UPLNSE1 August 2025

UPL Limited has informed the Exchange about Investor Presentation

UPL Limited

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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

August 1, 2025

BSE Limited Mumbai

National Stock Exchange of India Ltd. Mumbai

SCRIP CODE – 512070

SYMBOL: UPL

Sub.: Investor presentation for Q1 FY 2026

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing the quarter ended June 30, 2025.

investor presentation

the

for

We request you to take the above information on records.

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

Registered Office: 3-11, GIDC, Vapi, Valsad - 396 195, Gujarat, India. P +91 260 2432716 CIN: L24219GJ1985PLC025132

UPL Limited

Consolidated Financial Results & Business Update Q1FY26

Investor Presentation 01st August 2025

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

Key Presenters Today…

UPL Limited

Bikash Prasad Group CFO

UPL Corp

Mike Frank CEO

…and other senior management

UPL SAS Ashish Dobhal CEO

Advanta Bhupen Dubey CEO

SUPERFORM Raj Tiwari CEO

Agenda

Content

I. Financial and Business Segment

Key Macro Trends for the Quarter

Key Liquidity Events and Ratings Update

Q1FY26 Performance Update

Performance Dashboard Summary

P&L Analysis: Revenue by Platforms and Regions, Contribution, EBITDA, Reported PATMI

Working Capital Analysis, Net Debt and Leverage Ratios

Platform-wise Q1FY26 Business Performance Update

II. Others (Non-Financial Enablers)

ESG (Goals and Performance, Global Leadership, Board of Directors, People & Culture, Awards & Recognition)

III. Summary (Q1 Key Takeaways, FY26 Outlook and Guidance)

IV. Annexure (Full P&L in ₹ cr)

7–16

8–14

15–16

17–23

24–44

46–47

UPL Limited | Q1FY26

Key Macro Trends for the Quarter

▪ Ongoing geopolitical challenges

▪ US tariff related uncertainties

“…low commodity prices continue to affect grower incomes in Brazil…”

▪

Continued low commodity prices vs. mid-22 peak (e.g., soy, corn)

“…uncertain grower sentiment in US towards tariff impact…”

Farm-income stress led distributor challenges in Latin America

AI pricing pressure due to China oversupply; tight supply of key AIs

“…favourable season drove upsides for several products in India…”

▪ Mixed weather across regions

▪

Continued higher interest rate

“…current weather favourable for corn yield in Brazil and Argentina…”

UPL Limited Q1FY26 | Corporate Finance Update

Key Liquidity Events and Ratings Update

Scheduled loan pre-payment

$250Mn, due in Sep’25; paid with strong liquidity generation in Q4FY’25

Perpetual bond redemption

Option exercised at first call in May’25, repaying $400Mn

Rights issue

Second and final call for balance $200Mn; proceeds expected by Sep end(1)

Ratings outlook upgrade

Upgrade from “negative” to “stable” in Q1 by two global ratings agencies, on account of strong FY25 performance

(1) Subject to regulatory clearances

UPL Limited Q1FY26 | Performance Dashboard Summary

Double-digit EBITDA growth and improved PATMI driven by higher contribution margin; lower net debt and improved net working capital days

vs. LY

Revenue

₹9,216 cr V: (1%) | P: +1% | E: +2%

| +2%

Contribution

₹4,001 cr

Margin

43.4%

vs. LY

| +12% | +390 bps

EBITDA

Margin

₹1,303 cr

14.1%

| +14% | +150 bps

Q1FY25A

PBT

(₹190 cr)

| (₹455 cr)

Q1FY25A

III

Reported PATMI

(₹88 cr)

| (₹384 cr)

Net Debt

₹21,371 cr

| ₹27,500 cr

Net Debt / EBITDA(1)

2.6x

| 5.4x

NWC Days(1)

86 Days

NWC (₹)

₹11,025 cr

| 121 Days | ₹14,328 cr

(1) Calculated on TTM basis

UPL Limited Q1FY26 | Performance Summary

Revenue growth despite market challenges; strong EBITDA accretion through improved contribution margin in crop protection segment

Q1FY25 vs. Q1FY26

Particulars (₹ cr)

Revenue

Contribution

Contribution Margin (%)

SG&A

EBITDA

EBITDA Margin (%)

PBT

Reported PATMI

NWC (Days)

Net Debt to EBITDA

Revenue Variance: Q1FY25 vs. Q1FY26

(1%)

Volume

Price

Q1FY25A

Q1FY26A

vs. LY

9,067

3,584

39.5%

2,439

1,145

12.6%

(455)

(384)

121

5.4x

9,216

4,001

43.4%

2,698

1,303

14.1%

(190)

(88)

2.6x

12%

390 bps

11%

14%

150 bps

n.m.

