United Breweries Limited · NSE:UBL
United Breweries — Investor Day (September 2026)
42 slides from United Breweries's investor day presentation, Sep 3, 2026
Slide 1: Capital Markets Day
CAPITAL MARKETS DAY SEPTEMBER 03, 2026
Slide 2: Management Presentation
MANAGEMENT PRESENTATION 1 THE BEER OPPORTUNITY 2 LEADING A NEW ERA OF GROWTH 3 UBL & OUR STRATEGY DELIVERING 4 LONG TERM VALUE UBL 5 & HEINEKEN
Slide 3: The Beer Opportunity
1. THE BEER OPPORTUNITY UniTED Hv =~ HEINEKEN BREWER vant oF THe HEINEKEN company
Slide 4: Globally Beer has strong fundamentals and clear growth potential
Globally Beer has strong fundamentals and clear growth potential… Source: Tellusant, Human8; GlobalData ; Note 1. PCC taken as average beer consumption
Slide 5: …and meets key consumer needs
…and meets key consumer needs
Slide 6: India's beer market is poised for sustained, long-term growth
India’s beer market is poised for sustained, long-term growth, underpinned by favorable demographics, significant consumption headroom and rising affluence Young & growing Low beer PCC and under Large & growing Growth Opportunity consumer base indexed in AlcoBev economy for Beer ~$6.5tn 1.46bn 2.5 L
Slide 7: Leading a New Era of Growth
2 LEADING A NEW ERA OF GROWTH UntreD ye HEINEKEN BREWER vragr oF THe HEINEKEN company
Slide 8: Strategic Priorities to Deliver Long-Term Value
STRATEGIC PRIORITIES TO DELIVER LONG-TERM VALUE To make beer the drink of choice through consumer centricity, advocacy, and execution 1 2 3 Win in Mainstream and Grow the Beer Category Win in All Stores Premium 4 5 6 Unleash End-2-End Supply Future Fit the Organization Step up Productivity Chain Cap
Slide 9: Grow the Beer Category
GROW THE BEER CATEGORY Through Awareness, Availability & Affordability Considerations Policy advocacy Entry level pricing 1 Retail Prices vs Excise duty Advocating for the right rice per b ise Duty il p Exc conditions to grow the category State specific launches to Avg. ott Reta % increase category
Slide 10: Shaping the Ecosystem to Unlock Category Growth
SHAPING THE ECOSYSTEM TO UNLOCK CATEGORY GROWTH The next wave of accelerated category growth will be unlocked through progressive regulations with three states showing recent proven case studies 3 KEY POLICY UNLOCKS DRIVING GROWTH MAHARASHTRA JHARKHAND KARNATAKA Duty increase on IMFL Retail liberali
Slide 11: After Reforms UBL Is Able to Win Disproportionally
AFTER REFORMS UBL IS ABLE TO WIN DISPROPORTIONALLY With Kingfisher leading the mainstream category whilst Mild beer drives revived growth recently in specific markets After reforms, UBL is able to The Kingfisher brand leads Mild beer growing ahead of win disproportionally the mainstream growth Stron
Slide 12: UBL & Our Strategy
3 UBL & OUR STRATEGY vise es Hive’ =~ HEINEKEN BREWER rant oF THe HEINEKEN comrany
Slide 13: UBL: over 100 years of category leadership
UBL: over 100 years of category leadership continuously evolving with India Kingfisher 2021 Premium launched HEINEKEN gains majority control, UBL Founded by Thomas 1978 becomes subsidiary Leishman in Madras 2008 (Chennai) UBL listed on 2008 NSE HEINEKEN enters as 1857 Kingfisher Lager promotor via S
Slide 14: Strategic Priorities to Deliver Long-Term Value
STRATEGIC PRIORITIES TO DELIVER LONG-TERM VALUE To make beer the drink of choice through consumer centricity, advocacy, and execution 1 2 3 Win in Mainstream and Grow the Beer Category Win in All Stores Premium 4 5 6 Unleash End-2-End Supply Future Fit the Organization Step up Productivity Chain Cap
Slide 15: Win in Mainstream & Premium
WIN IN MAINSTREAM & PREMIUM Across Consumer Segments & State by State PREMIUM INTERNATIONAL PREMIUM MAINSTREAM REGIONAL BRANDS WATER & NAB Get disproportionate share Get disproportionate share Strengthen leadership in Driving affordable beer with Build new growth spaces of premium of premium mainstr
Slide 16: Winning in All Stores
