Compañía Cervecerías Unidas (CCL) Q4 2025 earnings summary

Executive summary

• Consolidated net sales for 2025 were CLP 2,909,625 million, up 0.2% year-over-year, with volumes up 0.6% to 36.2 million HL, driven by Chile's recovery after three years of contraction.

• EBITDA reached CLP 376,208 million, down 9.6% year-over-year, with margin at 12.9%; net income was CLP 117,152 million, a 27.2% decrease.

• Excluding a non-recurring land sale gain in 2024, EBITDA and net income declined by 2.9% and 16.3%, respectively.

• Strong performance in Chile with volume and EBITDA growth was offset by significant contractions in Argentina and the wine segment.

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

Financial highlights

• 4Q25 net sales were CLP 853,413 million, down 11.8% year-over-year; gross profit was CLP 392,642 million, down 15.2%.

• EBITDA margin for 2025 was 12.9%, down 139 bps year-over-year; 4Q25 EBITDA margin was 17.7%, down 115 bps.

• Net financial debt/EBITDA increased to 2.03x from 1.76x in 2024.

• Cash and cash equivalents at year-end were CLP 519,176 million, down from CLP 707,123 million in 2024.

• Net cash inflows from operating activities were CLP 239,051 million; capital expenditures were CLP 156,901 million.

Outlook and guidance

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

• Emphasis on efficiency management, high-margin innovations, and strengthening regional competitive position.

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

• 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.