Compañía Cervecerías Unidas (CCL) investor relations material

Executive summary

• Consolidated EBITDA expanded 59.4% year-over-year to CLP 31,591 million, led by strong performance in Chile and reduced losses in international operations, despite a sharp contraction in the wine segment.

• Net sales grew 4.8% year-over-year to CLP 607,801 million, driven by a 6.4% rise in average prices despite a 1.5% decline in volumes.

• The company operates across Chile, Argentina, Colombia, Uruguay, Paraguay, and Bolivia, holding leading market positions in beer, non-alcoholic beverages, and wine, with a diversified brand portfolio.

• The "Vamos por Más" strategy and new strategic plans (2025–2027 and 2030) focus on business segmentation, operational synergies, agility, transformation, and sustainability.

• Net income showed a loss of CLP 20,712 million, widening from a loss of CLP 11,218 million in 2Q25, mainly due to non-operating impacts and a non-recurring impairment loss in Bolivia.

Financial highlights

• Gross profit increased 6.8% year-over-year to CLP 252,830 million, with gross margin up 76 basis points.

• EBITDA margin improved to 5.2% from 3.4% year-over-year.

• EBIT loss narrowed to CLP 9,447 million from CLP 17,340 million.

• MSD&A expenses rose 3.3% due to higher distribution costs and restructuring, but as a percentage of net sales, they decreased 62 basis points.

• Earnings per share were a loss of CLP 56.1, compared to a loss of CLP 30.4 in 2Q25.

Outlook and guidance

• Management expects continued growth in non-alcoholic and better-for-you categories, with innovation and portfolio expansion as key drivers.

• Strategic plans aim to optimize margins through efficiency management, technology adoption, and sustainability targets for 2030.

• In Argentina, volume recovery is anticipated in the second half of 2026, supported by improving macroeconomic conditions.

• The new tax reform in Chile, reducing corporate taxes, is seen as positive for long-term investment and consumption.

• Focus remains on agility, synergies, and innovation to adapt to market challenges and prepare for the 2027-2030 Strategic Plan.