#1TERMINAL 3 टर्मिनल 3 KUALANAMU INTERNATIONAL AIRPORT GMR Airports Infrastructure Limited (formerly known as GMR Infrastructure Ltd.) Investor Presentation Q4FY2023 wwwwwwwww AEGEAN AEGEAN#2GAR DISCLAIMER All statements, graphics, data, tables, charts, logos, names, figures and all other information ("Contents") contained in this document ("Material") is prepared by GMR Airports Infrastructure Limited ("Company", formerly known as GMR Infrastructure Ltd.) solely for the purpose of this Material and not otherwise. This Material is prepared as on the date mentioned herein which is solely intended for reporting the developments of the Company to the investors of equity shares in the Company as on such date, the Contents of which are subject to change without any prior notice. The Material is based upon information that we consider reliable, but we do not represent that it is accurate or complete. Neither the Company, its subsidiaries and associate companies ("GMR Group"), nor any director, member, manager, officer, advisor, auditor and other persons ("Representatives") of the Company or the GMR Group provide any representation or warranties as to the correctness, accuracy or completeness of the Contents and this Material. It is not the intention of the Company to provide a complete or comprehensive analysis or prospects of the financial or other information within the Contents and no reliance should be placed on the fairness on the same as this Material has not been independently verified by any person. NONE OF THE COMPANY, THE GMR GROUP AND THE REPRESENTATIVES OF THE COMPANY AND THE GMR GROUP ACCEPT ANY LIABILITY WHATSOEVER FROM ANY LOSS OR DAMAGE HOWSOEVER ARISING FROM ANY CONTENTS OR OTHERWISE ARISING OUT OF OR IN CONNECTION WITH THIS MATERIAL. This Material is published and available on the Company's website https://www.gmrinfra.com/ which is subject to the laws of India, and is solely for information purposes only and should not be reproduced, retransmitted, republished, quoted or distributed to any other person whether in whole or in part or for any other purpose or otherwise. Any reproduction, retransmission, republishing or distribution of this Material or the Contents thereof in certain jurisdictions may be restricted by law and persons who come into possession of this Material should observe such laws and restrictions if any. This Material and any discussions which follows may contain 'forward looking statements' relating to the Company and the GMR Group and may include statements relating to future results of operation, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the directors and management of the Company about the business, industry and markets in which the Company and the GMR Group operates and such statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's or the GMR Group's control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements. Such statements are not, and should not be construed, as a representation as to future performance or achievements of the Company or the GMR Group. In particular, such statements should not be regarded as a projection of future performance of the Company or the GMR Group. It should be noted that the actual performance or achievements of the Company and the GMR Group may vary significantly from such statements. All forward-looking statements are not predictions and may be subject to change without notice. This Material is not and does not constitute any offer or invitation or recommendation or advise to purchase, acquire or subscribe to shares and other securities of the Company or the GMR Group and not part of this Material shall neither form the basis of or part of any contract, commitment or investment decision nor shall be relied upon as a basis for entering into any contract, commitment or investment decision in relation thereto. Prospective investors in the Company or the GMR Group should make its own investment decisions and seek professional advice including from legal, tax or investment advisors before making an investment decision in shares or other securities of the Company or the GMR Group. Remember, investments are subject to risks including the risk of loss of the initial principal amount invested; past performance is not indicative of future results. REGULATORY AUTHORITIES IN THE UNITES STATES OF AMERICA, INDIA, OR OTHER JURISDICTIONS, INCLUDING THE SECURITIES AND EXCHANGE COMMISSION AND THE SECURITIES AND EXCHANGE BOARD OF INDIA ("SEBI"), HAVE NEITHER APPROVED OR DISAPPROVED THIS MATERIAL OR DETERMINED IF THIS MATERIAL IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY MAY CONSTITUTE A CRIMINAL OFFENSE. Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 1#3Our Assets GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#4Current PAX (FY23) Portfolio of World Class Assets DIAL, New Delhi, India GAR (m) Crete, Greece PAX CAGR 15 FY13-23 Important Tourist Gateway 65.3 66/119 . Cargo CAGR New airport with higher 6.6% 45.99% Marquee asset of national importance Gateway to India - National Capital with large catchment area FY13-23 21.6% capacity replacing existing airport ☑ (MPPA)³ Current/Max Capacity 5.1% 64.0% Ranked 1st in the world by ACI¹ in 40 mm+ category competing with Incheon (South Korea), Changi (Singapore) in 2020 ASQ awards 100% Bhogapuram, India 303-DOM 606-INT Strategically located on East Coast of Andhra Pradesh ~10-year moratorium on revenue share Revenue Share (%) Revenue per Pax GAL Stake (%) Cebu, Philippines Nagpur, India4 . 7.1m Vital international Winter capital of 2.6 Maharashtra 7.3% Fast emerging as a major IT/ITES, • 33.3%5 Crete gateway to Philippines One of the fastest growing airport in Philippines logistics, and aerospace hub along DIAL 5.8% with a major Nagpur manufacturing base Medan, Indonesia6 Bhogapuram Cebu MOPA GHIAL 100.0% 5.8 Bidar MOPA, Goa, India Medan Strong growth runway for key (in m) 189 assets 394 Total GMR Airports Current capacity Final capacity 7.7/33 36.99% • 100.0% • Goa is one of India's popular tourist destinations Tourist airport with high international passenger traffic and non-aero potential 49% ⚫ Western International hub of Indonesia • Medan is the fourth- largest urban area in Indonesia GHIAL, Hyderabad, India 21.0 12/80 Ranked 1st by AC11,2 in its ASQ awards for 2020 Bidar, India Concession agreement has been given till March 2033 ~2-year moratorium 9.7% 4% on revenue share Among fastest growing major Indian airports by traffic • Revenue model basis cost plus approach 5.9% 63.0% Poised to become regional hub Source: Company Data; 1) ACI: Airport Council International. CAPA: Center for Asia-Pacific Aviation, 2) In 15 to 25mm passengers p.a category, 3) MPPA: m Passengers p.a., 4) Nagpur Airport traffic is not considered in the current capacity, GMR has won the bid but not taken over the operations yet 5) Business has been divested with 6.67% stake already transferred and remaining 33.33% to be transferred by Oct 2024. GMR will continue to operate as the Technical Services Provider until Dec 2026; Traffic data from April 2022 to March 2023, 6) Traffic for CY2022 Humility | Entrepreneurship | Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 3#5Financial Highlights GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#6Revenue الله INR 66.9 bn ▲ 45% YoY FY23 Results at a Glance Pax Traffic¹ 92.8 mn ▲ 69% YoY GAR Aero YPP2 INR 200 Domestic Destinations Connected4 дво Delhi - 80 Flat YoY Hyd - 66 International EBITDA ATMs ('000)1 Non-Aero IPP³ Destinations Connected4 ₹ INR 17.2 bn 18% YOY &P 627.1 ▲ 43% YoY INR 340 ▼ 9% YoY Delhi - 62 Hyd - 18 1. Includes Delhi, Hyderabad, Goa and Medan. For comparison purpose considered Medan's operation for full quarter. ATMs are passenger ATMs Aero Yield Per Pax = Aero Revenue of Delhi and Hyderabad Pax of Delhi and Hyderabad Non-Aero Income Per Pax 2. 3. 4. As of March 31, 2023 = Non-aero Revenue of Delhi and Hyderabad Pax of Delhi and Hyderabad Humility | Entrepreneurship I Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual 5#7Q4FY23 Results at a Glance CAR Revenue Pax Traffic¹1 Aero YPP2 Net Debt4 &P INR 18.9 bn ▲ 48% YoY 25.8 mn INR 199 INR 228 bn 55% YoY ▲ 3% YoY ▼ 9% QoQ 7% QoQ ▲ 6% QoQ ▲ 1% QoQ EBITDA ATMs ('000)1 Non-Aero IPP³ Capex Progress4 ₹ INR 2.6 bn 167.0 ▼ 52% YoY ▼ 51% QoQ INR 348 Delhi - 86.1% 36% YOY 6% QoQ ▼ 1% YoY ▼ 1% QoQ Hyd - 85.1% Crete - 19.9% 2. 