UNITED BREWERIES CO INC

Leading Chilean multi-category beverage franchise with strong growth recovery but mid-pack returns and emerging-market risk.

Strengths

• Strong net income growth +49% (81st pct) and revenue growth +13% (79th pct); ROA 4.4% (72nd pct), solid cash position
• ~45% weighted Chile market share across beer, soft drinks, water, wine and spirits with leading brand portfolio

Risks

• Returns only mid-pack — ROE 10.6% (62nd pct), net/operating margins near sector median; interest coverage modest (2.7)
• Heavy exposure to Chilean and (hyperinflationary) Argentine macro and FX, with input costs in foreign currencies

Notable findings

• Customer concentration~70% of revenue from one customer/distributor — In 2025, approximately 70% of sales volume corresponded to proprietary brands, which mitigates the risk of the potential impact of the loss of licensing agreements
• Strong balance sheetStrong balance sheet — $763M cash & investments