Slides
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CAPITAL MARKETS DAY SEPTEMBER 03, 2026
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MANAGEMENT PRESENTATION THE BEER OPPORTUNITY1 LEADING A NEW ERA OF GROWTH2 3 UBL & OUR STRATEGY 4 DELIVERING LONG TERM VALUE UBL & HEINEKEN5
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1. THE BEER OPPORTUNITY
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Globally Beer has strong fundamentals and clear growth potential… Source: Tellusant, Human8; GlobalData ; Note 1. PCC taken as average beer consumption
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…and meets key consumer needs
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India’s beer market is poised for sustained, long-term growth, underpinned by favorable demographics, significant consumption headroom and rising affluence Young & growing consumer base 1.46bn Total population 873m Legal drinking age (~25m added annually) 160m Alcohol drinking population 2/3 below age 35 Low beer PCC and under indexed in AlcoBev 2.5 L India beer PCC vs 25L Globally Total Alcohol across different markets Litre of pure alcohol per capita, LPA Large & growing economy ~$6.5tn Projected nominal GDP by 2030 Top-3 global economy ~6–7% Real GDP growth outlook Fast-growing major economy ~40% Urban population by 2030 vs ~36% currently 51% Middle + high-income households by 2030 Growth Opportunity for Beer Rising affordability Higher disposable incomes expanding the addressable consumer base Urban lifestyles More eating-out, entertainment & social occasions Young LDA population Large cohorts entering legal drinking age every year Premiumisation Next-gen consumers seeking more premium & differentiated choices Vietnam Cambodia India China W-Europe USA Beer Spirits Wine Sources: UN DESA – World Population Prospects 2024 (population & age structure); NFHS-5 2019–21 (alcohol-use prevalence); World Economic Forum & Bain & Company – Future of Consumption in Fast-Growth Consumer Markets: India (2019) (urbanisation & household income outlook); IMF / World Economic Outlook (GDP & growth outlook); Internal reporting / analysis (beer PCC, global PCC benchmark, cross-market alcohol consumption and beer-market outlook). Amongst youngest consumer bases in Asia Rising incomes + Urbanization = Expanding consumer opportunity
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2. LEADING A NEW ERA OF GROWTH
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STRATEGIC PRIORITIES TO DELIVER LONG-TERM VALUE To make beer the drink of choice through consumer centricity, advocacy, and execution 4 Unleash End-2-End Supply Chain Capabilities 2 Win in Mainstream and Premium 5 Step up Productivity 6 Future Fit the Organization 3 Win in All Stores 1 Grow the Beer Category
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Retailprice perbottle Policy advocacy Entry level pricing Early stage of beer market maturity Disproportionate Beer Taxation Higher effective tax on beer translates to significant affordability gap vs spirits Retail Prices vs Excise duty c. ₹ 180 Avg.ExciseDuty% c. 65% 1 2 3 Taxation optimization Pricing & Advertising Restrictions Ease of Doing Business Moderation Considerations -5 5 10 15 20 25 30 10540 45 5035 55 65 75 0 50 150 0 100 GDP/capita PPP (Euros k) Beer PCC (litres) India GROW THE BEER CATEGORY State specific launches to increase category penetration Advocating for the right conditions to grow the category IMFL Beer > 1.3X Tax burden per unit of alcohol Affordability Consumer Awareness Through Awareness, Availability & Affordability Source: Internal estimates & financials.
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SHAPING THE ECOSYSTEM TO UNLOCK CATEGORY GROWTH The next wave of accelerated category growth will be unlocked through progressive regulations with three states showing recent proven case studies 3 KEY POLICY UNLOCKS DRIVING GROWTH MAHARASHTRA Duty increase on IMFL partially closed price gap vs beer AFFORDABILITY 35% Category growth in H1’26 Key Reform Duty rationalisation on IMFL Impact Improved affordability leading to higher beer consumer demand JHARKHAND Retail liberalisation improved AVAILABILITY 55% Category growth in H1’26 Key Reform Shift from state-run to private retail Impact Better availability and access driving beer category expansion KARNATAKA Introduction of AIB based duty structure supported AFFORDABILITY 55% Category growth in first month Key Reform Introduction of Alcohol-in-Beverage based taxation lead to lower MRP Impact Lower effective duty; improved beer affordability & competitiveness Source: Internal estimates & financials.