3. Non-aero Revenue of Delhi and Hyderabad Pax of Delhi and Hyderabad 1. Includes Delhi, Hyderabad, Goa and Medan. For comparison purpose considered Medan's operation for full quarter. ATMs are passenger ATMs Aero Yield Per Pax = Aero Revenue of Delhi and Hyderabad Pax of Delhi and Hyderabad Non-Aero Income Per Pax = 4. As of March 31, 2023 Humility | Entrepreneurship I Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual 6#8GIL Performance Highlights GAR Consolidated Financials Gross Revenues: 45% YoY to INR 66.9 bn ✓ FY23: ✓ Q4FY23: EBITDA FY23: Q4FY23: 7% QoQ; 48% YoY to INR 18.9 bn 18% YoY to INR 17.2 bn 51% QoQ; ▼ 52% YoY to INR 2.6 bn YoY impacted due to commencement of revenue share payment to AAI in DIAL from April 2022; QoQ impacted by loss on settlement of derivatives instruments and write offs in GHIAL Net profit after tax¹ FY23: Loss of INR 8.4 bn vs. loss of INR 7.5 bn in FY22 Q4FY23: Loss of INR 6.4 bn vs profit of INR 1 bn in Q3FY23 and loss of INR 1.3 bn in Q4FY22 46.0 FY22 FY23 INR bn Revenue 66.9 FY23 Q4FY23 INR bn EBITDA 21.0 INR bn Revenue 18.9 17.7 17.2 12.8 FY22 FY23 Q4FY22 Q3FY23 Q4FY23 INR bn EBITDA 5.3 5.3 2.6 Q4FY22 Q3FY23 Q4FY23 7 1 from continuing operations umility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#9GIL Consolidated EBITDA (Proforma) – FY23 INR mn GIL Consolidated EBITDA# JVs EBITDA (DIAL+GHIAL) Medan EBITDA 4,142 199 17,238 Airport Consolidated EBITDA (Proforma) 21,579 Consolidated Airport EBITDA (Proforma) is ~INR 21.6 bn GAR # also include airport subsidiaries Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 8#10294 Gross & Net Debt ^ (INR bn) GIL Consolidated Debt 96 66 228 234 Net Debt (Sector-wise) ^ (in INR bn) -6 228 Gross Debt Cash & equivalents Airport Net Debt Net Cash at Corporate (GIL) Net Debt Net Debt declined by INR 21 bn QoQ • Note: FCCB of INR 25.0 bn not considered in debt, ^ As on March 31, 2023 Net cash of ~INR 6 bn at Corporate level Delhi Airport INR 114 bn - Hyderabad Airport - INR 65 bn GAR Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 9#11Business Highlights GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#12Key Highlights - FY23 GAR Merger of GAL with GIL Execution of the Agreement and Scheme of Merger of GMR Airports Ltd (GAL) with GMR Airports Infrastructure Ltd (GIL) ✓ Settle cash earnouts at INR 550 Cr and the equity earnouts at 4% out of 8% to GIL ✓ Received EUR 331 mn by issuing FCCB to Groupe ADP Received CCI approval for merger; application filed with Stock exchanges and RBI Deleveraging • Adjacencies businesses at GAL² Platform Subscription of FCCB's by Groupe ADP and settlement of earnouts to repay corporate debt and settle most of the contingent liabilities related to GPUIL Received ~INR 13.9 bn from divestment of stake in Cebu Airport • GAL won the retail concession of Hyderabad Airport Traffic at GMR'S operational airports Domestic and international pax traffic of airports up by 56% YoY and 150% YoY¹ International pax traffic at 21% of total pax traffic - up from 15% in FY22 1. Includes Delhi, Hyderabad, Goa and Medan. For comparison purpose considered Medan's operation for full quarter 2. GMR Airports Limited Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility | Respect for Individual 11#13Key Highlights - FY23 GAR Partnership Fund raise • Financial partnership with NIIF1 for investing equity capital in three airport projects including Mopa (Goa) and Bhogapuram (Visakhapatnam, Andhra Pradesh) airports Received primary investment of INR 6.31 bn in the form of CCD² from NIIF Delhi Airport raised INR 10 bn via 5 years NCD3; Additionally, raised INR 12 bn @ 9.75% p.a. coupon via 7 years NCD in Q1FY24 Hyderabad Airport raised INR 19.9 bn via NCD [INR 11.5 bn for 10 years @ 8.805% p.a. and INR 8.4 bn for 10 years at 8.71% p.a.] 4 • . Mopa (Goa) Airport achieved COD; Domestic operations commenced from January 5, 2023 Delhi, Hyderabad and Crete Airports expansion works progressing as per schedule Land acquisition at final stages and financial closure in progress at Bhogapuram Airport Capex . Addition to portfolio • Started operating Medan Airport from July 7, 2022 1. National Investment and Infrastructure Fund 2. Compulsory Convertible Debenture 3. 9.52% p.a. coupon for 3 years and 9.98% p.a. for the remaining two years 4. Coupon to be reset after 5 years Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 12 12#142 Key Focus Area for FY24 and beyond GAR Merger of GAL with GIL Merger expected to be completed within FY24 3 Deleveraging 5 . • Repay corporate debt of GIL and settle corporate guarantees related to GPUIL Work towards reduction/ refinancing of debt at GMR Airport Limited Capex Complete the ongoing expansion at Delhi and Hyderabad as per schedule Achieve substantial progress in greenfield projects at Crete and Bhogapuram Adjacencies business at platform level Strengthen non-aero adjacencies businesses at platform level by selectively participating in upcoming