NEXUS SELECT TRUST/Earnings transcript

May 13, 2025

Earning Call Transcript Q4 FY25 vf

Issuer IR

NEXUS SELECT TRUST · Q4 2025

Nexus Select Trust

Q4 FY25 & FY25 Earnings Update

May 13, 2025

DISCLAIMER

This presentation is issued by Nexus Select Mall Management Private Limited (the “Manager”) in its capacity as the Manager of the Nexus Select Trust, for general information purposes only, without regards to the specific objectives, financial situation or requirements of any particular person. This presentation may not be copied, published, distributed or transmitted, in whole or in part, for any purpose, and should not be construed as legal, tax, investment or other advice.

This presentation does not constitute a prospectus, placement document, offering circular or offering memorandum and is not an offer or invitation or recommendation or solicitation or inducement to buy or sell any units or other securities including any units or other securities of: (i) the Nexus Select Trust, its Holdcos, SPVs and/or investment entity; or (ii) its Sponsors or any of the subsidiaries of the Sponsor or any member of the Sponsor Group; or (iii) the Manager; or (iv) the Trustee, nor shall part, or all, of this presentation form the basis of, or be relied on, in connection with, any contractor investment decision in relation to any securities.

Unless otherwise stated, the information contained here in is based on management information and estimates. The information contained here in is only current as of the date specified herein, has not been independently verified and may be subject to change without notice, including based on the impact of Covid on us, our occupiers and the Indian and global economies. Please note that past performance is not indicative of future results. Please note that the recipient will not be updated in the event the information becomes stale. The

Manager assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events, or otherwise.

The Manager, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of the content including any information or opinions contained herein. Any opinions expressed in this presentation or the contents of this presentation are subject to change without notice. Neither the delivery of this presentation nor any further discussions of the Manager with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Nexus Select Trust since the date of this presentation.

This presentation also contains forward-looking statements based on the currently held beliefs, opinions and assumptions of the Manager. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Nexus Select Trust or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, including the impact of Covid on us, our occupiers and the Indian and global economies, recipients of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Manager disclaims any obligation to update these forward-looking statements to reflect future events or developments or the impact of events which cannot currently be ascertained, such as Covid. In addition to statements which are forward looking by reason of context, the words ‘may’, ‘will’, ‘should’, ‘expects’, ‘plans’, ‘intends’,

‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continue’ and similar expressions identify forward-looking statements. There can be no assurance that Nexus Select Trust will enter into any definitive arrangements for any of the acquisition deals in pipeline.

Certain information (including any guidance and proforma information) presented here in is based on management information, assumptions and estimates and is not audited or reviewed by an auditor or based on GAAP, IndAS or any other internationally accepted accounting principles. The reader should not consider such items as an alternative to the historical financial results or other indicators of the Nexus Select Trust profit, cashflows or distribution based on any GAAP. Actual results may be materially different from the expectations expressed or implied by this information, and there can be no assurance that the expectations reflected in this information will prove to be correct.

By reading this presentation the recipient acknowledges that the recipient will be solely responsible for its own investigation, assessment and analysis of the market and the market position of the Nexus Select Trust and that the recipient will conduct its own analysis and be solely responsible for forming its own view of the potential future performance of the business of the Nexus Select Trust. This presentation may not be all inclusive and may not contain all of the information that the recipient considers material. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any persons in possession of this presentation should inform themselves about and observe any such restrictions.

None of the Nexus Select Trust, the Manager, the Sponsor, the Sponsor Group or the Trustee or any of their respective affiliates, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this presentation. Furthermore, no person is authorized to give any information or make any representation which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having being authorized by or on behalf of the Nexus Select Trust, its Holdcos, SPVs and investment entity or the Manager. Investors are advised to consult their investment advisor before making an investment decision. This information should not be used or considered as financial or investment advice, recommendation or an offer for sale or a solicitation of any offer to buy any units or other securities of the Nexus Select Trust. This presentation and any of its contents do not provide for and should not be construed as any assurance or guarantee of returns or distribution to investors or the trading price of the units.

