Annual report
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Table of Contents As filed with the Securities and Exchange Commission on April 1, 2026 UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025 Commission file number 001-13142 Embotelladora Andina S.A. (Exact name of Registrant as specified in its charter) Andina Bottling Company (Translation of Registrant’s name into English) Republic of Chile (Jurisdiction of incorporation or organization) Miraflores 9153, 7th Floor Renca - Santiago, Chile (Address of principal executive offices) Paula Vicuña, Tel. (56-2) 2338-0520 E-mail: paula.vicuna@koandina.com Miraflores 9153, 7th Floor- Renca - Santiago, Chile (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act. Title of each class Trading Symbol Name of each exchange on whichregistered Series A Shares, Series B Shares ofRegistrant represented by AmericanDepositary Shares AKO.AAKO.B New York Stock Exchange Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report. Series A Shares 473,289,301 Series B Shares 473,281,303 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes ☐ No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.☐ Yes ☒ No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for suchshorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,”“accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Emerging growth company ☐ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐ † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ Yes ☐ NoIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error topreviously issued financial statements. ◻Indicate by checkmark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officersduring the relevant period pursuant to §240.10D-1(b). ☐Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP ☐ International Financial Reporting Standards as issued by the InternationalAccounting Standards Board ☒ Other ☐ If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ◻ Yes ☒ No
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Table of Contents TABLE OF CONTENTS INTRODUCTION 2PART I 5ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 5ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 5ITEM 3. KEY INFORMATION 5ITEM 4. INFORMATION ON THE COMPANY 25ITEM 4A. UNRESOLVED SECURITIES AND EXCHANGE COMMISSION STAFF COMMENTS 59ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 59ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 74ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 86ITEM 8. FINANCIAL INFORMATION 88ITEM 9. THE OFFER AND LISTING 89ITEM 10. ADDITIONAL INFORMATION 90ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 97ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 99PART II 101ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 101ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 101ITEM 15. CONTROLS AND DISCLOSURE PROCEDURES 101ITEM 16. [Reserved] 102ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 102ITEM 16B. CODE OF ETHICS 102ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 102ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 103ITEM 16E. PURCHASERS OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 103ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT 103ITEM 16G. CORPORATE GOVERNANCE 104ITEM 16H. MINE SAFETY DISCLOSURE 105ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 105ITEM 16J. INSIDER TRADING POLICIES 105ITEM 16K. CYBERSECURITY 105PART III 108ITEM 17. FINANCIAL STATEMENTS 108ITEM 18. FINANCIAL STATEMENTS 108ITEM 19. EXHIBITS 109
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Table of Contents 2 INTRODUCTION Certain Definitions Unless the context otherwise requires, as used in this annual report the following terms have the meanings set forth below: ● the “Company,” “we,” “our,” “Andina” and “Coca-Cola Andina” means Embotelladora Andina S.A. and its consolidatedsubsidiaries; ● “Andina Chile” means Andina’s consolidated subsidiaries in Chile, excluding VJ S.A., Vital Aguas S.A., Envases Central S.A.and Re-Ciclar S.A.; ● “Andina Argentina” means our subsidiary, Embotelladora del Atlántico S.A., or EDASA; ● “Andina Brazil” and “RJR” means our subsidiary, Rio de Janeiro Refrescos Ltda. and its subsidiaries; ● “AEASA” means our subsidiary, Andina Empaques Argentina S.A.; ● “PARESA” means our subsidiary, Paraguay Refrescos S.A.; ● “Envases CMF” means our affiliate, Envases CMF S.A.; ● “ECSA” means our subsidiary, Envases Central S.A.; ● “Re-Ciclar” means our subsidiary, Re-Ciclar S.A.; ● “Circular-Pet” means Circular-Pet S.A.; ● “Vital Jugos” means our subsidiary, VJ S.A., previously known as Vital S.A. and subsequently Vital Jugos S.A.; ● “VASA” means our subsidiary, Vital Aguas S.A.; ● “The Coca-Cola Company” means The Coca-Cola Company and its subsidiaries, including without limitation Coca-Cola deChile S.A., which operates in Chile, Recofarma Indústrias do Amazonas Ltda., which operates in Brazil, and Servicios yProductos para Bebidas Refrescantes S.R.L., which operates in Argentina; ● the “Chilean territory” means the regions of Antofagasta, Atacama, Coquimbo, Metropolitan Region of Santiago, Aysén andMagallanes and the Chilean Antarctic and the provinces of Cachapoal and San Antonio; ● the “Brazilian territory” means the greater part of the State of Rio de Janeiro, the totality of the State of Espírito Santo and partsof the State of São Paulo and the State of Minas Gerais; ● the “Argentine territory” means the provinces of Córdoba, Mendoza, San Juan, San Luis, Santa Fe, Entre Ríos, La Pampa,Neuquén, Río Negro, Chubut, Santa Cruz, Tierra del Fuego as well as the western part of the province of Buenos Aires; and ● the “Paraguayan territory” means the country of Paraguay.
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Table of Contents 3 Presentation of Financial and Certain Other Information Unless otherwise specified, references herein to “dollars”, “U.S. dollars” or “US$” are to United States dollars; references to “pesos”,“Chilean pesos”, “Ch$” or “ThCh$” are to Chilean pesos; references to “Argentine pesos” or “AR$” are to Argentine pesos; references to“real”, “reais” or “R$” are to Brazilian reais; and references to “guaraníes”, “guaraní” or “G$” are to Paraguayan guaraníes. References to“UF” are to Unidades de Fomento. The UF is an inflation-indexed Chilean monetary unit with a value in Chilean pesos that is adjusteddaily to reflect changes in the official consumer price index of the Instituto Nacional de Estadísticas (the “Chilean National Institute ofStatistics”). The UF is adjusted in monthly cycles. Each day in the period beginning on the tenth day of the current month through theninth day of the succeeding month, the nominal peso value of the UF is indexed up (or down in the event of deflation) in order to reflect aproportionate amount of the change in the Chilean consumer price index during the prior calendar month. Certain percentages andamounts contained in this annual report have been rounded for ease of presentation. The Company’s consolidated financial statements for the years ended December 31, 2023, 2024 and 2025 have been prepared inaccordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRSAccounting Standards”) and the Interpretations issued by the International Financial Reporting Standards IFRS Interpretations Committee(IFRIC) applicable to companies reporting under IFRS. Our consolidated financial statements are presented in Chilean pesos. Our consolidated financial statements reflect the results of oursubsidiaries located in Brazil, Argentina and Paraguay, converted into Chilean pesos (our functional and presentation currency). IFRSrequires assets and liabilities to be converted from the functional currency of our subsidiaries outside Chile to our reporting currency(Chilean peso) at the end of period exchange rates and income and expense accounts to be converted at the average monthly exchangerate for the month in which income or expense is recognized for subsidiaries that do not operate in hyperinflationary economies. In the case of our Argentine subsidiaries, which have been operating in an environment that during 2023, 2024 and 2025 wasclassified as hyperinflationary, the conversion criteria from the functional currency of those subsidiaries to our presentation currency isthe following: ● Statement of financial position (balance sheet): Non-monetary items are expressed in the current currency at the balance sheetdate and translated to the presentation currency of the closing exchange rate. Losses and gains are included in net earnings(fiscal year income). ● Income statement: Income statement items are expressed in the current currency unit at the end of the reporting period, using thevariation of the general price index from the date on which the expenses and revenues were accrued, and translated to thepresentation currency at closing exchange rate. ● Cash flow statement: Cash flow statement items are expressed in the current currency unit at the end of the reporting period andtranslated to the presentation currency at closing exchange rate. For more information on the effects of the hyperinflationary environment in Argentina see note 2.5 of our consolidated financialstatements included herein. Unless otherwise specified, our financial data is presented herein in Chilean pesos. Forward-Looking Statements This annual report includes forward looking statements, principally under the captions “Item 4. Information on the Company—Part B. Business Overview,” “Item 3. Key Information—Part D. Risk Factors,” and “Item 5. Operating and Financial Review andProspects.” We have based these forward-looking statements largely on our current beliefs, expectations and projections about futureevents and financial trends affecting our business. Examples of such forward-looking statements include: ● statements of our plans, objectives or goals, including those related to anticipated trends, competition or regulation; ● statements about our future economic performance and that of Chile or other countries in which we operate; ● statements about our exposure to market risks, including interest rate risks, foreign exchange risk and equity price risk; and ● statements of assumptions underlying such statements.
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Table of Contents 4 Words such as “believes,” “expects,” “anticipates,” “projects,” “intends,” “should,” “could,” “may,” “seeks,” “aim,” “combined,”“estimates,” “probability,” “risk,” “target,” “goal,” “objective,” “future” or similar expressions are intended to identify forward-lookingstatements but are not the exclusive means of identifying such statements. Forward-looking statements are not guarantees of futureperformance and involve risks and uncertainties, and actual results may differ materially and adversely from those described in suchforward-looking statements included in this annual report as a result of various factors (including, without limitation, the actions ofcompetitors, future global economic conditions, market conditions, foreign exchange rates and operating and financial risks), many ofwhich are beyond our control. The occurrence of any such factors not currently expected by us would significantly alter the results setforth in these statements. You should understand that the following important factors, in addition to those discussed elsewhere in this annual report, couldaffect our future results and could cause those results or other outcomes to differ materially and adversely from those expressed in ourforward-looking statements: ● changes in the legal and regulatory framework of the beverage sector in the regions where we operate; ● volatility and fluctuations in demand for our products and the effect of such changes on the volume that we are able to sell andthe price that we are able to charge for our products; ● changes in general economic, business, political or other conditions in the regions where we operate; ● the nature and extent of competition in the beverage industry in Latin America and the effect of competition on the prices we areable to charge for our products; ● changes in taxes; ● the outcome of litigation against us; ● potential effects of weather conditions, earthquakes, tsunamis or other natural disasters; ● global developments that affect our markets, including potential changes related to trade and tariffs; ● the monetary and interest rate policies of the central banks of the countries in which we operate; ● unanticipated movements or volatility in interest rates, foreign exchange rates, inflation, equity prices or other rates or prices; ● our inability to hedge certain risks economically; ● capital and credit market conditions, including the availability of credit changes in interest rates; ● delays in the development of our projects, changes to our investment plans, due to changes in demand, authorizations, etc.; ● the impact of the occurrence or resurgence of global or regional health events, and government measures aimed at limiting thespread of pathogens; and ● the factors described under “Risk Factors.” The forward-looking statements contained in this document speak only as of the date of this annual report, and we do not undertakeany obligation to update any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrenceof unanticipated events, unless required by law. Market Data We have computed the information contained in this annual report regarding annual volume and per capita growth rates and levels,and market share, product segment, and population data in our bottling territories, based upon accumulated statistics developed by us.Market share information presented with respect to soft drinks, juices, waters and beer is based on data supplied by A.C. NielsenCompany.
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Table of Contents 5 PART I ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable. ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable. ITEM 3. KEY INFORMATION A. [Reserved] B. CAPITALIZATION AND INDEBTEDNESS Not applicable. C. REASONS FOR THE OFFER AND USE OF PROCEEDS Not applicable. D. RISK FACTORS Summary of Risk Factors The following summarizes some, but not all, of the principal risks provided below. Please carefully consider all of the informationdiscussed in this Item 3.D “Risk Factors” in this annual report on Form 20-F for a detailed description of these and other risks. ● We rely heavily on our relationship with The Coca-Cola Company, which has substantial influence over our business andoperations. Non-renewal of our authorization to produce and market its branded products, or other changes in our relationship,may adversely affect our business. ● Our business is subject to regulation, which is complex and subject to change. ● Our business is subject to increasing environmental regulation, which may result in increases in our operating costs or adversechanges in consumer demand. ● The beverage business environment is changing rapidly, including as a result of increased health and environmental concerns,such as epidemic diseases, single-use packaging, and plastic bottles pollution, and if we do not address evolving consumerproduct and shopping preferences, our business could suffer. ● Increased concern about the health effects of sugar and other sweeteners in beverages could result in changes to the beveragebusiness that may adversely affect our financial results. ● Our business is highly competitive, including with respect to price competition, which may adversely affect our net profits andmargins. ● A devaluation of the currencies of the countries where we have our operations against the Chilean peso could negatively affectour results as reported in Chilean pesos. ● If our raw material costs increase, including as a result of U.S. dollar/local currency exchange risk, price volatility and inflation,our profitability may be affected. ● Negative information about our products or similar products on social media and similar platforms could adversely affect ourreputation. ● Instability in the supply of utility services and oil prices may adversely impact our results of operations.
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Table of Contents 6 ● Significant additional labeling or warning requirements may inhibit sales of our products. ● Water scarcity, poor water quality and energy shortages could adversely impact our production costs and capacity. ● Climate change and legal or regulatory responses thereto may have an adverse impact on our business and results of operations. ● Our ability to achieve our environmental, social and governmental goals are subject to risks, many of which are outside of ourcontrol and our reputation and brands could be harmed if we fail to meet such goals. ● The imposition of exchange controls could restrict the entry and exit of funds to and from the countries in which we operate,which could significantly limit our financial capacity. ● Our business may be adversely affected if we are unable to maintain brand image and product quality. ● Trademark infringement could adversely impact our beverage business. ● We may not be able to successfully implement our expansion strategies or achieve the expected operational efficiencies orsynergies from potential acquisitions. ● Weather conditions or natural disasters may adversely affect our business. ● Our business is subject to risks arising from pandemics. ● Our insurance coverage may not adequately cover losses resulting from risks for which we are insured. ● If we are unable to protect our information systems against data corruption, cyber-based attacks or network security breaches,our operations could be disrupted. ● If we fail to comply with personal data protection and privacy laws, we could be subject to adverse publicity, governmentenforcement actions and/or private litigation, which could negatively affect our business and operating results. ● Perception of risk in emerging economies may impede our access to international capital markets, hinder our ability to financeour operations and adversely affect our financial performance. ● Our business may be adversely affected if we fail to renew collective bargaining labor agreements on satisfactory terms orexperience strikes or other labor unrest. ● Social and political instability in the countries where we operate, including protests, civil unrest or significant policy changes,could disrupt operations and adversely affect our financial results. ● If we were to become subject to adverse judgments or determinations in legal proceedings to which we are, or may become, aparty, our future profitability could suffer through significant liabilities, a reduction of sales, increased costs or damage to ourreputation. ● Adverse judgments or determinations in tax proceedings to which we are, or may become, a party, may have a material adverseimpact on our business and results of operations. ● The countries in which we operate may adopt new tax laws or modify existing laws or their interpretations, to increase taxesapplicable to our business or reduce existing tax incentives. ● If we do not successfully comply with laws and regulations designed to combat corruption in countries in which we sell ourproducts, we could become subject to fines, penalties or other regulatory sanctions, and our sales and profitability could suffer. ● We may not be able to recruit or retain key personnel.
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Table of Contents 7 ● Geopolitical and other challenges and uncertainties globally could have a material adverse effect on the global economy and ourbusiness. You should carefully consider the following factors in addition to the other information set forth in this annual report on Form 20-F.Any of the following risks, if they materialize, could materially and adversely affect our business, results of operations, prospects andfinancial condition. Risks Relating to our Company We rely heavily on our relationship with The Coca-Cola Company, which has substantial influence over our business and operations;and changes in this relationship may adversely affect our business. The Coca-Cola Company has substantial influence on the conduct of our business. The interests of The Coca-Cola Company may bedifferent from the interests of our other shareholders. The largest part of our net sales for 2024 and 2025, respectively, were derived fromthe distribution of soft drinks and other beverages bearing trademarks owned by The Coca-Cola Company. In addition, The Coca-ColaCompany currently owns, directly or through its subsidiaries, 14.65% of our Series A shares (representing 7.33% of our total shares) andbenefits from certain rights under a shareholders’ agreement. We produce, market and distribute Coca-Cola products through standard bottler agreements between our bottler subsidiaries and TheCoca-Cola Company. Under these bottler agreements, we are prohibited from producing, bottling, distributing, or selling any productsthat could be substituted for, be confused with or be considered an imitation of soft drinks or other beverages and products under thetrademarks of The Coca-Cola Company. The Coca-Cola Company has the ability to exert a substantial influence on the business of the Company through its rights under thebottler agreements. The Coca-Cola Company also monitors our prices and has the right to review and approve our marketing, operatingand advertising plans. These factors may have an impact on our profit margins, which could adversely affect our net income and results ofoperations. Marketing campaigns for Coca-Cola products are designed and controlled by The Coca-Cola Company. The Coca-Cola Companyalso makes significant contributions to our marketing expenses, although it is not required to contribute a particular amount. Accordingly,The Coca-Cola Company may discontinue or reduce such contribution at any time. We depend on The Coca-Cola Company to renew our bottler agreements, which are subject to termination by The Coca-ColaCompany in the event we default or upon expiration of their respective terms. We currently are party to four bottler agreements: oneagreement for Chile, which expires in January 2027, one agreement for Brazil, which expires in October 2027, one agreement forArgentina, which expires in September 2027, and one agreement for Paraguay, which expires in March 2028. We cannot provide anyassurance that our bottler agreements will be maintained or renewed upon their termination. Even if they are renewed, we cannot provideany assurance that renewal will be granted on the same terms as those currently in effect. Termination, non-extension or non-renewal ofany of our bottler agreements would prevent us from selling Coca-Cola trademark beverages in the affected territory, which would have amaterial adverse effect on our business, financial condition and results of operation. In addition, any acquisition we make of bottlers of Coca-Cola products in other territories may require, among other things, theconsent of The Coca-Cola Company under bottler agreements to which such other bottlers are subject. We cannot assure you that TheCoca-Cola Company will consent to any future geographic expansion of our Coca-Cola beverage business. We cannot assure you that our relationship with The Coca-Cola Company will not deteriorate or otherwise undergo significantchanges in the future. If such changes do occur, our operations and financial results and condition could be materially affected.
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Table of Contents 8 Our business is subject to regulation, which is complex and subject to change. We are subject to local regulations in each of the territories in which we operate. The main areas of regulation are water, environment,labor, taxation, health, consumer protection, advertising, social security, and antitrust. Regulation could affect our ability to set prices forour products. The adoption of new laws or regulations or a stricter interpretation or enforcement thereof in the countries in which weoperate may increase our operating costs or impose restrictions on our operations which, in turn, may adversely affect our financialcondition, business and results. Further changes in current regulations may result in increased compliance costs, which may have anadverse effect on our results or financial condition. In the past, voluntary price restraints or statutory price controls have been imposed in several of the countries in which we operate.Currently, there are no restraints or price controls applicable to our products in any of the territories in which we operate. However, wecannot assure you that government authorities in any country in which we operate will not impose statutory price controls, or that we willnot be requested to impose voluntary price restraints in the future. The potential imposition of restraints or price controls in the future mayhave an adverse effect on our results and financial condition. Additionally, increases in minimum wages, as well as changes in theinterpretation of labor laws and regulations, may also have an adverse effect on our results and financial condition. Our business is subject to increasing environmental regulation, which may result in increases in our operating costs or adversechanges in consumer demand. We are subject to various environmental laws and regulations in the countries where we operate, which apply to our products,containers and activities. If these environmental laws and regulations are strengthened or newly established in jurisdictions in which weconduct our business, we may be required to incur considerable expenses in order to comply with such laws and regulations. We are alsosubject to uncertainty regarding the interpretation of the environmental laws and regulations of the countries in which we operate, and anyambiguity or uncertainty regarding the interpretation or application of regulations can result in increased production costs or penalties fornon-compliance, which are difficult to predict. Such increased expenses may have a material adverse effect on our results of operationsand financial position. To the extent we determine that it is not financially sound for us to continue to comply with such laws andregulations, we may have to curtail or discontinue our activities in the affected business areas. In addition, concerns over the environmental impact of plastic may reduce the consumption of our products sold in plastic bottles orresult in additional taxes that could adversely affect consumer demand. Additionally, new laws and regulations on waste management andextended liability of the producer of plastic bottles may also have an adverse effect on our results and financial condition. The beverage business environment is changing rapidly, including as a result of increased health and environmental concerns, suchas epidemic diseases, single use packaging, and plastic bottles pollution, and if we do not address evolving consumer product andshopping preferences, our business could suffer. The beverage business environment in our territories is dynamic and constantly evolving rapidly as a result of, among other things,changes in consumer preferences, including changes based on health and nutrition considerations, epidemic diseases, single usepackaging, and plastic bottles pollution. Changes in consumer lifestyles; concerns regarding location of origin or source of ingredientsand raw materials, and the environmental and sustainability impact of the product manufacturing process; consumer shopping patterns;consumer emphasis on transparency related to our products and packaging; are affecting the beverages industry. If we are unable tosuccessfully adapt in this new environment, our participation in the sales of beverages and financial results in general would be negativelyaffected. Increased concern about the health effects of sugar and other sweeteners in beverages could result in changes to the beveragebusiness. Consumers, public health officials and government agencies are increasingly concerned with public health consequences associatedwith obesity, particularly among young people. Additionally, some researchers, health advocates and dietary guidelines are encouragingconsumers to reduce consumption of sugar-sweetened beverages and beverages sweetened with nutritive or alternative sweeteners.Increasing public concern about these issues, the possibility of taxes on sugar-sweetened beverages or other sweeteners, additionalgovernmental regulations concerning the marketing, labeling, packaging or sale of our beverages and any negative publicity resultingfrom actual or threatened legal actions against beverage companies relating to the marketing, labeling or sale of beverages may reducedemand for our products or increase the cost, which could adversely affect our profitability.
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Table of Contents 9 Our business is highly competitive, including with respect to price competition, which may adversely affect our net profits andmargins. The beverage business is highly competitive in each of the territories in which we operate. We compete with bottlers of local andregional brands, including low cost beverages and Pepsi products. This competition in each of the regions where we operate is likely tocontinue, and we cannot assure you that it will not intensify in the future, which could materially and adversely affect our financialcondition and results of operations. If we do not continuously strengthen our capabilities in marketing and innovation to maintain ourbrand loyalty and market share, our business and results of operations could be negatively affected. A devaluation of the currencies of the countries where we have our operations against the Chilean peso could negatively affect ourresults as reported in Chilean pesos. The Company reports its results in Chilean pesos, while a large part of its revenues comes from countries that use other currencies.During 2024 and 2025, 28% and 29% of the Company’s net sales were generated in Brazil, 25% and 22% in Argentina, and 9% and 9% inParaguay, respectively. If the currencies of these countries depreciate against the Chilean peso, this would have a negative effect on theresults and financial condition of the Company, which are reported in Chilean pesos. If our raw material costs increase, including as a result of U.S. dollar/local currency exchange risk, price volatility and inflation, ourprofitability may be affected. In addition to water, our most significant raw materials are (1) concentrate, which we acquire from affiliates of The Coca-ColaCompany, (2) sweeteners and (3) packaging materials. Our most significant packaging raw material costs arise from the purchase of resinand plastic preforms to make plastic bottles and from the purchase of finished plastic bottles, the prices of which are related to crude oilprices and global resin supply. Prices for concentrate are determined by an agreement between the Company and The Coca-ColaCompany. The prices for our remaining raw materials are driven by market prices and local availability, the imposition of import dutiesand restrictions, fluctuations in exchange rates and inflation. We may not be successful in negotiating or implementing measures tomitigate the negative effect that increased raw material costs may have in the pricing of our products or our results. We purchase our raw materials from both domestic and international suppliers, some of which must be approved by The Coca-ColaCompany, which may limit the number of suppliers available to us. Because the prices of our main raw materials –except for concentrate–are denominated in U.S. dollars, we are subject to local currency risk with respect to each of our operations. If any of the Chilean peso,Brazilian real, Argentine peso, or Paraguayan guaraní were to depreciate significantly against the U.S. dollar, the cost of certain rawmaterials in our respective territories could rise significantly, which could have an adverse effect on our financial condition and results ofoperations. We cannot assure you that these currencies will not lose value against the U.S. dollar in the future. Additionally, some rawmaterial prices are subject to high volatility, which could also have a material adverse effect on our profitability. The supply or cost ofspecific raw materials could be adversely affected by domestic or global price changes, strikes, weather conditions, taxes, inflation,governmental controls, pandemics, or other factors. Any sustained interruption in the supply of these raw materials or any significantincrease in their price could have a material adverse effect on our financial performance. Negative information about our products or similar products on social media and similar platforms could adversely affect ourreputation. Negative or inaccurate information concerning us or The Coca-Cola trademarks may be posted on social media and similar platformsof Internet-based communications at any time. This information may affect our reputation and adversely impact our business and resultsof operations. Instability in the supply of utility services and oil prices may adversely impact our results of operations. Our operations depend on a stable supply of utilities and fuel in the countries where we operate. Electrical power outages could leadto increased energy prices and possible service interruptions. We cannot assure you that in the future we will not experience energyinterruptions that could materially and adversely affect our business. In addition, a significant increase in energy prices would raise ourcosts, which could materially impact our results of operations. Fluctuations in oil prices have adversely affected our cost of energy andtransportation in the regions where we operate, and we expect that they will continue to do so in the future. We cannot assure you that fuelprices will not increase in the future, and that such an increase would not have a significant effect on our financial performance.
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Table of Contents 10 Significant additional labeling or warning requirements may inhibit sales of our products. The countries in which we operate may adopt significant advertising restrictions as well as additional product labeling or warningrequirements relating to the chemical content or perceived adverse health consequences of certain of our Coca-Cola products or otherproducts. These requirements may adversely affect sales of our products and our results of operations. In addition, given the uncertaintysurrounding the interpretation of these requirements, we may occasionally be subject to costs and penalties associated with non-compliance, which are difficult to predict. Water scarcity, poor water quality and energy shortages could adversely impact our production costs and capacity. Water is the main ingredient in substantially all of our products. It is also a limited resource in many parts of the world, facingunprecedented challenges from overexploitation, increasing demand for food and other consumer and industrial products whosemanufacturing processes require water, increasing pollution and poor management, lack of physical or financial access to water,sociopolitical tensions due to lack of public infrastructure in certain areas of the world and the effects of climate change. As demand forwater continues to increase around the world, and as the quality of available water deteriorates, we may incur increasing production costsor face capacity constraints and the possibility of reputational damage, which could adversely affect our profitability. We obtain waterfrom various sources in our territories, including springs, wells, rivers and municipal and state water companies pursuant to concessionsgranted by governments in our various territories. Water scarcity or changes in governmental regulations aimed at rationing water in theregions where we operate could affect our water supply and therefore our business. Some of the countries in which we operate have experienced prolonged periods of drought in the past. In the event that these droughtperiods occur and are prolonged over time, the costs of our operations could be significantly affected due to water scarcity and consequentpower shortages. Similarly, in the event that a drought situation worsens, the authorities could be forced to issue new laws and regulationsthat could limit or restrict the sale of our products, which could adversely affect our financial results. We also anticipate future discussions on new regulations in countries where we operate relating to future ownership and use of waterresources, including possible nationalization, and stricter controls on water usage. In the event that these discussions lead to relevantchanges in regulations regarding the ownership or use of water resources, the costs of our operation could be significantly affected. We cannot assure you that water will be available in sufficient quantities and/or quality to meet our future production needs or willprove sufficient to meet our current water supply needs. Climate change and legal or regulatory responses thereto may have an adverse impact on our business and results of operations. There is increasing concern that a gradual increase in global average temperatures due to increased concentration of carbon dioxideand other greenhouse gases in the atmosphere is causing significant changes in weather patterns around the globe and an increase in thefrequency and severity of natural disasters. Decreased agricultural productivity in certain regions of the world as a result of changingweather patterns may limit the availability or increase the cost of key agricultural commodities, such as sugarcane, and corn, which areimportant sources of ingredients for our products. Climate change may also exacerbate extreme weather, resulting in water scarcity orflooding, and cause a further deterioration of water quality in affected regions, which could limit water availability for our operations.Increased frequency or duration of extreme weather conditions could also impair production capabilities, disrupt our supply chain orimpact demand for our products. Increasing concern over climate change also may result in additional legal or regulatory requirementsdesigned to reduce or mitigate the effects of carbon dioxide and other greenhouse gas emissions on the environment and/or may result inincreased disclosure obligations. Increased energy or compliance costs and expenses due to increased legal or regulatory requirementsmay cause disruptions in, or an increase in the costs associated with, the manufacturing and distribution of our beverage products. Theeffects of climate change and legal or regulatory initiatives to address climate change could have an adverse impact on our business andresults of operations. Our ability to achieve our environmental, social and governance goals are subject to risks, many of which are outside of our control,and our reputation and brands could be harmed if we fail to meet such goals. Companies across all industries are facing increasing scrutiny from stakeholders related to environmental, social and governance(“ESG”) matters, including practices and disclosures related to environmental stewardship; social responsibility; diversity, equity andinclusion; and workplace rights. Our ability to achieve our ESG goals and objectives and to report our progress accurately andtransparently, presents numerous operational, financial, legal and other risks. If we are unable to meet our ESG goals or evolvingstakeholder expectations and industry standards, or if we are perceived to have not responded appropriately to the growing concern forESG issues, our reputation, and therefore our ability to sell products, could be negatively impacted.
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Table of Contents 11 In addition, in recent years, investor advocacy groups and certain institutional investors have placed increasing importance on ESGmatters. If, as a result of their assessment of our ESG practices, certain investors are unsatisfied with our actions or progress, they mayreconsider their investment in our Company. The imposition of exchange controls could restrict the entry and exit of funds to and from the countries in which we operate, whichcould significantly limit our financial capacity. The imposition of exchange controls in the countries in which we operate could affect our ability to repatriate profits, which couldsignificantly limit our ability to pay dividends to our shareholders. Additionally, it may limit the ability of our foreign subsidiaries tofinance payments of U.S. dollar denominated liabilities required by foreign creditors and suppliers. Our business may be adversely affected if we are unable to maintain brand image and product quality. Our beverage business is highly dependent on maintaining the reputation of our products in the countries where we operate. If we failto maintain high standards for product quality, our reputation and ability to remain a distributor of The Coca-Cola Company beverages inthe countries where we operate could be jeopardized. Negative publicity or incidents related to our products may reduce their demand andcould have a material adverse effect on our financial performance. If any of our products is defective or found to contain contaminants, orcauses injury or illness, we may be subject to legal claims filed by consumers, product recalls, business interruptions and/or otherliabilities. We take significant precautions in order to minimize any risk of defects or contamination in our products. These precautions includequality-control programs for raw materials, the production process and our final products. We have also established procedures to correctas soon as practicable any problems that are detected. However, the precautions and procedures we implement may not be sufficient toprotect us from potential incidents. Trademark infringement could adversely impact our beverage business. A significant portion of our sales derives from sales of beverages branded with trademarks of The Coca-Cola Company, as well asother trademarks. If other parties attempt to misappropriate trademarks we use, we may be unable to protect these trademarks. Themaintenance of the reputation of these brands is essential for the future success of our beverage business. Misappropriation of trademarkswe use, or challenges thereto, could have a material adverse effect on our financial performance. We may not be able to successfully implement our expansion strategies or achieve the expected operational efficiencies or synergiesfrom potential acquisitions. We have, and we may continue to, acquire businesses and pursue other strategic transactions as part of our expansion strategies. Wecannot assure you that we will be successful in identifying opportunities and consummating acquisitions and other strategic transactionson favorable terms or at all. These types of transactions may involve additional risks to our Company, including operating in geographicregions or with beverage categories in which we have less or no operating history. Depending on the size and timing of an acquisition ortransaction, we may be required to raise future financing to consummate the acquisition or transaction. Moreover, even if we are able toconsummate a transaction, acquisitions and other strategic opportunities may involve significant risks and uncertainties. Key elements to achieving the benefits and expected synergies of our acquisitions are the integration of acquired businesses’operations into our own in a timely and effective manner and the retention of qualified and experienced key personnel. We may incur inunforeseen liabilities in connection with acquiring, taking control of, or managing beverage operations and other businesses and mayencounter difficulties and unforeseen or additional costs in restructuring and integrating them into our operating structure. Thesedifficulties include distraction of management from current operations, difficulties in integration with our existing business andtechnology, greater than expected liabilities and expenses, inadequate return on capital, and unidentified issues not discovered in our pre-acquisition investigations and evaluations of those strategies and acquisitions. We cannot assure you that these efforts will be successfulor completed as expected by us, and our business, financial condition, and results of operations could be adversely affected if we areunable to do so. In addition, mergers and acquisitions may require prior approval by local regulators. We cannot assure you that such regulators willgrant their approval for all transactions involving Andina.
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Table of Contents 12 Weather conditions or natural disasters may adversely affect our business. Lower temperatures and higher rainfall may negatively impact consumer patterns, which may result in lower per capita consumptionof our beverages. Additionally, adverse weather conditions or natural disasters, such as earthquakes and floods, may affect roadinfrastructure in the countries in which we operate and limit our ability to sell and distribute our products. Our business is subject to risks arising from pandemics. Pandemics pose the risk that we or our employees, contractors, suppliers and other partners may be limited or prevented fromconducting business activities for an indefinite period of time, including due to shutdowns that may be requested or mandated bygovernmental authorities. Additionally, we may experience raw material supply disruptions. Pandemics and related government measures could adversely affect our business and results of operations, potentially materially. Our insurance coverage may not adequately cover losses resulting from the risks for which we are insured. We maintain insurance for our principal facilities and other assets. Our insurance coverage protects us in the event we suffer certainlosses resulting from fire, terrorism and natural disasters, such as earthquake and floods, or from business interruptions caused by suchevents. In addition, we maintain other insurance policies, including coverage for general liability, product contamination, andcyberattacks, among others. We cannot assure you that our insurance coverage will be sufficient or will provide adequate compensationfor losses that we may incur. If we are unable to protect our information systems against data corruption, cyber-based attacks or network security breaches, ouroperations could be disrupted. We are increasingly dependent on information technology networks and systems, including over the Internet, to process, transmit andstore electronic information. In particular, we depend on our information technology infrastructure for digital marketing activities andelectronic communications among us and our clients, suppliers and also among our subsidiaries and facilities. Security breaches orinfrastructure flaws can create system disruptions, shutdowns or unauthorized disclosure of confidential information. If we are unable toprevent such breaches or flaws, our operations could be disrupted, or we may suffer financial damage or loss because of lost ormisappropriated information. Cyber threats are rapidly evolving and the means for obtaining access to information in digital and other storage media are becomingincreasingly sophisticated. Coca-Cola Andina has recognized cyber risk as a threat to our business and to mitigate it, it has implemented acybersecurity strategy which, through its regulations, processes and measures aims to increase the level of cyber resilience of theCompany. Despite the measures and systems that have been implemented by the Company, as cyber threats evolve, change and become moredifficult to detect and successfully defend against, therefore one or more cyber-attacks might defeat our or a third-party service provider’ssecurity measures in the future and obtain personal information of customers or employees. Employee error or other irregularities mayalso defeat of security measures and result in a breach of information systems. Because information systems are critical to many of theCompany’s operating activities, our business may be impacted by system shutdowns, service disruptions or cybersecurity incidents. Theseincidents may be caused by failures during routine operations such as system upgrades or by user errors, as well as network or hardwarefailures, malicious or disruptive software, unintentional or malicious actions of employees or contractors, cyberattacks by hackers,criminal groups or nation-state organizations (which may include social engineering, business email compromise, cyber extortion, denialof service, or attempts to exploit vulnerabilities), geopolitical events, natural disasters, failures or impairments of telecommunicationsnetworks, or other catastrophic events. If our information systems or third-party information systems on which we rely suffer severedamage, disruption or shutdown and our business continuity plans do not effectively resolve the issues in a timely manner, we couldexperience delays in reporting our results, and we may lose revenue and profits as a result of our inability to timely manufacture,distribute, invoice and collect payments for finished products. Moreover, hardware, software or applications we use may have inherent defects of design, manufacture or operations or could beinadvertently or intentionally implemented or used in a manner that could compromise information security. A security breach and loss ofinformation may not be discovered for a significant period of time after it occurs.
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Table of Contents 13 While we have no knowledge of a material security breach to date, any compromise of data security could result in a violation ofapplicable privacy and other laws or standards, the loss of valuable business data, or a disruption of our business. A security breachinvolving the misappropriation, loss or other unauthorized disclosure of sensitive or confidential information could give rise to unwantedmedia attention, materially damage our customer relationships and reputation, and result in fines or liabilities, which may not be coveredby our insurance policies. If we fail to comply with personal data protection and privacy laws, we could be subject to adverse publicity, government enforcementactions and/or private litigation, which could negatively affect our business and operating results. In the ordinary course of our business, we receive, process, transmit and store information relating to identifiable individuals(“personal data”), primarily employees, former employees, suppliers and consumers with whom we interact. As a result, we are subject tolaws and regulations relating to personal data. These laws have been subject to frequent changes, and new legislation in this area may beenacted in any jurisdictions in which Andina operates and at any time. These laws impose operational requirements for companiesreceiving or processing personal data, and many provide for significant penalties for noncompliance. Also, new standards or regulationsover data security or the handling of personal information in the countries where we operate may increase our costs in order to complywith those potential regulations and have required and may in the future require costly changes to our business practices and informationsecurity systems, policies, procedures and practices. Perception of risk in emerging economies may impede our access to international capital markets, hinder our ability to finance ouroperations and adversely affect our financial performance. International investors, as a general rule, consider the countries in which we operate to be emerging market economies. Consequently,economic conditions and the market for securities of emerging market countries influence investors’ perceptions of Chile, Brazil,Argentina and Paraguay and their evaluation of securities of companies located in these countries. During periods of heightened investor concern regarding emerging market economies, in particular in recent years Argentina, thecountries where we operate may experience significant outflows of U.S. dollars. In addition, during these periods companies based in the countries where we operate have faced higher costs for raising funds, bothdomestically and abroad, as well as limited access to international capital markets, which have negatively affected the prices of theaforementioned countries’ securities. Although economic conditions are different in each of the emerging-market countries, investors’reactions to developments in one of these countries may affect the securities of issuers in the others. Our business may be adversely affected if we fail to renew collective bargaining labor agreements on satisfactory terms or experiencestrikes or other labor unrest. A substantial portion of our employees is covered by several collective bargaining labor agreements. Some of these agreementsexpire every year. Our inability to renegotiate these agreements on satisfactory terms could cause work stoppages and interruptions, whichmay adversely impact our operations. Changes to the terms and conditions of existing agreements could also increase our costs orotherwise have an adverse effect on our operational efficiency. We experience periodic strikes and other forms of labor unrest through theordinary course of business. We cannot assure you that labor interruptions or other labor unrest will not occur in the future. If weexperience strikes, work stoppages or other forms of labor unrest at any of our production facilities, our ability to supply beverages tocustomers could be impaired, which would reduce our net operating revenues and could expose us to customer claims. Social and political instability in the countries where we operate, including protests, civil unrest or significant policy changes, coulddisrupt operations and adversely affect our financial results. Recent global trends, including widespread electoral shifts and the rise of populist and far-right movements in Europe, the Americasand other regions, have weakened traditional coalitions and increased social polarization. Greater connectivity and access to informationthrough social media and the internet have empowered citizens, making social movements and unrest easier to organize and escalate. Inaddition, factors such as economic inequality, abrupt policy changes, and perceived corruption can further intensify social tensions. In thecountries where we operate, these dynamics may lead to protests, strikes, civil unrest, or regulatory uncertainty, which could disruptproduction and distribution, affect supply chains, increase costs, and materially and negatively impact our business and financial results.
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Table of Contents 14 If we were to become subject to adverse judgments or determinations in legal proceedings to which we are, or may become, a party,our future profitability could suffer through significant liabilities, a reduction of sales, increased costs or damage to our reputation. In the ordinary course of our business, we become involved in various claims, lawsuits, investigations and governmental andadministrative proceedings, some of which are or may be significant. Adverse judgments or determinations in one or more of theseproceedings could require us to change the way we do business or use substantial resources in adhering to the settlements. These couldhave a material adverse effect on our business, including, among other consequences, by significantly increasing the costs required tooperate our business. Ineffective communications during or after these proceedings could amplify the negative effects, if any, of theseproceedings on our reputation and may result in a negative market impact on the price of our securities. We evaluate these litigationclaims and legal proceedings to assess the likelihood of unfavorable outcomes and to estimate, if possible, the amount of potential losses.Based on these assessments and estimates, we establish reserves and/or disclose the relevant litigation claims or legal proceedings, asappropriate. These assessments and estimates are based on the information available to management at the time and involve a significantamount of management judgment. Actual outcomes or losses may differ materially from our current assessments and estimates. In addition, during recent years, the Company has been subject to judicial proceedings and administrative investigations associatedwith alleged monopolistic practices. Although these proceedings and investigations have not resulted in any convictions or penalties forthe Company, we cannot assure that this will not occur in the future. Antitrust complaints may be submitted in Chile without any prior admissibility test and, as a result, we cannot predict whetherunsubstantiated claims against us will be filed. In addition, the Economic National Public Prosecutors’ Officer (Fiscalía NacionalEconómica or FNE) may initiate ex officio investigations involving our business to identify potential risks of antitrust infringement.Possible sanctions in matters of competition could have an adverse effect on our business. Adverse judgments or determinations in tax proceedings to which we are, or may become, a party, may have a material adverse impacton our business and results of operations. For further information, see “Risks Relating to Brazil – Brazil is a jurisdiction characterized by a high level of litigation. Within suchlitigation, tax-related matters may result in significant financial and reputational exposure.” The countries in which we operate may adopt new tax laws or modify existing laws or their interpretations, to increase taxesapplicable to our business or reduce existing tax incentives. We cannot assure you that any governmental authority in any country where we operate will not impose new taxes or increase thetaxes on our products in the future. The imposition of new taxes, the increases in taxes or the reduction of tax incentives may have amaterial adverse effect on our business, financial condition and results. New income, sales, use, or other tax laws, statutes, rules, regulations, or ordinances could be enacted at any time in the jurisdictionsin which we operate. Any new taxes could adversely affect our domestic and international business operations and our business andfinancial performance. Existing tax laws, statutes, rules, regulations, or ordinances could be interpreted, changed, modified or appliedadversely to us. These events could require us to pay additional tax amounts on a prospective or retroactive basis. They could require us topay fines and/or penalties and interest for past amounts deemed to be due. Additionally, new or modified tax laws could increase ourcompliance, operating and other costs, as well as the costs of our platform. Any or all of these events could adversely impact our businessand financial performance. For further information, see also “Risks Relating to Brazil – Changes in tax laws may increase our tax burden and reduce taxincentives and, as a result, negatively affect our profitability.” If we do not successfully comply with laws and regulations designed to combat corruption in countries in which we sell our products,we could become subject to fines, penalties or other regulatory sanctions, and our sales and profitability could suffer. Although we are committed to conducting business in a legal and ethical manner in compliance with local and international statutoryrequirements and standards applicable to our business, there is a risk that our employees or representatives may take actions that violateapplicable laws and regulations that generally prohibit the making of improper payments to foreign government officials for the purposeof obtaining or keeping business, including laws relating to the 1997 OECD Convention on Combating Bribery of Foreign PublicOfficials in International Business Transactions or the U.S. Foreign Corrupt Practices Act.
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Table of Contents 15 We may not be able to recruit or retain key personnel. The implementation of our strategic business plans could be undermined by a failure to recruit or retain key personnel or theunexpected loss of senior employees, including those in acquired companies. We face various challenges inherent in the management of alarge number of employees over diverse geographical regions. Key employees may choose to leave their employment for a variety ofreasons, including reasons beyond our control. The impact of the departure of key employees cannot be determined and may depend on,among other things, our ability to recruit other individuals of similar experience and skill. It is not certain that we will be able to attract orretain key employees and successfully manage them, which could disrupt our business and have an unfavorable material effect on ourfinancial position, income from operations and competitive position. Geopolitical and other challenges and uncertainties globally could have a material adverse effect on the global economy and ourbusiness. In addition to the significant macroeconomic challenges posed by health concerns, we could be exposed to experience negativeimpacts to our businesses, financial condition and results of operations as a result of geopolitical and other challenges and uncertaintiesglobally, including inflation, increase in interest rates, increased unemployment, foreign exchange rates and recession or economicslowdown, changing policy positions or priorities. Currently, the world economy is facing several exceptional challenges. Geopolitical and economic risks have also increased over the past few years as a result of trade tensions between the United Statesand China and other countries, Brexit, and the rise of populism and tensions in South America and Middle East. In addition, the war inUkraine has had a significant impact on the global economy, affecting energy markets, supply chains and the prices of certain rawmaterials. Growing tensions, including those in the Caribbean between the United States and Cuba and Venezuela, may lead, amongothers, to a deglobalization of the world economy, an increase in protectionism or barriers to immigration, a general reduction ofinternational trade in goods and services and a reduction in the integration of financial markets, any of which could materially andadversely affect our business, financial condition and results of operations. Risks Relating to Chile Our growth and profitability depend significantly on economic conditions in Chile. Our operations in Chile represented 42.4% and 42.7% of our assets as of December 31, 2024 and December 31, 2025, respectively,and 38.6% and 39.4% of our net sales for 2024 and 2025, respectively. Accordingly, our business, financial condition, and results ofoperations depend, to a considerable extent, upon economic conditions in Chile. International and local economic conditions may adversely affect the Chilean economy, and unfavorable general economic conditionscould negatively affect the affordability of and demand for some of our products in the country. In difficult economic conditions,consumers may seek to reduce discretionary spending by forgoing purchases of our products or buying low cost brands offered bycompetitors. Any of these events could have an adverse effect on our business, financial condition and results of operations. We cannot assure you that the future development of the Chilean economy will not impair our ability to successfully carry out ourbusiness plan or materially adversely affect our business, financial condition or results of operations. A severe natural disaster, such as earthquake or tsunami or wildfires, in Chile could adversely affect the Chilean economy and ournetwork infrastructure. Chile lies on the Nazca tectonic plate, one of the world’s most seismically active regions. Chile has been adversely affected bypowerful earthquakes in the past. A severe earthquake, tsunami and/or wildfires which in Chile in the future could have an adverse impact on the Chilean economy andon our business, financial condition and results of operation, including our production and logistics network. Political developments in Chile could result in instability. We cannot assure that measures taken by the government impacting private investment, such as higher taxation, will not beimplemented, and we cannot assure whether the Chilean government will continue to pursue business-friendly and open-market economicpolicies that stimulate economic growth and stability. Further, there can be no assurance that future developments in or affecting theChilean political landscape, including economic, social or political instability in Chile, will not materially and adversely affect ourbusiness, financial condition or results of operations.
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Table of Contents 16 In the presidential elections held in December 2025, José Antonio Kast was elected as the new President of Chile. Although themarket anticipates that the upcoming change in administration could lead to the implementation of more business ‑ friendly policies thatfavor the private sector and investment, we cannot assure you that Chile’s economic policy will undergo substantive changes or that anysuch changes will materialize as expected. The new government may face political, legislative, or social constraints that hinder theimplementation of its agenda, or it may choose to adopt measures that are not as favorable to the business environment. In such events,our operations and financial results could be adversely affected. The Chilean peso is subject to depreciation and volatility, which could adversely affect our business. The Chilean peso has been subject to large nominal devaluations in the past and may be subject to significant fluctuations in thefuture. The main drivers of exchange rate volatility in past years were the significant fluctuations of commodity prices, as well as generaluncertainty and trade imbalances in the global markets. During 2025, the Chilean peso had an average value of 951 Ch$/US$, reaching anaverage of 915 Ch$/US$ during the month of December, and ending the year at 907 Ch$/US$. A significant part of the raw materials used by the Company are in U.S. dollars, therefore a devaluation of the Chilean peso againstthe U.S. dollar can affect our costs and margins in a significant way. In addition, as we report our results of operations in Chilean pesos, fluctuations in the value of the Chilean peso versus the Brazilianreal, the Argentine peso and the Paraguayan guaraní could also impact our reported performance in Chilean pesos. Inflation in Chile and government measures to curb inflation may disrupt our business and have an adverse effect on our financialcondition and results of operations. The measures taken by the Central Bank in the past to control inflation have often included maintaining a conservative monetarypolicy with high interest rates, thereby restricting the availability of credit and economic growth. Inflation, measures to combat inflation,and public speculation about possible additional actions by the government have also contributed in the past to economic uncertainty inChile and to heightened volatility in its securities markets. Periods of higher inflation may also slow the growth rate of the Chileaneconomy, which could lead to reduced demand for our products and decreased sales. Inflation is also likely to increase some of our costsand expenses, given that the majority of our supply contracts in Chile are UF-denominated or are indexed to the Chilean consumer priceindex. We cannot assure you that, under competitive pressure, we would be able to carry out price increases, without which our operatingmargins and operating income could suffer. Additionally, an important part of our financial debt in Chile is UF-denominated, andtherefore the value of the debt reflects any increase in the inflation in Chile. Risks Relating to Brazil Our business operations in Brazil are dependent on economic conditions in Brazil. Our operations in Brazil represented 29.0% and 31.1% of our assets as of December 31, 2024 and December 31, 2025, respectively,and 28.2% and 29.2% of our net sales for 2024 and 2025, respectively. Because demand for soft drinks and beverage products is usuallycorrelated to economic conditions prevailing in the relevant local market, developments in economic conditions in Brazil, and measurestaken by the Brazilian government, have had and are expected to continue to have an impact on our business, results of operations andfinancial condition. The Brazilian economy has historically been characterized by unstable economic cycles and interventions by the Braziliangovernment. Brazilian GDP grew by 3.2% in 2023, 3.4% in 2024 and 2.2% in 2025 according to the Brazilian Institute of Geography andStatistics (Instituto Brasileiro de Geografia e Estatística or “IBGE”). The Brazilian government has often changed monetary, taxation andother policies to influence the course of Brazil’s economy. Our business, results of operations and financial condition may be adverselyaffected by, among others, the following factors: ● expansion or contraction of the Brazilian economy; ● exchange rate fluctuations; ● high inflation rates; ● changes in fiscal or tax policies; ● changes in monetary policy, including an increase in interest rates;
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Table of Contents 17 ● exchange control policies and restrictions on remittances abroad; ● investment levels; ● liquidity of domestic capital and credit markets; ● employment levels and labor and social security regulations; ● energy or water shortages or rationalization; ● changes in environmental regulation; ● government restrictions in response to any pandemic and the capacity of authorities to keep the pandemic under control; ● social and political instability; ● uncertainty related to the government and the policies it may adopt; and ● other developments in or affecting Brazil. The Brazilian economy is also affected by international economic and market conditions in general, especially economic and marketconditions in the United States, the European Union and China. Changes in tax laws may increase our tax burden and reduce tax incentives and, as a result, negatively affect our profitability. The Brazilian government regularly implements changes to tax regimes that may increase our and our customers’ tax burdens. Thesechanges include modifications to tax rates, tax incentives and operating mechanics in the applicability of such taxes. In late 2023, theBrazilian government approved the tax reform on consumption (through Constitutional Amendment No. 132/2023), later regulated byComplementary Law No. 214/2025), of which one of the main objectives was to simplify the taxes levied on consumption, reducingdistortions and enhancing transparency for businesses operating in Brazil. Brazil’s current tax system is considered one of the most complex in the world, with excess legislation, multiple tax regimes,complex and numerous ancillary obligations and high compliance costs. By means of this tax reform, the main taxes currently levied on consumption have been reorganized into new taxes: (i) contributionon goods, rights and services (the “CBS”); (ii) tax on goods, rights and services (the “IBS”); and (iii) selective tax (the “IS”), which willbe implemented during a transition period (from January 2026 to December 2032), until the new tax regime comes completely into effect. The CBS, a federal contribution, and the IBS, a state and municipal tax, form a Dual-VAT model featuring broad incidence (i.e., themodel taxes goods, services and rights), full non-cumulativeness (i.e. there is a broad right to tax credits which can be applied againstfuture amounts due under the same tax) and the application of particular rates based on the destination of goods and services. The IS is a federal tax levied on specific goods and services considered to be harmful to health or to the environment. Sugary drinks(classified on Mercosur Code (NCM) 2202.10.00), which we currently bottle and distribute, are subject to IS. A key factor that may impact our profitability is the expiration of several tax incentives on which we currently rely. The fewincentives of CBS and IBS to be granted are those specifically outlined in the Federal Constitution. Under the scope of the transition period, the tax reform establishes a timeline for the gradual phase-out of ICMS tax burden and itstax incentives from January 2029 to December 2032. Furthermore, the Tax Benefits Compensation Fund (“FCBF”) was created tomitigate the effects of the reduction of the tax incentives. However, the right to FCBF resources depends on the accomplishment of certainrequirements, such as the benefit having been granted until May 31, 2023, for a specific period and under specific conditions. Since 2018, the Brazilian government has gradually reduced the IPI rates applicable to soft drinks concentrate. These changes havenegatively affected our operations, since the reduction in the rates under the IPI tax on soft drinks concentrate also reduces the presumedtax credit derived from purchases of this concentrate from the Manaus Free Trade Zone that currently benefits RJR and the soft drinksindustry as a whole.
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Table of Contents 18 As of January 1, 2027, IPI rates will be reduced to zero for goods: (i) manufactured outside the Manaus Free Trade Zone and (ii)manufactured in the Manaus Free Trade Zone that are subject to an IPI rate lower than 6.5%, as provided in the current Table of Incidenceof the Tax on Industrialized Products (TIPI). Goods manufactured in the Manaus Free Trade Zone that are subject to an IPI rate equal toor higher than 6.5% will maintain their current IPI rates, as provided in the current TIPI. Additionally, regarding the tax on income, the following other noteworthy law has been recently approved and may impact returns oninvestment: Law No. 15,270 dated November 26, 2025 establishing that dividends paid by Brazilian companies to non-resident investorswill be subject to withholding income tax at a 10% rate. In addition, the Brazilian beverage industry experiences unfair competition arising from tax evasion, which is primarily due to thehigh level of taxes on beverage products in Brazil. An increase in taxes may lead to an increase in tax evasion, which could result in unfairpricing practices in the industry. Brazil is a jurisdiction characterized by a high level of litigation. Within such litigation, tax-related matters may result in significantfinancial and reputational exposure. Rio de Janeiro Refrescos Ltda. (“RJR”), the Company’s Brazilian subsidiary, is currently a party to numerous judicial proceedings ofvarious natures. The aggregate amount involved in such litigation currently amounts to approximately R$7,900 million. As part of theseproceedings, the following tax-related matters stand out due to the size of the amounts claimed by adverse parties: Our subsidiary RJR is involved in several tax proceedings in which the Brazilian federal tax authorities allege the existence ofliabilities related to value added tax on industrialized products for an approximate total amount of R$3,625 million. These proceedings areat different administrative and judicial stages. We disagree with the Brazilian tax authorities’ position and believe that RJR is entitled toclaim Imposto sobre Produtos Industrializados (IPI) tax credits in connection with its purchases of certain exempt raw materials fromsuppliers located in the Manaus Free Trade Zone. We believe that the Brazilian tax authorities’ claims are without merit. Our externalBrazilian counsel has advised us that it believes that RJR’s likelihood of loss in most of these proceedings is classified as possible orremote. Despite the foregoing, the outcome of these claims is subject to uncertainty, and it is difficult to predict their final resolution orany other negative repercussions from this dispute with the Brazilian tax authorities to The Coca-Cola Company or its bottling companiesin Brazil, including our Brazilian subsidiaries. RJR is party in three tax proceedings in which the Brazilian federal tax authorities (RFB) are charging Corporate Income Taxes(CIT), plus penalties and interest, involving an approximate total amount of R$1,190 million. These proceedings are related to thecalendar-years of 2014 to 2018 and result from the disallowance of expenses from the tax deduction of (i) goodwill paid and registered byRJR, mainly upon the acquisition of the investment in Companhia de Bebidas Ipiranga (Ipiranga) in 2013, under the ground that the “realacquirer or investor” was a company located abroad (and not directly RJR); and (ii) interest expenses incurred by RJR under a loanagreement executed with Andina Bottling Investments to finance part of the purchase price paid to sellers of Ipiranga, arguing that suchexpenses were “unnecessary” to RJR. These proceedings were examined by the Administrative Tax Court (the “CARF”), secondadministrative level (appellate division of administrative court), which issued favorable decisions to RJR. CARF understood that thecompany complied with the legal requirements that authorize the goodwill deduction for tax purposes and determined the full cancelationof the debts charged by Brazilian federal tax authorities, mainly under the grounds that (i) the acquisition of Ipiranga was carried outbetween independent parties in accordance with the applicable law; (ii) all legal requirements established by the regime of Law N.9,532/97 were observed; (iii) the goodwill registered by RJR was fully based on the expected future profitability of the acquiredinvestment, which was demonstrated through technical valuation reports; (iv) there is no legal basis to support allegations of “realacquirer or investor” or other related grounds; and (v) the interest expenses incurred by RJR are normal and necessary expenses to itsbusiness activities and, therefore, should be qualified as deductible for tax purposes. The National Treasury Attorney’s Office (the “PGFN”) was notified of these decisions and presented special appeals to the HigherChamber of the Administrative Tax Court (the “CSRF”), third administrative level, in two tax proceedings related to the years of 2014 to2016 involving an approximate total amount of R$ 745 million. The appeals filed by the PGFN were dismissed by a definitive decision,so that the favorable result to RJR is considered final, resulting in the full cancellation of the CIT debts. RJR is currently awaiting to beformally notified of the tax debts cancellation and its reflection in RFB’s system (including the remittance of the proceeding to RFB’sarchive) which is expected to occur during 2026. The tax proceeding related to the calendar years of 2017 and 2018 (R$445 million) wasremitted to PGFN after a decision that dismissed the merits of a Motion to Clarify presented to CARF. PGFN is also authorized to file aspecial appeal to CSRF in this case. However, we believe that any claim potentially presented by PGFN are without merit, as alreadyrecognized by final administrative decisions issued by CARF in the other cases referred above involving RJR.
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Table of Contents 19 Historically volatile political, social and economic conditions in Brazil could adversely affect our business and results of operations. Brazil’s political environment has historically influenced, and continues to influence, the performance of the country’s economy.Political crises have affected and continue to affect the confidence of investors and the general public, which have historically resulted ineconomic deceleration. Luiz Inácio Lula da Silva, from the Workers’ Party (Partido dos Trabalhadores) was elected President of Brazil in October 2022 andtook office in January 2023. A failure by the Brazilian government to implement necessary reforms may result in diminished confidencein the Brazilian government’s fiscal condition and budget, which could result in downgrades of Brazil’s sovereign foreign credit rating bycredit rating agencies, negatively impact Brazil’s economy, lead to further depreciation of the real and an increase in inflation and interestrates, adversely affecting our business, financial condition and results of operations. Brazil is scheduled to hold general elections on October 4, 2026, with a potential presidential runoff on October 25. Upcomingelections may increase political uncertainty and market volatility, and any change in economic policy priorities could adversely affectinvestor confidence, Brazil’s fiscal stability, inflation, interest rates, and, consequently, our business and results of operations. Inflation and the Brazilian government’s measures to curb inflation, including by increasing interest rates, may contribute toeconomic uncertainty in Brazil. Brazil has historically experienced high rates of inflation, including periods of hyperinflation before 1995. Several measures havebeen implemented by the Brazilian government in an effort to curb rising inflation, but we cannot predict whether these policies will beeffective. According to the National Consumer Price Index (Índice Nacional de Preços ao Consumidor Amplo, or “IPCA”), published bythe IBGE), Brazilian annual rates of inflation for consumer prices were 4.6% in 2023, 4.8% in 2024 and 4.3% in 2025. Inflationary pressures may result in governmental interventions in the economy, including policies that could adversely affect thegeneral performance of the Brazilian economy, which, in turn, could adversely affect our business operations in Brazil. Inflation may alsoincrease our costs and expenses, and we may be unable to transfer such costs to our customers, reducing our profit margins and netincome. In addition, inflation could also affect us indirectly, as our customers may also be affected and have their financial capacityreduced. Any decrease in our net sales or net income, as well as any reduction in our financial performance, may also result in a reductionin our net operating margin. Our customers and suppliers may be affected by high inflation rates and such effects on our customers andsuppliers may adversely affect us. The Brazilian real is subject to depreciation and volatility, which could adversely affect our business, financial condition and resultsof operations. The Brazilian currency has been subject to significant fluctuations over the past three decades. Throughout this period, the Braziliangovernment has implemented various economic plans and exchange rate policies, including sudden devaluations, periodic minidevaluations (during which the frequency of adjustments has ranged from daily to monthly), exchange controls, dual exchange marketand floating exchange rate systems. Although long-term devaluation of the real is generally related to the rate of inflation in Brazil, thedevaluation of the real over shorter periods has resulted in significant fluctuations in the exchange rate between the Brazilian currency, theU.S. dollar and other currencies. The Brazilian real appreciated 8% in 2023, depreciated 22% in 2024 and appreciated 13% in 2025compared to the closing exchange rate as of the end of the prior period for the U.S. dollar in nominal terms. A significant part of the raw materials we use in Brazil are priced in U.S. dollars, so a depreciation of the Brazilian real against theU.S. dollar has a significant adverse effect in our costs and margins. Any depreciation of the real against the U.S. dollar could create additional inflationary pressure, which might result in the Braziliangovernment adopting restrictive policies to combat inflation. This could lead to increases in interest rates, which might negatively affectthe Brazilian economy as a whole, as well as our results of operations, in addition to restricting our access to international financialmarkets. It also reduces the U.S. dollar value of our revenues. On the other hand, future appreciation of the real against the U.S. dollarmight result in the deterioration of Brazil’s current and capital accounts, as well as a weakening of Brazilian GDP growth derived fromexports. We cannot assure you that the real will not again fluctuate significantly against the U.S. dollar in the future and, as a result, havean adverse effect on our business, results of operations and financial condition.
