Andina Bottling Co Inc_December 31, 2025

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As filed with the Securities and Exchange Commission on April 1, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

Commission file number 001-13142

Embotelladora Andina S.A.

(Exact name of Registrant as specified in its charter)

Andina Bottling Company

(Translation of Registrant’s name into English)

Republic of Chile

(Jurisdiction of incorporation or organization)

Miraflores 9153, 7th Floor
Renca - Santiago, Chile

(Address of principal executive offices)

Paula Vicuña, Tel. (56-2) 2338-0520 E-mail: paula.vicuna@koandina.com

Miraflores 9153, 7th Floor- Renca - Santiago, Chile

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class		Trading Symbol		Name of each exchange on which registered
Series A Shares, Series B Shares of Registrant represented by American Depositary Shares		AKO.A AKO.B		New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

	Series A Shares	473,289,301
	Series B Shares	473,281,303

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☒ Yes ☐ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

☐ Yes ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☒

Accelerated filer ☐

Non-accelerated filer ☐

Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

☒ Yes ☐ No

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

◻

Indicate by checkmark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant period pursuant to §240.10D-1(b).

☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐

International Financial Reporting Standards as issued by the International Accounting Standards Board ☒

Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

◻ Yes ☒ No

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TABLE OF CONTENTS


INTRODUCTION		2
PART I		5
ITEM 1.	IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS	5
ITEM 2.	OFFER STATISTICS AND EXPECTED TIMETABLE	5
ITEM 3.	KEY INFORMATION	5
ITEM 4.	INFORMATION ON THE COMPANY	25
ITEM 4A.	UNRESOLVED SECURITIES AND EXCHANGE COMMISSION STAFF COMMENTS	59
ITEM 5.	OPERATING AND FINANCIAL REVIEW AND PROSPECTS	59
ITEM 6.	DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES	74
ITEM 7.	MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS	86
ITEM 8.	FINANCIAL INFORMATION	88
ITEM 9.	THE OFFER AND LISTING	89
ITEM 10.	ADDITIONAL INFORMATION	90
ITEM 11.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	97
ITEM 12.	DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES	99
PART II		101
ITEM 13.	DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES	101
ITEM 14.	MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS	101
ITEM 15.	CONTROLS AND DISCLOSURE PROCEDURES	101
ITEM 16.	[Reserved]	102
ITEM 16A.	AUDIT COMMITTEE FINANCIAL EXPERT	102
ITEM 16B.	CODE OF ETHICS	102
ITEM 16C.	PRINCIPAL ACCOUNTANT FEES AND SERVICES	102
ITEM 16D.	EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES	103
ITEM 16E.	PURCHASERS OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS	103
ITEM 16F.	CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT	103
ITEM 16G.	CORPORATE GOVERNANCE	104
ITEM 16H.	MINE SAFETY DISCLOSURE	105
ITEM 16I.	DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	105
ITEM 16J.	INSIDER TRADING POLICIES	105
ITEM 16K.	CYBERSECURITY	105
PART III		108
ITEM 17.	FINANCIAL STATEMENTS	108
ITEM 18.	FINANCIAL STATEMENTS	108
ITEM 19.	EXHIBITS	109

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INTRODUCTION

Certain Definitions

Unless the context otherwise requires, as used in this annual report the following terms have the meanings set forth below:

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the “Company,” “we,” “our,” “Andina” and “Coca-Cola Andina” means Embotelladora Andina S.A. and its consolidated subsidiaries;

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“Andina Chile” means Andina’s consolidated subsidiaries in Chile, excluding VJ S.A., Vital Aguas S.A., Envases Central S.A. and Re-Ciclar S.A.;

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“Andina Argentina” means our subsidiary, Embotelladora del Atlántico S.A., or EDASA;

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“Andina Brazil” and “RJR” means our subsidiary, Rio de Janeiro Refrescos Ltda. and its subsidiaries;

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“AEASA” means our subsidiary, Andina Empaques Argentina S.A.;

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“PARESA” means our subsidiary, Paraguay Refrescos S.A.;

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“Envases CMF” means our affiliate, Envases CMF S.A.;

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“ECSA” means our subsidiary, Envases Central S.A.;

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“Re-Ciclar” means our subsidiary, Re-Ciclar S.A.;

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“Circular-Pet” means Circular-Pet S.A.;

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“Vital Jugos” means our subsidiary, VJ S.A., previously known as Vital S.A. and subsequently Vital Jugos S.A.;

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“VASA” means our subsidiary, Vital Aguas S.A.;

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“The Coca-Cola Company” means The Coca-Cola Company and its subsidiaries, including without limitation Coca-Cola de Chile S.A., which operates in Chile, Recofarma Indústrias do Amazonas Ltda., which operates in Brazil, and Servicios y Productos para Bebidas Refrescantes S.R.L., which operates in Argentina;

●

the “Chilean territory” means the regions of Antofagasta, Atacama, Coquimbo, Metropolitan Region of Santiago, Aysén and Magallanes and the Chilean Antarctic and the provinces of Cachapoal and San Antonio;

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the “Brazilian territory” means the greater part of the State of Rio de Janeiro, the totality of the State of Espírito Santo and parts of the State of São Paulo and the State of Minas Gerais;

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the “Argentine territory” means the provinces of Córdoba, Mendoza, San Juan, San Luis, Santa Fe, Entre Ríos, La Pampa, Neuquén, Río Negro, Chubut, Santa Cruz, Tierra del Fuego as well as the western part of the province of Buenos Aires; and

●

the “Paraguayan territory” means the country of Paraguay.

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Presentation of Financial and Certain Other Information

Unless otherwise specified, references herein to “dollars”, “U.S. dollars” or “US$” are to United States dollars; references to “pesos”, “Chilean pesos”, “Ch$” or “ThCh$” are to Chilean pesos; references to “Argentine pesos” or “AR$” are to Argentine pesos; references to “real”, “reais” or “R$” are to Brazilian reais; and references to “guaraníes”, “guaraní” or “G$” are to Paraguayan guaraníes. References to “UF” are to Unidades de Fomento. The UF is an inflation-indexed Chilean monetary unit with a value in Chilean pesos that is adjusted daily to reflect changes in the official consumer price index of the Instituto Nacional de Estadísticas (the “Chilean National Institute of Statistics”). The UF is adjusted in monthly cycles. Each day in the period beginning on the tenth day of the current month through the ninth day of the succeeding month, the nominal peso value of the UF is indexed up (or down in the event of deflation) in order to reflect a proportionate amount of the change in the Chilean consumer price index during the prior calendar month. Certain percentages and amounts contained in this annual report have been rounded for ease of presentation.

The Company’s consolidated financial statements for the years ended December 31, 2023, 2024 and 2025 have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and the Interpretations issued by the International Financial Reporting Standards IFRS Interpretations Committee (IFRIC) applicable to companies reporting under IFRS.

Our consolidated financial statements are presented in Chilean pesos. Our consolidated financial statements reflect the results of our subsidiaries located in Brazil, Argentina and Paraguay, converted into Chilean pesos (our functional and presentation currency). IFRS requires assets and liabilities to be converted from the functional currency of our subsidiaries outside Chile to our reporting currency (Chilean peso) at the end of period exchange rates and income and expense accounts to be converted at the average monthly exchange rate for the month in which income or expense is recognized for subsidiaries that do not operate in hyperinflationary economies.

In the case of our Argentine subsidiaries, which have been operating in an environment that during 2023, 2024 and 2025 was classified as hyperinflationary, the conversion criteria from the functional currency of those subsidiaries to our presentation currency is the following:

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Statement of financial position (balance sheet): Non-monetary items are expressed in the current currency at the balance sheet date and translated to the presentation currency of the closing exchange rate. Losses and gains are included in net earnings (fiscal year income).

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Income statement: Income statement items are expressed in the current currency unit at the end of the reporting period, using the variation of the general price index from the date on which the expenses and revenues were accrued, and translated to the presentation currency at closing exchange rate.

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Cash flow statement: Cash flow statement items are expressed in the current currency unit at the end of the reporting period and translated to the presentation currency at closing exchange rate.

For more information on the effects of the hyperinflationary environment in Argentina see note 2.5 of our consolidated financial statements included herein.

Unless otherwise specified, our financial data is presented herein in Chilean pesos.

Forward-Looking Statements

This annual report includes forward looking statements, principally under the captions “Item 4. Information on the Company—Part B. Business Overview,” “Item 3. Key Information—Part D. Risk Factors,” and “Item 5. Operating and Financial Review and Prospects.” We have based these forward-looking statements largely on our current beliefs, expectations and projections about future events and financial trends affecting our business. Examples of such forward-looking statements include:

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statements of our plans, objectives or goals, including those related to anticipated trends, competition or regulation;

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statements about our future economic performance and that of Chile or other countries in which we operate;

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statements about our exposure to market risks, including interest rate risks, foreign exchange risk and equity price risk; and

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statements of assumptions underlying such statements.

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Words such as “believes,” “expects,” “anticipates,” “projects,” “intends,” “should,” “could,” “may,” “seeks,” “aim,” “combined,” “estimates,” “probability,” “risk,” “target,” “goal,” “objective,” “future” or similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially and adversely from those described in such forward-looking statements included in this annual report as a result of various factors (including, without limitation, the actions of competitors, future global economic conditions, market conditions, foreign exchange rates and operating and financial risks), many of which are beyond our control. The occurrence of any such factors not currently expected by us would significantly alter the results set forth in these statements.

You should understand that the following important factors, in addition to those discussed elsewhere in this annual report, could affect our future results and could cause those results or other outcomes to differ materially and adversely from those expressed in our forward-looking statements:

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changes in the legal and regulatory framework of the beverage sector in the regions where we operate;

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volatility and fluctuations in demand for our products and the effect of such changes on the volume that we are able to sell and the price that we are able to charge for our products;

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changes in general economic, business, political or other conditions in the regions where we operate;

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the nature and extent of competition in the beverage industry in Latin America and the effect of competition on the prices we are able to charge for our products;

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changes in taxes;

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the outcome of litigation against us;

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potential effects of weather conditions, earthquakes, tsunamis or other natural disasters;

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global developments that affect our markets, including potential changes related to trade and tariffs;

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the monetary and interest rate policies of the central banks of the countries in which we operate;

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unanticipated movements or volatility in interest rates, foreign exchange rates, inflation, equity prices or other rates or prices;

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our inability to hedge certain risks economically;

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capital and credit market conditions, including the availability of credit changes in interest rates;

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delays in the development of our projects, changes to our investment plans, due to changes in demand, authorizations, etc.;

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the impact of the occurrence or resurgence of global or regional health events, and government measures aimed at limiting the spread of pathogens; and

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the factors described under “Risk Factors.”

The forward-looking statements contained in this document speak only as of the date of this annual report, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, unless required by law.

Market Data

We have computed the information contained in this annual report regarding annual volume and per capita growth rates and levels, and market share, product segment, and population data in our bottling territories, based upon accumulated statistics developed by us. Market share information presented with respect to soft drinks, juices, waters and beer is based on data supplied by A.C. Nielsen Company.

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PART I

ITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not applicable.

ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable.

ITEM 3.KEY INFORMATION

A.[Reserved]

B.CAPITALIZATION AND INDEBTEDNESS

Not applicable.

C.REASONS FOR THE OFFER AND USE OF PROCEEDS

Not applicable.

D.RISK FACTORS

Summary of Risk Factors

The following summarizes some, but not all, of the principal risks provided below. Please carefully consider all of the information discussed in this Item 3.D “Risk Factors” in this annual report on Form 20-F for a detailed description of these and other risks.

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We rely heavily on our relationship with The Coca-Cola Company, which has substantial influence over our business and operations. Non-renewal of our authorization to produce and market its branded products, or other changes in our relationship, may adversely affect our business.

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Our business is subject to regulation, which is complex and subject to change.

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Our business is subject to increasing environmental regulation, which may result in increases in our operating costs or adverse changes in consumer demand.

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The beverage business environment is changing rapidly, including as a result of increased health and environmental concerns, such as epidemic diseases, single-use packaging, and plastic bottles pollution, and if we do not address evolving consumer product and shopping preferences, our business could suffer.

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Increased concern about the health effects of sugar and other sweeteners in beverages could result in changes to the beverage business that may adversely affect our financial results.

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Our business is highly competitive, including with respect to price competition, which may adversely affect our net profits and margins.

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A devaluation of the currencies of the countries where we have our operations against the Chilean peso could negatively affect our results as reported in Chilean pesos.

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If our raw material costs increase, including as a result of U.S. dollar/local currency exchange risk, price volatility and inflation, our profitability may be affected.

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Negative information about our products or similar products on social media and similar platforms could adversely affect our reputation.

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Instability in the supply of utility services and oil prices may adversely impact our results of operations.

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Significant additional labeling or warning requirements may inhibit sales of our products.

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Water scarcity, poor water quality and energy shortages could adversely impact our production costs and capacity.

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Climate change and legal or regulatory responses thereto may have an adverse impact on our business and results of operations.

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Our ability to achieve our environmental, social and governmental goals are subject to risks, many of which are outside of our control and our reputation and brands could be harmed if we fail to meet such goals.

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The imposition of exchange controls could restrict the entry and exit of funds to and from the countries in which we operate, which could significantly limit our financial capacity.

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Our business may be adversely affected if we are unable to maintain brand image and product quality.

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Trademark infringement could adversely impact our beverage business.

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We may not be able to successfully implement our expansion strategies or achieve the expected operational efficiencies or synergies from potential acquisitions.

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Weather conditions or natural disasters may adversely affect our business.

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Our business is subject to risks arising from pandemics.

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Our insurance coverage may not adequately cover losses resulting from risks for which we are insured.

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If we are unable to protect our information systems against data corruption, cyber-based attacks or network security breaches, our operations could be disrupted.

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If we fail to comply with personal data protection and privacy laws, we could be subject to adverse publicity, government enforcement actions and/or private litigation, which could negatively affect our business and operating results.

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Perception of risk in emerging economies may impede our access to international capital markets, hinder our ability to finance our operations and adversely affect our financial performance.

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Our business may be adversely affected if we fail to renew collective bargaining labor agreements on satisfactory terms or experience strikes or other labor unrest.

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Social and political instability in the countries where we operate, including protests, civil unrest or significant policy changes, could disrupt operations and adversely affect our financial results.

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If we were to become subject to adverse judgments or determinations in legal proceedings to which we are, or may become, a party, our future profitability could suffer through significant liabilities, a reduction of sales, increased costs or damage to our reputation.

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Adverse judgments or determinations in tax proceedings to which we are, or may become, a party, may have a material adverse impact on our business and results of operations.

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The countries in which we operate may adopt new tax laws or modify existing laws or their interpretations, to increase taxes applicable to our business or reduce existing tax incentives.

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If we do not successfully comply with laws and regulations designed to combat corruption in countries in which we sell our products, we could become subject to fines, penalties or other regulatory sanctions, and our sales and profitability could suffer.

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We may not be able to recruit or retain key personnel.

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Geopolitical and other challenges and uncertainties globally could have a material adverse effect on the global economy and our business.

You should carefully consider the following factors in addition to the other information set forth in this annual report on Form 20-F. Any of the following risks, if they materialize, could materially and adversely affect our business, results of operations, prospects and financial condition.

Risks Relating to our Company

We rely heavily on our relationship with The Coca-Cola Company, which has substantial influence over our business and operations; and changes in this relationship may adversely affect our business.

The Coca-Cola Company has substantial influence on the conduct of our business. The interests of The Coca-Cola Company may be different from the interests of our other shareholders. The largest part of our net sales for 2024 and 2025, respectively, were derived from the distribution of soft drinks and other beverages bearing trademarks owned by The Coca-Cola Company. In addition, The Coca-Cola Company currently owns, directly or through its subsidiaries, 14.65% of our Series A shares (representing 7.33% of our total shares) and benefits from certain rights under a shareholders’ agreement.

We produce, market and distribute Coca-Cola products through standard bottler agreements between our bottler subsidiaries and The Coca-Cola Company. Under these bottler agreements, we are prohibited from producing, bottling, distributing, or selling any products that could be substituted for, be confused with or be considered an imitation of soft drinks or other beverages and products under the trademarks of The Coca-Cola Company.

The Coca-Cola Company has the ability to exert a substantial influence on the business of the Company through its rights under the bottler agreements. The Coca-Cola Company also monitors our prices and has the right to review and approve our marketing, operating and advertising plans. These factors may have an impact on our profit margins, which could adversely affect our net income and results of operations.

Marketing campaigns for Coca-Cola products are designed and controlled by The Coca-Cola Company. The Coca-Cola Company also makes significant contributions to our marketing expenses, although it is not required to contribute a particular amount. Accordingly, The Coca-Cola Company may discontinue or reduce such contribution at any time.

We depend on The Coca-Cola Company to renew our bottler agreements, which are subject to termination by The Coca-Cola Company in the event we default or upon expiration of their respective terms. We currently are party to four bottler agreements: one agreement for Chile, which expires in January 2027, one agreement for Brazil, which expires in October 2027, one agreement for Argentina, which expires in September 2027, and one agreement for Paraguay, which expires in March 2028. We cannot provide any assurance that our bottler agreements will be maintained or renewed upon their termination. Even if they are renewed, we cannot provide any assurance that renewal will be granted on the same terms as those currently in effect. Termination, non-extension or non-renewal of any of our bottler agreements would prevent us from selling Coca-Cola trademark beverages in the affected territory, which would have a material adverse effect on our business, financial condition and results of operation.

In addition, any acquisition we make of bottlers of Coca-Cola products in other territories may require, among other things, the consent of The Coca-Cola Company under bottler agreements to which such other bottlers are subject. We cannot assure you that The Coca-Cola Company will consent to any future geographic expansion of our Coca-Cola beverage business.

We cannot assure you that our relationship with The Coca-Cola Company will not deteriorate or otherwise undergo significant changes in the future. If such changes do occur, our operations and financial results and condition could be materially affected.

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Our business is subject to regulation, which is complex and subject to change.

We are subject to local regulations in each of the territories in which we operate. The main areas of regulation are water, environment, labor, taxation, health, consumer protection, advertising, social security, and antitrust. Regulation could affect our ability to set prices for our products. The adoption of new laws or regulations or a stricter interpretation or enforcement thereof in the countries in which we operate may increase our operating costs or impose restrictions on our operations which, in turn, may adversely affect our financial condition, business and results. Further changes in current regulations may result in increased compliance costs, which may have an adverse effect on our results or financial condition.

In the past, voluntary price restraints or statutory price controls have been imposed in several of the countries in which we operate. Currently, there are no restraints or price controls applicable to our products in any of the territories in which we operate. However, we cannot assure you that government authorities in any country in which we operate will not impose statutory price controls, or that we will not be requested to impose voluntary price restraints in the future. The potential imposition of restraints or price controls in the future may have an adverse effect on our results and financial condition. Additionally, increases in minimum wages, as well as changes in the interpretation of labor laws and regulations, may also have an adverse effect on our results and financial condition.

Our business is subject to increasing environmental regulation, which may result in increases in our operating costs or adverse changes in consumer demand.

We are subject to various environmental laws and regulations in the countries where we operate, which apply to our products, containers and activities. If these environmental laws and regulations are strengthened or newly established in jurisdictions in which we conduct our business, we may be required to incur considerable expenses in order to comply with such laws and regulations. We are also subject to uncertainty regarding the interpretation of the environmental laws and regulations of the countries in which we operate, and any ambiguity or uncertainty regarding the interpretation or application of regulations can result in increased production costs or penalties for non-compliance, which are difficult to predict. Such increased expenses may have a material adverse effect on our results of operations and financial position. To the extent we determine that it is not financially sound for us to continue to comply with such laws and regulations, we may have to curtail or discontinue our activities in the affected business areas.

In addition, concerns over the environmental impact of plastic may reduce the consumption of our products sold in plastic bottles or result in additional taxes that could adversely affect consumer demand. Additionally, new laws and regulations on waste management and extended liability of the producer of plastic bottles may also have an adverse effect on our results and financial condition.

The beverage business environment is changing rapidly, including as a result of increased health and environmental concerns, such as epidemic diseases, single use packaging, and plastic bottles pollution, and if we do not address evolving consumer product and shopping preferences, our business could suffer.

The beverage business environment in our territories is dynamic and constantly evolving rapidly as a result of, among other things, changes in consumer preferences, including changes based on health and nutrition considerations, epidemic diseases, single use packaging, and plastic bottles pollution. Changes in consumer lifestyles; concerns regarding location of origin or source of ingredients and raw materials, and the environmental and sustainability impact of the product manufacturing process; consumer shopping patterns; consumer emphasis on transparency related to our products and packaging; are affecting the beverages industry. If we are unable to successfully adapt in this new environment, our participation in the sales of beverages and financial results in general would be negatively affected.

Increased concern about the health effects of sugar and other sweeteners in beverages could result in changes to the beverage business.

Consumers, public health officials and government agencies are increasingly concerned with public health consequences associated with obesity, particularly among young people. Additionally, some researchers, health advocates and dietary guidelines are encouraging consumers to reduce consumption of sugar-sweetened beverages and beverages sweetened with nutritive or alternative sweeteners. Increasing public concern about these issues, the possibility of taxes on sugar-sweetened beverages or other sweeteners, additional governmental regulations concerning the marketing, labeling, packaging or sale of our beverages and any negative publicity resulting from actual or threatened legal actions against beverage companies relating to the marketing, labeling or sale of beverages may reduce demand for our products or increase the cost, which could adversely affect our profitability.

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Our business is highly competitive, including with respect to price competition, which may adversely affect our net profits and margins.

The beverage business is highly competitive in each of the territories in which we operate. We compete with bottlers of local and regional brands, including low cost beverages and Pepsi products. This competition in each of the regions where we operate is likely to continue, and we cannot assure you that it will not intensify in the future, which could materially and adversely affect our financial condition and results of operations. If we do not continuously strengthen our capabilities in marketing and innovation to maintain our brand loyalty and market share, our business and results of operations could be negatively affected.

A devaluation of the currencies of the countries where we have our operations against the Chilean peso could negatively affect our results as reported in Chilean pesos.

The Company reports its results in Chilean pesos, while a large part of its revenues comes from countries that use other currencies. During 2024 and 2025, 28% and 29% of the Company’s net sales were generated in Brazil, 25% and 22% in Argentina, and 9% and 9% in Paraguay, respectively. If the currencies of these countries depreciate against the Chilean peso, this would have a negative effect on the results and financial condition of the Company, which are reported in Chilean pesos.

If our raw material costs increase, including as a result of U.S. dollar/local currency exchange risk, price volatility and inflation, our profitability may be affected.

In addition to water, our most significant raw materials are (1) concentrate, which we acquire from affiliates of The Coca-Cola Company, (2) sweeteners and (3) packaging materials. Our most significant packaging raw material costs arise from the purchase of resin and plastic preforms to make plastic bottles and from the purchase of finished plastic bottles, the prices of which are related to crude oil prices and global resin supply. Prices for concentrate are determined by an agreement between the Company and The Coca-Cola Company. The prices for our remaining raw materials are driven by market prices and local availability, the imposition of import duties and restrictions, fluctuations in exchange rates and inflation. We may not be successful in negotiating or implementing measures to mitigate the negative effect that increased raw material costs may have in the pricing of our products or our results.

We purchase our raw materials from both domestic and international suppliers, some of which must be approved by The Coca-Cola Company, which may limit the number of suppliers available to us. Because the prices of our main raw materials –except for concentrate– are denominated in U.S. dollars, we are subject to local currency risk with respect to each of our operations. If any of the Chilean peso, Brazilian real, Argentine peso, or Paraguayan guaraní were to depreciate significantly against the U.S. dollar, the cost of certain raw materials in our respective territories could rise significantly, which could have an adverse effect on our financial condition and results of operations. We cannot assure you that these currencies will not lose value against the U.S. dollar in the future. Additionally, some raw material prices are subject to high volatility, which could also have a material adverse effect on our profitability. The supply or cost of specific raw materials could be adversely affected by domestic or global price changes, strikes, weather conditions, taxes, inflation, governmental controls, pandemics, or other factors. Any sustained interruption in the supply of these raw materials or any significant increase in their price could have a material adverse effect on our financial performance.

Negative information about our products or similar products on social media and similar platforms could adversely affect our reputation.

Negative or inaccurate information concerning us or The Coca-Cola trademarks may be posted on social media and similar platforms of Internet-based communications at any time. This information may affect our reputation and adversely impact our business and results of operations.

Instability in the supply of utility services and oil prices may adversely impact our results of operations.

Our operations depend on a stable supply of utilities and fuel in the countries where we operate. Electrical power outages could lead to increased energy prices and possible service interruptions. We cannot assure you that in the future we will not experience energy interruptions that could materially and adversely affect our business. In addition, a significant increase in energy prices would raise our costs, which could materially impact our results of operations. Fluctuations in oil prices have adversely affected our cost of energy and transportation in the regions where we operate, and we expect that they will continue to do so in the future. We cannot assure you that fuel prices will not increase in the future, and that such an increase would not have a significant effect on our financial performance.

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Significant additional labeling or warning requirements may inhibit sales of our products.

The countries in which we operate may adopt significant advertising restrictions as well as additional product labeling or warning requirements relating to the chemical content or perceived adverse health consequences of certain of our Coca-Cola products or other products. These requirements may adversely affect sales of our products and our results of operations. In addition, given the uncertainty surrounding the interpretation of these requirements, we may occasionally be subject to costs and penalties associated with non-compliance, which are difficult to predict.

Water scarcity, poor water quality and energy shortages could adversely impact our production costs and capacity.

Water is the main ingredient in substantially all of our products. It is also a limited resource in many parts of the world, facing unprecedented challenges from overexploitation, increasing demand for food and other consumer and industrial products whose manufacturing processes require water, increasing pollution and poor management, lack of physical or financial access to water, sociopolitical tensions due to lack of public infrastructure in certain areas of the world and the effects of climate change. As demand for water continues to increase around the world, and as the quality of available water deteriorates, we may incur increasing production costs or face capacity constraints and the possibility of reputational damage, which could adversely affect our profitability. We obtain water from various sources in our territories, including springs, wells, rivers and municipal and state water companies pursuant to concessions granted by governments in our various territories. Water scarcity or changes in governmental regulations aimed at rationing water in the regions where we operate could affect our water supply and therefore our business.

Some of the countries in which we operate have experienced prolonged periods of drought in the past. In the event that these drought periods occur and are prolonged over time, the costs of our operations could be significantly affected due to water scarcity and consequent power shortages. Similarly, in the event that a drought situation worsens, the authorities could be forced to issue new laws and regulations that could limit or restrict the sale of our products, which could adversely affect our financial results.

We also anticipate future discussions on new regulations in countries where we operate relating to future ownership and use of water resources, including possible nationalization, and stricter controls on water usage. In the event that these discussions lead to relevant changes in regulations regarding the ownership or use of water resources, the costs of our operation could be significantly affected.

We cannot assure you that water will be available in sufficient quantities and/or quality to meet our future production needs or will prove sufficient to meet our current water supply needs.

Climate change and legal or regulatory responses thereto may have an adverse impact on our business and results of operations.

There is increasing concern that a gradual increase in global average temperatures due to increased concentration of carbon dioxide and other greenhouse gases in the atmosphere is causing significant changes in weather patterns around the globe and an increase in the frequency and severity of natural disasters. Decreased agricultural productivity in certain regions of the world as a result of changing weather patterns may limit the availability or increase the cost of key agricultural commodities, such as sugarcane, and corn, which are important sources of ingredients for our products. Climate change may also exacerbate extreme weather, resulting in water scarcity or flooding, and cause a further deterioration of water quality in affected regions, which could limit water availability for our operations. Increased frequency or duration of extreme weather conditions could also impair production capabilities, disrupt our supply chain or impact demand for our products. Increasing concern over climate change also may result in additional legal or regulatory requirements designed to reduce or mitigate the effects of carbon dioxide and other greenhouse gas emissions on the environment and/or may result in increased disclosure obligations. Increased energy or compliance costs and expenses due to increased legal or regulatory requirements may cause disruptions in, or an increase in the costs associated with, the manufacturing and distribution of our beverage products. The effects of climate change and legal or regulatory initiatives to address climate change could have an adverse impact on our business and results of operations.

Our ability to achieve our environmental, social and governance goals are subject to risks, many of which are outside of our control, and our reputation and brands could be harmed if we fail to meet such goals.

Companies across all industries are facing increasing scrutiny from stakeholders related to environmental, social and governance (“ESG”) matters, including practices and disclosures related to environmental stewardship; social responsibility; diversity, equity and inclusion; and workplace rights. Our ability to achieve our ESG goals and objectives and to report our progress accurately and transparently, presents numerous operational, financial, legal and other risks. If we are unable to meet our ESG goals or evolving stakeholder expectations and industry standards, or if we are perceived to have not responded appropriately to the growing concern for ESG issues, our reputation, and therefore our ability to sell products, could be negatively impacted.

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In addition, in recent years, investor advocacy groups and certain institutional investors have placed increasing importance on ESG matters. If, as a result of their assessment of our ESG practices, certain investors are unsatisfied with our actions or progress, they may reconsider their investment in our Company.

The imposition of exchange controls could restrict the entry and exit of funds to and from the countries in which we operate, which could significantly limit our financial capacity.

The imposition of exchange controls in the countries in which we operate could affect our ability to repatriate profits, which could significantly limit our ability to pay dividends to our shareholders. Additionally, it may limit the ability of our foreign subsidiaries to finance payments of U.S. dollar denominated liabilities required by foreign creditors and suppliers.

Our business may be adversely affected if we are unable to maintain brand image and product quality.

Our beverage business is highly dependent on maintaining the reputation of our products in the countries where we operate. If we fail to maintain high standards for product quality, our reputation and ability to remain a distributor of The Coca-Cola Company beverages in the countries where we operate could be jeopardized. Negative publicity or incidents related to our products may reduce their demand and could have a material adverse effect on our financial performance. If any of our products is defective or found to contain contaminants, or causes injury or illness, we may be subject to legal claims filed by consumers, product recalls, business interruptions and/or other liabilities.

We take significant precautions in order to minimize any risk of defects or contamination in our products. These precautions include quality-control programs for raw materials, the production process and our final products. We have also established procedures to correct as soon as practicable any problems that are detected. However, the precautions and procedures we implement may not be sufficient to protect us from potential incidents.

Trademark infringement could adversely impact our beverage business.

A significant portion of our sales derives from sales of beverages branded with trademarks of The Coca-Cola Company, as well as other trademarks. If other parties attempt to misappropriate trademarks we use, we may be unable to protect these trademarks. The maintenance of the reputation of these brands is essential for the future success of our beverage business. Misappropriation of trademarks we use, or challenges thereto, could have a material adverse effect on our financial performance.

We may not be able to successfully implement our expansion strategies or achieve the expected operational efficiencies or synergies from potential acquisitions.

We have, and we may continue to, acquire businesses and pursue other strategic transactions as part of our expansion strategies. We cannot assure you that we will be successful in identifying opportunities and consummating acquisitions and other strategic transactions on favorable terms or at all. These types of transactions may involve additional risks to our Company, including operating in geographic regions or with beverage categories in which we have less or no operating history. Depending on the size and timing of an acquisition or transaction, we may be required to raise future financing to consummate the acquisition or transaction. Moreover, even if we are able to consummate a transaction, acquisitions and other strategic opportunities may involve significant risks and uncertainties.

Key elements to achieving the benefits and expected synergies of our acquisitions are the integration of acquired businesses’ operations into our own in a timely and effective manner and the retention of qualified and experienced key personnel. We may incur in unforeseen liabilities in connection with acquiring, taking control of, or managing beverage operations and other businesses and may encounter difficulties and unforeseen or additional costs in restructuring and integrating them into our operating structure. These difficulties include distraction of management from current operations, difficulties in integration with our existing business and technology, greater than expected liabilities and expenses, inadequate return on capital, and unidentified issues not discovered in our pre-acquisition investigations and evaluations of those strategies and acquisitions. We cannot assure you that these efforts will be successful or completed as expected by us, and our business, financial condition, and results of operations could be adversely affected if we are unable to do so.

In addition, mergers and acquisitions may require prior approval by local regulators. We cannot assure you that such regulators will grant their approval for all transactions involving Andina.

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Weather conditions or natural disasters may adversely affect our business.

Lower temperatures and higher rainfall may negatively impact consumer patterns, which may result in lower per capita consumption of our beverages. Additionally, adverse weather conditions or natural disasters, such as earthquakes and floods, may affect road infrastructure in the countries in which we operate and limit our ability to sell and distribute our products.

Our business is subject to risks arising from pandemics.

Pandemics pose the risk that we or our employees, contractors, suppliers and other partners may be limited or prevented from conducting business activities for an indefinite period of time, including due to shutdowns that may be requested or mandated by governmental authorities. Additionally, we may experience raw material supply disruptions.

Pandemics and related government measures could adversely affect our business and results of operations, potentially materially.

Our insurance coverage may not adequately cover losses resulting from the risks for which we are insured.

We maintain insurance for our principal facilities and other assets. Our insurance coverage protects us in the event we suffer certain losses resulting from fire, terrorism and natural disasters, such as earthquake and floods, or from business interruptions caused by such events. In addition, we maintain other insurance policies, including coverage for general liability, product contamination, and cyberattacks, among others. We cannot assure you that our insurance coverage will be sufficient or will provide adequate compensation for losses that we may incur.

If we are unable to protect our information systems against data corruption, cyber-based attacks or network security breaches, our operations could be disrupted.

We are increasingly dependent on information technology networks and systems, including over the Internet, to process, transmit and store electronic information. In particular, we depend on our information technology infrastructure for digital marketing activities and electronic communications among us and our clients, suppliers and also among our subsidiaries and facilities. Security breaches or infrastructure flaws can create system disruptions, shutdowns or unauthorized disclosure of confidential information. If we are unable to prevent such breaches or flaws, our operations could be disrupted, or we may suffer financial damage or loss because of lost or misappropriated information.

Cyber threats are rapidly evolving and the means for obtaining access to information in digital and other storage media are becoming increasingly sophisticated. Coca-Cola Andina has recognized cyber risk as a threat to our business and to mitigate it, it has implemented a cybersecurity strategy which, through its regulations, processes and measures aims to increase the level of cyber resilience of the Company.

Despite the measures and systems that have been implemented by the Company, as cyber threats evolve, change and become more difficult to detect and successfully defend against, therefore one or more cyber-attacks might defeat our or a third-party service provider’s security measures in the future and obtain personal information of customers or employees. Employee error or other irregularities may also defeat of security measures and result in a breach of information systems. Because information systems are critical to many of the Company’s operating activities, our business may be impacted by system shutdowns, service disruptions or cybersecurity incidents. These incidents may be caused by failures during routine operations such as system upgrades or by user errors, as well as network or hardware failures, malicious or disruptive software, unintentional or malicious actions of employees or contractors, cyberattacks by hackers, criminal groups or nation-state organizations (which may include social engineering, business email compromise, cyber extortion, denial of service, or attempts to exploit vulnerabilities), geopolitical events, natural disasters, failures or impairments of telecommunications networks, or other catastrophic events. If our information systems or third-party information systems on which we rely suffer severe damage, disruption or shutdown and our business continuity plans do not effectively resolve the issues in a timely manner, we could experience delays in reporting our results, and we may lose revenue and profits as a result of our inability to timely manufacture, distribute, invoice and collect payments for finished products.

Moreover, hardware, software or applications we use may have inherent defects of design, manufacture or operations or could be inadvertently or intentionally implemented or used in a manner that could compromise information security. A security breach and loss of information may not be discovered for a significant period of time after it occurs.

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While we have no knowledge of a material security breach to date, any compromise of data security could result in a violation of applicable privacy and other laws or standards, the loss of valuable business data, or a disruption of our business. A security breach involving the misappropriation, loss or other unauthorized disclosure of sensitive or confidential information could give rise to unwanted media attention, materially damage our customer relationships and reputation, and result in fines or liabilities, which may not be covered by our insurance policies.

In the ordinary course of our business, we receive, process, transmit and store information relating to identifiable individuals (“personal data”), primarily employees, former employees, suppliers and consumers with whom we interact. As a result, we are subject to laws and regulations relating to personal data. These laws have been subject to frequent changes, and new legislation in this area may be enacted in any jurisdictions in which Andina operates and at any time. These laws impose operational requirements for companies receiving or processing personal data, and many provide for significant penalties for noncompliance. Also, new standards or regulations over data security or the handling of personal information in the countries where we operate may increase our costs in order to comply with those potential regulations and have required and may in the future require costly changes to our business practices and information security systems, policies, procedures and practices.

Perception of risk in emerging economies may impede our access to international capital markets, hinder our ability to finance our operations and adversely affect our financial performance.

International investors, as a general rule, consider the countries in which we operate to be emerging market economies. Consequently, economic conditions and the market for securities of emerging market countries influence investors’ perceptions of Chile, Brazil, Argentina and Paraguay and their evaluation of securities of companies located in these countries.

During periods of heightened investor concern regarding emerging market economies, in particular in recent years Argentina, the countries where we operate may experience significant outflows of U.S. dollars.

In addition, during these periods companies based in the countries where we operate have faced higher costs for raising funds, both domestically and abroad, as well as limited access to international capital markets, which have negatively affected the prices of the aforementioned countries’ securities. Although economic conditions are different in each of the emerging-market countries, investors’ reactions to developments in one of these countries may affect the securities of issuers in the others.

Our business may be adversely affected if we fail to renew collective bargaining labor agreements on satisfactory terms or experience strikes or other labor unrest.

A substantial portion of our employees is covered by several collective bargaining labor agreements. Some of these agreements expire every year. Our inability to renegotiate these agreements on satisfactory terms could cause work stoppages and interruptions, which may adversely impact our operations. Changes to the terms and conditions of existing agreements could also increase our costs or otherwise have an adverse effect on our operational efficiency. We experience periodic strikes and other forms of labor unrest through the ordinary course of business. We cannot assure you that labor interruptions or other labor unrest will not occur in the future. If we experience strikes, work stoppages or other forms of labor unrest at any of our production facilities, our ability to supply beverages to customers could be impaired, which would reduce our net operating revenues and could expose us to customer claims.

Recent global trends, including widespread electoral shifts and the rise of populist and far-right movements in Europe, the Americas and other regions, have weakened traditional coalitions and increased social polarization. Greater connectivity and access to information through social media and the internet have empowered citizens, making social movements and unrest easier to organize and escalate. In addition, factors such as economic inequality, abrupt policy changes, and perceived corruption can further intensify social tensions. In the countries where we operate, these dynamics may lead to protests, strikes, civil unrest, or regulatory uncertainty, which could disrupt production and distribution, affect supply chains, increase costs, and materially and negatively impact our business and financial results.

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In the ordinary course of our business, we become involved in various claims, lawsuits, investigations and governmental and administrative proceedings, some of which are or may be significant. Adverse judgments or determinations in one or more of these proceedings could require us to change the way we do business or use substantial resources in adhering to the settlements. These could have a material adverse effect on our business, including, among other consequences, by significantly increasing the costs required to operate our business. Ineffective communications during or after these proceedings could amplify the negative effects, if any, of these proceedings on our reputation and may result in a negative market impact on the price of our securities. We evaluate these litigation claims and legal proceedings to assess the likelihood of unfavorable outcomes and to estimate, if possible, the amount of potential losses. Based on these assessments and estimates, we establish reserves and/or disclose the relevant litigation claims or legal proceedings, as appropriate. These assessments and estimates are based on the information available to management at the time and involve a significant amount of management judgment. Actual outcomes or losses may differ materially from our current assessments and estimates.

In addition, during recent years, the Company has been subject to judicial proceedings and administrative investigations associated with alleged monopolistic practices. Although these proceedings and investigations have not resulted in any convictions or penalties for the Company, we cannot assure that this will not occur in the future.

Antitrust complaints may be submitted in Chile without any prior admissibility test and, as a result, we cannot predict whether unsubstantiated claims against us will be filed. In addition, the Economic National Public Prosecutors’ Officer (Fiscalía Nacional Económica or FNE) may initiate ex officio investigations involving our business to identify potential risks of antitrust infringement. Possible sanctions in matters of competition could have an adverse effect on our business.

Adverse judgments or determinations in tax proceedings to which we are, or may become, a party, may have a material adverse impact on our business and results of operations.

For further information, see “Risks Relating to Brazil – Brazil is a jurisdiction characterized by a high level of litigation. Within such litigation, tax-related matters may result in significant financial and reputational exposure.”

The countries in which we operate may adopt new tax laws or modify existing laws or their interpretations, to increase taxes applicable to our business or reduce existing tax incentives.

We cannot assure you that any governmental authority in any country where we operate will not impose new taxes or increase the taxes on our products in the future. The imposition of new taxes, the increases in taxes or the reduction of tax incentives may have a material adverse effect on our business, financial condition and results.

New income, sales, use, or other tax laws, statutes, rules, regulations, or ordinances could be enacted at any time in the jurisdictions in which we operate. Any new taxes could adversely affect our domestic and international business operations and our business and financial performance. Existing tax laws, statutes, rules, regulations, or ordinances could be interpreted, changed, modified or applied adversely to us. These events could require us to pay additional tax amounts on a prospective or retroactive basis. They could require us to pay fines and/or penalties and interest for past amounts deemed to be due. Additionally, new or modified tax laws could increase our compliance, operating and other costs, as well as the costs of our platform. Any or all of these events could adversely impact our business and financial performance.

For further information, see also “Risks Relating to Brazil – Changes in tax laws may increase our tax burden and reduce tax incentives and, as a result, negatively affect our profitability.”

Although we are committed to conducting business in a legal and ethical manner in compliance with local and international statutory requirements and standards applicable to our business, there is a risk that our employees or representatives may take actions that violate applicable laws and regulations that generally prohibit the making of improper payments to foreign government officials for the purpose of obtaining or keeping business, including laws relating to the 1997 OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions or the U.S. Foreign Corrupt Practices Act.

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We may not be able to recruit or retain key personnel.

The implementation of our strategic business plans could be undermined by a failure to recruit or retain key personnel or the unexpected loss of senior employees, including those in acquired companies. We face various challenges inherent in the management of a large number of employees over diverse geographical regions. Key employees may choose to leave their employment for a variety of reasons, including reasons beyond our control. The impact of the departure of key employees cannot be determined and may depend on, among other things, our ability to recruit other individuals of similar experience and skill. It is not certain that we will be able to attract or retain key employees and successfully manage them, which could disrupt our business and have an unfavorable material effect on our financial position, income from operations and competitive position.

Geopolitical and other challenges and uncertainties globally could have a material adverse effect on the global economy and our business.

In addition to the significant macroeconomic challenges posed by health concerns, we could be exposed to experience negative impacts to our businesses, financial condition and results of operations as a result of geopolitical and other challenges and uncertainties globally, including inflation, increase in interest rates, increased unemployment, foreign exchange rates and recession or economic slowdown, changing policy positions or priorities. Currently, the world economy is facing several exceptional challenges.

Geopolitical and economic risks have also increased over the past few years as a result of trade tensions between the United States and China and other countries, Brexit, and the rise of populism and tensions in South America and Middle East. In addition, the war in Ukraine has had a significant impact on the global economy, affecting energy markets, supply chains and the prices of certain raw materials. Growing tensions, including those in the Caribbean between the United States and Cuba and Venezuela, may lead, among others, to a deglobalization of the world economy, an increase in protectionism or barriers to immigration, a general reduction of international trade in goods and services and a reduction in the integration of financial markets, any of which could materially and adversely affect our business, financial condition and results of operations.

Risks Relating to Chile

Our growth and profitability depend significantly on economic conditions in Chile.

Our operations in Chile represented 42.4% and 42.7% of our assets as of December 31, 2024 and December 31, 2025, respectively, and 38.6% and 39.4% of our net sales for 2024 and 2025, respectively. Accordingly, our business, financial condition, and results of operations depend, to a considerable extent, upon economic conditions in Chile.

International and local economic conditions may adversely affect the Chilean economy, and unfavorable general economic conditions could negatively affect the affordability of and demand for some of our products in the country. In difficult economic conditions, consumers may seek to reduce discretionary spending by forgoing purchases of our products or buying low cost brands offered by competitors. Any of these events could have an adverse effect on our business, financial condition and results of operations.

We cannot assure you that the future development of the Chilean economy will not impair our ability to successfully carry out our business plan or materially adversely affect our business, financial condition or results of operations.

A severe natural disaster, such as earthquake or tsunami or wildfires, in Chile could adversely affect the Chilean economy and our network infrastructure.

Chile lies on the Nazca tectonic plate, one of the world’s most seismically active regions. Chile has been adversely affected by powerful earthquakes in the past.

A severe earthquake, tsunami and/or wildfires which in Chile in the future could have an adverse impact on the Chilean economy and on our business, financial condition and results of operation, including our production and logistics network.

Political developments in Chile could result in instability.

We cannot assure that measures taken by the government impacting private investment, such as higher taxation, will not be implemented, and we cannot assure whether the Chilean government will continue to pursue business-friendly and open-market economic policies that stimulate economic growth and stability. Further, there can be no assurance that future developments in or affecting the Chilean political landscape, including economic, social or political instability in Chile, will not materially and adversely affect our business, financial condition or results of operations.

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In the presidential elections held in December 2025, José Antonio Kast was elected as the new President of Chile. Although the market anticipates that the upcoming change in administration could lead to the implementation of more business‑friendly policies that favor the private sector and investment, we cannot assure you that Chile’s economic policy will undergo substantive changes or that any such changes will materialize as expected. The new government may face political, legislative, or social constraints that hinder the implementation of its agenda, or it may choose to adopt measures that are not as favorable to the business environment. In such events, our operations and financial results could be adversely affected.

The Chilean peso is subject to depreciation and volatility, which could adversely affect our business.

The Chilean peso has been subject to large nominal devaluations in the past and may be subject to significant fluctuations in the future. The main drivers of exchange rate volatility in past years were the significant fluctuations of commodity prices, as well as general uncertainty and trade imbalances in the global markets. During 2025, the Chilean peso had an average value of 951 Ch$/US$, reaching an average of 915 Ch$/US$ during the month of December, and ending the year at 907 Ch$/US$.

A significant part of the raw materials used by the Company are in U.S. dollars, therefore a devaluation of the Chilean peso against the U.S. dollar can affect our costs and margins in a significant way.

In addition, as we report our results of operations in Chilean pesos, fluctuations in the value of the Chilean peso versus the Brazilian real, the Argentine peso and the Paraguayan guaraní could also impact our reported performance in Chilean pesos.

Inflation in Chile and government measures to curb inflation may disrupt our business and have an adverse effect on our financial condition and results of operations.

The measures taken by the Central Bank in the past to control inflation have often included maintaining a conservative monetary policy with high interest rates, thereby restricting the availability of credit and economic growth. Inflation, measures to combat inflation, and public speculation about possible additional actions by the government have also contributed in the past to economic uncertainty in Chile and to heightened volatility in its securities markets. Periods of higher inflation may also slow the growth rate of the Chilean economy, which could lead to reduced demand for our products and decreased sales. Inflation is also likely to increase some of our costs and expenses, given that the majority of our supply contracts in Chile are UF-denominated or are indexed to the Chilean consumer price index. We cannot assure you that, under competitive pressure, we would be able to carry out price increases, without which our operating margins and operating income could suffer. Additionally, an important part of our financial debt in Chile is UF-denominated, and therefore the value of the debt reflects any increase in the inflation in Chile.

Risks Relating to Brazil

Our business operations in Brazil are dependent on economic conditions in Brazil.

Our operations in Brazil represented 29.0% and 31.1% of our assets as of December 31, 2024 and December 31, 2025, respectively, and 28.2% and 29.2% of our net sales for 2024 and 2025, respectively. Because demand for soft drinks and beverage products is usually correlated to economic conditions prevailing in the relevant local market, developments in economic conditions in Brazil, and measures taken by the Brazilian government, have had and are expected to continue to have an impact on our business, results of operations and financial condition.

The Brazilian economy has historically been characterized by unstable economic cycles and interventions by the Brazilian government. Brazilian GDP grew by 3.2% in 2023, 3.4% in 2024 and 2.2% in 2025 according to the Brazilian Institute of Geography and Statistics (Instituto Brasileiro de Geografia e Estatística or “IBGE”). The Brazilian government has often changed monetary, taxation and other policies to influence the course of Brazil’s economy. Our business, results of operations and financial condition may be adversely affected by, among others, the following factors:

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expansion or contraction of the Brazilian economy;

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exchange rate fluctuations;

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high inflation rates;

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changes in fiscal or tax policies;

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changes in monetary policy, including an increase in interest rates;

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exchange control policies and restrictions on remittances abroad;

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investment levels;

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liquidity of domestic capital and credit markets;

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employment levels and labor and social security regulations;

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energy or water shortages or rationalization;

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changes in environmental regulation;

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government restrictions in response to any pandemic and the capacity of authorities to keep the pandemic under control;

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social and political instability;

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uncertainty related to the government and the policies it may adopt; and

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other developments in or affecting Brazil.

The Brazilian economy is also affected by international economic and market conditions in general, especially economic and market conditions in the United States, the European Union and China.

Changes in tax laws may increase our tax burden and reduce tax incentives and, as a result, negatively affect our profitability.

The Brazilian government regularly implements changes to tax regimes that may increase our and our customers’ tax burdens. These changes include modifications to tax rates, tax incentives and operating mechanics in the applicability of such taxes. In late 2023, the Brazilian government approved the tax reform on consumption (through Constitutional Amendment No. 132/2023), later regulated by Complementary Law No. 214/2025), of which one of the main objectives was to simplify the taxes levied on consumption, reducing distortions and enhancing transparency for businesses operating in Brazil.

Brazil’s current tax system is considered one of the most complex in the world, with excess legislation, multiple tax regimes, complex and numerous ancillary obligations and high compliance costs.

By means of this tax reform, the main taxes currently levied on consumption have been reorganized into new taxes: (i) contribution on goods, rights and services (the “CBS”); (ii) tax on goods, rights and services (the “IBS”); and (iii) selective tax (the “IS”), which will be implemented during a transition period (from January 2026 to December 2032), until the new tax regime comes completely into effect.

The CBS, a federal contribution, and the IBS, a state and municipal tax, form a Dual-VAT model featuring broad incidence (i.e., the model taxes goods, services and rights), full non-cumulativeness (i.e. there is a broad right to tax credits which can be applied against future amounts due under the same tax) and the application of particular rates based on the destination of goods and services.

The IS is a federal tax levied on specific goods and services considered to be harmful to health or to the environment. Sugary drinks (classified on Mercosur Code (NCM) 2202.10.00), which we currently bottle and distribute, are subject to IS.

A key factor that may impact our profitability is the expiration of several tax incentives on which we currently rely. The few incentives of CBS and IBS to be granted are those specifically outlined in the Federal Constitution.

Under the scope of the transition period, the tax reform establishes a timeline for the gradual phase-out of ICMS tax burden and its tax incentives from January 2029 to December 2032. Furthermore, the Tax Benefits Compensation Fund (“FCBF”) was created to mitigate the effects of the reduction of the tax incentives. However, the right to FCBF resources depends on the accomplishment of certain requirements, such as the benefit having been granted until May 31, 2023, for a specific period and under specific conditions.

Since 2018, the Brazilian government has gradually reduced the IPI rates applicable to soft drinks concentrate. These changes have negatively affected our operations, since the reduction in the rates under the IPI tax on soft drinks concentrate also reduces the presumed tax credit derived from purchases of this concentrate from the Manaus Free Trade Zone that currently benefits RJR and the soft drinks industry as a whole.

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As of January 1, 2027, IPI rates will be reduced to zero for goods: (i) manufactured outside the Manaus Free Trade Zone and (ii) manufactured in the Manaus Free Trade Zone that are subject to an IPI rate lower than 6.5%, as provided in the current Table of Incidence of the Tax on Industrialized Products (TIPI). Goods manufactured in the Manaus Free Trade Zone that are subject to an IPI rate equal to or higher than 6.5% will maintain their current IPI rates, as provided in the current TIPI.

Additionally, regarding the tax on income, the following other noteworthy law has been recently approved and may impact returns on investment: Law No. 15,270 dated November 26, 2025 establishing that dividends paid by Brazilian companies to non-resident investors will be subject to withholding income tax at a 10% rate.

In addition, the Brazilian beverage industry experiences unfair competition arising from tax evasion, which is primarily due to the high level of taxes on beverage products in Brazil. An increase in taxes may lead to an increase in tax evasion, which could result in unfair pricing practices in the industry.

Brazil is a jurisdiction characterized by a high level of litigation. Within such litigation, tax-related matters may result in significant financial and reputational exposure.

Rio de Janeiro Refrescos Ltda. (“RJR”), the Company’s Brazilian subsidiary, is currently a party to numerous judicial proceedings of various natures. The aggregate amount involved in such litigation currently amounts to approximately R$7,900 million. As part of these proceedings, the following tax-related matters stand out due to the size of the amounts claimed by adverse parties:

Our subsidiary RJR is involved in several tax proceedings in which the Brazilian federal tax authorities allege the existence of liabilities related to value added tax on industrialized products for an approximate total amount of R$3,625 million. These proceedings are at different administrative and judicial stages. We disagree with the Brazilian tax authorities’ position and believe that RJR is entitled to claim Imposto sobre Produtos Industrializados (IPI) tax credits in connection with its purchases of certain exempt raw materials from suppliers located in the Manaus Free Trade Zone. We believe that the Brazilian tax authorities’ claims are without merit. Our external Brazilian counsel has advised us that it believes that RJR’s likelihood of loss in most of these proceedings is classified as possible or remote. Despite the foregoing, the outcome of these claims is subject to uncertainty, and it is difficult to predict their final resolution or any other negative repercussions from this dispute with the Brazilian tax authorities to The Coca-Cola Company or its bottling companies in Brazil, including our Brazilian subsidiaries.

RJR is party in three tax proceedings in which the Brazilian federal tax authorities (RFB) are charging Corporate Income Taxes (CIT), plus penalties and interest, involving an approximate total amount of R$1,190 million. These proceedings are related to the calendar-years of 2014 to 2018 and result from the disallowance of expenses from the tax deduction of (i) goodwill paid and registered by RJR, mainly upon the acquisition of the investment in Companhia de Bebidas Ipiranga (Ipiranga) in 2013, under the ground that the “real acquirer or investor” was a company located abroad (and not directly RJR); and (ii) interest expenses incurred by RJR under a loan agreement executed with Andina Bottling Investments to finance part of the purchase price paid to sellers of Ipiranga, arguing that such expenses were “unnecessary” to RJR. These proceedings were examined by the Administrative Tax Court (the “CARF”), second administrative level (appellate division of administrative court), which issued favorable decisions to RJR. CARF understood that the company complied with the legal requirements that authorize the goodwill deduction for tax purposes and determined the full cancelation of the debts charged by Brazilian federal tax authorities, mainly under the grounds that (i) the acquisition of Ipiranga was carried out between independent parties in accordance with the applicable law; (ii) all legal requirements established by the regime of Law N. 9,532/97 were observed; (iii) the goodwill registered by RJR was fully based on the expected future profitability of the acquired investment, which was demonstrated through technical valuation reports; (iv) there is no legal basis to support allegations of “real acquirer or investor” or other related grounds; and (v) the interest expenses incurred by RJR are normal and necessary expenses to its business activities and, therefore, should be qualified as deductible for tax purposes.

The National Treasury Attorney’s Office (the “PGFN”) was notified of these decisions and presented special appeals to the Higher Chamber of the Administrative Tax Court (the “CSRF”), third administrative level, in two tax proceedings related to the years of 2014 to 2016 involving an approximate total amount of R$ 745 million. The appeals filed by the PGFN were dismissed by a definitive decision, so that the favorable result to RJR is considered final, resulting in the full cancellation of the CIT debts. RJR is currently awaiting to be formally notified of the tax debts cancellation and its reflection in RFB’s system (including the remittance of the proceeding to RFB’s archive) which is expected to occur during 2026. The tax proceeding related to the calendar years of 2017 and 2018 (R$445 million) was remitted to PGFN after a decision that dismissed the merits of a Motion to Clarify presented to CARF. PGFN is also authorized to file a special appeal to CSRF in this case. However, we believe that any claim potentially presented by PGFN are without merit, as already recognized by final administrative decisions issued by CARF in the other cases referred above involving RJR.

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Historically volatile political, social and economic conditions in Brazil could adversely affect our business and results of operations.

Brazil’s political environment has historically influenced, and continues to influence, the performance of the country’s economy. Political crises have affected and continue to affect the confidence of investors and the general public, which have historically resulted in economic deceleration.

Luiz Inácio Lula da Silva, from the Workers’ Party (Partido dos Trabalhadores) was elected President of Brazil in October 2022 and took office in January 2023. A failure by the Brazilian government to implement necessary reforms may result in diminished confidence in the Brazilian government’s fiscal condition and budget, which could result in downgrades of Brazil’s sovereign foreign credit rating by credit rating agencies, negatively impact Brazil’s economy, lead to further depreciation of the real and an increase in inflation and interest rates, adversely affecting our business, financial condition and results of operations.

Brazil is scheduled to hold general elections on October 4, 2026, with a potential presidential runoff on October 25. Upcoming elections may increase political uncertainty and market volatility, and any change in economic policy priorities could adversely affect investor confidence, Brazil’s fiscal stability, inflation, interest rates, and, consequently, our business and results of operations.

Inflation and the Brazilian government’s measures to curb inflation, including by increasing interest rates, may contribute to economic uncertainty in Brazil.

Brazil has historically experienced high rates of inflation, including periods of hyperinflation before 1995. Several measures have been implemented by the Brazilian government in an effort to curb rising inflation, but we cannot predict whether these policies will be effective. According to the National Consumer Price Index (Índice Nacional de Preços ao Consumidor Amplo, or “IPCA”), published by the IBGE), Brazilian annual rates of inflation for consumer prices were 4.6% in 2023, 4.8% in 2024 and 4.3% in 2025.

Inflationary pressures may result in governmental interventions in the economy, including policies that could adversely affect the general performance of the Brazilian economy, which, in turn, could adversely affect our business operations in Brazil. Inflation may also increase our costs and expenses, and we may be unable to transfer such costs to our customers, reducing our profit margins and net income. In addition, inflation could also affect us indirectly, as our customers may also be affected and have their financial capacity reduced. Any decrease in our net sales or net income, as well as any reduction in our financial performance, may also result in a reduction in our net operating margin. Our customers and suppliers may be affected by high inflation rates and such effects on our customers and suppliers may adversely affect us.

The Brazilian real is subject to depreciation and volatility, which could adversely affect our business, financial condition and results of operations.

The Brazilian currency has been subject to significant fluctuations over the past three decades. Throughout this period, the Brazilian government has implemented various economic plans and exchange rate policies, including sudden devaluations, periodic mini devaluations (during which the frequency of adjustments has ranged from daily to monthly), exchange controls, dual exchange market and floating exchange rate systems. Although long-term devaluation of the real is generally related to the rate of inflation in Brazil, the devaluation of the real over shorter periods has resulted in significant fluctuations in the exchange rate between the Brazilian currency, the U.S. dollar and other currencies. The Brazilian real appreciated 8% in 2023, depreciated 22% in 2024 and appreciated 13% in 2025 compared to the closing exchange rate as of the end of the prior period for the U.S. dollar in nominal terms.

A significant part of the raw materials we use in Brazil are priced in U.S. dollars, so a depreciation of the Brazilian real against the U.S. dollar has a significant adverse effect in our costs and margins.

Any depreciation of the real against the U.S. dollar could create additional inflationary pressure, which might result in the Brazilian government adopting restrictive policies to combat inflation. This could lead to increases in interest rates, which might negatively affect the Brazilian economy as a whole, as well as our results of operations, in addition to restricting our access to international financial markets. It also reduces the U.S. dollar value of our revenues. On the other hand, future appreciation of the real against the U.S. dollar might result in the deterioration of Brazil’s current and capital accounts, as well as a weakening of Brazilian GDP growth derived from exports. We cannot assure you that the real will not again fluctuate significantly against the U.S. dollar in the future and, as a result, have an adverse effect on our business, results of operations and financial condition.

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Risks Relating to Argentina

Our business operations in Argentina are dependent on economic conditions in Argentina.

Our operations in Argentina represented 17.1% and 13.6% of our assets as of December 31, 2024 and December 31, 2025, respectively, and 24.8% and 22.2% of our net sales for 2024 and 2025, respectively. Developments in economic, political, regulatory and social conditions in Argentina, and measures taken by the Argentine government, have had and are expected to continue to have an impact on our business, results of operations and financial condition.

Historically, the Argentine economy has experienced periods of high levels of instability and volatility, low or negative economic growth and high and variable inflation and devaluation levels. According to the National Statistics and Census Institute (Instituto Nacional de Estadísticas y Censos, or “INDEC”), Argentina’s real GDP decreased by 1.6% in 2023, decreased by 0.9% in 2024 and increased by 5.2% in 2025.

Argentine economic conditions are dependent on a variety of factors, including the following:

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domestic production, international demand and prices for Argentina’s principal commodity exports;

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the competitiveness and efficiency of domestic industries and services;

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the stability and competitiveness of the Argentine peso against foreign currencies;

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the rate of inflation;

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the government’s fiscal deficits;

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the government’s public debt levels;

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government restrictions in response to any pandemic and the capacity of authorities to keep the pandemic under control;

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foreign and domestic investment and financing; and

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governmental policies and the legal and regulatory environment.

Government policies and regulation—which at times have been implemented through informal measures and have been subject to radical shifts—that have had a significant impact on the Argentine economy in the past have included, among others: monetary policy, including exchange controls, capital controls, high interest rates and a variety of measures to curb inflation, restrictions on exports and imports, price controls, mandatory wage increases, taxation and government intervention in the private sector.

We cannot assure you that the future development of the Argentine economy will not impair our ability to successfully carry out our business plan or materially adversely affect our business, financial condition or results of operations.

The Argentine peso is subject to depreciation and volatility, which could adversely affect our financial condition and results of operations.

Fluctuations in the value of the peso continue to affect the Argentine economy. Since January 2002, the peso has experienced significant volatility, often following periods of high inflation and currency controls that artificially appreciated the value of the currency. Frequent devaluations have had an adverse effect on the ability of the Argentine government and Argentine companies to make timely payments on their foreign currency denominated obligations, have significantly reduced wages in real terms, and have negatively impacted the stability of businesses whose performance depends on the domestic market demand.

In an effort to reduce downward pressure on the value of the Argentine peso, the Argentine government has at times implemented policies aimed at maintaining the foreign currency reserves of the Central Bank of the Argentine Republic (“BCRA”), including measures that restrict the ability of private companies and individuals to purchase foreign currency. During 2025, the administration of President Milei announced plans to eliminate all foreign exchange restrictions. As of January 1, 2026, companies are permitted to remit dividends related to profits generated from financial statements closed in 2025.

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In 2023, 2024 and 2025, the Argentine peso depreciated 78%, 22% and 29%, respectively, compared to the closing exchange rate as of the end of the prior period for the U.S. dollar. A significant part of the raw materials used by the Company in Argentina are in U.S. dollars, so a devaluation of the Argentine peso against the U.S. dollar can affect our costs and margins in a significant way.

The depreciation of the Argentine peso may have a negative impact on the ability of certain Argentine businesses to service their foreign currency denominated debt, significantly reduce real wages and jeopardize the stability of businesses which success depends on domestic market demand. It may also, adversely affect the Argentine government’s ability to honor its foreign debt obligations. A significant appreciation of the Argentine peso against the U.S. dollar also presents risks for the Argentine economy, including the possibility of a reduction in exports as a consequence of the loss of external competitiveness. Any such appreciation could also have a negative effect on economic growth and employment and reduce tax revenues.

Given the economic and political conditions in Argentina, we cannot predict whether, and to what extent, the value of the Argentine peso may depreciate or appreciate against the U.S. dollar, the euro or other foreign currencies. We cannot predict how these conditions will affect the consumption of our products. Moreover, we cannot predict whether the administration of President Javier Milei will be able to maintain its current monetary, fiscal, and exchange‑rate policies aimed at stabilizing the economy or what impact such policies could have on the value of the Argentine peso and, consequently, on our financial condition, results of operations, and cash flows, as well as on our ability to convert and transfer funds abroad in order to meet commercial or financial obligations.

Inflation in Argentina may adversely affect our operations, which could adversely impact our financial condition and results of operations.

Argentina has experienced high levels of inflation in recent decades. Historically, Argentina’s high inflation rates have resulted primarily from limited control over fiscal policy and the money supply. The country continues to face high inflationary pressures According to INDEC, the consumer price index (“CPI”) increased by 211.4% in 2023, while the wholesale price index (“WPI”) increased by 276.3%. In 2024, CPI increased by 117.8%, and WPI increased by 67.1%, according to INDEC. In 2025, INDEC reported a CPI increase of 31.5% and a WPI increase of 26.2%.

During 2023, 2024 and 2025, Argentina met the criteria to be considered a hyperinflationary economy under IAS 29, which include, among other factors, a cumulative three‑year inflation rate that approaches or exceeds 100%. Accordingly, IAS 29 must be applied to financial statements for fiscal years ending on or after July 1, 2018. IAS 29 also requires non-monetary assets and liabilities, shareholders’ equity and comprehensive income to be restated in terms of a measuring unit current at the end of the reporting period. IAS 29 also requires the use of a general price index to reflect changes in purchasing power. As a result, since July 2018, we have applied IAS 29 in the preparation of our financial statements and have reported the results of our operations in Argentina as if the economy had been hyperinflationary from January 1, 2018. In addition, the application of IAS 29, requires us to translate figures in Argentine pesos to Chilean pesos using the period closing exchange rate (instead of the average exchange rate), thus reducing our results of operations and net earnings. We cannot predict for how long Argentina will be considered a hyperinflationary economy and we will have to apply IAS 29 to the preparation of our financial statements.

The persistent inflationary environment in Argentina, which has led to the application of IAS 29, also has broader macroeconomic effects that may materially impact economic activity and our operations in the country.

In the past, inflation has materially undermined the Argentine economy and the government’s ability to generate conditions that foster economic growth. High inflation or a high level of price instability may materially and adversely affect the business volume of the financial system. This result, in turn, could adversely affect the level of economic activity and employment in the country.

High inflation also undermines Argentina’s foreign competitiveness and adversely affect economic activity, employment, real salaries, consumption and interest rates, thereby materially and adversely affecting economic activity and consumers’ income and their purchasing power, all of which could have a material adverse effect on our financial condition and operating results.

Between 2007 and 2015, the INDEC, which is the only institution in Argentina with the statutory authority to produce official national statistics, experienced significant institutional and methodological changes that gave rise to controversy regarding the reliability of the information that it produces, including inflation, GDP and unemployment data, resulting in allegations that the inflation rate in Argentina and the other rates calculated by INDEC could be substantially different than as indicated in official reports. While previously the administration undertook reforms and the credibility of the national statistics systems has since been restored, we cannot assure you that the new or future administrations will not implement policies that may affect the national statistics system undermining consumer and investor confidence, which ultimately could affect our business, results of operations and financial condition.

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Price control policies of previous governments in Argentina, if reinstated in the future, may have a material and adverse effect on our results of operations in Argentina.

In the past the Argentine government has, from time to time, established price controls on consumer products. President Milei’s administration has repealed price control regulations in Argentina with the aim of achieving a more transparent and free market. To the extent that the price of our products in Argentina is again restricted by the government through price controls, the results of our Argentine operations may be materially affected. We cannot assure that price controls in Argentina will not be reinstated in the future.

Political and economic instability in Argentina may recur, which could have a material adverse effect on our Argentine operations and on our financial condition and results of operations.

Argentina has a history of political and economic instability that often results in abrupt changes in government policies. Argentine governments have pursued different, and often contradictory, policies to those of preceding administrations. In recent decades, succeeding administrations have implemented interventionist policies, which included nationalization, debt renegotiation, price controls, and exchange restrictions, as well as market-friendly policies, such as export tax reductions, elimination of currency controls, deregulation of utility prices, negotiation of free trade agreements and implementation of pro-investor initiatives.

The last presidential election in Argentina was held between October (first round) and November 2023 (runoff). As a result of the election, Javier Milei, the candidate of the La Libertad Avanza party, was elected president and took office on December 10, 2023. During the first two years of his presidency, President Milei sought to implement new monetary, fiscal, and exchange rate policies, which have had effects on our business. During 2024 and 2025, the economic policies implemented by the new administration—including exchange rate adjustments, the removal of price controls, and the partial liberalization of imports—resulted in a sharp contraction in mass consumer demand and changes in the composition of sales channels. In our business, these measures helped correct price distortions and improved our average selling prices; however, they also led to lower volumes, increased consumer price sensitivity, greater migration toward lower‑priced brands, and a weakening of the supermarket channel. Although the market showed some signs of recovery over the course of 2025, conditions deteriorated again in early 2026. We cannot assure you that these conditions will not intensify or that future economic policies will not adversely affect our operations in the country.

The Argentine government has imposed, and may in the future impose further, restrictions on currency conversions and remittances abroad, which could affect the timing and amount of any dividends or other payment we receive from our Argentine subsidiary.

The Argentine government has imposed restrictions on currency conversions and remittances abroad. These controls have limited access to the foreign exchange market for Argentine residents, both companies and natural persons, including with respect to the payment of dividends in foreign currency abroad, as well as the payment of external financial debt and the payment of imports of goods and services, among others.

Under current Argentine law, and in spite of the new regulations issued or promoted by the current administration (including the Emergency and Necessity Decree DNU‑2023‑70‑APN‑PTE, dated December 20, 2023, the “Ley Bases” No. 27,742, and other measures issued in the areas of customs law and foreign trade), during 2025 we continue to be restricted from accessing the official foreign exchange market to make dividend payments in U.S. dollars, euros or other foreign currencies to the Company from our Argentine subsidiaries without prior approval from the Argentine Central Bank. Since January 1, 2026, access to foreign currency for dividend remittances relating to profits generated from financial statements closed in 2025 has been fully liberalized.

The significant restrictions on foreign exchange transactions imposed by the Argentine government have led to the existence of an informal foreign exchange market where foreign currencies quote at levels significantly higher than the official exchange rate. In the past, in some occasions, our Argentine subsidiary has only been able to purchase foreign currency at the informal exchange rate in order to remit dividends abroad. We cannot assure you that our Argentine subsidiary will not be required to access the informal foreign exchange market in order to purchase foreign currency in the future.

The Argentine government’s ability to obtain financing from international capital markets may be limited or costly, which may impair its ability to implement reforms and foster economic growth.

While Argentina had regained access to the international capital markets, actions by the Argentine government, or investor perceptions of the country’s creditworthiness, could curtail access in the future or could significantly increase borrowing costs, limiting the government’s ability to foster economic growth. Limited or costly access to international financing for the private sector could also affect our business, financial condition and results of operations.

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The Argentine government may standardize joint agreements that provide for wage increases for private sector employees, which could increase our operating costs.

In the past, the Argentine government has enacted laws, rules, and decrees requiring private sector employers to increase salaries and provide specific benefits to their workers. Although inflation has declined considerably during 2025, it remains elevated in comparison with levels in the other jurisdictions in which we operate and is expected to continue exerting pressure on labor costs. Furthermore, labor unions frequently demand large wage increases, and the Argentine government has implemented various policies aimed at reducing the adverse effects of inflation and exchange rate fluctuations on wages. Employers in both the public and private sectors continue to face strong pressure to raise wages due to the high rates of inflation. However, the Argentine government generally tends to validate and approve sector‑specific collective bargaining agreements, provided that the negotiated increases are consistent with projected inflation expectations.

Labor relations in Argentina are governed by specific legislation, such as Labor Law No. 20,744 and Law No. 14,250 on Collective Bargaining Agreements, which, among other things, specify how salary negotiations and other labor negotiations should be conducted. The government of President Javier Milei, through the enactment of a Decree of Necessity and Urgency (DNU-2023-70-APN-PTE, dated December 20, 2023) instituted labor reforms that, among other issues, included significant changes to the aforementioned laws. However, this decree is currently on hold due to a judicial order. Nonetheless, these laws have been amended by Law 27,742 (Bases Law) enacted on June 27, 2024 by the National Congress, by virtue of which some of the reforms provided for in the aforementioned DNU-2023-70-APN-PTE were incorporated.

Government measures to preempt or respond to social unrest may affect the Argentine economy and our business.

In recent decades, Argentina has experienced significant social and political turmoil, including civil unrest, riots, looting, nationwide protests, strikes and street demonstrations. Certain social and political tension and high levels of poverty and unemployment continue. Unions frequently stage nationwide strikes and protests, and riots and lootings of shops and supermarkets in cities around the country have taken place at times of social turmoil. While during 2025 protests, demonstrations, and road blockades decreased, partly as a result of amendments introduced by the “Ley Bases” to labor legislation—which classified participation in such actions as serious labor misconduct and grounds for dismissal with cause—and the implementation of the national “anti‑blockade protocol” by the federal government, there can be no guarantee that such disruptions will not become more prevalent in the future.

Future government policies to preempt, or in response to, social unrest may include new taxation policies and changes in laws and policies favoring foreign trade and investment. Such policies could materially affect the Argentine economy, and thereby our business, results of operations and financial condition.

Risks Relating to Paraguay

Our business operations in Paraguay are dependent on economic conditions in Paraguay.

Our operations in Paraguay represented 11.6% and 12.5% of our assets as of December 31, 2024 and December 31, 2025, respectively, and 8.7% and 9.4% of our net sales for 2024 and 2025, respectively. Because demand for soft drinks and beverage products is generally related to the economic conditions prevailing in the local market which, in turn, depend on the macroeconomic and political conditions of the country, our financial situation and our results of operations could be adversely affected by changes in these factors over which we have no control.