THIS PRESENTATION DOES NOT CONSTITUTE OR FORM ANY PART OF ANY OFFER, INVITATION OR RECOMMENDATION TO PURCHASE OR SUBSCRIBE FOR ANY UNITS OR OTHER SECURITIES IN

INDIA, THE UNITED STATES OR ELSEWHERE

1 1

TABLE OF CONTENTS

I. Key Highlights 3

II. Retail Update 9

III. Marketing and Operations Update 12

IV. Hospitality & Office 16

V. Financial Update 18

VI. Sustainability Initiatives 23

VII. Appendix 27

2 2

(I). KEY

HIGHLIGHTS

Nexus Hyderabad, Hyderabad

KEY HIGHLIGHTS (Q4 FY25)

RETAIL NOI GROWTH LEASING FINANCING

Achieved 8% YoY Retail NOI growth; Maintained leased occupancy of 97%+ for Refinanced INR 3,500 M at debt cost of 7.54%

6% LFL Retail NOI growth continuously 8 quarters since listing (vs 7.71% earlier debt cost)

(Amount in INR M)

0.27M sf 0.25M sf

3,984 Leased Re-leasing 7.71%

3,687 7.54%

97.2% 96.6%

Leased Occupancy Trading Occupancy

Q4 FY24 Q4 FY25 Pre-financing Post-financing

NEXUS VEGA CITY ACQUISITION ACQUISITION PIPELINE UNIT PERFORMANCE

Closed Acquisition of Nexus Vega City Delivered robust returns to unitholders

Robust pipeline of 10+ assets across 8 states in Feb’25; asset integration progressing well since listing in May’23

0.45M sf 97.1% Top-up diligence underway 44% ~2x

Gross Leasable Area Leasing Occupancy South India Acquisition Total return to Increase in

Unitholders(1) Unitholders

▪ Asset witnessed positive turnaround in tenant sales

10+ 8 INR 23.4 Bn growth (vs declining tenant

Potential Assets States NDCF Distributed Since Listing sales growth pre-acquisition)

Pipeline

(1) Source: Bloomberg. Period starting from listing date (19th May’23) to 31st Mar’25.

4 4

CONSUMPTION GROWTH (Q4 FY25)

Overall consumption grew by 6.0% YoY in Q4 FY25 led by

Jewellery, Beauty & Personal Care and Electronics

Mar’25 witnessed robust tenant sales growth of 9.6%

Consumption

(Amount in INR Bn)

10.4

29.4

9.5

27.8

Q4 FY24 Q4 FY25 Mar'24 Mar'25

3.3% YoY LFL Consumption growth 5.0% YoY LFL Consumption growth

Notes

Above numbers are indicative unaudited numbers. LFL consumption numbers excludes Nexus Vega City consumption.

5

CONSOLIDATED FINANCIAL PERFORMANCE (Q4 FY25)

Witnessed growth in NOI by 7% YoY with 77% NOI margin

INR 5,803 M INR 4,469 M INR 4,309 M

Revenue from Operations NOI EBITDA

7%

INR 2.000 100%

YoY NOI Growth

Distribution per unit NDCF Payout Ratio

(5% YoY LFL NOI Growth)

6

MBD COMPLEX ACQUISITION OVERVIEW

Completed acquisition of MBD complex, Ludhiana on 7th

May’25 at an attractive basis, fully financed via maiden issuance of sustainability–linked bonds at 7.2%

Key Stats

Key Tenants

(1) Includes INR 490 cr of Purchase Consideration, INR 10 cr of stamp duty, and balance towards planned capex & closing costs.

(2) Based on purchase consideration (incl. Stamp duty) and GAV as per independent valuation.

(3) Based on management estimates. 7

O p e r a t io n a l M e t r ic s

M B D M a ll

L e a s a b le A r e a

In -p la c e O c c u p a n c y (% )

In -p la c e R e n t

A v g . M o n t h ly T e n a n t S a

W A L E (Y e a r s )

R a d is s o n H o t e l

K e y s

F Y 2 5 O c c u p a n c y (% )

F Y 2 5 A R R

A c q u is it io n M e t r ic s

(1) T E V

(2) D is c o u n t t o G A V (% )

(3) In c r e m e n t a l N D C F

F Y 2 6 S t a b iliz e d R e t a il N

(3) F Y 2 6 H o t e l E B IT D A

Im p lie d R e t a il C a p R a t e

Im p lie d H o t e l E B IT D A M le s

(3) O I

(% ) u lt ip le (x )

0 .3 M s f

9 5 %

IN R 1 1 4 p s f p m

A p p r o x . IN R 2 0 c

5 .1

9 6

6 4 .4 %

IN R 6 ,8 5 0 p e r k e

IN R 5 3 1 c r

A p p r o x . 1 4 %

A p p r o x . IN R 1 2 c

IN R 3 7 .0 c r

IN R 1 2 .5 c r

9 .7 %

1 2 .1 x r y r

MBD Complex, Ludhiana

FY26 GUIDANCE

FY26 NOI guidance of INR 19.4-19.6 Bn and Distribution guidance of INR 9.1-9.2 per unit, implying a c.15% NOI growth and c.10% DPU growth YoY

