Compañía Cervecerías Unidas (CCL) Q4 2025 earnings summary

Executive summary

• Consolidated volumes grew 7.3% year-over-year, led by a 4.1% increase in Chile, offset by contractions in Argentina and the wine segment, resulting in a 16.3% decline in net income year-over-year.

• Net sales fell 11.8% in 4Q25, mainly due to lower average prices in Argentina and the wine segment.

• EBITDA decreased 17.2% to CLP 151,201 million in 4Q25; net income contracted 25.7% to CLP 55,096 million.

• Strategic focus on profitability, growth, and sustainability, with progress in innovation and efficiency.

• Employee satisfaction and corporate governance recognized with top employer certifications and awards.

Financial highlights

• Consolidated EBITDA increased 2.9% year-over-year, excluding a non-recurring land sale in 2024; full-year EBITDA declined 9.6%.

• Chile EBITDA grew 7.8%, while international and wine segments contracted 29.5% and 14.9%, respectively.

• Q4 consolidated EBITDA fell 17.2%, with Chile up 6% and international and wine segments down 44.5% and 45.2%.

• Full-year 2025 net sales: CLP 2,909,625 million (+0.2% YoY); EBITDA: CLP 376,208 million.

• Earnings per share for 4Q25: CLP 149.1 (-25.7% YoY); full-year: CLP 317.1 (-27.2% YoY).

Outlook and guidance

• Expectation of continued growth in non-alcoholic and low-alcohol ready-to-drink categories, especially in Chile.

• Strategic Plan 2025-2027 focuses on profitability, growth, and sustainability, emphasizing revenue management and high-margin innovation.

• Pricing strategy aims to increase prices in line with inflation, focusing on brand equity and innovation.

• Favorable exchange rates and lower input costs expected to support margin expansion in Chile in 2026, despite high aluminum and recycled PET prices.

• CapEx for 2026 will be in line with depreciation.