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AFTER REFORMS UBL IS ABLE TO WIN DISPROPORTIONALLY With Kingfisher leading the mainstream category whilst Mild beer drives revived growth recently in specific markets Odisha Karnataka Tamil Nadu Mild Growth Strong Growth Mild beer growing ahead of Strong Beer in key markets The Kingfisher brand leads the mainstream growth KF brand growing 1.2X of Mainstream growth in H1’26 Jharkhand Andhra Pradesh Karnataka Maharashtra Category UBL After reforms, UBL is able to win disproportionally Source: Internal estimates & financials. UBL Performance for H1 2026First 6 months post reform in JH, AP & MH & First 2 months post reform in KA Jharkhand Andhra Pradesh Karnataka Maharashtra +2000 bps +400 bps +200 bps -70 bps KF Brands market share performance within Mainstream Market Share performance post reform
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3. UBL & OUR STRATEGY
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UBL: over 100 years of category leadership continuously evolving with India 1857 Founded by Thomas Leishman in Madras (Chennai) Breweries consolidated under “United Breweries” group 1915 1947 Vittal Mallya acquires UBL 1978 Kingfisher Premium launched 1982 Kingfisher Lager launched in the UK taking it Global 2002 JV with Scottish & Newcastle UK 2008 HEINEKEN enters as promotor via Scottish & Newcastle acquisition 2015 Latest UBL greenfield 2021 HEINEKEN gains majority control, UBL becomes subsidiary 2022-2025 Launch of Heineken® Silver, Amstel Grande, KF Smooth and project on next greenfield in UP. 1999 Kingfisher Strong launched 2008 UBL listed on NSE
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STRATEGIC PRIORITIES TO DELIVER LONG-TERM VALUE To make beer the drink of choice through consumer centricity, advocacy, and execution 4 Unleash End-2-End Supply Chain Capabilities 1 Grow the Beer Category 2 Win in Mainstream and Premium 5 Step up Productivity 6 Future Fit the Organization 3 Win in All Stores
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WIN IN MAINSTREAM & PREMIUM REGIONAL BRANDS Driving affordable beer with Local Jewels MAINSTREAM Strengthen leadership in mainstream PREMIUM Get disproportionate share of premium INTERNATIONAL PREMIUM Get disproportionate share of premium WATER & NAB Ultra Portfolio growth last quarter +11% Heineken Silver growth last quarter +28% Growth last quarter in selective markets +30%+6% Highest Brand Power in 24 months (delta MAT vs LY) Build new growth spaces beyond beer +16% Heineken 0.0 growth FY’25 Water Business growth H1’26 Across Consumer Segments & State by State +28% Source: Internal calculations & financials.
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WINNING IN ALL STORES Coverage & Coolers Trade Marketing Project Everest 50k+ coolers in retail outlets 2.3X increase in Draught Deployment Winning in all stores requires excellent execution across multiple levers 100% Store Coverage 1.6X increase in 2 years First Pilot Results % of outlets with >50% visibility 13% 53% % of outlets with >50% cooler share 7% 60% % of outlets with >50% share of shelf 89% Premium Market Share +400 bps READY TO SCALE ! Source: Internal estimates & financials.
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UNLEASH END-2-END SUPPLY CHAIN UBL’s unique supply footprint gives us the flexibility and capacity to grow with India whilst future fitting our supply-chain for future growth CURRENT FOOTPRINT 17 Own (active) • 18 Co-pack >50% Premium production capability Future fit sourcing through key supplier partnerships Soufflet Malt & Crown recently announced Drive production excellence to reduce cost to serve Unlock capacity and cost of production brewery by brewery Agile supply chain network 8 CBUs added over the last 2 years & 3 CapEx projects in ’26-’27 Water balancing & efficiency 9% Water reduction FY25-26 vs LY in every brew UBL Owned CBUs New Capex Projects CBU Commissioned
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UBL ’S ECONOMIC FOOTPRINT EXTENDS FAR BEYOND ITS BREWERIES FY2024–25 | Socio-economic impact across India’s full value chain NATIONAL IMPACT IMPACT ACROSS THE VALUE CHAIN WHY IT MATTERS ₹43,000 cr VALUE ADDED SUPPORTED 0.1% of India’s GDP 295,000 EMPLOYMENT OPPORTUNITIES 0.05% of total employment ₹8,200 cr margins generated for selling partners VALUE ADDED JOBS UPSTREAM Domestic farms and suppliers ₹5,700 cr 75,000 UBL Own operations and CBUs ₹15,200 cr 9,368 DOWNSTREAM Retail and on-trade partners ₹22,100 cr 211,000 Value added includes salaries, earnings and taxes generated across each link. ₹30,600 cr tax payments supported 1.3% of state tax revenue ₹6,900 cr domestic procurement 93% of total purchasing 31X additional jobs for every person employed at UBL 8 upstream • 23 downstream Source: The socio-economic impact of UBL in India, Steward Redqueen, FY2024–25. Study photographs; input-output model; figures rounded.
