UNITED BREWERIES Q2 CONCALL: BEER VOLUMES UP 16% YOY, PREMIUM PORTFOLIO SURGES 38%, EBITDA JUMPS 108%, MARGINS EXPAND 480 BPS & PRICING POWER DRIVES PROFITABILITY

• MANAGEMENT EXPECTS UNDERLYING BEER INDUSTRY VOLUME GROWTH OF APPROXIMATELY 6–7%, ASSUMING NO MAJOR STATE POLICY CHANGES, WHILE PREMIUMIZATION & DISTRIBUTION EXPANSION REMAIN KEY GROWTH DRIVERS • MANAGEMENT EXPECTS GROSS MARGINS TO REMAIN IN THE 43–45% RANGE OVER THE NEXT COUPLE OF QUARTERS, SUPPORTED BY PRICING ACTIONS, PREMIUM PRODUCT MIX & OPERATIONAL EFFICIENCIES • MANAGEMENT ESTIMATES FY27 GROSS INPUT-COST INFLATION IMPACT OF APPROXIMATELY ₹350–400 CR, LOWER THAN ITS EARLIER ASSESSMENT, ALTHOUGH COMMODITY & PACKAGING COST PRESSURES CONTINUE • MANAGEMENT EXPECTS PREMIUM BEER PORTFOLIO TO MAINTAIN STRONG GROWTH, LED BY HEINEKEN SILVER, KINGFISHER ULTRA & INCREASING LOCAL MANUFACTURING CAPACITY • MANAGEMENT EXPECTS STRUCTURAL PRICING & TRADE-SPEND INITIATIVES TO CONTRIBUTE APPROXIMATELY 200–300 BPS TO REVENUE REALISATIONS, SUPPORTING HIGHER-QUALITY SALES GROWTH • MANAGEMENT EXPECTS Q3 PROFITABILITY GROWTH TO MODERATE SEQUENTIALLY AS BRAND INVESTMENTS INCREASE & HIGHER INPUT COSTS FLOW THROUGH, CAUTIONING AGAINST EXTRAPOLATING EXCEPTIONAL Q2 MARGINS • Q2 BEER SALES VOLUMES GREW 16% YOY, WHILE NET SALES INCREASED 24%, REFLECTING STRONG DEMAND, BETTER PRICING & FAVOURABLE PREMIUM PRODUCT MIX • Q2 EBITDA SURGED 108% YOY, WITH EBITDA MARGIN EXPANDING 480 BPS TO 11.9%, SUPPORTED BY HIGHER REALISATIONS, PREMIUMIZATION & PRODUCTIVITY IMPROVEMENTS • Q2 EBIT GREW 161% YOY, WITH EBIT MARGIN IMPROVING TO 8.4%, REFLECTING STRONG OPERATING LEVERAGE & IMPROVED BUSINESS PROFITABILITY • Q2 GROSS MARGIN IMPROVED TO 44.7% VS 41% IN Q1 FY27, SUPPORTED BY PRICING ACTIONS, IMPROVED GEOGRAPHICAL MIX & HIGHER RETURNABLE BOTTLE UTILISATION • Q2 RESULTS INCLUDED APPROXIMATELY ₹36 CR OF NON-RECURRING TAX REFUND INTEREST INCOME; EXCLUDING THIS BENEFIT, MANAGEMENT INDICATED EBITDA MARGIN EXPANSION REMAINED STRONG AT APPROXIMATELY 330 BPS YOY • PREMIUM BEER PORTFOLIO VOLUMES SURGED 38% YOY, SIGNIFICANTLY OUTPACING OVERALL BEER VOLUME GROWTH OF 16% & SUPPORTING MARGIN ACCRETION • HEINEKEN SILVER VOLUMES GREW 67% YOY, WHILE KINGFISHER ULTRA PORTFOLIO VOLUMES INCREASED 44%, REFLECTING STRONG CONSUMER DEMAND FOR PREMIUM BRANDS • HEINEKEN SILVER IS CURRENTLY AVAILABLE IN APPROXIMATELY 11 STATES, PROVIDING SIGNIFICANT DISTRIBUTION EXPANSION POTENTIAL ACROSS ADDITIONAL INDIAN MARKETS • MANAGEMENT BELIEVES HEINEKEN HAS THE POTENTIAL TO BECOME INDIA'S LARGEST PREMIUM BEER BRAND OVER TIME, ALTHOUGH NO SPECIFIC MARKET-SHARE