Upl Limited · NSE:UPL
Upl — Investor Day (May 2025)
59 slides from Upl's investor day presentation, May 12, 2025
Slide 1: Resilient Core. Future Ready. Capital Markets Day
Resilient Core. Future Ready. Capital Markets Day 12 May 2025 Public
Slide 2: Safe Harbor Statement
• Safe Harbor Statement This document contains certain forward-looking statements with respect to the financial condition, results of operations and business of UPL Limited (UPL) and certain of the plans and objectives of UPL with respect to these items. Examples of forward-looking statements includ
Slide 3: Meet the presenters today
• Agenda Meet the presenters today Jai Shroff Anand Vora Chairman and Group CEO Chief Financial Officer Mike Frank Ashish Dobhal CEO, UPL Corporation CEO, UPL SAS Bhupen Dubey Raj Tiwari CEO, Advanta Seeds CEO, Superform Capital Markets Day 2025 3
Slide 4: FY25 Performance
Resilient Core. Future Ready. FY25 Performance Jai Shroff, Chairman and Group CEO Public
Slide 5: FY25 Scorecard
• FY25 Scorecard Strong overall performance, in line with guidance | Industry Leader Revenue EBITDA Operational Free Growth Growth Cash Flow Generation 4–8% 8% >50% 47% $300–$400Mn $530Mn Guidance Achievement Guidance Achievement Guidance Achievement in FY25 in FY25 in FY25 in FY25 in FY25 in FY25 U
Slide 6: Resilience through Global Footprint
Resilience through Global Footprint Trusted globally, geographically diverse revenue base Diversified Market Strong and 1 2 3 presence leadership well-diversified customers >140 countries 5th largest <3% outreach global crop protection of total revenue company from largest customer Regional revenue
Slide 7: Customer focused R&D, with robust innovative product pipeline
Resilience through Smart Business R&D Customer focused R&D, with robust innovative product pipeline Customer centric IP strength in Robust innovation Broad portfolio 1 2 3 4 R&D formulations pipeline spectrum Farmer ‘pain point’ driven >15,000 ~2% of revenue ~38% innovation and value creation produc
Slide 8: Resilience through Operational Excellence
Resilience through Operational Excellence Leveraging our uniqueness through safe and reliable operations Safety and Manufacturing excellence, Asset 1 2 3 sustainability supply reliability advantage Deep market penetration, Ranked #1 High backward integration Ag-chem company in ESG by DJSI(1); for ma
Slide 9: Strong governance with highly experienced board members
Resilience through Strong Governance Across Platforms Strong governance with highly experienced board members International Crop India Crop Global Seeds Manufacturing and Platform Protection Platform Protection Platform Platform Specialty Chemicals UPL Sustainable Advanta UPL Ltd. UPL Corporation Lt
Slide 10: Deepening our Roots into Sustainability
• Resilience through Leadership in Sustainability Deepening our Roots into Sustainability Our Goals 01 02 03 04 SBTi Verified Targets Reduce Enhance Enhance Strengthen Environmental World Food Sustainable Community Included in DJSI World Index Footprint Security Sourcing Wellbeing Listed in CDP Lead
Slide 11: FY25 Focus Update
• FY25 Focus Update Focus on value creation, through operational and financial excellence Committed Delivered Improve Capital Lowered net debt Efficiency and by >$1 Bn, with strong Profitability EBITDA growth Faster Growth across Platforms Margin accretion led growth, turnaround in key markets; Futu
Slide 12: Strong Financial Recovery in FY25
Strong Financial Recovery in FY25 FY25 Performance | Industry Leader Anand Vora, Chief Financial Officer Public
Slide 13: Key highlights - a year of strong recovery
UPL Ltd. in FY25 Key highlights - a year of strong recovery 8% Industry leading volume growth • Strong recovery across key crop protection, seeds and specialty chemical markets Revenue Growth • New product launches of ~$100 Mn led improved product mix across platforms • Led by improved mix, rebate n
Slide 14: Improved margins, volume led growth leading to strong EBITDA
Recovery in Q4FY25 Improved margins, volume led growth leading to strong EBITDA Particulars (₹ in billion) Q4FY25 Q4FY24 Change (%) Revenue Variance (Q4FY25 vs Q4FY24) Revenue 155.7 140.8 11% Contribution Profit 59.3 41.4 43% 1% 1% 11% Contribution Margin (%) 38.1% 29.4% 870bps Fixed Overheads 26.9
Slide 15: Strong volumes led growth; EBITDA in line with guidance
Recovery in FY25 Strong volumes led growth; EBITDA in line with guidance Particulars (₹ in billion) FY25 FY24 Change (%) Revenue Variance (FY25 vs FY24) Revenue 466.4 431.0 8% Contribution Profit 181.7 149.9 21% 13% 3% 2% Contribution Margin (%) 39.0% 34.8% 420bps Fixed Overheads 100.5 94.7 6% Volum
Slide 16: FY25 Working Capital
FY25 Working Capital Improved inventory management and better collections led sharp drop in working capital Inventory Receivables Payables Net Working Capital FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 ₹103.2 ₹127.8 ₹130.7 ₹146.0 ₹166.2 ₹172.4 ₹67.6 ₹101.4 billion billion billion billion billion billio
Slide 17: Net debt lowered by ~$1.04 Bn vs. LY
Net Debt Reduction Net debt lowered by ~$1.04 Bn vs. LY Net Debt Position Particulars ₹ billion FY25 FY24 Change (%) Particulars $ million FY25 FY24 Change (%) Gross Debt ₹237.1 ₹284.4 (₹47.2) Gross Debt $2,774 $3,410 ($635) Cash and Cash and ₹98.6 ₹62.6 ₹35.9 $1,153 $751 $402 Cash Equivalent Cash E
Slide 18: UPL Corporation Ltd.
