Embotelladora Andina (ANDINA-B) Q3 2025 earnings summary

Executive summary

• Q3 net sales rose 10.1% to CLP 800,361 million; Adjusted EBITDA increased 16.1% to CLP 133,130 million and net income attributable to owners grew 36.3% to CLP 57,178 million.

• Volume increased 2.9% to 220.6 million unit cases, or 5.5% excluding prior-year Coca-Cola FEMSA sales; transactions rose 5.0%.

• Digital platforms generated 81.0% of Q3 net revenues, up 23.3 percentage points year over year.

Financial highlights

• Q3 operating income rose 17.0% to CLP 91,929 million; operating margin was 11.5% and Adjusted EBITDA margin expanded 86 bps to 16.6%.

• 9M net sales increased 8.3% to CLP 2,393,159 million; Adjusted EBITDA rose 8.3% to CLP 418,239 million and net income attributable to owners advanced 26.6% to CLP 168,384 million.

• Q3 net margin was 7.1%, up 137 bps year over year; 9M Adjusted EBITDA margin was 17.5%, up 1 bp.

• Net financial debt / Adjusted EBITDA was 1.4x at September 2025, versus 1.2x at December 2024.

Segment performance

• Argentina Q3 volume fell 4.3% to 40.7 million cases, but grew 1.7% excluding prior-year Coca-Cola FEMSA sales; sales rose 2.0% and Adjusted EBITDA increased 20.2% to CLP 25,555 million.

• Brazil Q3 volume rose 5.0% to 85.6 million cases; sales increased 17.5% to CLP 241,122 million and Adjusted EBITDA grew 19.6% to CLP 49,393 million, or 13.7% in local currency.

• Chile Q3 volume rose 4.8% to 74.4 million cases; sales increased 7.4% to CLP 313,615 million and Adjusted EBITDA grew 13.9% to CLP 43,248 million.

• Paraguay Q3 volume rose 3.1% to 20.0 million cases; sales increased 21.9% to CLP 75,606 million and Adjusted EBITDA grew 9.2% to CLP 18,420 million, or 1.6% in local currency.