Embotelladora Andina (ANDINA-B) Q4 2024 earnings summary

Executive summary

• FY24 volume reached 909.0 million unit cases; net sales were $3.371B and adjusted EBITDA was $605M.

• FY24 adjusted EBITDA was CLP 578,192 million; net income attributable to owners reached CLP 232,663 million.

• Operations span Chile, Paraguay, Argentina and Brazil, with 16 production facilities, 95 distribution centers and 271,000+ clients.

Financial highlights

• FY24 net sales rose to $3.371B from $3.094B in FY23; operating income was $448M versus $422M.

• FY24 adjusted EBITDA was $605M, with an 18.0% margin, versus $555M and 17.9% in FY23.

• Q4 net sales rose 23.1% to CLP 952,043 million; operating income increased 9.9% to CLP 142,984 million.

• Q4 volume rose 8.2% to 268.7 million unit cases; transactions increased 7.3% to 1,460.2 million. FY volume grew 3.0%.

• Q4 adjusted EBITDA increased 14.5% to CLP 182,178 million, while attributable net income rose 22.1% to CLP 98,596 million; excluding a Brazil tax credit, net income was CLP 78,896 million, down 2.3%.

Outlook and guidance

• 2025 priorities include portfolio and category growth, geographic expansion, cost efficiency, digital transformation, talent development and sustainability.

• 2025 capex is forecast at ~USD 240 million, subject to review and macroeconomic conditions; priorities include returnable packaging, cold equipment, a Brazil mineral-water line and Paraguay returnable-glass capacity.

• Argentina’s local-currency adjusted EBITDA decline moderated to 7.1% in Q4 versus prior quarters; management said this supported optimism for 2025.

• 2030 commitments include doubling women’s workforce participation from the 2020 base, increasing customer satisfaction and supporting local economies.