Slide 1: Exchange filing letter: Investor Presentation intimation
March 29, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C/1, Block G, Dalal Street, Mumbai - 400001 Bandra-Kurla Complex, Bandra (E), Mumbai - 400051 Scrip Code: 500135 Trading Symbol: EPL Sub. : Investor Presentation - EPL Limited (“Company”) R
Slide 2: Creating A Leader in Consumer Packaging for Emerging Markets
Creating A Leader in Consumer Packaging for Emerging Markets March 2026
Slide 3: Forward Looking and Cautionary Statement
Forward Looking and Cautionary Statement Certain statements in this release concerning our future prospects may be forward-looking statements, within the meaning of applicable securities laws and regulations. These statements by their nature involve a number of risks, assumptions and uncertainties t
Slide 4: Strategic Rationale Behind the Merger
Strategic Rationale Behind the Merger EPL - Indovida Merger Brings Significant Scale at an Attractive Valuation Multiple Scale 1 Merged entity will be one of the leading consumer packaging platform for emerging markets with ~$1bn of revenue Growth Potential 2 Emerging market focus (~75% of MergeCo r
Slide 5: EPL Today: Global Leader in Packaging with a Strong Foundation
1 EPL Today: Global Leader in Packaging with a Strong Foundation and Consistent Performance INR 4,500+ Cr. Revenue1 | 7% Revenue CAGR (L3Y2) Leading specialty packaging player 20% EBITDA margin1 | 13% EBITDA CAGR (L3Y2) Disciplined cost structure 19% PAT CAGR (L3Y2) | 18.7% RoCE1 Outperforming categ
Slide 6: EPL Vision: Leading Consumer Packaging Player for Emerging Markets
1 EPL Vision: Leading Consumer Packaging Player for Emerging Markets Leader Across Emerging Transform From Single-format to Multi- Innovation Partner for Large & Markets format Champion Emerging Brands ▪ Leading player in existing markets (e.g., India, ▪ End-to-end packaging solution for Flexible an
Slide 7: EPL and Indovida Coming Together will Create One of the Largest Consumer Packaging Platforms
Combination Overview 1 EPL and Indovida Coming Together will Create One of the Largest Consumer Packaging Platform for Emerging Markets to Achieve Our Vision EPL Indovida Merged Entity ▪ Flexible specialty packaging player ▪ Rigid PET packaging player Overview ▪ Products: Laminates, laminated tubes,
Slide 8: Indovida: A Global Leader in Rigid Packaging
Combination Overview 1 Indovida: A Global Leader in Rigid Packaging INR 38.1bn INR 8.1bn | 21.3% 19 | 9 ~2,700 CY25 EBITDA2 | Margin % CY25 Revenue Facilities Across1 | Countries1 Employees1 (CY25) Global Manufacturing Footprint Caters to Marquee Customers CY25 Geography Mix 12% AMESA 34% EAP 54% Eu
Slide 9: Merged Entity to be One of the Largest Consumer Packaging Platforms for Emerging Markets
Combination Overview 1 Merged Entity to be One of the Largest Consumer Packaging Platform for Emerging Markets with ~$1bn Revenue Globally and 20%+ EBITDA Revenue (INR mm)1 152,895 83,767 45,680 25,698 23,890 9,324 8,514 8,025 + Indovida Uflex EPL + Indovida EPL Manjushree Huhtamaki India Chemco Mol
Slide 10: Differentiated and End-to-End Product Offerings
Combination Overview Products Customers Geo Footprint Sustainability 1 Differentiated and End-to-End Product Offerings Laminates Preforms Laminated Tubes EPL: Indovida: Bottles Flexible Rigid Packaging Packaging Extruded Tubes Caps and Closures Closures A Broader Packaging Offering to Better Serve t
Slide 11: Serving Marquee Customers Across Categories
Combination Overview Products Customers Geo Footprint Sustainability 1 Serving Marquee Customers Across Categories …Complemented by Indovida’s Entrenched Blue-chip Global and Local FMCG EPL’s Longstanding Relationship With Customers Across Categories… Customers Oral BPC Indoco Remedies Ltd. Pharma P