WINNING IN ALL STORES Winning in all stores requires excellent execution across multiple levers Coverage & Coolers Trade Marketing Project Everest First Pilot Results 100% Store Coverage % of outlets with >50% visibility 1.6X increase in 2 years 13% 53% % of outlets with >50% cooler share 7% 60% 50k
Slide 17: Unleash End-2-End Supply Chain
UNLEASH END-2-END SUPPLY CHAIN UBL’s unique supply footprint gives us the flexibility and capacity to grow with India whilst future fitting our supply-chain for future growth CURRENT FOOTPRINT 17 Own (active) • 18 Co-pack Future fit sourcing through key supplier partnerships >50% Premium production
Slide 18: UBL's Economic Footprint Extends Far Beyond Its Breweries
UBL’S ECONOMIC FOOTPRINT EXTENDS FAR BEYOND ITS BREWERIES FY2024–25 | Socio-economic impact across India’s full value chain NATIONAL IMPACT IMPACT ACROSS THE VALUE CHAIN WHY IT MATTERS ₹43,000 cr ₹30,600 cr VALUE ADDED JOBS UPSTREAM ₹5,700 cr 75,000 tax payments supported VALUE ADDED SUPPORTED Domes
Slide 19: Future Fit the Organization
FUTURE FIT THE ORGANIZATION Foster a winning culture and unlock Building future-ready capabilities Advance diversity, equity & inclusion our full potential Women Representation 23% Women workforce Employee engagement strong at 84% Gender gap continues to narrow
Slide 20: Delivering Long-Term Value
4. DELIVERING LONG-TERM VALUE
Slide 21: Accelerated volume growth led by premium volumes and share gains
Accelerated volume growth led by premium volumes and recent share gains are building momentum Category Volume growth has been accelerating over last years With Premium volumes growing ahead of totals Industry Volume CAGR Industry Volume CAGR Premium Volume CAGR Low Teens 17% 6% 6% 4% 2010 2019 2022
Slide 22: Premiumisation Is Accelerating Across India
PREMIUMISATION IS ACCELERATING ACROSS INDIA Creating an increasingly attractive growth opportunity PREMIUM GROWTH PREMIUM MARGIN Premium category growth 2.8X Premium margins turned accretive in H1’2026 with GP margin expanding by >+1000 bps vs. H1’25 faster than category (22-25) More room to grow ma
Slide 23: State Mix as Profit Margin Driver
STATE MIX AS PROFIT MARGIN DRIVER We apply a state-by-state approach with focused investment and execution on higher margin states with room to grow margin through state mix improvements LOW MID HIGH MARGIN STATES MARGIN STATES MARGIN STATES Gross Margin 25% X%- 35% 35% - 50% 50%+45% - 65% Range Ind
Slide 24: Driving Productivity Across the Value Chain
DRIVING PRODUCTIVITY ACROSS THE VALUE CHAIN As we progress on our productivity initiatives across the value chain, we are confident to grow margins while funding future growth PRODUCTIVITY INITIATIVES ACROSS VALUE CHAIN VENDOR OPERATIONAL LOCALIZING NEW BOTTLE OPTIMIZE RIGOR TRADE PARTNERSHIPS LEVER
Slide 25: Investing in the Future Whilst Improving Margins
INVESTING IN THE FUTURE WHILST IMPROVING MARGINS We identified clear levers to structurally expand EBITDA margins building on our strategic priorities and productivity initiatives MID-TERM EBITDA % AMBITION UBL MID-TERM AMBITION OUR COMMITMENT Mid Teens Balancing topline growth Low Teens and margin
Slide 26: Our Mid-Term Ambition
OUR MID-TERM AMBITION Deliver Superior & Balanced Growth with attractive shareholder returns Organic Growth +DD Net Sales Volume, Pricing & Mix led Improving Cash Flows Balanced led by improving operating New LTIP model Improving Working Contract vs ROIC Capital own brewing Organic Growth EBITDA Org
Slide 27: UBL & Heineken
o UBL & HEINEKEN ne ae * HEINEKEN BREWER varr oF THe HEINEKEN company
Slide 28: EverGreen NV HEINEKEN – Capital Markets Day
EVERGREENNV HEINEKEN Dolf India UBL 2030 van den – Capital Brink –Markets Chief Executive Day September Officer2026 Tristan van Strien Director of Investor Relations 31
Slide 29: HEINEKEN at a Glance