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Table of Contents 20 Risks Relating to Argentina Our business operations in Argentina are dependent on economic conditions in Argentina. Our operations in Argentina represented 17.1% and 13.6% of our assets as of December 31, 2024 and December 31, 2025,respectively, and 24.8% and 22.2% of our net sales for 2024 and 2025, respectively. Developments in economic, political, regulatory andsocial conditions in Argentina, and measures taken by the Argentine government, have had and are expected to continue to have an impacton our business, results of operations and financial condition. Historically, the Argentine economy has experienced periods of high levels of instability and volatility, low or negative economicgrowth and high and variable inflation and devaluation levels. According to the National Statistics and Census Institute (InstitutoNacional de Estadísticas y Censos, or “INDEC”), Argentina’s real GDP decreased by 1.6% in 2023, decreased by 0.9% in 2024 andincreased by 5.2% in 2025. Argentine economic conditions are dependent on a variety of factors, including the following: ● domestic production, international demand and prices for Argentina’s principal commodity exports; ● the competitiveness and efficiency of domestic industries and services; ● the stability and competitiveness of the Argentine peso against foreign currencies; ● the rate of inflation; ● the government’s fiscal deficits; ● the government’s public debt levels; ● government restrictions in response to any pandemic and the capacity of authorities to keep the pandemic under control; ● foreign and domestic investment and financing; and ● governmental policies and the legal and regulatory environment. Government policies and regulation—which at times have been implemented through informal measures and have been subject toradical shifts—that have had a significant impact on the Argentine economy in the past have included, among others: monetary policy,including exchange controls, capital controls, high interest rates and a variety of measures to curb inflation, restrictions on exports andimports, price controls, mandatory wage increases, taxation and government intervention in the private sector. We cannot assure you that the future development of the Argentine economy will not impair our ability to successfully carry out ourbusiness plan or materially adversely affect our business, financial condition or results of operations. The Argentine peso is subject to depreciation and volatility, which could adversely affect our financial condition and results ofoperations. Fluctuations in the value of the peso continue to affect the Argentine economy. Since January 2002, the peso has experiencedsignificant volatility, often following periods of high inflation and currency controls that artificially appreciated the value of the currency.Frequent devaluations have had an adverse effect on the ability of the Argentine government and Argentine companies to make timelypayments on their foreign currency denominated obligations, have significantly reduced wages in real terms, and have negativelyimpacted the stability of businesses whose performance depends on the domestic market demand. In an effort to reduce downward pressure on the value of the Argentine peso, the Argentine government has at times implementedpolicies aimed at maintaining the foreign currency reserves of the Central Bank of the Argentine Republic (“BCRA”), including measuresthat restrict the ability of private companies and individuals to purchase foreign currency. During 2025, the administration of PresidentMilei announced plans to eliminate all foreign exchange restrictions. As of January 1, 2026, companies are permitted to remit dividendsrelated to profits generated from financial statements closed in 2025.
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Table of Contents 21 In 2023, 2024 and 2025, the Argentine peso depreciated 78%, 22% and 29%, respectively, compared to the closing exchange rate asof the end of the prior period for the U.S. dollar. A significant part of the raw materials used by the Company in Argentina are in U.S.dollars, so a devaluation of the Argentine peso against the U.S. dollar can affect our costs and margins in a significant way. The depreciation of the Argentine peso may have a negative impact on the ability of certain Argentine businesses to service theirforeign currency denominated debt, significantly reduce real wages and jeopardize the stability of businesses which success depends ondomestic market demand. It may also, adversely affect the Argentine government’s ability to honor its foreign debt obligations. Asignificant appreciation of the Argentine peso against the U.S. dollar also presents risks for the Argentine economy, including thepossibility of a reduction in exports as a consequence of the loss of external competitiveness. Any such appreciation could also have anegative effect on economic growth and employment and reduce tax revenues. Given the economic and political conditions in Argentina, we cannot predict whether, and to what extent, the value of the Argentinepeso may depreciate or appreciate against the U.S. dollar, the euro or other foreign currencies. We cannot predict how these conditionswill affect the consumption of our products. Moreover, we cannot predict whether the administration of President Javier Milei will be ableto maintain its current monetary, fiscal, and exchange ‑ rate policies aimed at stabilizing the economy or what impact such policies couldhave on the value of the Argentine peso and, consequently, on our financial condition, results of operations, and cash flows, as well as onour ability to convert and transfer funds abroad in order to meet commercial or financial obligations. Inflation in Argentina may adversely affect our operations, which could adversely impact our financial condition and results ofoperations. Argentina has experienced high levels of inflation in recent decades. Historically, Argentina’s high inflation rates have resultedprimarily from limited control over fiscal policy and the money supply. The country continues to face high inflationary pressuresAccording to INDEC, the consumer price index (“CPI”) increased by 211.4% in 2023, while the wholesale price index (“WPI”) increasedby 276.3%. In 2024, CPI increased by 117.8%, and WPI increased by 67.1%, according to INDEC. In 2025, INDEC reported a CPIincrease of 31.5% and a WPI increase of 26.2%. During 2023, 2024 and 2025, Argentina met the criteria to be considered a hyperinflationary economy under IAS 29, which include,among other factors, a cumulative three ‑ year inflation rate that approaches or exceeds 100%. Accordingly, IAS 29 must be applied tofinancial statements for fiscal years ending on or after July 1, 2018. IAS 29 also requires non-monetary assets and liabilities, shareholders’equity and comprehensive income to be restated in terms of a measuring unit current at the end of the reporting period. IAS 29 alsorequires the use of a general price index to reflect changes in purchasing power. As a result, since July 2018, we have applied IAS 29 inthe preparation of our financial statements and have reported the results of our operations in Argentina as if the economy had beenhyperinflationary from January 1, 2018. In addition, the application of IAS 29, requires us to translate figures in Argentine pesos toChilean pesos using the period closing exchange rate (instead of the average exchange rate), thus reducing our results of operations andnet earnings. We cannot predict for how long Argentina will be considered a hyperinflationary economy and we will have to apply IAS 29to the preparation of our financial statements. The persistent inflationary environment in Argentina, which has led to the application of IAS 29, also has broader macroeconomiceffects that may materially impact economic activity and our operations in the country. In the past, inflation has materially undermined the Argentine economy and the government’s ability to generate conditions that fostereconomic growth. High inflation or a high level of price instability may materially and adversely affect the business volume of thefinancial system. This result, in turn, could adversely affect the level of economic activity and employment in the country. High inflation also undermines Argentina’s foreign competitiveness and adversely affect economic activity, employment, realsalaries, consumption and interest rates, thereby materially and adversely affecting economic activity and consumers’ income and theirpurchasing power, all of which could have a material adverse effect on our financial condition and operating results. Between 2007 and 2015, the INDEC, which is the only institution in Argentina with the statutory authority to produce officialnational statistics, experienced significant institutional and methodological changes that gave rise to controversy regarding the reliabilityof the information that it produces, including inflation, GDP and unemployment data, resulting in allegations that the inflation rate inArgentina and the other rates calculated by INDEC could be substantially different than as indicated in official reports. While previouslythe administration undertook reforms and the credibility of the national statistics systems has since been restored, we cannot assure youthat the new or future administrations will not implement policies that may affect the national statistics system undermining consumer andinvestor confidence, which ultimately could affect our business, results of operations and financial condition.
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Table of Contents 22 Price control policies of previous governments in Argentina, if reinstated in the future, may have a material and adverse effect on ourresults of operations in Argentina. In the past the Argentine government has, from time to time, established price controls on consumer products. President Milei’sadministration has repealed price control regulations in Argentina with the aim of achieving a more transparent and free market. To theextent that the price of our products in Argentina is again restricted by the government through price controls, the results of our Argentineoperations may be materially affected. We cannot assure that price controls in Argentina will not be reinstated in the future. Political and economic instability in Argentina may recur, which could have a material adverse effect on our Argentine operations andon our financial condition and results of operations. Argentina has a history of political and economic instability that often results in abrupt changes in government policies. Argentinegovernments have pursued different, and often contradictory, policies to those of preceding administrations. In recent decades, succeedingadministrations have implemented interventionist policies, which included nationalization, debt renegotiation, price controls, andexchange restrictions, as well as market-friendly policies, such as export tax reductions, elimination of currency controls, deregulation ofutility prices, negotiation of free trade agreements and implementation of pro-investor initiatives. The last presidential election in Argentina was held between October (first round) and November 2023 (runoff). As a result of theelection, Javier Milei, the candidate of the La Libertad Avanza party, was elected president and took office on December 10, 2023. Duringthe first two years of his presidency, President Milei sought to implement new monetary, fiscal, and exchange rate policies, which havehad effects on our business. During 2024 and 2025, the economic policies implemented by the new administration—including exchangerate adjustments, the removal of price controls, and the partial liberalization of imports—resulted in a sharp contraction in mass consumerdemand and changes in the composition of sales channels. In our business, these measures helped correct price distortions and improvedour average selling prices; however, they also led to lower volumes, increased consumer price sensitivity, greater migration towardlower ‑ priced brands, and a weakening of the supermarket channel. Although the market showed some signs of recovery over the course of2025, conditions deteriorated again in early 2026. We cannot assure you that these conditions will not intensify or that future economicpolicies will not adversely affect our operations in the country. The Argentine government has imposed, and may in the future impose further, restrictions on currency conversions and remittancesabroad, which could affect the timing and amount of any dividends or other payment we receive from our Argentine subsidiary. The Argentine government has imposed restrictions on currency conversions and remittances abroad. These controls have limitedaccess to the foreign exchange market for Argentine residents, both companies and natural persons, including with respect to the paymentof dividends in foreign currency abroad, as well as the payment of external financial debt and the payment of imports of goods andservices, among others. Under current Argentine law, and in spite of the new regulations issued or promoted by the current administration (including theEmergency and Necessity Decree DNU ‑ 2023 ‑ 70 ‑ APN ‑ PTE, dated December 20, 2023, the “Ley Bases” No. 27,742, and other measuresissued in the areas of customs law and foreign trade), during 2025 we continue to be restricted from accessing the official foreignexchange market to make dividend payments in U.S. dollars, euros or other foreign currencies to the Company from our Argentinesubsidiaries without prior approval from the Argentine Central Bank. Since January 1, 2026, access to foreign currency for dividendremittances relating to profits generated from financial statements closed in 2025 has been fully liberalized. The significant restrictions on foreign exchange transactions imposed by the Argentine government have led to the existence of aninformal foreign exchange market where foreign currencies quote at levels significantly higher than the official exchange rate. In the past,in some occasions, our Argentine subsidiary has only been able to purchase foreign currency at the informal exchange rate in order toremit dividends abroad. We cannot assure you that our Argentine subsidiary will not be required to access the informal foreign exchangemarket in order to purchase foreign currency in the future. The Argentine government’s ability to obtain financing from international capital markets may be limited or costly, which may impairits ability to implement reforms and foster economic growth. While Argentina had regained access to the international capital markets, actions by the Argentine government, or investorperceptions of the country’s creditworthiness, could curtail access in the future or could significantly increase borrowing costs, limitingthe government’s ability to foster economic growth. Limited or costly access to international financing for the private sector could alsoaffect our business, financial condition and results of operations.
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Table of Contents 23 The Argentine government may standardize joint agreements that provide for wage increases for private sector employees, whichcould increase our operating costs. In the past, the Argentine government has enacted laws, rules, and decrees requiring private sector employers to increase salaries andprovide specific benefits to their workers. Although inflation has declined considerably during 2025, it remains elevated in comparisonwith levels in the other jurisdictions in which we operate and is expected to continue exerting pressure on labor costs. Furthermore, laborunions frequently demand large wage increases, and the Argentine government has implemented various policies aimed at reducing theadverse effects of inflation and exchange rate fluctuations on wages. Employers in both the public and private sectors continue to facestrong pressure to raise wages due to the high rates of inflation. However, the Argentine government generally tends to validate andapprove sector ‑ specific collective bargaining agreements, provided that the negotiated increases are consistent with projected inflationexpectations. Labor relations in Argentina are governed by specific legislation, such as Labor Law No. 20,744 and Law No. 14,250 on CollectiveBargaining Agreements, which, among other things, specify how salary negotiations and other labor negotiations should be conducted.The government of President Javier Milei, through the enactment of a Decree of Necessity and Urgency (DNU-2023-70-APN-PTE, datedDecember 20, 2023) instituted labor reforms that, among other issues, included significant changes to the aforementioned laws. However,this decree is currently on hold due to a judicial order. Nonetheless, these laws have been amended by Law 27,742 (Bases Law) enactedon June 27, 2024 by the National Congress, by virtue of which some of the reforms provided for in the aforementioned DNU-2023-70-APN-PTE were incorporated. Government measures to preempt or respond to social unrest may affect the Argentine economy and our business. In recent decades, Argentina has experienced significant social and political turmoil, including civil unrest, riots, looting, nationwideprotests, strikes and street demonstrations. Certain social and political tension and high levels of poverty and unemployment continue.Unions frequently stage nationwide strikes and protests, and riots and lootings of shops and supermarkets in cities around the countryhave taken place at times of social turmoil. While during 2025 protests, demonstrations, and road blockades decreased, partly as a resultof amendments introduced by the “Ley Bases” to labor legislation—which classified participation in such actions as serious labormisconduct and grounds for dismissal with cause—and the implementation of the national “anti ‑ blockade protocol” by the federalgovernment, there can be no guarantee that such disruptions will not become more prevalent in the future. Future government policies to preempt, or in response to, social unrest may include new taxation policies and changes in laws andpolicies favoring foreign trade and investment. Such policies could materially affect the Argentine economy, and thereby our business,results of operations and financial condition. Risks Relating to Paraguay Our business operations in Paraguay are dependent on economic conditions in Paraguay. Our operations in Paraguay represented 11.6% and 12.5% of our assets as of December 31, 2024 and December 31, 2025,respectively, and 8.7% and 9.4% of our net sales for 2024 and 2025, respectively. Because demand for soft drinks and beverage productsis generally related to the economic conditions prevailing in the local market which, in turn, depend on the macroeconomic and politicalconditions of the country, our financial situation and our results of operations could be adversely affected by changes in these factors overwhich we have no control. Paraguay has a history of economic and political stability, exchange controls, frequent changes in regulatory policies, corruption andweak judicial security. Paraguayan GDP grew 5% in 2023, 4% in 2024 and 6% in 2025, according to the Paraguayan Central Bank.Paraguayan GDP is closely tied to the performance of Paraguay’s agricultural sector, which can be volatile. The situation of the Paraguayan economy is also strongly influenced by the economic situation in Argentina and Brazil. Adeterioration in the economic situation of these countries could adversely affect the Paraguayan economy and, in turn, our financialcondition and operating results. The Paraguayan guaraní is subject to depreciation and volatility, which could adversely affect our financial condition and results ofoperations. The exchange rate of Paraguay is free and floating and the Paraguay Central Bank, actively participates in the exchange market inorder to reduce volatility. Since a relevant portion of our total costs in Paraguay for raw material and supplies are denominated in U.S.dollars, a significant depreciation of the local currency could adversely affect our financial situation and results.
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Table of Contents 24 The Paraguayan guaraní appreciated 1% in 2023, depreciated 7% in 2024 and appreciated 19% in 2025, in each case compared to theclosing exchange rate as of the end of the prior period with the U.S. dollar. The local currency follows regional and global trends. When the U.S. dollar’s value increases, and raw materials lose value inParaguay, this directly impacts Paraguay’s generation of foreign exchange which occurs mainly through the export of raw materials. Adeterioration in the economic growth of Paraguay as result of a significant depreciation of the Paraguayan guaraní could have an effect onour business, financial condition and results of operations. Social and political instability in Paraguay, including protests, strikes, civil unrest or significant changes in government policies,could adversely impact our financial results. The current environment in Paraguay may present risks associated with political polarization and potential social unrest, which couldmaterialize in the form of strikes, road blockades and other disruptions that negatively affect logistics and business continuity. These riskscould be further heightened if the government implements structural reforms or policy measures without broad social consensus,potentially triggering increased public dissatisfaction. In addition, uncertainty surrounding abrupt changes in public policies may altermarket conditions and affect Paraguay’s overall risk perception, potentially discouraging foreign investment and adversely impacting ouroperations in the country. Inflation in Paraguay may adversely affect our financial condition and results of operations. Although inflation in Paraguay has remained stable at around 3.9% over the last five years, we cannot assure that it will not increasesignificantly. An increase in inflation in Paraguay could decrease the purchasing power of our consumers in the country, which couldadversely affect our volumes and impact our sales income. Risk Factors Relating to the ADRs and Common Stock Preemptive rights may be unavailable to ADR holders. According to the Ley de Sociedades Anónimas No. 18,046 and the Reglamento de Sociedades Anónimas (collectively, the “ChileanCompanies Law”), whenever we issue new shares for cash, we are required to grant preemptive rights to holders of our shares (includingshares represented by ADRs), giving them the right to purchase a sufficient number of shares to maintain their existingownership percentage. However, we may not be able to offer shares to United States holders of ADRs pursuant to preemptive rightsgranted to our shareholders in connection with any future issuance of shares unless a registration statement under the U.S. Securities Actof 1933, as amended, is effective with respect to such rights and shares, or an exemption from the registration requirements of the U.S.Securities Act of 1933, as amended, is available. Under the procedure established by the Central Bank of Chile, the foreign investment agreement of a Chilean company with anexisting ADR program will become subject to an amendment (which will also be deemed to incorporate all laws and regulationsapplicable to international offerings in effect as of the date of the amendment) that will extend the benefits of such contract to new sharesissued pursuant to a preemptive rights offering to existing ADR owners and to other persons residing and domiciled outside of Chile thatexercise preemptive rights, upon request to the Central Bank of Chile. We intend to evaluate at the time of any rights offering the costsand potential liabilities associated with any such registration statement as well as the indirect benefits to us of enabling United States ADRholders to exercise preemptive rights and any other factors that we consider appropriate at the time, and then make a decision as towhether to file such registration statement. We cannot assure you that any registration statement would be filed. To the extent ADR holders are unable to exercise such rightsbecause a registration statement has not been filed, the depositary will attempt to sell such holders’ preemptive rights and distribute the netproceeds thereof if a secondary market for such rights exists and a premium can be recognized over the cost of any such sale. If suchrights cannot be sold, they will expire, and ADR holders will not realize any value from the grant of such preemptive rights. In any suchcase, such holder’s equity interest in the Company would be diluted proportionately. Shareholders’ rights are less well-defined in Chile than in other jurisdictions, including the United States. Under the United States federal securities laws, as a foreign private issuer, we are exempt from certain rules that apply to domesticUnited States issuers with equity securities registered under the United States Securities Exchange Act of 1934, as amended, including theproxy solicitation rules, the rules requiring disclosure of share ownership by directors, officers and certain shareholders. We are alsoexempt from certain of the corporate governance requirements of the Sarbanes-Oxley Act of 2002 and the New York StockExchange, Inc., including the requirements concerning independent directors.
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Table of Contents 25 Our corporate affairs are governed by the laws of Chile and our estatutos or bylaws. Under such laws, our shareholders may havefewer or less well-defined rights than they might have as shareholders of a corporation incorporated in a U.S. jurisdiction. Pursuant to Law No. 19,705, enacted in December 2000, the controlling shareholders of an open stock corporation can only sell theircontrolling shares through a tender offer to all shareholders in which the bidder would have to buy all of the offered shares up tothe percentage determined by it, where the price paid is substantially higher than the market price (i.e., when the price paid was higherthan the average market price for a period starting 90 days before the proposed transaction and ending 30 days before such proposedtransaction, plus 10%). The market for our shares may be volatile and illiquid. The Chilean securities markets are substantially smaller, less liquid and more volatile than major securities markets in the UnitedStates. The Bolsa de Comercio de Santiago (the “Santiago Stock Exchange”), which is Chile’s principal securities exchange, had a marketcapitalization of approximately US$262,079 million as of December 31, 2025 and an average monthly trading volume of approximatelyUS$3,955 million for the year. The lack of liquidity is owed, in part, to the relatively small size of the Chilean securities markets and mayhave a material adverse effect on the trading prices of our shares. Because the market for our ADRs depends, in part, on investors’perception of the value of our underlying shares, this lack of liquidity for our shares in Chile may have a significant effect on the tradingprices of our ADRs. ITEM 4. INFORMATION ON THE COMPANY A. HISTORY AND DEVELOPMENT OF THE COMPANY Overview Our legal name is Embotelladora Andina S.A., and our commercial name is Coca-Cola Andina. We were incorporated and organizedunder Chilean law as a sociedad anónima on February 7, 1946. An abstract of our bylaws is registered in the Registro de Comercio delConservador de Bienes Raíces de Santiago (Public Registry of Commerce of the Real Estate Commission Administrator of the City ofSantiago) under No. 581 of the year 1946. Pursuant to our bylaws, our term of duration is indefinite. Our common shares are listed and traded on the Santiago Stock Exchange and on the Bolsa Electrónica de Chile (the ChileanElectronic Stock Exchange). Our Series A and Series B ADRs representing our Series A and Series B shares, respectively, are listed on theNew York Stock Exchange. Our principal executive offices are located at Avenida Miraflores 9153, Floor 7, Renca, Santiago, Chile. Our telephone number is+562-2338-0520 and our website is www.koandina.com. Our depositary agent for the ADRs in the United States is The Bank of New York Mellon Corporation, located at 240 GreenwichStreet, New York, New York 10286. Our depositary agent’s telephone number is +1 888 269 2377 (toll free number for U.S. calls) and +1201 680 6825 (for international calls). Our authorized representative in the United States is Puglisi & Associates, located at 850 LibraryAvenue, Suite 204, Newark, Delaware 19711-7144, United States, and its phone number is (302) 738-6680. History Chile In 1941, The Coca-Cola Company licensed a private Chilean company to produce Coca-Cola soft drinks in Chile and productionbegan in 1943. In 1946, the original licensee withdrew from the license arrangement and a group of U.S. and Chilean investors formedAndina, which became The Coca-Cola Company’s sole licensee in Chile. Between 1946 and the early 1980s, Andina developed the Chilean market for Coca-Cola soft drinks with a system of production anddistribution facilities covering the central and southern regions of Chile. In the early 1980s, Andina sold its Coca-Cola licenses for mostareas outside the Santiago metropolitan region and concentrated on the development of its soft drink business in the Santiago metropolitanarea. Although we are no longer the sole Coca-Cola bottler in Chile, we have been the principal manufacturer of Coca-Cola products inChile for an uninterrupted period since 1946.
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Table of Contents 26 In 1998, we purchased a 49% stake in Vital S.A. from The Coca-Cola Company. Concurrently, The Coca-Cola Company purchasedVital S.A. mineral water springs located in Chanqueahue, 80 miles south of Santiago. As part of the transaction, the Vital bottleragreement was replaced with a Minute Maid International Inc. juice bottler agreement and a new mineral water bottling agreement withThe Coca-Cola Company. The production and packaging business of water, juices and non-carbonated beverages licensed by The Coca-Cola Company in Chilewas restructured in 2005. Vital Aguas S.A. (“VASA”) was created in 2005 in order to develop the processing, production and packagingof mineral water and other waters by Agua Mineral de Chanqueahue Vital. Andina and Embonor S.A. continued the development of juicesand non-carbonated beverages through their ownership stakes in Vital S.A., holding 66.5% and 33.5%, respectively. In January 2011, thejuice production business was restructured to incorporate other Coca-Cola bottlers in Chile as shareholders of Vital S.A., which changedits name initially to Vital Jugos S.A. and then to VJ S.A. in 2019. Andina and Embonor hold 65% and 35% stakes in VJ S.A., respectively. In 2001, we entered into a joint venture with Cristalerías de Chile to produce PET bottles. On January 27, 2012, Coca-Cola Embonorthrough its subsidiary, Embonor Empaques S.A., acquired Cristalerías de Chile’s stake equivalent to a 50% ownership interest in EnvasesCMF. In 2012, in order to reinforce our leadership position among Coca-Cola bottlers in South America, the Company completed its mergerwith Embotelladoras Coca-Cola Polar S.A. (“Polar”). Polar was a Coca-Cola bottler with operations in Chile, where it serviced territoriesin the II, III, IV, XI and XII regions, as well as parts of Argentina, as described below, and all of Paraguay. The merger granted formershareholders of Polar a 19.68% ownership interest in the merged entity, however the Company controls its day to day operations. As aresult of the transaction, we also acquired additional indirect ownership interests in Vital Jugos, Vital Aguas and ECSA. In January 2016, the Company incorporated a closed joint-stock company called Coca-Cola Del Valle New Ventures S.A. (“Coca-Cola Del Valle”). Embotelladora Andina S.A. contributed 35% of the capital of Coca-Cola Del Valle, with Embonor S.A. and Coca-Colade Chile S.A. contributing the remaining 15% and 50%, respectively. The main corporate purpose of Coca-Cola Del Valle is thedevelopment and production of juices, waters and non-carbonated beverages under brands owned by The Coca-Cola Company thatAndina and Coca-Cola Embonor S.A. are authorized to commercialize and distribute in their respective franchise territories. In August 2016, the Company signed an agreement with Monster Energy Company for the distribution of Monster Energy productsin the Chilean territory covered by Andina, which we began distributing in September 2016. In March 2017, The Coca-Cola Company, together with its bottlers in Latin America, announced the closing of the acquisition fromUnilever of the AdeS vegetable protein-based beverage business. Andina began distributing AdeS products in Chile in July 2017. In January 2018, the Company, Embonor S.A., Coca-Cola del Valle New Ventures S.A., and Coca-Cola de Chile S.A., as buyers, andInversiones Siemel S.A. as seller, entered into a stock purchase agreement under which the parties agreed to transfer 100% ownership ofthe shares of Comercializadora Novaverde S.A. (“Novaverde”), a Chilean company dedicated to the production and distribution of juices,ice cream, and other food, mainly under the brand “Guallarauco”. The transaction did not include the acquisition of the avocado salesbusiness line and the General Mills brand representation. In October 2018, the purchase of 100% of the shares of Novaverde wascompleted. In May 2018, Diageo Chile Ltda., Embonor S.A. and Embotelladora Andina S.A. signed an agreement for the distribution in Chile ofthe brands belonging to Diageo, including Johnnie Walker, Baileys, Smirnoff, Guinness, Pampero, among others. In October 2019, Cooperativa Agrícola Pisquera Elqui Ltda. (“Capel”), Embonor S.A. and Andina, signed an agreement for thedistribution in Chile of products bearing the brands belonging to Capel, including Capel (brand), Alto del Carmen, Monte Fraile, Brujasde Salamanca, Artesanos del Cochiguaz, among others. In August 2020, Cervecería Chile S.A. and Andina signed an agreement for the distribution in Chile of the brands belonging to ABInBev, including Corona, Becker, Báltica, Budweiser, Stella Artois, Cusqueña, among others. In August 2021, Viña Santa Rita and Andina signed an agreement for the distribution in Chile of wine products under the brandsbelonging to Santa Rita, including Doña Paula, 120 Tres Medallas, Casa Real, Medalla Real, Carmen, Santa Rita, among others. In August 2021, Andina together with Embonor Empaques S.A. incorporated a company named Re-Ciclar S.A. The main purpose ofthis company is to produce recycled resin for the Coca-Cola system and third parties.
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Table of Contents 27 Brazil Andina Brazil, our Brazilian subsidiary, began production and distribution of Coca-Cola soft drinks in Rio de Janeiro in 1942. In1994, we acquired 100% of the capital stock of Andina Brazil. In 2000, we purchased a Coca-Cola franchise licensee NVG throughAndina Brazil for a territory in Brazil comprising the State of Espírito Santo and part of the States of Rio de Janeiro and Minas Gerais. In 2004, Andina Brazil entered into a franchise swap agreement with the Brazilian subsidiary of The Coca-Cola Company,Recofarma Indústrias do Amazonas Ltda., for an exchange of franchising rights, goods and other assets of Andina Brazil in the territory ofGovernador Valadares in the State of Minas Gerais, and other franchise rights of The Coca-Cola Company in the territories of NovaIguaçu in the state of Rio de Janeiro, which were previously owned by Companhia Mineira de Refrescos S.A. In 2007, The Coca-Cola Company along with the Coca-Cola bottlers in Brazil created a joint venture, Mais Indústria de Alimentos, inorder to enhance the non-carbonated business for the entire system in that country, and in 2008 The Coca-Cola system acquired a secondcompany that produces non-carbonated beverages called Sucos del Valle do Brasil Ltda. These two companies merged in 2011 and SABB(Sistema de Alimentos y Bebidas do Brasil) was created. In 2010, The Coca-Cola Company along with its bottlers, acquired in a joint venture the company Leão Junior S.A. (currently LeãoAlimentos e Bebidas Ltda.) with a consolidated presence and market share in Andina Brazil’s region in the category of iced tea. LeãoAlimentos e Bebidas Ltda. commercializes the Matte Leão brand, among others. Andina Brazil held a 10.26% ownership interest in LeãoAlimentos e Bebidas Ltda. In 2012, Andina Brazil acquired a 40% stake in Sorocaba Refrescos S.A., a Coca-Cola bottler located in the state of São Paulo. In 2013, Andina Brazil, acquired 100% of the capital stock of Companhia de Bebidas Ipiranga (“Ipiranga”) in an all-cash transaction.Ipiranga is also a Coca-Cola bottler with operations in part of the States of São Paulo and part of the State of Minas Gerais. Thisacquisition was previously arranged between the parties through an agreement signed on July 10, 2013. During 2013, there was a restructuring of the juice and mate herb (“yerba mate”) business, pursuant to which the companies in whichAndina Brazil held an interest were merged. As a result of the restructuring, Andina Brazil ended up with a 9.57% ownership interest inLeão Alimentos y Bebidas Ltda., the legal successor of these companies. This percentage increased to 10.87% as a result of ouracquisition of, and subsequent merger with, Companhia de Bebidas Ipiranga that held an ownership interest in Leão Alimentos y BebidasLtda. In 2016, Andina Brazil, along with Coca-Cola Brazil and the other bottlers in Brazil joined in Trop Frutas do Brasil Ltda., in whichAndina Brazil holds a 7.52% of ownership. During 2016, Andina Brazil, along with Coca-Cola Brazil and the other bottlers in Brazil, acquired Laticínios Verde Campo Ltda. Thepurchase was made through Trop Frutas do Brasil Ltda. Andina Brazil acquired 7.52% of Laticínios Verde Campo Ltda. In 2016, Andina Brazil signed an agreement with Monster Energy Company for the distribution of Monster Energy products inAndina Brazil’s territory. These products began being distributed in November 2016. In 2016, Andina Brazil closed its production facility in Cariacica, state of Espírito Santo, leaving only two production facilities, in theStates of Rio de Janeiro and São Paulo. In 2017, Andina Brazil bought, together with Coca-Cola Brazil and the other Coca-Cola bottlers in Brazil, the company UBI 3Participações Ltda. The operation was carried out to make the distribution and marketing of AdeS products in Brazil viable. Andina Brazilacquired 8.50% of UBI 3 Participações Ltda. Andina Brazil began distributing AdeS products in June 2017. In August 2017, Andina Brazil increased its ownership interest in Leão Alimentos e Bebidas Ltda. from 8.8% to 10.26%. In March 2018, Andina Brazil started the production of soft drinks at the new Duque de Caxias plant in the state of Rio de Janeiro,and in January 2019, the production of mineral waters started in the same plant. In October 2018, Trop Frutas do Brasil Ltda. incorporated the company Laticínios Verde Campo Ltda., thereby acquiring ownershipof the brand Laticínios Verde Campo.
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Table of Contents 28 In September 2021, the distribution agreement under which our subsidiary RJR commercialized and distributed Heineken and Amstelbranded beers in Brazil was terminated. On the same date, our subsidiary RJR and Heineken agreed a new distribution agreement,pursuant to which RJR began to market and distribute Eisenbahn and Tiger branded beers, and continued to market and distribute beersfrom the Sol Premium, Kaiser and Bavaria branded beers, within its franchise territories in Brazil. In September 2021, Andina Brazil acquired 50% of the Therezópolis beer brands from the company Greenday Natural ProductsGestão de Ativos Ltda., for R$35 million. In September 2021, the Coca-Cola Brazil System, including Andina Brazil, signed a Master Agreement and Distribution Agreementwith Estrella de Galicia Importação e Comercialização de Bebidas e Alimentos Ltda., with a term of 12 years, for the distribution ofbranded beers Estrella Galicia throughout the Brazilian territory with exclusivity. In April 2022, the Coca-Cola Brazil System, including Andina Brazil, signed a Master Agreement and Distribution Agreement withCampari, with an expiration date of December 31, 2026, for the exclusive distribution of Campari-branded beverages throughout theBrazilian territory. In November 2022, Andina Brazil, signed a Copacking Agreement with Monster, with a term of 10 years. On August 9, 2023, Andina Brazil signed a Distribution Agreement with Perfetti Van Melle with an expiration date of August 9, 2028,authorized by the Master Agreement signed by the Coca-Cola Brazil system in July 2022, for the distribution of Perfetti Van Melle-branded portfolio throughout the Brazilian territory. On April 11, 2024, the agreement for the assignment and transfer of shares of Laticínios Verde Campo, formerly Trop Frutas doBrasil Ltda, was signed, in which Andina Brazil, along with Coca-Cola Brazil and the other bottlers in Brazil, transferred their shares inthe company, such that none of them continues to have any stake in Laticínios Verde Campo. The agreement closed on May 31, 2024. In June 2024, the termination of the Distribution Contract between Cervejarias Kaiser Brasil Ltda, HNK BR Indústria de BebidasLtda, and RJR was signed. This contract, which covered the marketing and distribution of Eisenbahn, Tiger, Sol Premium, Kaiser, andBavaria branded beers, ended on October 1, 2024. On February 10, 2025, the distribution of CERPA Beer began pursuant to the contract between CERPA Cervejaria Paraense S/A andRJR. This contract was authorized by the Master Contract, signed on January 31, 2025, by the Coca-Cola Brazil system for thedistribution of the CERPA brand beer portfolio throughout Brazil. On October 3, 2025, the manufacturing operation of CERPA Beer began between CERPA Cervejaria Paraense S/A and RJR, with theobjective of manufacturing Cerpa Cervejarias Paraense S/A beers at its factory in Duque de Caxias. On December 4, 2025, a supply agreement was signed between Estrella De Galicia Importação e Comercialização de Bebidas eAlimentos Ltda. and RJR, allowing the latter to manufacture products for the sole purpose of selling them to Estrella Galicia. Argentina Production of Coca-Cola soft drinks in Argentina began in 1943 with operations in the province of Córdoba, Argentina, through IntiS.A.I.C., (“INTI”). In 1995, we, through an investment company incorporated in Argentina called Inversiones del Atlántico S.A.,(“IASA”), acquired a 59% interest in EDASA (the parent company of Rosario Refrescos S.A. and Mendoza Refrescos S.A.). Theseentities were subsequently merged to create Rosario Mendoza Refrescos S.A., (“ROMESA”). In 1996, we acquired an additional 35.9%interest in EDASA, an additional 78.7% interest in INTI, a 100% interest in CIPET (a PET plastic bottle and packaging business locatedin Buenos Aires) and a 15.2% interest in Cican S.A. During 1997, the operations of ROMESA were merged with INTI. In 1999, EDASAwas merged into IASA. In 2000, IASA was merged into INTI, forming Embotelladora del Atlántico S.A. (“EDASA”). In 2002, CIPETmerged into EDASA. During 2007, EDASA’s ownership interest in Cican S.A. was sold to FEMSA. In 2011, EDASA’s shareholders resolved to form Andina Empaques Argentina S.A., through a spin-off of all of EDASA’s PackagingDivision, including all tangible and intangible assets related thereto. Subsequently, EDASA absorbed Coca-Cola Polar Argentina S.A.
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Table of Contents 29 Additionally, as a result of the Company’s merger with Polar which was completed in October 2012, the Company gained territoryserviced by Polar in Argentina, consisting of territories in Santa Cruz, Neuquén, El Chubut, Tierra del Fuego, Río Negro, La Pampa andthe western part of the province of Buenos Aires. In March 2017, EDASA acquired 13.0% of the shares of the company Alimentos de Soja S.A.U., dedicated to the production ofvegetable protein-based beverages marketed under the brand “AdeS.” The sale of Alimentos de Soja S.A.U. shares was carried out withinthe framework of a global transaction under the terms of which The Coca-Cola Company and certain Coca-Cola bottlers acquired the“AdeS” liquid soy-based food business from the Unilever Group in Brazil, Mexico, Argentina, Colombia, Paraguay, Uruguay, Bolivia andChile. EDASA began distributing AdeS products in July 2017. In 2018, EDASA acquired shares of Alimentos de Soja S.A.U. (currentlyAlimentos de Soja S.A., in liquidation), increasing its ownership interest to 14.3%. As of the date of this annual report, EDASA’s interestin Alimentos de Soja S.A. is equivalent to 14.82%. The amount of shares transferred was sufficient to provide EDASA with a percentageof shares approximately proportional to its market share in the territory. As of the date of this annual report, the company is in the processof being liquidated, as a result of the early dissolution that was unanimously approved by the shareholders at an extraordinaryshareholders’ meeting. In December 2017, EDASA, together with Monster Energy Company, entered into an agreement in which Monster Energy Companynamed Embotelladora del Atlántico S.A. as distributor in the franchise territory of Andina Argentina of the products bearing the Monsterbrand for an initial period of 10 years. In February 2018, we began commercializing and distributing Monster products entering thecategory for energy drinks. Also, in April 2021 EDASA, together with Monster Energy Company, entered into an agreement wherebyMonster Energy Company appointed Embotelladora del Atlántico S.A. as the manufacturer of products (copacking services) bearing theMonster brand for an initial term of 5 years. Subsequently, on January 15, 2025, EDASA and Monster Energy Company entered into amanufacturing agreement with a term of 5 years, automatically renewable for up to two additional successive five ‑ year periods, subject tothe fulfillment of certain conditions. In June 2022, Andina Argentina signed a distribution agreement with Grupo Peñaflor S.A. with an expiration date of June 2026, forthe distribution of alcoholic beverages manufactured or imported by Grupo Peñaflor S.A. for the territory of the Provinces of Mendoza,San Juan and San Luis. Furthermore, in December 2024, distribution was extended to the territory of the Province of Córdoba. Paraguay PARESA is the first authorized Coca-Cola Bottler Company in Paraguay, which started its operations in 1965. In 1967, Plant 1 wasopened with a capacity of 400,000 annual unit cases. In 1980, the Barcequillo Plant - located on Km 3.5 Barcequillo of the Ñemby route,in the City of San Lorenzo- was opened, reaffirming and applying the concept of the highest end technology of bottling. Beginning in2004, PARESA became property of the Grupo Polar from Chile, continuing its operations in the Paraguayan market. In 2012, PARESAbecame part of Grupo Coca-Cola Andina due to the merger of Embotelladoras Coca-Cola Polar S.A. into Embotelladora Andina S.A. In March 2017, The Coca-Cola Company, together with its bottlers in Latin America, announced the closing of the acquisition fromUnilever of the AdeS vegetable protein-based beverage business. PARESA began distributing AdeS and Monster products in July 2017 and May 2019, respectively. In February 2021, PARESA together with local partners incorporated a company named Circular-Pet S.A. The main activity of thiscompany is the manufacturing and commercialization of post-consumer recycled PET resins, coming from the transformation of PETflakes. In October 2022 PARESA and Cervepar S.A. signed a Logistics and Sales Master Agreement valid for a period of 5 years, and in thiscontext, from September 2023 PARESA began to distribute alcoholic beverages, mainly beers, covering cities in the departments of SanPedro, Caaguazú and Canindeyú, under brands such as Brahma, Budweiser 66, Skol, among others.
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Table of Contents 30 Capital Expenditures The following table sets forth our capital expenditures by country for the 2023-2025 period: Year ended December 31, 2023 2024 2025 (in millions of Ch$) Chile 107,314 75,830 73,557Brazil 54,082 115,079 115,963Argentina 44,729 89,694 45,357 Paraguay 16,495 21,916 41,851 Total 222,620 302,519 276,728 Our total capital expenditures were Ch$222,620 million in 2023, Ch$302,519 million in 2024 and Ch$276,728 million in 2025.Expenditures in 2025 were mainly to finance productive investments, primarily in Brazil and Chile. In 2025, capital expenditures were principally related to the following: Argentina ● Returnable containers (glass and PET bottles) and bottles cases; ● Coolers / Cold Equipment; ● Productivity and cost‑optimization projects, including NRGB 237 bottle labeling improvements, finished goods andraw‑materials racks, and other sustainability initiatives (e.g., water treatment, recycling and effluent‑treatment systems); ● Investments due to obsolescence, with significant impact on forklift replacements; and ● Hardware technology upgrades and software development aimed at productivity and management improvements, includingmigration to SAP HANA. Brazil ● Acquisition of a new logistics site adjacent to Jacarepaguá plant in Rio de Janeiro; ● Beer production facility within the Duque de Caxias plant; ● Acquisition and installation of a mineral water line within the Duque de Caxias plant; ● Returnable bottles (Ref PET and glass bottles) and plastic bottle cases; ● Production lines and equipment for Andina plants; ● Renewal of part of the trucks and forklifts for industrial and logistics areas; ● Cold drink equipment and other equipment for the point of sale; ● Improvements in management systems, including migration to SAP HANA; and ● Machinery to increase efficiency and productive capacity. Chile ● Commissioning of the new wastewater treatment plant; ● Start-up of the nanofiltration project aimed at reducing the water ratio; and ● Initiation of the migration process to SAP HANA.
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Table of Contents 31 Paraguay ● New Returnable Glass Bottle (RGB) production line; ● Expansion of fructose storage capacity; ● Returnable bottles and plastic cases; ● Coolers / Cold equipment; ● Expansion of the finished goods warehouse; and ● Improvements in management systems, including migration to SAP HANA. We have budgeted approximately US$250 million for our capital expenditures in 2026, which are expected to be mainly used for thefollowing purposes: ● Implementation of a new returnable packaging line in Brazil, enabling a more efficient response to market demand; ● Expanded infrastructure to increase storage capacity in Brazil; ● Productivity improvements and investment in continuity projects in Chile; ● Industrial upgrades and increased production capacity in Argentina and Paraguay, including improvements in production lines,piping, boilers, and other equipment; ● Industrial upgrades and additional productive investments in Brazil, complementing the initiatives mentioned above—such asthe multi‑category line in Duque de Caxias and the can line in Ribeirão Preto; and ● Investment in assets for regional AdeS production in Brazil. For 2026, we estimate that internally generated funds will finance a large part of our budgeted capital expenditure. Our capitalexpenditure plan for 2026 may change based on market conditions and how the economy evolves in the countries where we operate. B. BUSINESS OVERVIEW We are the third largest bottler of Coca-Cola trademark beverages in Latin America in terms of sales volume. We are the largestbottler of Coca-Cola trademark beverages in Chile and Argentina and the third largest in Brazil, in each case in terms of sales volume. Weare also the only bottler of Coca-Cola trademark beverages in Paraguay. In 2025, we had consolidated net sales of Ch$3,344,836 million and total sales volume of 945.8 million unit cases of beverages. In addition to our soft drinks business, which accounted for 63.9% of our consolidated net sales during 2025, we also: ● produce, sell and distribute fruit juices, other fruit-flavored beverages, sport drinks, mineral and purified water in Chile,Argentina, Brazil and Paraguay under trademarks owned by The Coca-Cola Company, and flavored waters in Chile, Argentina,Brazil and Paraguay; ● produce, sell and distribute iced tea, matte beverages in Brazil; ● produce, sell and distribute seed-based beverages in Argentina under trademarks owned by The Coca-Cola Company, and selland distribute these products in Brazil, Chile and Paraguay; ● produce, sell and distribute energy drinks in Argentina, Brazil and Chile under trademarks owned by Monster Energy Company,and sell and distribute these products in Paraguay; ● manufacture polyethylene terephthalate (“PET”) bottles and preforms, returnable PET bottles, cases and plastic caps, primarilyfor our own use in the packaging of our beverages in Chile and Argentina;
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Table of Contents 32 ● sell and distribute beer in Brazil under the Therezópolis, Estrella Galicia, Cerpa and Tijuca brands. In March 2025, we began anew partnership with Cerpa Brewery, and we started beer production at our Duque de Caxias plant — launching Therezópolis inAugust 2025 and Tijuca in November 2025; ● sell and distribute spirits, wines and other alcoholic beverages in Brazil under the group Campari SPA’s brands; ● produce, sell and distribute alcoholic ready-to-drink beverages in Brazil and sell and distribute these alcoholic ready-to-drinkbeverages in Argentina, Chile and Paraguay; ● sell and distribute beer, sparkling wine, spirits, wine and other alcoholic products in Argentina under the Grupo Peñaflor brands; ● sell and distribute beer, spirits and wine in Chile; ● sell and distribute beer, spirits and other alcoholic beverages in Paraguay; ● sell and distribute confectionery in Brazil under the Perfetti Van Melle Brazil’s brands: Mentos and Fruittella; and ● distribute ice cream and other frozen products under the Guallarauco brand in Chile. Our Territories The following map shows our territories, estimates of the population to which we offer products, the number of retailers of ourbeverages and the per capita consumption of our beverages as of December 31, 2025. Per capita consumption data for a territory is determined by dividing total beverage sales volume, excluding the sales to other Coca-Cola bottlers within the territory by the estimated population within such territory, and is expressed on the basis of the number of eight-ounce servings of our products. One of the factors we use to evaluate the development of local volume sales in our territories and todetermine product potential is the per capita consumption of our beverages. Our Product Overview We produce, market and distribute the following Coca-Cola trademark beverages and brands licensed from third parties throughoutour franchise territories. We produce, market and distribute Coca-Cola products in our franchise territories through standard bottler agreements between ourbottler subsidiaries and the local subsidiary in each jurisdiction of The Coca-Cola Company. We consider our relationship with The Coca-Cola Company to be an integral part of our business strategy.
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Table of Contents 33 The following table sets forth the brands of the non-alcoholic beverages that we distribute by country as of December 31, 2025: Argentina Brazil Chile Paraguay Soft drinksCoca-Cola ü PR ü PR ü PR ü B Coca-Cola Light ü PR ü PRCoca-Cola Plus Café ü PR ü PRCoca-Cola Zero/Sin azúcar ü PR ü PR ü PR ü PRCrush Light/Zero/Sin azúcar ü PR ü PR Fanta ü PR ü PR ü PR ü PR Fanta Zero/Sin azúcar ü PR ü PR ü PR Inca Kola ü PR Inca Kola Zero ü PR Kuat ü PR Nordic ü PR Nordic Zero ü PR Schweppes ü PR ü PR ü PR ü PR Schweppes Light/Zero/Sin azúcar ü PR ü PR ü PR Schweppes Tónica ü PR ü PR ü PR ü B Schweppes Tónica Light ü PR ü PR ü PR ü PU Sprite ü PR ü PR ü PR ü PR Sprite Zero/ Sin azúcar ü PR ü PR ü PR ü PR Juices Cepita ü PR ü PU Cepita Nutridefensas ü PR Del Valle 100% ü PU Del Valle Fresh ü PR ü PR Del Valle Frut ü PR ü PR Del Valle Mais ü B Del Valle Mais Light ü PR ü PR Frugos Light/Sin azúcar/0% ü PR Guallarauco Aloe Vera ü PR Guallarauco Jugo ü PR Guallarauco Limonada ü PR Guallarauco Nectar ü PR Guallarauco Vitamin ü PR Kapo ü PR ü PR ü PR WatersAquarius ü PR ü PR ü PRAquarius Zero ü PUBenedictino ü PR ü PR ü PRBenedictino Sabores ü PRBonaqua ü PRCrystal ü PRCrystal Sabores ü PR Dasani ü PRGlaceau Vitamin Water ü PRGuallarauco Agua de Fruta ü PRVital ü PR Other non-alcoholic beverages AdeS Frutales ü PR ü PU ü PU ü PU AdeS Leches ü PR ü PU ü PU Fastlyte ü PR Leão Ice Tea ü PR Leão Ice Tea Light/Zero/sin azúcar ü PR Leão Sabores ü PR
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Table of Contents 34 Argentina Brazil Chile Paraguay Matte Leão ü PR Matte Leão Zero ü PR Monster ü PR ü PU ü PR ü PU Monster Zero/Light/Sin azúcar ü PR ü PU ü PR ü PU Powerade ü PR ü PR ü PR ü PR Powerade Zero/Light/Sin azúcar ü PR ü PR Reign ü PU ü PR Symbology PR Produced PU Purchased B Both (Produced and Purchased) In addition to non-alcoholic beverages portfolio, we sell and distribute beer, spirits, wine and other alcoholic products in Chile;produce, sell and distribute pre-mixed cocktails, spirits and other alcoholic beverages in Brazil, produce (Therezópolis and Tijuca), selland distribute beer in Brazil and sell and distribute confectionery in Brazil, sell and distribute beer, spirits, wine, and other alcoholicbeverages in Argentina, and sell and distribute beer in Paraguay. In Argentina we distribute the Antares beer brand; wines and sparkling wines of the brands Alaris, Alma Mora, Colección Privada,Dadá, Don David, El Bautismo, Elementos, Fair for Life, Finca Las Moras, Fond de Cave, Los Árboles, Los Intocables, Navarro Correas,Paz, San Telmo, Suter, Termidor, Trapiche, Blend de Extremos, El Esteco, El Que Ríe Último Ríe Mejor, Finca Notables, Iscay Syrah, LaMascota, Medalla, Origen, Unánime, Demencial and El Cazador; spirits of the brands Baileys, Gin Tanqueray, Vodka Smirnoff, WhiskyJ&B, Whisky Johnnie Walker, Whisky Old Parr, Whisky White Horse, Gin Gordon, and other alcoholic products from the Frizze andSmirnoff ICE brands. In Brazil we distribute Therezópolis, Estrella Galicia, Cerpa and Tijuca beers; spirits of the brands Aperol, Bulldog, Campari,Cinzano, Cynar, Dreher, Drury’S, Old Eight, Sagatiba, Skyy, Bickens, Frangelico and Wild Turkey; wines and sparkling wines fromLiebfraulmilch, and other alcoholic products of the brands Schweppes, Jack Daniels & Coca-Cola, Absolut Vodka & Sprite. In Chile we distribute beers of the brands Budweiser, Corona/Coronita/Corona Light, Stella Artois, Becker, Cusqueña, Báltica,Kilómetro 24.7, Quilmes, Michelob Ultra, Modelo, Pilsen del Sur, Malta del Sur, Leyendas de origen, Quilmes Sin Alcohol, BudweiserZero, Corona Sin Alcohol and Stella Artois sin alcohol; we also distribute spirits of the brands Baileys, Bourbon Bulleit, Gin Tanqueray,Ron Cacique, Ron Pampero, Ron Zacapa, Sheridan’s, Tequila Don Julio, Vodka Ciroc, Vodka Smirnoff, Whisky Bell’s, WhiskyBuchanan’s, Whisky J&B, Whisky Johnnie Walker, Whisky Old Parr, Whisky Sandy Mac, Whisky Singleton, Whisky Vat-69, WhiskyWhite Horse, Pisco Monte Fraile, Pisco Hacienda La Torre, Pisco Alto del Carmen/Alto del Carmen Ice, Pisco Capel/Capel Ice, PiscoBrujas de Salamanca, Pisco Artesanos del Cochiguaz, Ron Maddero, Gin Gordon, Lepac and Gin Tanqueray Zero. We also distributewines and sparkling wines of the brands Prologo Late Harvest, Vino Grosso, Espumante Francisco de Aguirre, Espumante Sensus,Espumante Myla, 120, Amaranta/Amaranta Spritz, Bodega Uno, Cabernario, Carmen, Casa Real, Cavanza, Doña Paula, Floresta,Hermanos Carrera, Heroes, Invictas, Los Cardos, Medalla Real, Rita, Sangria Guay, Santa Rita, Terra Andina, Pkdor, Bougainville, CigarBox, Pewen, Secret Reserve, Triple C, Carmen Late Harvest and 120 Dulce, and other alcoholic products of the brands Smirnoff ICE,Jack Daniels & Coca-Cola, Absolut Vodka & Sprite, Coctel Alto del Carmen Ice, Amaranta Spritz, Coctel Artesanos del Cochiguaz,Coctel Capel, Coctel Estrella del Elqui, Coctel Inca de oro, Coctel Stellar Ice, Jack&Coke Zero, Coctel 120 Sabores and Coctel 120Spritz. In Paraguay, we distribute beers from the Budweiser, Corona/Coronita/Corona Light, Stella Artois, Michelob Ultra, Brahma, OuroFino, Patagonia Amber, Pilsen, SKOL and Leyendas de Origen brands. We also distribute spirits such as Johnnie Walker Whisky, Aperol,Campari, Cinzano, Gordon’s Gin, as well as other alcoholic products under the Smirnoff ICE brand. All the alcoholic products we commercialize are purchased from our commercial partners, except for some beers and pre-mixedcocktails produced in Brazil. We seek to enhance our business throughout the franchise territories by developing existing markets, penetrating other soft drink,waters and juices markets, and also alcoholic beverages markets, forming strategic alliances with retailers to increase consumer demandfor our products, increasing productivity, and by further internationalizing our operations.
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Table of Contents 35 Reporting Segments The following discussion analyzes our product sales and customers by reporting segments. Chile In Chile, we produce, market and distribute our beverages under The Coca-Cola Company trademarks in the metropolitan region ofSantiago and the provinces of Cachapoal and San Antonio, as well as the regions of Antofagasta, Atacama, Coquimbo, Aysén andMagallanes. During 2025, Chile accounted for 33.6% and 39.4% of our volume and consolidated net sales, respectively. Soft Drinks: Our Chilean soft drink operations accounted for net sales in 2025 of Ch$632,405 million. We measure sales volume interms of unit cases (UCs). The following table highlights historical sales and volume of Coca-Cola soft drinks sold in Chile for theperiods indicated: Year ended December 31, 2023 2024 2025 (in millions) Ch$ UCs Ch$ UCs Ch$ UCs Colas 464,262 130.7 496,257 133.8 519,280 135.1 Flavored soft drinks 111,412 30.2 110,556 29.4 113,125 28.4 Total 575,674 160.8 606,813 163.2 632,405 163.5 As of December 31, 2025, we sold our products to approximately 73,000 customers in Chile. The following table highlights the typeof customer in Chile for our products: Year ended December 31, 2023 2024 2025 (%) Mom & Pops (1) 46 46 48Supermarkets 30 30 29On premise 13 13 13Wholesale distributors 11 11 11 Total 100 100 100 (1) Mom & Pops are neighborhood stores (grocery stores, minimarkets, kiosks, liquor stores, bakeries, etc.) characterized by providing daily shopping needs, and differentiated because they are nearby, and products are available in smaller formats. Other Beverages: Coca-Cola Andina, through VJ S.A., produces and sells nectar, fruit juices, fruit flavored beverages and sportsdrinks. Juices are manufactured and commercialized under the following brands: Del Valle (fruit juices and nectars), Kapo (flavored softdrink), Powerade (isotonic beverage), Glaceau Vitamin Water (vitamin ‑ and mineral ‑ fortified flavored water), and Fastlyte (electrolytebeverage), as well as Guallarauco products (juices and nectars). VJ S.A. also commercializes Ades (soy juice). Vital Aguas S.A. isresponsible for bottling mineral and mineralized water under the brand Vital. Additionally, in Chile, Andina produces purified water underthe Benedictino brand. In September 2016 and July 2017, the Company began the distribution in Chile of products under the trademarks of Monster andAdeS, respectively. In 2018, the Company began selling and distributing certain Guallarauco products and also spirits from the companyDiageo, and in 2019 the Company began with the sale and distribution of liquors and wine of the company Capel. In 2020, the Company began selling and distributing AB InBev beer in Chile, under the following brands: Corona, Becker, Báltica,Budweiser, Stella Artois, Cusqueña, among others. In May 2020, the Company began the production of Monster in Chile, through Envases Central S.A. In 2021 the Company began selling and distributing Viña Santa Rita wines under the following brands: Doña Paula, 120 TresMedallas, Casa Real, Carmen, Santa Rita, among others. In 2025, net sales of waters, juices, seed-based beverages, sports drinks and energy drinks in Chile were Ch$382,058 million, and netsales of beer and spirits were Ch$304,673 million.
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Table of Contents 36 Brazil In Brazil, we produce, market and distribute our beverages under The Coca-Cola Company trademarks or brands authorized by TheCoca-Cola Company in the majority of the State of Rio de Janeiro and the entirety of the State of Espírito Santo and since October 1,2013 in part of the state of São Paulo and part of the state of Minas Gerais, as a consequence of the Ipiranga acquisition on October 1,2013. During 2025, Brazil accounted for 37.8% and 29.2% of our volume and consolidated net sales, respectively. Soft Drinks: The Brazilian soft drink operations accounted for net sales of Ch$724,962 million in 2025. The following tablehighlights historical sales and volume of Coca-Cola soft drinks sold in Brazil for the periods indicated: Year ended December 31, 2023 2024 2025 (in millions)Ch$ UCs Ch$ UCs Ch$ UCs Colas 448,129 192.3 549,401 216.0 613,187 234.4Flavored soft drinks 86,889 45.7 108,901 50.5 111,775 49.5 Total 535,018 238.1 658,302 266.4 724,962 283.9 As of December 31, 2025, we sold our products to approximately 84,000 customers in Brazil. The following table highlights the typeof customer in Brazil for our products: Year ended December 31, 2023 2024 2025 (%) Mom & Pops (1) 32 33 33Supermarkets 33 32 33On premise 13 12 11Wholesale distributors 23 23 23Total 100 100 100 (1) Mom & Pops are neighborhood stores (grocery stores, minimarkets, kiosks, liquor stores, bakeries, etc.) characterized by providing daily shoppingneeds, and differentiated because they are nearby, and products are available in smaller formats. Other Beverages: beginning in September 2021, we sell and distribute beer under the Therezópolis, Estrella Galicia, Eisenbahn,Tiger, Sol Premium, Kaiser and Bavária brands; however, as of October 2024, Andina Brazil and Heineken terminated their DistributionAgreement for the brands Eisenbahn, Tiger, Sol Premium, Kaiser and Bavária. Starting in August 2025, we began producing beer inBrazil under Therezópolis and Tijuca brands. We also produce, sell and distribute alcoholic ready-to-drink Jack & Coke, SchweppesMixed and Absolut Vodka & Sprite. We sell and distribute water under the labels Crystal and Crystal Flavored Water, ready-to-drinkjuices under the labels Del Valle Mais, Del Valle Frut, Del Valle 100% and Kapo, energy drinks under the brand names Monster andReign, isotonic drinks under Powerade brand and Matte Leão, Leão Ice Tea and Guaraná Power ready-to-drink teas. We also sell anddistribute seed-based beverages, AdeS Juice and AdeS Milk, under the brand name AdeS. From May 2022 we started to distributealcoholic beverages from Campari´s portfolio under the brand names Campari, Aperol, Sagatiba, Dreher, Old Eight, Drury’S, Skyy,Bulldog, Cinzano, Cynar, Liebfraulmilch, Bickens, Espolon, Frangelico and Wild Turkey. Confectionery: from September 2023, we started sell and distribute candy and gum from the Perfetti’s brands: Mentos and Fruittella. In 2025, net sales of waters, juices, ready-to-drink teas, seed-based beverages, sports drinks and energy drinks in Brazil wereCh$227,362 million, and net sales of beer and other alcoholic products were Ch$24,584 million. Argentina In Argentina, we produce, market and distribute our beverages under The Coca-Cola Company trademarks in the entirety of theprovinces of Córdoba, Mendoza, San Juan, San Luis, Entre Ríos, western part of the province of Buenos Aires and most of Santa Fe, aswell as La Pampa, Neuquén, Río Negro, Chubut, Santa Cruz, and Tierra del Fuego. During 2025, Argentina accounted for 19.4% and 22.2% of our sales volume and consolidated net sales, respectively.