opportunities at airports of GMR and outside Airport opportunities Judiciously participate in capex light opportunities mainly in India, South Asia, South East Asia and Middle East Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 13#152,000 1,600 1,200 800 400 0 Jan 5,000 4,000 3,000 2,000 1,000 0 Feb 2020 Mar Mar Delhi Airport -Monthly Pax 1 Domestic ('000) Apr May սոՐ լոՐ 2020 .......2021 International ('000) Apr May 2021 Jun Jon 2022 Jul Aug Aug Sep 2022 2023 2023 Passenger Traffic 400 320 240 160 80 0 2,100 1,800 1,500 1,200 900 600 300 0 Mar Hyderabad Airport - Monthly Pax¹ Domestic ('000) Apr May 2020 2021 2022 2023 International ('000) Note: 1). Govt had allowed 33% capacity for the airlines till Jun 25, 2020 and increased to 45% till Sep 2, 2020, 60% till Nov 11, 2020, 70% till Dec 3, 2020 and 80% till 31 May 2021. Jun 1, 2021 onwards cap reduced to 50% and revised to 65% in Jul 5, 2021, 72.5% in Aug 12, 2021. Restriction for domestic flight lifted on Oct 18, 2021. Scheduled International Operations began on March 27, 2022. 2020 2021 Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 14 2022 2023 GAR#1645 30 75 'जे ४ जे 8 जै 15 60 Jul Growth Drivers in Place for Business to Gain Further Momentum Delhi Airport -2020 .......2021 2022 2023 Cargo business traffic ('000 tons) 3 12 9 6 Jan 15 Feb Mar Traffic to gain further momentum with addition of routes and airline capacity Hyderabad Airport Aug Sep 2020 .......2021 2022 2023 Humility | Entrepreneurship I Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 15 GAR#17Asset Wise Performance GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#18Domestic Airports GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#19Key Highlights - Q4FY23 GAR Delhi Airport (DIAL) • Traffic 2% QoQ; 49% YoY to 17.7 mn pax Gross revenue 3% QoQ; 36% YoY to INR 10.9 bn O Aero revenue ▲6% QoQ; O Non-aero revenue flat QoQ; ✓ Retail incl. Duty Free CPD Rentals 9% QoQ; 40% YoY 42% YoY 10% QoQ; 74% YoY 7% YoY EBITDA of INR 2.4 bn in Q4FY23 vs INR 3.0 bn in Q3FY23, INR 4.7 bn in Q4 FY22. YoY declined mainly due to commencement of revenue share payment to AAI from April 2022 Initiated self development of commercial building (~0.6 mn sq. ft.) in Gateway District 80 domestic destinations connected (vs. 77 in March 2022). On international, 62 destinations are connected (vs. 49 in March 2022) Overall progress achieved 86.1% as on March 31, 2023 w.r.t expansion project. New arrival terminal at T1 Part A operationalized in February 2023 Humility | Entrepreneurship I Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 18#20Key Highlights - Q4FY23 GAR Hyderabad Airport (GHIAL) • Traffic 5% QoQ; 52% YoY to 5.7 mn pax Gross revenue 7% QoQ; A81% YoY to INR 3.5 bn о Aero revenue 3% QoQ; О Non-aero revenue 78% YoY 14% QoQ; 88% YoY 2.2x YoY ✓ Retail incl. Duty Free 2% QoQ; EBITDA of INR 571 mn in Q4FY23 vs INR 1.4 bn in Q3FY23, INR 593 mn in Q4FY22. Include one-off related to INR 600 mn and INR 300 mn loss on settlement of derivative instruments in Q3FY23 and Q4FY23 о INR 630 mn write-offs in Q4FY23 ✓ Adjusted EBITDA of INR 1.5 bn in Q4FY23 vs INR 2 bn in Q3FY23, INR 593 in Q4FY22 66 domestic destinations connected (vs. 70 in March 2022). 18 International destinations connected (vs. 16 in March 2022) Overall progress achieved 85.1% as on March 31, 2023 w.r.t expansion project East Pier straight portion commissioned in Q2FY23; West Processor (International side) handed over during Q3FY23; West Pier St portion commissioned in Q1FY24 FARCOS PARCOS ROOPPLER STOP TOPPERS STOP CALVIN KLEIN Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual TALE 19#21Key Highlights - Q4FY23 GAR Mopa (Goa) Airport - GGIAL • COD achieved; commenced full fledged domestic flight operations from January 5, 2023 O IndiGo, Akasa, Spicejet and Vistara are operational O International operation expected to start from June/July 2023 Traffic at 0.7 mn pax in Q4FY23; Cumulative traffic crossed 1 mn mark on May 1, 2023 • Gross revenue at INR 268 mn • • О Aero revenue INR 211 mn О Non-aero revenue at INR 56 mn EBITDA loss of INR 288 mn AERA extended applicability of Ad-hoc tariff for 6 months ending September 30, 2023 or till determination of tariff whichever is earlier Currently, 21 domestic destinations connected Received primary investment of INR 6.31 bn in the form of CCDs from NIIF Customs notification received for the airport; all infrastructure for custom and immigration in