Slide 1: Filing letter to stock exchanges
UPL Limited, Uniphos House, C.D. Marg, 11th Road, Madhu Park, Khar (West), Mumbai – 400052, India w: www.upl-ltd.com e: contact@upl-ltd.com t: +91 22 6856 8000 February 2, 2026 BSE Limited National Stock Exchange of India Ltd. Mumbai Mumbai SCRIP CODE – 512070 SYMBOL: UPL Sub.: Investor presentation
Slide 2: Consolidated Financial Results and Business Update Q3 and 9MFY26
UPL Limited Consolidated Financial Results and Business Update Q3 and 9MFY26 Investor Presentation 02nd February 2026
Slide 3: Safe Harbor Statement
Safe Harbor Statement This document contains certain forward-looking statements with respect to the financial condition, results of operations and business of UPL Limited (UPL) and certain of the plans and objectives of UPL with respect to these items. Examples of forward-looking statements include
Slide 4: Key Presenters Today
Agenda Key Presenters Today… Bikash Prasad Mike Frank UPL Limited Group CFO UPL Corp CEO …and other senior management UPL SAS Advanta SUPERFORM Ravi Cherukuri Bhupen Dubey Raj Tiwari CEO CEO CEO 3
Slide 5: Content
Agenda Content I. Financial and Business Segment Key Macro Trends for the Quarter 5 Q3 and 9MFY26 Performance Update 6–22 Performance Dashboard 6–7 P&L Analysis: Revenue, Contribution, EBITDA and PATMI 8–17 Balance Sheet Analysis: Working Capital, Net Debt and Leverage Ratios 18–21 Cash Flow Analysi
Slide 6: Key Macro Trends for the Quarter
UPL Limited | Q3 Update Key Macro Trends for the Quarter ▪ Prevailing geopolitical volatility and overall macro concerns ⚫ ▪ Continued US tariff led uncertainties; expected in Q4 as well ⚫ ▪ Prices of key AIs remain low, yet broadly stable ⚫ ▪ Continued low commodity prices (e.g., corn, wheat, cotto
Slide 7: UPL delivers yet another strong quarter; broad-based EBITDA growth (+13%)
UPL Limited Q3 and 9MFY26 | Performance Dashboard Summary UPL delivers yet another strong quarter; momentum sustained through broad- based EBITDA growth (+13%) and financial discipline, leading to an improved PBT by 90% and Operational PATMI by 45% Q3 vs. LY 9M vs. LY ₹12,269 cr | +12% ₹33,504 cr |
Slide 8: Lower net debt and improved gearing ratios
UPL Limited Q3 and 9MFY26 | Performance Dashboard Summary Lower net debt and improved gearing ratios, implying sustained focus on balance sheet strengthening and capital productivity as on 31st Dec’25 vs. LY Net ₹23,317 cr | ₹25,870 cr I Debt $2,594 Mn | $3,021 Mn Lower by >₹2,500 cr (>$400 Mn); on
Slide 9: P&L Analysis
UPL P&L Analysis
Slide 10: Improved EBITDA, PBT and Operational PATMI: Performance Summary
UPL Limited Q3 and 9MFY26 | Performance Summary Improved EBITDA, PBT and Operational PATMI led by strong volume growth, enhanced quality of earnings and financial discipline Particulars (₹ cr) Q3FY25A Q3FY26A vs. LY 9MFY25A 9MFY26A vs. LY Revenue 10,907 12,269 12% 31,064 33,504 8% Contribution 4,476
Slide 11: P&L Statement
UPL Limited Q3 and 9MFY26 | P&L Statement Improved EBITDA, PBT and Operational PATMI led by strong volume growth, enhanced quality of earnings and financial discipline Particulars (₹ cr) Q3FY25 Q3FY26 Change YoY 9MFY25 9MFY26 Change YoY Revenue 10,907 12,269 12% 31,064 33,504 8% Contribution 4,476 5
Slide 12: Revenue: Platform-wise Analysis
UPL Limited Q3 and 9MFY26 | Revenue: Platform-wise Analysis Strong Q3 performance led by crop protection and seeds platforms; robust overall YTD performance Q3 Platform-wise Revenue(1)(3) (₹ cr) YoY +12% +8% +4% +22% (11%) • Q3: V: +2% | P: (3%) | F: +9% • Led by growth across all key regions, 12,26
Slide 13: Revenue: Region-wise Analysis
UPL Limited Q3 and 9MFY26 | Revenue: Region-wise Analysis Q3 growth across all regions, led mainly by Latin America, Europe and Rest of World; YTD performance across all regions continues to remain strong Q3 Region-wise Revenue (₹ cr) 683 12,269 • Argentina led by herbicides and field corn 269 43 32
Slide 14: Contribution Analysis: Platform-wise
