UPL Q2 FY27: EBITDA UP 5% YOY; 8TH CONSECUTIVE QUARTER OF EBITDA GROWTH, ₹28,684 CR NET DEBT & $110 MN EGYPT ACQUISITION

• Margin Improvement: EBITDA margin expanded to 19.5% from 18.3% YoY and 14.7% QoQ, supported by cost optimisation and operating efficiency • Profitability: Operational PATMI stood at ₹422 Cr, up ₹11 Cr YoY, while H1 operational PATMI surged 33% YoY to ₹441 Cr • H2 FY27 Outlook: Management prioritises stronger cash generation, inventory reduction, working capital improvement and debt reduction during H2 • Net Debt: Net debt increased ₹4,882 Cr YoY to ₹28,684 Cr, while net debt-to-EBITDA stood at 2.9x versus 2.7x YoY • Debt Refinancing: Prepaid a $500 Mn term loan due in December 2026, supported by $400 Mn refinancing extended to FY32 • Advanta Acquisition: Agreed to acquire 99.98% stake in Egypt-based Misr Hytech Seed International for approximately $110 Mn, with completion expected by January 31, 2027, subject to approvals • SUPERFORM Growth: Revenue increased 28% YoY to ₹3,579 Cr, while EBITDA grew 19% to ₹451 Cr; super specialty chemicals volumes surged 50% • Advanta Performance: Revenue increased 12% YoY to ₹1,875 Cr, while EBITDA grew 19% to ₹510 Cr, supported by seeds and post-harvest businesses • Crop Protection Business: UPL Corporation revenue declined 8% YoY to ₹7,972 Cr, while EBITDA fell 14% to ₹1,083 Cr due to weaker volumes and elevated input costs • Regional Performance: North America and Rest of World revenue increased 19% YoY each, while Latin America declined 8% and Europe fell 12% • Working Capital: Net working capital increased to 145 days from 118 days YoY, primarily due to higher inventory • Credit Rating Outlook: S&P upgraded UPL Corporation's outlook to Positive from Stable, while CRISIL revised UPL's outlook to Stable from Negative • H1 Performance: Revenue increased 4% YoY to ₹22,041 Cr, EBITDA grew 9% to ₹3,812 Cr and EBITDA margin expanded to 17.3% • Future Growth Strategy: Focused on differentiated crop protection products, specialty chemicals, seeds, contract manufacturing, geographic expansion and improving profitability

UPL LIMITED

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