United Breweries Limited · NSE:UBL
United Breweries — Q2 FY26 Earnings Presentation
14 slides from United Breweries's earnings presentation, October 2025
Slide 1: Investor Presentation Q2 FY26
Investor Presentation Q2 FY26 United Breweries Limited October 2025
Slide 2: 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 3: Q2 FY26 Highlights
Q2 FY26 Highlights Volume Premium Volume -3% +17% Outperforming the market Outperforming the market Net Sales Gross Margin -3% 42.8% mid-single digit price mix off-set by state- & source mix (-104 bps vs LY ; improving vs Q1 FY26) EBIT Profit after Tax -55% -64%
Slide 4: H1 FY26 Highlights
H1 FY26 Highlights Volume Premium Volume +4% +33% Net Sales Gross Margin +7% 42.6% (-76 bps vs LY) EBIT Profit after Tax -18% -25%
Slide 5: Outperformed a muted beer market; volume by region
Impacted by a stronger-than-usual monsoon, we outperformed a muted beer market (sell-out). Overall, sell-in volume declined 3.4% resulting in 4.3% growth in H1-FY26 Volume Growth (-3.4% ITQ, +4.3% YTD) North (-18% ITQ, -4% YTD) East (-6% ITQ, -3% YTD) Volume decline in mainly Rajasthan, Volume decli
Slide 6: Strong growth from premium portfolio ahead of the market
Despite overall volume decline, we see continued strong growth from our premium portfolio ahead of the market, led by Kingfisher Ultra franchise, Amstel Grande & Heineken® Silver Quarterly Volume Development 47% 46% 37% 31% 27% 17% 10% 11% 7% 7% 7% -3% Q1-FY25 Q2-FY25 Q3-FY25 Q4-FY25 Q1-FY26 Q2-FY26
Slide 7: Q2 FY26 Results
Q2 FY26 Results Q2 Results (standalone) Data in Rs. Cr. Sep-25 Sep-24 Change (%) Net Sales 2,051 2,115 -3% COGS -1,173 -1,187 -1% Gross Profit 878 927 -5% Employee expenses -185 -174 6% Other expenses -563 -527 7% Other income 15 11 43% EBITDA 145 237 -39% Depreciation -64 -57 12% EBIT 81 180 -55% F
Slide 8: H1 FY26 Results
H1 FY26 Results YTD Results (standalone) Q2 Results (standalone) Data in Rs. Cr. Sep-25 Sep-24 Change (%) Net Sales 4,914 4,588 7% COGS -2,818 -2,596 9% Gross Profit 2,095 1,991 5% Employee expenses -383 -356 7% Other expenses -1,272 -1,124 13% Other income 26 18 46% EBITDA 467 529 -12% Depreciation
Slide 9: Q2 FY26 net sales declined 3% driven by volume
Q2 FY26 net sales declined 3% driven by volume, with positive underlying PriceMix almost fully off-set by negative operating model mix (contract breweries) Net sales Q2 (Rs. Cr.) 2,115 1 Volume decline mainly driven by Rajasthan, Karnataka, Telangana and West Bengal partially 2,051 offset by Andhra
Slide 10: H1 FY26 net sales grew 7%
H1 FY26 | Net sales in the first half of the year grew 7% driven by volume and underlying PriceMix partially offset by negative operating model mix (contract breweries) Net sales H1 FY26 (Rs. Cr.) 4,914 1 Volume growth mainly driven by Andhra Pradesh, Assam, Maharashtra & Uttar Pradesh partially off
Slide 11: H1 FY26 EBIT: gross profit increase offset by negative operating leverage
H1 FY26 | Increase in gross profit from both volume and PriceMix mainly off-set by negative operating leverage in Q2 as well as continued investments behind brands EBIT H1 FY26 (Rs. Cr.) 1 Gross Profit increase driven by volume and -18% price mix. GP margin -76 bps vs LY driven by 415 negative mix,
Slide 12: Putting consumers & customers at the heart of our business
Putting consumers & customers at the heart of our business… 1 2 3 4 5 Manufacturing Policy Portfolio Innovation Footprint Execution Advocacy Non exhaustive list of initiatives
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 despite short term margin press
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