Compañía Cervecerías Unidas (CCL) Q1 2026 earnings summary

Executive summary

• Consolidated volumes grew 1.8% year-over-year in Q1 2026, led by a 3.9% increase in Chile, offsetting declines in International and Wine segments.

• Net sales increased 0.2% year-over-year to CLP 819,515 million, as higher volumes were offset by 1.5% lower average prices.

• EBITDA was stable at CLP 131,644 million (+0.1%), with strong growth in Chile offset by sharp declines in International and Wine.

• Net income declined 6.8% year-over-year to CLP 53,856 million, mainly due to higher income taxes and weaker results outside Chile.

• Strategic focus remains on profitability, growth, and sustainability amid global cost pressures.

Financial highlights

• Gross profit increased 1.4% to CLP 387,522 million; gross margin improved by 55 bps to 47.3%.

• EBITDA margin held steady at 16.1% in Q1 2026.

• Net financial debt/EBITDA improved to 1.69 from 2.03 year-over-year.

• Cash and cash equivalents rose to CLP 611,569 million as of March 31, 2026.

• Net cash inflows from operating activities reached CLP 174,270 million in Q1 2026.

Outlook and guidance

• Management will continue executing the 2025–2027 Strategic Plan focused on profitability, growth, and sustainability.

• Ongoing efficiency efforts and revenue management initiatives are planned to offset inflationary and cost pressures.

• Volatile input costs, especially for oil, aluminum, and packaging, are expected to persist.

• Price increases implemented across the portfolio to offset cost pressures.

• Wine business outlook remains negative globally and domestically, with focus on profitable products and innovation.