Interim report
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October 27, 2026 To, BSE Limited National Stock Exchange of India Limited Scrip Code: 532478 Symbol: UBL Dear Sir, Sub: Outcome of the Meeting of the Board of Directors of United Breweries Limited (‘the Company’) held today, i.e., October 27, 2026 In continuation of our intimation dated October 05, 2026, and pursuant to Regulation s 30 (read with Para A of Part A of Schedule III) and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations ’), read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 , we hereby inform that the Board of Directors of the Company, at its meeting held today, i.e. Tuesday, October 27, 2026, inter-alia, has considered and approved the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and year to date ended September 30, 202 6, as recommended by the Audit Committee. The Board Meeting commenced at 12:30 p.m. (IST) and concluded at 6.15 p.m. (IST). Further, pursuant to Regulation 33 of the SEBI Listing Regulations, please find enclosed herewith as Annexure I: a) Statement of Unaudited Standalone and Consolidated Financial Results for the quarter and year to date ended September 30, 2026; and b) Limited Review Report dated October 27, 2026, issued by the Statutory Auditors of the Company with respect to the said Unaudited Standalone and Consolidated Financial Results and taken on record by the Board of the Company. The said information is also being made available on the website of the Company www.unitedbreweries.com Kindly take the same on your record. Thanking you, Yours faithfully, For UNITED BREWERIES LIMITED __________________________________ NIKHIL MALPANI Company Secretary & Compliance Officer Encl: As above
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~ UNITED BREWERIES LIMITED Registered office: UB Tower, UB City, 24, Vittal Mallya Road, Bengaluru - 560001 Phone: 080 - 45655000 Fax: 080 - 22211964, 22229488 CIN: L36999KA1999PLC025195 Email: ublinvestor@ubmail.comWebsite:www.unitedbreweries.com Rs. in Lakhs Stateme nt of unaudited standalo ne financia l results for the quarter and year to date ended September 30, 2026 Particulars Quarter ended Year to date ended Year ended September 30, June 30, September 30, September 30, Septembe r 30, March 31, 2026 2026 2025 2026 2025 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 ~ (a) Revenue from operations (gross of excise duty) 4,62,lSl 5,91,745 3,73,556 10,53,896 9,11,444 17,45,621 (b) Other income (refer Note 3) 4,130 5,064 1,501 9,194 2,596 4,463 Total income 4,66,281 5,96,809 3,75,057 10,63,090 9,14,040 17,50,084 2 EXPENSES (a) Cost of materials consumed 1,38,578 1,64,308 1,08,140 3,02,886 2,62,627 5,00,444 (b) Purchase of trade~ goods 5,459 4,278 8,457 9,737 16,491 30,477 (c) Changes in invento es of finished goods, work-In-progress (3,895) 12,275 722 8,380 2,687 (13,222) and stock-in-trade (d) Excise duty on sale of products 2,08,561 2,85,258 1,68,448 4,93,819 4,20,094 8,22,355 (e) Employ ee benefits expense 15,291 15,763 13,592 31,054 27,389 55,836 (f) Contract employee expense 5,252 5,742 4,914 10,994 10,912 19,852 (g) Finance costs 2,831 2,304 1,465 5,135 2,582 7,172 (h) Depreciation and amortisation expense 8,917 8,569 6,398 17,486 12,682 27,161 (i) Other expenses 66,908 75,851 56,269 1,42,759 1,27,178 2,49,351 Total expenses 4,47,902 5,74,348 3,68,405 10,22,2S0 8,82,642 16,99,426 3 Profit before exceptional items and tax 18,379 22,461 6,652 40,840 31,398 50,658 4 Exceptional items (refer Note 7) 5,531 5 Profit before tax 18,379 22,461 6,652 40,840 31,398 56,189 6 Tax expense (a) Current tax 5,204 6,609 2,149 11,813 8,983 16,352 (b) Deferred tax credit (418) (787) (192) (1,205) (651) {1,479 Total tax expense 4,786 5,822 1,957 10,608 8,332 14,873 7 Profit for the period/yea r 13,593 16,639 4,695 30,232 23,066 41,316 8 Other comprehensive income {OCI) Items that will not be reclassified to profit or loss in subsequent periods Re-measurement gains on defined benefit plans 234 (31) 216 203 1,788 1,258 Income tax effect on above (59) 8 (54) (51) (450) (317) Total other comprehensive income/(loss), net of taxes 175 (23) 162 152 1,338 941 9 Total comprehensive income for the period/year 13,768 16,616 4,857 30,384 24,404 42,257 10 Paid up equity share capita l (Face value of Re. 1 each} 2,644 2,644 2,644 2,644 2,644 2,644 11 Other equity 4,49,087 12 Earnings per equity share in Rs. (nominal value per share Re. 1) .. (a) Basic 5.14 6.29 1.78 11.43 8.72 15.63 (b) Diluted 5.14 6.29 1.78 11.43 8.72 15.63 .. Not annuahsed for mtenm periods See accompanying notes to the standalone financial results Annexure-I
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~ UNITED BREWERIES LIMITED Registered office: US Tower, UB City, 24, Vittal Mallya Road, Bengaluru • 560001 Phone: 080 - 45655000 Fax: 080 - 22211964, 22229488 CIN: L36999KA1999PLC025195 Email: ublinvestor@ubmail.comWebsite:www.unitedbreweries.com Statement of standalone assets and liabilities Particulars Non-current assets (a) Property, plant and equipment (including right-of-use assets) (b) Capital work-in-progress (c) Other Intangible assets (d) Financial assets (i) Investments (ii) Other financial assets (e) Deferred tax asset (net) (f) Income tax assets (net) (g) Other non-current assets Current assets (a) Inventories (b) Financial assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Bank balances other than (ii) above (iv) Other financial assets (c) Income tax assets (d) Other current assets Total assets EQUITY AND LIABILmES Equity (a) Equity share capital (b) Other equity liabilities Non-current liabilities (a) Financial liabi litie s (i) Borrow ings (ii) Lease liabiliti es (iii) Other financia l liabilities (bl Provisions Current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables - Tota l outstanding dues to micro and small enterprises - Total outstanding dues of creditors other than micro and small enterprises (iv) Other financial liabilities (b) Other current liabilities (c) Provisions (d) Current tax liabilitie s (net) Total liabilities Total equity and liabilities As at Seotember 30, 2026 Unaudited 2,12,874 51,669 554 1,534 5,669 8,983 21,261 52,687 3,55,231 1,98,658 2,75,540 48,884 12,984 814 10,083 44,120 5,91,083 9,46,314 2,644 4,53,030 4,55,674 46,500 9,302 758 1,511 58,071 52,500 3,601 17,169 1,76,127 76,356 91,629 12,499 2,688 4,32,569 4,90,640 9,46,314 Rs. ln Lakhs As at March 31, 2026 Audited 2,03,565 50,919 534 1,539 5,923 7,829 27,655 48,092 3,46,056 2,14,791 2,94,309 45,978 11,148 304 - 55,509 6,22,039 9,68,095 2,644 4,49,087 4,51,731 10,880 1,057 1,220 13,157 1,17,526 3,247 13,437 1,66,410 79,357 1,11,613 11,617 5,03,207 5,16,364 9,68,095
