Embotelladora Andina (ANDINA-B) Q4 2025 earnings summary

Executive summary

• FY25 volume rose to 946M unit cases from 909M; net sales reached $3,555M, adjusted EBITDA $653M and net income $285M.

• Q4 volume was 266.7M unit cases, down 0.8% year over year; excluding prior-year Coca-Cola Femsa sales, volume grew 0.8%.

• Q4 net sales increased 2.2% to CLP 973,277M, adjusted EBITDA rose 9.8% to CLP 199,962M, and net income attributable to owners grew 5.0% to CLP 103,559M.

• FY25 sales volume grew 4.1%, net sales rose 3.7%, and net income increased 15.5%.

• Operations span Argentina, Brazil, Chile and Paraguay, serving 58.0M consumers through 16 production facilities and more than 275,000 clients.

Financial highlights

• FY25 operating income was $483M versus $448M in FY24; operating margin was 13.6% versus 13.3%.

• FY25 adjusted EBITDA margin was 18.4%, up from 18.0%; Q4 margin was 20.5%, up 141 bps year over year.

• FY25 revenue per unit case was $3.76 versus $3.71; adjusted EBITDA per unit case was $0.69 versus $0.67.

• FY25 net sales were CLP 3,344,836M, operating income CLP 455,367M, adjusted EBITDA CLP 614,608M and net income CLP 268,697M.

• FY25 capex was $298M versus $311M; Q4 capex was $91M versus $96M.

Outlook and guidance

• 2026 capex is projected at USD 250M, focused on returnable containers, cases and cooling equipment; estimates depend on operating-country macroeconomic conditions.

• 2030 commitments include cutting absolute Scope 1 and 2 GHG emissions 42% and Scope 3 emissions 25%.

• Other 2030 goals include doubling employee women’s participation versus the 2020 base, advancing sustainable supply chains and improving customer satisfaction through digitization.