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Table of Contents 37 Soft Drinks: The Argentine soft drink operations accounted for net sales of Ch$553,642 million in 2025. The following tablehighlights historical sales and volume of Coca-Cola soft drinks sold in Argentina for the periods indicated: Year ended December 31, 2023 2024 2025 (in millions) Ch$ UCs Ch$ UCs Ch$ UCs Colas 256,586 122.6 455,417 112.0 415,160 115.8Flavored soft drinks 87,848 39.7 151,420 32.3 138,482 34.9 Total 344,434 162.3 606,837 144.3 553,642 150.6 As of December 31, 2025, we sold our products to approximately 66,000 clients in Argentina. The following table highlights the typeof client in Argentina for our products: Year ended December 31, 2023 2024 2025 (%) Mom & Pops (1) 33 38 39Supermarkets 32 24 21On premise 7 7 7Wholesale distributors 28 31 33 Total 100 100 100 (1) Mom & Pops are neighborhood stores (grocery stores, minimarkets, kiosks, liquor stores, bakeries, etc.) characterized by providing daily shoppingneeds, and differentiated because they are nearby, and products are available in smaller formats. Other Beverages: in Argentina we produce, sell and distribute flavored waters under the brand name Aquarius, and mineral anddrinking water under the brands Bonaqua and Benedictino. In addition, we produce, sell and distribute ready to drink juices under theCepita brand name, and fruit and vegetable seed based drinks under the brand name AdeS (which in 2017 was incorporated into theportfolio through a joint venture between The Coca-Cola Company and other Coca-Cola bottlers, including Andina). We also produce,sell and distribute sport drinks under the Powerade brand name, and produce, sell and distribute energy drinks under the Monster brandname (which was incorporated into the portfolio in 2018). We distribute beers of the brand Antares; wines and sparkling wines of thebrands Alaris, Alma Mora, Colección Privada, Dadá, Don David, El Bautismo, Elementos, Fair for Life, Finca Las Moras, Fond de Cave,Los Árboles, Los Intocables, Navarro Correas, Paz, San Telmo, Suter, Termidor, Trapiche, Blend de Extremos, El Esteco, El Que RíeÚltimo Ríe Mejor, Finca Notables, Iscay Syrah, La Mascota, Medalla, Origen, Unánime Demencial and El Cazador; spirits such asBaileys liqueurs, Tanqueray Gin, Smirnoff Vodka, J&B Whisky, Johnnie Walker Whisky, Old Parr Whisky, White Horse Whisky and GinGordon; and other alcoholic beverages under the brands Frizze and Smirnoff ICE. In 2025, net sales of juices, waters, seed-based beverages, sports, energy drinks and alcoholic beverages in Argentina wereCh$172,904 million. These values also consider the commission for distribution of alcoholic products. Paraguay In Paraguay, we produce, market and distribute our beverages under The Coca-Cola Company trademarks in the entire country. During 2025, Paraguay accounted for 9.1% and 9.4% of our volume and consolidated net sales, respectively. Soft Drinks: The Paraguayan soft drinks operations accounted for net sales of Ch$229,768 million in 2025. The following tablehighlights historical sales and volume of Coca-Cola soft drinks sold in Paraguay for the periods indicated: Year ended December 31, 2023 2024 2025 (in millions) Ch$ UCs Ch$ UCs Ch$ UCs Colas 113,878 38.3 146,320 44.3 161,014 43.9 Flavored soft drinks 59,587 23.9 66,192 23.0 68,753 22.3 Total 173,464 62.2 212,512 67.3 229,768 66.3
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Table of Contents 38 As of December 31, 2025, we sold our products to approximately 52,000 customers in Paraguay. The following table highlights thetype of customer in Paraguay for our products: Year ended December 31, 2023 2024 2025 (%) Mom & Pops (1) 38 37 36Supermarkets 14 13 15On premise 13 12 13Wholesale distributors 36 37 36 Total 100 100 100 (1) Mom & Pops are neighborhood stores (grocery stores, minimarkets, kiosks, liquor stores, bakeries, etc.) characterized by providing daily shopping needs, and differentiated because they are nearby, and products are available in smaller formats. Other Beverages: in Paraguay, we produce and distribute juices ready to drink under the trademark Del Valle and we import anddistribute seed-based drinks under the AdeS trademark. We also manufacture and sell water under the trademarks Dasani (purified water),Aquarius (flavored water), Benedictino (mineral water) and Powerade (sports drinks). We also import and distribute energy drinks underthe trademark Monster (since May 2019). During September 2023 we began to distribute in Paraguay alcoholic beverages, mainly Beers, under the brands Brahma, Budweiser66, Skol, among others. We also distribute spirits such as Johnnie Walker Whisky, Aperol, Campari, Cinzano, Gordon’s Gin, as well asother alcoholic products under the Smirnoff ICE brand. In 2025, net sales of juices, waters, seed-based beverages, sports and energy drinks in Paraguay were Ch$63,825 million and net salesof beer and other alcoholic products were Ch$21,067 million. Distribution Chile Soft Drinks, Juices, Waters and Other Beverages: In Chile, we distribute our products through a distribution system that includes: (i)trucks owned by third parties (402 trucks) which provide exclusive distribution service, and (ii) our own trucks (460 trucks). In 2025,100% of our distribution was carried out by exclusive third-party trucking companies. Distribution of all Andina beverages in Chile iscarried out from distribution centers and production facilities. In most cases, the transportation company collects payment in cash orchecks from the customer. In some cases, the driver also collects empty returnable glass containers or PET bottles of the same type andquantity as those delivered or collects cash deposits for net returnable bottles delivered. This task is particularly significant in the Chileanterritory where returnable containers accounted for approximately 29.5% of the total volume sold of non-alcoholic beverages in 2025.Certain important customers (such as supermarkets) maintain accounts receivable with us, which are settled on average every 45.2 daysafter invoices are issued. Beer and other Alcoholic Beverages: Andina in Chile uses its distribution system to distribute beer, and other alcoholic beverages inits franchise territories. Since 2018 it has developed a portfolio expansion strategy to become a total beverage company. To this end, theCompany has entered into agreements with different strategic partners that have transformed its value proposition towards the customersof the different channels it serves in each category. Since 2018 it has been distributing Diageo’s complete distilled spirits portfolio, brandssuch as Johnnie Walker, Vat-69, Sandy Mac (whiskey), Cacique and Zacapa (rum), Smirnoff and Ciroc (vodka), Tanqueray and Gordon’s(gin), Bailey’s liqueur, among others, in the traditional channel, on-premise channel, convenience stores and B2C digital channel. In thethird quarter of 2019, distribution of the complete product portfolio of the Capel Cooperative (Alto del Carmen and Capel piscos, amongother brands, and wines from Viña Francisco de Aguirre) began in all channels in the territory. In 2020, a commercialization anddistribution agreement was signed, with which most of the AB InBev brands in Chile were added to our portfolio, as part of theagreement, the products of said multinational are commercialized in the different channels in most of our territory. Finally, in 2021 adistribution agreement was signed with “Viña Santa Rita” to commercialize and distribute its main brands (as of November 2021)throughout Chile, such as wines, sparkling wines and cocktails. Andina in Chile buys the different alcoholic products from commercialpartners (Diageo, Cooperativa Capel, AB InBev and Viña Santa Rita) at a price determined by those partners and sells them to itscustomers with a margin previously agreed by category and channel, to which different variables are added for the achievement of goals.The discount scheme is different in each category, but as a common rule the discounts approved by the commercial partners are paid bythose partners and do not affect Andina’s margin in Chile.
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Table of Contents 39 Brazil Soft Drinks, Juices, Waters, Other Non-alcoholic, Alcoholic Beverages and Confectionery: In Brazil, we generally distribute Coca-Cola products through a distribution system that includes: (i) own trucks, (ii) trucks operated by independent distributors pursuant to non-exclusive distribution arrangements, and (iii) trucks operated by independent transport companies on an exclusive basis with us. In 2025,13.3% was distributed by exclusive distributors, 2.2% by independent transport companies and 84.5% by our own trucks. Distribution ofall Andina Brazil’s beverages takes place from distribution centers and production facilities. Other Beverages: Andina Brazil uses its distribution system to distribute beer in the Brazilian territory. Andina Brazil starteddistributing beer in the 1980s as a result of the acquisition of Cervejarias Kaiser S.A. (“Kaiser”) by a consortium of Coca-Cola bottlers(including Andina Brazil) in Brazil. In March 2002, the Canadian brewing company Molson Inc. acquired Kaiser. In 2006, FEMSAacquired from Molson a controlling ownership interest in Kaiser and in 2010, Heineken acquired a controlling interest in FEMSA’s beeroperation. Andina Brazil buys beer from Heineken at a price determined by Heineken and sells it to its customers with a fixed margin. Inthe case of certain discount sales that have been approved by Heineken, Heineken shares between 50% and 100% of the cost of suchdiscounts. In 2002, The Coca-Cola Company and the Brazilian Association of Coca-Cola Manufacturers entered into an agreement regardingthe distribution through the Coca-Cola system of beer produced and imported by what is now Heineken. In July 2017 Heineken Brazilnotified Andina Brazil of the termination of the agreement by virtue of which Andina Brazil commercialized and distributed Heineken-branded beers in Brazil, which was effective until March 2022. During 2020, the Coca-Cola system in Brazil and Heineken reached a newagreement to redesign their distribution partnership in Brazil. As per the agreement, which became effective as of September 2021 and hasan initial five year term of duration, the Coca-Cola system in Brazil would discontinue the distribution of Heineken and Amstel brands butwould continue to offer the Kaiser, Bavaria and Sol brands, and would complement this portfolio with the Eisenbahn and Tiger.Additionally, as part of the redesign of the distribution partnership, the agreement allowed the Coca-Cola system bottlers in Brazil todistribute and produce other national or international brands, in certain percentages and under certain conditions. In 2016, Andina Brazil signed an agreement with Monster Energy Company for the distribution of Monster Energy products inAndina Brazil’s territory. These products began being distributed in November 2016. In September 2021, the Coca-Cola Brazil System, including Andina Brazil, signed a Master Agreement and Distribution Agreementwith Estrella de Galicia Importação e Comercialização de Bebidas e Alimentos Ltda, with a term of 12 years, for the distribution ofbranded beers Estrella Galicia throughout the Brazilian territory with exclusivity. In April 2022, the Coca-Cola Brazil System, including Andina Brazil, signed a Master Agreement and Distribution Agreement withCampari, with an expiration date of December 31, 2026, for the exclusive distribution of Campari-branded beverages throughout theBrazilian territory. In November 2022, Andina Brazil, signed a Copacking Agreement with Monster, with a term of 10 years. Other Products: On August 9, 2023, Andina Brazil signed a Distribution Agreement with Perfetti Van Melle with an expiration dateof August 9, 2028, authorized by the Master Agreement signed by the Coca-Cola Brazil system in July 2022, for the distribution ofPerfetti Van Melle-branded portfolio throughout the Brazilian territory. In June 2024, an agreement to terminate the Distribution Agreement between Cervejarias Kaiser Brasil Ltda, HNK BR Indústria deBebidas Ltda and RJR to market and distribute Eisenbahn, Tiger, Sol Premium, Kaiser and Bavaria branded beers was signed, to takeeffect starting on October 1, 2024. On February 10, 2025, the distribution of CERPA Beer began pursuant to the contract between CERPA Cervejaria Paraense S/A andRJR. This contract was authorized by the master contract, signed on January 31, 2025, by the Coca-Cola Brazil system for the distributionof the CERPA brand beer portfolio throughout Brazil. On October 3, 2025, the manufacturing of CERPA Beer began between CERPA Cervejaria Paraense S/A and RJR, with the objectiveof manufacturing Cerpa Cervejarias Paraense S/A beers at its factory in Duque de Caxias. On December 4, 2025, a supply agreement was signed between Estrella De Galicia Importação e Comercialização de Bebidas eAlimentos Ltda. and RJR, allowing the latter to manufacture products for the sole purpose of selling them to Estrella Galicia.
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Table of Contents 40 Argentina Soft Drinks, Juices and Waters: in 2025, 66% of EDASA’s Coca-Cola NARTD volume was distributed by direct distribution and 34%by other distributors and wholesale distribution (indirect distribution). The direct distribution is done by a group of independent transportcompanies, on an exclusive basis. Other Beverages: Currently, Andina Argentina sells and distributes products belonging to the alcohol category, which are purchasedfrom Grupo Peñaflor S.A., as a result of a commercial purchase and sale agreement with that company starting in September 2022. Underthis agreement, Andina Argentina uses its distribution system to sell and distribute beer, sparkling wines, ARTDs (alcoholic ready-to-drinkbeverages), wines (from different segments such as table wines, young wines and aged wines), and alcoholic beverages such as spirits,gin, vodka and whiskey in the territory comprising the provinces of Mendoza, San Juan, San Luis, the northwest area of the city ofCórdoba, and the locality of Villa María. In 2003, The Coca-Cola Company and two bottlers (ex-Coca-Cola Polar Argentina S.A., today Andina Argentina, and ex-JuanBautista Guerrero S.A., today Salta Refrescos S.A. of the Arca group) executed a master agreement regarding the distribution of beermanufactured or imported by CICSA, through the Coca-Cola distribution system. The distribution master agreement was executed in2003 for an initial period of five years, with successive extensions every three years, and the last one agreed in November 2017 for a newfive-year term expiring on June 12, 2022. In 2019, an addendum to this agreement was signed to amend the commissions and includedwine and cider within the scope of the distribution agreement. Also, on June 21, 2022, the parties agreed to extend the master distributionagreement for a one-year term until June 12, 2023, date on which the contractual relationship with CICSA was irrevocably terminated.Lastly, on June 28, 2022, Andina Argentina and Grupo Peñaflor S.A. entered into a distribution agreement for alcoholic beveragesmanufactured or imported by Grupo Peñaflor S.A. in the territory of the Provinces of Mendoza, San Juan and San Luis. Furthermore, inDecember 2024, distribution was extended to the territory of the Province of Córdoba. In addition, in December 2017, EDASA executed an agreement with Monster Energy Company for the distribution andcommercialization of energy drinks of the “Monster” trademark for an initial period of 10 years in the territory within the franchise ofAndina Argentina, with the consent of The Coca-Cola Company. Also, in April 2021 EDASA, together with Monster Energy Company,entered into an agreement whereby Monster Energy Company appointed Embotelladora del Atlántico S.A. as the manufacturer(Copacking services) of products bearing the Monster brand for an initial term of 5 years. Subsequently, EDASA, together with MonsterEnergy Company, entered into a manufacturing agreement on January 15, 2025, with a five-year term, automatically renewable for up totwo additional successive five-year periods, subject to the fulfillment of certain conditions Paraguay Soft Drinks, Juices and Waters: In 2025, PARESA distributed 90.7% of its products through direct distribution (independent transportcompanies), and 9.3% through wholesale distributors. Competition We face intense competition throughout the franchise territories principally from bottlers of competing soft drink brands. See “Item 3.Key Information — Risk Factors — Risks Related to our Company—Our Business is highly competitive including with respect to pricecompetition which may adversely affect our net profits and margins.” The following table presents the market share of Coca-Cola and other soft drinks in Chile, Brazil, Argentina and Paraguay for theperiods indicated: 2023 2024 2025 Chile Brazil1 Argentina Paraguay Chile Brazil1 Argentina Paraguay Chile Brazil Argentina Paraguay (%)Coca-Cola soft drinks 65 62 60 75 65 63 58 75 65 65 57 76 Pepsi Bottler softdrinks 31 20 14 6 31 19 13 5 31 19 13 5 Other soft drinks 4 18 26 19 4 18 29 20 4 16 30 19 Total 100 100 100 100 100 100 100 100 100 100 100 100 Source: A.C. Nielsen. 1 In Brazil, during 2025, A.C. Nielsen carried out a reprocessing of data from 2024 and 2023 for comparability purposes.
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Table of Contents 41 Chile Soft Drinks: the soft drink segment of the Chilean beverage industry is highly competitive. The most important areas of competitionare product image, pricing, advertising, ability to deliver product in popular bottle sizes, distribution capacity, and the number ofreturnable bottles held by retailers or by consumers. Returnable bottles can be exchanged at the time of new purchases in lieu of paying abottle deposit, thereby decreasing the purchase price. Our main competitor in the Chilean franchise territory is Embotelladora ChilenasUnidas (ECUSA), a subsidiary of Compañía Cervecerías Unidas S.A. (CCU), the largest brewer in Chile. ECUSA produces anddistributes Pepsi-Cola products and its own soft drinks brands (e.g., Bilz and Pap). Based on reports by A.C. Nielsen, we estimate that in2025, our average soft drink market share within our franchise territories was 64.6%. Other beverages: our main competitor in the water market is CCU, which has its own brand (Cachantun and +Mas), where there isalso competition from other low-priced brands (“B-Brands”). Our main competitors in the juice segment are the Watt’s-CCU jointventure, Córpora Tres Montes and three of the main milk producers in Chile: Soprole S.A., Nestlé Chile S.A. and Loncoleche. The marketfor fruit-flavored beverages in Chile also includes lower-cost concentrates of lower quality and artificially flavored powdered soft drinkmixes. We do not consider these products to compete with our water and juice business as we believe these products are of lower qualityand value. Based on reports by A.C. Nielsen, we estimate that in 2025, our average market share within our Chilean franchise territoriesreached approximately 33.9% for juices and others segment and approximately 44.2% for waters. In the different alcoholic categories, Andina’s main competitor in Chile is CCU, which through different business models distributesbeers (its main brands are Escudo, Cristal, Royal and Heineken), spirits (brands from the Pernod Ricard portfolio), piscos (Control andMistral brands, among others) and wines (including Viña San Pedro brands such as Castillo de Molina, among others). Brazil Soft Drinks: the soft drink segment of the Brazilian beverage industry is highly competitive. The most important areas of competitionare product image, pricing, advertising and distribution capacity (including the number and location of sales outlets). According to A.C.Nielsen, our main soft drink competitor in the Brazilian territory is American Beverage Company or AmBev, the largest beer producer anddistributor in Brazil and also produces soft drinks, including Pepsi-Cola products. Based on reports by A.C. Nielsen, we estimate that in2025, our average soft drink market share within our Brazilian franchise territories was approximately 64.7%. Other Beverages: in the beer sector, Andina Brazil’s main competitor is AmBev which during 2025 had a very dominant position inthe Brazilian market. AmBev stands out in the advancement of digital platforms, both in B2B (Bees) and D2C (Zé Delivery). Based onreports by A.C. Nielsen, we estimate that in 2025, our average market share for waters reached 25.1%, where we distributed under theCrystal and Glaceau SmartWater brands. In the segment of juices and others, based on reports by A.C. Nielsen, we estimate that in 2025,our average market share was 42.1%. Argentina Soft Drinks: the soft drink segment of the Argentine beverage industry is highly competitive. The most important areas ofcompetition are product image, pricing, advertising, ability to produce bottles in popular sizes and distribution capacity. Our greatestcompetitor in Argentina is Pepsi, commercialized by AB InBev. The most significant B-brands competitors are: Pritty, Refres Now(Manaos), Productores de Agua (Cunnington) and Produnoa (Secco). Based on reports by A.C. Nielsen, we estimate that in 2025, ouraverage soft drink market share within our Argentine franchise territories reached approximately 57.0%. Other Beverages: we service the market of flavored and plain waters with the brands Aquarius, Bonaqua and Benedictino. Based onreports by A.C. Nielsen, we estimate that in 2025, our average market share was 14.7%. In addition, the Juices and others market isserviced by the Cepita, AdeS and Powerade brands. Based on reports by A.C. Nielsen, we estimate that in 2025, our average market sharewas 45.9%. Our biggest competitor in the water category is Danone, RPB (Baggio) in juices and InBev in sports drinks. Paraguay Soft Drinks: the soft drink segment of the Paraguayan beverage industry is highly competitive. The most important areas ofcompetition are product image, pricing, advertising, ability to produce bottles in popular sizes and the number of returnable bottles heldby retailers or by consumers.
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Table of Contents 42 Our largest competitor, local brand “Niko/De La Costa,” is produced and bottled by Embotelladora Central S.A., which had a 10.4%market share in 2025. In 2025, Pepsi had a market share of 5.07%, and is produced and marketed by the Vierci Group, a local franchisee.Following the merger between the Vierci Group and Bebidas del Paraguay, part of the CCU Group, Pepsi operations were integrated intoBebidas del Paraguay. Based on reports by A.C. Nielsen, we estimate that in 2025, our average soft drinks market share within ourParaguayan franchise territories was approximately 75.6%. Other Beverages: we are leaders in all non-carbonated categories. In waters, based on reports by A.C. Nielsen, we estimate that in2025, our average market share was 51.4% with our Dasani, Aquarius and Benedictino brands. The market for Juices and others isserviced through the Del Valle, Kapo, Fresh and AdeS brands, Powerade in sport drinks, and Monster in energy drinks. Based on reportsby A.C. Nielsen, we estimate that in 2025, our average market share was 59.0%. Seasonality Each of our lines of business are seasonal. Most of our beverage products have their highest sales volumes during the SouthAmerican spring and summer (October through March), with the exception of nectar products, which have a slightly higher sales volumeduring the South American winter and autumn (April through September). Packaging Overview Through Envases CMF S.A. in Chile (50% owned by Andina and 50% owned by Embonor), and AEASA in Argentina we producePET bottles in both returnable and non-returnable formats, preforms and plastic caps. On average, returnable PET bottles can be used upto 12 times. Non-returnable PET bottles are produced in various sizes and are used by a variety of soft drink producers and, in Chile, alsoby producers of food, wine, home care and personal hygiene products. Sales In 2025, total sales of AEASA reached Ch$27,878 million, of which Ch$14,618 million corresponded to sales to EDASA, Ch$3,178million corresponded to sales to other related companies of the group and Ch$10,082 million corresponded to sales to third parties. Competition AEASA is the supplier of returnable bottles, preforms, plastic caps and cases for Coca-Cola Bottlers in Argentina, also supplyingsome formats to Coca-Cola bottlers in Chile, Uruguay and Paraguay. In Argentina, we compete principally with Alpla S.A. and Amcor. In Chile, the availability of suppliers for these inputs is limited. CMF, Sinea and Syphon are the main suppliers of PET resin rawmaterials, returnable containers and preforms, as well as a main supplier of caps, cases and other plastic resin inputs. In Chile the onlyother supplier with similar production capacities is Plasco S.A., which primarily manufactures for ECUSA, the Pepsi bottler in Chile. Raw Materials and Supplies The main raw materials used in the production of Coca-Cola soft drinks are concentrate, sweetener, water and carbon dioxide gas.Production also requires glass and plastic bottles, bottle caps and labels. Water used in soft drink production is treated for impurities andadjusted for taste reasons. All raw materials, especially water, are subjected to continuous quality control. Chile Soft Drinks: Main suppliers of raw materials for the production of soft drinks: ● Concentrate: Coca-Cola de Chile S.A. ● Sweeteners (Sugar/Fructose): Iansa Ingredientes S.A., Iansagro S.A., Compañía Inversora Industrial S.A. and Comercializadorade Productos Panor Ltda. ● Preform plastic containers: Envases CMF S.A.
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Table of Contents 43 ● Glass containers: Cristalerías de Chile S.A. and Cristalerías Toro S.P.A. ● Cardboard / Pallet / Hardboard: Corrupac S.A. and Envases Impresos Cordillera S.P.A. ● Carbon dioxide: Linde Gas Chile S.A. ● Thermo-contractible: Plásticos Arpoli S.P.A. In 2025, 88% of the variable cost of sales of soft drinks corresponded to the main raw materials and finished products purchased byAndina in Chile. The cost of each raw material within the total of main raw materials is the following: concentrate represents 67%,sweeteners 16%, non-returnable bottles 10%, bottle caps 2%, carbon dioxide 1% and other raw materials 3%. Water is not an importantraw material cost. Additionally, the cost of finished products acquired from our subsidiaries, such as ECSA, is included in the cost of softdrink sales. These costs represent 18% of total soft drink cost of sales and correspond mainly to cans, PET bottles and sweeteners. Other Beverages: the main raw materials used by Vital Jugos in the production of juices and as a percentage of total raw materialcosts, are sweeteners 4.5%, fruit pulp and juices 23.3%, concentrate 29.5%, containers 24.1%, wrapping material 4%, caps 5.5%, andother raw material 9.1% all of which during 2025 accounted for 75.3% of total costs for sales of juice, including packaging. Additionally,AdeS and Del Valle canned finished products represented 4.4% of total costs for sales of juices. The principal raw materials used by Vital Aguas in the production of still and sparkling mineral water and as a percentage of total rawmaterial costs are: packaging 44.4%, concentrate 33.9%, caps 9.5%, wrapping material 7.6%, carbonation 1.8%, and other raw materials2.8%, all of which during 2025 accounted for 72.5% of total costs for sales of water, including packaging. Brazil Soft Drinks: main suppliers of raw materials for the production of soft drinks: ● Concentrate: Recofarma Industria do Amazonas Ltda. ● Sweeteners (Sugar/Fructose): Usina Alta Mogiana S.A. Açúcar e Alcool. ● Preform plastic containers: Valgroup Rj Industria De Embalagens Rigidas Ltda. ● Returnable plastic containers: RioPet Embalagens S.A. ● Cans: Crown Embalagens Metalicas Da Amazonia S.A. ● Caps: Valgroup Mg Industria De Embalagens Rigidas Ltda. ● Reels (tetrapak): Tetra Pak Ltda. ● Labels: Pp Print Embalagens S.A. ● Electricity/Gas: Ecogen Rio Soluções Energeticas S.A. ● Water: Igua Rio De Janeiro S.A. ● Thermo-contractible: Valgroup Brasil II Industria De Embalagens Plasticas Ltda.
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Table of Contents 44 In 2025, 76.0% of the variable cost of sales for soft drinks produced by Andina Brazil corresponded to main raw materials. The costof each raw material within the total of main raw materials is the following: concentrate (including juice used for some flavors) represents49.6%; sugar and artificial sweeteners 14.6%; non-returnable bottles 16.2%; cans 12.5%; bottle caps 2.7%; carbon dioxide 1.5% and otherraw materials 2.9%. Argentina Soft Drinks: main suppliers of raw materials for the production of soft drinks: ● Concentrate: Servicios y Productos para Bebidas Refrescantes S.R.L. ● Sweeteners (Sugar/Fructose): Ingrecor S.A., Glucovil Argentina S.A. and Complejo Aliment. San Salvador S.A. ● Preform plastic containers: Andina Empaques Argentina S.A. ● Resin containers: Alpek Polyester Argentina S.A. and Circular-Pet S.A. ● Reels (tetrapak): Tetra Pak S.R.L. ● Glass containers: Cattorini Hnos. S.A.C.I.F.E I. ● Labels: Envases John S.A. ● Cans: Ball Envases de Aluminio S.A. ● Carbon dioxide: Praxair Argentina S.R.L. In 2025, 66.1% of the variable cost of sales for soft drinks produced by Andina Argentina corresponded to main raw materials. Thecost of each raw material as a percentage of the total cost of raw materials is as follows: concentrate 61.8%, sugar and artificialsweeteners 12.3%, non-returnable bottles 13.3%, bottle caps 2.7%, carbon dioxide 0.9%, cans and caps 5.9%, and other raw materials3.3%. Additionally, the cost of finished products purchased from third parties is included within the cost of sales of soft drinks. Thesecosts represent 1% of the total costs of sales of soft drinks and correspond to can formats and other formats of soft drinks which are notproduced by Andina Argentina during 2025. PET Packaging: The principal raw material required for production of PET bottles is PET resin. During 2025, this raw material wasmainly purchased from Alpek Polyester Argentina S.A., Jiangsu Sanfangxiang Group Co., Ltd, Ecopek S.A and Circular-Pet S.A. In thecase of plastic caps and cases, the main raw material required for their production is HDPE resin (high density polyethylene), or PP(Polypropylene) resin which during the year 2025 was bought mainly from PBB Polisur S.A., The Dow Chemical Co. Petroquímica CuyoS.A. and PTT Global Chemical Public Company. In 2025, AEASA’s costs for PET resin accounted for 19% of the total variable cost of its sales. Paraguay Soft Drinks: main suppliers of raw materials for the production of soft drinks: ● Concentrate: Recofarma Industria do Amazonas Ltda. and Servicios y Productos para Bebidas. ● Sweeteners (Sugar/Fructose): Inpasa del Paraguay S.A., Ingrecor S.A., Azucarera Paraguaya S.A., Ardion S.A. and AlcotecSociedad Anónima. ● Resin containers: Industrias PET S.A.E.C.A. ● Reels (tetrapak): Tetra Pak Global Distribution S.A. ● Thermo-contractible: Industria Plástica Del Norte S.A. ● Caps: Andina Empaques Argentina S.A.
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Table of Contents 45 ● Cans: Embotelladora Andina S.A. During 2025, 75% of the variable cost of sales for beverages produced by PARESA corresponded to our main raw materials. Thecomposition of this raw material cost is as follows: concentrate represents 47%, sugar and artificial sweeteners 16%, non-returnablebottles 13%, bottle caps 4%, carbon dioxide 1% and other raw materials 19%. Additionally, AdeS finished products for the sale of juicesand soft drink cans purchased from third parties represented 3% and 4% of total variable costs, respectively. Marketing We and The Coca-Cola Company jointly promote and market Coca-Cola products in our franchise territories, in accordance with theterms of our respective bottler agreements. We advertise in major communications media. We focus our advertising efforts on increasingbrand recognition by consumers and improving our customer relations. National advertising campaigns are designed and proposed by TheCoca-Cola Company’s local affiliates, with our input at the local or regional level. Generally, we pay approximately 50% of the advertising and promotional expenses incurred by The Coca-Cola Company in ourfranchise territories. Nearly all media advertising and promotional materials for Coca-Cola soft drinks are produced and distributed byThe Coca-Cola Company. See “Item 4. Information on the Company —Bottler Agreements.” Marketing and promotional programs,including television, radio and print advertising, point-of-sale advertising, sales promotions, social media and entertainment are developedby The Coca-Cola Company for all Vital Jugos’ and Vital Aguas’ products. In Brazil, pursuant to the existing distribution agreements with Estrella Galicia, Cerpa, Campari, Monster and Perfetti Van Melli,these companies are responsible for planning and managing advertising, marketing and promotional activities related to beer, alcoholicbeverages, energy drinks and confectionery, respectively. Andina Brazil, however, is free to undertake marketing or promotional activitieswith Estrella Galicia, Cerpa, Campari, Monster and Perfetti’s prior approval. The parties have agreed to assume jointly the costs of certainpromotional activities (radio or television) and for certain outdoor events which take place in the Rio de Janeiro, Espírito Santo andRibeirão Preto regions. In Argentina, in accordance with the existing distribution agreement with Grupo Peñaflor S.A., Grupo Peñaflor S.A. is responsible forplanning and managing advertising, marketing and promotional activities related to beer, wine and cider. Andina Argentina, however, isfree to undertake marketing or promotional activities with Grupo Peñaflor S.A.’s prior approval. The parties have agreed that GrupoPeñaflor S.A. will assume the costs of promotional activities (radio, television, outdoor advertising and media) in the region. In Chile, pursuant to existing distribution agreements with Diageo, Cooperativa Capel, AB InBev and Viña Santa Rita, thesecompanies are responsible for the planning and administration of advertising, commercialization and promotional activities related to theirrespective products. Embotelladora Andina S.A. may, however, engage in promotional or commercialization activities in the categoriesand channels in which it is authorized to operate with the prior approval of the company that owns the brand. In all cases the parties haveagreed that the costs of advertising activities (including radio, television, street advertising and media in general) as well as the materialsused in executing promotions in each channel will be borne by the companies that own the brands. In Paraguay, in accordance with the existing distribution agreement with Cervepar S.A., Cervepar S.A.is responsible for planning andmanaging advertising, marketing and promotional activities related to beer. In September 2016, November 2016, February 2018 and May 2019, Andina (Chile), Andina Brazil, Andina Argentina and ParaguayRefrescos, respectively, began to commercialize the Monster Energy energy drink. This brand is part of the collaboration agreemententered into during 2015 by The Coca-Cola Company and Monster Energy, which included the production and distribution of its productsin Argentina and the distribution of its products in Coca-Cola system territories such as Chile, Brazil and Paraguay. While we implementcommunication and trade marketing at points of sale, all brand marketing activities—such as campaigns, packaging, advertising, imageassets and related materials—are carried out directly by Monster Energy.
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Table of Contents 46 Channel Marketing In order to provide more dynamic and specialized marketing of our products, our strategy is to divide our market into distributionchannels. Our main channels are “mom and pops” which are small retailers, “on premise” consumption such as restaurants and bars,“supermarkets” and “wholesale distributors.” Presence in these channels entails a comprehensive and detailed analysis of the purchasingpatterns and preferences of various groups of soft drinks and other beverages consumers in each type of location or distribution channel.In response to this analysis, we seek to tailor our product portfolio, price, promotions, packaging and distribution strategies to meet theparticular needs of and exploit the potential of each channel. Our “mi” B2B platforms, “mi Andina” (in our operations in Argentina, Braziland Paraguay) and “mi Coca -Cola” (in Chile) which generated 72.6% of our 2025 net sales revenue in the mom and pops channel, serveas a key strategic lever. By harnessing advanced analytics and artificial intelligence, we steer customers toward high-value decisions,strengthening our commercial execution and accelerating profitable sales growth across markets. We believe that the implementation of our channel marketing strategy also enables us to respond to competitive initiatives withchannel-specific responses. This focused response capability isolates the effects of competitive pressure in a specific channel, therebyavoiding costlier market-wide responses. Our “mi” B2B ecosystem (in which we have invested significantly) serves as a strategicbackbone across our route to market, enabling real time, data driven decision making and strengthening execution at every step. “miMarket,” our sales force assistant app, supports frontline teams through guided missions—promotion, portfolio, and in store execution—based on analytics, AI, and market strategic imperatives. “mi Ruta” elevates distribution performance by optimizing routing and reducingadministrative workload for fleet operators. “mi Supply” enhances stock visibility and production planning, improving operationalresponsiveness. Together, these integrated tools create a unified “mi” ecosystem that ensures consistent value delivery and superiorcommercial execution across markets. These capabilities are essential for effectively implementing our channel marketing strategiesacross most of our sales routes in Chile, Brazil, Argentina and Paraguay. Bottler Agreements General Our status as a The Coca-Cola Company franchisee is based on the bottler agreements that the Company has entered into with TheCoca-Cola Company by which it has the license to produce and distribute Coca-Cola brand products within its operating franchiseterritories in Chile, Brazil, Argentina and Paraguay. The Company’s operations are highly dependent on maintaining and renewing thebottler agreements which provide for the production and distribution of Coca-Cola brand products under certain terms and provisions. The bottler agreements are international standard contracts. The Coca-Cola Company enters into with bottlers outside the UnitedStates for the sale of concentrates and beverage basis for certain Coca-Cola soft drinks and non-soft drink beverages. These are renewableupon request by the bottler and at the sole discretion of The Coca-Cola Company. We cannot assure you that the bottler agreements willbe renewed upon their expiration or that they will be renewed upon the same or better terms. Concentrates and beverage basis The bottler agreements provide that we will purchase our entire requirement of concentrates and beverage basis for Coca-Cola softdrinks and other Coca-Cola beverages from The Coca-Cola Company and other authorized suppliers. Concentrate prices for Coca-Colatrademark beverages are a percentage of the weighted average retail price in local currency net of applicable taxes, and are determined byan agreement between the Company and The Coca-Cola Company. We set the price of products sold to retailers at our discretion, subjectonly to certain price restrictions. As of the date of this annual report, we are the sole producer of Coca-Cola soft drinks and other Coca-Cola beverages in our franchiseterritories. Although this right is not exclusive, The Coca-Cola Company, even though it has the ability to do so, has never authorized anyother entity to produce or distribute Coca-Cola soft drinks or other Coca-Cola beverages in such territories, although we cannot assureyou that in the future it will not do so. In the case of post-mix soft drinks, the bottler agreements explicitly establish such non-exclusiverights. The bottler agreements include an acknowledgment by us that The Coca-Cola Company is the sole owner of the trademarks thatidentify the Coca-Cola soft drinks and other Coca-Cola beverages and of any secret formula used in concentrates.
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Table of Contents 47 Production and Distribution All distribution must be in authorized containers. The Coca-Cola Company has the right to approve, at its sole discretion, any and allkinds of packages and containers for beverages, including their size, shape and any of their attributes. The Coca-Cola Company has theauthority at its sole discretion to redesign or discontinue any package of any of the Coca-Cola products, subject to certain limitations, solong as Coca-Cola soft drinks and other Coca-Cola beverages are not all discontinued at the same time. We are prohibited from producingor handling any other beverage products, other than those of The Coca-Cola Company or other products or packages that would imitate,infringe or cause confusion with the products, trade dress, containers or trademarks of The Coca-Cola Company, or from acquiring orholding an interest in a party that engages in such activities. The bottler agreements also impose restrictions concerning the use of certaintrademarks, authorized containers, packaging and labeling of The Coca-Cola Company and prohibit bottlers from distributing Coca-Colasoft drinks or other Coca-Cola beverages outside their designated territories. The bottler agreements require us to maintain adequate production and distribution facilities; inventories of bottles, caps, boxes,cartons and other exterior packaging or materials; to undertake adequate quality control measures prescribed by The Coca-Cola Company;to develop, stimulate, and fully satisfy the demand for Coca-Cola soft drinks and other Coca-Cola beverages and that we use all approvedmeans, and spend such funds on advertising and other forms of marketing, as may be reasonably required to meet that objective; and tomaintain financial capacity as may be reasonably necessary to assure performance by us and our affiliates of our obligations before to TheCoca-Cola Company. All bottler agreements require us to submit, on an annual basis, our business plans for such franchise territories toThe Coca-Cola Company, including without limitation, marketing, management and promotional and advertising plans for thefollowing year. Advertising and marketing The Coca-Cola Company has no obligation to contribute to our expenditures for advertising and marketing, but it may, at itsdiscretion, contribute to such expenditures and perform independent advertising and marketing activities, as well as cooperativeadvertising and sales promotion that would require our cooperation and support. In each of the franchise territories, The Coca-ColaCompany has been contributing approximately 50% of our advertising and marketing expenses, but no assurances can be given thatequivalent contributions or any contributions at all will be made in the future. Assignments and other provisions Each bottler is prohibited from, directly or indirectly, assigning, transferring or pledging its bottler agreement, or any interest therein,whether voluntarily, involuntarily or by operation of law, without the prior consent of The Coca-Cola Company, and each bottleragreement is subject to termination by The Coca-Cola Company in the event of default by us. Moreover, no material change of ownershipor control in the bottler may occur without the prior consent of The Coca-Cola Company. Termination The Coca-Cola Company may terminate a bottler agreement immediately by written notice to the bottler in the event that, amongother events, (i) the bottler suspends payments to creditors, declares bankruptcy, is declared bankrupt, is expropriated or nationalized, isliquidated, dissolved, changes its legal structure, or pledges or mortgages its assets; (ii) the bottler does not comply with instructions andstandards established by The Coca-Cola Company relating to the production of its authorized soft drink products; (iii) the bottler ceases tobe controlled by its controlling shareholders (without the prior consent of The Coca-Cola Company); or (iv) the terms of the bottleragreement become contrary to the applicable law. Either party to any bottler agreement may, within 60 days’ notice thereof to the other party, terminate the bottler agreement in case ofdefault of the other party, provided that such default is not remedied during such period. In addition, if a bottler does not wish to pay the required price for concentrate for any Coca-Cola products, it must notify The Coca-Cola Company within 30 days of receipt of The Coca-Cola Company’s new prices. In the case of any Coca-Cola soft drink or other Coca-Cola beverages other than Coca-Cola concentrate, the franchise regarding such product shall be deemed automatically canceledthree months after The Coca-Cola Company’s receipt of the bottler’s notice of refusal. In the case of Coca-Cola concentrate, the bottleragreements shall be deemed terminated three months after The Coca-Cola Company’s receipt of the bottler’s notice of refusal. The Coca-Cola Company may also terminate the bottler agreements if the bottler or any individual or legal entity that controls it,engages in the production of any non-Coca-Cola beverage, whether through direct ownership of such operations or through control oradministration thereof, provided that, upon request, the bottler shall be given six months to remedy such situation.
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Table of Contents 48 Chile The license for the territories of Embotelladora Andina S.A. in Chile expires in January 2027. In 2019, VJ S.A. and The Coca-Cola Company entered into a Bottler’s Agreement for beverage products whereby The Coca-ColaCompany authorized VJ S.A. to produce, process and bottle, products under certain brands in containers previously approved by TheCoca-Cola Company, Andina and Embonor hold the rights to acquire VJ S.A.’s products. This contract expired in December 2024 and isunder renewal. In 2019, The Coca-Cola Company and Vital Aguas S.A. entered into a Water Production and Packaging Agreement to prepare andpackage different types of water. This contract expired in December 2024 and is under renewal. In 2021, The Coca-Cola Company and Envases Central S.A. signed a Preparation and Packaging Agreement to process and bottle, incontainers previously approved by The Coca-Cola Company, non-alcoholic products under certain brands. Andina and Embonor hold therights to purchase the products from Envases Central S.A. This contract expired on July 31, 2025, and is currently in the process ofrenewal. Brazil Our licenses for the territories in Brazil expire in October 2027. Argentina Our licenses for the territories in Argentina expire in September 2027. Paraguay Our licenses for the territories in Paraguay expire in March 2028. Regulation General We are subject to a full range of government regulations generally applicable to companies engaged in business in our franchiseterritories, including but not limited to labor, social security, public health, consumer protection, environmental, sanitation, employeesafety, securities and anti-trust laws. As of December 31, 2025, we have no knowledge of any legal or administrative material pendingproceedings are against us with respect to any regulatory matter in any of our franchise territories except those listed as such in “Item 8.Financial Information—Contingencies.” We believe that, to the best of our knowledge, we are in compliance in all material respects with applicable statutory andadministrative regulations relating to our business in each of our franchise territories. Chile: There are no special licenses or permits specifically required to manufacture and distribute soft drinks and juices in theChilean territory. Food and beverage producers in Chile, however, must obtain authorization from, and are supervised by the HealthMinistry’s respective regional offices (Secretaría Regional Ministerial de Salud), which inspects production facilities and takes liquidsamples for analysis on a regular basis. Our main plant in Renca obtained its permit to operate on October 6, 2011 which has been grantedfor an indefinite period. Likewise, the permits we have to operate our other plants in Chile, have also been granted for an indefiniteperiod. In addition, production and distribution of mineral water is subject to special regulations such that mineral water may be drawnonly from sources designated for such purpose by supreme decree. Certification of compliance with such decree is provided by theNational Health Service, the Undersecretary’s Office of the Ministry of Health (Servicio de Salud Metropolitano del Ambiente). Ourmineral water production facilities have received the required certification. With regard to the storage and distribution of alcoholic beverages, these activities are governed by the provisions of Laws No. 18,455and No. 19,925 and their subsequent amendments, which regulate the production, manufacture, commercialization, sale and consumptionof alcoholic beverages.
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Table of Contents 49 Brazil: Labor laws, in addition to mandating employee benefits, include regulations to ensure sanitary and safe working conditions inour production facilities located in Brazil. Food and beverage producers in Brazil must register their products with and receive a ten-yearpermit from the Ministry of Agriculture and Provisioning and the Ministry of Health. Our permits from said Ministries are valid and inforce for a term of ten years for each product we produce. Although we cannot assure you that they will be renewed, we have notexperienced any material difficulties in renewing our permits in the past nor do we expect to experience any difficulties in the future. TheMinistries do not regularly inspect facilities, but they do send inspectors to investigate any complaints they receive. Argentina: While most laws applicable to EDASA are enforced at the federal level, some, such as sanitary and environmentalregulations, are primarily enforced by provincial and municipal governments. Licenses or permits are required for the manufacture ordistribution of beverages in the Argentine territory, which are evidenced through national records of food establishment and foodproducts. Additionally, our production facilities are subject to registration with federal and provincial authorities and to supervision bymunicipal health agencies, which certify compliance with applicable laws. Paraguay: PARESA is registered with the Ministry of Industry and Trade in Paraguay, which issues and renews the industrialregistry. Food and beverage producers in Paraguay must register with the Ministry of Health, which performs inspections of plants andmonitors products in the market. Industries must also have an environmental license issued by the Ministry of Environment andSustainable Development, which is the main body responsible for monitoring compliance with environmental laws. In addition toestablishing the mandatory employee benefits, include safe working and sanitary conditions at industrial installations within Paraguay.PARESA maintains all of its licenses, permits and registrations issued by these institutions and ensures compliance with the regulationsand ordinances of the municipalities where its plant is located. Environmental Matters It is our policy to conduct environmentally sound operations on a basis consistent with applicable laws and within criteria establishedby The Coca-Cola Company. Although regulation of matters relating to the protection of the environment is not as well-developed in thefranchise territories as in the United States and other industrialized countries, we expect that additional laws and regulations may beenacted in the future with respect to environmental matters that may impose additional restrictions on us which could materially oradversely affect our results of operations in the future. As of December 31, 2025, we have no knowledge of any material legal oradministrative proceedings pending against us in any of the franchise territories with respect to environmental matters, and we believethat, to the best of our knowledge, we are in compliance in all material respects with all environmental regulations applicable to us. Chile The Chilean government has several regulations governing environmental matters relating to our operations. Law N° 19,300 addressing general environmental concerns, passed in March 1994, regulates general environmental issues andfundamental aspects applicable to our activities and that could require the hiring of independent experts to conduct studies orenvironmental impact statements of any future project or activity that may be affected by the provisions of Law N° 19,300. InJanuary 2010, the aforementioned law was amended by Law N° 20,417, which created a new environmental agency, the EnvironmentMinistry, the Environmental Assessment Service and the Environment Superintendence. In January 2012, Law N° 20,600 was publishedwhich created the Environmental Tribunals (3), which came into operation on December 2012. Law N° 20,920 passed in June 2016, sets the framework for waste management, the extended liability of the producer and thepromotion of recycling, which aims to reduce waste generation and encourage reuse, recycling and other types of valorization, in order toprotect people’s health and the environment. Law 21,368 was published on August 13, 2021, which requires that the composition ofdisposable plastic bottles must contain a percentage of plastic that has been collected and recycled within the country. Brazil Our Brazilian operations are subject to several environmental laws, none of which currently impose substantial restrictions on us. TheBrazilian Constitution establishes the broad guidelines for the new treatment of environmental concerns. Environmental issues areregulated at federal, state and municipal levels. The Brazilian Constitution empowers the public authorities to develop regulationsdesigned to preserve and restore the environment and to control industrial processes that affect human life. Violations of these regulationsare subject to criminal, civil and administrative penalties.
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Table of Contents 50 In addition, Law N° 6,938 of 1981, known as the Brazilian Environmental Policy, introduced an environmental regime under whichno environmental damage is exempt from coverage. This legislation is based on the idea that even a polluting waste tolerated under theestablished standards could cause environmental damage, and therefore subjects the party causing such damage to the payment of anindemnity. Moreover, as mentioned above, activities damaging to the environment lead to criminal and administrative penalties, providedfor in Law N° 9,605 of 1998 or the Environmental Crimes Act. Numerous governmental bodies have jurisdiction over environmental matters. At the federal level, the Ministério do Meio Ambiente(Brazilian Ministry of Environment) and the Conselho Nacional do Meio-Ambiente or CONAMA dictate environmental policy, including,without limitation, initiating environmental improvement projects, establishing a system of fines and administrative penalties andreaching agreements on environmental matters with offending industries. The Instituto Brasileiro do Meio Ambiente e dos RecursosNaturais Renováveis or IBAMA, enforces environmental regulations set by CONAMA, through the development of several activities forthe preservation and conservation of natural heritage and controlling and supervising the use of natural resources. In addition, variousfederal authorities have jurisdiction over specific industrial sectors, all aspects listed by these government bodies are fully met by AndinaBrazil. Finally, various state and local authorities regulate environmental matters in the Brazilian territory including the Instituto Estadual doAmbiente or INEA, the main environmental authority in Rio de Janeiro, the Instituto Estadual de Medio Ambiente e Recursos Hídricos(“IEMA”), the main authority on environmental issues in Espírito Santo, the Companhia de Tecnologia de Saneamento Ambiental -CETESB, the main environmental authority in São Paulo and the Secretaria de Estado de Meio Ambiente e Desenvolvimento Susutentável(SEMAD), the main environmental authority in Minas Gerais. INEA, IEMA, CETESB and SEMAD periodically inspect industrial sites.We believe that we are in compliance in all material respects with the standards established by all the governmental authorities applicableto our operations in Brazil. We cannot assure you, however, that additional regulations will not be enacted in the future, and that suchrestrictions would not have a material adverse effect on our results or operations. The operation in Brazil as that of Chile counts with allcertifications mentioned in terms of Quality, Environment and Occupational Health and Safety and those associated with Food Safety andBest Practices in Food Processing. Argentina The Argentine Constitution, as amended in 1994, allows any individual who believes a third party may be damaging the environmentto initiate an action against it. No action of this nature has been initiated against EDASA, but we cannot ensure that it will not be initiatedin the future. Though provincial governments have primary regulatory authority over environmental matters, municipal and federalauthorities also have authority competent to enact decrees and laws on environmental issues. Thus, municipalities can set policy on localenvironmental matters, such as waste management, while the federal government regulates inter-province environmental issues, such astransport of hazardous waste or environmental matters covered by international treaties. In 2002, the National Congress approved federal Law N° 25,612, Comprehensive Management of Industrial Residues and ServiceActivities (Gestión Integral de Residuos Industriales y de Actividades de Servicios) and Law N° 25,675, General Environmental Law (LeyGeneral del Ambiente) establishing minimum guidelines for the protection of the sustainable environmental management and theprotection of biodiversity, applicable throughout Argentina. The law establishes the purposes, principles and instruments of the nationalenvironmental policy, the concept of “minimum guidelines,” the judicial purview and the rules governing environmental education andinformation, citizens’ participation and self-management, among other provisions. Provincial governments within the Argentine territory have enacted laws establishing a framework for the preservation of theenvironment. Provincial laws that are applicable to industrial facilities at EDASA, among others are Law N° 7,343 of the Province ofCórdoba and its supplemental N° 10,208 since 2014, Law N° 11,459 of the Province of Buenos Aires Environmental Code N° 5,439 ofthe Chubut province and Law Nº 5,961 of the Province of Mendoza. These laws contain principles on environmental policy andmanagement, as well as rules on environmental impact assessment. They also give certain agencies jurisdiction over environmental issues. Almost all provinces as well as many municipalities have established rules regarding the use of water, the sewage system and thedisposal of liquids into underground flows of water or rivers. There are currently no claims pending against EDASA related to these rules,whose violation normally results in a fine. Paraguay The environmental framework comprises several national and local environmental regulations. The Paraguayan Constitution of 1992states that everyone has the right to live in a healthy and ecologically balanced environment and has the obligation to preserve it. Alldamage caused to the environment will carry the obligation to repair and compensate.
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Table of Contents 51 Law 1561/00 chartered the three primary environmental agencies in Paraguay. These are: The Ministry of the Environment andSustainable Development of Paraguay (Ministerio del Ambiente y Desarrollo Sostenible or “MADES”), National Environmental Council(Consejo Nacional del Ambiente or “CONAM”), and National Environmental System (Sistema Nacional del Ambiente or “SISNAM”).The Law establishes the authority and responsibility of these agencies to develop and oversee the national environmental policy. The Ministry of the Environment and Sustainable Development is the main environmental body responsible for the development andimplementation of national environmental laws and it is also the authority responsible for implementing most of the nationalenvironmental regulations and for monitoring their compliance. The CONAM is responsible for investigating and establishing the maingoals in the environmental policies, which the MADES must then implement. The SISNAM is integrated by several bodies, includinggovernmental and municipal agencies and private sector stakeholders, all interested in solving environmental issues. The SISNAMprovides a discussion forum for the public and private sectors to work together collectively, developing ideas and plans to promote asustainable development. Environmental Impact: Law 294/93 states the rights and obligations that will be triggered by any damage caused to the environmentand provides the obligation to restore the environment to its previous state or, if that is technically impossible, to make a payment orprovide compensation. Water Resources Act of Paraguay: Law 3239/07 on water resources establishes the sustainable management of all waters (superficial,ground, atmospheric) and the territories that generate such waters, regardless of their location, physical condition or natural occurrencewithin the Paraguayan territory, in order to make it socially, economically and environmentally sustainable for the people living in theterritory of Paraguay. The supervising agency is the Ministry of Environment and Sustainable Development. Superficial and groundwaters are property of the State’s public domain. The law establishes the following order of priority for the use of water: i) fulfillment ofthe needs of aquatic ecosystems; ii) social use within the home environment; iii) use and enjoyment for agricultural activities, includingaquaculture; iv) use and utilization for power generation; v) use and enjoyment for other industrial activities and vi) use and enjoymentfor other activities. The use of water for productive purposes is subject to the authorization granted by the State through a permit (for theuse of small amounts of water) or through concessions (prior public bidding process), in both cases after the payment of applicable fees.Authorizations may be revoked based on the occurrence of situations contemplated under the law. Concessions may be expropriated forpublic benefit or be terminated in certain situations established by the law. In addition, a National Registry of Water Resources has beencreated to keep record of all individuals or legal entities that utilize water resources or engage in activities related to them.
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Table of Contents 52 C. ORGANIZATIONAL STRUCTURE The following chart presents a summary of our direct and indirect ownership interests in our subsidiaries and associated companies:
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Table of Contents 53 The following table presents information relating to the main activities of our subsidiaries and associated companies, as well as ourdirect and indirect ownership interests in them as of the date of this document: Subsidiary* Activity Country ofIncorporation Percentage of direct and indirect ownership Embotelladora Andina Chile S.A. Manufacture, bottle, distribute, and commercialize non-alcoholic beverages. Chile 100.0 VJ S.A. Manufacture, distribute, and commercialize all kinds of food products, juices, and beverages. Chile 65.00 Vital Aguas S.A. Manufacture, distribute, and commercialize all kinds of waters and beverages in general. Chile 66.50Servicios Multivending Ltda. Commercialize products through equipment and vending machines. Chile 100.0 Transportes Andina Refrescos Ltda. Provide administrative services and management of domestic and foreign ground transportation. Chile 100.0 Transportes Polar S.A. Provide administrative services and management of domestic and foreign groundtransportation. Chile 100.0 Envases Central S.A. Manufacture and packaging of all kinds of beverages and commercialize all kinds of packaging. Chile 59.27 Andina Bottling Investments S.A. Manufacture, bottle and commercialize beverages and food in general. Invest in other companies. Chile 100.0 Andina Bottling InvestmentsDos S.A (2) Carry out exclusively foreign permanent investments and lease all kinds of real estate. Chile 100.0 Andina Inversiones SocietariasSpA. Invest in all types of companies and commercialize food products in general. Chile 100.0 Comercializadora Novaverde S.A Process and commercialize fruits, ice cream, vegetables and food in general, under the Guallarauco trademark. Chile 35.00 Re-Ciclar S.A. (3). Produce recycled resin for the Coca-Cola system and third parties. Chile 60.00 Rio de Janeiro Refrescos Ltda. (RJR) Manufacture and commercialize beverages in general, powdered juices and other related semi-processed products. Brazil 100.0 Embotelladora del Atlántico S.A. Manufacture, bottle, distribute, and commercialize non-alcoholic beverages. Argentina 100.0 Andina Empaques S.A. Design, produce, and commercialize plastic products mainly packaging. Argentina 99.98 Alimentos de SOJA S.A. Manufacture, commercialize, import, export, transformation, fraction, package anddistribute food products and beverages in general, and their raw materials and related products and by-products. Argentina 14.82 Paraguay Refrescos S.A. Manufacture, bottle, distribute, and commercialize non-alcoholic beverages. Paraguay 97.83Circular-Pet S.A. (4) Produce recycled resin for the Coca-Cola system and third parties. Paraguay 33.33 Red de Transportes ComercialesLtda.(5) Provide administrative services and management of domestic and foreign ground transportation. Chile 100.0 Envases CMF S.A. Manufacture, acquire and commercialize all types of containers and packaging; and provide bottling services. Chile 50.00 Coca-Cola del Valle NewVentures S.A. Manufacture, distribute and commercialize all kinds of juices, waters and beverages ingeneral. Chile 35.00 Leão Alimentos e Bebidas Ltda. Manufacture, bottle and commercialize beverages and food in general. Invest in other companies. Brazil 10.26 Sorocaba Refrescos S.A.(1) Manufacture, bottle and commercialize beverages and food in general. Invest in other companies. Brazil 40.00 SRSA Participações Ltda. Purchase and sale of real estate investments and property management. Brazil 40.00 Kaik Participações Ltda. Invest in other companies with own resources. Brazil 11.32UBI 3 Participações Ltda Invest in other companies with own resources. Purchase and sale of real estate investments and property management. Brazil 8.50 (1) In 2012, 40% of the Brazilian company Sociedad Brasilera Sorocaba Refrescos S.A. was acquired for a total price of R$146.9 million. (2) In November 2021, Abisa Corp and Aconcagua Investing Ltda. were merged into Andina Bottling Investments Dos S.A. (ABISA DOS) for corporate reorganization purposes. As a consequence of the merger, Abisa Corp and Aconcagua Investing Ltda. were absorbed by ABISA DOS,which became the owner of the shares issued by Andina Inversiones Societarias S.A, previously held by Aconcagua Investing Ltda. Abisa Corp hadno investment in any entity. (3) During 2021, Embotelladora Andina S.A. held an interest in Re-Ciclar, a company whose purpose is to produce recycled resin for the Coca-Colasystem and third parties. Non-controlling interest reaches 40.0%.
