Slide 1: Exchange filing cover letter
October 29, 2025 To, National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, Block G, C/1, Bandra Kurla Phiroze Jeejeebhoy Towers Complex, Bandra (E), Mumbai – 400 051 Dalal Street, Mumbai – 400 001 Email: cmlist@nse.co.in Email: corp.relations@bseindia.com Symbol: VBL Security Code: 54018
Slide 2: Q3 & 9M CY2025 Results Presentation
October 29, 2025 (a PepsiCo franchisee) Varun Beverages Limited Q3 & 9M CY2025 Results Presentation
Slide 3: Disclaimer
Disclaimer (a PepsiCo franchisee) This communication contains certain forward-looking statements relating to the business, financial performance, strategy and results of Varun Beverages Limited (“VBL” or the “Company”) and/ or the industry in which it operates. Such forward-looking statements involv
Slide 4: Table of Contents
Table of Contents Company Overview Chairman’s Message Q3 & 9M CY2025 Results Overview Performance Highlights Sustainability Initiatives 3
Slide 5: Company Snapshot
Company Snapshot Key player in the global beverage industry and the second largest franchisee of PepsiCo in the world (outside US) with operations spanning across 10 countries with franchise rights and additional 4 countries with distribution rights. Total Sales Volumes (mn Cases*) 2019-2024: Sales
Slide 6: Complete Brand Portfolio
Complete Brand Portfolio Brands licensed by PepsiCo: Own Brands^: Carbonated Soft Drinks Club Soda Carbonated Soft Drinks Fruit Pulp / Juice Based Drinks Energy Drink Energy Drink Sports Drink Carbonated Juice Ice Tea Packaged Water Packaged Water Based Drinks Snacks# Dairy Based Beverages* # Manufa
Slide 7: Symbiotic Relationship with PepsiCo
Symbiotic Relationship with PepsiCo Demand Delivery Demand Creation • Production Facilities 33+ • Trademarks • Sales & Distribution – Years of Association • Formulation through (agreement in India valid till April, 2039) GTM & Logistics Concentrate • In-outlet Management – Visi-Coolers 90%+ • Produc
Slide 8: Key Player in the Beverage Industry – Business Model
Key Player in the Beverage Industry – Business Model MANUFACTURING ▪ 50 state-of-the-art production facilities SOLID INRASTRUCTURE VBL- END-TO-END EXECUTION ACROSS VALUE CHAIN Concentrate Other Raw Bottling ▪ 38 in India & 12 in International territories (PepsiCo) Materials ▪ Robust distribution net
Slide 9: Chairman's Message
Chairman’s Message (a PepsiCo franchisee) Commenting on the performance for Q3 & 9M CY2025, Mr. Ravi Jaipuria, Chairman – Varun Beverages Limited said: “We have delivered a steady performance during the quarter, with consolidated sales volumes rising by 2.4%, supported by healthy traction in interna
Slide 10: Key Developments
Key Developments (a PepsiCo franchisee) 1. Incorporation of wholly-owned subsidiary in Kenya: ▪ We are incorporating a wholly-owned subsidiary in Kenya under Varun Beverages Limited to carry on the business of manufacturing, distribution and selling of beverages. 2. Exclusive Distribution Agreement
Slide 11: Results Overview
Results Overview (a PepsiCo franchisee) 6.8% PAT 14.9% Revenue 7.1% EBITDA 28,020 1,74,810 24,386 1,63,189 41,311 44,101 Rs. mn Rs. mn Rs. mn 18.5% 1.9% -0.3% 48,967 11,511 11,474 6,288 7,452 48,047 25.3% 25.2% 24.0% 23.4% Q3 2024 Q3 2025 9M 2024 9M 2025 Q3 2024 Q3 2025 9M 2024 9M 2025 Q3 2024 Q3 20
Slide 12: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement (a PepsiCo franchisee) Particulars (Rs. million) Q3 2025 Q3 2024 YoY(%) 9M 2025 9M 2024 YoY (%) 1.Income (a) Revenue from operations 50,477.42 49,320.61 2.3% 178,907.89 166,637.13 7.4% (b) Excise Duty 1,510.92 1,273.78 18.6% 4,098.33 3,448.55 18.8% Net Revenues 4
Slide 13: Discussion on Financial & Operational Performance
Discussion on Financial & Operational Performance (a PepsiCo franchisee) Sales Volumes / Net Revenues • Consolidated sales volume grew by 2.4% to 273.8 million cases in Q3 CY2025 from 267.5 million cases in Q3 CY2024, despite of heavy rainfall continuing across India through out the quarter. • India
Slide 14: Performance Highlights (CY2019 – CY2024 & 9M CY2025)
Performance Highlights (CY2019 – CY2024 & 9M CY2025) (a PepsiCo franchisee) REVENUE EBITDA EBITDA EBITDA Margins (%) CAGR (2019-24) – 22.9% CAGR (2019-24) – 26.6% 200 175 55.00 25.2% 30% 160 22.5% 23.5% 45.00 20.3% 21.2% 25% 132 18.6% 18.8% 35.00 20% 88 71 65 25.00 47 15% 44 15.00 36 10% 28 Rs. bn R
Slide 15: SUSTAINABILITY – Being Water Positive
SUSTAINABILITY – Being Water Positive (CDP water rating: A-) Increase ground water level 2x Reduce water usage (WUR) WRR -17% till 2024 Water consumed Per liter of beverage produced * Steady state WUR was 1.54 times in 2023 and 1.50 times in 2024, the differential is on account of stabilization of 2
Slide 16: SUSTAINABILITY – Reducing Carbon Footprint
SUSTAINABILITY – Reducing Carbon Footprint (CDP climate rating: A) 30% Net Zero Increase Renewable Energy by 2030 GHG Emissions by 2050 Solar (Rooftop + Captive Power Solution) & Windmill GHG Emissions in million tons of CO2e per liter RE Mix % & kWh million units 125 79 58 (16%) 21 (13%) 18 (6%) (7
Slide 17: SUSTAINABILITY – Circular Economy
(CDP Supplier Engagement SUSTAINABILITY – Circular Economy Assessment rating A) Increase Plastic Waste Recycle Reduce Plastic Usage Ahead of EPR Regulations Packaging rationalization 100% • Removal of pads (20k MT of paper 86% 88% saving, equivalent to 400k trees) 70% 80% • Shrink film and label rat
Slide 18: Conference Call Details
Conference Call Details (a PepsiCo franchisee) Varun Beverages Limited Q3 & 9M CY2025 Earnings Conference Call Time • Tuesday, October 29, 2025 at 2:30 PM IST Conference dial-in Primary number • +91 22 6280 1141 / +91 22 7115 8042 International Toll Free Number • Hong Kong: 800 964 448 • Singapore:
Slide 19: About Us
About Us (a PepsiCo franchisee) Varun Beverages Limited (“VBL” or the “Company”) is a key player in beverage industry and one of the largest franchisee of PepsiCo in the world (outside USA). The Company produces and distributes a wide range of carbonated soft drinks (CSDs), as well as a large select
Slide 20: Thank You!
Thank You!