Associated Alcohols & Breweries Ltd.

16 million

of 6,000 LPD The facility encompasses 41 Bottling Lines, with a collective capacity of producing 16 million cases annually Owns a portfolio of 10 proprietary brands 01 02 03 FY16-FY25: Growth Trajectory

14%

ases annually Owns a portfolio of 10 proprietary brands 01 02 03 FY16-FY25: Growth Trajectory 14% 15% 10 Years Revenue CAGR 10 Years EBITDA CAGR 21% 10 Years PAT CAGR FY25 Performance 12%

15%

annually Owns a portfolio of 10 proprietary brands 01 02 03 FY16-FY25: Growth Trajectory 14% 15% 10 Years Revenue CAGR 10 Years EBITDA CAGR 21% 10 Years PAT CAGR FY25 Performance 12% EBITD

21%

s 01 02 03 FY16-FY25: Growth Trajectory 14% 15% 10 Years Revenue CAGR 10 Years EBITDA CAGR 21% 10 Years PAT CAGR FY25 Performance 12% EBITDA Margin 10% PBT Margin 8% PAT Margin 16% RO

12%

14% 15% 10 Years Revenue CAGR 10 Years EBITDA CAGR 21% 10 Years PAT CAGR FY25 Performance 12% EBITDA Margin 10% PBT Margin 8% PAT Margin 16% ROE 0.04x 22x Net Debt/Equity Interest C

10%

Revenue CAGR 10 Years EBITDA CAGR 21% 10 Years PAT CAGR FY25 Performance 12% EBITDA Margin 10% PBT Margin 8% PAT Margin 16% ROE 0.04x 22x Net Debt/Equity Interest Coverage 2 IMFL

8%

Years EBITDA CAGR 21% 10 Years PAT CAGR FY25 Performance 12% EBITDA Margin 10% PBT Margin 8% PAT Margin 16% ROE 0.04x 22x Net Debt/Equity Interest Coverage 2 IMFL (Proprietary) P

16%

GR 21% 10 Years PAT CAGR FY25 Performance 12% EBITDA Margin 10% PBT Margin 8% PAT Margin 16% ROE 0.04x 22x Net Debt/Equity Interest Coverage 2 IMFL (Proprietary) Products Offerings

0.04x

0 Years PAT CAGR FY25 Performance 12% EBITDA Margin 10% PBT Margin 8% PAT Margin 16% ROE 0.04x 22x Net Debt/Equity Interest Coverage 2 IMFL (Proprietary) Products Offerings Fully Int

22x

PAT CAGR FY25 Performance 12% EBITDA Margin 10% PBT Margin 8% PAT Margin 16% ROE 0.04x 22x Net Debt/Equity Interest Coverage 2 IMFL (Proprietary) Products Offerings Fully Integrat

65%

To OMCs / Private players Single Malt By Products: Cattle Feeds IMFL (Proprietary) B2B B2C 65% of ENA used for captive consumption 3 Present Across Liquor Value Chain Adaptability and Flexi

10.5 MW

Feed 150 Acres of Single Location Land Bank Energy Cost - Efficiency Net Energy Surplus Unit 10.5 MW Captive Power IMFL IMFL IMIL ENA Ethanol (Proprietary) c.15%-18% (Licensed) c.12%-15% c.1

“Rs 500 - 560 6 Licensed Brands - Preferred Partner Director’s Special McDowell’s 7 Contract Manufacturing – Long Term Relations Black & White Smirnoff VAT 69 Black Dog Blue Riband Gin Bagpiper White Mischief 8 Industry Leading Financial Position Robust Financial Position: Low Gearing and Adequate Interest Coverage Ratio Setting Industry Standards Net Debt/Equity Ratio as on FY25 Interest Coverage Ratio as on FY25 0.16 22.5 18.5 0.04 Associated Alcohols & Breweries Ltd.”