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Table of Contents 54 (4) In February 2021, the subsidiary Paraguay Refrescos S.A. together with INPET S.A.E.C.A and CORESA incorporated and executed a shareholders’agreement for a company named Circular-Pet. Each of these companies will own 33.3% Circular-Pet share capital. The main activity of Circular-Petwill be the manufacture and commercialization of post-consumer recycled PET resins, coming from the transformation of PET flakes. (5) As of December 31, 2025, Red de Transportes Comerciales Ltda. is in the process of completing its economic and commercial activities. As of May9, 2025, Embotelladora Andina S.A. absorbed its operations. D. PROPERTY, PLANTS AND EQUIPMENT We own production plants in each of the principal population centers that comprise the franchise territories. In addition, we owndistribution centers and administrative offices in each of the franchise territories. We also use (i) facilities owned by third parties throughlease agreements and (ii) facilities owned by third parties through contracts other than lease agreements, such as distribution contracts.The following table sets forth our principal real property (in square meters) and other facilities that we use in each of the franchiseterritories: MAIN USE Square meters Property Embotelladora del Atlántico S.A.Azul Distribution Center / Warehouses 600 Third Parties Bahía Blanca* Offices / Production of Soft Drinks / Distribution Center / Warehouses 102,708 Own Bahía Blanca Commercial Office 903 Leased Bahía Blanca* Real Estate (parking lot) 73,150 OwnBahía Blanca Warehouses (M&F Palletizer -EDF deposit) 1,400 Leased Bariloche Offices / Distribution Center / Warehouses 2,495 Leased Bialet Masse (Córdoba)* Real Estate** 880 OwnBragado Commercial Office 38 Leased Carlos Paz (Córdoba) Commercial Office 270 Leased Carmen de Patagones Commercial Office / Warehouses / Cross Docking 1,600 LeasedChacabuco* Offices / Distribution Center / Warehouses 25,798 Own Chivilcoy Distribution Center / Warehouses 1,350 Third Parties Chivilcoy Commercial Office 72 LeasedComodoro Rivadavia Offices / Distribution Center / Warehouses 7,500 Leased Concepcion del Uruguay Commercial Office 118 Leased Concordia Commercial Office / Third party Distribution Center / Warehouses 1,214 LeasedCórdoba* Offices /Production of soft drinks / Distribution Center / Warehouses / Real estate 949,978 Own Córdoba (San Isidro)* Deposit / Offices / Cold equipment repair workshop 8,808 Own Córdoba Marketing Deposit (Ricardo Balbín) 2,500 Leased Córdoba Galot and Lessen Deposit- Finished product 8,400 LeasedCórdoba Commercial offices (Dinosaurio Mall Alto Verde) 349 Leased Córdoba Raw material deposit (Granate SRL) 4,710 Leased Coronel Suarez Offices / Third party Distribution Center / Warehouses / Deposit 1,000 LeasedGeneral Pico* Offices / Distribution Center / Warehouses 15,525 Own General Roca Distribution Center / Warehouses 2,800 Third Parties Gualeguaychu Commercial Office / Warehouses 2,392 LeasedJunin (Buenos Aires) Cross Docking 995 Third Parties Junin (Buenos Aires) Commercial Office 108 Leased Mendoza* Offices / Production of soft drinks / Deposit / Warehouses 36,452 OwnMendoza* Commercial Office 268 Leased Mendoza* Cold deposit 4,240 Leased Mendoza* Deposit 1,100 LeasedMonte Hermoso* Real Estate** 300 Own Neuquén* Offices / Distribution Center / Warehouses** 10,157 Own Neuquén* Centenario Deposit / Offices 48,188 Leased Cipolletti* Commercial Office 230 LeasedOlavarria Offices / Distribution Center / Warehouses 3,065 Leased Paraná Commercial Office 318 Leased Pehuajo Offices / Distribution Center / Warehouses 1,060 LeasedPergamino* Offices / Cross Docking 15,700 Own Puerto Madryn* Deposit 1,200 Leased Rio Gallegos Distribution Center / Warehouses 2,491 LeasedRio Grande Offices / Distribution Center / Warehouses 2,460 Leased Río Cuarto (Córdoba)* Deposit / Distribution Center / Cross Docking 7,482 Own Río Cuarto (Córdoba) Commercial Office 93 LeasedRivadavia (Mendoza)* Deposit** 800 Own Rosario* Offices / Distribution Center / Warehouses / Parking Lot / Real Estate 27,814 Own ARGENTINA
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Table of Contents 55 MAIN USE Squaremeters Property Rosario (Comuna Alvear) Cold deposit (Distribuidora Raymundo SRL) 2,165 Leased San Francisco (Córdoba) Commercial Office 63 LeasedSan Juan* Offices / Distribution Center / Warehouses 48,036 Own San Luis* Commercial Office / Distribution Center / Warehouses 5,205 Own San Nicolas Commercial Office 50 LeasedSan Rafael (Santa Fe) Commercial Office 58 Leased Santa Fe (Casilda) Commercial Office 40 Leased Santa Fe Commercial Office 238 Leased Santa Rosa Distribution Center / Warehouses 1,200 Third PartiesSanto Tomé* Administrative Office / Distribution Center / Warehouses / Deposit 88,309 Own Trelew* Offices / Production of Soft Drinks / Distribution Center / Warehouses 51,000 Own Trelew* Deposit 600 LeasedTres Arroyos Offices / Cross Docking / Warehouses 1,548 Leased Ushuaia Offices / Distribution Center / Warehouses 1,360 Leased Ushuaia Commercial Office 94 LeasedVenado Tuerto Distribution Center / Warehouses (Ruta 33) 1,200 Leased Venado Tuerto Commercial Office 154 Leased Villa Maria Commercial Office 125 LeasedVilla Mercedes Commercial Office 167 Leased Andina Empaques Argentina S.A.Buenos Aires* Production of bottles, PET Preforms, Plastic Caps and Cases 27,520 Own Buenos Aires Deposit adjoining the production plant 1,041 Leased Buenos Aires Deposit adjoining the production plant 940 Leased BRAZILRio de Janeiro Refrescos Ltda. (RJR) Jacarepaguá Offices / Production of Soft Drinks / Distribution Center / Warehouses 249,470 OwnDuque de Caxias* Offices / Production of Soft Drinks / Distribution Center / Warehouses 2,243,953 Own Nova Iguaçu* Distribution Center / Warehouses 82,618 Own Bangu* Distribution Center 44,389 OwnCampos dos Goytacazes* Distribution Center 36,083 Own Cabo Frio* Distribution Center** 1,985 Own São Pedro da Aldeia 1* Distribution Center 10,200 ConcessionItaperuna* Cross Docking 2,500 Leased Caju 1* Distribution Center 4,866 Own Caju 2* Distribution Center 8,058 OwnCaju 3* Parking Lot 7,400 Leased Vitória (Cariacica)* Distribution Center 93,320 Own Cachoeiro do Itapemirim* Cross Docking 8,000 Leased Ribeirão Preto Offices / Production of Soft Drinks / Distribution Center / Warehouses 238,096 OwnRibeirão Preto* Real Estate 279,557 Own Franca* Distribution Center 32,500 Own Mococa* Distribution Center 33,669 LeasedAraraquara* Distribution Center 11,658 Own São Joao da Boa Vista* Cross Docking 20,773 Own São Pedro da Aldeia 2* Parking Lot 5,090 ConcessionNova Friburgo* Commercial Office / Cross Docking 350 Leased Guarapari* Commercial Office 218 Leased Colatina* Commercial Office / Cross Docking 3,840 LeasedSão Mateus* Commercial Office / Cross Docking 2,007 Leased Rio das Ostras* Commercial Office 527 Leased Passos* Distribution Center 8,500 LeasedGuarapari* Commercial Office 218 Leased Xerém* Deposit 10,000 Leased Anhanguera* Deposit 57,162 Leased Colatina* Distribution Center 5,634 LeasedCachoeiro do Itapemirim* Distribution Center 2,482 Leased Araraquara* Distribution Center 3,819 Leased Estrada dos Bandeirantes* Distribution Center 72,000 OwnCHILE Embotelladora Andina S.A. Renca* Offices / Production of Soft Drinks / Distribution Center / Warehouses 415,517 OwnRenca* Warehouses 55,562 Own Renca* Warehouses 11,211 Own Renca* Warehouses 46,965 OwnRenca* Real Estate 31,531 Own Carlos Valdovinos* Distribution Center / Warehouses 106,820 Own Puente Alto * Distribution Center / Warehouses 68,682 Own
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Table of Contents 56 MAIN USE Squaremeters Property Maipú* Distribution Center / Warehouses 45,833 Own Bodega MCC Distribution Center / Warehouses 9,280 LeasedColina Distribution Center / Warehouses 6,550 Leased Chimba Distribution Center / Warehouses 1,000 Leased Demetrop (MetropolitanRegion) Warehouses n/a Leased Trailerlogistic (Metropolitan Region) Warehouses n/a Leased Monster (MetropolitanRegion) Warehouses n/a Leased Rancagua* Distribution Center / Warehouses 25,920 Own San Antonio* Distribution Center / Warehouses 19,809 OwnAntofagasta * Offices / Production of Soft Drinks / Distribution Center / Warehouses 34,729 Own Antofagasta * Warehouses 8,028 Own Calama* Distribution Center / Warehouses 10,700 OwnTocopilla* Distribution Center / Warehouses 562 Own Coquimbo* Offices / Distribution Center / Warehouses 31,383 Own Copiapó* Distribution Center / Warehouses 26,800 OwnOvalle* Distribution Center / Warehouses 6,223 Own Vallenar* Distribution Center / Warehouses 5,000 Own Illapel Distribution Center / Warehouses 4,626 LeasedPunta Arenas* Offices / Production of Soft Drinks / Distribution Center / Warehouses 109,517 Own Coyhaique* Distribution Center / Warehouses 5,093 Own Puerto Natales Distribution Center / Warehouses 850 Leased VJ S.A.Renca* Offices / Production of Juices 40,000 Own Vital Aguas S.A. Rengo* Offices / Production of Waters 339,232 OwnEnvases Central S.A. Renca* Offices / Production of Soft Drinks 51,907 Own Re-Ciclar S.A.Lampa* Offices / RPET Resin production / Warehouses 7,500 Own PARAGUAY Paraguay Refrescos S.A.San Lorenzo* Offices / Production of Soft Drinks / Warehouses 275,292 Own Coronel Oviedo* Offices / Warehouses 32,911 Own Encarnación* Offices / Warehouses 12,744 OwnCiudad del Este* Offices / Warehouses 14,620 Own * Free of encumbrance properties. ** Inactive: facilities that are not currently being used by the Company. Leased: facilities owned by third parties, used by the Company through a lease agreement. Third Parties: facilities owned by third parties, used by the Company through contracts other than lease agreements, such as distribution contracts. Own: facilities owned by the Company.
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Table of Contents 57 Capacity by Line of Business Set forth below is certain information concerning the installed capacity and approximate average utilization of our productionfacilities, by line of business. Year Ended December 31, 2024 2025 Capacity CapacityAnnual Average Utilization Annual Average Utilization Total Capacity During Total Capacity During Installed Utilization Peak Month Installed Utilization Peak Month Capacity(1) (%) (%) Capacity(1) (%) (%) Soft drinks (millions of UCs): Andina Chile 374 46 51 374 46 61Andina Brazil 381 71 75 425 77 78Andina Argentina 367 41 57 344 46 63Paraguay Refrescos 142 47 60 142 46 58Other beverages (millions of UCs) Andina Chile 25 57 54 25 59 75Andina Brazil 77 67 67 98 64 61Andina Argentina 121 27 38 108 31 32Paraguay Refrescos 48 33 38 46 34 41ECSA/VJSA/VASA 142 62 75 140 60 75PET packaging (millions of bottles) (2) 45 31 42 45 24 35Preforms (millions of preforms) (2) 1,050 72 95 1,050 75 97Plastic caps (millions of caps) (2) 1,926 38 66 1,926 67 83Cases (millions of cases) (2) 0.7 40 98 0.7 67 100PET (Tons) (3) 13,000 76 76 13,000 70 78Flakes (Tons) (3) 14,300 76 76 14,300 70 78 (1) Annual Total Installed Capacity assumes production of the mix of products and containers produced in 2024 and 2025. (2) Andina Empaques Argentina only. (3) Re-Ciclar only. In 2025, we continued to modernize and renovate our production plants in order to maximize efficiency and productivity. In Chile, during 2025 Andina advanced the construction of a water plant incorporating ultrafiltration technology, together with theinstallation of an industrial wastewater treatment facility that recovers and reuses residual water, safely reintegrating it into our operations.This project represents a key step in the Company’s sustainability strategy, as it is expected to enable an estimated 36% reduction in totalwater consumption, optimizing water use efficiency and decreasing environmental impact. In addition, it strengthens Andina’s long-termapproach to water stewardship, supporting operational resilience under increasing water ‑ stress scenarios and aligning with the Company’scorporate commitments to efficiency. In 2025, Andina Brazil consolidated its position as the most relevant supplier for other Brazilian Coca-Cola franchises over a widevariety of categories, supplying more than 31 million unit cases from all of our production facilities. Ribeirão Preto’s plant led thisperformance supplying over 24 million unit cases in soft drinks, energy drinks, sports drinks, juice, mineral water and alcoholicbeverages. The Jacarepaguá plant, on the other hand, served as a key supplier for tea beverages, juice and soft drinks, reaching 5 millionunit cases in 2025, while the mineral water sources at Duque de Caxias supplied an additional 2.0 million unit cases. The expansion of theDuque de Caxias facility as a multicategory site advanced significantly during 2025. The plant’s multicategory production line, whichincludes beer manufacturing and a newly commissioned mineral water line, began operations. These developments expanded overallcategory availability and strengthened the Company’s ability to meet volume requirements from other franchises across the system. Inaddition, the Company initiated the procurement process for a new returnable packaging production line, scheduled to begin operations inthe fourth quarter of 2026.
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Table of Contents 58 In terms of logistics and infrastructure, Andina Brazil recorded substantial progress during the year. Key milestones included theinauguration of a new distribution center in Araraquara, the opening of the Colatina distribution center, storage capacity enhancements atthe Duque de Caxias facility, and the commencement of operations in a newly acquired logistics site adjacent to the Jacarepaguá plant.Expansion works also began at the Ribeirão Preto facility. Collectively, these initiatives increased the company’s storage capacity from99,220 pallet positions (“PL positions”) to 114,041 PL positions in 2025, representing a 14.9% year over year expansion. Capacity isexpected to reach 128,990 PL positions in 2026, reflecting an additional 13.1% increase as ongoing projects advance. In Paraguay, during 2025, we expanded our fructose storage and utilization capacity to 600 tons. This allows us greater flexibility inthe use of sweeteners in our products. We installed and started up a new bottling line for returnable products, reaffirming our commitmentto returnable packaging and fully complying with the labeling law enacted in Paraguay in 2023. We also installed a water recovery plant,which allows us to reduce water consumption. As of December 31, 2025, we had total installed annual production capacity, including soft drinks, fruit juices, water and otherbeverages, of 1,702 million unit cases. Our primary facilities include: ● through Coca-Cola Andina, in the Chilean territory, 3 soft drink and other beverages production facilities with 21 productionlines, with total installed annual capacity of 399 million unit cases (23.4% of our total installed annual capacity); ● through Re-Ciclar S.A. in the Chilean territory, one production facility for recycled PET that covers the needs of the Coca-Colasystem in that country; this facility includes a washing line that produces PET flakes and an extrusion and purification line toproduce food grade recycled PET pellets, with a total installed annual output capacity of 13,000 tons of rPet; ● through Vital Jugos in the Chilean territory, one fruit juice production facility, with 12 production lines, with total installedannual capacity of 41.6 million unit cases (2.4% of our total installed annual capacity); ● through ECSA in the Chilean territory, one soft drink and other beverages production facility, with 3 production lines, with totalinstalled annual capacity of 60.3 million unit cases (3.5% of our total installed annual capacity); ● through Vital Aguas in the Chilean territory, one mineral water production facility, with 2 production lines, with total installedannual capacity of 38.4 million unit cases (2.3% of our total installed annual capacity); ● through RJR in the Brazilian territory, 3 soft drink and other beverages production facilities with 21 production lines for softdrinks with total installed annual capacity of 425 million unit cases (24.9% of our total installed annual capacity); and 21production lines for juices, tea, water, other non-alcoholic beverages and alcoholic beverages which satisfy the franchise’s needsand re-sales to other bottlers in Brazil, with total installed annual capacity of 98 million unit cases (5.8% of our total installedannual capacity); ● through Embotelladora del Atlántico in the Argentine territory, 4 soft drink and other beverages production facilities with 18production lines for soft drinks with a total installed annual capacity of 344 million unit cases (20.2% of our total installedannual capacity); 7 production lines for juices that covers the needs of our franchise, and one production line for waters andsensitive products with a total installed annual capacity of 108 million unit cases (6.3% of our total installed annual capacity); ● through Andina Empaques Argentina S.A. in the Argentine territory, one production facility for bottles, preforms and plastic capsthat covers the needs of the Coca-Cola system in that country. It has 13 preform injectors, 2 bottle blowers, 3 injectors for plasticcaps and one production line for cases, with a total installed annual capacity of 3,022 million units considering PET bottles,preforms, plastic caps and cases; ● through PARESA in the Paraguayan territory, one production facility located in San Lorenzo, with 8 soft drink and otherbeverages production lines with a total installed annual capacity of 142 million unit cases (8.3% of our total installed annualcapacity); and 3 tetra pack lines with a total installed annual capacity of 46 million unit cases (2.7% of our total installed annualcapacity).
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Table of Contents 59 ITEM 4A. UNRESOLVED SECURITIES AND EXCHANGE COMMISSION STAFF COMMENTS Not applicable. ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS A. OPERATING RESULTS 2025 Results of operation Set forth below is a discussion and analysis of our results of operation for the years ended December 31, 2025 and 2024. Our consolidated financial results for the years ended December 31, 2025, 2024 and 2023 include the results of our subsidiaries inChile, Brazil, Argentina and Paraguay. Our consolidated financial statements reflect the results of the subsidiaries outside Chile, convertedinto Chilean pesos (our functional and reporting currency). IFRS requires that assets and liabilities of our subsidiaries outside of Chile be converted from the functional currency to thepresentation currency (Chilean peso) at year-end exchange rates, and that income and expense accounts are converted at monthly averageexchange rates for the month in which they are recognized for those subsidiaries that do not operate in hyperinflationary economies. In the case of our Argentine subsidiaries, which have been operating in an environment that during 2023, 2024 and 2025 wasclassified as hyperinflationary, the conversion criteria from the functional currency of those subsidiaries to our presentation currency isthe following: ● First adoption of a hyperinflationary economy was in 2018: Losses and gains by correction of current non-monetary items theprevious year are recorded in accumulated results as of January 1, 2018. ● The statement of financial position (balance sheet): Non-cash items are expressed in the current currency at the balance sheetdate and translated to the presentation currency at the closing exchange rate. Losses and gains are included in net earnings(fiscal year income). ● The income statement: Income statement items are expressed in the current currency unit at the end of the reporting period,using the variation of the general price index from the date on which the expenses and revenues were accrued, and translated tothe presentation currency at closing exchange rate. ● Cash flow statement: Cash flow statement items are expressed in the current currency unit at the end of the reporting period andtranslated to the presentation currency at closing exchange rate. For more information on the effects of the hyper-inflationary environment in Argentina, see note 2.5 of our consolidated financialstatements included herein.
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Table of Contents 60 Summary of Results of Operations for the Years ended December 31, 2024 and 2025 The following tables set forth our sales volume, net sales and gross profit for the years ended December 31, 2024 and 2025: Year ended December 31, 2024 2025 (millions of unit cases (1)) Sales volume:ChileSoft drinks 163.2 163.5Mineral water 61.1 66.7Juices and other non-alcoholic 46.8 48.7Beer & Spirits 40.4 39.2 Total 311.5 318.2 Brazil Soft drinks 266.4 283.9Mineral water 29.5 30.7Juices and other non-alcoholic 39.5 40.2Beer & Spirits 4.4 2.9 Total 339.8 357.6 Argentina Soft drinks 144.3 150.6Mineral water 15.0 16.3Juices and other non-alcoholic 13.0 16.7Spirits 0.3 0.2 Total 172.6 183.9 Paraguay Soft drinks 67.3 66.3Mineral water 9.1 9.9Juices and other non-alcoholic 7.4 7.2Beer 1.2 2.8 Total 85.0 86.1 (1) Unit cases refer to 192 ounces of finished beverage product (24 eight-ounce servings) or 5.68 liters. Note: Totals may not sum due to rounding. Year ended December 31, 2024 2025 Ch$ millions % of Total Ch$ millions % of Total Net sales:Chile 1,245,018 38.6 1,319,136 39.4Brazil 909,678 28.2 976,908 29.2Argentina 798,447 24.8 743,463 22.2Paraguay 282,065 8.7 314,660 9.4Inter-country eliminations (1) (10,975) (0.3) (9,331) (0.3) Total net sales 3,224,233 100.0 3,344,836 100.0 (1) Eliminations represent intercompany sales. Note: Totals may not sum due to rounding.
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Table of Contents 61 The following tables set forth our results of operations for the years ended December 31, 2024 and 2025. Year ended December 31, 2024 2025 % of net % of net Ch$ millions sales Ch$ millions sales Net sales 3,224,233 100.0 3,344,836 100.0Cost of sales (1,945,363) (60.3) (2,037,679) (60.9)Gross profit 1,278,870 39.7 1,307,157 39.1Distribution and administrative expenses (851,788) (26.4) (851,790) (25.5)Other (expense) income, net (1) (59,045) (1.8) (74,732) (2.2) Income taxes (133,393) (4.1) (110,157) (3.3) Net income 234,644 7.3 270,477 8.1 (1) Includes other income (expenses), financial income (expenses), share in profit of investees accounted for under the equity method, foreign exchangegains (losses) and gains (losses) from indexed financial assets and liabilities. Chile Brazil Argentina Paraguay Eliminations Total (1) Millions Ch$ 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 Net Sales 1,245,018 1,319,136 909,678 976,908 798,447 743,463 282,065 314,660 (10,975) (9,331) 3,224,233 3,344,836Cost of sales (824,059) (871,162) (542,293) (591,131) (428,873) (402,210) (161,443) (182,782) 11,305 9,606 (1,945,363) (2,037,679)Gross profit 420,958 447,974 367,385 385,777 369,574 341,253 120,622 131,877 330 275 1,278,870 1,307,157 Distribution and administrativeexpenses (282,471) (301,928) (212,332) (214,050) (289,602) (260,228) (55,373) (62,048) — — (839,778) (838,254)Corporate expenses — — — — — — — — — — (12,011) (13,537) (1) Totals may not sum due to rounding. Net Sales Our sales volume was 945.8 million unit cases during the year ended December 31, 2025, a 4.1% increase compared to 909.0 millionunit cases in 2024, explained by the increase in volume in all countries where we operate. Volume for soft drinks, waters and juices/othernon-alcoholic beverages increased 3.6%, 7.6% and 5.7%, respectively, while volume for beer and spirits decreased 2.6%, in each caseduring the year ended December 31, 2025 compared to 2024. The decrease of sales volume of beer and spirits is mainly due to thereduction of the volume in the Brazilian, Argentinean and Chilean operations, which was partially offset by the growth of the volume inthe Paraguayan operation. Our net sales were Ch$3,344,836 million during the year ended December 31, 2025, an increase of 3.7% compared to Ch$3,224,233million during 2024. Net sales increased in our Brazilian, Chilean, and Paraguayan operations as a result of higher sales in local currencyin these markets. In the case of our Argentine operations, although revenues increased in local currency, they decreased in our reportingcurrency due to the negative effect of translating figures from Argentina’s local currency into the reporting currency. Soft drinks represented 63.9% of net sales during the year ended December 31, 2025, compared to 64.6% during 2024. Chile Our sales volume in Chile was 318.2 million unit cases during the year ended December 31, 2025, a 2.1% increase compared to 311.5million unit cases during 2024. Volume for soft drinks, waters and juices/other non-alcoholic beverages, in Chile increased 0.2%, 9.1%and 4.1% respectively, while volume for beer and spirits decreased 3.0% in each case during the year ended December 31, 2025,compared to 2024. In terms of volume, our average market share for soft drinks in Chile during the years ended December 31, 2025 and 2024, accordingto A.C. Nielsen Company, was in both cases 64.6%. In terms of average sales, our market shares during those two years were 68.1% and67.7%, respectively. Our net sales in Chile were Ch$1,319,136 million during the year ended December 31, 2025, a 6.0% increase compared toCh$1,245,018 million during 2024, which is explained by a higher average price in the period due to price increases, and theaforementioned increase in volume.
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Table of Contents 62 Our net sales of soft drinks in Chile were Ch$632,405 million during the year ended December 31, 2025, a 4.2% increase whencompared to Ch$606,813 million in 2024, primarily as a result of higher revenues per unit case. Our net sales of water and juices/othernon-alcoholic beverages in Chile were Ch$382,058 million during the year ended December 31, 2025, a 12.3% increase compared toCh$340,158 million during 2024, mainly as a result of higher volume sold, and to a lesser extent, higher revenues per unit case. Our netsales of beer and spirits in Chile were Ch$304,673 million during the year ended December 31, 2025, a 2.2% increase compared toCh$298,047 million during 2024, mainly as a result of higher revenues per unit case, partially offset by the lower volume sold. Brazil Our sales volume in Brazil was 357.6 million unit cases during the year ended December 31, 2025, a 5.2% increase compared to339.8 million unit cases during 2024. Volume for soft drinks, waters, juices/other non-alcoholic beverages in Brazil increased 6.6%, 4.0%and 1.6%, respectively, while volume for beer and spirits decreased 34.5% in each case during the year ended December 31, 2025compared to 2024. Our average market share for soft drinks in Brazil, during the year ended December 31, 2025, according to A.C. Nielsen Company,was 64.7% (in terms of volume), compared to 62.8% for 2024, and 71.5% in terms of average sales, compared to 69.8% for 20241. Our net sales in Brazil were Ch$976,908 million during the year ended December 31, 2025, a 7.4% increase compared toCh$909,678 million during 2024. Our net sales of soft drinks in Brazil were Ch$724,962 million during the year ended December 31, 2025, a 10.1% increase comparedto Ch$658,302 million during 2024. In local currency, net sales of soft drinks increased 13.2%, mainly as a result of higher volume soldand the higher revenues per unit case. Our net sales of water and juices/other non-alcoholic beverages in Brazil were Ch$227,362 millionduring the year ended December 31, 2025, a 5.1% increase compared to Ch$216,318 million during 2024. In local currency, net sales ofwater and juices/other non-alcoholic beverages increased 8.2%, primarily as a result of the volume increase and by higher revenues perunit case. Our net sales of beer and spirits in Brazil were Ch$24,584 million during the year ended December 31, 2025, a 29.9% decreasecompared to Ch$35,058 million during 2024. In local currency, net sales of beer and spirits decreased 27.2%, mainly as a result of thevolume decrease which was partially offset by higher revenues per unit case. Argentina Our sales volume in Argentina was 183.9 million unit cases during the year ended December 31, 2025, a 6.6% increase compared to172.6 million unit cases during 2024. Volume for soft drinks, waters, juices/other non-alcoholic beverages and in Argentina increased4.4%, 8.4% and 28.9%, respectively, while volume for other alcoholic beverages decreased 7.8% in each case during the year endedDecember 31, 2025 compared to 2024. Our average market share for soft drinks in Argentina during the year ended December 31, 2025, according to A.C. NielsenCompany, was 57.0% (in terms of volume), compared to 57.6% for 2024, and 71.4% in terms of average sales, compared to 69.9% for20242. Our net sales in Argentina were Ch$743,463 million during the year ended December 31, 2025, a 6.9% decrease compared toCh$798,447 million during 2024. In local currency, net sales in Argentina increased 10.5% in real terms, explained mainly by theaforementioned increase in volume and the increase in average revenue per unit case sold. Our net sales of soft drinks in Argentina were Ch$553,642 million during the year ended December 31, 2025, an 8.8% decreasecompared to Ch$606,837 million during 2024. In local currency, net sales of soft drinks increased 8.2% in real terms, mainly as a result ofhigher volume sold, and the higher revenues per unit case. Our net sales of juices/other non-alcoholic beverages, waters and beer/spirits inArgentina were Ch$176,561 million during the year ended December 31, 2025, a 2.3% increase compared to Ch$172,537 million during2024. In local currency, net sales of juices/other non-alcoholic beverages, water and beer/spirits increased 21.4% in real terms, mainly dueto the increase in sales volume, and to a lesser extent, the higher revenues per unit case. 1 In Brazil during 2025 A.C. Nielsen carried out a reprocessing of data from 2024 and 2023 for comparability purposes.2 In Argentina, during 2025, A.C. Nielsen carried out a reprocessing of data from 2024 and 2023 as part of its methodological review, and, as a result, thehistorical market share figures for our Argentine operations have been updated to reflect this revised dataset.
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Table of Contents 63 Paraguay Our sales volume in Paraguay was 86.1 million unit cases during the year ended December 31, 2025, a 1.3% increase compared to85.0 million unit cases during 2024. Volume for water and beer and spirits in Paraguay increased 7.9% and 128.6%, respectively, whilevolume for soft drinks and juices/other non-alcoholic beverages decreased 1.5% and 2.5%, in each case during the year ended December31, 2025, compared to 2024. Our average market share for soft drinks in Paraguay during the year ended December 31, 2025, according to A.C. Nielsen Company,was 75.6% in terms of volume, compared to 74.6% for 2024, and 80.9% in terms of average sales, compared to 80.1% for 2024 accordingto the same source. Our net sales in Paraguay were Ch$314,660 million during the year ended December 31, 2025, an 11.6% increase compared toCh$282,065 million during 2024, mainly as a result of the higher average revenues per unit case. Our net sales of soft drinks in Paraguay were Ch$229,768 million during the year ended December 31, 2025, an 8.1% increasecompared to Ch$212,512 million during 2024. In local currency, our net sales of soft drinks increased 6.5%, due to higher revenues perunit case partially offset by the volume decrease. Our net sales of juices/other non-alcoholic beverages, waters and beer/spirits inParaguay were Ch$84,892 million during the year ended December 31, 2025, a 22.1% increase compared to Ch$69,553 million during2024. In local currency, net sales of juices/other non-alcoholic beverages, water and beer/spirits increased by 19.8%, primarily as a resultof the volume increase and by higher revenues per unit case sold. Cost of Sales Our cost of sales was Ch$2,037,679 million during the year ended December 31, 2025, a 4.7% increase, compared to Ch$1,945,363million during 2024. This increase is mainly explained due to (i) higher sales volumes, (ii) higher PET resin costs in Brazil and Chile, (iii)higher concentrate costs in Brazil and Paraguay, (iv) the effect of the shift in the mix toward higher unit cost products in Argentina andParaguay, and (v) the effect of the devaluation of the local currencies of Argentina and Brazil on our dollar-denominated costs. This waspartially offset by (i) lower sugar costs, (ii) lower concentrate costs in Argentina and Chile, (iii) lower PET resin costs in Argentina andParaguay, and (iv) the effect of translating figures from our Argentine subsidiary to the reporting currency. The cost of sales per unit caseincreased 0.7% in the same period. Our cost of sales represented 60.9% of net sales for the year ended December 31, 2025, compared to60.3% for 2024. Chile Our cost of sales in Chile was Ch$871,162 million during the year ended December 31, 2025, a 5.7% increase compared toCh$824,059 million during 2024. The increase in the cost of sales was mainly due to higher Sales Volume and higher PET resin costs.This was partially offset by lower sugar and concentrate costs. The cost of sales per unit case increased 3.5% in the same period. Our costof sales in Chile represented 66.0% of net sales in Chile for the year ended December 31, 2025, compared to 66.2% for 2024. Brazil Our cost of sales in Brazil was Ch$591,131 million during the year ended December 31, 2025, a 9.0% increase compared toCh$542,293 million during 2024. The cost of sales per unit case increased 3.6% in the same period. In local currency, total cost of salesincreased 12.0%, mainly due to (i) higher sales volume, (ii) higher concentrate costs, (iii) higher PET resin and aluminum costs, and (iv)the negative effect of exchange rate devaluation on our dollar-denominated costs. This was partially offset by lower sugar costs. Our costof sales in Brazil represented 60.5% of net sales in Brazil for the year ended December 31, 2025, compared to 59.6% for 2024. Argentina Our cost of sales in Argentina was Ch$402,210 million during the year ended December 31, 2025, a 6.2% decrease compared toCh$428,873 million during 2024. The cost of sales per unit case decreased 12.0% in the same period. In local currency (in real terms,based on currency rates as of December 2025) cost of sales increased 11.2% mainly due to (i) higher sales volume, (ii) the negative effectof the devaluation of the Argentine peso on our dollar-denominated costs, and (iii) the shift in the mix toward products with a higher unitcost. This was partially offset by (i) lower concentrate costs and (ii) lower raw material costs, specifically sugar and PET resin. Our costof sales in Argentina represented 54.1% of net sales in Argentina for the year ended December 31, 2025, compared to 53.7% for 2024.
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Table of Contents 64 Paraguay Our cost of sales in Paraguay was Ch$182,782 million during the year ended December 31, 2025, a 13.2% increase compared toCh$161,443 million during 2024. Cost of sales per unit case increased 11.8% during the same period. In local currency, cost of salesincreased 11.3%, mainly explained by the higher cost of concentrate and a shift in the mix towards higher unit cost products. This waspartially offset by lower costs for sweeteners and PET resin. Our cost of sales in Paraguay represented 58.1% of net sales in Paraguay forthe year ended December 31, 2025, compared to 57.2% for 2024. Gross Profit Due to the factors described above, our gross profit was Ch$1,307,157 million during the year ended December 31, 2025, a 2.2%increase compared to Ch$1,278,870 million during 2024. Our gross profit represented 39.1% of our net sales during the year endedDecember 31, 2025, compared to 39.7% of our net sales in 2024. Distribution, administrative and sales expenses We had distribution, administrative and sales expenses of Ch$851,790 million during the year ended December 31, 2025, in line withthe Ch$851,788 million reported in 2024. The stability in this figure is mainly explained by the counteracting effects of decreases in costsdue to (i) lower marketing costs in Brazil, (ii) higher other operating income classified under this item in Brazil, and (iii) the effect oftranslating figures from our Argentine subsidiary to the reporting currency. This was offset by increases in costs due to (i) higherdistribution expenses, (ii) higher labor costs, (iii) lower other operating income in Argentina, Chile and Paraguay, and (iv) highermarketing expenses in Argentina, Chile, and Paraguay. Our distribution, administrative and sales expenses represented 25.5% of our netsales during the year ended December 31, 2025, compared to 26.4% for 2024. Chile In Chile, our distribution, administrative and sales expenses were Ch$301,928 million during the year ended December 31, 2025, a6.9% increase compared to Ch$282,471 million during 2024. This was mainly due to (i) higher labor costs, (ii) lower other operatingincome classified under this item, (iii) higher distribution expenses, and (iv) higher marketing expenses. Our distribution, administrativeand sales expenses in Chile represented 22.9% of our net sales in Chile during the year ended December 31, 2025, compared to 22.7% for2024. Brazil In Brazil, our distribution, administrative and sales expenses were Ch$214,050 million during the year ended December 31, 2025, an0.8% increase compared to Ch$212,332 million during 2024. In local currency, they increased 3.7%, mainly explained by (i) higherfreight expenses as a result of increased sales volume, (ii) higher labor costs, and (iii) higher depreciation charges. This was partiallyoffset by (i) lower marketing expenses and (ii) higher other operating income classified under this item. Our distribution, administrativeand sales expenses in Brazil represented 21.9% of our net sales in Brazil during the year ended December 31, 2025, compared to 23.3%for 2024. Argentina In Argentina, our distribution, administrative and sales expenses were Ch$260,228 million during the year ended December 31, 2025,a 10.1% decrease compared to Ch$289,602 million during 2024. In local currency (in real terms, based on currency rates as of December2025), the distribution, administrative and sales expenses increased 6.6%, which is mainly explained by (i) higher distribution costs due tohigher volumes, (ii) lower other operating income classified under this item, (iii) higher marketing expenses, and (iv) higher labor costsand services provided by third parties. Our distribution, administrative and sales expenses in Argentina represented 35.0% of our net salesin Argentina during the year ended December 31, 2025, compared to 36.3% for 2024. Paraguay In Paraguay, our distribution, administrative and sales expenses were Ch$62,048 million during the year ended December 31, 2025, a12.1% increase, compared to Ch$55,373 million during 2024. The distribution, administrative and sales expenses in local currency inParaguay increased 10.2%, which is mainly explained by (i) higher distribution costs, (ii) higher marketing expenses, (iii) higher laborcosts, and (iv) lower operating income classified under this item. Our distribution, administrative and sales expenses in Paraguayrepresented 19.7% of our net sales in Paraguay during the year ended December 31, 2025, compared to 19.6% for 2024.
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Table of Contents 65 Other Income (Expense), Net The following table sets forth our other income (expense), net for the year ended December 31, 2024 and 2025: Year Ended December 31, 2024 2025 (in millions of Ch$) Other income (expense) (15,170) (18,549)Financial income 28,960 18,440Financial expenses (70,414) (68,218)Share of profit of investments in associates and joint ventures accounted for usingthe equity method 998 2,914Foreign exchange differences (7,407) (3,425)Income (loss) by indexation units 3,989 (5,893) Other income (expense), net (59,045) (74,732) We had other expenses, net, of Ch$74,732 million during the year ended December 31, 2025, representing a 26.6% increasecompared to Ch$59,045 million during 2024. This increase is mainly explained by a lower monetary inflation effect on the tax credit inBrazil in 2025 compared to 2024. In 2024, this effect contributed Ch$8,155 million to financial income, an impact that was not present in2025. This was partially offset by lower financial expenses in 2025. Additionally, we experienced higher losses relate to indexation unit due to lower inflation in Argentina in 2025. This line includes theinflation adjustment in Argentina, net of the restatement effect in UF of local bonds. As a result, losses increased by Ch$9,882 million.The overall increase in expenses was partially offset by a decrease in foreign exchange differences. Income Taxes We had income taxes of Ch$110,157 million during the year ended December 31, 2025, a 17.4% decrease compared to Ch$133,393million during 2024. This decrease is mainly explained by lower withholding taxes related to dividend remittances to Chile, higher taxexpenses in Brazil associated with Juros Sobre Capital Próprio (Brazilian interest on equity tax mechanism) remittances, and lowerinflation in Chile, partially offset by higher operating results. Net Income Due to the factors described above, we had a net income of Ch$270,477 million during the year ended December 31, 2025, a 15.3%increase compared to Ch$234,644 million during 2024. Our net income represented 8.1% of our net sales during the year endedDecember 31, 2025, compared to 7.3% for 2024. Summary of Results of Operations for the Years ended December 31, 2023 and 2024 For information regarding the results of operations for the years ended December 31, 2023 and December 31, 2024, See “Item 5.Operating and Financial Review and Prospects –A. Operating Results 2024 –Summary of Results of Operations for the years endedDecember 31, 2023 and 2024” in our Company’s annual report on Form 20-F for the fiscal year ended December 31, 2024 filed on March26, 2025. Basis of Presentation The aforementioned discussion should be read in conjunction with and is qualified in its entirety by reference to the consolidatedfinancial statements, including the notes thereto. These consolidated financial statements have been prepared in accordance with IFRS issued by the IASB. These financial statements reflect the consolidated financial position of Embotelladora Andina S.A. and its subsidiaries as ofDecember 31, 2025 and 2024 as well as the operating results, changes in shareholders’ equity and cash flows for the years endedDecember 31, 2025, 2024 and 2023, all of which were approved by the board of directors on March 31, 2026.
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Table of Contents 66 Our consolidated financial results include the results of our subsidiaries located in Chile, Brazil, Argentina and Paraguay. Oursubsidiaries outside Chile prepare their financial statements in accordance with IFRS and to comply with local regulations in accordancewith generally accepted accounting principles of the country in which they operate. The consolidated financial statements reflect theresults of the subsidiaries outside of Chile, converted to Chilean pesos (functional and reporting currency of the parent company) and arepresented in accordance with IFRS. The IFRS require that balances of subsidiaries be converted from their functional currency to thepresentation currency (Chilean peso). The conversion for subsidiaries operating in non-hyperinflationary environments (Brazil andParaguay) is performed by converting the assets and liabilities of subsidiaries at year-end exchange rates, and income and expenseaccounts must be converted at monthly average exchange rates of the month in which they are recognized. In the case of subsidiariesoperating in hyperinflationary environments (Argentina), non-monetary assets and liabilities and income statements are restated by theinflation rate of the hyperinflationary economy, bringing its effects to the income statement. These restated balances are converted fromthe functional currency to the presentation currency at the closing exchange rate of each year. Critical Accounting Estimates Discussion of critical accounting estimates In the ordinary course of business, we have made a number of estimates and assumptions relating to the reporting of our results ofoperations and financial position in the preparation of financial statements in conformity with IFRS. We cannot assure you that actualresults will not differ from those estimates. We believe that the following discussion addresses our most critical accounting policies,which are those that are most important to the portrayal of our financial condition and results of operations and require management’smost difficult, subjective and complex judgments, often as a result of the need to make estimates and assumptions about the effect ofmatters that are inherently uncertain. For a more detailed discussion of accounting policies significant to our operations, please see note2.22 to our Consolidated Financial Statements. B. LIQUIDITY AND CAPITAL RESOURCES Capital Resources, Treasury and Funding Policies The products we sell are usually paid for in cash or short-term credit, and therefore our main source of financing comes from the cashflow of our operations. This cash flow has been generally sufficient to cover the investments necessary for the normal course of ourbusiness, as well as the distribution of dividends approved at our general shareholders’ meeting. Should additional funding be required forpotential future investments in geographic expansion or other needs, our main sources of financing are expected to be: (i) debt offerings inthe Chilean and international capital markets (ii) borrowings from commercial banks, both internationally and in the local markets wherewe have operations; and; (iii) public equity offerings. Certain restrictions could exist to transfer funds from our operating subsidiaries to our parent company, however during 2025, wereceived dividends from subsidiaries in Argentina, Brazil and Paraguay. We cannot guarantee that we will not face restrictions in thefuture regarding the distribution of dividends from any other foreign subsidiaries. Our management believes that we have access to financial resources to maintain our current operations and provide for our currentcapital expenditure and working capital requirements, scheduled debt payments, interest and income tax payments and dividend paymentsto shareholders. The amount and frequency of future dividends to our shareholders will be determined at the general shareholders’ meeting upon theproposal of our board of directors in light of our earnings and financial condition at such time, and we cannot guarantee that dividendswill be declared in the future. However, it should be noted that Chilean Corporate Law requires us to distribute at least 30% of any profitsgenerated each year. Our board of directors has been empowered by our shareholders to define our financing and investment policies. Our bylaws do notdefine a strict financing structure, nor do they limit the types of investments we may make. Traditionally, we have preferred to use ourown resources to finance our investments.
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Table of Contents 67 Our financing policy contemplates that each subsidiary finances its own operations. From this perspective, each subsidiary’smanagement focuses on cash generation and should establish clear targets for operating income, capital expenditures and levels ofworking capital. These targets are reviewed on a monthly basis to ensure that their objectives are met. Should additional financing needsarise, either as a result of a cash deficit or to take advantage of market opportunities, our general policy is to prefer local financing toallow for natural hedging. If local financing conditions are not acceptable, because of costs or other constraints, Andina will providefinancing, or our subsidiary could finance itself in a currency different than the local one and will use derivative instruments to hedgeagainst the operation’s functional currency. Our cash management policy contemplates that cash surpluses be invested in low-risk securities that are mainly short-term and easilyliquidated assets until such time that this surplus should be needed. Derivative instruments are utilized only for business purposes, and not for speculative purposes. Pursuant to our currency hedgepolicy, forward currency contracts are used in some operations to cover the risk of local currency devaluation relative to the U.S. dollar inan amount not greater than the budgeted purchases of U.S. dollar-denominated raw materials. Depending on market conditions, instead offorward currency contracts, from time to time we prefer to utilize our cash surplus to purchase raw materials in advance to obtain betterprices and a fixed exchange rate. Additionally, during 2025 we entered forward contracts to hedge our budgeted purchases of #5 sugar and# 11 sugar, which are used in our operations in Chile and Brazil, respectively. The Company believes its balances of cash and cash equivalents, which totaled Ch$296,540 million as of December 31, 2025, alongwith cash generated by ongoing operations and continued access to debt markets, will be sufficient to satisfy its cash requirements overthe next twelve months and beyond. The Company’s material cash requirements include the following contractual and other obligations. Debt As of December 31, 2025, the Company had outstanding fixed-rate notes with varying maturities for an aggregate principal amountof Ch$991,601 million (collectively the “Notes”). Future interest payments associated with the Notes total Ch$442,555 million, withCh$34,093 million payable within 12 months. Additionally, the Company incurred a bank debt of 2.4 million UF in July 2025 withprincipal amount totaling Ch$93,839 million. Future interest payments associated with this bank debt total Ch$12,221 million, withCh$2,702 million payable within 12 months. Leases The Company has lease arrangements for certain equipment and facilities, including machinery and production lines, building andinstallations and technology equipment. As of December 31, 2025, the Company had fixed lease payment obligations of Ch$28,215million, with Ch$9,626 million payable within 12 months. Manufacturing Purchase Obligations The Company has agreements with its collaborating entities for its operation, which are mainly related to contracts entered into tosupply products and/or support services in purchase of supplies for production like sugar, beverage cans and payments to obtain rightsover mineral spring waters, among others. As of December 31, 2025, the Company had manufacturing purchase obligations ofCh$177,547 million, with Ch$69,522 million payable within 12 months. Other Purchase Obligations The Company’s other purchase obligations primarily consist of contracts entered into to supply information technology services,company commitments with its franchisor to make investments or expenses related to the development of the franchise, staff supportservices, security services, maintenance services for fixed assets. As of December 31, 2025, the Company had other purchase obligationsof Ch$44,887 million, with Ch$34,553 million payable within 12 months. Cash Flows from Operating Activities 2025 vs. Cash Flows from Operating Activities 2024 and 2023 Cash flows from operating activities during 2025 amounted to Ch$461,127 million compared to Ch$357,242 million in 2024. Theincrease in cash flow generation was mainly due lower payments to suppliers and interest.
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Table of Contents 68 For information regarding the cash flows from operating activities 2024 vs 2023, see “Item 5. Operating and Financial Review andProspects –B. Liquidity and Capital Resources –Capital Resources, Treasury and Funding Policies,” in our Company’s annual report onForm 20-F for the fiscal year ended December 31, 2024. Cash Flows from Investing Activities 2025 vs. Cash Flows from Investing Activities 2024 and 2023 Cash flows for investment activities (including purchase and sale of property, plant and equipment; investments in associatedcompanies; and financial investments) generated a negative cash flow of Ch$248,575 million in 2025 compared to a negative cash flow ofCh$289,853 million during 2024. The variation of Ch$41,278 million with respect to the previous year is mainly explained by a lowerCapex in 2025 of Ch$13,720 million, added to higher redemptions of financial instruments as compared to 2024 in the amount ofCh$27,786 million. For information regarding the cash flows from investing activities 2024 vs 2023, see “Item 5. Operating and Financial Review andProspects –B. Liquidity and Capital Resources –Capital Resources, Treasury and Funding Policies,” in our Company’s annual report onForm 20-F for the fiscal year ended December 31, 2024. Cash Flows from Financing Activities 2025 vs. Cash Flows from Financing Activities 2024 and 2023 Financing activities generated a negative cash flow of Ch$162,412 million in 2025, with a negative variation of Ch$42,654 millionwith respect to the previous year, which is mainly explained by a higher dividend payment in 2025, slightly offset by higher amounts fromloans. As of December 31, 2025, 14 short-term credit lines are available for an amount equivalent to Ch$203,904 million, which remainunused. In Argentina, we had the equivalent of Ch$102,247 million in credit available from eight lines of credit. In Brazil, we had theequivalent of Ch$56,322 million in credit available from three lines of credit. In Chile, we had the equivalent of Ch$32,000 million incredit available from two lines of credit. In Paraguay, we had the equivalent of Ch$13,335 million in credit available from one line ofcredit. For information regarding the cash flows from financing activities 2024 vs 2023, see “Item 5. Operating and Financial Review andProspects –B. Liquidity and Capital Resources –Capital Resources, Treasury and Funding Policies,” in our Company’s annual report onForm 20-F for the fiscal year ended December 31, 2024. Liabilities As of December 31, 2025, our total liabilities, excluding non-controlling interest, were Ch$2,223,852 million, representing a 2.32%decrease compared to December 31, 2024. Current liabilities decreased by Ch$175,731 million (19.4%) compared to December 2024, mainly due to a decrease in other currentnon-financial liabilities of Ch$141,614 million, which is explained mainly by the payment of dividends made during 2025 recognized inDecember 2024. In addition, there was a decrease in other current financial liabilities of Ch$47,911 million due to the payment of short-term debt with financial institutions. Non-current liabilities increased by Ch$122,876 million, or 9.0% compared to December 2024, mainly due to the increase in othernon-current financial liabilities of Ch$125,253 million as a result of the incurrence of bank debt of 2.4 million UF contracted in July 2025.This increase was also influenced by variation in the UF, the effect of the exchange rate, and the mark-to-market of cross-currency swapslinked to the Company’s bonds.
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Table of Contents 69 As of December 31, 2025, our bond obligation had a weighted average interest rate of 4.8% in UF, 3.95% in US$ and 2.71% in CHF,while our bank obligation had a weighted average interest rate of 2.84% in UF and 6.54% for debts in Chilean pesos. The following table presents future expirations for additional long-term liabilities. These expirations have been estimated based onaccounting estimates because the liabilities do not have specific dates of future payment, as allowance for severance indemnities,contingencies, and liabilities are included. Maturity Years More than Total 1-3 Years 3-5 Years 5 Years (Millions Ch$2025) Provisions 57,811 2,433 699 54,680Other long-term liabilities 23,123 314 724 22,085Total long-term liabilities 80,935 2,747 1,423 76,765 Summary of Significant Debt Instruments As of December 31, 2025, the Company is in compliance with all its debt covenants which are summarized below: Series B Local Bonds (BANDI-B1; BANDI-B2) During 2001, we issued in Chile Series B bonds. This issuance was structured into two series, one of which matured in 2008. As ofDecember 31, 2025, Series B is the outstanding series with sub-series B1 and B2. During 2001, UF 3.7 million in bonds were issued withfinal maturity in 2026, bearing an annual interest rate of 6.5%. The Series B Local Bonds are subject to the following restrictivecovenants: ● In October 2020, the covenant of Consolidated Financial Liabilities / Consolidated Equity was amended as the following:Maintain an indebtedness level where Net Consolidated Financial Liabilities shall not exceed Consolidated Equity by 1.20 times.For these purposes Net Consolidated Financial Liabilities will be the result of: (i) Other Current Financial Liabilities, plus(ii) Other Non-Current Financial Liabilities, less (iii) the sum of Cash and Cash Equivalents; plus, Other Current FinancialAssets; plus Other Non-Current Financial Assets (to the extent that they correspond to the active balances of derivative financialinstruments, taken to cover exchange rate risks or interest rate risks on financial liabilities). ● Maintain and not lose, sell, assign, or transfer to a third party the geographical area today called the “Metropolitan Region”, asfranchised territory in Chile by The Coca-Cola Company, for the development, production, sale and distribution of products andbrands of such licensor, in accordance with the respective bottling agreement or license, renewable from time to time. ● Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which to date is franchised to theCompany by The Coca-Cola Company for the manufacture, production, sale and distribution of products and brands of suchlicensor; as long as these territories account for more than 40% of the Company’s Adjusted Consolidated Operating Flow. ● Maintain consolidated assets free of any pledge, mortgage or other lien by an amount, at least equal to 1.3 times the Company’sunsecured consolidated current liabilities. Unsecured consolidated current liabilities are the Company’s total liabilities, obligations and debts that are not secured with realguarantees on goods and assets of the latter, made voluntarily or by agreement by the Company less the active balances ofderivative financial instruments, taken to cover exchange rate risks or interest rate risks on financial liabilities accounted forunder Other Current Financial Assets and Other Non-current Financial Assets of the Company’s Consolidated Statement ofFinancial Position. Consolidated Assets are assets free of any pledge, mortgage or other lien, as well as those assets that have real liens, mortgage orencumbrances that operate only by law, less the active balances of derivative financial instruments, taken to cover exchange raterisks or interest rate risks on financial liabilities accounted for under Other Current Financial Assets and Other Non-currentFinancial Assets of the Company’s Consolidated Statement of Financial Position. In July 2020, derivatives were contracted (Cross Currency Swaps) that cover 100% of UF denominated financial obligations,redenominating them to Chilean pesos.
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Table of Contents 70 Series C Local Bonds (BEKOP-C) As a consequence of our merger with Polar, we became an obligor under the following outstanding bonds issued by Polar in Chile in2010. ● Series C bonds due 2031, bearing interest at a fixed annual rate equal to 4.00%. This series is subject to the following restrictions: ● Maintain a level of Net Financial Indebtedness within its quarterly financial statements that may not exceed 1.5 times, measuredby figures included in the Company Consolidated Statement of Financial Position. For these purposes, net financial indebtednesslevel is defined as the ratio of net financial debt to total equity of the Company (equity attributable to the owners of thecontrollers plus non-controlling interests). Net financial debt means the difference between the Company financial debt andcash. ● Maintain consolidated assets free of any pledge, mortgage or other lien by an amount, at least equal to 1.3 times the Company’sunsecured consolidated current liabilities. Unencumbered Assets are (a) assets that meet the following conditions: (i) they are the property of the Company, (ii) they areclassified under Total Assets in the Company’s Financial Statement and, (iii) they are free of any pledge, mortgage or other leviesconstituted in favor of third parties, less (b) Other Current Financial Assets and Other Non-Current Financial Assets included inthe Company’s Financial Statements (to the extent they correspond to the active balances of derivative financial instruments,taken to cover exchange rate risks or interest rate risks on financial liabilities). Unsecured Total Liabilities are (a) liabilities included under Total Current Liabilities and Total Non-Current Liabilities on theCompany Financial Statements which do not benefit from preferences or privileges, less (b) Other Current Financial Assets andOther Non-Current Financial Assets of the Company’s Financial Statements (to the extent they correspond to the active balancesof derivative financial instruments, taken to cover exchange rate risks or interest rate risks on financial liabilities). ● Not invest in instruments issued by related parties or carry out operations with related parties other than those related to thegeneral purpose of the entities, in conditions that are less favorable to those of the Company in relation to those prevailing in themarket. ● Maintain a Net Financial Coverage ratio greater than 3.0 times. Net financial coverage is the ratio between the Company’sEBITDA for the past 12 months and the Company’s Net Financial Expenses. Net financial Expenses is defined as the differencebetween the absolute value of the interest expenses associated with the issuer’s financial debt recorded in the “Financial Costs”account; and interest income associated with the issuer’s cash, recorded in the Financial Income account, for the past 12 months.However, this restriction will be considered breached when the mentioned net financial coverage ratio is lower than the ratiopreviously indicated during two consecutive quarters. In July 2020, derivatives were contracted (Cross Currency Swaps) that cover 100% of UF denominated financial obligations,redenominating them to Chilean pesos. Series D and E Local Bonds (BANDI-D; BANDI-E) During 2013 and 2014, Andina placed local bonds in the Chilean market. The issuance was structured into three series, one of whichmatured in 2020. ● UF 4.0 million of Series D Bonds due 2034 were issued in August 2013, bearing an annual interest rate of 3.8%; ● UF 3.0 million of Series E Bonds due 2035 were issued in March 2014, bearing an annual interest rate of 3.75%. The Series D and E local bonds are subject to the following restrictions: ● Maintain an indebtedness level where Net Consolidated Financial Liabilities shall not exceed Consolidated Equity by 1.20 times.
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Table of Contents 71 For these purposes Net Consolidated Financial Liabilities will be the result of: (i) Other Current Financial Liabilities, plus(ii) Other Non-Current Financial Liabilities, less (iii) the sum of Cash and Cash Equivalents; plus, Other Current FinancialAssets; plus, Other Non-Current Financial Assets (to the extent that they correspond to the active balances of derivative financialinstruments, taken to cover exchange rate risks or interest rate risks on financial liabilities). Consolidated Equity is total equity including non-controlling interests. ● Maintain consolidated assets free of any pledge, mortgage or other lien by an amount, at least equal to 1.3 times the Company’sunsecured consolidated current liabilities. Unsecured Consolidated Current Liabilities are the Company’s total liabilities, obligations and debts that are not secured withreal guarantees on goods and assets of the latter, made voluntarily or by agreement by the Company, less the active balances ofderivative financial instruments, taken to cover exchange rate risks or interest rate risks on financial liabilities accounted forunder Other Current Financial Assets and Other Non-current Financial Assets of the Company’s Consolidated Statement ofFinancial Position. For purposes of determining Consolidated Assets these will consider assets free of any pledge, mortgage or other lien, as well asthose assets that have real liens, mortgage or encumbrances that operate only by law. Therefore, Consolidated Assets free of anylien, mortgage or other encumbrance are regarded as those assets for which no real lien, mortgage or other encumbrance has beenmade voluntarily or by agreement by the Company, less the active balances of derivative financial instruments, taken to coverexchange rate risks or interest rate risks on financial liabilities accounted for under Other Current Financial Assets and OtherNon-current Financial Assets of the Company’s Consolidated Statement of Financial Position. ● Maintain and not lose, sell, assign, or transfer to a third party the Metropolitan Region, as franchised territory in Chile by TheCoca-Cola Company for the production, sale and distribution of products and brands of the licensor. Losing said territory meansthe non-renewal, cancellation, early termination or annulment of the license agreement granted by The Coca-Cola Company forthe Metropolitan Region. ● Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of the issuance date of theSeries D and E local bonds were franchised to the Company by The Coca-Cola Company for the manufacture, production, saleand distribution of products and brands of The Coca-Cola Company; as long as these territories account for more than 40% ofthe Company’s Adjusted Consolidated Operating Flow of the audited fiscal year immediately prior to the moment when suchloss, sale, assignment or transfer occurs. For these purposes Adjusted Consolidated Operating Flow is the addition of thefollowing accounting items of the Issuer’s Consolidated Statement of Financial Position: (i) Gross Income, including revenueand cost of sales, less (ii) Distribution Costs, less (iii) Administrative Expenses, plus (iv) Participation in Earnings (Losses) ofAssociates and Joint Ventures accounted for using the Equity Method, plus (v) Depreciation, plus (vi) Amortization ofIntangibles. In July 2020, derivatives were contracted (Cross Currency Swaps) that cover 100% of UF denominated financial obligations,redenominating them to Chilean pesos. Series F Local Bonds (BANDI-F) During 2018, Andina undertook the partial repurchase (US$210 million) of the Senior Notes due 2023, which was refinanced withthe placement of the Series F Local Bonds in the Chilean local market. These bonds were issued in October 2018, in the amount of UF 5.7million, accruing an annual interest rate of 2.8% and with a maturity of 2039. The Series F local bonds are subject to the following restrictions: ● Maintain an indebtedness level where Net Consolidated Financial Liabilities shall not exceed Consolidated Equity by 1.20 times. For these purposes Net Consolidated Financial Liabilities will be the result of: (i) Other Current Financial Liabilities, plus(ii) Other Non-Current Financial Liabilities, less (iii) the sum of Cash and Cash Equivalents; plus, Other Current FinancialAssets; plus, Other Non-Current Financial Assets (to the extent that they correspond to the active balances of derivative financialinstruments, taken to cover exchange rate risks or interest rate risks on financial liabilities). Consolidated Equity is total equity including non-controlling interests.
