Investor Presentaiton
Financial Projections: Scenario 1 (Base Case)
adani
Ports and
Logistics
NIS in millions
UOM
2022 2023*
2024
2025
2026
2027
2028
2029 2030
2031
2032
COMBINED (PORT + RE)
Revenue
NIS Mn
796
819
941
1,091
1,443
1,662
1,800
% growth
%
-6%
3%
15%
16%
32%
15%
8%
(-) Opex
NIS Mn
(588) (568)
(567)
(634)
(819)
(909) (956)
1,431 1,538 1,655
-21%(2)
(751) (805)
1,781
8%
8%
8%
(838)
(862)
EBITDA
NIS Mn
209
251
373
457
624
753
844
680
733
817
919
EBITDA margin
%
26%
31%
40%
42%
43%
45%
47%
48% 48%
49%
52%
(-) Depreciation
NIS Mn
(73)
(79)
(87)
(96)
(105)
(120)
(138)
(114)
(115)
(115) (116)
EBIT
NIS Mn
136
172
287
361
519
633
707
566
619
701
803
(-) Interest expense
NIS Mn
(5)
(11)
(12)
(13)
(14)
(+) Extraordinary items (1)
NIS Mn
2,416
(+) Other incomes
NIS Mn
37
82
79
75
71
67
50
4
4
Profit before taxes
NIS Mn
173
254
366
436
590
700
3,168
559
611
693
794
(-) Taxes
NIS Mn
(40)
(58)
(84)
(100)
(136)
(161)
(729)
(129) (140)
(159)
(183)
Profit after taxes
NIS Mn
133
345
282
336
454
539
2,440
431
470
533
611
(1) Indicates gains from sale of Real Estate business in 2028
(2) There is a dip seen in 2029 since the real estate business is assumed to be sold in 2028 and nos. from 2029 are only for port business. Port business has
grown by 7% in 2029
*Assuming 2023 is the first full year of operations
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