Slide 1: Exchange filing cover letter: Investor Presentation
15th May 2026 BSE Limited The National Stock Exchange of India Limited Listing Department Exchange Plaza, C-1 Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Mumbai – 400 001 Bandra East, Mumbai – 400 051 Scrip Code: 532432 Scrip Code: UNITDSPR Dear Sirs, Sub: Investor Presen
Slide 2: Q4FY26 & FY26 Results Presentation
DIAGEO United Spirits Limited Q4FY26 & FY26 Results Presentation 15th May 2026 Mr. Praveen Someshwar Managing Director & Chief Executive Officer Mr. Pradeep Jain Executive Director & Chief Financial Officer
Slide 3: Cautionary Statements Concerning Forward-Looking Statements
CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS This document contains ‘forward-looking’ statements. These statements can be identified by the fact that they do not relate only to historical or current facts. In particular, forward-looking statements include all statements that express f
Slide 4: Agenda
1. FY26 Business Update Agenda 2. FY26 Financial Highlights 3. Looking Ahead DIAGEO 3 | Investor Presentation FY2026
Slide 5: FY26 Business Update
FY26 BUSINESS UPDATE
Slide 6: Year in Summary
Year in Summary A What Moved Us Forward * Continuing the Journey o Signature Black & White V What Held Us Back ° o Johnnie Walker ° Pocket packs * Policy o =©Maharashtra * New Portfolio interventions o Smirnoff local flavours © Tequila o On-premise: stepped up brand visibility * Portfolio o McDowell
Slide 7: Year in Summary
Year in Summary Reported Excl. AP & MH Total NSV growth +7.6% +10.9% P&A NSV growth +8.6% +11.3% MP & above : +15.5% MP & above : +17.1% DIAGEO 6 | Investor Presentation FY2026
Slide 8: Broad-based healthy growth in ROI ex Mah; LP Transformation in the Market
Broad-based healthy growth in ROI ex Mah; LP Transformation in the Market 10% +8.8% (India incl. AP & MH growth ~8.6%) —_— —_ —_~ —_~ Fy25 Luxury + Upper Mid Lower FY26 P&A NSV Popular FY26 NSV AP MH FY26 Reported NSV Premium Prestige Prestige Prestige (excl. AP & MH) (excl. AP & MH) impact impact R
Slide 9: We are gearing up for the consumer market of the decade
We are gearing up for the consumer market of the decade Meda odn sie ATK 2S ROBUST CATEGORY MOMENTUM “47% GDP Growth Y Largest Whisky market (half of global whisky consumption) v 2°4 Largest Spirits market (vip 28 Years Median Age Y 39% of Global TBA Value Growth SPIRITS PENETRATION. SPIRITS PER CAP
Slide 10: Our Strategy is leveraging this India moment, anchored on Three Key Pillars
Our Strategy is leveraging this India moment, anchored on Thee Key Pillars -—————— : | __ Sustained double digit profitable growth and long-term value for all our stakeholders | @ Consumer Occasions Critical Talent Unlock e Organisation @ Accelerated Premiumisation of the Future Learning Organisatio
Slide 11: Our Strategy is leveraging this India moment, anchored on Three Key Pillars
Our Strategy is leveraging this India moment, anchored on Thee Key Pillars [ Sustained double digit profitable growth and long-term value for all our stakeholders | @ Consumer Occasions Critical Talent Unlock @ Accelerated Premiumisation Learning Organisation @ Innovation for Future Spirit of Progre
Slide 12: Portfolio Re-shape: Our Portfolio Strategy is Built Around the Three Indias
BUSINESS UPDATE: PORTFOLIO RE-SHAPE Our Portfolio Strategy is Built Around the T/iree Indias Annual Household 2023 2027F RSV 3yr Income! Number of households Number of households Salience? % CAGR?% whe Dowfulio 7% 26% * “3 Crv 19% 17% A Upper Mid fa2 2 631-18L 49% 9% 5 out of Top 10 Equity brands in
Slide 13: Socio-economic trends driving growth: recruitment, premiumization, repertoire
BUSINESS UPDATE: PORTFOLIO RE-SHAPE Socio-economic trends driving growth: recruitment, premiumization, repertoire Monthly Income! (INR) India 3 High Income (Top 10%) India 2 Middle Income (Mid 20%) India 1 Low Income (Bottom 50%)* Spirits Spirits Frequency Alcohol Spend? ; 2021 2025 Penetration? ser
