Slide 1: Exchange filing letter for Q3 FY2026 investor presentation
February 10, 2026 To, BSE Limited National Stock Exchange of India Limited Script Code: 532478 Symbol: UBL Dear Sir, Sub: Investor Presentation – Q3FY2026 Financial Results Earnings Call This is in furtherance of our intimation dated January 23, 2026, regarding the invitation to host a Q3FY2026 Earn
Slide 2: Investor Presentation Q3 FY26
Investor Presentation Q3 FY26 United Breweries Limited February 2026
Slide 3: Disclaimer
Disclaimer This presentation contains forward-looking statements with regard to the financial position and results of UBL’s activities. These forward- looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-lo
Slide 4: Q3 FY26 Highlights
Q3 FY26 Highlights Volume Brand Power -1.3% Highest in 3 years Gross Margin Net Sales +4% 45.3% (+222 bps vs LY) EBIT Profit after Tax +86% +111%
Slide 5: YTD FY26 Highlights
YTD FY26 Highlights Volume Premium Volume +2.6% +23% Net Sales Gross Margin +6% 43.4% (+12 bps vs LY) EBIT Profit after Tax +1% -9%
Slide 6: Beer category impacted by colder-than-usual winter; volume growth by region
Beer category in Q3-FY26 was impacted by a colder-than-usual winter. Overall, sell-in volume declined 1.3% resulting in 2.6% growth in YTD-FY26 Volume Growth (-1.3% ITQ, +2.6% YTD) North (-16% ITQ, -8% YTD) East (-2% ITQ, -3% YTD) Volume decline in Rajasthan, Uttar Volume decline in Odisha, Arunacha
Slide 7: Q3 FY26 Results
Q3 FY26 Results Q3 Results (standalone) Data in Rs. Cr. Dec-25 Dec-24 Change (%) Net Sales 2,071 1,998 4% COGS -1,132 -1,137 0% Gross Profit 939 862 9% Employee expenses -180 -167 8% Other expenses -534 -554 -4% Other income 11 10 8% EBITDA 236 151 56% Depreciation -69 -61 12% EBIT 167 90 86% Financ
Slide 8: YTD FY26 Results
YTD FY26 Results YTD Results (standalone) Q3 Results (standalone) Data in Rs. Cr. Dec-25 Dec-24 Change (%) Net Sales 6,985 6,586 6% COGS -3,950 -3,733 6% Gross Profit 3,035 2,853 6% Employee expenses -563 -523 8% Other expenses -1,806 -1,677 8% Other income 37 28 32% EBITDA 703 681 3% Depreciation -
Slide 9: Q3 FY26 Net sales increased by 4% driven by Price Mix
Q3 FY26 | Net sales increased by 4% driven by Price Mix Net sales Q3 (Rs. Cr.) 2,071 1 Volume decline mainly driven by Telangana, Rajasthan & Karnataka partially offset by 1,998 Andhra Pradesh & Maharashtra. -1% 5% 1 2 2 Underlying Price Mix positively impacted by mainly price increases in key state
Slide 10: Q3 FY26 Strong EBIT increase fueled by 222 bps gross margin expansion
Q3 FY26 | Strong EBIT increase fueled by 222 bps gross margin expansion EBIT Q3 FY26 (Rs. Cr.) 1 Gross Profit increase driven by price mix +86% 167 partially offset by lower volumes. GP margin +222 bps vs LY 90 2 Higher employee expenses driven by inflation led salary increases and lower other expen
Slide 11: Q3 FY26 Strong GP and EBIT margin improvement resulting in 86% EBIT growth
Q3 FY26 | Strong GP- & EBIT-margin improvement resulting in 86% EBIT growth Margin improvement… …with strong profit growth +222 bps 9% 45.3% 939 43.1% 862 +358 bps 86% 8.1% 167 4.5% 90 GP Margin EBIT Margin GP EBIT Q3-FY25 Q3-FY26 10
Slide 12: Proactive approach optimizing resource allocation, streamlining operations, securing growth
Proactive approach optimizing resource allocation, streamlining operations, and securing enduring growth 1 2 3 4 Reorganisation of Brewery Network Portfolio Simplification & Innovation business functions Optimisation Cost Efficiency Portfolio rationalization Brewery network scaled Operating model to
Slide 13: Outlook
Outlook ▪ Building further category growth while driving the share of premium in our portfolio remains a key focus. ▪ We continue to focus on revenue management & cost initiatives, to drive margin accretion with continued investments behind our brands and capabilities. ▪ We remain optimistic about t
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