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• Full Year Consolidated EBITDA: CLP387,267 million, up 2.1% excluding nonrecurring gains; up 9.6% including nonrecurring gains.

• Full Year Consolidated Net Income: Increased 32.5% excluding nonrecurring gains; up 52.3% including nonrecurring gains.

• Q4 2024 Consolidated EBITDA: CLP182,621 million, a 65.2% increase.

• Q4 2024 Consolidated Net Income: CLP74,153 million, up 77.7%.

• Chile Operating Segment Revenue: Increased 9.9% with a 4.9% rise in average prices and 4.7% higher volumes.

• Chile Operating Segment EBITDA: Expanded 23%, with EBITDA margin up 208 basis points to 19.6%.

• International Business Operating Segment Organic Net Sales: Increased due to higher organic average prices despite an 11.5% contraction in organic volumes.

• Wine Operating Segment Revenue: Expanded 21.4% with a 21.7% rise in average prices; volumes were flat.

• Wine Operating Segment EBITDA: Grew 16%, though EBITDA margin decreased by 74 basis points.

• Colombia Joint Venture Volume: 2.3 million hectoliters in full year 2024, up 7.8%, achieving positive EBITDA.

• Warning! GuruFocus has detected 9 Warning Signs with CCU.

Release Date: February 26, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• United Breweries Co Inc (NYSE:CCU) delivered higher financial results in 2024 compared to 2023, with a strong turnaround in the second half of the year.

• Consolidated EBITDA for the full year increased by 2.1%, and net income expanded by 32.5%, excluding nonrecurring gains.

• The company successfully executed its regional plan, HerCCUles, which aligned the company under six pillars, resulting in positive EBITDA and net income growth.

• CCU strengthened its regional footprint by consolidating Aguas de Origen in Argentina and expanding its scale in Paraguay through a partnership with the Vierci Group.

• In quarter four 2024, CCU achieved a 65.2% increase in consolidated EBITDA, driven by solid performance across all operating segments.

Negative Points

• CCU faced a low 20s contraction in the beer and water industries in Argentina and flat volumes in the Chile Operating segment due to modest economic growth.

• The company experienced cost and expense pressures from the depreciation of local currencies against the US dollar.

• Quarterly volumes were down 0.1% in quarter four 2024, primarily due to a contraction in the international business operating segment.

• The Wine Operating segment saw a decline in EBITDA margin by 74 basis points despite a 21.4% top line expansion.

• The business scenario for 2025 is expected to remain volatile and uncertain, with a cautious outlook on economic growth in key markets.