Paraguay has a history of economic and political stability, exchange controls, frequent changes in regulatory policies, corruption and weak judicial security. Paraguayan GDP grew 5% in 2023, 4% in 2024 and 6% in 2025, according to the Paraguayan Central Bank. Paraguayan GDP is closely tied to the performance of Paraguay’s agricultural sector, which can be volatile.

The situation of the Paraguayan economy is also strongly influenced by the economic situation in Argentina and Brazil. A deterioration in the economic situation of these countries could adversely affect the Paraguayan economy and, in turn, our financial condition and operating results.

The Paraguayan guaraní is subject to depreciation and volatility, which could adversely affect our financial condition and results of operations.

The exchange rate of Paraguay is free and floating and the Paraguay Central Bank, actively participates in the exchange market in order to reduce volatility. Since a relevant portion of our total costs in Paraguay for raw material and supplies are denominated in U.S. dollars, a significant depreciation of the local currency could adversely affect our financial situation and results.

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The Paraguayan guaraní appreciated 1% in 2023, depreciated 7% in 2024 and appreciated 19% in 2025, in each case compared to the closing exchange rate as of the end of the prior period with the U.S. dollar.

The local currency follows regional and global trends. When the U.S. dollar’s value increases, and raw materials lose value in Paraguay, this directly impacts Paraguay’s generation of foreign exchange which occurs mainly through the export of raw materials. A deterioration in the economic growth of Paraguay as result of a significant depreciation of the Paraguayan guaraní could have an effect on our business, financial condition and results of operations.

Social and political instability in Paraguay, including protests, strikes, civil unrest or significant changes in government policies, could adversely impact our financial results.

The current environment in Paraguay may present risks associated with political polarization and potential social unrest, which could materialize in the form of strikes, road blockades and other disruptions that negatively affect logistics and business continuity. These risks could be further heightened if the government implements structural reforms or policy measures without broad social consensus, potentially triggering increased public dissatisfaction. In addition, uncertainty surrounding abrupt changes in public policies may alter market conditions and affect Paraguay’s overall risk perception, potentially discouraging foreign investment and adversely impacting our operations in the country.

Inflation in Paraguay may adversely affect our financial condition and results of operations.

Although inflation in Paraguay has remained stable at around 3.9% over the last five years, we cannot assure that it will not increase significantly. An increase in inflation in Paraguay could decrease the purchasing power of our consumers in the country, which could adversely affect our volumes and impact our sales income.

Risk Factors Relating to the ADRs and Common Stock

Preemptive rights may be unavailable to ADR holders.

According to the Ley de Sociedades Anónimas No. 18,046 and the Reglamento de Sociedades Anónimas (collectively, the “Chilean Companies Law”), whenever we issue new shares for cash, we are required to grant preemptive rights to holders of our shares (including shares represented by ADRs), giving them the right to purchase a sufficient number of shares to maintain their existing ownership percentage. However, we may not be able to offer shares to United States holders of ADRs pursuant to preemptive rights granted to our shareholders in connection with any future issuance of shares unless a registration statement under the U.S. Securities Act of 1933, as amended, is effective with respect to such rights and shares, or an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended, is available.

Under the procedure established by the Central Bank of Chile, the foreign investment agreement of a Chilean company with an existing ADR program will become subject to an amendment (which will also be deemed to incorporate all laws and regulations applicable to international offerings in effect as of the date of the amendment) that will extend the benefits of such contract to new shares issued pursuant to a preemptive rights offering to existing ADR owners and to other persons residing and domiciled outside of Chile that exercise preemptive rights, upon request to the Central Bank of Chile. We intend to evaluate at the time of any rights offering the costs and potential liabilities associated with any such registration statement as well as the indirect benefits to us of enabling United States ADR holders to exercise preemptive rights and any other factors that we consider appropriate at the time, and then make a decision as to whether to file such registration statement.

We cannot assure you that any registration statement would be filed. To the extent ADR holders are unable to exercise such rights because a registration statement has not been filed, the depositary will attempt to sell such holders’ preemptive rights and distribute the net proceeds thereof if a secondary market for such rights exists and a premium can be recognized over the cost of any such sale. If such rights cannot be sold, they will expire, and ADR holders will not realize any value from the grant of such preemptive rights. In any such case, such holder’s equity interest in the Company would be diluted proportionately.

Shareholders’ rights are less well-defined in Chile than in other jurisdictions, including the United States.

Under the United States federal securities laws, as a foreign private issuer, we are exempt from certain rules that apply to domestic United States issuers with equity securities registered under the United States Securities Exchange Act of 1934, as amended, including the proxy solicitation rules, the rules requiring disclosure of share ownership by directors, officers and certain shareholders. We are also exempt from certain of the corporate governance requirements of the Sarbanes-Oxley Act of 2002 and the New York Stock Exchange, Inc., including the requirements concerning independent directors.

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Our corporate affairs are governed by the laws of Chile and our estatutos or bylaws. Under such laws, our shareholders may have fewer or less well-defined rights than they might have as shareholders of a corporation incorporated in a U.S. jurisdiction.

Pursuant to Law No. 19,705, enacted in December 2000, the controlling shareholders of an open stock corporation can only sell their controlling shares through a tender offer to all shareholders in which the bidder would have to buy all of the offered shares up to the percentage determined by it, where the price paid is substantially higher than the market price (i.e., when the price paid was higher than the average market price for a period starting 90 days before the proposed transaction and ending 30 days before such proposed transaction, plus 10%).

The market for our shares may be volatile and illiquid.

The Chilean securities markets are substantially smaller, less liquid and more volatile than major securities markets in the United States. The Bolsa de Comercio de Santiago (the “Santiago Stock Exchange”), which is Chile’s principal securities exchange, had a market capitalization of approximately US$262,079 million as of December 31, 2025 and an average monthly trading volume of approximately US$3,955 million for the year. The lack of liquidity is owed, in part, to the relatively small size of the Chilean securities markets and may have a material adverse effect on the trading prices of our shares. Because the market for our ADRs depends, in part, on investors’ perception of the value of our underlying shares, this lack of liquidity for our shares in Chile may have a significant effect on the trading prices of our ADRs.

ITEM 4.INFORMATION ON THE COMPANY

A.	HISTORY AND DEVELOPMENT OF THE COMPANY

Overview

Our legal name is Embotelladora Andina S.A., and our commercial name is Coca-Cola Andina. We were incorporated and organized under Chilean law as a sociedad anónima on February 7, 1946. An abstract of our bylaws is registered in the Registro de Comercio del Conservador de Bienes Raíces de Santiago (Public Registry of Commerce of the Real Estate Commission Administrator of the City of Santiago) under No. 581 of the year 1946. Pursuant to our bylaws, our term of duration is indefinite.

Our common shares are listed and traded on the Santiago Stock Exchange and on the Bolsa Electrónica de Chile (the Chilean Electronic Stock Exchange). Our Series A and Series B ADRs representing our Series A and Series B shares, respectively, are listed on the New York Stock Exchange.

Our principal executive offices are located at Avenida Miraflores 9153, Floor 7, Renca, Santiago, Chile. Our telephone number is +562-2338-0520 and our website is www.koandina.com.

Our depositary agent for the ADRs in the United States is The Bank of New York Mellon Corporation, located at 240 Greenwich Street, New York, New York 10286. Our depositary agent’s telephone number is +1 888 269 2377 (toll free number for U.S. calls) and +1 201 680 6825 (for international calls). Our authorized representative in the United States is Puglisi & Associates, located at 850 Library Avenue, Suite 204, Newark, Delaware 19711-7144, United States, and its phone number is (302) 738-6680.

History

Chile

In 1941, The Coca-Cola Company licensed a private Chilean company to produce Coca-Cola soft drinks in Chile and production began in 1943. In 1946, the original licensee withdrew from the license arrangement and a group of U.S. and Chilean investors formed Andina, which became The Coca-Cola Company’s sole licensee in Chile.

Between 1946 and the early 1980s, Andina developed the Chilean market for Coca-Cola soft drinks with a system of production and distribution facilities covering the central and southern regions of Chile. In the early 1980s, Andina sold its Coca-Cola licenses for most areas outside the Santiago metropolitan region and concentrated on the development of its soft drink business in the Santiago metropolitan area. Although we are no longer the sole Coca-Cola bottler in Chile, we have been the principal manufacturer of Coca-Cola products in Chile for an uninterrupted period since 1946.

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In 1998, we purchased a 49% stake in Vital S.A. from The Coca-Cola Company. Concurrently, The Coca-Cola Company purchased Vital S.A. mineral water springs located in Chanqueahue, 80 miles south of Santiago. As part of the transaction, the Vital bottler agreement was replaced with a Minute Maid International Inc. juice bottler agreement and a new mineral water bottling agreement with The Coca-Cola Company.

The production and packaging business of water, juices and non-carbonated beverages licensed by The Coca-Cola Company in Chile was restructured in 2005. Vital Aguas S.A. (“VASA”) was created in 2005 in order to develop the processing, production and packaging of mineral water and other waters by Agua Mineral de Chanqueahue Vital. Andina and Embonor S.A. continued the development of juices and non-carbonated beverages through their ownership stakes in Vital S.A., holding 66.5% and 33.5%, respectively. In January 2011, the juice production business was restructured to incorporate other Coca-Cola bottlers in Chile as shareholders of Vital S.A., which changed its name initially to Vital Jugos S.A. and then to VJ S.A. in 2019. Andina and Embonor hold 65% and 35% stakes in VJ S.A., respectively.

In 2001, we entered into a joint venture with Cristalerías de Chile to produce PET bottles. On January 27, 2012, Coca-Cola Embonor through its subsidiary, Embonor Empaques S.A., acquired Cristalerías de Chile’s stake equivalent to a 50% ownership interest in Envases CMF.

In 2012, in order to reinforce our leadership position among Coca-Cola bottlers in South America, the Company completed its merger with Embotelladoras Coca-Cola Polar S.A. (“Polar”). Polar was a Coca-Cola bottler with operations in Chile, where it serviced territories in the II, III, IV, XI and XII regions, as well as parts of Argentina, as described below, and all of Paraguay. The merger granted former shareholders of Polar a 19.68% ownership interest in the merged entity, however the Company controls its day to day operations. As a result of the transaction, we also acquired additional indirect ownership interests in Vital Jugos, Vital Aguas and ECSA.

In January 2016, the Company incorporated a closed joint-stock company called Coca-Cola Del Valle New Ventures S.A. (“Coca-Cola Del Valle”). Embotelladora Andina S.A. contributed 35% of the capital of Coca-Cola Del Valle, with Embonor S.A. and Coca-Cola de Chile S.A. contributing the remaining 15% and 50%, respectively. The main corporate purpose of Coca-Cola Del Valle is the development and production of juices, waters and non-carbonated beverages under brands owned by The Coca-Cola Company that Andina and Coca-Cola Embonor S.A. are authorized to commercialize and distribute in their respective franchise territories.

In August 2016, the Company signed an agreement with Monster Energy Company for the distribution of Monster Energy products in the Chilean territory covered by Andina, which we began distributing in September 2016.

In March 2017, The Coca-Cola Company, together with its bottlers in Latin America, announced the closing of the acquisition from Unilever of the AdeS vegetable protein-based beverage business. Andina began distributing AdeS products in Chile in July 2017.

In January 2018, the Company, Embonor S.A., Coca-Cola del Valle New Ventures S.A., and Coca-Cola de Chile S.A., as buyers, and Inversiones Siemel S.A. as seller, entered into a stock purchase agreement under which the parties agreed to transfer 100% ownership of the shares of Comercializadora Novaverde S.A. (“Novaverde”), a Chilean company dedicated to the production and distribution of juices, ice cream, and other food, mainly under the brand “Guallarauco”. The transaction did not include the acquisition of the avocado sales business line and the General Mills brand representation. In October 2018, the purchase of 100% of the shares of Novaverde was completed.

In May 2018, Diageo Chile Ltda., Embonor S.A. and Embotelladora Andina S.A. signed an agreement for the distribution in Chile of the brands belonging to Diageo, including Johnnie Walker, Baileys, Smirnoff, Guinness, Pampero, among others.

In October 2019, Cooperativa Agrícola Pisquera Elqui Ltda. (“Capel”), Embonor S.A. and Andina, signed an agreement for the distribution in Chile of products bearing the brands belonging to Capel, including Capel (brand), Alto del Carmen, Monte Fraile, Brujas de Salamanca, Artesanos del Cochiguaz, among others.

In August 2020, Cervecería Chile S.A. and Andina signed an agreement for the distribution in Chile of the brands belonging to AB InBev, including Corona, Becker, Báltica, Budweiser, Stella Artois, Cusqueña, among others.

In August 2021, Viña Santa Rita and Andina signed an agreement for the distribution in Chile of wine products under the brands belonging to Santa Rita, including Doña Paula, 120 Tres Medallas, Casa Real, Medalla Real, Carmen, Santa Rita, among others.

In August 2021, Andina together with Embonor Empaques S.A. incorporated a company named Re-Ciclar S.A. The main purpose of this company is to produce recycled resin for the Coca-Cola system and third parties.

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Brazil

Andina Brazil, our Brazilian subsidiary, began production and distribution of Coca-Cola soft drinks in Rio de Janeiro in 1942. In 1994, we acquired 100% of the capital stock of Andina Brazil. In 2000, we purchased a Coca-Cola franchise licensee NVG through Andina Brazil for a territory in Brazil comprising the State of Espírito Santo and part of the States of Rio de Janeiro and Minas Gerais.

In 2004, Andina Brazil entered into a franchise swap agreement with the Brazilian subsidiary of The Coca-Cola Company, Recofarma Indústrias do Amazonas Ltda., for an exchange of franchising rights, goods and other assets of Andina Brazil in the territory of Governador Valadares in the State of Minas Gerais, and other franchise rights of The Coca-Cola Company in the territories of Nova Iguaçu in the state of Rio de Janeiro, which were previously owned by Companhia Mineira de Refrescos S.A.

In 2007, The Coca-Cola Company along with the Coca-Cola bottlers in Brazil created a joint venture, Mais Indústria de Alimentos, in order to enhance the non-carbonated business for the entire system in that country, and in 2008 The Coca-Cola system acquired a second company that produces non-carbonated beverages called Sucos del Valle do Brasil Ltda. These two companies merged in 2011 and SABB (Sistema de Alimentos y Bebidas do Brasil) was created.

In 2010, The Coca-Cola Company along with its bottlers, acquired in a joint venture the company Leão Junior S.A. (currently Leão Alimentos e Bebidas Ltda.) with a consolidated presence and market share in Andina Brazil’s region in the category of iced tea. Leão Alimentos e Bebidas Ltda. commercializes the Matte Leão brand, among others. Andina Brazil held a 10.26% ownership interest in Leão Alimentos e Bebidas Ltda.

In 2012, Andina Brazil acquired a 40% stake in Sorocaba Refrescos S.A., a Coca-Cola bottler located in the state of São Paulo.

In 2013, Andina Brazil, acquired 100% of the capital stock of Companhia de Bebidas Ipiranga (“Ipiranga”) in an all-cash transaction. Ipiranga is also a Coca-Cola bottler with operations in part of the States of São Paulo and part of the State of Minas Gerais. This acquisition was previously arranged between the parties through an agreement signed on July 10, 2013.

During 2013, there was a restructuring of the juice and mate herb (“yerba mate”) business, pursuant to which the companies in which Andina Brazil held an interest were merged. As a result of the restructuring, Andina Brazil ended up with a 9.57% ownership interest in Leão Alimentos y Bebidas Ltda., the legal successor of these companies. This percentage increased to 10.87% as a result of our acquisition of, and subsequent merger with, Companhia de Bebidas Ipiranga that held an ownership interest in Leão Alimentos y Bebidas Ltda.

In 2016, Andina Brazil, along with Coca-Cola Brazil and the other bottlers in Brazil joined in Trop Frutas do Brasil Ltda., in which Andina Brazil holds a 7.52% of ownership.

During 2016, Andina Brazil, along with Coca-Cola Brazil and the other bottlers in Brazil, acquired Laticínios Verde Campo Ltda. The purchase was made through Trop Frutas do Brasil Ltda. Andina Brazil acquired 7.52% of Laticínios Verde Campo Ltda.

In 2016, Andina Brazil signed an agreement with Monster Energy Company for the distribution of Monster Energy products in Andina Brazil’s territory. These products began being distributed in November 2016.

In 2016, Andina Brazil closed its production facility in Cariacica, state of Espírito Santo, leaving only two production facilities, in the States of Rio de Janeiro and São Paulo.

In 2017, Andina Brazil bought, together with Coca-Cola Brazil and the other Coca-Cola bottlers in Brazil, the company UBI 3 Participações Ltda. The operation was carried out to make the distribution and marketing of AdeS products in Brazil viable. Andina Brazil acquired 8.50% of UBI 3 Participações Ltda. Andina Brazil began distributing AdeS products in June 2017.

In August 2017, Andina Brazil increased its ownership interest in Leão Alimentos e Bebidas Ltda. from 8.8% to 10.26%.

In March 2018, Andina Brazil started the production of soft drinks at the new Duque de Caxias plant in the state of Rio de Janeiro, and in January 2019, the production of mineral waters started in the same plant.

In October 2018, Trop Frutas do Brasil Ltda. incorporated the company Laticínios Verde Campo Ltda., thereby acquiring ownership of the brand Laticínios Verde Campo.

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In September 2021, the distribution agreement under which our subsidiary RJR commercialized and distributed Heineken and Amstel branded beers in Brazil was terminated. On the same date, our subsidiary RJR and Heineken agreed a new distribution agreement, pursuant to which RJR began to market and distribute Eisenbahn and Tiger branded beers, and continued to market and distribute beers from the Sol Premium, Kaiser and Bavaria branded beers, within its franchise territories in Brazil.

In September 2021, Andina Brazil acquired 50% of the Therezópolis beer brands from the company Greenday Natural Products Gestão de Ativos Ltda., for R$35 million.

In September 2021, the Coca-Cola Brazil System, including Andina Brazil, signed a Master Agreement and Distribution Agreement with Estrella de Galicia Importação e Comercialização de Bebidas e Alimentos Ltda., with a term of 12 years, for the distribution of branded beers Estrella Galicia throughout the Brazilian territory with exclusivity.

In April 2022, the Coca-Cola Brazil System, including Andina Brazil, signed a Master Agreement and Distribution Agreement with Campari, with an expiration date of December 31, 2026, for the exclusive distribution of Campari-branded beverages throughout the Brazilian territory.

In November 2022, Andina Brazil, signed a Copacking Agreement with Monster, with a term of 10 years.

On August 9, 2023, Andina Brazil signed a Distribution Agreement with Perfetti Van Melle with an expiration date of August 9, 2028, authorized by the Master Agreement signed by the Coca-Cola Brazil system in July 2022, for the distribution of Perfetti Van Melle-branded portfolio throughout the Brazilian territory.

On April 11, 2024, the agreement for the assignment and transfer of shares of Laticínios Verde Campo, formerly Trop Frutas do Brasil Ltda, was signed, in which Andina Brazil, along with Coca-Cola Brazil and the other bottlers in Brazil, transferred their shares in the company, such that none of them continues to have any stake in Laticínios Verde Campo. The agreement closed on May 31, 2024.

In June 2024, the termination of the Distribution Contract between Cervejarias Kaiser Brasil Ltda, HNK BR Indústria de Bebidas Ltda, and RJR was signed. This contract, which covered the marketing and distribution of Eisenbahn, Tiger, Sol Premium, Kaiser, and Bavaria branded beers, ended on October 1, 2024.

On February 10, 2025, the distribution of CERPA Beer began pursuant to the contract between CERPA Cervejaria Paraense S/A and RJR. This contract was authorized by the Master Contract, signed on January 31, 2025, by the Coca-Cola Brazil system for the distribution of the CERPA brand beer portfolio throughout Brazil.

On October 3, 2025, the manufacturing operation of CERPA Beer began between CERPA Cervejaria Paraense S/A and RJR, with the objective of manufacturing Cerpa Cervejarias Paraense S/A beers at its factory in Duque de Caxias.

On December 4, 2025, a supply agreement was signed between Estrella De Galicia Importação e Comercialização de Bebidas e Alimentos Ltda. and RJR, allowing the latter to manufacture products for the sole purpose of selling them to Estrella Galicia.

Argentina

Production of Coca-Cola soft drinks in Argentina began in 1943 with operations in the province of Córdoba, Argentina, through Inti S.A.I.C., (“INTI”). In 1995, we, through an investment company incorporated in Argentina called Inversiones del Atlántico S.A., (“IASA”), acquired a 59% interest in EDASA (the parent company of Rosario Refrescos S.A. and Mendoza Refrescos S.A.). These entities were subsequently merged to create Rosario Mendoza Refrescos S.A., (“ROMESA”). In 1996, we acquired an additional 35.9% interest in EDASA, an additional 78.7% interest in INTI, a 100% interest in CIPET (a PET plastic bottle and packaging business located in Buenos Aires) and a 15.2% interest in Cican S.A. During 1997, the operations of ROMESA were merged with INTI. In 1999, EDASA was merged into IASA. In 2000, IASA was merged into INTI, forming Embotelladora del Atlántico S.A. (“EDASA”). In 2002, CIPET merged into EDASA. During 2007, EDASA’s ownership interest in Cican S.A. was sold to FEMSA.

In 2011, EDASA’s shareholders resolved to form Andina Empaques Argentina S.A., through a spin-off of all of EDASA’s Packaging Division, including all tangible and intangible assets related thereto. Subsequently, EDASA absorbed Coca-Cola Polar Argentina S.A.

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Additionally, as a result of the Company’s merger with Polar which was completed in October 2012, the Company gained territory serviced by Polar in Argentina, consisting of territories in Santa Cruz, Neuquén, El Chubut, Tierra del Fuego, Río Negro, La Pampa and the western part of the province of Buenos Aires.

In March 2017, EDASA acquired 13.0% of the shares of the company Alimentos de Soja S.A.U., dedicated to the production of vegetable protein-based beverages marketed under the brand “AdeS.” The sale of Alimentos de Soja S.A.U. shares was carried out within the framework of a global transaction under the terms of which The Coca-Cola Company and certain Coca-Cola bottlers acquired the “AdeS” liquid soy-based food business from the Unilever Group in Brazil, Mexico, Argentina, Colombia, Paraguay, Uruguay, Bolivia and Chile. EDASA began distributing AdeS products in July 2017. In 2018, EDASA acquired shares of Alimentos de Soja S.A.U. (currently Alimentos de Soja S.A., in liquidation), increasing its ownership interest to 14.3%. As of the date of this annual report, EDASA’s interest in Alimentos de Soja S.A. is equivalent to 14.82%. The amount of shares transferred was sufficient to provide EDASA with a percentage of shares approximately proportional to its market share in the territory. As of the date of this annual report, the company is in the process of being liquidated, as a result of the early dissolution that was unanimously approved by the shareholders at an extraordinary shareholders’ meeting.

In December 2017, EDASA, together with Monster Energy Company, entered into an agreement in which Monster Energy Company named Embotelladora del Atlántico S.A. as distributor in the franchise territory of Andina Argentina of the products bearing the Monster brand for an initial period of 10 years. In February 2018, we began commercializing and distributing Monster products entering the category for energy drinks. Also, in April 2021 EDASA, together with Monster Energy Company, entered into an agreement whereby Monster Energy Company appointed Embotelladora del Atlántico S.A. as the manufacturer of products (copacking services) bearing the Monster brand for an initial term of 5 years. Subsequently, on January 15, 2025, EDASA and Monster Energy Company entered into a manufacturing agreement with a term of 5 years, automatically renewable for up to two additional successive five‑year periods, subject to the fulfillment of certain conditions.

In June 2022, Andina Argentina signed a distribution agreement with Grupo Peñaflor S.A. with an expiration date of June 2026, for the distribution of alcoholic beverages manufactured or imported by Grupo Peñaflor S.A. for the territory of the Provinces of Mendoza, San Juan and San Luis. Furthermore, in December 2024, distribution was extended to the territory of the Province of Córdoba.

Paraguay

PARESA is the first authorized Coca-Cola Bottler Company in Paraguay, which started its operations in 1965. In 1967, Plant 1 was opened with a capacity of 400,000 annual unit cases. In 1980, the Barcequillo Plant - located on Km 3.5 Barcequillo of the Ñemby route, in the City of San Lorenzo- was opened, reaffirming and applying the concept of the highest end technology of bottling. Beginning in 2004, PARESA became property of the Grupo Polar from Chile, continuing its operations in the Paraguayan market. In 2012, PARESA became part of Grupo Coca-Cola Andina due to the merger of Embotelladoras Coca-Cola Polar S.A. into Embotelladora Andina S.A.

In March 2017, The Coca-Cola Company, together with its bottlers in Latin America, announced the closing of the acquisition from Unilever of the AdeS vegetable protein-based beverage business.

PARESA began distributing AdeS and Monster products in July 2017 and May 2019, respectively.

In February 2021, PARESA together with local partners incorporated a company named Circular-Pet S.A. The main activity of this company is the manufacturing and commercialization of post-consumer recycled PET resins, coming from the transformation of PET flakes.

In October 2022 PARESA and Cervepar S.A. signed a Logistics and Sales Master Agreement valid for a period of 5 years, and in this context, from September 2023 PARESA began to distribute alcoholic beverages, mainly beers, covering cities in the departments of San Pedro, Caaguazú and Canindeyú, under brands such as Brahma, Budweiser 66, Skol, among others.

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Capital Expenditures

The following table sets forth our capital expenditures by country for the 2023-2025 period:


		Year ended December 31,
		2023		2024		2025

		(in millions of Ch$)
Chile		107,314		75,830		73,557
Brazil		54,082		115,079		115,963
Argentina		44,729		89,694		45,357
Paraguay		16,495		21,916		41,851
Total		222,620		302,519		276,728

Our total capital expenditures were Ch$222,620 million in 2023, Ch$302,519 million in 2024 and Ch$276,728 million in 2025. Expenditures in 2025 were mainly to finance productive investments, primarily in Brazil and Chile.

In 2025, capital expenditures were principally related to the following:

Argentina

●

Returnable containers (glass and PET bottles) and bottles cases;

●

Coolers / Cold Equipment;

●

Productivity and cost‑optimization projects, including NRGB 237 bottle labeling improvements, finished goods and raw‑materials racks, and other sustainability initiatives (e.g., water treatment, recycling and effluent‑treatment systems);

●

Investments due to obsolescence, with significant impact on forklift replacements; and

●

Hardware technology upgrades and software development aimed at productivity and management improvements, including migration to SAP HANA.

Brazil

●

Acquisition of a new logistics site adjacent to Jacarepaguá plant in Rio de Janeiro;

●

Beer production facility within the Duque de Caxias plant;

●

Acquisition and installation of a mineral water line within the Duque de Caxias plant;

●

Returnable bottles (Ref PET and glass bottles) and plastic bottle cases;

●

Production lines and equipment for Andina plants;

●

Renewal of part of the trucks and forklifts for industrial and logistics areas;

●

Cold drink equipment and other equipment for the point of sale;

●

Improvements in management systems, including migration to SAP HANA; and

●

Machinery to increase efficiency and productive capacity.

Chile

●

Commissioning of the new wastewater treatment plant;

●

Start-up of the nanofiltration project aimed at reducing the water ratio; and

●

Initiation of the migration process to SAP HANA.

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Paraguay

●

New Returnable Glass Bottle (RGB) production line;

●

Expansion of fructose storage capacity;

●

Returnable bottles and plastic cases;

●

Coolers / Cold equipment;

●

Expansion of the finished goods warehouse; and

●

Improvements in management systems, including migration to SAP HANA.

We have budgeted approximately US$250 million for our capital expenditures in 2026, which are expected to be mainly used for the following purposes:

●

Implementation of a new returnable packaging line in Brazil, enabling a more efficient response to market demand;

●

Expanded infrastructure to increase storage capacity in Brazil;

●

Productivity improvements and investment in continuity projects in Chile;

●

Industrial upgrades and increased production capacity in Argentina and Paraguay, including improvements in production lines, piping, boilers, and other equipment;

●

Industrial upgrades and additional productive investments in Brazil, complementing the initiatives mentioned above—such as the multi‑category line in Duque de Caxias and the can line in Ribeirão Preto; and

●

Investment in assets for regional AdeS production in Brazil.

For 2026, we estimate that internally generated funds will finance a large part of our budgeted capital expenditure. Our capital expenditure plan for 2026 may change based on market conditions and how the economy evolves in the countries where we operate.

B.	BUSINESS OVERVIEW

We are the third largest bottler of Coca-Cola trademark beverages in Latin America in terms of sales volume. We are the largest bottler of Coca-Cola trademark beverages in Chile and Argentina and the third largest in Brazil, in each case in terms of sales volume. We are also the only bottler of Coca-Cola trademark beverages in Paraguay.

In 2025, we had consolidated net sales of Ch$3,344,836 million and total sales volume of 945.8 million unit cases of beverages.

In addition to our soft drinks business, which accounted for 63.9% of our consolidated net sales during 2025, we also:

●

produce, sell and distribute fruit juices, other fruit-flavored beverages, sport drinks, mineral and purified water in Chile, Argentina, Brazil and Paraguay under trademarks owned by The Coca-Cola Company, and flavored waters in Chile, Argentina, Brazil and Paraguay;

●

produce, sell and distribute iced tea, matte beverages in Brazil;

●

produce, sell and distribute seed-based beverages in Argentina under trademarks owned by The Coca-Cola Company, and sell and distribute these products in Brazil, Chile and Paraguay;

●

produce, sell and distribute energy drinks in Argentina, Brazil and Chile under trademarks owned by Monster Energy Company, and sell and distribute these products in Paraguay;

●

manufacture polyethylene terephthalate (“PET”) bottles and preforms, returnable PET bottles, cases and plastic caps, primarily for our own use in the packaging of our beverages in Chile and Argentina;

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●

sell and distribute beer in Brazil under the Therezópolis, Estrella Galicia, Cerpa and Tijuca brands. In March 2025, we began a new partnership with Cerpa Brewery, and we started beer production at our Duque de Caxias plant — launching Therezópolis in August 2025 and Tijuca in November 2025;

●

sell and distribute spirits, wines and other alcoholic beverages in Brazil under the group Campari SPA’s brands;

●

produce, sell and distribute alcoholic ready-to-drink beverages in Brazil and sell and distribute these alcoholic ready-to-drink beverages in Argentina, Chile and Paraguay;

●

sell and distribute beer, sparkling wine, spirits, wine and other alcoholic products in Argentina under the Grupo Peñaflor brands;

●

sell and distribute beer, spirits and wine in Chile;

●

sell and distribute beer, spirits and other alcoholic beverages in Paraguay;

●

sell and distribute confectionery in Brazil under the Perfetti Van Melle Brazil’s brands: Mentos and Fruittella; and

●

distribute ice cream and other frozen products under the Guallarauco brand in Chile.

Our Territories

The following map shows our territories, estimates of the population to which we offer products, the number of retailers of our beverages and the per capita consumption of our beverages as of December 31, 2025.

Per capita consumption data for a territory is determined by dividing total beverage sales volume, excluding the sales to other Coca-Cola bottlers within the territory by the estimated population within such territory, and is expressed on the basis of the number of eight-ounce servings of our products. One of the factors we use to evaluate the development of local volume sales in our territories and to determine product potential is the per capita consumption of our beverages.

Our Product Overview

We produce, market and distribute the following Coca-Cola trademark beverages and brands licensed from third parties throughout our franchise territories.

We produce, market and distribute Coca-Cola products in our franchise territories through standard bottler agreements between our bottler subsidiaries and the local subsidiary in each jurisdiction of The Coca-Cola Company. We consider our relationship with The Coca-Cola Company to be an integral part of our business strategy.

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The following table sets forth the brands of the non-alcoholic beverages that we distribute by country as of December 31, 2025:


	Argentina		Brazil		Chile		Paraguay

Soft drinks
Coca-Cola	ü	PR	ü	PR	ü	PR	ü	B
Coca-Cola Light	ü	PR			ü	PR
Coca-Cola Plus Café	ü	PR	ü	PR
Coca-Cola Zero/Sin azúcar	ü	PR	ü	PR	ü	PR	ü	PR
Crush Light/Zero/Sin azúcar	ü	PR					ü	PR
Fanta	ü	PR	ü	PR	ü	PR	ü	PR
Fanta Zero/Sin azúcar	ü	PR	ü	PR	ü	PR
Inca Kola					ü	PR
Inca Kola Zero					ü	PR
Kuat			ü	PR
Nordic					ü	PR
Nordic Zero					ü	PR
Schweppes	ü	PR	ü	PR	ü	PR	ü	PR
Schweppes Light/Zero/Sin azúcar	ü	PR	ü	PR	ü	PR
Schweppes Tónica	ü	PR	ü	PR	ü	PR	ü	B
Schweppes Tónica Light	ü	PR	ü	PR	ü	PR	ü	PU
Sprite	ü	PR	ü	PR	ü	PR	ü	PR
Sprite Zero/ Sin azúcar	ü	PR	ü	PR	ü	PR	ü	PR
Juices
Cepita	ü	PR			ü	PU
Cepita Nutridefensas	ü	PR
Del Valle 100%			ü	PU
Del Valle Fresh			ü	PR	ü	PR
Del Valle Frut			ü	PR	ü	PR
Del Valle Mais			ü	B
Del Valle Mais Light			ü	PR	ü	PR
Frugos Light/Sin azúcar/0%							ü	PR
Guallarauco Aloe Vera					ü	PR
Guallarauco Jugo					ü	PR
Guallarauco Limonada					ü	PR
Guallarauco Nectar					ü	PR
Guallarauco Vitamin					ü	PR
Kapo			ü	PR	ü	PR	ü	PR
Waters
Aquarius	ü	PR			ü	PR	ü	PR
Aquarius Zero	ü	PU
Benedictino	ü	PR			ü	PR	ü	PR
Benedictino Sabores					ü	PR
Bonaqua	ü	PR
Crystal			ü	PR
Crystal Sabores			ü	PR
Dasani							ü	PR
Glaceau Vitamin Water					ü	PR
Guallarauco Agua de Fruta					ü	PR
Vital					ü	PR
Other non-alcoholic beverages
AdeS Frutales	ü	PR	ü	PU	ü	PU	ü	PU
AdeS Leches	ü	PR	ü	PU	ü	PU
Fastlyte			ü	PR
Leão Ice Tea			ü	PR
Leão Ice Tea Light/Zero/sin azúcar			ü	PR
Leão Sabores			ü	PR

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	Argentina		Brazil		Chile		Paraguay

Matte Leão			ü	PR
Matte Leão Zero			ü	PR
Monster	ü	PR	ü	PU	ü	PR	ü	PU
Monster Zero/Light/Sin azúcar	ü	PR	ü	PU	ü	PR	ü	PU
Powerade	ü	PR	ü	PR	ü	PR	ü	PR
Powerade Zero/Light/Sin azúcar			ü	PR	ü	PR
Reign			ü	PU	ü	PR


Symbology
PR	Produced
PU	Purchased
B	Both (Produced and Purchased)

In addition to non-alcoholic beverages portfolio, we sell and distribute beer, spirits, wine and other alcoholic products in Chile; produce, sell and distribute pre-mixed cocktails, spirits and other alcoholic beverages in Brazil, produce (Therezópolis and Tijuca), sell and distribute beer in Brazil and sell and distribute confectionery in Brazil, sell and distribute beer, spirits, wine, and other alcoholic beverages in Argentina, and sell and distribute beer in Paraguay.

In Argentina we distribute the Antares beer brand; wines and sparkling wines of the brands Alaris, Alma Mora, Colección Privada, Dadá, Don David, El Bautismo, Elementos, Fair for Life, Finca Las Moras, Fond de Cave, Los Árboles, Los Intocables, Navarro Correas, Paz, San Telmo, Suter, Termidor, Trapiche, Blend de Extremos, El Esteco, El Que Ríe Último Ríe Mejor, Finca Notables, Iscay Syrah, La Mascota, Medalla, Origen, Unánime, Demencial and El Cazador; spirits of the brands Baileys, Gin Tanqueray, Vodka Smirnoff, Whisky J&B, Whisky Johnnie Walker, Whisky Old Parr, Whisky White Horse, Gin Gordon, and other alcoholic products from the Frizze and Smirnoff ICE brands.

In Brazil we distribute Therezópolis, Estrella Galicia, Cerpa and Tijuca beers; spirits of the brands Aperol, Bulldog, Campari, Cinzano, Cynar, Dreher, Drury’S, Old Eight, Sagatiba, Skyy, Bickens, Frangelico and Wild Turkey; wines and sparkling wines from Liebfraulmilch, and other alcoholic products of the brands Schweppes, Jack Daniels & Coca-Cola, Absolut Vodka & Sprite.

In Chile we distribute beers of the brands Budweiser, Corona/Coronita/Corona Light, Stella Artois, Becker, Cusqueña, Báltica, Kilómetro 24.7, Quilmes, Michelob Ultra, Modelo, Pilsen del Sur, Malta del Sur, Leyendas de origen, Quilmes Sin Alcohol, Budweiser Zero, Corona Sin Alcohol and Stella Artois sin alcohol; we also distribute spirits of the brands Baileys, Bourbon Bulleit, Gin Tanqueray, Ron Cacique, Ron Pampero, Ron Zacapa, Sheridan’s, Tequila Don Julio, Vodka Ciroc, Vodka Smirnoff, Whisky Bell’s, Whisky Buchanan’s, Whisky J&B, Whisky Johnnie Walker, Whisky Old Parr, Whisky Sandy Mac, Whisky Singleton, Whisky Vat-69, Whisky White Horse, Pisco Monte Fraile, Pisco Hacienda La Torre, Pisco Alto del Carmen/Alto del Carmen Ice, Pisco Capel/Capel Ice, Pisco Brujas de Salamanca, Pisco Artesanos del Cochiguaz, Ron Maddero, Gin Gordon, Lepac and Gin Tanqueray Zero. We also distribute wines and sparkling wines of the brands Prologo Late Harvest, Vino Grosso, Espumante Francisco de Aguirre, Espumante Sensus, Espumante Myla, 120, Amaranta/Amaranta Spritz, Bodega Uno, Cabernario, Carmen, Casa Real, Cavanza, Doña Paula, Floresta, Hermanos Carrera, Heroes, Invictas, Los Cardos, Medalla Real, Rita, Sangria Guay, Santa Rita, Terra Andina, Pkdor, Bougainville, Cigar Box, Pewen, Secret Reserve, Triple C, Carmen Late Harvest and 120 Dulce, and other alcoholic products of the brands Smirnoff ICE, Jack Daniels & Coca-Cola, Absolut Vodka & Sprite, Coctel Alto del Carmen Ice, Amaranta Spritz, Coctel Artesanos del Cochiguaz, Coctel Capel, Coctel Estrella del Elqui, Coctel Inca de oro, Coctel Stellar Ice, Jack&Coke Zero, Coctel 120 Sabores and Coctel 120 Spritz.

In Paraguay, we distribute beers from the Budweiser, Corona/Coronita/Corona Light, Stella Artois, Michelob Ultra, Brahma, Ouro Fino, Patagonia Amber, Pilsen, SKOL and Leyendas de Origen brands. We also distribute spirits such as Johnnie Walker Whisky, Aperol, Campari, Cinzano, Gordon’s Gin, as well as other alcoholic products under the Smirnoff ICE brand.

All the alcoholic products we commercialize are purchased from our commercial partners, except for some beers and pre-mixed cocktails produced in Brazil.

We seek to enhance our business throughout the franchise territories by developing existing markets, penetrating other soft drink, waters and juices markets, and also alcoholic beverages markets, forming strategic alliances with retailers to increase consumer demand for our products, increasing productivity, and by further internationalizing our operations.

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Reporting Segments

The following discussion analyzes our product sales and customers by reporting segments.

Chile

In Chile, we produce, market and distribute our beverages under The Coca-Cola Company trademarks in the metropolitan region of Santiago and the provinces of Cachapoal and San Antonio, as well as the regions of Antofagasta, Atacama, Coquimbo, Aysén and Magallanes.

During 2025, Chile accounted for 33.6% and 39.4% of our volume and consolidated net sales, respectively.

Soft Drinks: Our Chilean soft drink operations accounted for net sales in 2025 of Ch$632,405 million. We measure sales volume in terms of unit cases (UCs). The following table highlights historical sales and volume of Coca-Cola soft drinks sold in Chile for the periods indicated:

 

Year ended December 31,

 

2023

 

2024

2025

(in millions)

Ch$

 

UCs

 

Ch$

UCs

Ch$

UCs

Colas

464,262

130.7

496,257

133.8

519,280

135.1

Flavored soft drinks

111,412

30.2

110,556

29.4

113,125

28.4

Total

575,674

160.8

606,813

163.2

632,405

163.5

As of December 31, 2025, we sold our products to approximately 73,000 customers in Chile. The following table highlights the type of customer in Chile for our products:


		Year ended December 31,
		2023		2024		2025

		(%)
Mom & Pops ⁽¹⁾		46		46		48
Supermarkets		30		30		29
On premise		13		13		13
Wholesale distributors		11		11		11
Total		100		100		100

(1)	Mom & Pops are neighborhood stores (grocery stores, minimarkets, kiosks, liquor stores, bakeries, etc.) characterized by providing daily shopping needs, and differentiated because they are nearby, and products are available in smaller formats.

Other Beverages: Coca-Cola Andina, through VJ S.A., produces and sells nectar, fruit juices, fruit flavored beverages and sports drinks. Juices are manufactured and commercialized under the following brands: Del Valle (fruit juices and nectars), Kapo (flavored soft drink), Powerade (isotonic beverage), Glaceau Vitamin Water (vitamin‑ and mineral‑fortified flavored water), and Fastlyte (electrolyte beverage), as well as Guallarauco products (juices and nectars). VJ S.A. also commercializes Ades (soy juice). Vital Aguas S.A. is responsible for bottling mineral and mineralized water under the brand Vital. Additionally, in Chile, Andina produces purified water under the Benedictino brand.

In September 2016 and July 2017, the Company began the distribution in Chile of products under the trademarks of Monster and AdeS, respectively. In 2018, the Company began selling and distributing certain Guallarauco products and also spirits from the company Diageo, and in 2019 the Company began with the sale and distribution of liquors and wine of the company Capel.

In 2020, the Company began selling and distributing AB InBev beer in Chile, under the following brands: Corona, Becker, Báltica, Budweiser, Stella Artois, Cusqueña, among others.

In May 2020, the Company began the production of Monster in Chile, through Envases Central S.A.

In 2021 the Company began selling and distributing Viña Santa Rita wines under the following brands: Doña Paula, 120 Tres Medallas, Casa Real, Carmen, Santa Rita, among others.

In 2025, net sales of waters, juices, seed-based beverages, sports drinks and energy drinks in Chile were Ch$382,058 million, and net sales of beer and spirits were Ch$304,673 million.

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Brazil

In Brazil, we produce, market and distribute our beverages under The Coca-Cola Company trademarks or brands authorized by The Coca-Cola Company in the majority of the State of Rio de Janeiro and the entirety of the State of Espírito Santo and since October 1, 2013 in part of the state of São Paulo and part of the state of Minas Gerais, as a consequence of the Ipiranga acquisition on October 1, 2013.

During 2025, Brazil accounted for 37.8% and 29.2% of our volume and consolidated net sales, respectively.

Soft Drinks: The Brazilian soft drink operations accounted for net sales of Ch$724,962 million in 2025. The following table highlights historical sales and volume of Coca-Cola soft drinks sold in Brazil for the periods indicated:

 

Year ended December 31,

 

2023

 

2024

2025

(in millions)

Ch$

 

UCs

 

Ch$

UCs

Ch$

UCs

Colas

448,129

192.3

549,401

216.0

613,187

234.4

Flavored soft drinks

86,889

45.7

108,901

50.5

111,775

49.5

Total

535,018

238.1

658,302

266.4

724,962

283.9

As of December 31, 2025, we sold our products to approximately 84,000 customers in Brazil. The following table highlights the type of customer in Brazil for our products:


		Year ended December 31,
		2023		2024		2025

		(%)
Mom & Pops ⁽¹⁾		32		33		33
Supermarkets		33		32		33
On premise		13		12		11
Wholesale distributors		23		23		23
Total		100		100		100

(1)	Mom & Pops are neighborhood stores (grocery stores, minimarkets, kiosks, liquor stores, bakeries, etc.) characterized by providing daily shopping needs, and differentiated because they are nearby, and products are available in smaller formats.

Other Beverages: beginning in September 2021, we sell and distribute beer under the Therezópolis, Estrella Galicia, Eisenbahn, Tiger, Sol Premium, Kaiser and Bavária brands; however, as of October 2024, Andina Brazil and Heineken terminated their Distribution Agreement for the brands Eisenbahn, Tiger, Sol Premium, Kaiser and Bavária. Starting in August 2025, we began producing beer in Brazil under Therezópolis and Tijuca brands. We also produce, sell and distribute alcoholic ready-to-drink Jack & Coke, Schweppes Mixed and Absolut Vodka & Sprite. We sell and distribute water under the labels Crystal and Crystal Flavored Water, ready-to-drink juices under the labels Del Valle Mais, Del Valle Frut, Del Valle 100% and Kapo, energy drinks under the brand names Monster and Reign, isotonic drinks under Powerade brand and Matte Leão, Leão Ice Tea and Guaraná Power ready-to-drink teas. We also sell and distribute seed-based beverages, AdeS Juice and AdeS Milk, under the brand name AdeS. From May 2022 we started to distribute alcoholic beverages from Campari´s portfolio under the brand names Campari, Aperol, Sagatiba, Dreher, Old Eight, Drury’S, Skyy, Bulldog, Cinzano, Cynar, Liebfraulmilch, Bickens, Espolon, Frangelico and Wild Turkey.

Confectionery: from September 2023, we started sell and distribute candy and gum from the Perfetti’s brands: Mentos and Fruittella.

In 2025, net sales of waters, juices, ready-to-drink teas, seed-based beverages, sports drinks and energy drinks in Brazil were Ch$227,362 million, and net sales of beer and other alcoholic products were Ch$24,584 million.

Argentina

In Argentina, we produce, market and distribute our beverages under The Coca-Cola Company trademarks in the entirety of the provinces of Córdoba, Mendoza, San Juan, San Luis, Entre Ríos, western part of the province of Buenos Aires and most of Santa Fe, as well as La Pampa, Neuquén, Río Negro, Chubut, Santa Cruz, and Tierra del Fuego.

During 2025, Argentina accounted for 19.4% and 22.2% of our sales volume and consolidated net sales, respectively.

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Soft Drinks: The Argentine soft drink operations accounted for net sales of Ch$553,642 million in 2025. The following table highlights historical sales and volume of Coca-Cola soft drinks sold in Argentina for the periods indicated:

 

Year ended December 31,

 

2023

 

2024

2025

(in millions)

Ch$

 

UCs

 

Ch$

UCs

Ch$

UCs

Colas

256,586

122.6

455,417

112.0

415,160

115.8

Flavored soft drinks

87,848

39.7

151,420

32.3

138,482

34.9

Total

344,434

162.3

606,837

144.3

553,642

150.6

As of December 31, 2025, we sold our products to approximately 66,000 clients in Argentina. The following table highlights the type of client in Argentina for our products:


		Year ended December 31,
		2023		2024		2025

		(%)
Mom & Pops ⁽¹⁾		33		38		39
Supermarkets		32		24		21
On premise		7		7		7
Wholesale distributors		28		31		33
Total		100		100		100

(1)	Mom & Pops are neighborhood stores (grocery stores, minimarkets, kiosks, liquor stores, bakeries, etc.) characterized by providing daily shopping needs, and differentiated because they are nearby, and products are available in smaller formats.

Other Beverages: in Argentina we produce, sell and distribute flavored waters under the brand name Aquarius, and mineral and drinking water under the brands Bonaqua and Benedictino. In addition, we produce, sell and distribute ready to drink juices under the Cepita brand name, and fruit and vegetable seed based drinks under the brand name AdeS (which in 2017 was incorporated into the portfolio through a joint venture between The Coca-Cola Company and other Coca-Cola bottlers, including Andina). We also produce, sell and distribute sport drinks under the Powerade brand name, and produce, sell and distribute energy drinks under the Monster brand name (which was incorporated into the portfolio in 2018). We distribute beers of the brand Antares; wines and sparkling wines of the brands Alaris, Alma Mora, Colección Privada, Dadá, Don David, El Bautismo, Elementos, Fair for Life, Finca Las Moras, Fond de Cave, Los Árboles, Los Intocables, Navarro Correas, Paz, San Telmo, Suter, Termidor, Trapiche, Blend de Extremos, El Esteco, El Que Ríe Último Ríe Mejor, Finca Notables, Iscay Syrah, La Mascota, Medalla, Origen, Unánime Demencial and El Cazador; spirits such as Baileys liqueurs, Tanqueray Gin, Smirnoff Vodka, J&B Whisky, Johnnie Walker Whisky, Old Parr Whisky, White Horse Whisky and Gin Gordon; and other alcoholic beverages under the brands Frizze and Smirnoff ICE.

In 2025, net sales of juices, waters, seed-based beverages, sports, energy drinks and alcoholic beverages in Argentina were Ch$172,904 million. These values also consider the commission for distribution of alcoholic products.

Paraguay

In Paraguay, we produce, market and distribute our beverages under The Coca-Cola Company trademarks in the entire country.

During 2025, Paraguay accounted for 9.1% and 9.4% of our volume and consolidated net sales, respectively.

Soft Drinks: The Paraguayan soft drinks operations accounted for net sales of Ch$229,768 million in 2025. The following table highlights historical sales and volume of Coca-Cola soft drinks sold in Paraguay for the periods indicated:

 

Year ended December 31,

 

2023

 

2024

2025

(in millions)

Ch$

 

UCs

 

Ch$

UCs

Ch$

UCs

Colas

113,878

38.3

146,320

44.3

161,014

43.9

Flavored soft drinks

59,587

23.9

66,192

23.0

68,753

22.3

Total

173,464

62.2

212,512

67.3

229,768

66.3

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As of December 31, 2025, we sold our products to approximately 52,000 customers in Paraguay. The following table highlights the type of customer in Paraguay for our products:


		Year ended December 31,
		2023		2024		2025

		(%)
Mom & Pops ⁽¹⁾		38		37		36
Supermarkets		14		13		15
On premise		13		12		13
Wholesale distributors		36		37		36
Total		100		100		100

(1)	Mom & Pops are neighborhood stores (grocery stores, minimarkets, kiosks, liquor stores, bakeries, etc.) characterized by providing daily shopping needs, and differentiated because they are nearby, and products are available in smaller formats.

Other Beverages: in Paraguay, we produce and distribute juices ready to drink under the trademark Del Valle and we import and distribute seed-based drinks under the AdeS trademark. We also manufacture and sell water under the trademarks Dasani (purified water), Aquarius (flavored water), Benedictino (mineral water) and Powerade (sports drinks). We also import and distribute energy drinks under the trademark Monster (since May 2019).

During September 2023 we began to distribute in Paraguay alcoholic beverages, mainly Beers, under the brands Brahma, Budweiser 66, Skol, among others. We also distribute spirits such as Johnnie Walker Whisky, Aperol, Campari, Cinzano, Gordon’s Gin, as well as other alcoholic products under the Smirnoff ICE brand.

In 2025, net sales of juices, waters, seed-based beverages, sports and energy drinks in Paraguay were Ch$63,825 million and net sales of beer and other alcoholic products were Ch$21,067 million.

Distribution

Chile

Soft Drinks, Juices, Waters and Other Beverages: In Chile, we distribute our products through a distribution system that includes: (i) trucks owned by third parties (402 trucks) which provide exclusive distribution service, and (ii) our own trucks (460 trucks). In 2025, 100% of our distribution was carried out by exclusive third-party trucking companies. Distribution of all Andina beverages in Chile is carried out from distribution centers and production facilities. In most cases, the transportation company collects payment in cash or checks from the customer. In some cases, the driver also collects empty returnable glass containers or PET bottles of the same type and quantity as those delivered or collects cash deposits for net returnable bottles delivered. This task is particularly significant in the Chilean territory where returnable containers accounted for approximately 29.5% of the total volume sold of non-alcoholic beverages in 2025. Certain important customers (such as supermarkets) maintain accounts receivable with us, which are settled on average every 45.2 days after invoices are issued.

Beer and other Alcoholic Beverages: Andina in Chile uses its distribution system to distribute beer, and other alcoholic beverages in its franchise territories. Since 2018 it has developed a portfolio expansion strategy to become a total beverage company. To this end, the Company has entered into agreements with different strategic partners that have transformed its value proposition towards the customers of the different channels it serves in each category. Since 2018 it has been distributing Diageo’s complete distilled spirits portfolio, brands such as Johnnie Walker, Vat-69, Sandy Mac (whiskey), Cacique and Zacapa (rum), Smirnoff and Ciroc (vodka), Tanqueray and Gordon’s (gin), Bailey’s liqueur, among others, in the traditional channel, on-premise channel, convenience stores and B2C digital channel. In the third quarter of 2019, distribution of the complete product portfolio of the Capel Cooperative (Alto del Carmen and Capel piscos, among other brands, and wines from Viña Francisco de Aguirre) began in all channels in the territory. In 2020, a commercialization and distribution agreement was signed, with which most of the AB InBev brands in Chile were added to our portfolio, as part of the agreement, the products of said multinational are commercialized in the different channels in most of our territory. Finally, in 2021 a distribution agreement was signed with “Viña Santa Rita” to commercialize and distribute its main brands (as of November 2021) throughout Chile, such as wines, sparkling wines and cocktails. Andina in Chile buys the different alcoholic products from commercial partners (Diageo, Cooperativa Capel, AB InBev and Viña Santa Rita) at a price determined by those partners and sells them to its customers with a margin previously agreed by category and channel, to which different variables are added for the achievement of goals. The discount scheme is different in each category, but as a common rule the discounts approved by the commercial partners are paid by those partners and do not affect Andina’s margin in Chile.

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Brazil

Soft Drinks, Juices, Waters, Other Non-alcoholic, Alcoholic Beverages and Confectionery: In Brazil, we generally distribute Coca-Cola products through a distribution system that includes: (i) own trucks, (ii) trucks operated by independent distributors pursuant to non-exclusive distribution arrangements, and (iii) trucks operated by independent transport companies on an exclusive basis with us. In 2025, 13.3% was distributed by exclusive distributors, 2.2% by independent transport companies and 84.5% by our own trucks. Distribution of all Andina Brazil’s beverages takes place from distribution centers and production facilities.

Other Beverages: Andina Brazil uses its distribution system to distribute beer in the Brazilian territory. Andina Brazil started distributing beer in the 1980s as a result of the acquisition of Cervejarias Kaiser S.A. (“Kaiser”) by a consortium of Coca-Cola bottlers (including Andina Brazil) in Brazil. In March 2002, the Canadian brewing company Molson Inc. acquired Kaiser. In 2006, FEMSA acquired from Molson a controlling ownership interest in Kaiser and in 2010, Heineken acquired a controlling interest in FEMSA’s beer operation. Andina Brazil buys beer from Heineken at a price determined by Heineken and sells it to its customers with a fixed margin. In the case of certain discount sales that have been approved by Heineken, Heineken shares between 50% and 100% of the cost of such discounts.

In 2002, The Coca-Cola Company and the Brazilian Association of Coca-Cola Manufacturers entered into an agreement regarding the distribution through the Coca-Cola system of beer produced and imported by what is now Heineken. In July 2017 Heineken Brazil notified Andina Brazil of the termination of the agreement by virtue of which Andina Brazil commercialized and distributed Heineken-branded beers in Brazil, which was effective until March 2022. During 2020, the Coca-Cola system in Brazil and Heineken reached a new agreement to redesign their distribution partnership in Brazil. As per the agreement, which became effective as of September 2021 and has an initial five year term of duration, the Coca-Cola system in Brazil would discontinue the distribution of Heineken and Amstel brands but would continue to offer the Kaiser, Bavaria and Sol brands, and would complement this portfolio with the Eisenbahn and Tiger. Additionally, as part of the redesign of the distribution partnership, the agreement allowed the Coca-Cola system bottlers in Brazil to distribute and produce other national or international brands, in certain percentages and under certain conditions.

In September 2021, the Coca-Cola Brazil System, including Andina Brazil, signed a Master Agreement and Distribution Agreement with Estrella de Galicia Importação e Comercialização de Bebidas e Alimentos Ltda, with a term of 12 years, for the distribution of branded beers Estrella Galicia throughout the Brazilian territory with exclusivity.

In November 2022, Andina Brazil, signed a Copacking Agreement with Monster, with a term of 10 years.

Other Products: On August 9, 2023, Andina Brazil signed a Distribution Agreement with Perfetti Van Melle with an expiration date of August 9, 2028, authorized by the Master Agreement signed by the Coca-Cola Brazil system in July 2022, for the distribution of Perfetti Van Melle-branded portfolio throughout the Brazilian territory.

In June 2024, an agreement to terminate the Distribution Agreement between Cervejarias Kaiser Brasil Ltda, HNK BR Indústria de Bebidas Ltda and RJR to market and distribute Eisenbahn, Tiger, Sol Premium, Kaiser and Bavaria branded beers was signed, to take effect starting on October 1, 2024.

On February 10, 2025, the distribution of CERPA Beer began pursuant to the contract between CERPA Cervejaria Paraense S/A and RJR. This contract was authorized by the master contract, signed on January 31, 2025, by the Coca-Cola Brazil system for the distribution of the CERPA brand beer portfolio throughout Brazil.

On October 3, 2025, the manufacturing of CERPA Beer began between CERPA Cervejaria Paraense S/A and RJR, with the objective of manufacturing Cerpa Cervejarias Paraense S/A beers at its factory in Duque de Caxias.

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Argentina

Soft Drinks, Juices and Waters: in 2025, 66% of EDASA’s Coca-Cola NARTD volume was distributed by direct distribution and 34% by other distributors and wholesale distribution (indirect distribution). The direct distribution is done by a group of independent transport companies, on an exclusive basis.

Other Beverages: Currently, Andina Argentina sells and distributes products belonging to the alcohol category, which are purchased from Grupo Peñaflor S.A., as a result of a commercial purchase and sale agreement with that company starting in September 2022. Under this agreement, Andina Argentina uses its distribution system to sell and distribute beer, sparkling wines, ARTDs (alcoholic ready-to-drink beverages), wines (from different segments such as table wines, young wines and aged wines), and alcoholic beverages such as spirits, gin, vodka and whiskey in the territory comprising the provinces of Mendoza, San Juan, San Luis, the northwest area of the city of Córdoba, and the locality of Villa María.

In 2003, The Coca-Cola Company and two bottlers (ex-Coca-Cola Polar Argentina S.A., today Andina Argentina, and ex-Juan Bautista Guerrero S.A., today Salta Refrescos S.A. of the Arca group) executed a master agreement regarding the distribution of beer manufactured or imported by CICSA, through the Coca-Cola distribution system. The distribution master agreement was executed in 2003 for an initial period of five years, with successive extensions every three years, and the last one agreed in November 2017 for a new five-year term expiring on June 12, 2022. In 2019, an addendum to this agreement was signed to amend the commissions and included wine and cider within the scope of the distribution agreement. Also, on June 21, 2022, the parties agreed to extend the master distribution agreement for a one-year term until June 12, 2023, date on which the contractual relationship with CICSA was irrevocably terminated. Lastly, on June 28, 2022, Andina Argentina and Grupo Peñaflor S.A. entered into a distribution agreement for alcoholic beverages manufactured or imported by Grupo Peñaflor S.A. in the territory of the Provinces of Mendoza, San Juan and San Luis. Furthermore, in December 2024, distribution was extended to the territory of the Province of Córdoba.

In addition, in December 2017, EDASA executed an agreement with Monster Energy Company for the distribution and commercialization of energy drinks of the “Monster” trademark for an initial period of 10 years in the territory within the franchise of Andina Argentina, with the consent of The Coca-Cola Company. Also, in April 2021 EDASA, together with Monster Energy Company, entered into an agreement whereby Monster Energy Company appointed Embotelladora del Atlántico S.A. as the manufacturer (Copacking services) of products bearing the Monster brand for an initial term of 5 years. Subsequently, EDASA, together with Monster Energy Company, entered into a manufacturing agreement on January 15, 2025, with a five-year term, automatically renewable for up to two additional successive five-year periods, subject to the fulfillment of certain conditions

Paraguay

Soft Drinks, Juices and Waters: In 2025, PARESA distributed 90.7% of its products through direct distribution (independent transport companies), and 9.3% through wholesale distributors.

Competition

We face intense competition throughout the franchise territories principally from bottlers of competing soft drink brands. See “Item 3. Key Information — Risk Factors — Risks Related to our Company—Our Business is highly competitive including with respect to price competition which may adversely affect our net profits and margins.”

The following table presents the market share of Coca-Cola and other soft drinks in Chile, Brazil, Argentina and Paraguay for the periods indicated:


		2023								2024								2025
		Chile		Brazil¹		Argentina		Paraguay		Chile		Brazil¹		Argentina		Paraguay		Chile		Brazil		Argentina		Paraguay

		(%)
Coca-Cola soft drinks		65		62		60		75		65		63		58		75		65		65		57		76
Pepsi Bottler soft drinks		31		20		14		6		31		19		13		5		31		19		13		5
Other soft drinks		4		18		26		19		4		18		29		20		4		16		30		19
Total		100		100		100		100		100		100		100		100		100		100		100		100

Source: A.C. Nielsen.

¹ In Brazil, during 2025, A.C. Nielsen carried out a reprocessing of data from 2024 and 2023 for comparability purposes.

Table of Contents

Chile

Soft Drinks: the soft drink segment of the Chilean beverage industry is highly competitive. The most important areas of competition are product image, pricing, advertising, ability to deliver product in popular bottle sizes, distribution capacity, and the number of returnable bottles held by retailers or by consumers. Returnable bottles can be exchanged at the time of new purchases in lieu of paying a bottle deposit, thereby decreasing the purchase price. Our main competitor in the Chilean franchise territory is Embotelladora Chilenas Unidas (ECUSA), a subsidiary of Compañía Cervecerías Unidas S.A. (CCU), the largest brewer in Chile. ECUSA produces and distributes Pepsi-Cola products and its own soft drinks brands (e.g., Bilz and Pap). Based on reports by A.C. Nielsen, we estimate that in 2025, our average soft drink market share within our franchise territories was 64.6%.

Other beverages: our main competitor in the water market is CCU, which has its own brand (Cachantun and +Mas), where there is also competition from other low-priced brands (“B-Brands”). Our main competitors in the juice segment are the Watt’s-CCU joint venture, Córpora Tres Montes and three of the main milk producers in Chile: Soprole S.A., Nestlé Chile S.A. and Loncoleche. The market for fruit-flavored beverages in Chile also includes lower-cost concentrates of lower quality and artificially flavored powdered soft drink mixes. We do not consider these products to compete with our water and juice business as we believe these products are of lower quality and value. Based on reports by A.C. Nielsen, we estimate that in 2025, our average market share within our Chilean franchise territories reached approximately 33.9% for juices and others segment and approximately 44.2% for waters.

In the different alcoholic categories, Andina’s main competitor in Chile is CCU, which through different business models distributes beers (its main brands are Escudo, Cristal, Royal and Heineken), spirits (brands from the Pernod Ricard portfolio), piscos (Control and Mistral brands, among others) and wines (including Viña San Pedro brands such as Castillo de Molina, among others).

Brazil

Soft Drinks: the soft drink segment of the Brazilian beverage industry is highly competitive. The most important areas of competition are product image, pricing, advertising and distribution capacity (including the number and location of sales outlets). According to A.C. Nielsen, our main soft drink competitor in the Brazilian territory is American Beverage Company or AmBev, the largest beer producer and distributor in Brazil and also produces soft drinks, including Pepsi-Cola products. Based on reports by A.C. Nielsen, we estimate that in 2025, our average soft drink market share within our Brazilian franchise territories was approximately 64.7%.

Other Beverages: in the beer sector, Andina Brazil’s main competitor is AmBev which during 2025 had a very dominant position in the Brazilian market. AmBev stands out in the advancement of digital platforms, both in B2B (Bees) and D2C (Zé Delivery). Based on reports by A.C. Nielsen, we estimate that in 2025, our average market share for waters reached 25.1%, where we distributed under the Crystal and Glaceau SmartWater brands. In the segment of juices and others, based on reports by A.C. Nielsen, we estimate that in 2025, our average market share was 42.1%.

Argentina

Soft Drinks: the soft drink segment of the Argentine beverage industry is highly competitive. The most important areas of competition are product image, pricing, advertising, ability to produce bottles in popular sizes and distribution capacity. Our greatest competitor in Argentina is Pepsi, commercialized by AB InBev. The most significant B-brands competitors are: Pritty, Refres Now (Manaos), Productores de Agua (Cunnington) and Produnoa (Secco). Based on reports by A.C. Nielsen, we estimate that in 2025, our average soft drink market share within our Argentine franchise territories reached approximately 57.0%.

Other Beverages: we service the market of flavored and plain waters with the brands Aquarius, Bonaqua and Benedictino. Based on reports by A.C. Nielsen, we estimate that in 2025, our average market share was 14.7%. In addition, the Juices and others market is serviced by the Cepita, AdeS and Powerade brands. Based on reports by A.C. Nielsen, we estimate that in 2025, our average market share was 45.9%. Our biggest competitor in the water category is Danone, RPB (Baggio) in juices and InBev in sports drinks.

Paraguay

Soft Drinks: the soft drink segment of the Paraguayan beverage industry is highly competitive. The most important areas of competition are product image, pricing, advertising, ability to produce bottles in popular sizes and the number of returnable bottles held by retailers or by consumers.

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Our largest competitor, local brand “Niko/De La Costa,” is produced and bottled by Embotelladora Central S.A., which had a 10.4% market share in 2025. In 2025, Pepsi had a market share of 5.07%, and is produced and marketed by the Vierci Group, a local franchisee. Following the merger between the Vierci Group and Bebidas del Paraguay, part of the CCU Group, Pepsi operations were integrated into Bebidas del Paraguay. Based on reports by A.C. Nielsen, we estimate that in 2025, our average soft drinks market share within our Paraguayan franchise territories was approximately 75.6%.

Other Beverages: we are leaders in all non-carbonated categories. In waters, based on reports by A.C. Nielsen, we estimate that in 2025, our average market share was 51.4% with our Dasani, Aquarius and Benedictino brands. The market for Juices and others is serviced through the Del Valle, Kapo, Fresh and AdeS brands, Powerade in sport drinks, and Monster in energy drinks. Based on reports by A.C. Nielsen, we estimate that in 2025, our average market share was 59.0%.

Seasonality

Each of our lines of business are seasonal. Most of our beverage products have their highest sales volumes during the South American spring and summer (October through March), with the exception of nectar products, which have a slightly higher sales volume during the South American winter and autumn (April through September).

Packaging

Overview

Through Envases CMF S.A. in Chile (50% owned by Andina and 50% owned by Embonor), and AEASA in Argentina we produce PET bottles in both returnable and non-returnable formats, preforms and plastic caps. On average, returnable PET bottles can be used up to 12 times. Non-returnable PET bottles are produced in various sizes and are used by a variety of soft drink producers and, in Chile, also by producers of food, wine, home care and personal hygiene products.

Sales

In 2025, total sales of AEASA reached Ch$27,878 million, of which Ch$14,618 million corresponded to sales to EDASA, Ch$3,178 million corresponded to sales to other related companies of the group and Ch$10,082 million corresponded to sales to third parties.

Competition

AEASA is the supplier of returnable bottles, preforms, plastic caps and cases for Coca-Cola Bottlers in Argentina, also supplying some formats to Coca-Cola bottlers in Chile, Uruguay and Paraguay. In Argentina, we compete principally with Alpla S.A. and Amcor.

In Chile, the availability of suppliers for these inputs is limited. CMF, Sinea and Syphon are the main suppliers of PET resin raw materials, returnable containers and preforms, as well as a main supplier of caps, cases and other plastic resin inputs. In Chile the only other supplier with similar production capacities is Plasco S.A., which primarily manufactures for ECUSA, the Pepsi bottler in Chile.

Raw Materials and Supplies

The main raw materials used in the production of Coca-Cola soft drinks are concentrate, sweetener, water and carbon dioxide gas. Production also requires glass and plastic bottles, bottle caps and labels. Water used in soft drink production is treated for impurities and adjusted for taste reasons. All raw materials, especially water, are subjected to continuous quality control.

Chile

Soft Drinks: Main suppliers of raw materials for the production of soft drinks:

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Concentrate: Coca-Cola de Chile S.A.

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Sweeteners (Sugar/Fructose): Iansa Ingredientes S.A., Iansagro S.A., Compañía Inversora Industrial S.A. and Comercializadora de Productos Panor Ltda.

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Preform plastic containers: Envases CMF S.A.

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Glass containers: Cristalerías de Chile S.A. and Cristalerías Toro S.P.A.

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Cardboard / Pallet / Hardboard: Corrupac S.A. and Envases Impresos Cordillera S.P.A.

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Carbon dioxide: Linde Gas Chile S.A.

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Thermo-contractible: Plásticos Arpoli S.P.A.

In 2025, 88% of the variable cost of sales of soft drinks corresponded to the main raw materials and finished products purchased by Andina in Chile. The cost of each raw material within the total of main raw materials is the following: concentrate represents 67%, sweeteners 16%, non-returnable bottles 10%, bottle caps 2%, carbon dioxide 1% and other raw materials 3%. Water is not an important raw material cost. Additionally, the cost of finished products acquired from our subsidiaries, such as ECSA, is included in the cost of soft drink sales. These costs represent 18% of total soft drink cost of sales and correspond mainly to cans, PET bottles and sweeteners.

Other Beverages: the main raw materials used by Vital Jugos in the production of juices and as a percentage of total raw material costs, are sweeteners 4.5%, fruit pulp and juices 23.3%, concentrate 29.5%, containers 24.1%, wrapping material 4%, caps 5.5%, and other raw material 9.1% all of which during 2025 accounted for 75.3% of total costs for sales of juice, including packaging. Additionally, AdeS and Del Valle canned finished products represented 4.4% of total costs for sales of juices.

The principal raw materials used by Vital Aguas in the production of still and sparkling mineral water and as a percentage of total raw material costs are: packaging 44.4%, concentrate 33.9%, caps 9.5%, wrapping material 7.6%, carbonation 1.8%, and other raw materials 2.8%, all of which during 2025 accounted for 72.5% of total costs for sales of water, including packaging.

Brazil

Soft Drinks: main suppliers of raw materials for the production of soft drinks:

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Concentrate: Recofarma Industria do Amazonas Ltda.

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Sweeteners (Sugar/Fructose): Usina Alta Mogiana S.A. Açúcar e Alcool.

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Preform plastic containers: Valgroup Rj Industria De Embalagens Rigidas Ltda.

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Returnable plastic containers: RioPet Embalagens S.A.

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Cans: Crown Embalagens Metalicas Da Amazonia S.A.

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Caps: Valgroup Mg Industria De Embalagens Rigidas Ltda.

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Reels (tetrapak): Tetra Pak Ltda.

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Labels: Pp Print Embalagens S.A.

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Electricity/Gas: Ecogen Rio Soluções Energeticas S.A.

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Water: Igua Rio De Janeiro S.A.

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Thermo-contractible: Valgroup Brasil II Industria De Embalagens Plasticas Ltda.

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In 2025, 76.0% of the variable cost of sales for soft drinks produced by Andina Brazil corresponded to main raw materials. The cost of each raw material within the total of main raw materials is the following: concentrate (including juice used for some flavors) represents 49.6%; sugar and artificial sweeteners 14.6%; non-returnable bottles 16.2%; cans 12.5%; bottle caps 2.7%; carbon dioxide 1.5% and other raw materials 2.9%.

Argentina

Soft Drinks: main suppliers of raw materials for the production of soft drinks:

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Concentrate: Servicios y Productos para Bebidas Refrescantes S.R.L.

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Sweeteners (Sugar/Fructose): Ingrecor S.A., Glucovil Argentina S.A. and Complejo Aliment. San Salvador S.A.

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Preform plastic containers: Andina Empaques Argentina S.A.

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Resin containers: Alpek Polyester Argentina S.A. and Circular-Pet S.A.

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Reels (tetrapak): Tetra Pak S.R.L.

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Glass containers: Cattorini Hnos. S.A.C.I.F.E I.

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Labels: Envases John S.A.

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Cans: Ball Envases de Aluminio S.A.

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Carbon dioxide: Praxair Argentina S.R.L.

In 2025, 66.1% of the variable cost of sales for soft drinks produced by Andina Argentina corresponded to main raw materials. The cost of each raw material as a percentage of the total cost of raw materials is as follows: concentrate 61.8%, sugar and artificial sweeteners 12.3%, non-returnable bottles 13.3%, bottle caps 2.7%, carbon dioxide 0.9%, cans and caps 5.9%, and other raw materials 3.3%. Additionally, the cost of finished products purchased from third parties is included within the cost of sales of soft drinks. These costs represent 1% of the total costs of sales of soft drinks and correspond to can formats and other formats of soft drinks which are not produced by Andina Argentina during 2025.

PET Packaging: The principal raw material required for production of PET bottles is PET resin. During 2025, this raw material was mainly purchased from Alpek Polyester Argentina S.A., Jiangsu Sanfangxiang Group Co., Ltd, Ecopek S.A and Circular-Pet S.A. In the case of plastic caps and cases, the main raw material required for their production is HDPE resin (high density polyethylene), or PP (Polypropylene) resin which during the year 2025 was bought mainly from PBB Polisur S.A., The Dow Chemical Co. Petroquímica Cuyo S.A. and PTT Global Chemical Public Company.

In 2025, AEASA’s costs for PET resin accounted for 19% of the total variable cost of its sales.

