Compañía Cervecerías Unidas (CCL) Q2 2025 earnings summary

Executive summary

• Consolidated volumes grew 19.2% year-over-year, with strong growth in International Business and steady gains in Chile and Wine segments.

• Net sales increased 10.5% year-over-year, driven by higher volumes and stable average prices.

• EBITDA nearly doubled year-over-year when excluding a non-recurring gain in 2Q24, mainly due to robust performance in Chile and improved results in Wine.

• Net income loss narrowed compared to the same quarter last year, with a loss of CLP 11,218 million in 2Q25.

• The company continues to execute its 2025-2027 strategic plan, focusing on profitability, growth, and sustainability.

Financial highlights

• Net sales: CLP 579,914 million, up 10.5% year-over-year (4.8% organic).

• Gross profit: CLP 236,832 million, up 12.7% (6.7% organic); gross margin improved by 79 basis points to 40.8%.

• EBITDA: CLP 19,817 million, down 48.8% due to a non-recurring gain in 2Q24; up 97.1% excluding that effect.

• Net income: Loss of CLP 11,218 million, improved from a loss of CLP 15,888 million last year (excluding non-recurring gain).

• Earnings per share: Loss of CLP 30.4.

Outlook and guidance

• Focus remains on executing the 2025-2027 Strategic Plan, emphasizing profitability, growth, and sustainability.

• Revenue management and operational efficiencies are expected to support continued margin improvement.

• No specific forward-looking estimates provided due to market volatility, especially in FX and consumption trends.

• Sustainability strategy aims for significant reductions in water use, waste, and carbon emissions by 2030.

• Free cash flow benefited from improved working capital management and operational changes, including inventory reduction and a new planning platform.