NET OPERATING INCOME DISTRIBUTION PER UNIT

INR 19.4 - 19.6 Bn(1) INR 9.10 - 9.20 p.u.(1)

Approx. 15% YoY growth Approx. 10% YoY growth

FY26

Guidance

LEASING OCCUPANCY RE-LEASING SPREADS

20%+

98%+

Projected MTM Potential on

Retail leasing occupancy leases expiring in FY 2026

(1) Guidance for FY26 is based on our current view of existing market conditions and certain key assumptions for the year ending March 31, 2026 and may change depending on the evolving situation in the country. The guidance includes impact of acquisition of Nexus Vega City mall and MBD complex acquisition. The guidance doesn’t include any impact of proposed acquisition of malls in South India.

Guidance is not reviewed or audited or based on GAAP, Ind AS or any other internationally accepted accounting principles and should not be considered as an alternative to the historical financial 8 results or other indicators of Nexus Select Trust financial performance based on any Ind AS or any GAAP. There can be no assurance that actual amounts will not be materially higher or lower than these projections. In particular, there are significant risks and uncertainties related to the scope, severity and duration of the global macro-economic conditions and the direct and indirect economic affects of the same on the Nexus Select Trust, our assets and on our tenants.

(II). RETAIL

UPDATE

Nexus Select Citywalk, Delhi

ROBUST LEASING

Re-leased 1.0M sf at healthy spreads in FY25; robust pipeline of domestic and international brands

FY25 Updates New Brands Introduced in FY25

97.2% 96.6%

Leased Occupancy Trading Occupancy

Foot Locker Nespresso

1.1M sf 800+

Leased Total Deals

1.0M sf 20%+

Re-leased Re-leasing Spread(1)

Prada Beauty YSL Beaute

(1) Computed based on mark-up in rental achieved on the Minimum Guaranteed Rental by re-leasing during the relevant period.

10

DEMONSTRATED MARK-TO-MARKET GROWTH

With over 50% of gross rentals expiring in the next 4 years with 20% MTM upside, we have a clear path for strong organic growth

Leasing Area Expiring

(M sf) (M sf)

1.7

1.2

1.2M sf Average

1.2 1.2 1.1 1.1

1.0M sf Average

1.1

1.0

0.1 New Leasing

0.3

Re-leased 0.7

0.6 0.5 before expiry

0.2 (Strategic churn)

0.6 Re-leased

0.5 on expiry

FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29

Re-leased Gross Rentals

0.7 0.3 0.9 1.3 0.8 1.0 9% 13% 16% 14%

(M sf) Expiring (%)

Avg. MTM

Releasing Approximately 20%

Average 20% Potential (%)

Spread (%)

11

(III). MARKETING

AND OPERATIONS

UPDATE

12

Nexus Hyderabad, Hyderabad

PRINT ADs AND DIGITAL CAMPAIGN

1,000+ Print ADs and Digital Campaign with a total reach of

750M+ eye-balls in FY25

13 13

CAPEX UPGRADE – NEXUS SELECT CITYWALK

Redesigned the entrance of Nexus Select Citywalk with the development of Select Citywalk Plaza, now a hub for events, concerts, flea markets, etc.

Developed Select Citywalk Plaza

14 14

NEXUS ONE APP

The Nexus One app continues to be amongst the best shopping mall apps in India with lifetime bill uploads of INR 10 bn+

App Launched Tenant Sales

(Number of Malls) (Amount in INR Bn)

~2.0x ~3.0x

15 8.0

8

2.7

Mar-24 Mar-25 FY24 FY25

App Sign-ups App Downloads

(Numbers in ‘000s) (Numbers in ‘000s)

~3.0x ~2.3x

533

500

230

165

Mar-24 Mar-25 Mar-24 Mar-25

15 15

(IV). HOSPITALITY

& OFFICE

Hyatt Regency, Chandigarh

HOSPITALITY AND OFFICE SNAPSHOT (Q4 FY25) (9% of GAV)(1)

Robust performance witnessed in Hospitality portfolio; sequential ramp-up of occupancy witnessed in office portfolio

HOSPITALITY (354 Keys / 2 Assets) OFFICE (1.3M sf / 3 Assets)

Hyatt Regency, Chandigarh Westend Offices, Pune

74% INR 10,370 85% 2.9 Years

Occupancy ADR Occupancy WALE

INR 381 M INR 174 M INR 305 M INR 241 M

Revenue from Operations EBITDA Revenue from Operations NOI

12% YoY Growth 16% YoY Growth 3% YoY Growth 5% YoY Growth

(1) Based on Mar’25 independent valuation.