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FUTURE FIT THE ORGANIZATION Foster a winning culture and unlock our full potential Building future-ready capabilities Advance diversity, equity & inclusion Women Representation 23% Women workforce Employee engagement strong at 84% Gender gap continues to narrow
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4. DELIVERING LONG-TERM VALUE
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Accelerated volume growth led by premium volumes and recent share gains are building momentum Category Volume growth has been accelerating over last years With Premium volumes growing ahead of totals UBLs market share increased gradually over the last 2 years With significant contribution from our Premium portfolio Industry Volume CAGR Premium Share (%)Market Share (%) 2023 2024 2025 4% 6% 2026 HSD Premium Salience (%) Mid teens High teens 2010 2019 2022 2024 2025 2026 Low Teens High 40s 2023 2024 2025 2022-2025 17% 2022-2025 6% Industry Volume CAGR Premium Volume CAGR ~ 3x nearest competitor Source: Internal estimates & financials.
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Premium category growth 2.8X faster than category (22-25) PREMIUMISATION IS ACCELERATING ACROSS INDIA PREMIUM GROWTH PREMIUM MARGIN TRADING UP BEHAVIOUR of premium consumers have traded up from mainstream Category Premium 70% Source: Internal estimates & financials. Premium margins turned accretive in H1’2026 with GP margin expanding by >+1000 bps vs. H1’25 More room to grow margins as premium is only accretive in 60% of our markets Margin expansion supported by localisation of supplies, improved scale and trade- spent interventions Creating an increasingly attractive growth opportunity
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HIGH MARGIN STATES MID MARGIN STATES LOW MARGIN STATES +45% Industry Contribution Gross Margin Range X% UBL Approach 50% - 65%35% - 50%25% - 35% ~35%~30%~35% Grow shares & Expand Protect shares & improve margins Improve margins STATE MIX AS PROFIT MARGIN DRIVER We apply a state-by-state approach with focused investment and execution on higher margin states with room to grow margin through state mix improvements Source: Internal estimates & financials.
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DRIVING PRODUCTIVITY ACROSS THE VALUE CHAIN As we progress on our productivity initiatives across the value chain, we are confident to grow margins while funding future growth PRODUCTIVITY INITIATIVES ACROSS VALUE CHAIN NEW BOTTLE INFUSION Project Genie: 9% Bottle collection improvement in pilot state: Ready to scale LOCALIZING PRODUCTION Local production in 20 states VENDOR PARTNERSHIPS Long Term Agreements for all key input supplies in place to source locally OPTIMIZE SOURCING AND PORTFOLIO Reduced Import & Transport costs in targeted markets OPERATIONAL LEVERAGE 100% local sourcing of Malt and Bottles in 2026 RIGOR TRADE SPEND ALLOCATION 20% Reduction in last quarter END-TO-END VALUE CHAIN : FROM BARLEY TO BAR >> >>>
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INVESTING IN THE FUTURE WHILST IMPROVING MARGINS We identified clear levers to structurally expand EBITDA margins building on our strategic priorities and productivity initiatives OUR COMMITMENT Balancing topline growth and margin expansion to deliver strong and sustainable EPS compounding. Current EBITDA % State Mix Portfolio Mix Productivity initiatives Fund future growth Mid-term EBITDA % Upside scenario Mid-term EBITDA % High Single Digit Low Teens MID-TERM EBITDA % AMBITION Mid Teens UBL MID-TERM AMBITION
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OUR MID-TERM AMBITION Deliver Superior & Balanced Growth with attractive shareholder returns Organic Growth +DD Net Sales Volume, Pricing & Mix led Organic Growth EBITDA & EPS Organic Growth Net Sales> Water Usage <2.6 hl/hl Women in Senior Mngt. 40% Scope 1&2 by 2030 Net Zero New LTIP Improving Cash Flows led by improving Working Capital Improving ROIC Balanced operating model Contract vs own brewing
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5. UBL & HEINEKEN
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31 EVERGREEN 2030 Dolf van den Brink – Chief Executive Officer HEINEKEN NV UBL India – Capital Markets Day September 2026 Tristan van Strien Director of Investor Relations