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~ UNITED BREWERIES LIMITED Registered office: UB Tower, UB City, 24, Vittal Mallya Road, Bengaluru - 560001 Phone: 080 • 45655000 Fax: 080 - 22211964, 22229488 CIN: L36999KA1999PLC025195 Email: ublinvestor@ubmai l.comWebsite:www .unitedbreweries.com Unaudited standalone statement of cash flows for the year to date ended September 30, 2026 Rs. in Lakhs Particulars Year ended A Cash flow from operat ing activities Profit before tax Adjustme nts for: Depreciation and amortisation expense Bad debts written off Loss allowance for trade receivables (reversed)/ recognised, net Provision for doubtful advances recognised/( reversed), net Unrealised foreign exchange diffe rences (net) Net loss on sale of property, plant and equip ment Liabilities or provisions no longer required written back Interest expense Interest income on bank deposits and othe rs Dividend income on investment in subsidiary company Operating profit s before working capital changes Changes in working capital: Changes in Inventories Changes in Trade receivables Changes in Other financial assets Changes in Other bank balances Changes in Other assets Changes in Trade payables Changes in Other financ ial liabilities Changes in Other current liabilities and provisions Cash generated from operations Direct taxes paid Net cash generated from operat ing activities (A) B Cash flow from investing activities Purchase of property , plant and equipment including capital work-in-progress, intangible assets and capital advances Proceeds from sale of property, plant and equipment Proceeds from redempt ion of debt securities Investments in bank deposits Interest received Dividend received from subsidiary company Net cash used in investin g activities (B) C Cash flow from financin g activities Proceeds from long-term borrowings Payment of lease liabil itie s Proceeds from short-term borrowings (net) Interest paid Dividend paid to equity shareholders Net cash used in financin g activities (C) Net increase/ (decrease) in cash and cash equival ents (A+B+C) Cash and cash equivalents at the beginning of the year Effect of exchange differences on translation of foreign currency cash and cash equivalents Cash and cash equivale nts at t he end of the year Components of cash and cash equiva lents Cash on hand Bank balances on current accounts Bank balances on deposit accounts with original maturity of three months or less Total cash and cash equiv alents as per standalone statem ent of assets and liabilities Book overdraft used for cash management purposes Total cash and cash equivalent s as per stanalone statement of cash flow September 30, 2026 Unaudited 40,840 17,486 1,143 (1,811) 31 (32) (2,295) 5,110 (5,689) (11) 54,772 16,133 19,439 (156) (1,959) 10,261 14,063 (4,304) (18,608) 89,641 (9,125) 80,516 (31,483) 48 5 (43) 2,066 11 (29,396) 46,500 (1,795) (65,026) (3,544) (24,440) (48,305) 2,815 45,978 91 48,884 2 25,457 23,425 48,884 48,88 4 September 30, 2025 Unaudited 31,398 12,682 . 190 (184) 654 1 (319) 2,445 (1,037) (23 45,807 (18,083) 43,764 (1,176) (2,096) 9,300 (15,856) 15,867 (22,457) 55,070 (9,744) 45,326 (42,948) 16 6 (1) 784 23 (42,120) (1,027) 6,234 (1,290) (24,418) (20,501 ) (17,295) 34,100 16,805 2 16,885 16,887 (82) 16,805
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NOTES TO THE STANDALONE FINANCIAL RESULTS 1. The standalone financial results of the United Breweries Limited ("the Company") for the quarter and year to date ended September 30, 2026 have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on October 27, 2026. These results have been reviewed by the statutory auditors and have issued an unqualified review report on the same. 2. The standalone financial results have been prepared in accordance with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. 3. Other income for the quarter and period ended September 30, 2026 includes Rs. 3,689 Lakhs as interest on income tax refunds. 4. The Company received an order dated September 24, 2021 under Section 27 of the Competition Act, 2002 from the Competition Commission of India ("CCI") ('the CCI Order'), wherein the CCI concluded that the Company and certain executives (including former executives) of the Company contravened the provisions of Section 3 of the Competition Act, 2002. The CCI levied a penalty of Rs. 75,183 Lakhs on the Company. On December 8, 2021, the Company filed an appeal against the aforesaid CCI Order before the National Company Law Appellate Tribunal ('NCLAT'). The NCLAT vide its order dated December 22, 2021 has granted a stay of the CCI Order during the pendency of the appeal filed by the Company with the NCLA T, including recovery of the penalty imposed by the CCI, subject to deposit of 10% of the penalty amount by the Company. On December 23, 2022, NCLAT passed its judgment and dismissed the appeals filed by the Company and other appellants. The Company filed appeal against NCLA T order dated December 23, 2022 before the Supreme Court of India on January 30, 2023 under Section 53T of the Competition Act, 2002. On February 17, 2023, after hearing the arguments of the counsel for the Company and the CCI, the Supreme Court admitted the appeal and stayed the NCLAT Order (and consequently, the CCI Order and the recovery proceeding initiated by the CCI), subject to a deposit of additional 10% of the total penalty amount, over and above the amount already deposited. Other non-current assets include Rs. 18,762 Lakhs deposited in the form of Fixed Deposit Receipts with the Registrar, NCLAT relating to the matter discussed below. The Company is currently unable to determine, with certainty, recovery of this asset and its final obligation relating to penalties, if any. The matter is currently sub judice before the Hon'ble Supreme Court. Based on the external legal advice, the management of the Company is of the view that the Director General of CCI and the NCLAT has not considered all aspects of its submissions particularly considering the nature of the regulations governing the manufacture, distribution and sale of beer in India. As per the external legal advice, while the Company has a strong case on merits, there exists uncertainty relating to the final outcome in this matter, as it is subject to judicial proceedings. Accordingly, the Company is not in a position to reliably estimate the final obligation relating to penalties, if any, and no provision has been recorded in the books of account and the same has been considered as a contingent liability. 