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Table of Contents 72 ● Maintain consolidated assets free of any pledge, mortgage or other lien by an amount, at least equal to 1.3 times the Company’sunsecured consolidated current liabilities Unsecured Consolidated Current Liabilities are the Company’s total liabilities, obligations and debts that are not secured withreal guarantees on goods and assets of the latter, made voluntarily or by agreement by the Company, less the active balances ofderivative financial instruments, taken to cover exchange rate risks or interest rate risks on financial liabilities accounted forunder Other Current Financial Assets and Other Non-current Financial Assets of the Company’s Consolidated Statement ofFinancial Position. For purposes of determining Consolidated Assets these will consider assets free of any pledge, mortgage or other lien, as well asthose assets that have real liens, mortgage or encumbrances that operate only by law. Therefore, Consolidated Assets free of anylien, mortgage or other encumbrance shall be regarded as those assets for which no real lien, mortgage or other encumbrance hasbeen made voluntarily or by agreement by the Company, less the active balances of derivative financial instruments, taken tocover exchange rate risks or interest rate risks on financial liabilities accounted for under Other Current Financial Assets andOther Non-current Financial Assets of the Company’s Consolidated Statement of Financial Position. ● Maintain and not lose, sell, assign, or transfer to a third party the Metropolitan Region, as franchised territory in Chile by TheCoca-Cola Company for the production, sale and distribution of products and brands of the licensor. Losing said territory meansthe non-renewal, cancellation, early termination or annulment of the license agreement granted by The Coca-Cola Company forthe Metropolitan Region. ● Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of the issuance date of theSeries F local bonds, is franchised to the Company by The Coca-Cola Company for the manufacture, production, sale anddistribution of products and brands of The Coca-Cola Company; as long as these territories account for more than 40% of theCompany’s Adjusted Consolidated Operating Flow of the audited fiscal year immediately prior to the moment when said loss,sale, assignment or transfer occurs. For these purposes Adjusted Consolidated Operating Flow is the addition of the followingaccounting items of the Issuer’s Consolidated Statement of Financial Position: (i) Gross Income, including revenue and cost ofsales, less (ii) Distribution Costs, less (iii) Administrative Expenses, plus (iv) Participation in Earnings (Losses) of Associatesand Joint Ventures accounted for using the Equity Method, plus (v) Depreciation, plus (vi) Amortization of Intangibles. In addition, on November 11, 2021, bondholders’ meetings were held for the series C, D, E and F bonds issued in the Chilean localmarket under the lines registered in the Securities Registry of the CMF under No. 641 (Series C), No. 760 (Series D and E) and No. 912(Series F), and for the series B bonds corresponding to the fixed amount issue registered in the Securities Registry of the CMF underNo. 254. As a result of the aforementioned bondholders’ meetings, the issuance contracts of the aforementioned bond issues wereamended. Furthermore, the issuance contracts of the bond lines registered in the Securities Registry of the CMF under No. 911, No. 971and No. 972 were also amended, because there were no bonds outstanding. In this respect, the modifications were made to financialindebtedness covenants that existed in the aforementioned issuance contracts, to be substituted by a new indebtedness level obligationdefined as follows: Indebtedness Level: Maintain an indebtedness level, measured and calculated quarterly, presented in the manner and within the termsdetermined by the Financial Market Commission, no greater than 3.5 times. The following terms shall be construed as: ● “Indebtedness Level” the ratio between (a) the average of the Consolidated Net Financial Liabilities, calculated on the last four“Consolidated Financial Statements of Financial Position” contained in the Issuer’s Consolidated Financial Statements filed bythe Issuer with the Financial Market Commission as of the calculation date; and (b) the accumulated EBITDA in the twelveconsecutive month period ending at the close of the last of the “Consolidated Financial Statements of Results by Function”contained in the Consolidated Financial Statements that the Issuer has filed with the Financial Market Commission as of thecalculation date;
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Table of Contents 73 ● “Consolidated Net Financial Liabilities” means the result of the following transactions on the accounting items of the“Consolidated Statements of Financial Position” contained in the Issuer’s Consolidated Financial Statements indicated below:(i) “Other Financial Liabilities, Current”, which include short-term obligations with banks and financial institutions, bondliabilities at face rate, issuance costs and discounts associated with the placement and other minor items that in accordance withIFRS regulations must be included in this heading; plus (ii) ”Other Non-Current Financial Liabilities”, which include long-termobligations with banks and financial institutions, bond liabilities at face rate, issuance costs and discounts associated with theplacement and other minor items that according to IFRS standards should be included in this heading; less (iii) the sum of “Cashand Cash Equivalents”; plus “Other Financial Assets, Current”; plus “Other Financial Assets, Non-Current” (to the extent thatthey correspond to asset balances for derivative financial instruments, taken to hedge exchange rate and/or interest rate risk offinancial liabilities); ● “EBITDA” means the sum of the following accounts of the “Consolidated Statements of Income by Function” contained in theIssuer’s Consolidated Financial Statements: “Revenues from Ordinary Activities”, “Cost of Sales”, “Distribution Costs”,“Administrative Expenses” and “Other Expenses, by function”, deducting the value of “Depreciation” and “Amortization for theFiscal Year” presented in the Notes to the Issuer’s Consolidated Financial Statements. Senior Notes due 2050 On January 21, 2020, the Company issued a US$300 million Senior Bond in the U.S. market under 144A/Reg S regulations. Thesenotes are unsecured obligations with the whole principal amount due in 2050, with an annual coupon rate of 3.950%. The proceeds fromthese notes were used to finance general corporate purposes which could include an eventual payment of existing liabilities, financing ofpotential acquisitions and improvement of the Company’s liquidity position. At the same time, derivative contracts (cross currency swaps) have been entered into to fully redenominate financial obligationsdenominated in U.S. dollars to UF and CLP. Senior Notes due 2028 In September 2023, the Company issued a 5-year corporate bond for CHF$170 million in the Swiss market under local regulations.These notes are unsecured obligations with the whole principal amount due in 2028, with an annual fixed rate of 2.7175%. The proceedsfrom these notes were used mainly to refinance the Company’s 2023 Senior Unsecured Bond and to finance investments in Brazil. In parallel, derivatives have been contracted (cross currency swaps) by RJR, a subsidiary of Embotelladora Andina in Brazil, toeffectively redenominate CHF$170 million Swiss francs to Brazilian reais. Unsecured Term Loan due 2030 During 2025, Embotelladora Andina entered into a bilateral loan agreement with Bank of America in the amount of UF 2,362,044(USD$ 100 million) with a five-year tenor, bearing interest at an annual rate of 2.84%. The loan is an unsecured obligation, with semi-annual interest payments and full principal repayment at maturity. C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES Given the nature of the business and the support provided by The Coca-Cola Company as franchisor to its bottlers, the Company’sresearch and development expenses are not meaningful. For more information on patents and licenses, see “Item 4. Information on theCompany – Bottler Agreements.” D. TREND INFORMATION Our results will likely continue to be influenced by changes in the level of consumer demand in the countries in which we operate,resulting from governmental economic measures that are or may be implemented in the future. Additionally, the main raw materials usedin the production of soft drinks, such as sugar and resin, may experience price increases in the future. Such price increases may affect ourresults if we are unable to pass on the cost increases to the sales price of our products due to depressed consumer demand and/orheightened competition. Increased competition from low-price brands is another factor that could limit our ability to grow, and thus negatively affect ourresults.
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Table of Contents 74 Additionally, exchange rate fluctuations, in particular the potential devaluations relative to the U.S. dollar of local currencies in thecountries in which we operate, may adversely affect our results because of the impact on the cost of U.S. dollar-denominated rawmaterials and the conversion of monetary assets. E. [Reserved] F. [Reserved] G. SAFE HARBOR See “Introduction - Presentation of Financial and Certain Other Information—Forward-Looking Statements.” ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES A. DIRECTORS AND SENIOR MANAGEMENT Pursuant to Chilean law, we are managed by a group of executive officers under the supervision of our board of directors. TheCompany’s operations in Chile, Brazil, Argentina and Paraguay report to the corporate headquarters in Chile. Board of Directors In accordance with our current bylaws, the board of directors is comprised of fourteen (14) directors. The directors may or may notbe shareholders and are elected at general shareholders’ meetings for a three-year term, with re-election permitted. Cumulative voting ispermitted for the election of directors. In the event of a vacancy, the board of directors may appoint a replacement to fill the vacancy, and the entire board of directors mustbe elected or re-elected at the next regularly scheduled general shareholders’ meeting. The shareholders agreement regulates the election of directors of the Company by the controlling shareholders (See “Item 7. MajorShareholders and Transactions with Related Companies”). In addition, pursuant to the terms and conditions of the deposit agreemententered between The Company and the Bank of New York dated as of December 14, 2000 (the “Deposit Agreement”), if no instructionsare received by The Bank of New York, as depositary (the “Depositary”), it shall give a discretionary proxy to a person designated by thechairman of our board of directors with respect to the shares or other deposited securities that represent the ADRs. The following table sets forth information with respect to the current directors of the Company: Date of expiration Name Age(3) current term Position Gonzalo Said(1) 61 April 25, 2027 Chairman José Antonio Garcés 59 April 25, 2027 Vice ChairmanSalvador Said(1) 61 April 25, 2027 Director Juan Claro 75 April 25, 2027 Director Eduardo Chadwick 66 April 25, 2027 Director Roberto Mercadé 57 April 25, 2027 Director Gonzalo Parot(2) 73 April 25, 2027 Director Georges de Bourguignon 63 April 25, 2027 Director Domingo Cruzat(2) 69 April 25, 2027 Director Jaqueline Saquel Mediano 61 April 25, 2027 Director Juan Gerardo Jofré Miranda(2) 76 April 25, 2027 Director Luis Felipe Coelho Duprat Avellar 50 April 25, 2027 Director María Francisca Yáñez Castillo 43 April 25, 2027 Director Carmen Román 58 April 25, 2027 Director (1) Salvador Said is first cousin of Gonzalo Said. (2) Independent from controlling shareholder pursuant to Article 50 bis, paragraph 6 of the Chilean Public Company Law N° 18,046. (3) Age at December 31, 2025.
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Table of Contents 75 The following are brief biographies of each of the Company’s directors: Gonzalo Said Handal Appointment: He has been a member of the Board of Directors of the Company since April 1993 and the Chairman since May 2024. Experience: He holds a business administration degree from the Universidad Gabriela Mistral with a specialization in finance, bestpractices and corporate governance, with more than 30 years of experience in the beverage and mass consumption industry. Other positions: he is Executive Chairman of Holding de Empresas Said Handal; director of Scotiabank Chile S.A., where he is a memberof the Audit Committee, vice-president of SOFOFA and Past President of Fundación Generación Empresarial, from where he promoteshis vision on corporate governance and good business practices. José Antonio Garcés Silva Appointment: He has been a member of the board of directors of the Company since 1992. Experience: He holds a business administration degree from the Universidad Gabriela Mistral with a specialization in finance, with anExecutive MBA and PADE from the ESE of Universidad de Los Andes and a master’s in philosophy and ethics from Universidad AdolfoIbáñez. He has more than 25 years of experience in the beverage and mass consumption industry and vast experience in risk andcybersecurity in the financial sector. Other positions: Chairman of the Board of Banvida S.A., director of Banco Consorcio and Consorcio Financiero, CN Life Compañía deSeguros, Consorcio Nacional de Seguros, Past President of USEC and director of Fundación Paternitas, as well as general manager ofInversiones San Andrés (family holding). Salvador Said Somavía Appointment: He has been a member of the Board of Directors of the Company since 1992. Experience: He holds a business administration degree from the Universidad Gabriela Mistral with a specialization in businessmanagement. He was director at Envases del Pacífico S.A. and Envases CMF S.A. He also participates in non-profit foundations orientedto entrepreneurship such as Endeavor Chile, an entity that he presided over for six years. Other positions: Chairman of Scotiabank Chile, Chairman of Parque Arauco S.A., Chairman of Fundación Belén 2000, ExecutiveDirector of Grupo Said and director of several companies in different business sectors. He is also a member of the Board of Directors ofthe Centro de Estudios Públicos (CEP). Juan Claro González Appointment: He has been a member of the Board of Directors of the Company since 2004. Experience: He studied civil engineering and theoretical physics at the Pontificia Universidad Católica de Chile and has more than 20years of experience in the mass consumption and beverage industry. He has developed an outstanding business experience by presidingover the Sociedad de Fomento Fabril (SOFOFA), between 2001 and 2005, the Confederación de la Producción y del Comercio (CPC),between 2002 and 2005 and the Chile-China Bilateral Business Council, between 2005 and 2007. He has been a member of the boards ofGasco S.A. (1991-2000), CMPC S.A. (2005-2011) and Entel S.A. (2005-2011) and founding Chairman of Metrogas S.A. (1994-2000)created to develop the trans-Andean gas interconnection and of the electric company Emel S.A. (2001-2007). Other positions: he is a director of Melón S.A., Agrosuper S.A., where he is a member of the Risk Committee, and Antofagasta PLC,where he is a member of the Sustainability and Stakeholders Committee. He is also an honorary advisor to the Centro de EstudiosPúblicos (CEP).
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Table of Contents 76 Eduardo Chadwick Claro Appointment: He has been a member of the Board of Directors of the Company since June 2012. Experience: He holds a civil industrial engineering degree with a major in chemistry from the Pontificia Universidad Católica de Chile,elected UC Engineer of the Year in 2017. With more than 40 years of experience, he is a recognized businessman in the wine industry,both in Chile and abroad, being considered one of the main promoters and developer of the image of fine wines in Chile. He wasChairman of Cervecería Austral until 2007, Chairman of Viña Errázuriz and Coca-Cola Polar until 2012, director of SOFOFA until 2015and ABAC/APEC representative of the Chilean Government during the years 2018 to 2020. In 2021 he was selected as one of the 25representatives of the “Chilen@s Creando Futuro” Network of Imagen de Chile. He successfully participated at Oxford University in TheOxford Strategic Leadership Programme (2013) and later, he was a Fellow of the Advance Leadership Initiative Program at HarvardUniversity (2022). Other Positions: Chairman of the Chadwick Claro family holding company, founder and director of Hatch Mansfield Co. in England anddirector of Maltexco S.A. Roberto Mercadé Appointment: He has been a member of the Board of Directors of the Company since April 2019. Experience: He holds an industrial engineering degree from the Georgia Institute of Technology, Atlanta (USA). With more than 30 yearsof experience in the beverage and mass consumption industry, he has developed his expertise in Latin America, Africa and Asia Pacific.He was President of Coca-Cola de Mexico, where he also led the Coca-Cola Foundation and was a member of the boards of ARCA-Lindley in Peru, Escuela Campo Alegre in Venezuela and American International School of Johannesburg in South Africa. Other positions: he is the Global President of The McDonald’s Division at The Coca-Cola Company, and he is currently a member of theAdvisory Board at the Georgia Institute of Technology. Gonzalo Parot Palma Appointment: He has been a member of the Board of Directors of the Company since 2009. Experience: He holds a civil industrial engineering degree from the Universidad de Chile, a master’s in industrial engineering with amajor in economics from the Universidad de Chile and a master’s in economics from the University of Chicago. His areas ofspecialization are Business Economics, Market Organization and Regulation, Public Finance and Corporate Finance. With more than 20years of experience in the beverage and mass consumption industry, he has served as Corporate Manager of Studies and Development atEmpresas CMPC S.A., Executive President of Envases and Productos de Papel CMPC S.A. subsidiaries, General Manager and director ofCelulosa del Pacífico, Corporate General Manager of CMPC Tissue S.A. and director and Corporate General Manager of Copesa S.A. Inhis career he has served as director, Chief Executive Officer and Board Member of the Corporación Municipal and Teatro Municipal deSantiago; director of the National Press Association and of the Chilean-Argentine Chamber of Business, professor and director of theSchool of Economics and Business of the Universidad de Chile; professor and Dean of Economics and Administration of the UniversidadGabriela Mistral. Other positions: he currently serves as a member of the Advisory Board at AES Andes S.A. Georges De Bourguignon Arndt Appointment: He has been a member of the Board of Directors of the Company since April 2016. Experience: Economist from the Pontificia Universidad Católica de Chile with an MBA from Harvard University. In the academic field,he has been a professor of Economics at the Universidad Católica de Chile, while, in the business world, where he has more than 10 yearsof experience in mass consumption issues, he was a director of Empresas La Polar S.A. (2011-2015), Sal Lobos S.A. (2006-2018) andLatam Airlines Group (2012-2019), a company in which he held the position of Chairman of the Directors’ Committee. He has extensiveexperience in management positions in non-profit associations such as Corporación de Amigos de Lago Ranco, Harvard AlumniAssociation and the Harvard Business School Dean’s Advisory Council. Other positions: Co-founder and Chairman of Asset Chile S.A., a corporate finance advisory firm, and Asset AGF, an investment fundmanagement company. He is a director of Vivo Spa, where he has been Chairman since August 2022 and Soquimich S.A., where he hasserved since May 2024, having been a director there from 2019 to 2022.
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Table of Contents 77 Domingo Cruzat Amunátegui Appointment: He has been a member of the Board of Directors of the Company since 2021. Experience: He holds a civil industrial engineering degree from the Universidad de Chile with an MBA from The Wharton School of theUniversity of Pennsylvania. With more than 12 years of experience in the beverage and mass consumption industry, he served asCommercial Manager at Pesquera Coloso San José; CEO of Watt’s Alimentos; CEO of Loncoleche; CEO of Bellsouth Chile and DeputyGeneral Manager of Compañía Sudamericana de Vapores. He is a university professor in the areas of marketing and sales at the ESE ofUniversidad de Los Andes. He has also served on the boards of Conpax, Construmart, Copefrut, Essal, Principal Financial Group,Compañía Sudamericana de Vapores and Viña San Pedro de Tarapacá. In addition, he was Chairman of the Board of Correos de Chile andChairman of the Sistema de Empresas Públicas (SEP). Other positions: He is currently a member of the board of directors of IP Chile and Stars (Family Office). Additionally, he is a foundingpartner of Fundación Esperanza, dedicated to rehabilitating young drug addicts. Jaqueline Saquel Mediano Appointment: Member of the Board of Directors of the Company since April 2024. Experience: She holds a business administration degree from the Universidad de Santiago de Chile, business director and executive withbusiness experience in Latin America in the mass consumption industry, the forestry and energy industry, both in the private and publicsector. Her career includes a significant role in strategic and financial management in several Chilean companies, being recognized withthe “Executive Woman 2021” Award. She has been director of Enami, GNL Quintero and within the CMPC group of companies, whereshe was also manager of Corporate Development, People and Marketing. She was director of the subsidiaries Papeles Cordillera, EnvasesImpresos Roble Alto S.A., Chilena de Moldeados S.A., Forsac S.A., CMPC Cartulinas, Servicios Compartidos and BioenergíasForestales. She was also manager of Finance and Strategic Planning of ENAP. Other positions: Currently, she is a director of Sonda S.A., Cintac S.A., Icafal S.A., Universidad Católica Silva Henríquez and FundaciónDon Bosco. Juan Gerardo Jofré Miranda Appointment: Member of the Board of Directors of the Company since April 2024. Experience: He holds a business administration degree from the Universidad Católica de Chile, with extensive experience as an executiveand member of various important councils and boards of directors in the Chilean business environment. During his career, he has held keyroles in leading companies such as Chairman of the Board of Codelco, Vice Chairman of the Board of SQM and board member ofcompanies such as Latam Airlines, Enel Chile, CAP, D&S (currently Walmart Chile), Endesa (currently Enel Chile Generación) and ViñaSan Pedro Tarapacá. His executive experience includes more than 15 years in the Santander Group, where he held several leadershiproles, such as 2nd Vice Chairman of the Board of Banco Santander Chile and Chairman of the Board of several financial and insurancecompanies in Chile and Latin America. Prior to entering the private world, he worked in high-level governmental roles, as Advisor to theMinistry of Finance and also held positions in state ‑ owned companies and at the Chilean Superintendency of Securities and Insurance. Luis Felipe Coelho Duprat Avellar Appointment: He has been a member of the Board of Directors of the Company since 2023. Experience: Since September 2025, he has served as President of the Africa Operating Unit for The Coca ‑ Cola Company. He joinedCoca-Cola Brazil in 2002 in the Finance department, where he gained experience in various Finance and Planning roles. He was alsoDirector of Market Development for Coca-Cola FEMSA’s Brazil territory and General Manager of Southern Brazil operations.Subsequently, he was Vice President and General Manager of The Coca-Cola Company’s South African franchise and led the Coca-ColaSystem in South Africa, Swaziland and Lesotho. Between 2021-2022 he served as President of Southern Operations for The Coca-ColaCompany, being responsible for operations in 6 countries in Latin America: Argentina, Bolivia, Brazil, Chile, Paraguay and Uruguay. Hewas part of the board of directors of Arca Continental Bebidas in Mexico between 2021-2022; of the Movement for Racial Equity(MOVER) in Brazil, from its foundation until 2022. In addition, he was Chairman of the Board of Directors of the Brazilian Coca-ColaInstitute between 2021-2022 and Chairman of the Board of the Coca ‑ Cola Mexico Foundation from 2023 to 2025.
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Table of Contents 78 María Francisca Yáñez Castillo Appointment: Member of the Board of Directors of the Company since April 2024. Experience: She holds a civil industrial engineering degree and PhD in Engineering from the Pontificia Universidad Católica de Chile.She has completed management programs at the London School of Economics, Kellogg Executive Education, Universidad Adolfo Ibáñez,Universidad de Chile and the Institute of Directors in London. She is a mentor and strategic advisor to various boards, where she connectsdigital transformation and artificial intelligence with business strategy. She was National Technology Officer at Microsoft for Chile andArgentina, leading the National Artificial Intelligence Initiative for the region and the national cybersecurity roadmap. Also, at the requestof the Parliament, she led the public-private-academia work of the first Artificial Intelligence regulation in Chile, from the perspective oftalent development and education. She has represented Chile in international forums such as OECD, UN, APEC and WHO; she wasnamed Young Leader in 2014 and Woman Leader of Chile in 2023 by El Mercurio. She was director of the Chilean National TrafficSafety Commission, where she played a key role in the implementation of policies that save lives, such as the Zero Tolerance Law foralcohol consumption while driving. Other positions: Director of Orion, Conecta Logística, and the National Center for Artificial Intelligence (CENIA); member of ICARE’sInnovation Circle and Women Corporate Directors. Carmen Román Arancibia Appointment: She has been a member of the Board of Directors of the Company since 2021. Experience: She holds a law degree from the Universidad Gabriela Mistral. She has developed a solid experience in the retail industry,working for 11 years at Walmart, where she served as Legal and Corporate Affairs Manager of Walmart Chile, 7 years at Cencosud and 4years at Santa Isabel. She has knowledge and experience in risk management, due to her role as Director of Compliance and Ethics atWalmart. In the area of diversity and inclusion, she has knowledge and experience as a mentor and trainer of women’s leadershipprograms. Other positions: She is a member of the Legal Sustainability Council of the Universidad Católica, advisor at Comunidad Mujer andDirector at Fundación Generación Empresarial. Considering her knowledge and experience in the area of Corporate Governance,Sustainability and Shared Value, she was appointed Co-Chair of the Sustainability and Corporate Governance Committee of SOFOFA. Executive Officers The following table includes information regarding our senior executives: Name Age(1) Position Miguel Ángel Peirano 66 Chief Executive Officer Andrés Wainer 55 Chief Financial Officer Fernando Jaña 48 Chief Strategic Planning Officer Jaime Cohen 58 Chief Legal Officer Martín Idígoras 50 Chief IT Officer Gonzalo Muñoz 64 Chief Human Resources Officer Fabián Castelli 60 General Manager of Embotelladora del Atlántico S.A. Renato Barbosa 65 General Manager of Rio de Janeiro Refrescos Ltda. (RJR) José Luis Solórzano 55 General Manager of Embotelladora Andina S.A.Francisco Sanfurgo 71 General Manager of Paraguay Refrescos S.A. (1) Age at December 31, 2025. Miguel Ángel Peirano Chief Executive Officer He holds an electronic engineering degree from the Instituto Tecnológico de Buenos Aires and has postgraduate studies at HarvardBusiness School and Stanford University. He joined the Company and became Executive Vice President in 2011. Previously, he wassenior engagement manager at McKinsey & Company and was president of Coca-Cola Femsa Mercosur.
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Table of Contents 79 Andrés Wainer Chief Financial Officer He holds a business administration degree with a major in economics from the Pontificia Universidad Católica de Chile and a master’sdegree in finance from the London Business School. He joined the Company in 1996 and since 2011 he has been Chief Financial Officer.Previously, he was development manager at Coca-Cola Andina Argentina, administration and finance manager at Embotelladora AndinaS.A. and research and development corporate manager at the Corporate Office. Fernando Jaña Chief Strategic Planning Officer He holds an industrial civil engineering degree from Universidad Adolfo Ibáñez and a master’s degree in logistics and supply chainmanagement from The University of Sydney, Australia. He joined the Company in 2014 and has held his current position since 2019. Hewas general manager of Coca-Cola del Valle, manager of innovation and projects in Embotelladora Andina S.A., ecommerce manager atCencosud Supermercados and logistics and distribution manager at CCU. He has also worked as a teacher and researcher at UniversidadAdolfo Ibáñez. Jaime Cohen Chief Legal Officer He holds a law degree from the Universidad de Chile and a master law degree from the University of Virginia, United States. He joinedthe Company in 2008. Previously, he was manager of legal affairs at Socovesa S.A. (2004-2008); corporate banking lawyer at CitibankN.A., Santiago de Chile (2000-2004); international associate at Milbank, Tweed, Hadley & McCloy, New York (2001-2002); associatelawyer at Cruzat, Ortúzar & Mackenna, Baker & McKenzie (1996-1999) and lawyer in the area of financial and real estate advisory atBanco Edwards (1993-1996). Martín Idígoras Chief Information Technology Officer He holds a bachelor’s degree in systems from Universidad John F. Kennedy in Argentina, with a specialization in information technology.He joined the Company in 2018. Previously he worked for 18 years at Cencosud. During that time, he served as CIO for the homeimprovement division (2015-2018), regional manager of the SAP center of expertise (2014-2015) and regional CTO (2010- 2014). Healso worked in different technology positions in different companies such as Correo Argentino and Arcor. Gonzalo Muñoz Chief Human Resources Officer He holds an auditor accountant degree from Universidad de Chile. He joined the Company in 2015. Previously, he was director offinance, general manager and director of human resources in various Latin American countries in the British American Tobacco company.He has also served as a professor of marketing at Universidad de Chile. Fabián Castelli General Manager Andina Argentina He holds an industrial engineering degree from Universidad Nacional de Cuyo, with specialization in a management developmentprogram at IAE, Argentina and Donald R. Keough System Leadership Academy. He joined the Company in 1994 and since 2014 he hasbeen general manager of Andina Argentina. Previously he held the positions of head of the Mendoza sales department, businessdevelopment and planning manager, marketing manager and commercial manager. He was also director of AdeS in Argentina, vicepresident of Asociación de Fabricantes Argentinos de Coca-Cola (AFAC) and Director of Cámara Argentina de Industria de Bebidas sinAlcohol (Argentine Chamber of Non-Alcoholic Beverages Industry).
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Table of Contents 80 Renato Barbosa General Manager Andina Brazil He holds an economist degree from Universidade do Distrito Federal Brazil, with specialization in business and post-graduation studies inbusiness from FGV Sao Paulo, Brazil and an MBA in marketing from the FGV Rio de Janeiro, Brazil. He joined the Company in 2012 asgeneral manager of Andina Brazil. Previously held the position of general manager of Brasal Refrigerantes (Coca-Cola bottler in thecentral-eastern region of Brazil). Jose Luis Solórzano General Manager Embotelladora Andina S.A. He holds a business administration degree from Universidad Adolfo Ibáñez, with specialization in the areas of marketing and finance. Hejoined the Company in 2003 and since 2014 he has been general manager of Embotelladora Andina S.A. He previously held the positionsof general manager of Coca-Cola Andina Argentina and commercial manager of Embotelladora Andina S.A. Prior to that, he wascommercial manager of Coca-Cola Polar. Francisco Sanfurgo General Manager Coca-Cola Paresa He holds a mechanical engineering degree from Universidad de Concepción and a specialization in project management from UniversidadAdolfo Ibáñez. He joined the Company in 1988 and has been general manager of Coca-Cola Paresa since 2005. Previously, he wasmanager of Comercial Dimetral in Punta Arenas, branch manager of Citicorp Punta Arenas and general manager of Cervecería Austral inPunta Arenas. B. COMPENSATION Compensation of Executive Officers For our executive officers, the compensation plans are composed of a fixed compensation and a performance bonus, which areadapted to the reality and competitive conditions of each market, and whose amounts vary according to the position and/or responsibilityexercised. The performance bonuses are payable only to the extent that the personal goals of each executive and the Company, previouslydefined, are met. For the Company’s Chief Executive Officer, the only performance indicator that affect its performance bonus is consolidatedEBITDA. For general managers of operations, the main performance indicators are EBITDA generated by their operation in localcurrency, consolidated EBITDA in Chilean pesos, market share, sustainability indicators (Water Use Ratio; % returnability and % resinrecycled in bottles in the operations where applicable), NPS (Customer Satisfaction Indicator) and certain individualized goals in theevent that the Company’s Chief Executive Officer so determines. For corporate officers, the main performance indicators are consolidated EBITDA in Chilean pesos and certain individualized goalsin the event that the Company’s Chief Executive Officer so determines. Particularly, for those executive officers who, by the nature oftheir position, are directly related to the Company’s investors, there is a payment scheme for their performance bonus that is partlydeferred over four/five years indexed to the Company’s share price. Additionally, within the compensation structure for certain executiveofficers, there are permanence bonuses, which are paid out upon completion of the agreed terms of service. For 2025, the fixed remuneration paid to Coca-Cola Andina’s executive officers amounted to Ch$6,760 million (Ch$6,736 million in2024). Similarly, the remuneration paid for performance bonuses amounted to Ch$7,948 million (Ch$5,955 million in 2024). During2025, there were no severance indemnities paid to the Company’s executive officers. During 2024, there were no severance indemnitiespaid to the Company’s executive officers. We do not make available to the public information as to the compensation of our executive officers on an individual basis, asdisclosure of such information is not required under Chilean law.
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Table of Contents 81 Compensation of Directors Directors receive an annual fee for their services and participation as members of the board of directors and committees. The amountspaid to each director varies in accordance with the position held and the period of time during which such position is held. Totalcompensation paid to each director during 2025, which was approved by our shareholders, was as follows: Culture, Governance, Directors’ Ethics & Compliance DigitalDirectors’ Executive and Audit Sustainability and Integrity Transformation 2025 Compensation Committee Committee Committee Committee Committee Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Juan Claro González 86,700 109,200 195,900Gonzalo Said Handal(1) 190,500 14,595 6,150 4,865 216,110José Antonio Garcés Silva 86,700 109,200 14,595 6,150 4,865 221,510Salvador Said Somavía(3) 86,700 109,200 28,200 224,100Eduardo Chadwick Claro 86,700 109,200 14,595 1,230 211,725Gonzalo Parot Palma(2) 86,700 29,100 115,800Georges de Bourguignon Arndt 86,700 86,700Carmen Román 86,700 9,675 96,375Domingo Cruzat(2) 86,700 29,100 115,800Roberto Mercadé Rovira 86,700 86,700Luis Felipe Coelho Avellar 86,700 86,700Jacqueline Saquel Mediano 86,700 14,595 101,295María Francisca Yáñez Castillo 86,700 4,865 91,565 Juan Gerardo Jofré Miranda(2) 86,700 29,100 115,800 Total Gross 1,317,600 436,800 115,500 58,380 21,975 15,825 1,966,080 (1) Includes an additional Ch$104 million as Chairman of the Board from January to December 2025. (2) Independent from controlling shareholder pursuant to Article 50 bis, paragraph 6 of the Chilean Public Company Law N° 18,046. (3) He has a contract as an advisor to the Directors’ and Audit Committee, for which his compensation amounts to Ch$28.2 million for the period fromJanuary to December 2025. For the year ended December 31, 2025, the aggregate amount of compensation we paid to all directors and executive officers as agroup was Ch$16,674 million of which Ch$14,708 million was paid to our executive officers. We do not disclose to our shareholders orotherwise make available to the public information as to the compensation of our executive officers on an individual basis, as disclosureof such information is not required under Chilean law. We only maintain a retirement plan for our chief executive officer. C. BOARD PRACTICES Our board of directors has regularly scheduled meetings at least once a month, and extraordinary meetings are convened when calledby the chairman or when requested by one or more directors. The quorum for a meeting of the board of directors is established by thepresence of an absolute majority of its directors. Directors serve terms of three years from the date they are elected. Resolutions areadopted by the affirmative vote of a majority of those directors present at the meeting, with the chairman determining the outcome of anytie vote. Benefits upon Termination of Employment There are no contracts providing benefits to directors upon termination of employment.
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Table of Contents 82 Executive Committee Our board of directors is counseled by an Executive Committee that proposes Company policies and is currently comprised by thefollowing Directors: Mr. Eduardo Chadwick Claro, Mr. José Antonio Garcés Silva (junior), Mr. Juan Claro González, and Mr. SalvadorSaid Somavía, who were elected during the ordinary Board Meeting held on April 30, 2024. The Executive Committee is also comprisedby the Chairman of the Board, Mr. Gonzalo Said Handal and our chief executive officer. This committee meets permanently throughoutthe year and normally holds one or two monthly sessions. Directors’ Committee Pursuant to Article 50 bis of Chilean Company Law N°18,046 and in accordance with the dispositions of Circular N°1,956 of theFinancial Market Commission (Comisión para el Mercado Financiero – “CMF”) a new Directors’ Committee was elected during theBoard Meeting held on April 30, 2024, applying the same election criteria set forth by Circular N°1,956. The directors Mr. DomingoCruzat Amunátegui, Mr. Gonzalo Parot Palma and Mr. Juan Gerardo Jofré Miranda (all as Independent Directors), comprised theCommittee. Mr. Gonzalo Parot Palma is the Chairman of the Company’s Directors’ Committee. The duties performed by this Committee during 2025, following the same categorization of faculties and responsibilities establishedby Article 50 bis of Law N°18,046, were the following: ● Subject to the duties of the Audit Committee, examine the reports of external auditors, the balance sheets and other financialstatements, presented by the administrators of the Company, and take a position on such reports before they were presented tothe board of directors and shareholders for their approval. ● Subject to the duties of the Audit Committee, analyze and prepare proposal of external auditors and private risk rating agenciesto the Board of Directors, which were suggested to the respective shareholders’ meeting. ● Examine background information regarding the operations referred to by Title XVI of Law N°18,046 (related parties’transactions) and issue a report on those operations. The details of these transactions are available in accordance with GeneralRegulation No. 501. ● Examine the salary systems and compensation plans of the Company’s managers, executive officers and employees. ● Review anonymous reports. ● Subject to the duties of the Audit Committee, review and approve the 20F and compliance with Section 404 of the Sarbanes-Oxley Act. ● Prepare the budget proposal for the Committee’s operation. ● Review internal audit reports. ● Subject to the duties of the Audit Committee, periodically interview the Company’s external auditors’ representatives. ● Review operating budget between related companies (production joint ventures). ● Review corporate insurances. ● Review and approve press releases that refer to the Company’s communications. ● Review the Company’s four operations’ internal control standards, including critical risks in accounting processes, complianceof corporate policies, tax contingencies and status of internal and external audit observations. ● Analyze risk management model. ● Review Crime Prevention Model. ● Review advances in Cybersecurity and IT.
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Table of Contents 83 ● Review judicial procedures and contingency analysis. ● Review tax status. ● Authorization of non-prohibited services. ● Analysis of impairment test. ● Review of “Oficio CMF”. ● Prepare the Annual Management Report and Agenda. Audit Committee In accordance with NYSE and SEC requirements, the Board of Directors established an Audit Committee on July 26, 2005. Thecurrent Audit Committee was elected during the Board Meeting held on April 30, 2024. The Committee is comprised of the directors Mr.Domingo Cruzat Amunátegui, Mr. Gonzalo Parot Palma, and Mr. Juan Gerardo Jofré Miranda, all of whom have been determined by thefull Board to fulfill the independence standards set forth in Rule 10A-3 of the U.S. Exchange Act and applicable NYSE rules. The Boardof Directors determined that Mr. Parot Palma qualifies as the audit committee financial expert in accordance with the definitions of theSEC. The resolutions, agreements and organization of the Audit Committee are governed by the rules relating to Board Meetings and to theCompany’s Directors’ Committee. Since its creation, the sessions of the Audit Committee have been held with the Directors’ Committeesince some of the functions are very similar and the members of both of these Committees are the same. The Audit Committee Charter, which is available on our website: www.koandina.com, defines the duties and responsibilities of thisCommittee. The Audit Committee is responsible for analyzing the Company’s financial statements; supporting the financial supervisionand rendering of accounts; ensuring management’s development of reliable internal controls; ensuring compliance by the auditdepartment and external auditors of their respective roles; and reviewing auditing practices. Culture, Ethics & Sustainability Committee The Culture, Ethics and Sustainability Committee was established during the Board Meeting held on January 28, 2014. ThisCommittee is comprised of four directors, who are appointed by the Board of Directors and will occupy their posts until their successorsare elected, or until resignation or dismissal. The current members of the Culture, Ethics and Sustainability Committee are Mr. JoséAntonio Garcés Silva, Mr. Eduardo Chadwick Claro, and Mrs. Jacqueline Saquel. In addition, the Chairman of the Board (Gonzalo Said)also participates in this Committee. Governance, Compliance and Integrity Committee The Governance, Compliance and Integrity Committee was established during the Board Meeting held on May 28, 2024. ThisCommittee is comprised of three directors, who have been appointed by the Board of Directors and will occupy their posts until theirsuccessors are elected, or until resignation or dismissal. The current members of the Governance, Compliance and Integrity Committeeare Mr. José Antonio Garcés Silva, Mr. Gonzalo Said Handal, and Mrs. Carmen Román Arancibia. Digital Transformation Committee The Digital Transformation Committee was established during the Board Meeting held on June 25, 2024. This Committee iscomprised by three directors, who are appointed by the Board of Directors and will occupy their posts until their successors are elected, oruntil resignation or dismissal. The current members of the Digital Transformation Committee are Mr. José Antonio Garcés Silva, Mr.Gonzalo Said Handal, and Mrs. Francisca Yáñez Castillo.
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Table of Contents 84 D. EMPLOYEES Overview As of December 31, 2025, we had 20,858 employees (full time equivalent), including 5,047 in Chile (3,733 own and 1,314outsourced), 9,565 in Brazil (9,155 own and 410 outsourced), 3,488 in Argentina (3,414 own and 74 outsourced) and 1,772 in Paraguay(1,224 own and 548 outsourced). From these employees, 962 were temporary employees in Chile, 458 were temporary employees inArgentina, 0 were temporary in Brazil and 218 were temporary employees in Paraguay. During the South American Summer, it iscustomary for us to increase the number of employees in order to meet peak demand. Additionally, in Vital Jugos, Vital Aguas, ECSA andRe-Ciclar we had 398, 118, 319 and 98 employees, respectively, for a total aggregate amount of 933 employees for those four companies.Additionally, the corporate office had 52 employees. As of December 31, 2025, 2,020, 1,101, 2,289 and 402 of our employees in Andina Chile, Brazil, Argentina and Paraguay,respectively, were members of unions. 376 of our employees in Vital Jugos, Vital Aguas and ECSA were members of unions. Management believes that the Company has good relations with its employees. The following table represents a breakdown of our employees for the years ended December 31, 2024 and 2025: 2024 Chile(1) Brazil Argentina(2) Paraguay Total Union Non-Union Total Union Non-Union Total Union Non-Union Total Union Non-Union Executives 48 0 48 7 0 7 97 0 97 43 0 43Technicians and professionals 753 92 661 1,429 135 1,294 877 11 866 224 26 198 Workers 3,353 2,026 1,328 7,869 1,030 6,839 1,993 1,869 124 1,267 359 907 Temporary workers 914 0 914 0 0 0 536 417 119 210 0 210Total 5,068 2,118 2,950 9,305 1,165 8,140 3,503 2,297 1,207 1,743 385 1,358 2025 Chile(1) Brazil Argentina(2) Paraguay Total Union Non-Union Total Union Non-Union Total Union Non-Union Total Union Non-Union Executives 53 0 53 7 0 7 100 0 100 45 0 45 Technicians and professionals 763 57 706 1,595 136 1,459 895 11 884 230 23 207 Workers 3,269 1,962 1,307 7,963 965 6,998 2,035 1,911 124 1,279 379 900Temporary workers 962 1 961 0 0 0 458 367 91 218 0 218 Total 5,047 2,020 3,027 9,565 1,101 8,464 3,488 2,289 1,199 1,772 402 1,370 2024 Vital Aguas/Vital Jugos/Envases Central Re-Ciclar Total Union Non-Union Total Union Non-Union Executives 9 0 9 2 0 2Technicians and professionals 154 101 53 17 0 17Workers 349 312 37 21 0 21Temporary workers 266 0 266 15 0 15Total 778 413 365 55 0 55 2025 Vital Aguas/Vital Jugos/Envases Central Re-Ciclar Total Union Non-Union Total Union Non-Union Executives 10 0 10 2 0 2Technicians and professionals 219 117 102 27 10 17Workers 329 259 70 33 33 0 Temporary workers 277 0 277 5 0 5Total 835 376 459 67 43 24 (1) Information for Chile includes only Andina Chile. (2) Argentina includes AEASA. Note: The number of employees is calculated as equivalent to full time hours, which means that extraordinary hours are considered asadditional employees. Totals may not sum due to rounding.
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Table of Contents 85 Chile In Chile, we have continued with the severance indemnity provision that employees are entitled to according to collective bargainingagreements and current legislation, which grants all employees one month per year of service with certain limits. Additionally, we benefitour employees with a contribution to a supplementary health insurance system in addition to that paid by the worker, which contributes toreducing the health costs of their families. On the other hand, employees are required to contribute funds to finance their retirementpensions. These pension funds are mostly managed by private entities. In Chile, 66,47% of employees with indefinite employment contracts are affiliated with a labor union organization, with a total of 12labor unions organizations and a total of 17 collective bargaining agreements. Brazil In Brazil, 11.51% of our employees are members of labor unions. Collective bargaining agreements are negotiated on an industry-wide basis, although companies can negotiate special terms for their affiliates that apply to all employees in each jurisdiction wherecompanies have a plant. Collective bargaining agreements are generally binding for one year. With respect to Andina Brazil, there are 35 collective bargaining agreements in force as of December 31, 2025. The agreements do not require us to increase wages on a collective basis. Selected increases were granted, however, according toinflation. We provide benefits to our employees according to the relevant legislation and to the collective bargaining agreements. AndinaBrazil experienced its most recent work stoppages in December 2014, for three days organized by the drivers of internal buses in theEspírito Santo operation. However, as this operation no longer uses internal buses, such work stoppages are not expected to occur in thefuture. Argentina In Argentina, 66.2% of EDASA’s employees are parties to collective bargaining agreements and are represented by local workers’unions associated with a national federation of unions. The Argentine Chamber of Non-Alcoholic Beverages of the Argentine Republic(Cámara Argentina de Industria de Bebidas sin Alcohol de la República Argentina) (the “Chamber”) and the Argentine WorkersFederation of Carbonated Water (Federación Argentina de Trabajadores de Aguas Gaseosas) (the “Federation”) are parties to a collectivebargaining agreement that began July 29, 2008. Historically, the Federation and the Chamber convened once a year to discuss salaryconditions for the upcoming year. However, due to the lower inflation rates recorded in Argentina in 2025, the Chamber and theFederation reached two wage agreements: the first covering salaries from January to July 2025 and the second covering salaries fromAugust to December of the same year. Argentine law requires severance payments upon dismissal without cause in an amount at least equal to an average of one-month’swages for each year of employment or a fraction thereof if employed longer than three months. Severance payments are subject tomaximum and minimum amounts fixed by legislations and jurisprudence of the Justice Supreme Court of Argentina. On December 13, 2019, a public emergency in occupational matters was declared, which was in force throughout 2021.Consequently, during this period in the event of an employee’s dismissal without just cause, the employees shall be entitled to receivedouble the compensation referred to in the preceding paragraph. Along with this, on March 31, 2020, by means of a Decree of Need andUrgency, the national government banned dismissals without just cause and on the grounds of lack or decrease in labor and force majeure.This measure was originally valid for 90 days, but then had successive extensions, such that the measure was in force throughout 2021,but not in the subsequent years (2022 to 2025). All employee contributions are made to the state social security system. Most of the health system in the Argentine territory is run bythe unions through contributions from employees within the Collective Work Agreements (CCT — Convenios Colectivos de Trabajo). Paraguay In Paraguay, 23% of PARESA’s employees are members of labor unions. Collective bargaining agreements are negotiated with thecompany (Coca-Cola Paresa Paraguay). Unions can negotiate special terms for their members, which are applicable to all employees.Collective bargaining agreements generally have a two year term of duration.
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Table of Contents 86 E. SHARE OWNERSHIP The following table sets forth the amount and percentage of our shares beneficially owned by our directors and executive officers asof December 31, 2025. Series A Series B Beneficial Direct Indirect Beneficial Direct Indirect Owner % Class Owner % Class Owner % Class Owner % Class Owner % Class Owner % Class Shareholder José Antonio Garcés Silva — — — — 65,487,786 13.84 — — 49,600 0.01 12,978,583 2.75Salvador Said Somavía — — — — 65,487,786 13.84 — — — — 36,950,863 7.81 Gonzalo Said Handal — — — — 65,489,786 13.84 — — — — 25,214,463 5.32 Eduardo ChadwickClaro — — — — 65,963,602 13.93 — — — — 33,750,471 7.13 F. DISCLOSURE OF REGISTRANT’S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION [RESERVED] ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS A. MAJOR SHAREHOLDERS The following table sets forth certain information concerning beneficial ownership of our capital stock with respect to the principalshareholders known to us who maintain at least a 5% beneficial ownership in our shares and with respect to all of our directors andexecutive officers as a group as of December 31, 2025: Series A Series B Shareholder Shares % Class Shares % Class Controlling shareholders(1) 262,428,986 55.45 108,894,380 23.0The Bank of New York Mellon(2) 2,955,078 0.62 17,967,750 3.80The Coca-Cola Company, directly or through subsidiaries 69,348,241 14.65 — —AFPs as a group (Chilean pension funds) 43,855,216 9.27 37,531,390 7.93International Shareholders 17,713,024 3.74 138,092,926 29.18Executive officers as a group — — — —Directors as a group(3) 262,428,986 55.45 108,894,380 23.0 (1) For further information of our controlling shareholders, see below. (2) Acting as Depositary for ADRs. (3) Represents shares held directly and indirectly by Mr. Gonzalo Said Handal, Mr. José Antonio Garcés Silva (junior), Mr. Salvador Said Somavía andMr. Eduardo Chadwick Claro. As of December 31, 2025, approximately 95.94% of our Series A shares and 67.02% of our Series B shares are held in Chile. It is notpracticable for us to determine the number of record holders in Chile. Our controlling shareholders are: Inversiones SH Limitada (controlled by family Said Handal), Inversiones Cabildo SpA (controlledby the Said Somavía family), Inversiones Nueva Delta S.A. (controlled by the Garcés Silva family), Inversiones Don Alfonso Limitada(controlled by María de la Luz Chadwick Hurtado), Inversiones El Campanario Limitada (controlled by Josefina Dittborn Chadwick andJulio Dittborn Chadwick), Inversiones Los Robles Limitada (controlled by Felipe Tomás Cruzat, Carolina María Errázuriz Chadwick andMaría Carolina Chadwick Claro), Inversiones Las Niñas Dos SpA (controlled by Eduardo Chadwick Claro).
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Table of Contents 87 Below is a summary of the members of our controlling shareholders or their related persons and the number of shares and percentagethey hold in Andina (including series A and series B shares): Controlling Shareholder Entity Series A Series B Inversiones SH Limitada 65,489,786 25,164,863Total of shares percentage of Andina: 13.84% 5.31%Inversiones Cabildo SpA 65,487,786 36,950,863 Total of shares percentage of Andina: 13.84% 7.82%Inversiones Nueva Delta S.A. 62,502,055 —Inversiones Nueva Sofía Limitada 2,985,731 12,978,583José Antonio Garcés Silva — 49,600Total of shares percentage of Andina: 13.84% 2.75% Inversiones El Campanario Limitada 16,475,069 10,174,594Inversiones Los Robles Limitada 16,475,069 10,012,029Inversiones Las Niñas Dos SpA 16,538,395 5,126,992Inversiones Don Alfonso Limitada 16,475,069 3,975,928Inversiones Las Niñas Limitada — 4,460,928Total of shares percentage of Andina: 13.94% 7.13% (1) Inversiones SH Limitada is controlled by the Said Handal family. The family members are: Gonzalo, Bárbara, Marisol and Cristina Said Handal. (2) Inversiones Cabildo SpA is controlled by the Said Somavía family. The family members are: Isabel Margarita Somavía Dittborn and Salvador,Isabel, Constanza and Loreto Said Somavía. (3) Inversiones Nueva Delta S.A. and Inversiones Nueva Sofía Limitada are controlled by the Garcés Silva family. The family members are: JoséAntonio Garcés Silva (Sr.), María Teresa Silva Silva and María Teresa, María Paz, José Antonio (Jr.), Matías Alberto and Andrés Sergio GarcésSilva. (4) Inversiones Don Alfonso Limitada is controlled by María de la Luz Chadwick Hurtado; Inversiones El Campanario Limitada is controlled byJosefina Dittborn Chadwick and Julio Dittborn Chadwick; Inversiones Los Robles Limitada is controlled by Felipe Tomás Cruzat, Carolina María Errázuriz Chadwick and María Carolina Chadwick Claro; and Inversiones Las Niñas Dos SpA is controlled by Inversiones Las Niñas Limitada,company owned by Eduardo Chadwick Claro. Our controlling shareholders act pursuant to a shareholders’ agreement that establishes that this group will exercise joint control inorder to ensure a majority vote at shareholders’ meetings and board meetings. Our controlling shareholders pass resolutions with thesimply majority approval except with respect to the following matters, which require a unanimous decision: ● carrying out of new business activities different from our current line of business (unless related to “ready to drink products” orCoca-Cola products); ● amendment of the number of our directors; ● issuances of new shares; ● spin-offs or mergers; ● capital increases (subject to certain indebtedness thresholds); and ● the joint acquisition of our Series A shares. In connection with The Coca-Cola Company’s investment in us, The Coca-Cola Company and our controlling shareholders enteredinto a Shareholders’ Agreement dated September 5, 1996, as amended (the “Amended and Restated Shareholders Agreement orShareholders’ Agreement”, included as exhibit to this annual report), providing for certain restrictions on the transfer of shares of ourcapital stock by the Coca-Cola Shareholders and our controlling shareholders. Specifically, our controlling shareholders are restrictedfrom transferring their Series A shares without the prior authorization of The Coca-Cola Company. The Shareholders’ Agreement alsoprovides for certain corporate governance matters, including the right of the Coca-Cola shareholders to elect two members of our board ofdirectors as long as The Coca-Cola Company and its subsidiaries collectively own, in aggregate, a certain percentage of the Series Ashares. In addition, in related agreements, our controlling shareholders granted The Coca-Cola Company an option, exercisable upon theoccurrence of certain changes in the beneficial ownership of the controlling shareholders, to acquire 100% of the Series A shares held byour controlling shareholders at a price and in accordance with procedures established in such agreements.
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Table of Contents 88 B. RELATED PARTY TRANSACTIONS In the ordinary course of our business, we engage in a variety of transactions with certain of our affiliates and related parties.Financial information concerning these transactions is set forth in note 12.3 to our consolidated financial statements and were carried outunder the following conditions: (i) they were previously approved by the Company’s Board of Directors, with the abstention of thedirector involved in the corresponding case; (ii) the purpose of these transactions was to contribute to the Company’s interest; and(iii) they were consistent with prevailing market price, terms and conditions at the time of their approval. Our Directors’ Committee isresponsible for evaluating transactions with related parties and for reporting these transactions to the full board of directors. See “Item 6.Directors, Senior Management and Employees—Directors’ Committee.” Our management believes, to the best of its knowledge, that it has complied in all material respects with the Chilean Public Companylaw regarding to the transactions with related parties in effect as of December 31, 2025. There can be no assurance, however, that theseregulations will not be modified in the future. C. INTERESTS OF EXPERTS AND COUNSEL Not applicable. ITEM 8. FINANCIAL INFORMATION A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION See “Item 18 - Financial Statements” for our consolidated financial statements filed as part of this annual report. Contingencies We are party to certain legal proceedings that have arisen during the normal course of business, and we believe none of them arelikely to have a material adverse effect on our financial condition. In accordance with accounting principles, the provisions regardinglegal proceedings and other contingencies must be recorded if such procedures or contingencies are reasonably probable to be resolvedagainst the Company and it is probable that an outflow of economic benefits will be required to settle the corresponding obligation, and areliable estimate can be made of the amount of such obligation. The following table represents accounting provisions made as of December 31, 2024 and 2025, for probable loss contingenciesstemming from labor, tax, commercial and other litigation faced by our Company: For the year ended December 31, 2024 2025 Million Ch$ Chile 1,473 2,379Brazil 53,001 54,679Argentina 722 699Paraguay 50 54 Total 55,246 57,811 For more details, see note 23 of our consolidated financial statements included herein. Dividend Policy The declaration and payment of dividends are determined, subject to the limitations set forth below, by the affirmative vote of amajority of our shareholders at a general shareholders’ meeting, based upon the recommendation of our board of directors. At our annual general shareholders’ meeting, our board of directors submits our annual financial statements for the precedingfiscal year together with reports prepared by our Audit Committee for approval by our shareholders. Once our shareholders have approvedour annual financial statements, they determine the allocation of our net income, after provision for income taxes and legal reserves forthe preceding year and considering the accumulation of losses from prior periods. All shares of our capital stock outstanding at the time adividend or other distribution is declared are entitled to share equally in that dividend or other distribution, except that holders of ourSeries B shares are entitled to a dividend 10% greater than any dividend on Series A shares.
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Table of Contents 89 Pursuant to Chilean law, we must distribute cash dividends equal to at least 30% of our annual net income, calculated in accordancewith IFRS. If we do not record any net income in a given year, we are not legally required to distribute dividends from accumulatedearnings. At the general shareholders’ meeting to be held on April 16, 2026, we expect our shareholders to approve a distribution ofdividends. During 2023, 2024 and 2025, our respective general shareholders’ meetings approved additional dividend payments to be paid fromretained earnings, given our significant cash generation. These additional dividend payments for 2023, 2024 and 2025 are not indicativeof whether or not additional dividend payments will be made in any future period. The following table sets forth the amount in Chilean pesos of dividends declared and paid per share each year and the U.S. dollaramounts paid to shareholders (each ADR represents six shares), on each of the respective payment dates: Aggregate Amount Dividend Fiscal year with of Dividends Declared Approval Dividend respect to which and Paid Series A Series B Date payment Date dividend was declared (Ch$ millions) Ch$ per share US$ per share Ch$ per share US$ per share 11-25-2025 12-18-2025 2025 19,878 20.00 0.02180 22.00 0.0239809-30-2025 10-23-2025 2025 34,786 35.00 0.03682 38.50 0.0405112-19-2024 01-31-2025 2024 14,014 141.00 0.14229 155.10 0.1565209-25-2024 10-25-2024 2024 31,805 32.00 0.03385 35.20 0.0372407-31-2024 08-14-2024 2024 31,805 32.00 0.03432 35.20 0.0377604-25-2024 05-30-2024 Accumulated earnings 29,817 30.00 0.03305 33.00 0.0363604-25-2024 05-23-2024 2023 31,805 32.00 0.03537 35.20 0.0389112-28-2023 01-25-2024 2023 31,805 32.00 0.03522 35.20 0.0387409-27-2023 10-26-2023 2023 28,823 29.00 0.03091 31.90 0.0340007-25-2023 08-25-2023 2023 28,823 29.00 0.03393 31.90 0.0373204-20-2023 05-26-2023 Accumulated earnings 49,695 50.00 0.06179 55.00 0.0679704-20-2023 05-09-2023 2022 28,823 29.00 0.03655 31.90 0.0402112-27-2022 01-27-2023 2022 28,823 29.00 0.03613 31.90 0.0397509-27-2022 10-28-2022 2022 28,823 29.00 0.03068 31.90 0.0337507-26-2022 08-26-2022 2022 28,823 29.00 0.03187 31.90 0.0350504-13-2022 04-26-2022 Accumulated earnings 187,847 189.00 0.22213 207.90 0.2443412-21-2021 01-28-2022 2021 28,823 29.00 0.03629 31.90 0.03992 B. SIGNIFICANT CHANGES We are not aware of any changes bearing upon our financial condition since the date of the financial statements included in thisannual report. ITEM 9. THE OFFER AND LISTING A. OFFER AND LISTING DETAILS Our common shares are listed and traded on the Santiago Stock Exchange and on the Bolsa Electrónica de Chile (the ChileanElectronic Stock Exchange). Also, our common shares have been traded in the United States on the New York Stock Exchange (“NYSE”) since July 14, 1994 inthe form of ADRs, which represent six common shares each. The Depositary for the ADRs is The Bank of New York Mellon Corporation. The total number of registered ADR holders we had at December 31, 2025 was 29 (22 in the Series A ADRs and 7 in the Series BADRs). As of that date the ADRs represented 2.21% of the total number of our issued and outstanding shares. On December 31, 2025, theclosing price for the Series A shares on the Santiago Stock Exchange was Ch$3,600,00 per share (US$ 23.30 per Series A ADR) andCh$4,220.00.00 for the Series B shares (US$ 27.900 per Series B ADR). As of December 31, 2025, there were 492,513 Series A ADRs(equivalent to 2,955,078 Series A shares) and 2,994,625 Series B ADRs (equivalent to 17,967,750 Series B shares). Trading activity on the Santiago Stock Exchange is on average substantially less than that on the principal national securitiesexchanges in the United States.