place Land monetization process for two hotel plots and retail interchange initiated Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 20 20#22Operational & Financial Highlights YoY - Q4FY23 (figures in INR mn) GAR Delhi Airport (Standalone) Hyderabad Airport (Standalone) Goa Airport Particulars Q4FY2022 Q3FY2023 Q4FY2023 Q4FY2022 Q3FY2023 Q4FY2023 Q4FY2023 Net Revenues 7,893 5,588 5,764 1,845 3,135 3,352 268 EBITDA 4,708 2,981 2,408 593 1,403 571 (288) Interest 2,012 2,067 2,091 634 919 1,065 561 PAT 885 (672) (807) (357) 102 (575) (1,188) Delhi - Pax Traffic up 49% YoY Hyderabad - Pax Traffic up 52% YoY Goa - Pax Traffic Domestic International (mn pax) 17.7 4.4 ■Domestic International (mn pax) Domestic (mn pax) 5.7 0.9 11.9 2.4 82% 3.8 ▲ 86% 0.5 9.5 13.3 ▲ 41% 4.8 3.3 47% 0.66 Q4FY2022 Q4FY2023 Traffic increased from 17.3 Mn in Q3FY23 to 17.7 Mn in Q4FY23 Q4FY2022 Q4FY2023 Traffic increased from 5.4 Mn in Q3FY23 to 5.7 Mn in Q4FY23 Q4F2023 Traffic at 0.66 mn in Q4FY23 Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 21 24#23Operational & Financial Highlights YoY - FY23 GAR (figures in INR mn) Delhi Airport Hyderabad Airport (Standalone) (Standalone) Goa Airport Particulars FY2022 FY2023 FY2022 FY2023 FY2023 Net Revenues 27,214 21,323 6,434 11,918 268 EBITDA 17,137 9,838 2,213 5,202 (385) Interest 8,625 8,103 2,585 3,402 646 PAT 177 (2,849) (1,081) 330 (1,482) Delhi - Pax Traffic up 66% YoY Domestic Hyderabad - Pax Traffic up 69% YoY ■Domestic International Goa - Pax Traffic (mn pax) Domestic (mn pax) 39.3 6.5 32.8 FY2022 International (mn pax) 65.3 15.7 ▲ 140% 21.0 3.4 49.7 12.4 1.4 ▲ 142% ▲ 51% 11.0 17.6 ▲ 60% FY2023 0.66 FY2022 FY2023 FY2023 Achieved daily run rate of 11,100 pax in April 2023 Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 22 22#24Consolidated EBITDA (Proforma) - FY23 Delhi Airport Standalone EBITDA INR mn INR mn Standalone EBITDA Share of EBITDA from JVs/ Subsidiaries Consolidated EBITDA (Proforma) 9,838 3,348 13,186 5,202 Hyderabad Airport Share of EBITDA from JVs/ Subsidiaries Consolidated Airport EBITDA (Proforma) Delhi Airport: INR 13.2 bn Hyderabad Airport: INR 7.4 bn 2,185 GAR Consolidated EBITDA (Proforma) 7,387 Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 23 23#25Significant Improvement in Key Parameters Delhi Airport ATMs increased 27% YoY in Q4FY23 Domestic International Hyderabad Airport ATMs increased 37% YoY in Q4FY23 Domestic International (Nos '000) 106.4 83.6 22.3 14.1 58% GAR (Nos '000) 41.8 5.8 30.4 56% 3.7 69.5 ▲ 21% 84.1 26.7 ▲ 35% 36.0 Q4FY2022 Q4FY2023 ATMs increased 40% YoY in FY23 ■Domestic International (Nos '000) 415.8 81.7 296.2 41.6 96% 254.6 FY2022 Note: ATMs are passenger ATMs 31% 334.1 FY2023 Q4FY2022 Q4FY2023 ATMs increased 43% YoY in FY23 ■Domestic International (Nos '000) 156.7 21.7 109.6 11.2 95% 98.4 ▲ 37% 135.0 FY2022 FY2023 Humility I Entrepreneurship | Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 24 24#26Non-Aero Revenues Performance YoY - FY23 Delhi Airport INR 24.8 bn • Non-aero revenues Non-Aero Revenue Break-up Space Rentals 22% Cargo 13% Advt. 7% Retail (incl Duty Free) 28% F&B 9% Others 15% Ground Handling 6% GAR • Retail revenues 49% to INR 24.8bn 125% YoY to INR 6.9bn 。 Duty Free SPP at INR 985 in FY2023 vs INR 990 in FY22 Cargo revenues 1% YoY to INR 3.4bn Cargo vol. 3% YoY to 0.896 mn tons Advertisement revenues 75% YoY to INR 1.7bn ○ Site occupancy rate at 53% in FY23 vs 51% in FY22 Hyderabad Airport • Non-aero revenues ▲72% to INR 4.6 bn • Retail revenues 148% to INR 1.4bn 。 Duty Free SPP at INR 622 in FY23 vs INR 605 in FY22 • Car-Park revenue 99% to INR 933mn • Advertisement: Revenues 90% to INR 436mn 。 Occupancy at 49% in FY23 vs 47% in FY22 Non-Aero Revenue^ Break-up INR 4.6 bn F&B 17% Space Rentals 11% Advt. 9% Others 13% Car Park 20% Retail (incl Duty Free) 30% ^Cargo, Ground Handling and Fuel Farm is treated as Aero Revenues as per Tariff Order; Appealed in the TDSAT for treating CGF as Non-Aero Revenues Humility I Entrepreneurship I Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual 25#27Key Highlights - Q4FY23 GAR Bhogapuram Airport (Visakapatnam, Andhra Pradesh) Foundation stone laid by State Chief Minister on May 3, 2023 Tender process is on for selection of EPC contractor • R&R processes fully completed Pre-cursor to land handover process; joint survey of land is underway Financial closure is underway Nagpur Airport Supreme Court (SC) uphelds Bombay High