Paraguay

Soft Drinks: main suppliers of raw materials for the production of soft drinks:

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Concentrate: Recofarma Industria do Amazonas Ltda. and Servicios y Productos para Bebidas.

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Sweeteners (Sugar/Fructose): Inpasa del Paraguay S.A., Ingrecor S.A., Azucarera Paraguaya S.A., Ardion S.A. and Alcotec Sociedad Anónima.

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Resin containers: Industrias PET S.A.E.C.A.

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Reels (tetrapak): Tetra Pak Global Distribution S.A.

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Thermo-contractible: Industria Plástica Del Norte S.A.

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Caps: Andina Empaques Argentina S.A.

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Cans: Embotelladora Andina S.A.

During 2025, 75% of the variable cost of sales for beverages produced by PARESA corresponded to our main raw materials. The composition of this raw material cost is as follows: concentrate represents 47%, sugar and artificial sweeteners 16%, non-returnable bottles 13%, bottle caps 4%, carbon dioxide 1% and other raw materials 19%. Additionally, AdeS finished products for the sale of juices and soft drink cans purchased from third parties represented 3% and 4% of total variable costs, respectively.

Marketing

We and The Coca-Cola Company jointly promote and market Coca-Cola products in our franchise territories, in accordance with the terms of our respective bottler agreements. We advertise in major communications media. We focus our advertising efforts on increasing brand recognition by consumers and improving our customer relations. National advertising campaigns are designed and proposed by The Coca-Cola Company’s local affiliates, with our input at the local or regional level.

Generally, we pay approximately 50% of the advertising and promotional expenses incurred by The Coca-Cola Company in our franchise territories. Nearly all media advertising and promotional materials for Coca-Cola soft drinks are produced and distributed by The Coca-Cola Company. See “Item 4. Information on the Company —Bottler Agreements.” Marketing and promotional programs, including television, radio and print advertising, point-of-sale advertising, sales promotions, social media and entertainment are developed by The Coca-Cola Company for all Vital Jugos’ and Vital Aguas’ products.

In Brazil, pursuant to the existing distribution agreements with Estrella Galicia, Cerpa, Campari, Monster and Perfetti Van Melli, these companies are responsible for planning and managing advertising, marketing and promotional activities related to beer, alcoholic beverages, energy drinks and confectionery, respectively. Andina Brazil, however, is free to undertake marketing or promotional activities with Estrella Galicia, Cerpa, Campari, Monster and Perfetti’s prior approval. The parties have agreed to assume jointly the costs of certain promotional activities (radio or television) and for certain outdoor events which take place in the Rio de Janeiro, Espírito Santo and Ribeirão Preto regions.

In Argentina, in accordance with the existing distribution agreement with Grupo Peñaflor S.A., Grupo Peñaflor S.A. is responsible for planning and managing advertising, marketing and promotional activities related to beer, wine and cider. Andina Argentina, however, is free to undertake marketing or promotional activities with Grupo Peñaflor S.A.’s prior approval. The parties have agreed that Grupo Peñaflor S.A. will assume the costs of promotional activities (radio, television, outdoor advertising and media) in the region.

In Chile, pursuant to existing distribution agreements with Diageo, Cooperativa Capel, AB InBev and Viña Santa Rita, these companies are responsible for the planning and administration of advertising, commercialization and promotional activities related to their respective products. Embotelladora Andina S.A. may, however, engage in promotional or commercialization activities in the categories and channels in which it is authorized to operate with the prior approval of the company that owns the brand. In all cases the parties have agreed that the costs of advertising activities (including radio, television, street advertising and media in general) as well as the materials used in executing promotions in each channel will be borne by the companies that own the brands.

In Paraguay, in accordance with the existing distribution agreement with Cervepar S.A., Cervepar S.A.is responsible for planning and managing advertising, marketing and promotional activities related to beer.

In September 2016, November 2016, February 2018 and May 2019, Andina (Chile), Andina Brazil, Andina Argentina and Paraguay Refrescos, respectively, began to commercialize the Monster Energy energy drink. This brand is part of the collaboration agreement entered into during 2015 by The Coca-Cola Company and Monster Energy, which included the production and distribution of its products in Argentina and the distribution of its products in Coca-Cola system territories such as Chile, Brazil and Paraguay. While we implement communication and trade marketing at points of sale, all brand marketing activities—such as campaigns, packaging, advertising, image assets and related materials—are carried out directly by Monster Energy.

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Channel Marketing

In order to provide more dynamic and specialized marketing of our products, our strategy is to divide our market into distribution channels. Our main channels are “mom and pops” which are small retailers, “on premise” consumption such as restaurants and bars, “supermarkets” and “wholesale distributors.” Presence in these channels entails a comprehensive and detailed analysis of the purchasing patterns and preferences of various groups of soft drinks and other beverages consumers in each type of location or distribution channel. In response to this analysis, we seek to tailor our product portfolio, price, promotions, packaging and distribution strategies to meet the particular needs of and exploit the potential of each channel. Our “mi” B2B platforms, “mi Andina” (in our operations in Argentina, Brazil and Paraguay) and “mi Coca -Cola” (in Chile) which generated 72.6% of our 2025 net sales revenue in the mom and pops channel, serve as a key strategic lever. By harnessing advanced analytics and artificial intelligence, we steer customers toward high-value decisions, strengthening our commercial execution and accelerating profitable sales growth across markets.

We believe that the implementation of our channel marketing strategy also enables us to respond to competitive initiatives with channel-specific responses. This focused response capability isolates the effects of competitive pressure in a specific channel, thereby avoiding costlier market-wide responses. Our “mi” B2B ecosystem (in which we have invested significantly) serves as a strategic backbone across our route to market, enabling real time, data driven decision making and strengthening execution at every step. “mi Market,” our sales force assistant app, supports frontline teams through guided missions—promotion, portfolio, and in store execution—based on analytics, AI, and market strategic imperatives. “mi Ruta” elevates distribution performance by optimizing routing and reducing administrative workload for fleet operators. “mi Supply” enhances stock visibility and production planning, improving operational responsiveness. Together, these integrated tools create a unified “mi” ecosystem that ensures consistent value delivery and superior commercial execution across markets. These capabilities are essential for effectively implementing our channel marketing strategies across most of our sales routes in Chile, Brazil, Argentina and Paraguay.

Bottler Agreements

General

Our status as a The Coca-Cola Company franchisee is based on the bottler agreements that the Company has entered into with The Coca-Cola Company by which it has the license to produce and distribute Coca-Cola brand products within its operating franchise territories in Chile, Brazil, Argentina and Paraguay. The Company’s operations are highly dependent on maintaining and renewing the bottler agreements which provide for the production and distribution of Coca-Cola brand products under certain terms and provisions.

The bottler agreements are international standard contracts. The Coca-Cola Company enters into with bottlers outside the United States for the sale of concentrates and beverage basis for certain Coca-Cola soft drinks and non-soft drink beverages. These are renewable upon request by the bottler and at the sole discretion of The Coca-Cola Company. We cannot assure you that the bottler agreements will be renewed upon their expiration or that they will be renewed upon the same or better terms.

Concentrates and beverage basis

The bottler agreements provide that we will purchase our entire requirement of concentrates and beverage basis for Coca-Cola soft drinks and other Coca-Cola beverages from The Coca-Cola Company and other authorized suppliers. Concentrate prices for Coca-Cola trademark beverages are a percentage of the weighted average retail price in local currency net of applicable taxes, and are determined by an agreement between the Company and The Coca-Cola Company. We set the price of products sold to retailers at our discretion, subject only to certain price restrictions.

As of the date of this annual report, we are the sole producer of Coca-Cola soft drinks and other Coca-Cola beverages in our franchise territories. Although this right is not exclusive, The Coca-Cola Company, even though it has the ability to do so, has never authorized any other entity to produce or distribute Coca-Cola soft drinks or other Coca-Cola beverages in such territories, although we cannot assure you that in the future it will not do so. In the case of post-mix soft drinks, the bottler agreements explicitly establish such non-exclusive rights.

The bottler agreements include an acknowledgment by us that The Coca-Cola Company is the sole owner of the trademarks that identify the Coca-Cola soft drinks and other Coca-Cola beverages and of any secret formula used in concentrates.

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Production and Distribution

All distribution must be in authorized containers. The Coca-Cola Company has the right to approve, at its sole discretion, any and all kinds of packages and containers for beverages, including their size, shape and any of their attributes. The Coca-Cola Company has the authority at its sole discretion to redesign or discontinue any package of any of the Coca-Cola products, subject to certain limitations, so long as Coca-Cola soft drinks and other Coca-Cola beverages are not all discontinued at the same time. We are prohibited from producing or handling any other beverage products, other than those of The Coca-Cola Company or other products or packages that would imitate, infringe or cause confusion with the products, trade dress, containers or trademarks of The Coca-Cola Company, or from acquiring or holding an interest in a party that engages in such activities. The bottler agreements also impose restrictions concerning the use of certain trademarks, authorized containers, packaging and labeling of The Coca-Cola Company and prohibit bottlers from distributing Coca-Cola soft drinks or other Coca-Cola beverages outside their designated territories.

The bottler agreements require us to maintain adequate production and distribution facilities; inventories of bottles, caps, boxes, cartons and other exterior packaging or materials; to undertake adequate quality control measures prescribed by The Coca-Cola Company; to develop, stimulate, and fully satisfy the demand for Coca-Cola soft drinks and other Coca-Cola beverages and that we use all approved means, and spend such funds on advertising and other forms of marketing, as may be reasonably required to meet that objective; and to maintain financial capacity as may be reasonably necessary to assure performance by us and our affiliates of our obligations before to The Coca-Cola Company. All bottler agreements require us to submit, on an annual basis, our business plans for such franchise territories to The Coca-Cola Company, including without limitation, marketing, management and promotional and advertising plans for the following year.

Advertising and marketing

The Coca-Cola Company has no obligation to contribute to our expenditures for advertising and marketing, but it may, at its discretion, contribute to such expenditures and perform independent advertising and marketing activities, as well as cooperative advertising and sales promotion that would require our cooperation and support. In each of the franchise territories, The Coca-Cola Company has been contributing approximately 50% of our advertising and marketing expenses, but no assurances can be given that equivalent contributions or any contributions at all will be made in the future.

Assignments and other provisions

Each bottler is prohibited from, directly or indirectly, assigning, transferring or pledging its bottler agreement, or any interest therein, whether voluntarily, involuntarily or by operation of law, without the prior consent of The Coca-Cola Company, and each bottler agreement is subject to termination by The Coca-Cola Company in the event of default by us. Moreover, no material change of ownership or control in the bottler may occur without the prior consent of The Coca-Cola Company.

Termination

The Coca-Cola Company may terminate a bottler agreement immediately by written notice to the bottler in the event that, among other events, (i) the bottler suspends payments to creditors, declares bankruptcy, is declared bankrupt, is expropriated or nationalized, is liquidated, dissolved, changes its legal structure, or pledges or mortgages its assets; (ii) the bottler does not comply with instructions and standards established by The Coca-Cola Company relating to the production of its authorized soft drink products; (iii) the bottler ceases to be controlled by its controlling shareholders (without the prior consent of The Coca-Cola Company); or (iv) the terms of the bottler agreement become contrary to the applicable law.

Either party to any bottler agreement may, within 60 days’ notice thereof to the other party, terminate the bottler agreement in case of default of the other party, provided that such default is not remedied during such period.

In addition, if a bottler does not wish to pay the required price for concentrate for any Coca-Cola products, it must notify The Coca-Cola Company within 30 days of receipt of The Coca-Cola Company’s new prices. In the case of any Coca-Cola soft drink or other Coca-Cola beverages other than Coca-Cola concentrate, the franchise regarding such product shall be deemed automatically canceled three months after The Coca-Cola Company’s receipt of the bottler’s notice of refusal. In the case of Coca-Cola concentrate, the bottler agreements shall be deemed terminated three months after The Coca-Cola Company’s receipt of the bottler’s notice of refusal.

The Coca-Cola Company may also terminate the bottler agreements if the bottler or any individual or legal entity that controls it, engages in the production of any non-Coca-Cola beverage, whether through direct ownership of such operations or through control or administration thereof, provided that, upon request, the bottler shall be given six months to remedy such situation.

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Chile

The license for the territories of Embotelladora Andina S.A. in Chile expires in January 2027.

In 2019, VJ S.A. and The Coca-Cola Company entered into a Bottler’s Agreement for beverage products whereby The Coca-Cola Company authorized VJ S.A. to produce, process and bottle, products under certain brands in containers previously approved by The Coca-Cola Company, Andina and Embonor hold the rights to acquire VJ S.A.’s products. This contract expired in December 2024 and is under renewal.

In 2019, The Coca-Cola Company and Vital Aguas S.A. entered into a Water Production and Packaging Agreement to prepare and package different types of water. This contract expired in December 2024 and is under renewal.

In 2021, The Coca-Cola Company and Envases Central S.A. signed a Preparation and Packaging Agreement to process and bottle, in containers previously approved by The Coca-Cola Company, non-alcoholic products under certain brands. Andina and Embonor hold the rights to purchase the products from Envases Central S.A. This contract expired on July 31, 2025, and is currently in the process of renewal.

Brazil

Our licenses for the territories in Brazil expire in October 2027.

Argentina

Our licenses for the territories in Argentina expire in September 2027.

Paraguay

Our licenses for the territories in Paraguay expire in March 2028.

Regulation

General

We are subject to a full range of government regulations generally applicable to companies engaged in business in our franchise territories, including but not limited to labor, social security, public health, consumer protection, environmental, sanitation, employee safety, securities and anti-trust laws. As of December 31, 2025, we have no knowledge of any legal or administrative material pending proceedings are against us with respect to any regulatory matter in any of our franchise territories except those listed as such in “Item 8. Financial Information—Contingencies.”

We believe that, to the best of our knowledge, we are in compliance in all material respects with applicable statutory and administrative regulations relating to our business in each of our franchise territories.

Chile: There are no special licenses or permits specifically required to manufacture and distribute soft drinks and juices in the Chilean territory. Food and beverage producers in Chile, however, must obtain authorization from, and are supervised by the Health Ministry’s respective regional offices (Secretaría Regional Ministerial de Salud), which inspects production facilities and takes liquid samples for analysis on a regular basis. Our main plant in Renca obtained its permit to operate on October 6, 2011 which has been granted for an indefinite period. Likewise, the permits we have to operate our other plants in Chile, have also been granted for an indefinite period. In addition, production and distribution of mineral water is subject to special regulations such that mineral water may be drawn only from sources designated for such purpose by supreme decree. Certification of compliance with such decree is provided by the National Health Service, the Undersecretary’s Office of the Ministry of Health (Servicio de Salud Metropolitano del Ambiente). Our mineral water production facilities have received the required certification.

With regard to the storage and distribution of alcoholic beverages, these activities are governed by the provisions of Laws No. 18,455 and No. 19,925 and their subsequent amendments, which regulate the production, manufacture, commercialization, sale and consumption of alcoholic beverages.

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Brazil: Labor laws, in addition to mandating employee benefits, include regulations to ensure sanitary and safe working conditions in our production facilities located in Brazil. Food and beverage producers in Brazil must register their products with and receive a ten-year permit from the Ministry of Agriculture and Provisioning and the Ministry of Health. Our permits from said Ministries are valid and in force for a term of ten years for each product we produce. Although we cannot assure you that they will be renewed, we have not experienced any material difficulties in renewing our permits in the past nor do we expect to experience any difficulties in the future. The Ministries do not regularly inspect facilities, but they do send inspectors to investigate any complaints they receive.

Argentina: While most laws applicable to EDASA are enforced at the federal level, some, such as sanitary and environmental regulations, are primarily enforced by provincial and municipal governments. Licenses or permits are required for the manufacture or distribution of beverages in the Argentine territory, which are evidenced through national records of food establishment and food products. Additionally, our production facilities are subject to registration with federal and provincial authorities and to supervision by municipal health agencies, which certify compliance with applicable laws.

Paraguay: PARESA is registered with the Ministry of Industry and Trade in Paraguay, which issues and renews the industrial registry. Food and beverage producers in Paraguay must register with the Ministry of Health, which performs inspections of plants and monitors products in the market. Industries must also have an environmental license issued by the Ministry of Environment and Sustainable Development, which is the main body responsible for monitoring compliance with environmental laws. In addition to establishing the mandatory employee benefits, include safe working and sanitary conditions at industrial installations within Paraguay. PARESA maintains all of its licenses, permits and registrations issued by these institutions and ensures compliance with the regulations and ordinances of the municipalities where its plant is located.

Environmental Matters

It is our policy to conduct environmentally sound operations on a basis consistent with applicable laws and within criteria established by The Coca-Cola Company. Although regulation of matters relating to the protection of the environment is not as well-developed in the franchise territories as in the United States and other industrialized countries, we expect that additional laws and regulations may be enacted in the future with respect to environmental matters that may impose additional restrictions on us which could materially or adversely affect our results of operations in the future. As of December 31, 2025, we have no knowledge of any material legal or administrative proceedings pending against us in any of the franchise territories with respect to environmental matters, and we believe that, to the best of our knowledge, we are in compliance in all material respects with all environmental regulations applicable to us.

Chile

The Chilean government has several regulations governing environmental matters relating to our operations.

Law N° 19,300 addressing general environmental concerns, passed in March 1994, regulates general environmental issues and fundamental aspects applicable to our activities and that could require the hiring of independent experts to conduct studies or environmental impact statements of any future project or activity that may be affected by the provisions of Law N° 19,300. In January 2010, the aforementioned law was amended by Law N° 20,417, which created a new environmental agency, the Environment Ministry, the Environmental Assessment Service and the Environment Superintendence. In January 2012, Law N° 20,600 was published which created the Environmental Tribunals (3), which came into operation on December 2012.

Law N° 20,920 passed in June 2016, sets the framework for waste management, the extended liability of the producer and the promotion of recycling, which aims to reduce waste generation and encourage reuse, recycling and other types of valorization, in order to protect people’s health and the environment. Law 21,368 was published on August 13, 2021, which requires that the composition of disposable plastic bottles must contain a percentage of plastic that has been collected and recycled within the country.

Brazil

Our Brazilian operations are subject to several environmental laws, none of which currently impose substantial restrictions on us. The Brazilian Constitution establishes the broad guidelines for the new treatment of environmental concerns. Environmental issues are regulated at federal, state and municipal levels. The Brazilian Constitution empowers the public authorities to develop regulations designed to preserve and restore the environment and to control industrial processes that affect human life. Violations of these regulations are subject to criminal, civil and administrative penalties.

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In addition, Law N° 6,938 of 1981, known as the Brazilian Environmental Policy, introduced an environmental regime under which no environmental damage is exempt from coverage. This legislation is based on the idea that even a polluting waste tolerated under the established standards could cause environmental damage, and therefore subjects the party causing such damage to the payment of an indemnity. Moreover, as mentioned above, activities damaging to the environment lead to criminal and administrative penalties, provided for in Law N° 9,605 of 1998 or the Environmental Crimes Act.

Numerous governmental bodies have jurisdiction over environmental matters. At the federal level, the Ministério do Meio Ambiente (Brazilian Ministry of Environment) and the Conselho Nacional do Meio-Ambiente or CONAMA dictate environmental policy, including, without limitation, initiating environmental improvement projects, establishing a system of fines and administrative penalties and reaching agreements on environmental matters with offending industries. The Instituto Brasileiro do Meio Ambiente e dos Recursos Naturais Renováveis or IBAMA, enforces environmental regulations set by CONAMA, through the development of several activities for the preservation and conservation of natural heritage and controlling and supervising the use of natural resources. In addition, various federal authorities have jurisdiction over specific industrial sectors, all aspects listed by these government bodies are fully met by Andina Brazil.

Finally, various state and local authorities regulate environmental matters in the Brazilian territory including the Instituto Estadual do Ambiente or INEA, the main environmental authority in Rio de Janeiro, the Instituto Estadual de Medio Ambiente e Recursos Hídricos (“IEMA”), the main authority on environmental issues in Espírito Santo, the Companhia de Tecnologia de Saneamento Ambiental - CETESB, the main environmental authority in São Paulo and the Secretaria de Estado de Meio Ambiente e Desenvolvimento Susutentável (SEMAD), the main environmental authority in Minas Gerais. INEA, IEMA, CETESB and SEMAD periodically inspect industrial sites. We believe that we are in compliance in all material respects with the standards established by all the governmental authorities applicable to our operations in Brazil. We cannot assure you, however, that additional regulations will not be enacted in the future, and that such restrictions would not have a material adverse effect on our results or operations. The operation in Brazil as that of Chile counts with all certifications mentioned in terms of Quality, Environment and Occupational Health and Safety and those associated with Food Safety and Best Practices in Food Processing.

Argentina

The Argentine Constitution, as amended in 1994, allows any individual who believes a third party may be damaging the environment to initiate an action against it. No action of this nature has been initiated against EDASA, but we cannot ensure that it will not be initiated in the future. Though provincial governments have primary regulatory authority over environmental matters, municipal and federal authorities also have authority competent to enact decrees and laws on environmental issues. Thus, municipalities can set policy on local environmental matters, such as waste management, while the federal government regulates inter-province environmental issues, such as transport of hazardous waste or environmental matters covered by international treaties.

In 2002, the National Congress approved federal Law N° 25,612, Comprehensive Management of Industrial Residues and Service Activities (Gestión Integral de Residuos Industriales y de Actividades de Servicios) and Law N° 25,675, General Environmental Law (Ley General del Ambiente) establishing minimum guidelines for the protection of the sustainable environmental management and the protection of biodiversity, applicable throughout Argentina. The law establishes the purposes, principles and instruments of the national environmental policy, the concept of “minimum guidelines,” the judicial purview and the rules governing environmental education and information, citizens’ participation and self-management, among other provisions.

Provincial governments within the Argentine territory have enacted laws establishing a framework for the preservation of the environment. Provincial laws that are applicable to industrial facilities at EDASA, among others are Law N° 7,343 of the Province of Córdoba and its supplemental N° 10,208 since 2014, Law N° 11,459 of the Province of Buenos Aires Environmental Code N° 5,439 of the Chubut province and Law Nº 5,961 of the Province of Mendoza. These laws contain principles on environmental policy and management, as well as rules on environmental impact assessment. They also give certain agencies jurisdiction over environmental issues.

Almost all provinces as well as many municipalities have established rules regarding the use of water, the sewage system and the disposal of liquids into underground flows of water or rivers. There are currently no claims pending against EDASA related to these rules, whose violation normally results in a fine.

Paraguay

The environmental framework comprises several national and local environmental regulations. The Paraguayan Constitution of 1992 states that everyone has the right to live in a healthy and ecologically balanced environment and has the obligation to preserve it. All damage caused to the environment will carry the obligation to repair and compensate.

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Law 1561/00 chartered the three primary environmental agencies in Paraguay. These are: The Ministry of the Environment and Sustainable Development of Paraguay (Ministerio del Ambiente y Desarrollo Sostenible or “MADES”), National Environmental Council (Consejo Nacional del Ambiente or “CONAM”), and National Environmental System (Sistema Nacional del Ambiente or “SISNAM”). The Law establishes the authority and responsibility of these agencies to develop and oversee the national environmental policy.

The Ministry of the Environment and Sustainable Development is the main environmental body responsible for the development and implementation of national environmental laws and it is also the authority responsible for implementing most of the national environmental regulations and for monitoring their compliance. The CONAM is responsible for investigating and establishing the main goals in the environmental policies, which the MADES must then implement. The SISNAM is integrated by several bodies, including governmental and municipal agencies and private sector stakeholders, all interested in solving environmental issues. The SISNAM provides a discussion forum for the public and private sectors to work together collectively, developing ideas and plans to promote a sustainable development.

Environmental Impact: Law 294/93 states the rights and obligations that will be triggered by any damage caused to the environment and provides the obligation to restore the environment to its previous state or, if that is technically impossible, to make a payment or provide compensation.

Water Resources Act of Paraguay: Law 3239/07 on water resources establishes the sustainable management of all waters (superficial, ground, atmospheric) and the territories that generate such waters, regardless of their location, physical condition or natural occurrence within the Paraguayan territory, in order to make it socially, economically and environmentally sustainable for the people living in the territory of Paraguay. The supervising agency is the Ministry of Environment and Sustainable Development. Superficial and ground waters are property of the State’s public domain. The law establishes the following order of priority for the use of water: i) fulfillment of the needs of aquatic ecosystems; ii) social use within the home environment; iii) use and enjoyment for agricultural activities, including aquaculture; iv) use and utilization for power generation; v) use and enjoyment for other industrial activities and vi) use and enjoyment for other activities. The use of water for productive purposes is subject to the authorization granted by the State through a permit (for the use of small amounts of water) or through concessions (prior public bidding process), in both cases after the payment of applicable fees. Authorizations may be revoked based on the occurrence of situations contemplated under the law. Concessions may be expropriated for public benefit or be terminated in certain situations established by the law. In addition, a National Registry of Water Resources has been created to keep record of all individuals or legal entities that utilize water resources or engage in activities related to them.

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C.	ORGANIZATIONAL STRUCTURE

The following chart presents a summary of our direct and indirect ownership interests in our subsidiaries and associated companies:

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The following table presents information relating to the main activities of our subsidiaries and associated companies, as well as our direct and indirect ownership interests in them as of the date of this document:


Subsidiary*		Activity		Country of Incorporation		Percentage of direct and indirect ownership
Embotelladora Andina Chile S.A.		Manufacture, bottle, distribute, and commercialize non-alcoholic beverages.		Chile		100.0
VJ S.A.		Manufacture, distribute, and commercialize all kinds of food products, juices, and beverages.		Chile		65.00
Vital Aguas S.A.		Manufacture, distribute, and commercialize all kinds of waters and beverages in general.		Chile		66.50
Servicios Multivending Ltda.		Commercialize products through equipment and vending machines.		Chile		100.0
Transportes Andina Refrescos Ltda.		Provide administrative services and management of domestic and foreign ground transportation.		Chile		100.0
Transportes Polar S.A.		Provide administrative services and management of domestic and foreign ground transportation.		Chile		100.0
Envases Central S.A.		Manufacture and packaging of all kinds of beverages and commercialize all kinds of packaging.		Chile		59.27
Andina Bottling Investments S.A.		Manufacture, bottle and commercialize beverages and food in general. Invest in other companies.		Chile		100.0
Andina Bottling Investments Dos S.A ⁽²⁾		Carry out exclusively foreign permanent investments and lease all kinds of real estate.		Chile		100.0
Andina Inversiones Societarias SpA.		Invest in all types of companies and commercialize food products in general.		Chile		100.0
Comercializadora Novaverde S.A		Process and commercialize fruits, ice cream, vegetables and food in general, under the Guallarauco trademark.		Chile		35.00
Re-Ciclar S.A.⁽³⁾.		Produce recycled resin for the Coca-Cola system and third parties.		Chile		60.00
Rio de Janeiro Refrescos Ltda.(RJR)		Manufacture and commercialize beverages in general, powdered juices and other related semi-processed products.		Brazil		100.0
Embotelladora del Atlántico S.A.		Manufacture, bottle, distribute, and commercialize non-alcoholic beverages.		Argentina		100.0
Andina Empaques S.A.		Design, produce, and commercialize plastic products mainly packaging.		Argentina		99.98
Alimentos de SOJA S.A.		Manufacture, commercialize, import, export, transformation, fraction, package and distribute food products and beverages in general, and their raw materials and related products and by-products.		Argentina		14.82
Paraguay Refrescos S.A.		Manufacture, bottle, distribute, and commercialize non-alcoholic beverages.		Paraguay		97.83
Circular-Pet S.A. ⁽⁴⁾		Produce recycled resin for the Coca-Cola system and third parties.		Paraguay		33.33
Red de Transportes Comerciales Ltda.⁽⁵⁾		Provide administrative services and management of domestic and foreign ground transportation.		Chile		100.0
Envases CMF S.A.		Manufacture, acquire and commercialize all types of containers and packaging; and provide bottling services.		Chile		50.00
Coca-Cola del Valle New Ventures S.A.		Manufacture, distribute and commercialize all kinds of juices, waters and beverages in general.		Chile		35.00
Leão Alimentos e Bebidas Ltda.		Manufacture, bottle and commercialize beverages and food in general. Invest in other companies.		Brazil		10.26
Sorocaba Refrescos S.A.⁽¹⁾		Manufacture, bottle and commercialize beverages and food in general. Invest in other companies.		Brazil		40.00
SRSA Participações Ltda.		Purchase and sale of real estate investments and property management.		Brazil		40.00
Kaik Participações Ltda.		Invest in other companies with own resources.		Brazil		11.32
UBI 3 Participações Ltda		Invest in other companies with own resources. Purchase and sale of real estate investments and property management.		Brazil		8.50

(1)	In 2012, 40% of the Brazilian company Sociedad Brasilera Sorocaba Refrescos S.A. was acquired for a total price of R$146.9 million.

(2)

In November 2021, Abisa Corp and Aconcagua Investing Ltda. were merged into Andina Bottling Investments Dos S.A. (ABISA DOS) for corporate reorganization purposes. As a consequence of the merger, Abisa Corp and Aconcagua Investing Ltda. were absorbed by ABISA DOS, which became the owner of the shares issued by Andina Inversiones Societarias S.A, previously held by Aconcagua Investing Ltda. Abisa Corp had no investment in any entity.

(3)	During 2021, Embotelladora Andina S.A. held an interest in Re-Ciclar, a company whose purpose is to produce recycled resin for the Coca-Cola system and third parties. Non-controlling interest reaches 40.0%.

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(4)

In February 2021, the subsidiary Paraguay Refrescos S.A. together with INPET S.A.E.C.A and CORESA incorporated and executed a shareholders’ agreement for a company named Circular-Pet. Each of these companies will own 33.3% Circular-Pet share capital. The main activity of Circular-Pet will be the manufacture and commercialization of post-consumer recycled PET resins, coming from the transformation of PET flakes.

(5)	As of December 31, 2025, Red de Transportes Comerciales Ltda. is in the process of completing its economic and commercial activities. As of May 9, 2025, Embotelladora Andina S.A. absorbed its operations.

D.	PROPERTY, PLANTS AND EQUIPMENT

We own production plants in each of the principal population centers that comprise the franchise territories. In addition, we own distribution centers and administrative offices in each of the franchise territories. We also use (i) facilities owned by third parties through lease agreements and (ii) facilities owned by third parties through contracts other than lease agreements, such as distribution contracts. The following table sets forth our principal real property (in square meters) and other facilities that we use in each of the franchise territories:

	MAIN USE	Square meters	Property
ARGENTINA
Embotelladora del Atlántico S.A.
Azul	Distribution Center / Warehouses	600	Third Parties
Bahía Blanca*	Offices / Production of Soft Drinks / Distribution Center / Warehouses	102,708	Own
Bahía Blanca	Commercial Office	903	Leased
Bahía Blanca*	Real Estate (parking lot)	73,150	Own
Bahía Blanca	Warehouses (M&F Palletizer -EDF deposit)	1,400	Leased
Bariloche	Offices / Distribution Center / Warehouses	2,495	Leased
Bialet Masse (Córdoba)*	Real Estate**	880	Own
Bragado	Commercial Office	38	Leased
Carlos Paz (Córdoba)	Commercial Office	270	Leased
Carmen de Patagones	Commercial Office / Warehouses / Cross Docking	1,600	Leased
Chacabuco*	Offices / Distribution Center / Warehouses	25,798	Own
Chivilcoy	Distribution Center / Warehouses	1,350	Third Parties
Chivilcoy	Commercial Office	72	Leased
Comodoro Rivadavia	Offices / Distribution Center / Warehouses	7,500	Leased
Concepcion del Uruguay	Commercial Office	118	Leased
Concordia	Commercial Office / Third party Distribution Center / Warehouses	1,214	Leased
Córdoba*	Offices /Production of soft drinks / Distribution Center / Warehouses / Real estate	949,978	Own
Córdoba (San Isidro)*	Deposit / Offices / Cold equipment repair workshop	8,808	Own
Córdoba	Marketing Deposit (Ricardo Balbín)	2,500	Leased
Córdoba	Galot and Lessen Deposit- Finished product	8,400	Leased
Córdoba	Commercial offices (Dinosaurio Mall Alto Verde)	349	Leased
Córdoba	Raw material deposit (Granate SRL)	4,710	Leased
Coronel Suarez	Offices / Third party Distribution Center / Warehouses / Deposit	1,000	Leased
General Pico*	Offices / Distribution Center / Warehouses	15,525	Own
General Roca	Distribution Center / Warehouses	2,800	Third Parties
Gualeguaychu	Commercial Office / Warehouses	2,392	Leased
Junin (Buenos Aires)	Cross Docking	995	Third Parties
Junin (Buenos Aires)	Commercial Office	108	Leased
Mendoza*	Offices / Production of soft drinks / Deposit / Warehouses	36,452	Own
Mendoza*	Commercial Office	268	Leased
Mendoza*	Cold deposit	4,240	Leased
Mendoza*	Deposit	1,100	Leased
Monte Hermoso*	Real Estate**	300	Own
Neuquén*	Offices / Distribution Center / Warehouses**	10,157	Own
Neuquén*	Centenario Deposit / Offices	48,188	Leased
Cipolletti*	Commercial Office	230	Leased
Olavarria	Offices / Distribution Center / Warehouses	3,065	Leased
Paraná	Commercial Office	318	Leased
Pehuajo	Offices / Distribution Center / Warehouses	1,060	Leased
Pergamino*	Offices / Cross Docking	15,700	Own
Puerto Madryn*	Deposit	1,200	Leased
Rio Gallegos	Distribution Center / Warehouses	2,491	Leased
Rio Grande	Offices / Distribution Center / Warehouses	2,460	Leased
Río Cuarto (Córdoba)*	Deposit / Distribution Center / Cross Docking	7,482	Own
Río Cuarto (Córdoba)	Commercial Office	93	Leased
Rivadavia (Mendoza)*	Deposit**	800	Own
Rosario*	Offices / Distribution Center / Warehouses / Parking Lot / Real Estate	27,814	Own

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	MAIN USE	Square meters	Property
Rosario (Comuna Alvear)	Cold deposit (Distribuidora Raymundo SRL)	2,165	Leased
San Francisco (Córdoba)	Commercial Office	63	Leased
San Juan*	Offices / Distribution Center / Warehouses	48,036	Own
San Luis*	Commercial Office / Distribution Center / Warehouses	5,205	Own
San Nicolas	Commercial Office	50	Leased
San Rafael (Santa Fe)	Commercial Office	58	Leased
Santa Fe (Casilda)	Commercial Office	40	Leased
Santa Fe	Commercial Office	238	Leased
Santa Rosa	Distribution Center / Warehouses	1,200	Third Parties
Santo Tomé*	Administrative Office / Distribution Center / Warehouses / Deposit	88,309	Own
Trelew*	Offices / Production of Soft Drinks / Distribution Center / Warehouses	51,000	Own
Trelew*	Deposit	600	Leased
Tres Arroyos	Offices / Cross Docking / Warehouses	1,548	Leased
Ushuaia	Offices / Distribution Center / Warehouses	1,360	Leased
Ushuaia	Commercial Office	94	Leased
Venado Tuerto	Distribution Center / Warehouses (Ruta 33)	1,200	Leased
Venado Tuerto	Commercial Office	154	Leased
Villa Maria	Commercial Office	125	Leased
Villa Mercedes	Commercial Office	167	Leased
Andina Empaques Argentina S.A.
Buenos Aires*	Production of bottles, PET Preforms, Plastic Caps and Cases	27,520	Own
Buenos Aires	Deposit adjoining the production plant	1,041	Leased
Buenos Aires	Deposit adjoining the production plant	940	Leased
BRAZIL
Rio de Janeiro Refrescos Ltda. (RJR)
Jacarepaguá	Offices / Production of Soft Drinks / Distribution Center / Warehouses	249,470	Own
Duque de Caxias*	Offices / Production of Soft Drinks / Distribution Center / Warehouses	2,243,953	Own
Nova Iguaçu*	Distribution Center / Warehouses	82,618	Own
Bangu*	Distribution Center	44,389	Own
Campos dos Goytacazes*	Distribution Center	36,083	Own
Cabo Frio*	Distribution Center**	1,985	Own
São Pedro da Aldeia 1*	Distribution Center	10,200	Concession
Itaperuna*	Cross Docking	2,500	Leased
Caju 1*	Distribution Center	4,866	Own
Caju 2*	Distribution Center	8,058	Own
Caju 3*	Parking Lot	7,400	Leased
Vitória (Cariacica)*	Distribution Center	93,320	Own
Cachoeiro do Itapemirim*	Cross Docking	8,000	Leased
Ribeirão Preto	Offices / Production of Soft Drinks / Distribution Center / Warehouses	238,096	Own
Ribeirão Preto*	Real Estate	279,557	Own
Franca*	Distribution Center	32,500	Own
Mococa*	Distribution Center	33,669	Leased
Araraquara*	Distribution Center	11,658	Own
São Joao da Boa Vista*	Cross Docking	20,773	Own
São Pedro da Aldeia 2*	Parking Lot	5,090	Concession
Nova Friburgo*	Commercial Office / Cross Docking	350	Leased
Guarapari*	Commercial Office	218	Leased
Colatina*	Commercial Office / Cross Docking	3,840	Leased
São Mateus*	Commercial Office / Cross Docking	2,007	Leased
Rio das Ostras*	Commercial Office	527	Leased
Passos*	Distribution Center	8,500	Leased
Guarapari*	Commercial Office	218	Leased
Xerém*	Deposit	10,000	Leased
Anhanguera*	Deposit	57,162	Leased
Colatina*	Distribution Center	5,634	Leased
Cachoeiro do Itapemirim*	Distribution Center	2,482	Leased
Araraquara*	Distribution Center	3,819	Leased
Estrada dos Bandeirantes*	Distribution Center	72,000	Own
CHILE
Embotelladora Andina S.A.
Renca*	Offices / Production of Soft Drinks / Distribution Center / Warehouses	415,517	Own
Renca*	Warehouses	55,562	Own
Renca*	Warehouses	11,211	Own
Renca*	Warehouses	46,965	Own
Renca*	Real Estate	31,531	Own
Carlos Valdovinos*	Distribution Center / Warehouses	106,820	Own
Puente Alto *	Distribution Center / Warehouses	68,682	Own

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	MAIN USE	Square meters	Property
Maipú*	Distribution Center / Warehouses	45,833	Own
Bodega MCC	Distribution Center / Warehouses	9,280	Leased
Colina	Distribution Center / Warehouses	6,550	Leased
Chimba	Distribution Center / Warehouses	1,000	Leased
Demetrop (Metropolitan Region)	Warehouses	n/a	Leased
Trailerlogistic (Metropolitan Region)	Warehouses	n/a	Leased
Monster (Metropolitan Region)	Warehouses	n/a	Leased
Rancagua*	Distribution Center / Warehouses	25,920	Own
San Antonio*	Distribution Center / Warehouses	19,809	Own
Antofagasta *	Offices / Production of Soft Drinks / Distribution Center / Warehouses	34,729	Own
Antofagasta *	Warehouses	8,028	Own
Calama*	Distribution Center / Warehouses	10,700	Own
Tocopilla*	Distribution Center / Warehouses	562	Own
Coquimbo*	Offices / Distribution Center / Warehouses	31,383	Own
Copiapó*	Distribution Center / Warehouses	26,800	Own
Ovalle*	Distribution Center / Warehouses	6,223	Own
Vallenar*	Distribution Center / Warehouses	5,000	Own
Illapel	Distribution Center / Warehouses	4,626	Leased
Punta Arenas*	Offices / Production of Soft Drinks / Distribution Center / Warehouses	109,517	Own
Coyhaique*	Distribution Center / Warehouses	5,093	Own
Puerto Natales	Distribution Center / Warehouses	850	Leased
VJ S.A.
Renca*	Offices / Production of Juices	40,000	Own
Vital Aguas S.A.
Rengo*	Offices / Production of Waters	339,232	Own
Envases Central S.A.
Renca*	Offices / Production of Soft Drinks	51,907	Own
Re-Ciclar S.A.
Lampa*	Offices / RPET Resin production / Warehouses	7,500	Own
PARAGUAY
Paraguay Refrescos S.A.
San Lorenzo*	Offices / Production of Soft Drinks / Warehouses	275,292	Own
Coronel Oviedo*	Offices / Warehouses	32,911	Own
Encarnación*	Offices / Warehouses	12,744	Own
Ciudad del Este*	Offices / Warehouses	14,620	Own

*	Free of encumbrance properties.

**	Inactive: facilities that are not currently being used by the Company.

Leased: facilities owned by third parties, used by the Company through a lease agreement.

Third Parties: facilities owned by third parties, used by the Company through contracts other than lease agreements, such as distribution contracts.

Own: facilities owned by the Company.

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Capacity by Line of Business

Set forth below is certain information concerning the installed capacity and approximate average utilization of our production facilities, by line of business.


		Year Ended December 31,
		2024				2025
					Capacity			Capacity
		Annual		Average	Utilization	Annual	Average	Utilization
		Total		Capacity	During	Total	Capacity	During
		Installed		Utilization	Peak Month	Installed	Utilization	Peak Month
		Capacity⁽¹⁾		(%)	(%)	Capacity⁽¹⁾	(%)	(%)
Soft drinks (millions of UCs):
Andina Chile		374		46	51	374	46	61
Andina Brazil		381		71	75	425	77	78
Andina Argentina		367		41	57	344	46	63
Paraguay Refrescos		142		47	60	142	46	58
Other beverages (millions of UCs)
Andina Chile		25		57	54	25	59	75
Andina Brazil		77		67	67	98	64	61
Andina Argentina		121		27	38	108	31	32
Paraguay Refrescos		48		33	38	46	34	41
ECSA/VJSA/VASA		142		62	75	140	60	75
PET packaging (millions of bottles) ⁽²⁾		45		31	42	45	24	35
Preforms (millions of preforms)⁽²⁾		1,050		72	95	1,050	75	97
Plastic caps (millions of caps)⁽²⁾		1,926		38	66	1,926	67	83
Cases (millions of cases) ⁽²⁾		0.7		40	98	0.7	67	100
PET (Tons) ⁽³⁾		13,000		76	76	13,000	70	78
Flakes (Tons) ⁽³⁾		14,300		76	76	14,300	70	78

(1)	Annual Total Installed Capacity assumes production of the mix of products and containers produced in 2024 and 2025.

(2)	Andina Empaques Argentina only.

(3)	Re-Ciclar only.

In 2025, we continued to modernize and renovate our production plants in order to maximize efficiency and productivity.

In Chile, during 2025 Andina advanced the construction of a water plant incorporating ultrafiltration technology, together with the installation of an industrial wastewater treatment facility that recovers and reuses residual water, safely reintegrating it into our operations. This project represents a key step in the Company’s sustainability strategy, as it is expected to enable an estimated 36% reduction in total water consumption, optimizing water use efficiency and decreasing environmental impact. In addition, it strengthens Andina’s long-term approach to water stewardship, supporting operational resilience under increasing water‑stress scenarios and aligning with the Company’s corporate commitments to efficiency.

In 2025, Andina Brazil consolidated its position as the most relevant supplier for other Brazilian Coca-Cola franchises over a wide variety of categories, supplying more than 31 million unit cases from all of our production facilities. Ribeirão Preto’s plant led this performance supplying over 24 million unit cases in soft drinks, energy drinks, sports drinks, juice, mineral water and alcoholic beverages. The Jacarepaguá plant, on the other hand, served as a key supplier for tea beverages, juice and soft drinks, reaching 5 million unit cases in 2025, while the mineral water sources at Duque de Caxias supplied an additional 2.0 million unit cases. The expansion of the Duque de Caxias facility as a multicategory site advanced significantly during 2025. The plant’s multicategory production line, which includes beer manufacturing and a newly commissioned mineral water line, began operations. These developments expanded overall category availability and strengthened the Company’s ability to meet volume requirements from other franchises across the system. In addition, the Company initiated the procurement process for a new returnable packaging production line, scheduled to begin operations in the fourth quarter of 2026.

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In terms of logistics and infrastructure, Andina Brazil recorded substantial progress during the year. Key milestones included the inauguration of a new distribution center in Araraquara, the opening of the Colatina distribution center, storage capacity enhancements at the Duque de Caxias facility, and the commencement of operations in a newly acquired logistics site adjacent to the Jacarepaguá plant. Expansion works also began at the Ribeirão Preto facility. Collectively, these initiatives increased the company’s storage capacity from 99,220 pallet positions (“PL positions”) to 114,041 PL positions in 2025, representing a 14.9% year over year expansion. Capacity is expected to reach 128,990 PL positions in 2026, reflecting an additional 13.1% increase as ongoing projects advance.

In Paraguay, during 2025, we expanded our fructose storage and utilization capacity to 600 tons. This allows us greater flexibility in the use of sweeteners in our products. We installed and started up a new bottling line for returnable products, reaffirming our commitment to returnable packaging and fully complying with the labeling law enacted in Paraguay in 2023. We also installed a water recovery plant, which allows us to reduce water consumption.

As of December 31, 2025, we had total installed annual production capacity, including soft drinks, fruit juices, water and other beverages, of 1,702 million unit cases. Our primary facilities include:

●

through Coca-Cola Andina, in the Chilean territory, 3 soft drink and other beverages production facilities with 21 production lines, with total installed annual capacity of 399 million unit cases (23.4% of our total installed annual capacity);

●

through Re-Ciclar S.A. in the Chilean territory, one production facility for recycled PET that covers the needs of the Coca-Cola system in that country; this facility includes a washing line that produces PET flakes and an extrusion and purification line to produce food grade recycled PET pellets, with a total installed annual output capacity of 13,000 tons of rPet;

●

through Vital Jugos in the Chilean territory, one fruit juice production facility, with 12 production lines, with total installed annual capacity of 41.6 million unit cases (2.4% of our total installed annual capacity);

●

through ECSA in the Chilean territory, one soft drink and other beverages production facility, with 3 production lines, with total installed annual capacity of 60.3 million unit cases (3.5% of our total installed annual capacity);

●

through Vital Aguas in the Chilean territory, one mineral water production facility, with 2 production lines, with total installed annual capacity of 38.4 million unit cases (2.3% of our total installed annual capacity);

●

through RJR in the Brazilian territory, 3 soft drink and other beverages production facilities with 21 production lines for soft drinks with total installed annual capacity of 425 million unit cases (24.9% of our total installed annual capacity); and 21 production lines for juices, tea, water, other non-alcoholic beverages and alcoholic beverages which satisfy the franchise’s needs and re-sales to other bottlers in Brazil, with total installed annual capacity of 98 million unit cases (5.8% of our total installed annual capacity);

●

through Embotelladora del Atlántico in the Argentine territory, 4 soft drink and other beverages production facilities with 18 production lines for soft drinks with a total installed annual capacity of 344 million unit cases (20.2% of our total installed annual capacity); 7 production lines for juices that covers the needs of our franchise, and one production line for waters and sensitive products with a total installed annual capacity of 108 million unit cases (6.3% of our total installed annual capacity);

●

through Andina Empaques Argentina S.A. in the Argentine territory, one production facility for bottles, preforms and plastic caps that covers the needs of the Coca-Cola system in that country. It has 13 preform injectors, 2 bottle blowers, 3 injectors for plastic caps and one production line for cases, with a total installed annual capacity of 3,022 million units considering PET bottles, preforms, plastic caps and cases;

●

through PARESA in the Paraguayan territory, one production facility located in San Lorenzo, with 8 soft drink and other beverages production lines with a total installed annual capacity of 142 million unit cases (8.3% of our total installed annual capacity); and 3 tetra pack lines with a total installed annual capacity of 46 million unit cases (2.7% of our total installed annual capacity).

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ITEM 4A.UNRESOLVED SECURITIES AND EXCHANGE COMMISSION STAFF COMMENTS

Not applicable.

ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS

A.	OPERATING RESULTS 2025

Results of operation

Set forth below is a discussion and analysis of our results of operation for the years ended December 31, 2025 and 2024.

Our consolidated financial results for the years ended December 31, 2025, 2024 and 2023 include the results of our subsidiaries in Chile, Brazil, Argentina and Paraguay. Our consolidated financial statements reflect the results of the subsidiaries outside Chile, converted into Chilean pesos (our functional and reporting currency).

IFRS requires that assets and liabilities of our subsidiaries outside of Chile be converted from the functional currency to the presentation currency (Chilean peso) at year-end exchange rates, and that income and expense accounts are converted at monthly average exchange rates for the month in which they are recognized for those subsidiaries that do not operate in hyperinflationary economies.

●

First adoption of a hyperinflationary economy was in 2018: Losses and gains by correction of current non-monetary items the previous year are recorded in accumulated results as of January 1, 2018.

●

The statement of financial position (balance sheet): Non-cash items are expressed in the current currency at the balance sheet date and translated to the presentation currency at the closing exchange rate. Losses and gains are included in net earnings (fiscal year income).

●

The income statement: Income statement items are expressed in the current currency unit at the end of the reporting period, using the variation of the general price index from the date on which the expenses and revenues were accrued, and translated to the presentation currency at closing exchange rate.

●

Cash flow statement: Cash flow statement items are expressed in the current currency unit at the end of the reporting period and translated to the presentation currency at closing exchange rate.

For more information on the effects of the hyper-inflationary environment in Argentina, see note 2.5 of our consolidated financial statements included herein.

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Summary of Results of Operations for the Years ended December 31, 2024 and 2025

The following tables set forth our sales volume, net sales and gross profit for the years ended December 31, 2024 and 2025:


		Year ended December 31,
		2024		2025

		(millions of unit cases ⁽¹⁾)
Sales volume:
Chile
Soft drinks		163.2		163.5
Mineral water		61.1		66.7
Juices and other non-alcoholic		46.8		48.7
Beer & Spirits		40.4		39.2
Total		311.5		318.2

Brazil
Soft drinks		266.4		283.9
Mineral water		29.5		30.7
Juices and other non-alcoholic		39.5		40.2
Beer & Spirits		4.4		2.9
Total		339.8		357.6

Argentina
Soft drinks		144.3		150.6
Mineral water		15.0		16.3
Juices and other non-alcoholic		13.0		16.7
Spirits		0.3		0.2
Total		172.6		183.9

Paraguay
Soft drinks		67.3		66.3
Mineral water		9.1		9.9
Juices and other non-alcoholic		7.4		7.2
Beer		1.2		2.8
Total		85.0		86.1

(1)	Unit cases refer to 192 ounces of finished beverage product (24 eight-ounce servings) or 5.68 liters.

Note: Totals may not sum due to rounding.


		Year ended December 31,
		2024				2025
		Ch$ millions		% of Total		Ch$ millions		% of Total
Net sales:
Chile		1,245,018		38.6		1,319,136		39.4
Brazil		909,678		28.2		976,908		29.2
Argentina		798,447		24.8		743,463		22.2
Paraguay		282,065		8.7		314,660		9.4
Inter-country eliminations ⁽¹⁾		(10,975)		(0.3)		(9,331)		(0.3)
Total net sales		3,224,233		100.0		3,344,836		100.0

(1)	Eliminations represent intercompany sales.

Note: Totals may not sum due to rounding.

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The following tables set forth our results of operations for the years ended December 31, 2024 and 2025.


		Year ended December 31,
		2024				2025
				% of net				% of net
		Ch$ millions		sales		Ch$ millions		sales
Net sales		3,224,233		100.0		3,344,836		100.0
Cost of sales		(1,945,363)		(60.3)		(2,037,679)		(60.9)
Gross profit		1,278,870		39.7		1,307,157		39.1
Distribution and administrative expenses		(851,788)		(26.4)		(851,790)		(25.5)
Other (expense) income, net ⁽¹⁾		(59,045)		(1.8)		(74,732)		(2.2)
Income taxes		(133,393)		(4.1)		(110,157)		(3.3)
Net income		234,644		7.3		270,477		8.1

(1)	Includes other income (expenses), financial income (expenses), share in profit of investees accounted for under the equity method, foreign exchange gains (losses) and gains (losses) from indexed financial assets and liabilities.


		Chile			Brazil			Argentina			Paraguay			Eliminations			Total ⁽¹⁾
Millions Ch$		2024	2025		2024	2025		2024	2025		2024	2025		2024	2025		2024	2025

Net Sales		1,245,018	1,319,136		909,678	976,908		798,447	743,463		282,065	314,660		(10,975)	(9,331)		3,224,233	3,344,836
Cost of sales		(824,059)	(871,162)		(542,293)	(591,131)		(428,873)	(402,210)		(161,443)	(182,782)		11,305	9,606		(1,945,363)	(2,037,679)
Gross profit		420,958	447,974		367,385	385,777		369,574	341,253		120,622	131,877		330	275		1,278,870	1,307,157
Distribution and administrative expenses		(282,471)	(301,928)		(212,332)	(214,050)		(289,602)	(260,228)		(55,373)	(62,048)		—	—		(839,778)	(838,254)
Corporate expenses		—	—		—	—		—	—		—	—		—	—		(12,011)	(13,537)

(1)	Totals may not sum due to rounding.

Net Sales

Our sales volume was 945.8 million unit cases during the year ended December 31, 2025, a 4.1% increase compared to 909.0 million unit cases in 2024, explained by the increase in volume in all countries where we operate. Volume for soft drinks, waters and juices/other non-alcoholic beverages increased 3.6%, 7.6% and 5.7%, respectively, while volume for beer and spirits decreased 2.6%, in each case during the year ended December 31, 2025 compared to 2024. The decrease of sales volume of beer and spirits is mainly due to the reduction of the volume in the Brazilian, Argentinean and Chilean operations, which was partially offset by the growth of the volume in the Paraguayan operation.

Our net sales were Ch$3,344,836 million during the year ended December 31, 2025, an increase of 3.7% compared to Ch$3,224,233 million during 2024. Net sales increased in our Brazilian, Chilean, and Paraguayan operations as a result of higher sales in local currency in these markets. In the case of our Argentine operations, although revenues increased in local currency, they decreased in our reporting currency due to the negative effect of translating figures from Argentina’s local currency into the reporting currency.

Soft drinks represented 63.9% of net sales during the year ended December 31, 2025, compared to 64.6% during 2024.

Chile

Our sales volume in Chile was 318.2 million unit cases during the year ended December 31, 2025, a 2.1% increase compared to 311.5 million unit cases during 2024. Volume for soft drinks, waters and juices/other non-alcoholic beverages, in Chile increased 0.2%, 9.1% and 4.1% respectively, while volume for beer and spirits decreased 3.0% in each case during the year ended December 31, 2025, compared to 2024.

In terms of volume, our average market share for soft drinks in Chile during the years ended December 31, 2025 and 2024, according to A.C. Nielsen Company, was in both cases 64.6%. In terms of average sales, our market shares during those two years were 68.1% and 67.7%, respectively.

Our net sales in Chile were Ch$1,319,136 million during the year ended December 31, 2025, a 6.0% increase compared to Ch$1,245,018 million during 2024, which is explained by a higher average price in the period due to price increases, and the aforementioned increase in volume.

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Our net sales of soft drinks in Chile were Ch$632,405 million during the year ended December 31, 2025, a 4.2% increase when compared to Ch$606,813 million in 2024, primarily as a result of higher revenues per unit case. Our net sales of water and juices/other non-alcoholic beverages in Chile were Ch$382,058 million during the year ended December 31, 2025, a 12.3% increase compared to Ch$340,158 million during 2024, mainly as a result of higher volume sold, and to a lesser extent, higher revenues per unit case. Our net sales of beer and spirits in Chile were Ch$304,673 million during the year ended December 31, 2025, a 2.2% increase compared to Ch$298,047 million during 2024, mainly as a result of higher revenues per unit case, partially offset by the lower volume sold.

Brazil

Our sales volume in Brazil was 357.6 million unit cases during the year ended December 31, 2025, a 5.2% increase compared to 339.8 million unit cases during 2024. Volume for soft drinks, waters, juices/other non-alcoholic beverages in Brazil increased 6.6%, 4.0% and 1.6%, respectively, while volume for beer and spirits decreased 34.5% in each case during the year ended December 31, 2025 compared to 2024.

Our average market share for soft drinks in Brazil, during the year ended December 31, 2025, according to A.C. Nielsen Company, was 64.7% (in terms of volume), compared to 62.8% for 2024, and 71.5% in terms of average sales, compared to 69.8% for 2024¹.

Our net sales in Brazil were Ch$976,908 million during the year ended December 31, 2025, a 7.4% increase compared to Ch$909,678 million during 2024.

Our net sales of soft drinks in Brazil were Ch$724,962 million during the year ended December 31, 2025, a 10.1% increase compared to Ch$658,302 million during 2024. In local currency, net sales of soft drinks increased 13.2%, mainly as a result of higher volume sold and the higher revenues per unit case. Our net sales of water and juices/other non-alcoholic beverages in Brazil were Ch$227,362 million during the year ended December 31, 2025, a 5.1% increase compared to Ch$216,318 million during 2024. In local currency, net sales of water and juices/other non-alcoholic beverages increased 8.2%, primarily as a result of the volume increase and by higher revenues per unit case. Our net sales of beer and spirits in Brazil were Ch$24,584 million during the year ended December 31, 2025, a 29.9% decrease compared to Ch$35,058 million during 2024. In local currency, net sales of beer and spirits decreased 27.2%, mainly as a result of the volume decrease which was partially offset by higher revenues per unit case.

Argentina

Our sales volume in Argentina was 183.9 million unit cases during the year ended December 31, 2025, a 6.6% increase compared to 172.6 million unit cases during 2024. Volume for soft drinks, waters, juices/other non-alcoholic beverages and in Argentina increased 4.4%, 8.4% and 28.9%, respectively, while volume for other alcoholic beverages decreased 7.8% in each case during the year ended December 31, 2025 compared to 2024.

Our average market share for soft drinks in Argentina during the year ended December 31, 2025, according to A.C. Nielsen Company, was 57.0% (in terms of volume), compared to 57.6% for 2024, and 71.4% in terms of average sales, compared to 69.9% for 2024².

Our net sales in Argentina were Ch$743,463 million during the year ended December 31, 2025, a 6.9% decrease compared to Ch$798,447 million during 2024. In local currency, net sales in Argentina increased 10.5% in real terms, explained mainly by the aforementioned increase in volume and the increase in average revenue per unit case sold.

Our net sales of soft drinks in Argentina were Ch$553,642 million during the year ended December 31, 2025, an 8.8% decrease compared to Ch$606,837 million during 2024. In local currency, net sales of soft drinks increased 8.2% in real terms, mainly as a result of higher volume sold, and the higher revenues per unit case. Our net sales of juices/other non-alcoholic beverages, waters and beer/spirits in Argentina were Ch$176,561 million during the year ended December 31, 2025, a 2.3% increase compared to Ch$172,537 million during 2024. In local currency, net sales of juices/other non-alcoholic beverages, water and beer/spirits increased 21.4% in real terms, mainly due to the increase in sales volume, and to a lesser extent, the higher revenues per unit case.

¹In Brazil during 2025 A.C. Nielsen carried out a reprocessing of data from 2024 and 2023 for comparability purposes.

² In Argentina, during 2025, A.C. Nielsen carried out a reprocessing of data from 2024 and 2023 as part of its methodological review, and, as a result, the historical market share figures for our Argentine operations have been updated to reflect this revised dataset.

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Paraguay

Our sales volume in Paraguay was 86.1 million unit cases during the year ended December 31, 2025, a 1.3% increase compared to 85.0 million unit cases during 2024. Volume for water and beer and spirits in Paraguay increased 7.9% and 128.6%, respectively, while volume for soft drinks and juices/other non-alcoholic beverages decreased 1.5% and 2.5%, in each case during the year ended December 31, 2025, compared to 2024.

Our average market share for soft drinks in Paraguay during the year ended December 31, 2025, according to A.C. Nielsen Company, was 75.6% in terms of volume, compared to 74.6% for 2024, and 80.9% in terms of average sales, compared to 80.1% for 2024 according to the same source.

Our net sales in Paraguay were Ch$314,660 million during the year ended December 31, 2025, an 11.6% increase compared to Ch$282,065 million during 2024, mainly as a result of the higher average revenues per unit case.

Our net sales of soft drinks in Paraguay were Ch$229,768 million during the year ended December 31, 2025, an 8.1% increase compared to Ch$212,512 million during 2024. In local currency, our net sales of soft drinks increased 6.5%, due to higher revenues per unit case partially offset by the volume decrease. Our net sales of juices/other non-alcoholic beverages, waters and beer/spirits in Paraguay were Ch$84,892 million during the year ended December 31, 2025, a 22.1% increase compared to Ch$69,553 million during 2024. In local currency, net sales of juices/other non-alcoholic beverages, water and beer/spirits increased by 19.8%, primarily as a result of the volume increase and by higher revenues per unit case sold.

Cost of Sales

Our cost of sales was Ch$2,037,679 million during the year ended December 31, 2025, a 4.7% increase, compared to Ch$1,945,363 million during 2024. This increase is mainly explained due to (i) higher sales volumes, (ii) higher PET resin costs in Brazil and Chile, (iii) higher concentrate costs in Brazil and Paraguay, (iv) the effect of the shift in the mix toward higher unit cost products in Argentina and Paraguay, and (v) the effect of the devaluation of the local currencies of Argentina and Brazil on our dollar-denominated costs. This was partially offset by (i) lower sugar costs, (ii) lower concentrate costs in Argentina and Chile, (iii) lower PET resin costs in Argentina and Paraguay, and (iv) the effect of translating figures from our Argentine subsidiary to the reporting currency. The cost of sales per unit case increased 0.7% in the same period. Our cost of sales represented 60.9% of net sales for the year ended December 31, 2025, compared to 60.3% for 2024.

Chile

Our cost of sales in Chile was Ch$871,162 million during the year ended December 31, 2025, a 5.7% increase compared to Ch$824,059 million during 2024. The increase in the cost of sales was mainly due to higher Sales Volume and higher PET resin costs. This was partially offset by lower sugar and concentrate costs. The cost of sales per unit case increased 3.5% in the same period. Our cost of sales in Chile represented 66.0% of net sales in Chile for the year ended December 31, 2025, compared to 66.2% for 2024.

Brazil

Our cost of sales in Brazil was Ch$591,131 million during the year ended December 31, 2025, a 9.0% increase compared to Ch$542,293 million during 2024. The cost of sales per unit case increased 3.6% in the same period. In local currency, total cost of sales increased 12.0%, mainly due to (i) higher sales volume, (ii) higher concentrate costs, (iii) higher PET resin and aluminum costs, and (iv) the negative effect of exchange rate devaluation on our dollar-denominated costs. This was partially offset by lower sugar costs. Our cost of sales in Brazil represented 60.5% of net sales in Brazil for the year ended December 31, 2025, compared to 59.6% for 2024.

Argentina

Our cost of sales in Argentina was Ch$402,210 million during the year ended December 31, 2025, a 6.2% decrease compared to Ch$428,873 million during 2024. The cost of sales per unit case decreased 12.0% in the same period. In local currency (in real terms, based on currency rates as of December 2025) cost of sales increased 11.2% mainly due to (i) higher sales volume, (ii) the negative effect of the devaluation of the Argentine peso on our dollar-denominated costs, and (iii) the shift in the mix toward products with a higher unit cost. This was partially offset by (i) lower concentrate costs and (ii) lower raw material costs, specifically sugar and PET resin. Our cost of sales in Argentina represented 54.1% of net sales in Argentina for the year ended December 31, 2025, compared to 53.7% for 2024.

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Paraguay

Our cost of sales in Paraguay was Ch$182,782 million during the year ended December 31, 2025, a 13.2% increase compared to Ch$161,443 million during 2024. Cost of sales per unit case increased 11.8% during the same period. In local currency, cost of sales increased 11.3%, mainly explained by the higher cost of concentrate and a shift in the mix towards higher unit cost products. This was partially offset by lower costs for sweeteners and PET resin. Our cost of sales in Paraguay represented 58.1% of net sales in Paraguay for the year ended December 31, 2025, compared to 57.2% for 2024.

Gross Profit

Due to the factors described above, our gross profit was Ch$1,307,157 million during the year ended December 31, 2025, a 2.2% increase compared to Ch$1,278,870 million during 2024. Our gross profit represented 39.1% of our net sales during the year ended December 31, 2025, compared to 39.7% of our net sales in 2024.

Distribution, administrative and sales expenses

We had distribution, administrative and sales expenses of Ch$851,790 million during the year ended December 31, 2025, in line with the Ch$851,788 million reported in 2024. The stability in this figure is mainly explained by the counteracting effects of decreases in costs due to (i) lower marketing costs in Brazil, (ii) higher other operating income classified under this item in Brazil, and (iii) the effect of translating figures from our Argentine subsidiary to the reporting currency. This was offset by increases in costs due to (i) higher distribution expenses, (ii) higher labor costs, (iii) lower other operating income in Argentina, Chile and Paraguay, and (iv) higher marketing expenses in Argentina, Chile, and Paraguay. Our distribution, administrative and sales expenses represented 25.5% of our net sales during the year ended December 31, 2025, compared to 26.4% for 2024.

Chile

In Chile, our distribution, administrative and sales expenses were Ch$301,928 million during the year ended December 31, 2025, a 6.9% increase compared to Ch$282,471 million during 2024. This was mainly due to (i) higher labor costs, (ii) lower other operating income classified under this item, (iii) higher distribution expenses, and (iv) higher marketing expenses. Our distribution, administrative and sales expenses in Chile represented 22.9% of our net sales in Chile during the year ended December 31, 2025, compared to 22.7% for 2024.

Brazil

In Brazil, our distribution, administrative and sales expenses were Ch$214,050 million during the year ended December 31, 2025, an 0.8% increase compared to Ch$212,332 million during 2024. In local currency, they increased 3.7%, mainly explained by (i) higher freight expenses as a result of increased sales volume, (ii) higher labor costs, and (iii) higher depreciation charges. This was partially offset by (i) lower marketing expenses and (ii) higher other operating income classified under this item. Our distribution, administrative and sales expenses in Brazil represented 21.9% of our net sales in Brazil during the year ended December 31, 2025, compared to 23.3% for 2024.

Argentina

In Argentina, our distribution, administrative and sales expenses were Ch$260,228 million during the year ended December 31, 2025, a 10.1% decrease compared to Ch$289,602 million during 2024. In local currency (in real terms, based on currency rates as of December 2025), the distribution, administrative and sales expenses increased 6.6%, which is mainly explained by (i) higher distribution costs due to higher volumes, (ii) lower other operating income classified under this item, (iii) higher marketing expenses, and (iv) higher labor costs and services provided by third parties. Our distribution, administrative and sales expenses in Argentina represented 35.0% of our net sales in Argentina during the year ended December 31, 2025, compared to 36.3% for 2024.

Paraguay

In Paraguay, our distribution, administrative and sales expenses were Ch$62,048 million during the year ended December 31, 2025, a 12.1% increase, compared to Ch$55,373 million during 2024. The distribution, administrative and sales expenses in local currency in Paraguay increased 10.2%, which is mainly explained by (i) higher distribution costs, (ii) higher marketing expenses, (iii) higher labor costs, and (iv) lower operating income classified under this item. Our distribution, administrative and sales expenses in Paraguay represented 19.7% of our net sales in Paraguay during the year ended December 31, 2025, compared to 19.6% for 2024.

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Other Income (Expense), Net

The following table sets forth our other income (expense), net for the year ended December 31, 2024 and 2025:


		Year Ended December 31,
		2024		2025

		(in millions of Ch$)

Other income (expense)		(15,170)		(18,549)
Financial income		28,960		18,440
Financial expenses		(70,414)		(68,218)
Share of profit of investments in associates and joint ventures accounted for using the equity method		998		2,914
Foreign exchange differences		(7,407)		(3,425)
Income (loss) by indexation units		3,989		(5,893)
Other income (expense), net		(59,045)		(74,732)

We had other expenses, net, of Ch$74,732 million during the year ended December 31, 2025, representing a 26.6% increase compared to Ch$59,045 million during 2024. This increase is mainly explained by a lower monetary inflation effect on the tax credit in Brazil in 2025 compared to 2024. In 2024, this effect contributed Ch$8,155 million to financial income, an impact that was not present in 2025. This was partially offset by lower financial expenses in 2025.

Additionally, we experienced higher losses relate to indexation unit due to lower inflation in Argentina in 2025. This line includes the inflation adjustment in Argentina, net of the restatement effect in UF of local bonds. As a result, losses increased by Ch$9,882 million. The overall increase in expenses was partially offset by a decrease in foreign exchange differences.

Income Taxes

We had income taxes of Ch$110,157 million during the year ended December 31, 2025, a 17.4% decrease compared to Ch$133,393 million during 2024. This decrease is mainly explained by lower withholding taxes related to dividend remittances to Chile, higher tax expenses in Brazil associated with Juros Sobre Capital Próprio (Brazilian interest on equity tax mechanism) remittances, and lower inflation in Chile, partially offset by higher operating results.

Net Income

Due to the factors described above, we had a net income of Ch$270,477 million during the year ended December 31, 2025, a 15.3% increase compared to Ch$234,644 million during 2024. Our net income represented 8.1% of our net sales during the year ended December 31, 2025, compared to 7.3% for 2024.

Summary of Results of Operations for the Years ended December 31, 2023 and 2024

For information regarding the results of operations for the years ended December 31, 2023 and December 31, 2024, See “Item 5. Operating and Financial Review and Prospects –A. Operating Results 2024 –Summary of Results of Operations for the years ended December 31, 2023 and 2024” in our Company’s annual report on Form 20-F for the fiscal year ended December 31, 2024 filed on March 26, 2025.

Basis of Presentation

The aforementioned discussion should be read in conjunction with and is qualified in its entirety by reference to the consolidated financial statements, including the notes thereto.

These consolidated financial statements have been prepared in accordance with IFRS issued by the IASB.

These financial statements reflect the consolidated financial position of Embotelladora Andina S.A. and its subsidiaries as of December 31, 2025 and 2024 as well as the operating results, changes in shareholders’ equity and cash flows for the years ended December 31, 2025, 2024 and 2023, all of which were approved by the board of directors on March 31, 2026.

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Our consolidated financial results include the results of our subsidiaries located in Chile, Brazil, Argentina and Paraguay. Our subsidiaries outside Chile prepare their financial statements in accordance with IFRS and to comply with local regulations in accordance with generally accepted accounting principles of the country in which they operate. The consolidated financial statements reflect the results of the subsidiaries outside of Chile, converted to Chilean pesos (functional and reporting currency of the parent company) and are presented in accordance with IFRS. The IFRS require that balances of subsidiaries be converted from their functional currency to the presentation currency (Chilean peso). The conversion for subsidiaries operating in non-hyperinflationary environments (Brazil and Paraguay) is performed by converting the assets and liabilities of subsidiaries at year-end exchange rates, and income and expense accounts must be converted at monthly average exchange rates of the month in which they are recognized. In the case of subsidiaries operating in hyperinflationary environments (Argentina), non-monetary assets and liabilities and income statements are restated by the inflation rate of the hyperinflationary economy, bringing its effects to the income statement. These restated balances are converted from the functional currency to the presentation currency at the closing exchange rate of each year.

Critical Accounting Estimates

Discussion of critical accounting estimates

In the ordinary course of business, we have made a number of estimates and assumptions relating to the reporting of our results of operations and financial position in the preparation of financial statements in conformity with IFRS. We cannot assure you that actual results will not differ from those estimates. We believe that the following discussion addresses our most critical accounting policies, which are those that are most important to the portrayal of our financial condition and results of operations and require management’s most difficult, subjective and complex judgments, often as a result of the need to make estimates and assumptions about the effect of matters that are inherently uncertain. For a more detailed discussion of accounting policies significant to our operations, please see note 2.22 to our Consolidated Financial Statements.

B.	LIQUIDITY AND CAPITAL RESOURCES

Capital Resources, Treasury and Funding Policies

The products we sell are usually paid for in cash or short-term credit, and therefore our main source of financing comes from the cash flow of our operations. This cash flow has been generally sufficient to cover the investments necessary for the normal course of our business, as well as the distribution of dividends approved at our general shareholders’ meeting. Should additional funding be required for potential future investments in geographic expansion or other needs, our main sources of financing are expected to be: (i) debt offerings in the Chilean and international capital markets (ii) borrowings from commercial banks, both internationally and in the local markets where we have operations; and; (iii) public equity offerings.

Certain restrictions could exist to transfer funds from our operating subsidiaries to our parent company, however during 2025, we received dividends from subsidiaries in Argentina, Brazil and Paraguay. We cannot guarantee that we will not face restrictions in the future regarding the distribution of dividends from any other foreign subsidiaries.

Our management believes that we have access to financial resources to maintain our current operations and provide for our current capital expenditure and working capital requirements, scheduled debt payments, interest and income tax payments and dividend payments to shareholders.

The amount and frequency of future dividends to our shareholders will be determined at the general shareholders’ meeting upon the proposal of our board of directors in light of our earnings and financial condition at such time, and we cannot guarantee that dividends will be declared in the future. However, it should be noted that Chilean Corporate Law requires us to distribute at least 30% of any profits generated each year.

Our board of directors has been empowered by our shareholders to define our financing and investment policies. Our bylaws do not define a strict financing structure, nor do they limit the types of investments we may make. Traditionally, we have preferred to use our own resources to finance our investments.

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Our financing policy contemplates that each subsidiary finances its own operations. From this perspective, each subsidiary’s management focuses on cash generation and should establish clear targets for operating income, capital expenditures and levels of working capital. These targets are reviewed on a monthly basis to ensure that their objectives are met. Should additional financing needs arise, either as a result of a cash deficit or to take advantage of market opportunities, our general policy is to prefer local financing to allow for natural hedging. If local financing conditions are not acceptable, because of costs or other constraints, Andina will provide financing, or our subsidiary could finance itself in a currency different than the local one and will use derivative instruments to hedge against the operation’s functional currency.