(35)

improved

Total

• Led by UPL SAS and Advanta (improved volume and pricing in

Revenue

both), and SUPERFORM

• Decline in UPL Corp volume (down by ~4%)

Contribution and margin

•

Improved overall pricing, favorable product mix, higher capacity utilization and lower input cost

EBITDA

• Led by accretive contribution margin

Reported PATMI

• EBITDA led, along with lower finance cost and

exceptional items

NWC Days

• Lower by ~35 days vs. LY

UPL Limited Q1FY26 | Revenue Analysis: Platform-wise

Double-digit revenue growth in UPL SAS and Advanta, supported by SUPERFORM; offset by Latin America crop protection

Platform-wise Revenue(1) (₹ cr)

YoY

9,067

9,216

(3%)

+13%

+20%

+9%

6,140

5,957

1,003

1,136

985

1,182

2,355

2,558

UPL Ltd.

UPL Corp

UPL SAS

Advanta

SUPERFORM

UPL Corp

• V: (4%) | P: (1%) | F: 2% • Lower Brazil volume (mainly insecticides), partially

offset by Europe and North America

Advanta

• V: 12% | P: 7% | F: 1% • Volume led by field corn (e.g., India), grain sorghum

and sunflower (e.g., Argentina)

UPL SAS

Q1FY25 Q1FY26

• V: 9% | P: 4% | F: 0% • Higher volume in herbicides (Sweep Power®), new launches;

supported by improved pricing and favorable weather

SUPERFORM

• V: 11% | P: (2%) | F: 0% • Led by AI(2), higher growth in SSC(2)

(1) This is for UPL Limited total and four “pure-play” platforms, with applicable proforma adjustments, and without considering group elimination (2) AI: Active Ingredients business (catering to UPL Corp and UPL SAS) | SSC: Super Specialty Chemicals (specialty chemicals sales externally)

UPL Limited Q1FY26 | Revenue Analysis: Region-wise

Strong growth in India, supported by North America and Europe, offset by Latin America crop protection and Rest of World

Region-wise Revenue (₹ cr)

9,067

111

102

(258)

390

9,216

(196)

Latin America

• Brazil volume decline mainly in insecticides (e.g., Sperto®) •

In other LATAM region, volume decline in Mexico, and overall pricing challenge, partially offset by higher revenue in seeds

North America

• Led by pricing improvement in select AIs

Europe

• Volume growth in herbicides supported by NPP,

partially offset by decline in Turkey

India

ROW

• Strong growth in seeds (+40%), and crop protection

(+13%, driven by volume and pricing)

• SUPERFORM driven by higher volume; strong growth

in SSC(1) (+21%)

• Lower revenue in seeds and crop protection,

mainly in Africa, Australia, and SE Asia

(1) SSC: Super Specialty Chemicals (specialty chemicals sales externally)

(10%)

+8%

+21%

(10%)

Q1FY25

LATAM

NAM

Europe

India

ROW

Q1FY26

Q1FY26 Revenue (₹ cr)

2,401

1,337

1,535

2,262

1,681

UPL Limited Q1FY26 | Contribution Analysis: Platform-wise

Strong, double-digit growth across all platforms, led by pricing/ FX, product mix, improved capacity utilization and favorable input cost

Contribution Variance(1) (Q1FY25 vs. Q1FY26) (₹ cr)

YoY

12%

3,584

4,001

13%

31%

15%

11%

1,839

2,072

283

371

588

678

575

638

UPL Ltd.

UPL Corp

UPL SAS

Advanta

SUPERFORM

CM%

39.5%

43.4%

30.0%

34.8%

28.2%

32.7%

59.7%

57.3%

24.4%

24.9%

UPL Corp

• Driven mainly by improved product mix,

lower input cost and higher capacity utilization

Advanta

• Revenue led growth; margin dilution due to lower recoveries in Thailand and cost increases in India

UPL SAS

• Margin accretion led by favorable product mix

SUPERFORM

• Growth driven by volume increase;

improved product mix led margin accretion

Q1FY25 Q1FY26

(1) This is for UPL Limited total and four “pure-play” platforms, with applicable proforma adjustments, and without considering group elimination

UPL Limited Q1FY26 | EBITDA Analysis: Platform-wise

Strong EBITDA growth led mainly by higher crop protection segment, and supported by others

EBITDA Variance(1) (Q1FY25 vs. Q1FY26) (₹ cr)

YoY

14%

23%

50%

1,145

1,303

313

386

169

253

255

266

311

333

UPL Ltd.

