Embotelladora Andina (ANDINA-B) Q1 2025 earnings summary

Executive summary

• Sales volume rose 9.7% YoY to 251.0 million unit cases, while transactions increased 8.5% to 1,354.3 million.

• Net sales increased 10.4% to CLP 888,179 million; adjusted EBITDA rose 7.3% to CLP 172,049 million.

• Net income attributable to owners grew 11.9% to CLP 79,219 million; net margin was 8.9%, up 12 bps YoY.

• Digital platforms generated 65.5% of net revenue, up 29.7 percentage points YoY.

Financial highlights

• Adjusted EBITDA margin was 19.4%, down 56 bps YoY; operating income increased 6.6% to CLP 132,813 million, with a 15.0% margin.

• Consolidated cost of sales rose 11.0% and distribution and administrative expenses rose 11.3%.

• Gross profit was CLP 358,001 million and gross margin was 40.3%; net sales increased across all four markets.

Outlook and guidance

• 2025 consolidated CAPEX is projected at ~USD 300 million, including a ~USD 60 million Brazil increase for logistics and production capacity.

• Brazil is expected to remain a growth driver, although double-digit volume growth may moderate against tougher comparisons.

• Argentina is expected to continue recovering, with volume and profitability growth as inflation normalizes.

• Chile's beverage market is expected to remain stable, with long-term pricing aligned to inflation.