ITC Ltd — Interim / Quarterly Report 2025

Oct 30, 2025

==> picture [200 x 86] intentionally omitted <==

30[th] October, 2025

The Manager Listing Department National Stock Exchange of India Ltd. Exchange Plaza Plot No. C-1, G Block Bandra-Kurla Complex Bandra (East) Mumbai 400 051

The General Manager Dept. of Corporate Services BSE Ltd. P. J. Towers Dalal Street Mumbai 400 001

The Secretary The Calcutta Stock Exchange Ltd. 7, Lyons Range Kolkata 700 001

Dear Sirs,

Unaudited Financial Results - Media Statement and Presentation

Further to our letter dated 30[th] October, 2025 forwarding the Unaudited Financial Results of the Company for the Quarter and Six Months ended 30[th] September, 2025, we now enclose a copy of the Media Statement issued by the Company and a presentation on the Company’s financial performance for the aforesaid period for information of the investors.

Yours faithfully, ITC Limited RAJENDRA Digitally signed by RAJENDRA KUMAR KUMAR SINGHI Date: 2025.10.30 SINGHI 16:40:42 +05'30' (R. K. Singhi) Executive Vice President & Company Secretary

Encl: as above.

FMCG  PAPERBOARDS & PACKAGING  AGRI-BUSINESS  INFORMATION TECHNOLOGY

Visit us at www.itcportal.com  Corporate Identity Number : L16005WB1910PLC001985  e-mail : enduringvalue@itc.in

==> picture [43 x 52] intentionally omitted <==

cc: Securities Exchange Commission Division of Corporate Finance Office of International Corporate Finance Mail Stop 3-9 450 Fifth Street Washington DC 20549 U.S.A. cc: Societe de la Bourse de Luxembourg 35A Boulevard Joseph II L-1840 Luxembourg

ITC Limited Virginia House 37 J. L. Nehru Road Kolkata, 700 071, India Tel.: 91 33 2288 9371 Fax: 91 33 2288 0655

==> picture [57 x 67] intentionally omitted <==

Media Statement

October 30, 2025 Financial Results for the Quarter ended 30[th] September, 2025

Highlights

Standalone

• Gross Revenue at Rs. 19148 cr.; up 7.1% YoY (ex-Agri Business) driven by Cigarettes and FMCG

• Overall EBITDA up 2.1% YoY (ex-paper up 3.2% YoY); EBITDA Margin at 35.1% up 185 bps YoY

• PAT up 4.1% YoY.

Consolidated

• Strong operating performance by Group companies led by ITC Infotech India Limited, ITC Hotels Limited

• The Company’s subsidiary, Surya Nepal Private Limited delivered resilient performance amidst disruptions in Nepal during September’25.

• Gross Revenue (ex-Agri Business) up 7.9% YoY ; EBITDA up 2.2% YoY .

• FMCG – Others Segment sustained its Revenue growth momentum amidst operational challenges; up 8% YoY ex-Notebooks

• Excessive rains in many parts of the country and transition to the new GST regime posed operational challenges causing short-term business disruptions

• Staples, Dairy, Premium Personal Wash & Agarbattis drive growth

• Strong performance continues in premium portfolio and NewGen channels

• Notebooks industry remains impacted on account of low-priced paper imports and opportunistic play by local/regional players

• GST rates reduced in over 50% of FMCG portfolio; benefits passed on to the consumers

• Segment EBITDA margin up 50 bps on QoQ basis

  • Commodity prices stabilised at elevated levels; Segment EBITDA margins at 10% (Q2FY25 10.6%; Q1FY26 9.4%)

  • Smart net revenue management and ongoing price-volume-value rebalancing & focused cost management initiatives amidst input price volatility

• Sustained competitive levels of trade & marketing investments to support growth and market standing

• Robust performance in Digital-first & Organic portfolio; ARR[1] clocking appx. Rs. 1100 cr.

• Cigarettes Net Segment Revenue up 6.8% YoY

• Strong performance sustained in differentiated and premium offerings

• Strategic portfolio and market interventions, with focus on competitive belts and to counter illicit trade, drive growth and reinforce market standing

• Leaf Tobacco consumption cost remains elevated; moderation in procurement prices witnessed in current crop cycle.

• Agri Business Segment performance during the quarter reflects timing difference and high base effect; H1 Segment Revenue up 7%, H1 Segment Result up 10%

• Crop development expertise, superior product quality and strong customer relationships drive growth in leaf tobacco

1 Annual Revenue Runrate

1

FMCG ⚫ PAPERBOARDS & PACKAGING ⚫ AGRI-BUSINESS ⚫ INFORMATION TECHNOLOGY

Visit us at www.itcportal.com ⚫ Corporate Identity Number : L16005WB1910PLC001985 ⚫ e-mail : enduringvalue@itc.in

• Value Added Agri exports during the quarter were relatively subdued due to delayed call-offs by customers amid uncertainty account US tariffs; Continued focus on market development in new geographies and scaling up the business leveraging structural capabilities (sourcing, processing)

• Paper Segment performance improves sequentially with profit up 17% (margins up 90 bps QoQ)

• Overall Industry remains impacted by low-priced supplies, high wood prices & subdued realisation

  • Initial signs of moderation in wood prices with improving availability

• Segment Revenue up 5% YoY driven by volumes

• Minimum Import Price imposed on Virgin Multi-layer Paperboard, effective 22[nd] August’25. Additionally, the Directorate General of Trade has recommended imposition of Anti-dumping Duties on supplies from defaulting origins (China & Chile); Investigation on dumping of paperboard from Indonesia is also underway

• Industry continues to represent with policy makers for suitable safeguard measures in respect of low-priced imports of coated/uncoated paper

• Strategic interventions continue to be made for improving wood availability including accelerating plantations in core areas, developing new areas, collaborating with other wood-based industries and implementing satellite-based plantation monitoring systems.