Court's judgement granting of concession rights of Nagpur Airport to GMR Airport Review Petition was filed by MoCA¹ in SC challenging the SC order. However, the petition was dismissed by the SC in its order dated May 11, 2023 1 Ministry of Civil Aviation Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 26 26#28International Airports GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#29Key Highlights - Q4FY23 Medan Airport (Indonesia) Traffic 11% QoQ^; 76% YoY to 1.73 mn pax^; Started operating the Airport from July 7, 2022 • Revenue 29% QoQ to INR 1.1 bn . • . EBITDA 49% QoQ to INR 150 mn mainly due to increase in expenses on account of ramp up of operations Ministry of Transport (Indonesia) approved rise in Domestic PSC# by 27% and International PSC by 16% w.e.f August 1, 2022 18 domestic and 6 International destinations connected; ~75% of routes stopped during the pandemic has been restored Cebu Airport (Philippines - Operating as TSP@) Traffic 20% QoQ; A233% YoY to 1.87 mn pax • 27 domestic and 10 International destinations connected · GMR divested the stake in Cebu Airport in 2022 GMR will continue to operate as the TSP@ until December 2026 and will also be entitled to additional deferred consideration based on the subsequent performance of the airport during the period. KUALANAMU INTERNATIONAL AIRPORT GAR ^Full quarter considered for like-to-like comparison; # Passenger Service Charges; @Technical Service Provider Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 28#30Medan Airport - Operational & Financial Highlights (figures in INR mn) Reported INR mn Q3FY2023 Q4FY2023 FY2023 Revenues EBITDA 853 1,099 1,994 296 150 407 PAT (99) (100) (217) FY23 Passenger Traffic^ Domestic 14% International 86% 5.7 mn pax FY23 Revenues mix^ Aero 22% INR 2 bn Non-Aero 78% GAR Note: Financials are at 100% level; ^started operating the Airport from July 7, 2022 Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 29#31Key Highlights - Q4FY23 GAR Crete Airport (Greece) · Project is fully funded mainly through State Grant which is already received and Airport Modernisation & Development Tax. It is a debt free project Overall progress of 19.86% achieved as of March 31, 2023. Terminal building foundation works completed. Work progressing on multiple fronts - departure bridge, roads, water station building and police building etc Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 30 30#32ESG Practices GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#33ESG GAR • DIAL • • Environment DIAL became Asia Pacific's 1st Level 4+ (Transition) accredited airport and 2nd airport globally under Airport Council International's (ACI) Airport Carbon Accreditation program. Target is to achieve Net Zero by 2030. DIAL received ACI Asia-Pacific Green Airport Recognition 2023- Silver Level for Single-Use Plastic Elimination DIAL has received Wings India Environment & Sustainability Award 2022 & FICCI Water Award in 2022 DIAL has achieved LEED NC Gold and IGBC Platinum for Terminal 3 green building & Platinum Pre-Cert for Terminal 1 • DIAL achieved PEER Platinum as the first Airport globally • • • DIAL is the first airport in the world to achieve ISO 50001 for Energy Management System First airport in the country to run entirely on hydro and solar power from June'22 DIAL has 7.84 MW solar plant and has replaced >95% of its vehicle fleets by EVs DIAL is working on the objective of Water Positive by having rainwater harvesting and reservoir GHIAL • • • . • • GHIAL's terminal building is certified for "Leadership in Energy & Environmental Design" (LEED) "gold rating" by US Green Building Council GHIAL is accredited with Carbon Neutral Level 3+ certification successfully by ACI GHIAL has received ACI Asia-Pacific Green Airports Recognition 2023- Gold Level for the single use plastic control. GHIAL commissioned its Second Continuous Ambient Air Quality Monitoring Station (CAAQMS) GHIAL has aimed to become Net Zero Carbon (NZC) emission organisation by the year 2035 and developed the action plan accordingly. GHIAL has been sanctioned with the 100% Renewable Energy (RE) supply in place of non- RE power from the state electricity board i.e., TSSPDCL. GGIAL • • • GGIAL awarded Best Sustainable Greenfield Airport of the Year at ASSOCHAM'S 14th Civil Aviation Conference Awarded CIDC's 14th Vishwakarma Award's 2023 GGIAL certified for Platinum Level for New Building by IGBC • • • Social M CSR Spend (Q4FY23) - INR 