UPLNSE6 November 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

November 6, 2025

BSE Limited Mumbai

National Stock Exchange of India Ltd. Mumbai

SCRIP CODE – 512070

SYMBOL: UPL

Sub.: Investor presentation for Q2 and H1 FY 2026

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, 2025.

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 and Business Update Q2 and H1FY26

Investor Presentation 06th November 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 Ravi Cherukuri CEO

Advanta Bhupen Dubey CEO

SUPERFORM Raj Tiwari CEO

Agenda

Content

I. Financial and Business Segment

Key Macro Trends for the Quarter

Key Highlights for the Quarter

Q2 and H1FY26 Performance Update

Performance Dashboard Summary

P&L Analysis: Revenue, Contribution, EBITDA and PATMI

Balance Sheet Analysis: Working Capital, Net Debt and Leverage Ratios

Cash Flow Analysis

Platform-wise Q2 and H1FY26 Performance Update

II. Summary (FY26 Outlook and Guidance)

III. Others (Non-Financial Enablers)

Manufacturing and R&D Capabilities

Board of Directors

7–23

7–8

9–18

19–22

24–30

31–33

34–43

44–50

UPL Limited | Q2 and H1FY26

Key Macro Trends for the Quarter

▪

Stable demand in crop protection globally

▪ Continued US tariff uncertainties

▪

Low commodity prices (e.g., soy, corn) led farm-income stress in Brazil, LATAM

▪ Unfavorable weather-related impact in India in second quarter

▪

Softened SOFR rate

⚫

UPL Limited Q2FY26 | Corporate Update

Key Highlights for the Quarter

Corporate realignment

Successful integration of post-harvest business (DECCO) with Advanta

Rights issue

$200 Mn balance from final call received in Sep’25

Ratings outlook

Upgraded from “negative” to “stable” by all three global ratings agencies (S&P, Fitch, Moody’s), on account of strong recovery post FY24

UPL Limited Q2 and H1FY26 | Performance Dashboard Summary

PATMI Improved by ~₹1,000 cr in Q2, Driven by Broad-based Growth in EBITDA and Financial Discipline; Strong H1 with Positive PATMI (up by ~₹1,300 cr vs. LY)

Revenue

₹12,019 cr V: +7% | P: (2%) | E: +3%

Contribution

₹5,041 cr

Margin

41.9%

EBITDA

Margin

₹2,205 cr

18.3%

PBT

₹784 cr

III

vs. LY

| +8%

| +21% | +420 bps

| +40% | +410 bps

| (₹447 cr)

in Q2LY

PATMI Op. PATMI(1)

₹553 cr

₹411 cr

(1) Operational PATMI (adjusted for exceptional items)

| (₹443 cr) in Q2LY | (₹434 cr) in Q2LY

₹21,235 cr V: +3% | P: (1%) | E: +3%

vs. LY

| +5%

₹9,042 cr

42.6%

₹3,508 cr

16.5%

₹594 cr

₹465 cr

₹331 cr

| +16% | +410 bps

| +29% | +300 bps

| (₹902 cr)

in H1LY

| (₹827 cr) in H1LY | (₹769 cr) in H1LY

UPL Limited Q2 and H1FY26 | Performance Dashboard Summary

Lower net debt and net working capital days vs. LY, with significant de-gearing, implying continued focus on balance sheet strengthening

as on 30th Sep’25

vs. LY

Net Debt

₹23,802 cr

$2,681 Mn

| ₹27,531 cr | $3,285 Mn

Net Debt / EBITDA(1)

2.7x

Net Debt / Equity

0.6x

| 5.4x

| 0.9x

Lower by >₹3,700 cr (>$600 Mn); on including perpetual bonds as debt in Sep’24, the net debt reduction is ~$1.0 Bn

Improved; on including perpetual bonds as debt in Sep’24, LY net debt to EBITDA is 6.1x

Improved; on including perpetual bonds as debt in Sep’24, LY net debt to equity is 1.1x

NWC Days(1)

118 Days

NWC (₹)

₹15,463 cr

| 123 Days | ₹14,829 cr

Improved by ~5 days

III

(1) Calculated on TTM basis

P&L Analysis

UPL Limited Q2 and H1FY26 | Performance Summary

Higher volume, accretive margin led strong performance; broad-based EBITDA growth across all platforms; financial discipline led overall improved PATMI

Particulars (₹ cr)

Revenue

Contribution

Contribution Margin (%)

SG&A

EBITDA

EBITDA Margin (%)

PBT

PATMI

NWC (Days)

Net Debt to EBITDA

Q2FY25A

11,090

Q2FY26A

12,019

4,180

37.7%

2,604

1,576

14.2%

(447)

(443)

123

5.4x

5,041

41.9%

2,836

2,205

18.3%

784

553

118

2.7x

vs. LY

21%

420 bps

40%

410 bps

1,231

996

(5)

improved

H1FY25A

20,157

H1FY26A

21,235

7,764

38.5%

5,043

2,721

13.5%

(902)

(827)