Slide 14: India 1 India 2 India 3
India 1 India 2 India 3 Consumer Volume & Affordability Value for Money, Premiumization Money for Value, Repertoire Proposition Pack price, formats Occasions Unlock, Upgradation Experientials, Luxury VALUE VOLUME
Slide 15: India 1
India 1 India 2 India 3 VALUE VOLUME
Slide 16: Distinctive brand equity driving penetration with pocket pack
DISTINCTIVE BRAND EQUITY DRIVING PENETRATION WITH POCKET PACK CULTURE PLAY WITH ESPORTS INTEGRATION
Slide 17: New Liquid New Bottle New Attitude New Format
NEW LIQUID NEW BOTTLE NEW ATTITUDE NEW FORMAT
Slide 18: India 2
India 1 India 2 India 3 VALUE VOLUME
Slide 19: Black & White is now the No.1 Scotch in India
BLACK & WHITE IS NOW THE NO.1 SCOTCH IN INDIA BUILDING ASPIRATION WITH BLACK DOG AMONG SCOTCH LOYALISTS
Slide 20: Do Good Live Good: Signature collaborations
DO - GOOD LIVE - GOOD SIGNATURE X THAELY SIGNATURE X ZIRO
Slide 21: Strengthening local culture relevance through authentic Indian flavours
STRENGTHENING LOCAL CULTURE RELEVANCE THROUGH AUTHENTIC INDIAN FLAVOURS WITH ASPIRATIONAL CONCEPTS
Slide 22: Business Update: Portfolio Re-shape
BUSINESS UPDATE: PORTFOLIO RE-SHAPE integrated fully with USL playbook DIAGEO 21 | Investor Presentation FY2026
Slide 23: India 3
India 1 India 2 India 3 VALUE VOLUME
Slide 24: Building meaning in culture, luxury desire through on-trade
BUILDING MEANING IN CULTURE LUXURY DESIRE THROUGH ON-TRADE HIGH IMPACT INTERNATIONAL ACTS LEVERAGING THE JW PORTFOLIO INDIA IS THE NO. 3 MARKET FOR GLOBALLY
Slide 25: Anchored on purpose, distinctive liquid, most awarded
ANCHORED ON PURPOSE DISTINCTIVE LIQUID MOST AWARDED | 100+ AWARDS
Slide 26: Bringing alive Day of the Dead through Mexican authenticity
BRINGING ALIVE “DAY OF THE DEAD” DISTINCTION THRU MEXICAN AUTHENTICITY LEAD WITH ON TRADE
Slide 27: Black & White Refreshed Packaging Smirnoff Flavours
Black & White Johnnie Walker Blue Smirnoff Flavours Refreshed Packaging Diwali edition Black Dog Renovation Godawan 173 Johnnie Walker Blonde 200ml Royal Challenge pocket packs
Slide 28: Our advantaged portfolio blends volume and value scale
BUSINESS UPDATE: PORTFOLIO RE-SHAPE Our advantaged portfolio blends volume and value scale = 1000 Cr. + o 5) I $ o a 2 =500Cr.+ po} N > os = 100 Cr. + o £ / ‘8’ One Million-case+ Trademarks 3 f & B ' g wn Bee Black&White. g a BLACK DOG a Gykatare EEMETGG 2 a 4 n JOHNNIE WALKER soreness bap H j S 10M
Slide 29: Our Strategy is leveraging this India moment, anchored on Three Key Pillars
Our Strategy is leveraging this India moment, anchored on T/ivee Key Pillars r | __ Sustained double digit profitable growth and long-term value for all our stakeholders | Consumer Occasions Critical Talent Unlock Accelerated Premiumisation Learning Organisation Innovation for Future Diageo in Socie
Slide 30: Value chain: key sectors and ESG impact
VALUE CHAIN : KEY SECTORS ESG IMPACT PAHLE INDIA Agriculture 34 Employment generated 2,90,888 84% 92.1% Manufacturing Value Created ₹3,956 Cr GHG Reduction Renewable Energy Units Logistics & Transport Employment generated 1,55,236 -10.94% 99% 6,49,000 Value Created ₹12,738 Cr Total Jobs Water Withdr
Slide 31: Business Update: Diageo in Society
BUSINESS UPDATE: DIAGEO IN SOCIETY Our ESG ratings and external recognition across Supply operations a © E © ® | D sustainatyTics Year BO a Momingstar company Score ESG Score treo ESG Risk Rating inet po ‘aa « 2023 25 oO NSE 73 Rank | Percentile 2024 42 FH) cx Sustainability anim, Series 501 BeRRSli
Slide 32: Our Strategy is leveraging this India moment, anchored on Three Key Pillars
Our Strategy is leveraging this India moment, anchored on Three Key Pillars r | __ Sustained double digit profitable growth and long-term value for all our stakeholders | Diversity of Talent Organisation of the Future Learning Organisation @ DIAGEO 31 | Investor Presentation FY2026 ‘ne Source: Annua