Resilient Core. Future Ready. UPL Corporation Ltd. Mike Frank, Chief Executive Officer Public
Slide 19: Key highlights (1/2): driving growth through efficiency and innovation
UPL Corp in FY25 Key highlights (1/2): driving growth through efficiency and innovation Improved 1 • Industry leading vol. growth; higher penetration in key markets • Outpaced peers: revenue, EBITDA recovery, lower net WC days, Business Quality led to free cash generation • Differentiated/ sustainab
Slide 20: Key highlights (2/2): driving growth through efficiency and innovation
UPL Corp in FY25 Key highlights (2/2): driving growth through efficiency and innovation Regulatory 4 • Application of GenAI for dossier preparation (regulatory powerhouse) and R&D • Increased use to drive global regulatory operational efficiency Supply Chain 5 • Successful execution of green field p
Slide 21: Industry leading volume growth, EBITDA margins over 19%
UPL Corp Q4FY25 Industry leading volume growth, EBITDA margins over 19% Particulars (₹ in billion) Q4FY25 Q4FY24 Change (%) • Strong recovery, led by volumes, mainly in North Revenue 120.7 101.9 18% America and Europe Revenue • Fungicide volumes (e.g., mancozeb) grew >30% Contribution Margin (%) 32.
Slide 22: Volume led growth across regions, primarily in North America and Europe
UPL Corp Q4FY25 by Regions Volume led growth across regions, primarily in North America and Europe Region-wise Revenue (₹ in billion) • Volume growth offset by pricing and unfavorable fx 1.3 120.7 LATAM • Challenges w.r.t. distributor delinquencies persist 6.5 11.5 • Strong volume recovery (+65% vs.
Slide 23: Strong volume growth; significant EBITDA recovery vs. LY
UPL Corp FY25 Strong volume growth; significant EBITDA recovery vs. LY Particulars (₹ in billion) FY25 FY24 Change (%) • Strong overall volumes, driven by North America, Europe and LATAM Revenue 343.8 308.8 11% Revenue • Fungicide volumes growth across key regions Contribution Margin (%) 32.5% 26.1%
Slide 24: Strong volume growth led by North America, Europe, and LATAM
UPL Corp FY25 by Regions Strong volume growth led by North America, Europe, and LATAM Region-wise Revenue (₹ in billion) • Volume growth in Brazil (Evolution®, Feroce®, Select®), and other LATAM offset by pricing and fx pressure; pre- 11.4 0.7 343.8 LATAM emergent herbicides impacted, in Argentina,
Slide 25: Increased share of differentiated / sustainable segment
UPL Corp FY25 Volume led increased share of differentiated / sustainable segment, with improved margins Segment Revenue Share (%) FY24 FY25 35 ~300 bps 38 increase in segment revenue share 62 65 Differentiated/ sustainable Post patent • Growth primarily in LATAM, Europe, supported by North America B
Slide 26: Strong Differentiated Launches, Drive Innovation and Margin Accretion
UPL Corp FY25 Strong Differentiated Launches, Drive Innovation and Margin Accretion Accelerated volume growth continues to demonstrate wider product acceptance Brand Winger® Feroce® Shenzi® Evolution® Portfolio Herbicides Insecticide Insecticide Fungicide | MMX Platform Effective tool for weed Focus
Slide 27: FY26 Outlook
UPL Corp FY26 FY26 Outlook Capital Markets Day 2025 27
Slide 28: Continue to Lead Industry Through Focused Operational Strategies
UPL Corp FY26 Continue to Lead Industry Through Focused Operational Strategies 1 2 3 Deliver Operational Excellence Drive Improved Margins Create Organizational Efficiencies To deliver best-in-class Disciplined resource allocation By transforming our customer outcomes and portfolio management, to Op
Slide 29: Driving growth, efficiency and operational excellence
UPL Corp FY26 Priorities Driving growth, efficiency and operational excellence Accelerate Innovation Profitable Growth Cash • Prioritizing product • Margin over volumes • Better credit terms, improve registrations (new AIs) (product mix, NPLs) billing cycles for payables • Improved innovation rate •
Slide 30: Maintain leading position in our sustainability portfolio - NPP