India’s GDP grew by 7.8% in Q1 FY26, underpinning the strong macroeconomic fundamentals of the Indian economy that remain resilient despite global headwinds marked by geo-political tensions, evolving trade policy dynamics and heightened uncertainty & volatility in the operating environment.

The pathbreaking GST reforms introduced during the quarter are expected to enhance consumer affordability, boost consumption, revitalise small and medium enterprises, stimulate a virtuous cycle of economic growth & accelerate India’s journey to ‘Viksit Bharat’.

High frequency indicators for the quarter suggest mixed trends. While rural demand continued to demonstrate resilience, urban consumption witnessed uptick. On the other hand, industrial growth, core sector growth, automobile sales, credit growth and electricity & fuel consumption remained relatively subdued.

Lower inflation, reduction in interest rates & liquidity support by RBI, income tax cuts announced in the recent Union Budget along with front loading of Government expenditure, and the recent reduction in GST rates across a wide range of products are expected to progressively bolster consumption.

Excessive rains in many parts of the country and transition to new GST rates posed operational challenges, especially for the FMCG categories, causing short-term business disruptions during the quarter. Notwithstanding such transitory factors, the Company delivered resilient performance during the quarter. Gross Revenue[2] stood at Rs. 19,148 crores, while PBT and PAT stood at Rs. 6,851 crores and Rs. 5180 crores respectively. Earnings Per Share for the quarter stood at Rs. 4.13 (LY 3.98).

FMCG – OTHERS

• The FMCG Businesses sustained its Revenue growth momentum amidst operational challenges; up 8% YoY ex-Notebooks

• Staples, Dairy, Premium Personal Wash & Agarbattis drive growth

• Notebooks industry continues to operate under deflationary conditions due to low-priced paper imports and witness opportunistic play by local/regional competition

• Segment EBITDA margin up 50 bps QoQ. Prices of major commodities (viz. edible oil, wheat, maida, cocoa, soap noodles etc.) stabilised during the quarter, while remaining elevated on YoY basis

  • The Businesses continued to mitigate the impact through focused cost management initiatives, portfolio premiumisation and calibrated pricing actions.

2 Standalone Financials

2

• Trade & marketing investments were sustained at competitive levels towards supporting growth and market standing.

• Strong growth momentum continues in the Digital first & Organic portfolio, comprising the Yogabar, Mother Sparsh, Prasuma & Meatigo and 24 Mantra brands, clocking an ARR of appx. 1100 cr.

• Robust growth in NewGen channels (viz. e-Commerce, Quick Commerce, Modern Trade) on the back of sharp execution of channel-specific joint business plans, collaborations, format-based assortments and category-specific sell-out strategies

• The Business recently launched a range of super premium cookies with globally sourced ingredients under ‘Sunfeast Baked Creations’ brand. The portfolio was augmented with the introduction of delectable range of premium cookies and cakes during the quarter. These short shelf-life products are backed by hyperlocal & customised supply chains and are accessible to consumers on quick commerce platforms. These products have received encouraging response from discerning consumers and are being scaled up.

➢ Branded Packaged Foods Businesses

• ‘Aashirvaad’ Atta posted robust growth reinforcing its leadership position in the Branded Atta industry

  • The value-added portfolio was augmented with the launch of ‘Aashirvaad High Protein Atta’, made with a thoughtfully selected blend of Wheat, Soya, Bengal gram and Oats – just 3 rotis a day made from this flour can help fulfil around 1/4th of the recommended daily protein requirement

  • ‘Aashirvaad Vermicelli’, ‘Aashirvaad Rava’ (Suji Rava, Bansi Rava, Samba Rava), ‘Ready-to-Cook Chapati’, ‘Organic Atta’ and ‘Aashirvaad Soya Chunks’ sustained their high growth trajectory

  • Value-added variants and Staples adjacencies continue to scale up (~1.7x over 2 years) and now comprise ~15% of Aashirvaad Staples portfolio.

• ‘Aashirvaad’ Salt posted robust growth in focus markets, supported by its distinctive positioning of “Iodine Assured salt for a Smarter India”.

• ‘Sunfeast’ Biscuits and Cakes recorded resilient performance during the quarter on the back of powerful brand propositions, differentiated offerings and strong consumer connect. The ‘Sunfeast Dark Fantasy’ range of differentiated cookies was augmented with the launch of 3 exciting Dual Fills variants: ‘Peanut Butter Choco Dual Fills’, ‘Mocha Vanilla Dual Fills’ and ‘Coconut & Hazelnut Macaroon Fills’. The recently launched ‘Sunfeast Mom’s Magic Shines’ continued to elicit excellent consumer response and was extended to newer markets.

• ‘YiPPee!’ Noodles continued to build on its growth momentum while strengthening its portfolio through differentiated offerings catering to diverse consumer cohorts. The range of YiPPee! Korean Noodles continues to garner increasing consumer franchise.

• ‘Bingo!’ Snacks continued to strengthen its product portfolio with the launch of exciting variants of snacks & namkeens. The Business augmented the potato chips portfolio with the launch of 2 exciting variants - ‘Bingo! Crushin’ Himalayan Pink Salt’ & ‘Bingo! Bangin’ Butter & Garlic’ - with new pack designs that are inspired by a deliciously dark and macabre aesthetic. These new launches and the recently launched ‘Bingo! Mad Angles Mystery Pickle’, exploring India’s love for pickles with a unique twist, continue to gain consumer traction.

• ‘Sunrise’ spices strengthened its market standing in the core market of West Bengal and adjacent markets of Northeast, Bihar and Jharkhand. The recently launched ‘Sunrise Soya Curry Masala’ and ‘Sunrise Fried Rice Masala’ continue to scale up.

• In the Dairy category, ‘Aashirvaad Svasti’ fresh dairy portfolio comprising pouch milk, curd, lassi and paneer recorded strong growth on the back of best-in-class quality, differentiated products and superior taste profile. These products are currently available in Bihar, West Bengal and Jharkhand markets.

