GMR Airports Infrastructure : Business Update (November 2023)

GMR Airports Infrastructure Ltd.

(formerly GMR Infrastructure Ltd.)

Investor Presentation

November 2023

DISCLAIMER

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1

Table of contents

1. Company overview & relative positioning
2. Industry overview
3. Business update
4. Growth strategy
5. Key financials
6. Partnership, leadership and ESG
7. Annexures

Page Nos.

4 - 9

10 - 14

15 - 19

20 - 28

29 - 33

34 - 37

39 - 47

2

Poised for breakout growth as a pure airport player

			Present across
	World's 2nd		most lucrative
	largest private		Asian markets -
	airport operator		Indian aviation
	and integrated		market
	airports		expected to
	platform with		grow avg of 7%
	wide ranging	p.a. till 20401
	capabilities and
	pan-Asian
	footprint	2
	1

Portfolio of
world class
airport assets		Multiple growth
acting as	and profitability
regional /	levers present
national hubs	for the next leg
with significant	of growth
potential to grow
traffic	4
3

5

Robust cash flow visibility at asset level on the back of long tail of the concessions as current capex cycle is almost complete

6

Experienced management team and proven track record of strategic partnerships with global majors

7

ESG focus remains at the core of the business framework - strong commitment to future sustainability

Notes: (1) Boeing projections.

3

Company overview & relative positioning

Leading global airports platform with end to end capabilities

across the airport value chain

One of the largest airports platform…

2nd Largest1 globally		#96
		No. of airport assets
Largest in India			under operations or
Private airport operator			various stages of
			development
~190 m			~1012 m
Operational capacity:
		Passengers handled
~108 m6
		across all gateway
Under development:
		airports
~80 m

"Best Airport" in

CY22

In Asia Pacific catering to 40mn+ pax (DIAL) Catering to 15mn - 25mn pax (GHIAL)

~2,520 acres4,6 Of land with strong real estate ("RE") development potential

27%5

share of passenger traffic in India in CY22

Integrated + End-to- end capabilities across the entire value chain (aero, non-aero,value added, O&M, Engg. etc.)

…with significant international experience

Global partnerships have helped develop capabilities across the value chain

Indonesia	Greece

Philippines

Maldives

Turkey

Middle East

Overview

• Early mover in Indonesia (Medan)when government started privatising local airports
• Amongst top two bidder in duty free for Bali but decided against taking up the concession

• 1st Indian operator in Europe
• Develop, operate and manage the upcoming airport in Crete

• 1st project under hybrid PPP model (Cebu)6
• Successfully completed the construction and handover of the terminal at the Clark airport

 Involved in the modernisation of the Ibrahim Nasir International Airport, Male

 One of the largest investments in Maldives

• GIL's 1st international airport project
• Lucrative 2.3x MoM7 exit in Dec'13
• In collaboration with Limak focused on development, financing, commercial strategy

• Recently won IT infra bid for Kuwait airport (operational readiness & transfer services)
• Provided testing support of specialised airport system equipment's in Muscat / Oman

Key partner

Government of Maldives

1. GMR Airports is the 2nd largest private airport operator in the world based on 2022 passengers; 2) Apr'22-Mar'23 data including DIAL, GHIAL, Goa, Medan, Cebu; Nagpur Airport traffic and capacity is not considered since it is currently handled by AAI 3) ACI: Airport Council International; 4) Includes DIAL (230 acres), GHIAL (1,500 acres), Goa (232 acres), Bhogapuram (294 acres), Nagpur (247 acres), Cebu (11 acres),Greece (~10 acres); 5) Only includes operational Indian airports in GMR Airports Infrastructure Ltd. (GIL) portfolio in CY22 - DIAL & GHIAL; 6) Includes Cebu - Business divested but will operate as the Technical Services Provider until Dec 2026; 7) Multiple of money

5

World's 2nd largest private airport operator…

No. of Assets3

Traffic Split by Geography2

Developed economies Emerging economies

2022 passengers

(m pax)

Geographic

presence3

Asset portfolio3

65
21%
79%
187
Europe, Asia and
Americas
65 airports in
12 countries

91

100%

904

Asia and Europe

9 airports in

4 countries

5
14%
86%
72
Europe and Latin
America
5 airports in
4 countries

4

100%

71

Europe

4 airports in United

Kingdom

12

100%

57

Latin America

12 airports in Latin

America

5

100%

45

Europe

5 airports in

2 countries

Presence across the most lucrative and fast growing aviation markets in the world

Long remaining concession period across the portfolio with ultimate capacity of 394m passengers, positions the business to capitalize on robust traffic growth outlook

Amongst few airport operators that have successfully penetrated emerging economies across Asia and EMEA

Source: Company information

Notes: (1) Includes Cebu - Business divested but will operate as the Technical Services Provider until Dec 2026. (2) Economy classification as per UN classification; Economy in transition considered as developed. (3) Asset portfolio as of 2023. (4) CY-2022 traffic for Delhi, Hyderabad, Cebu and Medan.