UPL Corp

UPL SAS

Advanta

SUPERFORM

EBITDA % 12.6%

14.1%

5.1%

6.5%

16.9%

22.3%

25.8%

22.5%

13.2%

13.0%

UPL Corp

• Strong growth despite one-off distributor restructuring impact(2) in Brazil; margin improvement led by improved mix, lower input cost and higher capacity utilization

Advanta

• Moderate growth; margin dilution due to higher production variances (weather, lower recoveries in Thailand/ Indonesia)

UPL SAS

• Strong growth driven by higher volume

and favorable product mix

SUPERFORM

• Robust growth led by higher volume

and improved product mix

Q1FY25 Q1FY26

(1) This is for UPL Limited total and four “pure-play” platforms, with applicable proforma adjustments, and without considering group elimination (2) The distributor restructuring impact is non-cash, and will subsequently unwind over the period of recovery horizon

UPL Limited Q1FY26 | EBITDA Analysis

EBITDA growth driven by favorable pricing/ FX, product mix, improved capacity utilization and favorable input cost

EBITDA Variance (Q1FY25 vs. Q1FY26) (₹ cr)

(87)

235

269

(259)

Cost impact

1,145

Revenue impact

1,303

Q1FY25

Volume

Price, FX

COGS

SG&A

Q1FY26

Volume Decline in Latin American crop protection, offsetting growth in other platforms

Price, FX Improvement in UPL SAS and Advanta

COGS Favorable input cost and better capacity utilization (mainly in crop protection)

SG&A Mainly driven by one-off Brazil distributor restructuring impact(1)

(1) The distributor restructuring impact is non-cash, and will subsequently unwind over the period of recovery horizon

UPL Limited Q1FY26 | Reported PATMI Analysis

Reported PATMI improvement of ~₹300 cr vs. LY

Q1FY26 Reported PATMI(1) (₹ cr)

(384)

(71)

108

158

(34)

(55)

(88)

Q1FY25

EBITDA

D&A

NFC

FX/ Hedging cost Oth. inc./ loss

Tax

A.I.

NCI

Excep. cost

Q1FY26

D&A Higher mainly due to increase in Europe, expansion capex

NFC >₹100 cr upside vs. LY, mainly due to lower working capital, debt repayment

FX Gain / Loss Losses higher mainly from Brazil, due to higher cost of hedging

Non-controlling Interest Improved profitability across platforms; increased minority stake in Advanta (post Alpha Wave investment)

(1)D&A: Depreciation and Amortization | NFC: Net Finance Cost | Fx: exchange impact | A.I.: Associated income/ joint ventures | NCI: Non-controlling interests

UPL Limited Q1FY26 | Working Capital Analysis

Net working capital days reduction supported by improved DIO and DSO

Inventory

Receivables

Payables

Net Working Capital

Q1FY25

Q1FY26

Q1FY25

Q1FY26

Q1FY25

Q1FY26

Q1FY25

Q1FY26

₹13,887 cr

₹14,041 cr

₹15,963 cr

₹16,514 cr

₹15,522 cr

₹19,530 cr

₹14,328 cr

₹11,025 cr

DIO

DSO

117

110

135

129

DPO

131

152

Net Days

121

Q1FY25

Q1FY26

Q1FY25

Q1FY26

Q1FY25

Q1FY26

Q1FY25

Q1FY26

Note: As a risk management measure, receivables are factored on non-recourse basis to banks Non-recourse receivables factoring as of 30 Jun’25: $693 Mn (₹5,940 cr), 30 Jun’24: $738 Mn (₹6,154 cr)

DIO Lowered by ~7 Days through operational efficiency and inventory optimization

DSO Lowered by ~6 Days driven by better collections and tighter credit control

Net Working Capital Lowered by 35 Days vs. Jun 24

UPL Limited Q1FY26 | Net Debt Analysis

Net debt lowered by >₹6,100 cr vs. LY, driven primarily by lower working capital; significant improvement in gearing ratios vs. LY

Particulars (₹ cr)(1)

Q1FY25 Mar’25 Q1FY26

vs. Q1FY25

vs. Mar’25

Particulars ($ Mn)

Q1FY25 Mar’25 Q1FY26

vs. Q1FY25

vs. Mar’25

Gross Debt(2)

31,645

23,714

26,835

(4,810)

3,121

Gross Debt(2)

3,795

2,774

3,129

(666)

355

Cash and Cash Equivalent(3)

4,145

9,856

5,464

1,319

(4,392)

Cash and Cash Equivalent(3)

497

1,153

637

140

(516)

Net Debt

27,500

13,858

21,371

(6,129)

7,513

Net Debt

3,298

1,621

2,492

(806)

871

Net Debt Adj. for Currency Impact

27,500

20,779

(6,721)

Net debt to EBITDA

5.4x

1.7x

2.6x

Net debt to Equity

0.9x

0.4x

0.6x

Lower net debt vs. Q1FY25, driven by lower gross debt (~$430Mn reduction in net working capital vs. LY, debt pre-payment $250Mn), and higher cash position (two capital transactions, adjusted for perpetual bonds redemption in May ‘25)

Higher net debt vs. Mar ’25 due to perpetual bond redemption (as above) and increased working capital due to seasonality

(1) USD/ INR depreciated from 83.39 as on 30th Jun 2024 to 85.76 as on 30th Jun 2025 (2) Gross Debt includes all external debt including short-term and long-term (3) Includes liquid investment of ₹283 cr ($34Mn) as of Jun’24 and ₹466 cr ($54Mn) in Jun’25

