At Maple Highways, we aim to contribute to national development and enhancing regional connectivity. Through our portfolio of high-quality road assets, we deliver long-term value, fostering sustainable growth and supporting the country?s broader ambitions while ensuring implementation of the strongest corporate governance standards.

Dear Unitholders,

I am pleased to present our annual report for the financial year 2024-25. Reflecting on the past year, I am filled with joy to announce that our journey this year has been defined by purpose and a commitment to building to a smarter, safer and more sustainable future.

India?s construction sector is poised to become the third-largest market globally by CY 2025, driven by significant investments in roads, housing, industrial corridors and urban development. Among these, road infrastructure plays a crucial role, supporting over 85% of passenger tra_c and 60% of freight transportation nationwide. Thus, better roads mean faster connectivity, improved logistics and a more balanced and inclusive economic growth.

India?s road infrastructure sector continues to benefit from a highly supportive operating environment, with the National Highways Authority of India (NHAI) playing a pivotal role in expanding and upgrading the national highway network. In FY 2024–25, NHAI constructed 5,614 km of highways, surpassing its annual target of 5,150 km. Capital expenditure during the year reached a historic high, up 21% from FY 2023–24 and 45% higher than FY 2022–23, reflecting the sustained momentum behind infrastructure development. This record investment, supported by strong government support and NHAI?s internal funding, highlights the scale and seriousness of India?s push for improved connectivity, better roads long-term economic growth.

At Maple Highways, we aim to contribute to national development and enhancing regional connectivity. Through our portfolio of high-quality road assets, we deliver long-term value, fostering sustainable growth and supporting the country?s broader ambitions while ensuring implementation of the strongest corporate governance standards.

I am proud to share that FY 2024–25 marks our first year with zero occupational fatalities, across our entire network including both our employees and contractors working along our roads, toll plazas, and project sites. This milestone is especially meaningful considering the scale and complexity of work undertaken during the year. We carried out an extensive program of road improvements, involving a significant number of active work zones aimed at enhancing user safety and riding quality. That we achieved this record in such a high-risk environment is a testament to the e_ectiveness of our safety systems and the dedication of our field teams.

Our long-term growth strategy rests on acquisition of high-quality operational assets and bidding for NHAI Toll Operate Transfer (TOT) assets. Under the Asset Monetisation Plan FY26–30 launched by Government of India, H 3,500 Billion is the monetisation target for Highways.

This year our priority has been to protect EBITDA while strengthening our commitment to safety and sustainability. At the heart of our operations lies an unwavering commitment to safety - a core value that shapes every decision we make. I am proud to share that FY 2024–25 marks our first year with zero occupational fatalities, across our entire network including both our employees and contractors working along our roads, toll plazas, and project sites. This milestone is especially meaningful considering the scale and complexity of work undertaken during the year. We carried out an extensive program of road improvements, involving a significant number of active work zones aimed at enhancing user safety and riding quality. That we achieved this record in such a high-risk environment is a testament to the e_ectiveness of our safety systems and the dedication of our field teams. Recognising the need for a global benchmark in tra_c safety, we took a significant step forward by securing the ISO 39001 certification in Road Tra_c Safety Management Systems. This marks a substantial upgrade in how we manage incidents and respond to accidents bringing consistency, speed and precision to our safety operations.

Parallel to our safety e_orts, we have made steady progress in resource e_ciency and environmental stewardship. Our solar power infrastructure has been upgraded to generate 3.7 MW of electricity, reducing our reliance on conventional energy sources. Through the planting of over 398,000 trees, including dense Miyawaki forests, we are nurturing green lungs in and around urban corridors.

We strive to build a resilient, future-ready business grounded in strong asset management and long-term value creation. Through the use of intelligent technologies, data-driven maintenance and a commitment to quality, we continually enhance the roads we manage, transforming them into high-performing national assets. Looking ahead, we plan to anticipate evolving needs and deliver sustainable, impactful results.

I would like to extend my sincere thanks to my fellow directors, our investors, partners, our great management team and all the Maple employees for their continued trust, support and belief in our vision. Your encouragement and support have been instrumental at every stage of our journey, inspiring us to keep striving for excellence in all that we do. Together, we look forward to building a more connected and sustainable future.

Thanking You,