17 17

(V). FINANCIAL

UPDATE

Nexus Vijaya, Chennai

NDCF WALKDOWN

Declared distribution of INR 3,030 M / INR 2.000 per unit for

Q4 FY25; approx. 70% tax-free at time of distribution

(INR M)

Particulars Q4 FY25 FY25

(1) (1)

Revenue from Operations 5,838 22,930

N

O

Direct Operating Expenses (1,248) (5,329) I

Property Taxes and Insurance (121) (491)

Net Operating Income 4,469 17,110

Other Income 313 1,122

Indirect Operating Expenses (523) (1,709)

D

EBITDA 4,259 (2) 16,523 (2) is t r ib

Working Capital Adjustments (100) 887 u t io

Cash Taxes (76) (648) n

External Debt (Interest and Principal) (308) (1,397)

Other Non-Cash Adjustments (142) (671)

Distribution from Treasure Island 62 308

REIT Level Debt (Interest and Principal) (692) (2,293)

Other Inflows/ (Outflows) at REIT Level 28 (56)

NDCF 3,031 12,654

Distribution 3,030 12,650

(1) Post adjustment for inter-company elimination, revenue from operation would be INR 5,803 M for Q4 FY25 and INR 22,829 M for FY25.

(2) Post adjustment for trust level income and expenses, EBITDA would be INR 4,309 M for Q4 FY25 and INR 16,688 M for FY25.

19 19

DISTRIBUTION SUMMARY

Distributed INR 12,650 M / INR 8.350 per unit in FY25; representing ~100% payout ratio of NDCF

Distribution Highlights Distribution Mix (FY25)

Particulars Q4 FY25 FY25

Other Income

Distribution Period 1st Jan’25 to 31st Mar’25 1st Apr’24 to 31st Mar’25 Amortization of 1%

SPV Debt

13%

Distribution Amount (M) INR 3,030 INR 12,650

Outstanding Units (M) 1,515 1,515

INR 12,650 M

Distribution Per Unit (DPU) INR 2.000 INR 8.350

Announcement Date May 13, 2025 - Interest

29%

Dividend

Record Date May 16, 2025 -

57%

On or before

Payment Date - 71% of NDCF is tax-free at time

May 23, 2025 of distribution

20 20

ACTIVE DEBT MANAGEMENT

Active debt management has resulted in ~50bps decrease in average debt cost since listing

Debt Maturity Profile

INR 44 Bn

(Amount in INR M) REIT level debt SPV level debt

Net Debt(1)

5

34

2

2

16%

3 5

LTV(1)(2)

2

1 124

2 2 2 2 3

AAA / Stable Average Debt Cost (%)

4

CRISIL / ICRA Rating

3 3

2

1

1

~$1 Bn

Reduced debt cost by

Proforma Debt Headroom ~50 bps since listing

At t n 1 24 2 24 3 24 4 24 1 25 2 25 3 25 4 25

(1) Excluding restricted cash.

(2) Computed basis GAV as per Mar’25 independent valuation.

21 21

DEBT PROFILE

Diversified debt composition with 56% floating debt and 44% fixed debt

REIT/ SPV Debt Composition Fixed/ Floating Debt Composition

REIT Level Debt

66%

Floating Debt

(v 53 Mar’24)

56%

(v 4 Mar’24)

Gross Debt SPV Level Debt Gross Debt

INR 53 Bn 34% INR 53 Bn

(v 4 Mar’24)

Fixed Debt

44%

(v 2 Mar’24)

3.1x 4.1x

7.9%

Gross Debt Interest Coverage

Average Debt Cost

To EBITDA(1) Ratio(1)

(1) Computed basis adjusted FY25 EBITDA. EBITDA adjusted to give annualized effect of Nexus Vega City.