123

5.4x

9,042

42.6%

5,535

3,508

16.5%

594

465

118

2.7x

vs. LY

16%

410 bps

10%

29%

300 bps

1,496

1,292

(5)

improved

Revenue • V: +7% | P: (2%) | F: +3% • Led by UPL Corp and

Advanta volumes, partially offset by UPL SAS; steady SUPERFORM revenue

Q2 Drivers

Contribution and margin •

Improved mix, higher capacity utilization and lower input cost

EBITDA • Driven by higher volumes and accretive contribution margin

PATMI •

Increased by ~₹1,000 cr vs. LY, led by EBITDA, lower finance cost, Fx, among others

NWC days • Lower by 5 days vs. LY

UPL Limited Q2 and H1FY26 | P&L Statement

Higher volume, accretive margin led strong performance; broad-based EBITDA growth across all platforms; financial discipline led overall improved PATMI

Particulars (₹ cr)

Revenue

Contribution

Contribution Margin (%)

SG&A

EBITDA

EBITDA Margin (%)

Other (income)

Depreciation & amortisation expenses

Net exchange difference

Share of loss/ (profit) from associates and JVs

Exceptional items

Net finance costs

PBT

Taxation

PAT

Non-controlling interests

PATMI

Operational PATMI

Q2FY25

Q2FY26

Change YoY

H1FY25

H1FY26

Change YoY

11,090

12,019

4,180

38%

2,604

1,576

14%

(39)

697

375

135

847

(447)

137

(585)

(142)

(443)

(434)

5,041

42%

2,836

2,205

18%

(15)

771

235

(142)

518

784

172

612

553

411

21%

420 bps

40%

410 bps

11%

(37%)

(60%)

(150)

(39%)

1,231

25%

1,197

201

996

845

20,157

21,235

7,764

39%

5,043

2,721

13%

(63)

9,042

43%

5,535

3,508

17%

(53)

1,357

1,502

518

167

1,587

(902)

210

(1,112)

(285)

(827)

(769)

413

(133)

1,149

594

158

436

(29)

465

331

16%

410 bps

10%

29%

300 bps

11%

(20%)

(79%)

(190)

(28%)

1,496

(24%)

1,548

256

1,292

1,100

UPL Limited Q2 and H1FY26 | Revenue: Platform-wise Analysis

Strong Q2 performance led by UPL Corp and Advanta; Q2 driven recovery in H1 revenue vs. LY

Q2 Platform-wise Revenue(1)(3) (₹ cr)

YoY

+8%

+12%

(10%)

+26%

+1%

11,090

12,019

7,676

8,625

UPL Ltd.

UPL Corp

UPL SAS

Advanta

SUPERFORM

1,014

911

1,323

1,669

2,777

2,799

H1 Platform-wise Revenue(1)(3) (₹ cr)

YoY

+5%

+6%

+2%

+23%

+4%

20,157

21,235

13,816

14,582

UPL Corp

• Q2: V: +10% | P: (2%) | F: +4% • Higher vol. in Americas, supported by Africa and APAC • North America led by herbicide volume, Brazil through mancozeb, LATAM driven mainly by Argentina recovery

• Steady Europe revenue, despite one-time higher

Proxanil® sales LY

• H1 led by strong North America performance, and Q2

recovery in most regions

UPL SAS

• Q2: V: (7%) | P: (3%) | F: 0% • Unfavorable weather-led, impacting mainly herbicides • H1 positive, with Q2 offsetting Q1 gains

Advanta(4)

• Q2: V: +14% | P: +10% | F: +4% • Higher volumes in field corn (India, Argentina, other Latin American countries, Indonesia), sunflower in Argentina

• Sequentially improved Q2 led H1

UPL Ltd.

UPL Corp

UPL SAS

Advanta

SUPERFORM

2,017

2,048

2,489

3,065

5,133

5,357

SUPERFORM

• Q2: V: +6% | P: (5%) | F:0% • SSC(2) (+18% vs. LY) led by volume, driven by contract manufacturing; non-agchem share ~25% vs. ~20% LY

FY25

FY26

(1) This is for UPL Limited total and four “pure-play” platforms, with applicable proforma adjustments, and without considering group elimination; (2) SSC: Super Specialty Chemicals (specialty chemicals sales externally); (3) Advanta’s financial statements for the current period and comparative period last year have been restated to reflect the acquisition of Decco under common control; (4) Revenue variances are for Advanta standalone only

UPL Limited Q2 and H1FY26 | Revenue: Region-wise Analysis

Strong Q2 driven by Americas; H1 growth driven by key regions

349

12,019

• Higher volume in fungicides (mancozeb in Brazil)

Q2 Region-wise Revenue (₹ cr)

11,090

651

+13%

Q2FY25

LATAM

+63%

NAM

flat

Europe

+6%

India

(164)

(6%)

ROW

Q2FY26 Revenue (₹ cr)

5,693

907

1,371

1,660

2,388

H1 Region-wise Revenue (₹ cr)