Our cash management policy contemplates that cash surpluses be invested in low-risk securities that are mainly short-term and easily liquidated assets until such time that this surplus should be needed.

Derivative instruments are utilized only for business purposes, and not for speculative purposes. Pursuant to our currency hedge policy, forward currency contracts are used in some operations to cover the risk of local currency devaluation relative to the U.S. dollar in an amount not greater than the budgeted purchases of U.S. dollar-denominated raw materials. Depending on market conditions, instead of forward currency contracts, from time to time we prefer to utilize our cash surplus to purchase raw materials in advance to obtain better prices and a fixed exchange rate. Additionally, during 2025 we entered forward contracts to hedge our budgeted purchases of #5 sugar and # 11 sugar, which are used in our operations in Chile and Brazil, respectively.

The Company believes its balances of cash and cash equivalents, which totaled Ch$296,540 million as of December 31, 2025, along with cash generated by ongoing operations and continued access to debt markets, will be sufficient to satisfy its cash requirements over the next twelve months and beyond.

The Company’s material cash requirements include the following contractual and other obligations.

Debt

As of December 31, 2025, the Company had outstanding fixed-rate notes with varying maturities for an aggregate principal amount of Ch$991,601 million (collectively the “Notes”). Future interest payments associated with the Notes total Ch$442,555 million, with Ch$34,093 million payable within 12 months. Additionally, the Company incurred a bank debt of 2.4 million UF in July 2025 with principal amount totaling Ch$93,839 million. Future interest payments associated with this bank debt total Ch$12,221 million, with Ch$2,702 million payable within 12 months.

Leases

The Company has lease arrangements for certain equipment and facilities, including machinery and production lines, building and installations and technology equipment. As of December 31, 2025, the Company had fixed lease payment obligations of Ch$28,215 million, with Ch$9,626 million payable within 12 months.

Manufacturing Purchase Obligations

The Company has agreements with its collaborating entities for its operation, which are mainly related to contracts entered into to supply products and/or support services in purchase of supplies for production like sugar, beverage cans and payments to obtain rights over mineral spring waters, among others. As of December 31, 2025, the Company had manufacturing purchase obligations of Ch$177,547 million, with Ch$69,522 million payable within 12 months.

Other Purchase Obligations

The Company’s other purchase obligations primarily consist of contracts entered into to supply information technology services, company commitments with its franchisor to make investments or expenses related to the development of the franchise, staff support services, security services, maintenance services for fixed assets. As of December 31, 2025, the Company had other purchase obligations of Ch$44,887 million, with Ch$34,553 million payable within 12 months.

Cash Flows from Operating Activities 2025 vs. Cash Flows from Operating Activities 2024 and 2023

Cash flows from operating activities during 2025 amounted to Ch$461,127 million compared to Ch$357,242 million in 2024. The increase in cash flow generation was mainly due lower payments to suppliers and interest.

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For information regarding the cash flows from operating activities 2024 vs 2023, see “Item 5. Operating and Financial Review and Prospects –B. Liquidity and Capital Resources –Capital Resources, Treasury and Funding Policies,” in our Company’s annual report on Form 20-F for the fiscal year ended December 31, 2024.

Cash Flows from Investing Activities 2025 vs. Cash Flows from Investing Activities 2024 and 2023

Cash flows for investment activities (including purchase and sale of property, plant and equipment; investments in associated companies; and financial investments) generated a negative cash flow of Ch$248,575 million in 2025 compared to a negative cash flow of Ch$289,853 million during 2024. The variation of Ch$41,278 million with respect to the previous year is mainly explained by a lower Capex in 2025 of Ch$13,720 million, added to higher redemptions of financial instruments as compared to 2024 in the amount of Ch$27,786 million.

For information regarding the cash flows from investing activities 2024 vs 2023, see “Item 5. Operating and Financial Review and Prospects –B. Liquidity and Capital Resources –Capital Resources, Treasury and Funding Policies,” in our Company’s annual report on Form 20-F for the fiscal year ended December 31, 2024.

Cash Flows from Financing Activities 2025 vs. Cash Flows from Financing Activities 2024 and 2023

Financing activities generated a negative cash flow of Ch$162,412 million in 2025, with a negative variation of Ch$42,654 million with respect to the previous year, which is mainly explained by a higher dividend payment in 2025, slightly offset by higher amounts from loans.

As of December 31, 2025, 14 short-term credit lines are available for an amount equivalent to Ch$203,904 million, which remain unused. In Argentina, we had the equivalent of Ch$102,247 million in credit available from eight lines of credit. In Brazil, we had the equivalent of Ch$56,322 million in credit available from three lines of credit. In Chile, we had the equivalent of Ch$32,000 million in credit available from two lines of credit. In Paraguay, we had the equivalent of Ch$13,335 million in credit available from one line of credit.

For information regarding the cash flows from financing activities 2024 vs 2023, see “Item 5. Operating and Financial Review and Prospects –B. Liquidity and Capital Resources –Capital Resources, Treasury and Funding Policies,” in our Company’s annual report on Form 20-F for the fiscal year ended December 31, 2024.

Liabilities

As of December 31, 2025, our total liabilities, excluding non-controlling interest, were Ch$2,223,852 million, representing a 2.32% decrease compared to December 31, 2024.

Current liabilities decreased by Ch$175,731 million (19.4%) compared to December 2024, mainly due to a decrease in other current non-financial liabilities of Ch$141,614 million, which is explained mainly by the payment of dividends made during 2025 recognized in December 2024. In addition, there was a decrease in other current financial liabilities of Ch$47,911 million due to the payment of short-term debt with financial institutions.

Non-current liabilities increased by Ch$122,876 million, or 9.0% compared to December 2024, mainly due to the increase in other non-current financial liabilities of Ch$125,253 million as a result of the incurrence of bank debt of 2.4 million UF contracted in July 2025. This increase was also influenced by variation in the UF, the effect of the exchange rate, and the mark-to-market of cross-currency swaps linked to the Company’s bonds.

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As of December 31, 2025, our bond obligation had a weighted average interest rate of 4.8% in UF, 3.95% in US$ and 2.71% in CHF, while our bank obligation had a weighted average interest rate of 2.84% in UF and 6.54% for debts in Chilean pesos.

The following table presents future expirations for additional long-term liabilities. These expirations have been estimated based on accounting estimates because the liabilities do not have specific dates of future payment, as allowance for severance indemnities, contingencies, and liabilities are included.


		Maturity Years
								More than
		Total		1-3 Years		3-5 Years		5 Years

		(Millions Ch$2025)
Provisions		57,811		2,433		699		54,680
Other long-term liabilities		23,123		314		724		22,085
Total long-term liabilities		80,935		2,747		1,423		76,765

Summary of Significant Debt Instruments

As of December 31, 2025, the Company is in compliance with all its debt covenants which are summarized below:

Series B Local Bonds (BANDI-B1; BANDI-B2)

During 2001, we issued in Chile Series B bonds. This issuance was structured into two series, one of which matured in 2008. As of December 31, 2025, Series B is the outstanding series with sub-series B1 and B2. During 2001, UF 3.7 million in bonds were issued with final maturity in 2026, bearing an annual interest rate of 6.5%. The Series B Local Bonds are subject to the following restrictive covenants:

●

In October 2020, the covenant of Consolidated Financial Liabilities / Consolidated Equity was amended as the following: Maintain an indebtedness level where Net Consolidated Financial Liabilities shall not exceed Consolidated Equity by 1.20 times. For these purposes Net Consolidated Financial Liabilities will be the result of: (i) Other Current Financial Liabilities, plus (ii) Other Non-Current Financial Liabilities, less (iii) the sum of Cash and Cash Equivalents; plus, Other Current Financial Assets; plus Other Non-Current Financial Assets (to the extent that they correspond to the active balances of derivative financial instruments, taken to cover exchange rate risks or interest rate risks on financial liabilities).

●

Maintain and not lose, sell, assign, or transfer to a third party the geographical area today called the “Metropolitan Region”, as franchised territory in Chile by The Coca-Cola Company, for the development, production, sale and distribution of products and brands of such licensor, in accordance with the respective bottling agreement or license, renewable from time to time.

●

Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which to date is franchised to the Company by The Coca-Cola Company for the manufacture, production, sale and distribution of products and brands of such licensor; as long as these territories account for more than 40% of the Company’s Adjusted Consolidated Operating Flow.

●

Maintain consolidated assets free of any pledge, mortgage or other lien by an amount, at least equal to 1.3 times the Company’s unsecured consolidated current liabilities.

Unsecured consolidated current liabilities are the Company’s total liabilities, obligations and debts that are not secured with real guarantees on goods and assets of the latter, made voluntarily or by agreement by the Company less the active balances of derivative financial instruments, taken to cover exchange rate risks or interest rate risks on financial liabilities accounted for under Other Current Financial Assets and Other Non-current Financial Assets of the Company’s Consolidated Statement of Financial Position.

Consolidated Assets are assets free of any pledge, mortgage or other lien, as well as those assets that have real liens, mortgage or encumbrances that operate only by law, less the active balances of derivative financial instruments, taken to cover exchange rate risks or interest rate risks on financial liabilities accounted for under Other Current Financial Assets and Other Non-current Financial Assets of the Company’s Consolidated Statement of Financial Position.

In July 2020, derivatives were contracted (Cross Currency Swaps) that cover 100% of UF denominated financial obligations, redenominating them to Chilean pesos.

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Series C Local Bonds (BEKOP-C)

As a consequence of our merger with Polar, we became an obligor under the following outstanding bonds issued by Polar in Chile in 2010.

●

Series C bonds due 2031, bearing interest at a fixed annual rate equal to 4.00%.

This series is subject to the following restrictions:

●

Maintain a level of Net Financial Indebtedness within its quarterly financial statements that may not exceed 1.5 times, measured by figures included in the Company Consolidated Statement of Financial Position. For these purposes, net financial indebtedness level is defined as the ratio of net financial debt to total equity of the Company (equity attributable to the owners of the controllers plus non-controlling interests). Net financial debt means the difference between the Company financial debt and cash.

●

Maintain consolidated assets free of any pledge, mortgage or other lien by an amount, at least equal to 1.3 times the Company’s unsecured consolidated current liabilities.

Unencumbered Assets are (a) assets that meet the following conditions: (i) they are the property of the Company, (ii) they are classified under Total Assets in the Company’s Financial Statement and, (iii) they are free of any pledge, mortgage or other levies constituted in favor of third parties, less (b) Other Current Financial Assets and Other Non-Current Financial Assets included in the Company’s Financial Statements (to the extent they correspond to the active balances of derivative financial instruments, taken to cover exchange rate risks or interest rate risks on financial liabilities).

Unsecured Total Liabilities are (a) liabilities included under Total Current Liabilities and Total Non-Current Liabilities on the Company Financial Statements which do not benefit from preferences or privileges, less (b) Other Current Financial Assets and Other Non-Current Financial Assets of the Company’s Financial Statements (to the extent they correspond to the active balances of derivative financial instruments, taken to cover exchange rate risks or interest rate risks on financial liabilities).

●

Not invest in instruments issued by related parties or carry out operations with related parties other than those related to the general purpose of the entities, in conditions that are less favorable to those of the Company in relation to those prevailing in the market.

●

Maintain a Net Financial Coverage ratio greater than 3.0 times. Net financial coverage is the ratio between the Company’s EBITDA for the past 12 months and the Company’s Net Financial Expenses. Net financial Expenses is defined as the difference between the absolute value of the interest expenses associated with the issuer’s financial debt recorded in the “Financial Costs” account; and interest income associated with the issuer’s cash, recorded in the Financial Income account, for the past 12 months. However, this restriction will be considered breached when the mentioned net financial coverage ratio is lower than the ratio previously indicated during two consecutive quarters.

In July 2020, derivatives were contracted (Cross Currency Swaps) that cover 100% of UF denominated financial obligations, redenominating them to Chilean pesos.

Series D and E Local Bonds (BANDI-D; BANDI-E)

During 2013 and 2014, Andina placed local bonds in the Chilean market. The issuance was structured into three series, one of which matured in 2020.

●

UF 4.0 million of Series D Bonds due 2034 were issued in August 2013, bearing an annual interest rate of 3.8%;

●

UF 3.0 million of Series E Bonds due 2035 were issued in March 2014, bearing an annual interest rate of 3.75%.

The Series D and E local bonds are subject to the following restrictions:

●

Maintain an indebtedness level where Net Consolidated Financial Liabilities shall not exceed Consolidated Equity by 1.20 times.

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For these purposes Net Consolidated Financial Liabilities will be the result of: (i) Other Current Financial Liabilities, plus (ii) Other Non-Current Financial Liabilities, less (iii) the sum of Cash and Cash Equivalents; plus, Other Current Financial Assets; plus, Other Non-Current Financial Assets (to the extent that they correspond to the active balances of derivative financial instruments, taken to cover exchange rate risks or interest rate risks on financial liabilities).

Consolidated Equity is total equity including non-controlling interests.

●

Maintain consolidated assets free of any pledge, mortgage or other lien by an amount, at least equal to 1.3 times the Company’s unsecured consolidated current liabilities.

Unsecured Consolidated Current Liabilities are the Company’s total liabilities, obligations and debts that are not secured with real guarantees on goods and assets of the latter, made voluntarily or by agreement by the Company, less the active balances of derivative financial instruments, taken to cover exchange rate risks or interest rate risks on financial liabilities accounted for under Other Current Financial Assets and Other Non-current Financial Assets of the Company’s Consolidated Statement of Financial Position.

For purposes of determining Consolidated Assets these will consider assets free of any pledge, mortgage or other lien, as well as those assets that have real liens, mortgage or encumbrances that operate only by law. Therefore, Consolidated Assets free of any lien, mortgage or other encumbrance are regarded as those assets for which no real lien, mortgage or other encumbrance has been made voluntarily or by agreement by the Company, less the active balances of derivative financial instruments, taken to cover exchange rate risks or interest rate risks on financial liabilities accounted for under Other Current Financial Assets and Other Non-current Financial Assets of the Company’s Consolidated Statement of Financial Position.

●

Maintain and not lose, sell, assign, or transfer to a third party the Metropolitan Region, as franchised territory in Chile by The Coca-Cola Company for the production, sale and distribution of products and brands of the licensor. Losing said territory means the non-renewal, cancellation, early termination or annulment of the license agreement granted by The Coca-Cola Company for the Metropolitan Region.

●

Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of the issuance date of the Series D and E local bonds were franchised to the Company by The Coca-Cola Company for the manufacture, production, sale and distribution of products and brands of The Coca-Cola Company; as long as these territories account for more than 40% of the Company’s Adjusted Consolidated Operating Flow of the audited fiscal year immediately prior to the moment when such loss, sale, assignment or transfer occurs. For these purposes Adjusted Consolidated Operating Flow is the addition of the following accounting items of the Issuer’s Consolidated Statement of Financial Position: (i) Gross Income, including revenue and cost of sales, less (ii) Distribution Costs, less (iii) Administrative Expenses, plus (iv) Participation in Earnings (Losses) of Associates and Joint Ventures accounted for using the Equity Method, plus (v) Depreciation, plus (vi) Amortization of Intangibles.

In July 2020, derivatives were contracted (Cross Currency Swaps) that cover 100% of UF denominated financial obligations, redenominating them to Chilean pesos.

Series F Local Bonds (BANDI-F)

During 2018, Andina undertook the partial repurchase (US$210 million) of the Senior Notes due 2023, which was refinanced with the placement of the Series F Local Bonds in the Chilean local market. These bonds were issued in October 2018, in the amount of UF 5.7 million, accruing an annual interest rate of 2.8% and with a maturity of 2039.

The Series F local bonds are subject to the following restrictions:

●

Maintain an indebtedness level where Net Consolidated Financial Liabilities shall not exceed Consolidated Equity by 1.20 times.

Consolidated Equity is total equity including non-controlling interests.

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Maintain consolidated assets free of any pledge, mortgage or other lien by an amount, at least equal to 1.3 times the Company’s unsecured consolidated current liabilities

For purposes of determining Consolidated Assets these will consider assets free of any pledge, mortgage or other lien, as well as those assets that have real liens, mortgage or encumbrances that operate only by law. Therefore, Consolidated Assets free of any lien, mortgage or other encumbrance shall be regarded as those assets for which no real lien, mortgage or other encumbrance has been made voluntarily or by agreement by the Company, less the active balances of derivative financial instruments, taken to cover exchange rate risks or interest rate risks on financial liabilities accounted for under Other Current Financial Assets and Other Non-current Financial Assets of the Company’s Consolidated Statement of Financial Position.

●

Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of the issuance date of the Series F local bonds, is franchised to the Company by The Coca-Cola Company for the manufacture, production, sale and distribution of products and brands of The Coca-Cola Company; as long as these territories account for more than 40% of the Company’s Adjusted Consolidated Operating Flow of the audited fiscal year immediately prior to the moment when said loss, sale, assignment or transfer occurs. For these purposes Adjusted Consolidated Operating Flow is the addition of the following accounting items of the Issuer’s Consolidated Statement of Financial Position: (i) Gross Income, including revenue and cost of sales, less (ii) Distribution Costs, less (iii) Administrative Expenses, plus (iv) Participation in Earnings (Losses) of Associates and Joint Ventures accounted for using the Equity Method, plus (v) Depreciation, plus (vi) Amortization of Intangibles.

In addition, on November 11, 2021, bondholders’ meetings were held for the series C, D, E and F bonds issued in the Chilean local market under the lines registered in the Securities Registry of the CMF under No. 641 (Series C), No. 760 (Series D and E) and No. 912 (Series F), and for the series B bonds corresponding to the fixed amount issue registered in the Securities Registry of the CMF under No. 254. As a result of the aforementioned bondholders’ meetings, the issuance contracts of the aforementioned bond issues were amended. Furthermore, the issuance contracts of the bond lines registered in the Securities Registry of the CMF under No. 911, No. 971 and No. 972 were also amended, because there were no bonds outstanding. In this respect, the modifications were made to financial indebtedness covenants that existed in the aforementioned issuance contracts, to be substituted by a new indebtedness level obligation defined as follows:

Indebtedness Level: Maintain an indebtedness level, measured and calculated quarterly, presented in the manner and within the terms determined by the Financial Market Commission, no greater than 3.5 times.

The following terms shall be construed as:

●

“Indebtedness Level” the ratio between (a) the average of the Consolidated Net Financial Liabilities, calculated on the last four “Consolidated Financial Statements of Financial Position” contained in the Issuer’s Consolidated Financial Statements filed by the Issuer with the Financial Market Commission as of the calculation date; and (b) the accumulated EBITDA in the twelve consecutive month period ending at the close of the last of the “Consolidated Financial Statements of Results by Function” contained in the Consolidated Financial Statements that the Issuer has filed with the Financial Market Commission as of the calculation date;

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“Consolidated Net Financial Liabilities” means the result of the following transactions on the accounting items of the “Consolidated Statements of Financial Position” contained in the Issuer’s Consolidated Financial Statements indicated below: (i) “Other Financial Liabilities, Current”, which include short-term obligations with banks and financial institutions, bond liabilities at face rate, issuance costs and discounts associated with the placement and other minor items that in accordance with IFRS regulations must be included in this heading; plus (ii) ”Other Non-Current Financial Liabilities”, which include long-term obligations with banks and financial institutions, bond liabilities at face rate, issuance costs and discounts associated with the placement and other minor items that according to IFRS standards should be included in this heading; less (iii) the sum of “Cash and Cash Equivalents”; plus “Other Financial Assets, Current”; plus “Other Financial Assets, Non-Current” (to the extent that they correspond to asset balances for derivative financial instruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities);

●

“EBITDA” means the sum of the following accounts of the “Consolidated Statements of Income by Function” contained in the Issuer’s Consolidated Financial Statements: “Revenues from Ordinary Activities”, “Cost of Sales”, “Distribution Costs”, “Administrative Expenses” and “Other Expenses, by function”, deducting the value of “Depreciation” and “Amortization for the Fiscal Year” presented in the Notes to the Issuer’s Consolidated Financial Statements.

Senior Notes due 2050

On January 21, 2020, the Company issued a US$300 million Senior Bond in the U.S. market under 144A/Reg S regulations. These notes are unsecured obligations with the whole principal amount due in 2050, with an annual coupon rate of 3.950%. The proceeds from these notes were used to finance general corporate purposes which could include an eventual payment of existing liabilities, financing of potential acquisitions and improvement of the Company’s liquidity position.

At the same time, derivative contracts (cross currency swaps) have been entered into to fully redenominate financial obligations denominated in U.S. dollars to UF and CLP.

Senior Notes due 2028

In September 2023, the Company issued a 5-year corporate bond for CHF$170 million in the Swiss market under local regulations. These notes are unsecured obligations with the whole principal amount due in 2028, with an annual fixed rate of 2.7175%. The proceeds from these notes were used mainly to refinance the Company’s 2023 Senior Unsecured Bond and to finance investments in Brazil.

In parallel, derivatives have been contracted (cross currency swaps) by RJR, a subsidiary of Embotelladora Andina in Brazil, to effectively redenominate CHF$170 million Swiss francs to Brazilian reais.

Unsecured Term Loan due 2030

During 2025, Embotelladora Andina entered into a bilateral loan agreement with Bank of America in the amount of UF 2,362,044 (USD$ 100 million) with a five-year tenor, bearing interest at an annual rate of 2.84%. The loan is an unsecured obligation, with semi-annual interest payments and full principal repayment at maturity.

C.	RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES

Given the nature of the business and the support provided by The Coca-Cola Company as franchisor to its bottlers, the Company’s research and development expenses are not meaningful. For more information on patents and licenses, see “Item 4. Information on the Company – Bottler Agreements.”

D.	TREND INFORMATION

Our results will likely continue to be influenced by changes in the level of consumer demand in the countries in which we operate, resulting from governmental economic measures that are or may be implemented in the future. Additionally, the main raw materials used in the production of soft drinks, such as sugar and resin, may experience price increases in the future. Such price increases may affect our results if we are unable to pass on the cost increases to the sales price of our products due to depressed consumer demand and/or heightened competition.

Increased competition from low-price brands is another factor that could limit our ability to grow, and thus negatively affect our results.

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Additionally, exchange rate fluctuations, in particular the potential devaluations relative to the U.S. dollar of local currencies in the countries in which we operate, may adversely affect our results because of the impact on the cost of U.S. dollar-denominated raw materials and the conversion of monetary assets.

E.[Reserved]

F.[Reserved]

G.SAFE HARBOR

See “Introduction - Presentation of Financial and Certain Other Information—Forward-Looking Statements.”

ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

A.	DIRECTORS AND SENIOR MANAGEMENT

Pursuant to Chilean law, we are managed by a group of executive officers under the supervision of our board of directors. The Company’s operations in Chile, Brazil, Argentina and Paraguay report to the corporate headquarters in Chile.

Board of Directors

In accordance with our current bylaws, the board of directors is comprised of fourteen (14) directors. The directors may or may not be shareholders and are elected at general shareholders’ meetings for a three-year term, with re-election permitted. Cumulative voting is permitted for the election of directors.

In the event of a vacancy, the board of directors may appoint a replacement to fill the vacancy, and the entire board of directors must be elected or re-elected at the next regularly scheduled general shareholders’ meeting.

The shareholders agreement regulates the election of directors of the Company by the controlling shareholders (See “Item 7. Major Shareholders and Transactions with Related Companies”). In addition, pursuant to the terms and conditions of the deposit agreement entered between The Company and the Bank of New York dated as of December 14, 2000 (the “Deposit Agreement”), if no instructions are received by The Bank of New York, as depositary (the “Depositary”), it shall give a discretionary proxy to a person designated by the chairman of our board of directors with respect to the shares or other deposited securities that represent the ADRs.

The following table sets forth information with respect to the current directors of the Company:


				Date of expiration
Name		Age⁽³⁾		current term		Position
Gonzalo Said⁽¹⁾		61		April 25, 2027		Chairman
José Antonio Garcés		59		April 25, 2027		Vice Chairman
Salvador Said⁽¹⁾		61		April 25, 2027		Director
Juan Claro		75		April 25, 2027		Director
Eduardo Chadwick		66		April 25, 2027		Director
Roberto Mercadé		57		April 25, 2027		Director
Gonzalo Parot⁽²⁾		73		April 25, 2027		Director
Georges de Bourguignon		63		April 25, 2027		Director
Domingo Cruzat⁽²⁾		69		April 25, 2027		Director
Jaqueline Saquel Mediano		61		April 25, 2027		Director
Juan Gerardo Jofré Miranda⁽²⁾		76		April 25, 2027		Director
Luis Felipe Coelho Duprat Avellar		50		April 25, 2027		Director
María Francisca Yáñez Castillo		43		April 25, 2027		Director
Carmen Román		58		April 25, 2027		Director

(1)	Salvador Said is first cousin of Gonzalo Said.

(2)	Independent from controlling shareholder pursuant to Article 50 bis, paragraph 6 of the Chilean Public Company Law N° 18,046.

(3)	Age at December 31, 2025.

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The following are brief biographies of each of the Company’s directors:

Gonzalo Said Handal

Appointment: He has been a member of the Board of Directors of the Company since April 1993 and the Chairman since May 2024.

Experience: He holds a business administration degree from the Universidad Gabriela Mistral with a specialization in finance, best practices and corporate governance, with more than 30 years of experience in the beverage and mass consumption industry.

Other positions: he is Executive Chairman of Holding de Empresas Said Handal; director of Scotiabank Chile S.A., where he is a member of the Audit Committee, vice-president of SOFOFA and Past President of Fundación Generación Empresarial, from where he promotes his vision on corporate governance and good business practices.

José Antonio Garcés Silva

Appointment: He has been a member of the board of directors of the Company since 1992.

Experience: He holds a business administration degree from the Universidad Gabriela Mistral with a specialization in finance, with an Executive MBA and PADE from the ESE of Universidad de Los Andes and a master’s in philosophy and ethics from Universidad Adolfo Ibáñez. He has more than 25 years of experience in the beverage and mass consumption industry and vast experience in risk and cybersecurity in the financial sector.

Other positions: Chairman of the Board of Banvida S.A., director of Banco Consorcio and Consorcio Financiero, CN Life Compañía de Seguros, Consorcio Nacional de Seguros, Past President of USEC and director of Fundación Paternitas, as well as general manager of Inversiones San Andrés (family holding).

Salvador Said Somavía

Appointment: He has been a member of the Board of Directors of the Company since 1992.

Experience: He holds a business administration degree from the Universidad Gabriela Mistral with a specialization in business management. He was director at Envases del Pacífico S.A. and Envases CMF S.A. He also participates in non-profit foundations oriented to entrepreneurship such as Endeavor Chile, an entity that he presided over for six years.

Other positions: Chairman of Scotiabank Chile, Chairman of Parque Arauco S.A., Chairman of Fundación Belén 2000, Executive Director of Grupo Said and director of several companies in different business sectors. He is also a member of the Board of Directors of the Centro de Estudios Públicos (CEP).

Juan Claro González

Appointment: He has been a member of the Board of Directors of the Company since 2004.

Experience: He studied civil engineering and theoretical physics at the Pontificia Universidad Católica de Chile and has more than 20 years of experience in the mass consumption and beverage industry. He has developed an outstanding business experience by presiding over the Sociedad de Fomento Fabril (SOFOFA), between 2001 and 2005, the Confederación de la Producción y del Comercio (CPC), between 2002 and 2005 and the Chile-China Bilateral Business Council, between 2005 and 2007. He has been a member of the boards of Gasco S.A. (1991-2000), CMPC S.A. (2005-2011) and Entel S.A. (2005-2011) and founding Chairman of Metrogas S.A. (1994-2000) created to develop the trans-Andean gas interconnection and of the electric company Emel S.A. (2001-2007).

Other positions: he is a director of Melón S.A., Agrosuper S.A., where he is a member of the Risk Committee, and Antofagasta PLC, where he is a member of the Sustainability and Stakeholders Committee. He is also an honorary advisor to the Centro de Estudios Públicos (CEP).

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Eduardo Chadwick Claro

Appointment: He has been a member of the Board of Directors of the Company since June 2012.

Experience: He holds a civil industrial engineering degree with a major in chemistry from the Pontificia Universidad Católica de Chile, elected UC Engineer of the Year in 2017. With more than 40 years of experience, he is a recognized businessman in the wine industry, both in Chile and abroad, being considered one of the main promoters and developer of the image of fine wines in Chile. He was Chairman of Cervecería Austral until 2007, Chairman of Viña Errázuriz and Coca-Cola Polar until 2012, director of SOFOFA until 2015 and ABAC/APEC representative of the Chilean Government during the years 2018 to 2020. In 2021 he was selected as one of the 25 representatives of the “Chilen@s Creando Futuro” Network of Imagen de Chile. He successfully participated at Oxford University in The Oxford Strategic Leadership Programme (2013) and later, he was a Fellow of the Advance Leadership Initiative Program at Harvard University (2022).

Other Positions: Chairman of the Chadwick Claro family holding company, founder and director of Hatch Mansfield Co. in England and director of Maltexco S.A.

Roberto Mercadé

Appointment: He has been a member of the Board of Directors of the Company since April 2019.

Experience: He holds an industrial engineering degree from the Georgia Institute of Technology, Atlanta (USA). With more than 30 years of experience in the beverage and mass consumption industry, he has developed his expertise in Latin America, Africa and Asia Pacific. He was President of Coca-Cola de Mexico, where he also led the Coca-Cola Foundation and was a member of the boards of ARCA-Lindley in Peru, Escuela Campo Alegre in Venezuela and American International School of Johannesburg in South Africa.

Other positions: he is the Global President of The McDonald’s Division at The Coca-Cola Company, and he is currently a member of the Advisory Board at the Georgia Institute of Technology.

Gonzalo Parot Palma

Appointment: He has been a member of the Board of Directors of the Company since 2009.

Experience: He holds a civil industrial engineering degree from the Universidad de Chile, a master’s in industrial engineering with a major in economics from the Universidad de Chile and a master’s in economics from the University of Chicago. His areas of specialization are Business Economics, Market Organization and Regulation, Public Finance and Corporate Finance. With more than 20 years of experience in the beverage and mass consumption industry, he has served as Corporate Manager of Studies and Development at Empresas CMPC S.A., Executive President of Envases and Productos de Papel CMPC S.A. subsidiaries, General Manager and director of Celulosa del Pacífico, Corporate General Manager of CMPC Tissue S.A. and director and Corporate General Manager of Copesa S.A. In his career he has served as director, Chief Executive Officer and Board Member of the Corporación Municipal and Teatro Municipal de Santiago; director of the National Press Association and of the Chilean-Argentine Chamber of Business, professor and director of the School of Economics and Business of the Universidad de Chile; professor and Dean of Economics and Administration of the Universidad Gabriela Mistral.

Other positions: he currently serves as a member of the Advisory Board at AES Andes S.A.

Georges De Bourguignon Arndt

Appointment: He has been a member of the Board of Directors of the Company since April 2016.

Experience: Economist from the Pontificia Universidad Católica de Chile with an MBA from Harvard University. In the academic field, he has been a professor of Economics at the Universidad Católica de Chile, while, in the business world, where he has more than 10 years of experience in mass consumption issues, he was a director of Empresas La Polar S.A. (2011-2015), Sal Lobos S.A. (2006-2018) and Latam Airlines Group (2012-2019), a company in which he held the position of Chairman of the Directors’ Committee. He has extensive experience in management positions in non-profit associations such as Corporación de Amigos de Lago Ranco, Harvard Alumni Association and the Harvard Business School Dean’s Advisory Council.

Other positions: Co-founder and Chairman of Asset Chile S.A., a corporate finance advisory firm, and Asset AGF, an investment fund management company. He is a director of Vivo Spa, where he has been Chairman since August 2022 and Soquimich S.A., where he has served since May 2024, having been a director there from 2019 to 2022.

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Domingo Cruzat Amunátegui

Appointment: He has been a member of the Board of Directors of the Company since 2021.

Experience: He holds a civil industrial engineering degree from the Universidad de Chile with an MBA from The Wharton School of the University of Pennsylvania. With more than 12 years of experience in the beverage and mass consumption industry, he served as Commercial Manager at Pesquera Coloso San José; CEO of Watt’s Alimentos; CEO of Loncoleche; CEO of Bellsouth Chile and Deputy General Manager of Compañía Sudamericana de Vapores. He is a university professor in the areas of marketing and sales at the ESE of Universidad de Los Andes. He has also served on the boards of Conpax, Construmart, Copefrut, Essal, Principal Financial Group, Compañía Sudamericana de Vapores and Viña San Pedro de Tarapacá. In addition, he was Chairman of the Board of Correos de Chile and Chairman of the Sistema de Empresas Públicas (SEP).

Other positions: He is currently a member of the board of directors of IP Chile and Stars (Family Office). Additionally, he is a founding partner of Fundación Esperanza, dedicated to rehabilitating young drug addicts.

Jaqueline Saquel Mediano

Appointment: Member of the Board of Directors of the Company since April 2024.

Experience: She holds a business administration degree from the Universidad de Santiago de Chile, business director and executive with business experience in Latin America in the mass consumption industry, the forestry and energy industry, both in the private and public sector. Her career includes a significant role in strategic and financial management in several Chilean companies, being recognized with the “Executive Woman 2021” Award. She has been director of Enami, GNL Quintero and within the CMPC group of companies, where she was also manager of Corporate Development, People and Marketing. She was director of the subsidiaries Papeles Cordillera, Envases Impresos Roble Alto S.A., Chilena de Moldeados S.A., Forsac S.A., CMPC Cartulinas, Servicios Compartidos and Bioenergías Forestales. She was also manager of Finance and Strategic Planning of ENAP.

Other positions: Currently, she is a director of Sonda S.A., Cintac S.A., Icafal S.A., Universidad Católica Silva Henríquez and Fundación Don Bosco.

Juan Gerardo Jofré Miranda

Appointment: Member of the Board of Directors of the Company since April 2024.

Experience: He holds a business administration degree from the Universidad Católica de Chile, with extensive experience as an executive and member of various important councils and boards of directors in the Chilean business environment. During his career, he has held key roles in leading companies such as Chairman of the Board of Codelco, Vice Chairman of the Board of SQM and board member of companies such as Latam Airlines, Enel Chile, CAP, D&S (currently Walmart Chile), Endesa (currently Enel Chile Generación) and Viña San Pedro Tarapacá. His executive experience includes more than 15 years in the Santander Group, where he held several leadership roles, such as 2nd Vice Chairman of the Board of Banco Santander Chile and Chairman of the Board of several financial and insurance companies in Chile and Latin America. Prior to entering the private world, he worked in high-level governmental roles, as Advisor to the Ministry of Finance and also held positions in state‑owned companies and at the Chilean Superintendency of Securities and Insurance.

Luis Felipe Coelho Duprat Avellar

Appointment: He has been a member of the Board of Directors of the Company since 2023.

Experience: Since September 2025, he has served as President of the Africa Operating Unit for The Coca‑Cola Company. He joined Coca-Cola Brazil in 2002 in the Finance department, where he gained experience in various Finance and Planning roles. He was also Director of Market Development for Coca-Cola FEMSA’s Brazil territory and General Manager of Southern Brazil operations. Subsequently, he was Vice President and General Manager of The Coca-Cola Company’s South African franchise and led the Coca-Cola System in South Africa, Swaziland and Lesotho. Between 2021-2022 he served as President of Southern Operations for The Coca-Cola Company, being responsible for operations in 6 countries in Latin America: Argentina, Bolivia, Brazil, Chile, Paraguay and Uruguay. He was part of the board of directors of Arca Continental Bebidas in Mexico between 2021-2022; of the Movement for Racial Equity (MOVER) in Brazil, from its foundation until 2022. In addition, he was Chairman of the Board of Directors of the Brazilian Coca-Cola Institute between 2021-2022 and Chairman of the Board of the Coca‑Cola Mexico Foundation from 2023 to 2025.

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María Francisca Yáñez Castillo

Appointment: Member of the Board of Directors of the Company since April 2024.

Experience: She holds a civil industrial engineering degree and PhD in Engineering from the Pontificia Universidad Católica de Chile. She has completed management programs at the London School of Economics, Kellogg Executive Education, Universidad Adolfo Ibáñez, Universidad de Chile and the Institute of Directors in London. She is a mentor and strategic advisor to various boards, where she connects digital transformation and artificial intelligence with business strategy. She was National Technology Officer at Microsoft for Chile and Argentina, leading the National Artificial Intelligence Initiative for the region and the national cybersecurity roadmap. Also, at the request of the Parliament, she led the public-private-academia work of the first Artificial Intelligence regulation in Chile, from the perspective of talent development and education. She has represented Chile in international forums such as OECD, UN, APEC and WHO; she was named Young Leader in 2014 and Woman Leader of Chile in 2023 by El Mercurio. She was director of the Chilean National Traffic Safety Commission, where she played a key role in the implementation of policies that save lives, such as the Zero Tolerance Law for alcohol consumption while driving.

Other positions: Director of Orion, Conecta Logística, and the National Center for Artificial Intelligence (CENIA); member of ICARE’s Innovation Circle and Women Corporate Directors.

Carmen Román Arancibia

Appointment: She has been a member of the Board of Directors of the Company since 2021.

Experience: She holds a law degree from the Universidad Gabriela Mistral. She has developed a solid experience in the retail industry, working for 11 years at Walmart, where she served as Legal and Corporate Affairs Manager of Walmart Chile, 7 years at Cencosud and 4 years at Santa Isabel. She has knowledge and experience in risk management, due to her role as Director of Compliance and Ethics at Walmart. In the area of diversity and inclusion, she has knowledge and experience as a mentor and trainer of women’s leadership programs.

Other positions: She is a member of the Legal Sustainability Council of the Universidad Católica, advisor at Comunidad Mujer and Director at Fundación Generación Empresarial. Considering her knowledge and experience in the area of Corporate Governance, Sustainability and Shared Value, she was appointed Co-Chair of the Sustainability and Corporate Governance Committee of SOFOFA.

Executive Officers

The following table includes information regarding our senior executives:


Name		Age⁽¹⁾		Position
Miguel Ángel Peirano		66		Chief Executive Officer
Andrés Wainer		55		Chief Financial Officer
Fernando Jaña		48		Chief Strategic Planning Officer
Jaime Cohen		58		Chief Legal Officer
Martín Idígoras		50		Chief IT Officer
Gonzalo Muñoz		64		Chief Human Resources Officer
Fabián Castelli		60		General Manager of Embotelladora del Atlántico S.A.
Renato Barbosa		65		General Manager of Rio de Janeiro Refrescos Ltda. (RJR)
José Luis Solórzano		55		General Manager of Embotelladora Andina S.A.
Francisco Sanfurgo		71		General Manager of Paraguay Refrescos S.A.

(1)	Age at December 31, 2025.

Miguel Ángel Peirano

Chief Executive Officer

He holds an electronic engineering degree from the Instituto Tecnológico de Buenos Aires and has postgraduate studies at Harvard Business School and Stanford University. He joined the Company and became Executive Vice President in 2011. Previously, he was senior engagement manager at McKinsey & Company and was president of Coca-Cola Femsa Mercosur.

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Andrés Wainer

Chief Financial Officer

He holds a business administration degree with a major in economics from the Pontificia Universidad Católica de Chile and a master’s degree in finance from the London Business School. He joined the Company in 1996 and since 2011 he has been Chief Financial Officer. Previously, he was development manager at Coca-Cola Andina Argentina, administration and finance manager at Embotelladora Andina S.A. and research and development corporate manager at the Corporate Office.

Fernando Jaña

Chief Strategic Planning Officer

He holds an industrial civil engineering degree from Universidad Adolfo Ibáñez and a master’s degree in logistics and supply chain management from The University of Sydney, Australia. He joined the Company in 2014 and has held his current position since 2019. He was general manager of Coca-Cola del Valle, manager of innovation and projects in Embotelladora Andina S.A., ecommerce manager at Cencosud Supermercados and logistics and distribution manager at CCU. He has also worked as a teacher and researcher at Universidad Adolfo Ibáñez.

Jaime Cohen

Chief Legal Officer

He holds a law degree from the Universidad de Chile and a master law degree from the University of Virginia, United States. He joined the Company in 2008. Previously, he was manager of legal affairs at Socovesa S.A. (2004-2008); corporate banking lawyer at Citibank N.A., Santiago de Chile (2000-2004); international associate at Milbank, Tweed, Hadley & McCloy, New York (2001-2002); associate lawyer at Cruzat, Ortúzar & Mackenna, Baker & McKenzie (1996-1999) and lawyer in the area of financial and real estate advisory at Banco Edwards (1993-1996).

Martín Idígoras

Chief Information Technology Officer

He holds a bachelor’s degree in systems from Universidad John F. Kennedy in Argentina, with a specialization in information technology. He joined the Company in 2018. Previously he worked for 18 years at Cencosud. During that time, he served as CIO for the home improvement division (2015-2018), regional manager of the SAP center of expertise (2014-2015) and regional CTO (2010- 2014). He also worked in different technology positions in different companies such as Correo Argentino and Arcor.

Gonzalo Muñoz

Chief Human Resources Officer

He holds an auditor accountant degree from Universidad de Chile. He joined the Company in 2015. Previously, he was director of finance, general manager and director of human resources in various Latin American countries in the British American Tobacco company. He has also served as a professor of marketing at Universidad de Chile.

Fabián Castelli

General Manager Andina Argentina

He holds an industrial engineering degree from Universidad Nacional de Cuyo, with specialization in a management development program at IAE, Argentina and Donald R. Keough System Leadership Academy. He joined the Company in 1994 and since 2014 he has been general manager of Andina Argentina. Previously he held the positions of head of the Mendoza sales department, business development and planning manager, marketing manager and commercial manager. He was also director of AdeS in Argentina, vice president of Asociación de Fabricantes Argentinos de Coca-Cola (AFAC) and Director of Cámara Argentina de Industria de Bebidas sin Alcohol (Argentine Chamber of Non-Alcoholic Beverages Industry).

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Renato Barbosa

General Manager Andina Brazil

He holds an economist degree from Universidade do Distrito Federal Brazil, with specialization in business and post-graduation studies in business from FGV Sao Paulo, Brazil and an MBA in marketing from the FGV Rio de Janeiro, Brazil. He joined the Company in 2012 as general manager of Andina Brazil. Previously held the position of general manager of Brasal Refrigerantes (Coca-Cola bottler in the central-eastern region of Brazil).

Jose Luis Solórzano

General Manager Embotelladora Andina S.A.

He holds a business administration degree from Universidad Adolfo Ibáñez, with specialization in the areas of marketing and finance. He joined the Company in 2003 and since 2014 he has been general manager of Embotelladora Andina S.A. He previously held the positions of general manager of Coca-Cola Andina Argentina and commercial manager of Embotelladora Andina S.A. Prior to that, he was commercial manager of Coca-Cola Polar.

Francisco Sanfurgo

General Manager Coca-Cola Paresa

He holds a mechanical engineering degree from Universidad de Concepción and a specialization in project management from Universidad Adolfo Ibáñez. He joined the Company in 1988 and has been general manager of Coca-Cola Paresa since 2005. Previously, he was manager of Comercial Dimetral in Punta Arenas, branch manager of Citicorp Punta Arenas and general manager of Cervecería Austral in Punta Arenas.

B.	COMPENSATION

Compensation of Executive Officers

For our executive officers, the compensation plans are composed of a fixed compensation and a performance bonus, which are adapted to the reality and competitive conditions of each market, and whose amounts vary according to the position and/or responsibility exercised. The performance bonuses are payable only to the extent that the personal goals of each executive and the Company, previously defined, are met.

For the Company’s Chief Executive Officer, the only performance indicator that affect its performance bonus is consolidated EBITDA. For general managers of operations, the main performance indicators are EBITDA generated by their operation in local currency, consolidated EBITDA in Chilean pesos, market share, sustainability indicators (Water Use Ratio; % returnability and % resin recycled in bottles in the operations where applicable), NPS (Customer Satisfaction Indicator) and certain individualized goals in the event that the Company’s Chief Executive Officer so determines.

For corporate officers, the main performance indicators are consolidated EBITDA in Chilean pesos and certain individualized goals in the event that the Company’s Chief Executive Officer so determines. Particularly, for those executive officers who, by the nature of their position, are directly related to the Company’s investors, there is a payment scheme for their performance bonus that is partly deferred over four/five years indexed to the Company’s share price. Additionally, within the compensation structure for certain executive officers, there are permanence bonuses, which are paid out upon completion of the agreed terms of service.

For 2025, the fixed remuneration paid to Coca-Cola Andina’s executive officers amounted to Ch$6,760 million (Ch$6,736 million in 2024). Similarly, the remuneration paid for performance bonuses amounted to Ch$7,948 million (Ch$5,955 million in 2024). During 2025, there were no severance indemnities paid to the Company’s executive officers. During 2024, there were no severance indemnities paid to the Company’s executive officers.

We do not make available to the public information as to the compensation of our executive officers on an individual basis, as disclosure of such information is not required under Chilean law.

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Compensation of Directors

Directors receive an annual fee for their services and participation as members of the board of directors and committees. The amounts paid to each director varies in accordance with the position held and the period of time during which such position is held. Total compensation paid to each director during 2025, which was approved by our shareholders, was as follows:


								Culture,		Governance,
						Directors’		Ethics &		Compliance		Digital
		Directors’		Executive		and Audit		Sustainability		and Integrity		Transformation
2025		Compensation		Committee		Committee		Committee		Committee		Committee		Total
		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$
Juan Claro González		86,700		109,200										195,900
Gonzalo Said Handal⁽¹⁾		190,500						14,595		6,150		4,865		216,110
José Antonio Garcés Silva		86,700		109,200				14,595		6,150		4,865		221,510
Salvador Said Somavía⁽³⁾		86,700		109,200		28,200								224,100
Eduardo Chadwick Claro		86,700		109,200				14,595				1,230		211,725
Gonzalo Parot Palma⁽²⁾		86,700				29,100								115,800
Georges de Bourguignon Arndt		86,700												86,700
Carmen Román		86,700								9,675				96,375
Domingo Cruzat⁽²⁾		86,700				29,100								115,800
Roberto Mercadé Rovira		86,700												86,700
Luis Felipe Coelho Avellar		86,700												86,700
Jacqueline Saquel Mediano		86,700						14,595						101,295
María Francisca Yáñez Castillo		86,700										4,865		91,565
Juan Gerardo Jofré Miranda⁽²⁾		86,700				29,100								115,800
Total Gross		1,317,600		436,800		115,500		58,380		21,975		15,825		1,966,080

(1)	Includes an additional Ch$104 million as Chairman of the Board from January to December 2025.

(2)	Independent from controlling shareholder pursuant to Article 50 bis, paragraph 6 of the Chilean Public Company Law N° 18,046.

(3)	He has a contract as an advisor to the Directors’ and Audit Committee, for which his compensation amounts to Ch$28.2 million for the period from January to December 2025.

For the year ended December 31, 2025, the aggregate amount of compensation we paid to all directors and executive officers as a group was Ch$16,674 million of which Ch$14,708 million was paid to our executive officers. We do not disclose to our shareholders or otherwise make available to the public information as to the compensation of our executive officers on an individual basis, as disclosure of such information is not required under Chilean law. We only maintain a retirement plan for our chief executive officer.

C.	BOARD PRACTICES

Our board of directors has regularly scheduled meetings at least once a month, and extraordinary meetings are convened when called by the chairman or when requested by one or more directors. The quorum for a meeting of the board of directors is established by the presence of an absolute majority of its directors. Directors serve terms of three years from the date they are elected. Resolutions are adopted by the affirmative vote of a majority of those directors present at the meeting, with the chairman determining the outcome of any tie vote.

Benefits upon Termination of Employment

There are no contracts providing benefits to directors upon termination of employment.

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Executive Committee

Our board of directors is counseled by an Executive Committee that proposes Company policies and is currently comprised by the following Directors: Mr. Eduardo Chadwick Claro, Mr. José Antonio Garcés Silva (junior), Mr. Juan Claro González, and Mr. Salvador Said Somavía, who were elected during the ordinary Board Meeting held on April 30, 2024. The Executive Committee is also comprised by the Chairman of the Board, Mr. Gonzalo Said Handal and our chief executive officer. This committee meets permanently throughout the year and normally holds one or two monthly sessions.

Directors’ Committee

Pursuant to Article 50 bis of Chilean Company Law N°18,046 and in accordance with the dispositions of Circular N°1,956 of the Financial Market Commission (Comisión para el Mercado Financiero – “CMF”) a new Directors’ Committee was elected during the Board Meeting held on April 30, 2024, applying the same election criteria set forth by Circular N°1,956. The directors Mr. Domingo Cruzat Amunátegui, Mr. Gonzalo Parot Palma and Mr. Juan Gerardo Jofré Miranda (all as Independent Directors), comprised the Committee. Mr. Gonzalo Parot Palma is the Chairman of the Company’s Directors’ Committee.

The duties performed by this Committee during 2025, following the same categorization of faculties and responsibilities established by Article 50 bis of Law N°18,046, were the following:

●

Subject to the duties of the Audit Committee, examine the reports of external auditors, the balance sheets and other financial statements, presented by the administrators of the Company, and take a position on such reports before they were presented to the board of directors and shareholders for their approval.

●

Subject to the duties of the Audit Committee, analyze and prepare proposal of external auditors and private risk rating agencies to the Board of Directors, which were suggested to the respective shareholders’ meeting.

●

Examine background information regarding the operations referred to by Title XVI of Law N°18,046 (related parties’ transactions) and issue a report on those operations. The details of these transactions are available in accordance with General Regulation No. 501.

●

Examine the salary systems and compensation plans of the Company’s managers, executive officers and employees.

●

Review anonymous reports.

●

Subject to the duties of the Audit Committee, review and approve the 20F and compliance with Section 404 of the Sarbanes-Oxley Act.

●

Prepare the budget proposal for the Committee’s operation.

●

Review internal audit reports.

●

Subject to the duties of the Audit Committee, periodically interview the Company’s external auditors’ representatives.

●

Review operating budget between related companies (production joint ventures).

●

Review corporate insurances.

●

Review and approve press releases that refer to the Company’s communications.

●

Review the Company’s four operations’ internal control standards, including critical risks in accounting processes, compliance of corporate policies, tax contingencies and status of internal and external audit observations.

●

Analyze risk management model.

●

Review Crime Prevention Model.

●

Review advances in Cybersecurity and IT.

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●

Review judicial procedures and contingency analysis.

●

Review tax status.

●

Authorization of non-prohibited services.

●

Analysis of impairment test.

●

Review of “Oficio CMF”.

●

Prepare the Annual Management Report and Agenda.

Audit Committee

In accordance with NYSE and SEC requirements, the Board of Directors established an Audit Committee on July 26, 2005. The current Audit Committee was elected during the Board Meeting held on April 30, 2024. The Committee is comprised of the directors Mr. Domingo Cruzat Amunátegui, Mr. Gonzalo Parot Palma, and Mr. Juan Gerardo Jofré Miranda, all of whom have been determined by the full Board to fulfill the independence standards set forth in Rule 10A-3 of the U.S. Exchange Act and applicable NYSE rules. The Board of Directors determined that Mr. Parot Palma qualifies as the audit committee financial expert in accordance with the definitions of the SEC.

The resolutions, agreements and organization of the Audit Committee are governed by the rules relating to Board Meetings and to the Company’s Directors’ Committee. Since its creation, the sessions of the Audit Committee have been held with the Directors’ Committee since some of the functions are very similar and the members of both of these Committees are the same.

The Audit Committee Charter, which is available on our website: www.koandina.com, defines the duties and responsibilities of this Committee. The Audit Committee is responsible for analyzing the Company’s financial statements; supporting the financial supervision and rendering of accounts; ensuring management’s development of reliable internal controls; ensuring compliance by the audit department and external auditors of their respective roles; and reviewing auditing practices.

Culture, Ethics & Sustainability Committee

The Culture, Ethics and Sustainability Committee was established during the Board Meeting held on January 28, 2014. This Committee is comprised of four directors, who are appointed by the Board of Directors and will occupy their posts until their successors are elected, or until resignation or dismissal. The current members of the Culture, Ethics and Sustainability Committee are Mr. José Antonio Garcés Silva, Mr. Eduardo Chadwick Claro, and Mrs. Jacqueline Saquel. In addition, the Chairman of the Board (Gonzalo Said) also participates in this Committee.

Governance, Compliance and Integrity Committee

The Governance, Compliance and Integrity Committee was established during the Board Meeting held on May 28, 2024. This Committee is comprised of three directors, who have been appointed by the Board of Directors and will occupy their posts until their successors are elected, or until resignation or dismissal. The current members of the Governance, Compliance and Integrity Committee are Mr. José Antonio Garcés Silva, Mr. Gonzalo Said Handal, and Mrs. Carmen Román Arancibia.

Digital Transformation Committee

The Digital Transformation Committee was established during the Board Meeting held on June 25, 2024. This Committee is comprised by three directors, who are appointed by the Board of Directors and will occupy their posts until their successors are elected, or until resignation or dismissal. The current members of the Digital Transformation Committee are Mr. José Antonio Garcés Silva, Mr. Gonzalo Said Handal, and Mrs. Francisca Yáñez Castillo.

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D.	EMPLOYEES

Overview

As of December 31, 2025, we had 20,858 employees (full time equivalent), including 5,047 in Chile (3,733 own and 1,314 outsourced), 9,565 in Brazil (9,155 own and 410 outsourced), 3,488 in Argentina (3,414 own and 74 outsourced) and 1,772 in Paraguay (1,224 own and 548 outsourced). From these employees, 962 were temporary employees in Chile, 458 were temporary employees in Argentina, 0 were temporary in Brazil and 218 were temporary employees in Paraguay. During the South American Summer, it is customary for us to increase the number of employees in order to meet peak demand. Additionally, in Vital Jugos, Vital Aguas, ECSA and Re-Ciclar we had 398, 118, 319 and 98 employees, respectively, for a total aggregate amount of 933 employees for those four companies. Additionally, the corporate office had 52 employees.

As of December 31, 2025, 2,020, 1,101, 2,289 and 402 of our employees in Andina Chile, Brazil, Argentina and Paraguay, respectively, were members of unions. 376 of our employees in Vital Jugos, Vital Aguas and ECSA were members of unions.

Management believes that the Company has good relations with its employees.

The following table represents a breakdown of our employees for the years ended December 31, 2024 and 2025:


		2024
		Chile⁽¹⁾						Brazil						Argentina⁽²⁾						Paraguay
		Total		Union		Non-Union		Total		Union		Non-Union		Total		Union		Non-Union		Total		Union		Non-Union
Executives		48		0		48		7		0		7		97		0		97		43		0		43
Technicians and professionals		753		92		661		1,429		135		1,294		877		11		866		224		26		198
Workers		3,353		2,026		1,328		7,869		1,030		6,839		1,993		1,869		124		1,267		359		907
Temporary workers		914		0		914		0		0		0		536		417		119		210		0		210
Total		5,068		2,118		2,950		9,305		1,165		8,140		3,503		2,297		1,207		1,743		385		1,358


	2025
	Chile⁽¹⁾			Brazil			Argentina⁽²⁾			Paraguay
	Total	Union	Non-Union	Total	Union	Non-Union	Total	Union	Non-Union	Total	Union	Non-Union
Executives	53	0	53	7	0	7	100	0	100	45	0	45
Technicians and professionals	763	57	706	1,595	136	1,459	895	11	884	230	23	207
Workers	3,269	1,962	1,307	7,963	965	6,998	2,035	1,911	124	1,279	379	900
Temporary workers	962	1	961	0	0	0	458	367	91	218	0	218
Total	5,047	2,020	3,027	9,565	1,101	8,464	3,488	2,289	1,199	1,772	402	1,370


		2024
		Vital Aguas/Vital Jugos/Envases Central						Re-Ciclar
		Total		Union		Non-Union		Total		Union		Non-Union
Executives		9		0		9		2		0		2
Technicians and professionals		154		101		53		17		0		17
Workers		349		312		37		21		0		21
Temporary workers		266		0		266		15		0		15
Total		778		413		365		55		0		55


		2025
		Vital Aguas/Vital Jugos/Envases Central						Re-Ciclar
		Total		Union		Non-Union		Total		Union		Non-Union
Executives		10		0		10		2		0		2
Technicians and professionals		219		117		102		27		10		17
Workers		329		259		70		33		33		0
Temporary workers		277		0		277		5		0		5
Total		835		376		459		67		43		24

(1)	Information for Chile includes only Andina Chile.

(2)	Argentina includes AEASA.

Note: The number of employees is calculated as equivalent to full time hours, which means that extraordinary hours are considered as additional employees. Totals may not sum due to rounding.

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Chile

In Chile, we have continued with the severance indemnity provision that employees are entitled to according to collective bargaining agreements and current legislation, which grants all employees one month per year of service with certain limits. Additionally, we benefit our employees with a contribution to a supplementary health insurance system in addition to that paid by the worker, which contributes to reducing the health costs of their families. On the other hand, employees are required to contribute funds to finance their retirement pensions. These pension funds are mostly managed by private entities.

In Chile, 66,47% of employees with indefinite employment contracts are affiliated with a labor union organization, with a total of 12 labor unions organizations and a total of 17 collective bargaining agreements.

Brazil

In Brazil, 11.51% of our employees are members of labor unions. Collective bargaining agreements are negotiated on an industry-wide basis, although companies can negotiate special terms for their affiliates that apply to all employees in each jurisdiction where companies have a plant. Collective bargaining agreements are generally binding for one year.

With respect to Andina Brazil, there are 35 collective bargaining agreements in force as of December 31, 2025.

The agreements do not require us to increase wages on a collective basis. Selected increases were granted, however, according to inflation. We provide benefits to our employees according to the relevant legislation and to the collective bargaining agreements. Andina Brazil experienced its most recent work stoppages in December 2014, for three days organized by the drivers of internal buses in the Espírito Santo operation. However, as this operation no longer uses internal buses, such work stoppages are not expected to occur in the future.

Argentina

In Argentina, 66.2% of EDASA’s employees are parties to collective bargaining agreements and are represented by local workers’ unions associated with a national federation of unions. The Argentine Chamber of Non-Alcoholic Beverages of the Argentine Republic (Cámara Argentina de Industria de Bebidas sin Alcohol de la República Argentina) (the “Chamber”) and the Argentine Workers Federation of Carbonated Water (Federación Argentina de Trabajadores de Aguas Gaseosas) (the “Federation”) are parties to a collective bargaining agreement that began July 29, 2008. Historically, the Federation and the Chamber convened once a year to discuss salary conditions for the upcoming year. However, due to the lower inflation rates recorded in Argentina in 2025, the Chamber and the Federation reached two wage agreements: the first covering salaries from January to July 2025 and the second covering salaries from August to December of the same year.

Argentine law requires severance payments upon dismissal without cause in an amount at least equal to an average of one-month’s wages for each year of employment or a fraction thereof if employed longer than three months. Severance payments are subject to maximum and minimum amounts fixed by legislations and jurisprudence of the Justice Supreme Court of Argentina.

On December 13, 2019, a public emergency in occupational matters was declared, which was in force throughout 2021. Consequently, during this period in the event of an employee’s dismissal without just cause, the employees shall be entitled to receive double the compensation referred to in the preceding paragraph. Along with this, on March 31, 2020, by means of a Decree of Need and Urgency, the national government banned dismissals without just cause and on the grounds of lack or decrease in labor and force majeure. This measure was originally valid for 90 days, but then had successive extensions, such that the measure was in force throughout 2021, but not in the subsequent years (2022 to 2025).

All employee contributions are made to the state social security system. Most of the health system in the Argentine territory is run by the unions through contributions from employees within the Collective Work Agreements (CCT — Convenios Colectivos de Trabajo).

Paraguay

In Paraguay, 23% of PARESA’s employees are members of labor unions. Collective bargaining agreements are negotiated with the company (Coca-Cola Paresa Paraguay). Unions can negotiate special terms for their members, which are applicable to all employees. Collective bargaining agreements generally have a two year term of duration.

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E.	SHARE OWNERSHIP

The following table sets forth the amount and percentage of our shares beneficially owned by our directors and executive officers as of December 31, 2025.


		Series A												Series B
		Beneficial				Direct				Indirect				Beneficial				Direct				Indirect
		Owner		% Class		Owner		% Class		Owner		% Class		Owner		% Class		Owner		% Class		Owner		% Class
Shareholder
José Antonio Garcés Silva		—		—		—		—		65,487,786		13.84		—		—		49,600		0.01		12,978,583		2.75
Salvador Said Somavía		—		—		—		—		65,487,786		13.84		—		—		—		—		36,950,863		7.81
Gonzalo Said Handal		—		—		—		—		65,489,786		13.84		—		—		—		—		25,214,463		5.32
Eduardo Chadwick Claro		—		—		—		—		65,963,602		13.93		—		—		—		—		33,750,471		7.13

F.	DISCLOSURE OF REGISTRANT’S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION

[RESERVED]

ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

A.	MAJOR SHAREHOLDERS

The following table sets forth certain information concerning beneficial ownership of our capital stock with respect to the principal shareholders known to us who maintain at least a 5% beneficial ownership in our shares and with respect to all of our directors and executive officers as a group as of December 31, 2025:


		Series A				Series B
Shareholder		Shares		% Class		Shares		% Class
Controlling shareholders⁽¹⁾		262,428,986		55.45		108,894,380		23.0
The Bank of New York Mellon⁽²⁾		2,955,078		0.62		17,967,750		3.80
The Coca-Cola Company, directly or through subsidiaries		69,348,241		14.65		—		—
AFPs as a group (Chilean pension funds)		43,855,216		9.27		37,531,390		7.93
International Shareholders		17,713,024		3.74		138,092,926		29.18
Executive officers as a group		—		—		—		—
Directors as a group⁽³⁾		262,428,986		55.45		108,894,380		23.0

(1)	For further information of our controlling shareholders, see below.

(2)	Acting as Depositary for ADRs.

(3)	Represents shares held directly and indirectly by Mr. Gonzalo Said Handal, Mr. José Antonio Garcés Silva (junior), Mr. Salvador Said Somavía and Mr. Eduardo Chadwick Claro.

As of December 31, 2025, approximately 95.94% of our Series A shares and 67.02% of our Series B shares are held in Chile. It is not practicable for us to determine the number of record holders in Chile.

Our controlling shareholders are: Inversiones SH Limitada (controlled by family Said Handal), Inversiones Cabildo SpA (controlled by the Said Somavía family), Inversiones Nueva Delta S.A. (controlled by the Garcés Silva family), Inversiones Don Alfonso Limitada (controlled by María de la Luz Chadwick Hurtado), Inversiones El Campanario Limitada (controlled by Josefina Dittborn Chadwick and Julio Dittborn Chadwick), Inversiones Los Robles Limitada (controlled by Felipe Tomás Cruzat, Carolina María Errázuriz Chadwick and María Carolina Chadwick Claro), Inversiones Las Niñas Dos SpA (controlled by Eduardo Chadwick Claro).

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Below is a summary of the members of our controlling shareholders or their related persons and the number of shares and percentage they hold in Andina (including series A and series B shares):


Controlling Shareholder Entity		Series A		Series B
Inversiones SH Limitada		65,489,786		25,164,863
Total of shares percentage of Andina:		13.84	%	5.31	%
Inversiones Cabildo SpA		65,487,786		36,950,863
Total of shares percentage of Andina:		13.84	%	7.82	%
Inversiones Nueva Delta S.A.		62,502,055		—
Inversiones Nueva Sofía Limitada		2,985,731		12,978,583
José Antonio Garcés Silva		—		49,600
Total of shares percentage of Andina:		13.84	%	2.75	%
Inversiones El Campanario Limitada		16,475,069		10,174,594
Inversiones Los Robles Limitada		16,475,069		10,012,029
Inversiones Las Niñas Dos SpA		16,538,395		5,126,992
Inversiones Don Alfonso Limitada		16,475,069		3,975,928
Inversiones Las Niñas Limitada		—		4,460,928
Total of shares percentage of Andina:		13.94	%	7.13	%

(1)	Inversiones SH Limitada is controlled by the Said Handal family. The family members are: Gonzalo, Bárbara, Marisol and Cristina Said Handal.

(2)	Inversiones Cabildo SpA is controlled by the Said Somavía family. The family members are: Isabel Margarita Somavía Dittborn and Salvador, Isabel, Constanza and Loreto Said Somavía.

(3)	Inversiones Nueva Delta S.A. and Inversiones Nueva Sofía Limitada are controlled by the Garcés Silva family. The family members are: José Antonio Garcés Silva (Sr.), María Teresa Silva Silva and María Teresa, María Paz, José Antonio (Jr.), Matías Alberto and Andrés Sergio Garcés Silva.

(4)

Inversiones Don Alfonso Limitada is controlled by María de la Luz Chadwick Hurtado; Inversiones El Campanario Limitada is controlled by Josefina Dittborn Chadwick and Julio Dittborn Chadwick; Inversiones Los Robles Limitada is controlled by Felipe Tomás Cruzat, Carolina María Errázuriz Chadwick and María Carolina Chadwick Claro; and Inversiones Las Niñas Dos SpA is controlled by Inversiones Las Niñas Limitada, company owned by Eduardo Chadwick Claro.

Our controlling shareholders act pursuant to a shareholders’ agreement that establishes that this group will exercise joint control in order to ensure a majority vote at shareholders’ meetings and board meetings. Our controlling shareholders pass resolutions with the simply majority approval except with respect to the following matters, which require a unanimous decision:

●

carrying out of new business activities different from our current line of business (unless related to “ready to drink products” or Coca-Cola products);

●

amendment of the number of our directors;

●

issuances of new shares;

●

spin-offs or mergers;

●

capital increases (subject to certain indebtedness thresholds); and

●

the joint acquisition of our Series A shares.

In connection with The Coca-Cola Company’s investment in us, The Coca-Cola Company and our controlling shareholders entered into a Shareholders’ Agreement dated September 5, 1996, as amended (the “Amended and Restated Shareholders Agreement or Shareholders’ Agreement”, included as exhibit to this annual report), providing for certain restrictions on the transfer of shares of our capital stock by the Coca-Cola Shareholders and our controlling shareholders. Specifically, our controlling shareholders are restricted from transferring their Series A shares without the prior authorization of The Coca-Cola Company. The Shareholders’ Agreement also provides for certain corporate governance matters, including the right of the Coca-Cola shareholders to elect two members of our board of directors as long as The Coca-Cola Company and its subsidiaries collectively own, in aggregate, a certain percentage of the Series A shares. In addition, in related agreements, our controlling shareholders granted The Coca-Cola Company an option, exercisable upon the occurrence of certain changes in the beneficial ownership of the controlling shareholders, to acquire 100% of the Series A shares held by our controlling shareholders at a price and in accordance with procedures established in such agreements.

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B.	RELATED PARTY TRANSACTIONS

In the ordinary course of our business, we engage in a variety of transactions with certain of our affiliates and related parties. Financial information concerning these transactions is set forth in note 12.3 to our consolidated financial statements and were carried out under the following conditions: (i) they were previously approved by the Company’s Board of Directors, with the abstention of the director involved in the corresponding case; (ii) the purpose of these transactions was to contribute to the Company’s interest; and (iii) they were consistent with prevailing market price, terms and conditions at the time of their approval. Our Directors’ Committee is responsible for evaluating transactions with related parties and for reporting these transactions to the full board of directors. See “Item 6. Directors, Senior Management and Employees—Directors’ Committee.”

Our management believes, to the best of its knowledge, that it has complied in all material respects with the Chilean Public Company law regarding to the transactions with related parties in effect as of December 31, 2025. There can be no assurance, however, that these regulations will not be modified in the future.

C.	INTERESTS OF EXPERTS AND COUNSEL

Not applicable.

ITEM 8.FINANCIAL INFORMATION

A.	CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION

See “Item 18 - Financial Statements” for our consolidated financial statements filed as part of this annual report.

Contingencies

We are party to certain legal proceedings that have arisen during the normal course of business, and we believe none of them are likely to have a material adverse effect on our financial condition. In accordance with accounting principles, the provisions regarding legal proceedings and other contingencies must be recorded if such procedures or contingencies are reasonably probable to be resolved against the Company and it is probable that an outflow of economic benefits will be required to settle the corresponding obligation, and a reliable estimate can be made of the amount of such obligation.

The following table represents accounting provisions made as of December 31, 2024 and 2025, for probable loss contingencies stemming from labor, tax, commercial and other litigation faced by our Company:


		For the year ended December 31,
		2024		2025

		Million Ch$
Chile		1,473		2,379
Brazil		53,001		54,679
Argentina		722		699
Paraguay		50		54
Total		55,246		57,811

For more details, see note 23 of our consolidated financial statements included herein.

Dividend Policy

The declaration and payment of dividends are determined, subject to the limitations set forth below, by the affirmative vote of a majority of our shareholders at a general shareholders’ meeting, based upon the recommendation of our board of directors.

At our annual general shareholders’ meeting, our board of directors submits our annual financial statements for the preceding fiscal year together with reports prepared by our Audit Committee for approval by our shareholders. Once our shareholders have approved our annual financial statements, they determine the allocation of our net income, after provision for income taxes and legal reserves for the preceding year and considering the accumulation of losses from prior periods. All shares of our capital stock outstanding at the time a dividend or other distribution is declared are entitled to share equally in that dividend or other distribution, except that holders of our Series B shares are entitled to a dividend 10% greater than any dividend on Series A shares.

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Pursuant to Chilean law, we must distribute cash dividends equal to at least 30% of our annual net income, calculated in accordance with IFRS. If we do not record any net income in a given year, we are not legally required to distribute dividends from accumulated earnings. At the general shareholders’ meeting to be held on April 16, 2026, we expect our shareholders to approve a distribution of dividends.

During 2023, 2024 and 2025, our respective general shareholders’ meetings approved additional dividend payments to be paid from retained earnings, given our significant cash generation. These additional dividend payments for 2023, 2024 and 2025 are not indicative of whether or not additional dividend payments will be made in any future period.

The following table sets forth the amount in Chilean pesos of dividends declared and paid per share each year and the U.S. dollar amounts paid to shareholders (each ADR represents six shares), on each of the respective payment dates:


						Aggregate Amount
Dividend				Fiscal year with		of Dividends Declared
Approval		Dividend		respect to which		and Paid		Series A				Series B
Date		payment Date		dividend was declared		(Ch$ millions)		Ch$ per share		US$ per share		Ch$ per share		US$ per share
11-25-2025		12-18-2025		2025		19,878		20.00		0.02180		22.00		0.02398
09-30-2025		10-23-2025		2025		34,786		35.00		0.03682		38.50		0.04051
12-19-2024		01-31-2025		2024		14,014		141.00		0.14229		155.10		0.15652
09-25-2024		10-25-2024		2024		31,805		32.00		0.03385		35.20		0.03724
07-31-2024		08-14-2024		2024		31,805		32.00		0.03432		35.20		0.03776
04-25-2024		05-30-2024		Accumulated earnings		29,817		30.00		0.03305		33.00		0.03636
04-25-2024		05-23-2024		2023		31,805		32.00		0.03537		35.20		0.03891
12-28-2023		01-25-2024		2023		31,805		32.00		0.03522		35.20		0.03874
09-27-2023		10-26-2023		2023		28,823		29.00		0.03091		31.90		0.03400
07-25-2023		08-25-2023		2023		28,823		29.00		0.03393		31.90		0.03732
04-20-2023		05-26-2023		Accumulated earnings		49,695		50.00		0.06179		55.00		0.06797
04-20-2023		05-09-2023		2022		28,823		29.00		0.03655		31.90		0.04021
12-27-2022		01-27-2023		2022		28,823		29.00		0.03613		31.90		0.03975
09-27-2022		10-28-2022		2022		28,823		29.00		0.03068		31.90		0.03375
07-26-2022		08-26-2022		2022		28,823		29.00		0.03187		31.90		0.03505
04-13-2022		04-26-2022		Accumulated earnings		187,847		189.00		0.22213		207.90		0.24434
12-21-2021		01-28-2022		2021		28,823		29.00		0.03629		31.90		0.03992

B.	SIGNIFICANT CHANGES

We are not aware of any changes bearing upon our financial condition since the date of the financial statements included in this annual report.

ITEM 9.THE OFFER AND LISTING

A.	OFFER AND LISTING DETAILS

Our common shares are listed and traded on the Santiago Stock Exchange and on the Bolsa Electrónica de Chile (the Chilean Electronic Stock Exchange).

Also, our common shares have been traded in the United States on the New York Stock Exchange (“NYSE”) since July 14, 1994 in the form of ADRs, which represent six common shares each. The Depositary for the ADRs is The Bank of New York Mellon Corporation.

The total number of registered ADR holders we had at December 31, 2025 was 29 (22 in the Series A ADRs and 7 in the Series B ADRs). As of that date the ADRs represented 2.21% of the total number of our issued and outstanding shares. On December 31, 2025, the closing price for the Series A shares on the Santiago Stock Exchange was Ch$3,600,00 per share (US$ 23.30 per Series A ADR) and Ch$4,220.00.00 for the Series B shares (US$ 27.900 per Series B ADR). As of December 31, 2025, there were 492,513 Series A ADRs (equivalent to 2,955,078 Series A shares) and 2,994,625 Series B ADRs (equivalent to 17,967,750 Series B shares).

Trading activity on the Santiago Stock Exchange is on average substantially less than that on the principal national securities exchanges in the United States.

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Other than as previously discussed in “Item 7 - Major Shareholders”, we are not aware of any other existing contracts or documents that impose material limitations or qualifications on the rights of shareholders of our listed securities.

B.	PLAN OF DISTRIBUTION

Not applicable.

C.	MARKETS

See “Item 9. The Offer and Listing—A. Offer and Listing Details.”