22 22

(VI). SUSTAINABILITY

INITIATIVES

4.2MW Hybrid Park, Rajkot

FOCUSED ESG INITIATIVES

Our sustainability initiatives are designed to bring positive impact to stakeholders, community and the environment

Committed to achieve “Net Carbon Neutrality” for Scope 1 & Scope 2 emissions by 2030

100%

55MW + 2nd in Asia Amongst

Green Building Lake Rejuvenation

Renewable Energy Listed Retail Peers

Certified

(DC)

~43% Renewable Energy All Malls received green Received 5-Star rating in Adopted 12 lakes and

Consumption in the building certification by GRESB assessment 2024 rejuvenated 8 lakes in

Portfolio(1) IGBC / GRIHA with 92 score (vs 86 in India as part of “Lakes of

(Generated 40M RE units in 2023) Happyness” initiative

FY25)

Note

Above data excludes Nexus Vega City and MBD Complex.

(1) Consumption in common area and HVAC for FY25.

24 24

KEY SUSTAINABILITY HIGHLIGHTS (FY25)

RENEWABLE ENERGY CONSUMPTION DIVERSE WORKFORCE

~43% of the energy consumption across our KEY SUSTAINABLE HIGHLIGHTS ~30% of the workforce represents women assets is powered by renewable sources employees, defense personnel, PWDs, etc.

100% 98% ~26% 2%

43%

Green Building Waste Diverted Women Workforce – People

38%

Certified from Landfill Representation with Disabilities

15 Malls 625k+ kl 2%

Achieved Zero Waste-Water Workforce – Ex-servicemen,

Liquid Discharge Recycled and their kin

FY24 FY25

DECARBONIZATION BEE CERTIFICATION

SIGNATORIES TO KEY GLOBAL

Invested INR 420 M in Energy Received energy efficiency

ALLIANCES

Efficiency and HVAC upgrades certification for 8 malls

INR 420 M ~INR 85 M

Capex Expected Annual

Savings

13,000+ Mwh

~9,000 tonnes

Annual Energy Carbon Emissions

Savings Averted

25 25

SOCIAL INITIATIVES

Nexus Select Trust social initiatives strives to bring positive and meaningful change to the community

Promoting Indian Arts

Happyness for Her Student Scholarships and Artisans

▪ Covered 100k+ women ▪ Continue to fund over ▪ Promoting Indian under this initiative & 1000 children handicraft and Artisans distributed 800k+

▪ Identify 10 ▪ Creating local job sanitary napkins till date underprivileged students opportunities

▪ Targets and sponsor their

▪ Promoting sustainable education, collaborate

• Cover 300k women by products with reputed colleges for

2030 retail excellence ▪ Develop community

• Setup 2 sanitary executive program awareness towards napkin production Indian handicrafts and centres artisans

26 26

(VII). APPENDIX

Nexus Whitefield, Bengaluru

PORT O IO OVERVIEW (MAR’25)

India’s first retail REIT and leading Grade-A Consumption centre platform

18 10.4M sf

Consumption Centres Retail Portfolio

Across 14 Cities

Amritsar 97.2% ~3,000

Chandigarh Leased Retail Stores with

Delhi

Occupancy(1) 1,000+ Brands

Udaipur

12% ~130 M

Ahmedabad

Indore

FY25 FY25 Footfalls

Rent to Sales

Bhubaneswar

Navi Mumbai

Hyderabad

Pune INR 1,642 psf pm 4.9 Years

FY25 Retail Portfolio

Trading Density WALE

Mangaluru Bengaluru

Chennai

Mysuru

INR 152 p.u. 16%

NAV(2) LTV(3)

Note

All above numbers are excluding MBD complex which was acquired on 7th May’25.

(1) Represents data for consumption centres only.

(2) As of Mar’25. 28

(3) Computed basis GAV as per Mar’25 independent valuation and cash and bank balances (excluding restricted cash) as on March 31, 2025.

KEY HIGHLIGHTS (FY25)

▪ Leased 1.1M sf in FY25 including 1.0M sf renewal at 20%+ spread across 800+ deals

Active Lease

▪ Improved trading occupancy by 100 bps YoY to 96.6%

Management

▪ Increase in-place rental by 5.5% YoY to INR 134 psf pm

▪ Raised and re-financed INR 13,500 million during the year leading to debt cost reduction by 20bps to 7.9%

Capital

▪ Gross Asset Value on LFL basis increased by 5% in FY25 owing to pro-active asset

Management and capital management

▪ Low LTV of 16% providing a proforma debt headroom of $1 billion for future inorganic growth

▪ Overall NOI grew by 6% YoY to INR 17.1 billion

Financial

• Pro-active leasing & cost efficiency measures led to 6% YoY Retail NOI growth

Performance

▪ Distributed INR 12,650 million / INR 8.350 per unit in FY25; 71% tax-free at time of distribution

▪ Completed acquisition of Nexus Vega City in Feb’25 at an attractive basis; integration progressing well

Acquisition ▪ Completed acquisition of MBD Complex in May’25 and strengthened our presence in North India

▪ South India Acquisition: Top-up due diligence underway

29 29

RETAIL FINANCIAL PERFORMANCE (Q4 FY25) (91% of GAV)(1)

Resilient financial performance in retail portfolio with 8% YoY

NOI growth

INR 5,114 M 8%

INR 3,984 M

Retail Revenue from YoY Retail NOI Growth

Retail NOI

Operations (6% YoY LFL NOI Growth)

(1) Based on Mar’25 independent valuation.

