Investor Presentation

UPL Limited, Uniphos House, C.D. Marg, 11th Road, Madhu Park, Khar (West), Mumbai – 400052, India w: www.upl-ltd.com e: contact@upl-ltd.com t: +91 22 6856 8000 November 2, 2026 BSE Limited National Stock Exchange of India Ltd. Mumbai Mumbai SCRIP CODE – 512070 SYMBOL: UPL Sub.: Investor Presentation for Q2 and H1 FY 2027 Dear Sir/Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing the investor presentation for the quarter and half year ended September 30, 2026. We request you to take the above information on record. Yours faithfully, For UPL Limited Sandeep Deshmukh Company Secretary and Compliance Officer (ACS-10946) Encl.: As above Cc.: 1. London Stock Exchange 2. Singapore Stock Exchange 3. NSE IX Registered Office: 3-11, GIDC, Vapi, Valsad - 396 195, Gujarat, India. P +91 260 2432716 CIN: L24219GJ1985PLC025132 UPL Limited Consolidated Financial Results and Business Update Q2 and H1FY27 Investor Presentation 02nd November 2026 Safe Harbor Statement This document contains certain forward-looking statements with respect to the financial condition, results of operations and business of UPL Limited (UPL) and certain of the plans and objectives of UPL with respect to these items. Examples of forward-looking statements include statements made about our strategy, estimates of sales growth, future EBITDA and future developments in our organic business. Forward-looking statements can be identified generally as those containing words such as “anticipates”, “assumes”, “believes”, “estimates”, “expects”, “should”, “will”, “will likely result”, “forecast”, “outlook”, “projects”, “may” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, domestic and global economic and business conditions, the successful implementation of our strategy and our ability to realize the benefits of this strategy, our ability to develop and market new products, changes in legislation, legal claims, changes in exchange and interest rates, changes in tax rates, raw materials and employee costs, our ability to identify and complete successful acquisitions and to integrate those acquisitions into our business, our ability to successfully exit certain businesses or restructure our operations, the rate of technological changes, political, economic and other developments in countries where UPL operates, industry consolidation and competition. As a result, UPL’s actual future results may differ materially from the plans, goals and expectations set forth in such forward-looking statements. For a discussion of factors that could cause future results to differ from such forward-looking statements, please refer to the Risk Management Section of our Annual Report. Agenda Meet the presenters today Bikash Prasad UPL Limited Group CFO …and other Senior Management Sameer Tandon Ashish Dobhal UPL Corp Divisional President UPL Corp Divisional President APAC, Africa & Europe Americas Raj Tiwari Bhupen Ravi Cherukuri SUPERFORM Advanta UPL SAS CEO CEO CEO Agenda Content I. Financial and Business Segment Macro and Key Corporate Updates 7-10 Q2 and H1 Performance Update 11–25 Performance at a Glance 13 P&L Analysis | Revenue, EBITDA and PATMI 13–18 Balance Sheet Analysis | Working Capital, Net Debt and Leverage Ratios, Cash Flow Analysis 19–25 Business Update 26–45 Manufacturing | SUPERFORM 26-31 Crop Protection | UPL Corp, UPL SAS 32-39 Seeds and Post Harvest | Advanta Enterprises 40-45 II. FY27 Guidance 46-47 III. Others (Non-Financial Enablers) 48-53 Group Strategy and ESG 49-50 Board of Directors and Leadership Team 52-53 Glossary of Key Terms 54 Engines of Accelerated Profitable Growth Over the years, we built a resilient core, stemming from diversified products and geographies while integrating manufacturing with focus on innovation . . . >140 in global agchem Leading Player Ranked #1 Broad-based