6

…India's largest and most experienced pure-play airports platform

GIL is India's only listed airport operator with an uniquely crafted story

Airport operating	Number of
experience	Indian Assets

FY2023	Private Operator	Proportion of	Number of
Passengers	Market Share	International	International
(m pax)	(%)5	pax (%)	Assets

International development experience

Greenfield development

experience

	15+ years	63	87.08	45.0%	21.9%9	36	Cebu6, Clark, Crete,	Hyderabad, Goa, Bhogapuram,
	Maldives, Istanbul7	Crete, Cebu6, Clark
	~3 years	7	74.4	38.5%	22.0%	0	-	Navi Mumbai

Anchorage

5+ years2

1

31.9

16.5%

11.9%

0

-

-

Marquee gateway

Strategic partnership

Operating

Long operating

Platform with

Best positioned

to

assets with

with a renowned

synergies arising

history allows

unique

benefit from

significant growth

global operator and

from network of

capitalizing on

international

pipeline of

and hub potential

a reputed financial

asset in India and

opportunities

experience of

privatization in the

investor driving

internationally

across the aviation

operations and

region

value creation

value-chain

development

With a market share of ~45%5,8 in India, GIL has demonstrated the scalability of the platform which has wide ranging capabilities

across the airport value chain, developed over years of experience

Source: Factset, company information, AAI, CAPA	5.	Airport operated by private players only; Excludes Cochin and Kannur
Note:		6.	Includes Cebu - Business divested but will operate as the Technical Services Provider until Dec 2026
1.	All numbers for 2022	7.	Istanbul's Sabiha Gökcen International Airport; Business divested
2.	Corresponds to Fairfax	8.	For GMR, includes Delhi , Hyderabad and Goa airports (Goa airport commenced full fledged domestic
3.	Including Nagpur		operations from January 5, 2023)
4.	Nagpur passenger numbers not consolidated as it is still operated by AAI	9.	Goa International operations started from July 21, 2023

7

Global portfolio of marquee assets

Faster ramp-up expected given old airports with existing traffic to be closed post COD of new airports

DIAL

GHIAL

MOPA

Medan

Mactan Cebu

Bidar

Nagpur

Bhogapuram

Crete

Airport / % GAL stake

(64%)

(74%)8

(100%)6

(49%)

(33.3%)5

(63%)1

(100%)2

(100%)

(21.6%)

Base city

Delhi

Hyderabad

Goa

Medan

Cebu

Bidar

Nagpur

Visakhapatnam

Kastelli

FY2023 Pax (mn)

65.3

21.0

n/a

5.8(3)

7.15.1

n/a

2.6

n/a

n/a

10 Years7 Pax CAGR

6.6%

9.7%

n/a

n/a

n/a

n/a

7.3%

n/a

n/a

10 Years7 Cargo CAGR

5.1%

5.9%

n/a

n/a

n/a

n/a

5.8%

n/a

n/a

Concession awarded

2006

2008

2016

2021

2014

2020

2018

2020

2017

year

Remaining life

43y

45y

55y

24y

17y

10y

n/a

38y

30y

(assuming renewal of

from COD

concession)

119

80

33

n/a

28

n/a

n/a

24

15

Max capacity (mpax)

230 acres

1,500 acres

232 acres

n/a

11 acres

n/a

n/a

294 acres

10 acres

Land available

19% gross revenue

FY35 domestic4 -

Upfront

INR303 / pax;

36.99%;

share + 2.5% of

% revenue sharing /

fees of

FY35 international4

-

45.99%

4.0%

2 year

aero revenue +

Cost plus

14.49%

n/a

concession fee

US$320m +

INR606 / pax;

moratorium US$207m over 8

VAT

10 year

Note

years

moratorium

1. Contracted by GHIAL

2. Supreme Court upholds Bombay High Court's judgement granting of concession rights of Nagpur Airport to GMR

3. Traffic for CY2022

4. Moratorium till FY35, FY35 base figures provided and inflation adjusted fee from FY36

5. Business has been divested with 6.67% already been transferred and the remaining 33.33% to be transferred by Oct 2024. GMR will continue to operate

Operational

Under development

Brownfield projects

as the Technical Services Provider until Dec 2026; 5.1 Traffic data from April 2022 to March 2023

6. To change basis equity conversion of NIIF's current investment which is in the form of CCDs and can be converted into equity of up to 49% stake

7.	FY13-FY23 CAGR	8
8.	Post acquisition of 11% stake from MAHB Group (per 25-Oct-23 press release)

Delhi airport (DIAL) was the 9th busiest airport in 2022

	100
	90
	80
	70
mn	60
in	50
Pax	40

30

20

10

0

Top 10 Busiest Airports

ATL	DFE	DEN	ORD	DXB	LAX	IST	LHR	DEL	CDG
1	2	3	4		5	6	7	8	9	10
					Pax - 2022	Pax - 2021

Delhi Airport moved up 4 ranks from 13th in 2021 to 9th in 2022 and given the pax growth coupled with the

expansion almost completed, should keep moving up the rank

Source: ACI World

9