United Breweries (532478) investor relations material

Market opportunity and growth drivers

• Beer remains the leading alcoholic beverage globally, with stable share of disposable income and growing consumer preference, especially in emerging markets like India where per capita consumption is low but rising due to favorable demographics and increasing affluence.

• India's beer market is supported by a young, urbanizing population, rising incomes, and premiumization trends, with significant headroom for growth compared to global benchmarks.

• Regulatory reforms in key states have improved affordability and availability, driving accelerated category growth and market share gains.

Strategic priorities and execution

• Focus areas include growing the beer category through awareness, availability, and affordability, winning in both mainstream and premium segments, and expanding presence in all retail channels.

• State-by-state execution and portfolio tailoring are emphasized to maximize margin and market share, with premium brands and local jewels driving growth.

• Productivity initiatives span the value chain, including local sourcing, supply chain agility, and operational excellence to reduce costs and improve margins.

Financial guidance and ambitions

• Accelerated volume growth is led by premiumization, with premium volumes growing nearly three times faster than the overall category and premium margins turning accretive.

• Mid-term ambition targets mid-teens EBITDA margins, double-digit net sales growth, improved ROIC, and strong cash conversion, supported by balanced topline and margin expansion.

• Sustainability goals include net zero Scope 1 & 2 emissions by 2030, water usage below 2.6 hl/hl, and 40% women in senior management.