30

KEY ASSET SUMMARY

31 31

P a r t ic u la r s

O p e r a t io n a l M e t r ic s

L e a s a b le A r e a ( M s f )

L e a s in g O c c u p a n c y ( % )

T r a d in g O c c u p a n c y ( % )

In - p la c e R e n t ( IN R p s f p m

Q 4 F Y 2 5 T e n a n t S a le s ( IN

Y o Y G r o w t h ( % )

A r e a E x p ir in g ( '0 0 0 s f )

F Y 2 6

F Y 2 7

F Y 2 8

F Y 2 9

)

R M )

N e x

C u s S it y w

0 . 5

9 9 %

9 8 %

4 6 2

4 , 0 1

1 %

7

7 0

3 1

6 7 e a

3 le lk c t N e x u s

E la n t e

1 . 3

9 8 %

9 6 %

1 8 0

4 , 1 7 9

3 %

1 1 9

1 0 1

2 1 9

2 1 2

S e

N e x u s a w o o d

1 . 0

9 9 %

9 7 %

1 4 0

3 , 0 9 7

6 %

7 1

1 2 0

9 4

7 9 s

A h

N e x u s m e d a b

O n e

0 . 9

9 8 %

9 8 %

1 2 2

2 , 1 3 6

1 %

7 6

1 1 8

1 2 3

9 6 a d

H y

N e x u s d e r a b

0 . 8

9 9 %

9 8 %

1 1 5

2 , 4 8 8

( 9 % )

7 2

1 5 7

8 9

5 5 a d

N e x u

V ij a y

0 . 7

9 9 %

9 9 %

1 0 4

1 , 9 8

6 %

5 9

1 0

7 1

1 9 9 s a

2

S h a

N e x u s n t in ik e t

0 . 6

9 8 %

9 8 %

9 9

1 , 8 1 9

3 %

2 9

2

8 4

6 8 a n

RETAIL SUPPLY, ABSORPTION AND VACANCY TRENDS

Robust demand for Grade-A assets expected to reduce vacancy(1) by 110 bps to 6.0% by 2026

Grade-A Supply, Absorption and Vacancy(1) trends

(Area in M sf and Vacancy in %)

5

5 4

4 5 4 5

4 2

4 1

1 4

3 5 3

4

3

3 1

2 5 5

2

1

5 3

2

1

5

2 22 2 23 2 24 2 25 2 2

(1) pp A oprt on Va an

Source

CBRE data for top 35 cities of India.

(1) Vacancy excludes new supply addition to the stock in the respective year.

32

EMBEDDED ORGANIC GROWTH WITH SIGNIFICANT MARK-TO-MARKET POTENTIAL

NXST retail portfolio occupancy of 97.2% (410bps above market) with 10% mark-to-market opportunity

Market Rents 10% above In-place Rents Occupancy (Mar’25)

Rents (INR psf/month) (%)

147 97.2%

134

93.1%

(1) (2)

In-place Rents Market Rents Nexus Select Trust Markets Nexus Select Trust Assets

(1) As per Mar’25 Independent valuation.

(2) Source: CBRE.

33

VALUE BREAKDOWN

100% completed portfolio with retail focus and geographic diversification

GAV Break-up by Segment(1) GAV Break-up by Region(1)

Solar

0.3% East North

Hospitality 3.9% 39.3%

3.0%

Commercial

Offices

5.7%

GAV GAV

INR 275 Bn South INR 275 Bn

28.9%

Retail

91.0%

West

27.9%

(1) Based on Mar’25 independent valuation.