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Table of Contents 90 Other than as previously discussed in “Item 7 - Major Shareholders”, we are not aware of any other existing contracts or documentsthat impose material limitations or qualifications on the rights of shareholders of our listed securities. B. PLAN OF DISTRIBUTION Not applicable. C. MARKETS See “Item 9. The Offer and Listing—A. Offer and Listing Details.” D. SELLING SHAREHOLDERS Not applicable. E. DILUTION Not applicable. ITEM 10. ADDITIONAL INFORMATION A. SHARE CAPITAL Not applicable. B. MEMORANDUM AND ARTICLES OF ASSOCIATION Our bylaws (“Estatutos”) are included as an exhibit to this annual report, and are also available on our website www.koandina.com,under Corporate Governance/Key Policies and Principles. The following is a summary of the material provisions of our bylaws. The lastamendment of our bylaws was approved on July 12, 2012. Organization We are a publicly held company and were incorporated on February 7, 1946. Our legal domicile is the city of Santiago, Chile,notwithstanding the special domiciles of offices, agencies or branches that are established in the country as well as abroad. Our duration isindefinite. Purposes Our corporate purposes are to execute and develop the following: ● Develop one or more industrial establishments dedicated to the business, operations and activities to manufacture, produce,transform, bottle, can, distribute, transport, import, export, purchase, sell and market in general, in any form and in any way, anytype of food product and in particular any type of mineral water, juice, beverage and drink in general or other similar products,and raw materials or semi-finished materials used in such activities and/or products complementary or related to the precedingbusinesses and activities; ● Develop one or more agricultural or agro industrial establishments and farmland dedicated to the business, operations anddevelopment of agricultural activities and agro industry in general; ● Produce, transform, distribute, transport, import, export, purchase, sell and market in general, in any form and in any way, anytype of agricultural products and/or agro industrial products and raw materials, or semi-finished materials used in such activities,and/or products complementary or related to the preceding activities; ● Manufacture, distribute, transport, import, export, purchase, sell and market in general, in any form and in any way, any type ofcontainer; and execute and develop any type of material recycling process and activity; ● Accept from and/or grant the representation of trademarks, products and/or licenses related to such businesses, activities,operations and products to national or foreign companies;
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Table of Contents 91 ● Provide any type of service and/or technical assistance in any way related to the goods, products, businesses and activitiesreferred to in the preceding letters; ● Invest cash surplus, even in the capital market; and ● In general, undertake all other businesses and activities supplementary or linked to the above mentioned operations. We may execute our objectives directly or by participating as a partner or shareholder in other companies or by acquiring rights orinterests in any other type of association related to the aforementioned activities. Voting Rights Our capital equity is divided into Series A shares and Series B shares, both preferred and with no par value, whose features, rights andprivileges are the following: ● The preference of Series A shares consists solely of the right to elect twelve out of the fourteen board members of the Company.Series A shares are entitled to full voting rights without limitations. ● The preference of Series B shares consists solely of the right to receive all and any of the per share dividends we may distribute,whether temporary, definitive, minimum mandatory, additional, or eventual, increased by 10%. Series B shares are entitled to alimited voting right, voting only with respect to the election of two board members for the Company. ● The preferences of Series A and B shares will remain in effect through December 31, 2130. Once this period has expired,Series A and B will be eliminated and the shares which comprise them shall automatically become common shares without anypreferences whatsoever, therefore eliminating the division of shares into series. Board of Directors and Shareholder Meetings The members of the board of Directors are proposed and elected every three years during the annual general shareholders’ meeting.Separate voting of the Series A and Series B shareholder elect board members. As mentioned, Series A shares elect twelve directors, andSeries B shares elect two Directors. Board members are elected by separate voting at Series A and Series B shareholders’ meeting and will hold their offices forthree years with the possibility to be re-elected for an indefinite number of periods. Even though we have not established a formal processthat allows our shareholders to communicate with the directors, shareholders desiring to do so may share their opinions, considerations orrecommendations before or during the corresponding shareholders’ meeting which will be heard and attended by the Chairman of theBoard, or by the Chief Executive Officer, as the case may be, and any such recommendations will be submitted for resolution by theshareholders in attendance during the meeting. Regular general shareholders’ meetings are held once a year within the first four months following the date of the annual balancesheet. We prepare a balance sheet annually on our operations as of December 31, which is presented together with the profit and lossstatement, the report by the auditors and annual report to the respective shareholders’ meeting. The board makes available a copy of thebalance sheet, annual report, report by the auditors and respective notes to each of the shareholders registered in the registry no later thanby the date the first summons is published. Special shareholders’ meetings may be held at any time according to corporate needs and todiscuss and decide upon any matter within the competence thereof, provided it is indicated in the summons. Being a shareholder of theCompany is the only condition for entry to a shareholder’s meeting. C. MATERIAL CONTRACTS See “Item 4. Information on the Company - Bottler Agreements and Item 5. Operating and Financial Review and Prospects -Summary of Significant Debt Instruments”. D. EXCHANGE CONTROLS Foreign Investment and Exchange Controls in Chile The Central Bank of Chile (“BCCh”) is responsible for, among other matters, setting monetary policies and regulating foreignexchange operations.
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Table of Contents 92 As of January 1, 2026, the new Compendio de Normas de Cambios Internacionales (“CNCI”) entered into force, replacing theprevious framework. The CNCI consolidates and modernizes the rules applicable to international exchange transactions, maintaining theprinciple of exchange freedom while establishing updated requirements for reporting and channeling operations through the MercadoCambiario Formal (“MCF”). The purpose of these amendments, as declared by the BCCh, is to facilitate the capital flows into and out ofChile, foster foreign investment and strengthen transparency in the balance of payments. Equity investments in Chile (including stock purchases) by non-resident persons or entities must comply with the reporting andchanneling requirements established in the CNCI. Any foreign individual or legal entity, as well as Chileans with residence abroad, may invest in Chile under the general regime ofexchange freedom, provided that transactions are reported to the BCCh when required and conducted through the MCF when applicable. Under the CNCI, foreign investors are no longer required to obtain special certificates or contracts (such as the former ForeignInvestment Contract or Chapter XIV authorizations). Instead, they must comply with standardized reporting obligations through theIntegrated Information System (SICAM), which centralizes the submission of data on cross-border transactions. Issuances of ADRs by Chilean corporations are now treated as ordinary foreign investments. They do not require prior approval fromthe BCCh, but they must be reported in accordance with CNCI rules. Funds related to ADR transactions, dividends, or share sales must bechanneled through the MCF when entering or leaving the country. Repatriation of amounts received with respect to shares, ADRs, or other securities—including dividends, sale proceeds, liquidationdistributions, or capital reductions—must be carried out through the MCF and reported to the BCCh under the CNCI. Access to foreign currency through the MCF is guaranteed under the CNCI framework, provided that the relevant reportingobligations are met. Unlike the previous regime, FEM access is no longer subject to individual contracts with the BCCh, but rather tocompliance with general rules applicable to all investors. The CNCI establishes that the BCCh cannot unilaterally restrict exchange freedom, but it retains the authority to impose reportingobligations and channeling requirements. E. TAXATION Tax Considerations Relating to Equity Securities Chilean Tax Considerations. The following discussion summarizes the material Chilean income tax consequences of an investment in Andina’s stock or ADRs byan individual who is not domiciled or resident in Chile or a legal entity that is not organized under the laws of Chile and does not have apermanent establishment in Chile (“foreign holder”). This analysis is based on the Chilean Income Tax Law currently in force and on theapplicable administrative jurisprudence, including Ruling No. 324 dated January 29, 1990 issued by the Chilean Internal Revenue Service(“SII”), as well as on the current income tax treaty between Chile and the United States (the “Treaty”), together with other applicableregulations and rules that are subject to change without prior notice The discussion is not intended as tax advice to any particular investor,which can be rendered only in light of that investor’s particular tax situation. Each investor or potential investor is encouraged to seekindependent tax advice with respect to consequences of investing in Andina’s stock or ADRs. Dividends Dividend distributions to investors who are natural or legal persons residing or domiciled abroad are subject to an additionalwithholding tax of 35%, with the right to a corporate income tax credit for the corporate tax (First Category Tax, currently at a rate of27%) paid by Andina. Shareholders can claim a credit for 100% of the corporate tax if they are resident in a country that has a doubletaxation treaty with Chile, and only 65% of the corporate tax if they are resident in a country without such a treaty. The treaty to avoiddouble taxation between Chile and the United States came into force in December 2023; therefore, dividends paid by Andina to ashareholder resident in the United States are subject to a withholding tax of 35% minus a credit for 100% of the corporate tax (currently ata rate of 27%) paid by Andina.
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Table of Contents 93 Distributions made to investors residing or domiciled in Chile are taxed by personal taxes (“Supplementary Global Tax”) which haveprogressive rates ranging from 0% to 40%. The tax credit limitation also applies to these investors; thus, they are taxed with an additionaltax (“debit”) equivalent to 35% of the corporate tax credit. Capital Gains Profits recognized from the sale or exchange of ADRs by a foreign holder made outside Chile are not subject to Chilean taxation.Capital gains generated by the sale of shares on the stock exchange are subject, as a general rule, to a 10% capital gains tax. This tax doesnot apply if the shareholder is resident in the United States and the conditions established in Article 13, No. 6, letters b) and c) of theTreaty are met. Essentially, these conditions are met when the shares are sold by an institutional investor on a Chilean stock exchange oranother type of investor on a stock exchange (recognized by Chile or the United States, as applicable) or in a public share offering, insofaras, in the latter case, the shares have been acquired on a Chilean stock exchange, in a public share offering, in a placement of shares froma first issue or in an exchange of bonds convertible into shares. The tax cost of the shares of common stock received in exchange for ADRs (“conversion”) is determined in accordance with thevaluation procedure established in the Deposit Agreement, which values the common shares at the highest sale price recorded on theSantiago Stock Exchange on the date the common shares are withdrawn. Accordingly, the conversion of ADRs into common shares, andthe immediate sale of such shares at the value established pursuant to the Deposit Agreement, does not generate a capital gain subject totaxation in Chile. However, if the sale of the shares occurs on a day different from the date on which the conversion is recorded, theresulting capital gain may be subject to taxation in Chile. With respect to this matter, on October 1, 1999, the SII issued Ruling No. 3,708,through which it allowed Chilean issuers of ADRs to amend their deposit agreements to include a clause providing that, if the exchangedshares are sold by ADR holders on the Santiago Stock Exchange, either on the same day the exchange is recorded or within the twobusiness days prior to such date, the acquisition price of such exchanged shares shall correspond to the price indicated on the invoiceissued by the securities broker involved in the sale transaction. Therefore, this modification is included in the Deposit Agreement, anycapital gain —that may be generated when the conversion date differs from the sale date— may not be subject to taxation, provided thatthe SII maintains this criterion and the taxpayer acts in good faith, which the taxpayer must demonstrate to the satisfaction of the authorityin the event of a challenge. The distribution and exercise of preemptive rights relating to the shares of common stock are not subject to taxation in Chile. Anycapital gain from the sale or assignment of preemptive rights will be subject to general taxation. The tax treaty to avoid double taxation between Chile and the United States The current income tax treaty between Chile and the United States entered into force in December 2023, and the following are amongits tax effects: ● The Treaty (art. 10) establishes maximum withholding tax rates on dividends of 5% or 15%, depending on the shareholder’slevel of ownership (a maximum rate of 5% applies if the beneficial owner holds 10% or more of the voting shares of thecompany paying the dividend, and a 15% rate applies in all other cases). This benefit provided under the Treaty will not beapplicable, in the case of Chile, for as long as Chile maintains its integrated tax system. Therefore, the withholding tax rate ondividends paid from Chile to a U.S. resident remains 35%, but with a credit for 100% of the 27% corporate tax paid by theChilean company. ● The entry into force of the Treaty does not have any effect on the exemptions applicable to capital gains derived from the sale ofADRs. In the case of the sale of shares issued by a Chilean company by a U.S. resident, if certain conditions are met, the Treatyprovides for exclusive taxing rights in the United States, including in the case of shares sold on a recognized stock exchange inChile or in a public offer regulated by law. Therefore, under the Treaty, the capital gain arising from the sale of such shares maybe exempt from taxation in Chile. Other Chilean Taxes The transfer of ADRs by a foreign holder is not subject to inheritance tax or donation tax. These taxes may only apply in case ofdonation or hereditary transfer of common shares. The issuance, registration or transfer of ADRs or common shares is not taxed with Stamp and Seal Tax or any other similar tax.
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Table of Contents 94 Withholding Tax Certificates Upon request, we will provide to foreign holders appropriate documentation evidencing the payment of Chilean withholding taxesapplied in Chile on earnings distributed to foreign holders. U.S. Federal Income Tax Considerations Relating to ADRs or Shares of Common Stock. The following discussion summarizes certain U.S. federal income tax consequences of an investment in ADRs or shares of commonstock. This discussion is based upon U.S. federal income tax laws presently in force. The discussion is not a full description of all taxconsiderations that may be relevant to a decision to purchase ADRs or shares of common stock. In particular, the discussion is directedonly to U.S. holders (as defined below) that hold ADRs or shares of common stock as capital assets, and it does not address the taxtreatment of holders that are subject to special tax rules under the Internal Revenue Code of 1986, as amended (the “Code”), such asfinancial institutions, regulated investment companies, real estate investment trusts, partnerships or other pass-through entities, dealers insecurities or currencies, traders in securities that elect to use a mark-to-market method of accounting for their securities holdings,insurance companies, tax-exempt entities, persons holding ADRs or shares of common stock as part of a hedging, integrated, conversionor constructive sale transaction or a straddle, holders that own or are deemed to own 10% or more of our shares (by vote or value),persons required to accelerate the recognition of any item of gross income with respect to ADRs or shares of common stock as a result ofsuch income being recognized on an applicable financial statement, persons liable for alternative minimum tax or persons whose“functional currency” is not the U.S. dollar. Furthermore, the discussion below is based upon the provisions of the Code and regulations,rulings and judicial decisions thereunder as of the date hereof, as well as the Treaty, and such authorities may be repealed, revoked ormodified so as to result in U.S. federal income tax consequences different from those discussed below. In addition, the discussion belowassumes that the Deposit Agreement, and all other related agreements, will be performed in accordance with their terms. If a partnershipholds ADRs or shares of common stock, the tax treatment of a partner will generally depend upon the status of the partner and theactivities of the partnership. Partners in a partnership holding ADRs or shares of common stock should consult their tax advisors. Thissummary does not contain a detailed description of all the U.S. federal income tax consequences to a holder in light of its particularcircumstances and does not address the Medicare tax on net investment income, U.S. federal estate and gift taxes or the effects of anystate, local or non-United States tax laws. Prospective purchasers should consult their tax advisors about the federal, state, local and foreign tax consequences to them of thepurchase, ownership and disposition of ADRs or shares of common stock. As used herein, the term “U.S. holder” means a beneficial owner of ADRs or shares of common stock that is (i) an individual U.S.citizen or resident, (ii) a corporation (or any other entity treated as a corporation for U.S. federal income tax purposes) created ororganized in or under the laws of the United States, any state thereof or the District of Columbia, (iii) an estate the income of which issubject to U.S. federal income taxation regardless of its source or (iv) a trust that: (a) is subject to the primary supervision of a courtwithin the United States and with respect to which one or more U.S. persons have the authority to control all substantial decisions of thetrust or (b) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person. If the obligations contemplated by the Deposit Agreement are performed in accordance with its terms, ADR holders generally will betreated for U.S. federal income tax purposes as the owners of the shares of common stock represented by those ADRs. Deposits orwithdrawals of shares of common stock by U.S. holders in exchange for ADRs will not result in the realization of gain or loss for U.S.federal income tax purposes. Cash Dividends and Other Distributions Cash distributions (including the amount of any Chilean taxes withheld) paid to U.S. holders with respect to the ADRs or shares ofcommon stock generally will be treated as dividend income to such U.S. holders, to the extent paid out of our current or accumulatedearnings and profits, as determined under U.S. federal income tax principles. Such income will be includable in the gross income of aU.S. holder as ordinary income on the day received by the Depositary, in the case of ADRs, or by the U.S. holder, in the case of shares ofcommon stock. The dividends will not be eligible for the dividends received deduction generally allowed to corporations under the Code.
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Table of Contents 95 Subject to applicable limitations (including a minimum holding period requirement), dividends received by non-corporate U.S.holders from a qualified foreign corporation may be treated as “qualified dividend income” that is subject to reduced rates of taxation. Aqualified foreign corporation includes a foreign corporation that is eligible for the benefits of a comprehensive income tax treaty with theUnited States which the U.S. Treasury Department determines to be satisfactory for these purposes and which includes an exchange ofinformation provision. The U.S. Treasury Department has determined that the Treaty meets these requirements, and we believe we areeligible for the benefits of the Treaty. A foreign corporation is also treated as a qualified foreign corporation with respect to dividends paidby that corporation on shares (or ADRs backed by such shares) that are readily tradable on an established securities market in the UnitedStates. U.S. Treasury Department guidance indicates that our ADRs (which are listed on the New York Stock Exchange), but not ourshares of common stock, are readily tradable on an established securities market in the United States. There also can be no assurance thatour ADRs will be considered readily tradable on an established securities market in the United States in later years. Non-corporate U.S.holders should consult their own tax advisors regarding the application of these rules given their particular circumstances. Dividends paid in Chilean pesos will be includable in income in a U.S. dollar amount based on the exchange rate in effect on the dayof receipt by the Depositary, in the case of ADRs, or by the U.S. holder, in the case of shares of common stock, regardless of whether theChilean pesos are converted into U.S. dollars. If the Chilean pesos received as dividends are not converted into U.S. dollars on the date ofreceipt, a U.S. holder will have a basis in the Chilean pesos equal to their U.S. dollar value on the date of receipt. Any gain or loss realizedon a subsequent conversion or other disposition of the Chilean pesos will be treated as U.S. source ordinary income or loss, regardless ofwhether the pesos are converted into U.S. dollars. Subject to certain conditions and limitations, including a minimum holding period requirement, any Chilean withholding tax (net ofany credit for the corporate income tax) paid by or for the account of any U.S. holder may be eligible for credit against the U.S. holder’sU.S. federal income tax liability. For purposes of calculating the foreign tax credit, dividends paid with respect to the ADRs or shares ofcommon stock will generally be foreign source income and will generally constitute passive category income. However, U.S. Treasuryregulations addressing foreign tax credits (the “Foreign Tax Credit Regulations”) impose additional requirements for foreign taxes to beeligible for a foreign tax credit if the relevant taxpayer does not elect to apply the benefits of an applicable income tax treaty, and therecan be no assurance that those requirements will be satisfied for a U.S. holder that does not elect to apply the benefits of the Treaty. TheTreasury and the U.S. Internal Revenue Service (the “IRS”) are considering proposing amendments to the Foreign Tax CreditRegulations. In addition, notices from the IRS provide temporary relief by allowing taxpayers that comply with applicable requirementsto apply many aspects of the foreign tax credit regulations as they previously existed (before the release of the current Foreign Tax CreditRegulations) for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief isissued (or any later date specified in such notice or other guidance). Instead of claiming a foreign tax credit, a U.S. holder may be able todeduct any Chilean withholding tax in computing its taxable income, subject to generally applicable limitations under U.S. law (includingthat a U.S. holder is not eligible for a deduction for otherwise creditable foreign income taxes paid or accrued in a taxable year if suchU.S. holder claims a foreign tax credit for any foreign income taxes paid or accrued in the same taxable year). The rules governing theforeign tax credit and deductions for foreign taxes are complex. Investors are urged to consult their tax advisors regarding the Foreign TaxCredit Regulations (and the related temporary relief in the IRS notices) and the availability of the foreign tax credit or a deduction undertheir particular circumstances. Distributions to U.S. holders of additional shares of common stock or preemptive rights with respect to shares of common stock thatare made as part of a pro rata distribution to all shareholders of the Company generally should not be subject to U.S. federal income tax. To the extent that the amount of any distribution exceeds our current and accumulated earnings and profits for a taxable year, asdetermined under U.S. federal income tax principles, the distribution will first be treated as a tax-free return of capital, causing a reductionin the adjusted basis of the ADRs or shares of common stock, and the balance in excess of adjusted basis will be taxed as capital gainrecognized on a sale or exchange. However, we do not expect to keep earnings and profits in accordance with U.S. federal income taxprinciples. Therefore, a U.S. holder should expect that a distribution will generally be reported and treated as a dividend (as discussedabove). Passive Foreign Investment Company We do not believe that we are, for U.S. federal income tax purposes, a passive foreign investment company (a “PFIC”) and expect tocontinue our operations in such a manner that we will not be a PFIC. If, however, we are or become a PFIC, U.S. holders could be subjectto additional U.S. federal income taxes on gain recognized with respect to the ADRs or shares of common stock and on certaindistributions, plus an interest charge on certain taxes treated as having been deferred by the U.S. holder under the PFIC rules of the U.S.federal income tax laws.
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Table of Contents 96 Non-corporate U.S. holders will not be eligible for reduced rates of taxation on any dividends received from us if we are a PFIC inthe taxable year in which such dividends are paid or in the preceding taxable year. Capital Gains U.S. holders that hold ADRs or shares of common stock as capital assets will recognize capital gain or loss for U.S. federal incometax purposes on the sale or other disposition of such ADRs or shares (or preemptive rights with respect to shares) held by the U.S. holderor the Depositary. Capital gains of non-corporate U.S. holders (including individuals) derived with respect to capital assets held for morethan one year are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations. Any gain or lossrecognized by a U.S. holder generally will be treated as U.S. source gain or loss. Consequently, in the case of a disposition of shares ofcommon stock or preemptive rights (which, unlike a disposition of ADRs, may be taxable in Chile), the U.S. holder may not be able touse a foreign tax credit for any Chilean tax imposed on the disposition unless such credit can be applied (subject to applicable limitations)against tax due on other income from foreign sources. However, pursuant to the Foreign Tax Credit Regulations, unless a U.S. holderelects to apply the benefits of the Treaty, any such Chilean tax would generally not be a foreign income tax eligible for a foreign tax credit(regardless of any other income that a U.S. holder may have that is from foreign sources). In such case, the non-creditable Chilean taxmay reduce the amount realized on the disposition of the shares or preemptive rights. As discussed above, however, notices from the IRSprovide temporary relief by allowing taxpayers that comply with applicable requirements to apply many aspects of the foreign tax creditregulations as they previously existed (before the release of the current Foreign Tax Credit Regulations) for taxable years ending beforethe date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such noticeor other guidance). If any Chilean tax is imposed upon the disposition of shares of common stock or preemptive rights and a U.S. holderapplies such temporary relief, such Chilean tax may be eligible for a foreign tax credit or deduction, subject to the applicable conditionsand limitations. Investors are urged to consult their tax advisors regarding the Foreign Tax Credit Regulations (and the related temporaryrelief in the IRS notices) and the availability of the foreign tax credit or a deduction under their particular circumstances. Information Reporting and Backup Withholding In general, information reporting requirements will apply to dividends in respect of ADRs or shares of common stock or the proceedsreceived on the sale, exchange, or other disposition of ADRs or shares of common stock paid within the United States (and in certaincases, outside of the United States) to U.S. holders other than certain exempt recipients. Likewise, a backup withholding tax may apply tosuch payments if the U.S. holder fails to provide an accurate taxpayer identification number and a certification that it is not subject tobackup withholding or fails to report interest and dividends required to be shown on its federal income tax returns. The amount of anybackup withholding from a payment to a U.S. holder will be allowed as a refund or a credit against the U.S. holder’s U.S. federal incometax liability, provided the required information is furnished to the IRS. F. DIVIDENDS AND PAYING AGENTS Not applicable. G. STATEMENT BY EXPERTS Not applicable. H. DOCUMENTS ON DISPLAY We are subject to the informational reporting requirements of the U.S. Securities Exchange Act of 1934, as amended, which requiresthat we file periodic reports and other information with the SEC. As a foreign private issuer, we file annual reports on Form 20-F asopposed to Form 10-K. We do not file quarterly reports on Form 10-Q but furnish quarterly reports and reports in relation to materialevents on Form 6-K. As a foreign private issuer, we are exempt from the rules under the U.S. Securities Exchange Act of 1934, asamended, prescribing the furnishing and content of proxy statements and short-swing profit disclosure and liability. You may read and copy all or any portion of the annual report or other information in our files in the SEC’s public reference room at100 F Street, N.E., Washington, D.C. 20549. You can also access to these documents through the SEC’s website at www.sec.gov, andaccess –and request– a hard copy of them through our corporate website www.koandina.com. You can also request copies of thesedocuments upon payment of a duplicating fee, by writing to the SEC. Please call the SEC at 1-800-SEC-0330 for further information onthe operation of the public reference rooms.
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Table of Contents 97 We also file reports with the Chilean Comisión para el Mercado Financiero (“CMF”). The documents referred to in this annual reportcan be inspected at Miraflores 9153, Piso 7, Renca, Santiago, Chile. I. SUBSIDIARY INFORMATION Not applicable. J. ANNUAL REPORT TO SECURITY HOLDERS Not applicable. ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The main sources of systematic risks that the Company is exposed to are: changes in interest rates and changes in currency exchangerates. Particularly, interest rates increase, and currency exchange rates depreciation may affect the Company financial strategy given thevarious currency denominated debt the Company currently holds. To protect the Company against market volatility, hedging policies havebeen set with the objective to regulate the use of financial derivatives by management. The use of these instruments had been strictlydesigned for hedging purposes, leaving out any speculation and trading use. Interest Rate Risk The Company’s debt is mainly denominated in UF (local inflation indexed Chilean currency), U.S. dollar fixed rate bond and CHFSwiss franc fixed rate bond. Bank debt represents a smaller proportion of the total debt and it’s denominated in various local currencies ineither fixed or variable rates. Given that the main portion of the debt is in fixed rate, the main risk is the interest rate increase at themoment of refinancing mature debt. On the other hand, our cash is invested in certain short-term securities mainly in fixed interest rate.
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Table of Contents 98 The following table provides information about the Company’s debt (bonds & bank debt) and short-term investments that haveexposure to changes in interest rates as of December 31, 2025. Expected Maturity Date Fair Value 2031 2026 2027 2028 2029 2030 Onwards Total Total (in millions Ch$) Interest Earning AssetsShort term investments - Chile - CLP 129,621 0 0 0 0 0 129,621 Interest rate (weighted average) 4.49% 0.00% 0.00% 0.00% 0.00% 0.00% 4.49% Short term investments - Chile - USD 10,350 0 0 0 0 0 10,350 Interest rate (weighted average) 4.19% 0.00% 0.00% 0.00% 0.00% 0.00% 4.19% Short term investments - Brasil 40,393 0 0 0 0 0 40,393 Interest rate (weighted average) 10.76% 0.00% 0.00% 0.00% 0.00% 0.00% 10.76% Short term investments - Argentina 8,745 0 0 0 0 0 8,745 Interest rate (weighted average) 26.76% 0.00% 0.00% 0.00% 0.00% 0.00% 26.76% Interest Bearing Liabilities International bonds (144A/RegS) (1) 4,627 0 0 0 0 267,050 271,677 212,700Fixed Rate [US$] 144A Bonds 3.95% 0.00% 0.00% 0.00% 0.00% 3.95% 3.95% International bonds (Swiss bond) (1) 937 0 0 0 0 193,928 194,865 203,410Fixed Rate [CHF$] 2.72% 0.00% 0.00% 0.00% 0.00% 2.72% 2.72% Local Chilean Bonds (1) 18,244 5,503 5,486 5,468 5,450 508,715 548,867 562,579Fixed Rate [UF] - Local Chilean Bonds(weighted average) 4.80% 4.00% 4.00% 4.00% 4.00% 3.35% 3.42% Total public debt (Bonds) 23,808 5,503 5,486 5,468 5,450 969,693 1,015,409 978,688 Bank debt - Chile 11,820 0 12,000 0 0 92,961 116,781 115,367Weighted average interest rate Ch$ 4.44% 0.00% 6.54% 0.00% 0.00% 2.84% 3.38% Total bank debt 11,820 0 12,000 0 0 92,961 116,781 (1) Includes issuance deferred costs: International Bonds Issuance Costs: Current: Ch$656 million, Non-Current: Ch$6,119 million. Local Chilean Bonds: Current: Ch$12 million, Non-Current: Ch$986 million. Foreign Currency Risk As of December 31, 2025, the only foreign currencies used by the Company to finance its operation is the U.S dollar and CHF Swissfranc, all the rest of the Company’s debt is denominated in local operation currencies (UF, Chilean peso, Argentinean peso, Brazilian realand Paraguayan guaraníes).
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Table of Contents 99 The following table summarizes the financial instruments held to December 31, 2025, denominated in U.S. dollars and CHF Swissfranc: 2031 Fair (Denominated in U.S. Dollars instruments) 2026 2027 2028 2029 2030 Onwards Total Value (in millions Ch$) AssetsCash and cash equivalents 21,353 0 0 0 0 0 21,353 21,353 Liabilities Bonds debt (1) 4,627 0 0 0 0 267,050 271,677 212,700Leasing debt 1,813 1,396 1,125 1,023 676 638 6,672 6,672 (Denominated in CHF Swiss franc instruments)Bonds debt (1) 937 0 0 0 0 193,928 194,865 203,410 Net debt 28,731 1,396 1,125 1,023 676 461,616 494,567 444,135 (1) Includes issuance deferred costs: International Bonds Issuance Costs: Current: Ch$656 million, Non-Current: Ch$6,119 million. In order to protect the Company from the effects on results due to the volatility of the Brazilian real against the CHF Swiss franc(CHF$170 million of Senior Notes in the Swiss market), we have entered into currency swaps that cover 100% of our Swiss franc-denominated financial obligations, thereby mitigating our exchange rate exposure. Additionally, to protect the Company from the effectson results due to the volatility of the Chilean peso against the U.S. dollar (USD$300 million bond due 2050), derivatives have beencontracted (cross currency swaps) to redenominate the US dollar-denominated financial obligations as follows: i) USD$150 million toUF’s and ii) USD$150 million to CLP. As of December 31, 2025, the Company’s net exposure to existing assets and liabilities in foreign currencies, discounting ourderivatives contracts, was Ch$25,586 million of higher foreign currency assets. ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES A. DEBT SECURITIES Not applicable. B. WARRANTS AND RIGHTS Not applicable. C. OTHER SECURITIES Not applicable. D. AMERICAN DEPOSITARY RECEIPTS Fees and Charges The Bank of New York Mellon serves as the depositary for our ADRs. ADR holders are required to pay various fees to the depositary,and the depositary may refuse to provide any service for which a fee is assessed until the applicable fee has been paid. ADR holders are required to pay the depositary amounts in respect of expenses incurred by the depositary or its agents on behalf ofADR holders, including expenses arising from compliance with applicable law, taxes or other governmental charges, or conversion offoreign currency into U.S. dollars. The depositary may decide in its sole discretion to seek payment by either billing holders or bydeducting the fee from one or more cash dividends or other cash distributions.
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Table of Contents 100 ADR holders are also required to pay additional fees for certain services provided by the depositary, as set forth in the table below. Depositary service Fee payable by ADR holders Issuance and delivery of ADRs, including in connection with share distributions Up to US$5.00 per 100 ADSs (or portion thereof) Withdrawal of shares underlying ADRs Up to US$5.00 per 100 ADSs (or portion thereof)Registration for the transfer of shares Registration or transfer fees that may from time to time be in effect Cash distribution fees US$0.02 or less per ADS Transfers made pursuant to terms of Deposit Agreement Fee not in excess of US$1.50 for an ADR In addition, holders may be required to pay a fee for the distribution or sale of securities. Such fee (which may be deducted from suchproceeds) would be for an amount equal to the lesser of (1) the fee for the issuance of ADRs that would be charged as if the securitieswere treated as deposited shares and (2) the amount of such proceeds. Fees Incurred in Past Annual Period From January 1, 2025 to December 31, 2025, we did not receive any amounts from the depositary. Fees to be Paid in the Future The Bank of New York Mellon, as depositary, has agreed to reimburse us for expenses they incurred that are related to establishmentand maintenance expenses of the ADR program. The depositary has agreed to reimburse us for continuing annual stock exchange listingfees. The depositary has also agreed to waive the standard out-of-pocket maintenance costs for the ADRs programs, which consist of theexpenses of postage and envelopes for mailing annual and interim financial reports, printing and distributing dividend checks, electronicfiling of U.S. Federal tax information, mailing required tax forms, stationery, postage, facsimile, and telephone calls. It has also agreed toreimburse us annually for certain investor relationship programs or special investor relations promotional activities. In certain instances,the depositary has agreed to provide additional payments to us based on any applicable performance indicators relating to the ADRfacility. There are limits on the amount of expenses for which the depositary will reimburse us, but the amount of reimbursement availableto us is not necessarily tied to the amount of fees the depositary collects from investors. The depositary collects its fees for delivery and surrender of ADRs directly from investors depositing shares or surrendering ADRsfor the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors bydeducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary maygenerally refuse to provide fee-attracting services until its fees for those services are paid.
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Table of Contents 101 PART II ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES Not applicable. ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS In 1996, our shareholders approved the reclassification of our common stock into two new series of shares. Pursuant to thereclassification, each outstanding share of our common stock was replaced by one newly issued Series A share and one newly issuedSeries B share. The Series A and Series B shares are principally differentiated by their voting and economic rights. The modification of our bylaws asof June 25, 2012, increased the number of directors from 7 to 14. The holders of the Series A shares have full voting power and areentitled to elect 12 of 14 members of the board of directors, and the holders of the Series B shares have no voting rights but for the right toelect 2 members of the board of directors. In addition, holders of Series B shares are entitled to a dividend 10% greater than any dividendon Series A shares. After the reclassification, the Superintendence of Pension Fund Managers (Superintendencia de Administradores de Fondos dePensiones) decreed that Chilean pension funds would not be permitted to acquire Series B Shares due to their limited voting rights. In2004, however, the Superintendence reversed, and approved Series B shares as investment instruments for Chilean Pension funds.Series A shares have always been eligible as investment instruments for Chilean pensions funds. ITEM 15. CONTROLS AND DISCLOSURE PROCEDURES Disclosure Controls and Procedures We have evaluated, with the participation of our chief executive officer and chief financial officer, the effectiveness of our disclosurecontrols and procedures as of December 31, 2025. There are inherent limitations to the effectiveness of any system of disclosure controlsand procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly,effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based upon ourevaluation, our chief executive officer and chief financial officer concluded that, as of December 31, 2025, our disclosure controls andprocedures were effective to provide reasonable assurance that the information required to be disclosed by us in the reports that we file orsubmit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicablerules and forms, and that it is accumulated and communicated to our management, including our chief executive officer and chieffinancial officer, as appropriate to allow timely decisions regarding required disclosure. Management’s Annual Report on Internal Control over Financial Reporting Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term isdefined in Rules 13a—15(f) and 15d—15(f) under the Securities Exchange Act of 1934, as amended. Under the supervision and with theparticipation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation ofeffectiveness of our internal control over financial reporting based on the framework in Internal Control—Integrated Framework (2013)issued by the Committee of Sponsoring Organizations of the Treadway Commission. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability offinancial reporting and the preparation of financial statements for external purposes in accordance with International Financial ReportingStandards as issued by the IASB. Our internal control over financial reporting includes those policies and procedures that (i) pertain tomaintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions or our assets; (ii) providereasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance withInternational Financial Reporting Standards as issued by the IASB, and that our receipts and expenditures are being made only inaccordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on our financial statements.
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Table of Contents 102 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because ofchanges in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Based on our evaluation under theframework in Internal Controls—Integrated framework (2013) issued by the Committee of Sponsoring Organizations of the Tread wayCommission, our management concluded that our internal control over financial reporting was effective as of December 31, 2025. The effectiveness of our internal control over financial reporting as of December 31, 2025 has been audited byPricewaterhouseCoopers Consultores Auditores y Compañía Limitada, an independent registered public accounting firm, as stated in theirreport included on pages F-2 and F-3 herein. Changes in Internal Control over Financial Reporting There have been no changes in our internal control over financial reporting identified in connection with the evaluation requiredunder Rules 13a-15 or 15d-15 that occurred during the period covered by this annual report that has materially affected, or is reasonablylikely to materially affect, our internal control over financial reporting. ITEM 16. [Reserved] ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT Our board of directors has designated Mr. Gonzalo Parot Palma as our Audit Committee Financial Expert, as defined in theinstructions to Item 16A of Form 20-F. Our board of directors has also determined that Mr. Domingo Cruzat Amunátegui, Juan GerardoJofré Miranda and Mr. Gonzalo Parot Palma fulfills the independence standards set forth in Rule 10A-3 of the U.S. Exchange Act andapplicable NYSE rules. ITEM 16B. CODE OF ETHICS We have adopted a Code of Ethics that constitutes a code of ethics for our directors and employees. This Code applies to our Board ofDirectors, chief executive officer and all senior financial officers of our Company, including the chief financial officer, or any otherpersons performing similar functions, as well as to all other officers and employees of the Company. Our Code of Ethics is available onour website www.koandina.com. If we make any substantive amendment to the Code or grant any waivers, including any implicit waiver,from a provision of the Code, we will disclose the nature of such amendment or waiver on the above mentioned website. On April, 2021,we amended our Code of Ethics to incorporate provisions related to criminal liability of legal entities, in accordance with Chilean Law N°20,393, Argentine Law N° 27,401, and other compliance and anti-bribery provisions, including the Sarbanes-Oxley Act and the U.S.Foreign Corrupt Practices Act (FCPA). Additionally, we incorporated other provisions, making explicit reference to the importance ofequal treatment and respect for each individual, diversity and non-discrimination, a healthy working environment, protection of ournatural resources, sustainability, among others. ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES Fees Paid to Independent Public Accountants The following table sets forth, for each of the years indicated, the kinds of fees paid to our external auditors and the percentage ofeach of the fees out of the total amount paid to them. Year ended December 31, 2024 2025 Fees millions % of Fees millions % of Services rendered Ch$ Total Fees Ch$ Total Fees Audit fees (1) 1,077 92.1% 1,196 97.1%Audit-related fees — — — —Tax fees (3) 85 7.3% 30 2.4%All other fees (2) 7 0.6% 6 0.5%Total 1,169 100.0% 1,232 100.0% (1) Fees for audit services and related expenses, including fees associated with the Company’s annual audit, including the integrated audit of internalcontrol over financial reporting, the reviews of the Company’s quarterly reports required to be filed in Chile and annual statutory audits required in Chile and internationally.
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Table of Contents 103 (2) Fees for all other services and related expenses not included above and related to the audit of the Company’s sustainability reports. (3) Tax fees correspond to the services and advice provided by the tax division to comply with tax requirements. Directors’ Committee and Audit Committee Pre-Approval Policies and Procedures We have adopted pre-approval policies and procedures under which all non-audit services provided by our external auditors must bepre-approved by our Directors’ Committee. Once the proposed service is approved, our subsidiaries or we formalize the engagement ofservices. In addition, the members of our board of directors are briefed on matters discussed by the Directors’ Committee. ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES Our Audit Committee is comprised of Gonzalo Parot Palma, Juan Gerardo Jofré Miranda and Domingo Cruzat Amunátegui. ITEM 16E. PURCHASERS OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS During 2025, neither we nor any of our affiliated parties purchased any of our equity securities, either pursuant to publicly announcedplans or programs or not. ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT Not applicable.
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Table of Contents 104 ITEM 16G. CORPORATE GOVERNANCE NYSE and Chilean Corporate Governance Requirements The following table sets forth significant differences between Chilean corporate governance practices and those corporate governancepractices followed by domestic corporations under NYSE listing standards. REQUIREMENT NYSE REQUIREMENTS FOR US LISTED COMPANIES CHILEAN LAW REQUIREMENTS AND COMPANY PRACTICE Independent Directors Under NYSE rules, the board of directors is required to have a majority of independent directors. However, “controlled companies,” as defined under NYSE rules, are exempt from this requirement. Under Chilean law, there is no legal obligation to have a Board of Directors composed of a majority of independent members. Our company does not have a majority independent board of directors, and as a “controlled company,” we would be exempt from NYSE’s requirement to have one. Article 50 bis of the Corporations Law requires appointing at least one independent director. Chilean Law considers independent such director that within the last 18 months is not involved in certain circumstances, such as: having an economic interest in the company or other group, having a relationship with such persons, be director of nonprofit organizations, among others, and comply with a declaration of independence. We have three of such directors. Executive Sessions Non-management directors must meet at regularly scheduled executive sessions without management. No similar legal obligation exists under Chilean law. Under Chilean law, the position of director of a corporation is incompatible with the position of manager, auditor, accountant or president of the company. The Non- Management Director does not exist under Chilean law. Directors, however, are required to convene in legally established meetings to resolve matters required by Chilean Corporation Law. Since Non-Management Director does not exist under Chilean law, it is not possible to comply with the Section 303A.03. Nominating/Corporate Governance Committee Listed companies must have a Nominating/Corporate Governance Committee composed entirely of independent directors. However, “controlled companies,” as defined under NYSE rules, are exempt from this requirement. There is no similar legal obligation under Chilean law. Andina has a Directors’ Committee whose functions are set by Chilean Corporation Law. Our Directors’ Committee is composed entirely of independent directors. Notwithstanding the foregoing, our Company does not have a Nominating/Corporate Governance Committee and as a “controlled company,” we would be exempt from NYSE’s requirement to do so. The functions of the Directors’ Committee are described under Item 6C. Compensation Committee Listed companies must have a Compensation Committee composed entirely of independent directors. However, “controlled companies,” as defined under NYSE rules, are exempt from this requirement. There is no similar legal obligation under Chilean law. In accordance with Chilean law, the above-mentioned Directors’ Committee is in charge of reviewing management compensation. Our Company does not have a Compensation Committee and as a “controlled company,” we would be exempt from NYSE’s requirement to do so. The functions of the Directors’ Committee are described under Item 6C. Audit Committee Must have an audit committee with the specific responsibilities and authority necessary to comply with SEC rules. Members must meet all of the independence requirements of the NYSE, as well as SEC Rule 10A-3 independence requirements (subject to any available exemptions). No similar legal obligation exists under Chilean law. However, in accordance with the Chilean Public Companies Law 18,046, public companies that have a net worth of more than 1.5 million UFs and/or at least a 12.5% of its issued shares with voting rights are held by individual shareholders who control or own less than 10% of such shares must have a Directors’ Committee, formed by three members who are in their majority independent of the controller. Andina designated an Audit Committee in accordance with SEC Rule 10A- 3. The functions of the audit committee are described under “Item 6C.”.
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Table of Contents 105 REQUIREMENT NYSE REQUIREMENTS FOR US LISTED COMPANIES CHILEAN LAW REQUIREMENTS AND COMPANY PRACTICE Internal Audit Function Listed companies must maintain an Internal Audit Function to provide management and the Audit Committee with ongoing assessments of the company’s risk management processes and systems of internal control. A listed company may choose to outsource this function to a third party service provider other than its independent auditor. There is no similar obligation under Chilean law. Chilean law requires that companies must have account inspectors or external auditors. However, Andina has an Internal Auditor who reports to the Audit Committee. Shareholder Approval of Equity Compensation Plans and Certain Other Share Issuances Shareholders must approve all equity-compensation plans and material revisions thereto, with limited exemptions. Shareholder approval also required for certain other dilutive and related party equity issuances. There is no similar obligation under Chilean law, with the exception of Directors’ compensation which is annually approved during the general shareholders’ meeting. Other than the foregoing, we have not and do not intend to submit for shareholder approval any equity-compensation plans, or the other dilutive and related party equity issuances covered by NYSE rules. Corporate Governance Guidelines Listed companies must adopt and disclose Corporate Governance Guidelines. Chilean law establishes mandatory corporate governance standards. The CMF’s General Rule No. 461 requires disclosure of any additional discretionary Corporate Governance Guidelines that may be adopted. The Company fulfills all statutory governance obligations under Chilean Corporate Law and has not formally adopted additional discretionary Corporate Governance Guidelines. Code of Ethics and Business Conduct A company must adopt a Code of Business Conduct for its directors, officers and employees. Such company must disclose any waiver of its code of conduct that is granted to an officer or director. There is no legal obligation to adopt a Code of Business Conduct. Chilean law requires that a company have a set of internal regulations which regulate the company and its relations with personnel. Such regulations must contain, among other things, regulations related to ethics and good behavior. Notwithstanding the above, a company may create internal codes of conduct, provided they do not require or prohibit behavior that contravenes Chilean law. In 1996, Andina created a Code of Ethics and Business Conduct that applies to the entire Company, and that has been updated over the years. Andina has posted this information on its website at www.koandina.com. See Item 16B. “Code of Ethics.” ITEM 16H. MINE SAFETY DISCLOSURE Not applicable. ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS Not applicable. ITEM 16J. INSIDER TRADING POLICIES In accordance with the provisions of article 16 of the Securities Market Act and General Rule N° 270 of the CMF, the Board ofDirectors of the Company has approved a Privileged Information Management Manual (“PIM”), which applies to all directors, officersand employees of the Company. The PIM sets forth the Company’s policies and procedures governing the purchase, sale, and otherdispositions of the Company’s securities by directors, officers and employees that are reasonably designed to promote compliance withapplicable insider trading laws, rules and regulations, and any listing standards applicable to the Company. An unofficial Englishtranslation of the PIM is attached as Exhibit 11.1 to our Annual Report on Form 20-F for the year ended December 31, 2024. ITEM 16K. CYBERSECURITY Coca-Cola Andina recognizes information security and cyber-attacks as potential areas of business risk. Consequently, the Companyhas formulated and implemented a comprehensive strategy that enables us to safeguard confidentiality, integrity and availability ofinformation and critical data and systems by (i) establish an organizational understanding for the purpose of overseeing cybersecurityrisks related to its systems, people, assets, data and capabilities, (ii) safeguard systems and assets (including data), (iii) identify deviationsfrom established protocols, (iv) react to cybersecurity incidents, and (v) restore business operations, if required.
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Table of Contents 106 Governance Our cybersecurity risk management program is supported by a compliance scheme based on a framework of supervisory andgovernance entities. This includes the Audit Committee, which is represented by 3 independent directors, our Chief Executive Officer,Chief Financial Officer, Chief Legal Officer and Chief Audit Officer. One of the Audit Committee’s responsibilities is to supervise thepolicies, guidelines and strategies for information security risk management in order to ensure compliance with national and internationalstandards, evaluating for this purpose the scope and effectiveness of information security systems, the status of cybersecurity frameworkcontrols within the organization, ongoing initiatives and future work plans. We conduct ongoing internal cybersecurity audits that arereported directly to the Audit Committee as well as The Coca-Cola Company, where our security maturity and status is also assessed. Additionally, to protect against and address cybersecurity incident management and decision-making, there is a senior managementcommittee known as the “Cybersecurity Committee” which is led by the Chief Information Security Officer (CISO). This cross-functionalmanagement committee drives awareness, ownership and alignment across broad stakeholder groups on governance and risk for effectivemanagement of cybersecurity risks and when a threat affecting the security of our digital information assets materializes, or at least once ayear, the Cybersecurity Committee meets, both to manage the crisis and/or evaluate and control cybersecurity risks, to approve thecybersecurity strategy and direction and the organization’s contingency processes, and to perform a general evaluation of the differentcybersecurity risk management indicators. The Cybersecurity Committee is comprised of the Company’s CISO, the Company’s Chief Human Resources Officer, Chief LegalOfficer, Chief Information Technology Officer, the Company’s Risk and Sustainability Corporate Manager, and a Representative of theCorporate Internal Audit Area. The Company’s CISO is responsible for overseeing and managing cybersecurity issues and risks. This includes being responsible forcreating, managing, and carrying out the company’s cybersecurity plan for its networks, both IT (information technology) and OT(operational technology) at the corporate and regional level, overseeing the implementation of improvements, architectures, policies, andstandards related to the protection of the organization’s digital assets. In addition, the CISO manages the IT Risk Map (IT RIA) andrelated mitigation plans, ensuring that necessary modifications are made to maintain compliance with the company’s regulatoryframework and standards. Currently, Eduardo Troncoso Meza serves as our CISO. Mr. Eduardo Troncoso Meza has more than fifteen years of experience in thefields of cybersecurity and information security management. Prior to his current position, Mr. Troncoso held the position ofCybersecurity Architect at Banco BCI. In order to determine the proper implementation of technological security controls, he was taskedwith designing and proposing architecture models and solutions for identifying threats, vulnerabilities, and risks on the applications thatprovide services to the various platforms of the bank. Mr. Troncoso received his Engineering Sciences degree and obtained a ComputerEngineering degree from Universidad de Las Américas. Mr. Troncoso also holds a Diploma in Cybersecurity from Universidad de Chile,and has the following certifications: ● Information Security Management Systems Auditor/Lead Auditor Training Course (BS ISO/IEC 27001:2013) – BSI; ● ISO/IEC 27001 Lead Implementer – PECB; and ● Cybersecurity for Managers Certificate: A Playbook from the Massachusetts Institute of Technology. Policy for Information Security The Company’s information security policy is an ongoing process designed to protect information assets from threats that couldcompromise their availability, integrity, or confidentiality. The corporate information security policy was created and put into effect tostrengthen this pillar. In addition to providing general guidelines on the access, handling, manipulation, processing, transmission, andstorage of the Company’s information assets, this policy seeks to establish general guidelines regarding the responsibility, protection, andmanagement of information risks. The implementation of this policy involves the classification of information, the definition ofresponsibilities, and the use of digital solutions to strengthen its execution. Examples of these solutions include the unification ofinformation storage and transfer mechanisms, the protection of information through Data Lost Prevention (DLP) practices, and theencryption of information stored on the Company’s essential equipment. The CISO is in charge of the Company’s information securitystrategy, policies, guidelines, and practices.
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Table of Contents 107 Cybersecurity provider risk and measurements management Infrastructure and information security services are outsourced to one of the largest technology companies in Latin America. Thiscompany provides us with field support, users support center, networking support and cyber security monitoring. The IT outsourcingservice is governed by a contractual agreement that specifies service levels and a Data Processing Agreement. An external auditorconducts an annual audit of the services to assess the adherence of the controls of the critical services rendered via ISAE 3402. Alltechnology suppliers that offer on-premise SaaS or software are assessed throughout the selection procedure using an INCIBE-CERT-based cyber resilience framework (National Cybersecurity Institute of Spain). Cybersecurity Framework Our cybersecurity risk management program was developed in accordance with, and aligned to, international standards, bestpractices, and worldwide frameworks such as the International Organization for Standardizations (ISO) and the National Institute ofStandards and Technology Cyber Security Framework (NIST) and incorporates the highest industry standards and is continually tested forBusiness Continuity (BC) and Disaster Recovery (DR). Our program is managed with an integrated people, processes, and technologyvision and in order to improve its cyber resilience, the Company has a cybersecurity strategy to which it adds new controls and systemsevery year. This involves a risk management methodology based on a Business Impact Analysis (BIA) and Risk Impact AnalysisInformation Technology (RIA IT) model to unify risk and processes deemed critical to the organization, as well as regular andcomprehensive testing of vulnerability mitigation measures found through ethical hacking, pentesting and vulnerabilities assessments.This activity gives a clear picture of known vulnerabilities in the system so that they can be specifically fixed and additional searches forundiscovered weaknesses, foreseeing future attacks and strengthening defenses. Furthermore, a “Zero Trust” model for platform access,Privileged Access Control and Multifactor Authenticator has been implemented for all platforms and user access. We use policies,processes, software, training programs, and hardware solutions to protect and monitor our environment across all critical systems,firewalls, intrusion detection and prevention systems, anti-malware, patch management, and identity management systems. Corporate Cybersecurity Policy The Company’s Corporate Cybersecurity strategy provides a framework for effective security management processes pertaining to ITsystems and the associated assets, and it establishes a control model for the protection of the confidentiality, integrity, and availability ofinformation systems, in accordance with the applicable laws and regulations in the countries in which we operate. Our cybersecurity riskmanagement program also includes review and assessment by independent, external third parties, who evaluate and report on ourcybersecurity program, as well as preparedness for internal incident response and help identify areas for continuous focus andimprovement. Dissemination and Training The Company provides continuous information about the measures taken to promote cybersecurity, ensuring that all employees areinformed of, and have received training on cybersecurity concepts and threats to information security and cybersecurity. Focusing onsoftware and services based on the Company’s digital transformation, specialized areas in the Company’s IT and Human Resourcesdepartments coordinate specific training through various channels, using communications and e-mails delivering content that addressesinformation management and information security. For instance, all employees of the company receive cybersecurity and phishing exercise training each year; the technology team alsoreceives training on the various guidelines and protocols related to cybersecurity practices, including safeguarding digital assets, securedevelopment, managing IT risks, and system modifications, among other topics. We do not currently believe that risks from cybersecurity threats, including as a result of cybersecurity incidents, have materiallyaffected the Company or our financial position, results of operations or cash flows. However, any compromise of data security couldresult in a violation of applicable privacy, laws or standards, the loss of valuable business data, or a disruption of our business. Coca-ColaAndina recognizes that a security breach involving the misappropriation, loss or other unauthorized disclosure of sensitive or confidentialinformation could give rise to unwanted media attention, materially damage our customer relationships and reputation, and result in finesor liabilities, which may not be covered by our insurance policies and therefore works with data security as an integral part of its risks.See “Item 3. Key Information — Risk Factors — Risks Related to our Company— If we are unable to protect our information systemsagainst data corruption, cyber-based attacks or network security breaches, our operations could be disrupted.” for more information.
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Table of Contents 108 PART III ITEM 17. FINANCIAL STATEMENTS Reference is made to Item 18 for a list of all financial statements filed as part of this annual report. ITEM 18. FINANCIAL STATEMENTS The following financial statements, together with the report of independent registered public accounting firm, are filed as part of thisannual report: Index to Consolidated Financial Statements Page Report of Independent Registered Public Accounting Firm (PCAOB ID: 1364) F-1Consolidated Statements of Financial Position at December 31, 2025 and 2024 F-8Consolidated Statements of Income by function for the years ended December 31, 2025, 2024 and 2023 F-10Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023 F-11Statements of Changes in Equity for the years ended December 31, 2025, 2024 and 2023 F-12Consolidated Statements of Cash Flows- Direct Method for the years ended December 31, 2025, 2024 and 2023 F-14Notes to the Consolidated Financial Statements F-15
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Table of Contents 109 ITEM 19. EXHIBITS The exhibits filed with or incorporated by reference in this annual report are listed in the exhibit index below. EXHIBIT INDEX Item Description 1.1 Amended and restated Bylaws of Embotelladora Andina S.A. dated as of June 25, 2012 (English Translation)(incorporated by reference to Exhibit 1.1 to Andina’s annual report on Form 20-F filed on April 30, 2012 (File No. 001-13142)) 2.1 Amended and restated Deposit Agreement, dated as of December 14, 2000, among Embotelladora Andina S.A., TheBank of New York as Depositary, and Holders and Beneficial Owners of American Depositary Receipts (incorporated byreference to Exhibit 1.3 to Andina’s annual report on Form 20-F filed on April 30, 2012 (File No. 001-13142)) 2.2 Indenture dated as of October 1, 2013, among Embotelladora Andina S.A. and The Bank of New York Mellon(incorporated by reference to Exhibit 2.2 to Andina’s annual report on Form 20-F filed on April 28, 2021 (File No. 001-13142)) 2.3 Description of Securities Registered under Section 12(b) of the Exchange Act (incorporated by reference to Exhibit 2.3to Andina’s annual report on Form 20-F filed on April 29, 2020 (File No. 001-13142)) 2.4 Appendix A (“Terms of the Bonds”) to the Bond Purchase and Paying Agency Agreement dated September 18, 2023among Embotelladora Andina S.A. and UBS AG (incorporated by reference to Exhibit 2.4 to Andina’s annual report onForm 20F filed on March 27, 2024 (File No. 001-13142)) 4.1 Amended and Restated Call Option Agreement, dated as of December 17, 1996, among Inversiones FreireLimitada, Inversiones Freire Dos Limitada, Coca-Cola Interamerican Corporation, Coca-Cola de Argentina S.A., TheCoca-Cola Company, and Embotelladora Andina S.A. and Custody Agreement among Inversiones Freire Limitada andInversiones Freire Dos Limitada and Citibank, N.A. (English translation) (incorporated by reference to Exhibit 1.5 toAndina’s annual report on Form 20-F filed on April 30, 2012 (File No. 1-13142)) 4.2 Amendment dated as of August 31, 2012 to the Amended and Restated Shareholders’ Agreement, dated as of June 25,2012, among Embotelladora Andina S.A., The Coca-Cola Company, Coca-Cola Interamerican Corporation, Coca-Colade Argentina S.A., Bottling Investment Limited, Inversiones Freire Ltda., and Inversiones Freire Dos Ltda. (incorporatedby reference to Exhibit 4.2 to Andina’s annual report on Form 20-F filed on May 15, 2014 (File No. 001-13142)) 4.3 Bottler Agreement dated as of October 1, 2017 among Embotelladora del Atlántico S.A. and The Coca-Cola Company(incorporated by reference to Exhibit 4.30 to Andina’s annual report on Form 20-F filed on April 27, 2018 (File No. 001-13142)) 4.4 Bottler Agreement dated as of October 4, 2017 among Rio de Janeiro Refrescos Ltda. and The Coca-Cola Company(incorporated by reference to Exhibit 4.32 to Andina’s annual report on Form 20-F filed on April 25, 2019 (File No. 001-13142)) 4.5 Bottler Agreement dated as of January 1, 2018 among Embotelladora Andina S.A. and The Coca-Cola Company(incorporated by reference to Exhibit 4.31 to Andina’s annual report on Form 20-F filed on April 27, 2018 (File No. 001-13142)) 4.6 Bottler Agreement dated as of September 1, 2015 among Paraguay Refrescos S.A. and The Coca-Cola Company(incorporated by reference to Exhibit 4.28 to Andina’s annual report on Form 20-F filed on April 28, 2016 (File No. 001-13142)) 4.7 Amendment dated as of April 14, 2023 to Bottler Agreement dated as of September 1, 2015 among Paraguay RefrescosS.A. and The Coca-Cola Company (incorporated by reference to Exhibit 4.7 to Andina´s annual report on Form 20Ffiled on March 27, 2024 (File No. 001-13142))
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Table of Contents 110 Item Description 4.8 Amendment dated September 27, 2022 to the Bottler Agreement between Embotelladora del Atlántico S.A. and TheCoca-Cola Company dated October 1, 2017 (incorporated by reference to Exhibit 4.9 to Andina’s annual report on Form20F filed on April 26, 2023 (File No. 001-13142)) 4.9 Amendment dated September 20, 2022 to the Bottler Agreement between Rio de Janeiro Refrescos Limitada and TheCoca-Cola Company dated October 4, 2017 (incorporated by reference to Exhibit 4.10 to Andina’s annual report onForm 20F filed on April 26, 2023 (File No. 001-13142)) 4.10 Amendment dated as of February 17, 2026 to Bottler Agreement among Embotelladora Andina S.A. and The Coca-ColaCompany (Filed herein) 8.1 List of our subsidiaries (filed herein) 11.1 Privileged Information Management Manual (incorporated by reference to Exhibit 11.1 to Andina’s annual report onForm 20F filed on March 26, 2025 (File No. 001-13142)) 12.1 Certification of Miguel Ángel Peirano, Chief Executive Officer, pursuant to Rule 13-a14(a) (17 CFR 240.13a-12(a)) orRule 15d-14(a) (17 CFR 240.15d-14(a)) (filed herein) 12.2 Certification of Andrés Wainer, Chief Financial Officer pursuant to Rule 13-a14(a) (17 CFR 240.13a-12(a)) or Rule 15d-14(a) (17 CFR 240.15d-14(a)) (filed herein) 13.1 Certification of Miguel Ángel Peirano, Chief Executive Officer, pursuant to 18 U.S.C. Chapter 63, Section 1350, (filedherein) 13.2 Certification of Andrés Wainer, Chief Financial Officer, pursuant to 18 U.S.C. Chapter 63, Section 1350, (filed herein) 97 Clawback Policy of Embotelladora Andina S.A. (incorporated by reference to Exhibit 97 to Andina’s annual report onForm 20F filed on March 27, 2024 (File No. 001-13142)) Omitted from the exhibits filed with this annual report are certain instruments and agreements with respect to long-term debtof Embotelladora Andina S.A., none of which authorizes securities in a total amount that exceeds 10.0% of the total assets ofEmbotelladora Andina S.A. We hereby agree to furnish to the SEC copies of any such omitted instruments or agreements upon request bythe SEC. 101.INS Inline XBRL Instance Document 101.SCH Inline XBRL Taxonomy Extension Schema Document 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF Inline XBRL Taxonomy Extension Linkbase Document 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
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Table of Contents 111 SIGNATURES The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorizedthe undersigned to sign this annual report on its behalf. Embotelladora Andina S.A.(Registrant) /s/ Miguel Ángel Peirano (Signature) /s/ Andrés Wainer (Signature) Date: April 1, 2026
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Table of Contents Consolidated Financial Statements EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES Santiago, ChileDecember 31, 2025 and 2024
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Table of Contents F-1 Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors Embotelladora Andina S.A. Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated statements of financial position of Embotelladora Andina S.A.and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of income by function, comprehensive income, changes in equity and cash flows-direct method for each of thethree years in the period ended December 31, 2025, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company’s internal control over financialreporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cashflows for each of the three years in the period ended December 31, 2025 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Also in our opinion,the Company maintained, in all material respects, effective internal control over financial reporting as ofDecember 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO. Basis for Opinions The Company’s management is responsible for these consolidated financial statements, for maintaining effectiveinternal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Annual Report on Internal Control over Financial Reportingappearing under Item 15. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company’s internal control over financial reporting based on our audits. We are a publicaccounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities lawsand the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
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Table of Contents F-2 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we planand perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financialreporting was maintained in all material respects. Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing proceduresthat respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accountingprinciples used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining anunderstanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Ouraudits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. Definition and Limitations of Internal Control over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes inaccordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail,accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordancewith generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detectmisstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with thepolicies or procedures may deteriorate.