D.	SELLING SHAREHOLDERS

Not applicable.

E.	DILUTION

Not applicable.

ITEM 10.ADDITIONAL INFORMATION

A.	SHARE CAPITAL

Not applicable.

B.	MEMORANDUM AND ARTICLES OF ASSOCIATION

Our bylaws (“Estatutos”) are included as an exhibit to this annual report, and are also available on our website www.koandina.com, under Corporate Governance/Key Policies and Principles. The following is a summary of the material provisions of our bylaws. The last amendment of our bylaws was approved on July 12, 2012.

Organization

We are a publicly held company and were incorporated on February 7, 1946. Our legal domicile is the city of Santiago, Chile, notwithstanding the special domiciles of offices, agencies or branches that are established in the country as well as abroad. Our duration is indefinite.

Purposes

Our corporate purposes are to execute and develop the following:

●

Develop one or more industrial establishments dedicated to the business, operations and activities to manufacture, produce, transform, bottle, can, distribute, transport, import, export, purchase, sell and market in general, in any form and in any way, any type of food product and in particular any type of mineral water, juice, beverage and drink in general or other similar products, and raw materials or semi-finished materials used in such activities and/or products complementary or related to the preceding businesses and activities;

●

Develop one or more agricultural or agro industrial establishments and farmland dedicated to the business, operations and development of agricultural activities and agro industry in general;

●

Produce, transform, distribute, transport, import, export, purchase, sell and market in general, in any form and in any way, any type of agricultural products and/or agro industrial products and raw materials, or semi-finished materials used in such activities, and/or products complementary or related to the preceding activities;

●

Manufacture, distribute, transport, import, export, purchase, sell and market in general, in any form and in any way, any type of container; and execute and develop any type of material recycling process and activity;

●

Accept from and/or grant the representation of trademarks, products and/or licenses related to such businesses, activities, operations and products to national or foreign companies;

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●

Provide any type of service and/or technical assistance in any way related to the goods, products, businesses and activities referred to in the preceding letters;

●

Invest cash surplus, even in the capital market; and

●

In general, undertake all other businesses and activities supplementary or linked to the above mentioned operations.

We may execute our objectives directly or by participating as a partner or shareholder in other companies or by acquiring rights or interests in any other type of association related to the aforementioned activities.

Voting Rights

Our capital equity is divided into Series A shares and Series B shares, both preferred and with no par value, whose features, rights and privileges are the following:

●

The preference of Series A shares consists solely of the right to elect twelve out of the fourteen board members of the Company. Series A shares are entitled to full voting rights without limitations.

●

The preference of Series B shares consists solely of the right to receive all and any of the per share dividends we may distribute, whether temporary, definitive, minimum mandatory, additional, or eventual, increased by 10%. Series B shares are entitled to a limited voting right, voting only with respect to the election of two board members for the Company.

●

The preferences of Series A and B shares will remain in effect through December 31, 2130. Once this period has expired, Series A and B will be eliminated and the shares which comprise them shall automatically become common shares without any preferences whatsoever, therefore eliminating the division of shares into series.

Board of Directors and Shareholder Meetings

The members of the board of Directors are proposed and elected every three years during the annual general shareholders’ meeting. Separate voting of the Series A and Series B shareholder elect board members. As mentioned, Series A shares elect twelve directors, and Series B shares elect two Directors.

Board members are elected by separate voting at Series A and Series B shareholders’ meeting and will hold their offices for three years with the possibility to be re-elected for an indefinite number of periods. Even though we have not established a formal process that allows our shareholders to communicate with the directors, shareholders desiring to do so may share their opinions, considerations or recommendations before or during the corresponding shareholders’ meeting which will be heard and attended by the Chairman of the Board, or by the Chief Executive Officer, as the case may be, and any such recommendations will be submitted for resolution by the shareholders in attendance during the meeting.

Regular general shareholders’ meetings are held once a year within the first four months following the date of the annual balance sheet. We prepare a balance sheet annually on our operations as of December 31, which is presented together with the profit and loss statement, the report by the auditors and annual report to the respective shareholders’ meeting. The board makes available a copy of the balance sheet, annual report, report by the auditors and respective notes to each of the shareholders registered in the registry no later than by the date the first summons is published. Special shareholders’ meetings may be held at any time according to corporate needs and to discuss and decide upon any matter within the competence thereof, provided it is indicated in the summons. Being a shareholder of the Company is the only condition for entry to a shareholder’s meeting.

C.	MATERIAL CONTRACTS

See “Item 4. Information on the Company - Bottler Agreements and Item 5. Operating and Financial Review and Prospects - Summary of Significant Debt Instruments”.

D.	EXCHANGE CONTROLS

Foreign Investment and Exchange Controls in Chile

The Central Bank of Chile (“BCCh”) is responsible for, among other matters, setting monetary policies and regulating foreign exchange operations.

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As of January 1, 2026, the new Compendio de Normas de Cambios Internacionales (“CNCI”) entered into force, replacing the previous framework. The CNCI consolidates and modernizes the rules applicable to international exchange transactions, maintaining the principle of exchange freedom while establishing updated requirements for reporting and channeling operations through the Mercado Cambiario Formal (“MCF”). The purpose of these amendments, as declared by the BCCh, is to facilitate the capital flows into and out of Chile, foster foreign investment and strengthen transparency in the balance of payments.

Equity investments in Chile (including stock purchases) by non-resident persons or entities must comply with the reporting and channeling requirements established in the CNCI.

Any foreign individual or legal entity, as well as Chileans with residence abroad, may invest in Chile under the general regime of exchange freedom, provided that transactions are reported to the BCCh when required and conducted through the MCF when applicable.

Under the CNCI, foreign investors are no longer required to obtain special certificates or contracts (such as the former Foreign Investment Contract or Chapter XIV authorizations). Instead, they must comply with standardized reporting obligations through the Integrated Information System (SICAM), which centralizes the submission of data on cross-border transactions.

Issuances of ADRs by Chilean corporations are now treated as ordinary foreign investments. They do not require prior approval from the BCCh, but they must be reported in accordance with CNCI rules. Funds related to ADR transactions, dividends, or share sales must be channeled through the MCF when entering or leaving the country.

Repatriation of amounts received with respect to shares, ADRs, or other securities—including dividends, sale proceeds, liquidation distributions, or capital reductions—must be carried out through the MCF and reported to the BCCh under the CNCI.

Access to foreign currency through the MCF is guaranteed under the CNCI framework, provided that the relevant reporting obligations are met. Unlike the previous regime, FEM access is no longer subject to individual contracts with the BCCh, but rather to compliance with general rules applicable to all investors.

The CNCI establishes that the BCCh cannot unilaterally restrict exchange freedom, but it retains the authority to impose reporting obligations and channeling requirements.

E.	TAXATION

Tax Considerations Relating to Equity Securities

Chilean Tax Considerations.

The following discussion summarizes the material Chilean income tax consequences of an investment in Andina’s stock or ADRs by an individual who is not domiciled or resident in Chile or a legal entity that is not organized under the laws of Chile and does not have a permanent establishment in Chile (“foreign holder”). This analysis is based on the Chilean Income Tax Law currently in force and on the applicable administrative jurisprudence, including Ruling No. 324 dated January 29, 1990 issued by the Chilean Internal Revenue Service (“SII”), as well as on the current income tax treaty between Chile and the United States (the “Treaty”), together with other applicable regulations and rules that are subject to change without prior notice The discussion is not intended as tax advice to any particular investor, which can be rendered only in light of that investor’s particular tax situation. Each investor or potential investor is encouraged to seek independent tax advice with respect to consequences of investing in Andina’s stock or ADRs.

Dividends

Dividend distributions to investors who are natural or legal persons residing or domiciled abroad are subject to an additional withholding tax of 35%, with the right to a corporate income tax credit for the corporate tax (First Category Tax, currently at a rate of 27%) paid by Andina. Shareholders can claim a credit for 100% of the corporate tax if they are resident in a country that has a double taxation treaty with Chile, and only 65% of the corporate tax if they are resident in a country without such a treaty. The treaty to avoid double taxation between Chile and the United States came into force in December 2023; therefore, dividends paid by Andina to a shareholder resident in the United States are subject to a withholding tax of 35% minus a credit for 100% of the corporate tax (currently at a rate of 27%) paid by Andina.

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Distributions made to investors residing or domiciled in Chile are taxed by personal taxes (“Supplementary Global Tax”) which have progressive rates ranging from 0% to 40%. The tax credit limitation also applies to these investors; thus, they are taxed with an additional tax (“debit”) equivalent to 35% of the corporate tax credit.

Capital Gains

Profits recognized from the sale or exchange of ADRs by a foreign holder made outside Chile are not subject to Chilean taxation. Capital gains generated by the sale of shares on the stock exchange are subject, as a general rule, to a 10% capital gains tax. This tax does not apply if the shareholder is resident in the United States and the conditions established in Article 13, No. 6, letters b) and c) of the Treaty are met. Essentially, these conditions are met when the shares are sold by an institutional investor on a Chilean stock exchange or another type of investor on a stock exchange (recognized by Chile or the United States, as applicable) or in a public share offering, insofar as, in the latter case, the shares have been acquired on a Chilean stock exchange, in a public share offering, in a placement of shares from a first issue or in an exchange of bonds convertible into shares.

The tax cost of the shares of common stock received in exchange for ADRs (“conversion”) is determined in accordance with the valuation procedure established in the Deposit Agreement, which values the common shares at the highest sale price recorded on the Santiago Stock Exchange on the date the common shares are withdrawn. Accordingly, the conversion of ADRs into common shares, and the immediate sale of such shares at the value established pursuant to the Deposit Agreement, does not generate a capital gain subject to taxation in Chile. However, if the sale of the shares occurs on a day different from the date on which the conversion is recorded, the resulting capital gain may be subject to taxation in Chile. With respect to this matter, on October 1, 1999, the SII issued Ruling No. 3,708, through which it allowed Chilean issuers of ADRs to amend their deposit agreements to include a clause providing that, if the exchanged shares are sold by ADR holders on the Santiago Stock Exchange, either on the same day the exchange is recorded or within the two business days prior to such date, the acquisition price of such exchanged shares shall correspond to the price indicated on the invoice issued by the securities broker involved in the sale transaction. Therefore, this modification is included in the Deposit Agreement, any capital gain —that may be generated when the conversion date differs from the sale date— may not be subject to taxation, provided that the SII maintains this criterion and the taxpayer acts in good faith, which the taxpayer must demonstrate to the satisfaction of the authority in the event of a challenge.

The distribution and exercise of preemptive rights relating to the shares of common stock are not subject to taxation in Chile. Any capital gain from the sale or assignment of preemptive rights will be subject to general taxation.

The tax treaty to avoid double taxation between Chile and the United States

The current income tax treaty between Chile and the United States entered into force in December 2023, and the following are among its tax effects:

●

The Treaty (art. 10) establishes maximum withholding tax rates on dividends of 5% or 15%, depending on the shareholder’s level of ownership (a maximum rate of 5% applies if the beneficial owner holds 10% or more of the voting shares of the company paying the dividend, and a 15% rate applies in all other cases). This benefit provided under the Treaty will not be applicable, in the case of Chile, for as long as Chile maintains its integrated tax system. Therefore, the withholding tax rate on dividends paid from Chile to a U.S. resident remains 35%, but with a credit for 100% of the 27% corporate tax paid by the Chilean company.

●

The entry into force of the Treaty does not have any effect on the exemptions applicable to capital gains derived from the sale of ADRs. In the case of the sale of shares issued by a Chilean company by a U.S. resident, if certain conditions are met, the Treaty provides for exclusive taxing rights in the United States, including in the case of shares sold on a recognized stock exchange in Chile or in a public offer regulated by law. Therefore, under the Treaty, the capital gain arising from the sale of such shares may be exempt from taxation in Chile.

Other Chilean Taxes

The transfer of ADRs by a foreign holder is not subject to inheritance tax or donation tax. These taxes may only apply in case of donation or hereditary transfer of common shares.

The issuance, registration or transfer of ADRs or common shares is not taxed with Stamp and Seal Tax or any other similar tax.

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Withholding Tax Certificates

Upon request, we will provide to foreign holders appropriate documentation evidencing the payment of Chilean withholding taxes applied in Chile on earnings distributed to foreign holders.

U.S. Federal Income Tax Considerations Relating to ADRs or Shares of Common Stock.

The following discussion summarizes certain U.S. federal income tax consequences of an investment in ADRs or shares of common stock. This discussion is based upon U.S. federal income tax laws presently in force. The discussion is not a full description of all tax considerations that may be relevant to a decision to purchase ADRs or shares of common stock. In particular, the discussion is directed only to U.S. holders (as defined below) that hold ADRs or shares of common stock as capital assets, and it does not address the tax treatment of holders that are subject to special tax rules under the Internal Revenue Code of 1986, as amended (the “Code”), such as financial institutions, regulated investment companies, real estate investment trusts, partnerships or other pass-through entities, dealers in securities or currencies, traders in securities that elect to use a mark-to-market method of accounting for their securities holdings, insurance companies, tax-exempt entities, persons holding ADRs or shares of common stock as part of a hedging, integrated, conversion or constructive sale transaction or a straddle, holders that own or are deemed to own 10% or more of our shares (by vote or value), persons required to accelerate the recognition of any item of gross income with respect to ADRs or shares of common stock as a result of such income being recognized on an applicable financial statement, persons liable for alternative minimum tax or persons whose “functional currency” is not the U.S. dollar. Furthermore, the discussion below is based upon the provisions of the Code and regulations, rulings and judicial decisions thereunder as of the date hereof, as well as the Treaty, and such authorities may be repealed, revoked or modified so as to result in U.S. federal income tax consequences different from those discussed below. In addition, the discussion below assumes that the Deposit Agreement, and all other related agreements, will be performed in accordance with their terms. If a partnership holds ADRs or shares of common stock, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. Partners in a partnership holding ADRs or shares of common stock should consult their tax advisors. This summary does not contain a detailed description of all the U.S. federal income tax consequences to a holder in light of its particular circumstances and does not address the Medicare tax on net investment income, U.S. federal estate and gift taxes or the effects of any state, local or non-United States tax laws.

Prospective purchasers should consult their tax advisors about the federal, state, local and foreign tax consequences to them of the purchase, ownership and disposition of ADRs or shares of common stock.

As used herein, the term “U.S. holder” means a beneficial owner of ADRs or shares of common stock that is (i) an individual U.S. citizen or resident, (ii) a corporation (or any other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia, (iii) an estate the income of which is subject to U.S. federal income taxation regardless of its source or (iv) a trust that: (a) is subject to the primary supervision of a court within the United States and with respect to which one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If the obligations contemplated by the Deposit Agreement are performed in accordance with its terms, ADR holders generally will be treated for U.S. federal income tax purposes as the owners of the shares of common stock represented by those ADRs. Deposits or withdrawals of shares of common stock by U.S. holders in exchange for ADRs will not result in the realization of gain or loss for U.S. federal income tax purposes.

Cash Dividends and Other Distributions

Cash distributions (including the amount of any Chilean taxes withheld) paid to U.S. holders with respect to the ADRs or shares of common stock generally will be treated as dividend income to such U.S. holders, to the extent paid out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Such income will be includable in the gross income of a U.S. holder as ordinary income on the day received by the Depositary, in the case of ADRs, or by the U.S. holder, in the case of shares of common stock. The dividends will not be eligible for the dividends received deduction generally allowed to corporations under the Code.

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Subject to applicable limitations (including a minimum holding period requirement), dividends received by non-corporate U.S. holders from a qualified foreign corporation may be treated as “qualified dividend income” that is subject to reduced rates of taxation. A qualified foreign corporation includes a foreign corporation that is eligible for the benefits of a comprehensive income tax treaty with the United States which the U.S. Treasury Department determines to be satisfactory for these purposes and which includes an exchange of information provision. The U.S. Treasury Department has determined that the Treaty meets these requirements, and we believe we are eligible for the benefits of the Treaty. A foreign corporation is also treated as a qualified foreign corporation with respect to dividends paid by that corporation on shares (or ADRs backed by such shares) that are readily tradable on an established securities market in the United States. U.S. Treasury Department guidance indicates that our ADRs (which are listed on the New York Stock Exchange), but not our shares of common stock, are readily tradable on an established securities market in the United States. There also can be no assurance that our ADRs will be considered readily tradable on an established securities market in the United States in later years. Non-corporate U.S. holders should consult their own tax advisors regarding the application of these rules given their particular circumstances.

Dividends paid in Chilean pesos will be includable in income in a U.S. dollar amount based on the exchange rate in effect on the day of receipt by the Depositary, in the case of ADRs, or by the U.S. holder, in the case of shares of common stock, regardless of whether the Chilean pesos are converted into U.S. dollars. If the Chilean pesos received as dividends are not converted into U.S. dollars on the date of receipt, a U.S. holder will have a basis in the Chilean pesos equal to their U.S. dollar value on the date of receipt. Any gain or loss realized on a subsequent conversion or other disposition of the Chilean pesos will be treated as U.S. source ordinary income or loss, regardless of whether the pesos are converted into U.S. dollars.

Subject to certain conditions and limitations, including a minimum holding period requirement, any Chilean withholding tax (net of any credit for the corporate income tax) paid by or for the account of any U.S. holder may be eligible for credit against the U.S. holder’s U.S. federal income tax liability. For purposes of calculating the foreign tax credit, dividends paid with respect to the ADRs or shares of common stock will generally be foreign source income and will generally constitute passive category income. However, U.S. Treasury regulations addressing foreign tax credits (the “Foreign Tax Credit Regulations”) impose additional requirements for foreign taxes to be eligible for a foreign tax credit if the relevant taxpayer does not elect to apply the benefits of an applicable income tax treaty, and there can be no assurance that those requirements will be satisfied for a U.S. holder that does not elect to apply the benefits of the Treaty. The Treasury and the U.S. Internal Revenue Service (the “IRS”) are considering proposing amendments to the Foreign Tax Credit Regulations. In addition, notices from the IRS provide temporary relief by allowing taxpayers that comply with applicable requirements to apply many aspects of the foreign tax credit regulations as they previously existed (before the release of the current Foreign Tax Credit Regulations) for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). Instead of claiming a foreign tax credit, a U.S. holder may be able to deduct any Chilean withholding tax in computing its taxable income, subject to generally applicable limitations under U.S. law (including that a U.S. holder is not eligible for a deduction for otherwise creditable foreign income taxes paid or accrued in a taxable year if such U.S. holder claims a foreign tax credit for any foreign income taxes paid or accrued in the same taxable year). The rules governing the foreign tax credit and deductions for foreign taxes are complex. Investors are urged to consult their tax advisors regarding the Foreign Tax Credit Regulations (and the related temporary relief in the IRS notices) and the availability of the foreign tax credit or a deduction under their particular circumstances.

Distributions to U.S. holders of additional shares of common stock or preemptive rights with respect to shares of common stock that are made as part of a pro rata distribution to all shareholders of the Company generally should not be subject to U.S. federal income tax.

To the extent that the amount of any distribution exceeds our current and accumulated earnings and profits for a taxable year, as determined under U.S. federal income tax principles, the distribution will first be treated as a tax-free return of capital, causing a reduction in the adjusted basis of the ADRs or shares of common stock, and the balance in excess of adjusted basis will be taxed as capital gain recognized on a sale or exchange. However, we do not expect to keep earnings and profits in accordance with U.S. federal income tax principles. Therefore, a U.S. holder should expect that a distribution will generally be reported and treated as a dividend (as discussed above).

Passive Foreign Investment Company

We do not believe that we are, for U.S. federal income tax purposes, a passive foreign investment company (a “PFIC”) and expect to continue our operations in such a manner that we will not be a PFIC. If, however, we are or become a PFIC, U.S. holders could be subject to additional U.S. federal income taxes on gain recognized with respect to the ADRs or shares of common stock and on certain distributions, plus an interest charge on certain taxes treated as having been deferred by the U.S. holder under the PFIC rules of the U.S. federal income tax laws.

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Non-corporate U.S. holders will not be eligible for reduced rates of taxation on any dividends received from us if we are a PFIC in the taxable year in which such dividends are paid or in the preceding taxable year.

Capital Gains

U.S. holders that hold ADRs or shares of common stock as capital assets will recognize capital gain or loss for U.S. federal income tax purposes on the sale or other disposition of such ADRs or shares (or preemptive rights with respect to shares) held by the U.S. holder or the Depositary. Capital gains of non-corporate U.S. holders (including individuals) derived with respect to capital assets held for more than one year are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations. Any gain or loss recognized by a U.S. holder generally will be treated as U.S. source gain or loss. Consequently, in the case of a disposition of shares of common stock or preemptive rights (which, unlike a disposition of ADRs, may be taxable in Chile), the U.S. holder may not be able to use a foreign tax credit for any Chilean tax imposed on the disposition unless such credit can be applied (subject to applicable limitations) against tax due on other income from foreign sources. However, pursuant to the Foreign Tax Credit Regulations, unless a U.S. holder elects to apply the benefits of the Treaty, any such Chilean tax would generally not be a foreign income tax eligible for a foreign tax credit (regardless of any other income that a U.S. holder may have that is from foreign sources). In such case, the non-creditable Chilean tax may reduce the amount realized on the disposition of the shares or preemptive rights. As discussed above, however, notices from the IRS provide temporary relief by allowing taxpayers that comply with applicable requirements to apply many aspects of the foreign tax credit regulations as they previously existed (before the release of the current Foreign Tax Credit Regulations) for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). If any Chilean tax is imposed upon the disposition of shares of common stock or preemptive rights and a U.S. holder applies such temporary relief, such Chilean tax may be eligible for a foreign tax credit or deduction, subject to the applicable conditions and limitations. Investors are urged to consult their tax advisors regarding the Foreign Tax Credit Regulations (and the related temporary relief in the IRS notices) and the availability of the foreign tax credit or a deduction under their particular circumstances.

Information Reporting and Backup Withholding

In general, information reporting requirements will apply to dividends in respect of ADRs or shares of common stock or the proceeds received on the sale, exchange, or other disposition of ADRs or shares of common stock paid within the United States (and in certain cases, outside of the United States) to U.S. holders other than certain exempt recipients. Likewise, a backup withholding tax may apply to such payments if the U.S. holder fails to provide an accurate taxpayer identification number and a certification that it is not subject to backup withholding or fails to report interest and dividends required to be shown on its federal income tax returns. The amount of any backup withholding from a payment to a U.S. holder will be allowed as a refund or a credit against the U.S. holder’s U.S. federal income tax liability, provided the required information is furnished to the IRS.

F.	DIVIDENDS AND PAYING AGENTS

Not applicable.

G.	STATEMENT BY EXPERTS

Not applicable.

H.	DOCUMENTS ON DISPLAY

We are subject to the informational reporting requirements of the U.S. Securities Exchange Act of 1934, as amended, which requires that we file periodic reports and other information with the SEC. As a foreign private issuer, we file annual reports on Form 20-F as opposed to Form 10-K. We do not file quarterly reports on Form 10-Q but furnish quarterly reports and reports in relation to material events on Form 6-K. As a foreign private issuer, we are exempt from the rules under the U.S. Securities Exchange Act of 1934, as amended, prescribing the furnishing and content of proxy statements and short-swing profit disclosure and liability.

You may read and copy all or any portion of the annual report or other information in our files in the SEC’s public reference room at 100 F Street, N.E., Washington, D.C. 20549. You can also access to these documents through the SEC’s website at www.sec.gov, and access –and request– a hard copy of them through our corporate website www.koandina.com. You can also request copies of these documents upon payment of a duplicating fee, by writing to the SEC. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms.

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We also file reports with the Chilean Comisión para el Mercado Financiero (“CMF”). The documents referred to in this annual report can be inspected at Miraflores 9153, Piso 7, Renca, Santiago, Chile.

I.	SUBSIDIARY INFORMATION

Not applicable.

J.	ANNUAL REPORT TO SECURITY HOLDERS

Not applicable.

ITEM 11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The main sources of systematic risks that the Company is exposed to are: changes in interest rates and changes in currency exchange rates.

Particularly, interest rates increase, and currency exchange rates depreciation may affect the Company financial strategy given the various currency denominated debt the Company currently holds. To protect the Company against market volatility, hedging policies have been set with the objective to regulate the use of financial derivatives by management. The use of these instruments had been strictly designed for hedging purposes, leaving out any speculation and trading use.

Interest Rate Risk

The Company’s debt is mainly denominated in UF (local inflation indexed Chilean currency), U.S. dollar fixed rate bond and CHF Swiss franc fixed rate bond. Bank debt represents a smaller proportion of the total debt and it’s denominated in various local currencies in either fixed or variable rates. Given that the main portion of the debt is in fixed rate, the main risk is the interest rate increase at the moment of refinancing mature debt.

On the other hand, our cash is invested in certain short-term securities mainly in fixed interest rate.

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The following table provides information about the Company’s debt (bonds & bank debt) and short-term investments that have exposure to changes in interest rates as of December 31, 2025.


		Expected Maturity Date														Fair Value
												2031
		2026		2027		2028		2029		2030		Onwards		Total		Total

		(in millions Ch$)
Interest Earning Assets
Short term investments - Chile - CLP		129,621		0		0		0		0		0		129,621
Interest rate (weighted average)		4.49	%	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	4.49	%

Short term investments - Chile - USD		10,350		0		0		0		0		0		10,350
Interest rate (weighted average)		4.19	%	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	4.19	%

Short term investments - Brasil		40,393		0		0		0		0		0		40,393
Interest rate (weighted average)		10.76	%	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	10.76	%

Short term investments - Argentina		8,745		0		0		0		0		0		8,745
Interest rate (weighted average)		26.76	%	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	26.76	%

Interest Bearing Liabilities
International bonds (144A/RegS) ⁽¹⁾		4,627		0		0		0		0		267,050		271,677		212,700
Fixed Rate [US$] 144A Bonds		3.95	%	0.00	%	0.00	%	0.00	%	0.00	%	3.95	%	3.95	%

International bonds (Swiss bond) ⁽¹⁾		937		0		0		0		0		193,928		194,865		203,410
Fixed Rate [CHF$]		2.72	%	0.00	%	0.00	%	0.00	%	0.00	%	2.72	%	2.72	%

Local Chilean Bonds ⁽¹⁾		18,244		5,503		5,486		5,468		5,450		508,715		548,867		562,579
Fixed Rate [UF] - Local Chilean Bonds (weighted average)		4.80	%	4.00	%	4.00	%	4.00	%	4.00	%	3.35	%	3.42	%

Total public debt (Bonds)		23,808		5,503		5,486		5,468		5,450		969,693		1,015,409		978,688

Bank debt - Chile		11,820		0		12,000		0		0		92,961		116,781		115,367
Weighted average interest rate Ch$		4.44	%	0.00	%	6.54	%	0.00	%	0.00	%	2.84	%	3.38	%

Total bank debt		11,820		0		12,000		0		0		92,961		116,781

(1)	Includes issuance deferred costs:

International Bonds Issuance Costs: Current: Ch$656 million, Non-Current: Ch$6,119 million.

Local Chilean Bonds: Current: Ch$12 million, Non-Current: Ch$986 million.

Foreign Currency Risk

As of December 31, 2025, the only foreign currencies used by the Company to finance its operation is the U.S dollar and CHF Swiss franc, all the rest of the Company’s debt is denominated in local operation currencies (UF, Chilean peso, Argentinean peso, Brazilian real and Paraguayan guaraníes).

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The following table summarizes the financial instruments held to December 31, 2025, denominated in U.S. dollars and CHF Swiss franc:


												2031				Fair
(Denominated in U.S. Dollars instruments)		2026		2027		2028		2029		2030		Onwards		Total		Value

		(in millions Ch$)
Assets
Cash and cash equivalents		21,353		0		0		0		0		0		21,353		21,353

Liabilities
Bonds debt ⁽¹⁾		4,627		0		0		0		0		267,050		271,677		212,700
Leasing debt		1,813		1,396		1,125		1,023		676		638		6,672		6,672

(Denominated in CHF Swiss franc instruments)
Bonds debt ⁽¹⁾		937		0		0		0		0		193,928		194,865		203,410

Net debt		28,731		1,396		1,125		1,023		676		461,616		494,567		444,135

(1)	Includes issuance deferred costs:

International Bonds Issuance Costs: Current: Ch$656 million, Non-Current: Ch$6,119 million.

In order to protect the Company from the effects on results due to the volatility of the Brazilian real against the CHF Swiss franc (CHF$170 million of Senior Notes in the Swiss market), we have entered into currency swaps that cover 100% of our Swiss franc-denominated financial obligations, thereby mitigating our exchange rate exposure. Additionally, to protect the Company from the effects on results due to the volatility of the Chilean peso against the U.S. dollar (USD$300 million bond due 2050), derivatives have been contracted (cross currency swaps) to redenominate the US dollar-denominated financial obligations as follows: i) USD$150 million to UF’s and ii) USD$150 million to CLP.

As of December 31, 2025, the Company’s net exposure to existing assets and liabilities in foreign currencies, discounting our derivatives contracts, was Ch$25,586 million of higher foreign currency assets.

ITEM 12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

A.	DEBT SECURITIES

Not applicable.

B.	WARRANTS AND RIGHTS

Not applicable.

C.	OTHER SECURITIES

Not applicable.

D.	AMERICAN DEPOSITARY RECEIPTS

Fees and Charges

The Bank of New York Mellon serves as the depositary for our ADRs. ADR holders are required to pay various fees to the depositary, and the depositary may refuse to provide any service for which a fee is assessed until the applicable fee has been paid.

ADR holders are required to pay the depositary amounts in respect of expenses incurred by the depositary or its agents on behalf of ADR holders, including expenses arising from compliance with applicable law, taxes or other governmental charges, or conversion of foreign currency into U.S. dollars. The depositary may decide in its sole discretion to seek payment by either billing holders or by deducting the fee from one or more cash dividends or other cash distributions.

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ADR holders are also required to pay additional fees for certain services provided by the depositary, as set forth in the table below.


Depositary service		Fee payable by ADR holders
Issuance and delivery of ADRs, including in connection with share distributions		Up to US$5.00 per 100 ADSs (or portion thereof)
Withdrawal of shares underlying ADRs		Up to US$5.00 per 100 ADSs (or portion thereof)
Registration for the transfer of shares		Registration or transfer fees that may from time to time be in effect
Cash distribution fees		US$0.02 or less per ADS
Transfers made pursuant to terms of Deposit Agreement		Fee not in excess of US$1.50 for an ADR

In addition, holders may be required to pay a fee for the distribution or sale of securities. Such fee (which may be deducted from such proceeds) would be for an amount equal to the lesser of (1) the fee for the issuance of ADRs that would be charged as if the securities were treated as deposited shares and (2) the amount of such proceeds.

Fees Incurred in Past Annual Period

From January 1, 2025 to December 31, 2025, we did not receive any amounts from the depositary.

Fees to be Paid in the Future

The Bank of New York Mellon, as depositary, has agreed to reimburse us for expenses they incurred that are related to establishment and maintenance expenses of the ADR program. The depositary has agreed to reimburse us for continuing annual stock exchange listing fees. The depositary has also agreed to waive the standard out-of-pocket maintenance costs for the ADRs programs, which consist of the expenses of postage and envelopes for mailing annual and interim financial reports, printing and distributing dividend checks, electronic filing of U.S. Federal tax information, mailing required tax forms, stationery, postage, facsimile, and telephone calls. It has also agreed to reimburse us annually for certain investor relationship programs or special investor relations promotional activities. In certain instances, the depositary has agreed to provide additional payments to us based on any applicable performance indicators relating to the ADR facility. There are limits on the amount of expenses for which the depositary will reimburse us, but the amount of reimbursement available to us is not necessarily tied to the amount of fees the depositary collects from investors.

The depositary collects its fees for delivery and surrender of ADRs directly from investors depositing shares or surrendering ADRs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.

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PART II

ITEM 13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

Not applicable.

ITEM 14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

In 1996, our shareholders approved the reclassification of our common stock into two new series of shares. Pursuant to the reclassification, each outstanding share of our common stock was replaced by one newly issued Series A share and one newly issued Series B share.

The Series A and Series B shares are principally differentiated by their voting and economic rights. The modification of our bylaws as of June 25, 2012, increased the number of directors from 7 to 14. The holders of the Series A shares have full voting power and are entitled to elect 12 of 14 members of the board of directors, and the holders of the Series B shares have no voting rights but for the right to elect 2 members of the board of directors. In addition, holders of Series B shares are entitled to a dividend 10% greater than any dividend on Series A shares.

After the reclassification, the Superintendence of Pension Fund Managers (Superintendencia de Administradores de Fondos de Pensiones) decreed that Chilean pension funds would not be permitted to acquire Series B Shares due to their limited voting rights. In 2004, however, the Superintendence reversed, and approved Series B shares as investment instruments for Chilean Pension funds. Series A shares have always been eligible as investment instruments for Chilean pensions funds.

ITEM 15.CONTROLS AND DISCLOSURE PROCEDURES

Disclosure Controls and Procedures

We have evaluated, with the participation of our chief executive officer and chief financial officer, the effectiveness of our disclosure controls and procedures as of December 31, 2025. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based upon our evaluation, our chief executive officer and chief financial officer concluded that, as of December 31, 2025, our disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

Management’s Annual Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a—15(f) and 15d—15(f) under the Securities Exchange Act of 1934, as amended. Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation of effectiveness of our internal control over financial reporting based on the framework in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards as issued by the IASB. Our internal control over financial reporting includes those policies and procedures that (i) pertain to maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions or our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with International Financial Reporting Standards as issued by the IASB, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on our financial statements.

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Based on our evaluation under the framework in Internal Controls—Integrated framework (2013) issued by the Committee of Sponsoring Organizations of the Tread way Commission, our management concluded that our internal control over financial reporting was effective as of December 31, 2025.

The effectiveness of our internal control over financial reporting as of December 31, 2025 has been audited by PricewaterhouseCoopers Consultores Auditores y Compañía Limitada, an independent registered public accounting firm, as stated in their report included on pages F-2 and F-3 herein.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting identified in connection with the evaluation required under Rules 13a-15 or 15d-15 that occurred during the period covered by this annual report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

ITEM 16.[Reserved]

ITEM 16A.AUDIT COMMITTEE FINANCIAL EXPERT

Our board of directors has designated Mr. Gonzalo Parot Palma as our Audit Committee Financial Expert, as defined in the instructions to Item 16A of Form 20-F. Our board of directors has also determined that Mr. Domingo Cruzat Amunátegui, Juan Gerardo Jofré Miranda and Mr. Gonzalo Parot Palma fulfills the independence standards set forth in Rule 10A-3 of the U.S. Exchange Act and applicable NYSE rules.

ITEM 16B.CODE OF ETHICS

We have adopted a Code of Ethics that constitutes a code of ethics for our directors and employees. This Code applies to our Board of Directors, chief executive officer and all senior financial officers of our Company, including the chief financial officer, or any other persons performing similar functions, as well as to all other officers and employees of the Company. Our Code of Ethics is available on our website www.koandina.com. If we make any substantive amendment to the Code or grant any waivers, including any implicit waiver, from a provision of the Code, we will disclose the nature of such amendment or waiver on the above mentioned website. On April, 2021, we amended our Code of Ethics to incorporate provisions related to criminal liability of legal entities, in accordance with Chilean Law N° 20,393, Argentine Law N° 27,401, and other compliance and anti-bribery provisions, including the Sarbanes-Oxley Act and the U.S. Foreign Corrupt Practices Act (FCPA). Additionally, we incorporated other provisions, making explicit reference to the importance of equal treatment and respect for each individual, diversity and non-discrimination, a healthy working environment, protection of our natural resources, sustainability, among others.

ITEM 16C.PRINCIPAL ACCOUNTANT FEES AND SERVICES

Fees Paid to Independent Public Accountants

The following table sets forth, for each of the years indicated, the kinds of fees paid to our external auditors and the percentage of each of the fees out of the total amount paid to them.


		Year ended December 31,
		2024				2025
		Fees millions		% of		Fees millions		% of
Services rendered		Ch$		Total Fees		Ch$		Total Fees
Audit fees ⁽¹⁾		1,077		92.1	%	1,196		97.1	%
Audit-related fees		—		—		—		—
Tax fees ⁽³⁾		85		7.3	%	30		2.4	%
All other fees ⁽²⁾		7		0.6	%	6		0.5	%
Total		1,169		100.0	%	1,232		100.0	%

(1)

Fees for audit services and related expenses, including fees associated with the Company’s annual audit, including the integrated audit of internal control over financial reporting, the reviews of the Company’s quarterly reports required to be filed in Chile and annual statutory audits required in Chile and internationally.

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(2)	Fees for all other services and related expenses not included above and related to the audit of the Company’s sustainability reports.

(3)	Tax fees correspond to the services and advice provided by the tax division to comply with tax requirements.

Directors’ Committee and Audit Committee Pre-Approval Policies and Procedures

We have adopted pre-approval policies and procedures under which all non-audit services provided by our external auditors must be pre-approved by our Directors’ Committee. Once the proposed service is approved, our subsidiaries or we formalize the engagement of services. In addition, the members of our board of directors are briefed on matters discussed by the Directors’ Committee.

ITEM 16D.EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

Our Audit Committee is comprised of Gonzalo Parot Palma, Juan Gerardo Jofré Miranda and Domingo Cruzat Amunátegui.

ITEM 16E.PURCHASERS OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

During 2025, neither we nor any of our affiliated parties purchased any of our equity securities, either pursuant to publicly announced plans or programs or not.

ITEM 16F.CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT

Not applicable.

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ITEM 16G.CORPORATE GOVERNANCE

NYSE and Chilean Corporate Governance Requirements

The following table sets forth significant differences between Chilean corporate governance practices and those corporate governance practices followed by domestic corporations under NYSE listing standards.

REQUIREMENT	NYSE REQUIREMENTS FOR US LISTED COMPANIES	CHILEAN LAW REQUIREMENTS AND COMPANY PRACTICE

Independent Directors	Under NYSE rules, the board of directors is required to have a majority of independent directors. However, “controlled companies,” as defined under NYSE rules, are exempt from this requirement.	Under Chilean law, there is no legal obligation to have a Board of Directors composed of a majority of independent members. Our company does not have a majority independent board of directors, and as a “controlled company,” we would be exempt from NYSE’s requirement to have one.

		Article 50 bis of the Corporations Law requires appointing at least one independent director. Chilean Law considers independent such director that within the last 18 months is not involved in certain circumstances, such as: having an economic interest in the company or other group, having a relationship with such persons, be director of nonprofit organizations, among others, and comply with a declaration of independence. We have three of such directors.

Executive Sessions	Non-management directors must meet at regularly scheduled executive sessions without management.	No similar legal obligation exists under Chilean law. Under Chilean law, the position of director of a corporation is incompatible with the position of manager, auditor, accountant or president of the company. The Non-Management Director does not exist under Chilean law. Directors, however, are required to convene in legally established meetings to resolve matters required by Chilean Corporation Law. Since Non-Management Director does not exist under Chilean law, it is not possible to comply with the Section 303A.03.

Nominating/Corporate Governance Committee	Listed companies must have a Nominating/Corporate Governance Committee composed entirely of independent directors. However, “controlled companies,” as defined under NYSE rules, are exempt from this requirement.	There is no similar legal obligation under Chilean law. Andina has a Directors’ Committee whose functions are set by Chilean Corporation Law. Our Directors’ Committee is composed entirely of independent directors. Notwithstanding the foregoing, our Company does not have a Nominating/Corporate Governance Committee and as a “controlled company,” we would be exempt from NYSE’s requirement to do so. The functions of the Directors’ Committee are described under Item 6C.

Compensation Committee	Listed companies must have a Compensation Committee composed entirely of independent directors. However, “controlled companies,” as defined under NYSE rules, are exempt from this requirement.	There is no similar legal obligation under Chilean law. In accordance with Chilean law, the above-mentioned Directors’ Committee is in charge of reviewing management compensation. Our Company does not have a Compensation Committee and as a “controlled company,” we would be exempt from NYSE’s requirement to do so. The functions of the Directors’ Committee are described under Item 6C.

Audit Committee	Must have an audit committee with the specific responsibilities and authority necessary to comply with SEC rules. Members must meet all of the independence requirements of the NYSE, as well as SEC Rule 10A-3 independence requirements (subject to any available exemptions).	No similar legal obligation exists under Chilean law. However, in accordance with the Chilean Public Companies Law 18,046, public companies that have a net worth of more than 1.5 million UFs and/or at least a 12.5% of its issued shares with voting rights are held by individual shareholders who control or own less than 10% of such shares must have a Directors’ Committee, formed by three members who are in their majority independent of the controller. Andina designated an Audit Committee in accordance with SEC Rule 10A-3. The functions of the audit committee are described under “Item 6C.”.

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REQUIREMENT	NYSE REQUIREMENTS FOR US LISTED COMPANIES	CHILEAN LAW REQUIREMENTS AND COMPANY PRACTICE

Internal Audit Function	Listed companies must maintain an Internal Audit Function to provide management and the Audit Committee with ongoing assessments of the company’s risk management processes and systems of internal control. A listed company may choose to outsource this function to a third party service provider other than its independent auditor.	There is no similar obligation under Chilean law. Chilean law requires that companies must have account inspectors or external auditors. However, Andina has an Internal Auditor who reports to the Audit Committee.

Shareholder Approval of Equity Compensation Plans and Certain Other Share Issuances	Shareholders must approve all equity-compensation plans and material revisions thereto, with limited exemptions. Shareholder approval also required for certain other dilutive and related party equity issuances.	There is no similar obligation under Chilean law, with the exception of Directors’ compensation which is annually approved during the general shareholders’ meeting. Other than the foregoing, we have not and do not intend to submit for shareholder approval any equity-compensation plans, or the other dilutive and related party equity issuances covered by NYSE rules.

Corporate Governance Guidelines	Listed companies must adopt and disclose Corporate Governance Guidelines.	Chilean law establishes mandatory corporate governance standards. The CMF’s General Rule No. 461 requires disclosure of any additional discretionary Corporate Governance Guidelines that may be adopted. The Company fulfills all statutory governance obligations under Chilean Corporate Law and has not formally adopted additional discretionary Corporate Governance Guidelines.

Code of Ethics and Business Conduct	A company must adopt a Code of Business Conduct for its directors, officers and employees. Such company must disclose any waiver of its code of conduct that is granted to an officer or director.	There is no legal obligation to adopt a Code of Business Conduct. Chilean law requires that a company have a set of internal regulations which regulate the company and its relations with personnel. Such regulations must contain, among other things, regulations related to ethics and good behavior. Notwithstanding the above, a company may create internal codes of conduct, provided they do not require or prohibit behavior that contravenes Chilean law. In 1996, Andina created a Code of Ethics and Business Conduct that applies to the entire Company, and that has been updated over the years. Andina has posted this information on its website at www.koandina.com. See Item 16B. “Code of Ethics.”

ITEM 16H.MINE SAFETY DISCLOSURE

Not applicable.

ITEM 16I.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

ITEM 16J.INSIDER TRADING POLICIES

In accordance with the provisions of article 16 of the Securities Market Act and General Rule N° 270 of the CMF, the Board of Directors of the Company has approved a Privileged Information Management Manual (“PIM”), which applies to all directors, officers and employees of the Company. The PIM sets forth the Company’s policies and procedures governing the purchase, sale, and other dispositions of the Company’s securities by directors, officers and employees that are reasonably designed to promote compliance with applicable insider trading laws, rules and regulations, and any listing standards applicable to the Company. An unofficial English translation of the PIM is attached as Exhibit 11.1 to our Annual Report on Form 20-F for the year ended December 31, 2024.

ITEM 16K. CYBERSECURITY

Coca-Cola Andina recognizes information security and cyber-attacks as potential areas of business risk. Consequently, the Company has formulated and implemented a comprehensive strategy that enables us to safeguard confidentiality, integrity and availability of information and critical data and systems by (i) establish an organizational understanding for the purpose of overseeing cybersecurity risks related to its systems, people, assets, data and capabilities, (ii) safeguard systems and assets (including data), (iii) identify deviations from established protocols, (iv) react to cybersecurity incidents, and (v) restore business operations, if required.

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Governance

Our cybersecurity risk management program is supported by a compliance scheme based on a framework of supervisory and governance entities. This includes the Audit Committee, which is represented by 3 independent directors, our Chief Executive Officer, Chief Financial Officer, Chief Legal Officer and Chief Audit Officer. One of the Audit Committee’s responsibilities is to supervise the policies, guidelines and strategies for information security risk management in order to ensure compliance with national and international standards, evaluating for this purpose the scope and effectiveness of information security systems, the status of cybersecurity framework controls within the organization, ongoing initiatives and future work plans. We conduct ongoing internal cybersecurity audits that are reported directly to the Audit Committee as well as The Coca-Cola Company, where our security maturity and status is also assessed.

Additionally, to protect against and address cybersecurity incident management and decision-making, there is a senior management committee known as the “Cybersecurity Committee” which is led by the Chief Information Security Officer (CISO). This cross-functional management committee drives awareness, ownership and alignment across broad stakeholder groups on governance and risk for effective management of cybersecurity risks and when a threat affecting the security of our digital information assets materializes, or at least once a year, the Cybersecurity Committee meets, both to manage the crisis and/or evaluate and control cybersecurity risks, to approve the cybersecurity strategy and direction and the organization’s contingency processes, and to perform a general evaluation of the different cybersecurity risk management indicators.

The Cybersecurity Committee is comprised of the Company’s CISO, the Company’s Chief Human Resources Officer, Chief Legal Officer, Chief Information Technology Officer, the Company’s Risk and Sustainability Corporate Manager, and a Representative of the Corporate Internal Audit Area.

The Company’s CISO is responsible for overseeing and managing cybersecurity issues and risks. This includes being responsible for creating, managing, and carrying out the company’s cybersecurity plan for its networks, both IT (information technology) and OT (operational technology) at the corporate and regional level, overseeing the implementation of improvements, architectures, policies, and standards related to the protection of the organization’s digital assets. In addition, the CISO manages the IT Risk Map (IT RIA) and related mitigation plans, ensuring that necessary modifications are made to maintain compliance with the company’s regulatory framework and standards.

Currently, Eduardo Troncoso Meza serves as our CISO. Mr. Eduardo Troncoso Meza has more than fifteen years of experience in the fields of cybersecurity and information security management. Prior to his current position, Mr. Troncoso held the position of Cybersecurity Architect at Banco BCI. In order to determine the proper implementation of technological security controls, he was tasked with designing and proposing architecture models and solutions for identifying threats, vulnerabilities, and risks on the applications that provide services to the various platforms of the bank. Mr. Troncoso received his Engineering Sciences degree and obtained a Computer Engineering degree from Universidad de Las Américas. Mr. Troncoso also holds a Diploma in Cybersecurity from Universidad de Chile, and has the following certifications:

●

Information Security Management Systems Auditor/Lead Auditor Training Course (BS ISO/IEC 27001:2013) – BSI;

●

ISO/IEC 27001 Lead Implementer – PECB; and

●

Cybersecurity for Managers Certificate: A Playbook from the Massachusetts Institute of Technology.

Policy for Information Security

The Company’s information security policy is an ongoing process designed to protect information assets from threats that could compromise their availability, integrity, or confidentiality. The corporate information security policy was created and put into effect to strengthen this pillar. In addition to providing general guidelines on the access, handling, manipulation, processing, transmission, and storage of the Company’s information assets, this policy seeks to establish general guidelines regarding the responsibility, protection, and management of information risks. The implementation of this policy involves the classification of information, the definition of responsibilities, and the use of digital solutions to strengthen its execution. Examples of these solutions include the unification of information storage and transfer mechanisms, the protection of information through Data Lost Prevention (DLP) practices, and the encryption of information stored on the Company’s essential equipment. The CISO is in charge of the Company’s information security strategy, policies, guidelines, and practices.

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Cybersecurity provider risk and measurements management

Infrastructure and information security services are outsourced to one of the largest technology companies in Latin America. This company provides us with field support, users support center, networking support and cyber security monitoring. The IT outsourcing service is governed by a contractual agreement that specifies service levels and a Data Processing Agreement. An external auditor conducts an annual audit of the services to assess the adherence of the controls of the critical services rendered via ISAE 3402. All technology suppliers that offer on-premise SaaS or software are assessed throughout the selection procedure using an INCIBE-CERT-based cyber resilience framework (National Cybersecurity Institute of Spain).

Cybersecurity Framework

Our cybersecurity risk management program was developed in accordance with, and aligned to, international standards, best practices, and worldwide frameworks such as the International Organization for Standardizations (ISO) and the National Institute of Standards and Technology Cyber Security Framework (NIST) and incorporates the highest industry standards and is continually tested for Business Continuity (BC) and Disaster Recovery (DR). Our program is managed with an integrated people, processes, and technology vision and in order to improve its cyber resilience, the Company has a cybersecurity strategy to which it adds new controls and systems every year. This involves a risk management methodology based on a Business Impact Analysis (BIA) and Risk Impact Analysis Information Technology (RIA IT) model to unify risk and processes deemed critical to the organization, as well as regular and comprehensive testing of vulnerability mitigation measures found through ethical hacking, pentesting and vulnerabilities assessments. This activity gives a clear picture of known vulnerabilities in the system so that they can be specifically fixed and additional searches for undiscovered weaknesses, foreseeing future attacks and strengthening defenses. Furthermore, a “Zero Trust” model for platform access, Privileged Access Control and Multifactor Authenticator has been implemented for all platforms and user access. We use policies, processes, software, training programs, and hardware solutions to protect and monitor our environment across all critical systems, firewalls, intrusion detection and prevention systems, anti-malware, patch management, and identity management systems.

Corporate Cybersecurity Policy

The Company’s Corporate Cybersecurity strategy provides a framework for effective security management processes pertaining to IT systems and the associated assets, and it establishes a control model for the protection of the confidentiality, integrity, and availability of information systems, in accordance with the applicable laws and regulations in the countries in which we operate. Our cybersecurity risk management program also includes review and assessment by independent, external third parties, who evaluate and report on our cybersecurity program, as well as preparedness for internal incident response and help identify areas for continuous focus and improvement.

Dissemination and Training

The Company provides continuous information about the measures taken to promote cybersecurity, ensuring that all employees are informed of, and have received training on cybersecurity concepts and threats to information security and cybersecurity. Focusing on software and services based on the Company’s digital transformation, specialized areas in the Company’s IT and Human Resources departments coordinate specific training through various channels, using communications and e-mails delivering content that addresses information management and information security.

For instance, all employees of the company receive cybersecurity and phishing exercise training each year; the technology team also receives training on the various guidelines and protocols related to cybersecurity practices, including safeguarding digital assets, secure development, managing IT risks, and system modifications, among other topics.

We do not currently believe that risks from cybersecurity threats, including as a result of cybersecurity incidents, have materially affected the Company or our financial position, results of operations or cash flows. However, any compromise of data security could result in a violation of applicable privacy, laws or standards, the loss of valuable business data, or a disruption of our business. Coca-Cola Andina recognizes that a security breach involving the misappropriation, loss or other unauthorized disclosure of sensitive or confidential information could give rise to unwanted media attention, materially damage our customer relationships and reputation, and result in fines or liabilities, which may not be covered by our insurance policies and therefore works with data security as an integral part of its risks. See “Item 3. Key Information — Risk Factors — Risks Related to our Company— If we are unable to protect our information systems against data corruption, cyber-based attacks or network security breaches, our operations could be disrupted.” for more information.

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PART III

ITEM 17.FINANCIAL STATEMENTS

Reference is made to Item 18 for a list of all financial statements filed as part of this annual report.

ITEM 18.FINANCIAL STATEMENTS

The following financial statements, together with the report of independent registered public accounting firm, are filed as part of this annual report:


Index to Consolidated Financial Statements		Page

Report of Independent Registered Public Accounting Firm (PCAOB ID: 1364)		F-1
Consolidated Statements of Financial Position at December 31, 2025 and 2024		F-8
Consolidated Statements of Income by function for the years ended December 31, 2025, 2024 and 2023		F-10
Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023		F-11
Statements of Changes in Equity for the years ended December 31, 2025, 2024 and 2023		F-12
Consolidated Statements of Cash Flows- Direct Method for the years ended December 31, 2025, 2024 and 2023		F-14
Notes to the Consolidated Financial Statements		F-15

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ITEM 19.EXHIBITS

The exhibits filed with or incorporated by reference in this annual report are listed in the exhibit index below.

EXHIBIT INDEX

Item		Description

1.1		Amended and restated Bylaws of Embotelladora Andina S.A. dated as of June 25, 2012 (English Translation) (incorporated by reference to Exhibit 1.1 to Andina’s annual report on Form 20-F filed on April 30, 2012 (File No. 001-13142))

2.1		Amended and restated Deposit Agreement, dated as of December 14, 2000, among Embotelladora Andina S.A., The Bank of New York as Depositary, and Holders and Beneficial Owners of American Depositary Receipts (incorporated by reference to Exhibit 1.3 to Andina’s annual report on Form 20-F filed on April 30, 2012 (File No. 001-13142))

2.2		Indenture dated as of October 1, 2013, among Embotelladora Andina S.A. and The Bank of New York Mellon (incorporated by reference to Exhibit 2.2 to Andina’s annual report on Form 20-F filed on April 28, 2021 (File No. 001-13142))

2.3		Description of Securities Registered under Section 12(b) of the Exchange Act (incorporated by reference to Exhibit 2.3 to Andina’s annual report on Form 20-F filed on April 29, 2020 (File No. 001-13142))

2.4		Appendix A (“Terms of the Bonds”) to the Bond Purchase and Paying Agency Agreement dated September 18, 2023 among Embotelladora Andina S.A. and UBS AG (incorporated by reference to Exhibit 2.4 to Andina’s annual report on Form 20F filed on March 27, 2024 (File No. 001-13142))

4.1		Amended and Restated Call Option Agreement, dated as of December 17, 1996, among Inversiones Freire Limitada, Inversiones Freire Dos Limitada, Coca-Cola Interamerican Corporation, Coca-Cola de Argentina S.A., The Coca-Cola Company, and Embotelladora Andina S.A. and Custody Agreement among Inversiones Freire Limitada and Inversiones Freire Dos Limitada and Citibank, N.A. (English translation) (incorporated by reference to Exhibit 1.5 to Andina’s annual report on Form 20-F filed on April 30, 2012 (File No. 1-13142))

4.2		Amendment dated as of August 31, 2012 to the Amended and Restated Shareholders’ Agreement, dated as of June 25, 2012, among Embotelladora Andina S.A., The Coca-Cola Company, Coca-Cola Interamerican Corporation, Coca-Cola de Argentina S.A., Bottling Investment Limited, Inversiones Freire Ltda., and Inversiones Freire Dos Ltda. (incorporated by reference to Exhibit 4.2 to Andina’s annual report on Form 20-F filed on May 15, 2014 (File No. 001-13142))

4.3		Bottler Agreement dated as of October 1, 2017 among Embotelladora del Atlántico S.A. and The Coca-Cola Company (incorporated by reference to Exhibit 4.30 to Andina’s annual report on Form 20-F filed on April 27, 2018 (File No. 001-13142))

4.4		Bottler Agreement dated as of October 4, 2017 among Rio de Janeiro Refrescos Ltda. and The Coca-Cola Company (incorporated by reference to Exhibit 4.32 to Andina’s annual report on Form 20-F filed on April 25, 2019 (File No. 001-13142))

4.5		Bottler Agreement dated as of January 1, 2018 among Embotelladora Andina S.A. and The Coca-Cola Company (incorporated by reference to Exhibit 4.31 to Andina’s annual report on Form 20-F filed on April 27, 2018 (File No. 001-13142))

4.6		Bottler Agreement dated as of September 1, 2015 among Paraguay Refrescos S.A. and The Coca-Cola Company (incorporated by reference to Exhibit 4.28 to Andina’s annual report on Form 20-F filed on April 28, 2016 (File No. 001-13142))

4.7		Amendment dated as of April 14, 2023 to Bottler Agreement dated as of September 1, 2015 among Paraguay Refrescos S.A. and The Coca-Cola Company (incorporated by reference to Exhibit 4.7 to Andina´s annual report on Form 20F filed on March 27, 2024 (File No. 001-13142))

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Item		Description


4.8		Amendment dated September 27, 2022 to the Bottler Agreement between Embotelladora del Atlántico S.A. and The Coca-Cola Company dated October 1, 2017 (incorporated by reference to Exhibit 4.9 to Andina’s annual report on Form 20F filed on April 26, 2023 (File No. 001-13142))

4.9		Amendment dated September 20, 2022 to the Bottler Agreement between Rio de Janeiro Refrescos Limitada and The Coca-Cola Company dated October 4, 2017 (incorporated by reference to Exhibit 4.10 to Andina’s annual report on Form 20F filed on April 26, 2023 (File No. 001-13142))

4.10		Amendment dated as of February 17, 2026 to Bottler Agreement among Embotelladora Andina S.A. and The Coca-Cola Company (Filed herein)

8.1		List of our subsidiaries (filed herein)

11.1		Privileged Information Management Manual (incorporated by reference to Exhibit 11.1 to Andina’s annual report on Form 20F filed on March 26, 2025 (File No. 001-13142))

12.1		Certification of Miguel Ángel Peirano, Chief Executive Officer, pursuant to Rule 13-a14(a) (17 CFR 240.13a-12(a)) or Rule 15d-14(a) (17 CFR 240.15d-14(a)) (filed herein)

12.2		Certification of Andrés Wainer, Chief Financial Officer pursuant to Rule 13-a14(a) (17 CFR 240.13a-12(a)) or Rule 15d-14(a) (17 CFR 240.15d-14(a)) (filed herein)

13.1		Certification of Miguel Ángel Peirano, Chief Executive Officer, pursuant to 18 U.S.C. Chapter 63, Section 1350, (filed herein)

13.2		Certification of Andrés Wainer, Chief Financial Officer, pursuant to 18 U.S.C. Chapter 63, Section 1350, (filed herein)

97		Clawback Policy of Embotelladora Andina S.A. (incorporated by reference to Exhibit 97 to Andina’s annual report on Form 20F filed on March 27, 2024 (File No. 001-13142))
Omitted from the exhibits filed with this annual report are certain instruments and agreements with respect to long-term debt of Embotelladora Andina S.A., none of which authorizes securities in a total amount that exceeds 10.0% of the total assets of Embotelladora Andina S.A. We hereby agree to furnish to the SEC copies of any such omitted instruments or agreements upon request by the SEC.
101.INS		Inline XBRL Instance Document

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

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SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.


		Embotelladora Andina S.A.
		(Registrant)

		/s/ Miguel Ángel Peirano
		(Signature)


		/s/ Andrés Wainer
		(Signature)

Date: April 1, 2026

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Consolidated Financial Statements

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Santiago, Chile

December 31, 2025 and 2024

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors Embotelladora Andina S.A.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated statements of financial position of Embotelladora Andina S.A. and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of income by function, comprehensive income, changes in equity and cash flows-direct method for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Annual Report on Internal Control over Financial Reporting appearing under Item 15. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

F-2

Table of Contents

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Intangible Assets with Indefinite Useful Life (Distribution rights) and Goodwill Impairment Assessment

As described in Notes 2.7.1, 2.7.2, 2.8, 2.22.1, 15 and 16 to the consolidated financial statements, the Company’s consolidated intangible assets with indefinite useful life (distribution rights) and goodwill balances, as of December 31, 2025, were Ch$ 674,766,128 thousand and Ch$ 137,128,318 thousand respectively. Management carries out an impairment test annually, or more frequently if events or changes in circumstances indicate a potential impairment. An impairment loss is recognized for the amount by which the carrying amount of the cash generating units exceed their recoverable amount. The recoverable amount of the cash generating unit is the higher of the value in use and the fair value less costs to sell. The recoverable amount of cash generating units are determined based on value in use calculations. The value in use is determined by management using a discounted cash flow model. Management’s cash flow projections included significant judgments and assumptions relating to sales volumes and prices, discount rates, marketing expenses and other economic factors.

The principal considerations for our determination that performing procedures relating to the intangible assets with indefinite useful life (distribution rights) and goodwill impairment assessment is a critical audit matter are (i) the significant judgment by management when developing the value in use calculation of the cash generating units; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s cash flow projections and significant assumptions related to sales volumes and prices, discount rates, marketing expenses and other economic factors; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

F-3

Table of Contents

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s intangible assets with indefinite useful life (distribution rights) and goodwill impairment assessment, including controls over the valuation of the Company’s cash generating units. These procedures also included, among others (i) testing management’s process for developing the estimate; (ii) evaluating the appropriateness of the discounted cash flow model; (iii) testing the completeness and accuracy of underlying data used in the model; and (iv) evaluating the reasonableness of the significant assumptions used by management related to the perpetual growth rates and discount rates. Evaluating management’s assumptions related to sales volumes and prices, discount rates, marketing expenses and other economic factors involved evaluating whether the significant assumptions used by management were reasonable considering (i) the current and past performance of the cash generating units, (ii) the consistency with external market and industry data, and (iii) whether these significant assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in the evaluation of the Company’s discounted cash flow model and the perpetual growth rates and discount rates assumptions.

/s/ PricewaterhouseCoopers Consultores, Auditores y Compañía Limitada

March 31, 2026

Santiago, Chile

We have served as the Company’s auditor since 2022.

F-4

Table of Contents

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Financial Statements

December 31, 2025 and 2024

F-5

Table of Contents

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Financial Statements


I.	Consolidated Statements of Financial Position	F-8
II.	Consolidated Statements of Income by Function	F-10
III.	Consolidated Statements of Comprehensive Income	F-11
IV.	Consolidated Statements of Changes in Equity	F-12
V.	Consolidated Statements of Cash Flows – Direct Method	F-14
VI.	Notes to the Consolidated Financial Statements	F-15

1 –	Corporate information	F-15
2 –	Basis of presentation of the consolidated financial statements and application of accounting criteria	F-15
3 –	Financial reporting by segment reporting	F-35
4 –	Cash and cash equivalents	F-38
5 –	Other current and non-current financial assets	F-39
6 –	Other current and non-current non-financial assets	F-39
7 –	Trade accounts and other accounts receivable	F-40
8 –	Inventories	F-42
9 –	Tax assets and liabilities	F-42
10 –	Income tax, deferred taxes, and other taxes	F-43
11 –	Property, plant, and equipment	F-45
12 –	Related parties	F-48
13 –	Current and non-current employee benefits	F-50
14 –	Investments in associates accounted for using the equity method	F-51
15 –	Intangible assets other than goodwill	F-54
16 –	Goodwill	F-55
17 –	Other current and non-current financial liabilities	F-56
18 –	Trade and other accounts payable	F-68
19 –	Other provisions current and non-current	F-69
20 –	Other non-financial liabilities	F-69
21 –	Equity	F-70
22 –	Derivative assets and liabilities	F-74
23 –	Litigation and contingencies	F-77
24 –	Financial risk management	F-80
25 –	Revenue from ordinary activities	F-84
26 –	Expenses by nature	F-84
27 –	Other income	F-85
28 –	Other expenses by function	F-85
29 –	Financial income and expenses	F-86
30 –	Other (losses) gains	F-87
31 –	Exchange differences	F-87
32 –	Local and foreign currency	F-88
33 –	Subsequent events	F-91

F-6

Table of Contents

Consolidated Financial Statements

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

December 31, 2025 and 2024

F-7

Table of Contents

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Statements of Financial Position

as of December 31, 2025 and 2024


ASSETS		NOTE		12.31.2025		12.31.2024
				ThCh$		ThCh$
Current assets

Cash and cash equivalents		4		296,539,709		248,899,004
Other financial assets		5		45,974,709		76,586,583
Other non-financial assets		6		15,985,896		27,260,507
Trade and other accounts receivable, net		7		339,778,498		332,831,088
Accounts receivable from related companies		12.1		15,299,187		9,901,543
Inventory		8		304,550,609		299,970,909
Current tax assets		9		14,924,173		17,746,106
Total Current Assets				1,033,052,781		1,013,195,740

Non-Current Assets:
Other financial assets		5		164,370,936		169,420,303
Other non-financial assets		6		82,913,107		79,746,695
Trade and other receivables		7		187,644		335,723
Accounts receivable from related parties		12.1		8,000,924		292,931
Investments accounted for under the equity method		14		87,087,871		85,192,710
Intangible assets other than goodwill		15		719,489,720		693,383,630
Goodwill		16		137,128,318		144,681,420
Property, plant and equipment		11		1,179,385,259		1,097,773,572
Deferred tax assets		10.2		8,788,858		7,081,549
Total Non-Current Assets				2,387,352,637		2,277,908,533
Total Assets				3,420,405,418		3,291,104,273

The accompanying notes 1 to 33 form an integral part of these Consolidated Financial Statements.

F-8

Table of Contents

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Statements of Financial Position

as of December 31, 2025 and 2024


LIABILITIES AND EQUITY		NOTE		12.31.2025		12.31.2024
				ThCh$		ThCh$
LIABILITIES
Current liabilities
Other financial liabilities		17		62,418,990		110,330,460
Trade and other accounts payable		18		480,396,027		457,074,643
Accounts payable to related parties		12.2		102,102,553		94,376,420
Other provisions		19		2,433,147		1,522,426
Tax liabilities		9		14,207,862		28,369,276
Employee benefits current provisions		13		68,363,971		72,367,187
Other non-financial liabilities		20		489,967		142,103,582
Total Current Liabilities				730,412,517		906,143,994

Other financial liabilities		17		1,191,795,823		1,066,543,247
Trade accounts and other accounts payable		18		685,605		2,534,836
Accounts payable to related companies		12.2		—		380,465
Other provisions		19		55,378,062		53,723,373
Deferred tax liabilities		10.2		218,673,311		224,967,885
Employee benefits non-current provisions		13		23,123,294		20,160,468
Other non-financial liabilities		20		3,782,958		2,252,985
Total Non-current liabilities				1,493,439,053		1,370,563,259

EQUITY
Issued capital		21		270,737,574		270,737,574
Retained earnings		21		1,169,458,993		891,746,153
Other reserves		21		(282,797,770)		(186,074,535)
Equity attributable to owners of the parent				1,157,398,797		976,409,192
Non-controlling interests				39,155,051		37,987,828
Total Equity				1,196,553,848		1,014,397,020
Total Liabilities and Equity				3,420,405,418		3,291,104,273

The accompanying notes 1 to 33 form an integral part of these Consolidated Financial Statements.

F-9

Table of Contents

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Statements of Income by Function

For the fiscal years ended December 31, 2025, 2024 and 2023


				01.01.2025			01.01.2024			01.01.2023
		NOTE		12.31.2025			12.31.2024			12.31.2023
				ThCh$			ThCh$			ThCh$
Net sales		25			3,344,835,851			3,224,233,005			2,618,437,052
Cost of sales		8 - 26			(2,037,679,124)			(1,945,363,408)			(1,601,997,255)
Gross profit					1,307,156,727			1,278,869,597			1,016,439,797
Other income		27			13,382,457			21,479,861			1,310,489
Distribution expenses		26			(296,664,592)			(289,987,008)			(227,807,179)
Administrative expenses		26			(555,125,622)			(561,801,213)			(431,295,515)
Other expenses, by function		28			(30,114,433)			(36,650,029)			(26,441,583)
Other (losses) gains		30			(1,817,033)			—			(15,909,117)
Financial income		29			18,439,612			28,959,918			31,396,167
Financial expenses		29			(68,218,413)			(70,413,883)			(65,288,352)
Share of profit of investments in associates and joint ventures accounted for using the equity method		14.3			2,913,896			997,644			2,716,169
Foreign exchange differences		31			(3,424,890)			(7,406,704)			(17,216,130)
Result of indexation units					(5,893,367)			3,988,588			(7,398,952)
Net Income before income taxes					380,634,342			368,036,771			260,505,794
Income tax expense		10.1			(110,156,927)			(133,392,646)			(85,994,307)
Net Income					270,477,415			234,644,125			174,511,487

Net income attributable to
Owners of the parent					268,696,936			232,662,884			171,441,410
Non-controlling interests					1,780,479			1,981,241			3,070,077
Net Income					270,477,415			234,644,125			174,511,487

Earnings per Share, basic and diluted					CLP			CLP			CLP
Earnings per Series A share		21.5			270.35			234.09			172.49
Earnings per Series B share		21.5			297.38			257.50			189.74

The accompanying notes 1 to 33 form an integral part of these Consolidated Financial Statements.

F-10

Table of Contents

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

For the fiscal years ended December 31, 2025, 2024 and 2023


		01.01.2025		01.01.2024		01.01.2023
		12.31.2025		12.31.2024		12.31.2023
		ThCh$		ThCh$		ThCh$
Other comprehensive income:
Net income		270,477,415		234,644,125		174,511,487
Components of other comprehensive income that will not be reclassified to net income for the period, before tax
Actuarial gains (losses) on defined benefit plans		(198,547)		(2,865,423)		2,381,650
Components of other comprehensive income to be reclassified to net income for the period, before tax
Gain (losses) from exchange rate translation differences		(70,045,566)		(71,165,622)		(98,844,581)
Gain (loss) on cash flow hedges		(20,463,976)		19,166,716		52,472,352
Income tax related to components of other comprehensive income that will not be reclassified to net income for the period
Income tax related to defined benefit plans		53,608		773,664		(643,045)

Income tax related to components of other comprehensive income that will be reclassified to net income for the period
Income tax related to exchange rate translation differences		31,233,446		29,114,514		37,650,601
Income tax related to cash flow hedges		6,522,863		(6,978,956)		(14,183,004)
Other comprehensive income, total		(52,898,172)		(31,955,107)		(21,166,027)
Total comprehensive income		217,579,243		202,689,018		153,345,460
Total comprehensive income attributable to:

Equity holders of the parent		215,336,570		200,347,191		150,135,125
Non-controlling interests		2,242,673		2,341,827		3,210,335
Total Comprehensive Income		217,579,243		202,689,018		153,345,460

The accompanying notes 1 to 33 form an integral part of these Consolidated Financial Statements.

F-11

Table of Contents

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Statements of Changes in Equity

For the fiscal years ended December 31, 2025, 2024 and 2023

Other reserves

Reserves for

Actuarial gains or

Equity attributable

exchange differences

Cash flow hedge

losses on employee

Other

Total other

Retained

to owners of

Non-controlling

Issued Capital

on translation

reserve

benefits

reserves

Earnings

the controller

interests

Total Equity

 

ThCh$

 

ThCh$

 

ThCh$

 

ThCh$

 

ThCh$

 

ThCh$

 

ThCh$

 

ThCh$

 

ThCh$

 

ThCh$

Opening Balance 01.01.2025

270,737,574

(599,259,259)

(11,879,833)

(8,087,069)

433,151,626

(186,074,535)

891,746,153

976,409,192

37,987,828

1,014,397,020

Adjustment application IAS 21*

—

(43,362,869)

—

(43,362,869)

—

(43,362,869)

(7,532)

(43,370,401)

Equity at the beginning of the period

270,737,574

(642,622,128)

(11,879,833)

(8,087,069)

433,151,626

(229,437,404)

891,746,153

933,046,323

37,980,296

971,026,619

Changes in equity

Comprehensive income

Net income

—

268,696,936

1,780,479

270.477.415

Other comprehensive income

—

(39,294,032)

(13,927,263)

(139,071)

—

(53,360,366)

—

(53,360,366)

462,194

(52.898.172)

Comprehensive income

—

(39,294,032)

(13,927,263)

(139,071)

—

(53,360,366)

268,696,936

215,336,570

2,242,673

217.579.243

Dividends

—

(54,664,430)

—

(54,664,430)

Increase (decrease) due to other changes **

—

63,680,334

(1,067,918)

62,612,416

Total changes in equity

—

(39,294,032)

(13,927,263)

(139,071)

—

(53,360,366)

277,712,840

224,352,474

1,174,755

225,527,229

Ending balance 12.31.2025

270,737,574

(681,916,160)

(25,807,096)

(8,226,140)

433,151,626

(282,797,770)

1,169,458,993

1,157,398,797

39,155,051

1,196,553,848

Other reserves

Reserves for

Actuarial gains or

Equity attributable

exchange differences

Cash flow hedge

losses on employee

Other

Total other

Retained

to owners of

Non-controlling

Issued Capital

on translation

reserve

benefits

reserves

Earnings

the controller

interests

Total Equity

 

ThCh$

 

ThCh$

 

ThCh$

 

ThCh$

 

ThCh$

 

ThCh$

 

ThCh$

 

ThCh$

 

ThCh$

 

ThCh$

Opening Balance 01.01.2024

270,737,574

(556,832,899)

(24,064,386)

(6,013,183)

433,151,626

(153,758,842)

769,311,795

886,290,527

34,694,887

920,985,414

Changes in equity

Comprehensive income

Net income

—

232,662,884

1,981,241

234,644,125

Other comprehensive income

—

(42,426,360)

12,184,553

(2,073,886)

—

(32,315,693)

—

(32,315,693)

360,586

(31,955,107)

Comprehensive income

—

(42,426,360)

12,184,553

(2,073,886)

—

(32,315,693)

232,662,884

200,347,191

2,341,827

202,689,018

Dividends

—

(265,370,962)

(1,421,402)

(266,792,364)

Increase (decrease) due to other changes **

—

155,142,436

2,372,516

157,514,952

Total changes in equity

—

(42,426,360)

12,184,553

(2,073,886)

—

(32,315,693)

122,434,358

90,118,665

3,292,941

93,411,606

Ending balance 12.31.2024

270,737,574

(599,259,259)

(11,879,833)

(8,087,069)

433,151,626

(186,074,535)

891,746,153

976,409,192

37,987,828

1,014,397,020

* Corresponds to the impact of the application of Amendments to IAS 21 – Lack of Exchangeability, see Note 2.23.1.