• ➢ In the Personal Care Products Business, ‘Fiama’ range of Personal Wash products and ‘Savlon’ range of Health & Hygiene portfolio recorded strong growth. The ‘Nimyle’ range of Homecare products

3

continues to perform well. In the Fragrances category, Business strengthened its product portfolio with the launch of ‘Engage Eau De Toilette’ range of Perfumes comprising 4 innovative variants.

• ➢ The Education and Stationery Products Business sustained its leadership position amidst heightened competitive intensity especially from regional/local players on the back of sharp reduction in paper prices as a result of dumping of low-priced paper imports. The Business continued its focus on portfolio premiumisation & innovation and launched ‘Classmate Pulse’ notebooks with detachable separators in select markets.

• ➢ ‘Mangaldeep’ Agarbattis and Dhoop posted robust growth during the quarter leveraging a range of differentiated products backed by sustained & impactful communication of brand attributes, execution of channel-led trade inputs and retail distribution drives. The Mangaldeep range of Incense sticks was augmented with the launch of Super Premium ‘Scent Range’ of Agarbattis. The recently launched premium range of aromatherapy products under the brand ‘Pranah’ comprising scented candles, incense sticks, cones etc. have received encouraging response from discerning consumers.

• ➢ The organic products under ‘24 Mantra’ brand is being scaled up and is progressing well on synergy plans.

FMCG – CIGARETTES

Net Segment Revenue up 6.8% YoY; Segment PBIT up 4.3% YoY

• Differentiated variants and premium segment register strong growth leveraging mainstream trademarks & innovation.

• Strategic portfolio and market interventions with focus on competitive belts and to counter illicit trade, drive volume-led growth and reinforce market standing

• Continued focus on fortifying last mile execution capability.

• Leaf Tobacco consumption cost remains elevated; partly mitigated through product mix enrichment and cost management interventions

• Moderation in leaf tobacco procurement prices witnessed in current crop cycle.

• As seen in the past, stability in taxes on cigarettes, backed by deterrent actions by enforcement agencies, enables volume recovery for the legal cigarette industry from illicit trade leading to higher demand for Indian tobaccos and bolstering revenue to the exchequer from the tobacco sector.

AGRI BUSINESS

Agri Business Segment performance during the quarter reflects timing difference and high base effect; H1 Segment Revenue up 7%; H1 Segment Results up 10%

• Leaf Tobacco posted strong growth; Business continues to leverage its crop development expertise, superior product quality, and strong customer relationships.

• Value-added Agri exports during the quarter were relatively subdued due to delayed call-offs by the customers amid uncertainty on account of US tariffs. The Business remains focused on market development in new geographies and scaling up the value-added portfolio leveraging structural capabilities (sourcing, processing) and strong customer relationships.

• The Business continued to provide strategic sourcing support with traceability to the Branded Packaged Foods & Cigarette Businesses with sharply aligned procurement strategies in line with category-relevant market dynamics.

PAPERBOARDS, PAPER & PACKAGING

Paper Segment performance improves sequentially with profit up 17% (margins up 90 bps QoQ)

4

• The operating environment remained challenging during the quarter, with sustained influx of lowpriced supplies into global markets including India, elevated domestic wood prices and subdued realisations

• Initial signs of moderation in wood prices with improving availability.

• Segment Revenue grew 5% YoY driven by volumes; Speciality paper segment posted robust growth.

• The Business continued its sharp focus on portfolio augmentation and structural cost management to mitigate near term challenges.

• Minimum Import Price imposed on Virgin Multi-layer Paperboard, effective 22nd August'25. Additionally, the Directorate General of Trade has recommended imposition of Anti-dumping Duties on supplies from defaulting origins (China & Chile); Investigation on dumping of paperboard from Indonesia is also underway.

• Industry continues to represent with policy makers for suitable safeguard measures towards arresting the rapid increase of low-priced imports of coated/uncoated paper into the country.

• The Business continues to focus on accelerating plantations in core areas, developing new areas, collaborating with other wood-based industries and implementing satellite-based plantation monitoring systems, among others.

• The Packaging and Printing Business witnessed sequential uptick in domestic demand. The Business continues to focus on accelerating new business development, offering innovative and customised solutions.

• The sustainable paperboards/packaging solutions portfolio maintained its strong growth momentum leveraging cutting-edge innovation platforms and has grown to 2.6x over last 4 years.

FoodTech Business

FoodTech Business, a new vector of growth envisioned in the ITC Next strategy, leverages the Company’s institutional strengths in Foods Science & Manufacturing, FMCG Food brands and Culinary expertise to tap into the fast-growing online food services segment

• A delectable range of cuisines is today being offered under 4 brands - ‘ ITC Master Chef Creations’ , ‘ ITC Aashirvaad Soul Creations’ , ‘ ITC Sunfeast Baked Creations ’ and ‘ Sansho by ITC Master Chef ’.

• The full-stack food-tech platform has scaled up to over 60 cloud kitchens across 5 cities and is now being progressively introduced across India; 7 new Kitchens opened during the quarter.

• GMV crossed Rs. 90 cr. in H1 FY26 (FY25 GMV appx. Rs.105 cr).

