VARUN BEVERAGES Q3 CY2026: SALES VOLUMES UP 28.7% YOY; REVENUE SURGES 33.2%, AFRICA EXPANSION & NEW BUSINESS INITIATIVES

• Sales Volume Growth: Consolidated volumes increased 28.7% YoY to 35.44 Cr cases, driven by 22.5% growth in India and 39.9% in international markets • Quarterly Results: Net revenue surged 33.2% YoY to ₹6,607.56 Cr, EBITDA grew 25.1% to ₹1,426.71 Cr and PAT increased 13.5% to ₹830.59 Cr • Margin Pressure: EBITDA margin declined to 21.6% from 23% YoY, while gross margin contracted 334 bps to 53.1%, primarily due to higher packaging costs • Africa Expansion: Commenced beverage operations in Kenya following a $32 million business acquisition effective August 2026, strengthening its African presence • South Africa Integration: Completed merger of Twizza with BevCo effective August 1, 2026; management expects significant operational synergies in the coming quarters • New Product Launches: Introduced two beverage brands, BOLT UP and XTREME FIZZ, in Kenya to expand product offerings • Zimbabwe Expansion: Signed an exclusive distribution agreement with Mondelez for chocolates, biscuits, candies and gums, effective October 2026 • New Business Diversification: Incorporated KIVA Spirits and Company to explore opportunities in ready-to-drink beverages, alcoholic beverages and allied products • Premium Product Growth: Higher-value dairy beverages and premium launches, including Ad Rush and Evervess mixers, supported improved realisation per case • Low-Sugar Portfolio: Low-sugar and no-sugar beverages increased to 88% of India sales volumes from 44% YoY, helping offset higher sugar prices • 9-Month Performance: Net revenue increased 23.3% YoY to ₹21,814.55 Cr, EBITDA grew 19.9% to ₹5,274.58 Cr and PAT rose 15.5% to ₹3,202.30 Cr • Capacity & Infrastructure: Growth supported by expanded manufacturing capacity, distribution networks and ongoing investments in chilling infrastructure • Future Growth Plans: Focused on expanding across existing markets, improving profitability, integrating African operations and selectively entering adjacent product categories • Capex & Guidance: Management has not disclosed fresh quantified CY2026 revenue growth, margin or capex guidance in the presentation • Dividend: Board approved interim dividend of ₹0.50 per share, involving approximately ₹169.1 Cr cash outflow

VARUN BEVERAGES LIMITED

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