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- **Chile Segment Strength**: EBITDA +4.8% (excluding recycling costs), driven by price growth and efficiency gains.
- **Argentina Turnaround**: Expect 2026 recovery in prices and volumes post-elections, with water category outperforming beer.
- **Cost Management**: 2026 raw material savings (~$10M) offset by aluminum inflation; CirCCUlar costs stabilizing.
- **CapEx Shift**: 2026+ focus on technology and innovation, with CapEx/Sales ratio <6%.
- **Strategic Focus**: 2025-2027 plan emphasizes profitability, innovation (e.g., flavored beers), and sustainability.

**【CFO Financial Commentary】**
- **Consolidated EBITDA Growth**: 4.6% YoY, driven by Chile's 4.8% EBITDA expansion and International Business' 73.1% surge. Wine segment EBITDA declined 12% due to cost pressures.
- **Chile Segment**: Net sales +1.8% (2.4% price growth offset by 0.6% volume decline). EBITDA margin +41bps, excluding CirCCUlar costs, EBITDA would have grown 10.2%.
- **International Business**: Volumes +5.3% (Argentina water category up mid-teens), but net sales -8.9% due to 42.2 Argentine peso devaluation. EBITDA +73.1% across geographies.
- **Wine Segment**: Top line +1.6% (exports +4.5%), but EBITDA -12% due to higher wine costs and U.S. dollar-linked packaging expenses.

**【Q&A Key Highlights】**
- **Argentina Recovery**: Prices 9% below inflation YTD; expect post-election stabilization and private consumption growth (~3% in 2026). Water category volumes up mid-teens, beer industry contracted mid-single digits in Q3.
- **Chile Pricing Strategy**: Prices +4% ex-mix effect, gaining market share via innovation (e.g., flavored beers, ready-to-drink spirits). 2025-2027 strategy focuses on revenue management and brand equity.
- **Cost Outlook**: Favorable raw material prices (barley, sugar, PET) offset by 5% aluminum increase. CirCCUlar costs ~CLP 15 billion annually but stabilizing.
- **CapEx Focus**: 2025 CapEx ~10-15% below original guidance; 2026+ focus on IT, innovation, and regulatory compliance. CapEx/Sales ratio <6%, with CapEx/depreciation ratio approaching 1:1.


Compañía Cervecerías Unidas S.A. (CCU) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CCU

CCU fundamentals

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