Embotelladora Andina (ANDINA-B) Q2 2025 earnings summary

Executive summary

• Largest bottler in Chile and Paraguay, second in Argentina, third in Brazil, with 909 million unit cases sold in FY 2024 and revenues of ~$3.3 billion USD.

• Over 17,000 employees, 16 production facilities, and 95 distribution centers serving 57.8 million consumers.

• Consolidated sales volume reached 207.5 million unit cases in Q2 2025, up 5.3% year-over-year, with transactions up 4.7%.

• Net sales for Q2 2025 were $738,154 million, a 9.8% increase year-over-year, and net income attributable to controlling shareholders rose 51.3% to $37,233 million.

• Strategic focus on market leadership, portfolio expansion, digital transformation, and sustainability, with recognition among the top 15% most sustainable beverage companies globally.

Financial highlights

• FY 2024 revenues reached $3,371 million USD, with adjusted EBITDA of $605 million and net income of $244 million.

• Q2 2025 adjusted EBITDA grew 9.2% to $119,323 million, with a margin contraction to 16.2%.

• Free cash flow in 2024 was $272 million, and CAPEX reached $311 million.

• Dividend payout ratio for 2024 was 67%, with a dividend yield of 9.1% for Series A shares.

• Q2 2025 gross margin was 37.9% and net margin was 5.0%.

Outlook and guidance

• Strategic objectives for 2025 include growth in core and new categories, cost effectiveness, digital transformation, and sustainability across six priorities.

• Three new production lines to be launched in H2 2025 in Brazil and Paraguay to meet growing demand and improve efficiency.

• Commitments to double female workforce participation and reduce GHG emissions by 42% (scope 1 & 2) and 25% (scope 3) by 2030.

• Management expects continued focus on sustainability and operational efficiency.