61.81 mn Total beneficiaries - Over 25,000 CSR activities implemented in the thrust areas of Education, Health and Livelihoods • About 1500 youth were trained in different courses at the vocational training centers run by GMRV Foundation • • • Aviation Skill Development Center, Goa organized several recruitment drivers placing a total number of 677 people at the new Goa airport Supported 25 more people with push carts under SMILE (Supporting Marginalized Individuals with Livelihood and Empowerment) program at Delhi Distributed battery Lights and Weighing scales to 125 SMILE beneficiaries from Bawana & Shahbad in Delhi 16000 most deserving people reached out through Sankranthi food and clothes distribution program at Rajam Learning and Development ✓ 75 business/corporate trainings conducted in Q4FY23 ✓ 11,988 work hours of training provided covering 990 unique permanent employees in the Q4FY23. 21% male and 17% female employees have undergone at least one training in Q4 Governance Strict governance principles through guided values of the organization and all the secretarial compliances in place Internal audits, MAG audits keep processes very transparent • • Regular Board meetings conducted to keep Board updated on all aspects Periodic training of employees on the CoC guidelines • At GGIAL Rainwater Harvesting and Ground Water Recharge executed as per . Water Resources Department, Government of Goa Risk management framework and governance process, including SOPS around risk assessment and mitigation • 5 MW. Installed onsite solar power plants Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual Humility 32#34Key awards and achievements - Delhi Airport GAR WORLD AIRPORT SKY RAX AWARDS ACH AIRPORTS COUNCIL INTERNATIONAL SERVICE Conferred with "Best Airport in India and South Asia" in the World Airport Awards by Skytrax, for 5th year in a row. Retained its Global 4 Star Airport rating based on the Airport Quality Audit conducted by Skytrax in month of November 2022. Improved its ranking to 36th position from last years' 37th position; only Indian airport to feature on the prestigious list of Top 50 Airports across the world Awarded as the "Cleanest Airport in India and South Asia" for 3rd time in a row Ranked as the 9th busiest airport in the World for 2022, with an annual passenger handling capacity of 59.5 mn Recognized and awarded by ACI as the "Best Airport in Asia Pacific" by ACI-ASQ for 2022 along with the accolade on Cleanest Airport in the region ASQ score for Q4 FY23 maintained at 5.00 ------ Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 33 33#35Key awards and achievements - Hyderabad Airport GAR WORLD AIRPORT SKYTRAX AWARDS LACE AIRPORTS COUNCIL INTERNATIONAL Ranked 65th at the 2023 Skytrax World Airport Awards Best Regional Airport in India & South Asia • Best Airport Staff in India & South Asia Winner of the 2022 Airport Service Quality (ASQ) Award for Best Airport of 15 to 25 mn passengers category in Asia-Pacific Received ACI Asia-Pacific Green Airports Gold Recognition award 6th time in a row in 15 to 35 mn passengers category Recognized as most punctual airport in the world; recorded 90.43% On-Time Performance (OTP) for the month of March 2023 in 25 to 40 mn passengers category CIRIUM SERVICE ** ASQ score for Q4FY2023 maintained at 5.00 Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 34#36Summary GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#371 Poised for Breakout Growth as a Pure Airport Player Presence across most lucrative markets - India's aviation market expected to grow at an average of 7% p.a. till 20401 2 Mature tariff regime for aero revenue driving 'Sustainable Cash Flow Profile’ GAR 3 5 Return on capital to expand considerably with expansion capex having peaked paving way for FCFE generation at the operating asset level in the medium term. Goa achieved COD, Delhi and Hyderabad capex completion targeted for Q2FY24 Non-aero component driven by strong India consumption story - A play on India's demographics and consumer story; catering to ~27%² of international arrivals Substantial embedded growth in valuable real estate parcels of over 2,000 acres 6 Exploit Hub opportunities for GMR Airports 7 8 Proven track record of strategic partnerships with marquee names like Groupe ADP, Fraport and Malaysia Airports Strong capabilities to expand the geographical presence by winning new airports Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual Note: 1. Boeing projections, 2 CAPA 36#38GAR Thank You For further information, please visit Website: www.gmrgroup.in_or Contact: [email protected] GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#39GAR Annexures GAR Humility | Entrepreneurship | Teamwork and Relationships | Deliver the Promise I Learning and Inner Excellence | Social Responsibility I Respect for Individual#40Annexures No. A Particulars Profitability Statement (Consolidated) Financial Performance Delhi Airport (Standalone) Hyderabad Airport (Standalone) Mopa (Goa) Airport B C D GAR Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 39#41Annexure A : Profitability Statement (Consolidated) INR mn GAR Q4FY2022 Q3 FY2023 Q4FY2023 FY2022 FY2023 Gross Revenue 12,836 17,664 18,946 46,007 66,934 Less: Revenue Share 206 5,137 5,251 2,240 19,147 Net Revenue 12,630 12,527 13,695 43,767 47,787 Total Expenditure EBITDA EBITDA margin 7,289 7,227 11,105 22,741 30,549 5,342 5,300 2,590 21,026 17,238 42% 42% 19% 48% 36% Other Income 1,034 1,608 1,072 3,584 5,956 Interest & Finance Charges 5,278 5,912 6,734 20,187 23,431 Depreciation 2,598 2,671 3,016 8,894 10,424 PBT before exceptional items (1,501) (1,675) (6,087) (4,471) (10,662) Exceptional Income/(Expense) (631) 2,925 (382) PBT (2,132) 1,250 (6,469) (3,883) (8,353) (8,118) 2,543 Tax (423) 223 363 Profit after Tax (PAT) (1,709) 1,027 (6,831) (123) (8,230) 1,141 (9,259) Add: Share in Profit/ (Loss) of JVs / Associates 419 21 464 707 860 PAT from Continuing Operations (1,290) 1,048 (6,367) (7,523) (8,399) Add: Profit/ (Loss) from Discontinued Operations (3,791) Add: Other Comprehensive Income (OCI) (3,436) (578) 2,611 (4,561) (6,356) Total Comprehensive Income (4,725) 471 (3,756) Less: Minority Interest (MI) (1,871) (1,158) (652) Total Comprehensive Income (Post MI) (2,854) 1,628 (3,104) (15,874) (14,755) (3,606) (12,268) (10,162) (4,593) Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 40 40#42Annexure B : Delhi Airport (Standalone) INR mn Particulars Q4FY2022 Q3 FY2023 Q4FY2023 FY2022 FY2023 Aero Revenue 1,832 2,417 2,558 6,274 9,376 Non Aero Revenue 4,755 6,752 6,770 16,580 24,772 CPD Rentals 1,421 1,402 1,527 6,287 5,751 Gross Revenue 8,008 10,572 10,855 29,141 39,900 Less: Revenue Share 115 4,984 5,091 1,927 18,577 Net Revenue 7,893 5,588 5,764 27,214 21,323 Operating Expenditure 3,185 2,608 3,356 10,077 11,485 EBITDA 4,708 2,981 2,408 17,137 9,838 EBITDA margin 60% 53% 42% 63% 46% Other Income 490 643 676 1,433 2,643 Interest & Finance Charges 2,012 2,067 2,091 8,625 8,103 Depreciation 1,862 1,685 1,675 5,883 6,558 Exceptional Income/(Expense) (334) (467) (126) (3,784) (593) PBT 990 (596) (807) 278 (2,773) Tax 104 76 101 76 Profit after Tax (PAT) 885 (672) (807) 177 (2,849) Other Comprehensive Income (OCI) (1,786) 80 1,544 (1,990) (3,117) Total Income (Including OCI) (900) (592) 737 (1,813) (5,966) GAR Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 41#43Annexure C: Hyderabad Airport (Standalone) INR mn Q4FY2022 Q3 FY2023 Q4FY2023 FY2022 FY2023 Aero Revenue 1,190 2,058 2,113 4,054 7,852 Non Aero Revenue 741 1,222 1,390 2,683 4,610 Gross Revenue 1,931 3,280 3,504 6,737 12,462 Less: Revenue Share 86 145 152 303 544 Net Revenue 1,845 3,135 3,352 6,434 11,918 Operating Expenditure 1,252 1,732 2,780 4,220 6,716 EBITDA 593 1,403 571 2,213 5,202 EBITDA margin 32% 45% 17% 34% 44% Other Income 285 398 390 1,050 1,381 Interest & Finance Charges 634 919 1,065 2,585 3,402 Depreciation 554 706 742 2,199 2,600 Exceptional Income/(Expense) PBT (309) 176 (846) (1,521) 581 Tax 48 74 (270) (440) 251 Profit after Tax (PAT) (357) 102 (575) (1,081) 330 Other Comprehensive Income (OCI) (1,168) (156) 479 (1,714) (1,415) Total Income (Including OCI) (1,525) (55) (97) (2,795) (1,085) GAR Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 42#44Annexure D : Mopa (Goa) Airport INR mn Particulars Aero Revenue Q4FY2023 FY2023 211 212 Non Aero Revenue 56 56 Gross Revenue 268 268 Less: Revenue Share Net Revenue 268 268 Operating Expenditure 556 653 EBITDA (288) (385) EBITDA margin Other Income (10) 22 Interest & Finance Charges 561 646 Depreciation 329 473 PBT (1,188) (1,482) Tax (0) Profit after Tax (PAT) (1,188) (1,482) Other Comprehensive Income (OCI) (1) (1) Total Income (Including OCI) (1,190) (1,483) GAR Humility | Entrepreneurship I Teamwork and Relationships I Deliver the Promise I Learning and Inner Excellence I Social Responsibility I Respect for Individual 43