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32 The World’s Pioneering Beer Company HEINEKEN at a Glance Note: numbers refer to FY25, unless stated otherwise €28.9bn Net revenue €4.4bn Operating profit €2.6bn Free operating cash flow €1.5bn Share Buyback programme 2025-2027 Strong financial profile >85,000 Employees 282mhl Total beer volume Global brewer >53 With #1 or #2 positions 18 Focus markets that will drive the growth (including India) #1 Beer brand sales value & brand power 5 Global Brands 25 Local power brands Strong & focused portfolio 4 Focus segments A scaled, balanced , and advantaged footprint Long term focused Unique cultureLeadership position Shareholder returns Shareholder returns Growing category Growing category Africa & Middle EastAmericasEurope Asia Pacific 30% Volume 30% Operating Profit 33% Volume 41% Operating Profit 17% Volume 9% Operating Profit 20% Volume 20% Operating Profit
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33 Leader in beer technology Compounding earnings >10% annually since 1937 listing We have been Pioneering for 160 years Building Iconic Heineken® Brand Building Advantaged Footprint Building Global Brand & Product Portfolio 0.0 game changer India UBL acquisition Distell acquisition FIFCO acquistion announced Leader in beer technology Heineken® launched Pioneer in people policies First export brand First to sponsor sport at 1928 Olympics First in US after prohibition Listed on Stock Exchange 1937 TV Advertising Pioneer James Bond partnership Champions League Sponsorship Scottish & Newcastle acquisition FEMSA acquisition APB acquisition Ground- breaking Dispense systems Formula 1 Sponsorship 2008 2021 Long term focused Unique cultureLeadership position Shareholder returns Shareholder returns Growing category Growing category
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34 Keep what’s special, change what’s needed by being family controlled, publicly listed Balancing the Best of Both Worlds Long term focused Unique cultureLeadership position Shareholder returns Shareholder returns Growing category Growing category Family Control Growth Creativity Long T erm Thinking Local Relevance Publicly Listed Productivity Discipline Short T erm Delivery Global Scale
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35 EverGreen 2030 | Future Proofing our Business Consistently delivering superior & balanced growth The HEINEKEN EverGreen 2030 Strategy Strategic Priorities What we focus on How we create attractive shareholder returns CO2 | Water | T alent EPS Rev OG% ROIC Green Diamond
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36 EverGreen 2030 | Future Proofing our Business Consistently delivering superior & balanced growth HEINEKEN strategic priorities Accelerate Growth 1 Step up Productivity2 Focus Future-Fit 3 Through premiumisation, focused mainstream brands, and priority segments Leverage our Global scale and skill, saving €400 to €500 million annually Digital BackBone, Brew A Better World, and a Winning organisation
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37 Growth by building and shaping the category India sits at the heart of HEINEKEN’s growth agenda VOLUME GROWTH #1 Fastest-growing volume market Expected to be the largest volume growth contributor in our focus markets, 2026– 2030e. GLOBAL SCALE, LOCAL POWER 3 out of 4 Of the largest brands in HEINEKEN Home to our top 2 global brands and Kingfisher, our #2 local power brand and #4 brand overall by volume. PREMIUM GROWTH T op 3 Global premium growth engine Expected to rank among the top three contributors to premium volume growth, 2026–2030e. CONCENTRATED RESOURCE ALLOCATION ~90% of growth generated by focus markets >80% of marketing & selling spend behind 5 global brands and 25 local power brands