20,157

393

+5%

H1FY25

LATAM

450

114

479

+25%

NAM

+4%

Europe

+14%

India

(358)

(8%)

ROW

H1FY26 Revenue (₹ cr)

8,095

2,244

2,907

3,922

4,067

Latin America

North America

Europe

India

and herbicides

• Argentina recovery, led by herbicides, corn, sunflower • H1 improvement led by Q2 crop protection

• Driven by herbicide volumes • Strong Q2 led improved H1

• Steady Q2 revenue • H1 positive from strong Q1

• Seeds (e.g., field corn) growth, offset partially

by crop protection decline • H1 strong despite moderate Q2

ROW

• Lower revenue vs. LY

Q2FY26

21,235

H1FY26

UPL Limited Q2 and H1FY26 | Contribution Analysis: Platform-wise

Strong contribution growth, broad-based margin accretion across all platforms

Q2 Platform-wise Contribution(1)(2) (₹ cr)

YoY

+21%

+27%

+5%

+29%

+18%

4,180

5,041

3,024

2,376

UPL Corp

• Lower input cost and higher capacity utilization

304

319

750

964

591

699

UPL Ltd.

UPL Corp

UPL SAS

Advanta

SUPERFORM

CM%

38%

42%

31%

35%

30%

35%

57%

58%

21%

25%

UPL SAS

• Margin accretion led by improved product mix

(e.g., Centurion® EZ, Canora® EZ)

H1 Platform-wise Contribution(1)(2) (₹ cr)

YoY

+16%

+21%

+18%

+22%

+15%

Advanta

• Revenue led growth (mainly in field corn

and sunflower); steady contribution margin

9,042

7,764

4,215

5,096

587

691

1,434

1,744

1,167

1,337

UPL Ltd.

UPL Corp

UPL SAS

Advanta

SUPERFORM

CM% FY25

39%

43%

FY26

31%

35%

29%

34%

58%

57%

23%

25%

SUPERFORM

• Driven by improved mix (including higher SSC(3) share),

lower input costs

(1) This is for UPL Limited total and four “pure-play” platforms, with applicable proforma adjustments, and without considering group elimination; (2) Advanta’s financial statements for the current period and comparative period last year have been restated to reflect the acquisition of Decco under common control; (3) SSC: Super Specialty Chemicals (specialty chemicals sales externally)

UPL Limited Q2 and H1FY26 | EBITDA Analysis: Platform-wise

Strong Q2 and H1 EBITDA growth through broad-based performance across all platforms

Q2 Platform-wise EBITDA(1)(2) (₹ cr)

YoY

+40%

+69%

+2%

+57%

+24%

2,205

1,576

1,260

745

203

207

272

429

307

380

UPL Corp

• Led by volume and higher contribution margin

UPL Ltd.

UPL Corp

UPL SAS

Advanta

SUPERFORM

UPL SAS

• Steady contribution led EBITDA

EBITDA%

14%

18%

10%

15%

20%

23%

21%

26%

11%

14%

H1 Platform-wise EBITDA(1)(2) (₹ cr)

Advanta

• Driven by higher volumes

YoY

+29%

+56%

+24%

+32%

+15%

3,508

2,721

1,646

1,058

372

461

544

717

619

713

SUPERFORM • Led by contribution accretion

UPL Ltd.

UPL Corp

UPL SAS

Advanta

SUPERFORM

EBITDA% FY25

13%

17%

FY26

11%

18%

23%

22%

23%

12%

13%

UPL Limited Q2FY26 | EBITDA Analysis

Volume led EBITDA growth, supported by favorable Fx

EBITDA Bridge (Q2FY25 vs. Q2FY26) (₹ cr)

129

(68)

(232)

800

Revenue impact

Cost impact

2,205

1,576

Q2FY25

Volume

Price, FX

COGS

SG&A

Q2FY26

Volume • Led by crop protection (Americas), supported by seeds in key regions and SUPERFORM SSC(1)

Price, Fx • Pricing pressure, mainly in crop protection/ agchem products

• Favorable Fx impact of ~3%

COGS • Favorable input cost and higher

capacity utilization in crop protection, offset by higher sales volumes

SG&A •

In line with revenue growth, focused spend on A&P for new launches

Q2 Drivers

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

UPL Limited Q2FY26 | PATMI Analysis

PATMI improvement of ~₹1,000 cr vs. LY, mainly through higher EBITDA, lower finance cost, Fx, among others

Q2FY26 PATMI(1) Bridge (₹ cr)

Q2FY25

EBITDA

(443)

629

D&A

140

201

150

330

553

NFC

FX/ Hedging cost Oth. inc./ loss

Tax

A.I.

NCI

Excep. cost

Q2FY26

NFC • Debt repayment of ~$250 Mn in Mar, lower finance cost (SOFR), lower factoring value, rating outlook upgrade

FX Gain / Loss • Favorable currency

movement in specific geographies

Q2 Drivers

Associate Income / JV • Reduction in losses vs. LY

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

Exceptional Cost • VAT reversal in Brazil, partially offset by restructuring cost

(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 H1FY26 | PATMI Analysis

PATMI improvement of ~₹1,300 cr vs. LY, driven by higher EBITDA, lower finance cost, Fx, among others

H1FY26 PATMI(1) Bridge (₹ cr)

105

438

131

256

190

465

NFC

FX/ Hedging cost Oth. inc./ loss

Tax

A.I.