** Mainly corresponds to the effects of inflation on the equity of our subsidiaries in Argentina (see Note 2.5.1).

The accompanying notes 1 to 33 form an integral part of these Consolidated Financial Statements.

F-12

Table of Contents

Other reserves

Reserves for

Actuarial gains or

Exchange Rate

Cashflow hedge

losses in employee

Other

Total Other

Retained

Controlling

Non-controlling

 

Issued capital

 

Differences

 

reserve

 

benefits

 

reserves

 

reserves

 

earnings

 

equity

 

interests

 

Total Equity

ThCh$

Opening balance 01.01.2023

270,737,574

(495,483,366)

(62,344,501)

(7,776,316)

433,151,626

(132,452,557)

716,975,127

855,260,144

28,142,508

883,402,652

Changes in equity

Comprehensive income

Net income

—

171,441,410

3,070,077

174,511,487

Other comprehensive income

—

(61,349,533)

38,280,115

1,763,133

—

(21,306,285)

—

(21,306,285)

140,258

(21,166,027)

Comprehensive income

—

(61,349,533)

38,280,115

1,763,133

—

(21,306,285)

171,441,410

150,135,125

3,210,335

153,345,460

Dividends

—

(167,968,886)

(777,956)

(168,746,842)

Increase (decrease) from other changes *

—

48,864,144

4,120,000

52,984,144

Total changes in equity

—

(61,349,533)

38,280,115

1,763,133

—

(21,306,285)

52,336,668

31,030,383

6,552,379

37,582,762

Ending balance 12.31.2023

270,737,574

(556,832,899)

(24,064,386)

(6,013,183)

433,151,626

(153,758,842)

769,311,795

886,290,527

34,694,887

920,985,414

*Corresponds mainly to inflation effects on the equity of our Subsidiaries in Argentina (see Note 2.5.1)

The accompanying notes 1 to 33 form an integral part of these Consolidated Financial Statements.

F-13

Table of Contents

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Statements of Cash Flows – Direct Method

For the fiscal years ended December 31, 2025, 2024 and 2023


		01.01.2025	01.01.2024	01.01.2023
Cash flows provided by Operating Activities	NOTE	12.31.2025	12.31.2024	12.31.2023
		ThCh$	ThCh$	ThCh$
Cash flows provided by Operating Activities
Receipts from the sale of goods and the rendering of services (including taxes)		4,445,641,158	4,455,460,124	3,716,722,747
Payments for Operating Activities
Payments to suppliers for goods and services (including taxes)		(3,001,163,980)	(3,194,881,778)	(2,577,032,215)
Payments to and on behalf of employees		(344,307,581)	(340,368,155)	(260,336,901)
Other payments for operating activities (value-added taxes on purchases, sales and others)		(484,173,175)	(407,950,607)	(394,507,399)
Dividends received		2,694,175	2,752,778	8,013,426
Interest payments		(57,331,558)	(65,837,409)	(67,010,058)
Interest received		6,867,020	10,024,203	14,354,013
Income tax payments		(103,077,570)	(85,380,681)	(71,269,988)
Other cash movements (tax on bank debits Argentina and others)		(4,021,087)	(16,576,564)	(2,103,389)
Cash flows provided by Operating Activities		461,127,402	357,241,911	366,830,236

Cash flows used in Investing Activities
Proceeds from sale of Property, plant and equipment		171,461	1,222,276	142,208
Purchase of Property, plant and equipment		(277,822,215)	(291,541,611)	(192,707,498)
Collection on forward, term, option and financial exchange agreements		—	—	156,738
Sales of other current financial assets.		27,785,812	—	32,000,000

Other cash inflows (outflows)		1,289,585	466,704	2,119,674
Net cash flows used in Investing Activities		(248,575,357)	(289,852,631)	(158,288,878)

Cash Flows used in Financing Activities
Proceeds from changes in ownership interests in subsidiaries		—	2,344,883	4,119,966
Proceeds from short term loans		153,154,775	123,752,721	31,850,233
Loan payments		(84,947,461)	(62,776,958)	(26,378,491)
Lease liability payments		(14,446,410)	(10,347,356)	(6,299,217)
Dividend payments by the reporting entity		(195,890,117)	(158,408,120)	(165,877,422)
Proceeds from the issuance of bonds		—	—	167,739,096
Payment of bond principal		(18,425,349)	(16,910,371)	(330,996,600)
Proceeds (payments) from bond-related derivative instruments		(1,857,649)	2,587,025	138,715,637
Net cash flows used in Financing Activities		(162,412,211)	(119,758,176)	(187,126,798)
Net increase (decrease) in cash and cash equivalents before exchange differences		50,139,834	(52,368,896)	21,414,560
Effects of exchange differences on cash and cash equivalents		645,741	13,281,140	4,547,790
Effects of inflation in cash and cash equivalents in Argentina		(3,144,870)	(15,696,923)	(13,960,654)
Net increase (decrease) in cash and cash equivalents		47,640,705	(54,784,679)	12,001,696
Cash and cash equivalents – beginning of year	4	248,899,004	303,683,683	291,681,987
Cash and cash equivalents - end of years	4	296,539,709	248,899,004	303,683,683

The accompanying notes 1 to 33 form an integral part of these Consolidated Financial Statements.

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EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

1 - CORPORATE INFORMATION

Embotelladora Andina S.A. RUT (Chilean Taxpayer Id. N°) 91.144.000-8 (hereinafter “Andina,” and together with its subsidiaries, the “Company”) is an open stock corporation, whose corporate address and principal offices are located at Miraflores 9153, borough of Renca, Santiago, Chile. The Company is registered in the Securities Registry of the Chilean Financial Market Commission (hereinafter “CMF”), and pursuant to Chile’s Law 18,046 is subject to the supervision of this entity. It is also registered with the U.S. Securities and Exchange Commission (hereinafter “SEC”), and its stock is traded on the New York Stock Exchange since 1994.

The principal activity of Embotelladora Andina S.A. is to produce, bottle, commercialize and distribute the products under registered trademarks of The Coca-Cola Company (TCCC), as well as commercialize and distribute some brands of other companies such as Monster, AB InBev, Diageo and Capel, among others. The Company maintains operations and is licensed to produce, commercialize and distribute such products in certain territories in Chile, Brazil, Argentina and throughout the entire territory of Paraguay

In Chile, the territories in which it has TCCC’s franchise are the Metropolitan Region; the province of San Antonio, the V Region; the province of Cachapoal including the commune of San Vicente de Tagua-Tagua, the VI Region; the II Region of Antofagasta; the III Region of Atacama, the IV Region of Coquimbo XI Region de Aysén del General Carlos Ibáñez del Campo; XII Region of Magallanes and Chilean Antarctic. In Brazil, the aforementioned franchise covers much of the state of Rio de Janeiro, the entire state of Espirito Santo, and part of the states of São Paulo and Minas Gerais. In Argentina it includes the provinces of Córdoba, Mendoza, San Juan, San Luis, Entre Ríos, as well as part of the provinces of Santa Fe and Buenos Aires, Chubut, Santa Cruz, Neuquén, Río Negro, La Pampa, Tierra del Fuego, Antarctica and South Atlantic Islands. Finally, in Paraguay the territory comprises the whole country. The bottling agreement for the territories in Argentina expires in September 2027; for the territories in Brazil, it expires in October 2027; for the territories in Chile, it expires in January 2027, and is currently under the process of renewal; and for the territory in Paraguay, it expires on March 1, 2028. Said agreements are renewable upon the request of Embotelladora Andina S.A. and at the sole discretion of The Coca-Cola Company.

As of December 31, 2025, regarding Andina’s principal shareholders, the Controlling Group holds 53.58% of the outstanding shares with voting rights, corresponding to the Series A shares. The Controlling Group is composed of the Chadwick Claro, Garcés Silva, Said Handal and Said Somavía families, who control the Company in equal parts.

These Consolidated Financial Statements reflect the consolidated financial position of Embotelladora Andina S.A. and its Subsidiaries, which were approved by the Board of Directors on March 31, 2026.

2 – BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA

2.1 Accounting principles and basis of preparation

The Company’s Consolidated Financial Statements for the fiscal year ended December 31, 2025, 2024 and 2023, have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS” Accounting Standards) and the Interpretations issued by the International Financial Reporting Standards Interpretations Committee (IFRIC) applicable to companies reporting under IFRS.

These Consolidated Financial Statements have been prepared following the going concern principle by applying the historical cost method, with the exception, according to IFRS, of those assets and liabilities that are recorded at fair value.

These Consolidated Statements reflect the consolidated financial position of Embotelladora Andina S.A. and its Subsidiaries as of December 31, 2025 and 2024 and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the periods between January 1 and December 31, 2025, 2024 and 2023 and the related notes.

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The Company’s 2025 local statutory consolidated financial statements in Spanish were approved by the Company’s Board of Directors on January 27, 2026, with subsequent events first being considered through that date. Those local statutory consolidated financial statements consisted of consolidated statement of financial position as of December 31, 2025 and 2024 along with consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity, and consolidated statement of cash flows (and related disclosures), each for the two years then ended.

Included in this 2025 consolidated financial statements are consolidated statement of financial position as of December 31, 2025 and 2024, along with consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows (and the related disclosures) for each of the three years ended December 31, 2025, 2024 and 2023. This three-year presentation of operations, changes in equity and of cash flows is required by the rules of the United States Securities and Exchange Commission.

This three-year English language IFRS consolidated financial statements were approved for issuances by the Board of Directors during a session held on March 31, 2026, with subsequent events considered through this later date.

These Consolidated Financial Statements have been prepared based on the accounting records maintained by the Parent Company and by the other entities that are part of the Company and are presented in thousands of Chilean pesos (unless expressly stated) as this is the functional and presentation currency of the Company. Foreign operations are included in accordance with the accounting policies established in Notes 2.5.

2.2 Subsidiaries and consolidation

Subsidiary entities are those companies directly or indirectly controlled by Embotelladora Andina. Control is obtained when the Company has power over the investee, when it has exposure or is entitled to variable returns from its involvement in the investee and when it has the ability to use its power to influence the amount of investor returns. They include assets and liabilities, results of operations, and cash flows for the periods reported. Income or losses from subsidiaries acquired or sold are included in the consolidated statements of income by function from the effective date of acquisition through the effective date of disposal, as applicable.

The acquisition method is used to account for the acquisition of subsidiaries. The consideration transferred for the acquisition of the subsidiary is the fair value of assets transferred, equity securities issued, liabilities incurred or assumed on the date that control is obtained. Identifiable assets acquired, and identifiable liabilities and contingencies assumed in a business combination are accounted for initially at their fair values at the acquisition date. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the consideration is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement.

Intercompany transactions, balances and unrealized gains on transactions between Group entities are eliminated. Unrealized losses are also eliminated. When necessary, the accounting policies of the subsidiaries are modified to ensure uniformity with the policies adopted by the Group.

The interest of non-controlling shareholders is presented in the consolidated statement of changes in equity and the consolidated statement of income by function under “Non-Controlling Interest” and “Earnings attributable to non-controlling interests”, respectively.

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The consolidated financial statements include all assets, liabilities, income, expenses, and cash flows of the Company and its subsidiaries after eliminating balances and transaction among the Group’s entities, the subsidiary companies included in the consolidation are the following:


		Ownership interest (%)
		12.31.2025			12.31.2024
Taxpayer ID	Company name	Direct	Indirect	Total	Direct	Indirect	Total
96.842.970-1	Andina Bottling Investments S.A.	99.94	0.06	100.0	99.94	0.06	100.0
96.972.760-9	Andina Bottling Investments Dos S.A.	64.42	35.58	100.0	64.42	35.58	100.0
Foreign	Andina Empaques Argentina S.A.	—	99.98	99.98	—	99.98	99.98
96.836.750-1	Andina Inversiones Societarias S.A.	100.0	—	100.0	100.0	—	100.0
76.070.406-7	Embotelladora Andina Chile S.A.	99.99	0.01	100.0	99.99	0.01	100.0
Foreign	Embotelladora del Atlántico S.A.	0.92	99.0	99.99	0.92	99.07	99.99
96.705.990-0	Envases Central S.A.	59.27	—	59.27	59.27	—	59.27
Foreign	Paraguay Refrescos S.A.	0.08	97.75	97.83	0.08	97.75	97.83
76.276.604-3	Red de Transportes Comerciales Ltda. *	99.85	0.15	100.0	99.85	0.15	100.0
77.427.659-9	Re-Ciclar S.A.	60.00	—	60.00	60.00	—	60.00
Foreign	Rio de Janeiro Refrescos Ltda.	—	99.99	99.99	—	99.99	99.99
78.536.950-5	Servicios Multivending Ltda.	99.9	0.10	100.0	99.9	0.10	100.0
78.861.790-9	Transportes Andina Refrescos Ltda.	99.9	0.01	100.0	99.9	0.01	100.0
96.928.520-7	Transportes Polar S.A.	99.9	0.01	100.0	99.9	0.01	100.0
76.389.720-6	Vital Aguas S.A.	66.5	—	66.5	66.5	—	66.5
93.899.000-k	VJ S.A.	15.0	50.0	65.0	15.0	50.00	65.0

* As of December 31, 2025, Red de Transportes Comerciales Ltda. is in the process of closing its economic and tax activities. As of May 9, 2025, Embotelladora Andina S.A. absorbed its operations

2.3 Investments in associates

Ownership interest held by the Group in associates are recorded following the equity method. According to the equity method, the investment in an associate is initially recorded at cost. As of the date of acquisition, the investment in the statement of financial position is recorded by the proportion of its total assets, which represents the Group’s participation in its capital, once adjusted, where appropriate, the effect of the transactions made with the Group, plus capital gains that have been generated in the acquisition of the company.

Dividends received from these companies are recorded by reducing the value of the investment and the results obtained by them, which correspond to the Group according to its ownership, are recorded under the item “Participation in profit (loss) of associates accounted for by the equity method.”

Associates are all entities over which the Group exercises significant influence but does not have control. Significant influence is the power to intervene in the financial and operating policy decisions of the associate, without having control or joint control over it. The results of these associates are accounted for using the equity method. Accounting policies of the associates are changed, where necessary, to ensure conformity with the policies adopted by the Company and unrealized gains are eliminated.

For associates located in Brazil, the financial statements accounted for using the equity method have a one-month lag because their reporting dates are different from those of Embotelladora Andina S.A.

2.4 Financial reporting by operating segment

“IFRS 8 Operating Segments” requires that entities disclose information on the results of operating segments. In general, this is information that Management and the Board of Directors use internally to assess performance of segments and allocate resources to them. Therefore, the following operating segments have been determined based on geographic location:

●

Operation in Chile

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●

Operation in Brazil

●

Operation in Argentina

●

Operation in Paraguay

2.5 Functional and presentation currency

2.5.1 Functional currency

Items included in the financial statements of each of the entities in the Company are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The functional currency of each of the Operations is the following:


Company		Functional Currency
Embotelladora del Atlántico		Argentine Peso (ARS)
Embotelladora Andina		Chilean Peso (CLP)
Paraguay Refrescos		Paraguayan Guaraní (PYG)
Rio de Janeiro Refrescos		Brazil Real (BRL)

Foreign currency-denominated monetary assets and liabilities are converted to the functional currency at the observed exchange rate of each central bank, in effect on the closing date.

All differences arising from the liquidation or conversion of monetary items are recorded in the income statement, with the exception of the monetary items designated as part of the hedging of the Group’s net investment in a business abroad. These differences are recorded under other comprehensive income until the disposal of the net investment, at which point they are reclassified to the income statement. Tax adjustments attributable to exchange differences in these monetary items are also recognized under other comprehensive income.

Non-monetary items that are valued at historical cost in a foreign currency are converted using the exchange rate in effect at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are converted using the exchange rate in effect at the date on which fair value is determined. Losses or gains arising from the conversion of non-monetary items measured at fair value are recorded in accordance with the recognition of losses or gains arising from the change in the fair value of the respective item (e.g., exchange differences arising on items whose fair value gains or losses are recognized in comprehensive income).

Functional currency in hyperinflationary economies

Beginning July 2018, Argentina’s economy is considered as hyperinflationary, according to the criteria established in the International Accounting Standard No. 29 “Financial information in hyperinflationary economies” (IAS 29). This determination was carried out based on a series of qualitative and quantitative criteria, including an accumulated inflation rate of more than 100% for three years. In accordance with IAS 29, the financial statements of companies in which Embotelladora Andina S.A. participates in Argentina have been retrospectively restated by applying a general price index to the historical cost, in order to reflect the changes in the purchasing power of the Argentine peso, as of December 31, 2025.

Non-monetary assets and liabilities were restated since February 2003, the last date an inflation adjustment was applied for accounting purposes in Argentina. In this context, it should be mentioned that the Group made its transition to IFRS on January 1, 2004, applying the attributed cost exemption for Property, plant and equipment.

For consolidation purposes in Embotelladora Andina S.A. and as a result of the adoption of IAS 29, the results and financial position of our Argentine subsidiaries were converted to the closing exchange rate (ARS/CLP) at the date of presentation of these financial statements, in accordance with IAS 21 “Effects of foreign currency exchange rate variations”, when dealing with a hyperinflationary economy.

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The comparative amounts in the consolidated financial statements are those that were presented as current year amounts in the relevant financial statements of the previous year (i.e., not adjusted for subsequent changes in price level or exchange rates). This results in differences between the closing net equity of the previous year and the opening net equity of the current year and, as an accounting policy option, these changes are presented as follows: (a) the re-measurement of Opening balances under IAS 29 as an adjustment to equity and (b) subsequent effects, including re-expression under IAS 21, as “Exchange rate differences in the conversion of foreign operations” under other comprehensive income.

The adjustment factor is derived from the National Consumer Price Index (CPI), which is published by the National Institute of Statistics and Census of the Argentine Republic (INDEC). Inflation for the periods January to December 2025 and 2024 amounted to 38.40% and 118.10%, respectively.

2.5.2 Presentation currency

The presentation currency is the Chilean peso, which is the functional currency of the parent company, for such purposes, the financial statements of subsidiaries are translated from the functional currency to the presentation currency as indicated below:

Translation of financial statements whose functional currency does not correspond to hyperinflationary economies (Brazil and Paraguay)

Financial statements measured as indicated are translated to the presentation currency as follows:

●

The statement of financial position is translated to the closing exchange rate at the financial statement date, and the income statement is translated at the average monthly exchange rates, the differences that result are recognized in equity under other comprehensive income.

●

Cash flow income statements are also translated at average exchange rates for each transaction.

●

In the case of the disposal of an investment abroad, the component of other comprehensive income (OCI) relating to that investment is reclassified to the income statement.

Translation of financial statements whose functional currency corresponds to hyperinflationary economies (Argentina)

Financial statements of economies with a hyperinflationary economic environment, are recognized according to IAS 29 Financial Information in Hyperinflationary Economies, and subsequently converted to Chilean pesos as follows:

●

The statement of financial position sheet is translated at the closing exchange rate at the financial statements date.

●

The income statement is translated at the closing exchange rate at the financial statements date.

●

The statement of cash flows is converted to the closing exchange rate at the date of the financial statements.

●

For the disposal of an investment abroad, the component of other comprehensive income (OCI) relating to that investment is reclassified to the income statement.

In accordance with IAS 21 “Effects of Changes in Foreign Exchange Rates,” we use the closing exchange rate to translate financial information into presentation currency. The official dollar whose value is determined by the Banco de la Nación Argentina (BNA) is used to calculate the exchange rate for the presentation and preparation of the consolidated financial statements.

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2.5.3 Exchange rates

Exchange rates regarding the Chilean peso, calculated using the closing rates for each period and used in the preparation of the Consolidated Financial Statements, are as follows:


Date	USD	BRL	*() ARS**	PGY
12.31.2025	907.13	164.86	0.62	0.138
12.31.2024	996.46	160.92	0.97	0.127
12.31.2023	877.12	181.17	1.08	0.120

Exchange rates regarding the Chilean peso, calculated using average rates, used in the preparation of the Consolidated Financial Statements, are as follows:


Date		USD		BRL		PGY
12.31.2025		950.87		170.32		0.126
12.31.2024		944.20		175.86		0.124
12.31.2023		839.92		168.31		0.115

(*) For the translation of Argentine figures, closing rates (not average) are used, as described in Note 2.5.2 b.

2.6 Property, plant and equipment

The elements of Property, plant and equipment, are valued for their acquisition cost, net of their corresponding accumulated depreciation, and of the impairment losses they have experienced.

The cost of the items of Property, plant and equipment include in addition to the price paid for the acquisition: i) the financial expenses accrued during the construction period that are directly attributable to the acquisition, construction or production of qualified assets, which are those that require a substantial period of time before being ready for use, such as production facilities. The Group defines a substantial period as one that exceeds twelve months. The interest rate used is that corresponding to specific financing or, if it does not exist, the weighted average financing rate of the Company making the investment; and ii) personnel expenses directly related to the construction in progress.

Construction in progress is transferred to operating assets after the end of the trial period when they are available for use, from which moment depreciation begins.

Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset only when it is probable that future economic benefits associated with the items of Property, plant and equipment will flow to the Company and the cost of the item can be measured reliably. Repairs and maintenance are charged to expense in the reporting period in which they are incurred.

Land is not depreciated since it has an indefinite useful life. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives.

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The estimated useful lives by asset category are:


Assets		Range in years
Buildings		15-80
Plant and equipment		5-20
Warehouse installations and accessories		10-50
Furniture and supplies		4-5
Motor vehicles		4-10
IT equipment		3-5
Other Property, plant and equipment		3-10
Bottles and containers		1-8

The residual value and useful lives of Property, plant and equipment are reviewed and adjusted at the end of each fiscal year, if appropriate.

The Company assesses on each reporting date if there is evidence that an asset may be impaired. The Group estimates the recoverable amount of the asset, if there is evidence, or when an annual impairment test is required for an asset.

Gains and losses on disposals of property, plant, and equipment are calculated by comparing the proceeds to the carrying amount and are charged to other expenses by function or other gains, as appropriate in the statement of comprehensive income.

The Company incorporates general and specific interest costs directly attributable to the acquisition, construction, or production of an asset that necessarily takes time to get ready for its intended use. No interest has been recognized for the reported period.

As of December 31, 2025 and 2024, there are no essential items or fixed assets that are temporarily out of service. Property, plant, and equipment primarily comprise land and buildings, production machinery, cooling equipment, returnable bottles, vehicles, and other auxiliary equipment. All of these elements are integral for the manufacturing, storage, and distribution of beverages.

The Company does not possess any substantial assets that, having reached the end of their depreciation cycle, continue to be utilized as of December 31, 2025, and 2024. The assets that may eventually be affected by this situation primarily consist of minor assets, such as cooling equipment, returnable bottles, furniture, computers, and lighting, among others.

As of December 31, 2025 and 2024, the Company utilizes the cost model to measure its property, plant, and equipment. Based on our estimates, the carrying amount does not exceed fair value. Given that the assets are in operational use, they have not suffered any significant impairment, and market prices for similar assets remain stable in the industry. Therefore, no appraisal or revaluation process has been carried out in those fiscal years.

2.7 Intangible assets and goodwill

2.7.1 Goodwill

Goodwill represents the excess of the consideration transferred over the Company’s interest in the net fair value of the net identifiable assets of the subsidiary and the fair value of the non-controlling interest in the subsidiary on the acquisition date. Since goodwill is an intangible asset with indefinite useful life, it is recognized separately and tested for impairment annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. An impairment loss is recognized, for the amount by which the carrying amount of cash generating units exceed their recoverable amount immediately as an expense and is not subsequently reversed. Goodwill is carried at cost less accumulated impairment losses.

Gains and losses on the sale of an entity include the carrying amount of goodwill related to that entity.

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Goodwill is assigned to each cash generating unit (CGU) or group of cash-generating units, from where it is expected to benefit from the synergies arising from the business combination. Such CGUs or groups of CGUs represent the lowest level in the organization at which goodwill is monitored for internal management purposes.

2.7.2 Distribution rights

Distribution rights are contractual rights to produce and/or distribute Coca-Cola brand products and other brands in certain territories in Argentina, Brazil, Chile and Paraguay. Distribution rights are born from the process of valuation at fair value of the assets and liabilities of companies acquired in business combinations. Distribution rights have an indefinite useful life and are not amortized, (as they are historically permanently renewed by The Coca-Cola Company) and therefore are subject to impairment tests on an annual basis.

2.7.3 Software

Carrying amounts correspond to internal and external software development costs, which are capitalized once the recognition criteria in IAS 38, Intangible Assets, have been met. Their accounting recognition is initially realized for their acquisition or production cost and, subsequently, they are valued at their net cost of their corresponding accumulated amortization and of the impairment losses that, if applicable, they have experienced. The aforementioned software is amortized within four years. Amortization is recorded in the income statement under cost of sales or administrative expenses, depending on the purpose and use of the software, whether in production processes or administrative functions.

2.8 Impairment of non-financial assets

Assets that have an indefinite useful life, such as intangibles related to distribution rights and goodwill, are not amortized and are tested annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. Assets that are subject to amortization are tested for impairment whenever there is an event or change in circumstances indicating that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying value of the asset exceeds its recoverable amount. The recoverable amount is the greater of an asset’s fair value less costs to sell or its value in use.

For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units – CGU). Cash-generating unit’s recoverable amount has been determined on the basis of its value in use.

Regardless of what was stated in the previous paragraph, in the case of CGUs to which goodwill or intangible assets with an indefinite useful life have been assigned, the analysis of their recoverability is carried out systematically at the end of each fiscal year. These indications may include new legal provisions, change in the economic environment that affects business performance indicators, competition movements, or the disposal of an important part of a CGU.

Management reviews business performance based on geographic segments. Goodwill is monitored at the operating segment level that includes the different cash generating units in operations in Chile, Brazil, Argentina and Paraguay. The impairment of distribution rights is monitored geographically in the CGU or group of cash generating units, which correspond to specific territories for which distribution rights have been acquired for products owned by The Coca-Cola Company, as well as other intangible assets of indefinite useful life.These cash generating units or groups of cash generating units are composed of the following segments:

●

Operation in Chile; North Zone (Antofagasta, Atacama and Coquimbo), Metropolitan Area, Central Zone (San Antonio and Cachapoal and Extreme South Zone of Aysen and Magallanes);

●

Operation in Argentina; San Juan, Mendoza, San Luis, Córdoba, Santa Fé, Entre Ríos, La Pampa, Neuquén, Rio Negro, Chubut, Santa Cruz, Tierra del Fuego and western area of the Province of Buenos Aires;

●

Operation in Brazil: State of Rio de Janeiro and Espirito Santo, Ipiranga territories, and investment in the Sorocaba associate;

●

Operation in Paraguay

Other intangible assets with indefinite useful lives consist of:

●

Comercializadora Novaverde (Guallarauco);

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●

AdeS Argentina;

●

AdeS Brazil and investment in the associate Leão Alimentos e Bebidas Ltda.;

●

AdeS Paraguay

To assess whether goodwill has suffered a loss due to impairment of value, the Company compares the book value thereof with its recoverable value, and recognizes an impairment loss, for the excess of the asset’s carrying amount over its recoverable amount. To determine the recoverable values of the CGU, management considers the discounted cash flow method as the most appropriate.

The main assumptions used in the annual impairment test are:

a)	Discount rate

The discount rate applied in the annual impairment test carried out in 2024 was estimated using the CAPM (Capital Asset Pricing Model) methodology, which allows estimating a discount rate according to the level of risk of the CGU in the country where it operates. A nominal discount rate in local currency before tax is used according to the following table:


	2025 Discount		2024 Discount
	rates		rates
Argentina	21.3	%	21.2	%
Chile	7.7	%	9.3	%
Brazil	15.8	%	10.4	%
Paraguay	12.6	%	11.0	%

b)	Other assumptions

The financial projections used to determine the present net value of future cash flows from Cash Generating Units (CGUs) are prepared based on key historical variables and approved budgets for each CGU.

In this regard, a conservative growth rate is used, taking into account the differences that exist in categories with high growth such as carbonated beverages, categories with medium growth such as waters and juices, and categories that have lower margins such as alcohol. Additionally, the valuation model considers projections over 5 years based on perpetuity growth rates per operation, which follow real growth according to long-term population growth expectations. In this sense, the variables with greatest sensitivity in these projections are the discount rates applied in the determination of the net present value of projected cash flows, growth perpetuities and EBITDA margins considered in each CGU.

In order to sensitize the impairment test, variations were made to the main variables used in the model. Ranges used for each of the modified variables are:

●

the discount rate used to determine the present value of projected cash flows,

●

the perpetuity growth rate, and

●

the EBITDA margins considered for each CGU.

In order to assess the robustness of the impairment test results, sensitivity analyses were performed using variations in the main variables used in the model. The following ranges were considered for these variations.

●

Discount rate: increase or decrease of up to 200 basis points, applied to the rate used to discount future cash flows to present value.

●

Perpetuity growth rate: increase or decrease of up to 25 basis points in the rate used to determine the perpetual growth of future cash flows.

●

EBITDA margin: increase or decrease of up to 150 basis points on the EBITDA margin of operations, applied uniformly to each year of the projected period, corresponding to the years 2026 to 2030.

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As a result of the modeling and valuation of the various CGUs, and considering the impairment tests performed as of December 31, 2025, Management has concluded that there is no indication of impairment in any of the Cash Generating Units evaluated.

The recoverable values determined exceed the carrying amounts of the associated assets, even under the sensitivity scenarios applied to the main variables of the model. The projections utilized reflect conservative assumptions and are in line with the historical performance of the markets in which the Company operates.

For the 2024 period, although no impairment were identified for the CGUs described above, during the annual review of intangible assets with indefinite useful lives, it was determined that for the Guallarauco brand, specifically the investment in Novaverde, the recoverable value was CLP 2,921 million less than the carrying amount recorded in the Financial Statements, which was reduced from its carrying amount as of December 2024. On the other hand, AdeS Chile recognized an impairment of the investment equivalent to CLP 881 million as of December 2024.

2.9 Financial instruments

A financial instrument is any contract that results in the recognition of a financial asset in one entity and a financial liability or equity instrument in another entity.

2.9.1 Financial assets

Pursuant to IFRS 9 “Financial Instruments”, except for certain trade accounts receivable, the Group initially measures a financial asset at its fair value plus transaction costs, in the case of a financial asset that is not at fair value, reflecting changes in P&L.

The classification is based on two criteria: (a) the Group’s business model for the purpose of managing financial assets to obtain contractual cash flows; and (b) if the contractual cash flows of financial instruments represent “solely payments of principal and interest” on the outstanding principal amount (the “SPPI criterion”). According to IFRS 9, financial assets are subsequently measured at (i) fair value with changes in P&L (FVPL), (ii) amortized cost or (iii) fair value through other comprehensive income (FVOCI).

The subsequent classification and measurement of the Group’s financial assets are as follows:

Financial asset at amortized cost for financial instruments that are maintained within a business model with the objective of maintaining the financial assets to collect contractual cash flows that meet the SPPI criterion. This category includes the Group’s trade and other accounts receivable.

Financial assets measured at fair value with changes in other comprehensive income (FVOCI), with gains or losses recognized in P&L at the time of liquidation. Financial assets in this category correspond to the Group’s instruments that meet the SPPI criterion and are kept within a business model both to collect cash flows and to sell.

Other financial assets are classified and subsequently measures as follows:

Equity instruments at fair value with changes in other comprehensive income (FVOCI) without recognizing earnings or losses in P&L at the time of liquidation. This category only includes equity instruments that the Group intends to keep in the foreseeable future and that the Group has irrevocably chosen to classify in this category in the initial recognition or transition.

Financial assets at fair value with changes in P&L (FVPL) include derivative instruments and equity instruments quoted that the Group had not irrevocably chosen to classify at FVOCI in the initial recognition or transition. This category also includes debt instruments whose cash flow characteristics do not comply with the SPPI criterion or are not kept within a business model whose objective is to recognize contractual cash flows or sale.

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A financial asset (or, where applicable, a portion of a financial asset or a portion of a group of similar financial assets) is initially disposed (for example, canceled in the Group’s consolidated financial statements) when:

The rights to receive cash flows from the asset have expired,

The Group has transferred the rights to receive the cash flows of the asset or has assumed the obligation to pay all cash flows received without delay to a third party under a transfer agreement; and the Group (a) has substantially transferred all risks and benefits of the asset, or (b) has not substantially transferred or retained all risks and benefits of the asset but has transferred control of the asset.

2.9.2 Financial Liabilities

Financial liabilities are classified as a fair value financial liability at the date of their initial recognition, as appropriate, with changes in results, loans and credits, accounts payable or derivatives designated as hedging instruments in an effective coverage. All financial liabilities are initially recognized at fair value and transaction costs directly attributable are netted from loans and credits and accounts payable.

The Group’s financial liabilities include trade and other accounts payable, loans and credits, including those discovered in current accounts, and derivative financial instruments.

The classification and subsequent measurement of the Group’s financial liabilities are as follows:

Fair value financial liabilities with changes in results include financial liabilities held for trading and financial liabilities designated in their initial recognition at fair value with changes in results. The losses or gains of liabilities held for trading are recognized in the income statement.

Loans and credits are valued at cost or amortized using the effective interest rate method. Gains and losses are recognized in the income statement when liabilities are disposed, as well as interest accrued in accordance with the effective interest rate method.

A financial liability is disposed of when the obligation is extinguished, cancelled or expires. Where an existing financial liability is replaced by another of the same lender under substantially different conditions, or where the conditions of an existing liability are substantially modified, such exchange or modification is treated as a disposal of the original liability and the recognition of the new obligation. The difference in the values in the respective books is recognized in the statement of income.

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2.9.3 Offsetting financial instruments

Financial assets and financial liabilities are offset with the corresponding net amount presenting the corresponding net amount in the statement of financial position, if:

There is currently a legally enforceable right to offset the amounts recognized, and

It is intended to liquidate them for the net amount or to realize the assets and liquidate the liabilities simultaneously.

2.10 Derivatives financial instruments and hedging activities

The Company and its subsidiaries use derivative financial instruments to mitigate risks relating to changes in foreign currency and exchange rates associated with raw materials, and loan obligations. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value at each closing date. Derivatives are accounted as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.

2.10.1 Derivative financial instruments designated as cash flow hedges

At the inception of the transaction, the group documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated income statement within “other gains (losses).”

Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss (for example, when foreign currency denominated financial liabilities are translated into their functional currencies). The gain or loss relating to the effective portion of cross currency swaps hedging the effects of changes in foreign exchange rates are recognized in the consolidated income statement within “foreign exchange differences.” When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in the consolidated income statement.

2.10.2 Derivative financial instruments not designated for hedging

The fair value of derivative financial instruments that do not qualify for hedge accounting pursuant to IFRS are immediately recognized in the income statement under “Other income and losses”. The fair value of these derivatives is recorded under “other current financial assets” or “other current financial liabilities” in the statement of financial position.

The Company does not use hedge accounting for its foreign investments.

The Company also evaluates the existence of embedded derivatives in contracts and financial instruments as stipulated by IFRS 9 and classifies them pursuant to their contractual terms and the business model of the group. As of December 31, 2025, the Company had no embedded derivatives.

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2.10.3 Fair value hierarchy

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the date of the transaction. Fair value is based on the presumption that the transaction to sell the asset or to transfer the liability takes place;

In the asset or liability main market, or

In the absence of a main market, in the most advantageous market for the transaction of those assets or liabilities.

The Company maintains assets related to foreign currency derivative contracts which were classified as Other current and non-current financial assets and Other current and non-current financial liabilities, respectively, and are accounted at fair value within the statement of financial position.

The Company uses the following hierarchy to determine and disclose the fair value of financial instruments with assessment techniques:

Level 1:

Quote values (unadjusted) in active markets for identical assets or liabilities

Level 2:

Valuation techniques for which the lowest level variable used, which is significant for the calculation, is directly or indirectly observable

Level 3:

Valuation techniques for which the lowest level variable used, which are significant for the calculation, are not observable.

During the reporting periods there were no transfers of items between fair value measurement categories. All of which were valued during the periods using Level 2.

2.11 Inventories

Inventories are stated at the lower of cost and net realizable value. Cost is determined using the weighted average cost method. The cost of finished goods and work in progress includes raw materials, direct labor, other direct costs and manufacturing overhead (based on operating capacity) to bring the goods to marketable condition, but it excludes interest expense. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Spare parts and production materials are stated at the lower of cost or net realizable value.

The initial cost of inventories includes the transfer of losses and gains from cash flow hedges, related to the purchase of raw materials.

Estimates are also made for obsolescence of raw materials and finished products based on turnover and age of the related goods.

2.12 Trade accounts receivable and other accounts receivable

Trade accounts receivable and other accounts receivable are measured and recognized at the transaction price at the time they are generated less the provision for expected credit losses, pursuant to the requirements of IFRS 15, since they do not have a significant financial component, less the provision of expected credit losses. The provision for expected credit losses is made applying a value impairment model based on expected credit losses for the following 12 months. The Group applies a simplified focus for trade receivables, thereby impairment is always recorded referring to expected losses during the whole life of the asset. The carrying amount of the asset is reduced by the provision of expected credit losses, and the loss is recognized in administrative expenses in the consolidated income statement by function.

2.13 Cash and cash equivalents

Cash and cash equivalents include cash on hand, bank balances, time deposits and other short-term highly liquid and low risk of change in value investments.

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2.14 Other financial liabilities

Resources obtained from financial institutions as well as the issuance of debt securities are initially recognized at fair value, net of costs incurred during the transaction. Then, liabilities are valued by accruing interests in order to equal the current value with the future value of liabilities payable, using the effective interest rate method.

General and specific borrowing costs directly attributable to the acquisition, construction or production of qualified assets, considered as those that require a substantial period of time in order to get ready for their forecasted use or sale, are added to the cost of those assets until the period in which the assets are substantially ready to be used or sold.

2.15 Income tax

The Company and its subsidiaries in Chile account for income tax according to the net taxable income calculated based on the rules in the Income Tax Law. Subsidiaries in other countries account for income taxes according to the tax regulations of the country in which they operate.

Deferred income taxes are calculated using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements, using the tax rates that have been enacted or substantively enacted on the balance sheet date and are expected to apply when the deferred income tax asset is realized, or the deferred income tax liability is settled.

Deferred income tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized.

The Company does not recognize deferred income taxes for temporary differences from investments in subsidiaries in which the Company can control the timing of the reversal of the temporary differences and it is probable that they will not be reversed in the near future.

The Group offsets deferred tax assets and liabilities if and only if it has legally recognized a right to offset against the tax authority the amounts recognized in those items; and intends to settle the resulting net debts, or to realize the assets and simultaneously settle the debts that have been offset by them.

2.16 Provisions

Provisions are recognized when the Company has a present legal or constructive obligation as a result of past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.

2.17 Leases

In accordance with IFRS 16 “Leases” Embotelladora Andina analyzes, at the beginning of the contract, the economic background of the agreement, to determine if the contract is, or contains, a lease, evaluating whether the agreement transfers the right to control the use of an identified asset for a period of time in exchange for a consideration. Control is considered to exist if the client has i) the right to obtain substantially all the economic benefits from the use of an identified asset; and ii) the right to direct the use of the asset.

The Company when operating as a lessee, at the beginning of the lease (on the date the underlying asset is available for use) records an asset for the right-of-use in the statement of financial position (under Property, plant and equipment) and a lease liability (under Other financial liabilities).

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This asset is initially recognized at cost, which includes: i) value of the initial measurement of the lease liability; ii) lease payments made up to the start date less lease incentives received; iii) the initial direct costs incurred; and iv) the estimation of costs for dismantling or restoration. Subsequently, the right-of-use asset is measured at cost, adjusted by any new measurement of the lease liability, less accumulated depreciation and accumulated losses due to impairment of value. The right-of-use asset is depreciated in the same terms as the rest of similar depreciable assets, if there is reasonable certainty that the lessee will acquire ownership of the asset at the end of the lease. If such certainty does not exist, the asset depreciates at the shortest period between the useful life of the asset or the lease term.

On the other hand, the lease liability is initially measured at the present value of the lease payments, discounted at the incremental loan rate of the Company, if the interest rate implicit in the lease could not be easily determined. Lease payments included in the measurement of the liability include: i) fixed payments, less any lease incentive receivable; ii) variable lease payments; iii) residual value guarantees; iv) exercise price of a purchase option; and v) penalties for lease termination.

The lease liability is increased to reflect the accumulation of interest and is reduced by the lease payments made. In addition, the carrying amount of the liability is measured again if there is a modification in the terms of the lease (changes in the term, in the amount of payments or in the evaluation of an option to buy or change in the amounts to be paid). Interest expense is recognized as an expense and is distributed among the periods that constitute the lease period, so that a constant interest rate is obtained in each year on the outstanding balance of the lease liability.

Short-term leases, equal to or less than one year, or lease of low-value assets are excepted from the application of the recognition criteria described above, recording the payments associated with the lease as an expense in a linear manner throughout the lease term. The Company does not act as lessor, nor does it have variable payments as lessee.

2.18 Deposits for returnable containers

This liability comprises cash collateral, or deposit, received from customers for bottles and other returnable containers made available to them.

This liability pertains to the deposit amount that will be reimbursed when the customer or distributor returns the bottles and containers in good condition, together with the original invoice.

This liability is presented under Other current financial liabilities since the Company does not have legal rights to defer settlement for a period in excess of one year. However, the Company does not anticipate any material cash settlements for such amounts during the upcoming year.

2.19 Revenue recognition

The Company recognizes revenue when control over a good or service is transferred to the client. Control refers to the ability of the client to direct the use and obtain substantially all the benefits of the goods and services exchanged. Revenue is measured based on the consideration to which it is expected to be entitled for such transfer of control, excluding amounts collected on behalf of third parties.

Management has defined the following indicators for revenue recognition, applying the five-step model established by IFRS 15 “Revenue from contracts with customers”: 1) Identification of the contract with the customer; 2) Identification of performance obligations; 3) Determination of the transaction price; 4) Assignment of the transaction price; and 5) Recognition of revenue.

All the above conditions are met at the time the products are delivered to the customer. Net sales reflect the units delivered at list price, net of promotions, discounts and taxes.

The revenue recognition criteria of the goods provided by Embotelladora Andina corresponds to a single performance obligation that transfers the product to be received to the customer.

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2.20 Contributions from The Coca-Cola Company

The Company receives certain discretionary contributions from The Coca-Cola Company (TCCC) mainly related to the financing of advertising and promotional programs for its products in the territories where the Company has distribution licenses. The contribution received from TCCC is recognized in net income after the conditions agreed with TCCC in order to become a creditor to such incentive have been fulfilled, they are recorded as a reduction in the marketing expenses included in the Administration Expenses account. Given its discretionary nature, the portion of contributions received in one period does not imply it will be repeated in the following period.

2.21 Dividend distribution

The minimum mandatory dividend established by the Chilean Corporations Law is 30% of net income for the year, which must be ratified unanimously by the General Shareholders’ Meeting. Net income is determined as of December 31 of each year, at which time the liability is recognized in the Company’s consolidated financial statements.

Interim and final dividends are recorded at the time of their approval by the competent body, which in the first case is normally the Board of Directors of the Company, while in the second case it is the responsibility of the General Shareholders’ Meeting.

2.22 Critical accounting estimates and judgments

In preparing the Consolidated Financial Statements, the Company has used certain judgments and estimates made to quantify some of the assets, liabilities, income, expenses and commitments. Following is an explanation of the estimates and judgments that might have a material impact on future financial statements.

2.22.1 Impairment of goodwill and intangible assets with indefinite useful lives

The Company tests annually whether goodwill and intangible assets with indefinite useful life (such as distribution rights) have suffered any impairment. The recoverable amounts of cash generating units are determined based on value in use calculations. The value in use is determined by management using a discounted cash flow model. The significant judgments and assumptions used in the cash flow projections include sales volumes and prices, discount rates, marketing expenses and other economic factors.

The estimation of these variables requires a use of estimates and judgments as they are subject to inherent uncertainties; however, the assumptions are consistent with the Company’s internal planning and past results. Therefore, management evaluates, and updates estimates according to the conditions affecting the variables. If these assets are considered to have been impaired, they will be written off at their estimated fair value or future recovery value according to the lowest discounted cash flows analysis. On an annual basis and close to each fiscal year end discounted cash flows in the Company’s cash generating units in Chile, Brazil, Argentina and Paraguay generated a higher value than the carrying values of the respective net assets, including goodwill of the Brazilian, Argentinian and Paraguayan subsidiaries.

2.22.2 Fair Value of Assets and Liabilities

IFRS require in certain cases that assets and liabilities be recorded at their fair value. Fair value is the price that would be received for selling an asset or paid to transfer a liability in a transaction ordered between market participants at the date of measurement.

The basis for measuring assets and liabilities at fair value are their current prices in an active market. For those that are not traded in an active market, the Company determines fair value based on the best information available by using valuation techniques.

In the case of the valuation of intangibles recognized as a result of acquisitions from business combinations, the Company estimates the fair value based on the “multi-period excess earning method”, which involves the estimation of future cash flows generated by the intangible assets, adjusted by cash flows that do not come from these, but from other assets. The Company also applies estimations over the period during which the intangible assets will generate cash flows, cash flows from other assets, and a discount rate.

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Other assets acquired, and liabilities assumed in a business combination are carried at fair value using valuation methods that are considered appropriate under the circumstances. Assumptions include the depreciated cost of recovery and recent transaction values for comparable assets, among others. These valuation techniques require certain inputs to be estimated, including the estimation of future cash flows.

2.22.3 Allowances for doubtful accounts

The Group uses a provision matrix to calculate expected credit losses for trade receivables. Provisions are based on due days for various groups of customer segments that have similar loss patterns (i.e., by geography region, product type, customer type and rating, and credit letter coverage and other forms of credit insurance).

The provision matrix is initially based on the historically observed non-compliance rates for the Group. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For example, if expected economic conditions (i.e., gross domestic product) are expected to deteriorate over the next year, which can lead to more non-compliances in the industry, historical default rates are adjusted. At each closing date, the observed historical default rates are updated and changes in prospective estimates are analyzed. The assessment of the correlation between observed historical default rates, expected economic conditions and expected credit losses are significant estimates.

2.22.4 Useful life, residual value and impairment of property, plant, and equipment

Property, plant, and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful life of those assets. Changes in circumstances, such as technological advances, changes to the Company’s business model, or changes in its capital strategy might modify the effective useful lives as compared to our estimates. Whenever the Company determined that the useful life of Property, plant and equipment might be shortened, it depreciates the excess between the net book value and the estimated recoverable amount according to the revised remaining useful life. Factors such as changes in the planned usage of manufacturing equipment, dispensers, transportation equipment and computer software could make the useful lives of assets shorter. The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of any of those assets may not be recovered. The estimate of future cash flows is based, among other factors, on certain assumptions about the expected operating profits in the future. The Company’s estimation of discounted cash flows may differ from actual cash flows because of, among other reasons, technological changes, economic conditions, changes in the business model, or changes in operating profit. If the sum of the projected discounted cash flows (excluding interest) is less than the carrying amount of the asset, the asset shall be written off to its estimated recoverable value.

2.22.5 Contingent liabilities

Provisions for litigation and other contingencies are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognized as a provision is the best estimate of the consideration required to settle the current obligation at the date of issuance of the financial statements, considering the risks and uncertainties surrounding the obligation. When a provision is measured using estimated cash flows to settle the current obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). The accrual of the discount is recognized as a finance cost. Incremental legal costs expected to be incurred in settling the legal claim are included in the measurement of the provision.

Provisions are reviewed at the end of each reporting period and are adjusted to reflect the current best estimate. If it is no longer probable that an outflow of economic benefits will be required to settle the obligation, the provision is reversed.

A contingent liability does not imply the recognition of a provision. Legal costs expected to be incurred in defending the legal claim are recognized in profit or loss when incurred.

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2.22.6. Employee benefits

The Company records a liability regarding indemnities for years of service that will be paid to employees in accordance with individual and collective agreements subscribed with employees, which is recorded at actuarial value in accordance with IAS 19 “Employee Benefits”. At the year end there were no modifications to the agreements. Results from updated actuarial variables are recorded within other comprehensive income in accordance with IAS 19. Additionally, the Company has retention plans for some officers, which have a provision pursuant to the guidelines of each plan. These plans grant the right to certain officers to receive a cash payment on a certain date once they have fulfilled the required years of service.

The Company and its subsidiaries have recorded a provision to account for the cost of vacations and other employee benefits on an accrual basis. These liabilities are recorded under current non-financial liabilities.

2.23 New Standards, Interpretations and Amendments to IFRS

2.23.1 Mandatory standards, interpretations and amendments for the first time for financial years beginning on January 1, 2025.

Amendments to IAS 21 - Lack of Exchangeability. Issued in August 2023, this amendment affects an entity that has a transaction or operation in a foreign currency that is not exchangeable into another currency for a specific purpose at the measurement date. A currency is exchangeable into another currency when it is possible to obtain the other currency (with a normal administrative delay), and the transaction is carried out through a market or exchangeable mechanism that creates enforceable rights and obligations. This amendment establishes the guidelines to be followed to determine the exchange rate to be used in situations of absence of exchange y as mentioned above.

The consolidated financial statements of Embotelladora Andina S.A. as of December 31, 2025, incorporate changes resulting from the initial adoption of International Accounting Standard IAS 21 – Lack of Exchangeability.

On April 14, 2025, in the context of the new economic plan, the Central Bank of the Argentine Republic (BCRA) announced the lifting of exchange controls.

The elimination of these restrictions on the acquisition of foreign currency allowed for greater transparency in the determination of exchange rates and facilitated convergence toward a unified dollar. This led to a devaluation of the official dollar and a reduction in the exchange rate known as the “dólar contado con liquidación” (CCL), bringing both values closer together.

In compliance with IAS 21 – Lack of Exchangeability, from January 1, 2025, until the date of the lifting of the currency controls, the results and financial statements of subsidiaries in Argentina, whose functional currency is the Argentine peso, have been translated into the presentation currency using the exchange rate corresponding to the CCL dollar.

The effects of the exchange rates used to convert the functional currency (ARS) to the presentation currency (CLP) are as follows:

As of December 31, 2025, the conversion of balance sheet accounts in Argentina was performed using a parity of $0.62, calculated between the value of the dollar observed in Chile of $907.13 and the Mercado Libre de Cambios (MLC) dollar exchange rate of $1,455.0 published on December 31, 2025, on the website of Banco de la Nación Argentina (BNA). For more information on conversion to presentation currency, see Note 2.5.2 and Note 2.5.3.

For the purposes of the initial adjustment (determination of the adjustment as of January 1, 2025), where the impact is exclusively on the Company’s equity, a parity of $0.84 was used, obtained by dividing the value of the dollar observed in Chile of $996.46 as of December 31, 2024, by the CCL exchange rate of $1,186.93.

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The effects of these exchange rates on the balance sheet accounts, in the process of conversion from the functional currency (ARS) to the presentation currency (CLP), is CLP 43,370,401 thousand:


						Exchange		Equity ARS as of		Equity conversion
Equity conversion as of January 1, 2025		USD/CLP		USD/ARS		rate		December 31, 2024		in ThCh$
Official dollar		996.46		1,032.00		0.97		344,114,442,067		332,263,829
CCL dollar as of January 1		996.46		1,186.93		0.84		344,114,442,067		288,893,428
Change in ending balance initial conversion equity 01.01.2025										43,370,401

2.23.2 Standards, interpretations and amendments issued, the application of which is not yet mandatory, for which early adoption has not been made.

Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments. Published in May 2024, this amendment intends to:

●

Clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;

●

Clarify and add further guidance for assessing whether a financial asset meets the principal-and-interest-only payment (SPPI) criterion;

●

Add new disclosures for certain instruments with contractual terms that may change cash flows (such as some instruments with features linked to the achievement of environmental, social and governance (ESG) goals); and

●

Make updates to disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).

Annual Improvements to IFRS - Volume 11. The following improvements were published in July 2024:

(1)

IFRS 1 First-time Adoption of International Financial Reporting Standards. Some cross-references to IFRS 9 indicated in paragraphs B5-B6 regarding the retrospective application exception in hedge accounting were improved.

(2)

IFRS 7 Financial Instruments: Disclosures. Regarding the disclosures on results from the derecognition of financial assets where there is continuous involvement, a reference to IFRS 13 is incorporated in order to disclose whether there are significant unobservable inputs that impacted the fair value, and therefore, part of the result of the derecognition.

(3)

IFRS 9 Financial Instruments. A reference on the initial measurement of accounts receivable was amended by eliminating the concept of transaction price.

(4)

IFRS 10 Consolidated Financial Statements. Some improvements are incorporated in the description of the control assessment when there are “de facto agents.”

(5)

IAS 7 Statement of Cash Flows. A reference in paragraph 37 regarding the concept of “equity method” was amended by eliminating the reference to the “cost method”.

Amendment to IFRS 9 and IFRS 7: Contracts Referencing Electricity That Depends on Nature (Published in December 2024). This amendment includes:

●

Clarifying the application of the “own use” requirements;

●

Allowing hedge accounting if these contracts are used as hedging instruments; and

●

Disclosure requirements to enable investors to understand the effect of these contracts on an entity’s financial performance and cash flows.

IFRS 18 Presentation and disclosure in financial statements. Issued in April of 2024.This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the income statement. The key new concepts introduced in IFRS 18 relate to (Mandatory as from January 1, 2027):

●

The structure of the income statement;

●

Disclosures required in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (i.e., performance measures defined by management); and

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●

Enhanced principles on aggregation and disaggregation that apply to the principal financial statements and notes overall.

IFRS 19 Non-Public Interest Subsidiaries: Disclosures. Issued in April 2024. This new standard establishes that an eligible subsidiary applies the requirements of other IFRS Accounting Standards, except for the disclosure requirements, and instead may apply the reduced disclosure requirements of IFRS 19. The reduced disclosure requirements of IFRS 19 balance the information needs of users of the financial statements of eligible subsidiaries with cost savings for preparers. IFRS 19 is a voluntary standard for eligible subsidiaries

A subsidiary is eligible if it:

●

Has no public liability; and

●

Has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS.

The amendments to IFRS 19 assist eligible subsidiaries by reducing disclosure requirements in respect of Standards and amendments issued between February 2021 and May 2024, namely:

●

IFRS 18, Presentation and Disclosure in Financial Statements;

●

Financing Agreements with Suppliers (Amendments to IAS 7 and IFRS 7);

●

International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12);

●

Lack of Exchangeability (Amendments to IAS 21); and

●

Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7).

Amendments to IAS 21 - Conversion to a Hyperinflationary Reporting Currency. Published in November 2025, these limited-scope amendments specify the conversion procedures applicable to entities whose reporting currency is the currency of a hyperinflationary economy. An entity applies the amendments when:

●

its functional currency is the currency of a non-hyperinflationary economy, and it translates its results and financial position into the currency of a hyperinflationary economy; or

●

it translates the results and financial position of a foreign operation whose functional currency is the currency of a non-hyperinflationary economy into the currency of a hyperinflationary economy.

The objective of the amendments is to enhance the usefulness of the resulting information in a cost-effective manner. The amendments were developed in response to stakeholder feedback and are expected to reduce diversity in practice and provide a clearer basis for reporting in a hyperinflationary currency.

Amendments to Illustrative Examples on IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36, and IAS 37 - Disclosures about Uncertainties in Financial Statements. Published in November 2025.

These amendments introduce illustrative examples demonstrating how entities apply the requirements of IFRS Accounting Standards to disclose the effects of uncertainties in their financial statements.

The examples do not add to or amend the requirements of IFRS Accounting Standards and, accordingly, do not give rise to transition requirements. The examples will accompany the respective Standards to which they relate.

Company management estimates that the adoption of the standards, interpretations and amendments described above will not have a material impact on the Company’s consolidated financial statements in the period of initial application.

Regarding the implementation of IFRS 18 - Presentation and Disclosure in Financial Statements, management is conducting a thorough analysis of the potential impact on the company’s consolidated financial statements.

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3 – FINANCIAL REPORTING BY SEGMENT

The Company provides financial information by segments according to IFRS 8 “Operating Segments,” which establishes standards for reporting by operating segment and related disclosures for products and services, and geographic areas.

The Company’s Board of Directors and Management measures and assesses the performance of operating segments based on the net income of each of the countries where there are Coca-Cola franchises.

The operating segments are determined based on the presentation of internal reports to the Company´s chief strategic decision-maker. The chief operating decision-maker has been identified as the Company´s Board of Directors who makes the Company’s strategic decisions.

The following operating segments have been determined for strategic decision making based on geographic location:

●

Operation in Chile

●

Operation in Brazil

●

Operation in Argentina

●

Operation in Paraguay

The four operating segments conduct their businesses through the production and sale of soft drinks and other beverages, as well as packaging materials.

Expenses and revenue associated with the Corporate Officer were assigned to the operation in Chile in the soft drinks segment because Chile is the country that manages and pays the corporate expenses, which would also be substantially incurred, regardless of the existence of subsidiaries abroad.

Total revenues by segment include sales to unrelated customers and inter-segments, as indicated in the consolidated statement of income of the Company.

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A summary of the Company’s operations by segment in accordance with IFRS is as follows:



	Operation in	Operation in	Operation in	Operation in	Inter-segment	Consolidated
For the period ended December 31, 2025	Chile	Argentina	Brazil	Paraguay	eliminations	total
	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Net sales	1,319,136,024	743,463,364	976,907,746	314,659,686	(9,330,969)	3,344,835,851
Cost of sales	(871,161,843)	(402,209,929)	(591,130,936)	(182,782,385)	9,605,969	(2,037,679,124)
Distribution expenses	(105,586,109)	(98,103,991)	(75,937,785)	(17,036,707)	—	(296,664,592)
Administrative expenses	(215,872,575)	(160,414,495)	(134,620,377)	(44,218,175)	—	(555,125,622)
Financial income	4,911,713	1,776,760	10,796,800	954,339	—	18,439,612
Financial costs	(36,486,570)	(4,230,018)	(27,501,825)	—	—	(68,218,413)
Share of entity in income of associates accounted for using the equity method, total	(881,145)	—	3,795,041	—	—	2,913,896
Income tax expense	(35,346,977)	(27,141,446)	(40,009,007)	(7,659,497)	—	(110,156,927)
Other income (expenses)	(22,054,781)	(6,610,945)	(2,795,601)	3,594,061	—	(27,867,266)
Net income of the segment reported	36,657,737	46,529,300	119,504,056	67,511,322	275,000	270,477,415

Depreciation and amortization	59,720,407	43,194,473	41,427,158	15,174,455	(275,000)	159,241,493

Current assets	560,362,117	144,285,504	244,460,128	83,945,032	—	1,033,052,781
Non-current assets	899,299,770	322,176,655	820,894,414	344,981,798	—	2,387,352,637
Segment assets, total	1,459,661,887	466,462,159	1,065,354,542	428,926,830	—	3,420,405,418

Carrying amount in associates accounted for using the equity method, total	45,641,870	—	41,446,001	—	—	87,087,871

Purchase of property, plant and equipment	82,414,851	35,767,333	122,175,235	37,464,796	—	277,822,215

Current liabilities	238,966,685	129,772,961	301,583,342	60,089,529	—	730,412,517
Non-current liabilities	916,231,359	39,559,512	516,413,218	21,234,964	—	1,493,439,053
Segment liabilities, total	1,155,198,044	169,332,473	817,996,560	81,324,493	—	2,223,851,570

Cash flows from (used in) operating activities	268,604,567	68,620,260	91,656,678	32,245,897	—	461,127,402
Cash flows from (used in) investing activities	(80,494,816)	(40,041,398)	(90,574,347)	(37,464,796)	—	(248,575,357)
Cash flows from (used in) financing activities	(132,802,798)	(25,061,467)	(3,461,981)	(1,085,965)	—	(162,412,211)

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	Operation in	Operation in	Operation in	Operation in	Inter-segment	Consolidated
For the period ended December 31, 2024	Chile	Argentina	Brazil	Paraguay	eliminations	total
	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Net sales	1,245,017,869	798,447,268	909,678,045	282,065,004	(10,975,181)	3,224,233,005
Cost of sales	(824,059,469)	(428,873,483)	(542,292,798)	(161,442,839)	11,305,181	(1,945,363,408)
Distribution expenses	(101,148,705)	(106,646,693)	(66,879,135)	(15,312,475)	—	(289,987,008)
Administrative expenses	(200,770,283)	(180,872,313)	(141,148,019)	(39,010,598)	—	(561,801,213)
Financial income	10,879,956	(2,505,917)	19,571,322	1,014,557	—	28,959,918
Financial costs	(32,598,203)	(11,204,328)	(26,611,352)	—	—	(70,413,883)
Share of entity in income of associates accounted for using the equity method, total	(2,298,261)	—	3,295,905	—	—	997,644
Income tax expense	(42,534,666)	(35,815,666)	(48,040,456)	(7,001,858)	—	(133,392,646)
Other income (expenses)	(26,486,958)	7,091,473	1,526,372	(719,171)	—	(18,588,284)
Net income of the segment reported	26,001,280	39,620,341	109,099,884	59,592,620	330,000	234,644,125

Depreciation and amortization	51,077,980	47,953,737	36,388,203	16,021,013	(330,000)	151,110,933

Current assets	528,419,153	174,373,750	224,628,287	85,774,550	—	1,013,195,740
Non-current assets	867,381,313	387,082,375	728,698,570	294,746,275	—	2,277,908,533
Segment assets, total	1,395,800,466	561,456,125	953,326,857	380,520,825	—	3,291,104,273

Carrying amount in associates accounted for using the equity method, total	46,683,997	—	38,508,713	—	—	85,192,710

Disbursements on segment non-cash assets	105,146,894	76,780,061	93,640,763	15,973,893	—	291,541,611

Current liabilities	426,497,211	186,311,088	240,103,614	53,232,081	—	906,143,994
Non-current liabilities	923,267,523	49,094,282	378,537,102	19,664,352	—	1,370,563,259
Segment liabilities, total	1,349,764,734	235,405,370	618,640,716	72,896,433	—	2,276,707,253

Cash flows from (used in) operating activities	237,563,057	33,918,565	70,270,360	15,489,929	—	357,241,911
Cash flows from (used in) investing activities	(163,677,289)	(75,645,230)	(34,556,219)	(15,973,893)	—	(289,852,631)
Cash flows from (used in) financing activities	(77,241,755)	32,332,916	(73,477,219)	(1,372,118)	—	(119,758,176)

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	Operation in	Operation in	Operation in	Operation in	Inter-segment	Consolidated,
For the period ended December 31, 2023	Chile	Argentina	Brazil	Paraguay	eliminations	Total
	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$

Revenues from ordinary activities	1,191,974,011	460,337,955	745,382,614	223,840,649	(3,098,177)	2,618,437,052
Cost of sales	(785,163,742)	(234,814,106)	(460,648,667)	(124,798,917)	3,428,177	(1,601,997,255)
Distribution expenses	(98,940,612)	(60,925,828)	(55,074,448)	(12,866,291)	—	(227,807,179)
Administrative expenses	(185,062,364)	(98,996,057)	(116,836,812)	(30,400,282)	—	(431,295,515)
Financial income	12,892,543	8,497,135	9,251,681	754,808	—	31,396,167
Financial costs	(31,413,255)	(6,174,445)	(27,700,652)	—	—	(65,288,352)
Share of entity in income of associates accounted for using the equity method, total	320,225	—	2,395,944	—	—	2,716,169
Income tax expense	(27,867,269)	(25,000,923)	(27,122,886)	(6,003,229)	—	(85,994,307)
Oher income (expenses)	(40,422,909)	(20,238,217)	(1,651,128)	(3,343,039)	—	(65,655,293)
Net income of the segment reported	36,316,628	22,685,514	67,995,646	47,183,699	330,000	174,511,487

Depreciation and amortization	44,930,478	23,055,893	31,384,619	13,730,334	(330,000)	112,771,324

Current assets	537,875,316	86,006,922	276,111,516	81,777,273	—	981,771,027
Non-current assets	818,222,777	192,749,170	651,665,020	277,112,895	—	1,939,749,862
Segment assets, total	1,356,098,093	278,756,092	927,776,536	358,890,168	—	2,921,520,889

Carrying amount in associates accounted for using the equity method, total	49,790,788	—	42,008,479	—	—	91,799,267

Segment disbursements of non-monetary assets	98,330,718	24,421,786	50,018,391	19,936,603	—	192,707,498

Current liabilities	256,032,001	107,654,447	284,887,152	44,297,696	—	692,871,296
Non-current liabilities	965,276,582	23,188,614	300,646,803	18,552,180	—	1,307,664,179
Segment liabilities, total	1,221,308,583	130,843,061	585,533,955	62,849,876	—	2,000,535,475

Cash flows (used in) provided by in Operating Activities	196,897,114	32,330,115	118,389,616	19,213,391	—	366,830,236
Cash flows (used in) provided by Investing Activities	(224,464,143)	(24,421,513)	110,533,381	(19,936,603)	—	(158,288,878)
Cash flows (used in) provided by Financing Activities	19,739,413	3,911,735	(209,887,714)	(890,232)	—	(187,126,798)

4 – CASH AND CASH EQUIVALENTS

The composition of cash and cash equivalents is as follows:


Description	12.31.2025	12.31.2024
	ThCh$	ThCh$
Cash	287,408	360,472
Bank balances	156,192,975	139,876,935
Other fixed rate instruments	140,059,326	108,661,597
Cash and cash equivalents	296,539,709	248,899,004

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Other fixed income instruments correspond primarily to investments in short-term instruments with good credit ratings, such as Time Deposits and Mutual Funds, which are highly liquid, with insignificant risk of change in value and easily converted into known amounts of cash. As of December 31, 2024, an amount of CLP 6,878,230 is subject to restrictions on the use of cash and cash equivalents as it is committed to the purchase of real estate assets.


By currency	12.31.2025	12.31.2024
	ThCh$	ThCh$
USD	21,353,466	14,817,741
EUR	352,273	234,718
ARS	11,629,118	12,461,057
CLP	191,155,122	140,155,381
PYG	24,604,036	32,690,023
BRL	47,445,694	48,540,084
Cash and cash equivalents	296,539,709	248,899,004

5 – OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS

The composition of other financial assets is as follows:


	Current		Non-current
Other financial assets	12.31.2025	12.31.2024	12.31.2025	12.31.2024
	ThCh$	ThCh$	ThCh$	ThCh$
Financial assets measured at amortized cost (1)	45,317,232	72,481,578	2,903,350	2,933,957
Financial assets at fair value (2)	657,477	4,105,005	142,975,857	144,550,766
Other financial assets (3)	—	—	18,491,729	21,935,580
Total	45,974,709	76,586,583	164,370,936	169,420,303

(1)	Financial instrument that do not meet the definition of cash equivalents pursuant to Note 2.13.

(2)	Market value of hedging instruments. See details in Note 22.

(3)	Correspond to the rights in the Argentinean company Alimentos de Soya S.A., manufacturing company of “AdeS” products, which are framed in the purchase of the “AdeS” brand managed by The Coca-Cola Company at the end of 2016.

6 – OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS

The composition of other non-financial assets is as follows:


	Current		Non-current
Other non-financial assets	12.31.2025	12.31.2024	12.31.2025	12.31.2024
	ThCh$	ThCh$	ThCh$	ThCh$
Prepaid expenses	9,086,673	16,398,362	934,715	1,037,774
Tax credit remainder (1)(2)	109,096	67,318	53,015,476	49,541,827
Judicial deposits	—	—	15,149,522	14,477,664
Other (3)	6,790,127	10,794,827	13,813,394	14,689,430
Total	15,985,896	27,260,507	82,913,107	79,746,695

(1)

In November 2006, Rio de Janeiro Refrescos Ltda. (“RJR”) filed a court order No. 0021799-23.2006.4.02.5101 seeking recognition of the right to exclude ICMS (Tax on Commerce and Services) from the PIS (Program of Social Integration) and COFINS (Contribution for the Financing of Social Security) calculation base, as well as recognition of the right to obtain reimbursement of amounts unduly collected since November 14, 2001, duly restated using the Selic interest rate. On May 20, 2019, the ruling favoring RJR became final, allowing the recovery of amounts overpaid from November 14, 2001 to August 2017. It is worth noting that in September 2017, RJR had already obtained a Security Mandate, which granted it the right to exclude, from that date, the ICMS from the PIS and COFINS calculation base.

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The company took steps to assess the total amount of the credit at issue for the period of unduly collection of taxes from November 2001 to August 2017, totaling approximately CLP 100,550 million (CLP 92,783 million at December 2021) (BRL 613 million, of which BRL 370 million corresponds to capital and BRL 243 million to interest and monetary restatement. These amounts were recorded as of December 31, 2019 and recovered as of December 31, 2022.

Companhia de Bebidas Ipiranga, acquired in September 2013, also filed a court order n. 0005018-15.2002.4.03.6110 to recognize the same issue as the one previously descibed for RJR. On September 12, 2019, the ruling favoring Ipiranga became final, allowing the recovery of the amounts overpaid from September 12, 1990 to December 12, 2013 (date on which Ipiranga was acquired by RJR). The Ipiranga credit will be generated in the name of RJR, however pursuant to a contractual clause (“Subscription Agreement for Shares and Exhibits”), which requireds RJR to transfer any gain resulting from this action to the former shareholders of Ipiranga. The Company performed procedures to assess the total amount of the credit in question for the tax period expired, totaling BRL 162,588, of which BRL 80,177 correspond to principal and BRL 82,411 correspond to interest and monetary restatement. These amounts were recorded in the year ended December 31, 2020. The payment of income tax is made at the time of liquidation of the credit, with which the respective deferred tax liability of BRL 55,280 was recorded. The value of PIS and Cofins recorded was BRL 7,623 thousand.

As of December 31, 2025, the amount to be transferred to the former shareholders of Ipiranga is CLP 23,882,114 or BRL 144,863 thousand (CLP 21,693,201 or BRL 134,808 thousand at December 31, 2024). The liability is included in trade accounts and other accounts payables (Note 18).

(2)

The Company obtained a favorable final judgment in the Federal Proceeding No. 5089101-22.2022.4.02.5101, pending before the 30th Federal Court of Rio de Janeiro, recognizing its right to recover the PIS and COFINS credits for payment of an amount higher than the amount owed due to an increase in the basis of calculation (including the amount of a state tax - ICMS-ST). The lawsuit was filed on 11/22/2022 and relates to the credit for the period from 11/22/2017 to 8/26/2024 in the total amount of BRL 200,266,717 (with BRL 144,539,175 corresponding to principal and BRL 55,727,543 corresponding to the monetary adjustment for the Selic rate until 12/31/2024). The total amount of the credit recorded, net of taxes and fees, is CLP 24,951,904 or BRL 155,058 thousand. The Company will initiate procedures before the Receita Federal of Brazil to validate this credit and begin offsetting the federal tax liability.

(3)	Other non-financial assets are mainly composes of advances to suppliers.

7 – TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE

The composition of trade and other receivables is as follows:


		Current				Non-current
Trade debtors and other accounts receivable, net		12.31.2025		12.31.2024		12.31.2025		12.31.2024
		ThCh$		ThCh$		ThCh$		ThCh$
Trade accounts debtor		287,812,236		282,453,556		132,362		113,966
Other debtors		45,776,284		44,195,220		39,557		212,749
Other accounts receivable		6,189,978		6,182,312		15,725		9,008
Total		339,778,498		332,831,088		187,644		335,723


		Current				Non-current
Trade and other receivables, gross		12.31.2025		12.31.2024		12.31.2025		12.31.2024
		ThCh$		ThCh$		ThCh$		ThCh$
Trade debtors		292,740,521		286,866,555		132,362		113,966
Other debtors		46,151,589		44,566,923		39,557		212,749
Other accounts receivable		6,470,828		6,392,415		15,725		9,008
Total		345,362,938		337,825,893		187,644		335,723

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The aging of the portfolio for current and non-current trade accounts receivable, without impairment impact, is as follows:


	12.31.2025	12.31.2024
	ThCh$	ThCh$
Less than one month old	285,825,868	276,941,661
Between one and three months old	300,575	2,533,836
Between three and six months old	724,075	1,216,352
With seniority between six and eight months	5,669,012	5,920,865
With seniority greater than eight months	353,353	367,807
Total	292,872,883	286,980,521

The Company has approximately 275,567 customers, who may have balances in the different segments of the stratification. The number of customers is distributed geographically with 72,694 in Chile, 84,145 in Brazil, 66,306 in Argentina, and 52,422 in Paraguay.

The provision for expected credit losses associated with each segment of the current and non-current trade receivables is as follows:


		12.31.2025
				Impairment loss
		Credit amount		provision		Percentage
		ThCh$		ThCh$		%
Less than one month		283,967,276		(965,427)		0.34	%
Between one and three months		2,159,167		(592,660)		27.45	%
Between three and six months		724,075		(454,199)		62.73	%
Between six and eight months		5,669,012		(2,590,039)		45.69	%
Greater than eight months		353,353		(325,960)		92.25	%
Total		292,872,883		(4,928,285)		—


		12.31.2024
				Impairment loss
		Credit amount		provision		Percentage
		ThCh$		ThCh$		%
Less than one month		276,941,661		(1,151,129)		0.42	%
Between one and three months		2,533,836		(206,041)		8.13	%
Between three and six months		1,216,352		(911,547)		74.94	%
Between six and eight months		5,920,865		(1,788,253)		30.20	%
Greater than eight months		367,807		(356,029)		96.80	%
Total		286,980,521		(4,412,999)

The movement in the allowance for expected credit losses is presented below:


	12.31.2025	12.31.2024	12.31.2023
	ThCh$	ThCh$	ThCh$
Opening balance	4,412,999	4,447,197	4,492,643
Increase (decrease)	1,135,744	1,426,301	1,319,216
Reversal of provision	(569,535)	(1,417,795)	(1,110,743)
Increase (decrease) due to foreign currency changes	(50,923)	(42,704)	(253,919)
Subtotal movements	515,286	(34,198)	(45,446)
Final balance	4,928,285	4,412,999	4,447,197

The provision for expected credit losses is recorded under administrative expenses in the income statement by function.

