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United Breweries (532478) investor relations material
United Breweries Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered resilient performance with improved margins and continued premium growth, despite industry headwinds from weather and affordability challenges.
Net sales grew 4% year-over-year in Q3 FY26, driven by price increases, favorable state mix, and operational efficiencies, while profit after tax surged 111% and EBIT increased 86%.
Year-to-date FY26 net sales grew 6% with a 2.6% volume increase; premium volume up 23%, but profit after tax declined 9% year-over-year.
Launched Kingfisher Smooth in January 2026 to support category growth and expand presence in the strong beer segment.
Strategic productivity and cost efficiency programs launched to drive margin expansion and enable reinvestment for future growth.
Financial highlights
Q3 FY26 gross margin improved by 222 bps to 45.3%, the highest in three years; EBITDA margin rose 384 bps to 11.4%.
EBIT grew 86% sequentially from the previous quarter; Q3 EBIT margin increased to 8.1%.
Q3 FY26 profit after tax reached Rs 81 Cr, up from Rs 38 Cr last year; Q3 net profit: Rs. 8,083 lakhs standalone, Rs. 8,115 lakhs consolidated.
YTD FY26 gross margin at 43.4% (+12 bps); EBITDA margin at 10.1% (-27 bps); profit after tax at Rs 311 Cr.
Realization growth of nearly 5% this quarter, split evenly between price and mix.
Outlook and guidance
Productivity and cost-effectiveness programs to deliver 3%-6% gross savings over FY26–FY28, with significant reinvestment planned.
Management targets 6%-7% industry volume growth in the long term, though short-term headwinds persist.
Focus remains on premiumization, brand investments, innovation, and advocacy for equitable beer taxation to drive long-term growth.
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