HEINEKEN at a Glance The World’s Pioneering Beer Company Strong & focused Global brewer Strong financial profile A scaled, balanced , and advantaged footprint portfolio Europe Americas Africa & Middle East Asia Pacific #1 282mhl €28.9bn Beer brand sales value Total beer volume Net revenue & brand po
Slide 30: We have been Pioneering for 160 years
We have been Pioneering for 160 years Compounding earnings >10% annually since 1937 listing 2021 2008 Leader in beer technology FIFCO acquistion Distell announced India UBL acquisition 0.0 game acquisition Formula 1 changer Ground- Sponsorship breaking APB Dispense acquisition FEMSA systems Scottish
Slide 31: Balancing the Best of Both Worlds
Balancing the Best of Both Worlds Keep what’s special, change what’s needed by being family controlled, publicly listed Family Control Publicly Listed Local Relevance Global Scale Growth Productivity Creativity Discipline Long Term Thinking Short Term Delivery 34
Slide 32: EverGreen 2030 | Future Proofing our Business
The HEINEKEN EverGreen EverGreen 2030 Strategy 2030 | Future Proofing our Business Consistently delivering superior & balanced growth Strategic Priorities Green Diamond Rev OG% EPS ROIC CO2 | Water | Talent What we focus on How we create attractive shareholder returns 35
Slide 33: EverGreen 2030 Strategic Priorities
HEINEKEN strategic EverGreen 2030 priorities | Future Proofing our Business Consistently delivering superior & balanced growth 1 Accelerate Growth Through premiumisation, focused mainstream brands, and priority segments 2 Step up Productivity Leverage our Global scale and skill, saving €400 to €500
Slide 34: Growth by building and shaping the category
Growth by building and shaping the category India sits at the heart of HEINEKEN’s growth agenda VOLUME GROWTH GLOBAL SCALE, LOCAL POWER PREMIUM GROWTH #1 3 out of 4 Top 3 Fastest-growing Of the largest brands Global premium volume market in HEINEKEN growth engine Expected to be the largest volume gr
Slide 35: Productivity to fund growth and expand margins
Productivity to fund growth and expand margins India advancing HEINEKEN’s global productivity agenda to deliver gross savings AGILE SUPPLY CHAIN HEINEKEN BUSINESS SERVICES PROCUREMENT EXCELLENCE 17 + 18 HBS INDIA 100% LOCAL Own breweries + asset-light model Global capabilities from India Malt and bo
Slide 36: HEINEKEN long-term orientation
HEINEKEN long-term orientation Patiently building profitable growth businesses Mexico Vietnam South Africa Distell Acquisition May 2023 India UBL Acquisition Sep 2021 Building ’10 ’12 ’14 ’16 ’18 ’20 ’22 ‘25 ’12 ’14 ’16 ’18 ’20 ’22 ‘25 ’12 ’14 ’16 ’18 ’20 ’22 ‘25 momentum. Accelerating Brazil Ethiop
Slide 37: The EverGreen 2030 Medium-Term Ambition
The EverGreen 2030 Medium-Term Ambition Deliver Superior & Balanced Growth with attractive shareholder returns Organic Growth +MSD Net Revenue1 STI LTIP Cash Conversion Improving >90% New LTIP +ROIC Linked to FOCF STI & LTIP New LTIP2 Organic Organic Growth Organic Growth Growth Operating Net EPS1 ≥
Slide 38: Our EverGreen 2030 Medium-Term Ambition
Our EverGreen 2030 Medium-Term Ambition India’s ambition to deliver profitable growth aligned to HEINEKEN STI: Short-Term Incentives; LTIP: Long-Term Incentive Programme. Note 1. EPS, Operating Profit and Net Revenue on beia basis. Note 2: applies to Senior Managers 41
Slide 39: #WeAreHEINEKEN Confident in the next steps
#WeAreHEINEKEN Confident in the next steps of our Pioneering journey! 42
Slide 40: UBL is best positioned to lead the next phase of category growth
UBL is best positioned to lead the next phase of category growth in a profitable way 1 Leading the next era of category growth UBL is driving beer category growth in India and is uniquely positioned to accelerate further growth and win in the Indian market. Winning with the consumer, State by State
Slide 41: 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 42: Q&A Questions & Discussion
Q&A QUESTIONS & DISCUSSION