Business Highlights • Volume growth at 4.1% YoY led by Andhra Pradesh, Assam & Maharashtra • Weakness in Rajasthan, Telangana & Odisha partially offset growth • Premium portfolio grew 16% YoY driven by: – Kingfisher Ultra – Ultra Max – Heineken Silver Strategy & Investments • Continued focus on premiumisation strategy • Brand investments up 27% YoY in Q4 • Capex at ₹432 Cr focused on supply chain and capacity expansion Beer Segment Update • Beer category grew ~10% YoY in Q4 FY26 • Sell-in volumes ↑4.1% YoY; sell-out growth in high single digits • Gross margin improved to 45.4% (+332 bps YoY) Key Challenges • Net sales declined 3% YoY despite volume growth • EBIT margins pressured due to: – Higher fixed costs – Bottle investments – Sourcing mix changes • Competitive intensity remains high Learning Outcome Premiumisation can improve long-term profitability, but short-term margins may remain volatile due to higher investments and competitive pressures.

UBL

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