Platform Updates

UPL Corp Q1FY26 | Performance Summary

Contribution and EBITDA margin expansion

Q1FY25 vs. Q1FY26

Particulars (₹ cr)

Q1FY25A

Q1FY26A

vs. LY

Revenue

Contribution

6,140

5,957

1,839

2,072

(3%)

13%

Contribution Margin (%)

30.0%

34.8%

484 bps

SG&A

EBITDA

EBITDA Margin (%)

1,526

1,686

313

5.1%

386

6.5%

11%

23%

137 bps

Revenue Variance: Q1FY25 vs. Q1FY26

-4%

Volume

-1%

Price

-3%

Total

Revenue

• Decline in Brazil, mainly in insecticides

(e.g., Sperto®) volume

Contribution and margin

• Driven mainly by improved product mix, lower

input cost and higher capacity utilization

EBITDA

• Strong EBITDA growth driven by higher contribution,

despite Brazil distributor restructuring impact(1)

(1) The distributor restructuring impact is non-cash, and will subsequently unwind over the period of recovery horizon

UPL Corp Q1FY26 | Region-wise Analysis

Revenue growth in Europe and North America, offset by lower insecticides volume in Latin America

Region-wise Revenue (₹ cr)

6,140

(19)

(296)

Latin America

•

Insecticides volume impacted mainly by acetamiprid (Sperto®) in Brazil

In other LATAM, volume decline in Mexico, and overall pricing challenge

5,957

North America

• Positive pricing for select AIs

Europe

• Led by herbicide volume and supported by NPP,

partially offset by decline in Turkey

ROW

• Lower revenue mainly in Africa

Q1FY25

(12%)

Latin America

+6%

NAM

+5%

Europe

(2%)

ROW

Q1FY26

Q1FY26 Revenue (₹ cr)

2,156

1,162

1,399

1,187

UPL SAS Q1FY26 | Performance Summary

Strong Q1 driven by higher volume and pricing, leading to significant margin and EBITDA growth

Q1FY25 vs. Q1FY26

Revenue

and supported by favorable season

• Strong volume growth of ~9%, driven by herbicides

• New products launches (e.g., Centurion® EZ, Canora® EZ)

Contribution and margin

• Margin accretion led by favorable product mix

(e.g., Iris®, Patela®, Sweep Power®, among others)

EBITDA

• Driven by higher contribution margin

Particulars (₹ cr)

Q1FY25A

Q1FY26A

vs. LY

Revenue

Contribution

1,003

1,136

283

371

13%

31%

Contribution Margin (%)

28.2%

32.7%

450 bps

SG&A

EBITDA

114

169

118

253

50%

EBITDA Margin (%)

16.9%

22.3%

540 bps

Note: Above financials pertain to India Crop Protection business only based on proforma adjustments and exclude ‘Nurture’

Revenue Variance: Q1FY25 vs. Q1FY26

Volume

Price

13%

Total

Advanta Q1FY26 | Performance Summary

Strong growth in revenue driven by corn, grain sorghum and sunflower; EBITDA margin impacted by higher production variances and lower recoveries

Q1FY25 vs. Q1FY26

Particulars (₹ cr)

Q1FY25A

Q1FY26A

vs. LY

Revenue

Contribution

985

588

1,182

678

20%

15%

Contribution Margin (%)

59.7%

57.3%

(237 bps)

SG&A

EBITDA

334

255

411

266

23%

EBITDA Margin (%)

25.8%

22.5%

(330 bps)

Revenue Variance: Q1FY25 vs. Q1FY26

12%

Volume

Price

20%

Total

Revenue

• Strong volume growth (+12%), supported by pricing (+7%) • Key growth drivers include corn (India, Thailand), grain sorghum and sunflower (both in Argentina)

Contribution and margin

• Revenue led growth; margin dilution due to lower canola volume in Australia, lower recoveries in Thailand and cost increases in India

EBITDA

• Growth driven by contribution, despite higher spend

related to new market entry and new product launches

Advanta Q1FY26 | Region-wise Analysis

Key growth led by India and Americas, partially offset by ASEAN and Australia

Region-wise Revenue (₹ cr)

180

(46)

(2)

Americas

• Grain sorghum and sunflower in Argentina and grain sorghum in US led volume growth

Asia / Africa

• Volume and price led growth;

improved field corn availability in India

985

1,182

Australia

• Canola impacted due to drought,

partially offset with early corn and sorghum

Europe

• Small quarter, major season in Q4

Q1FY25

Americas Asia & Africa

Australia

Europe

Q1FY26

Q1FY26 Revenue (₹ cr)

256

885

SUPERFORM Q1FY26 | Performance Summary

Robust revenue growth led by volume; EBITDA driven by improved mix

Q1FY25 vs. Q1FY26

Particulars (₹ cr)