TARGET OR TIMELINE WAS PROVIDED • COMPANY IMPLEMENTED PRICING ACTIONS ACROSS 24 MARKETS, ITS HIGHEST NUMBER TO DATE, SUPPORTING IMPROVED REALISATIONS & PROFITABILITY • PRICE & MIX CONTRIBUTED APPROXIMATELY 8 PERCENTAGE POINTS TO Q2 NET SALES GROWTH, INCLUDING PRICING, TRADE-SPEND RATIONALISATION, PREMIUMIZATION & GEOGRAPHICAL MIX BENEFITS • APPROXIMATELY 300 BPS OF PRICE-MIX IMPROVEMENT CAME FROM GEOGRAPHICAL MIX & PREMIUMIZATION, WHILE AROUND 50 BPS WAS ATTRIBUTED TO HIGHER UTILISATION OF OWN BREWERIES • APPROXIMATELY 30% OF THE BUSINESS HAS NOT YET RECEIVED PRICING INCREASES, INCLUDING TELANGANA, ANDHRA PRADESH & TAMIL NADU, PROVIDING POTENTIAL UPSIDE SUBJECT TO REGULATORY APPROVALS • KARNATAKA VOLUMES GREW OVER 60% VS INDUSTRY GROWTH OF MORE THAN 50%, WITH COMPANY MARKET SHARE IMPROVING BY APPROXIMATELY 250 BPS • TELANGANA BUSINESS REMAINED BROADLY FLAT WITH SOME MARKET-SHARE LOSS, WHILE MANAGEMENT CONTINUES TO SEEK PRICE INCREASE APPROVALS TO RESTORE PROFITABILITY • JHARKHAND IS BENEFITING FROM RETAIL POLICY LIBERALISATION, WHILE TAMIL NADU RETAIL REFORMS & HEINEKEN SILVER LAUNCH APPROVAL PROVIDE ADDITIONAL GROWTH OPPORTUNITIES • MANAGEMENT IS PRIORITISING PROFITABLE MARKET SHARE OVER AGGRESSIVE VOLUME DEFENCE IN LOW-MARGIN STATES, SUPPORTING SUSTAINABLE REVENUE QUALITY & CAPITAL EFFICIENCY • MANAGEMENT ESTIMATES STRUCTURAL OPERATING IMPROVEMENTS ARE CONTRIBUTING APPROXIMATELY ₹100 CR TO QUARTERLY EBIT, DRIVEN BY PRICING DISCIPLINE, PRODUCTIVITY & IMPROVED COMMERCIAL EXECUTION • OWNED BREWERIES ACCOUNT FOR APPROXIMATELY 70–75% OF TOTAL PRODUCTION, WITH CONTRACT BREWERIES PROVIDING FLEXIBILITY ACROSS HIGH-GROWTH REGIONAL MARKETS • TWO ADDITIONAL CANNING LINES ARE EXPECTED TO BECOME OPERATIONAL DURING Q3 FY27, SUPPORTING PREMIUM PACKAGING DEMAND & EXPANSION IN STATES SUCH AS WEST BENGAL • MANAGEMENT PLANS A NEW GREENFIELD BREWERY IN UTTAR PRADESH, WHILE ADDITIONAL CAPACITY EXPANSION IN TAMIL NADU IS UNDER CONSIDERATION • HEINEKEN IS CURRENTLY MANUFACTURED LOCALLY AT FOUR BREWERIES, WITH FURTHER LOCALISATION PLANNED TO IMPROVE SUPPLY EFFICIENCY, DISTRIBUTION & PRODUCT AVAILABILITY • MANAGEMENT IS INCREASING CONSUMER BRAND INVESTMENTS, SHIFTING FROM TRADE-LED PUSH SELLING TOWARD CONSUMER-LED DEMAND, WITH ADDITIONAL COMMERCIAL SPENDING PLANNED DURING Q3 AHEAD OF SUMMER • MANAGEMENT REMAINS POSITIVE ON PREMIUM BEER DEMAND, PRICING POWER, OPERATING EFFICIENCIES & CAPACITY EXPANSION, BUT INPUT-COST INFLATION, DELAYED STATE PRICING APPROVALS, HIGHER BRAND SPENDING & Q2 MARGIN NORMALISATION REMAIN KEY RISKS

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