UPL Limited Q3 and 9MFY26 | Contribution Analysis: Platform-wise Broad-based growth in Q3 as well as in 9M vs. last year; strong YTD performance across all platforms continues Q3 Platform-wise Contribution(1)(2) (₹ cr) YoY +17% +14% +55% +21% +13% • Margin improvement led by lower input cost 5,227 U
Slide 15: EBITDA Analysis: Platform-wise
UPL Limited Q3 and 9MFY26 | EBITDA Analysis: Platform-wise Broad-based EBITDA growth; robust YTD growth across platforms Q3 Platform-wise EBITDA(1)(2) (₹ cr) YoY +13% +6% improved +22% improved • Driven by volume led revenue growth, UPL Corp 2,163 2,434 and improved contribution margin 1,655 1,752 2
Slide 16: Q3FY26 EBITDA Analysis
UPL Limited Q3FY26 | EBITDA Analysis Strong EBITDA performance, driven by higher volumes, and supported by favorable input cost, higher capacity utilization and favorable fx impact EBITDA Bridge (Q3FY25 vs. Q3FY26) (₹ cr) 531 (611) 831 (480) Revenue impact Cost impact 2,434 2,163 Q3FY25 Volume Price
Slide 17: Q3FY26 PATMI Analysis
UPL Limited Q3FY26 | PATMI Analysis Significant improvement in Operational PATMI (+45%), led by higher EBITDA, lower finance cost, JV losses, through continued focus on financial discipline Q3FY26 Operational PATMI(1) Bridge (₹ cr) 271 65 197 (138) (68) (82) (15) (88) 452 312 Q3FY25 EBITDA D&A NFC F
Slide 18: 9MFY26 PATMI Analysis
UPL Limited 9MFY26 | PATMI Analysis Operational PATMI improvement of >₹1,200 cr vs. LY, driven mainly by higher EBITDA, lower finance cost, JV losses and Fx 9MFY26 Operational PATMI(1) Bridge (₹ cr) 328 503 24 (25) (37) (325) 1,058 784 (284) (458) 9MFY25 EBITDA D&A NFC FX/ Hedging cost Oth. inc./ lo
Slide 19: Balance Sheet Analysis
UPL Balance Sheet Analysis
Slide 20: Q3FY26 Balance Sheet Analysis
UPL Limited Q3FY26 | Balance Sheet Analysis Working capital in line with seasonality and anticipated Q4 build-up; lower cash vs. Mar’25 mainly due to redemption of perpetual bond in Q1 Change Particulars (₹ cr) Dec’24 Mar’25 Dec’25 vs. Mar’25 Uses of Capital Fixed Capital(1) 41,773 41,935 43,941 2,0
Slide 21: Working Capital Analysis
UPL Limited Q3FY26 | Working Capital Analysis NWC days up by ~9 days; increase in receivables and inventory in line with Q3 growth and anticipated Q4, respectively Inventory Receivables Payables Net Working Capital Dec’24 Dec’25 Dec’24 Dec’25 Dec’24 Dec’25 Dec’24 Dec’25 ₹13,531 cr ₹17,066 cr ₹13,530
Slide 22: Net Debt Analysis
UPL Limited Q3FY26 | Net Debt Analysis Net debt lower by >$400Mn (adjusted for perpetual bonds, lower by >$800Mn); significant improvement in gearing ratios vs. LY vs. vs. vs. vs. Particulars (₹ cr)(1) Dec’24 Mar’25 Dec’25 Particulars ($ Mn) Dec’24 Mar’25 Dec’25 Dec’24 Mar’25 Dec’24 Mar’25 Gross Deb
Slide 23: Cash Flow Analysis
UPL Limited Q3 and 9MFY26 | Cash Flow Analysis FCFE in line with historical trend; adjusted for changes in working capital (seasonality effect), FCFE has improved by ~₹2,700 cr on YTD basis vs. LY Particulars (₹ cr) 9M FY24 9M FY25 9M FY26 Change vs. LY EBITDA ±non-cash items(1) 2,219 3,927 5,212 1,
Slide 24: Platform Updates
UPL Platform Updates
Slide 25: UPL Corp | Performance Summary
UPL Corp Q3 and 9MFY26 | Performance Summary Volume led growth, despite macroeconomic and geopolitical headwinds; robust contribution margin supported EBITDA growth vs. LY Particulars (₹ cr) Q3FY25A Q3FY26A vs. LY 9MFY25A 9MFY26A vs. LY Revenue 8,497 9,163 8% 22,313 23,746 6% Contribution 3,037 3,45
Slide 26: UPL Corp | Region-wise Revenue Analysis
UPL Corp Q3 and 9MFY26 | Region-wise Revenue Analysis Strong Q3 performance across all regions; robust broad-based growth in 9M (in ₹ cr) (in ₹ cr) 225 374 23,746 215 9,163 429 38 177 383 242 22,313 8,497 +6% +3% +17% +13% +3% +15% +6% +9% Q3FY25 Latin America NAM Europe ROW Q3FY26 9MFY25 Latin Amer
Slide 27: UPL SAS | Performance Summary
UPL SAS Q3 and 9MFY26 | Performance Summary Volume led strong performance; improved mix and business quality focus led significant EBITDA turnaround Particulars (₹ cr) Q3FY25A Q3FY26A vs. LY 9MFY25A 9MFY26A vs. LY Revenue 535 558 4% 2,552 2,605 2% Contribution 90 140 55% 677 831 23% Contribution Mar
Slide 28: Advanta | Performance Summary
