Compañía Cervecerías Unidas (CCL) Q1 2026 earnings summary

Executive summary

• Consolidated volumes grew 1.8% year-over-year, led by a 3.9% increase in Chile, offsetting declines in International and Wine segments.

• Net sales increased 0.2% to CLP 819,515 million, as higher volumes were nearly offset by 1.5% lower average prices and currency effects.

• EBITDA remained stable at CLP 131,644 million (+0.1%), with strong growth in Chile offset by sharp declines in International and Wine.

• Net income declined 6.8% year-over-year to CLP 53,856 million, mainly due to higher taxes and weaker segment results outside Chile.

• Strategic focus remains on profitability, growth, and sustainability amid global cost pressures and volatility.

Financial highlights

• Gross profit increased 1.4% to CLP 387,522 million; gross margin improved by 55 basis points to 47.3%.

• EBITDA margin stable at 16.1% consolidated; Chile segment margin up 173 basis points to 20.0%.

• Net financial debt/EBITDA improved to 1.69 from 2.03 year-over-year.

• Cash and cash equivalents rose to CLP 611,569 million as of March 31, 2026.

• Net cash inflows from operating activities reached CLP 174,270 million in 1Q26.

Outlook and guidance

• Management will continue executing the 2025–2027 Strategic Plan focused on profitability, growth, and sustainability.

• Ongoing efficiency efforts, revenue management, and price increases aim to offset inflationary and cost pressures.

• Argentina expected to show more stable, but not extraordinary, recovery in volumes due to easier comps and ongoing inflation.

• Wine segment outlook remains negative globally and domestically, with focus on innovation and profitable products.

• Cautious approach to CAPEX and adaptation to volatile global economic conditions.