United Breweries Ltd

The transcript on page 18 of United Breweries Limited's October 30, 2025 call does not specifically mention any current or future fundraising plans through debt or equity. Key points: - No explicit discussion or announcement about new debt or equity fundraising was made during the call. - The conversation focused mainly on operational performance, market dynamics, margin improvement strategies, and growth outlook. - Management emphasized confidence in their strategy, cost optimization, and margin trajectory without referring to raising capital. - Capex and investments are being funded as per ongoing plans, without indication of new fundraising needs. In summary, no information on current or planned fundraising through debt or equity was disclosed in the provided pages.

- The company is accelerating capex to support growth in India, with capex expected to increase to high single digits as a percentage of sales in FY '26 and '27, up from mid-single digits previously. - Significant capex spend underway includes the greenfield brewery in Uttar Pradesh. - Continued investments behind commercial initiatives such as visi-coolers in the trade are ongoing. - The increased asset base from these capex investments is expected to be sustained by volume growth, price, and mix impact. - The company has a flexible operating model with a combination of owned assets and contracted capacity, allowing adaptability in capacity building. - They are doubling down on localization plans and productivity initiatives to accelerate returns and margin improvement. - A project is underway to increase the speed of returns and better productivity across the P&L.

- The company expects structural beer category growth in India of around 5% to 6% annually, based on a five-year CAGR of 5%. - September month showed a volume growth revival to 4%-5%, considered a more normalized level. - The category faced weather-related volume declines, expected to be cyclical, not structural, with optimism for improvement in the second half of the year. - The management is confident that category growth will accelerate, especially in key states like Maharashtra and with new market openings (e.g., Manipur). - UBL expects to continue gaining market share nationally and in select states despite category challenges. - Investments in premiumization, brand building, and footprint optimization are expected to support long-term growth and margin improvement. - Volume growth expectations are mid-single-digit, aligned with capex plans to support increased capacity.

- United Breweries remains confident about long-term industry growth, expecting beer category growth of 5% to 6% going forward, assuming normalized conditions. - Despite short-term volume declines due to weather and affordability issues, the company aims to improve margins via premiumization and operational efficiencies. - Premium segment volumes up 17%, supporting margin improvement. - Planned capex in FY '26 and '27 will support capacity and commercial investments, expected to increase capex as a percentage of sales to high single digits. - Focus on localization to improve gross margins on premium brands. - Ongoing efforts to optimize cost structure, including brewery closures and trade spend rationalization, to protect profitability. - EBIT impacted by increased brand investments and temporary volume softness; however, margin trajectory is being managed proactively. - Management expects overall profitability to improve through a mix of volume growth, pricing, premiumization, and productivity gains.

The transcript provided from the United Breweries Limited Q2 FY '26 Earnings Conference Call does not contain any specific information or mention regarding the current or expected orderbook or pending orders. The discussion primarily revolves around: - Market dynamics and state-wise performance - Premiumization strategy and portfolio growth - Capex plans, particularly greenfield brewery investments - Cost structure, commodity prices, and margin outlook - Impact of weather and taxation on volume growth No explicit details on orderbook or pending orders are disclosed in the available pages.