NCI

Excep. cost

H1FY26

H1FY25

EBITDA

(827)

787

D&A

(145)

NFC • Debt repayment of ~$250 Mn in Mar, lower finance cost (SOFR), lower factoring value, rating outlook upgrade

FX Gain / Loss • Favorable currency

movement in specific geographies

H1 Drivers

Associate Income / JV • Reduction in losses vs. LY

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

Exceptional Cost • VAT reversal in Brazil, partially offset by restructuring cost

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

Balance Sheet Analysis

UPL Limited Q2FY26 | Balance Sheet Analysis

Working capital in line with seasonality; lower cash balance mainly due to redemption of perpetual bond in Q1

Particulars (₹ cr)

Uses of Capital

Fixed Capital

Right-of-use assets

Working capital

Cash & Bank balance (incl. current investments)

Others

Total

Sources of Capital

Total Equity

Non-controlling interests (incl. perp bond)

Short-term debt

Long-term debt

Right of use lease liabilities

Total

Sep’24

Mar’25

Sep’25

Change vs. Mar’25

41,524

1,310

14,829

4,312

2,858

41,935

1,324

6,764

9,856

3,048

43,652

1,385

15,463

4,760

2,472

64,834

62,927

67,731

23,946

29,214

7,670

9,789

22,054

1,375

64,834

8,614

5,451

18,263

1,385

62,927

31,894

5,816

11,353

17,209

1,460

67,731

1,717

8,699

(5,096)

(576)

4,804

2,680

(2,798)

5,902

(1,054)

4,804

• Working capital increase vs. Mar’25; however, in line with seasonality, resulting in increased net debt

• Cash balance reduction from redemption

of perpetual bonds in May’25, and utilization for working capital

• Equity increase from positive PATMI and rights

issue (~$200 Mn; money received)

(1) Includes investments

UPL Limited Q2FY26 | Working Capital Analysis

Net working capital days improved by ~5 days vs. LY; increase in receivables and inventory in line with Q2 growth and anticipated H2 plans, respectively

Inventory

Receivables

Payables

Net Working Capital

Sep’24

Sep’25

Sep’24

Sep’25

Sep’24

Sep’25

Sep’24

Sep’25

₹14,106 cr

₹16,193 cr

₹16,062 cr

₹19,021 cr

₹15,338 cr

₹19,751 cr

₹14,829 cr

₹15,463 cr

DIO

117

124

DSO

133

146

DPO

127

151

Net Days

123

118

Q2FY25

Q2FY26

Q2FY25

Q2FY26

Q2FY25

Q2FY26

Q2FY25

Q2FY26

DIO Higher by ~7 Days in anticipation for upcoming season in H2

DSO Increased by ~13 Days due to higher sales vs. LY

Net Working Capital lowered by ~5 Days vs. Sep 24

Q2 Drivers

Note: As a risk management measure, receivables are factored on non-recourse basis to banks; non-recourse receivables factoring as of 30 Sep’25: $553 Mn (~₹4,911 cr), 30 Sep’24: $558 Mn (~₹4,679 cr)

UPL Limited Q2FY26 | Net Debt Analysis

Net debt lower by >$600 Mn (adjusted for perpetual bonds, lower by $1.0 Bn); significant improvement in gearing ratios vs. LY

Particulars (₹ cr)(1)

Sep’24 Mar’25

Sep’25

vs. Sep’24

vs. Mar’25

Particulars ($ Mn)

Sep’24 Mar’25

Sep’25

vs. Sep’24

vs. Mar’25

Gross Debt(2)

31,843

23,714

28,562

(3,281)

4,848

Gross Debt(2)

3,800

2,774

3,217

(583)

442

Cash and Cash Equivalent(3)

4,312

9,856

4,760

448

(5,096)

Cash and Cash Equivalent(3)

515

1,153

536

(617)

Net Debt

27,531

13,858

23,802

(3,729)

9,945

Net Debt

3,285

1,621

2,681

(605)

1,059

Net Debt Adj. for Currency Impact

27,531

22,463

(5,068)

Net debt to EBITDA

5.4x

1.7x

2.7x

• Lower net debt vs. Sep’24, led by lower gross debt (debt pre-payment

$250Mn) and higher cash position (adjusted for two capital transactions, perpetual bond redemption)

Net debt to Equity

0.9x

0.4x

0.6x

• Higher net debt vs. Mar ’25 due to perpetual bond redemption (as above)

and increased working capital due to seasonality

• On inclusion of perpetual bonds as debt in Sep’24, net debt to equity is 1.1x and net debt to EBITDA is 6.1x; similarly, the corresponding figures for Mar’25 are 0.5x and 2.1x