Slide 12: High Growth Emerging Markets Contribute ~75% of MergeCo Revenue
Combination Overview Products Customers Geo Footprint Sustainability 1 High Growth Emerging Markets Contribute ~75% of MergeCo Revenue Complementary geographical footprints across 17 countries High share of business from emerging markets Poland United Kingdom 60%+ Germany USA EPL China Egypt Mexico
Slide 13: EPL and Indovida are Leading Players Across Key Geographies
Combination Overview Products Customers Geo Footprint Sustainability 1 EPL and Indovida are Leading Players Across The Respective Key Geographies They Operate in EPL’s Market position in laminated tubes Indovida’s Market position Northern Philippines Vietnam Nigeria Egypt Myanmar Thailand Tanzania G
Slide 14: Leveraging Sustainability Strengths to Create a Differentiated Packaging Leader
Combination Overview Products Customers Geo Footprint Sustainability 1 Leveraging Sustainability Strengths to Create a Differentiated Packaging Leader EPL + Indovida 90% 100% Recyclable of capacity capable to produce recyclable tubes PET Resin used 21% Flake to Preform renewable energy usage globall
Slide 15: MergeCo's ~75% Exposure to Emerging Markets Underpins Accelerated Growth
2 MergeCo’s ~75% Exposure1 to Emerging Markets Underpins Accelerated Growth, With These Markets Growing at ~2x Developed Economies Laminated Tube Market by geography ($bn) Rigid PET Market by geography (mm MT) CAGR CAGR CAGR (FY19-24) (FY24-30E) 4% (FY25-30) 5-6% CAGR 26.6 CAGR 2.4 4-5% 21.8 CAGR 6-
Slide 16: Attractive Merger Valuation With Indovida Valued at ~35% Discount to EPL
3 Attractive Merger Valuation With Indovida Being Valued at ~35% Discount to EPL The transaction values EPL at INR 339 per share, ~70% higher than the last closing price1, valuing EPL at ~$1.2bn and the combined platform at ~$2bn Indovida’s valuation reflects a ~35% discount relative to the multiple
Slide 17: Indorama Ventures' Strategic Parentage Will Drive Further Value Creation
3 Indorama Ventures’ Strategic Parentage Will Drive Further Value Creation for Shareholders Enhances access to global operating expertise, capital support and 1 1 sustainability capabilities Provides stability and continuity for disciplined execution of strategic and 2 investment plans Provides long
Slide 18: Enhanced Metrics: Merger Expected to Double the Scale and be EBIT Margin and RoCE Accretive
4 Enhanced Metrics: Merger Expected to Double the Scale and to be EBIT Margin and RoCE Accretive Metrics as of CY25 unless EPL + Indovida = Merge Co mentioned otherwise Revenue (INR mm) 45,680 38,087 83,767 ~2x scale with steady profitability EBITDA | EBIT (INR mm) 9,338 | 5,654 8,129 | 5,754 17,467
Slide 19: Identified Synergies of $35-50 mm Will Further Drive Growth and Earnings Expansion
5 Identified Synergies of $35-50 mm Will Further Drive Sustainable Growth and Earnings Expansion Footprint: Leverage leading ▪ Cross-leverage each others’ leading market positions in the key emerging markets for further growth A positions in key emerging markets ▪ MergeCo expected to benefit from sy
Slide 20: Leading Market Positions Across Emerging Markets
Footprint Products Costs 5A Leading Market Positions Across Emerging Markets Rationale for Expansion 1 2 Shared infrastructure reducing cost of new market entry EPL's expansion to Indovida's expansion to other Key SEA, African markets emerging markets 3 Local country know-how helps accelerate countr
Slide 21: Entry into Other Specialty Packaging Sub-Segments Enabling Deeper Customer Reach