Advanta(1) Q3 and 9MFY26 | Performance Summary Strong revenue growth in Q3 led by field corn, driving robust EBITDA growth; positive momentum for YTD continues Particulars (₹ cr) Q3FY25A Q3FY26A vs. LY 9MFY25A 9MFY26A vs. LY Revenue 1,287 1,574 22% 3,776 4,639 23% Contribution 720 868 21% 2,153 2,61
Slide 29: Advanta | Region-wise Revenue Analysis
Advanta(1) Q3 and 9MFY26 | Region-wise Revenue Analysis Key growth led by Americas and India (in ₹ cr) (in ₹ cr) 460 35 4,639 (42) 152 25 20 1,574 409 90 1,287 3,776 +16% +27% +32% +22% +28% +25% (15%) +20% Q3FY25 Americas Asia / Africa Australia Europe Q3FY26 9MFY25 Americas Asia / Africa Australia
Slide 30: SUPERFORM | Performance Summary
SUPERFORM Q3 and 9MFY26| Performance Summary Improved mix led contribution and EBITDA margin accretion; YTD performance continues to remain strong Particulars (₹ cr) Q3FY25A Q3FY26A vs. LY 9MFY25A 9MFY26A vs. LY Revenue 2,983 2,668 (11%) 8,115 8,025 (1%) Contribution 549 618 13% 1,715 1,955 14% Cont
Slide 31: FY26 Outlook and Guidance
UPL FY26 Outlook and Guidance
Slide 32: Q3FY26 Summary and FY26 Outlook
UPL Limited | Q3FY26 Summary and FY26 Outlook Robust Q3 over a strong LY; momentum sustained through broad-based EBITDA growth, driving higher PBT & Operational PATMI; FY26 guidance on-track Q3FY26 Key takeaways FY26 Outlook ▪ Robust growth in revenue +12% vs. LY • Crop protection ▪ Strong accretion
Slide 33: Experienced board and global leadership team
Our performance, both financial and non-financial, are governed by experienced board and global leadership team 32
Slide 34: Board of Directors
UPL Limited | Board of Directors Our exemplary governance is driven by a strong and experienced board… Jai Shroff Vikram Shroff Hardeep Singh Chairman and Group CEO Vice Chairman and Co-CEO Non-Executive Director Suresh Kumar Naina Lal Kidwai M. V. Bhanumathi Lead Independent Director Independent Di
Slide 35: UPL Corp | Board of Directors
UPL Corp | Board of Directors Anchored by industry veterans and independent directors at each platform Jai Shroff Vikram Shroff Davor Pisk Jerome Peribere Kabir Mathur Chairman Non-Executive Director Independent Director Independent Director Nominee Director, ADIA-TPG Mike Frank Paul Walsh Peter Sca
Slide 36: UPL SAS | Board of Directors
UPL SAS | Board of Directors Anchored by industry veterans and independent directors at each platform Jai Shroff Vikram Shroff Puneet Bhatia Nawal Saini Chairman Non-Executive Director Nominee Director, ADIA-TPG Nominee Director, Brookfield M. V. Bhanumathi Usha Rao Monari Ravishankar Cherukuri Inde
Slide 37: Advanta | Board of Directors
Advanta | Board of Directors Anchored by industry veterans and independent directors at each platform Jai Shroff Vikram Shroff Rajan Gajaria Simrun Mehta Chairman Non-Executive Director Vice Chairman Non-Independent Director Utsav Mitra Davor Pisk Usha Rao Monari Bhupen Dubey Nominee Director, Alpha
Slide 38: SUPERFORM | Board of Directors
SUPERFORM | Board of Directors Anchored by industry veterans and independent directors at each platform Jai Shroff Vikram Shroff Raj Tiwari Suresh Kumar Chairman Non-Executive Director Chief Executive Officer Independent Director M. V. Bhanumathi Hardeep Singh K. R. Srivastava Independent Director N
Slide 39: Leadership Team
UPL Limited | Leadership Team Supplemented by a passionate and experienced global leadership team Jai Shroff Vikram Shroff Toshan Tamhane Bikash Prasad Rajan Gajaria Chairman and Group CEO Vice Chairman and Co-CEO Chief Operating Officer Group CFO Vice Chairman UPL Limited UPL Limited UPL Limited UP
Slide 40: External Awards and Recognitions
Awards and Recognition External Awards and Recognitions UPL’s Low-Methane Rice Project Commended at COP30 for 23% Emissions Reduction ‘Best Patent Portfolio’ in Life Science & Agriculture Awarded at the National Finance Conclave hosted by the Integrated Council of Professional Accountants, or ICPA I
Slide 41: Thank You
Thank You FY25 FY25 FY25 Annual Report Sustainability Report CSR Report For more details, please connect with Anurag Gupta Astitva Chauhan anurag.gupta@upl-ltd.com astitva.chauhan@upl-ltd.com