“After maturity, the malt will be used in our own brands, including a premium Single Malt Whisky, with the remaining sold in the open market for higher realisation.”

“Sources : Industry Report May 2024 29 Indian ALCO - BEV INDUSTRY POISED FOR GROWTH Alco - Bev Volume in India (Mn Cases) and CAGR Indian Alco - Beverage market (Rs.”

“Lac Cr) 960 1,018 1,078 1,451 CAGR : 1.2 % CAGR: 1.9% CAGR:6.9 % 325 330 300 355 340 320 395 350 330 520 445 480 3 3.2 2 5 2015 2020 2023 2028P 2015 2020 2023 2028P Beer Country Liquor IMFL Wine CAGR 01 02 03 04 India's alcohol market surging with urbanization, lifestyle shifts, and a burgeoning middle class.”

MRP

3

Adjustments for

2

By Products

1

Premium Line of Products

1

Currently Present

1

Targeted

1

By Products

Cattle Feeds IMFL (Proprietary) B2B B2C 65% of ENA used for captive consumption 3 Present Across Liquor Value Chain Adaptability and Flexibility in using varied grains as Feedstock On Ground Intelligence for Raw Material Sourcing Proprietary Brands - IMFL - IMIL IMFL Licensed Contract Manufacturing ENA Manufacturing - For Captive Consumption - For Alco Bev Companies Ethanol Manufacturing For OMCs / Private Players By Products Cattle Feed 150 Acres of Single Location Land Bank Energy Cost - Efficiency Net Energy Surplus Unit 10.5 MW Captive Power IMFL IMFL IMIL ENA Ethanol (Proprietary) c.15%-18% (Licensed) c.12%-15% c.12%-16% c.8%-9% c.5%-8% Total EBITDA Margin c.11%-13% 4 AABL IMFL – Gaining TRACTION E c o n o m y P o p u l a r P r e s t i g e & A b o v e S u p e r m a n F i n e W h i s k y L e m o u n t B o m b a y S p e c i a l W h i s k y C e n t r a l P r o v i n c e W h i s k y C e n t r a l P r o v i n c e Vo d k a T i t a n i u m Vo d k a H i l l f o r t P r e m i u m b l e n d

MRP

Rs 500 - 560 6 Licensed Brands - Preferred Partner Director’s Special McDowell’s 7 Contract Manufacturing – Long Term Relations Black & White Smirnoff VAT 69 Black Dog Blue Riband Gin Bagpiper White Mischief 8 Industry Leading Financial Position Robust Financial Position: Low Gearing and Adequate Interest Coverage Ratio Setting Industry Standards Net Debt/Equity Ratio as on FY25 Interest Coverage Ratio as on FY25 0.16 22.5 18.5 0.04 Associated Alcohols & Breweries Ltd. Peer Group Associated Alcohols and Breweries Ltd Peer Group 9 Distinctive Competitive Edge Unlocking Decades of Expertise: Expanding Horizons, Elevating Experiences and Embracing Premiumisation 01 02 03 04 05 4 Decades of Expertise • Core focus on liquor manufacturing and bottling. • Ensuring exceptional quality. Advantageous Location • Largest single - location facility in the heart of India, Madhya Pradesh. • Optimizing Raw Material Sourcing from Diverse Locations. Strategic Partnership • 2 Decades of Partnership with

Premium Line of Products

18%-20% YoY Growth R E V E N U E G U I D A N C E B 2 B B u s i n e s s B2B segment expected to progress steadily in congruence with inflation rate Ethanol segment is operating at 85% capacity utilization in H1FY26 Strengthening Long term relationship with Diageo and Inbrew. Implementing hedging strategies to mitigate the impact of fluctuations in raw material prices. Entry in Ethanol • Strategically natural extension • To optimize operational costs resulting in margin enhancements The company aims to prioritize value - added and proprietary brands. Focus on the margin accretive segment. Malt plant of 6,000 LP commissioned. After maturity, the malt will be used in our own brands, including a premium Single Malt Whisky, with the remaining sold in the open market for higher realisation. 14 Compelling Investment Thesis Diversified Product Portfolio Progressing towards Premiumisation Becoming a Pan India Player Expansion driven by internal accruals , supported by a strong balance sheet with

