Compania Cervecerias Unidas S.A. Q3 2025 Earnings Recap

CCU's Q3 2025 results show resilience with a 4.6% increase in consolidated EBITDA, bolstered by improvements in Chile, despite facing challenges in the international business segment, particularly in Argentina.

Key Takeaways

• Consolidated net sales decreased by 1.1%, impacted by a 2.2% drop in average prices, although volume growth of 1.2% partially mitigated this decline.
• EBITDA margin expanded by 60 basis points, reflecting operational efficiencies and improved gross margins in key segments.
• The International Business segment experienced an 8.9% decline in net sales, primarily due to a significant currency devaluation in Argentina, while growth in volume was noted, especially in the water category.
• The Wine Operating segment's EBITDA decreased by 12%, driven by a decline in domestic sales and increased costs, despite positive export performance.
• Year-to-date EBITDA growth of 9.9%, excluding nonrecurring gains, underscores the effectiveness of CCU's 2025-2027 strategic plan focusing on profitability through revenue management and efficiency improvements.