| EQUITY |
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 |
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) |
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) |
| | | | | | 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) |
| | | | | | | | | | | | | | | | | | | 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 |
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