5. The Company has set up a plant in Bihar on land taken on lease from the Bihar State Government ("the Government"). The Government vide its notification dated April 5, 2016 had imposed ban on trade and consumption of alcoholic beverages and vide its notification dated January 24, 2017 had imposed ban on manufacture of alcoholic beverages in the State of Bihar. The Company had filed a writ petition with the High Court at Patna against notification dated April 5, 2016, requesting remedies and compensation for losses incurred on account of such abrupt notification, which was allowed by Patna High Court, vide order dated September 30, 2016. Against this order, the Government preferred a special leave petition before the Supreme Court of India, which is currently pending for final conclusion. Effective May 1, 2022, the Company has closed its manufacturing operations at Bihar. The Company has received a show cause notice dated June 25, 2022 from Bihar Industrial Area Development Authority (BIADA) for cancellation of its land lease in Bihar considering the non-operation of the manufacturing unit. ~ (?.J;.WEf?;~,s, t \. !0 ~ J) ..,,.~ r;::,1/ G:11_ow,,
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The Company, based on legal advice, filed its response to the said show-cause notice stating that there has been no violation of the BIADA Act and the notice to the Company is not maintainable. BIADA cancelled the allotment of land to the Company vide order dated December 16, 2022, against which the Company filed a writ before the High Court of Patna. The High Court, vide order dated January 25, 2023, directed to maintain the status quo. On February 8, 2023, the High Court directed BIADA to take a policy decision to deal with the situation arising out of the action of BIADA in the present petition and identical matters. BIADA has informed the Company on September 1, 2025 about the revised policies viz., Amnesty Policy 2025 and Exit Policy 2025, advising the Company to avail the benefits under these policies. The Company received an in-principle approval from the Board of Directors to apply under the Amnesty Policy 2025. Accordingly, on December 29, 2025, the Company applied under the Amnesty Policy. As per the prescribed procedure, BIADA granted the in-principle approval to our application on January 13, 2026. Basis the approval, the Company has undertaken the requisite steps, as contemplated, including (a) submitting the detailed project report on March 31, 2026; (b) depositing the administrative fee; and (c) filing an affidavit before the Patna High Court stating that upon receipt of the final approval, the Company will withdraw the pending Writ Petition. During the hearing of the Company's affidavit before the Patna High court, BIADA was unwilling to recall / withdraw the order of cancellation of lease or give an undertaking that they would recall the order of cancellation of lease upon UBL's restart of the industry as per the amnesty scheme. Pursuant to further • discussions held with BIADA, UBL has withdrawn the petition. BIADA has assured to continue the lease as is and issue to UBL the final approval under the Amnesty Scheme within the next few weeks. As at quarter ended September 30, 2026, the carrying value of property, plant and equipment at Bihar is Rs. 5,587 Lakhs. Recoverable value of the said property, plant and equipment is determined based on fair value less cost of disposal. In determining the fair value less cost of disposal, the Company evaluated and concluded its right to transfer the leasehold land after considering contractual rights available to the Company as per BIADA Amnesty policy as stated above. 6. The Company had received orders from the Debt Recovery Tribunal, Karnataka, Bangalore (ORT), whereby the Company has been directed not to pay/release amounts that may be payable with respect to shares in the Company held by an erstwhile director (including his joint holdings) and certain other shareholders , without its prior permission; accordingly, the Company has withheld payment of Rs. 10,951 Lakhs (net of taxes) relating to dividend on aforesaid shares. Further, the Company had received various orders from tax and provident fund authorities prohibiting the Company from making any payment to an erstwhile director; accordingly the Company has withheld payment of Rs. 45 Lakhs (net of TDS) relating to director commission and sitting fees payable to the aforesaid erstwhile director. 7. Exceptional items presented in the standalone financial results for the year ended March 31 , 2026, is on account of gain on transfer of free hold land amounting to Rs. 7,404 Lakhs and was partly offset by impact of implementation of new labour codes amounting to Rs. 1,873 Lakhs. 8. The Board of Directors of the Company proposed dividend of Rs. 10/- per equity share of Re. 1 each amounting to Rs. 26,441 Lakhs for the year ended March 31 , 2026, which was approved by the share holders at the annual general meeting of the Company held on August 12, 2026. The aforesaid dividend was paid during the quarter. 9. Considering the seasonality of the business, the revenue and profits do not accrue evenly over the year. 10. The Company operates as a single operating segment and the CODM reviews performance on an overall basis. Accordingly, segment reporting as required under Ind AS 108 is not applicable. As a result, separate segment-wise disclosures have not been made.
