Andina (ANDINA-B.SN): Q2’26 earnings preview

Research evidence excerpt

Andina (ANDINA-B.SN): Q2’26 earnings preview

Equity Research

14 July 2026 | 4:32PM BRT

We update our Andina model to preview its Q2 results and incorporate Thiago Bortoluci

+55(11)3372-0104 |

management’s latest public commentary and high-frequency data. We anticipate thiago.bortoluci@gs.com

Goldman Sachs do Brasil CTVM S.A.

Andina to report the best set of results across our LatAm bottlers coverage, with

Nicolas Sussmann

+12% y/y headline EBITDA growth, supported by positive volumes in Brazil (+8% +55(11)3371-9880 |

y/y), Chile (+2%), and Paraguay (+1%). The stronger operating performance, though, nicolas.sussmann@gs.comGoldman Sachs do Brasil CTVM S.A.

might not fully flow into the bottom line, as FX changes and cash remittances

between subsidiaries might be a temporary headwind—something we are not

particularly concerned about given the solid operating fundamentals. We also take

the opportunity to reflect what has been a harder-than-expected short-term setup

in Argentina, pressured by negative volumes, weak consumers, still high inflation, and

some operating deleveraging, which results in a -11% average downgrade in our

EBITDA estimates for FY2026-27-28. Andina is scheduled to report earnings on July

28.

We are Buy rated on Andina shares, with 12-month target prices of CLP5,110 for the

local shares (down -11% from CLP5,725 before) and US$33.2 for the ADRs (down

-13% from US$38.2 before). Our target prices are based on an equal-weighted blend

of a DCF (WACC of 10.75%, down from 11.4% before as we update our target capital

structure; unchanged terminal growth rate of +5.8%) and a multiple-based valuation

(unchanged 15.75x Q5-Q8 target P/E). The change to our target price is mostly due

to earnings.

Key downside risks to our investment view include: 1.