Compañía Cervecerías Unidas (CCL) Q2 2026 earnings summary

Executive summary

• Consolidated EBITDA increased 59.4% year-over-year, led by strong performance in Chile and reduced losses in international operations.

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

• 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.

• The company is implementing the "Vamos por Más" strategy, focusing on business segmentation, operational synergies, agility, and transformation.

• Regional multicategory beverage company with leading market positions in Chile, Argentina, Colombia, Uruguay, Paraguay, and Bolivia.

Financial highlights

• EBITDA reached CLP 31,591 million, up 59.4% year-over-year; EBITDA margin improved to 5.2%.

• Gross profit increased 6.8% year-over-year, with gross margin up 76 basis points.

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

• Net financial debt/EBITDA at 2.43 as of June 30, 2026, up from 2.03 at year-end 2025.

• Cash and cash equivalents at quarter-end were CLP 346,974 million, down from CLP 519,176 million at year-end 2025.

Outlook and guidance

• Expecting volume recovery in Argentina in H2 2026, supported by improving macro trends and easier comps.

• Optimism for Chilean non-alcoholic categories, especially better-for-you products, with continued investment and innovation.

• Strategic plan 2025–2027 focuses on improving operational margins, capitalizing on growth opportunities, and advancing sustainability initiatives.

• Sustainability targets include significant reductions in water consumption, waste, and carbon emissions by 2030.

• Dividend policy remains to distribute at least 50% of net income.