CONTRIBUTION TO SUSTAINABLE DEVELOPMENT

ITC is a global exemplar in ‘Triple Bottom Line’ performance and is the only enterprise in the world of comparable dimensions to have achieved and sustained the three key global indices of environmental sustainability of being ‘water positive’ (for 23 years), ‘carbon positive’ (for 20 years), and ‘solid waste recycling positive’ (for 18 years) . The Company sustained its ‘AA’ rating by MSCI-ESG for the 7[th] successive year - the highest amongst global tobacco companies. The Company has also been included in the Dow Jones Sustainability Emerging Markets Index for the fifth year in a row - a reflection of being a sustainability leader in the industry and a recognition of its continued commitment to people and planet. The Company continued to be part of the prestigious ‘ A List ’ for CDP Water with the ‘ Leadership Level ’ score of ‘ A ’. For CDP Climate , the Company retained ‘ Leadership Level ’ score of ‘ A - ’

The Company’s infrastructure facilities continue to set new benchmarks of sustainability. Till date, 9 units of the Company have achieved Platinum level certification under the Alliance for Water Stewardship (AWS) Standard which is a credible, globally recognized framework for ensuring sustainable water management.

5

The Sustainability Report 2025 is available on the Company’s corporate website at - - - - - - https://www.itcportal.com/sustainability/itc sustainability report 2025/itc sustainability report 2025.pdf

Please refer link below for performance highlights of the quarter:

https://www.itcportal.com/content/dam/itc-corporate/pdfs/financial-result/quarterly-results-20252026/september-2025/ITC-Quarterly-Result-Presentation-Q2-FY2026.pdf

The Board of Directors, at its meeting on 30[th] October 2025, approved the financial results for the quarter ended 30[th] September 2025, which are enclosed.

==> picture [143 x 44] intentionally omitted <==

(Nazeeb Arif) Executive Vice President Corporate Communications

6

==> picture [960 x 67] intentionally omitted <==

==> picture [248 x 324] intentionally omitted <==

Q2 FY26 Results

30[th] October, 2025

| 1 |

Forward-Looking Statements

==> picture [75 x 74] intentionally omitted <==

This presentation contains certain forward-looking statements including those describing the Company’s strategies, strategic direction, objectives, future prospects, estimates etc. Investors are cautioned that “forward looking statements” are based on certain assumptions of future events over which the Company exercises no control. Therefore there can be no as to their and readers are advised not to undue reliance on these guarantee accuracy place any forward looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. These statements involve a number of risks, uncertainties and other factors that could cause actual results or positions to differ materially from those that may be projected or implied by these forward looking statements. Such risks and uncertainties include, but are not limited to: growth, competition, acquisitions, domestic and international economic conditions affecting demand, supply and price conditions in the various businesses in the Company’s portfolio, changes in Government regulations, tax regimes and other statutes, and the ability to attract and retain high quality human resource.

| 2 |

==> picture [960 x 67] intentionally omitted <==

Macro Economic Context

| 3 |

Macro Economic Environment

==> picture [384 x 50] intentionally omitted <==

----- Start of picture text -----

Global growth slowing amidst persistent uncertainty
----- End of picture text -----

Real GDP Growth YoY

==> picture [370 x 162] intentionally omitted <==

----- Start of picture text -----

7.7
3.7
2.4
2.1
1.4
3.2 1.6 2.0 4.8
1.2
World Adv. Eco US Euro Area China
2024 2025f 2010-19 average
----- End of picture text -----

▪ US tariffs disbalance world trade

▪ China’s outlook remains structurally weak

▪ Geo political & Climate dynamics continue to pose downside risk

==> picture [75 x 74] intentionally omitted <==

==> picture [384 x 269] intentionally omitted <==

----- Start of picture text -----

India remains resilient
20.0
18.0 Nominal Real
16.0
14.0
12.0
12.0 9.8
8.8
10.0
8.0
9.2
6.0 7.8
4.0 6.5
2.0
0.0
FY24 FY25 Q1 FY26
----- End of picture text -----

▪ Q1FY26 GDP up 7.8%; FY26 GDP growth ~6.8%

• Resilient Macros buoyed by policy interventions

• Deceleration in Nominal GDP growth

| 4 |

Source : IMF WEO Oct’25, MOSPI, RBI

High Frequency Indicators – Mixed Trends

Rural > Urban consumption (Index)

Benign Inflation (%)

==> picture [276 x 184] intentionally omitted <==

----- Start of picture text -----

Percent Percent
Inflation Policy rate (RHS)
7
7
6 6
5
5
4
3
4
2
1 3
----- End of picture text -----

==> picture [302 x 180] intentionally omitted <==

Source: CITI

Source: MOSPI, RBI

Bank credit growth subdued (YoY%)

IT hiring slowdown (Index-3M)

==> picture [299 x 191] intentionally omitted <==

==> picture [275 x 190] intentionally omitted <==

----- Start of picture text -----

25
19
13
7
----- End of picture text -----

Source: Naukri Index

Source: RBI, CMIE

==> picture [75 x 74] intentionally omitted <==

Pick up in Real Rural wage growth (YoY%)

==> picture [285 x 194] intentionally omitted <==

----- Start of picture text -----

Real Farm YoY% Real Non Farm YoY%
6%
3%
0%
-3%
-6%
-9%
Source: Labour Bureau, CMIE
----- End of picture text -----

Passenger Vehicle Sales decline (YoY%)

==> picture [282 x 192] intentionally omitted <==

==> picture [49 x 7] intentionally omitted <==

----- Start of picture text -----

Source: SIAM
----- End of picture text -----

| 5 |

GST Rate Reduction in > 50% FMCG Portfolio

Next Generation GST Reforms

Enhanced Affordability | Consumption Boost

==> picture [270 x 140] intentionally omitted <==

==> picture [75 x 74] intentionally omitted <==

==> picture [281 x 65] intentionally omitted <==

----- Start of picture text -----

Nil Rate
----- End of picture text -----

==> picture [264 x 135] intentionally omitted <==

==> picture [297 x 112] intentionally omitted <==

Agile Execution

▪ Benefit passed on to consumers

▪ Effective communication with Trade / Consumers ▪ Quick turnaround of IT Systems re-configuration & testing