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11. The standalone financial results and notes are also available on the websites of the Stock Exchanges viz. www.bseindia.com and www.nseindia.com and also on the website of the Company viz. www .unitedbreweries.com. Place Date : Bengaluru : October 27, 2026
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BS R & Co. LLP Chartered Accountants Embassy Golf Links Business Park Pebble Beach, B Block, 3rd Floor No. 13/2, off Intermediate Ring Road Bengaluru - 560 071, India Telephone: +91 80 4682 3000 Fax: +91 80 4682 3999 Limited Review Report on unaudited standalone financial results of United Breweries Limited for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of United Breweries Limited 1. We have reviewed the accompanying Statement of unaudited standalone financial results of United Breweries Limited (hereinafter referred to as "the Company") for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 ("the Statement"). 2. This Statement, which is the responsibility of the Company's management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. We draw attention to below mentioned notes to the accompanying unaudited standalone results: - As described in Note 4 of the standalone financial results, which states that an appeal has been filed by the Company before the Honourable Supreme Court of India on 30 January 2023. The Honourable Supreme Court issued an order on 17 February 2023 and granted stay on the recovery by the Competition Commission of India (CCI) of penalty levied by it of Rs. 75,183 Lakhs. The aforesaid note describes the lack of certainty on recoverability of Other non-current asset of Rs. 18,762 Lakhs deposited in the form of Fixed Deposit Receipts with the Registrar, NCLAT and the Company's final obligation relating to penalties, if any. The Management of the Company believes that the Company has a strong case on merits supported by external legal advice. - As described in Note 5 of the standalone annual financial results, the Company had challenged the cancellation of its land lease by Bihar Industrial Area Development Authority (BIADA), and the Honourable High Court of Patna had directed BIADA to maintain status quo. As at 30 September 2026, the Company continues to hold property, plant and equipment at Bihar amounting to Rs. 5,587 Lakhs. The Company had submitted an application under the Amnesty Policy 2025 issued by the BIADA and received an in-principle approval (letter of approval). The Company had submitted the documents required by BIADA in its letter of approval including the detailed project report for the 8 SR & Co. (a partnership fim, with Registration No. BA61223) convertej into 8 SR & Co LLP {a Limited Liability Partnership with LLP Registration No. AAB-818~} W'ith effect rrom October 14, 2013 Regis,ered Office: 14th Floor, Central B Wng and North C VVing, Nesco IT Park 4, Nesco Center, Western Express Highvvay, Goregaon {East), Mumbai• 400063 Page 1 of 2
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BS R & Co. LLP Limited Review Report (Continued) United Breweries Limited production of non-alcoholic beverages and the affidavit filed with the Honourable High Court of Patna for the conditional withdrawal of the aforementioned litigation. Pending approval from BIADA on the Amnesty Scheme applied and the pending adjudication before the Honourable Supreme Court of India through a special leave petition filed by the State Government with respect to prohibition on trade and consumption of alcoholic beverages in the state of Bihar, may have an impact on the recoverability and future use of these assets. Our conclusion is not modified in respect of the aforesaid matters. Bengaluru 27 October 2026 For B S R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 i·~! Partner Membership No.: 064597 UDIN:26064597OOHBNG7 449 Page 2 of 2
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~ UNITED BREWERIES LIMITED Registered office: US Tower, UB City, 24, Vlttal Mallya Road, Bengaluru - 560001 Phone: 080-45655000 Fax: 080-22211964, 22229488 CIN: L36999KA1999PLC025195 Email: ublinvestor@ubmail. comWebsite:www.unitedbreweries .com Rs. in lakhs Statement of unaudited consolidated financial results for the quarter and year to date ended September 30, 2026 Particulars Quarter ended Year to date ended Year ended September 30, June 30, September 30, Septembe r 30, September 30, March 31, 2026 2026 2025 2026 202S 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 INCOME (a) Revenue from operations (gross of excise duty) 4,62,301 5,91,944 3,73,731 10,54,245 9,11,809 17,46,349 (bl Other income (refer Note 3l 4,132 5,071 1,486 9,203 2,593 4,517 Tota l income 4,66,433 5,97,015 3,75,217 10,63,448 9,14,402 17,50,866 2 EXPENSES (a) Cost of materials consumed 1,38,392 1,64,040 1,07,975 3,02,432 2,62,279 4,99,731 (b) Purchase of traded goods 5,459 4,278 8,457 9,737 16,491 30,477 (c) Changes in inventories of finished goods, work-in-progress (3,8921 12,345 719 8,453 2,669 (13,2521 and stock-in-trade (d) Excise duty on sale of products 2,08,561 2,85,258 1,68,448 4,93,819 4,20,094 8,22,355 (e) Employee benefits expense 15,417 15,897 13,723 31,314 27,666 56,365 {f} Contract employee expense 5,252 5,742 4,914 10,994 10,9U 19,852 (g) Finance costs 2,831 2,304 1,465 5,135 2,582 7,172 (h} Depreciation and amortisation expense 8,925 8,578 6,409 17,503 12,702 27,199 (i} Other expenses 67,221 76,U4 56,527 1,43,345 1,27,639 2,50,269 Total expenses 4,48 ,166 5,74,566 3,68,637 10,22,732 8,83,034 17,00,168 3 Prof it before exceptional items and tax 18,267 22,449 6,580 40,716 31,368 S0,698 4 Exceptional items (refer Note 7} 5,531 s Profit before tax 18,267 22,449 6,580 40,716 31,368 56,229 6 Tax expense (a} Current tax 5,204 6,609 2,138 11,813 8,983 16,368 (b) Deferred tax credit (418l (788l (192l (l,206l (652) (l,4781 Total tax expense 4,786 5,821 1,946 10,607 8,331 14,890 7 Profit for the period/year 13,481 16,628 4,634 30,109 23,037 41,339 8 Other comprehe nsive income {OCI) Items that will not be reclassified to profit or loss in subsequent periods Re-measurement gains on defined benefit plans 234 (3ll 216 203 1,788 1,261 Income tax effect on above (59l 8 (54l (51) (450) (318) Total other comprehensive income/(loss), net of taxes 175 (23l 162 152 1,338 943 9 Total comprehensive income for the period/year 13,656 16,605 4,796 30,261 24,37S 42,28 2 10 Profit for the period/year attrib utable to: Equity shareholders of the Holding Company 13,531 16,633 4,652 30,164 23,039 41,317 Non-controlling interest (50) (5) (18l (55) (2l 22 13,481 16,628 4,634 30,109 23,037 41,339 11 Other compre hensive income/( loss) (OCI) attrib utable to: Equity shareholders of the Holding Company 175 (23l 162 152 1,338 942 Non-controlling interest l 175 (23l 162 152 1,338 943 12 Tota l comprehensive income for the period/year attributable to: Equity shareholders of the Holding Company 13,706 16,610 4,814 30,316 24,377 42,259 Non-controlling interest (SO) (5) (18) (55) (2) 23 13,6S6 16,605 4,796 30,261 24,375 42,282 13 Paid up equity share capital (Face value of Re.1 each) 2,644 2,644 2,644 2,644 2,644 2,644 14 Other equity 4,49,566 15 Earnings per equity share in Rs. {nomina l value per share Re.1} .. (a) Basic 5.12 6.29 1.76 11.41 8.71 15.63 (bl DIiuted 5.12 6.29 1.76 11.41 8.71 15.63 ••Not annualised for interim periods See aecompanying notes to the consolidated financial results ~ '(-'i:-V'JE~t~.S Q ~ ~ .,, - :...\ ~ I ~ rn. ::, CJ * * ' <SI ..... -<11,,G'4LO~.