Q1FY25A

Q1FY26A

vs. LY

• AI(1) growth of 6% vs. LY, driven by key molecules

across portfolios

Revenue

Contribution

2,355

2,558

575

638

11%

Revenue

• SSC(1) growth +21% vs. LY, driven by chemical derivatives

used in lubricants and mining industries

• Non-Ag chem revenue share ~25% of SUPERFORM

Contribution and margin

• Growth driven by volume increase; improved product

mix led margin accretion

EBITDA

• Led by higher contribution

Contribution Margin (%)

24.4%

24.9%

50 bps

SG&A

EBITDA

264

311

305

333

16%

EBITDA Margin (%)

13.2%

13.0%

(20 bps)

Revenue Variance: Q1FY25 vs. Q1FY26

11%

Volume

Price

Total

(1) AI: Active Ingredients business (catering to UPL Corp and UPL SAS) | SSC: Super Specialty Chemicals (specialty chemicals sales externally)

Our robust financials and business performance are strongly enabled by our focus on…

UPL Limited | Sustainability

Environment

Social

Governance

UPL Limited | ESG FY25 Target Met

Delivered five-year strategic plan, reinforcing long-term ESG commitments

Goal

Reduce Environmental Footprint

Enhance World Food Security

Enhance Sustainable Sourcing

Strengthen Community Wellbeing

Target by FY25 From Baseline FY20

Reduce 20% water, 25% CO2 & 25% waste intensity*

Achieve 35% revenues from sustainable and differentiated products

Achieve 60% sustainable sourcing

Improve 3 million lives through livelihood, education, health and sanitation projects

Achieved by FY25

Reduced 49% water, 38% CO2 & 52% waste intensity*

Achieved 38% revenues from sustainable and differentiated products

Achieved 60% sustainable sourcing

Improved 1.75 million lives through livelihood, education, health and sanitation projects

* Intensity is measured in unit per MT of production

UPL Limited | ESG Performance Highlights

Created long-term stakeholder value through sustainable actions

UPL has been listed consecutively for 2 years in DJSI World Index

WBCSD wastewater zero commitment

Committed for ten principles of the UNGC

Environment

49%▼

52%▼

38%▼

56%▲

3%▼

Biodiversity Protection

Reduction in water consumption intensity* from baseline FY2019–20

Reduction in waste disposal intensity* from baseline FY2019–20

Reduction in carbon emission intensity* from baseline FY2019–20

Electric power from renewable sources at our two largest manufacturing plants

Dependency on ground water, reduced vs. LY

None of our plants are located in very high biodiversity risk zones

Social

4.95 Lakh+▲

0.29▼

12,000+

1,10,750▲

Mangroves saplings have been planted spread across 250 acres

Lost Time Injury Frequency Rate

Employees

Man-hours of safety trainings provided to employees

R&D facilities

Annual revenue reinvested in R&D

Governance

In-house Sustainability Data Tracker

60%▲

38%▲

15,000+

Bio solutions company

Agrochemical company in the world

Implemented powered by artificial intelligence and data science

Sustainable sourcing

Revenue from differentiated and sustainable solutions

Products registered

* Intensity is measured in unit per MT of production

UPL Limited | Environmental Footprint

Demonstrated through environmental footprint reduction ahead of time

Specific Water Footprint (m3/MT)

Specific Waste Footprint (kg/MT)

Specific CO2 Footprint (kg/MT)

4.45

4.62

5.19

5.80

1,715.03

1,706.25

1,511.84

1,888.57

831.30

881.85

1,055.35

1,060.55

6.74

2,447.76

1,137.45

8.69

3,537.68

1,337.46

FY24–25

FY23–24

FY22–23

FY21–22

FY20–21

FY19–20

In FY 2019–20 (the baseline year for sustainability targets), considering 33 plants (excluding Rotterdam plant that was closed in July 2020), specific water consumption was 6.93 m3/MT, specific waste disposal 2,300.11 kg/MT and specific CO2 emission 1,378.85 kg/MT. On a comparable basis as FY2019–20, in FY2024–25 the specific water consumption was 4.40 m3/MT, specific waste disposal was 1,606 kg/ MT and specific CO2 emission was 867 kg/MT.

UPL Limited | FY30 ESG Goals

Setting up an ambitious target for FY30

Goal

Reduce Environmental Footprint

Enhance World Food Security

Enhance Sustainable Sourcing

Strengthen Community Wellbeing

Target by FY25 From Baseline FY20

Reduce 20% water, 25% CO2 & 25% waste intensity*

Achieve 35% revenues from sustainable and differentiated products

Achieve 60% sustainable sourcing

Improve 3 million lives through livelihood, education, health and sanitation projects

Achieved by FY25

Reduced 49% water, 38% CO2 & 52% waste intensity*

Achieved 38% revenues from sustainable and differentiated products

Achieved 60% sustainable sourcing

Improved 1.75 million lives through livelihood, education, health and sanitation projects

Target by FY2030 from Baseline FY2020

Reduce 60% water, CO2 & waste intensity from baseline FY2019–20.