Sustainability at UPL Corp Maintain leading position in our sustainability portfolio - NPP Focus on delivering new AIs and expanding our market footprint Volume led revenue growth and Ambition to grow faster vs. market Overview profitability, despite challenges (~13% CAGR in FY25-FY30) demonstrate o
Slide 31: Increased focus on differentiated and sustainable offering pipeline
UPL Corp FY26 Increased focus on differentiated and sustainable offering pipeline Peak Pipeline Composition (%) Peak Pipeline Value (PPV) and Other Pipeline Metrics $1.5 Bn ~25% 20 Risk Adjusted Annual FY30 innovation rate(1) Sales expected by FY30 Annual Target ~$4.3 Bn 26 17 Risk Adjusted Peak New
Slide 32: UPL SAS
Resilient Core. Future Ready. UPL SAS Ashish Dobhal, Chief Executive Officer 32 Public
Slide 33: FY25 key highlights | Transformed to drive sustainable growth
UPL SAS in FY25 FY25 key highlights | Transformed to drive sustainable growth Operational Excellence and Market & Strategic Portfolio Working Capital Efficiency Channel Optimization 1 • Prudent credit policies 1 • Expanded beyond traditional 1 • Herbicides, new products and NPP and working capital u
Slide 34: Volume driven revenue growth, good margin recovery with strong free cash flows
UPL SAS Q4FY25 Volume driven revenue growth, good margin recovery with strong free cash flows Particulars (₹ in billion) Q4FY25 Q4FY24 Change (%) • Strong volume led growth (+57%), on account of good Revenue 6.8 4.3 57% Revenue rabi season liquidation Contribution Margin (%) 27.8% 5.7% 2,210bps Fixe
Slide 35: Volume led growth and strong margins
UPL SAS FY25 Volume led growth and strong margins Particulars (₹ in billion) FY25 FY24 Change (%) • Strong volume led growth (+13%), driven by herbicides Revenue 32.3 28.5 13% (Centurion®, Canora®, Iris®, Patela®, Sweep Power®, Revenue Ferio®, among others), new launches, NPP portfolio Contribution
Slide 36: Key business priorities
UPL SAS FY26 Key business priorities Continued ▪ Improve margins (crop ▪ Expand differentiated/ ▪ Productivity based spending ▪ Tighter credit control, diversification, tail sustainable segment (FY26: (tech enabled efficiencies) commercial policy to operating rationalization, NPP ~45% from ~40% in F
Slide 37: Advanta Enterprises
Resilient Core. Future Ready. Advanta Enterprises Bhupen Dubey, Chief Executive Officer Public
Slide 38: Advanta ranked among top seeds company globally
Advanta in FY25 Advanta ranked among top 10 seeds company globally Seed Company Sales Fiscal 2023 Rank Company 2022 ($M) 2023 ($M) Change (%) 1 Bayer 10,768 11,879 10.3 2 Corteva Agriscience 8,979 9,472 5.5 3 Syngenta 3,797 3,762 -0.9 4 BASF 1,967 2,121 7.9 5 Vilmorin 1,787 1,982 10.9 6 KWS 1,734 1,
Slide 39: Key highlights | Continue to deliver double digit growth
Advanta in FY25 Key highlights | Continue to deliver double digit growth 12% Led by a mix of volume and prices • Strong traction across key products, with good growth across major regions Revenue Growth 11% Sustained strong margins • Strong recovery in H2, despite product availability challenges in
Slide 40: Robust revenue growth and increased profitability in challenging environment
Advanta Q4FY25 Robust revenue growth and increased profitability in challenging environment Particulars (₹ in billions) Q4FY25 Q4FY24 Change (%) • Volume: 29%; Price: +6%, FX: +1% Revenue • Higher volumes and improved realizations in corn, Revenue 15.4 11.2 37% sorghum, canola and vegetables +37% vs
Slide 41: Healthy all-round operational performance
Advanta FY25 Healthy all-round operational performance Particulars (₹ in billions) FY25 FY24 Change (%) Revenue • Volume: +7%, Price: +4%, FX: +1% +12% vs. LY • Strong traction in field corn, sunflower, canola, Revenue 46.3 41.5 12% sorghum, led by higher volumes, realizations Contribution Margin (%
Slide 42: Traction across key crops led by targeted initiatives
Advanta Traction across key crops led by targeted initiatives FY25 Revenue New Pre-commercial Growth Drivers & Differentiating Factors Key Crops Share* (%) and Commercial # 19 hybrids Field Corn 41% • New market segments accessed through new products resulting in addressable market expansion # 7 cou
Slide 43: FY25 HSE Performance