Targeted

Puducherry, Karnataka, Goa, Jharkhand, Odisha Achieved one million cases sales in Kerala in FY2022-23 One of top 5 players in IMFL segment in Kerala First Company in the world to make White Brandy 19 Expansion Enabled through Internal Accruals CFO (Rs Mn) & Cash Conversion Ratio (x) 0.97 x 0.74 x 667 792 FY21 FY22 0.11 x 68 FY23 739 0.58 x 0.37 x 284 FY24 FY25 Single Malt Plant Capex (Rs Mn) 397 125 1,038 929 1,000 859 FY21 FY22 FY23 FY24 FY25 FY26E Bottling Plant 01 02 03 04 Working Capital for the company as on FY25 : Rs 1,319 Mn and FY24: Rs 1,016 Mn AABL's strategic goal is to secure a position among the top 10 IMIL and IMFL companies in India and PAN India Presence Commissioned single malt plant facility for manufacture, processing and maturation of malt spirits Capex of Rs. 55 Cr has been incurred for the malt plant; additional capex of Rs. 55-60 Cr. expected to be incurred on casks over 2–3 years 20 Strong Balance Sheet with Minimal Debt Gross Block (Rs Mn) ROCE & ROE 4,572 3,42

Adjustments for

Depreciation / Amortisation Finance Cost Other Adjustments Interest Income Operating Profit before Working Capital Changes Movement in Working Capital (Increase)/Decrease in Trade Receivables (Increase)/Decrease in Inventories Increase/(Decrease) in Trade Payables Increase/(Decrease) in Other Liabilities & Provisions Cash From Operations Direct Tax Net Cash From Operating Activities 502 448 113 25 (25) (13) 601 (154) 245 (6) 687 (130) 557 82 29 (10) (13) 536 (80) (28) 143 204 776 (74) 701 CASH FLOW FROM INVESTING ACTIVITIES Purchase of Property Plant & Equipment, CWIP and Intangible Assets Proceed from the Sale of Property Plant & Equipment Other Investing Activities Interest Income received Net Cash Flow used in Investing Activities CASH FLOW FROM FINANCING ACTIVITIES Proceeds from Non Current Borrowings Repayment of Non Current Borrowings Proceeds from/(Repayment) of Current Borrowings Proceeds from/(Repayment) of Lease Liabilities Finance Cost paid Interest Paid on Lease Liabilities

Adjustments for

Depreciation / Amortisation Finance Cost Other Adjustments Interest Income 1,096 683 555 Purchase of Property Plant & Equipment, CWIP and Intangible Assets (861) (1,039) (929) 174 57 (13) (24) 144 37 (56) (47) 144 14 (7) (59) Proceed from the Sale of Property Plant & Equipment Other Investing Activities Interest Income received 2 3 25 1 666 47 - (44) 31 Net Cash Flow used in Investing Activities (831) (325) (942) Operating Profit before Working Capital Changes 1,290 761 646 Movement in Working Capital (Increase)/Decrease in Trade Receivables (Increase)/Decrease in Inventories Increase/(Decrease) in Trade Payables Increase/(Decrease) in Other Liabilities & Provisions (48) (339) 75 (3) (170) (186) 132 55 (202) (202) CASH FLOW FROM FINANCING ACTIVITIES Proceeds from Non Current Borrowings Repayment of Non Current Borrowings Proceeds from/(Repayment) of Current Borrowings Proceeds from/(Repayment) of Lease Liabilities Finance Cost paid Interest Paid on Lease Liabilities Dividend Paid Cash