(1) USD/ INR depreciated from 83.80 as on 30th Sep 2024 to 88.79 as on 30th Sep 2025; (2) Gross Debt includes all external debt including short-term and long-term; (3) Includes liquid investment of ₹402 cr ($48Mn) as of Sep’24 and ₹608 cr ($68Mn) in Sep’25

UPL Limited Q2 and H1FY26 | Cash Flow Analysis

FCFE in line with historical trend; adjusted for changes in working capital (seasonality effect), FCFE has improved by >₹1,900 cr vs. LY

Particulars (₹ cr)

EBITDA ±non-cash items(1)

Changes in working capital

Other non-current & current assets, liab. & FCTR

Net Operating cash flow

Income tax paid

Capex

Investments

Free cash flow to firm (FCFF)

Net interest paid

Free cash flow to equity (FCFE)(2)

FCFE adjusted for “changes in working capital” (seasonal)(2)

H1 Sep’23

H1 Sep'24

H1 Sep'25

Change vs. LY

2,385

(10,727)

(909)

(9,251)

(840)

(1,077)

(416)

(11,584)

(1,233)

(12,816)

(2,089)

2,244

(4,890)

461

(2,185)

(547)

(526)

(182)

(3,440)

(1,620)

(5,060)

(170)

3,153

(8,530)

581

(4,796)

(984)

181

(5,566)

(1,231)

(6,797)

1,733

908

(3,640)

121

(2,611)

580

(458)

363

(2,126)

389

(1,737)

1,903

Improvement driven by higher EBITDA (₹908 cr), lower net interest paid (by ₹389 cr) and investment income (₹363 cr)

(1) Non-cash items mainly include ECL, provisions, fair-value change in investments, share based payments, etc.; (2) This is operational cash flow and excludes proceeds from current borrowings/ rights issue / repayment of perpetual bond and dividend payment. Cash and cash equivalent include current investment

Platform Updates

UPL Corp Q2 and H1FY26 | Performance Summary

Strong revenue growth and contribution margin accretion led EBITDA expansion in Q2; continued momentum in H1

Particulars (₹ cr)

Revenue

Contribution

Contribution Margin (%)

SG&A

EBITDA

EBITDA Margin (%)

Note: Above financials are after considering proforma adjustments

Revenue • V: +10%; P: (2%); F: +4% • Volume led growth in North America,

Latin America (Brazil fungicides, Argentina recovery)

Q2 Drivers

Q2FY25A

Q2FY26A

vs. LY

H1FY25A

H1FY26A

vs. LY

7,676

2,376

31.0%

1,631

745

9.7%

8,625

3,024

35.1%

1,764

1,260

14.6%

12%

27%

410 bps

69%

490 bps

13,816

14,582

4,215

30.5%

3,157

1,058

7.7%

5,096

34.9%

3,450

1,646

11.3%

21%

440 bps

56%

360 bps

Contribution and margin • Led by lower input cost, higher capacity utilization

EBITDA • Driven by contribution margin

improvement

UPL Corp Q2 and H1FY26 | Region-wise Analysis

Strong Q2 performance in the Americas region, H1 driven by growth in all regions, mainly North America

in ₹ cr

7,676

438

327

(13)

177

8,625

in ₹ cr

13,816

141

391

159

14,582

+10%

Q2FY25

Latin America

Q2 Rev (₹ cr)

4,884

+79%

NAM

742

(1%)

Europe

1,244

+12%

ROW

1,711

Q2FY26

H1FY25

Latin America

+2%

H1 Rev (₹ cr)

7,040

+26%

NAM

1,904

+2%

Europe

2,643

+6%

ROW

2,898

H1FY26

Latin America • Brazil: fungicide volume growth

North America • Led by herbicide volume growth

Europe • Steady revenue despite

ROW • APAC led by Indonesia and Japan,

led by mancozeb (Unizeb®); price pressure in acetamiprid (Sperto®)

(s-metolachlor, metribuzin) • Momentum continues in H1

fungicide volume normalization vs. LY

supported by Africa

• H1 positive vs. LY from strong Q2

• Argentina recovery, partially

softened by lower exposure in Bolivia and Mexico

Q2 Drivers

• H1 positive vs. LY from strong Q2

UPL SAS Q2 and H1FY26 | Performance Summary

Strong EBITDA delivery despite unfavorable weather led disruptions

Particulars (₹ cr)

Revenue

Contribution

Contribution Margin (%)

SG&A

EBITDA

EBITDA Margin (%)

Q2FY25A

Q2FY26A

1,014

304

30.0%

101

203

911

319

vs. LY

(10%)

35.0%

500 bps

112

207

10%

H1FY25A

H1FY26A

vs. LY

2,017

587

29.1%

215

372

2,048

691

33.7%

230

461

18%

460 bps

24%

20.0%

22.7%

270 bps

18.4%

22.5%

410 bps

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

Revenue • V: (7%); P: (3%); F: 0% • Volume decline due to

unfavorable weather conditions

Contribution and margin • Led by improved mix

(including new launches)