Achieve 55% revenues from sustainable and differentiated products.

Achieve 70% sustainable sourcing

Improve 3 million lives through livelihood, education, health and sanitation projects

* Intensity is measured in unit per MT of production

UPL Limited | Social

“Open Hearts. Always Human.”

At our heart lies the desire to empower communities and conserve nature

Catalyzing sustainable transformation through community engagement, environmental stewardship and inclusive growth

✓

•

Institutions of Excellence

Sustainable Livelihoods

III

Inclusive Development & Health

Biodiversity Conservation

Impacting lives through educational institutions and agriculture

• Upskilling farmers and rural women through multiple programs

• Committed to upgrading

• Conversation in endangered

quality of life for the budding young talent and nation’s future from among weaker sections in rural areas

species, reforestation initiative and water conservation

“Nothing is Impossible” — Our journey continues, empowering people and planet together

Lives Impacted Globally: 1.75Mn+

UN SDG Aligned | Community-Driven | Legacy-Focused

UPL Limited | Social

We engage deeply with our communities…

through institutions of excellence built over decades…

Training Programs and Comprehensive Knowledge | in Ghana, Côte d’Ivoire to train farmers on best agricultural practices from seed planting to post-harvest techniques

UPL University of Sustainable Technology | graduated 2,000+ students with 100% placement in science and engineering

UPL Centre for Agriculture Excellence, Nahuli | trained 26,000+ farmers in sustainable agriculture

Empowering Tanzania’s 60,000 young farmers across 550 villages | initiative focus on boosting self- employment through improved agriculture

Gnyan Dham School, Vapi | educates 1,800+ students p.a. from nursery to grade 12

and create sustainable livelihoods

Agriculture Development with Small and Marginal Farmers | empowered 11,000+ farmers across 8 clusters with sustainable inputs, tech., financial support, market access for climate-resilient agriculture

Entrepreneurship Development for Women | empowered 2,000+ rural women through 141 SHGs across 35 villages, promoting micro-enterprises, financial inclusion, self-reliance

Skilling School Dropout Youth | trained 2,500+ youth with 1,800+ placed in industries through skill centres offering industry-relevant education and job readiness

UPL Limited | Social

Being committed as ever for the conservation of our biodiversity

Species conservation protected 1,431 sarus cranes and 125 vultures through community-driven conservation projects in Gujarat.

Project green planted 2.66 lakh trees across 715 acres via social forestry initiatives with 80% sapling survival rate

Water conservation built and rejuvenated 23+ water structures incl. ponds, check dams, benefiting agriculture and communities.

Eco-clubs established 131 eco-clubs with 5,590 student members, sensitizing 17,000+ students on environmental issues