Transitory Disruptions

▪ Support to Trade Partners ▪ De-stocking & Re-stocking ▪ SKU-level Transition

| 6 |

India Macro

==> picture [75 x 74] intentionally omitted <==

==> picture [786 x 250] intentionally omitted <==

----- Start of picture text -----

Key Key
Positives Monitorables
Broad based
Urban demand
Improving Benign revival of
growth outlook Inflation recovery
Private Capex
Fiscal / GST
Higher Kharif Strong Bank & External
Reforms & Commodity
crop output Corporate Account
Interest rate price volatility
prospects Balance Sheets CAD | BoP | INR
cuts
----- End of picture text -----

==> picture [261 x 241] intentionally omitted <==

----- Start of picture text -----

Heightened
Uncertainty
Geopolitical
disruptions
Trade Barriers
Climate change
----- End of picture text -----

==> picture [49 x 49] intentionally omitted <==

| 7 |

==> picture [960 x 67] intentionally omitted <==

Q2 FY26 Results Headline Financials & Business Highlights

| 8 |

Key Highlights: Q2 FY26

==> picture [181 x 56] intentionally omitted <==

----- Start of picture text -----

Standalone
----- End of picture text -----

Gross Revenue

EBITDA

+2.1%

+7.1%

(Ex Paper up 3.2%)

(Ex Agri Business)

PAT

+4.1%

EBITDA Margin at 35.1% 185 bps

==> picture [75 x 74] intentionally omitted <==

==> picture [180 x 56] intentionally omitted <==

----- Start of picture text -----

Consolidated
----- End of picture text -----

Gross Revenue

EBITDA

+2.2%

+7.9%

(Ex Paper up 3.2%)

(Ex Agri Business)

PAT

+4.2%

Strong operating performance by Group companies (ITC Infotech, ITC Hotels)

| 9 |

Key Highlights : H1 FY26

==> picture [180 x 56] intentionally omitted <==

----- Start of picture text -----

Standalone
----- End of picture text -----

Gross Revenue EBITDA +7.9% +2.5% (Ex Paper up 4.0%)

PAT +3.0%

==> picture [75 x 74] intentionally omitted <==

==> picture [180 x 56] intentionally omitted <==

----- Start of picture text -----

Consolidated
----- End of picture text -----

Gross Revenue EBITDA +8.4% +3.2% (Ex Paper up 4.6%)

PAT +4.6%

Strong operating performance by Group companies (ITC Infotech, Surya Nepal, ITC Hotels)

| 10 |

Key Highlights

==> picture [75 x 74] intentionally omitted <==

▪ FMCG – Others Segment sustained its Revenue growth momentum amidst GST transition & excessive rains in several parts of the country

• Revenue up 8% YoY excl. Notebooks

• Staples, Dairy, Premium Personal Wash & Agarbattis drive growth

• Continued deflationary conditions (low-priced paper imports) & opportunistic play by local/regional players in Notebooks industry

Segment EBITDA margin up 50 bps on QoQ basis

• Commodity prices stabilised at elevated levels; Segment EBITDA margins at 10% (Q2FY25 10.6%; Q1FY26 9.4%)

• Smart net revenue management & focused cost management initiatives amidst input price volatility

• Sustained competitive levels of trade & marketing investments to support growth & market standing

• Robust performance in Digital First & Organic portfolio; ARR ^ clocking appx. Rs.1100 cr.

• GST rates reduced in over 50% of FMCG portfolio; benefits passed on to the consumers

| 11 |

Digital first (Yogabar, Mother Sparsh and Prasuma & Meatigo) & Organic (24 Mantra)

^ Annual Revenue Runrate

Key Highlights

==> picture [75 x 74] intentionally omitted <==

▪ Cigarettes Net Segment* Revenue up 6.8% YoY

• Strong performance sustained in differentiated & premium offerings

• Strategic portfolio & market interventions, with focus on competitive belts and to counter illicit trade, drive growth & reinforce market standing

• Leaf Tobacco consumption cost remains elevated

• Moderation in procurement prices witnessed in current crop cycle

▪ Agri Business Segment performance reflects timing difference & high base effect

• H1: Segment Revenue up 7%; Segment Result up 10%

• Crop development expertise, superior product quality and strong customer relationships drive growth in leaf tobacco

• Value-added Agri exports relatively subdued → delayed call offs by customers amid US tariffs led uncertainty

• Continued focus on market development in new geographies and scaling up the business leveraging structural capabilities (sourcing, processing)

| 12 |

*Net of Excise Duty/NCCD on Sales

Key Highlights

==> picture [75 x 74] intentionally omitted <==

• Paperboards, Paper and Packaging Segment: Paper Segment performance improves sequentially with profit up 17% (margins up 90 bps QoQ)

• Overall Industry remains impacted by low-priced supplies, high wood prices & subdued realisation

  • Initial signs of moderation in wood prices with improving availability

• Segment Revenue up 5% YoY driven by volumes

• Minimum Import Price (MIP) introduced on Virgin Multi-layer Paperboard w.e.f. Aug’25

• Anti Dumping Duty (ADD) recommended on imports from China/ Chile; investigation in-progress for Indonesian supplies

• Engagement with policy makers for safeguard measures for low-priced imports of coated/uncoated paper

• Strategic interventions continue to be made towards enhancing plantations, developing new areas and implementing satellite-based plantation monitoring systems

| 13 |

ITC Next Strategy

Future Tech | Consumer Centric | Climate Positive | Inclusive

==> picture [75 x 74] intentionally omitted <==

==> picture [813 x 339] intentionally omitted <==

----- Start of picture text -----

Multiple Drivers Innovation and Supply Chain Digital Sustainability Cost Agility &
of Growth R&D 2.0 Productivity
Agile Agile
Responsible Structural
Digital first culture
Future Ready
Purposeful Resilient Competitiveness interventions
Portfolio Smart Eco System
Science based Efficient Bolder ambition across value chain
platforms
----- End of picture text -----