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~ UNITED BREWERIES LIMITED Registered office: UB Tower, US City, 24, Vittal Mallya Road, Bengaluru - 560001 Phone: 080 • 45655000 Fax: 080 • 22211964, 22229488 CIN: L36999KA1999PLC025195 Email: ublinvestor@ubmail.comWebsite:www.unitedbreweries.com Rs. in Lakhs Statement of consolidated assets and liabilities Particulars As at Asat Septemb er 30, 2026 March 31, 2026 Unaudited Audited ASSETS Non-current assets (a) Property, plant and equipment (Including right-of~use assets) 2,13,089 2,03,772 (b} Capital work•in-progress 52,012 51,217 (c) Goodwill on consolidation 645 645 {d) Other Intangible assets 554 534 {e) Financial assets (i) Investments 769 774 {ii) Other financial assets 5,702 5,961 (f) Deferred tax asset (net) 8,989 7,834 {g) Income tax assets (net) 21,290 27,669 (h) Other non-current assets 52,853 48,235 3,55,903 3,46,641 current assets (a) Inventories 1,98,794 2,15,028 (b) Financial assets (i) Trade receivables 2,75,611 2,94,398 {ii) Cash and cash equivalents 48,900 46,008 (iii) Bank balances other than (ii) above 12,984 11,148 (iv) Other financial assets 1,020 503 (c) Income tax assets 10,083 (d) Other current assets 44,123 55,531 5,91,515 6,22,616 Total assets 9,47,418 9,69,257 E9UITY AND LIABILITIES Equity (a) Equity share capital 2,644 2,644 (b) Other equity 4,53,441 4,49,566 Equity attrlbutable to equity holders of holding company 4,56,085 4,52,210 Non<ontrolting interest 508 574 4,56,593 4,52,784 Liabilities Non--current liabilities (a) Financial liabilities (i) Borrowings 46,500 (ii} Lease liabilities 9,302 10,880 (Iii} Other financial liabilities 758 1,057 (b) Provisions 1,515 1,221 58,075 13,158 Current liabilities (a) Financial liabilities (i) Borrowings 52,500 1,17,526 (ii) Lease liabilities 3,601 3,247 (iii) Trade payables - Total outstanding dues to micro and small enterprises 17,274 13,475 -Total outstanding dues of creditors other than micro and small enterprises 1,76,169 1,66,449 (iv) Other financial liabilities 76,368 79,371 (b) Other current liabilities 91,641 1,11,621 (c) Provisions 12,509 11,626 (d) Current tax liabilities {net) 2,688 4,32,750 5,03,315 Total liabilities 4,90,825 5,16,473 Total equity and liabilities 9,47,418 9,69,257
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~ UNITED BREWERIES LIMITED Registered office: UB Tower, UB City, 24, Vittal Mallya Road, Bengalur u - 560001 Phone: 080 - 45655000 Fax: 080 - 22211964, 22229488 CIN: L36999KA1999PLC025195 Email: ublinvestor@ubmail.comWe bsit e: www. unitedbrewe ries.com Unaudited consolidated statement of cash flows for the year to date ended September 30, 2026 Rs. in Lakhs Particulars Year ended A Cash flow from operating activities Profit before tax Adjustments for: Depreciation and amortisation expense Bad debts written off Loss allowance for trade receivables (reversed)/recognised, net Provision for dou btful advances recognised/( reversed}, net Unrealised foreign exchange diffe rences (net} Net (gain}/loss on sale of property, plant and equipment Liabiliti es or provisions no longer required written back Inte rest expense Interest income on bank deposits and others Operating profits before working capital changes Changes in working capital: Changes in Inventor ies Changes in Trade receivables Changes in Other fina ncial assets Changes in Other bank balances Changes in Othe r assets Changes in Trade payables Changes in Ot her fin ancial liabilities Changes in Other current liabilities and provisions Cash generated from operations Direct taxes paid Net cash generated from operating activities {A} B Cash flow from investing activities Purchase of property, plant and equipment including capit al work-in-progress, int angible assets and capital advances Proceeds from sale of property, plant and equi pment Proceeds from redemption of debt securities Investments in bank deposits Redemptio n/ma turity of bank deposits Inte rest received Net cash used in investing activities (Bl C Cash flow from financing activities Proceeds from long-term borrowings Payment of lease liabilities Proceeds fro m short-term borrow ings (net } Interest paid Dividend paid Net cash used in financing activities (C} Net increase/(decrease) in cash and cash equivalents (A+B+C} Cash and cash equivalents at t he beginning of the year Effect of exchange differences on translation of foreign currency cash and cash equivalents Cash and cash equivalents at the end of the year Components of cash and cash equivalents Cash on hand Bank balances on current accounts Bank balances on deposit accounts with original maturity of three months or less Total cash and cash equivalents as per consolidated statement of assets and liabilities Book overdraft used for cash management purposes Total cash and cash equivalents as per consolidated statement of cash flow September 30, 2026 Unaudited 40,716 17,503 1,143 (1,811} 31 (32) (3) (2,295} 5,110 {5,696} 54,666 16,234 19,457 {154} (1,959} 10,257 14,133 (4,306) (18,600} 89,728 (9,140} 80,588 (31,554} 52 5 (47) - 2,073 (29,471) 46,500 (1,795} (65,026} {3,544} (24,451} {48,316) 2,801 46,008 91 48,900 2 25,473 23,425 48,900 - 48,900 September 30,2025 Unaudited 31,368 12,702 - 190 (184) 654 1 (319) 2,445 (1,047} 45,810 (18,117} 43,757 (1,174} (2,096} 9,269 (15,817} 15,864 {22,457} 55,039 (9,751) 45,288 (42,971} 16 6 (59} 100 794 (42,114) - (1,027} 6,234 (1,290} (24,440} (20,523} (17,349} 34,192 - 16,843 2 16,923 - 16,925 {82) 16,843 . O~~'<;,INER;t2':,, ~ & ~ 1 ! gj * * ~ ~ :-i,G-4LO~•
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NOTES TO THE CONSOLIDATED FINANCIAL RESULTS 1. The consolidated financial results of United Breweries Limited ("the Holding Company") and its subsidiary (together referred to as "the Group") for the quarter and year to date ended September 30, 2026 have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on October 27, 2026. These results have been reviewed by the statutory auditors and have issued an unqualified review report on the same. The consolidated financial results does not include the Holding Company's share of net profit/loss in respect of Kingfisher East Bengal Football Team Private Limited, an associate, which is considered as not material to the Group. 2. The consolidated financial results have been prepared in accordance with the recognition and measurement principles laid do':Nn in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. 3. Other income for the quarter and period ended September 30, 2026 includes Rs. 3,689 Lakhs as interest on income tax refunds. 