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Table of Contents F-3 Critical Audit Matters The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i)relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved ourespecially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, bycommunicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Intangible Assets with Indefinite Useful Life (Distribution rights) and Goodwill Impairment Assessment As described in Notes 2.7.1, 2.7.2, 2.8, 2.22.1, 15 and 16 to the consolidated financial statements, the Company’s consolidated intangible assets with indefinite useful life (distribution rights) and goodwill balances, as ofDecember 31, 2025, were Ch$ 674,766,128 thousand and Ch$ 137,128,318 thousand respectively. Management carries out an impairment test annually, or more frequently if events or changes in circumstances indicate apotential impairment. An impairment loss is recognized for the amount by which the carrying amount of the cashgenerating units exceed their recoverable amount. The recoverable amount of the cash generating unit is the higher of the value in use and the fair value less costs to sell. The recoverable amount of cash generating units aredetermined based on value in use calculations. The value in use is determined by management using a discounted cash flow model. Management’s cash flow projections included significant judgments and assumptions relating tosales volumes and prices, discount rates, marketing expenses and other economic factors. The principal considerations for our determination that performing procedures relating to the intangible assetswith indefinite useful life (distribution rights) and goodwill impairment assessment is a critical audit matter are (i) the significant judgment by management when developing the value in use calculation of the cash generatingunits; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s cash flow projections and significant assumptions related to sales volumes and prices, discountrates, marketing expenses and other economic factors; and (iii) the audit effort involved the use of professionalswith specialized skill and knowledge.
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Table of Contents F-4 Addressing the matter involved performing procedures and evaluating audit evidence in connection with formingour overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s intangible assets with indefinite useful life (distribution rights) and goodwillimpairment assessment, including controls over the valuation of the Company’s cash generating units. Theseprocedures also included, among others (i) testing management’s process for developing the estimate; (ii) evaluating the appropriateness of the discounted cash flow model; (iii) testing the completeness and accuracy ofunderlying data used in the model; and (iv) evaluating the reasonableness of the significant assumptions used by management related to the perpetual growth rates and discount rates. Evaluating management’s assumptionsrelated to sales volumes and prices, discount rates, marketing expenses and other economic factors involved evaluating whether the significant assumptions used by management were reasonable considering (i) the currentand past performance of the cash generating units, (ii) the consistency with external market and industry data, and (iii) whether these significant assumptions were consistent with evidence obtained in other areas of the audit.Professionals with specialized skill and knowledge were used to assist in the evaluation of the Company’s discounted cash flow model and the perpetual growth rates and discount rates assumptions. /s/ PricewaterhouseCoopers Consultores, Auditores y Compañía LimitadaMarch 31, 2026 Santiago, Chile We have served as the Company’s auditor since 2022.
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Table of Contents F-5 EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES Consolidated Financial Statements December 31, 2025 and 2024
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Table of Contents F-6 EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES Consolidated Financial Statements I. Consolidated Statements of Financial Position F-8II. Consolidated Statements of Income by Function F-10III. Consolidated Statements of Comprehensive Income F-11IV. Consolidated Statements of Changes in Equity F-12V. Consolidated Statements of Cash Flows – Direct Method F-14VI. Notes to the Consolidated Financial Statements F-15 1 – Corporate information F-152 – Basis of presentation of the consolidated financial statements and application of accounting criteria F-153 – Financial reporting by segment reporting F-354 – Cash and cash equivalents F-385 – Other current and non-current financial assets F-396 – Other current and non-current non-financial assets F-397 – Trade accounts and other accounts receivable F-408 – Inventories F-429 – Tax assets and liabilities F-4210 – Income tax, deferred taxes, and other taxes F-4311 – Property, plant, and equipment F-4512 – Related parties F-4813 – Current and non-current employee benefits F-5014 – Investments in associates accounted for using the equity method F-5115 – Intangible assets other than goodwill F-5416 – Goodwill F-5517 – Other current and non-current financial liabilities F-5618 – Trade and other accounts payable F-6819 – Other provisions current and non-current F-6920 – Other non-financial liabilities F-6921 – Equity F-7022 – Derivative assets and liabilities F-7423 – Litigation and contingencies F-7724 – Financial risk management F-8025 – Revenue from ordinary activities F-8426 – Expenses by nature F-8427 – Other income F-8528 – Other expenses by function F-8529 – Financial income and expenses F-8630 – Other (losses) gains F-8731 – Exchange differences F-8732 – Local and foreign currency F-8833 – Subsequent events F-91
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Table of Contents F-7 Consolidated Financial Statements EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES December 31, 2025 and 2024
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Table of Contents F-8 EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES Consolidated Statements of Financial Positionas of December 31, 2025 and 2024 ASSETS NOTE 12.31.2025 12.31.2024 ThCh$ ThCh$ Current assets Cash and cash equivalents 4 296,539,709 248,899,004Other financial assets 5 45,974,709 76,586,583Other non-financial assets 6 15,985,896 27,260,507Trade and other accounts receivable, net 7 339,778,498 332,831,088Accounts receivable from related companies 12.1 15,299,187 9,901,543Inventory 8 304,550,609 299,970,909Current tax assets 9 14,924,173 17,746,106 Total Current Assets 1,033,052,781 1,013,195,740 Non-Current Assets: Other financial assets 5 164,370,936 169,420,303Other non-financial assets 6 82,913,107 79,746,695Trade and other receivables 7 187,644 335,723Accounts receivable from related parties 12.1 8,000,924 292,931Investments accounted for under the equity method 14 87,087,871 85,192,710Intangible assets other than goodwill 15 719,489,720 693,383,630Goodwill 16 137,128,318 144,681,420Property, plant and equipment 11 1,179,385,259 1,097,773,572 Deferred tax assets 10.2 8,788,858 7,081,549 Total Non-Current Assets 2,387,352,637 2,277,908,533 Total Assets 3,420,405,418 3,291,104,273 The accompanying notes 1 to 33 form an integral part of these Consolidated Financial Statements.
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Table of Contents F-9 EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES Consolidated Statements of Financial Positionas of December 31, 2025 and 2024 LIABILITIES AND EQUITY NOTE 12.31.2025 12.31.2024 ThCh$ ThCh$ LIABILITIES Current liabilities Other financial liabilities 17 62,418,990 110,330,460Trade and other accounts payable 18 480,396,027 457,074,643Accounts payable to related parties 12.2 102,102,553 94,376,420Other provisions 19 2,433,147 1,522,426Tax liabilities 9 14,207,862 28,369,276Employee benefits current provisions 13 68,363,971 72,367,187 Other non-financial liabilities 20 489,967 142,103,582 Total Current Liabilities 730,412,517 906,143,994 Other financial liabilities 17 1,191,795,823 1,066,543,247Trade accounts and other accounts payable 18 685,605 2,534,836Accounts payable to related companies 12.2 — 380,465Other provisions 19 55,378,062 53,723,373Deferred tax liabilities 10.2 218,673,311 224,967,885Employee benefits non-current provisions 13 23,123,294 20,160,468Other non-financial liabilities 20 3,782,958 2,252,985 Total Non-current liabilities 1,493,439,053 1,370,563,259 EQUITY Issued capital 21 270,737,574 270,737,574Retained earnings 21 1,169,458,993 891,746,153 Other reserves 21 (282,797,770) (186,074,535) Equity attributable to owners of the parent 1,157,398,797 976,409,192 Non-controlling interests 39,155,051 37,987,828 Total Equity 1,196,553,848 1,014,397,020 Total Liabilities and Equity 3,420,405,418 3,291,104,273 The accompanying notes 1 to 33 form an integral part of these Consolidated Financial Statements.
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Table of Contents F-10 EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES Consolidated Statements of Income by FunctionFor the fiscal years ended December 31, 2025, 2024 and 2023 01.01.2025 01.01.2024 01.01.2023 NOTE 12.31.2025 12.31.2024 12.31.2023 ThCh$ ThCh$ ThCh$ Net sales 25 3,344,835,851 3,224,233,005 2,618,437,052Cost of sales 8 - 26 (2,037,679,124) (1,945,363,408) (1,601,997,255) Gross profit 1,307,156,727 1,278,869,597 1,016,439,797 Other income 27 13,382,457 21,479,861 1,310,489Distribution expenses 26 (296,664,592) (289,987,008) (227,807,179)Administrative expenses 26 (555,125,622) (561,801,213) (431,295,515)Other expenses, by function 28 (30,114,433) (36,650,029) (26,441,583)Other (losses) gains 30 (1,817,033) — (15,909,117)Financial income 29 18,439,612 28,959,918 31,396,167Financial expenses 29 (68,218,413) (70,413,883) (65,288,352)Share of profit of investments in associates and joint venturesaccounted for using the equity method 14.3 2,913,896 997,644 2,716,169Foreign exchange differences 31 (3,424,890) (7,406,704) (17,216,130)Result of indexation units (5,893,367) 3,988,588 (7,398,952) Net Income before income taxes 380,634,342 368,036,771 260,505,794Income tax expense 10.1 (110,156,927) (133,392,646) (85,994,307) Net Income 270,477,415 234,644,125 174,511,487 Net income attributable to Owners of the parent 268,696,936 232,662,884 171,441,410Non-controlling interests 1,780,479 1,981,241 3,070,077 Net Income 270,477,415 234,644,125 174,511,487 Earnings per Share, basic and diluted CLP CLP CLPEarnings per Series A share 21.5 270.35 234.09 172.49Earnings per Series B share 21.5 297.38 257.50 189.74 The accompanying notes 1 to 33 form an integral part of these Consolidated Financial Statements.
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Table of Contents F-11 EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES Consolidated Statements of Comprehensive IncomeFor the fiscal years ended December 31, 2025, 2024 and 2023 01.01.2025 01.01.2024 01.01.2023 12.31.2025 12.31.2024 12.31.2023 ThCh$ ThCh$ ThCh$ Other comprehensive income:Net income 270,477,415 234,644,125 174,511,487Components of other comprehensive income that will not be reclassified to netincome for the period, before tax Actuarial gains (losses) on defined benefit plans (198,547) (2,865,423) 2,381,650Components of other comprehensive income to be reclassified to net income forthe period, before tax Gain (losses) from exchange rate translation differences (70,045,566) (71,165,622) (98,844,581)Gain (loss) on cash flow hedges (20,463,976) 19,166,716 52,472,352Income tax related to components of other comprehensive income that will not bereclassified to net income for the period Income tax related to defined benefit plans 53,608 773,664 (643,045) Income tax related to components of other comprehensive income that will bereclassified to net income for the period Income tax related to exchange rate translation differences 31,233,446 29,114,514 37,650,601Income tax related to cash flow hedges 6,522,863 (6,978,956) (14,183,004) Other comprehensive income, total (52,898,172) (31,955,107) (21,166,027) Total comprehensive income 217,579,243 202,689,018 153,345,460 Total comprehensive income attributable to: Equity holders of the parent 215,336,570 200,347,191 150,135,125Non-controlling interests 2,242,673 2,341,827 3,210,335 Total Comprehensive Income 217,579,243 202,689,018 153,345,460 The accompanying notes 1 to 33 form an integral part of these Consolidated Financial Statements.
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Table of Contents F-12 EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES Consolidated Statements of Changes in EquityFor the fiscal years ended December 31, 2025, 2024 and 2023 Other reserves Reserves for Actuarial gains or Equity attributableexchange differencesCash flow hedge losses on employeeOther Total other Retained to owners ofNon-controlling Issued Capitalon translation reserve benefits reserves reserves Earnings the controller interests Total Equity ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening Balance 01.01.2025 270,737,574 (599,259,259) (11,879,833) (8,087,069) 433,151,626(186,074,535) 891,746,153 976,409,192 37,987,8281,014,397,020 Adjustment application IAS 21*— (43,362,869) — — — (43,362,869) — (43,362,869) (7,532) (43,370,401) Equity at the beginning of theperiod 270,737,574 (642,622,128) (11,879,833) (8,087,069) 433,151,626(229,437,404) 891,746,153 933,046,323 37,980,296971,026,619 Changes in equity Comprehensive income Net income — — — — — — 268,696,936 268,696,936 1,780,479 270.477.415 Other comprehensive income — (39,294,032) (13,927,263) (139,071) — (53,360,366) — (53,360,366) 462,194 (52.898.172) Comprehensive income — (39,294,032) (13,927,263) (139,071) — (53,360,366) 268,696,936 215,336,570 2,242,673 217.579.243 Dividends — — — — — — (54,664,430) (54,664,430) — (54,664,430) Increase (decrease) due to otherchanges ** — — — — — — 63,680,334 63,680,334 (1,067,918) 62,612,416 Total changes in equity — (39,294,032) (13,927,263) (139,071) — (53,360,366) 277,712,840 224,352,474 1,174,755 225,527,229 Ending balance 12.31.2025 270,737,574 (681,916,160) (25,807,096) (8,226,140) 433,151,626(282,797,770) 1,169,458,993 1,157,398,797 39,155,0511,196,553,848 Other reserves Reserves for Actuarial gains or Equity attributableexchange differencesCash flow hedge losses on employeeOther Total other Retained to owners ofNon-controlling Issued Capitalon translation reserve benefits reserves reserves Earnings the controller interests Total Equity ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening Balance 01.01.2024 270,737,574 (556,832,899) (24,064,386) (6,013,183) 433,151,626 (153,758,842) 769,311,795 886,290,527 34,694,887 920,985,414 Changes in equity Comprehensive income Net income — — — — — — 232,662,884 232,662,884 1,981,241 234,644,125Other comprehensive income — (42,426,360) 12,184,553 (2,073,886) — (32,315,693) — (32,315,693) 360,586 (31,955,107) Comprehensive income — (42,426,360) 12,184,553 (2,073,886) — (32,315,693) 232,662,884 200,347,191 2,341,827 202,689,018 Dividends — — — — — — (265,370,962) (265,370,962) (1,421,402) (266,792,364) Increase (decrease) due to other changes ** — — — — — — 155,142,436 155,142,436 2,372,516 157,514,952 Total changes in equity — (42,426,360) 12,184,553 (2,073,886) — (32,315,693) 122,434,358 90,118,665 3,292,941 93,411,606 Ending balance 12.31.2024270,737,574 (599,259,259) (11,879,833) (8,087,069) 433,151,626(186,074,535) 891,746,153 976,409,192 37,987,8281,014,397,020 * Corresponds to the impact of the application of Amendments to IAS 21 – Lack of Exchangeability, see Note 2.23.1.** Mainly corresponds to the effects of inflation on the equity of our subsidiaries in Argentina (see Note 2.5.1). The accompanying notes 1 to 33 form an integral part of these Consolidated Financial Statements.
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Table of Contents F-13 Other reserves Reserves for Actuarial gains or Exchange RateCashflow hedge losses in employeeOther Total Other Retained Controlling Non-controlling Issued capital Differences reserve benefits reserves reserves earnings equity interests Total Equity ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance 01.01.2023 270,737,574(495,483,366) (62,344,501) (7,776,316) 433,151,626(132,452,557) 716,975,127855,260,144 28,142,508 883,402,652Changes in equity Comprehensive income Net income — — — — — — 171,441,410171,441,410 3,070,077 174,511,487 Other comprehensive income — (61,349,533) 38,280,115 1,763,133 — (21,306,285) — (21,306,285) 140,258 (21,166,027) Comprehensive income — (61,349,533) 38,280,115 1,763,133 — (21,306,285) 171,441,410150,135,125 3,210,335 153,345,460 Dividends — — — — — — (167,968,886) (167,968,886) (777,956) (168,746,842) Increase (decrease) from other changes *— — — — — — 48,864,144 48,864,144 4,120,000 52,984,144 Total changes in equity — (61,349,533) 38,280,115 1,763,133 — (21,306,285) 52,336,668 31,030,383 6,552,379 37,582,762 Ending balance 12.31.2023 270,737,574(556,832,899) (24,064,386) (6,013,183) 433,151,626(153,758,842) 769,311,795 886,290,527 34,694,887 920,985,414 *Corresponds mainly to inflation effects on the equity of our Subsidiaries in Argentina (see Note 2.5.1) The accompanying notes 1 to 33 form an integral part of these Consolidated Financial Statements.
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Table of Contents F-14 EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES Consolidated Statements of Cash Flows – Direct MethodFor the fiscal years ended December 31, 2025, 2024 and 2023 01.01.2025 01.01.2024 01.01.2023 Cash flows provided by Operating Activities NOTE 12.31.2025 12.31.2024 12.31.2023 ThCh$ ThCh$ ThCh$Cash flows provided by Operating Activities Receipts from the sale of goods and the rendering of services (including taxes) 4,445,641,158 4,455,460,124 3,716,722,747 Payments for Operating Activities Payments to suppliers for goods and services (including taxes) (3,001,163,980) (3,194,881,778) (2,577,032,215)Payments to and on behalf of employees (344,307,581) (340,368,155) (260,336,901) Other payments for operating activities (value-added taxes on purchases, sales and others) (484,173,175) (407,950,607) (394,507,399) Dividends received 2,694,175 2,752,778 8,013,426Interest payments (57,331,558) (65,837,409) (67,010,058) Interest received 6,867,020 10,024,203 14,354,013 Income tax payments (103,077,570) (85,380,681) (71,269,988)Other cash movements (tax on bank debits Argentina and others) (4,021,087) (16,576,564) (2,103,389) Cash flows provided by Operating Activities 461,127,402 357,241,911 366,830,236 Cash flows used in Investing Activities Proceeds from sale of Property, plant and equipment 171,461 1,222,276 142,208 Purchase of Property, plant and equipment (277,822,215) (291,541,611) (192,707,498)Collection on forward, term, option and financial exchange agreements — — 156,738 Sales of other current financial assets. 27,785,812 — 32,000,000 Other cash inflows (outflows) 1,289,585 466,704 2,119,674 Net cash flows used in Investing Activities (248,575,357) (289,852,631) (158,288,878) Cash Flows used in Financing Activities Proceeds from changes in ownership interests in subsidiaries — 2,344,883 4,119,966 Proceeds from short term loans 153,154,775 123,752,721 31,850,233 Loan payments (84,947,461) (62,776,958) (26,378,491)Lease liability payments (14,446,410) (10,347,356) (6,299,217) Dividend payments by the reporting entity (195,890,117) (158,408,120) (165,877,422) Proceeds from the issuance of bonds — — 167,739,096Payment of bond principal (18,425,349) (16,910,371) (330,996,600) Proceeds (payments) from bond-related derivative instruments (1,857,649) 2,587,025 138,715,637 Net cash flows used in Financing Activities (162,412,211) (119,758,176) (187,126,798) Net increase (decrease) in cash and cash equivalents before exchange differences 50,139,834 (52,368,896) 21,414,560 Effects of exchange differences on cash and cash equivalents 645,741 13,281,140 4,547,790 Effects of inflation in cash and cash equivalents in Argentina (3,144,870) (15,696,923) (13,960,654) Net increase (decrease) in cash and cash equivalents 47,640,705 (54,784,679) 12,001,696 Cash and cash equivalents – beginning of year 4 248,899,004 303,683,683 291,681,987 Cash and cash equivalents - end of years 4 296,539,709 248,899,004 303,683,683 The accompanying notes 1 to 33 form an integral part of these Consolidated Financial Statements.
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Table of Contents F-15 EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES Notes to the Consolidated Financial Statements 1 - CORPORATE INFORMATION Embotelladora Andina S.A. RUT (Chilean Taxpayer Id. N°) 91.144.000-8 (hereinafter “Andina,” and together with its subsidiaries, the“Company”) is an open stock corporation, whose corporate address and principal offices are located at Miraflores 9153, borough ofRenca, Santiago, Chile. The Company is registered in the Securities Registry of the Chilean Financial Market Commission (hereinafter“CMF”), and pursuant to Chile’s Law 18,046 is subject to the supervision of this entity. It is also registered with the U.S. Securities andExchange Commission (hereinafter “SEC”), and its stock is traded on the New York Stock Exchange since 1994. The principal activity of Embotelladora Andina S.A. is to produce, bottle, commercialize and distribute the products under registeredtrademarks of The Coca-Cola Company (TCCC), as well as commercialize and distribute some brands of other companies such asMonster, AB InBev, Diageo and Capel, among others. The Company maintains operations and is licensed to produce, commercialize anddistribute such products in certain territories in Chile, Brazil, Argentina and throughout the entire territory of Paraguay In Chile, the territories in which it has TCCC’s franchise are the Metropolitan Region; the province of San Antonio, the V Region; theprovince of Cachapoal including the commune of San Vicente de Tagua-Tagua, the VI Region; the II Region of Antofagasta; the IIIRegion of Atacama, the IV Region of Coquimbo XI Region de Aysén del General Carlos Ibáñez del Campo; XII Region of Magallanesand Chilean Antarctic. In Brazil, the aforementioned franchise covers much of the state of Rio de Janeiro, the entire state of EspiritoSanto, and part of the states of São Paulo and Minas Gerais. In Argentina it includes the provinces of Córdoba, Mendoza, San Juan, SanLuis, Entre Ríos, as well as part of the provinces of Santa Fe and Buenos Aires, Chubut, Santa Cruz, Neuquén, Río Negro, La Pampa,Tierra del Fuego, Antarctica and South Atlantic Islands. Finally, in Paraguay the territory comprises the whole country. The bottlingagreement for the territories in Argentina expires in September 2027; for the territories in Brazil, it expires in October 2027; for theterritories in Chile, it expires in January 2027, and is currently under the process of renewal; and for the territory in Paraguay, it expires onMarch 1, 2028. Said agreements are renewable upon the request of Embotelladora Andina S.A. and at the sole discretion of The Coca-Cola Company. As of December 31, 2025, regarding Andina’s principal shareholders, the Controlling Group holds 53.58% of the outstanding shares withvoting rights, corresponding to the Series A shares. The Controlling Group is composed of the Chadwick Claro, Garcés Silva, Said Handaland Said Somavía families, who control the Company in equal parts. These Consolidated Financial Statements reflect the consolidated financial position of Embotelladora Andina S.A. and its Subsidiaries,which were approved by the Board of Directors on March 31, 2026. 2 – BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTINGCRITERIA 2.1 Accounting principles and basis of preparation The Company’s Consolidated Financial Statements for the fiscal year ended December 31, 2025, 2024 and 2023, have been prepared inaccordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”Accounting Standards) and the Interpretations issued by the International Financial Reporting Standards Interpretations Committee(IFRIC) applicable to companies reporting under IFRS. These Consolidated Financial Statements have been prepared following the going concern principle by applying the historical costmethod, with the exception, according to IFRS, of those assets and liabilities that are recorded at fair value. These Consolidated Statements reflect the consolidated financial position of Embotelladora Andina S.A. and its Subsidiaries as ofDecember 31, 2025 and 2024 and the related consolidated statements of income, comprehensive income, changes in equity and cashflows for the periods between January 1 and December 31, 2025, 2024 and 2023 and the related notes.
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Table of Contents F-16 The Company’s 2025 local statutory consolidated financial statements in Spanish were approved by the Company’s Board of Directors onJanuary 27, 2026, with subsequent events first being considered through that date. Those local statutory consolidated financial statementsconsisted of consolidated statement of financial position as of December 31, 2025 and 2024 along with consolidated income statement,consolidated statement of comprehensive income, consolidated statement of changes in equity, and consolidated statement of cash flows(and related disclosures), each for the two years then ended. Included in this 2025 consolidated financial statements are consolidated statement of financial position as of December 31, 2025 and2024, along with consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes inequity and consolidated statement of cash flows (and the related disclosures) for each of the three years ended December 31, 2025, 2024and 2023. This three-year presentation of operations, changes in equity and of cash flows is required by the rules of the United StatesSecurities and Exchange Commission. This three-year English language IFRS consolidated financial statements were approved for issuances by the Board of Directors during asession held on March 31, 2026, with subsequent events considered through this later date. These Consolidated Financial Statements have been prepared based on the accounting records maintained by the Parent Company and bythe other entities that are part of the Company and are presented in thousands of Chilean pesos (unless expressly stated) as this is thefunctional and presentation currency of the Company. Foreign operations are included in accordance with the accounting policiesestablished in Notes 2.5. 2.2 Subsidiaries and consolidation Subsidiary entities are those companies directly or indirectly controlled by Embotelladora Andina. Control is obtained when the Companyhas power over the investee, when it has exposure or is entitled to variable returns from its involvement in the investee and when it hasthe ability to use its power to influence the amount of investor returns. They include assets and liabilities, results of operations, and cashflows for the periods reported. Income or losses from subsidiaries acquired or sold are included in the consolidated statements of incomeby function from the effective date of acquisition through the effective date of disposal, as applicable. The acquisition method is used to account for the acquisition of subsidiaries. The consideration transferred for the acquisition of thesubsidiary is the fair value of assets transferred, equity securities issued, liabilities incurred or assumed on the date that control isobtained. Identifiable assets acquired, and identifiable liabilities and contingencies assumed in a business combination are accounted forinitially at their fair values at the acquisition date. Goodwill is initially measured as the excess of the aggregate of the considerationtransferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If theconsideration is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the incomestatement. Intercompany transactions, balances and unrealized gains on transactions between Group entities are eliminated. Unrealized losses arealso eliminated. When necessary, the accounting policies of the subsidiaries are modified to ensure uniformity with the policies adoptedby the Group. The interest of non-controlling shareholders is presented in the consolidated statement of changes in equity and the consolidated statementof income by function under “Non-Controlling Interest” and “Earnings attributable to non-controlling interests”, respectively.
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Table of Contents F-17 The consolidated financial statements include all assets, liabilities, income, expenses, and cash flows of the Company and its subsidiariesafter eliminating balances and transaction among the Group’s entities, the subsidiary companies included in the consolidation are thefollowing: Ownership interest (%) 12.31.2025 12.31.2024 Taxpayer ID Company name Direct Indirect Total Direct Indirect Total 96.842.970-1 Andina Bottling Investments S.A. 99.94 0.06 100.0 99.94 0.06 100.096.972.760-9 Andina Bottling Investments Dos S.A. 64.42 35.58 100.0 64.42 35.58 100.0Foreign Andina Empaques Argentina S.A. — 99.98 99.98 — 99.98 99.9896.836.750-1 Andina Inversiones Societarias S.A. 100.0 — 100.0 100.0 — 100.076.070.406-7 Embotelladora Andina Chile S.A. 99.99 0.01 100.0 99.99 0.01 100.0Foreign Embotelladora del Atlántico S.A. 0.92 99.0 99.99 0.92 99.07 99.9996.705.990-0 Envases Central S.A. 59.27 — 59.27 59.27 — 59.27Foreign Paraguay Refrescos S.A. 0.08 97.75 97.83 0.08 97.75 97.8376.276.604-3 Red de Transportes Comerciales Ltda. * 99.85 0.15 100.0 99.85 0.15 100.077.427.659-9 Re-Ciclar S.A. 60.00 — 60.00 60.00 — 60.00Foreign Rio de Janeiro Refrescos Ltda. — 99.99 99.99 — 99.99 99.9978.536.950-5 Servicios Multivending Ltda. 99.9 0.10 100.0 99.9 0.10 100.078.861.790-9 Transportes Andina Refrescos Ltda. 99.9 0.01 100.0 99.9 0.01 100.096.928.520-7 Transportes Polar S.A. 99.9 0.01 100.0 99.9 0.01 100.076.389.720-6 Vital Aguas S.A. 66.5 — 66.5 66.5 — 66.593.899.000-k VJ S.A. 15.0 50.0 65.0 15.0 50.00 65.0 * As of December 31, 2025, Red de Transportes Comerciales Ltda. is in the process of closing its economic and tax activities. As of May9, 2025, Embotelladora Andina S.A. absorbed its operations 2.3 Investments in associates Ownership interest held by the Group in associates are recorded following the equity method. According to the equity method, theinvestment in an associate is initially recorded at cost. As of the date of acquisition, the investment in the statement of financial position isrecorded by the proportion of its total assets, which represents the Group’s participation in its capital, once adjusted, where appropriate,the effect of the transactions made with the Group, plus capital gains that have been generated in the acquisition of the company. Dividends received from these companies are recorded by reducing the value of the investment and the results obtained by them, whichcorrespond to the Group according to its ownership, are recorded under the item “Participation in profit (loss) of associates accounted forby the equity method.” Associates are all entities over which the Group exercises significant influence but does not have control. Significant influence is thepower to intervene in the financial and operating policy decisions of the associate, without having control or joint control over it. Theresults of these associates are accounted for using the equity method. Accounting policies of the associates are changed, where necessary,to ensure conformity with the policies adopted by the Company and unrealized gains are eliminated. For associates located in Brazil, the financial statements accounted for using the equity method have a one-month lag because theirreporting dates are different from those of Embotelladora Andina S.A. 2.4 Financial reporting by operating segment “IFRS 8 Operating Segments” requires that entities disclose information on the results of operating segments. In general, this isinformation that Management and the Board of Directors use internally to assess performance of segments and allocate resources to them.Therefore, the following operating segments have been determined based on geographic location: ● Operation in Chile
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Table of Contents F-18 ● Operation in Brazil● Operation in Argentina● Operation in Paraguay 2.5 Functional and presentation currency 2.5.1 Functional currency Items included in the financial statements of each of the entities in the Company are measured using the currency of the primaryeconomic environment in which the entity operates (“functional currency”). The functional currency of each of the Operations is thefollowing: Company Functional Currency Embotelladora del Atlántico Argentine Peso (ARS)Embotelladora Andina Chilean Peso (CLP)Paraguay Refrescos Paraguayan Guaraní (PYG)Rio de Janeiro Refrescos Brazil Real (BRL) Foreign currency-denominated monetary assets and liabilities are converted to the functional currency at the observed exchange rate ofeach central bank, in effect on the closing date. All differences arising from the liquidation or conversion of monetary items are recorded in the income statement, with the exception ofthe monetary items designated as part of the hedging of the Group’s net investment in a business abroad. These differences are recordedunder other comprehensive income until the disposal of the net investment, at which point they are reclassified to the income statement.Tax adjustments attributable to exchange differences in these monetary items are also recognized under other comprehensive income. Non-monetary items that are valued at historical cost in a foreign currency are converted using the exchange rate in effect at the date ofthe initial transaction. Non-monetary items measured at fair value in a foreign currency are converted using the exchange rate in effect atthe date on which fair value is determined. Losses or gains arising from the conversion of non-monetary items measured at fair value arerecorded in accordance with the recognition of losses or gains arising from the change in the fair value of the respective item (e.g.,exchange differences arising on items whose fair value gains or losses are recognized in comprehensive income). Functional currency in hyperinflationary economies Beginning July 2018, Argentina’s economy is considered as hyperinflationary, according to the criteria established in the InternationalAccounting Standard No. 29 “Financial information in hyperinflationary economies” (IAS 29). This determination was carried out basedon a series of qualitative and quantitative criteria, including an accumulated inflation rate of more than 100% for three years. Inaccordance with IAS 29, the financial statements of companies in which Embotelladora Andina S.A. participates in Argentina have beenretrospectively restated by applying a general price index to the historical cost, in order to reflect the changes in the purchasing power ofthe Argentine peso, as of December 31, 2025. Non-monetary assets and liabilities were restated since February 2003, the last date an inflation adjustment was applied for accountingpurposes in Argentina. In this context, it should be mentioned that the Group made its transition to IFRS on January 1, 2004, applying theattributed cost exemption for Property, plant and equipment. For consolidation purposes in Embotelladora Andina S.A. and as a result of the adoption of IAS 29, the results and financial position ofour Argentine subsidiaries were converted to the closing exchange rate (ARS/CLP) at the date of presentation of these financialstatements, in accordance with IAS 21 “Effects of foreign currency exchange rate variations”, when dealing with a hyperinflationaryeconomy.
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Table of Contents F-19 The comparative amounts in the consolidated financial statements are those that were presented as current year amounts in the relevantfinancial statements of the previous year (i.e., not adjusted for subsequent changes in price level or exchange rates). This results indifferences between the closing net equity of the previous year and the opening net equity of the current year and, as an accounting policyoption, these changes are presented as follows: (a) the re-measurement of Opening balances under IAS 29 as an adjustment to equity and(b) subsequent effects, including re-expression under IAS 21, as “Exchange rate differences in the conversion of foreign operations”under other comprehensive income. The adjustment factor is derived from the National Consumer Price Index (CPI), which is published by the National Institute of Statisticsand Census of the Argentine Republic (INDEC). Inflation for the periods January to December 2025 and 2024 amounted to 38.40% and118.10%, respectively. 2.5.2 Presentation currency The presentation currency is the Chilean peso, which is the functional currency of the parent company, for such purposes, the financialstatements of subsidiaries are translated from the functional currency to the presentation currency as indicated below: a. Translation of financial statements whose functional currency does not correspond to hyperinflationary economies (Brazil andParaguay) Financial statements measured as indicated are translated to the presentation currency as follows: ● The statement of financial position is translated to the closing exchange rate at the financial statement date, and the incomestatement is translated at the average monthly exchange rates, the differences that result are recognized in equity under othercomprehensive income.● Cash flow income statements are also translated at average exchange rates for each transaction.● In the case of the disposal of an investment abroad, the component of other comprehensive income (OCI) relating to thatinvestment is reclassified to the income statement. b. Translation of financial statements whose functional currency corresponds to hyperinflationary economies (Argentina) Financial statements of economies with a hyperinflationary economic environment, are recognized according to IAS 29Financial Information in Hyperinflationary Economies, and subsequently converted to Chilean pesos as follows: ● The statement of financial position sheet is translated at the closing exchange rate at the financial statements date.● The income statement is translated at the closing exchange rate at the financial statements date.● The statement of cash flows is converted to the closing exchange rate at the date of the financial statements.● For the disposal of an investment abroad, the component of other comprehensive income (OCI) relating to that investment isreclassified to the income statement. In accordance with IAS 21 “Effects of Changes in Foreign Exchange Rates,” we use the closing exchange rate to translatefinancial information into presentation currency. The official dollar whose value is determined by the Banco de la NaciónArgentina (BNA) is used to calculate the exchange rate for the presentation and preparation of the consolidated financialstatements.
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Table of Contents F-20 2.5.3 Exchange rates Exchange rates regarding the Chilean peso, calculated using the closing rates for each period and used in the preparation of theConsolidated Financial Statements, are as follows: Date USD BRL (*) ARS PGY 12.31.2025 907.13 164.86 0.62 0.13812.31.2024 996.46 160.92 0.97 0.12712.31.2023 877.12 181.17 1.08 0.120 Exchange rates regarding the Chilean peso, calculated using average rates, used in the preparation of the Consolidated FinancialStatements, are as follows: Date USD BRL PGY 12.31.2025 950.87 170.32 0.12612.31.2024 944.20 175.86 0.12412.31.2023 839.92 168.31 0.115 (*) For the translation of Argentine figures, closing rates (not average) are used, as described in Note 2.5.2 b. 2.6 Property, plant and equipment The elements of Property, plant and equipment, are valued for their acquisition cost, net of their corresponding accumulated depreciation,and of the impairment losses they have experienced. The cost of the items of Property, plant and equipment include in addition to the price paid for the acquisition: i) the financial expensesaccrued during the construction period that are directly attributable to the acquisition, construction or production of qualified assets,which are those that require a substantial period of time before being ready for use, such as production facilities. The Group defines asubstantial period as one that exceeds twelve months. The interest rate used is that corresponding to specific financing or, if it does notexist, the weighted average financing rate of the Company making the investment; and ii) personnel expenses directly related to theconstruction in progress. Construction in progress is transferred to operating assets after the end of the trial period when they are available for use, from whichmoment depreciation begins. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset only when it is probable that futureeconomic benefits associated with the items of Property, plant and equipment will flow to the Company and the cost of the item can bemeasured reliably. Repairs and maintenance are charged to expense in the reporting period in which they are incurred. Land is not depreciated since it has an indefinite useful life. Depreciation on other assets is calculated using the straight-line method toallocate their cost or revalued amounts to their residual values over their estimated useful lives.
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Table of Contents F-21 The estimated useful lives by asset category are: Assets Range in years Buildings 15-80Plant and equipment 5-20Warehouse installations and accessories 10-50Furniture and supplies 4-5Motor vehicles 4-10IT equipment 3-5Other Property, plant and equipment 3-10Bottles and containers 1-8 The residual value and useful lives of Property, plant and equipment are reviewed and adjusted at the end of each fiscal year, ifappropriate. The Company assesses on each reporting date if there is evidence that an asset may be impaired. The Group estimates the recoverableamount of the asset, if there is evidence, or when an annual impairment test is required for an asset. Gains and losses on disposals of property, plant, and equipment are calculated by comparing the proceeds to the carrying amount and arecharged to other expenses by function or other gains, as appropriate in the statement of comprehensive income. The Company incorporates general and specific interest costs directly attributable to the acquisition, construction, or production of anasset that necessarily takes time to get ready for its intended use. No interest has been recognized for the reported period. As of December 31, 2025 and 2024, there are no essential items or fixed assets that are temporarily out of service. Property, plant, andequipment primarily comprise land and buildings, production machinery, cooling equipment, returnable bottles, vehicles, and otherauxiliary equipment. All of these elements are integral for the manufacturing, storage, and distribution of beverages. The Company does not possess any substantial assets that, having reached the end of their depreciation cycle, continue to be utilized as ofDecember 31, 2025, and 2024. The assets that may eventually be affected by this situation primarily consist of minor assets, such ascooling equipment, returnable bottles, furniture, computers, and lighting, among others. As of December 31, 2025 and 2024, the Company utilizes the cost model to measure its property, plant, and equipment. Based on ourestimates, the carrying amount does not exceed fair value. Given that the assets are in operational use, they have not suffered anysignificant impairment, and market prices for similar assets remain stable in the industry. Therefore, no appraisal or revaluation processhas been carried out in those fiscal years. 2.7 Intangible assets and goodwill 2.7.1 Goodwill Goodwill represents the excess of the consideration transferred over the Company’s interest in the net fair value of the net identifiableassets of the subsidiary and the fair value of the non-controlling interest in the subsidiary on the acquisition date. Since goodwill is anintangible asset with indefinite useful life, it is recognized separately and tested for impairment annually or more frequently if events orchanges in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, whichis the higher of value in use and the fair value less costs to sell. An impairment loss is recognized, for the amount by which the carryingamount of cash generating units exceed their recoverable amount immediately as an expense and is not subsequently reversed. Goodwillis carried at cost less accumulated impairment losses. Gains and losses on the sale of an entity include the carrying amount of goodwill related to that entity.
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Table of Contents F-22 Goodwill is assigned to each cash generating unit (CGU) or group of cash-generating units, from where it is expected to benefit from thesynergies arising from the business combination. Such CGUs or groups of CGUs represent the lowest level in the organization at whichgoodwill is monitored for internal management purposes. 2.7.2 Distribution rights Distribution rights are contractual rights to produce and/or distribute Coca-Cola brand products and other brands in certain territories inArgentina, Brazil, Chile and Paraguay. Distribution rights are born from the process of valuation at fair value of the assets and liabilitiesof companies acquired in business combinations. Distribution rights have an indefinite useful life and are not amortized, (as they arehistorically permanently renewed by The Coca-Cola Company) and therefore are subject to impairment tests on an annual basis. 2.7.3 Software Carrying amounts correspond to internal and external software development costs, which are capitalized once the recognition criteria inIAS 38, Intangible Assets, have been met. Their accounting recognition is initially realized for their acquisition or production cost and,subsequently, they are valued at their net cost of their corresponding accumulated amortization and of the impairment losses that, ifapplicable, they have experienced. The aforementioned software is amortized within four years. Amortization is recorded in the incomestatement under cost of sales or administrative expenses, depending on the purpose and use of the software, whether in productionprocesses or administrative functions. 2.8 Impairment of non-financial assets Assets that have an indefinite useful life, such as intangibles related to distribution rights and goodwill, are not amortized and are testedannually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. Assets that are subjectto amortization are tested for impairment whenever there is an event or change in circumstances indicating that the carrying amount maynot be recoverable. An impairment loss is recognized for the amount by which the carrying value of the asset exceeds its recoverableamount. The recoverable amount is the greater of an asset’s fair value less costs to sell or its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows(cash generating units – CGU). Cash-generating unit’s recoverable amount has been determined on the basis of its value in use. Regardless of what was stated in the previous paragraph, in the case of CGUs to which goodwill or intangible assets with an indefiniteuseful life have been assigned, the analysis of their recoverability is carried out systematically at the end of each fiscal year. Theseindications may include new legal provisions, change in the economic environment that affects business performance indicators,competition movements, or the disposal of an important part of a CGU. Management reviews business performance based on geographic segments. Goodwill is monitored at the operating segment level thatincludes the different cash generating units in operations in Chile, Brazil, Argentina and Paraguay. The impairment of distribution rights ismonitored geographically in the CGU or group of cash generating units, which correspond to specific territories for which distributionrights have been acquired for products owned by The Coca-Cola Company, as well as other intangible assets of indefinite usefullife.These cash generating units or groups of cash generating units are composed of the following segments: ● Operation in Chile; North Zone (Antofagasta, Atacama and Coquimbo), Metropolitan Area, Central Zone (San Antonio andCachapoal and Extreme South Zone of Aysen and Magallanes);● Operation in Argentina; San Juan, Mendoza, San Luis, Córdoba, Santa Fé, Entre Ríos, La Pampa, Neuquén, Rio Negro, Chubut,Santa Cruz, Tierra del Fuego and western area of the Province of Buenos Aires;● Operation in Brazil: State of Rio de Janeiro and Espirito Santo, Ipiranga territories, and investment in the Sorocaba associate;● Operation in Paraguay Other intangible assets with indefinite useful lives consist of: ● Comercializadora Novaverde (Guallarauco);
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Table of Contents F-23 ● AdeS Argentina;● AdeS Brazil and investment in the associate Leão Alimentos e Bebidas Ltda.;● AdeS Paraguay To assess whether goodwill has suffered a loss due to impairment of value, the Company compares the book value thereof with itsrecoverable value, and recognizes an impairment loss, for the excess of the asset’s carrying amount over its recoverable amount. Todetermine the recoverable values of the CGU, management considers the discounted cash flow method as the most appropriate. The main assumptions used in the annual impairment test are: a) Discount rate The discount rate applied in the annual impairment test carried out in 2024 was estimated using the CAPM (Capital Asset Pricing Model)methodology, which allows estimating a discount rate according to the level of risk of the CGU in the country where it operates. Anominal discount rate in local currency before tax is used according to the following table: 2025 Discount 2024 Discount rates rates Argentina 21.3% 21.2%Chile 7.7% 9.3%Brazil 15.8% 10.4%Paraguay 12.6% 11.0% b) Other assumptions The financial projections used to determine the present net value of future cash flows from Cash Generating Units (CGUs) are preparedbased on key historical variables and approved budgets for each CGU. In this regard, a conservative growth rate is used, taking into account the differences that exist in categories with high growth such ascarbonated beverages, categories with medium growth such as waters and juices, and categories that have lower margins such as alcohol.Additionally, the valuation model considers projections over 5 years based on perpetuity growth rates per operation, which follow realgrowth according to long-term population growth expectations. In this sense, the variables with greatest sensitivity in these projections arethe discount rates applied in the determination of the net present value of projected cash flows, growth perpetuities and EBITDA marginsconsidered in each CGU. In order to sensitize the impairment test, variations were made to the main variables used in the model. Ranges used for each of themodified variables are: ● the discount rate used to determine the present value of projected cash flows,● the perpetuity growth rate, and● the EBITDA margins considered for each CGU. In order to assess the robustness of the impairment test results, sensitivity analyses were performed using variations in the main variablesused in the model. The following ranges were considered for these variations. ● Discount rate: increase or decrease of up to 200 basis points, applied to the rate used to discount future cash flows to presentvalue.● Perpetuity growth rate: increase or decrease of up to 25 basis points in the rate used to determine the perpetual growth of futurecash flows.● EBITDA margin: increase or decrease of up to 150 basis points on the EBITDA margin of operations, applied uniformly to eachyear of the projected period, corresponding to the years 2026 to 2030.
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Table of Contents F-24 As a result of the modeling and valuation of the various CGUs, and considering the impairment tests performed as of December 31, 2025,Management has concluded that there is no indication of impairment in any of the Cash Generating Units evaluated. The recoverable values determined exceed the carrying amounts of the associated assets, even under the sensitivity scenarios applied tothe main variables of the model. The projections utilized reflect conservative assumptions and are in line with the historical performanceof the markets in which the Company operates. For the 2024 period, although no impairment were identified for the CGUs described above, during the annual review of intangible assetswith indefinite useful lives, it was determined that for the Guallarauco brand, specifically the investment in Novaverde, the recoverablevalue was CLP 2,921 million less than the carrying amount recorded in the Financial Statements, which was reduced from its carryingamount as of December 2024. On the other hand, AdeS Chile recognized an impairment of the investment equivalent to CLP 881 millionas of December 2024. 2.9 Financial instruments A financial instrument is any contract that results in the recognition of a financial asset in one entity and a financial liability or equityinstrument in another entity. 2.9.1 Financial assets Pursuant to IFRS 9 “Financial Instruments”, except for certain trade accounts receivable, the Group initially measures a financial asset atits fair value plus transaction costs, in the case of a financial asset that is not at fair value, reflecting changes in P&L. The classification is based on two criteria: (a) the Group’s business model for the purpose of managing financial assets to obtaincontractual cash flows; and (b) if the contractual cash flows of financial instruments represent “solely payments of principal and interest”on the outstanding principal amount (the “SPPI criterion”). According to IFRS 9, financial assets are subsequently measured at (i) fairvalue with changes in P&L (FVPL), (ii) amortized cost or (iii) fair value through other comprehensive income (FVOCI). The subsequent classification and measurement of the Group’s financial assets are as follows: - Financial asset at amortized cost for financial instruments that are maintained within a business model with the objective ofmaintaining the financial assets to collect contractual cash flows that meet the SPPI criterion. This category includes the Group’strade and other accounts receivable. - Financial assets measured at fair value with changes in other comprehensive income (FVOCI), with gains or losses recognizedin P&L at the time of liquidation. Financial assets in this category correspond to the Group’s instruments that meet the SPPIcriterion and are kept within a business model both to collect cash flows and to sell. Other financial assets are classified and subsequently measures as follows: - Equity instruments at fair value with changes in other comprehensive income (FVOCI) without recognizing earnings or losses inP&L at the time of liquidation. This category only includes equity instruments that the Group intends to keep in the foreseeablefuture and that the Group has irrevocably chosen to classify in this category in the initial recognition or transition. - Financial assets at fair value with changes in P&L (FVPL) include derivative instruments and equity instruments quoted that theGroup had not irrevocably chosen to classify at FVOCI in the initial recognition or transition. This category also includes debtinstruments whose cash flow characteristics do not comply with the SPPI criterion or are not kept within a business modelwhose objective is to recognize contractual cash flows or sale.
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Table of Contents F-25 A financial asset (or, where applicable, a portion of a financial asset or a portion of a group of similar financial assets) is initially disposed(for example, canceled in the Group’s consolidated financial statements) when: - The rights to receive cash flows from the asset have expired, - The Group has transferred the rights to receive the cash flows of the asset or has assumed the obligation to pay all cash flowsreceived without delay to a third party under a transfer agreement; and the Group (a) has substantially transferred all risks andbenefits of the asset, or (b) has not substantially transferred or retained all risks and benefits of the asset but has transferredcontrol of the asset. 2.9.2 Financial Liabilities Financial liabilities are classified as a fair value financial liability at the date of their initial recognition, as appropriate, with changes inresults, loans and credits, accounts payable or derivatives designated as hedging instruments in an effective coverage. All financialliabilities are initially recognized at fair value and transaction costs directly attributable are netted from loans and credits and accountspayable. The Group’s financial liabilities include trade and other accounts payable, loans and credits, including those discovered in currentaccounts, and derivative financial instruments. The classification and subsequent measurement of the Group’s financial liabilities are as follows: - Fair value financial liabilities with changes in results include financial liabilities held for trading and financial liabilitiesdesignated in their initial recognition at fair value with changes in results. The losses or gains of liabilities held for trading arerecognized in the income statement. - Loans and credits are valued at cost or amortized using the effective interest rate method. Gains and losses are recognized in theincome statement when liabilities are disposed, as well as interest accrued in accordance with the effective interest rate method. A financial liability is disposed of when the obligation is extinguished, cancelled or expires. Where an existing financial liability isreplaced by another of the same lender under substantially different conditions, or where the conditions of an existing liability aresubstantially modified, such exchange or modification is treated as a disposal of the original liability and the recognition of the newobligation. The difference in the values in the respective books is recognized in the statement of income.
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Table of Contents F-26 2.9.3 Offsetting financial instruments Financial assets and financial liabilities are offset with the corresponding net amount presenting the corresponding net amount in thestatement of financial position, if: - There is currently a legally enforceable right to offset the amounts recognized, and- It is intended to liquidate them for the net amount or to realize the assets and liquidate the liabilities simultaneously. 2.10 Derivatives financial instruments and hedging activities The Company and its subsidiaries use derivative financial instruments to mitigate risks relating to changes in foreign currency andexchange rates associated with raw materials, and loan obligations. Derivatives are initially recognized at fair value on the date aderivative contract is entered into and are subsequently re-measured at their fair value at each closing date. Derivatives are accounted asfinancial assets when the fair value is positive and as financial liabilities when the fair value is negative. The method of recognizing theresulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item beinghedged. 2.10.1 Derivative financial instruments designated as cash flow hedges At the inception of the transaction, the group documents the relationship between hedging instruments and hedged items, as well as itsrisk management objectives and strategy for undertaking various hedging transactions. The group also documents its assessment, both athedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsettingchanges in cash flows of hedged items. The effective portion of changes in the fair value of derivatives that are designated and qualify ascash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognizedimmediately in the consolidated income statement within “other gains (losses).” Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss (for example,when foreign currency denominated financial liabilities are translated into their functional currencies). The gain or loss relating to theeffective portion of cross currency swaps hedging the effects of changes in foreign exchange rates are recognized in the consolidatedincome statement within “foreign exchange differences.” When a hedging instrument expires or is sold, or when a hedge no longer meetsthe criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when theforecast transaction is ultimately recognized in the consolidated income statement. 2.10.2 Derivative financial instruments not designated for hedging The fair value of derivative financial instruments that do not qualify for hedge accounting pursuant to IFRS are immediately recognized inthe income statement under “Other income and losses”. The fair value of these derivatives is recorded under “other current financialassets” or “other current financial liabilities” in the statement of financial position. The Company does not use hedge accounting for its foreign investments. The Company also evaluates the existence of embedded derivatives in contracts and financial instruments as stipulated by IFRS 9 andclassifies them pursuant to their contractual terms and the business model of the group. As of December 31, 2025, the Company had noembedded derivatives.
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Table of Contents F-27 2.10.3 Fair value hierarchy Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between marketparticipants on the date of the transaction. Fair value is based on the presumption that the transaction to sell the asset or to transfer theliability takes place; - In the asset or liability main market, or- In the absence of a main market, in the most advantageous market for the transaction of those assets or liabilities. The Company maintains assets related to foreign currency derivative contracts which were classified as Other current and non-currentfinancial assets and Other current and non-current financial liabilities, respectively, and are accounted at fair value within the statement offinancial position. The Company uses the following hierarchy to determine and disclose the fair value of financial instruments with assessment techniques: Level 1: Quote values (unadjusted) in active markets for identical assets or liabilitiesLevel 2: Valuation techniques for which the lowest level variable used, which is significant for the calculation, is directly or indirectlyobservableLevel 3: Valuation techniques for which the lowest level variable used, which are significant for the calculation, are not observable. During the reporting periods there were no transfers of items between fair value measurement categories. All of which were valued duringthe periods using Level 2. 2.11 Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined using the weighted average cost method. The costof finished goods and work in progress includes raw materials, direct labor, other direct costs and manufacturing overhead (based onoperating capacity) to bring the goods to marketable condition, but it excludes interest expense. Net realizable value is the estimatedselling price in the ordinary course of business, less applicable variable selling expenses. Spare parts and production materials are statedat the lower of cost or net realizable value. The initial cost of inventories includes the transfer of losses and gains from cash flow hedges, related to the purchase of raw materials. Estimates are also made for obsolescence of raw materials and finished products based on turnover and age of the related goods. 2.12 Trade accounts receivable and other accounts receivable Trade accounts receivable and other accounts receivable are measured and recognized at the transaction price at the time they aregenerated less the provision for expected credit losses, pursuant to the requirements of IFRS 15, since they do not have a significantfinancial component, less the provision of expected credit losses. The provision for expected credit losses is made applying a valueimpairment model based on expected credit losses for the following 12 months. The Group applies a simplified focus for tradereceivables, thereby impairment is always recorded referring to expected losses during the whole life of the asset. The carrying amount ofthe asset is reduced by the provision of expected credit losses, and the loss is recognized in administrative expenses in the consolidatedincome statement by function. 2.13 Cash and cash equivalents Cash and cash equivalents include cash on hand, bank balances, time deposits and other short-term highly liquid and low risk of change invalue investments.
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Table of Contents F-28 2.14 Other financial liabilities Resources obtained from financial institutions as well as the issuance of debt securities are initially recognized at fair value, net of costsincurred during the transaction. Then, liabilities are valued by accruing interests in order to equal the current value with the future value ofliabilities payable, using the effective interest rate method. General and specific borrowing costs directly attributable to the acquisition, construction or production of qualified assets, considered asthose that require a substantial period of time in order to get ready for their forecasted use or sale, are added to the cost of those assetsuntil the period in which the assets are substantially ready to be used or sold. 2.15 Income tax The Company and its subsidiaries in Chile account for income tax according to the net taxable income calculated based on the rules in theIncome Tax Law. Subsidiaries in other countries account for income taxes according to the tax regulations of the country in which theyoperate. Deferred income taxes are calculated using the liability method on temporary differences arising between the tax bases of assets andliabilities and their carrying amounts in the Consolidated Financial Statements, using the tax rates that have been enacted or substantivelyenacted on the balance sheet date and are expected to apply when the deferred income tax asset is realized, or the deferred income taxliability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profits will be available against whichthe temporary differences can be utilized. The Company does not recognize deferred income taxes for temporary differences from investments in subsidiaries in which theCompany can control the timing of the reversal of the temporary differences and it is probable that they will not be reversed in the nearfuture. The Group offsets deferred tax assets and liabilities if and only if it has legally recognized a right to offset against the tax authority theamounts recognized in those items; and intends to settle the resulting net debts, or to realize the assets and simultaneously settle the debtsthat have been offset by them. 2.16 Provisions Provisions are recognized when the Company has a present legal or constructive obligation as a result of past event, it is probable that anoutflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate thatreflects current market assessments of the time value of money and the risks specific to the obligation. 2.17 Leases In accordance with IFRS 16 “Leases” Embotelladora Andina analyzes, at the beginning of the contract, the economic background of theagreement, to determine if the contract is, or contains, a lease, evaluating whether the agreement transfers the right to control the use of anidentified asset for a period of time in exchange for a consideration. Control is considered to exist if the client has i) the right to obtainsubstantially all the economic benefits from the use of an identified asset; and ii) the right to direct the use of the asset. The Company when operating as a lessee, at the beginning of the lease (on the date the underlying asset is available for use) records anasset for the right-of-use in the statement of financial position (under Property, plant and equipment) and a lease liability (under Otherfinancial liabilities).
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Table of Contents F-29 This asset is initially recognized at cost, which includes: i) value of the initial measurement of the lease liability; ii) lease payments madeup to the start date less lease incentives received; iii) the initial direct costs incurred; and iv) the estimation of costs for dismantling orrestoration. Subsequently, the right-of-use asset is measured at cost, adjusted by any new measurement of the lease liability, lessaccumulated depreciation and accumulated losses due to impairment of value. The right-of-use asset is depreciated in the same terms asthe rest of similar depreciable assets, if there is reasonable certainty that the lessee will acquire ownership of the asset at the end of thelease. If such certainty does not exist, the asset depreciates at the shortest period between the useful life of the asset or the lease term. On the other hand, the lease liability is initially measured at the present value of the lease payments, discounted at the incremental loanrate of the Company, if the interest rate implicit in the lease could not be easily determined. Lease payments included in the measurementof the liability include: i) fixed payments, less any lease incentive receivable; ii) variable lease payments; iii) residual value guarantees;iv) exercise price of a purchase option; and v) penalties for lease termination. The lease liability is increased to reflect the accumulation of interest and is reduced by the lease payments made. In addition, the carryingamount of the liability is measured again if there is a modification in the terms of the lease (changes in the term, in the amount ofpayments or in the evaluation of an option to buy or change in the amounts to be paid). Interest expense is recognized as an expense and isdistributed among the periods that constitute the lease period, so that a constant interest rate is obtained in each year on the outstandingbalance of the lease liability. Short-term leases, equal to or less than one year, or lease of low-value assets are excepted from the application of the recognition criteriadescribed above, recording the payments associated with the lease as an expense in a linear manner throughout the lease term. TheCompany does not act as lessor, nor does it have variable payments as lessee. 2.18 Deposits for returnable containers This liability comprises cash collateral, or deposit, received from customers for bottles and other returnable containers made available tothem. This liability pertains to the deposit amount that will be reimbursed when the customer or distributor returns the bottles and containers ingood condition, together with the original invoice. This liability is presented under Other current financial liabilities since the Company does not have legal rights to defer settlement for aperiod in excess of one year. However, the Company does not anticipate any material cash settlements for such amounts during theupcoming year. 2.19 Revenue recognition The Company recognizes revenue when control over a good or service is transferred to the client. Control refers to the ability of the clientto direct the use and obtain substantially all the benefits of the goods and services exchanged. Revenue is measured based on theconsideration to which it is expected to be entitled for such transfer of control, excluding amounts collected on behalf of third parties. Management has defined the following indicators for revenue recognition, applying the five-step model established by IFRS 15 “Revenuefrom contracts with customers”: 1) Identification of the contract with the customer; 2) Identification of performance obligations; 3)Determination of the transaction price; 4) Assignment of the transaction price; and 5) Recognition of revenue. All the above conditions are met at the time the products are delivered to the customer. Net sales reflect the units delivered at list price,net of promotions, discounts and taxes. The revenue recognition criteria of the goods provided by Embotelladora Andina corresponds to a single performance obligation thattransfers the product to be received to the customer.