ITC Synergy

World-Class Talent | Proneurial Spirit | High Performance culture

| 14 |

==> picture [960 x 67] intentionally omitted <==

FMCG Cigarettes

| 15 |

FMCG Cigarettes – Q2 FY26

==> picture [75 x 74] intentionally omitted <==

• Net Segment Revenue* up 6.8% YoY

Segment Revenue 8723 cr. 6.7%

• Strong growth sustained in differentiated and premium offerings

• Strategic portfolio and market interventions with focus on competitive belts and to counter illicit trade, drive volume-led growth and reinforce market standing

Continued focus on fortifying last mile execution capability

• Leaf Tobacco consumption cost remains elevated

Segment Results 5241 cr. 4.3%

• Moderation in procurement prices witnessed in current crop cycle

Taxation stability → Volume recovery from illicit trade + Revenue buoyancy

| 16 |

*Net of Excise Duty/NCCD on Sales

FMCG Cigarettes

Innovation

• Classic Connect

• American Club Clove Mint

• Gold Flake Indie Mint

Reinforcing market standing

Portfolio Fortification

• Scissors

• • Flake Spl

• Gold Flake

• • Classic

• • Silk Cut Red

==> picture [75 x 74] intentionally omitted <==

Recent Introductions

• Classic Clove

• Gold Flake SLK Range • Flake Insta Fresh

• • Classic Refined Taste Sleek • Gold Flake Snap Mint • Scissors Super Mix

• • Classic Icon • Gold Flake Smart Pro ` • Capstan Clove

• • Gold Flake Kings Sleek • American Club Super Slims • Flight

• • Gold Flake Social 2-Pod • Player’s Aromix • Power

• • Gold Flake Indie Clove • Player Magic Mix

| 17 |

==> picture [960 x 67] intentionally omitted <==

FMCG Others Q2 FY26

==> picture [156 x 173] intentionally omitted <==

==> picture [47 x 44] intentionally omitted <==

==> picture [74 x 39] intentionally omitted <==

==> picture [159 x 173] intentionally omitted <==

==> picture [49 x 35] intentionally omitted <==

==> picture [50 x 43] intentionally omitted <==

==> picture [165 x 178] intentionally omitted <==

==> picture [159 x 172] intentionally omitted <==

==> picture [47 x 44] intentionally omitted <==

==> picture [59 x 38] intentionally omitted <==

==> picture [42 x 28] intentionally omitted <==

==> picture [651 x 44] intentionally omitted <==

==> picture [404 x 53] intentionally omitted <==

==> picture [256 x 53] intentionally omitted <==

| 18 |

FMCG Others – Q2 FY26

==> picture [75 x 74] intentionally omitted <==

• Revenue growth momentum sustained amidst GST transition & excessive rains; Segment Revenue up 8% YoY ex-Notebooks

• Staples, Dairy, Premium Personal Wash & Agarbattis drive growth

• Notebooks industry continues to operate under deflationary conditions due to low-priced paper imports & opportunistic play by local/regional competition

• High growth trajectory sustained in Premium portfolio & NewGen channels

==> picture [357 x 214] intentionally omitted <==

----- Start of picture text -----

Revenue
----- End of picture text -----

Digital first + Organic portfolio

ARR* @ ~1,100 cr.

==> picture [221 x 26] intentionally omitted <==

----- Start of picture text -----

Digital first ( Yogabar, Mother Sparsh and
Prasuma & Meatigo ) & Organic (24 Mantra)
----- End of picture text -----

* Annual Revenue Runrate

| 19 |

FMCG Others

Sequential improvement in margins continues

==> picture [75 x 74] intentionally omitted <==

▪ Segment EBITDA margin up 50 bps QoQ

• Prices of major commodities (viz edible oil, wheat, maida, cocoa, soap noodles etc.) remain elevated on YoY basis

• Businesses continued to mitigate impact through focused cost management initiatives, premiumisation & calibrated pricing actions

• Trade & marketing investments sustained at competitive levels to support growth and market standing

• Smart net revenue management & ongoing price-volume-value rebalancing

==> picture [461 x 222] intentionally omitted <==

==> picture [407 x 227] intentionally omitted <==

| 20 |

==> picture [75 x 74] intentionally omitted <==

Future-Ready Portfolio

Recent Launches

==> picture [762 x 382] intentionally omitted <==

----- Start of picture text -----

Fortifying the Core
Engage EDT Addressing
Absolute | Intensity Adjacencies
Aashirvaad Bingo! Dark Fantasy Sunfeast Baked Creations
Mangaldeep Scent
Pink Salt |Butter & Peanut Butter Choco | Vanilla French Style Butter Cookies
High Protein Atta
Radiant Burst
Garlic Mocha | Coconut Hazelnut
Aashirvaad Aashirvaad
Roasted Svasti Milk
Vermicelli Creamy Rich
Classmate Octane
Geometry Box
----- End of picture text -----