4. The Holding Company received an order dated September 24, 2021 under Section 27 of the Competition Act, 2002 from the Competition Commission of India ("CCI") ('the CCI Order'), wherein the CCI concluded that the Holding Company and certain executives (including former executives) of the Holding Company contravened the provisions of Section 3 of the Competition Act, 2002. The CCI levied a penalty of Rs. 75,183 Lakhs on the Holding Company. On December 8, 2021, the Holding Company filed an appeal against the aforesaid CCI Order before the National Company Law Appellate Tribunal ('NCLAT'). The NCLAT vide its order dated December 22, 2021 has granted a stay of the CCI Order during the pendency of the appeal filed by the Holding Company with the NC LAT, including recovery of the penalty imposed by the CCI, subject to deposit of 10% of the penalty amount by the Holding Company. On December 23, 2022, NCLAT passed its judgment and dismissed the appeals filed by the Holding Company and other appellants. The Holding Company filed appeal against NCLAT order dated December 23, 2022 before the Supreme Court of India on January 30, 2023 under Section 53T of the Competition Act, 2002. On February 17, 2023, after hearing the arguments of the counsel for the Holding Company and the CCI, the Supreme Court admitted the appeal and stayed the NCLA T Order (and consequently, the CCI Order and the recovery proceeding initiated by the CCI), subject to a deposit of additional 10% of the total penalty amount, over and above the amount already deposited. Other non-current assets include Rs. 18,762 Lakhs deposited in the form of Fixed Deposit Receipts with the Registrar, NCLAT relating to the matter discussed below. The Holding Company is currently unable to determine, with certainty, recovery of this asset and its final obligation relating to penalties, if any. The matter is currently sub judice before the Hon'ble Supreme Court. Based on the external legal advice, the management of the Holding Company is of the view that the Director General of CCI and the NCLAT has not considered all aspects of its submissions particularly considering the nature of the regulations governing the manufacture, distribution and sale of beer in India. As per the external legal advice, while the Holding Company has a strong case on merits, there exists uncertainty relating to the final outcome in this matter, as it is subject to judicial proceedings. Accordingly, the Holding Company is not in a position to reliably estimate the final obligation relating to penalties, if any, and no provision has been recorded in the books of account and the same has been considered as a contingent liability. 5. The Holding Company has set up a plant in Bihar on land taken on lease from the Bihar State Government ("the Government"). The Government vide its notification dated April 5, 2016 had imposed ban on trade and consumption of alcoholic beverages and vide its notification dated January 24, 2017 had imposed ban on manufacture of alcoholic beverages in the State of Bihar. The Holding Company had filed a writ petition with the High Court at Patna against notification dated April 5, 2016, requesting remedies and compensation for losses incurred on account of such abrupt notification, which was allowed by Patna High Court, vide order dated September 30, 2016. Against this order, the Government preferred a special leave petition before the Supreme Court of India, which is currently pending for final conclusion.
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Effective May 1, 2022, the Holding Company has closed its manufacturing operations at Bihar. The Holding Company has received a show cause notice dated June 25, 2022 from Bihar Industrial Area-Development Authority (BIADA) for cancellation of its land lease in Bihar considering the non-operation of the manufacturing unit. The Holding Company, based on legal advice, filed its response to the said show cause notice stating that there has been no violation of the BIADA Act and the notice to the Holding Company is not maintainable. BIADA cancelled the allotment of land to the Holding Company vide order dated December 16, 2022, against which the Holding Company filed a writ before the High Court of Patna. The High Court, vide order dated January 25, 2023, directed to maintain the status quo. On February 8, 2023, the High Court directed BIADA to take a policy decision to deal with the situation arising out of the action of BIADA in the present petition and identical matters. BIADA has informed the Holding Company on September 1, 2025 about the revised policies viz., Amnesty Policy 2025 and Exit Policy 2025, advising the Holding Company to avail the benefits under these policies. The Holding Company received an in-principle approval from the Board of Directors to apply under the Amnesty Policy 2025. Accordingly, on December 29, 2025, the Holding Company applied under the Amnesty Policy. As per the prescr.ibed procedure, BIADA granted the in-principle approval to our application on January 13, 2026. Basis the approval, the Holding Company has undertaken the requisite steps, as contemplated, including (a) submitting the detailed project report on March 31, 2026; (b) depositing the administrative fee; and (c) filing an affidavit before the Patna High Court stating that upon receipt of the final approval, the Holding Company will withdraw the pending Writ Petition. During the hearing of the Holding Company's affidavit before the Patna High court, BIADA was unwilling to recall / withdraw the order of cancellation of lease or give an undertaking that they would recall the order of cancellation of lease upon UBL's restart of the industry as per the amnesty scheme. Pursuant to further discussions held with BIADA, UBL has withdrawn the petition. BIADA has assured to continue the lease as is and issue to UBL the final approval under the Amnesty Scheme within the next few weeks. As at quarter ended September 30, 2026, the carrying value of property, plant and equipment at Bihar is Rs. 5,587 Lakhs. Recoverable value of the said property, plant and equipment is determined based on fair value less cost of disposal. In determining the fair value less cost of disposal, the Holding Company evaluated and concluded its right to transfer the leasehold land after considering contractual rights available to the Holding Company as per BIADA Amnesty policy as stated above. 6. The Holding Company had received orders from the Debt Recovery Tribunal, Karnataka, Bangalore (ORT), whereby the Holding Company has been directed not to pay/release amounts that may be payable with respect to shares in the Holding Company held by an erstwhile director (including his joint holdings) and certain other shareholders, without its prior permission; accordingly, the Holding Company has withheld payment of Rs. 10,951 Lakhs (net of taxes) relating to dividend on aforesaid shares. Further, the Holding Company had received various orders from tax and provident fund authorities prohibiting the Holding Company from making any payment to an erstwhile director; accordingly the Holding Company has withheld payment of Rs. 45 Lakhs (net of TDS), relating to director commission and sitting fees payable to the aforesaid erstwhile director. 7. Exceptional items presented in the consolidated financial results for the year ended March 31 , 2026, is on account of gain on transfer of free hold land amounting to Rs. 7,404 Lakhs and was partly offset by impact of implementation of new labour codes amounting to Rs. 1,873 Lakhs. 8. The Board of Directors of the Holding Company proposed dividend of Rs. 10/- per equity share of Re. 1 each amounting to Rs. 26,441 Lakhs for the year ended March 31 , 2026, which was approved by the share holders at the annual general meeting of the Company held on August 12, 2026. The aforesaid dividend was paid during the quarter. 9. Considering the seasonality of the business, the revenue and profits do not accrue evenly over the year.
