A Chilean beverage giant behind Cristal, one of the country's most popular beers, plus other brands like Escudo and Royal Guard, along with soft drinks, mineral water, pisco, and wine. Its name—Spanish for "United Breweries"—came from the 1902 merger of regional breweries, some dating back to the 1850s when early brewers opened Chile's first breweries. A fun quirk: it's easily confused with India's separate United Breweries, maker of Kingfisher beer.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
Argentina's hyperinflation drove a 64.5% drop in International Business profit, pulling consolidated adjusted operating result down 15.9% despite a 7.3% volume increase.
Argentina overwhelmed the story. Consolidated were flat at CLP 2,909,625 million as 7.3% volume growth was erased by a 6.7% decline in average prices, and adjusted operating result fell 15.9% to CLP 220,849 million, dragged down by a 64.5% profit collapse in the International Business . The Chile segment grew profit 7.3%, but the company enters 2026 with one engine firing and the other still exposed to Argentine instability.
Key takeaways
The International Business 's adjusted operating result fell 64.5%, as Argentina's macroeconomic deterioration—hyperinflation and currency devaluation—overwhelmed the 45.0% increase the segment had posted in 2024.
Excluding a non-recurring CLP 28,669 million land sale gain recognized in 2024, the consolidated adjusted operating result contracted 5.6%, revealing an underlying decline beneath the reported 15.9% drop.
The Chile Operating grew its adjusted operating result by 7.3%, driven by management initiatives and operating efficiencies, and benefited from lower raw material costs.
Section summaries
Risk Factors
CCU faces material risks from Argentine hyperinflation, Chilean regulatory shifts, input-cost volatility, and a concentrated controlling shareholder.
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Argentina’s , past exchange controls, and evolving regulatory modernization create significant financial and operational uncertainty for the International Business (27% of 2025 revenues).
Chile’s new PUSU Law mandates 15% locally recycled plastic in bottles by 2025, risking higher costs or supply shortages if sufficient recycled material is unavailable.
Consolidated volumes rose 7.3%, the first volume increase after two consecutive years of contraction, but average prices in Chilean pesos fell 6.7%, largely due to the of the Argentine peso.
contracted to 44.4% from 45.2%, as cost pressures in Argentina and the Wine were partly offset by lower raw material costs in Chile.
was CLP 239,051 million, and the company maintained a low financial of 0.42, remaining in compliance with all debt covenants.
What changed
The 2024 filing flagged whether the International Business 's profit decline would stabilize or deepen in 2025. It deepened: the segment's adjusted operating result fell 64.5%, accelerating from the 53.5% drop in 2024.
The Chile 's trajectory was a 2024 watch item, with 65% of direct costs in or indexed to foreign currencies. In 2025, the segment grew profit 7.3%, aided by lower raw material costs, suggesting cost pressures eased relative to the prior year.
The 2024 filing noted the CLP 193,459 million 2025 plan and its impact on . of CLP 239,051 million covered the year's investment, and the improved to 0.42 from 0.50 in 2023.
A new risk materialized in 2024 and persisted into 2025: a September 2024 cybersecurity incident disrupted sales and distribution IT systems, a vulnerability not highlighted in earlier filings.
What to watch
Whether the International Business 's profit decline stabilizes in 2026, given that Argentina's hyperinflation and currency controls remain unresolved and the segment now represents 27% of consolidated revenues.
The trajectory of the Chile 's as new Chilean laws—including a progressive employer pension contribution that began in 2025—add to operating costs.
The outcome of the ongoing antitrust lawsuit in Chile for alleged abuse of dominance in the on-premise beer market, which could result in financial penalties and forced commercial adjustments.
Whether the 2025-2027 Strategic Plan's profitability pillar translates into consolidated margin recovery, given that the 2025 adjusted operating result, excluding the 2024 land sale gain, contracted 5.6%.
An ongoing lawsuit in Chile for alleged abuse of dominance in the on-premise beer market could lead to financial penalties and forced commercial adjustments.
A cybersecurity incident in September 2024 disrupted sales and distribution IT systems, highlighting operational vulnerability to digital attacks.
Inversiones y Rentas S.A. controls 65.87% of voting shares, enabling it to unilaterally determine board elections and corporate transactions, potentially conflicting with ADS holder interests.
CCU is a multi-category beverage company operating in Chile, Argentina, Bolivia, Colombia, Paraguay, and Uruguay across beer, soft drinks, water, wine, and spirits.
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CCU reports results through three operating segments: Chile, International Business (Argentina, Bolivia, Paraguay, Uruguay), and Wine, with the Chile generating 65.8% of 2024 consolidated .
In Chile, CCU holds a leading of approximately 44.8% in 2025, producing and distributing proprietary brands like Cristal and Escudo, and licensed brands including Heineken, Pepsi, and Gatorade.
The International Business , with a 19.7% in 2025, is anchored by CCU's position as the second-largest brewer in Argentina and includes expanding water and PepsiCo snack operations in Paraguay.
The Wine , operating as VSPT, is the second-largest Chilean wine exporter, selling to over 80 countries with key brands like Gato Negro and 1865, and held a 19.4% domestic volume market share in 2025.
CCU's 2025-2027 Strategic Plan focuses on three pillars: Profitability (margin improvement via management and efficiencies), Growth (regional expansion and brand strengthening), and Sustainability (targeting a 70% reduction in greenhouse gas emissions per liter by 2030).
The company is controlled by IRSA (65.87% ownership), a equally owned by Quiñenco and Heineken Chile SpA, and operates 16 principal production facilities in Chile alone.
Consolidated net sales were flat (+0.2%) in 2025 as 7.3% volume growth was offset by 6.7% lower average prices, while Adjusted Operating Result fell 15.9%.
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rose 0.2% to CLP 2,909,625 million, driven by a 7.3% volume increase that was largely offset by a 6.7% decline in average CLP prices, mainly from ARS devaluation.
decreased 15.9% to CLP 220,849 million, primarily due to a non-recurring land sale gain in 2024; excluding this, the result contracted 5.6% on weakness in Argentina and Wine.
The Chile Operating grew by 7.3% on management and efficiencies, while the International Business segment's result plunged 64.5% due to an adverse macroeconomic context in Argentina.
contracted to 44.4% from 45.2% as cost of sales rose 1.7%, with cost pressures in Argentina and Wine partly offset by lower raw material costs in Chile.
was CLP 239,051 million, and the company plans CLP 159,816 million in 2026 focused on production, packaging, and marketing assets, primarily in Chile.
The company remained in compliance with all debt covenants, reporting a consolidated interest coverage ratio of 4.71 and a financial of 0.42 as of December 31, 2025.