New Growth Vectors

==> picture [120 x 165] intentionally omitted <==

----- Start of picture text -----

Aashirvaad
High Protein Atta
----- End of picture text -----

==> picture [109 x 111] intentionally omitted <==

ITC Master Chef

Piri Piri Fries | Chicken Malai Seekh Kebab

==> picture [86 x 105] intentionally omitted <==

Yoga Bar Pro Clean Whey Protein

==> picture [62 x 83] intentionally omitted <==

==> picture [28 x 80] intentionally omitted <==

==> picture [28 x 80] intentionally omitted <==

==> picture [25 x 80] intentionally omitted <==

==> picture [125 x 69] intentionally omitted <==

==> picture [139 x 58] intentionally omitted <==

Pranah Incense Sticks Soma | Palo Santo & white saga | Suryakriya

Right Shift Millet Masala Oats Veggie Blast

Sunfeast Baked Creations Pound Cake | 21 |

Fabelle Monsoon Delights

Deepening Consumer Engagement

==> picture [75 x 74] intentionally omitted <==

Impactful Brand Integration

==> picture [487 x 396] intentionally omitted <==

==> picture [186 x 219] intentionally omitted <==

==> picture [241 x 219] intentionally omitted <==

==> picture [430 x 175] intentionally omitted <==

| 22 |

Clutter breaking communication

Sharpening Value Proposition

==> picture [612 x 410] intentionally omitted <==

==> picture [75 x 74] intentionally omitted <==

Festive Prep with Savlon

==> picture [222 x 392] intentionally omitted <==

| 23 |

==> picture [148 x 167] intentionally omitted <==

Agri Business

==> picture [318 x 264] intentionally omitted <==

==> picture [319 x 275] intentionally omitted <==

==> picture [341 x 264] intentionally omitted <==

==> picture [126 x 266] intentionally omitted <==

==> picture [87 x 86] intentionally omitted <==

| 24 |

Agri Business – Q2 FY26

==> picture [75 x 74] intentionally omitted <==

• High base effect and timing difference

• H1 Revenue +7% YoY & Profits +10% YoY

• Strong growth in Leaf tobacco exports

• Crop development expertise| Superior product quality| Strong customer relationships

Segment Revenue 3976 cr. 31.2%

• Value-added Agri portfolio relatively subdued → delayed call offs by customers amid uncertainty account US tariffs

• Structural drivers in place for scaling up

• Sourcing & Processing| Strong Customer relationships| New Market Development

Segment Results 459 cr. 1.0%

• Continued strategic sourcing support to Branded Packaged Foods & Cigarettes Businesses

==> picture [325 x 179] intentionally omitted <==

----- Start of picture text -----

Spices facility, Guntur
Sp ces fac ty, untur
----- End of picture text -----

| 25 |

==> picture [960 x 67] intentionally omitted <==

Paperboards, Paper & Packaging

| 26 |

Paperboards, Paper & Packaging – Q2 FY26 Segment Results up 17% QoQ

==> picture [75 x 74] intentionally omitted <==

Segment Revenue 2220 cr. 5.0% Segment Results 191 cr. 21.2%

• Performance improves sequentially with Profits ↑17% QoQ; margins ↑90 bps QoQ - Low-priced supplies, subdued realisations & elevated wood prices continue to impact Industry; Initial signs of moderation in wood prices with improving availability

• ▪ Décor segment continues to deliver strong growth

• ▪ MIP imposed on Virgin Multi-layer Paperboard; ADD recommendation on imports from China/ Chile; Indonesia in-progress

• Representations by industry for safeguard measures on coated/ uncoated paper imports

• Key Interventions: Portfolio augmentation | Strategic cost management | Accelerating plantations + developing new areas + satellite-based monitoring

==> picture [230 x 174] intentionally omitted <==

• Packaging & Printing Business witnessed sequential uptick in domestic demand.

==> picture [44 x 114] intentionally omitted <==

==> picture [72 x 98] intentionally omitted <==

==> picture [86 x 77] intentionally omitted <==

==> picture [82 x 62] intentionally omitted <==

==> picture [118 x 41] intentionally omitted <==

==> picture [128 x 75] intentionally omitted <==

----- Start of picture text -----

Frugalpac
----- End of picture text -----

==> picture [62 x 67] intentionally omitted <==

| 27 |

MIP: Minimum Import Price

ADD: Anti Dumping Duty

==> picture [960 x 67] intentionally omitted <==

Financials

| 28 |

Key Financials - Standalone

==> picture [75 x 74] intentionally omitted <==

Rs. Cr.	Q 2 Q2 FY26 19,148 17,834	Q2 FY25 19,686 18,447 6,123 6,617 4,976	GOLY -2.7% -3.3% 2.1% 3.5% 4.1%
Gross Revenue Net Revenue EBITDA PBT PAT				ex Paper up 3.2% YoY ex Agri up 7.1% YoY	ex Agri up 7.1% YoY
	6,252
	6,851
	5,180

CY profit includes exceptional item of Rs.88 cr. (proceeds received on final settlement of the insurance claim towards leaf tobacco stocks, which were destroyed due to fire at a third party owned warehouse in an earlier year).

| 29 |

Key Financials – Consolidated

==> picture [75 x 74] intentionally omitted <==

Rs. Cr. Gross Revenue EBITDA PBT PAT Total Comprehensive Income	Q2 FY26 21047 6695 6979 5187 5052	Q2 FY25 21387 6552 6736 4979 4642	Goly(%) -1.6% 2.2% 3.6% 4.2% 8.8%	ex Agri up 7.9% YoY ex Paper up 3.2% YoY

Strong performance by Group companies led by ITC Infotech India Limited, and ITC Hotels Limited

CY profit includes exceptional item of Rs.88 cr. (proceeds received on final settlement of the insurance claim towards leaf tobacco stocks, which were destroyed due to fire at a third party owned warehouse in an earlier year).

| 30 |

Segment Revenue

==> picture [488 x 318] intentionally omitted <==

----- Start of picture text -----

Q2
YoY
Rs. cr. FY26 FY25
growth
Segment Revenue
a) FMCG - Cigarettes 8723 8177 6.7%
- Others 5964 5578 6.9%
Total FMCG 14687 13755 6.8%
b) Agri Business 3976 5781 -31.2%
c) Paperboards, Paper & Packaging 2220 2114 5.0%
d) Others 75 37 103.0%
Total 20959 21687 -3.4%
Less : Inter Segment Revenue 1810 2000 -9.5%
Gross Revenue from sale of products
19148 19686 -2.7%
and services
----- End of picture text -----

• Others Segment includes ITC Grand Central Hotel, Mumbai (managed by ITC Hotels Ltd.) and FoodTech Business

==> picture [75 x 74] intentionally omitted <==

• FMCG Others

• Sustained growth momentum amidst GST transition & excessive rains – Revenue up 8% YoY excl. Notebooks