EBITDA • Driven by higher contribution margin

Q2 Drivers

Advanta(1) Q2 and H1FY26 | Performance Summary

Field corn and sunflower led growth drove significant improvement in Q2 EBITDA margin vs. LY

Particulars (₹ cr)

Revenue

Contribution

Contribution Margin (%)

SG&A

EBITDA

EBITDA Margin (%)

Q2FY25A

Q2FY26A

vs. LY

H1FY25A

H1FY26A

vs. LY

1,323

750

56.7%

477

272

1,669

964

57.7%

535

429

26%

29%

100 bps

12%

57%

2,489

1,434

57.6%

890

544

20.6%

25.7%

510 bps

21.9%

3,065

1,744

56.9%

1,028

717

23.4%

23%

22%

(70 bps)

15%

32%

150 bps

Revenue(2) • V: +14% | P: +10% | F: +4% • Led by corn (India, Argentina, other Latin America countries, Indonesia), sunflower (Argentina)

• Robust Q2 and H1 growth in the post-harvest Decco business

Q2 Drivers

Contribution and margin • Revenue led growth; margin accretion

EBITDA • Led by revenue growth and

from corn and sunflower

• Q1 higher production cost led impact

on H1 performance

contribution margin improvement • Stronger Q2 vs. Q1, driving accretive

H1 margin

(1) Advanta’s financial statements for the current period and comparative period last year have been restated to reflect the acquisition of Decco under common control; (2) Revenue variances are for Advanta standalone only

Advanta(1) Q2 and H1FY26 | Region-wise Analysis

Key growth led by Americas and India

118

1,669

240

(21)

308

3,065

320

(67)

1,323

2,489

+37%

+23%

(18%)

+26%

+34%

+24%

(35%)

+17%

Q2FY25

Americas

Asia / Africa

Australia

Europe

Q2FY26

H1FY25

Americas

Asia / Africa

Australia

Europe

H1FY26

Q2 Rev (₹ cr)

894

638

H1 Rev (₹ cr)

1,248

1,589

126

102

Americas • Field corn (Argentina, other Latin American countries) and sunflower (Argentina)

Asia / Africa • Led by field corn (India, Indonesia)

Australia • Canola revenue impacted due to drought, partially mitigated by early sorghum sales

Europe • Robust growth despite

off season

Q2 Drivers

(1) Advanta’s financial statements for the current period and comparative period last year have been restated to reflect the acquisition of Decco under common control

SUPERFORM Q2 and H1FY26 | Performance Summary

Strong Q2 EBITDA, led by improved mix and favorable input cost, along with higher growth in the SSC(1) segment

Particulars (₹ cr)

Revenue

Contribution

Contribution Margin (%)

SG&A

EBITDA

EBITDA Margin (%)

Revenue • V: +6% | P: (5%) | F: 0% • SSC(1) (+18% vs. LY) led by volume • Non-agchem revenue share: ~25% vs.

~20% LY

Q2 Drivers

Q2FY25A

Q2FY26A

vs. LY

H1FY25A

H1FY26A

vs. LY

2,777

591

21.3%

284

307

2,799

699

25.0%

319

380

18%

370 bps

12%

24%

5,133

1,167

22.7%

548

619

5,357

1,337

25.0%

624

713

15%

230 bps

14%

15%

11.1%

13.6%

250 bps

12.1%

13.3%

120 bps

Contribution and margin • Led by improved mix (including higher share of SSC(1)), and favorable input cost

EBITDA • Driven by higher contribution

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

FY26 Outlook and Guidance

UPL Limited | Q2FY26 Summary and FY26 Outlook

Q2 PATMI up by ~₹1,000 cr, led by broad-based EBITDA growth and financial discipline; Strong H1 with planned de-gearing; FY26 EBITDA guidance upgraded

Q2FY26 Key takeaways

FY26 Outlook

▪ Robust growth in revenue +8% vs. LY

▪ Strong accretion in contribution margin at ~42% (+420 bps)

▪ EBITDA at >₹2,200 cr (+40%: broad-based);

EBITDA margin at >18% (+410 bps)

▪ PATMI improved by a significant ~₹1,000 cr vs. LY

▪ Net working capital lower by ~5 days vs. LY

▪ Net debt lower by >$600Mn vs. LY; adj. for perpetual bond redemption, lower by ~$1.0Bn; improved gearing ratios

• Crop protection

Mix led margin accretion and volume growth despite headwinds; normal-to-low channel inventory, NPLs

• Advanta

Strong FY26 outlook, growth with EBITDA accretion

• SUPERFORM

Strong positives for SSC segment, with margin expansion

On strong trajectory with positive FY26 outlook; upgrading guidance

UPL Limited

FY26 Upgraded Guidance

Revenue Growth vs. LY

EBITDA Growth vs. LY

Earlier

4–8%

10–14%

Now

4–8%

12–16%

Our resilient core comes from state-of-the art backward integrated manufacturing and world class R&D capabilities