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11. The consolidated financial results and notes are also available on the websites of the Stock Exchanges viz. www.bseindia.com and www.nseindia.com and also on the website of the Holding Company viz. www.unitedbreweries.com. Place Date : Bengaluru : October 27, 2026 By the authority of the Board ~~ V1v~ pta Managing Director
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BS R & Co. LLP Chartered Accountants Embassy Golf Links Business Park Pebble Beach, B Block, 3rd Floor No. 13/2, off Intermediate Ring Road Bengaluru - 560 071, India Telephone: +91 80 4682 3000 Fax: +91 80 4682 3999 Limited Review Report on unaudited consolidated financial results of United Breweries Limited for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of United Breweries Limited 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of United Breweries Limited (hereinafter referred to as "the Parent"), and its subsidiary (the Parent and its subsidiary together referred to as "the Group") for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting' ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 241 O "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. • We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the Parent and its Subsidiary i.e., Maltex Malsters Limited. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We draw attention to below mentioned notes to the accompanying unaudited consolidated results: - As described in Note 4 of the consolidated financial results, which states that an appeal has been filed by the Parent before the Honourable Supreme Court of India on 30 January 2023. The Honourable Supreme Court issued an order on 17 February 2023 and granted stay on the recovery by the Competition Commission of India (CCI) of penalty levied by it of Rs. 75,183 Lakhs. The aforesaid note describes the lack of certainty on recoverability of Other non-current asset of Rs. 18,762 Lakhs deposited in the form of Fixed Deposit Receipts with the Registrar, NCLAT and the Parent's final obligation relating to penalties, if any. The Management of the Parent believes that the Parent has a strong case on merits supported by external legal advice. \A - As described in Note 5 of the consolidated financial results, the Parent has challenged the cancellation \J - \ Registered Office: /4 S •R & Co. (a partnership firm with Registration No. 8A6 1223) converted into BS R & Co. LLP {a 14th Floor, Central 8 Wing and North C \Ning, Nesco IT Park 4, Nesco Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 Center, Western Express Highway, Goregaon (East), Mumbai· 400063 Page 1 of 2
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BS R & Co. LLP Limited Review Report (Continued) United Breweries Limited of its land lease by Bihar Industrial Area Development Authority (BIADA), and the Honourable High Court of Patna has directed BIADA to maintain status quo. As at 30 September 2026, the Parent continues to hold property, plant and equipment at Bihar amounting to Rs. 5,587 Lakhs. The Parent has made an application under the Amnesty Policy, 2025 (Amnesty Scheme) issued by BIADA and has been granted an in-principle approval. The Parent had submitted the documents required by BIADA in its letter of approval including the detailed project report for the production of non-alcoholic beverages and the affidavit filed with the Honourable High Court of Patna for the conditional withdrawal of the aforementioned litigation. Pending approval from BIADA on the Amnesty Scheme applied and the pending adjudication before the Honourable Supreme Court of India through a special leave petition filed by the State Government with respect to prohibition on trade and consumption of alcoholic beverages in the state of Bihar, may have an impact on the recoverability and future use of these assets. Our conclusion is not modified in respect of the aforesaid matters. 7. We did not review the interim financial information of one Subsidiary included in the Statement, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 1,235 Lakhs as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs . 372 Lakhs and Rs. 882 Lakhs, total net loss after tax (before consolidation adjustments) of Rs. 102 Lakhs and Rs. 112 Lakhs and total comprehensive loss (before consolidation adjustments) of Rs. 102 Lakhs and Rs. 112 Lakhs, for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively, and cash outflows (net) (before consolidation adjustments) of Rs. 14 Lakhs for the period from 01 April 2026 to 30 September 2026. as considered in the Statement. This interim financial information has been reviewed by other auditor whose report has been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter. Bengaluru 27 October 2026 For B S R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 \v: i ~j~ ' Partner Membership No.: 064597 UDIN:26064597BSFWME3622 Page 2 of 2
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PRESS RELEASE UBL Delivers Strong Growth Quarter; Net Sales surges 24% & PAT 190% on the back of premiumisation & productivity initiatives Volume +16%, Premium Volumes +38%, Net Sales +24% and EB/TOA Margin up 480bps reflects strength of portfolio , premiumisation & disciplined execution Oct 27, Bengaluru, India: United Breweries Limited (UBL), India's leading beer company , reported a strong performance for the quarter ended September 2026, delivering accelerated growth across key business and financial metrics. The quarter was marked by robust category momentum , accelerated premiumisation , significant profitability expansion and sustained improvements in cash generation, underpinned by disciplined execution and investments to support future growth. PERFORMANCE HIGHLIGHTS • Beer category continued to deliver double-digit growth, with stronger acceleration during the quarter . • UBL sell-in volumes increased 16%, while inventory levels remained below the corresponding period last year , reflecting strong consumer demand and healthy market fundamentals . • Premium volumes grew 38%, up by 31 percentage points over the previous quarter, led by the continued success of Heineken® Silver, which accelerated to +67%, and Kingfisher Ultra, which grew +44%, further strengthening UBL's premium portfolio and