Governance | UPL Limited Board of Directors

Our exemplary governance is driven by a strong and experienced board…

Jai Shroff Chairman and Group CEO

Vikram Shroff Vice Chairman and Co-CEO

Hardeep Singh Non-Executive Director

Suresh Kumar Lead Independent Director

Vasant P. Gandhi Independent Director

Naina Lal Kidwai Independent Director

M. V. Bhanumathi Independent Director

Usha Rao Monari Independent Director

Santosh Kumar Mohanty Independent Director

Raj Tiwari Whole-time Director

Governance | UPL Corp Board of Directors

Anchored by industry veterans and independent directors at each platform

Jai Shroff Chairman

Vikram Shroff Non-Executive Director

Davor Pisk Independent Director

Jerome Peribere Independent Director

Kabir Mathur Nominee Director, ADIA-TPG

Mike Frank Chief Executive Officer

Paul Walsh Independent Director

Peter Scala Independent Director

Puneet Bhatia Nominee Director, ADIA-TPG

Roberta Bowman Independent Director

Stephen Dyer Independent Director

Usha Rao Monari Independent Director

Uttam Danayah Non-Executive Director

Governance | UPL SAS Board of Directors

Anchored by industry veterans and independent directors at each platform

Jai Shroff Chairman

Vikram Shroff Non-Executive Director

Puneet Bhatia Nominee Director, ADIA-TPG

Nawal Saini Nominee Director, Brookfield

M. V. Bhanumathi Independent Director

Usha Rao Monari Independent Director

Ashish Dobhal CEO & Whole-time Director

Governance | Advanta Board of Directors

Anchored by industry veterans and independent directors at each platform

Jai Shroff Chairman

Vikram Shroff Non-Executive Director

Rajan Gajaria Vice Chairman

Gaurav Trehan Nominee Director, KKR

Utsav Mitra Nominee Director, Alpha Wave

Davor Pisk Independent Director

Usha Rao Monari Independent Director

Agnes Kalibata Independent Director

Purvi Mehta Independent Director

Prashant Belgamwar Whole-time Director

Governance | SUPERFORM Board of Directors

Anchored by industry veterans and independent directors at each platform

Jai Shroff Chairman

Vikram Shroff Non-Executive Director

Raj Tiwari Chief Executive Officer

Suresh Kumar Independent Director

M. V. Bhanumathi Independent Director

Hardeep Singh Non-Executive Director

K. R. Srivastava Executive Director

Governance | Leadership Team

Supplemented by a passionate and experienced global leadership team

Jai Shroff Chairman and Group CEO UPL Limited

Vikram Shroff Vice Chairman and Co-CEO UPL Limited

Toshan Tamhane Chief Operating Officer UPL Limited

Bikash Prasad Group CFO UPL Limited

Rajan Gajaria Vice Chairman Advanta

Mike Frank Chief Executive Officer UPL Corp

Ashish Dobhal Chief Executive Officer UPL SAS

Bhupen Dubey Chief Executive Officer Advanta

Raj Tiwari Chief Executive Officer SUPERFORM

Sagar Kaushik President Corporate Affairs UPL Limited

Farokh Hilloo Chief Commercial Officer UPL Corp

Sanjay Singh Global CHRO UPL Corp

Paresh Talati Head of Chemistry R&D UPL Limited

Sujoy Mazumdar Group General Counsel UPL Limited

Sandeep Deshmukh Group Company Secretary and Compliance Officer, UPL Limited

UPL Limited | People & Culture

Highly motivated and productively engaged workforce

UPL’s engagement score (89; among top quartile) well above industry average benchmark

Overall participation 94%

FY24

FY25

Agri./ crop sciences average

High engagement score indicating strong employee connect

UPL overall highlights

Consistent employee experience reflecting a cohesive culture

Open ended comments reveal(1) culture of help & support

(1) Voice of Employees

Our strong practices in ESG have led to several international accolades…

UPL Limited | Global Accreditation

Achieved highest sustainability rating among agchem companies globally

FTSE4Good certificate from FTSE Russell-2025; ranked #1 by DJSI(1)

UPL Included in DJSI World Index DJSI Score:

UPL has once again been recertified as a constituent company in the FTSE4Good Index Series 2025, earning the right to use the FTSE4Good logo.

FTSE Russell is a global index and data provider owned by the London Stock Exchange. The FTSE4Good Index Series, developed by FTSE Russell, is to identify companies that demonstrate strong environmental, social, and governance (ESG) practices, measured against globally recognized standards.

This year, UPL achieved an impressive score of 4.1 out of 5, reflecting our unwavering commitment to sustainability and responsible business practices.

UPL is the only agrochemical company in the world included in the DJSI World Index powered by S&P Global CSA for demonstrating excellence in sustainability.

(1) DJSI: Dow Jones Sustainability Index

UPL Limited | Awards and Recognitions

Awards and Recognitions (1/3)

UPL SAS received Best in Supply Chain Sustainability at CHEMCONNECT 2025 – Chemical Supply Chain Excellence Awards, organized by CARGOCONNEC.

UPL Shanghai Rancona Dimension got National CP Market Best-selling Fungicide Brand Award & Yoloo Saofei got National CP Market Best-Selling Insecticide Brand Award.

UPL Brazil has been recognized in the prestigious “Companies with Better Management” program, conducted by Deloitte.

UPL has been recognized as a “Well-Known Trademark” by the Indian Trademark Registry.

Decco Iberica Post Cosecha S.A.U. has been awarded at Fuente de Oro 2024 Ceremony organized by EGM Asivalco-Fuente del Jarro.

Padma Bhushan Shri Rajnikant Shroff, Chairman Emeritus, UPL Ltd, Received the Entomological Society of India - Lifetime Achievement Award.

The Pronutiva Campaign led by UPL Germany has been recognized and nominated among the 3 best projects of the German Agricultural Marketing Award 2023.

UPL Jammu won the Tech & Innovation HR Awards 2024.

UPL top PCT patent applicant in Science and Technology Cluster Ranking for Global Innovation Index-2024.

UPL Ltd distinguished at the Clarivate South Asia Innovation Award 2024, winning in the Agribusiness category for the fourth consecutive year.

UPL Corp Iberia and the University of Cordoba awarded the FIRST PRIZE “Olive Grove Health”.

UPL Limited | Awards and Recognitions

Awards and Recognitions (2/3)

UPL is the WINNER for the award category "Innovative Technology Implementation of the Year" at the "6th Edition of CIO Conclave & Awards 2024".

UPL Limited has been awarded the prestigious “Supplier Engagement Leader” by Carbon Disclosure Project (CDP), a global environmental disclosure system, for our efforts in measuring and reducing environmental risks across its supply chain.

Unit 5, Jhagadia Bagged “Winner” Award and Unit 2, Ankleshwar bagged “1st Runner up” Award in National Six Sigma Competition.

