...September 16, 2025 This report does not constitute a rating action. Despite a volatile environment and currency headwinds, CCU's organic revenues grew in the first half of 2025. Net revenue increased 3.7% year-over-year, excluding acquisitions, driven by a 3% increase in average prices in Chilean pesos (CLP) and a 1% volume increase. This performance was largely due to successful revenue management initiatives in Chile and increased exports in the Wine segment. However, a 3.1% revenue contraction in the International Business segment partially offset these gains, stemming from challenging pricing dynamics in Argentina and the depreciation of the Argentine peso. While volumes recovered across all segments, this was tempered by declining domestic Chilean wine volumes. We expect economic challenges in Argentina to moderate revenue growth in fiscal year 2025. Recent deterioration in the country's economic conditions has softened consumer spending and intensified pricing challenges, leading...