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8 – INVENTORIES

The composition of inventories is detailed as follows:


Description	12.31.2025	12.31.2024
	ThCh$	ThCh$
Raw materials (1)	127,485,242	132,404,864
Finished products	128,636,733	121,326,380
Spare parts and other production supplies	39,602,883	39,296,081
Work in progress	266,951	378,573
Other inventories	13,085,031	10,742,769
Provision for obsolescence (2)	(4,526,231)	(4,177,758)
Total	304,550,609	299,970,909

The cost of inventories recognized as cost of sales as of December 31, 2025 and 2024 amounts to ThCh$ 1,642,483,000 and ThCh$ 1,584,826,536, respectively.

(1)	Approximately 80% consists of concentrate and sweeteners used in the preparation of beverages, as well as caps and PET supplies used in product packaging.

(2)

The obsolescence provision relates mainly to the obsolescence of spare parts classified as inventory and, to a lesser extent, finished products and raw materials. The general rule is to provision all multifunctional spare parts with no turnover in the last four years prior to the technical analysis to adjust the provision. In the case of raw materials and finished products, the obsolescence provision is determined according to their expiration date.

9 – TAX ASSETS AND LIABILITIES

The composition of current tax accounts receivable is the following:


Tax assets	12.31.2025	12.31.2024
	ThCh$	ThCh$
Monthly provisional payments	1,569,017	2,113,749
Tax credits	11,402,508	12,435,193
Recoverable taxes from prior years	18,068	547,475
Surplus Tax Credit	1,934,580	2,151,773
Other Recoverable Taxes	—	497,916
Total	14,924,173	17,746,106

The composition of current tax accounts payable is the following:


	Current
Tax liabilities	12.31.2025	12.31.2024
	ThCh$	ThCh$
Income tax expense	14,207,862	28,224,678
Other	—	144,598
Total	14,207,862	28,369,276

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10 – INCOME TAX, DEFERRED TAXES, AND OTHER TAXES

10.1 Income tax expense

The current and deferred income tax expenses are detailed as follows:


Detail	12.31.2025	12.31.2024	12.31.2023
	ThCh$	ThCh$	ThCh$
Current tax expense	(105,206,863)	(116,949,330)	(58,334,583)
Adjustment to current tax for the previous period	(154,862)	(649,888)	(152,481)
Expense for taxes withheld from foreign subsidiaries	(3,334,078)	(3,997,308)	(11,803,842)
Other current tax expenses (income)	(3,425)	(46,712)	(688,765)
Current tax expense	(108,699,228)	(121,643,238)	(70,979,671)
Expenses (income) from the creation and reversal of temporary differences for deferred taxes and other items	(1,457,699)	(11,749,408)	(15,014,636)
Expenses (income) for deferred taxes	(1,457,699)	(11,749,408)	(15,014,636)
Total income tax expense	(110,156,927)	(133,392,646)	(85,994,307)

The distribution of national and foreign tax expenditure is as follows:


Income taxes	12.31.2025	12.31.2024	12.31.2023
	ThCh$	ThCh$	ThCh$
Current taxes
Foreign	(74,251,356)	(83,091,643)	(44,507,433)
National	(34,447,872)	(38,551,595)	(26,472,238)
Current tax expense	(108,699,228)	(121,643,238)	(70,979,671)
Deferred taxes
Foreign	(558,594)	(7,766,337)	(13,619,606)
National	(899,105)	(3,983,071)	(1,395,030)
Deferred tax expense	(1,457,699)	(11,749,408)	(15,014,636)
Income tax expense	(110,156,927)	(133,392,646)	(85,994,307)

The reconciliation of tax expense using the statutory rate with tax expense using the effective rate is as follows:


Reconciliation of effective rate	12.31.2025		12.31.2024		12.31.2023
	ThCh$		ThCh$		ThCh$
Net income before taxes	380,634,342		368,036,771		260,505,794
Tax expense at legal rate (27.0%)	(102,771,272)		(99,369,928)		(70,336,564)
Effect of tax rate in other jurisdictions	(4,280,535)		(6,667,967)		(854,686)

Permanent differences:
Foreign dividend tax withholding expense and other non-taxable income	(10,051,619)		(16,136,709)		(15,253,682)
Non-deductible expenses	(3,208,984)		(2,729,645)		(2,585,111)
Tax effect on excess tax provision in previous periods	3,525,571		(227,730)		(188,988)
Tax effect of price-level restatement for Chilean companies	(3,443,934)		(4,711,530)		(9,929,818)
Subsidiaries tax withholding expense and other legal tax debits and credits	10,073,846		(3,549,137)		13,154,542
Adjustments to tax expense	(3,105,120)		(27,354,751)		(14,803,057)
Tax expense at effective rate	(110,156,927)		(133,392,646)		(85,994,307)
Effective rate	28.9	%	36.2	%	33.0	%

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The applicable income tax rates in each of the jurisdictions where the Company operates are the following:


	Rates
Country	2025		2024		2023
Chile	27.00	%	27.00	%	27.00	%
Brazil	34.00	%	34.00	%	34.00	%
Argentina	35.00	%	35.00	%	35.00	%
Paraguay	10.00	%	10.00	%	10.00	%

10.2 Deferred taxes

The net cumulative balances of temporary differences resulted in deferred tax assets and liabilities, which are detailed as follows:


	12.31.2025		12.31.2024
Temporary differences	Assets	Liabilities	Assets	Liabilities
	ThCh$	ThCh$	ThCh$	ThCh$
Property, plant and equipment	2,321,972	(58,716,442)	13,207,209	(72,828,374)
Obsolescence provision	1,471,678	—	1,462,351	—
ICMS exclusion credit	—	(8,715,853)	—	(8,932,781)
Employee benefits	7,334,254	—	9,193,709	—
Provision for severance indemnity	3,016,001	—	3,090,610	—
Tax loss carry forwards (1)	4,079,365	—	1,777,503	—
Tax goodwill Brazil (2)	—	(14,360,929)	—	(14,017,580)
Contingency provision	27,609,103	—	27,369,217	—
Foreign Exchange differences (3)	—	(1,837,609)	—	(6,645,768)
Allowance for doubtful accounts	1,136,600	—	977,594	—
Coca-Cola incentives (Argentina)	366,718	—	44,298	—
Assets and liabilities for placement of bonds	—	(464,794)	—	(513,394)
Financial expense	—	(2,403,056)	—	(2,400,025)
Lease liabilities	2,819,956	—	5,321,034	—
Inventories	1,447,980	—	2,033,884	—
Distribution rights (4)	—	(158,144,238)	—	(155,203,115)
Prepaid income	1,629,993	—	1,582,847	(28,858)
Spare parts	—	(9,711,255)	—	(10,970,620)
Intangibles	89,070	(8,311,742)	85,915	(10,448,709)
Others	3,779,770	(4,320,995)	5,097,825	(4,641,624)
Tax inflation adjustment	—	—	—	(2,499,484)
Subtotal	57,102,460	(266,986,913)	71,243,996	(289,130,332)
Offsetting of deferred tax assets/(liabilities)	(48,313,602)	48,313,602	(64,162,447)	64,162,447
Total net assets and liabilities	8,788,858	(218,673,311)	7,081,549	(224,967,885)

(1)	Tax losses mainly associated with entities in Chile. Tax losses in Chile have no expiration date.

(2)	Difference due to the tax amortization of goodwill in Brazil.

(3)	Corresponds to deferred taxes for exchange rate differences generated on the translation of debts expressed in foreign currency in the mainly in the subsidiary Embotelladora del Atlántico S.A.

(4)	Distribution rights arising from business combinations. See Note 15.

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The movements in deferred tax accounts are as follows:


Movement	12.31.2025	12.31.2024
	ThCh$	ThCh$
Opening balance	(217,886,336)	(176,147,045)
Increase (decrease) in deferred tax	(9,212,483)	(50,692,808)
Increase (decrease) due to foreign currency translation(*)	17,214,366	8,953,517
Total movements	8,001,883	(41,739,291)
Final balance	(209,884,453)	(217,886,336)

(*)Includes the effect of IAS 29 due to inflation in Argentina.

10.3 Other deferred taxes

On January 24, 2024, Rio de Janeiro Refrescos Ltda. entered into an agreement with the State Secretariat of Economic Development, Industry, Trade and Services (State Secretariat of Finance, Government of the State of Rio de Janeiro), whereby it was granted differentiated tax treatment for sales tax for its industrial facility in the city of Duque de Caxias. This tax incentive will result in higher operating margins for the Company for the period 2024 to 2032, provided that certain revenue levels are met. As a result, for the 2024 fiscal year, the Company has accrued additional benefits amounting to approximately ThCh$ 3,740,000.

11 – PROPERTY, PLANT, AND EQUIPMENT

The breakdown of property, plant, and equipment at the end of each period is as follows:


Property, plant and equipment, gross	12.31.2025	12.31.2024
	ThCh$	ThCh$
Construction in progress	71,046,048	128,215,798
Land	169,299,053	123,895,947
Buildings	462,387,416	436,959,682
Plant and equipment	979,677,819	883,485,697
Information technology equipment	42,776,522	38,690,860
Fixed installations and accessories	61,907,492	79,376,966
Vehicles	100,693,925	93,948,092
Leasehold improvements	456,829	417,335
Right of use	110,230,009	101,789,265
Other property, plant, and equipment (1)	538,439,121	591,042,877
Total gross property, plant and equipment	2,536,914,234	2,477,822,519

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Accumulated depreciation of Property, plant and equipment		12.31.2025		12.31.2024
		ThCh$		ThCh$
Buildings		(158,944,387)		(154,234,604)
Plant and equipment		(613,239,881)		(604,950,321)
Information technology equipment		(31,367,812)		(28,031,257)
Fixed installations and accessories		(38,045,449)		(51,636,433)
Vehicles		(61,118,362)		(58,719,029)
Leasehold improvements		(421,224)		(333,299)
Right-of-use		(78,840,844)		(66,670,171)
Other property, plant, and equipment (1)		(375,551,016)		(415,473,833)
Total accumulated depreciation		(1,357,528,975)		(1,380,048,947)
Total net property, plant, and equipment		1,179,385,259		1,097,773,572

(1)	The net balance of each of these categories is presented below:


Other property, plant, and equipment, net	12.31.2025	12.31.2024
	ThCh$	ThCh$
Containers	49,435,791	52,405,316
Promotional and marketing assets (market assets)	79,493,295	87,694,964
Other property, plant, and equipment	33,959,019	35,468,764
Total	162,888,105	175,569,044

11.1 Movements

The details of the movements in Property, plant, and equipment are as follows:


						Fixed
				Plant and	IT	installations		Leasehold			Rights-of-use	Property, plant
	Construction		Buildings,	equipment,	equipment,	and fixtures,		improvements,			assets,	and equipment,
	in progress	Land	net	net	net	net	Vehicles, net	net	Other		net (1)	net
	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$		ThCh$	ThCh$
Opening balance as of January 1, 2025	128,215,798	123,895,947	282,725,078	278,535,376	10,659,603	27,740,533	35,229,063	84,036	175,569,044		35,119,094	1,097,773,572
Additions	153,726,539	6,833,918	1,937,584	34,166,824	1,821,997	228,399	5,346,923	3,979	57,682,883		112,162	261,861,208
Additions to rights of use	—	—	—	—	—	—	—	—	—		14,866,967	14,866,967
Expropriations	—	(1,304,279)	(180,482)	(18,737)	(332,071)	(1,129)	(507,330)	(77,551)	(2,613,192)		(1,492,609)	(6,527,380)
Transfers between property, plant and equipment items	(212,563,731)	42,192,551	39,191,443	106,172,216	3,249,288	2,064,175	6,584,016	14,303	12,460,788		634,951	—
Transfers of rights of use	—	—	—	—	—	—	—	—	—		—	—
Depreciation expense	—	—	(12,198,794)	(43,527,400)	(3,866,130)	(3,178,635)	(7,075,795)	(29,917)	(63,936,295)		—	(133,812,966)
Amortization	—	—	—	—	—	—	—	—	—		(15,610,664)	(15,610,664)
Increase (decrease) in foreign currency exchange	2,574,353	(2,319,084)	(7,956,750)	(5,999,481)	(258,483)	(2,991,300)	(75,085)	1,483	(11,247,906)		(2,085,870)	(30,358,123)
Other increases (decreases) (2)	(906,911)	—	(75,050)	(2,890,860)	134,506	—	73,771	39,272	(5,027,217)		(154,866)	(8,807,355)
Total movements	(57,169,750)	45,403,106	20,717,951	87,902,562	749,107	(3,878,490)	4,346,500	(48,431)	(12,680,939)		(3,729,929)	81,611,687
Balance at 12.31.2025	71,046,048	169,299,053	303,443,029	366,437,938	11,408,710	23,862,043	39,575,563	35,605	162,888,105		31,389,165	1,179,385,259

(1)	Assets for rights of use are composed as follows:


				Accumulated
Right-of-use		Gross asset		depreciation		Net asset
		ThCh$		ThCh$		ThCh$
Construction and buildings		26,649,116		(15,136,605)		11,512,511
Plant and equipment		57,140,853		(43,275,289)		13,865,564
Information Technology Equipment		1,276,895		(688,920)		587,975
Motor vehicles		20,037,359		(14,633,305)		5,404,054
Other		5,125,786		(5,106,725)		19,061
Total		110,230,009		(78,840,844)		31,389,165

Interest expense on lease liabilities at December 31, 2025 amounts to ThCh$ 2,817,626

(2)This mainly corresponds to the effect of applying IAS 29 in Argentina.

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						Fixed
				Plant and	IT	installations and		Leasehold			Rights-of-use	Property, plant
	Construction			equipment,	equipment,	fixtures,		improvements,			assets,	and equipment,
	in progress	Land	Buildings, net	net	net	net	Vehicles, net	net	Other		net (1)	net
	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$		ThCh$	ThCh$
Opening balance as of January 1, 2024	96,126,388	115,737,432	225,632,198	214,975,672	9,422,508	15,531,067	33,251,614	69,034	128,351,543		33,291,355	872,388,811
Additions	176,217,015	—	4,864,795	22,486,660	2,277,835	304,637	8,265,490	9,867	75,744,148		—	290,170,447
Additions Rights of use	—	—	—	—	—	—	—	—	—		12,348,946	12,348,946
Expropriations	—	(127,759)	(833,890)	(297,450)	(7,002)	(118,918)	(480,928)	—	(6,204,638)		(62,786)	(8,133,371)
Transfers between property, plant and equipment items	(134,329,091)	3,713,656	43,572,212	62,388,806	2,145,890	8,391,578	1,094,118	48,874	13,194,706		(220,749)	—
Transfers of rights of use	—	—	—	—	—	—	—	—	—		—	—
Depreciation expense	—	—	(10,722,943)	(38,015,053)	(3,989,250)	(3,348,747)	(6,710,478)	(31,229)	(64,154,852)		—	(126,972,552)
Amortization	—	—	—	—	—	—	—	—	—		(16,452,010)	(16,452,010)
Increase (decrease) in foreign currency exchange	13,620,466	4,572,618	20,338,726	13,733,575	1,036,332	6,980,916	(506,611)	(12,929)	35,646,625		5,997,508	101,407,226
Other increases (decreases) (2)	(23,418,980)	—	(126,020)	3,263,166	(226,710)	—	315,858	419	(7,008,488)		216,830	(26,983,925)
Total movements	32,089,410	8,158,515	57,092,880	63,559,704	1,237,095	12,209,466	1,977,449	15,002	47,217,501		1,827,739	225,384,761
Balance at December 31, 2024	128,215,798	123,895,947	282,725,078	278,535,376	10,659,603	27,740,533	35,229,063	84,036	175,569,044		35,119,094	1,097,773,572

(1)	Assets for rights of use are composed as follows:


				Accumulated
Right-of-use		Gross asset		depreciation		Net asset
		ThCh$		ThCh$		ThCh$
Construction and buildings		24,518,751		(10,751,991)		13,766,760
Plant and equipment		55,846,552		(38,939,105)		16,907,447
Information Technology Equipment		999,207		(631,045)		368,162
Motor vehicles		14,696,107		(10,646,117)		4,049,990
Other		5,728,648		(5,701,913)		26,735
Total		101,789,265		(66,670,171)		35,119,094

Interest expense on lease liabilities at December 31, 2024 period amounts to ThCh$ 3,277,261

(2)	This mainly corresponds to the effect of applying IAS 29 in Argentina.

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Table of Contents


												Fixed facilities
								Plant and		IT		and				Leasehold					Property, plant
		Construction						equipment,		equipment,		accessories,				improvements,			Rights-of-use,		and equipment,
		in progress		Land		Buildings, net		net		net		net		Vehicles, net		net		Others	net (1)		net
		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$	ThCh$		ThCh$
Opening balance at 01.01.2023		49,169,567		104,906,878		220,452,589		194,082,859		7,735,547		25,741,063		31,158,954		80,186		144,297,623	20,595,993		798,221,259
Additions		100,905,107		11,316,009		1,266,472		37,341,985		1,081,074		6,248		3,804,000		22,935		41,756,709	—		197,500,539
Right-of use additions		—		—		—		—		—		—		—		—		—	25,119,021		25,119,021
Disposals		—		—		(6,707)		(292,766)		(1,365)		—		(42,333)		—		(1,431,798)	(174,444)		(1,949,413)
Transfers between items of Property, plant and equipment		(57,285,699)		—		9,985,619		21,285,201		2,279,728		2,148,709		2,511,373		—		18,399,131	675,938		—
Right-of-use transfers		—		—		—		—		—		—		—		—		—	—		—
Depreciation expense		—		—		(9,175,999)		(29,999,476)		(3,048,237)		(1,903,192)		(5,692,021)		(46,176)		(46,855,960)	—		(96,721,061)
Amortization		—		—		—		—		—		—		—		—		—	(11,005,033)		(11,005,033)
Increase (decrease) due to foreign currency translation differences		95,202		(485,959)		(4,295,531)		(2,173,388)		311,883		(3,243,921)		898,032		4,474		(16,326,501)	56,926		(25,158,783)
Other increase (decrease) (2)		3,242,211		504		7,405,755		(5,268,743)		1,063,878		(7,217,840)		613,609		7,615		(11,487,661)	(1,977,046)		(13,617,718)
Total movements		46,956,821		10,830,554		5,179,609		20,892,813		1,686,961		(10,209,996)		2,092,660		(11,152)		(15,946,080)	12,695,362		74,167,552
Ending balance at 12.31.2023		96,126,388		115,737,432		225,632,198		214,975,672		9,422,508		15,531,067		33,251,614		69,034		128,351,543	33,291,355		872,388,811

(1)Right of use assets is composed as follows:


				Accumulated
Right-of-use		Gross asset		depreciation		Net asset
		ThCh$		ThCh$		ThCh$
Constructions and buildings		16,246,384		(6,883,481)		9,362,903
Plant and Equipment		52,431,352		(35,679,624)		16,751,728
IT equipment		1,155,261		(1,030,250)		125,011
Motor vehicles		22,051,973		(15,132,557)		6,919,416
Others		8,380,181		(8,247,884)		132,297
Total		100,265,151		(66,973,796)		33,291,355

Lease liabilities interest expenses as of December 2023 was ThCh$ 2,616,945

(2)	Corresponds mainly to the effect of adopting IAS 29 in Argentina.

12 – RELATED PARTIES

The balances and main transactions with related parties are as follows:

12.1 Accounts receivable:


					12.31.2025		12.31.2024
Tax ID	Company	Relationship	Country	Currency	Current	Non-current	Current	Non-current
					ThCh$	ThCh$	ThCh$	ThCh$
96.891.720-K	Embonor S.A.	Shareholder related	Chile	CLP	6,035,391	—	5,739,330	—
77.526.480	Comercializadora Nova Verde S.A.	Common shareholder	Chile	CLP	3,307,047	—	711,003	—
Foreign	Sorocaba Refrescos	Shareholder related	Brazil	BRL	1,040,634	—	—	—
76.140.057-6	Monster Energy Company - CHILE	Associate	Chile	CLP	4,100,327	—	2,429,980	—
86.881.400	Envases CMF S.A.	Associate	Chile	CLP	325,590	—	497,269	—
96.517.210	Embotelladora Iquique S.A.	Shareholder related	Chile	CLP	234,850	—	228,333	—
96.714.870	Coca-Cola de Chile S.A.	Shareholder	Chile	CLP	—	113,897	—	292,931
76.572.588	Coca-Cola del Valle New Ventures S.A.	Associate	Chile	CLP	28,099	—	38,423	—
Foreign	The Coca-Cola Export Corporation	Shareholder related	Panama	USD	227,249	—	257,205	—
Foreign	Recofarma do Industrias Amazonas Ltda.	Shareholder related	Brazil	BRL	—	7,887,027	—	—
Total					15,299,187	8,000,924	9,901,543	292,931

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12.2 Accounts payable:


					12.31.2025		12.31.2024
Tax ID	Company	Relationship	Country	Currency	Current	Non-current	Current	Non-current
					ThCh$	ThCh$	ThCh$	ThCh$
Foreign	Recofarma do Industrias Amazonas Ltda.	Shareholder related	Brazil	BRL	42,154,575	—	32,292,993	380,465
96.714.870-9	Coca-Cola de Chile S.A.	Shareholder	Chile	CLP	24,722,659	—	27,864,498	—
Foreign	Ser. y Prod. para Bebidas Refrescantes S.R.L.	Shareholder	Argentina	ARS	7,650,174	—	1,872,078	—
86.881.400-4	Envases CMF S.A.	Associate	Chile	CLP	6,846,917	—	16,594,188	—
Foreign	Coca-Cola Company	Shareholder	Paraguay	PYG	5,313,923	—	3,927,254	—
76.140.057-6	Monster Energy Company Chile	Associate	Chile	CLP	10,014,011	—	4,010,463	—
77.526.480-2	Comercializadora Nova Verde	Common shareholder	Chile	CLP	2,076,467	—	3,233,955	—
Foreign	Monster Energy Brasil Com de Bebidas Ltda.	Shareholder related	Brazil	BRL	1,035,480	—	1,103,496	—
76.572.588-7	Coca-Cola del Valle New Ventures S.A.	Associate	Chile	CLP	569,282	—	340,111	—
96.891.720-K	Embonor S.A.	Shareholder related	Chile	CLP	400,514	—	621,771	—
Foreign	Leão Alimentos e Bebidas Ltda.	Associate	Brazil	BRL	86,331	—	152,284	—
Foreign	The Coca-Cola Export Corporation	Shareholder related	Panama	USD	24,836	—	1,970,735	—
Foreign	Monster Energy Company – USA	Shareholder related	USA	USD	117,130	—	42,763	—
Foreign	Alimentos de Soja S.A.U.	Shareholder related	Argentina	ARS	4,383	—	75,296	—
89.996.200-1	Envases del Pacifico S.A.	Shareholder related	Chile	CLP	—	—	274,535	—
Foreign	Circular PET	Shareholder related	Argentina	ARS	1,085,871	—	—	—
Total					102,102,553	—	94,376,420	380,465

12.3 Transactions:

For the year ended

Tax ID

Company

Relationship

Country

Transaction Description

Currency

12.31.2025

12.31.2024

ThCh$

96.714.870-9

Coca-Cola de Chile S.A.

Shareholders

Chile

Purchase of concentrate

CLP

213,851,424

208,072,332

96.714.870-9

Coca-Cola de Chile S.A.

Shareholders

Chile

Purchase of advertising services and others

CLP

13,320,924

11,428,852

96.714.870-9

Coca-Cola de Chile S.A.

Shareholders

Chile

Lease of water source

CLP

7,679,375

6,579,358

96.714.870-9

Coca-Cola de Chile S.A.

Shareholders

Chile

Sale of raw materials and others

CLP

4,278,747

2,814,472

96.714.870-9

Coca-Cola de Chile S.A.

Shareholders

Chile

Minimum dividend

CLP

37,089

37,981

86.881.400-4

Envases CMF S.A.

Associate

Chile

Purchase of containers

CLP

30,038,122

23,106,391

86.881.400-4

Envases CMF S.A.

Associate

Chile

Purchase of raw materials

CLP

30,703,543

26,436,164

86.881.400-4

Envases CMF S.A.

Associate

Chile

Purchase of services and other

CLP

486,300

2,094,416

86.881.400-4

Envases CMF S.A.

Associate

Chile

Purchase of packaging

CLP

12,011,983

15,562,395

86.881.400-4

Envases CMF S.A.

Associate

Chile

Sale of packaging/raw materials

CLP

16,715,662

12,614,819

93.281.000-K

Coca-Cola Embonor S.A.

Common shareholder

Chile

Sale of finished products

CLP

87,478,527

79,975,653

93.281.000-K

Coca-Cola Embonor S.A.

Common shareholder

Chile

Sale of services and others

CLP

238,660

2,417,367

93.281.000-K

Coca-Cola Embonor S.A.

Common shareholder

Chile

Sale of raw materials and inputs

CLP

1,908

38,697

96.891.720-K

Embonor S.A.

Shareholder related

Chile

Minimum dividend

CLP

400,514

211,014

96.517.310-2

Embotelladora Iquique S.A.

Shareholder related

Chile

Sale of finished products

CLP

5,988,320

6,055,551

89.996.200-1

Envases del Pacífico S.A.

Related to board member

Chile

Purchases raw materials and inputs

CLP

—

138,792

94.627.000-8

Parque Arauco S.A

Related to board member

Chile

Space lease

CLP

156,419

152,248

Foreign

Recofarma do Industrias Amazonas Ltda.

Shareholder related

Brazil

Purchase of concentrate

BRL

180,971,905

168,538,618

Foreign

Recofarma do Industrias Amazonas Ltda.

Shareholder related

Brazil

Lease of water source

BRL

2,203,663

6,419,348

Foreign

Serv. y Prod. para Bebidas Refrescantes S.R.L.

Shareholder related

Argentina

Purchase of concentrate

ARS

96,292,733

126,331,582

Foreign

KAIK Participações

Associate

Brazil

Reimbursement and other purchases

BRL

18,332

15,387

Foreign

Leão Alimentos e Bebidas Ltda.

Associate

Brazil

Purchase of products

BRL

1,198,082

1,371,553

Foreign

Sorocaba Refrescos S.A.

Associate

Brazil

Purchase of products

BRL

2,572,446

4,555,837

76.572.588-7

Coca-Cola Del Valle New Ventures SA

Associate

Chile

Sale of services and others

CLP

68,300

1,396,272

76.572.588-7

Coca-Cola Del Valle New Ventures SA

Associate

Chile

Purchase of services and others

CLP

6,628,720

4,682,682

Foreign

Alimentos de Soja S.A.U.

Shareholder related

Argentina

Payment of fees and services

ARS

—

14,838

Foreign

Alimentos de Soja S.A.U.

Shareholder related

Argentina

Purchase of products

ARS

85,519

364,747

Foreign

Alimentos de Soja S.A.U.

Shareholder related

Argentina

Marketing services

ARS

—

242

Foreign

Trop Frutas do Brasil Ltda.

Associate

Brazil

Purchase of products

BRL

—

69,330

77526480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Sale of raw materials

CLP

49,285

10,796

77526480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Sale of finished products

CLP

15,722,283

13,838,963

77526480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Sales, Services, and others

CLP

1,756,230

481,768

77526480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Purchase of finished products

CLP

290,717

24,649,488

77526480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Advertising services and others

CLP

4,669,640

3,680,425

77526480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Cold equipment maintenance

CLP

297,694

521,943

77526480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Purchase of raw materials

CLP

319,620

1,127,367

97,036,000-K

Banco Santander Chile.

Director/Manager/Executive

Chile

Purchase of services

CLP

—

2,415

Foreign

Monster Energy Brasil Comercio de Bebidas Ltda

Associate

Brazil

Purchase of Products

BRL

3,661,249

2,608,964

33-0520613

Monster Energy Company - USA

Associate

United States

Purchase of advertising materials

CLP

266,407

231,135

76140057-6

Monster Energy Company - CHILE

Associate

Chile

Sale of advertising and other services

CLP

4,115,760

4,125,235

76140057-6

Monster Energy Company - CHILE

Associate

Chile

Purchase of advertising services and others

CLP

133,920

1,153,315

76140057-6

Monster Energy Company - CHILE

Associate

Chile

Purchase of finished products

CLP

37,964,829

33,106,173

76140057-6

Monster Energy Company - CHILE

Associate

Chile

Sale of finished products

CLP

14,159,245

10,127,338

Foreign

The Coca-Cola Export Corporation Panama

Shareholder related

Chile

Purchase of products and others

CLP

6,294,079

2,469,565

Foreign

The Coca-Cola Export Corporation Panama

Shareholder related

Chile

Sale of finished products

CLP

2,699,495

1,837,332

Foreign

Circular PET S.A

Shareholder related

Paraguay

Purchase of raw materials and others

PYG

5,060,587

—

Foreign

Circular PET S.A

Shareholder related

Paraguay

Sale of finished products

PYG

152,673

—

97018000-1

Scotiabank Chile

Related to board member

Chile

Purchase of services - Bank charges

CLP

36,802

—

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12.4 Salaries and benefits received by key management

Salaries and benefits paid to the Company’s key management personnel including directors and managers are detailed as follows:


Description	12.31.2025	12.31.2024
	ThCh$	ThCh$
Executive wages, salaries and benefits	14,423,587	12,294,012
Director allowances	1,966,080	1,838,400
Accrued benefits and payments during the fiscal year	284,165	397,122
Total	16,673,832	14,529,534

13 – CURRENT AND NON-CURRENT EMPLOYEE BENEFITS

Employee benefits are detailed as follows:


Description	12.31.2025	12.31.2024
	ThCh$	ThCh$
Accrued vacation	30,398,649	30,444,390
Participation in profits and bonuses	40,149,627	44,107,101
Severance indemnity	20,938,989	17,976,164
Total	91,487,265	92,527,655


	ThCh$	ThCh$
Current	68,363,971	72,367,187
Non-current	23,123,294	20,160,468
Total	91,487,265	92,527,655

13.1 Severance indemnities

The movements in employee benefits, valued in accordance with note 2, are as follows:


Movements	12.31.2025	12.31.2024
	ThCh$	ThCh$
Opening balance	17,976,164	16,289,643
Service costs	1,022,593	1,191,938
Interest costs	824,574	895,043
Actuarial variations	2,181,453	1,445,044
Benefits paid	(1,065,795)	(1,845,504)
Total	20,938,989	17,976,164

13.1.1 Assumptions

The actuarial assumptions used are detailed as follows:


Assumptions	12.31.2025		12.31.2024

Discount rate	2.30	%	2.15	%
Expected salary increase rate	2.0	%	2.0	%
Turnover rate	5.23	%	7.53	%
Mortality rate	RV-2020		RV-2020
Retirement age for women	60 years		60 years
Retirement age for men	65 years		65 years

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The result of changes in severance indemnities resulting from the sensitization of the actuarial assumptions at the valuation date is presented below:


Sensitivity to discount rate		ThCh$

Variation in the provision due to an increase of up to 100 basis points		(1,003,932)
Variation in the provision for a decrease of up to 100 basis points		1,136,893

Sensitivity to salary increase		ThCh$

Variation in the provision due to an increase of up to 100 basis points		1,219,322
Variation in the provision for a decrease of up to 100 basis points		(1,088,738)

13.2 Employee expenses

Employee expenses included in the consolidated income are as follows:


Description	12.31.2025	12.31.2024	12.31.2023
	ThCh$	ThCh$	ThCh$
Wages and salaries	352,419,150	357,921,430	266,893,173
Employee benefits	101,100,686	96,408,881	83,260,379
Severance benefits	7,755,088	7,338,126	6,290,886
Other personnel expenses	30,244,241	27,988,279	22,037,675
Total	491,519,165	489,656,716	378,482,113

14 – INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD

14.1 Description

Investments in associates are accounted for using the equity method. Investments in associates are detailed as follows:


			Currency	Investment value		Ownership interest
Tax ID	Name	Country	Function	12.31.2025	12.31.2024	12.31.2025		12.31.2024
86.881.400-4	Envases CMF S.A. (1)	Chile	CLP	21,528,332	21,243,928	50.00	%	50.00	%
Foreign	Leão Alimentos e Bebidas Ltda. (2)	Brazil	BRL	12,300,684	10,874,632	10.26	%	10.26	%
Foreign	Kaik Participações Ltda. (2)	Brazil	BRL	477,422	448,687	11.32	%	11.32	%
Foreign	SRSA Participações Ltda.	Brazil	BRL	52,747	52,333	40.00	%	40.00	%
Foreign	Sorocaba Refrescos S.A.	Brazil	BRL	28,615,001	27,132,918	40.00	%	40.00	%
76.572.588.7	Coca-Cola del Valle New Ventures S.A.	Chile	CLP	24,113,685	25,440,212	35.00	%	35.00	%
Total				87,087,871	85,192,710

(1)	In Envases CMF S.A., regardless of the ownership interest, it was determined that no controlling interest was held, only a significant influence, given that there was not a majority vote of the Board of Directors to make strategic business decisions.

(2)	In these companies, regardless of the ownership interest, it has been defined that the Company has significant influence, given that it has the right to appoint directors.

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Envases CMF S.A.

Chilean entity whose corporate purpose is to manufacture and sell plastic material products and beverage bottling and packaging services. The business relationship is to supply plastic bottles, preforms and caps to Coca-Cola bottlers in Chile.

Leão Alimentos e Bebidas Ltda.

Brazilian entity whose corporate purpose is to manufacture and commercialize food, beverages in general and beverage concentrates. Invest in other companies. The business relationship is to produce non-carbonated products for Coca-Cola bottlers in Brazil.

Kaik Participações Ltda.

Brazilian entity whose corporate purpose is to invest in other companies with its own resources.

SRSA Participações Ltda.

Brazilian entity whose corporate purpose is the purchase and sale of real estate investments and property management, supporting the business of Rio De Janeiro Refrescos Ltda. (Andina Brazil).

Sorocaba Refrescos S.A.

Brazilian entity whose corporate purpose is to manufacture and commercialize food, beverages in general and beverage concentrates, in addition to investing in other companies. It has commercial relationship with Rio de Janeiro Refrescos Ltda. (Andina Brazil).

Coca-Cola del Valle New Ventures S.A.

Chilean entity whose corporate purpose is to manufacture, distribute and commercialize all kinds of juices, waters and beverages in general. The business relationship is to produce waters and juices for Coca-Cola bottlers in Chile.

14.2 Movements

The movement in investments in other entities accounted for using the equity method is as follows:


Description	12.31.2025	12.31.2024
	ThCh$	ThCh$
Opening balance	85,192,710	91,799,267
Dividends declared	(2,494,325)	(2,363,400)
Share in operating income	3,558,989	4,549,733
Impairment of Coca-Cola del Valle New Ventures S.A.	—	(2,921,010)
Disposal of Trop Frutas do Brasil Ltda.	—	(840,815)
Other Increase (decrease) in investments in associates*	830,497	(5,031,065)
Final balance	87,087,871	85,192,710

*Mainly due to foreign currency exchange

The main movement is explained by dividends declared in 2025 and 2024 corresponding to Envases CMF S.A. and Sorocaba Refrescos S.A., added to the impairment of Coca-Cola del Valle New Ventures S.A. (see Note 2.8) and the sale of Trop Frutas do Brasil Ltda. in May 2024.

14.3 Reconciliation of share of profit in investments in associates


Description	12.31.2025	12.31.2024	12.31.2023
	ThCh$	ThCh$	ThCh$
Equity income from associates	3,558,989	1,628,723	3,145,106
Unrealized earnings from product inventory acquired from associates and not sold at the end of the period, which is presented as a discount in the respective asset account (containers and / or inventory)	(645,093)	(631,079)	(428,937)
Balance on income statement	2,913,896	997,644	2,716,169

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14.4 Summary information on associates

The tables below reflect the amounts presented in the financial statements of relevant associates and not the Company’s share in those amounts.

As of December 31, 2025:


	Envases CMF	Sorocaba Refrescos	Kaik Participações	SRSA Participações	Leão Alimentos e	Coca-Cola del Valle New
	S.A.	S.A.	Ltda.	Ltda.	Bebidas Ltda.	Ventures, Inc.
	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Short-term assets	72,167,490	50,064,605	—	22,489	96,906,836	17,614,937
Long-term assets	51,832,845	141,566,318	4,217,622	312,253	36,590,434	64,483,616
Total assets	124,000,335	191,630,923	4,217,622	334,742	133,497,270	82,098,553
Short-term liabilities	62,749,655	30,877,411	—	202,875	15,584,247	4,805,485
Long-term liabilities	18,194,015	89,216,055	—	—	14,401,812	51,181
Total liabilities	80,943,670	120,093,466	—	202,875	29,986,059	4,856,666
Total equity	43,056,665	71,537,457	4,217,622	131,867	103,511,211	77,241,887
Total revenue from ordinary activities	98,798,530	64,366,387	295,705	—	91,399,044	32,188,143
Net income before tax	2,722,024	(21,656,078)	269,415	(1,990)	15,678,822	(4,606,255)
Net income after tax	2,132,919	5,278,680	269,415	(1,990)	11,146,912	(4,686,412)
Other comprehensive income	—	—	—	—	—	—
Total comprehensive income	2,132,919	14,109,154	269,415	128,570	(95,674,778)	(4,686,412)

Reporting date (See Note 2.3)	12.31.2025	11.30.2025	11.30.2025	11.30.2025	11.30.2025	11.30.2025

As of December 31, 2024:

Envases CMF

Sorocaba Refrescos

Kaik Participaçōes

SRSA Participaçōes

Leão Alimentos e

Coca-Cola del Valle New

S.A.

Ltda.

Bebidas Ltda.

Ventures, S.A.

ThCh$

Short-term assets

60,901,350

70,383,020

582,815

21,952

85,684,185

13,483,450

Long-term assets

54,211,400

96,984,310

3,963,771

306,906

41,030,182

73,608,982

Total assets

115,112,750

167,367,330

4,546,586

328,858

126,714,367

87,092,432

Short-term liabilities

44,173,639

21,500,843

582,815

198,025

20,083,787

6,033,729

Long-term liabilities

28,451,254

83,198,656

—

16,628,702

—

Total liabilities

72,624,893

104,699,499

582,815

198,025

36,712,489

6,033,729

Total equity

42,487,857

62,667,831

3,963,771

130,833

90,001,878

81,058,703

Total income from ordinary activities

90,421,340

86,359,384

281,868

—

74,385,141

31,221,732

Net income before tax

4,035,917

36,745,257

281,868

(1,942)

572,537

(2,026,410)

Net income after tax

3,315,123

9,742,049

281,868

(1,942)

(1,875,672)

739,916

Other comprehensive income

—

(3,129,495)

—

129,557

(92,311,743)

—

Total comprehensive income

3,315,123

6,612,554

281,868

127,615

(94,187,415)

739,916

Reporting date (See Note 2.3)

12.31.2024

11.30.2024

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15 – INTANGIBLE ASSETS OTHER THAN GOODWILL

Intangible assets other than goodwill are detailed as follows:


	December 31, 2025			December 31, 2024
	Gross	Accumulated	Net	Gross	Accumulated	Net
Detail	Value	Amortization	Value	Value	Amortization	Value
	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Distribution rights (1)	678,725,549	(3,959,421)	674,766,128	659,561,522	(3,959,421)	655,602,101
Software	81,995,907	(43,689,632)	38,306,275	69,136,434	(37,800,695)	31,335,739
Water rights	587,432	—	587,432	587,432	—	587,432
Trademarks with indefinite useful life (2)	5,770,128	—	5,770,128	5,632,172	—	5,632,172
Trademarks with a defined useful life (3)	1,297,378	(1,249,433)	47,945	1,297,378	(1,079,167)	218,211
Other	514,298	(502,486)	11,812	498,447	(490,472)	7,975
Total	768,890,692	(49,400,972)	719,489,720	736,713,385	(43,329,755)	693,383,630

(1)

Correspond to brands, water rights and distribution rights. Distribution rights are contractual rights to produce and distribute Coca-Cola products in certain parts of Argentina, Brazil, Chile and Paraguay. Distribution rights result from the valuation process at fair value of the assets and liabilities of the companies acquired in business combinations. Production and distribution contracts are renewable for periods of 5 years with Coca-Cola. The nature of the business and renewals that Coca-Cola has permanently done on these rights allow qualifying them as indefinite contracts.

Distribution rights together with the assets that are part of the cash-generating units, are annually subjected to the impairment test. Such distribution rights have an indefinite useful life, and are not subject to amortization. Rights in Chile related to AdeS were provisioned for impairment pursuant to the annual tests performed. See Note 2.8.

(2)

On September 21, 2021 Coca-Cola Andina together with Coca-Cola Femsa, acquired the Brazilian beer brand Therezópolis for BRL 70 million. Each bottler bought 50% of the brand. This transaction is part of the company’s long-term strategy to complement its beer portfolio in Brazil. The transaction was completed and approved by CADE (Brazilian Administrative Council of Economic Defense). In September of that same year, Andina recorded an intangible asset under the Therezópolis brand for BRL 35 million with an indefinite useful life.

(3)Correspond to distribution rights that did not arise from business combinations. These rights are subject to amortization.


Distribution rights	12.31.2025	12.31.2024
	ThCh$	ThCh$
Chile (excluding the Metropolitan Region, Rancagua, and San Antonio)	300,305,728	300,305,728
Brazil (Rio de Janeiro, Espirito Santo, Riberão Preto and investments in Sorocaba and Leão Alimentos e Bebidas Ltda.)	166,509,395	162,528,398
Paraguay	204,305,759	188,443,848
Argentina (North and South)	3,645,246	4,324,127
Total	674,766,128	655,602,101

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The movement and balances of identifiable intangible assets are detailed as follows:

December 31, 2025

Trademarks

Distribution

Water

Indefinite

Defined

Description

Rights

Programs

Rights

useful life

Other

Total

ThCh$

Opening balance

655,602,101

31,335,739

587,432

5,632,172

218,211

7,975

693,383,630

Additions

—

17,486,264

—

3,837

17,490,101

Amortization

—

(9,647,597)

—

(170,266)

—

(9,817,863)

Other increases (decreases) (1)

19,164,027

(868,131)

—

137,956

—

18,433,852

Ending balance

674,766,128

38,306,275

587,432

5,770,128

47,945

11,812

719,489,720

December 31, 2024

Trademarks

Distribution

Water

Indefinite

Defined

Description

Rights

Programs

Rights

useful life

Other

Total

ThCh$

Opening balance

664,877,100

23,706,850

587,432

6,341,107

406,101

7,975

695,926,565

Additions

—

12,926,859

—

12,926,859

Amortization

—

(7,498,481)

—

(187,890)

—

(7,686,371)

Impairment (2)

(881,421)

—

(881,421)

Other increases (decreases) (1)

(8,393,578)

2,200,511

—

(708,935)

—

(6,902,002)

Ending balance

655,602,101

31,335,739

587,432

5,632,172

218,211

7,975

693,383,630

(1)	Mainly corresponds to restatement due to the effects of translation of distribution rights of foreign subsidiaries.

(2)	The rights in Chile related to AdeS were provisioned for impairment according to the annual tests performed. See Note 2.8.

16 – GOODWILL

Movement in Goodwill is detailed as follows:



		Foreign currency
Cash-generating unit	01.01.2025	translation differences	12.31.2025
	ThCh$	ThCh$	ThCh$
Chilean operation	8,503,023	—	8,503,023
Brazilian operation	65,691,285	1,584,051	67,275,336
Argentine Operation	62,487,785	(9,810,481)	52,677,304
Paraguayan operations	7,999,327	673,328	8,672,655
Total	144,681,420	(7,553,102)	137,128,318



		Foreign currency
Cash-generating unit	01.01.2024	translation differences	12.31.2024
	ThCh$	ThCh$	ThCh$
Chilean operation	8,503,023	—	8,503,023
Brazilian operation	73,831,515	(8,140,230)	65,691,285
Argentine operation	32,193,085	30,294,700	62,487,785
Paraguayan operations	7,576,179	423,148	7,999,327
Total	122,103,802	22,577,618	144,681,420

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17 – OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES

Liabilities are detailed as follows:


	Balance
	Current		Non-current
	12.31.2025	12.31.2024	12.31.2025	12.31.2024
	ThCh$	ThCh$	ThCh$	ThCh$
Bank loans (Note 17.1.1 - 3)	11,820,186	56,401,282	104,960,991	—
Bonds payable, net⁽¹⁾ (Note 17.2)	23,808,205	29,800,608	991,600,601	1,003,864,048
Bottle guaranty deposits	13,546,983	14,136,175	—	—
Derivative contract liabilities (Note 17.3)	3,617,715	361,384	76,644,920	41,788,078
Lease liabilities (Note 17.4.1 - 2)	9,625,901	9,631,011	18,589,311	20,891,121
Total	62,418,990	110,330,460	1,191,795,823	1,066,543,247

(1)Amounts net of issuance expenses and discounts related to issuance.

The fair values of financial assets and liabilities are presented below:


	Book value	Fair value	Book value	Fair value
Current	12.31.2025	12.31.2025	12.31.2024	12.31.2024
	ThCh$	ThCh$	ThCh$	ThCh$
Cash and cash equivalent (2)	296,539,709	296,539,709	248,899,004	248,899,004
Financial assets at fair value (1)	657,477	657,477	4,047,219	4,047,219
Trade debtors and other accounts receivable (2)	339,778,498	339,778,498	332,831,088	332,831,088
Accounts receivable related companies (2)	15,299,187	15,299,187	9,901,543	9,901,543
Bank liabilities (2)	11,820,186	11,841,930	56,401,282	52,103,494
Bonds payable (2)	23,808,205	23,998,353	29,800,608	29,147,599
Bottle guaranty deposits (2)	13,546,983	13,546,983	14,136,175	14,136,175
Forward contracts liabilities (see Note 22) (1)	3,617,715	3,617,715	361,384	361,384
Leasing agreements (2)	9,625,901	9,625,900	9,631,011	9,631,011
Accounts payable (2)	480,396,027	480,396,027	457,074,643	457,074,643
Accounts payable related companies (2)	102,102,553	102,102,553	94,376,420	94,376,420


	Book value	Fair value	Book value	Fair value
Non-current	12.31.2025	12.31.2025	12.31.2024	12.31.2024
	ThCh$	ThCh$	ThCh$	ThCh$
Financial assets at fair value (1)	142,975,857	142,975,857	144,550,766	144,550,766
Non-current accounts receivable (2)	187,644	187,644	335,723	335,723
Accounts receivable related companies (2)	8,000,924	8,000,924	292,932	292,932
Bank liabilities (2)	104,960,991	103,525,192	—	—
Bonds payable (2)	991,600,601	962,462,012	1,003,864,048	930,907,271
Leasing agreements (2)	18,589,311	18,589,311	20,891,121	20,891,121
Non-current accounts payable (2)	685,605	685,605	2,534,836	2,534,836
Derivative contracts liabilities (see Note 22) (1)	76,644,920	76,644,920	41,788,078	41,788,077
Accounts payable related companies (2)	—	—	380,465	380,465

(1)	Fair values are based on discounted cash flows using market discount rates at the close of the six-month and one-year period and are classified as Level 2 of the fair value measurement hierarchies.

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(2)

Financial instruments such as: Cash and Cash Equivalents, Trade debtors and Other Accounts Receivable, Accounts Receivable related companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related companies present a fair value that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These instruments are revalued at amortized cost.

Reconciliation arising from financing activities.


		Reconciliation of financial liabilities 2025
			Changes with effect on cash flow			Changes other than cash
						Change in
						foreign currency
						and unit per		Increase	Reclassification
						adjustment	Accrual of	through new	long-term to	Fair value
		As of 01.01.2025	Acquisition	Payments *		(USD/CHF)	interest	leases	short-term	changes	Others		As of 12.31.2025
Current bank liabilities		56,401,282	48,354,775	(94,580,375)		(2,879,729)	4,524,233	—	—	—	—		11,820,186
Current bank liabilities		—	104,800,000	—		160,991	—	—	—	—	—		104,960,991
Current bonds		29,800,608	—	(49,280,177)		1,038,273	35,410,394	—	6,839,107	—	—		23,808,205
Non-current bonds		1,003,864,048	—	(4,228,479)		(1,195,861)	—	—	(6,839,107)	—	—		991,600,601
Current lease liabilities		9,631,011	—	(11,783,584)		(4,742,651)	2,830,185	10,730,323	2,960,617	—	—		9,625,901
Non-current lease liabilities		20,891,121	—	(2,662,826)		(551,047)	—	3,872,680	(2,960,617)	—	—		18,589,311
Non-current derivative contract liabilities		41,788,078	—	(14,472,986)		—	18,418,012	—	—	30,911,816	—		76,644,920
Total		1,162,376,148	153,154,775	(177,008,427)		(8,170,024)	61,182,824	14,603,003	—	30,911,816	—		1,237,050,115


Cash flow balance December 2025		ThCh$
Interest paid		(57,331,558)
Loan payments		(84,947,461)
Lease liability payments		(14,446,410)
Principal payment		(18,425,349)
Proceeds from short term loans		153,154,775
Proceeds (payments) from bond-related derivative instruments		(1,857,649)

*Financing payments include both interest and principal on the debt.

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		Reconciliation of financial liabilities 2024
				Changes with effect on cash flow				Changes with effect on cash flow
								Change in
								foreign currency
								and unit per				Increase		Reclassification
								adjustment		Accrual of		through		long-term to		Fair value
		As of 01.01.2024		Acquisition		Payments *		(USD/CHF)		interest		new leases		short-term		changes		Others		As of 12.31.2024
Current bank liabilities		1,500,909		123,752,721		(75,687,330)		(9,955,723)		7,387,014		—		9,403,691		—		—		56,401,282
Current bank liabilities		13,403,691		—		(4,000,000)		—		—		—		(9,403,691)		—		—		—
Current bonds		27,479,415		—		(37,061,057)		4,147,898		35,234,352		—		—		—		—		29,800,608
Non-current bonds		953,660,440		—		(16,910,371)		67,113,979		—		—		—		—		—		1,003,864,048
Current lease liabilities		9,926,283		—		(7,653,559)		(3,899,722)		3,276,490		7,069,867		1,665,140		—		(753,488)		9,631,011
Non-current lease liabilities		24,811,777		—		(2,693,797)		(1,936,618)		—		1,724,952		(1,665,140)		—		649,947		20,891,121
Non-current derivative contract liabilities		52,449,925		2,587,025		(11,865,980)		—		15,394,097		—		—		(16,776,989)		—		41,788,078
Total		1,083,232,440		126,339,746		(155,872,094)		55,469,814		61,291,953		8,794,819		—		(16,776,989)		(103,541)		1,162,376,148


Cash flow balance December 2024		ThCh$
Interest payments		(65,837,409)
Loan payments		(62,776,958)
Lease liability payments		(10,347,356)
Payment of bond principal		(16,910,371)
Proceeds from short term loans		123,752,721
Proceeds (payments) from bond-related derivative instruments		2,587,025

*Financing payments include both interest and principal on the debt.


		Reconciliation of financial liabilities 2023
				Changes with effect on cash flow				Changes other than cash
								Change in
								foreign currency
								and unit per				Increase		Reclassification
								adjustment		Accrual of		through		long-term to		Fair value
		As of 01.01.2023		Acquisition		Payments *		(USD/CHF)		interest		new leases		short-term		changes		Others		As of 12.31.2023
Current bank liabilities		688,800		31,850,233		(32,028,986)		(3,432,184)		4,423,046		—		—		—		—		1,500,909
Current bank liabilities		13,366,211		—		—		—		37,480		—		—		—		—		13,403,691
Current bonds		340,767,980		—		(376,971,322)		10,685,477		41,648,943		—		11,348,337		—		—		27,479,415
Non-current bonds		763,368,160		167,739,096		—		33,901,521		—		—		(11,348,337)		—		—		953,660,440
Current lease liabilities		7,100,579		—		(6,299,217)		(1,638,446)		2,563,021		5,330,367		2,869,979		—		—		9,926,283
Non-current lease liabilities		15,892,628		—		—		(1,303,322)		—		13,092,450		(2,869,979)		—		—		24,811,777
Non-current derivative contract liabilities		112,175,058		138,715,637		(15,384,841)		—		9,605,293		—		—		(192,661,222)		—		52,449,925
Total		1,253,359,416		338,304,966		(430,684,366)		38,213,046		58,277,783		18,422,817		—		(192,661,222)		—		1,083,232,440


Cash flow balance December 2023		ThCh$
Interest payments		(67,010,058)
Loan payments		(26,378,491)
Lease liability payments		(6,299,217)
Payment of bond principal		(330,996,600)
Proceeds from the issuance of bonds		167,739,096
Proceeds from short term loans		31,850,233
Proceeds (payments) from bond-related derivative instruments		138,715,637

*Financing payments include both interest and principal on the debt.

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17.1 Bank liabilities

17.1.1 Bank liabilities, current


												Maturity		Total
Debtor			Creditor				Type of	Nominal		Effective		Up to	90 days to	at	at
Tax ID	Name	Country	Tax ID	Name	Country	Currency	Amortization	Rate		Rate		90 days	1 year	12.31.2025	12.31.2024
												ThCh$	ThCh$	ThCh$	ThCh$
96.705.990-0	Envases Central S.A.	Chile	97.006.000-6	Banco Estado	Chile	CLP	Semiannual	1.28	%	1.28	%	—	—	—	4,051,952
77.427.659-9	Re-Ciclar S.A.	Chile	97.018.000-1	Scotiabank Chile S.A.	Chile	CLP	Semiannual	9.49	%	9.49	%	—	—	—	4,683,861
77.427.659-9	Re-Ciclar S.A.	Chile	97.018.000-1	Scotiabank Chile S.A.	Chile	UF	Semiannual	5.18	%	5.18	%	—	1,501,511	1,501,511	5,180,573
77.427.659-9	Re-Ciclar S.A.	Chile	97.018.000-1	Banco de Chile	Chile	CLP	At maturity	5.23	%	—		—	—	—	5,027,500
77.427.659-9	Re-Ciclar S.A.	Chile	97.018.000-1	Banco Bice	Chile	CLP	At maturity	5.23	%	5.23	%	—	1,001,017	1,001,017	1,003,357
77.427.659-9	Re-Ciclar S.A.	Chile	97.018.000-1	Banco Bice	Chile	CLP	At maturity	5.23	%	5.23	%	—	5,005,811	5,005,811	—
77.427.659-9	Re-Ciclar S.A.	Chile	97.018.000-1	Banco Bice	Chile	CLP	At maturity	5.23	%	5.23	%	—	1,501,743	1,501,743	1,526,560
77.427.659-9	Re-Ciclar S.A.	Chile	97.018.000-1	Banco de Chile	Chile	CLP	At maturity	6.54	%	6.54	%	—	340,080	340,080	1,505,250
91.144.000-8	Embotelladora Andina S.A.	Chile	Foreign	Bank of America N.A.	Chile	UF	At maturity	2.84	%	3.14	%	—	1,052,897	1,052,897	—
91.144.000-8	Embotelladora Andina S.A.	Chile	97.023.000-9	Itaú Corpbanca	Chile	UF	At maturity	0.18	%	1.50	%	—	1,379,548	1,379,548	34,877
91.144.000-8	Embotelladora Andina S.A.	Chile	97.023.000-9	Itaú Corpbanca	Chile	USD	At maturity	0.18	%	1.50	%	—	37,579	37,579	1,170,198
Foreign	Embotelladora del Atlántico S.A.	Argentina	Foreign	Banco Galicia S.A.	Argentina	USD	At maturity	15.00	%	16.01	%	—	—	—	160,432
Foreign	Embotelladora del Atlántico S.A.	Argentina	Foreign	Banco Galicia S.A.	Argentina	USD	At maturity	16.00	%	17.2	%	—	—	—	295,706
Foreign	Embotelladora del Atlántico S.A.	Argentina	Foreign	Banco Nación S.A.	Argentina	ARS	At maturity	16.00	%	17.2	%	—	—	—	27,472,719
Foreign	Embotelladora del Atlántico S.A.	Argentina	Foreign	Banco Nación S.A.	Argentina	ARS	At maturity	48.50	%	60.9	%	—	—	—	721
Foreign	Embotelladora del Atlántico S.A.	Argentina	Foreign	Banco Coinag	Argentina	ARS	At maturity	43.00	%	52.06	%	—	—	—	3,387
Foreign	Embotelladora del Atlántico S.A.	Argentina	Foreign	Banco Comafi S.A.	Argentina	ARS	At maturity	46.50	%	57.80	%	—	—	—	3,965,838
Foreign	Embotelladora del Atlántico S.A.	Argentina	Foreign	Banco Macro	Argentina	ARS	At maturity	33.00	%	38.48	%	—	—	—	1,637
Foreign	Andina Empaques Argentina S.A.	Argentina	Foreign	Banco Galicia S.A.	Argentina	USD	At maturity	18.00	%	19.56	%	—	—	—	160,568
Foreign	Andina Empaques Argentina S.A.	Argentina	Foreign	Banco Galicia S.A.	Argentina	ARS	At maturity	48.00	%	60.90	%	—	—	—	156,146
Total														11,820,186	56,401,282

17.1.2 Bank liabilities, non-current

Maturity

Debtor

Creditor

Type of

Nominal

Effective

1 year to

More than 2

More than 3

More than 4

More than 5

Tax ID

Name

Country

Tax ID

Name

Country

Currency

Amortization

Rate

2 years

Up to 3 years

Up to 4 years

Up to 5 years

Years

12.31.2025

ThCh$

91.144.000-8

Embotelladora Andina S.A.

Chile

Foreign

Bank of America N.A.

Chile

At maturity

2.84

3.14

—

92,960,992

92,960,991

77.427.659-9

Re-Ciclar S.A.

Chile

97.018.000-1

Banco de Chile

Chile

CLP

At maturity

5.23

—

12,000,000

—

12,000,000

Total

104,960,991

17.1.3 Bank liabilities, non-current previous year

Maturity

Debtor

Creditor

Amortization

Nominal

Effective

1 year to

more than 2

more than 3

more than 4

more than 5

Tax ID

Name

Country

Tax ID

Name

Country

Currency

Type

Rate

2 years

Up to 3 years

Up to 4 years

Up to 5 years

years

12.31.2024

ThCh$

—

Total

—

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17.1.4 Current and non-current bank obligations “Restrictions”

Bank obligations are not subject to financial restrictions for the periods reported.

17.2 Bond obligations

The composition of corporate bonds issued on the public markets of the United States, Switzerland, and Chile is as follows:

Current

Non-current

Total

Composition of bonds payable

12.31.2025

12.31.2024

12.31.2025

12.31.2024

12.31.2025

12.31.2024

ThCh$

Bonds payable face value

24,451,704

30,490,640

998,729,102

1,012,062,996

1,023,180,806

1,042,553,636

Issuance expenses and discounts associated with placement

(643,499)

(690,032)

(7,128,501)

(8,198,948)

(7,772,000)

(8,888,980)

23,808,205

29,800,608

991,600,601

1,003,864,048

1,015,408,806

1,033,664,656

17.2.1 Current and non-current balances

Bonds payable correspond to bonds in UF issued by the parent company on the Chilean market, bonds in U.S. dollars issued by the Parent Company on the U.S. market and the Swiss public market. A detail of these instruments is presented below:


		Current		Nominal		Effective				Current		Non-current
		nominal	Adjustment	Interest		Interest		Final	Interest
Bonds	Series	amount	unit	rate		rate		maturity	payment	12.31.2025	12.31.2024	12.31.2025	12.31.2024
										ThCh$	ThCh$	ThCh$	ThCh$
CMF Registration 254 06.13.2001	B	174,513	UF	6.50	%	7.11	%	06.01.2026	Semiannual	6,969,624	12,894,275	—	6,704,249
CMF Registration 641 08.23.2010	C	818,182	UF	4.00	%	3.64	%	08.15.2031	Semiannual	5,900,241	5,783,306	27,087,238	31,431,837
CMF Registration 760 08.20.2013	D	4,000,000	UF	3.80	%	3.80	%	08.16.2034	Semiannual	2,226,780	2,153,282	158,911,840	153,666,760
CMF Registration 760 04.02.2014	E	3,000,000	UF	3.75	%	3.70	%	03.01.2035	Semiannual	1,475,993	1,427,299	119,183,952	115,250,116
CMF Registration 912 10.10.2018	F	5,700,000	UF	2.80	%	2.85	%	09.25.2039	Semiannual	1,659,714	1,604,933	226,449,372	218,975,134
U.S. Bonds 2050 01.21.2020	—	300,000,000	US	3.95	%	4.09	%	01.21.2050	Semiannual	4,747,692	5,215,223	272,139,000	298,938,000
Swiss Bond 2023 09.20.2023	—	170,000,000	CHF	2.72	%	3.02	%	09.20.2028	Annual	1,471,660	1,412,322	194,957,700	187,096,900
									Total	24,451,704	30,490,640	998,729,102	1,012,062,996

17.2.2 Non-current maturities


		Year of maturity				Total non-
		More than 1	More than 2	More than 3		current
	Series	to 2	up to 3	up to 4	More than 5	12.31.2025
		ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
CMF Registration 641 08.23.2010	C	5,417,447	5,417,447	5,417,447	10,834,897	27,087,238
CMF Registration 760 08.20.2013	D	—	—	—	158,911,840	158,911,840
CMF Registration 760 04.02.2014	E	—	—	—	119,183,952	119,183,952
CMF Registration 912 10.10.2018	F	—	—	—	226,449,372	226,449,372
U.S. Bonds 2050 01.21.2020	—	—	—	—	272,139,000	272,139,000
Swiss Bond 2023 09.20.2023	—	—	—	—	194,957,700	194,957,700
Total		5,417,447	5,417,447	5,417,447	982,476,761	998,729,102

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17.2.3 Market rating

The bonds issued on the Chilean market had the following rating:


AA+	:	ICR Compañía Clasificadora de Riesgo Ltda. rating
AA+	:	Fitch Chile Clasificadora de Riesgo Limitada rating

The rating of bonds issued on the international market had the following rating:


Baa1	:	Moody’s Ratings
BBB+	:	Fitch Ratings Inc.

17.2.4 Restrictions

17.2.4.1 Restrictions on bonds placed abroad.

Obligations with bonds placed abroad are not subject to financial restrictions for the reporting periods.

17.2.4.2 Restrictions on bonds placed in the local market.

The financial information used to calculate the restrictions is as follows:


		12.31.2025
		ThCh$
Average net financial debt Last 4 quarters		813,847,764
Net financial debt		768,724,538
Unencumbered assets		3,278,120,804
Total unsecured liabilities		2,109,945,091
EBITDA Last Twelve Months		584,493,573
Net financial expenses Last Twelve Months		(50,740,598)

Restrictions on the issuance of bonds for a fixed amount registered under number 254, series B1 and B2.

●

Maintain an Indebtedness Level not greater than three point five times the EBITDA. For these purposes, “Indebtedness Level” will be considered as the ratio between /a/ the average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ the accumulated EBITDA in the period of twelve consecutive months ending at the closing of the latest “Consolidated Financial Statements of Income by Function”.

“Consolidated Net Financial Liabilities” will be considered as the result of: /i/ “Other Financial Liabilities, Current”, plus /ii/ “Other Financial Liabilities, Non-Current”, minus /iii/ the sum of “Cash and Cash Equivalents”; plus “Other Financial Assets, Current”; plus “Other Financial Assets, Non-Current” (to the extent that they correspond to the balances of assets for derivative financial instruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities);

“EBITDA” will be considered as the addition of the following accounts of the “Consolidated Financial Statements of Income by Function” contained in the Issuer’s Consolidated Financial Statements: “Revenues from Ordinary Activities”, “Cost of Sales”, “Distribution Costs”, “Administrative Expenses” and “Other Expenses, by function”, discounting the value of “Depreciation” and “Amortization for the Year” presented in the Notes to the Issuer’s Consolidated Financial Statements.

As of December 31, 2025, this ratio was 1.39 times.

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●

Maintain, and in no manner lose, sell, assign or transfer to a third party, the geographical area currently denominated as the “Metropolitan Region” (Región Metropolitana) as a territory in Chile in which we have been authorized by The Coca-Cola Company for the development, production, sale and distribution of products and brands of the licensor, in accordance to the respective bottler or license agreement, renewable from time to time.

●

Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of this date is franchised by TCCC to the Company for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer’s Adjusted Consolidated Operating Cash Flow.

●	Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities.

Unsecured consolidated liabilities payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position.

Consolidated Assets free of any pledge, mortgage or other lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily and conventionally constituted by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities and under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position.

As of December 31, 2025, this ratio was 1.55 times.

Restrictions to bond lines registered in the Securities Registered under number 641, series C

●

As of December 31, 2025, this ratio was 1.39 times.

●	Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities.

Unencumbered assets refer to the assets that are the property of the issuer; classified under Total Assets of the Issuer’s Financial Statements; and that are free of any pledge, mortgage or other liens constituted in favor of third parties, less “Other Current Financial Assets” and “Other Non-Current Financial Assets” of the Issuer’s Financial Statements (to the extent they correspond to asset balances of derivative financial instruments, taken to hedge exchange rate and interest rate risk of the financial liabilities).

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Unsecured total liabilities correspond to liabilities from Total Current Liabilities and Total Non-Current Liabilities of Issuer’s Financial Statement which do not benefit from preferences or privileges, less “Other Current Financial Assets” and “Other Non-Current Financial Assets” of the Issuer’s Financial Statements (to the extent they correspond to asset balances of derivative financial instruments, taken to hedge exchange rate and interest rate risk of the financial liabilities).

As of December 31, 2025, this ratio was 1.55 times.

●

Maintain a level of “Net Financial Coverage” greater than 3 times in its quarterly financial statements. Net financial coverage means the ratio between the issuer’s EBITDA of the last 12 months and the issuer’s Net Financial Expenses in the last 12 months. Net Financial Expenses will be regarded as the difference between the absolute value of interest expense associated with the issuer’s financial debt account accounted for under “Financial Costs”; and interest income associated with the issuer’s cash accounted for under the Financial Income account. However, this restriction shall be deemed to have been breached where the mentioned level of net financial coverage is lower than the level previously indicated during two consecutive quarters.

As of December 31, 2025, Net Financial Coverage was 11.52 times.

Restrictions to bond lines registered in the Securities Registrar under number 760, series D and E.

●

As of December 31, 2025, this ratio was 1.39 times.

●	Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities payable.

Unsecured Consolidated Liabilities Payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position.

The following will be considered in determining Consolidated Assets: assets free of any pledge, mortgage or other lien, as well as those assets having a pledge, mortgage or real encumbrances that operate solely by law, less asset balances of derivative financial instruments, taken to hedge exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Financial Statements. Therefore, Consolidated Assets free of any pledge, mortgage or other lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily and conventionally constituted by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities and under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position.

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As of December 31, 2025, this ratio was 1.55 times.

●

Maintain, and in no manner, lose, sell, assign or transfer to a third party, the geographical area currently denominated as the “Metropolitan Region” as a territory franchised to the Issuer in Chile by The Coca-Cola Company, hereinafter also referred to as “TCCC” or the “Licensor” for the development, production, sale and distribution of products and brands of said licensor, in accordance to the respective bottler or license agreement, renewable from time to time. Losing said territory means the non-renewal, early termination or cancellation of this license agreement by TCCC, for the geographical area today called “Metropolitan Region”. This reason shall not apply if, as a result of the loss, sale, transfer or disposition, of that licensed territory is purchased or acquired by a subsidiary or an entity that consolidates in terms of accounting with the Issuer.

●

Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of the issuance date of these instruments is franchised by TCCC to the Issuer for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer’s Adjusted Consolidated Operating Cash Flow of the audited period immediately before the moment of loss, sale, assignment or transfer. For these purposes, the term “Adjusted Consolidated Operating Cash Flow” shall mean the addition of the following accounting accounts of the Issuer’s Consolidated Statement of Financial Position: (i) “Gross Profit” which includes regular activities and cost of sales; less (ii) “Distribution Costs”; less (iii) “Administrative Expenses”; plus (iv) “Participation in profits (losses) of associates that are accounted for using the equity method”; plus (v) “Depreciation”; plus (vi) “Intangibles Amortization”.

Restrictions to bond lines registered in the Securities Registrar under number 912, series F.

●

“EBITDA” will be considered as the sum of the following accounts of the “Consolidated Financial Statements of Income by Function” contained in the Issuer’s Consolidated Financial Statements: “Revenues from Ordinary Activities”, “Cost of Sales”, “Distribution Costs”, “Administrative Expenses” and “Other Expenses, by function”, discounting the value of “Depreciation” and “Amortization for the Year” presented in the Notes to the Issuer’s Consolidated Financial Statements.

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As of December 31, 2025, this ratio was 1.39 times.

●

Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of the issuer’s unsecured consolidated liabilities payable. Unsecured Consolidated Liabilities Payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position. The following will be considered in determining Consolidated Assets: assets free of any pledge, mortgage or other lien, as well as those assets having a pledge, mortgage or real encumbrances that operate solely by law, less asset balances of derivative financial instruments, taken to hedge exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Financial Statements. Therefore, Consolidated Assets free of any pledge, mortgage or other lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily and conventionally constituted by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities and under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position.

As of December 31, 2025, this ratio was 1.55 times.

●

Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of the issuance date of local bonds Series C, D and E is franchised by TCCC to the Issuer for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer’s Adjusted Consolidated Operating Cash Flow of the audited period immediately before the moment of loss, sale, assignment or transfer. For these purposes, the term “Adjusted Consolidated Operating Cash Flow” shall mean the addition of the following accounting accounts of the Issuer’s Consolidated Statement of Financial Position: (i) “Gross Profit” which includes regular activities and cost of sales; less (ii) “Distribution Costs”; less (iii) “Administrative Expenses”; plus (iv) “Participation in profits (losses) of associates that are accounted for using the equity method”; plus (v) “Depreciation”; plus (vi) “Intangibles Amortization”.

As of December 31, 2025, the Company complies with all financial covenants.

17.3 Derivative contracts Obligations

See detail in Note 22.

