. • Management expects logistics EBITDA margins to remain broadly stable, although structurally different from the higher margins generated by port operations. • Management expects its asset-light trucking business and asset-zero Integrated Freight Network to generate additional revenue without proportionate capital investment. • Management expects integrated logistics services to direct additional cargo toward APSEZ ports, strengthening the company's end-to-end supply chain strategy. • Management expects newer inland container depots at Virochan Nagar and Mallur to contribute more meaningfully as utilization improves. • Management expects marine profitability to improve as vessel utilization recovers and shipping conditions normalize. • Management indicated that vessel utilization had begun improving from September 2026 following earlier disruptions around the Strait of Hormuz. • Management expects coastal coal transportation to provide additional growth opportunities through its rail-sea-rail logistics model. • Management plans to capture more coastal coal cargo across both loading and discharge ports through integrated transportation solutions. • Management plans to expand empty container yard capacity at Mundra after the initial 120-acre facility reached full utilization. • Management intends to develop an additional 200 acres for empty container storage, alongside integrated warehousing facilities. • Management expects the expanded container yard and warehousing ecosystem to improve turnaround times, reduce logistics inefficiencies and create additional service revenue. • Management continues to evaluate industrial zone and warehousing development opportunities at Mundra, Krishnapatnam and Dhamra. • Management expects industrial development around its ports to generate recurring cargo volumes alongside potential land and infrastructure monetization. • Management did not provide a specific near-term revenue target for SEZ and industrial zone development. • Management is evaluating approximately 20 international port assets, with particular interest in container and liquid terminals in developed markets. • Management expects international acquisition decisions to depend on financial returns, geopolitical conditions, funding availability and operating capabilities. • Management confirmed that it evaluated Associated British Ports but did not proceed because the expected investment returns did not meet its requirements. • Management clarified that its newly incorporated Oman subsidiary is part of feasibility studies and does not represent a confirmed acquisition. • Q2 FY27 consolidated revenue increased 24% YoY to ₹11,340 Cr, supported by broad-based growth across all four major business segments. • Q2 FY27 consolidated EBITDA increased 23% YoY to ₹6,807 Cr, reflecting higher business volumes and improving operating performance. • Q2 consolidated EBITDA margin stood at approximately 60.0%, calculated from reported revenue and EBITDA figures. • Net debt to EBITDA stood at approximately 1.88 times, reflecting management's continued focus on balance-sheet discipline. • Domestic ports revenue increased 13% YoY, supported by cargo operations and capacity utilization. • Domestic ports maintained an EBITDA margin of approximately 72.5%, reflecting strong operating efficiency and cost discipline. • International ports revenue increased 71% YoY to ₹1,839 Cr, supported by Colombo CWIT and Australian operations. • International ports EBITDA increased more than threefold YoY to ₹878 Cr, reflecting strong operating leverage. • International ports EBITDA margin improved to 47.7% from 24.2% in the year-ago quarter, supported by automation, higher throughput and improved utilization. • Colombo CWIT handled approximately 2 million cumulative TEUs within 18 months of operations, demonstrating strong early throughput growth. • Management highlighted that Colombo CWIT's operating performance exceeded initial volume expectations, supporting stronger international profitability. • Tanzania recorded its highest-ever quarterly container volumes, while Australia continued to deliver stable profitability. • Logistics revenue increased 21% YoY, reflecting growth in integrated transportation and supply chain services. • Logistics container volumes increased approximately 15% QoQ, supported by improving business activity. • Trucking revenue increased 28% YoY, reflecting growth in the company's asset-light transportation network. • Integrated Freight Network revenue more than doubled YoY, supporting the expansion of integrated logistics services. • The company operated 12 inland container depots, including established facilities at Patli and Tumb. • Marine services revenue increased 57% YoY, supported by fleet expansion, acquisitions and new geographic operations. • Marine EBITDA increased 32% YoY, although margins faced sequential pressure from temporary vessel disruptions and higher operating costs. • The marine fleet expanded to approximately 138 vessels, including operations across new geographies and subsea solutions. • Approximately 7–8 marine vessels were temporarily unable to transit the Strait of Hormuz, resulting in standby costs, higher insurance expenses and lower utilization. • Mundra port utilization reached approximately 90–92%, highlighting the importance of timely container capacity additions. • Domestic cargo performance was affected by Middle East shipping disruptions, container congestion, iron ore export restrictions and changes in coastal coal movements. • Management indicated that temporary ship-to-ship cargo movements also complicated domestic market-share comparisons. • Container volumes at Mundra recovered, while management continued emphasizing higher-realization EXIM cargo. • Key risks include West Asia geopolitical tensions, shipping disruptions, cargo policy changes, international acquisition execution, large domestic capex requirements and project commissioning delays. • Overall outlook remains positive, supported by upgraded FY27 revenue guidance of ₹44,000–46,000 Cr, EBITDA guidance of ₹26,000–27,000 Cr, accelerating capacity expansion, international ports growth and integrated logistics opportunities. • Key H2 FY27 monitorables include Mundra CT5 commissioning, Colombo CWIT capacity ramp-up, Vizhinjam throughput growth, domestic cargo market-share recovery, marine vessel utilization and disciplined execution of the increased capital expenditure programme.

ADANI PORT & SEZ LTD

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