Andina (ANDINA_B.SN): 2Q26 Results: EBITDA in Line With Our Estimates. Brazilian Operations and FX Rates Boosted Results

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Andina (ANDINA_B.SN): 2Q26 Results: EBITDA in Line With Our Estimates. Brazilian Operations and FX Rates Boosted Results

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28 Jul 2026 20:14:14 ET │ 11 pages

Andina (ANDINA_B.SN)

2Q26 Results: EBITDA in Line With Our Estimates. Brazilian Operations

and FX Rates Boosted Results

CITI'S TAKE Buy

Price (28 Jul 26 16:00) ChP4,710.00 Andina reported its 2Q26 results with revenues and EBITDA increasing

Target price ChP4,600.00 11.1% YoY and 17.0% YoY, respectively, in line with Citi estimates. The

major drivers of the quarter were: (i) revenue generation in Brazil and Expected share price -2.3%

Paraguay, but partially offset by Argentinean operations (when translating return

figures into ChP); (ii) EBITDA margin expanded 85bps YoY to 17.0%; (iii) net Expected dividend yield 5.5%

income increased 2.0% YoY to ChP37,441mn. With these results, we Expected total return 3.2%

reiterate our Buy rating, expecting that by 2026 operations in Argentina Market Cap ChP3,933,470M

will show a gradual recovery. US$4,225M

2Q26 Highlights — (i) Top-line reached 11.1% YoY mainly driven by performance in

Brazil and Paraguay (favorable FX effect). In Brazil, sales increased 21.4% YoY in ChP

with stronger-than-expected volume growth of 8.0% YoY and positively affected by Nicolas SherlingAC

the pricing side of the formula. In Paraguay, revenues grew 30.8% YoY, supported by +56-2-2873-6764

price increases and solid execution in Alcoholic categories. In contrast, Argentina nicolas.sherling@citi.com

showed muted performance with sales increasing 0.3% YoY and volumes declining

Renata Cabral6.6% YoY, considering a tough comparative base due to an increase of ~25% YoY in

+55-11-4009-7561volumes in 2Q25. (ii) Decreases in cost of concentrate in Argentina and Chile,