34 34

INDEPENDENT VALUATION (AS ON MARCH 31, 2025)

(INR M) Gross Asset Value

Asset As of Mar'25

Nexus Select Citywalk 47,264

Nexus Elante 46,022

Net Asset Value

Nexus Seawoods 25,531

(INR per unit)

Nexus Ahmedabad One 19,506

Nexus Hyderabad 18,575

Nexus Vijaya 14,692

Nexus Esplanade 10,667 152

Nexus Koramangala 10,318

Nexus Vega City 9,867 145

Nexus Westend 9,328

Nexus Shantiniketan 8,137

Nexus Amritsar 7,988

Nexus Whitefield 5,212

Nexus Celebrations 4,938

Fiza by Nexus 4,132

Nexus Centre City 3,559

Treasure Island(1) 2,812 Mar'24 Mar'25

Nexus Indore Central 2,075

Sub-total (Retail) 250,624

Commercial Offices 15,641

Hospitality 8,164

Solar 902

Total 275,330

Note

Above numbers are based on Mar’25 independent valuation.

(1) Represents share of Nexus Select Trust only.

35 35

UNITHOLDING PATTERN (QUARTER ENDED MARCH 31, 2025)

Unitholding Pattern Increase in Unitholders Base

(% stake) (#)

~2x

Public

Sponsor Group

41.4%

22.3%

Unitholder Base Growth

47k

Select Group

Other Pre-IPO 24.9%

Shareholders

11.4%

24k

Diversified Public Unitholding Pattern

(% stake)

Other Institutional

Investors(1)

Foreign Portfolio 2.9%

Investors

31.1% Retail Individuals

7.9%

Others(2)

5.9%

Insurance Companies

13.8%

Mar'24 Mar'25

Mutual Funds

38.4%

Data is as of March 31, 2025.

(1) Includes Alternative Investment Fund, Provident or Pension Funds.

(2) Includes clearing members, NBFCs registered with RBI, Body corporates, etc. 36 36

AWARDS AND ACCOLADES

2024 2024 2024

‘Great P a e to Work’ ‘ t re Read Organisation’ ‘Cert f ed DEI Cr ader’

Certified for 5th consecutive year Economic Times Economic Times and BCG

2024 2024 2024

‘Rej venat on and Restoration of

‘Ma A t vat on Event Metro

Lakes - CSR Campaign of the Year’ ‘E G In t at ve ’

(Nex H dera ad)’

Economic Times – Great India Images Shopping Centre Awards

Images Shopping Centre Awards

Retail Awards

2024 2024 2024

‘Mo t Adm red hopp n Centre

‘Mo t Adm red hopp n Centre ‘Mo t Adm red hopp n Centre

– Non-Metro North

– North (Nexus Select Citywalk)’ – We t (Nex eawood )’

(Nex E ante)’

MAPIC India Shopping Centre Awards MAPIC India Shopping Centre Awards

MAPIC India Shopping Centre Awards

37 37

CORPORATE TRUCTURE (MAR’25)

Sponsor/ Unitholders p ih s r e r t si

D n w u bi

O t t in s n oi

U

Holding Asset in the Trust Manager Fee

Trustee Nexus Manager

Trustee Fee Select Management Services

Trust

100%

99.45%

EDPL VPPL SIPL

CPPL NHRPL

NMRPL(1) CSJIPL (Nexus NMMCPL NSRPL DIPL (Nexus (Nexus NWPL NMRPL

NURPL SRPL (Nexus MSPL (Nexus

(Mangalore) (Nexus Amritsar and (Nexus (Nexus (Westend Vijaya Select (Nexus (Mysore)

(Nexus (Nexus Westend and (Karnataka Koramangala

(Fiza by Elante Nexus Indore Shantini- Icon Complex and Citywalk and Whitefield (Nexus

Celebration) Esplanade) Westend Icon Solar Park) and Nexus

Nexus) Complex) Ahmedabad Central) ketan)(3) Offices) Nexus Vega Nexus Complex) Centre City)

Offices) Hyderabad)

One) (2) City) Seawoods)

50%

ITIPL

(Treasure Island)(4)

Notes

(1) NMRPL is entitled to 68% of the total economic interest accruing, arising or flowing from Fiza by Nexus. (2) 12,926 equity shares aggregating 0.55% held by SSIII Indian Investments One Ltd. is currently subject to a regulatory lock in until September 30, 2025 and shall be transferred to the Nexus Select Trust after expiry of such regulatory lock-in at the option of the Nexus Select Trust pursuant to a call option in favour of the Nexus Select Trust as agreed to under the EDPL SAA.(3) NSRPL is entitled to 64.9% of the total economic interest accruing, arising or flowing from Nexus Shantiniketan. (4) The Nexus 38 38

Select Trust holds 50% stake in ITIPL, the balance 50% stake continues to be held by the joint venture partner.

