ADANI GROUP CHAIRMAN GAUTAM ADANI ADDRESSES ANNUAL GENERAL MEETING 2026

Welcome to the 34th annual general meeting of Adani Enterprises. There are years that become defining, proving the strength of conviction and resilience. FY 2025-26 was such a year for our group, marked by global fractures and complexity, yet we remained anchored in the belief that India's future cannot wait. While others debated, we built, advancing as the world's most integrated infrastructure platform. This progress came amidst extraordinary scrutiny, but we did not bend or pause. We are defined by our response and purpose, not by criticism. For example, our ₹25,000 crore rights issue earlier this year was a referendum on credibility, and shareholders responded with conviction, providing a mandate to keep building India. The theme of my address is accelerating infrastructure, leveraging intelligence. These are twin engines shaping India's strength and sovereignty. Infrastructure gives muscle, intelligence gives mastery, and they are inseparable. We are among the few global companies prepared for the future, positioning for geopolitical shifts and technological sovereignty. Our strength lies in connecting infrastructure pieces from mining to data centers. In FY 25-26, we made a record capital investment of over ₹1.5 lakh crore, over 30% of India's new private sector capex. This is a statement of belief in nation building. Key achievements include: Adani Energy Solutions' transmission order book rose to ₹72,000 crore, with HVDC capability. Adani Power is implementing India's largest private power capex program of over ₹2 lakh crore to reach 45 GW in 5 years. Partnerships include 5,000 MW hydro projects in Bhutan and entry into nuclear energy with a 10 GW target by 2035. Adani Total Gas crossed 1.1 million piped natural gas connections. Adani Ports handled over 500 million tons of cargo, aiming for 1 billion tons by 2030, with Vizhinjam port reaching 1 million TEUs in its first year. Airports: Navi Mumbai International Airport and Guwahati's new terminal were inaugurated by the Prime Minister, with both listed among the world's seven most beautiful airports. Digital infrastructure: data center business targeting 3 GW by 2030, with partnerships with Google, Microsoft, Uber, and Flipkart. Mining services capacity increased to 145 million tons per annum. Adani Cement capacity expanded to 110 million tons per annum. Defense and aerospace: partnerships with Leonardo and Embraer for helicopter and aircraft manufacturing, supporting operations with drones and missiles. Financial performance: Consolidated portfolio revenue stood at ₹2.92 lakh crore, up 7.4% YoY, EBITDA at ₹94,834 crores with net debt to EBITDA at 3.3x, and profit after tax rose 13.9% to ₹46,376 crores. Organizational changes: Simplifying work structure, building deeper partnerships with contractors, and placing worker dignity at the heart of transformations for nearly 4 lakh people, ensuring clean conditions, fair wages, and medical support. Adani Foundations reach about 10 million people across 7,000 villages, with initiatives in healthcare, skill development, and education. For example, rural vision care models in Bihar and Adani Health Cities in Ahmedabad and Mumbai. To shareholders, employees, partners, families, and India, I express gratitude for trust and resilience. We built when it was hardest to build and believed when it was hardest to believe. Together, we stand ready to build, serve, and shape India's future. With dreams of the horizon and trust in the earth, every morning of India creates history, the capital of dreams, the union of resolutions, together we will forge a strong Hindustan.