UPL Barranquilla Plant, was recognized by the Mayor’s Office of Barranquilla and the USAID.

UPL Limited Jammu Wins Platinum Award at HR Distinction Award 2024 for the Most Innovative Learning & Development Program.

The NPP Pau site has achieved a major milestone: renewal of ISO 9001 for three years and the first-ever ISO 14001 certification.

UPL Argentina Team was awarded with Great Place to Work certification.

UPL has been honoured with the Impact Award for Special Learning and Development Initiatives at the Skillsoft India Customer Awards 2024.

UPL team wins ‘Happay Connect 2024’ in HR Digitization Excellence.

Kudos Chemie Ltd has been recognized with Two Platinum and One Gold Award in the prestigious HR Excellence Award for Talent Management, Talent Acquisition and Learning and Development in Shardha University in association with PNGI.

UPL Wins “Doing Good for Jungle” Award at Bharat Awards 2024.

UPL Limited | Awards and Recognitions

Awards and Recognitions (3/3)

UPL was awarded the MOST INNOVATIVE BIOLOGICAL CONTROL METHOD award with its Pronutiva - Sustainable Greenhouse Tomato Production Project at the 2nd Agri Plus Agriculture Innovation Summit and Award Ceremony held at İzmir Yaşar University

UPL Corp Brazil has been honored as one of the Forbes Agro100, celebrating its dedication to transforming agribusiness with sustainability and innovation.

Thiopron® recognized by PTWP Group as most Innovative Product in 2024

Vikram Shroff, Vice-Chairman & Co-CEO of UPL Group, was cordially invited to the AIM Summit to lead discussions and participate in dialogues with peers from across the globe.

UPL is proud to announce that it has been awarded the Best Patents and Trademark Portfolio each in the Life Science and Pharma, Large Enterprises category at the Confederation of Indian Industry (CII) Industrial IP Awards ceremony

Shroff Family received the Barclay-Hurun 2024 Award for Excellence in Innovation and R&D

UPL recognized as Leading Agrochemical Company in DJSI for Second Consecutive Year

Advanta Enterprises Limited has achieved an extraordinary milestone by receiving two prestigious awards for its impactful Corporate Social Responsibility (CSR) initiatives in January 2025.

UPL Corp Barranquilla Plant obtains the 5Z excellence seal as a healthy company

UPL recognized at the 38th National Convention on Quality Concepts (NCQC)

UPL Limited Q1FY26 | Summary

Broad based improvement in quality of earnings across platforms; maintain positive outlook for FY26

Q1FY26 Key takeaways

FY26 Outlook

▪ Positive revenue: robust growth in three platforms

▪ Strong accretion in contribution margin at 43.4% (+390 bps):

pricing, product mix, higher capacity utilisation and lower input cost

▪ EBITDA at ₹1,303 cr (+14%); EBITDA margin at 14.1% (+150 bps)

▪ PATMI improved by ~₹300 cr vs. LY

▪ Net working capital lower by ~35 days vs. Q1LY

▪ Net debt lower by >$800Mn vs. Q1LY, post redemption

of perpetual bonds (in May’25) of $400Mn

▪ Ranked #1 agchem company in ESG by DJSI(1); part of DJSI World Index;

recertified in FTSE4Good Index Series 2025 (score of 4.1 out of 5)

▪ Employee engagement score of 89 (+5 vs. LY), top quartile in the industry

(1) DJSI: Dow Jones Sustainability Index

• Crop protection

On strong revenue growth path, new products upside, margin expansion

• Advanta

On path to strong revenue growth, driven by organic investments

• SUPERFORM

Strong positive prospects for SSC segment, with margin expansion

On-track for FY26 guidance

Revenue guidance

4–8%

growth vs. FY25

EBITDA guidance

10–14%

growth vs. FY25

Annexure

Consolidated Financial Results & Business Update

UPL Limited Q1FY26 | P&L Statement

Particulars (₹ cr)

Revenue

Contribution

Contribution margin (%)

SG&A

EBITDA

EBITDA margin (%)

Other (income)

Depreciation & amortisation expenses

Net finance costs

Net exchange difference

Share of loss/ (profit) from associates and JVs

Exceptional items

PBT

Taxation

PAT

Non-controlling interests

Reported PATMI

Operational PATMI

Q1FY25

Q1FY26

Change YoY

9,067

3,584

39.5%

2,439

1,145

12.6%

(24)

660

740

143

(455)

(528)

(143)

(384)

(335)

9,216

4,001

43.4%

2,698

1,303

14.1%

(38)

731

631

178

(18)

(190)

(14)

(176)

(89)

(88)

(78)

12%

390 bps

11%

14%

150 bps

n.m.

11%

(15%)

24%

(158%)

(81%)

n.m.

Thank You

For more details, please connect with

Anurag Gupta anurag.gupta@upl-ltd.com

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