Compañía Cervecerías Unidas S.A. Q4 FY2025 earnings call

• In 2025, CCU had strong results in main operating segment but faced challenges in Argentina and wine business. Consolidated EBITDA decreased 2.9% isolating nonrecurring gain. • Chile operating segment had 7.8% EBITDA growth. Strengthened regional footprint in Paraguay, posted volume growth in Argentina water business and beer scale in Colombia. Had double-digit growth in low alcohol and RTD beverage products in Chile. • Celebrated 175 years, achieved high employee satisfaction, certified as Top Employer, moved up in citizen brands ranking, and recognized for corporate governance. • Quarterly, consolidated volumes rose 0.6% driven by Chile; financial results below last year due to Argentina's challenging scenario, wine segment headwinds, but Chile continued positive.

In quarter 4 2025, the Chile operating segment top line expanded by 5.5% due to 4.1% increase in volumes and 1.3% higher average prices; EBITDA reached 6% mostly from 9.1% gross profit expansion, offset by 10.1% higher MSD&A expenses. International Business Operating segment net sales decreased 36.3% with EBITDA dropping 44.5%. Wine Operating segment top line contracted 16.8% with EBITDA down 45.2%.

• Isolating Argentina, consolidated EBITDA would have grown mid-single digits in 2025. • Expect to maintain net leverage notch with net financial debt EBITDA ratio below 2, aiming to maintain or decrease if business improves. • Anticipate favorable EBITDA margin in 2026 due to Chilean peso appreciation, though some raw material prices like aluminum are a concern.

• Challenges in Argentina and wine business in 2025, especially second half. • Negative impact on International Business operating segment due to lower average prices and volume contraction. • Mix effects and cost pressures in various segments affecting EBITDA. • Uncertainty in exchange rate and raw material price scenarios impacting margins and results.

Q: Regarding volume growth in Chile this quarter and beer performance, A: Chile's volume growth driven by non-alcoholic categories, beer category saw seasonally adjusted growth, capital alcohol consumption decreased mid-single digits.

Q: SG&A in Chile backtracking, A: Mainly due to higher marketing investment in quarter 4 2025 to support premium portfolio.

Q: Pricing strategy in Chile for alcoholic and non-alcoholic beverages, A: Aim to increase prices in line with inflation, use revenue management including launching higher-margin innovation.

Q: Environment in Argentina and CapEx, A: Gradual recovery in Argentina volumes, CapEx will be around depreciation.

Q: Negative inflection point in Argentina and wine pricing, A: 2025 beer prices in Argentina below inflation, mix effects in exports affected wine pricing.

Q: Pricing in Chile, A: Chile operating segment price increase 3.5% in year, mix effect in last quarter due to accelerated water sales.

Q: Margins in Chile in 2026, A: Favorable EBITDA margin expected due to Chilean peso appreciation, but aluminum prices a concern.

Q: Nonalcoholic front in Chile, A: Pepsi Zero doing well, water business and enhanced water products growing double digit, functional drinks growing mid-single digits.

Q: Financial policy and rating, A: Aim to maintain net leverage notch below 2, no specific policy but aim to preserve rating.

Q: Raw material cost expectations for 2026, A: Positive scenario due to Chilean peso appreciation, but aluminum and PET recycling prices a factor.