• Staples, Dairy, Premium Personal Wash & Agarbattis drive growth

• Continued deflationary conditions (low-priced paper imports) & opportunistic play by local/regional players in Notebooks Industry

• Strong performance continues in premium portfolio & NewGen channels

• Agri Business

• Q2 performance reflects timing diff. & high base effect ▪ H1 revenue up 7%

• Paperboards, Paper & Packaging

• Continued impact a/c Influx of low-priced supplies in global markets (incl. India) & subdued realisations

| 31 |

Standalone Financials

==> picture [75 x 74] intentionally omitted <==

Segment Results

	Q2	Q2	Q2	•Cigarettes ‒ Leaf to • Mod witn •FMCG Oth ‒ Segme Segme • Com Mar •Paperboar ‒ Seque 17% Q
Rs. cr.	FY26	FY25	YoY growth
Segment Results a) FMCG - Cigarettes - Others Total FMCG b) Agri Business c) Paperboards, Paper & Packaging d) Others Total Less : i) Finance Cost ii) Other un-allocable (income) net of un-allocable expenditure iii)Exceptional items		5023 442	4.3% -0.3%
	5241
	440
	5681	5465	3.9%
	459	455 242 13	1.0% -21.2%
	191
	-7
	6324	6176	2.4%
	16	12 (453)
	(455)
	(88)
Profit Before Tax from Continuing Operations	6851	6617	3.5%

• Leaf tobacco consumption cost remain elevated

• Moderation in leaf tobacco procurement prices witnessed in current crop cycle

• FMCG Others

• Segment EBITDA margin up 50 bps on QoQ basis. Segment EBITDA flattish vs LY

• Commodity prices stabilised at elevated levels → Margins at 10% (Q2 FY25: 10.6%; Q1 FY26: 9.4%)

• Paperboards, Paper & Packaging

• Sequential improvement in performance → profits up 17% QoQ; margins +90 bps QoQ

• Others Segment includes ITC Grand Central Hotel, Mumbai (managed by ITC Hotels Ltd.) and FoodTech Business

| 32 |

Standalone Financials

==> picture [960 x 67] intentionally omitted <==

ITC – A Global Exemplar in Sustainability

| 33 |

==> picture [75 x 74] intentionally omitted <==

Impactful Social Performance

==> picture [183 x 158] intentionally omitted <==

==> picture [196 x 157] intentionally omitted <==

==> picture [179 x 156] intentionally omitted <==

==> picture [193 x 152] intentionally omitted <==

==> picture [197 x 152] intentionally omitted <==

Off-farm livelihood diversification – Livestock Development Over 23.5 lac milch animals covered

On-farm livelihood diversification – Afforestation Over 14.2 lac acres Greened

Natural Resources Management – Water Stewardship Over 18.73 lac acres covered

ITC e-Choupal 4 Million Farmers empowered

Climate Smart Agriculture Over 31.7 lac* acres covered

==> picture [192 x 131] intentionally omitted <==

==> picture [184 x 130] intentionally omitted <==

==> picture [192 x 130] intentionally omitted <==

==> picture [183 x 128] intentionally omitted <==

==> picture [195 x 127] intentionally omitted <==

Solid Waste Management

Mother & Child Health and Nutrition Over 15.2 lac* community members covered

Support to Education Reaching over 25.3 lac Children

Women Empowerment Around 19.50 million Over 4.51 lac households covered across women covered programmes

Skilling of Youth Skilled over 1.33 lac youth

| 34 |

*Basis FY25

==> picture [960 x 67] intentionally omitted <==

ITC Infotech

| 35 | 35

Customer Centricity | Employee Centricity | Operational Excellence

ITC Infotech

==> picture [401 x 259] intentionally omitted <==

EBITDA margin

==> picture [75 x 74] intentionally omitted <==

==> picture [242 x 239] intentionally omitted <==

==> picture [280 x 238] intentionally omitted <==

Broad based growth; Healthy Total Contract Value (TCV) signings

• Investments continue in capability building in strategic focus areas, sales org. & infrastructure

@ upper-end of mid-tier IT cos.

| 36 |

EBITDA adjusted for one off costs in FY25

ITC: Enduring Value

==> picture [262 x 226] intentionally omitted <==

A passion for Profitable growth...

==> picture [262 x 200] intentionally omitted <==

in a way that is Sustainable…

==> picture [75 x 74] intentionally omitted <==

==> picture [303 x 211] intentionally omitted <==

and Inclusive.

| 37 |

Links

==> picture [75 x 74] intentionally omitted <==

Product/initiative	Link
Bingo! on Instagram	https://www.instagram.com/bingo_snacks/
YiPPee! on Instagram	https://www.instagram.com/sunfeast_yippee/
Aashirvaad on Instagram	https://www.instagram.com/aashirvaad/
Sunfeast Dark Fantasy on Instagram	https://www.instagram.com/sunfeastdarkfantasy/
Mom’s Magic on Instagram	https://instagram.com/sfmomsmagic/
Classmate on Instagram	https://instagram.com/classmatebyitc/
ITC : Abiding Commitment to Nation-Building	https://youtu.be/oP8d-Q8AD1w
Details on the Company’s Sustainability 2.0 vision	https://www.itcportal.com/sustainability/itc-sustainability-report-2025/itc- sustainability-report-2025.pdf
Quarterly Media Statement	https://www.itcportal.com/content/dam/itc-corporate/pdfs/financial- result/quarterly-results-2025-2026/september-2025/ITC-Press-Release-Q2- FY2026.pdf

==> picture [57 x 32] intentionally omitted <==

==> picture [63 x 35] intentionally omitted <==

==> picture [82 x 39] intentionally omitted <==

==> picture [49 x 24] intentionally omitted <==

==> picture [43 x 33] intentionally omitted <==

==> picture [65 x 18] intentionally omitted <==

==> picture [43 x 46] intentionally omitted <==

| 38 |