driving premiumisation at scale. • Net Sales grew 24%, driven by strong volume growth, structural price increases, premiumisation, favourable geographic mix and improvement in the Company's operating mix. • Structural margin recovery initiatives and disciplined revenue management delivered a 194bps improvement in gross margin, despite continued inflationary pressures across the operating environment. • EBITDA margin improved.480bps to 11.9%, while EBIT margin improved 441bps to 8.4%, with EBITDA growing 108% and EBIT growing 161%, reflecting strong operating leverage and disciplined cost management. • Strong momentum in Free Operating Cash Flow (FOCF) continued, supported by improved profitability and operational discipline. • The Company recorded a further increase in Brand Power on top of the record levels reported last quarter, with the Kingfisher brand continuing to strengthen its market position and consumer relevance . • H1 FY27 results: Volume growth of 12%, Net Sales growth of 14%, EBIT growth of 35% and PAT growth of 31%, with underlying EBIT margin improving 129bps and PAT margin improving 70bps. • UBL gained share in profitable markets, led by Karnataka , reinforcing the strength of its execution and overall market leadership . Vivek Gupta, MD & CEO, UBL, commented: "We delivered an outstanding 02 FY27, with volume growth accelerating to 16%, Net Sales growth of 24% and EBIT growth of 161%, reflecting the strength of our portfolio, the acceleration of the beer category and the disciplined execution of our growth strategy. Importantly, these results are fully aligned with the ambitions and strategic priorities outlined during our Capital Markets Day earlier in the quarter, reinforcing our confidence in our ability to sustainably accelerate both growth and profitability ." "Premiumisation continues to be a powerful driver of value creation for UBL. Premium volumes grew 38%, led by the strong momentum of Heineken® Silver (now in 11 markets) and Kingfisher Ultra, while the commissioning of two new can lines at our Nizam and Ellora breweries (in Telangana & Maharashtra respectively) enhances our ability to meet growing consumer demand and unlock future growth opportunities. Buoyed by the results, the company intends to step up commercial investments in the upcoming quarter to fuel further growth. With category fundamentals remaining attractive and our brands continuing to strengthen, we remain confident in the long-term growth potential of the Indian beer market and UBL 's ability to create sustainable value for all stakeholders." Registered & Corporate Office: UB Tower, UB City, #24, Vittal Mallya Road. Bengaluru - 560 001. INDIA Tel: (91-80) 4565 5000, Email: ublcorporate@ubmail.com. Web Site: www.unitedbreweries.com Corporate Identity Number: L36999KA1999PLC025195
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Jorn Kersten, CFO, UBL, commented: "Our second quarter performance demonstrates the effectiveness of the actions we have taken to improve the quality of growth and strengthen business fundamentals . Net Sales grew 24%, supported by a favourable mix of volume growth, premiumisation and revenue management initiatives, while structural margin recovery actions enabled a 194bps improvement in gross margin despite a highly inflationary operating environment. " ''The combination of disciplined pricing , productivity initiatives and tight cost control translated into significant profitability expansion, with EB/TOA margin improving 480bps to 11.9% and EBIT margin improving 441bps to 8. 4%. We also continued to deliver improvements in Free Operating Cash Flow, strengthening our financial flexibility and supporting disciplined investment behind future growth opportunities." OUTLOOK UBL continues to see attractive long-term growth opportunities in the Indian beer market, supported by favourable demographics, increasing consumer preference for beer and ongoing premiumisation trends. The Company remains focused on driving category development, strengthening its portfolio through innovation, expanding availability, enhancing productivity and improving cost efficiency across the value chain. UBL will also continue to advocate for policy frameworks that support the sustainable growth of the beer industry. Supported by a strong portfolio, growing brand equity, disciplined capital allocation and an unwavering focus on profitable growth, UBL remains well positioned to capture future opportunities and create long-term shareholder value. STRENGTHENING LOCAL VALUE CHAINS ACROSS INDIA UBL's commitment to local sourcing and community development is reflected in its national economic contribution. An independent Socio-Economic Impact Assessment by Steward Redqueen found that in FY2024-25 , UBL supported approximately 295,000 employment opportunities across its pan-India value chain, contributed ~43,000 crore in value added to the Indian economy, generated ~30,600 crore in tax revenue and sourced 93% of its procurement domestically . ...... ..................................... ...... ...... ......... ··············································'"····················· About United Breweries Limited Bengaluru-headquartered United Breweries Limited, part of the HEINEKEN Company, is the largest beer manufacturer in India . The company produces and markets packaged drinking water and soda , internationally recognized beer, and non-alcoholic beverages . Its diverse product portfolio comprises brands such as Kingfisher Strong, Kingfisher Premium, Kingfisher Smooth , Kingfisher Ultra, Kingfisher Ultra Max, Kingfisher Ultra Witbier, Heineken ® Original, Heineken® Silver , Amstel Grande and Heineken® 0.0., along with Kingfisher Premium Packaged Drinking Water and Kingfisher Strong Power Soda. Most recen t information is available on our Company's website , and follow us on linkedln and lnstaqram . Media Contact: corpcomm @ubmail.com Disclaimer This press release 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 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. Registered & Corporate Office: UB Tower, UB City, #24, Vittal Mallya Road, Bengaluru - 560 001. INDIA Tel: (91-80) 4565 5000, Email: ublcorporate@ubmai l.com , Web Site: www.unitedbreweries. com Corporate Identity Number: L36999KA1999PLC025195