UPL Ltd. FY25 HSE Performance Raj Tiwari, Chief Executive Officer, Superform Public
Slide 44: Safety Culture Transformation Journey
Safety Culture Transformation Journey April’22 May’24 March’25 Establish Influence & Implement Build Diagnostics2 Build Thinking & Framework Change Sustainability Strategy Safety Culture Journey owned 5 months 9 months 12 months 10 months and sustained by UPL ▪ ▪ 2nd Diagnostic Assessment Diagnostic
Slide 45: Superform
Resilient Core. Future Ready. Superform Raj Tiwari, Chief Executive Officer 45 Public
Slide 46: Global Players are Increasingly adopting China + 1 Strategy and India is Well Positioned
Global Players are Increasingly adopting China + 1 Strategy and India is Well Positioned Better Market Access Trends impacting Indian Specialty Chemicals Import Substitution: Push towards self reliance, supply China+1 Low Labor security for key intermediates, reduce forex outflows. Strategy Cost Sus
Slide 47: Introducing Superform
Introducing Superform Capital Markets Day 2025 Public
Slide 48: Our Strategy
Our Strategy Our idea Our purpose Our proposition Superform delivers high To reinvent chemistry Change chemistry, performance as the world’s most Change everything. chemistries at scale to powerful force for create wonderful positive change impact for the world 48 Public
Slide 49: Specialty Chemicals Restructuring | A standalone business will better serve the market
Specialty Chemicals Restructuring | A standalone business will better serve the market Revenue share in AgChem Superform Develop & apply specialty chemistries beyond AgChem 75% Natural Plant Protection Focus on new capabilities & partnerships Spec Chem Scale up Spec Chem business faster. Unlock shar
Slide 50: Chemistry Focused Strategies | Driving product innovation & growth
Chemistry Focused Strategies | Driving product innovation & growth Superform’s Large scale of operations to Access to high-quality, low- Complex chemistries At-site integration for use in Competitive achieve global cost cost feedstock and requiring advance down-stream derivatives. Advantage competit
Slide 51: Key highlights
Superform Key highlights 1 YoY revenue growth of 6%; specialty chem business grew by ~24% Entered into six binding/ non-binding MoUs for contract manufacturing; peak 2 revenue potential of ₹15 - ₹20 Bn 3 New products: MCF, EDTA, Diuron, DHDT, Caffeine, Propargite, Prothioconazole 4 Inventory reduced
Slide 52: Moderate revenue growth, unfavorable mix led margin contraction
Superform Moderate revenue growth, unfavorable mix led margin contraction Particulars (₹ in billion) FY25 FY24 YoY (%) FY25 • Revenue driven by recovery in specialty chemicals, overall Revenue 101.8 96.0 6% Performance demand upside, new launches, Contribution Margin (%) 22.3% 24.3% (200bps) Update
Slide 53: UPL Group FY26 Outlook
UPL Group FY26 Outlook Anand Vora, Chief Financial Officer Public
Slide 54: FY26 Guidance
UPL Ltd. in FY26 FY26 Guidance Revenue EBITDA Growth Growth 4 - 8% 10-14% 54
Slide 55: Annexure
Annexure Public
Slide 56: Q4 and FY25 Net Finance Cost Breakdown
Annexure Q4 and FY25 Net Finance Cost Breakdown Particulars (₹ in billion) Q4FY25 Q4FY24 Change (%) FY25 FY24 Change (%) Interest on Borrowings 4.6 5.7 (18%) 21.1 20.9 1% Interest on Leases & Others 2.7 2.4 13% 8.0 8.4 (5%) Other Financial Charges 0.6 0.4 40% 2.0 1.6 27% NPV – Interest & Finance 0.8
Slide 57: Balance Sheet FY25
Annexure Balance Sheet FY25 Particulars (₹ in billion) YTD Mar'25 YTD Mar’24 Particulars (₹ in billion) YTD Mar'25 YTD Mar’24 Equity Share Capital 1.6 1.5 Fixed Assets Other Equity 290.6 246.6 Tangible Assets 87.2 95.5 Total Equity 292.2 248.1 Intangible Assets 109.1 110.2 Non-Controlling Interests
Slide 58: Debt Profile as of 31 March 2025
Annexure Debt Profile as of 31 March 2025 Debt by Security (%) Debt by Tenure (%) Unsecured Long term Short term loan includes $500 M 5-year term loan Secured 23 Short term maturing in Mar 26 77 100 Debt by Currency (%) USD 41 BRL INR Others 95 Capital Markets Day 2025 All data as of March 31, 2025
Slide 59: Capital Markets Day 2025
Capital Markets Day 2025 59 Public