CCU

• New Leadership & Strategy

• New CEO Eduardo French-David launched a new 4-year strategic framework called Vamos For Más, built on four core pillars to drive profitable growth amid challenging market conditions
• The four pillars are: 1) sharpen business focus by differentiating core and high-growth potential businesses, deepening multi-category category coverage for distinct consumer consumption occasions; 2) boost operational synergies by reducing redundancies across the business, building on initial synergies between wine and spirits in Chile; 3) increase organizational agility by granting greater operational autonomy, reducing friction, and implementing real-time operational controls; 4) accelerate end-to-end digital and operational transformation, with digital tools as the primary enabler of growth and synergies
• Organizational structure changes and process updates will be rolled out gradually through 2026, with a focus on maintaining operational continuity

• Completed Key Acquisition

• CCU acquired the 49% equity stake in Agua Seseú Nestlé held by Nestlé Chile, reaching 100% ownership of the subsidiary
• The acquisition strengthens CCU's leadership in Chile's steadily growing low double-digit water category; CCU will maintain its strategic distribution partnership with Nestlé for coffee-based RTDs and Nestlé water brands in Chile

• Portfolio Trends

• Low-alcohol flavored RTD products across all categories (beer, spirits, wine) are delivering strong double-digit growth, aligned with shifting global consumer trends
• In Chile's soft drink category, better-for-you/healthy products (water, flavored water, juices, functional beverages) are growing, while carbonated soft drinks remain a mature, stable category

• Management expects to see a gradual volume recovery in Argentina in H2 2026, driven by easier year-over-year comparables from the 2025 H2 volume collapse and month-over-month improving volume trends seen since March 2026. A more robust consumption environment is expected towards the end of 2026, though volatility remains.• Chile's recently approved tax reform, which cuts corporate tax rates, is expected to boost long-term investment and employment in Chile, which will indirectly support consumption growth, though near-term consumption impacts are hard to predict.• CCU expects leverage to converge back to the target range of 1.5x to 2.5x net financial debt, supported by a projected recovery in Argentina and continued strong results from Chile.• A new full 4-year strategic plan aligned with the Vamos For Más framework, with formal 2030 KPIs, will be released in the near term, replacing the existing strategic plan.

1. Chile Operating Segment: Net sales grew 1.5% year-over-year, with 2.5% higher volumes (which gained overall market share) offset by a 1% average price decrease. Non-alcoholic categories grew mid-single digits, outpacing a low single-digit decline in alcoholic categories (beer and spirits); low-alcohol flavored RTD alcohol products grew double digits and now represent 8.3% of the segment's total alcohol volume. Gross profit increased 9.4%, and EBITDA rose 26.2% with a 264 basis point EBITDA margin expansion. This segment contributed the majority of consolidated EBITDA growth in the quarter. 2. International Business Operating Segment: Net sales increased 15.7% year-over-year, driven by 24.9% higher average prices (from inflation-aligned price hikes in Argentina) partially offset by a 7.4% volume contraction (driven by high single-digit industry contraction in Argentina and operational disruptions from social unrest in Bolivia). Gross profit increased 20.8%, and the segment reported a 25.8% smaller EBITDA loss compared to Q2 2025. The segment incurred 1,408 million Chilean pesos in restructuring expenses for Argentina in the quarter. 3. Wine Operating Segment: Net sales dropped 14.1% year-over-year, driven by a 13.7% volume decrease (from industry contraction in both Chilean domestic and export markets) and a 0.5% average price decrease (from negative portfolio mix and unfavorable exchange rate impacts on exports). Gross profit fell 26.9% due to elevated wine input costs, partially offset by manufacturing efficiencies. EBITDA contracted 61.9% year-over-year. The segment incurred 1,633 million Chilean pesos in restructuring expenses. Flavored low-alcohol wine RTD products nearly doubled in volume year-over-year, led by new product launches. 4. Consolidated: Consolidated net sales grew 4.8% year-over-year, EBITDA expanded 59.4%, gross margin improved 76 basis points, and S&D&A expenses as a percentage of net sales decreased 62 basis points.

• Global unfavorable category trends and elevated input costs for wine are pressuring the wine segment's profitability and volumes.• Argentina continues to face a weak sub-consumption environment, high macroeconomic volatility, and inflation that has yet to translate to sustained consumption recovery.• Social unrest and roadblocks in Bolivia have disrupted segment operations and pressured volumes.• Higher oil prices are driving increased distribution cost pressures across the business.• Chile's alcoholic beverage category faces a broad industry downtrend that requires portfolio innovation and adjustment to reverse.• Currency volatility and exchange rate movements impact both input costs (USD-denominated costs benefit from a stronger Chilean peso, while exports are harmed by a stronger peso).

Q: What is the current state of competition in Chile's soft drink market, and what is the outlook for the rest of 2026? Why were Argentine beer volumes still pressured this quarter despite major sporting events, and what is the H2 outlook?

A: Chile's soft drink market is mature and consistently competitive, with growth driven entirely by better-for-you healthy subcategories where CCU holds strong leading market positions. CCU will continue investing in innovation and mix shift toward these growing categories, while maintaining strong positions in carbonated soft drinks. For Argentina, Q2 2026 volumes are compared to a very strong Q2 2025, and the high single-digit industry contraction follows major macroeconomic adjustments in 2025 that caused a sharp H2 2025 volume collapse. Seasonally adjusted data shows ongoing month-over-month volume improvement since March 2026, and a volume recovery is expected in H2 2026 as comparables ease.

Q: What are the medium-term targets of the new Vamos For Más strategic plan, and what is your consumption outlook for Chile for H2 2026 and 2027, including impacts of the new tax reform?

A: The new strategy will inform a 4-year plan running through 2030, with formal KPIs to be released later. It deepens CCU's multi-category focus, pursues cross-business synergies, increases agility via flatter organizational structures, and accelerates end-to-end digital transformation to drive profitable growth. For Chile, while the overall alcohol category faces a broad downtrend, CCU is seeing early success with innovative low-alcohol RTD wine products that can reverse this trend. Non-alcoholic better-for-you categories continue growing steadily with CCU holding leading positions across all segments. The Chilean tax reform cutting corporate rates is positive long-term for investment, employment, and eventual consumption growth, though near-term impacts are uncertain.

Q: Will CCU change its longstanding policy of no foreign exchange or commodity hedging, what is your updated strategic approach for the wine segment, and what changes are planned for the Colombian business?

A: CCU's hedging policy remains unchanged, as reapproved annually by the board of directors. For wine, CCU is integrating wine and spirits operations in Chile to capture synergies and better serve consumer occasions, while focusing export growth on its core premium product lines in international markets to improve profitability. Colombia is a core growth market for CCU under the new strategy, where the business is already delivering double-digit volume growth, and CCU will invest to strengthen its market position and continue expanding.

Q: How will the Agua Seseú Nestlé acquisition impact leverage, dividends, and the operating model for Chile's water business?

A: Leverage increased from 1.7x to 2.4x this quarter because the acquisition used existing cash from a 2022 international bond issuance. Management expects leverage to return to the 1.5x-2.5x target range as results improve, particularly if Argentina recovers. CCU's dividend policy of distributing at least 50% of net income remains unchanged for 2026, with any 2027 changes subject to shareholder approval. 100% ownership will enable more agile decision-making for the water business, supporting continued innovation across mineral, flavored, and purified water segments while retaining CCU's existing strategic growth strategy for the category.