Compañía Cervecerías Unidas (CCL) Q3 2025 earnings summary

Executive summary

• Achieved higher operating results and increased profitability year-over-year, with consolidated EBITDA up 4.6% to CLP 73,635 million and margin up 60 basis points, mainly driven by the Chile segment and supported by gross margin improvements and efficiencies, despite a volatile business environment.

• Regional multicategory beverage player with operations in Chile, Argentina, Colombia, Bolivia, Paraguay, and Uruguay, holding leading market positions in beer, soft drinks, water, wine, and spirits.

• Diversified brand portfolio with 71.9% proprietary brands and a proven track record of inorganic growth and strategic alliances.

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

• Net income attributable to equity holders fell 47.6% to CLP 15,496 million, reflecting higher non-operating losses and lower positive tax effects.

Financial highlights

• Third quarter 2025 net sales declined 1.1% year-over-year to CLP 658,628 million, with 2.2% lower average prices in Chilean pesos, partially offset by 1.2% volume growth.

• Gross profit decreased 2.9% and gross margin fell by 79 basis points year-over-year.

• 3Q25 EBITDA rose 4.6% year-over-year to CLP 73,635 million; YTD EBITDA down 3.6% to CLP 225,007 million.

• 3Q25 net income dropped 47.6% year-over-year to CLP 15,496 million; YTD net income down 28.5% to CLP 62,056 million.

• For the first nine months, excluding a non-recurring land sale gain in 2024, consolidated EBITDA grew 9.9%.

Outlook and guidance

• Expectation of price increases in Argentina to recover profitability, with a more stable scenario anticipated post-elections and potential recovery in private consumption in 2026.

• Strategic plan aims to optimize margins through efficiency management and technology adoption, with a focus on revenue management and innovation in Chile to address soft demand and competitive pressures.

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

• CapEx for 2025 expected to close 10–15% below published guidance, with future CapEx focused on technology and innovation rather than capacity, and CapEx/sales ratio forecasted below 6%.

• Cost outlook for 2026 is favorable for most commodities except aluminum, with ongoing efficiency initiatives and stable exchange rates in Chile.