Investor Presentaiton

FY23 Outlook UNITED MMALT MATERIAL INCREASE IN EARNINGS EXPECTED, SUPPORTED BY IMPROVED CROP AND COMMERCIAL DISCIPLINES BENEFITING FROM 2Q23 1Q23 will continue to be affected by same factors experienced in FY22 Earnings 2Q23 to 4Q23 will be significantly higher than FY22, benefiting from: Significantly improved barley crop • Changed pricing and commercial terms to better capture the true cost-to-serve • • Earnings from the completion of the Scottish distilling expansion project - currently in dry commissioning Progressive delivery of the transformation program benefits • • Maintain guidance issued in August - expect underlying EBITDA (before SaaS costs) for FY23 to be $140-1601 million, with 1H23 expected to be $58-66 million The Company's has clear pathway to return to target Net Debt / EBITDA range by 30 September 2023: Significantly higher earnings from 2QFY23 • • Material step down in capex in FY23 • Factoring arrangement in place • Capital and costs management initiatives underway 1. Underlying EBITDA for FY23 excludes SaaS costs which are expected to be ~$7.5m in FY23 -~$6m for the ERP and ~$1.5m for a new transport management system in the UK and Australia. 25

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