KEY TERMS AND DEFINITIONS

Notes

18. Leasable Area – Total square footage that can be occupied by tenant for the purpose of determining a tenant’s rental obligations

▪ All figures in this presentation are as of March 31, 2025 unless otherwise specified

19. LFL – Like for Like (excluding Nexus Vega City)

▪ Some of the figures in this presentation have been rounded-off to the nearest decimal for the ease of presentation 20. LTV – Loan to Value

▪ All operational KPIs included in the presentation are at 100% stake in all SPVs (except for Nexus 21. M – Millions

Koramangala landowners share) and Investment entity.

22. Minimum Guaranteed Rentals - Minimum guaranteed rental income as per terms contractually agreed

▪ Any references to long-term leases or WALE (Weighted Average Lease Expiry) assumes successive with the tenant(s) renewals by occupiers at their option

23. Minimum Guaranteed Rent - Minimum guaranteed rental income (as defined above) / Occupied Area

▪ The words ‘Consumption centre’, ‘Mall’, ‘Retail Portfolio’, ‘Retail’ have been used interchangeably (as defined below) x Monthly factor

▪ The words ‘Sales’, ‘Consumption’, ‘Tenant Sales’ have been used interchangeably 24. MTM – Mark to Market

▪ The words ‘Nexus Select Trust’, ‘Nexus Malls’ and ‘NXST’ have been used interchangeably 25. MW – Mega-Watt

▪ Gross Asset Value (GAV) considered as per Mar’25 valuation undertaken by iVAS Partners, 26. NDCF – Net Distributable Cashflows represented by Mr. Vijay Arvindkumar C

27. NAV – Net Asset Value

▪ Key Terms and Definitions:

28. Net Debt – Gross Debt less short term treasury investments and cash and cash equivalents

1. ADR – Average Daily Rate (ADR) is a measure of the average rate charged for rooms sold and

29. NOI – Net Operating Income calculated by dividing total rooms revenue for a period by the number of rooms sold during that period 30. Occupied Area - Completed Area (as defined above) for which lease agreements have been signed with the lessee(s)

2. Area – All area is leasable area unless otherwise specified

31. psf – Per square feet

3. BEE – Bureau of Energy Efficiency

32. Psf pm - Per square feet per month

4. Bn - Billions

33. Re-leasing spread - Refers to the change in rent psf between new & expiring leases, expressed as a

5. CAGR – Compound Annual Growth Rate percentage

6. Completed Area – The leasable area of a property for which occupancy certificate has been received

34. Sponsor – Wynford Investments Limited

7. DPU – Distribution per unit

35. sf – Square feet

8. EBITDA – Earnings/ (loss) before finance costs, depreciation, amortization, impairment loss and

36. TEV- Total Enterprise Value income tax excluding share of profit of equity accounted investee

37. Tenant Sales - Net sales generated by tenant(s) from sale of merchandise or provision of services

9. Footfalls or Shopper traffic - The number of people entering a shop or shopping area part of the from the stores located within the Portfolio consumption centre in a given time

38. Trading Density – Tenant Sales for respective period / Carpet Area x Monthly factor

10. GAV – Gross Asset Value is the Market Value (as defined below) of the asset(s) in our Portfolio as of

March 31, 2025 (unless otherwise specified) 39. Trading Occupancy – Total operational area / Total leasable area

11. GRESB – Formerly known as Global Real Estate Sustainability Benchmark 40. Trustee – Axis Trustee Services Limited

12. GRIHA – Green Rating for Integrated Habitat Assessment 41. Turnover Rentals - Higher of (i) contracted turnover rent percentage applied to tenant sales of the respective period, less applicable Minimum Guaranteed Rentals for the same period, or (ii) nil

13. Gross Rentals - Rental income (the sum of Minimum Guaranteed Rentals (as defined below) and

Turnover Rentals (as defined below)) 42. WALE – Weighted Average Lease Expiry

14. IGBC – Indian Green Building Council 43. Years – Refers to fiscal years unless specified otherwise

15. Initial Portfolio Acquisition Transaction – The transaction pursuant to which the Nexus Select Trust 44. YoY – Year on Year acquired the portfolio (SPVs) prior to listing.

16. In-place Rent – Higher of i) Minimum guaranteed rent as of Mar’25 or ii) Revenue share

17. KPIs – Key Performance Indicators

39 39

THANK YOU

Pratik Dantara Website

www.nexusselecttrust.com

Head of Investor Relations and Strategy Email: [email protected]

Phone

+91-22-6280-5000

Manish Baid

40 40

AGM - Investor Relations