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38 Productivity to fund growth and expand margins India advancing HEINEKEN’s global productivity agenda to deliver gross savings AGILE SUPPLY CHAIN 17 + 18 Own breweries + asset-light model Flexible network supporting growth while improving ROIC HEINEKEN BUSINESS SERVICES HBS INDIA Global capabilities from India Extending HEINEKEN’s global business services platform and access to talent. PROCUREMENT EXCELLENCE 100% LOCAL Malt and bottle sourcing Local sourcing and supplier partnerships reduce import and transport costs. PRODUCTIVITY Gross Savings delivery REINVESTMENT Brands • capacity • capabilities PROFIT GROWTH Structural margin expansion
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39 Patiently building profitable growth businesses HEINEKEN long-term orientation Brazil Ethiopia China1 Mexico Vietnam South Africa India ’10 ’12 ’14 ’16 ’18 ’20 ’22 ‘25 Net Revenue Operating Profit1’10 ’12 ’14 ’16 ’18 ’20 ’22 ‘25 ’12 ’14 ’16 ’18 ’20 ’22 ‘25 ’12 ’14 ’16 ’18 ’20 ’22 ‘25 ’12 ’14 ’16 ’18 ’20 ’22 ‘25 ’20 ’21 ’22 ’23 ‘25 Building momentum. Accelerating growth & margins ’19 ’20 ’21 ’22 ’23 ‘25 Still building momentum Established meaningful businesses in key markets… …we continue to build momentum Note 1. Share of Profit shown for China – CRBH JV Note: Charts not to scale across OpCos. Net Revenue and Operating Profit on separate axes for visualisation purposes Distell Acquisition May 2023 Kirin Acquisition Jun 2017 UBL Acquisition Sep 2021
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40 Deliver Superior & Balanced Growth with attractive shareholder returns The EverGreen 2030 Medium-Term Ambition STI: Short-Term Incentives; LTIP: Long-Term Incentive Programme. Note 1. EPS, Operating Profit and Net Revenue on beia basis. Note 2: applies to Senior Managers Organic Growth +MSD Net Revenue1 STI LTIP Organic Growth Operating Profit1 Organic Growth EPS1 Organic Growth Net Revenue1>≥ LTIP STI STI Water Usage <2.6 hl/hl Women in Senior Mngt. 40% Scope 1&2 by 2030 Net Zero LTIP LTIP LTIP New LTIP Cash Conversion >90% Improving +ROIC New LTIP2Linked to FOCF STI & LTIP
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41 India’s ambition to deliver profitable growth aligned to HEINEKEN Our EverGreen 2030 Medium-Term Ambition STI: Short-Term Incentives; LTIP: Long-Term Incentive Programme. Note 1. EPS, Operating Profit and Net Revenue on beia basis. Note 2: applies to Senior Managers
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42 #WeAreHEINEKEN Confident in the next steps of our Pioneering journey!
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UBL is best positioned to lead the next phase of category growth in a profitable way Leading the next era of category growth UBL is driving beer category growth in India and is uniquely positioned to accelerate further growth and win in the Indian market. Winning with the consumer, State by State UBL puts the consumer first – building the right portfolio for each market & occasion through a differentiated, state-by-state approach. Unlocking significant productivity and margin potential UBL’s productivity programme is on track, with significant opportunities ahead across the end-to-end value chain to structurally improve margins. Building the institution of the future With support of HEINEKEN, UBL is building the capabilities, operating model and talent required to deliver sustainable, long-term growth. 1 2 3 4
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DISCLAIMER This presentation contains forward-looking statements with regard to the financial position and results of UBL’s activities. These forward- looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond UBL’s ability to control or estimate precisely, such as future market and economic conditions, the behavior of other market participants, changes in consumer preferences, costs of raw materials, interest rate and foreign exchange fluctuations, change in tax rates, changes in law, changes in pension costs, the actions of government regulators, geopolitical situations and weather conditions. These and other risk factors are detailed in UBL’s publicly filed annual reports. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. UBL does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these materials. Market share estimates contained in this presentation are based on outside sources such as specialized research institutes in combination with management estimates.
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Q&A QUESTIONS & DISCUSSION