Maple Infrastructure Trust announced significant board decisions on February 23, 2026, including key leadership appointments and approval of a major ownership restructuring transaction. The board meeting of the Investment Manager was held to address critical governance and strategic matters affecting the trust.

Leadership Appointment

The board approved the appointment of Ms. Deepika Periwal as Chief Financial Officer and Key Managerial Personnel of the Investment Manager, effective February 23, 2026. The appointment was made based on recommendations from both the Nomination and Remuneration Committee and Audit Committee.

Change in Control Transaction

The board approved a significant ownership restructuring involving the Investment Manager. This transaction continues from the share purchase agreement disclosed on December 25, 2025, for the proposed sale of 42.5% equity share capital of the Investment Manager.

Regulatory Approvals and Next Steps

The change in control transaction requires multiple approvals before completion. The board has approved postal ballot notices to seek unitholder approval for the transaction and other related matters.

Required approvals include:

• Unitholders of the Trust approval
• SEBI approval
• Other applicable regulatory approvals
• Third-party approvals

The postal ballot will also seek unitholder approval for revision in remuneration of M/s. S. R. Batliboi & Co. LLP, Chartered Accountants (Firm Registration No. 301003E/E300005), who serve as Statutory Auditors of the Trust.

Meeting Details and Compliance

The board meeting was conducted efficiently, commencing at 12:30 P.M. and concluding at 12:45 P.M. on February 23, 2026. In accordance with SEBI InvIT Regulations, specifically Regulation 9(17) read with Regulation 22(2)(e), Axis Trustee Services Limited, as Trustee of the Trust, will obtain requisite approvals and handle all activities pertaining to the change in control of the Investment Manager.

The decisions align with applicable provisions of Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, and SEBI Master Circular for Infrastructure Investment Trusts dated July 11, 2025.

Maple Infrastructure Trust announced its quarterly results for the quarter ended December 31, 2025, with the board of directors meeting held on February 11, 2026. The infrastructure investment trust reported significant operational and financial developments during the third quarter of fiscal year 2026.

Financial Performance Overview

The trust demonstrated strong revenue growth across both standalone and consolidated operations during Q3FY26.

Standalone Financial Results

For the nine-month period ended December 31, 2025, standalone revenue from operations reached ₹3,889.33 million compared to ₹3,221.08 million in the corresponding period of the previous year.

Consolidated Financial Results

The consolidated results show substantial revenue growth, though the trust reported higher losses due to increased operational expenses and finance costs from the expanded asset base.

Major Acquisitions Completed

During the quarter, Maple Infrastructure Trust completed significant acquisitions that expanded its highway portfolio. The trust acquired 100% equity stakes in five highway projects through Share Purchase Agreements dated October 30, 2024, with amendments on October 9, 2025, and November 24, 2025.

Acquisition Details

All five entities became wholly-owned subsidiaries of the trust effective November 26, 2025. The acquisitions were accounted for as asset acquisitions rather than business combinations under Indian Accounting Standards.

Board Decisions and Corporate Governance

The board meeting held on February 11, 2026, addressed several key governance matters:

• Financial Results Approval: The board approved unaudited standalone and consolidated financial information for Q3FY26 and nine months ended December 31, 2025
• Director Re-appointment: Approved re-appointment of Ms. Seema Gupta (DIN: 06636330) as Independent Director for a second five-year term starting March 31, 2026, subject to member approval
• Audit Reports: Took on record the Limited Review Report issued by statutory auditors
• Compliance Review: Reviewed statement of deviations for the quarter ended December 31, 2025

Distribution History

The trust maintained its distribution track record with payments made during the fiscal year:

No distribution was declared for the quarter ended December 31, 2025.

Financial Ratios and Key Metrics

The consolidated financial metrics as of December 31, 2025, reflect the impact of recent acquisitions:

The trust's net worth increased to ₹45,152.42 million as of December 31, 2025, compared to ₹30,533.46 million in the previous year, primarily due to the expanded asset portfolio.

Operational Developments

The trust continues to address ongoing matters related to its subsidiary Shree Jagannath Expressways Private Limited, where conciliation proceedings with NHAI regarding project completion certificates are pending through a sole conciliator appointed during the period.

Additionally, the trust secured additional funding facilities of up to ₹37,500.00 million through a Rupee Term Loan Agreement signed on September 1, 2025, with National Bank for Financing Infrastructure and Development and Axis Bank Limited for refinancing and onward lending purposes.