Compañía Cervecerías Unidas (CCL) Q3 2026 earnings summary

Executive summary

• 3Q26 consolidated volume rose 4.4% to 8.441 million HL; net sales increased 15.5%, EBITDA 13.4% to CLP 83,488 million and attributable net income 5.0% to CLP 16,271 million.

• Chile and International Business grew, while Wine EBITDA declined amid industry headwinds and higher restructuring costs.

• Excluding restructuring expenses, 3Q26 EBITDA increased 21.3% and margin expanded 59 bps.

• The 2027–2030 “Vamos por Más” plan focuses on profitable, sustainable regional growth through six strategic priorities.

Financial highlights

• 3Q26 net sales were CLP 760,388 million, up 15.5%; direct profit was CLP 432,801 million, up 16.8%, and EBIT was CLP 38,512 million, up 5.8%.

• EBITDA was CLP 83,488 million, up 13.4%; excluding CLP 9,656 million of restructuring expenses, EBITDA rose 21.3% and margin expanded 59 bps.

• Attributable net income was CLP 16,271 million versus CLP 15,496 million; EPS was CLP 44.0 versus CLP 41.9.

• YTD net sales rose 6.4% to CLP 2,187,705 million, EBIT increased 8.9% to CLP 120,848 million and EBITDA rose 9.7% to CLP 246,722 million.

• YTD attributable net income fell 20.4% to CLP 49,415 million, mainly reflecting lower tax gains and negative non-operating impacts.

Outlook and guidance

• The 2027–2030 plan prioritizes alcoholic-volume recovery, challenger markets, Better for You and wellness offerings, occasion-led portfolio growth, digital RGM and route-to-market, and logistics transformation.

• Digital transformation, talent and culture alignment, and an agile corporate center are strategic enablers; no numeric financial guidance was stated.

• Investment is expected to favor transformation, real-time operations and efficiency over major capacity additions; existing alcoholic capacity can support RTD growth.