Varun Beverages Limited

rs,

rom those expressed or implied by the forward-looking statements. These include, among other factors, changes in economic, political, regulatory, business or other market conditions. Neither the Compa

18%

ountries with distribution rights. Total Sales Volumes (mn Cases*) 2019-2024: Sales Volume CAGR: ~18% 1,124 303 976 268 913 176 802 149 653 737 821 708 493 89 404 425 88 337 569 115

90%

BTL) - Market Share Gains 33+ Years of Association (agreement in India valid till April, 2039) 90%+ of PepsiCo India Sales Volume • Trademarks • Formulation through Concentrate • Product & Pa

2.4%

have delivered a steady performance during the quarter, with consolidated sales volumes rising by 2.4%, supported by healthy traction in international markets. While domestic volumes remained subdued d

9%

volumes remained subdued due to prolonged rainfall across India, international operations grew by 9%. Performance in International territories continued to be healthy, with South Africa delivering an

7.1%

cturing of visi-coolers and other refrigeration equipment in India. 9 Results Overview Revenue 7.1% 1,63,189 1,74,810 EBITDA 6.8% 41,311 44,101 n m . s R 1.9% 48,047 48,967 n m . s R -0

6.8%

refrigeration equipment in India. 9 Results Overview Revenue 7.1% 1,63,189 1,74,810 EBITDA 6.8% 41,311 44,101 n m . s R 1.9% 48,047 48,967 n m . s R -0.3% 11,511 11,474 24.0% 23.4%

1.9%

9 Results Overview Revenue 7.1% 1,63,189 1,74,810 EBITDA 6.8% 41,311 44,101 n m . s R 1.9% 48,047 48,967 n m . s R -0.3% 11,511 11,474 24.0% 23.4% n m . s R 18.5% 6,288 7,452

0.3%

% 1,63,189 1,74,810 EBITDA 6.8% 41,311 44,101 n m . s R 1.9% 48,047 48,967 n m . s R -0.3% 11,511 11,474 24.0% 23.4% n m . s R 18.5% 6,288 7,452 25.3% 25.2% (a PepsiCo franchisee

24.0%

EBITDA 6.8% 41,311 44,101 n m . s R 1.9% 48,047 48,967 n m . s R -0.3% 11,511 11,474 24.0% 23.4% n m . s R 18.5% 6,288 7,452 25.3% 25.2% (a PepsiCo franchisee) PAT 14.9% 28,020

23.4%

6.8% 41,311 44,101 n m . s R 1.9% 48,047 48,967 n m . s R -0.3% 11,511 11,474 24.0% 23.4% n m . s R 18.5% 6,288 7,452 25.3% 25.2% (a PepsiCo franchisee) PAT 14.9% 28,020 24,386

18.5%

101 n m . s R 1.9% 48,047 48,967 n m . s R -0.3% 11,511 11,474 24.0% 23.4% n m . s R 18.5% 6,288 7,452 25.3% 25.2% (a PepsiCo franchisee) PAT 14.9% 28,020 24,386 Q3 2024 Q3 2025 9

“12 Performance Highlights (CY2019 – CY2024 & 9M CY2025) (a PepsiCo franchisee) REVENUE CAGR (2019-24) – 22.9% 71 65 88 n b .”

“s R 200 175 160 132 2019 2020 2021 2022 2023 2024 9M 2025 EBITDA CAGR (2019-24) – 26.6% EBITDA EBITDA Margins (%) 55.00 45.00 35.00 25.00 15.00 n b 5.00 .”

“s R (5.00) 20.3% 18.6% 18.8% 21.2% 22.5% 23.5% 25.2% 14 12 17 36 28 47 44 2019 2020 2021 2022 2023 2024 9M 2025 PAT CAGR (2019-24) – 41.0% 32.00 28.50 25.00 21.50 18.00 14.50 11.00 n b 7.50 .”

Brands licensed by PepsiCo

1

Beverages Limited said

1

Brands licensed by PepsiCo

Own Brands^: Carbonated Soft Drinks Club Soda Carbonated Soft Drinks Fruit Pulp / Juice Based Drinks Energy Drink Energy Drink Sports Drink Carbonated Juice Based Drinks Ice Tea Packaged Water Packaged Water Snacks# Dairy Based Beverages* # Manufacturing of Cheetos & Distribution of Frito Lay, Doritos and Cheetos in Morocco; Manufacturing (underway) & Distribution of Simba Munchiez in Zambia and Zimbabwe; Co-manufacturing of Kurkure Puffcorn in India. ^ Manufacturing & Distribution of own brands is restricted in select territories. * “CreamBell” trademark has been licensed to be used by VBL for ambient temperature value added dairy based beverages. 5 Symbiotic Relationship with PepsiCo Demand Delivery Demand Creation • Production Facilities • Sales & Distribution – GTM & Logistics • In-outlet Management – Visi-Coolers • Consumer Push Management (BTL) - Market Share Gains 33+ Years of Association (agreement in India valid till April, 2039) 90%+ of PepsiCo India Sales Volume • Trademarks

Beverages Limited said

“We have delivered a steady performance during the quarter, with consolidated sales volumes rising by 2.4%, supported by healthy traction in international markets. While domestic volumes remained subdued due to prolonged rainfall across India, international operations grew by 9%. Performance in International territories continued to be healthy, with South Africa delivering another quarter of strong growth. In South Africa, we see significant potential to further strengthen our market position, and we continue to put in place the building blocks to support sustained growth in the region. Our ongoing backward integration initiatives across key locations are driving higher efficiency and operational resilience. Further, in line with our growth strategy, we are incorporating a wholly-owned subsidiary in Kenya under Varun Beverages Limited to carry on the business of manufacturing, distribution and selling of beverages. We are also diversifying our product offerings and certain African subs