Viña Concha y Toro (CONCHATORO) Q2 2026 earnings summary

Executive summary

• Disciplined execution and cost efficiencies in 2Q26 led to gross margin expansion and improved profitability, with net income rising 2.1% YoY to CLP $19,407M despite sales declining 4.7% YoY.

• Stronger sales performance in main markets, especially Brazil and Mexico, with stabilization in Chile and moderation in other regions.

• The company expects continued improvement in 2H26, driven by operational efficiencies, portfolio strength, and normalization in the US market.

Financial highlights

• 2Q26 consolidated sales: CLP $233,282M (-4.7% YoY); EBITDA: CLP $35,161M (-5.5% YoY); net income: CLP $19,407M (+2.1% YoY); EBITDA margin: 15.1%; net margin: 8.3%.

• 1H26 consolidated sales: CLP $425,895M (-6.2% YoY); EBITDA: CLP $58,919M (-13.4% YoY); net income: CLP $28,186M (-14.0% YoY); EBITDA margin: 13.8%; net margin: 6.6%.

• Operating income (EBIT) for 1H26 fell 17.1% YoY; operating margin (EBIT margin) for 1H26 decreased by 130 bps YoY to 10.9%.

• Gross margin improved to 40.0% in 2Q26 (+50 bps YoY) due to cost efficiencies.

• Earnings per share in 2Q26 rose 6.1% YoY to CLP $27.3, aided by a share buyback.

Outlook and guidance

• Management anticipates stronger results in 2H26 versus 2025, supported by ongoing cost discipline, operational improvements, and positive trends in key markets.

• US market expected to recover as distribution normalizes and inventory adjustments subside.