UPL Limited | Manufacturing and R&D capabilities

Manufacturing Facilities + Capabilities

R&D Capabilities

UPL’s Global Presence and Manufacturing Facilities

Enables effective catering to growers’ unique needs in each market, offering bespoke solutions enhancing agricultural results, driving success

43 Global Manufacturing Facilities

USA

Mexico

Costa Rica

Colombia

France

Belgium

Ivory Coast

Korea

China

India

Vietnam

Indonesia

Brazil

Argentina

South Africa

Field Station

R&D Chemistry

New Agtech / NPP

Manufacturing Facility

India Manufacturing | Core Pillar of our Strength

State-of-the-art Manufacturing Facilities with Advanced Synthesis Capabilities

Strategically Located Facilities for Global Agchem and Super-Specialty Businesses

Backed by Advanced Synthesis Capabilities

Halol, Gujarat Agrochemicals Phosgene Derivatives

Kalol, Gujarat Agrochemicals

Dahej, Gujarat Agrochemicals Cyanide Derivatives Phosgene Derivatives

Vapi, Gujarat Agrochemicals Phosphorus Derivatives

Tarapur, Maharashtra Agrochemicals

Bangalore, Karnataka Fermutation

Chandigarh, Punjab (Kudos) Pharma, F&B, and Cyanide Derivatives

Jhagadia, Gujarat Agrochemicals Acrolein H2S Chemistry Phosphorus Derivatives

Haldia, West Bengal Phosphorus Derivatives

Ankleshwar, Gujarat • Plant I

• Agrochemicals • Phosphorus Derivatives • Others

• Plant II

• Agrochemicals • Lubricants

Fermutation

Pharma & Food Chemicals

Agro and Specialty Chemicals

Cyanation Phosgenation Hydrogenation

Sulphurization Phosphorization Esterification

Electrolysis Ozonation Thermal Cracking

Reaction Chemistries

Grignard Nitration Amination

Isomerization Acylation Oxidation

Chlorination; Bromination Hydrolysis

Manufacturing Excellence – Key Highlights

Fully funded common Infrastructure to be leveraged for manufacturing agrochemical products as well as high margin Specialty Chemicals

Team of 70+ Engineers and 30+ data scientists driving debottlenecking and cost reduction initiatives

Extensive vertical integration in key chemistries

Focus on Operational Excellence

Dedicated Teams For Continuous Optimization Initiatives, Sustainable Growth

Maxpro

Maxpro+

Energy Cell

Commissioning

Green Cell

Yield, Quality, RM Consumptions, Solvent Recovery, Capacity, Process intensification

Improvement of OEE(2), Variability Reduction, Data analytics, Lean manufacturing

Energy optimization, Environment footprint reduction, Renewable energy

Safe and first-time right start-up of new projects.

Works on sustainable and new tech for water and waste management

• Labs Equipped with

• Data Analysis Using

Software • CFD(1) • Aspen • Heat Recovery • Pilot Plant Facility

• Minitab • Python • R Coding

• Driving Lighthouse

Project with McKinsey

•

Installation of Heat recovery systems, online condenser cleaning systems Increased share of renewable energy from 30% to 50% by FY26

• Safe Start-up • Faster Stabilization • Qualified First Batch • Excellence in Achieving Environmental Norms

• State-of-the-art

laboratories at Jhagadia and Vapi are capable in doing treatability study and testing of wastewater characteristics

a e r A s u c o F

s e i t i l i

b a p a C

(1) CFD stands for Computational Fluid Dynamics; (2) OEE stands for Overall Equipment Effectiveness

Safety | Critical Foundation For A Successful Manufacturing Asset

Robust Safety Framework: Validated by MNCs and Recognized Agencies

Adopted Safety as a Value: Robust Procedures in Place

…Validated by key agencies

TRFR(1)

ERT – Employees trained at all sites in fire fighting, rescue operations, first aid

Safety talk in the beginning of each shift

Implemented robust investigative procedures for all deviations and a 5S system

On-time reporting for minor incidents, near-miss incidents and defined actions steps to aid prevention

Recognized Agencies

Behavior based safety management and training

HAZOP analysis for key manufacturing processes

Undergoing cultural safety transformation supported and validated by external consultants

FY23

0.29

FY24

0.24

FY25

0.22

Continuous improvement in TRFR over last three years Among industry leaders in safety

Awards and Accolades for Safety and Sustainability

Frost and Sullivan Gold Award for Excellence in Manufacturing Practices

National Award for Manufacturing Competitiveness (NAMC) ‘Gold’ Medal from IRIM

Golden Peacock safety and environment awards – Jhagadia, Jammu plant

Awarded the ‘Think CSR’ Star Award 2019 for contribution to Urban Environment

(1) TRFR = Total Recordable Frequency Rate = Total Recordable Injuries divided by Total Manhours Worked multiplied by 2,00,000

