Investor Presentation

October 30, 2026 National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, Block G, C/1, Bandra Kurla Phiroze Jeejeebhoy Towers Complex, Bandra (E), Mumbai – 400 051 Dalal Street, Mumbai – 400 001 Email: cmlist@nse.co.in Email: corp.relations@bseindia.com Symbol: VBL Security Code: 540180 Sub: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: Presentation on Unaudited Financial Results of the Company for the Quarter and Nine Months ended September 30, 2026 Dear Sir/Madam, Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached herewith a copy of the Presentation on Unaudited Financial Results of the Company for the Quarter and Nine Months ended September 30, 2026. The same is also being uploaded on website of the Company at www.varunbeverages.com. You are requested to take the above on record. Yours faithfully, For Varun Beverages Limited Ravi Batra Chief Risk Officer & Group Company Secretary Encl.: As above October 30, 2026 Varun Beverages Limited Q3 & 9M CY2026 Results Presentation Disclaimer This communication contains certain forward-looking statements relating to the business, financial performance, strategy and results of Varun Beverages Limited (“VBL” or the “Company”) and/ or the industry in which it operates. Such forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changes in economic, political, regulatory, business or other market conditions. Neither the Company nor its affiliates or advisors or representatives nor any of its or their parent or subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward- looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this presentation or the actual occurrence of the forecasted developments. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise. Given these uncertainties and other factors, viewers of this communication are cautioned not to place undue reliance on these forward-looking statements. Table of Contents Company Overview Vice-Chairman’s Message Q3 & 9M CY2026 Results Overview Performance Highlights Sustainability Initiatives Company Snapshot Key player in the global beverage industry with presence across 15 countries and the second largest franchisee of PepsiCo in the world (outside US). Total Sales Volumes (mn Cases*) 2020-2025: Sales Volume CAGR: ~23.5% 1,220 1,189 1,124 913 381 364 425 115 821 839 825 88 737 2020 2021 2022 2023 2024 2025 9M CY2026 India International Note: *A unit case is equal to 5.678 liters of beverage divided in 24 bottles of ~ 237 ml each Note: Previous period numbers are restated wherever 4 applicable, please refer foot note on Slide 11 4 Note: Map not to scale Complete Brand Portfolio Brands licensed by PepsiCo: Own Brands^: Carbonated Soft Drinks Club Soda Carbonated Soft Drinks Fruit Pulp / Juice Based Drinks Mixers Energy Drink Dairy Based Energy Drink Beverages* Sports Drink Carbonated Juice Ice Tea Packaged Water Based Drinks Snacks# Packaged Water # Manufacturing & Distribution of PepsiCo’s snack foods in Morocco and Zimbabwe and distribution in Zambia; Co-manufacturing of Kurkure Puffcorn in India. ^ Manufacturing & Distribution of own brands is restricted in select territories. * “CreamBell” trademark has been licensed to be used by VBL for ambient temperature value added dairy based beverages. 5 Symbiotic Relationship with PepsiCo Demand Delivery Demand Creation • Production Facilities 34+ • Trademarks • Sales & Distribution – • Formulation through Years of Association GTM & Logistics Concentrate (agreement in India valid till April, 2049) 90%+ • In-outlet Management – • Product & Packaging Visi-Coolers innovation through of PepsiCo India Sales Volume investment in R&D • Consumer Push Management (BTL) - • Consumer Pull Market Share Gains Management (ATL) - Brand Development Key Player in the Beverage Industry – Business Model MANUFACTURING ▪ 54 state-of-the-art production facilities N SOLID INRASTRUCTURE I Concentrate Other Raw ▪ 38 in India & 16 in International territories A Bottling (PepsiCo) Materials E ▪ Robust distribution network with strong distribution infra of L DISTRIBUTION & vehicles, including EVs ROBUST SUPPLY CHAIN V WAREHOUSING ▪ Wide network of owned vehicles R ▪ Wide presence in retail outlets through visi-coolers A CUSTOMER ▪ VBL - local level promotion and in-store activation DEMAND DELIVERY N MANAGEMENT ▪ PepsiCo - brand development & consumer marketing C ▪ Experienced sales team X IN-MARKET EXECUTION ▪ Responsible for category value/volume growth MARKET SHARE GAINS ▪ Path created for reaching out to every 5th person in the world O ▪ Production optimization T - COST EFFICIENCIES ▪ Backward integration (3 exclusive + 19 integrated plants) MARGIN EXPANSION N ▪ Innovation (packaging etc.) ▪ Working capital efficiencies ROE EXPANSION / ▪ Disciplined capex investment CASH MANAGEMENT FUTURE GROWTH ▪ Territory acquisition Executive Vice Chairman’s Message Commenting on the performance, Mr. Varun Jaipuria, Executive Vice Chairman – Varun Beverages Limited said: “We are pleased to report a strong performance in the third quarter of CY2026. Consolidated sales volumes grew by 28.7%, with volume growth of 22.5% in India and 39.9% in international territories. Revenue from operations increased by 33.2% YoY to Rs. 66,075.6 million, while EBITDA grew by 25.1% to Rs. 14,267.1 million. Higher packaging costs weighed on margins during the quarter, although improved realizations and operating leverage from strong volume growth helped partially offset these pressures. In India, we continued to witness healthy volume growth during the quarter, extending the positive trend seen since May. This performance was supported by our extensive distribution network, expanded manufacturing capacities, and ongoing investments in chilling infrastructure. We also saw improved realizations, supported by growth in higher-value categories such as dairy beverages and the introduction of premium offerings, including ‘Ad Rush’ and the ‘Evervess’ mixers range. Our international business continued to make strong progress during the quarter, with Africa remaining a key continent for expansion. With effect from 01 August 2026, the merger of Twizza with BevCo has been completed, and we expect to unlock significant operational synergies in the coming quarters. During the quarter, we have also started beverage operations in Kenya and introduced two new beverage brands ‘BOLT UP’ and ‘XTREME FIZZ’, marking another step towards strengthening our footprint in the fast-growing Africa region. We also entered into an exclusive distribution agreement with Mondelez in Zimbabwe, further broadening our product offerings in the market. We are also taking measured steps towards diversifying our business into adjacent categories. The incorporation of KIVA Spirits and Company Limited marks an important step in exploring opportunities in ready-to-drink beverages, alcoholic beverages, and allied products. Our approach will remain focused on pursuing opportunities that leverage our execution capabilities and offer attractive long-term growth potential. In line with our dividend policy, the Board of Directors has approved an interim dividend of 25% of the face value, i.e., Rs. 0.50 per share, resulting in a total cash outflow of ~Rs. 1,691 million. Looking ahead, our focus will remain on driving growth across our existing markets, supported by the investments we ha [Showing first 8,000 characters — download PDF for full document]