Slide 33: Business Update: Org of the Future
BUSINESS UPDATE: ORG OF THE FUTURE Strengthening Org Capabilities (a) (2 (3) i ‘Premise: an ap ameetttem Wilpeitic : Digital Capability: Commercialization: Defining “Luxury” competencies & DOT structure uplift & Dedicated structure, distinct capability uplift i ghis Pues Gn ee transformation roadmap
Slide 34: An Engaged, Inclusive & Diverse Workforce
BUSINESS UPDATE: ORG OF THE FUTURE An Engaged, Inclusive & Diverse Workforce Engagement Index 999 94% 90% 90% ) VS 2025 84% +13 vs External Benchmark Inclusion & Diversity Index Net Promotor Score thi| +56 @3 VS 2025 I would recommend Diageo as a place to work DIAGEO 33 | Investor Presentation FY202
Slide 35: FY26 Financial Highlights
FY26 FINANCIAL HIGHLIGHTS
Slide 36: FY26 Financial Highlights: Healthy Performance across Financial Metrics
FY26:FINANCIAL HIGHLIGHTS Healthy Performance across Financial Metrics Sustained Growth Momentum DIAGEO 35 | Investor Presentation FY2026 NSV growth P&A growth 7.6% \ 8.6% GP growth Gross Margin “11.7% 46.4% EBITDA growth EBITDA Margin 11.6% A nr 1,374Cr 18.4% Return on Capital Employed “S 28.4% Pre
Slide 37: The Virtuous Cycle of Sustained Profitable Growth
FY26:FINANCIAL HIGHLIGHTS The Virtuous cycle of Sustained Profitable Growth O1 Drive Top Line including Price/Mix O04 NSV Growth: +7.6% ; Price Mix +6.1% O2 Value Chain Productivity Long Term ~ = 420 Cr; offsetting ~93% inflation Profitable Growth 03 Sustained A&P = 1,295 Cr ; RiR of 10.4% O 4 Lever
Slide 38: Portfolio momentum in FY26 has accelerated despite Maharashtra set-back
FY26:FINANCIAL HIGHLIGHTS Portfolio momentum in FY26 has Accelerated despite Maharashtra set-back NSV Growth 9.9% 8.6% a 0.7% 25, 0.3% Prestige & Above MFY25 MFY26 DIAGEO 37 | Investor Presentation FY2026 8.2% 7.6% Total NSV NSV Growth (excl. AP and MH) 11.3% 10.9% 10.0% 6.7% 5.3% Owed Popular Prest
Slide 39: Premiumisation intact; we added ~900 Cr in Net Sales
FY26:FINANCIAL HIGHLIGHTS Premiumisation intact; we added ~900 Cr in Net Sales + 12,448Cr 11,573Cr 12,591Cr ICS 12,448 Cr 11,573 Cr Luxury + Premium Upper Prestige Mid Prestige 12% Lower Prestige 11% ™ Popular NBR 33% 10% MP & Lower Popular & FY26 NSV AP MH Above Prestige others (excl. AP & MH) impa
Slide 40: Multi-year supply agility program on track and nearing completion
FY26:FINANCIAL HIGHLIGHTS Our multi-year supply agility program on track and nearing completion ev ENA Co-location Footprint optimisation > y Cash spends Non-cash costs Cost optimisation Above % represent progress made against end-state program projection. (Pe. é Acco el eam cResilied ommenced co-lo
Slide 41: Our Productivity muscle continues to deliver consistently
FY26:FINANCIAL HIGHLIGHTS Our Productivity muscle continues to deliver consistently 243 _ 182 514 Pricing & RGM 415 388 268 FY25 FY26 17% 7% FY23 FY24 FY25 FY26 39% 82% 88% 93% % inflation offset by productivity Al numbers in INR Cr —_— er DIAGEO 40 | Investor Presentation F¥2026 ‘Net working capita
Slide 42: 1,400 15.0% 1,200 13.0% 1,000 11.0% 9.0% 7.0% 0 - 5.0%
1,400 15.0% 1,200 13.0% 1,000 11.0% 800 600 9.0% 400 7.0% 200 - 5.0%
Slide 43: Leading to a consistent delivery over the years
FY26:FINANCIAL HIGHLIGHTS Leading to a consistent delivery over the years Pre-exceptional EPS INR/share Return on capital employed (ROCE) 28% 26.4 an 22.3 25% 20% 12:1 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 DIAGEO 42 | Investor Presentation F¥2026
Slide 44: Looking Ahead
LOOKING AHEAD
Slide 45: Shaping growth in India - the consumer market of the next decade
LOOKING AHEAD Shaping growth in India - ‘the consumer market’ of the next decade India Consumer Opportunity * Favourable Demographics * Growing Affluence * India confidence x West Asia conflict ~~ DIAGEO 44 | Investor Presentation FY2026 Industry Growth Drivers 100mn+ LDA consumers over next 5 years
Slide 46: Diageo
DIAGEO