Footprint Products Costs 5B Entry into Other Specialty Packaging Sub-Segments Enabling Deeper Customer Reach Potential Entry into Adjacent Product Categories Based on Product / Raw Material Adjacencies, Margin Accretion and Customer Access Indovida 1 Specialty Caps and Closures 2 Rigid Custom Contai
Slide 22: Identified Synergies of $35-50 mm across revenue and costs
Footprint Products Costs 5C Identified Synergies of $35-50 mm across revenue and costs Procurement Network Organization IT & Tech (Raw material, packaging) (Logistics, manufacturing set-up) (Leverage and Shared services) (Software Costs) ▪ Volume-based discount for raw ▪ Larger volumes to optimize ▪
Slide 23: Transaction Overview, Shareholding Structure and Transaction Timelines
TRANSACTION OVERVIEW, SHAREHOLDING STRUCTURE AND TRANSACTION TIMELINES 22
Slide 24: Transaction Overview and Key Terms
Transaction Overview and Key Terms ▪ The board of directors of EPL Limited (“EPL”) approved the merger of Indovida India Private Limited (“Indovida”) with EPL, on 29 March 2026, in one of the largest M&A in the Transaction Indian packaging space Overview ▪ EPL will be the continuing listed entity on
Slide 25: Pre and Post Merger Transaction Structure
Pre and Post Merger Transaction Structure Pre-Merger Shareholding1 Proposed Post-Merger Shareholding Public Public 26.0% 24.4% 49.6% 100% 16.6% 51.8% 31.6% MergeCo Indovida Indovida Upon the merger of EPL with Indovida, the shareholders of Indovida will be issued 286 equity shares of EPL as consider
Slide 26: Indicative Transaction Timelines & Key Steps
Indicative Transaction Timelines & Key Steps Q4FY26 Q1FY27 Q2FY27 Q3FY27 Q4FY27 Board Approval SEBI and stock exchange review CCI and other Anti Trust Approvals Stock exchange observation letter (post-receipt of SEBI NoC) File application + scheme with NCLT Receipt of shareholder and/or creditor app
Slide 27: Advisors to the Transaction
Advisors to the Transaction Financial Advisor Indian Counsel Independent Valuer Fairness Opinion Financial and Tax Due Diligence Strong Diligence and High Corporate Governance Standards: ▪ Market leading firms have conducted detailed due diligence (financial, legal, tax) ▪ Potential synergies assess
Slide 28: Overview of EPL and Indovida
OVERVIEW OF EPL AND INDOVIDA 27
Slide 29: EPL: A Global Leader in Flexible Packaging
EPL Indovida EPL: A Global Leader in Flexible Packaging Largest Laminated Tube Redefining the Market Through Strong Serving Blue Chip Customers Across Consistent Financial Track Record & Manufacturer Globally Innovations Attractive End Markets Best-in-class Margins Oral ~9bn 38% INR 45,680 Number of
Slide 30: Overview of Indorama Ventures' Journey in India
EPL Indovida Overview of Indorama Ventures’ Journey in India Indorama Ventures’ presence in India2 India Snapshot Jammu India’s revenue by application 52% Daily F&B Packaging Necessities HPC & Hygiene 3% Revenue1 Crop Solutions Karnal 37% 46% Uttar Pradesh INR 111B 2025 Energy & Resources Coatings &
Slide 31: Indovida's Unique Value Proposition
EPL Indovida Indovida’s Unique Value Proposition Strong Business Model Fundamentals Driving Sustained Value Indovida Established Pure-play focus on Strong connect with Global footprint with Excellence in Experienced leadership with 100% recyclable customers: Secured focus on emerging operations by l
Slide 32: Indovida's Proven Management Will Be Accretive to EPL's Leadership Platform
EPL Indovida Indovida’s Proven Management Will Be Accretive to EPL’s Leadership Platform Indovida as a Strong Partner: Strategic Advantage with Strong Expertise of an Experienced and Complementary Management Team with 20+ Years of Average Experience Founder and Group CEO of Indorama Ventures Public
Slide 33: Thank You
LEADING THE PACK cK uated ol) THANK You !