Embotelladora Andina (ANDINA-B) Q1 2026 earnings summary

Executive summary

• Largest bottler in Argentina, Chile, Paraguay, and third largest in Brazil, with 946 million unit cases sold in FY2025 and revenues of ~$3.6 billion.

• Consolidated sales volume reached 251.6 million unit cases, up 0.2% year-over-year, with transactions increasing 0.4% to 1,360.4 million.

• Strong focus on sustainability, digital transformation, and operational efficiency, with a diversified beverage portfolio and high refillable packaging mix.

• Investment grade ratings (BBB+/Baa1), robust financial position, and a committed, experienced management team.

• Digital transformation accelerated, with 84.2% of net revenue generated through digital platforms, up 19 percentage points.

Financial highlights

• FY2025 revenues reached ~$3,555 million, with adjusted EBITDA of ~$653 million and net income of ~$285 million.

• Net sales rose 4.1% to CLP 924,263 million, operating income increased 12.2% to CLP 148,971 million, and adjusted EBITDA grew 12.8% to CLP 194,015 million.

• Adjusted EBITDA margin improved to 18.4% in 1Q26, with a CAGR of 11.9% since 2020.

• Free cash flow for 2025 was $272 million, and CAPEX was $171 million.

• Dividend payout ratio for 2025 was 110%, with a dividend yield of 8.2% for Series A shares.

Outlook and guidance

• Strategic focus on growth in NARTD and ARTD portfolios, digital transformation, and sustainability priorities through 2030.

• Commitments include doubling female workforce participation, reducing GHG emissions by 42% (scope 1 & 2) and 25% (scope 3) by 2030, and increasing recycled content in PET bottles.

• Management expects sequential improvements in Argentina volumes for the remainder of the year.

• The company remains focused on operational efficiency and revenue management to offset cost pressures from oil price increases.