Dear Shareholders,

It is my privilege to address you all through our inaugural Annual Report for fiscal 2026, following our successful listing in December 2025. The Initial Public Offer received an overwhelming response from investors -an encouraging milestone for all of us. I extend a warm welcome to our new investors and express my heartfelt gratitude for the continued trust placed in the Company and ICICI Group.

Enduring institutions are built not in times of certainty, but in how they respond to uncertainty.

The previous fiscal year unfolded against a complex global backdrop marked by moderating growth across major developed economies, evolving monetary policy expectations, elevated geopolitical tensions and intermittent market volatility. Commodity prices, particularly crude oil, remained volatile, while global financial markets were sensitive to inflation and interest rate expectations.

Amidst these conditions, India''s economy demonstrated notable resilience. Growth remained among the strongest across major economies, supported by healthy domestic consumption, continued momentum in services, steady manufacturing activity and ongoing infrastructure creation.

Macroeconomic stability was underpinned by prudent fiscal management, with the fiscal deficit remaining on a credible consolidation path, while external balances and the current account position were managed with discipline despite global uncertainties and energy price pressures. Inflation remained within the Reserve Bank of India''s target band for much of the year, reflecting the strength of policy coordination and domestic buffers.

These strengths reinforce confidence in India''s long-term structural growth drivers, supported by rising formalisation, increasing household financial savings, deepening participation in capital markets and continued public and private investment. Against this backdrop, the role of governance, disciplined execution and clarity of purpose becomes even more critical.

At ICICI Prudential Asset Management Company, our philosophy is guided by the Trust compass. It''s an operating framework of putting customers first, maintaining a strong focus on risk management and pursuing profitable growth. This framework guides our decisions, ensuring that growth remains aligned with long-term investor outcomes.

Operationally, the Company recorded steady progress. Mutual fund QAAUM increased to '' 11,047.87 billion, supported by broad-based growth across actively managed, equity-oriented and hybrid strategies. Our alternates platform also continued to scale, in line with evolving investor needs.

Investor participation deepened further, with the number of unique customers rising to 17 million and systematic investment flows remaining robust. These trends indicate a gradual but important shift towards disciplined, long-term investing. Beyond scale, these developments reflect a strengthening of investor behavior; an outcome that aligns closely with our long-term orientation.

We remain mindful that trust is built over time, but tested in periods of volatility. Our emphasis, therefore, is on consistency through robust processes, prudent risk management and governance standards that remain steady across cycles. In line with the Trust Compass, progress must be responsible, leadership must be accountable and trust must be continually earned.

Looking ahead, while uncertainties may persist, India remains well positioned for long-term growth. Our endeavour will be to remain steady by way of strengthening capabilities, broadening access and delivering solutions that are relevant to investors across market cycles.

Your confidence in our vision has been key to our success and brings a greater responsibility towards a broader set of stakeholders. It strengthens our determination to uphold transparency, governance and accountability. I would like to thank our investors, partners and employees for their continued trust and support. We remain committed to uphold the trust placed in us with discipline, integrity and responsibility.

Sandeep Batra

Chairman