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17.4 Liabilities for leasing agreements

17.4.1 Current liabilities for leasing agreements


											Maturity		Total
Debtor		Creditor Entity				Type of	Nominal		Effective		Up to	90 days to	at	at
Name	Country	Tax ID	Name	Country	Currency	Amortization	rate		rate		90 days	1 year	12.31.2025	12.31.2024
											ThCh$	ThCh$	ThCh$	ThCh$
Rio de Janeiro Refrescos Ltda.	Brazil	Foreign	Cogeração - Light ESCO	Brazil	BRL	Monthly	13.00	%	12.28	%	370,137	1,180,751	1,550,888	1,339,654
Rio de Janeiro Refrescos Ltda.	Brazil	Foreign	Tetra Pack	Brazil	BRL	Monthly	7.65	%	7.39	%	124,039	400,702	524,741	409,456
Rio de Janeiro Refrescos Ltda.	Brazil	Foreign	Real estate	Brazil	BRL	Monthly	8.18	%	14.83	%	418,851	827,202	1,246,053	1,281,478
Rio de Janeiro Refrescos Ltda.	Brazil	Foreign	Leão	Brazil	BRL	Monthly	11.25	%	15.00	%	10,178	30,534	40,712	265,453
Embotelladora del Atlántico S.A.	Argentina	Foreign	Tetra Pak SRL	Argentina	USD	Monthly	12.00	%	13.00	%	149,699	411,071	560,770	651,725
Embotelladora del Atlántico S.A.	Argentina	Foreign	Real estate	Argentina	ARS	Monthly	50.00	%	60.00	%	309,286	96,839	406,125	639,548
Embotelladora del Atlántico S.A.	Argentina	Foreign	Systems	Argentina	USD	Monthly	12.00	%	13.00	%	85,449	253,693	339,142	149,202
Embotelladora del Atlántico S.A.	Argentina	Foreign	Real estate	Argentina	ARS	Monthly	12.00	%	13.00	%	251,621	255,555	507,176	628,640
Andina Empaques Argentina S.A.	Argentina	Foreign	Real estate	Argentina	ARS	Monthly	40.00	%	50.00	%	27,655	142,824	170,479	—
Vital Jugos S.A	Chile	76.080.198-4	De Lage Landen Chile S.A	Chile	USD	Monthly	4.08	%	4.08	%	—	—	—	187,511
Vital Jugos S.A	Chile	76.080.198-4	De Lage Landen Chile S.A	Chile	USD	Monthly	6.81	%	18.24	%	25,787	80,131	105,918	—
Vital Jugos S.A.	Chile	77.951.700-4	Sig Combibloc Chile SPA.	Chile	EUR	Monthly	8.82	%	37.02	%	40,028	125,750	165,778	156,972
Vital Aguas S.A.	Chile	76.572.588-7	Coca-Cola del Valle New Ventures S.A	Chile	CLP	Monthly	11.24	%	11.24	%	—	—	—	—
Envases Central S.A	Chile	76.572.588-7	Coca-Cola del Valle New Ventures S.A	Chile	CLP	Monthly	7.33	%	2.53	%	708,281	—	708,281	—
Envases Central S.A	Chile	76.572.588-7	Coca-Cola del Valle New Ventures S.A	Chile	UF	Monthly	9.22	%	9.22	%	—	—	—	683,096
Transportes Polar S.A.	Chile	76.413.243-2	Cons. Inmob. e Inversiones Limitada	Chile	UF	Monthly	2.95	%	2.99	%	41,754	127,123	168,877	79,904
Transportes Polar S.A.	Chile	76.536.499-K	Jungheinrich Rentalift SPA	Chile	UF	Monthly	4.11	%	4.19	%	102,090	305,206	407,296	365,886
Transportes Polar S.A.	Chile	93.075.000-k	Importadora Técnica Vignola SAIC	Chile	UF	Monthly	3.67	%	3.74	%	23,692	—	23,692	89,569
Transportes Polar S.A.	Chile	93.075.000-k	Inversiones La Verbena Ltda.	Chile	UF	Monthly	3.43	%	3.49	%	44,736	136,531	181,267	230,503
Transporte Andina Refrescos Ltda.	Chile	78.861.790-9	Comercializadora Novaverde Limitada	Chile	UF	Monthly	3.87	%	3.94	%	129,765	86,229	215,994	208,121
Transporte Andina Refrescos Ltda.	Chile	78.861.790-9	Comercializadora Novaverde Limitada	Chile	UF	Monthly	0.45	%	0.45	%	—	—	—	—
Transporte Andina Refrescos Ltda.	Chile	76.536.499-K	Jungheinrich Rentalift SPA	Chile	UF	Monthly	2.88	%	2.88	%	—	—	—	989,891
Transporte Andina Refrescos Ltda.	Chile	76.536.499-K	Jungheinrich Rentalift SPA	Chile	UF	Monthly	4.11	%	4.19	%	220,247	674,466	894,713	825,667
Transporte Andina Refrescos Ltda.	Chile	85.275.700-0	Arrendamiento De Maquinaria SPA	Chile	UF	Monthly	5.39	%	5.39	%	—	—	—	63,008
Transporte Andina Refrescos Ltda.	Chile	85.275.700-0	Arrendamiento De Maquinaria SPA	Chile	UF	Monthly	2.80	%	2.84	%	99,850	100,551	200,401	—
Transporte Andina Refrescos Ltda.	Chile	76.930.500-7	Inmobiliaria Ilog	Chile	UF	Monthly	2.09	%	2.11	%	143,755	144,507	288,262	—
Transporte Andina Refrescos Ltda.	Chile	76.536.499-K	Jungheinrich Rentalift SPA G1	Chile	UF	Monthly	3.41	%	3.47	%	48,662	148,496	197,158	—
Transporte Andina Refrescos Ltda.	Chile	76.536.499-K	Jungheinrich Rentalift SPA G2	Chile	UF	Monthly	3.41	%	3.47	%	73,036	222,877	295,913	—
Transporte Andina Refrescos Ltda.	Chile	76.536.499-K	Jungheinrich Rentalift SPA G3	Chile	UF	Monthly	3.41	%	3.47	%	42,426	129,467	171,893	—
Transporte Andina Refrescos Ltda.	Chile	76.914.632-6	Equipos y Soluciones Logísticas SpA	Chile	UF	Monthly	2.39	%	2.49	%	35,825	60,185	96,010	—
Red de Transportes Comerciales Ltda.	Chile	76.930.501-7	Inmobiliaria Ilog Avanza Park	Chile	UF	Monthly	2.48	%	2.48	%	—	—	—	368,314
Embotelladora Andina S.A.	Chile	91.144.000-8	Inversiones La Verbena Ltda.	Chile	UF	Monthly	3.43	%	3.48	%	5,841	17,827	23,668	17,413
Embotelladora Andina S.A.	Chile	91.144.000-8	Codepack	Chile	USD	Monthly	2.32	%	2.35	%	40,136	94,558	134,694	—
												Total	9,625,901	9,631,011

The Company maintains leases on forklifts, vehicles, real estate and machinery. These leases have an average lifespan of between one and eight years without including a renewal option in the contracts. Assets related to these contracts are presented within Property, Plant, and Equipment, as right-of-use assets.

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17.4.2 Non-current liabilities for leasing agreements, as of December 31, 2025


							Maturity
Debtor		Creditor Entity				Type of	Nominal		Effective		1 year to	2 years to	3 years to	4 years to	more than	at
Name	Country	Tax ID	Name	Country	Currency	Amortization	rate		rate		2 years	3 years	4 years	12.31.2025	5 years	12.31.2025
											ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Rio de Janeiro Refrescos Ltda.	Brazil	Foreign	Cogeração - Light ESCO	Brazil	BRL	Monthly	13.00	%	12.28	%	1,752,504	1,980,330	534,070	—	—	4,266,904
Rio de Janeiro Refrescos Ltda.	Brazil	Foreign	Tetra Pack	Brazil	BRL	Monthly	7.65	%	7.39	%	496,719	575,835	640,097	737,072	78,041	2,527,764
Rio de Janeiro Refrescos Ltda.	Brazil	Foreign	Real estate	Brazil	BRL	Monthly	8.18	%	14.83	%	664,218	351,832	—	—	—	1,016,050
Rio de Janeiro Refrescos Ltda.	Brazil	Foreign	Leao Alimentos e Bebidas Ltda.	Brazil	BRL	Monthly	11.25	%	15.00	%	34,234	—	—	—	—	34,234
Embotelladora del Atlántico S.A.	Argentina	Foreign	Tetra Pak SRL	Argentina	USD	Monthly	12.00	%	13.00	%	548,095	548,095	517,513	181,110	—	1,794,813
Embotelladora del Atlántico S.A.	Argentina	Foreign	Real estate	Argentina	CLP	Monthly	50.00	%	60.00	%	47,133	27,656	—	—	—	74,789
Embotelladora del Atlántico S.A.	Argentina	Foreign	Real estate	Argentina	USD	Monthly	12.00	%	13.00	%	252,406	—	—	—	—	252,406
Embotelladora del Atlántico S.A.	Argentina	Foreign	Systems	Argentina	USD	Monthly	12.00	%	13.00	%	300,590	255,543	255,543	255,543	531,985	1,599,204
Vital Jugos S:A	Chile	76.080.198-4	De Lage Landen Chile S.A	Chile	USD	Monthly	6.81	%	18.24	%	113,617	121,876	31,829	—	—	267,322
Vital Jugos S.A	Chile	77.951.198-4	Sig Combibloc Chile SPA.	Chile	EUR	Monthly	8.82	%	37.02	%	181,726	199,208	218,371	239,378	106,415	945,098
Transporte Andina Refrescos Ltda.	Chile	76.536.499-k	Jungheinrich Rentalift SPA	Chile	UF	Monthly	4.11	%	4.19	%	932,187	888,763	—	—	—	1,820,950
Transporte Andina Refrescos Ltda.	Chile	76.536.499-k	Jungheinrich Rentalift SPA G1	Chile	UF	Monthly	3.41	%	3.47	%	203,986	104,628	—	—	—	308,614
Transporte Andina Refrescos Ltda.	Chile	76.536.499-k	Jungheinrich Rentalift SPA G2	Chile	UF	Monthly	3.41	%	3.47	%	306,163	316,768	135,203	—	—	758,134
Transporte Andina Refrescos Ltda.	Chile	76.536.499-k	Jungheinrich Rentalift SPA G3	Chile	UF	Monthly	3.41	%	3.47	%	177,847	184,007	190,381	64,915	—	617,150
Transportes Polar S.A.	Chile	76.413.243-2	Inversiones La Verbena	Chile	UF	Monthly	3.43	%	3.49	%	230,390	259,822	268,875	—	—	759,087
Transportes Polar S.A.	Chile	76.536.499-k	Jungheinrich Rentalift SPA	Chile	UF	Monthly	4.11	%	3.47	%	410,737	388,644	—	—	—	799,381
Transportes Polar S.A.	Chile	76.413.243-2	Cons. Inmob. e Inversiones Limitada	Chile	UF	Monthly	2.95	%	2.99	%	173,926	179,127	184,484	110,154	—	647,691
Embotelladora Andina S.A	Chile	91.144.000-8	Inversiones La Verbena Ltda.	Chile	UF	Monthly	3.43	%	3.45	%	30,266	34,133	35,321	—	—	99,720
															Total	18,589,311

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17.4.3 Non-current liabilities for leasing agreements as of December 31, 2024


														Maturity
Debtor				Creditor								Type of		Nominal		Effective		1 year to		2 years to		3 years to		4 years to		more than		At
Name		Country		Tax ID		Name		Country		Currency		Amortization		Rate		Rate		2 years		3 years		4 years		5 years		5 years		12.31.2024
																		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$
Rio de Janeiro Refrescos Ltda.		Brazil		Foreign		Cogeração - Light ESCO		Brazil		BRL		Monthly		13.00	%	12.28	%	1,513,809		1,710,604		1,932,983		521,301		—		5,678,697
Rio de Janeiro Refrescos Ltda.		Brazil		Foreign		Tetra Pack		Brazil		BRL		Monthly		7.65	%	7.39	%	482,012		567,424		667,972		754,477		637,981		3,109,866
Rio de Janeiro Refrescos Ltda.		Brazil		Foreign		Real estate		Brazil		BRL		Monthly		8.18	%	8.18	%	866,320		380,045		195,378		—		—		1,441,743
Rio de Janeiro Refrescos Ltda.		Brazil		Foreign		Leao Alimentos e Bebidas Ltda.		Brazil		BRL		Monthly		11.25	%	11.25	%	30,939		29,057		—		—		—		59,996
Embotelladora del Atlántico S.A.		Argentina		Foreign		Tetra Pak SRL		Argentina		USD		Monthly		12.00	%	12.00	%	597,759		597,759		597,759		564,406		197,521		2,555,204
Embotelladora del Atlántico S.A.		Argentina		Foreign		Real estate		Argentina		ARS		Monthly		50.00	%	50.00	%	15,078		—		—		—		—		15,078
Embotelladora del Atlántico S.A.		Argentina		Foreign		Real estate		Argentina		USD		Monthly		12.00	%	12.00	%	102,638		74,851		—		—		—		177,489
Embotelladora del Atlántico S.A.		Argentina		Foreign		Systems		Argentina		USD		Monthly		12.00	%	12.00	%	389,010		327,827		278,698		278,698		859,320		2,133,553
Vital Jugos S.A		Chile		77.951.198-4		Sig Combibloc Chile SPA.		Chile		EUR		Monthly		9.22	%	33.10	%	172,072		188,625		206,770		226,661		226,879		1,021,007
Transporte Andina Refrescos Ltda.		Chile		76.536.499-k		Jungheinrich Rentalift SPA		Chile		UF		Monthly		4.11	%	3.74	%	865,182		901,419		867,356		—		—		2,633,957
Transportes Polar S.A.		Chile		76.413.243-2		Inversiones La Verbena		Chile		UF		Monthly		3.43	%	3.43	%	187,008		229,809		352,080		—		—		768,897
Transportes Polar S.A.		Chile		76.536.499-K		Jungheinrich Rentalift SPA		Chile		UF		Monthly		4.11	%	4.11	%	381,213		397,180		378,677		—		—		1,157,070
Transportes Polar S.A.		Chile		93.075.000-k		Importadora Técnica Vignola SAIC		Chile		UF		Monthly		3.67	%	3.67	%	22,910		—		—		—		—		22,910
Embotelladora Andina S.A		Chile		91.144.000-8		Inversiones La Verbena Ltda.		Chile		UF		Monthly		3.43	%	3.43	%	24,049		29,876		33,189		28,540		—		115,654
																										Total		20,891,121

Leasing agreement obligations are not subject to financial restrictions for the reported periods.

18 – TRADE AND OTHER ACCOUNTS PAYABLE

The composition of trade accounts payable and other current accounts payable is as follows:


Class	12.31.2025	12.31.2024
	ThCh$	ThCh$
Current	480,396,027	457,074,643
Non-current	685,605	2,534,836
Total	481,081,632	459,609,479

Description	12.31.2025	12.31.2024
	ThCh$	ThCh$
Trade accounts payable	325,109,831	319,605,026
Withholding tax	94,607,257	77,122,183
Other (1)	61,364,544	62,882,270
Total	481,081,632	459,609,479

(1)	Other current considers the account payable to former shareholders of Companhia de Bebidas Ipiranga (“CBI”). See Note 6 for further information.

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19 – OTHER PROVISIONS CURRENT AND NON-CURRENT

19.1 Balances

The composition of the provisions is as follows:


Description	12.31.2025	12.31.2024
	ThCh$	ThCh$
Litigation (1)	57,811,209	55,245,799
Total	57,811,209	55,245,799

Current	2,433,147	1,522,426
Non-current	55,378,062	53,723,373
Total	57,811,209	55,245,799

(1)	Correspond to the provision made for the probable losses of tax, labor and commercial contingencies, according to the following detail:


Description (see note 23.1)	12.31.2025	12.31.2024
	ThCh$	ThCh$
Tax contingencies	30,024,767	29,416,543
Labor contingencies	14,014,847	13,912,282
Civil contingencies	13,771,595	11,916,974
Total	57,811,209	55,245,799

19.2 Movements

The movement of the main items included as provisions for litigation is detailed below:


Description	12.31.2025	12.31.2024
	ThCh$	ThCh$
Opening balance as of January 1	55,245,799	54,801,896
Additional provisions	—	189,356
Increase (decrease) in existing provisions	15,586,469	13,550,379
Used provision (payments made charged to the provision)	(14,046,529)	(7,232,750)
Reversal of unused provision	(24,173)	(17,716)
Increase (decrease) due to foreign exchange rate differences	1,049,643	(6,045,366)
Total	57,811,209	55,245,799

20 – OTHER NON-FINANCIAL LIABILITIES

Other current and non-current non-financial liabilities at each reporting period end are detailed as follows:


		Current		Non-current
Description		12.31.2025	12.31.2024	12.31.2025		12.31.2024
		ThCh$	ThCh$	ThCh$		ThCh$
Dividends payable		412,358	140,474,025	—		—
Other		77,609	1,629,557	3,782,958	⁽¹⁾	2,252,985
Total		489,967	142,103,582	3,782,958		2,252,985

(1)	Mainly corresponds to a property tax liability in Brazil.

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21 – EQUITY

21.1 Number of shares:


	Number of subscribed, paid-in and voting shares
Series	2025	2024
A	473,289,301	473,289,301
B	473,281,303	473,281,303

21.1.1 Capital


	Paid-in and subscribed capital
Series	2025	2024
	ThCh$	ThCh$
A	135,379,504	135,379,504
B	135,358,070	135,358,070
Total	270,737,574	270,737,574

21.1.2 Rights of each series:

●

Series A: Elects 12 of the 14 Directors.

●

Series B: Receive an additional 10% of dividends distributed to Series A and elects 2 of the 14 Directors.

21.2 Dividend policy

Under Chilean law, we must distribute cash dividends equivalent to at least 30% of our annual net profit, barring a unanimous vote by shareholders to the contrary. If there is no net profit in a given year, the Company shall not be legally obligated to distribute dividends from accumulated earnings, unless approved by the General Shareholders Meeting.

In accordance with Circular No. 1,945 issued by the Financial Market Commission (CMF) on September 29, 2009, the Company’s Board of Directors decided to maintain the initial adjustments from the adoption of IFRS as retained earnings, whose distribution is contingent upon their future realization.

The dividends declared and paid per share during the current period are as follows:


Periods		Characteristic of	Profits allocated	CLP	CLP
Approval-Payment		the dividend	to dividends	Series A	Series B
12.27.2022	01.27.2023	Interim	2022 Earnings	29.00	31.90
04.20.2023	05.09.2023	Final	2022 Earnings	29.00	31.90
04.20.2023	05.26.2023	Final	Retained Earnings	50.00	55.00
07.25.2023	08.25.2023	Interim	2023 Earnings	29.00	31.90
09.27.2023	10.26.2023	Interim	2023 Earnings	29.00	31.90
12.28.2023	01.25.2023	Interim	2023 Earnings	32.00	35.20
04.25.2024	05.23.2024	Final	Accumulated earnings	32.00	35.20
04.25.2024	05.30.2024	Final	Accumulated earnings	30.00	33.00
07.31.2024	08.14.2024	Interim	2024 results	32.00	35.20
09.25.2024	10.25.2024	Interim	2024 results	32.00	35.20
12.19.2024	01.31.2025	Interim	2024 results	141.00	155.10
09.31.2025	10.23.2025	Interim	2025 results	35.00	38.50
11.25.2025	12.18.2025	Interim	2025 results	20.00	22.00

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21.3 Other reserves

The balance of other reserves includes the follows:


Item	12.31.2025	12.31.2024	12.31.2023
	ThCh$	ThCh$	ThCh$
Polar acquisition	421,701,520	421,701,520	421,701,520
Foreign currency translation reserves	(681,916,160)	(599,259,259)	(556,832,899)
Cash flow hedge reserve	(25,807,096)	(11,879,833)	(24,064,386)
Reserve for employee benefit actuarial gains or losses	(8,226,140)	(8,087,069)	(6,013,183)
Legal and statutory reserves	5,435,538	5,435,538	5,435,538
Other	6,014,568	6,014,568	6,014,568
Total	(282,797,770)	(186,074,535)	(153,758,842)

21.3.1 Polar acquisition

This amount corresponds to the difference between the valuation at fair value of the issuance of shares of Embotelladora Andina S.A. and the book value of the paid capital of Embotelladoras Coca-Cola Polar S.A., which was finally the value of the capital increase notarized in legal terms.

21.3.2 Cash flow hedge reserve

They arise from the fair value of the existing derivative contracts that have been qualified for hedge accounting at the end of each financial period. When contracts have expired, these reserves are adjusted and recognized in the income statement in the corresponding period (see Note 22).

21.3.3 Reserve for employee benefit actuarial gains or losses

Corresponds to the restatement effect of employee benefits actuarial gains or losses that according to IAS 19 amendments must be carried to other comprehensive income.

21.3.4 Legal and statutory reserves

In accordance with Official Circular N° 456 issued by the Chilean Financial Market Commission (CMF), the legally required price-level restatement of paid-in capital for 2009 is presented as part of other equity reserves and is accounted for as a capitalization from Other Reserves with no impact on net income or retained earnings under IFRS. This amount totaled CLP 5,435,538 thousand as of December 31, 2009.

21.3.5 Foreign currency translation reserves

This corresponds to the conversion of the financial statements of foreign subsidiaries whose functional currency is different from the presentation currency of the Consolidated Financial Statements. Additionally, exchange differences between accounts receivable kept by the companies in Chile with foreign subsidiaries are presented in this account, which have been treated as investment accounted for using the equity method, Translation reserves are detailed as follows:


Description	12.31.2025	12.31.2024	12.31.2023
	ThCh$	ThCh$	ThCh$
Brazil	(140,318,584)	(149,362,866)	(106,141,988)
Argentina	(595,379,875)	(481,188,361)	(464,946,783)
Paraguay	53,782,299	31,291,968	14,255,872
Total	(681,916,160)	(599,259,259)	(556,832,899)

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The movement of this reserve for the periods ended on the dates below is as follows:


Description	12.31.2025	12.31.2024	12.31.2023
	ThCh$	ThCh$	ThCh$
Brazil	9,044,282	(43,220,877)	34,620,409
Argentina	(114,191,514)	(16,241,578)	(103,957,934)
Paraguay	22,490,331	17,036,095	7,987,992
Total	(82,656,901)	(42,426,360)	(61,349,533)

21.3.6 Consolidated statements of comprehensive income

The detail of the comprehensive income and expense for the periods ended on the dates indicated below, is detailed as follows:


	Gross
Balance as of 2025	Balance	Tax	Net Balance
	ThCh$	ThCh$	ThCh$
Cash Flow for hedge (1)	(20,463,976)	6,522,863	(13,941,113)
Exchange rate translation differences (1)	(70,045,566)	31,233,446	(38,812,120)
Benefit related to defined benefit plans	(198,547)	53,608	(144,939)
Total Comprehensive income as of December 31, 2025	(90,708,089)	37,809,917	(52,898,172)


	Gross
Balance as of 2024	Balance	Tax	Net Balance
	ThCh$	ThCh$	ThCh$
Cash Flow for hedge (1)	19,166,716	(6,978,956)	12,187,760
Exchange rate translation differences (1)	(71,165,622)	29,114,514	(42,051,108)
Benefit related to defined benefit plans	(2,865,423)	773,664	(2,091,759)
Total Comprehensive income as of December 31, 2024	(54,864,329)	22,909,222	(31,955,107)


	Gross
Balance as of 2023	Balance	Tax	Net Balance
	ThCh$	ThCh$	ThCh$
Cash Flow for hedge (1)	52,472,352	(14,183,004)	38,289,348
Exchange rate translation differences (1)	(98,844,581)	37,650,601	(61,193,980)
Benefit related to defined benefit plans	2,381,650	(643,045)	1,738,605
Total Comprehensive income as of December 31, 2023	(43,990,579)	22,824,552	(21,166,027)

(1)These concepts will be reclassified to the statements of income when it is settled.

The movement of comprehensive income and expense is as follows:


						Benefit related
		Cash Flow		Exchange rate		to defines
As of December 31, 2025:		Hedge		Differences		benefit plans
		ThCh$		ThCh$		ThCh$
Increase (decrease)		(20,704,135)		(70,045,566)		2,650,430
Deferred taxes		6,776,871		31,233,446		(715,616)
Reclassification to the result by function		(13,849)		—		(2,079,753)
Remeasurement of defined benefit plan		—		—		—
Total Changes in Equity		(13,941,113)		(38,812,120)		(144,939)
Equity attributable to owners of the parent		(13,927,263)		(39,294,032)		(139,071)
Non-Controlling interests		(13,850)		481,912		(5,868)
Total Changes in equity as of December 31, 2025		(13,941,113)		(38,812,120)		(144,939)

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						Benefit related
		Cash Flow		Exchange rate		to defines
As of December 31, 2024:		Hedge		Differences		benefit plans
		ThCh$		ThCh$		ThCh$
Increase (decrease)		19,232,249		(71,165,622)		(5,256,508)
Deferred taxes		(7,047,696)		29,114,514		1,419,257
Reclassification to the result by function		3,207		—		—
Remeasurement of defined benefit plan		—		—		1,745,492
Total Changes in Equity		12,187,760		(42,051,108)		(2,091,759)
Equity attributable to owners of the parent		12,184,553		(42,426,360)		(2,073,886)
Non-Controlling interests		3,207		375,252		(17,873)
Total Changes in equity as of December 31, 2024		12,187,760		(42,051,108)		(2,091,759)


						Benefit related
		Cash Flow		Exchange rate		to defines
As of December 31, 2023:		Hedge		Differences		benefit plans
		ThCh$		ThCh$		ThCh$
Increase (decrease)		52,393,210		(98,844,581)		6,374,693
Deferred taxes		(14,113,095)		37,650,601		(1,721,167)
Reclassification to the result by function		9,233		—		—
Remeasurement of defined benefit plan		—		—		(2,914,921)
Total Changes in Equity		38,289,348		(61,193,980)		1,738,605
Equity attributable to owners of the parent		38,280,115		(61,349,533)		1,763,133
Non-Controlling interests		9,233		155,553		(24,528)
Total Changes in equity as of December 31, 2023		38,289,348		(61,193,980)		1,738,605

21.4 Non-controlling interests

This is the recognition of the portion of equity and income from subsidiaries owned by third parties. This account is detailed as follows:


	Non-controlling Interests
	Ownership %			Shareholders’ Equity			Income
				December	December	December	December	December	December
Details	2025	2024	2023	2025	2024	2023	2025	2024	2023
				ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Embotelladora del Atlántico S.A.	0.0171	0.0171	0.0171	47,191	52,055	23,516	7,445	6,524	4,067
Andina Empaques Argentina S.A.	0.0209	0.0209	0.0209	5,437	5,645	2,735	600	284	(243)
Paraguay Refrescos S.A.	2.1697	2.1697	2.1697	7,542,062	6,674,645	6,421,855	1,464,819	1,293,004	1,023,763
Vital S.A.	35.0000	35.0000	35.0000	10,565,260	10,065,265	9,518,527	487,766	556,347	579,391
Vital Aguas S.A.	33.5000	33.5000	33.5000	5,047,261	4,883,451	2,391,066	186,569	147,033	168,407
Envases Central S.A.	40.7300	40.7300	40.7300	9,081,513	8,286,374	7,491,638	784,346	803,205	758,514
Re-Ciclar S.A.*	40.0000	40.0000	40.0000	6,866,327	8,020,393	8,845,550	(1,151,066)	(825,156)	536,178
Total				39,155,051	37,987,828	34,694,887	1,780,479	1,981,241	3,070,077

The following tables presents summarized information regarding the Company´s subsidiaries that have non-controlling interest:


				Andina
		Embotelladora		Empaques		Paraguay
		Del Atlantico		Argentina		Refrescos		VJ		Vital Aguas		Envases		Re-Ciclar
		S.A.		S.A.		S.A.		S.A.		S.A.		Central S.A.		S.A.
December 31, 2025		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$
Total current assets		134,155,411		15,930,758		83,945,032		28,988,379		6,926,463		20,875,213		4,062,515
Total non-current assets		312,305,475		15,229,487		344,981,798		19,343,871		3,259,802		20,736,712		38,275,436
Total current liabilities		131,196,205		4,121,167		60,089,529		16,235,750		4,897,930		18,805,567		11,475,343
Total non-current liabilities		38,521,603		1,037,909		21,234,964		1,910,044		221,884		509,587		13,696,789
Net sales		730,202,964		27,878,066		314,659,686		90,699,202		6,788,850		11,500,355		11,088,971
Net Income		43,661,388		3,244,845		67,511,321		1,393,617		556,922		1,925,717		(2,877,665)

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				Andina
		Embotelladora		Empaques		Paraguay
		Del Atlantico		Argentina		Refrescos		VJ		Vital Aguas		Envases		Re-Ciclar
		S.A.		S.A.		S.A.		S.A.		S.A.		Central S.A.		S.A.
December 31, 2024		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$
Total current assets		161,902,977		14,204,112		85,774,550		28,559,446		7,329,622		25,574,823		4,908,214
Total non-current assets		374,554,073		18,410,878		294,746,275		18,428,555		12,538,543		20,148,227		37,673,531
Total current liabilities		183,500,071		4,213,859		53,232,081		16,484,508		5,130,820		23,353,945		1,503,047
Total non-current liabilities		47,687,552		1,406,730		19,664,352		1,745,594		159,880		2,024,550		1,027,715
Net sales		779,373,515		34,201,434		282,065,004		84,410,998		3,915,820		99,079,582		913,462
Net Income		38,261,377		1,610,079		59,592,621		1,589,562		438,904		1,972,017		(2,070,392)


				Andina
		Embotelladora		Empaques		Paraguay
		Del Atlantico		Argentina		Refrescos		VJ		Vital Aguas		Envases		Re-Ciclar
		S.A.		S.A.		S.A.		S.A.		S.A.		Central S.A.		S.A.
December 31, 2023		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$
Total current assets		79,240,262		9,149,013		81,710,657		29,670,457		7,064,594		20,446,648		6,613,813
Total non-current assets		186,371,255		9,397,856		277,112,895		19,914,658		5,272,662		21,015,727		26,500,107
Total current liabilities		105,077,757		4,907,443		44,297,696		20,549,744		5,061,919		16,775,490		1,596,354
Total non-current liabilities		22,626,937		561,677		18,552,180		1,839,580		137,827		6,293,557		9,403,691
Net sales		445,970,004		22,146,635		223,840,648		80,683,367		22,338,380		92,778,313		—
Net Income		23,848,440		(1,388,032)		47,183,699		1,655,403		502,706		1,862,293		1,340,445

21.5 Earnings per share

The basic earnings per share presented in the statement of comprehensive income is calculated as the quotient between income for the period and the weighted average number of shares outstanding during the same period.

Earnings per share used to calculate basic and diluted earnings per share is detailed as follows:


Earnings per share	12.31.2025
	SERIES A		SERIES B	TOTAL
Net income attributable to owners of the parent (CLP 000’s)	127,952,003		140,744,933	268,696,936
Weighted average number of shares	473,289,301		473,281,303	946,570,604
Earnings per basic and diluted share (CLP)	270.35		297.38	283.86


Earnings per share	12.31.2024
	SERIES A	SERIES B	TOTAL
Net income attributable to owners of the parent (CLP 000’s)	110,792,786	121,870,098	232,662,884
Weighted average number of shares	473,289,301	473,281,303	946,570,604
Earnings per basic and diluted share (CLP)	234.09	257.50	245.80


Earnings per share		12.31.2023
		SERIES A		SERIES B		TOTAL
Net income attributable to owners of the parent (CLP 000’s)		81,639,457		89,801,953		171,441,410
Weighted average number of shares		473,289,301		473,281,303		946,570,604
Earnings per basic and diluted share (CLP)		172.49		189.74		181.12

22 – DERIVATIVE ASSETS AND LIABILITIES

As of December 31, 2025, the Company maintains cross currency swaps, currency forwards, and commodity swaps as derivative financial instruments.

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Cross currency swaps (CCS), also known as interest rate and currency swaps, are valued by discounting expected future cash flows using current market rates for the currencies and rates involved in each transaction.

The fair value of currency forward contracts is determined based on the forward exchange rates in effect for contracts with similar maturity profiles, in accordance with market conditions at the closing date.

The fair value of commodity swaps is determined based on expected future cash flows, calculated using current market prices for futures contracts and considering the agreed maturity dates.

As of the date of these financial statements, the Company holds the following derivative assets and liabilities, recognized at fair value:

22.1Accounting recognition of cross currency and rate swaps

Cross Currency Swaps, related to Local Bonds (Chile)

As of December 31, 2025, the Company maintains derivative contracts aimed at hedging part of its bond debt issued in Unidades de Fomento (UF), for a total amount of UF 7,992,694 (UF 8,462,025 as of December 31, 2024), for the purpose of converting these obligations to Chilean pesos (CLP).

The fair value measurement of these contracts at year-end resulted in a non-current asset of ThCh$ 91,164,876 (ThCh$ 85,252,373 as of December 31, 2024), which is presented under “Other non-current financial assets.”

The maturity dates of the derivative contracts are distributed over the years 2026, 2031, 2034, and 2035.

Cross Currency Swaps, related to international bonds (USA and Switzerland)

As of December 31, 2025, the Company has derivative contracts linked to US dollar-denominated obligations totaling USD 300 million, of which USD 150 million is converted to inflation-indexed Chilean pesos (UF) and USD 150 million to nominal Chilean pesos (CLP), both maturing in 2050. In addition, the Company holds derivatives linked to the Swiss franc (CHF) totaling CHF 170 million, converted to Brazilian reais (BRL), maturing in 2028.

The fair value measurement of the aforementioned contracts resulted in the following balances: The first contract records a non-current liability of ThCh$ 37,373,076, while the second contract presents a non-current liability of ThCh$ 39,271,844. Together, these contracts total a liability of ThCh$ 76,644,920, compared to ThCh$41,788,077 as of December 31, 2024.

The contract denominated in Swiss francs reflects a non-current asset of ThCh$51,810,982, compared to ThCh$59,298,394 as of December 31, 2024.

Exchange rate fluctuations associated with financial liabilities denominated in US dollars and Swiss francs are recognized in income, while the valuation effects of hedging instruments are recognized in comprehensive income, in accordance with IFRS 9 – Financial Instruments.

22.2 Forward currency contracts for highly probable expected transactions:

During the years 2025 and 2024, Embotelladora Andina S.A. entered into forward contracts to ensure the exchange rate on future commodity purchasing needs for its 4 operations, closing forward instruments in USD/ARS, USD/BRL, USD/CLP, and USD/PYG. At the closing date of these financial statements, outstanding contracts amount to USD 90.3 million (USD 89.0 million as of December 31, 2024).

Forward contracts that secure future commodity prices have been designated as hedging contracts since they comply with the documentation requirements of IFRS, and therefore their effects on changes in fair value are recorded in other comprehensive income.

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22.3 Raw material swap for highly probable expected transactions:

During the year 2025, the Company entered into No. 5 sugar swap contracts to hedge the price of future sugar purchases for its Chilean operations. At the date of these financial statements, the outstanding contracts amounted to USD 5.6 million (USD 1.7 million in 2024).

In addition, it entered into sugar swap contracts No. 11 to secure the price of future sugar purchases for its Brazilian operations. As of December 31, 2025, the outstanding contracts amounted to USD 12.89 million.

Forward contracts that hedge future raw material prices have been designated as hedging contracts as they meet the documentation requirements of IFRS, and therefore their effects on changes in fair value are recognized in other comprehensive income.

22.4 Fair value hierarchies

As of December 31, 2025, the Company has assets from derivative contracts amounting to ThCh$ 143,633,334 (ThCh$ 148,655,771 as of December 31, 2024) and liabilities from derivative contracts of ThCh$ 80,262,635 (ThCh$ 42,149,462 as of December 31, 2024).

Hedging contracts associated with existing items have been classified in the same accounting category as the hedged items, while derivative contracts related to expected items are presented within current financial assets and liabilities.

All hedging contracts are recognized at fair value in the consolidated statement of financial position, in accordance with the provisions of IFRS 9 – Financial Instruments.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1:

quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2:

Inputs other than quoted prices included in level 1 that are observable for the assets and liabilities, either directly (that is, as prices) or indirectly (that is, derived from prices)

Level 3:

Inputs for assets and liabilities that are not based on observable market data.

During the reporting period, there were no transfers of items between fair value measurement categories; all of which were valued during the period using level 2.


	Fair value measurement as of December 31, 2025
	Quoted prices in
	active markets for
	identical assets and	Observable	Unobservable
	liabilities	market data	market data
	(Level 1)	(Level 2)	(Level 3)	Total
	ThCh$	ThCh$	ThCh$	ThCh$
Assets
Other current financial assets	—	657,477	—	657,477
Other non-current financial assets	—	142,975,857	—	142,975,857
Total assets	—	143,633,334	—	143,633,334
Liabilities
Other current financial liabilities	—	3,617,715	—	3,617,715
Other non-current financial liabilities	—	76,644,920	—	76,644,920
Total liabilities	—	80,262,635	—	80,262,635

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	Fair value measurement as of December 31, 2024
	Quoted prices in
	active markets for
	identical assets and	Observable	Unobservable
	liabilities	market data	market data
	(Level 1)	(Level 2)	(Level 3)	Total
	ThCh$	ThCh$	ThCh$	ThCh$
Assets
Other current financial assets	—	4,105,005	—	4,105,005
Other non-current financial assets	—	144,550,766	—	144,550,766
Total assets	—	148,655,771	—	148,655,771
Liabilities
Other current financial liabilities	—	361,384	—	361,384
Other non-current financial liabilities	—	41,788,078	—	41,788,078
Total liabilities	—	42,149,462	—	42,149,462

23 – LITIGATION AND CONTINGENCIES

23.1 Lawsuits or other legal actions:

In the opinion of the Company’s legal counsel, the Parent Company and its subsidiaries do not face legal or extrajudicial contingencies that might result in material or significant losses or gains, except for the following:

Embotelladora del Atlántico S.A. and Andina Empaques Argentina S.A. face labor, tax, civil and trade lawsuits. Accounting provisions have been made for the contingency of a probable loss because of these lawsuits, totaling ThCh$ 699,235 (ThCh$ 722,249 as of December 31, 2024). Management considers it unlikely that non-provisioned contingencies will affect the Company’s income and equity, based on the opinion of its legal counsel. Additionally, Embotelladora del Atlántico S.A. maintains time deposits for an amount of ThCh$ 21,331 (ThCh$61,269 as of December 31, 2024) in time deposits to guarantee judicial liabilities.

Rio de Janeiro Refrescos Ltda. faces labor, tax, civil and trade lawsuits. Accounting provisions have been made for the contingency of a probable loss because of these lawsuits, totaling ThCh$ 54,678,827 (ThCh$ 53,001,124 as of December 31, 2024). Management considers it unlikely that non-provisioned contingencies will affect the Company’s income and equity, based on the opinion of its legal counsel. As it is customary in Brazil, Rio de Janeiro Refrescos Ltda. maintains Deposit in courts and assets given in pledge to secure the compliance of certain processes, irrespective of whether these have been classified as a possible, probable or remote. The amounts deposited or pledged as legal guarantees amounted to ThCh$ 25,362,998 (ThCh$ 24,406,565 as of December 31, 2024).

Part of the assets held under warranty by Rio de Janeiro Refrescos Ltda. are in the process of being released and others have already been released in exchange for guarantee insurance and bond letters for BRL 2,749,783,313 with different Financial Institutions and Insurance Companies in Brazil, these entities receive an annual commission fee of 0.13%, and become responsible of fulfilling obligations with the Brazilian tax authorities should any trial result against Rio de Janeiro Refrescos Ltda. Additionally, if the warranty and bond letters are executed, Rio de Janeiro Refrescos Ltda. promises to reimburse to the financial institutions and Insurance Companies any amounts disbursed by them to the Brazilian government.

Main contingencies faced by Rio de Janeiro Refrescos are as follows:

Tax contingencies resulting from credits on tax on industrialized products (IPI).

Rio de Janeiro Refrescos is a party to a series of proceedings under way, in which the Brazilian federal tax authorities demand payment of value-added tax on industrialized products (Imposto sobre Produtos Industrializados, or IPI) totaling BRL 3,625,647,115 as of the date of these financial statements.

The Company does not share the position of the Brazilian tax authority in these procedures and considers that it was entitled to claim IPI tax credits in connection with purchases of certain exempt raw materials from suppliers located in the Manaus free trade zone.

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Based on the opinion of its advisers, and legal outcomes to date, Management estimates that these procedures do not represent probable losses and has not recorded a provision on these matters.

Notwithstanding the above, the IFRS related to business combination in terms of distribution of the purchase price establish that contingencies must be measured one by one according to their probability of occurrence and discounted at fair value from the date on which it is deemed the loss can be generated. As a result of the acquisition of Companhia de Bebidas Ipiranga in 2013 and pursuant to this criterion and although there are contingencies listed only as possible for BRL 665,173,794 (amount includes adjustments for current lawsuits) a start provision has been generated in the accounting of the business combination for BRL 124,862,349.

Other tax contingencies.

They refer to ICMS-SP tax administrative processes that challenge the credits derived from the acquisition of tax-exempt products acquired by the Company from a supplier located in the Manaus Free Zone. The total amount is BRL 613,868,342, being assessed by external attorneys as a remote loss, so it has no accounting provision.

The company was challenged by the federal tax authority for tax deductibility of a portion of goodwill in the 2014-2016 period arising from the acquisition of Companhia de Bebidas Ipiranga. The tax authority understands that the entity that acquired Companhia de Bebidas Ipiranga is Embotelladora Andina and not Rio de Janeiro Refrescos Ltda. In the view of external lawyers, such a statement is erroneous, classifying it as a possible loss. The value of this process is BRL 1,190,254,577 as of the date of these financial statements.

Embotelladora Andina S.A. and its Chilean subsidiaries face labor, tax, civil and trade lawsuits. Accounting provisions have been made for the contingency of a probable loss because of these lawsuits, totaling ThCh$ 2,379,469 (ThCh$ 1,472,915 as of December 31, 2024). Management considers it is unlikely that non-provisioned contingencies will affect income and equity of the Company, in the opinion of its legal advisors.

Paraguay Refrescos S.A. faces tax, trade, labor and other lawsuits. Accounting provisions have been made for the contingency of any loss because of these lawsuits amounting to ThCh$ 53,678 (ThCh$ 49,511 as of December 31, 2024). Management considers it is unlikely that non-provisioned contingencies will affect income and equity of the Company, in the opinion of its legal advisors.

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23.2 Direct guarantees and restricted assets:

Guarantees and restricted assets are detailed as follows:

Guarantees that commit assets recognized in the financial statements:

Committed assets

Carrying amount

Creditor of the guarantee

Name of debtor

Relationship

Collateral

Type

12.31.2025

12.31.2024

ThCh$

Administradora Plaza Vespucio S.A.

Embotelladora Andina S.A.

Parent

Guarantee receipt

Trade Debtors and Other Accounts Receivable

154,080

141,900

Elqui Limited Agricultural Cooperative

Embotelladora Andina S.A.

Parent

Guarantee receipt

Other non-current financial assets

1,361,892

1,212,500

Mall Plaza

Embotelladora Andina S.A.

Parent

Guarantee receipt

Trade Payables and Other Accounts Receivable

881,130

628,381

Metro S.A.

Embotelladora Andina S.A.

Parent

Guarantee receipt

Trade receivables and other accounts receivable

23,996

23,204

Parque Arauco S.A.

Andina Bottling Company

Parent

Guarantee receipt

Trade Payables and Other Accounts Receivable

323,386

312,712

Lease agreement

Embotelladora Andina S.A.

Parent

Guarantee receipt

Trade Debtors and Other Accounts Receivable

96,046

92,875

Miscellaneous

Embotelladora Andina S.A.

Parent

Guarantee receipt

Trade Debtors and Other Accounts Receivable

82,919

98,879

Various Retail

Polar Transportation

Subsidiary

Guarantee receipt

Trade Payables and Other Accounts Receivable

56,951

22,235

Employee Claims

Rio de Janeiro Refrescos Ltda.

Subsidiary

Judicial deposit

Other non-current non-financial assets

8,863,041

8,045,861

Civil and tax claims

Rio de Janeiro Refrescos Ltda.

Subsidiary

Judicial deposit

Other non-current non-financial assets

6,265,150

6,370,534

Government institutions

Rio de Janeiro Refrescos Ltda.

Subsidiary

Plant and equipment

Property, Plant, and Equipment

10,234,807

9,990,170

Distribuidora Baraldo S.H.

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

—

Acuña Gómez

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

Nicanor López

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

Municipality of Bariloche

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

655

—

Municipality of San Antonio Oeste

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

1,376

2,131

Municipality of Carlos Casares

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

Municipality of Chivilcoy

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

8,607

13,331

Granada Maximiliano

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

112

174

Municipality of Junin

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

—

Almada Jorge

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

152

236

Other

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

Temas Industriales SA - General seizure of funds

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

7,817

12,107

DBC SA C CERVECERIA ARGENTINA SA ISEMBECK

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

1,652

2,559

Coto Cicsa

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

—

1,014

Cencosud

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

156

241

José Luis Kreitzer, Alexis Beade, and Cesar Bechetti

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

617

—

Vicentin

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

—

956

Province of Entre Ríos

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

—

6,981

Marcus A. Peña

Paraguay Refrescos

Subsidiary

Real Estate

Property, Plant, and Equipment

5,515

5,252

Ana Maria Mazó

Paraguay Refrescos

Subsidiary

Real Estate

Property, Plant, and Equipment

—

1,137

Stefano Szwao Giacomelli

Paraguay Refrescos

Subsidiary

Real estate

Property, plant, and equipment

3,311

3,054

Rental guarantee

Paraguay Refrescos

Subsidiary

Real Estate

Property, Plant, and Equipment

1,361

—

Sofía Cartes

Paraguay Refrescos

Subsidiary

Real Estate

Property, Plant, and Equipment

3,220

2,637

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Guarantees that do not commit assets recognized in the Financial Statements:

Committed assets

Amounts involved

Creditor of the guarantee

Debtor name

Relationship

Guarantee

Type

12.31.2025

12.31.2024

ThCh$

Labor proceedings

Rio de Janeiro Refrescos Ltda.

Subsidiary

Guarantee receipt

Legal proceeding

5,980,781

6,648,889

Administrative proceedings

Rio de Janeiro Refrescos Ltda.

Subsidiary

Guarantee receipt

Legal proceeding

88,143,399

80,036,491

Federal Government

Rio de Janeiro Refrescos Ltda.

Subsidiary

Guarantee receipt

Legal proceeding

219,466,178

188,083,737

State Government

Rio de Janeiro Refrescos Ltda.

Subsidiary

Guarantee receipt

Legal proceeding

138,003,496

116,943,181

Other

Rio de Janeiro Refrescos Ltda.

Subsidiary

Guarantee receipt

Legal proceeding

1,737,590

1,407,340

EZEIZA Customs

Embotelladora del Atlántico S.A.

Subsidiary

Surety bond

Faithful compliance of contract

346,823

576,829

EZEIZA Customs

Andina Empaques Argentina S.A.

Subsidiary

Surety bond

Faithful compliance of contract

—

4,414

24 – FINANCIAL RISK MANAGEMENT

The Company’s businesses are exposed to a variety of financial and market risks (including foreign exchange risk, interest rate risk and price risk). The Company’s global risk management program focuses on the uncertainty of financial markets and seeks to minimize potential adverse effects on the performance of the Company. The Company uses derivatives to hedge certain risks. A description of the primary policies established by the Company to manage financial risks are provided below:

Interest Rate Risk

As of December 31, 2025, the Company maintains all of its debt obligations at a fixed rate, in order to avoid fluctuations in financial expenses that could arise from possible increases in interest rates.

The Company’s indebtedness corresponds to six bonds issued in the Chilean local market at a fixed rate, which have a total outstanding balance of UF 13.69 million, denominated in Unidades de Fomento (UF), a unit indexed to inflation in Chile. Given that the Company’s sales are correlated with the variation of the UF, this structure allows for an adequate correspondence between income and obligations. In addition, the Company has a bilateral loan denominated in Unidades de Fomento (UF), with a current outstanding balance of UF 2.36 million.

Of the total local bonds, five have been redenominated through derivative instruments to Chilean pesos (CLP), both in terms of their rate and notional value, maintaining the original structure of the bond.

Furthermore, the Company has debt in the international market through a 144A/Reg S bond issued in the United States, at a fixed rate in US dollars, for a total amount of USD 300 million. Of this amount, USD 150 million has been redenominated through derivatives to Chilean pesos adjusted for inflation (UF), and the remaining USD 150 million has been redenominated to nominal Chilean pesos (CLP), in both cases maintaining the original structure of the bond.

Likewise, in September 2023, the Company issued a bond in the Swiss market for CHF 170 million at a fixed rate in Swiss francs, which has been redenominated through derivative instruments to Brazilian reais (BRL), both in its rate and notional value, maintaining the structure of the original bond.

Credit risk

The credit risk to which the Company is exposed comes mainly from trade accounts receivable maintained with retailers, wholesalers and supermarket chains in domestic markets; and the financial investments held with banks and financial institutions, such as time deposits, mutual funds and derivative financial instruments.

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a) Trade accounts receivable and other current accounts receivable

Credit risk related to trade accounts receivable is managed and monitored by the area of Finance and Administration of each business unit. The Company has a broad client base implying a high level of atomization of accounts receivable, which are subject to policies, procedures and controls established by the Company. In accordance with such policies, credits must be based objectively, non-discretionary and uniformly granted to all clients of the same segment and channel, provided these will allow generating economic benefits to the Company. The credit limit is checked periodically considering payment behavior. Trade accounts receivable pending of payment are monitored on a monthly basis.

i.	Sale Interruption

In accordance with Corporate Credit Policy, the interruption of sale must be within the following framework: when a customer has outstanding debts for an amount greater than USD 250,000, and over 60 days expired, sale is suspended. The General Manager in conjunction with the Finance and Administration Manager authorize exceptions to this rule, and if the outstanding debt should exceed USD 1,000,000, and in order to continue operating with that client, the authorization of the Chief Financial Officer is required. Notwithstanding the foregoing, each operation can define an amount lower than USD 250,000 according to the country’s reality.

ii.	Impairment

The impairment recognition policy establishes the following criteria for provisions: 30% is provisioned for 31 to 60 days overdue, 60% between 60 and 91 days, 90% between 91 and 120 days overdue and 100% for more than 120 days. Exemption of the calculation of global impairment is given to credits whose delays in the payment correspond to accounts disputed with the customer whose nature is known and where all necessary documentation for collection is available, therefore, there is no uncertainty on recovering them. However, these accounts also have an impairment provision as follows: 40% for 91 to 120 days overdue, 80% between 120 and 170, and 100% for more than 170 days.

iii.	Prepayment to suppliers

The Policy establishes that USD 25,000 prepayments can only be granted to suppliers if its value is properly and fully provisioned. The Treasurer of each subsidiary must approve supplier warranties that the Company receives for prepayments before signing the respective service contract, In the case of domestic suppliers, a warranty ballot (or the instrument existing in the country) shall be required, in favor of Andina executable in the respective country, non-endorsable, payable on demand or upon presentation and its validity will depend on the term of the contract. In the case of foreign suppliers, a stand-by credit letter will be required which shall be issued by a first line bank; in the event that this document is not issued in the country where the transaction is done, a direct bank warranty will be required. Subsidiaries can define the best way of safeguarding the Company’s assets for prepayments under USD 25,000.

iv.	Guarantees

In Chile, we have insurance with Compañía de Seguros de Crédito Continental S.A (AA rating -according to Fitch Chile and Humphreys rating agencies) covering the credit risk regarding trade debtors in Chile.

The rest of the operations do not have credit insurance, instead mortgage guarantees are required for volume operations of wholesalers and distributors in the case of trade accounts receivables. In the case of other debtors, different types of guarantees are required according to the nature of the credit granted.

Historically, uncollectible trade accounts have been lower than 0.5% of the Company’s total sales,

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b) Financial investment.

The Company has a Policy that is applicable to all the companies of the group in order to cover credit risks for financial investments, restricting both the types of instruments as well as the institutions and degree of concentration. The companies of the group can invest in:

i.	Time deposits: only in banks or financial institutions that have a risk rating equal to or higher than Level 1 (Fitch) or equivalent for deposits of less than 1 year and rated A or higher (S&P) or equivalent for deposits of more than 1 year.

ii.

Mutual funds: investments with immediate liquidity and no risk of capital (funds composed of investments at a fixed-term, current account, fixed rate Tit BCRA, negotiable obligations, Over Night, etc.,) in all those counter-parties that have a rating greater than or equal to AA-(S&P) or equivalent, Type 1 Pacts and Mutual Funds, with a rating greater than or equal to AA+ (S&P) or equivalent.

iii.	Other investment alternatives must be evaluated and authorized by the office of the Chief Financial Officer.

Exchange Rate Risk

The Company is exposed to three types of risk caused by exchange rate volatility in the countries where it operates:

a) Exposure of foreign investments:

This risk arises from converting net investments from each country’s functional currency (Brazilian real, Argentine peso, or Paraguayan guaraní) to the presentation currency of the parent company (Chilean peso). Appreciation or devaluation of the Chilean peso against each country’s functional currency gives rise to respective decreases or increases in equity. The Company does not hedge this risk.

The Company assesses fluctuations in the currencies used in its operations relative to the presentation currency of the financial statements through a sensitivity analysis of total assets, total liabilities, and net equity in local currency.


		USD/CLP		BRL/CLP		ARS/CLP		PGY/CLP
Closing currency variation		-9.0%		2.4%		-35.4%		8.4%

				Brazil		Argentina		Paraguay
				ThCh$		ThCh$		ThCh$
Total Assets				1,065,354,542		466,462,159		428,926,830
Total Liabilities				817,996,560		169,332,473		81,324,493
Net Investment				247,357,982		297,129,686		347,602,337
Share on income				29.2	%	21.9	%	9.4	%

				BRL/CLP		ARS/CLP		PGY/CLP
-10% variation impact on parity				-6.1%		-41.9%		-3.9%

				ThCh$		ThCh$		ThCh$
Variation impact on results				(11,950,406)		(4,652,930)		(6,751,132)
Variation impact on equity				(28,945,912)		(81,898,581)		6,862,591

The scenario above represents an exchange rate sensitivity of a 10% decrease from the actual exchange rates at the reporting date, affecting the translation of local currencies into the presentation currency of the Group’s financial statements, and the resulting impact on the results and equity of the different Operations.

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Net exposure of assets and liabilities in foreign currency

This risk stems mostly from carrying liabilities in US dollar, so the volatility of the US dollar with respect to the functional currency of each country generates a variation in the valuation of these obligations, with consequent effect on results. In order to protect the Company from the effects on income resulting from the volatility of the Brazilian Real and the Chilean Peso against the U,S, dollar, the Company maintains derivative contracts (cross currency swaps) to cover almost 100% of US dollar-denominated financial liabilities.By designating such contracts as hedging derivatives, the effects on income for variations in the Chilean Peso and the Brazilian Real against the US dollar, are mitigated annulling its exposure to exchange rates.

b)	Exposure of assets purchased or indexed to foreign currency

This risk originates from purchases of raw materials and investments in Property, plant and equipment, whose values are expressed in a currency other than the functional currency of the subsidiary. Changes in the value of costs or investments can be generated through time, depending on the volatility of the exchange rate.

In order to minimize this risk, the Company maintains a currency hedging policy stipulating that it is necessary to enter into foreign currency derivatives contracts to lessen the effect of the exchange rate over cash expenditures expressed in US dollars, corresponding mainly to payment to suppliers of raw materials in each of the operations. This policy stipulates up to 12-month forward horizon.

Commodities risk

The Company is exposed to the risk of price fluctuations in international markets, mainly for sugar, PET resin, and aluminum, which are the main inputs used in the production of beverages and packaging and together represent between 35% and 40% of operating costs. To mitigate and/or stabilize this risk, the Company frequently enters into supply contracts and makes advance purchases when market conditions warrant.

Liquidity risk

The products we sell are mainly paid for in cash and short-term credit; therefore, the Company´s main source of financing comes from the cash flow of our operations. This cash flow has historically been sufficient to cover the investments necessary for the normal course of our business, as well as the distribution of dividends approved by the General Shareholders’ Meeting. Should additional funding be required for future geographic expansion or other needs, the main sources of financing to consider are: (i) debt offerings in the Chilean and foreign capital markets (ii) borrowings from commercial banks, both internationally and in the local markets where the Company operates; and (iii) public equity offerings.

The following table presents an analysis of the Company’s committed maturities for liability payments throughout the coming years:


As of December 31, 2025	Payments on the year of maturity
		More than 1	More than 2	More than 3
Category	1 year	up to 2	up to 3	up to 4	More than 5
	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Bank debt	11,820,186	—	—	—	92,960,992
Bonds payable	24,451,704	5,417,447	5,417,447	5,417,447	1,059,121,681
Lease obligations	9,625,901	6,856,744	6,416,267	3,011,688	2,304,613
Contractual obligations (1)	142,577,913	39,637,714	19,997,451	19,180,962	1,301,518
Total	188,475,704	51,911,905	31,831,165	27,610,097	1,155,688,804

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As of December 31, 2024	Payments on the year of maturity
		More than 1	More than 2	More than 3
Category	1 year	up to 2	up to 3	up to 4	More than 5
	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Bank debt	56,401,282	—	—	—	—
Bonds payable	30,490,640	11,942,889	5,238,640	5,238,640	1,031,430,903
Lease obligations	9,631,011	5,649,998	5,434,476	5,510,861	4,295,783
Contractual obligations (1)	169,773,223	28,578,074	22,063,770	17,429,919	7,837,043
Total	266,296,156	46,170,961	32,736,886	28,179,420	1,043,563,729

(1)

Agreements that the Andina Group has with collaborating entities for its operation, which are mainly related to contracts entered into to supply products and/or support services in information technology services, commitments of the company with its franchisor to make investments or expenses related to the development of the franchise, support services to personnel, security services, maintenance services of fixed assets, purchase of inputs for production, among others.

25 – REVENUE FROM ORDINARY ACTIVITIES

The Company’s revenue mainly arises from the sale of beverages and related products. For presentation purposes, revenue is classified into the following categories:

●

Non-alcoholic beverages: Includes soft drinks, juices, water, and other non-alcoholic beverages commercialized under brands owned by The Coca-Cola Company and Monster Beverage Corporation.

●

Alcoholic beverages: Includes beers and other alcoholic beverages distributed by the Company.

●

Other revenue: Mainly relates to the sale of pulp, packaging, cases, bottles, and other materials used in operations.


		01.01.2025		01.01.2024		01.01.2023
Description		12.31.2025		12.31.2024		12.31.2023
		ThCh$		ThCh$		ThCh$
Non-alcoholic beverages		2,956,573,827		2,850,966,747		2,256,309,490
Alcoholic beverages		353,981,539		345,733,257		337,722,715
Other revenue		34,280,485		27,533,001		24,404,847
Total		3,344,835,851		3,224,233,005		2,618,437,052

26 – EXPENSES BY FUNCTION

Other expenses by function are detailed as follows:


	01.01.2025	01.01.2024	01.01.2023
Description	12.31.2025	12.31.2024	12.31.2023
	ThCh$	ThCh$	ThCh$
Direct production costs	(1,642,483,000)	(1,584,826,536)	(1,346,516,486)
Payroll and employee benefits	(491,519,165)	(489,656,716)	(378,482,113)
Transportation and distribution	(262,565,173)	(261,492,646)	(211,998,332)
Advertisement	(48,788,729)	(47,157,493)	(35,831,757)
Depreciation and amortization	(159,241,493)	(151,110,933)	(112,771,324)
Repairs and maintenance	(62,443,411)	(63,130,395)	(46,021,127)
Other expenses	(222,428,367)	(199,776,910)	(129,478,810)
Total	(2,889,469,338)	(2,797,151,629)	(2,261,099,949)

(1)	Corresponds to the addition of the cost of sales, administrative expenses, and distribution costs.

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27 – OTHER INCOME

Other income by function is detailed as follows:


	01.01.2025	01.01.2024	01.01.2023
Description	12.31.2025	12.31.2024	12.31.2023
	ThCh$	ThCh$	ThCh$
Gain due to disposal of Property, plant and equipment	1,665,503	222,898	754,338
Recovery PIS credit and COFINS Brazil(1)	2,816,267	20,454,256	—
Income from construction contract compensation	2,836,127	—	—
Supplier compensation (2)	5,298,437	—	—
Other	766,123	802,707	556,151
Total	13,382,457	21,479,861	1,310,489

(1)	See Note 6 (2) for more information on the recovery.

(2)	Compensation for overpricing in the purchase of raw materials.

28 – OTHER EXPENSES BY FUNCTION

Other expenses by function are detailed as follows:


	01.01.2025		01.01.2024		01.01.2023
Description	12.31.2025		12.31.2024		12.31.2023
	ThCh$		ThCh$		ThCh$
Contingencies and non-operating fees	(15,924,999)		(19,376,723)		(11,145,708)
Tax on bank debits	(7,112,673)		(7,862,779)		(4,403,347)
Write-offs, disposals and loss on sale of property, plant and equipment	(3,823,917)		(5,805,588)		(8,072,422)	⁽³⁾
Others	(3,252,844)	⁽¹⁾	(3,604,939)	⁽²⁾	(2,820,106)	⁽⁴⁾
Total	(30,114,433)		(36,650,029)		(26,441,583)

(1)	Includes expenses related to the process of closing Red de Transportes Comerciales Ltda.

(2)	Includes the loss due to the impairment provision for Rights in Chile related to AdeS. See Note 2.8.

(3)	Expenses for the write-off of the container yard in Operation Paraguay and Operation Chile.

(4)	Mainly due to restructuring in Operations for the year 2023.

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29 – FINANCIAL INCOME AND EXPENSES

Financial income and costs are detailed as follows:

a) Financial income


	01.01.2025	01.01.2024	01.01.2023
Description	12.31.2025	12.31.2024	12.31.2023
	ThCh$	ThCh$	ThCh$
Interest income	11,326,220	18,377,685	25,791,172
Ipiranga purchase warranty restatement	59,648	39,511	47,032
From PIS and COFINS credits (1)	4,256,200	8,986,697	—
Other financial income	2,797,544	1,556,025	5,557,963
Total	18,439,612	28,959,918	31,396,167

(1)	See Note 6 for more information on the recovery.

b) Financial costs


	01.01.2025	01.01.2024	01.01.2023
Description	12.31.2025	12.31.2024	12.31.2023
	ThCh$	ThCh$	ThCh$
Bond interest	(56,027,866)	(51,829,876)	(53,148,503)
Bank loan interest	(4,532,444)	(7,398,612)	(4,510,379)
Lease interest	(2,817,626)	(3,277,261)	(2,616,945)
Other financial costs	(4,840,477)	(7,908,134)	(5,012,525)
Total	(68,218,413)	(70,413,883)	(65,288,352)

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30 – OTHER (LOSSES) GAINS

Other (losses) gains are detailed as follows:


	01.01.2025		01.01.2024	01.01.2023
Description	12.31.2025		12.31.2024	12.31.2023
	ThCh$		ThCh$	ThCh$
Other gains and losses	(1,817,033)	⁽¹⁾	—	(15,909,117)	⁽²⁾
Total	(1,817,033)		—	(15,909,117)

(1)	At the end of December 2025, losses of CLP 1,817,033 were recognized in connection with the transfer, at a discount, of a receivable held by Embotelladora Andina S.A. to a financial institution. The receivable arose from dividends declared by subsidiaries and denominated in Argentine pesos.

(2)

a) losses for ThCh$ 25,530,162 due to the assignment of a loan owned by Embotelladora Andina S.A. to a financial institution with a discount. The credit of Embotelladora Andina was originally generated as a result of dividends from subsidiaries declared in Argentine pesos. b) In addition to the previous, a water source in the Brazilian Operation has been disposed of, generating a profit of ThCh$ 9,750,769.

31 – EXCHANGE DIFFERENCES

Exchange differences are detailed as follows:


		01.01.2025		01.01.2024		01.01.2023
Description		12.31.2025		12.31.2024		12.31.2023
		ThCh$		ThCh$		ThCh$
Generated by suppliers		(2,067,516)		(6,022,628)		(26,366,916)
Generated by financial assets		304,783		(1,067,456)		12,348,172
Generated by financial liabilities		(882,743)		206,889		(3,310,906)
Other		(779,414)		(523,509)		113,520
Total		(3,424,890)		(7,406,704)		(17,216,130)

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32 – LOCAL AND FOREIGN CURRENCY

Local and foreign currency balances are the following:


CURRENT ASSETS	12.31.2025	12.31.2024
	ThCh$	ThCh$
Cash and cash equivalents	296,539,709	248,899,004
USD	21,353,466	14,817,741
EUR	352,273	234,718
CLP	191,155,122	140,155,381
BRL	47,445,694	48,540,084
ARS	11,629,118	12,461,057
PGY	24,604,036	32,690,023

Other current financial assets	45,974,709	76,586,583
CLP	45,447,539	73,865,057
BRL	370,343	2,553,727
ARS	155,482	57,786
PGY	1,345	110,013

Other current non-financial assets	15,985,896	27,260,507
USD	167,005	3,195,150
EUR	1,041	213,862
UF	1,239,018	1,024,253
CLP	5,091,354	5,389,357
BRL	3,248,260	2,451,721
ARS	2,095,384	10,110,029
PGY	4,143,834	4,876,135

Trade payables and other accounts receivable	339,778,498	332,831,088
USD	1,356,760	5,617,644
EUR	—	—
UF	451,075	—
CLP	174,836,494	177,104,333
BRL	99,911,965	87,509,718
ARS	45,153,473	50,035,902
PGY	18,068,731	12,563,491

Accounts receivable from related entities	15,299,187	9,901,543
USD	1,394,519	—
CLP	12,446,341	9,901,543
BRL	1,371,835	—
ARS	86,492	—
PGY	—	—

Inventories	304,550,609	299,970,909
CLP	112,599,731	106,986,666
BRL	81,404,081	73,721,137
ARS	82,161,616	95,970,869
PGY	28,385,181	23,292,237

Current tax assets	14,924,173	17,746,106
USD	—	—
CLP	4,216,224	7,749,543
BRL	10,707,949	9,851,901
ARS	—	144,662

Total current assets	1,033,052,781	1,013,195,740
USD	24,271,750	23,630,536
EUR	353,314	448,580
UF	1,690,093	1,024,253
CLP	545,792,805	521,151,879
BRL	244,460,127	224,628,288
ARS	141,281,565	168,780,305
PGY	75,203,127	73,531,899

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NON-CURRENT ASSETS	12.31.2025	12.31.2024
	ThCh$	ThCh$
Other financial assets, non-current	164,370,936	169,420,303
USD	28,873,574	24,195,386
UF	1,216,865	1,216,865
CLP	63,977,786	62,774,079
BRL	51,810,982	59,298,394
ARS	18,491,729	21,935,579

Other non-financial assets, non-current	82,913,107	79,746,695
USD	—	—
UF	445,934	431,216
CLP	47,532	47,530
BRL	78,586,098	74,983,744
ARS	1,660,095	2,415,012
PGY	2,173,448	1,869,193

Accounts receivable, non-current	187,644	335,723
UF	-	—
CLP	39,558	212,749
ARS	15,725	9,008
PGY	132,361	113,966

Accounts receivable from related entities, non-current	8,000,924	292,931
CLP	8,000,924	292,931

Investments accounted for using the equity method	87,087,871	85,192,710
CLP	45,641,870	46,683,997
BRL	41,446,001	38,508,713

Intangible assets other than goodwill	719,489,720	693,383,630
USD	3,959,421	3,959,421
CLP	326,186,656	318,673,224
BRL	177,701,306	172,991,812
ARS	7,059,802	9,074,686
PGY	204,582,535	188,684,487

Capital gains	137,128,318	144,681,420
CLP	9,523,767	9,523,767
BRL	66,254,592	64,670,541
ARS	52,677,304	62,487,785
PGY	8,672,655	7,999,327

Property, plant, and equipment	1,179,385,259	1,097,773,572
EUR	—	—
CLP	412,746,936	394,341,668
BRL	397,208,409	318,245,367
ARS	242,270,287	291,160,305
PGY	127,159,627	94,026,232

Deferred tax assets	8,788,858	7,081,549
CLP	6,527,688	5,028,479
PGY	2,261,170	2,053,070

Total non-current assets	2,387,352,637	2,277,908,533
USD	32,832,995	28,154,807
EUR	—	—
UF	1,662,799	1,648,081
CLP	872,692,717	837,578,424
BRL	813,007,388	728,698,571
ARS	322,174,942	387,082,375
PGY	344,981,796	294,746,275

F-89

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	12.31.2025			12.31.2024
CURRENT LIABILITIES	Up to 90 days	90 days to 1 year	Total	Up to 90 days	90 days to 1 year	Total
	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Other current financial liabilities	41,520,465	20,898,525	62,418,990	47,596,941	62,733,519	110,330,460
USD	3,211,105	3,095,127	6,306,232	4,527,746	2,823,324	7,351,070
EUR	40,028	125,750	165,778	37,902	119,070	156,972
UF	21,422,059	3,134,106	24,556,165	6,635,279	27,455,884	34,091,163
CLP	10,844,518	9,972,566	20,817,084	202,438	28,032,817	28,235,255
BRL	2,616,027	2,439,189	5,055,216	824,103	2,471,938	3,296,041
ARS	1,907,554	239,663	2,147,217	34,452,772	140,384	34,593,156
PGY	542,218	1,892,124	2,434,342	17,523	1,690,102	1,707,625
CHF	936,956	—	936,956	899,178	—	899,178

Trade accounts payable and other current accounts payable	472,851,989	7,544,038	480,396,027	449,856,870	7,217,773	457,074,643
USD	42,212,729	78,726	42,291,455	18,947,509	349,038	19,296,547
EUR	5,528,980	6,360	5,535,340	5,524,760	53,061	5,577,821
UF	1,595,469	1,459	1,596,928	1,860,276	—	1,860,276
CLP	112,618,619	7,457,493	120,076,112	167,135,196	6,815,674	173,950,870
BRL	158,548,956	—	158,548,956	144,438,439	—	144,438,439
ARS	64,252,634	—	64,252,634	67,851,883	—	67,851,883
PGY	85,915,936	—	85,915,936	42,129,433	—	42,129,433
Other currencies	2,178,666	—	2,178,666	1,969,374	—	1,969,374

Accounts payable to related entities, current	101,388,091	714,462	102,102,553	94,376,420	—	94,376,420
CLP	43,924,974	714,462	44,639,436	47,188,912	—	47,188,912
BRL	36,197,353	—	36,197,353	28,548,564	—	28,548,564
ARS	7,154,967	—	7,154,967	7,542,033	—	7,542,033
PGY	14,110,797	—	14,110,797	11,096,911	—	11,096,911

Other current provisions	1,076,922	1,356,225	2,433,147	422,985	1,099,441	1,522,426
CLP	1,076,922	1,302,547	2,379,469	422,985	1,049,930	1,472,915
PGY	—	53,678	53,678	—	49,511	49,511

Current tax liabilities	10,513,700	3,694,162	14,207,862	10,155,528	18,213,748	28,369,276
CLP	3,497,154	881,495	4,378,649	4,106,948	—	4,106,948
BRL	7,016,546	—	7,016,546	6,048,580	—	6,048,580
ARS	—	1,680,729	1,680,729	—	16,898,437	16,898,437
PGY	—	1,131,938	1,131,938	—	1,315,311	1,315,311

Current provisions for employee benefits	51,318,613	17,045,358	68,363,971	59,703,271	12,663,916	72,367,187
CLP	5,932,159	14,695,203	20,627,362	7,223,078	10,676,695	17,899,773
BRL	25,920,317	—	25,920,317	30,162,575	—	30,162,575
ARS	19,466,137	—	19,466,137	22,317,618	—	22,317,618
PGY	—	2,350,155	2,350,155	—	1,987,221	1,987,221

Other current non-financial liabilities	125,395	364,572	489,967	101,155,626	40,947,956	142,103,582
CLP	118,896	—	118,896	101,151,643	40,668,020	141,819,663
ARS	6,499	—	6,499	3,983	—	3,983
PGY	—	364,572	364,572	—	279,936	279,936

Total current liabilities	678,795,176	51,617,341	730,412,517	763,267,641	142,876,353	906,143,994
USD	45,423,834	3,173,853	48,597,687	23,475,255	3,172,362	26,647,617
EUR	5,569,008	132,110	5,701,118	5,562,662	172,131	5,734,793
UF	23,017,528	3,135,565	26,153,093	8,495,555	27,455,884	35,951,439
CLP	178,013,243	35,023,765	213,037,008	327,431,200	87,243,136	414,674,336
BRL	230,299,199	2,439,189	232,738,388	210,022,261	2,471,938	212,494,199
ARS	92,787,791	1,920,392	94,708,183	132,168,289	17,038,821	149,207,110
PGY	100,568,951	5,792,467	106,361,418	53,243,867	5,322,081	58,565,948
CHF	936,956	—	936,956	899,178	—	899,178
Other currencies	2,178,666	—	2,178,666	1,969,374	—	1,969,374

F-90

Table of Contents


		12.31.2025								12.31.2024
		More than 1 year		More than 3		More than				More than 1 year		More than 3		More than
NON-CURRENT LIABILITIES		up to 3 years		up to 5 years		5 years		Total		up to 3 years		up to 5 years		5 years		Total
		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$
Other financial liabilities, non-current		1,186,476,868		4,602,512		716,443		1,191,795,823		1,056,609,706		8,011,840		1,921,701		1,066,543,247
USD		284,650,789		1,241,538		531,985		286,424,312		310,800,461		1,719,561		1,056,841		313,576,863
EUR		380,934		457,749		106,415		945,098		172,072		622,056		226,879		1,021,007
UF		97,779,731		991,987		—		98,771,718		528,074,358		1,598,112		—		529,672,470
CLP		603,807,050		—		—		603,807,050		26,303,149		—		—		26,303,149
BRL		5,855,671		1,911,238		78,043		7,844,952		5,580,210		4,072,111		637,981		10,290,302
ARS		74,788		—		—		74,788		15,078		—		—		15,078
CHF		193,927,905		—		—		193,927,905		185,664,378		—		—		185,664,378

Accounts payable, non-current		685,605		—		—		685,605		2,534,836		—		—		2,534,836
CLP		685,605		—		—		685,605		2,523,733		—		—		2,523,733
ARS		—		—		—		—		11,103		—		—		11,103

Accounts payable related companies		—		—		—		—		380,465		—		—		380,465
BRL		—		—		—		—		380,465		—		—		380,465

Other provisions, non-current		55,378,062		—		—		55,378,062		53,723,373		—		—		53,723,373
BRL		54,678,827		—		—		54,678,827		53,001,124		—		—		53,001,124
ARS		699,235		—		—		699,235		722,249		—		—		722,249

Deferred tax liabilities		218,670,687		2,624		—		218,673,311		224,967,885		—		—		224,967,885
CLP		104,804,980		2,624		—		104,807,604		102,389,788		—		—		102,389,788
BRL		58,278,145		—		—		58,278,145		60,256,153		—		—		60,256,153
ARS		35,139,065		—		—		35,139,065		43,461,030		—		—		43,461,030
PGY		20,448,497		—		—		20,448,497		18,860,914		—		—		18,860,914

Non-current provisions for employee benefits		23,123,294		—		—		23,123,294		20.160.468		—		—		20,160,468
CLP		22,336,827		—		—		22,336,827		19,338,456		—		—		19,338,456
ARS		—		—		—		—		18,574		—		—		18,574
PGY		786,467		—		—		786,467		803,438		—		—		803,438

Other non-financial liabilities		3,782,958		—		—		3,782,958		2,252,985		—		—		2,252,985
BRL		3,782,958		—		—		3,782,958		2,252,985		—		—		2,252,985
ARS		—		—		—		—		—		—		—		—

Total non-current liabilities		1,488,117,474		4,605,136		716,443		1,493,439,053		1,360,629,718		8,011,840		1,921,701		1,370,563,259
USD		284,650,789		1,241,538		531,985		286,424,312		310,800,461		1,719,561		1,056,841		313,576,863
EUR		380,934		457,749		106,415		945,098		172,072		622,056		226,879		1,021,007
UF		97,779,731		991,987		—		98,771,718		528,074,358		1,598,112		—		529,672,470
CLP		731,634,462		2,624		—		731,637,086		150,555,126		—		—		150,555,126
BRL		122,595,601		1,911,238		78,043		124,584,882		121,470,936		4,072,111		637,981		126,181,028
ARS		35,913,088		—		—		35,913,088		44,228,035		—		—		44,228,035
PGY		21,234,964		—		—		21,234,964		19,664,352		—		—		19,664,352
CHF		193,927,905		—		—		193,927,905		185,664,378		—		—		185,664,378