Embotelladora Andina (ANDINA-B) Q3 2025 earnings summary

Executive summary

• Consolidated EBITDA grew 16.1% year-over-year to $133,130 million, with growth in all operations and positive currency conversion effects from Brazil and Paraguay.

• Net income attributable to shareholders rose 36.3% to $57,178 million; consolidated volumes increased 2.9% year-over-year, or 5.5% excluding prior year sales to Coca-Cola FEMSA.

• 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.

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

• Digital platforms generated 81% of total net revenues, up 23.3 percentage points year-over-year.

Financial highlights

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

• Q3 2025 net sales: $800,361 million (+10.1% YoY); adjusted EBITDA: $133,130 million (+16.1% YoY); margin 16.6%.

• Adjusted EBITDA margin for 2024 was 18.0%, with a CAGR of 10.6% since 2019.

• 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.

Outlook and guidance

• Expectation of stable or slightly improving trends in Chile and Brazil, with Chile's Q4 outlook dependent on December performance.

• In Argentina, post-election macro stability is expected to support more solid, genuine consumption growth in 2026.

• Brazil projected to grow at or above GDP over the next 3–5 years, supported by investments in returnable lines and product mix.

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

• Commitments to double female participation among employees and reduce GHG emissions by 2030.