Critical Focus on Sustainability

UPL’s Operations are Globally Recognised for Sustainable Performance

Stellar Track record of Sustainability Performance

Recognized by Leading Global Sustainability Benchmarks

SBTi Verified Target

Rated 1st Among Agrochemicals

49%▼

52%▼

Reduction in water consumption intensity* from baseline FY2019–20

Reduction in waste disposal intensity* from baseline FY2019–20

38%▼

Reduction in Carbon emission intensity from Baseline FY20

56%▲

Electric power from renewable sources at our two largest manufacturing plants

3%▼

4.95 Lakh+▲

Dependency on ground water, reduced vs. LY

Mangroves saplings have been planted spread across 250 acres

Logo Holder of RC and FTSE4Good

Listed in CDP Leaderboard

Endorsed CEO Water Mandate

Committed for Ten Principles of the UNGC

Committed for WBCSD Zero Wastewater Pollution

Unparalleled Sustainability Performance: Consistently recognized for Excellence by World-leading Global Benchmarks

* Intensity is measured in unit per MT of production

UPL’s Global R&D Presence

R&D-led Innovation Fuels Large Scale Production for Global Customers…

UPL R&D at a Glance

Key Focus Areas

Innovation in synthesis, formulation and process technology

USA KOP

Europe St. Malo Marseilles Ougree

Brazil

Ituverava

Mexico Saltillo

R&D Chemistry

Formulation

Synthesis

Spotlight on some of our R&D Innovations

China Hangzhou Heibei (Yoloo)

India

SUPERFORM (Specialty) Ankleshwar*

Dahej

Halol UPL (Agrochemicals)

Thane*

NPP Bengaluru

* India (Formulation)

Creating IP for products and process

Process engineering and safety data

Quality improvement and cost reduction

Environment management solutions

Vapour phase high pressure technology

Asymmetric Hydrogenation

Chiral Catalyst

Organo Phosphorus Chemistry

Phosgenation Chemistry

Cyanation Chemistry

R&D Facility Thane, Mumbai

“Pain-point” Driven Innovation Focus

Strong R&D Team Led Continued Innovation and Technological Upgrades, Successfully Addressing Grower Requirements

Spotlight on some of our R&D Innovations

Strong R&D Team of 262 Employees

Improve Farmer Resilience, Food Safety and Food Quality

Improve soil and plant health

• • Water conservation and improving fertilizer efficiency • Technologies to improve the yield and reduce environmental load • Finding solutions for emerging new pests and diseases •

Identifying new mode of action for food security

Develop New Technologies

• Miniaturization of process • New synthesis processes for chemicals •

Identifying and developing products from natural resources (biologicals)

Development of New Solutions for Emerging Sectors

• Pharmaceutical industry • Energy storage • Electrochemicals

• Water treatment • Paint industry • Fire retardants and others

39 PhDs

223 M. Sc and Engineers

Patent Granted >3,000

Formulations

Soluble Granules

WDG

Water Dispersible Granules

Suspension Concentrate

Capsule Suspension

Combination of SC and CS

Areas of Innovation

Soil Treatment Zeba & mixtures

Seed Treatment Fungicide Insecticide Custom Blends

Crop Care Fungicides Insecticides / Biopesticides Herbicides / Intermediates

Post Harvest Anti-sprouting Agents Fruit Coating Agents

Specialty Chemicals Phosphorus, CS2, Phosgene, HCN, Chlorine and Caustic Bases Products

Suspoemulsion

Microemulsion

Oil-in-water Emulsion

R&D Accreditations

Globally Recognised Facilities for Sustainable and Innovation Led Product Development, in Deep Collaboration with Ecosystem Stakeholders

Ensuring sustainability in our labs and facilities

Continued sustainability for reducing product costs, driving innovation, enhancing competitiveness and mitigating risks for a more sustainable future

Life Cycle Assessment

Environmental and social impact of products, processes for life span, including resource extraction, manufacturing, use, end-of-life management

Sustainable Material Usage

Prioritizing renewable and recyclable materials while exploring eco-friendly alternatives for product development

Green Chemistry and Engineering

Innovative principles of green chemistry/ engineering to minimize hazardous substances, lower waste and environmental footprint, improve energy efficiency in R&D

Social Impact

Considering social implications of our actions (e.g., labor practices, community engagement, access to essential goods and services)

Open Innovation and Collaboration

Partnering with stakeholders, e.g., academia, research institutions, to foster knowledge sharing, accelerating sustainable innovation

Circular Economy Principles

Designing products, processes that promote resource efficiency, waste reduction, material recovery

Training

Fostering a culture of continuous improvement

Well Recognized Lab Accreditations

Collaboration and Partnerships (Industry and Academia; Development Programs)

The R&D is fully compliant with the requirements of the above-mentioned management systems

Our performance, both financial and non-financial, are governed by strong and experienced Board

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

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

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

Ravishankar Cherukuri Chief Executive Officer

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

Santosh Kumar Mohanty Independent Director

T. Raja Independent Director

Bhupen Dubey Chief Executive Officer

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

UPL Limited | 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

Ravi Cherukuri 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

Ashish Dobhal Global Sales Head 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

Thank You

For more details, please connect with

Anurag Gupta anurag.gupta@upl-ltd.com

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