| INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD |
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. |
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 |
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. | | S.A. | | Ltda. | | Ltda. | | Bebidas Ltda. | | Ventures, S.A. | | | | ThCh$ | | ThCh$ | | ThCh$ | | ThCh$ | | ThCh$ | | 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 | | 11.30.2024 | | 11.30.2024 | | 11.30.2024 | | 11.30.2024 | |
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