countries outreach #10 in biosolutions agchem company in ESG(1) in global seeds Global Footprint crop protection mfg. sites R&D crop protection centres Leading specialty chemicals 32 39 seeds processing sites R&D seeds centres company in India Manufacturing >30% >22,000 ~16% ~20% >3,600 agchem portfolio product innovation rate in innovation index patents is IP protected registrations agchem platform in seeds Innovation (1) By DJSI: Dow Jones Sustainability Index 5 Strategic Realignment: Platform Strengths . . . across diversified businesses of , anchored in strong moats Crop Protection Manufacturing Seeds & Post-Harvest UPL Corp UPL SAS SUPERFORM Advanta Global crop protection India Crop Protection AI and SSC manufacturing Innovation led Genetics Platform IP, Brands, Registrations Strong brands 50+ Years 50+ Years Holistically create a robust model High margin business In Complex, Hazardous Chemistries of proprietary germplasm R&D Strong Pipeline Pan India Backward integrated 900+ 27 planned new molecules(1) Distribution rebuilt for growth In 4/10 and 7/10 Ag and Spechem molecules resp. Hybrid seeds varieties Formulations Digital-first 1,000+ 79 And manufacturing closer to market Tech enabled distribution Industrial Customers, 12 Industries Owned Patents Across 50 Countries #1 Global Leading Player Largest Manufacturer #2 and #10 Post patent company in the Indian market in India for key high growth and margin chemistries Post-harvest and Seeds company respectively (1) New molecules defined as new active ingredients and BioSolutions. (2)Advanta Enterprises Limited, Draft Red Herring Prospectus dated January 19, 2026. 6 Macro and Key Corporate Updates UPL Limited | H1FY27 Update Intense volatility continues to persist against the global macro backdrop . . . 01 02 03 04 Geo-political volatilities El Niño impacts US Tariff related Stress on farm continue planting and output uncertainties economics . . . . . .while rising commodity prices set the stage for potentially better farm economics in future Soybean(1) Wheat(1) Corn(1) $/bu $/bu 8.2 $/bu 17.7 12.8 ~30%▲ 13.2 ~35% ▲ 7.0 5.3 10.1 9.4 3.6 Apr’22 Sep’25 Sep’26 Apr’22 Sep’25 Sep’26 Apr’22 Sep’25 Sep’26 (1) Source: Bloomberg 8 UPL Limited | Margin expansion trend across eight quarters . . . yet the structural upgrade in business quality has shown up in 8 consecutive quarters of improving margins and EBITDA Contribution margin EBITDA margin EBITDA Quarters CY LY Change CY LY Change CY LY Change Q2FY27 42.9% 41.9% ▲ 19.5% 18.3% ▲ 2,312 2,205 ▲ Q1FY27 45.2% 43.4% ▲ 14.7% 14.1% ▲ 1,500 1,303 ▲ Q4FY26 38.6% 38.1% ▲ 21.9%(1) 20.8% ▲ 3,646 3,241 ▲ Q3FY26 42.6% 41.0% ▲ 19.8% 19.8% ▲ 2,434 2,163 ▲ Q2FY26 41.9% 37.7% ▲ 18.3% 14.2% ▲ 2,205 1,576 ▲ Q1FY26 43.4% 39.5% ▲ 14.1% 12.6% ▲ 1,303 1,145 ▲ Q4FY25 38.1% 29.4% ▲ 20.8% 13.7% ▲ 3,241 1,933 ▲ Q3FY25 41.0% 27.2% ▲ 19.8% 4.2% ▲ 2,163 416 ▲ (1) Not considering one-off group provisions 9 UPL Limited Q2FY27 | Key Corporate Updates Advanta agreed to acquire 99.98% of Acquisition Misr Hytech Seed International, Egypt, for ~$110 Mn S&P: UPL Corp Stable → Positive; 'BB' affirmed (14 Aug 2026) Credit outlook CRISIL: UPL Ltd Negative → Stable; AA+/A1+ reaffirmed (2 Sep 2026) Pre-payment of $500 Mn term-loan maturing in December 2026, Refinancing $400 Mn refinanced to FY32 Performance at a Glance UPL Limited Q2 & H1FY27 | Performance Dashboard Resilient performance despite macro headwinds Revenue Contribution & Margin EBITDA & Margin Op. PATMI (1%) Q2FY27 +1% | +100 bps +5% | +120 bps +3% ₹11,860 cr vs. Q2FY26 ₹5,087 cr | 42.9% ₹2,312 cr | 19.5% ₹422 cr V: (10%) | P: flat | F: +9% H1FY27 +7% | +140 bps +9% | +80 bps +33% ₹22,041 cr vs. H1FY26 ₹9,693 cr | 44.0% ₹3,812 cr | 17.3% ₹441 cr V: (6%) | P: +1% | F: +9% NWC Days | NWC(1) Net De [Showing first 8,000 characters — download PDF for full document]