LT FOODS Q2 CONCALL: H2 GROWTH MOMENTUM EXPECTED TO CONTINUE, LONG-TERM EBITDA MARGIN TARGET OF 13.5–14%, ORGANIC MARGIN RECOVERY TO 10–11% & UK PROFITABILITY EXPECTED IN FY28

• MANAGEMENT EXPECTS H2 FY27 REVENUE GROWTH MOMENTUM TO REMAIN BROADLY SIMILAR TO H1 FY27, SUPPORTED BY HEALTHY BASMATI DEMAND, PREMIUMIZATION & INTERNATIONAL MARKET EXPANSION • MANAGEMENT REAFFIRMS ITS LONG-TERM CONSOLIDATED EBITDA MARGIN AMBITION OF 13.5–14% VS 11% IN Q2 FY27, ALTHOUGH NO SPECIFIC ACHIEVEMENT TIMELINE WAS PROVIDED • MANAGEMENT EXPECTS ORGANIC FOODS EBITDA MARGIN TO IMPROVE TO APPROXIMATELY 10–11% OVER THE NEXT TWO YEARS VS 6% IN H1 FY27, SUPPORTED BY RESTRUCTURING, PRODUCT MIX IMPROVEMENT & OPERATING EFFICIENCIES • MANAGEMENT EXPECTS UK OPERATIONS TO TURN PROFITABLE IN FY28, SUPPORTED BY HIGHER BUSINESS SCALE, BETTER CAPACITY UTILISATION & COST OPTIMISATION • MANAGEMENT TARGETS FY27 ADVERTISING EXPENDITURE OF APPROXIMATELY 2.3% OF REVENUE VS 2.1% LAST YEAR, REFLECTING CONTINUED INVESTMENT IN BRANDS & NEW PRODUCTS • MANAGEMENT EXPECTS HIGHER PADDY PROCUREMENT COSTS TO BE GRADUALLY PASSED ON THROUGH PRODUCT PRICE INCREASES AS THE NEW CROP ENTERS THE SALES CYCLE • MANAGEMENT INDICATED NEW CROP PADDY PRICES ARE APPROXIMATELY 22–25% HIGHER YOY, BUT REMAINS CONFIDENT IN ITS PRICING POWER & PREMIUM BASMATI DEMAND RESILIENCE • MANAGEMENT EXPECTS MATURE BASMATI MARKETS INCLUDING INDIA, NORTH AMERICA & SELECT INTERNATIONAL REGIONS TO SUSTAIN EBITDA MARGINS OF APPROXIMATELY 15% OR HIGHER • MANAGEMENT EXPECTS EUROPEAN BUSINESS PROFITABILITY TO IMPROVE PROGRESSIVELY THROUGH MAINSTREAM PRIVATE-LABEL EXPANSION, HIGHER VOLUMES, PROCUREMENT EFFICIENCIES & AUTOMATION • MANAGEMENT EXPECTS MIDDLE EAST PROFITABILITY TO BENEFIT FROM SELECTIVE PRICE INCREASES, ALTERNATIVE SHIPPING ROUTES & IMPROVED PRODUCT AVAILABILITY IN SUBSEQUENT QUARTERS • MANAGEMENT EXPECTS THE FIRST PHASE OF ITS NEW MADHYA PRADESH ORGANIC MANUFACTURING FACILITY TO COMMENCE OPERATIONS DURING FY27, SUPPORTING LONG-TERM COST EFFICIENCY • MANAGEMENT CONTINUES TO EXPAND US READY-TO-HEAT MANUFACTURING CAPACITY, WITH FUTURE GROWTH EXPECTED FROM MICROWAVABLE RICE & CONVENIENCE FOOD PRODUCTS • MANAGEMENT EXPECTS INDIA GROWTH TO BE SUPPORTED BY PROJECT VISTAR, DEEPER DIRECT DISTRIBUTION, PREMIUM PRODUCT LAUNCHES & FURTHER MARKET-SHARE GAINS • MANAGEMENT EXPECTS NORTH AMERICA TO REMAIN A KEY GROWTH DRIVER THROUGH ROYAL, GOLDEN STAR, PREMIUM RICE PRODUCTS & EXPANSION INTO VALUE-ADDED BRANDED FOODS • MANAGEMENT EXPECTS ORGANIC BUSINESS TRANSFORMATION TOWARD DIRECT RETAILER RELATIONSHIPS, DIVERSIFIED SOURCING & CONSUMER PRODUCTS TO SUPPORT HIGHER LONG-TERM PROFITABILITY • MANAGEMENT EXPECTS SEASONAL PADDY PROCUREMENT TO ABSORB PART OF THE ₹247 CR SEPTEMBER-END NET CASH POSITION IN SUBSEQUENT QUARTERS • MANAGEMENT REMAINS FOCUSED ON MAINTAINING IMPROVED WORKING CAPITAL EFFICIENCY, WITH H1 WORKING CAPITAL DAYS REDUCED TO 143 FROM 174 LAST YEAR • MANAGEMENT INDICATED TARIFF-RELATED REFUNDS HAVE NOT BEEN FULLY ACCOUNTED FOR, WITH GREATER CLARITY EXPECTED BY THE END OF FY27 • MANAGEMENT MAINTAINS ITS FOREIGN EXCHANGE POLICY OF HEDGING APPROXIMATELY 50% OF EXPOSURE WHILE KEEPING 50% OPEN, ALLOWING PARTIAL BENEFIT FROM RUPEE DEPRECIATION • MANAGEMENT REMAINS POSITIVE ON SUSTAINED BASMATI GROWTH, ORGANIC BUSINESS RECOVERY, UK PROFITABILITY & LONG-TERM MARGIN EXPANSION, WHILE PADDY INFLATION, FREIGHT COSTS, INTERNATIONAL EXECUTION & SEASONAL WORKING CAPITAL REQUIREMENTS REMAIN KEY MONITORABLES

LT FOODS LIMITED

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