Embotelladora Andina (ANDINA-B) Q4 2024 earnings summary

Executive summary

• Consolidated sales volume for Q4 2024 was 268.7 million unit cases, up 8.2% year-over-year; transactions rose 7.3%.

• Net sales for Q4 2024 reached CLP 952,043 million, a 23.1% increase year-over-year; operating income grew 9.9%.

• Adjusted EBITDA for Q4 2024 was CLP 182,178 million, up 14.5% year-over-year; margin contracted 143 bps to 19.1%.

• Net income attributable to owners was CLP 98,596 million, up 22.1% year-over-year; excluding a one-time tax credit, net income would have decreased 2.3%.

• All four operating countries posted sales volume growth; sustainability milestones included Dow Jones Index ratification and new recycling initiatives.

Financial highlights

• FY 2024 consolidated net sales were CLP 3,224,233 million, up 23.1% year-over-year.

• FY 2024 operating income was CLP 427,081 million, up 19.5%; adjusted EBITDA was CLP 578,192 million, up 23.0%.

• FY 2024 net income attributable to owners was CLP 232,663 million, up 35.7%; net margin reached 7.2%.

• Q4 2024 gross margin was 40.3%, down from 43.8% in Q4 2023.

• Q4 2024 adjusted EBITDA margin was 19.1%, down from 20.6% in Q4 2023.

Outlook and guidance

• Capex for 2025 is estimated at approximately USD 240 million, focused on returnable containers, cold equipment, and new production lines in Brazil and Paraguay.

• Capex guidance is subject to change based on macroeconomic conditions in operating countries.