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Table of Contents F-30 2.20 Contributions from The Coca-Cola Company The Company receives certain discretionary contributions from The Coca-Cola Company (TCCC) mainly related to the financing ofadvertising and promotional programs for its products in the territories where the Company has distribution licenses. The contributionreceived from TCCC is recognized in net income after the conditions agreed with TCCC in order to become a creditor to such incentivehave been fulfilled, they are recorded as a reduction in the marketing expenses included in the Administration Expenses account. Given itsdiscretionary nature, the portion of contributions received in one period does not imply it will be repeated in the following period. 2.21 Dividend distribution The minimum mandatory dividend established by the Chilean Corporations Law is 30% of net income for the year, which must be ratifiedunanimously by the General Shareholders’ Meeting. Net income is determined as of December 31 of each year, at which time the liabilityis recognized in the Company’s consolidated financial statements. Interim and final dividends are recorded at the time of their approval by the competent body, which in the first case is normally the Boardof Directors of the Company, while in the second case it is the responsibility of the General Shareholders’ Meeting. 2.22 Critical accounting estimates and judgments In preparing the Consolidated Financial Statements, the Company has used certain judgments and estimates made to quantify some of theassets, liabilities, income, expenses and commitments. Following is an explanation of the estimates and judgments that might have amaterial impact on future financial statements. 2.22.1 Impairment of goodwill and intangible assets with indefinite useful lives The Company tests annually whether goodwill and intangible assets with indefinite useful life (such as distribution rights) have sufferedany impairment. The recoverable amounts of cash generating units are determined based on value in use calculations. The value in use isdetermined by management using a discounted cash flow model. The significant judgments and assumptions used in the cash flowprojections include sales volumes and prices, discount rates, marketing expenses and other economic factors. The estimation of these variables requires a use of estimates and judgments as they are subject to inherent uncertainties; however, theassumptions are consistent with the Company’s internal planning and past results. Therefore, management evaluates, and updatesestimates according to the conditions affecting the variables. If these assets are considered to have been impaired, they will be written offat their estimated fair value or future recovery value according to the lowest discounted cash flows analysis. On an annual basis and closeto each fiscal year end discounted cash flows in the Company’s cash generating units in Chile, Brazil, Argentina and Paraguay generated ahigher value than the carrying values of the respective net assets, including goodwill of the Brazilian, Argentinian and Paraguayansubsidiaries. 2.22.2 Fair Value of Assets and Liabilities IFRS require in certain cases that assets and liabilities be recorded at their fair value. Fair value is the price that would be received forselling an asset or paid to transfer a liability in a transaction ordered between market participants at the date of measurement. The basis for measuring assets and liabilities at fair value are their current prices in an active market. For those that are not traded in anactive market, the Company determines fair value based on the best information available by using valuation techniques. In the case of the valuation of intangibles recognized as a result of acquisitions from business combinations, the Company estimates thefair value based on the “multi-period excess earning method”, which involves the estimation of future cash flows generated by theintangible assets, adjusted by cash flows that do not come from these, but from other assets. The Company also applies estimations overthe period during which the intangible assets will generate cash flows, cash flows from other assets, and a discount rate.
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Table of Contents F-31 Other assets acquired, and liabilities assumed in a business combination are carried at fair value using valuation methods that areconsidered appropriate under the circumstances. Assumptions include the depreciated cost of recovery and recent transaction values forcomparable assets, among others. These valuation techniques require certain inputs to be estimated, including the estimation of futurecash flows. 2.22.3 Allowances for doubtful accounts The Group uses a provision matrix to calculate expected credit losses for trade receivables. Provisions are based on due days for variousgroups of customer segments that have similar loss patterns (i.e., by geography region, product type, customer type and rating, and creditletter coverage and other forms of credit insurance). The provision matrix is initially based on the historically observed non-compliance rates for the Group. The Group will calibrate thematrix to adjust the historical credit loss experience with forward-looking information. For example, if expected economic conditions(i.e., gross domestic product) are expected to deteriorate over the next year, which can lead to more non-compliances in the industry,historical default rates are adjusted. At each closing date, the observed historical default rates are updated and changes in prospectiveestimates are analyzed. The assessment of the correlation between observed historical default rates, expected economic conditions andexpected credit losses are significant estimates. 2.22.4 Useful life, residual value and impairment of property, plant, and equipment Property, plant, and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful life of thoseassets. Changes in circumstances, such as technological advances, changes to the Company’s business model, or changes in its capitalstrategy might modify the effective useful lives as compared to our estimates. Whenever the Company determined that the useful life ofProperty, plant and equipment might be shortened, it depreciates the excess between the net book value and the estimated recoverableamount according to the revised remaining useful life. Factors such as changes in the planned usage of manufacturing equipment,dispensers, transportation equipment and computer software could make the useful lives of assets shorter. The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of any of those assets may notbe recovered. The estimate of future cash flows is based, among other factors, on certain assumptions about the expected operating profitsin the future. The Company’s estimation of discounted cash flows may differ from actual cash flows because of, among other reasons,technological changes, economic conditions, changes in the business model, or changes in operating profit. If the sum of the projecteddiscounted cash flows (excluding interest) is less than the carrying amount of the asset, the asset shall be written off to its estimatedrecoverable value. 2.22.5 Contingent liabilities Provisions for litigation and other contingencies are recognized when the Company has a present obligation (legal or constructive) as aresult of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimatecan be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the current obligation at the date ofissuance of the financial statements, considering the risks and uncertainties surrounding the obligation. When a provision is measuredusing estimated cash flows to settle the current obligation, its carrying amount is the present value of those cash flows (when the effect ofthe time value of money is material). The accrual of the discount is recognized as a finance cost. Incremental legal costs expected to beincurred in settling the legal claim are included in the measurement of the provision. Provisions are reviewed at the end of each reporting period and are adjusted to reflect the current best estimate. If it is no longer probablethat an outflow of economic benefits will be required to settle the obligation, the provision is reversed. A contingent liability does not imply the recognition of a provision. Legal costs expected to be incurred in defending the legal claim arerecognized in profit or loss when incurred.
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Table of Contents F-32 2.22.6. Employee benefits The Company records a liability regarding indemnities for years of service that will be paid to employees in accordance with individualand collective agreements subscribed with employees, which is recorded at actuarial value in accordance with IAS 19 “EmployeeBenefits”. At the year end there were no modifications to the agreements. Results from updated actuarial variables are recorded withinother comprehensive income in accordance with IAS 19. Additionally, the Company has retention plans for some officers, which have aprovision pursuant to the guidelines of each plan. These plans grant the right to certain officers to receive a cash payment on a certain dateonce they have fulfilled the required years of service. The Company and its subsidiaries have recorded a provision to account for the cost of vacations and other employee benefits on anaccrual basis. These liabilities are recorded under current non-financial liabilities. 2.23 New Standards, Interpretations and Amendments to IFRS 2.23.1 Mandatory standards, interpretations and amendments for the first time for financial years beginning on January 1,2025. Amendments to IAS 21 - Lack of Exchangeability. Issued in August 2023, this amendment affects an entity that has a transaction oroperation in a foreign currency that is not exchangeable into another currency for a specific purpose at the measurement date. A currencyis exchangeable into another currency when it is possible to obtain the other currency (with a normal administrative delay), and thetransaction is carried out through a market or exchangeable mechanism that creates enforceable rights and obligations. This amendmentestablishes the guidelines to be followed to determine the exchange rate to be used in situations of absence of exchange y as mentionedabove. The consolidated financial statements of Embotelladora Andina S.A. as of December 31, 2025, incorporate changes resulting from theinitial adoption of International Accounting Standard IAS 21 – Lack of Exchangeability. On April 14, 2025, in the context of the new economic plan, the Central Bank of the Argentine Republic (BCRA) announced the lifting ofexchange controls. The elimination of these restrictions on the acquisition of foreign currency allowed for greater transparency in the determination ofexchange rates and facilitated convergence toward a unified dollar. This led to a devaluation of the official dollar and a reduction in theexchange rate known as the “dólar contado con liquidación” (CCL), bringing both values closer together. In compliance with IAS 21 – Lack of Exchangeability, from January 1, 2025, until the date of the lifting of the currency controls, theresults and financial statements of subsidiaries in Argentina, whose functional currency is the Argentine peso, have been translated intothe presentation currency using the exchange rate corresponding to the CCL dollar. The effects of the exchange rates used to convert the functional currency (ARS) to the presentation currency (CLP) are as follows: 1. As of December 31, 2025, the conversion of balance sheet accounts in Argentina was performed using a parity of $0.62,calculated between the value of the dollar observed in Chile of $907.13 and the Mercado Libre de Cambios (MLC) dollarexchange rate of $1,455.0 published on December 31, 2025, on the website of Banco de la Nación Argentina (BNA). For moreinformation on conversion to presentation currency, see Note 2.5.2 and Note 2.5.3. 2. For the purposes of the initial adjustment (determination of the adjustment as of January 1, 2025), where the impact isexclusively on the Company’s equity, a parity of $0.84 was used, obtained by dividing the value of the dollar observed in Chileof $996.46 as of December 31, 2024, by the CCL exchange rate of $1,186.93.
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Table of Contents F-33 The effects of these exchange rates on the balance sheet accounts, in the process of conversion from the functional currency(ARS) to the presentation currency (CLP), is CLP 43,370,401 thousand: Exchange Equity ARS as of Equity conversion Equity conversion as of January 1, 2025 USD/CLP USD/ARS rate December 31, 2024 in ThCh$ Official dollar 996.46 1,032.00 0.97 344,114,442,067 332,263,829 CCL dollar as of January 1 996.46 1,186.93 0.84 344,114,442,067 288,893,428 Change in ending balance initial conversion equity 01.01.2025 43,370,401 2.23.2 Standards, interpretations and amendments issued, the application of which is not yet mandatory, for which earlyadoption has not been made. Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments. Published in May 2024, this amendmentintends to: ● Clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a newexception for some financial liabilities settled through an electronic cash transfer system;● Clarify and add further guidance for assessing whether a financial asset meets the principal-and-interest-only payment (SPPI)criterion;● Add new disclosures for certain instruments with contractual terms that may change cash flows (such as some instruments withfeatures linked to the achievement of environmental, social and governance (ESG) goals); and● Make updates to disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). Annual Improvements to IFRS - Volume 11. The following improvements were published in July 2024: (1) IFRS 1 First-time Adoption of International Financial Reporting Standards. Some cross-references to IFRS 9 indicated inparagraphs B5-B6 regarding the retrospective application exception in hedge accounting were improved.(2) IFRS 7 Financial Instruments: Disclosures. Regarding the disclosures on results from the derecognition of financial assets wherethere is continuous involvement, a reference to IFRS 13 is incorporated in order to disclose whether there are significantunobservable inputs that impacted the fair value, and therefore, part of the result of the derecognition.(3) IFRS 9 Financial Instruments. A reference on the initial measurement of accounts receivable was amended by eliminating theconcept of transaction price.(4) IFRS 10 Consolidated Financial Statements. Some improvements are incorporated in the description of the control assessmentwhen there are “de facto agents.”(5) IAS 7 Statement of Cash Flows. A reference in paragraph 37 regarding the concept of “equity method” was amended byeliminating the reference to the “cost method”. Amendment to IFRS 9 and IFRS 7: Contracts Referencing Electricity That Depends on Nature (Published in December 2024). Thisamendment includes: ● Clarifying the application of the “own use” requirements;● Allowing hedge accounting if these contracts are used as hedging instruments; and● Disclosure requirements to enable investors to understand the effect of these contracts on an entity’s financial performance andcash flows. IFRS 18 Presentation and disclosure in financial statements. Issued in April of 2024.This is the new standard on presentation anddisclosure in financial statements, with a focus on updates to the income statement. The key new concepts introduced in IFRS 18 relate to(Mandatory as from January 1, 2027): ● The structure of the income statement;● Disclosures required in the financial statements for certain profit or loss performance measures that are reported outside anentity’s financial statements (i.e., performance measures defined by management); and
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Table of Contents F-34 ● Enhanced principles on aggregation and disaggregation that apply to the principal financial statements and notes overall. IFRS 19 Non-Public Interest Subsidiaries: Disclosures. Issued in April 2024. This new standard establishes that an eligible subsidiaryapplies the requirements of other IFRS Accounting Standards, except for the disclosure requirements, and instead may apply the reduceddisclosure requirements of IFRS 19. The reduced disclosure requirements of IFRS 19 balance the information needs of users of thefinancial statements of eligible subsidiaries with cost savings for preparers. IFRS 19 is a voluntary standard for eligible subsidiaries A subsidiary is eligible if it: ● Has no public liability; and● Has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply withIFRS. The amendments to IFRS 19 assist eligible subsidiaries by reducing disclosure requirements in respect of Standards and amendmentsissued between February 2021 and May 2024, namely: ● IFRS 18, Presentation and Disclosure in Financial Statements;● Financing Agreements with Suppliers (Amendments to IAS 7 and IFRS 7);● International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12);● Lack of Exchangeability (Amendments to IAS 21); and● Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7). Amendments to IAS 21 - Conversion to a Hyperinflationary Reporting Currency. Published in November 2025, these limited-scopeamendments specify the conversion procedures applicable to entities whose reporting currency is the currency of a hyperinflationaryeconomy. An entity applies the amendments when: ● its functional currency is the currency of a non-hyperinflationary economy, and it translates its results and financial position intothe currency of a hyperinflationary economy; or● it translates the results and financial position of a foreign operation whose functional currency is the currency of a non-hyperinflationary economy into the currency of a hyperinflationary economy. The objective of the amendments is to enhance the usefulness of the resulting information in a cost-effective manner. The amendmentswere developed in response to stakeholder feedback and are expected to reduce diversity in practice and provide a clearer basis forreporting in a hyperinflationary currency. Amendments to Illustrative Examples on IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36, and IAS 37 - Disclosures about Uncertainties inFinancial Statements. Published in November 2025. These amendments introduce illustrative examples demonstrating how entities apply the requirements of IFRS Accounting Standards todisclose the effects of uncertainties in their financial statements. The examples do not add to or amend the requirements of IFRS Accounting Standards and, accordingly, do not give rise to transitionrequirements. The examples will accompany the respective Standards to which they relate. Company management estimates that the adoption of the standards, interpretations and amendments described above will not have amaterial impact on the Company’s consolidated financial statements in the period of initial application. Regarding the implementation of IFRS 18 - Presentation and Disclosure in Financial Statements, management is conducting a thoroughanalysis of the potential impact on the company’s consolidated financial statements.
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Table of Contents F-35 3 – FINANCIAL REPORTING BY SEGMENT The Company provides financial information by segments according to IFRS 8 “Operating Segments,” which establishes standards forreporting by operating segment and related disclosures for products and services, and geographic areas. The Company’s Board of Directors and Management measures and assesses the performance of operating segments based on the netincome of each of the countries where there are Coca-Cola franchises. The operating segments are determined based on the presentation of internal reports to the Company´s chief strategic decision-maker. Thechief operating decision-maker has been identified as the Company´s Board of Directors who makes the Company’s strategic decisions. The following operating segments have been determined for strategic decision making based on geographic location: ● Operation in Chile● Operation in Brazil● Operation in Argentina● Operation in Paraguay The four operating segments conduct their businesses through the production and sale of soft drinks and other beverages, as well aspackaging materials. Expenses and revenue associated with the Corporate Officer were assigned to the operation in Chile in the soft drinks segment becauseChile is the country that manages and pays the corporate expenses, which would also be substantially incurred, regardless of the existenceof subsidiaries abroad. Total revenues by segment include sales to unrelated customers and inter-segments, as indicated in the consolidated statement of incomeof the Company.
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Table of Contents F-36 A summary of the Company’s operations by segment in accordance with IFRS is as follows: Operation in Operation in Operation in Operation in Inter-segment Consolidated For the period ended December 31, 2025 Chile Argentina Brazil Paraguay eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Net sales 1,319,136,024743,463,364976,907,746314,659,686(9,330,969) 3,344,835,851Cost of sales (871,161,843) (402,209,929) (591,130,936) (182,782,385) 9,605,969(2,037,679,124)Distribution expenses (105,586,109) (98,103,991) (75,937,785) (17,036,707) — (296,664,592) Administrative expenses (215,872,575) (160,414,495) (134,620,377) (44,218,175) — (555,125,622)Financial income 4,911,713 1,776,760 10,796,800 954,339 — 18,439,612Financial costs (36,486,570) (4,230,018) (27,501,825) — — (68,218,413) Share of entity in income of associatesaccounted for using the equity method, total (881,145) — 3,795,041 — — 2,913,896Income tax expense (35,346,977) (27,141,446) (40,009,007) (7,659,497) — (110,156,927) Other income (expenses) (22,054,781) (6,610,945) (2,795,601) 3,594,061 — (27,867,266) Net income of the segment reported 36,657,737 46,529,300 119,504,056 67,511,322 275,000 270,477,415 Depreciation and amortization 59,720,407 43,194,473 41,427,158 15,174,455 (275,000) 159,241,493 Current assets 560,362,117 144,285,504244,460,12883,945,032 — 1,033,052,781 Non-current assets 899,299,770322,176,655820,894,414344,981,798 — 2,387,352,637 Segment assets, total 1,459,661,887466,462,1591,065,354,542428,926,830 — 3,420,405,418 Carrying amount in associates accounted for using the equity method, total 45,641,870 — 41,446,001 — — 87,087,871 Purchase of property, plant and equipment82,414,851 35,767,333122,175,23537,464,796 — 277,822,215 Current liabilities 238,966,685129,772,961301,583,34260,089,529 — 730,412,517 Non-current liabilities 916,231,35939,559,512516,413,21821,234,964 — 1,493,439,053 Segment liabilities, total 1,155,198,044169,332,473817,996,56081,324,493 — 2,223,851,570 Cash flows from (used in) operating activities 268,604,56768,620,260 91,656,678 32,245,897 — 461,127,402 Cash flows from (used in) investing activities (80,494,816) (40,041,398) (90,574,347) (37,464,796) — (248,575,357)Cash flows from (used in) financing activities (132,802,798) (25,061,467) (3,461,981) (1,085,965) — (162,412,211)
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Table of Contents F-37 Operation in Operation in Operation in Operation in Inter-segment Consolidated For the period ended December 31, 2024 Chile Argentina Brazil Paraguay eliminations total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Net sales 1,245,017,869798,447,268909,678,045282,065,004(10,975,181) 3,224,233,005 Cost of sales (824,059,469) (428,873,483) (542,292,798) (161,442,839) 11,305,181(1,945,363,408)Distribution expenses (101,148,705) (106,646,693) (66,879,135) (15,312,475) — (289,987,008)Administrative expenses (200,770,283) (180,872,313) (141,148,019) (39,010,598) — (561,801,213) Financial income 10,879,956 (2,505,917) 19,571,322 1,014,557 — 28,959,918Financial costs (32,598,203) (11,204,328) (26,611,352) — — (70,413,883)Share of entity in income of associatesaccounted for using the equity method, total (2,298,261) — 3,295,905 — — 997,644 Income tax expense (42,534,666) (35,815,666) (48,040,456) (7,001,858) — (133,392,646) Other income (expenses) (26,486,958) 7,091,473 1,526,372 (719,171) — (18,588,284) Net income of the segment reported 26,001,280 39,620,341109,099,88459,592,620 330,000 234,644,125 Depreciation and amortization 51,077,980 47,953,737 36,388,203 16,021,013 (330,000) 151,110,933 Current assets 528,419,153174,373,750224,628,28785,774,550 — 1,013,195,740 Non-current assets 867,381,313387,082,375728,698,570294,746,275 — 2,277,908,533 Segment assets, total 1,395,800,466561,456,125953,326,857380,520,825 — 3,291,104,273 Carrying amount in associates accounted forusing the equity method, total 46,683,997 — 38,508,713 — — 85,192,710 Disbursements on segment non-cash assets 105,146,89476,780,061 93,640,763 15,973,893 — 291,541,611 Current liabilities 426,497,211 186,311,088 240,103,61453,232,081 — 906,143,994Non-current liabilities 923,267,52349,094,282378,537,10219,664,352 — 1,370,563,259 Segment liabilities, total 1,349,764,734235,405,370618,640,71672,896,433 — 2,276,707,253 Cash flows from (used in) operating activities 237,563,05733,918,565 70,270,360 15,489,929 — 357,241,911Cash flows from (used in) investing activities (163,677,289) (75,645,230) (34,556,219) (15,973,893) — (289,852,631) Cash flows from (used in) financing activities (77,241,755) 32,332,916(73,477,219) (1,372,118) — (119,758,176)
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Table of Contents F-38 Operation in Operation in Operation in Operation in Inter-segment Consolidated, For the period ended December 31, 2023 Chile Argentina Brazil Paraguay eliminations Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Revenues from ordinary activities1,191,974,011 460,337,955745,382,614223,840,649(3,098,177) 2,618,437,052Cost of sales (785,163,742) (234,814,106) (460,648,667) (124,798,917) 3,428,177(1,601,997,255) Distribution expenses (98,940,612) (60,925,828) (55,074,448) (12,866,291) — (227,807,179)Administrative expenses (185,062,364) (98,996,057) (116,836,812) (30,400,282) — (431,295,515)Financial income 12,892,543 8,497,135 9,251,681 754,808 — 31,396,167 Financial costs (31,413,255) (6,174,445) (27,700,652) — — (65,288,352)Share of entity in income of associatesaccounted for using the equity method, total 320,225 — 2,395,944 — — 2,716,169 Income tax expense (27,867,269) (25,000,923) (27,122,886) (6,003,229) — (85,994,307)Oher income (expenses) (40,422,909) (20,238,217) (1,651,128) (3,343,039) — (65,655,293) Net income of the segment reported 36,316,628 22,685,514 67,995,646 47,183,699 330,000 174,511,487 Depreciation and amortization 44,930,478 23,055,893 31,384,619 13,730,334 (330,000) 112,771,324 Current assets 537,875,31686,006,922276,111,516 81,777,273 — 981,771,027Non-current assets 818,222,777192,749,170651,665,020277,112,895 — 1,939,749,862 Segment assets, total 1,356,098,093278,756,092927,776,536358,890,168 — 2,921,520,889 Carrying amount in associates accounted forusing the equity method, total 49,790,788 — 42,008,479 — — 91,799,267 Segment disbursements of non-monetary assets98,330,718 24,421,786 50,018,391 19,936,603 — 192,707,498 Current liabilities 256,032,001107,654,447284,887,15244,297,696 — 692,871,296Non-current liabilities 965,276,58223,188,614300,646,80318,552,180 — 1,307,664,179 Segment liabilities, total 1,221,308,583130,843,061585,533,95562,849,876 — 2,000,535,475 Cash flows (used in) provided by in OperatingActivities 196,897,114 32,330,115 118,389,616 19,213,391 — 366,830,236Cash flows (used in) provided by Investing Activities (224,464,143) (24,421,513) 110,533,381(19,936,603) — (158,288,878)Cash flows (used in) provided by FinancingActivities 19,739,413 3,911,735 (209,887,714) (890,232) — (187,126,798) 4 – CASH AND CASH EQUIVALENTS The composition of cash and cash equivalents is as follows: Description 12.31.2025 12.31.2024 ThCh$ ThCh$ Cash 287,408 360,472Bank balances 156,192,975 139,876,935 Other fixed rate instruments 140,059,326 108,661,597 Cash and cash equivalents 296,539,709 248,899,004
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Table of Contents F-39 Other fixed income instruments correspond primarily to investments in short-term instruments with good credit ratings, such as TimeDeposits and Mutual Funds, which are highly liquid, with insignificant risk of change in value and easily converted into known amountsof cash. As of December 31, 2024, an amount of CLP 6,878,230 is subject to restrictions on the use of cash and cash equivalents as it iscommitted to the purchase of real estate assets. By currency 12.31.2025 12.31.2024 ThCh$ ThCh$ USD 21,353,466 14,817,741EUR 352,273 234,718ARS 11,629,118 12,461,057CLP 191,155,122 140,155,381PYG 24,604,036 32,690,023BRL 47,445,694 48,540,084 Cash and cash equivalents 296,539,709 248,899,004 5 – OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS The composition of other financial assets is as follows: Current Non-current Other financial assets 12.31.2025 12.31.2024 12.31.2025 12.31.2024 ThCh$ ThCh$ ThCh$ ThCh$ Financial assets measured at amortized cost (1) 45,317,232 72,481,578 2,903,350 2,933,957Financial assets at fair value (2) 657,477 4,105,005 142,975,857 144,550,766Other financial assets (3) — — 18,491,729 21,935,580 Total 45,974,709 76,586,583 164,370,936 169,420,303 (1) Financial instrument that do not meet the definition of cash equivalents pursuant to Note 2.13. (2) Market value of hedging instruments. See details in Note 22. (3) Correspond to the rights in the Argentinean company Alimentos de Soya S.A., manufacturing company of “AdeS” products, whichare framed in the purchase of the “AdeS” brand managed by The Coca-Cola Company at the end of 2016. 6 – OTHER CURRENT AND NON-CURRENT NON-FINANCIAL ASSETS The composition of other non-financial assets is as follows: Current Non-current Other non-financial assets 12.31.2025 12.31.2024 12.31.2025 12.31.2024 ThCh$ ThCh$ ThCh$ ThCh$ Prepaid expenses 9,086,673 16,398,362 934,715 1,037,774 Tax credit remainder (1)(2) 109,096 67,318 53,015,476 49,541,827Judicial deposits — — 15,149,522 14,477,664Other (3) 6,790,127 10,794,827 13,813,394 14,689,430 Total 15,985,896 27,260,507 82,913,107 79,746,695 (1) In November 2006, Rio de Janeiro Refrescos Ltda. (“RJR”) filed a court order No. 0021799-23.2006.4.02.5101 seeking recognitionof the right to exclude ICMS (Tax on Commerce and Services) from the PIS (Program of Social Integration) and COFINS(Contribution for the Financing of Social Security) calculation base, as well as recognition of the right to obtain reimbursement ofamounts unduly collected since November 14, 2001, duly restated using the Selic interest rate. On May 20, 2019, the ruling favoringRJR became final, allowing the recovery of amounts overpaid from November 14, 2001 to August 2017. It is worth noting that inSeptember 2017, RJR had already obtained a Security Mandate, which granted it the right to exclude, from that date, the ICMS fromthe PIS and COFINS calculation base.
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Table of Contents F-40 The company took steps to assess the total amount of the credit at issue for the period of unduly collection of taxes from November2001 to August 2017, totaling approximately CLP 100,550 million (CLP 92,783 million at December 2021) (BRL 613 million, ofwhich BRL 370 million corresponds to capital and BRL 243 million to interest and monetary restatement. These amounts wererecorded as of December 31, 2019 and recovered as of December 31, 2022. Companhia de Bebidas Ipiranga, acquired in September 2013, also filed a court order n. 0005018-15.2002.4.03.6110 to recognize thesame issue as the one previously descibed for RJR. On September 12, 2019, the ruling favoring Ipiranga became final, allowing therecovery of the amounts overpaid from September 12, 1990 to December 12, 2013 (date on which Ipiranga was acquired by RJR).The Ipiranga credit will be generated in the name of RJR, however pursuant to a contractual clause (“Subscription Agreement forShares and Exhibits”), which requireds RJR to transfer any gain resulting from this action to the former shareholders of Ipiranga. TheCompany performed procedures to assess the total amount of the credit in question for the tax period expired, totaling BRL 162,588,of which BRL 80,177 correspond to principal and BRL 82,411 correspond to interest and monetary restatement. These amounts wererecorded in the year ended December 31, 2020. The payment of income tax is made at the time of liquidation of the credit, withwhich the respective deferred tax liability of BRL 55,280 was recorded. The value of PIS and Cofins recorded was BRL 7,623thousand. As of December 31, 2025, the amount to be transferred to the former shareholders of Ipiranga is CLP 23,882,114 or BRL 144,863thousand (CLP 21,693,201 or BRL 134,808 thousand at December 31, 2024). The liability is included in trade accounts and otheraccounts payables (Note 18). (2) The Company obtained a favorable final judgment in the Federal Proceeding No. 5089101-22.2022.4.02.5101, pending before the30th Federal Court of Rio de Janeiro, recognizing its right to recover the PIS and COFINS credits for payment of an amount higherthan the amount owed due to an increase in the basis of calculation (including the amount of a state tax - ICMS-ST). The lawsuit wasfiled on 11/22/2022 and relates to the credit for the period from 11/22/2017 to 8/26/2024 in the total amount of BRL 200,266,717(with BRL 144,539,175 corresponding to principal and BRL 55,727,543 corresponding to the monetary adjustment for the Selic rateuntil 12/31/2024). The total amount of the credit recorded, net of taxes and fees, is CLP 24,951,904 or BRL 155,058 thousand. TheCompany will initiate procedures before the Receita Federal of Brazil to validate this credit and begin offsetting the federal taxliability. (3) Other non-financial assets are mainly composes of advances to suppliers. 7 – TRADE ACCOUNTS AND OTHER ACCOUNTS RECEIVABLE The composition of trade and other receivables is as follows: Current Non-current Trade debtors and other accounts receivable, net 12.31.2025 12.31.2024 12.31.2025 12.31.2024 ThCh$ ThCh$ ThCh$ ThCh$ Trade accounts debtor 287,812,236 282,453,556 132,362 113,966Other debtors 45,776,284 44,195,220 39,557 212,749Other accounts receivable 6,189,978 6,182,312 15,725 9,008 Total 339,778,498 332,831,088 187,644 335,723 Current Non-current Trade and other receivables, gross 12.31.2025 12.31.2024 12.31.2025 12.31.2024 ThCh$ ThCh$ ThCh$ ThCh$ Trade debtors 292,740,521 286,866,555 132,362 113,966Other debtors 46,151,589 44,566,923 39,557 212,749 Other accounts receivable 6,470,828 6,392,415 15,725 9,008 Total 345,362,938 337,825,893 187,644 335,723
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Table of Contents F-41 The aging of the portfolio for current and non-current trade accounts receivable, without impairment impact, is as follows: 12.31.2025 12.31.2024 ThCh$ ThCh$ Less than one month old 285,825,868 276,941,661Between one and three months old 300,575 2,533,836Between three and six months old 724,075 1,216,352With seniority between six and eight months 5,669,012 5,920,865With seniority greater than eight months 353,353 367,807 Total 292,872,883 286,980,521 The Company has approximately 275,567 customers, who may have balances in the different segments of the stratification. The numberof customers is distributed geographically with 72,694 in Chile, 84,145 in Brazil, 66,306 in Argentina, and 52,422 in Paraguay. The provision for expected credit losses associated with each segment of the current and non-current trade receivables is as follows: 12.31.2025 Impairment loss Credit amount provision Percentage ThCh$ ThCh$ % Less than one month 283,967,276 (965,427) 0.34%Between one and three months 2,159,167 (592,660) 27.45%Between three and six months 724,075 (454,199) 62.73%Between six and eight months 5,669,012 (2,590,039) 45.69% Greater than eight months 353,353 (325,960) 92.25% Total 292,872,883 (4,928,285) — 12.31.2024 Impairment loss Credit amount provision Percentage ThCh$ ThCh$ % Less than one month 276,941,661 (1,151,129) 0.42%Between one and three months 2,533,836 (206,041) 8.13%Between three and six months 1,216,352 (911,547) 74.94%Between six and eight months 5,920,865 (1,788,253) 30.20% Greater than eight months 367,807 (356,029) 96.80% Total 286,980,521 (4,412,999) The movement in the allowance for expected credit losses is presented below: 12.31.2025 12.31.2024 12.31.2023 ThCh$ ThCh$ ThCh$ Opening balance 4,412,999 4,447,197 4,492,643Increase (decrease) 1,135,744 1,426,301 1,319,216Reversal of provision (569,535) (1,417,795) (1,110,743)Increase (decrease) due to foreign currency changes (50,923) (42,704) (253,919) Subtotal movements 515,286 (34,198) (45,446) Final balance 4,928,285 4,412,999 4,447,197 The provision for expected credit losses is recorded under administrative expenses in the income statement by function.
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Table of Contents F-42 8 – INVENTORIES The composition of inventories is detailed as follows: Description 12.31.2025 12.31.2024 ThCh$ ThCh$ Raw materials (1) 127,485,242 132,404,864Finished products 128,636,733 121,326,380Spare parts and other production supplies 39,602,883 39,296,081Work in progress 266,951 378,573Other inventories 13,085,031 10,742,769Provision for obsolescence (2) (4,526,231) (4,177,758) Total 304,550,609 299,970,909 The cost of inventories recognized as cost of sales as of December 31, 2025 and 2024 amounts to ThCh$ 1,642,483,000 and ThCh$1,584,826,536, respectively. (1) Approximately 80% consists of concentrate and sweeteners used in the preparation of beverages, as well as caps and PET suppliesused in product packaging. (2) The obsolescence provision relates mainly to the obsolescence of spare parts classified as inventory and, to a lesser extent,finished products and raw materials. The general rule is to provision all multifunctional spare parts with no turnover in thelast four years prior to the technical analysis to adjust the provision. In the case of raw materials and finished products, theobsolescence provision is determined according to their expiration date. 9 – TAX ASSETS AND LIABILITIES The composition of current tax accounts receivable is the following: Tax assets 12.31.2025 12.31.2024 ThCh$ ThCh$ Monthly provisional payments 1,569,017 2,113,749Tax credits 11,402,508 12,435,193Recoverable taxes from prior years 18,068 547,475Surplus Tax Credit 1,934,580 2,151,773Other Recoverable Taxes — 497,916 Total 14,924,173 17,746,106 The composition of current tax accounts payable is the following: Current Tax liabilities 12.31.2025 12.31.2024 ThCh$ ThCh$ Income tax expense 14,207,862 28,224,678 Other — 144,598 Total 14,207,862 28,369,276
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Table of Contents F-43 10 – INCOME TAX, DEFERRED TAXES, AND OTHER TAXES 10.1 Income tax expense The current and deferred income tax expenses are detailed as follows: Detail 12.31.2025 12.31.2024 12.31.2023 ThCh$ ThCh$ ThCh$ Current tax expense (105,206,863) (116,949,330) (58,334,583)Adjustment to current tax for the previous period (154,862) (649,888) (152,481)Expense for taxes withheld from foreign subsidiaries (3,334,078) (3,997,308) (11,803,842)Other current tax expenses (income) (3,425) (46,712) (688,765) Current tax expense (108,699,228) (121,643,238) (70,979,671) Expenses (income) from the creation and reversal of temporary differences fordeferred taxes and other items (1,457,699) (11,749,408) (15,014,636) Expenses (income) for deferred taxes (1,457,699) (11,749,408) (15,014,636) Total income tax expense (110,156,927) (133,392,646) (85,994,307) The distribution of national and foreign tax expenditure is as follows: Income taxes 12.31.2025 12.31.2024 12.31.2023 ThCh$ ThCh$ ThCh$ Current taxes Foreign (74,251,356) (83,091,643) (44,507,433)National (34,447,872) (38,551,595) (26,472,238) Current tax expense (108,699,228) (121,643,238) (70,979,671) Deferred taxes Foreign (558,594) (7,766,337) (13,619,606)National (899,105) (3,983,071) (1,395,030) Deferred tax expense (1,457,699) (11,749,408) (15,014,636) Income tax expense (110,156,927) (133,392,646) (85,994,307) The reconciliation of tax expense using the statutory rate with tax expense using the effective rate is as follows: Reconciliation of effective rate 12.31.2025 12.31.2024 12.31.2023 ThCh$ ThCh$ ThCh$ Net income before taxes 380,634,342 368,036,771 260,505,794 Tax expense at legal rate (27.0%) (102,771,272) (99,369,928) (70,336,564)Effect of tax rate in other jurisdictions (4,280,535) (6,667,967) (854,686) Permanent differences: Foreign dividend tax withholding expense and other non-taxable income (10,051,619) (16,136,709) (15,253,682)Non-deductible expenses (3,208,984) (2,729,645) (2,585,111)Tax effect on excess tax provision in previous periods 3,525,571 (227,730) (188,988)Tax effect of price-level restatement for Chilean companies (3,443,934) (4,711,530) (9,929,818) Subsidiaries tax withholding expense and other legal tax debits and credits 10,073,846 (3,549,137) 13,154,542 Adjustments to tax expense (3,105,120) (27,354,751) (14,803,057) Tax expense at effective rate (110,156,927) (133,392,646) (85,994,307) Effective rate 28.9% 36.2% 33.0%
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Table of Contents F-44 The applicable income tax rates in each of the jurisdictions where the Company operates are the following: Rates Country 2025 2024 2023 Chile 27.00% 27.00% 27.00%Brazil 34.00% 34.00% 34.00%Argentina 35.00% 35.00% 35.00%Paraguay 10.00% 10.00% 10.00% 10.2 Deferred taxes The net cumulative balances of temporary differences resulted in deferred tax assets and liabilities, which are detailed as follows: 12.31.2025 12.31.2024 Temporary differences Assets Liabilities Assets Liabilities ThCh$ ThCh$ ThCh$ ThCh$ Property, plant and equipment 2,321,972 (58,716,442) 13,207,209 (72,828,374)Obsolescence provision 1,471,678 — 1,462,351 —ICMS exclusion credit — (8,715,853) — (8,932,781)Employee benefits 7,334,254 — 9,193,709 —Provision for severance indemnity 3,016,001 — 3,090,610 —Tax loss carry forwards (1) 4,079,365 — 1,777,503 —Tax goodwill Brazil (2) — (14,360,929) — (14,017,580)Contingency provision 27,609,103 — 27,369,217 —Foreign Exchange differences (3) — (1,837,609) — (6,645,768)Allowance for doubtful accounts 1,136,600 — 977,594 —Coca-Cola incentives (Argentina) 366,718 — 44,298 —Assets and liabilities for placement of bonds — (464,794) — (513,394)Financial expense — (2,403,056) — (2,400,025)Lease liabilities 2,819,956 — 5,321,034 —Inventories 1,447,980 — 2,033,884 —Distribution rights (4) — (158,144,238) — (155,203,115)Prepaid income 1,629,993 — 1,582,847 (28,858)Spare parts — (9,711,255) — (10,970,620)Intangibles 89,070 (8,311,742) 85,915 (10,448,709)Others 3,779,770 (4,320,995) 5,097,825 (4,641,624)Tax inflation adjustment — — — (2,499,484) Subtotal 57,102,460 (266,986,913) 71,243,996 (289,130,332) Offsetting of deferred tax assets/(liabilities) (48,313,602) 48,313,602 (64,162,447) 64,162,447 Total net assets and liabilities 8,788,858 (218,673,311) 7,081,549 (224,967,885) (1) Tax losses mainly associated with entities in Chile. Tax losses in Chile have no expiration date.(2) Difference due to the tax amortization of goodwill in Brazil.(3) Corresponds to deferred taxes for exchange rate differences generated on the translation of debts expressed in foreign currency in themainly in the subsidiary Embotelladora del Atlántico S.A.(4) Distribution rights arising from business combinations. See Note 15.
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Table of Contents F-45 The movements in deferred tax accounts are as follows: Movement 12.31.2025 12.31.2024 ThCh$ ThCh$ Opening balance (217,886,336) (176,147,045)Increase (decrease) in deferred tax (9,212,483) (50,692,808)Increase (decrease) due to foreign currency translation(*) 17,214,366 8,953,517 Total movements 8,001,883 (41,739,291) Final balance (209,884,453) (217,886,336) (*) Includes the effect of IAS 29 due to inflation in Argentina. 10.3 Other deferred taxes On January 24, 2024, Rio de Janeiro Refrescos Ltda. entered into an agreement with the State Secretariat of Economic Development,Industry, Trade and Services (State Secretariat of Finance, Government of the State of Rio de Janeiro), whereby it was granteddifferentiated tax treatment for sales tax for its industrial facility in the city of Duque de Caxias. This tax incentive will result in higheroperating margins for the Company for the period 2024 to 2032, provided that certain revenue levels are met. As a result, for the 2024fiscal year, the Company has accrued additional benefits amounting to approximately ThCh$ 3,740,000. 11 – PROPERTY, PLANT, AND EQUIPMENT The breakdown of property, plant, and equipment at the end of each period is as follows: Property, plant and equipment, gross 12.31.2025 12.31.2024 ThCh$ ThCh$ Construction in progress 71,046,048 128,215,798Land 169,299,053 123,895,947Buildings 462,387,416 436,959,682Plant and equipment 979,677,819 883,485,697Information technology equipment 42,776,522 38,690,860Fixed installations and accessories 61,907,492 79,376,966Vehicles 100,693,925 93,948,092Leasehold improvements 456,829 417,335Right of use 110,230,009 101,789,265Other property, plant, and equipment (1) 538,439,121 591,042,877 Total gross property, plant and equipment 2,536,914,234 2,477,822,519
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Table of Contents F-46 Accumulated depreciation of Property, plant and equipment 12.31.2025 12.31.2024 ThCh$ ThCh$ Buildings (158,944,387) (154,234,604) Plant and equipment (613,239,881) (604,950,321) Information technology equipment (31,367,812) (28,031,257) Fixed installations and accessories (38,045,449) (51,636,433) Vehicles (61,118,362) (58,719,029) Leasehold improvements (421,224) (333,299) Right-of-use (78,840,844) (66,670,171) Other property, plant, and equipment (1) (375,551,016) (415,473,833) Total accumulated depreciation (1,357,528,975) (1,380,048,947) Total net property, plant, and equipment 1,179,385,259 1,097,773,572 (1) The net balance of each of these categories is presented below: Other property, plant, and equipment, net 12.31.2025 12.31.2024 ThCh$ ThCh$ Containers 49,435,791 52,405,316Promotional and marketing assets (market assets) 79,493,295 87,694,964 Other property, plant, and equipment 33,959,019 35,468,764 Total 162,888,105 175,569,044 11.1 Movements The details of the movements in Property, plant, and equipment are as follows: Fixed Plant and IT installations Leasehold Rights-of-use Property, plant Construction Buildings, equipment, equipment, and fixtures, improvements, assets, and equipment, in progress Land net net net net Vehicles, net net Other net (1) net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance as of January 1, 2025 128,215,798123,895,947282,725,078278,535,37610,659,60327,740,53335,229,063 84,036 175,569,04435,119,094 1,097,773,572 Additions 153,726,539 6,833,918 1,937,584 34,166,8241,821,997 228,399 5,346,923 3,979 57,682,883 112,162 261,861,208 Additions to rights of use — — — — — — — — — 14,866,967 14,866,967Expropriations — (1,304,279) (180,482) (18,737) (332,071) (1,129) (507,330) (77,551) (2,613,192) (1,492,609) (6,527,380) Transfers between property, plant andequipment items (212,563,731) 42,192,55139,191,443106,172,2163,249,288 2,064,175 6,584,016 14,303 12,460,788 634,951 — Transfers of rights of use — — — — — — — — — — —Depreciation expense — — (12,198,794) (43,527,400) (3,866,130) (3,178,635) (7,075,795) (29,917) (63,936,295) — (133,812,966) Amortization — — — — — — — — — (15,610,664) (15,610,664) Increase (decrease) in foreign currencyexchange 2,574,353 (2,319,084) (7,956,750) (5,999,481) (258,483) (2,991,300) (75,085) 1,483 (11,247,906) (2,085,870) (30,358,123) Other increases (decreases) (2) (906,911) — (75,050) (2,890,860) 134,506 — 73,771 39,272 (5,027,217) (154,866) (8,807,355) Total movements (57,169,750) 45,403,10620,717,95187,902,562 749,107 (3,878,490) 4,346,500 (48,431) (12,680,939) (3,729,929) 81,611,687 Balance at 12.31.2025 71,046,048169,299,053303,443,029366,437,93811,408,71023,862,04339,575,563 35,605 162,888,10531,389,1651,179,385,259 (1) Assets for rights of use are composed as follows: Accumulated Right-of-use Gross asset depreciation Net asset ThCh$ ThCh$ ThCh$ Construction and buildings 26,649,116 (15,136,605) 11,512,511Plant and equipment 57,140,853 (43,275,289) 13,865,564Information Technology Equipment 1,276,895 (688,920) 587,975Motor vehicles 20,037,359 (14,633,305) 5,404,054 Other 5,125,786 (5,106,725) 19,061 Total 110,230,009 (78,840,844) 31,389,165 Interest expense on lease liabilities at December 31, 2025 amounts to ThCh$ 2,817,626 (2) This mainly corresponds to the effect of applying IAS 29 in Argentina.
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Table of Contents F-47 Fixed Plant and IT installations and Leasehold Rights-of-use Property, plant Construction equipment,equipment, fixtures, improvements, assets, and equipment, in progress Land Buildings, net net net net Vehicles, net net Other net (1) net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance as of January 1,2024 96,126,388115,737,432225,632,198214,975,6729,422,508 15,531,06733,251,614 69,034 128,351,54333,291,355 872,388,811 Additions 176,217,015 — 4,864,795 22,486,6602,277,835 304,637 8,265,490 9,867 75,744,148 — 290,170,447 Additions Rights of use — — — — — — — — — 12,348,946 12,348,946Expropriations — (127,759) (833,890) (297,450) (7,002) (118,918) (480,928) — (6,204,638) (62,786) (8,133,371) Transfers between property, plant and equipment items (134,329,091) 3,713,656 43,572,21262,388,8062,145,890 8,391,578 1,094,118 48,874 13,194,706 (220,749) —Transfers of rights of use — — — — — — — — — — — Depreciation expense — — (10,722,943) (38,015,053) (3,989,250) (3,348,747) (6,710,478) (31,229) (64,154,852) — (126,972,552)Amortization — — — — — — — — — (16,452,010) (16,452,010) Increase (decrease) in foreigncurrency exchange 13,620,466 4,572,618 20,338,72613,733,5751,036,332 6,980,916 (506,611) (12,929) 35,646,625 5,997,508 101,407,226 Other increases (decreases) (2) (23,418,980) — (126,020) 3,263,166 (226,710) — 315,858 419 (7,008,488) 216,830 (26,983,925) Total movements 32,089,410 8,158,515 57,092,88063,559,7041,237,095 12,209,466 1,977,449 15,002 47,217,501 1,827,739 225,384,761 Balance at December 31, 2024 128,215,798123,895,947282,725,078278,535,37610,659,603 27,740,53335,229,063 84,036 175,569,04435,119,094 1,097,773,572 (1) Assets for rights of use are composed as follows: AccumulatedRight-of-use Gross asset depreciation Net asset ThCh$ ThCh$ ThCh$ Construction and buildings 24,518,751 (10,751,991) 13,766,760Plant and equipment 55,846,552 (38,939,105) 16,907,447Information Technology Equipment 999,207 (631,045) 368,162Motor vehicles 14,696,107 (10,646,117) 4,049,990Other 5,728,648 (5,701,913) 26,735 Total 101,789,265 (66,670,171) 35,119,094 Interest expense on lease liabilities at December 31, 2024 period amounts to ThCh$ 3,277,261 (2) This mainly corresponds to the effect of applying IAS 29 in Argentina.
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Table of Contents F-48 Fixed facilities Plant and IT and Leasehold Property, plant Construction equipment,equipment,accessories, improvements, Rights-of-use,and equipment, in progress Land Buildings, net net net net Vehicles, net net Others net (1) net ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance at 01.01.2023 49,169,567104,906,878220,452,589194,082,8597,735,547 25,741,06331,158,954 80,186 144,297,62320,595,993 798,221,259 Additions 100,905,10711,316,009 1,266,472 37,341,9851,081,074 6,248 3,804,000 22,935 41,756,709 — 197,500,539 Right-of use additions — — — — — — — — — 25,119,021 25,119,021Disposals — — (6,707) (292,766) (1,365) — (42,333) — (1,431,798) (174,444) (1,949,413) Transfers between items of Property, plant and equipment (57,285,699) — 9,985,619 21,285,2012,279,728 2,148,709 2,511,373 — 18,399,131 675,938 —Right-of-use transfers — — — — — — — — — — — Depreciation expense — — (9,175,999) (29,999,476) (3,048,237) (1,903,192) (5,692,021) (46,176) (46,855,960) — (96,721,061)Amortization — — — — — — — — — (11,005,033) (11,005,033) Increase (decrease) due to foreigncurrency translation differences 95,202 (485,959) (4,295,531) (2,173,388) 311,883 (3,243,921) 898,032 4,474 (16,326,501) 56,926 (25,158,783) Other increase (decrease) (2) 3,242,211 504 7,405,755 (5,268,743) 1,063,878 (7,217,840) 613,609 7,615 (11,487,661) (1,977,046) (13,617,718) Total movements 46,956,82110,830,554 5,179,609 20,892,8131,686,961 (10,209,996) 2,092,660 (11,152) (15,946,080) 12,695,362 74,167,552 Ending balance at 12.31.202396,126,388115,737,432225,632,198214,975,6729,422,508 15,531,06733,251,614 69,034 128,351,54333,291,355 872,388,811 (1) Right of use assets is composed as follows: AccumulatedRight-of-use Gross asset depreciation Net asset ThCh$ ThCh$ ThCh$ Constructions and buildings 16,246,384 (6,883,481) 9,362,903Plant and Equipment 52,431,352 (35,679,624) 16,751,728IT equipment 1,155,261 (1,030,250) 125,011Motor vehicles 22,051,973 (15,132,557) 6,919,416 Others 8,380,181 (8,247,884) 132,297 Total 100,265,151 (66,973,796) 33,291,355 Lease liabilities interest expenses as of December 2023 was ThCh$ 2,616,945 (2) Corresponds mainly to the effect of adopting IAS 29 in Argentina. 12 – RELATED PARTIES The balances and main transactions with related parties are as follows: 12.1 Accounts receivable: 12.31.2025 12.31.2024 Tax ID Company Relationship Country Currency Current Non-current Current Non-current ThCh$ ThCh$ ThCh$ ThCh$96.891.720-K Embonor S.A. Shareholder related Chile CLP 6,035,391 — 5,739,330 —77.526.480 Comercializadora Nova Verde S.A. Common shareholder Chile CLP 3,307,047 — 711,003 —Foreign Sorocaba Refrescos Shareholder related Brazil BRL 1,040,634 — — — 76.140.057-6 Monster Energy Company - CHILE Associate Chile CLP 4,100,327 — 2,429,980 —86.881.400 Envases CMF S.A. Associate Chile CLP 325,590 — 497,269 —96.517.210 Embotelladora Iquique S.A. Shareholder related Chile CLP 234,850 — 228,333 —96.714.870 Coca-Cola de Chile S.A. Shareholder Chile CLP — 113,897 — 292,93176.572.588 Coca-Cola del Valle New Ventures S.A. Associate Chile CLP 28,099 — 38,423 —Foreign The Coca-Cola Export Corporation Shareholder related Panama USD 227,249 — 257,205 —Foreign Recofarma do Industrias Amazonas Ltda. Shareholder related Brazil BRL — 7,887,027 — — Total 15,299,187 8,000,924 9,901,543 292,931
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Table of Contents F-49 12.2 Accounts payable: 12.31.2025 12.31.2024 Tax ID Company Relationship Country Currency Current Non-current Current Non-current ThCh$ ThCh$ ThCh$ ThCh$Foreign Recofarma do Industrias Amazonas Ltda. Shareholder related Brazil BRL 42,154,575 — 32,292,993 380,46596.714.870-9 Coca-Cola de Chile S.A. Shareholder Chile CLP 24,722,659 — 27,864,498 —Foreign Ser. y Prod. para Bebidas Refrescantes S.R.L. Shareholder Argentina ARS 7,650,174 — 1,872,078 — 86.881.400-4 Envases CMF S.A. Associate Chile CLP 6,846,917 — 16,594,188 —Foreign Coca-Cola Company Shareholder Paraguay PYG 5,313,923 — 3,927,254 —76.140.057-6 Monster Energy Company Chile Associate Chile CLP 10,014,011 — 4,010,463 —77.526.480-2 Comercializadora Nova Verde Common shareholder Chile CLP 2,076,467 — 3,233,955 —Foreign Monster Energy Brasil Com de Bebidas Ltda. Shareholder related Brazil BRL 1,035,480 — 1,103,496 —76.572.588-7 Coca-Cola del Valle New Ventures S.A. Associate Chile CLP 569,282 — 340,111 — 96.891.720-K Embonor S.A. Shareholder related Chile CLP 400,514 — 621,771 —Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil BRL 86,331 — 152,284 —Foreign The Coca-Cola Export Corporation Shareholder related Panama USD 24,836 — 1,970,735 —Foreign Monster Energy Company – USA Shareholder related USA USD 117,130 — 42,763 —Foreign Alimentos de Soja S.A.U. Shareholder related Argentina ARS 4,383 — 75,296 —89.996.200-1 Envases del Pacifico S.A. Shareholder related Chile CLP — — 274,535 — Foreign Circular PET Shareholder related Argentina ARS 1,085,871 — — — Total 102,102,553 — 94,376,420 380,465 12.3 Transactions: For the year ended For the year endedTax ID Company Relationship Country Transaction Description Currency 12.31.2025 12.31.2024 ThCh$ ThCh$96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Purchase of concentrate CLP 213,851,424 208,072,332 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Purchase of advertising services and others CLP 13,320,924 11,428,85296.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Lease of water source CLP 7,679,375 6,579,358 96.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Sale of raw materials and others CLP 4,278,747 2,814,47296.714.870-9 Coca-Cola de Chile S.A. Shareholders Chile Minimum dividend CLP 37,089 37,981 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of containers CLP 30,038,122 23,106,39186.881.400-4 Envases CMF S.A. Associate Chile Purchase of raw materials CLP 30,703,543 26,436,164 86.881.400-4 Envases CMF S.A. Associate Chile Purchase of services and other CLP 486,300 2,094,41686.881.400-4 Envases CMF S.A. Associate Chile Purchase of packaging CLP 12,011,983 15,562,395 86.881.400-4 Envases CMF S.A. Associate Chile Sale of packaging/raw materials CLP 16,715,662 12,614,81993.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of finished products CLP 87,478,527 79,975,653 93.281.000-K Coca-Cola Embonor S.A. Common shareholder Chile Sale of services and others CLP 238,660 2,417,36793.281.000-K Coca-Cola Embonor S.A. Common shareholderChile Sale of raw materials and inputsCLP 1,908 38,697 96.891.720-K Embonor S.A. Shareholder related Chile Minimum dividend CLP 400,514 211,01496.517.310-2 Embotelladora Iquique S.A. Shareholder related Chile Sale of finished products CLP 5,988,320 6,055,551 89.996.200-1 Envases del Pacífico S.A. Related to board memberChile Purchases raw materials and inputsCLP — 138,792 94.627.000-8 Parque Arauco S.A Related to board memberChile Space lease CLP 156,419 152,248Foreign Recofarma do Industrias Amazonas Ltda. Shareholder related Brazil Purchase of concentrate BRL 180,971,905 168,538,618 Foreign Recofarma do Industrias Amazonas Ltda. Shareholder related Brazil Lease of water source BRL 2,203,663 6,419,348Foreign Serv. y Prod. para Bebidas Refrescantes S.R.L.Shareholder related Argentina Purchase of concentrate ARS 96,292,733 126,331,582 Foreign KAIK Participações Associate Brazil Reimbursement and other purchasesBRL 18,332 15,387Foreign Leão Alimentos e Bebidas Ltda. Associate Brazil Purchase of products BRL 1,198,082 1,371,553 Foreign Sorocaba Refrescos S.A. Associate Brazil Purchase of products BRL 2,572,446 4,555,837 76.572.588-7 Coca-Cola Del Valle New Ventures SA Associate Chile Sale of services and others CLP 68,300 1,396,27276.572.588-7 Coca-Cola Del Valle New Ventures SA Associate Chile Purchase of services and othersCLP 6,628,720 4,682,682 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Payment of fees and services ARS — 14,838Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Purchase of products ARS 85,519 364,747 Foreign Alimentos de Soja S.A.U. Shareholder related Argentina Marketing services ARS — 242Foreign Trop Frutas do Brasil Ltda. Associate Brazil Purchase of products BRL — 69,330 77526480-2 Comercializadora Novaverde S.A. Common shareholderChile Sale of raw materials CLP 49,285 10,79677526480-2 Comercializadora Novaverde S.A. Common shareholderChile Sale of finished products CLP 15,722,283 13,838,963 77526480-2 Comercializadora Novaverde S.A. Common shareholderChile Sales, Services, and others CLP 1,756,230 481,76877526480-2 Comercializadora Novaverde S.A. Common shareholderChile Purchase of finished products CLP 290,717 24,649,488 77526480-2 Comercializadora Novaverde S.A. Common shareholderChile Advertising services and othersCLP 4,669,640 3,680,42577526480-2 Comercializadora Novaverde S.A. Common shareholderChile Cold equipment maintenance CLP 297,694 521,943 77526480-2 Comercializadora Novaverde S.A. Common shareholderChile Purchase of raw materials CLP 319,620 1,127,36797,036,000-K Banco Santander Chile. Director/Manager/ExecutiveChile Purchase of services CLP — 2,415 Foreign Monster Energy Brasil Comercio de Bebidas LtdaAssociate Brazil Purchase of Products BRL 3,661,249 2,608,96433-0520613 Monster Energy Company - USA Associate United StatesPurchase of advertising materialsCLP 266,407 231,135 76140057-6 Monster Energy Company - CHILE Associate Chile Sale of advertising and other servicesCLP 4,115,760 4,125,23576140057-6 Monster Energy Company - CHILE Associate Chile Purchase of advertising services and othersCLP 133,920 1,153,315 76140057-6 Monster Energy Company - CHILE Associate Chile Purchase of finished products CLP 37,964,829 33,106,173 76140057-6 Monster Energy Company - CHILE Associate Chile Sale of finished products CLP 14,159,245 10,127,338Foreign The Coca-Cola Export Corporation PanamaShareholder related Chile Purchase of products and othersCLP 6,294,079 2,469,565 Foreign The Coca-Cola Export Corporation PanamaShareholder related Chile Sale of finished products CLP 2,699,495 1,837,332Foreign Circular PET S.A Shareholder related Paraguay Purchase of raw materials and othersPYG 5,060,587 — Foreign Circular PET S.A Shareholder related Paraguay Sale of finished products PYG 152,673 —97018000-1 Scotiabank Chile Related to board memberChile Purchase of services - Bank charges CLP 36,802 —
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Table of Contents F-50 12.4 Salaries and benefits received by key management Salaries and benefits paid to the Company’s key management personnel including directors and managers are detailed as follows: Description 12.31.2025 12.31.2024 ThCh$ ThCh$ Executive wages, salaries and benefits 14,423,587 12,294,012Director allowances 1,966,080 1,838,400Accrued benefits and payments during the fiscal year 284,165 397,122 Total 16,673,832 14,529,534 13 – CURRENT AND NON-CURRENT EMPLOYEE BENEFITS Employee benefits are detailed as follows: Description 12.31.2025 12.31.2024 ThCh$ ThCh$ Accrued vacation 30,398,649 30,444,390Participation in profits and bonuses 40,149,627 44,107,101 Severance indemnity 20,938,989 17,976,164 Total 91,487,265 92,527,655 ThCh$ ThCh$ Current 68,363,971 72,367,187Non-current 23,123,294 20,160,468 Total 91,487,265 92,527,655 13.1 Severance indemnities The movements in employee benefits, valued in accordance with note 2, are as follows: Movements 12.31.2025 12.31.2024 ThCh$ ThCh$ Opening balance 17,976,164 16,289,643Service costs 1,022,593 1,191,938Interest costs 824,574 895,043Actuarial variations 2,181,453 1,445,044Benefits paid (1,065,795) (1,845,504) Total 20,938,989 17,976,164 13.1.1 Assumptions The actuarial assumptions used are detailed as follows: Assumptions 12.31.2025 12.31.2024 Discount rate 2.30% 2.15%Expected salary increase rate 2.0% 2.0%Turnover rate 5.23% 7.53%Mortality rate RV-2020 RV-2020Retirement age for women 60 years 60 yearsRetirement age for men 65 years 65 years
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Table of Contents F-51 The result of changes in severance indemnities resulting from the sensitization of the actuarial assumptions at the valuation date ispresented below: Sensitivity to discount rate ThCh$ Variation in the provision due to an increase of up to 100 basis points (1,003,932) Variation in the provision for a decrease of up to 100 basis points 1,136,893 Sensitivity to salary increase ThCh$ Variation in the provision due to an increase of up to 100 basis points 1,219,322 Variation in the provision for a decrease of up to 100 basis points (1,088,738) 13.2 Employee expenses Employee expenses included in the consolidated income are as follows: Description 12.31.2025 12.31.2024 12.31.2023 ThCh$ ThCh$ ThCh$ Wages and salaries 352,419,150 357,921,430 266,893,173Employee benefits 101,100,686 96,408,881 83,260,379Severance benefits 7,755,088 7,338,126 6,290,886 Other personnel expenses 30,244,241 27,988,279 22,037,675 Total 491,519,165 489,656,716 378,482,113 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 significantinfluence, 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 ithas the right to appoint directors.
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Table of Contents F-52 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 thebusiness 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, inaddition 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 ingeneral. 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 91,799,267Dividends declared (2,494,325) (2,363,400)Share in operating income 3,558,989 4,549,733Impairment 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 RefrescosS.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. inMay 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 3,145,106Unrealized earnings from product inventory acquired from associates and not sold at the endof the period, which is presented as a discount in the respective asset account (containersand / or inventory) (645,093) (631,079) (428,937) Balance on income statement 2,913,896 997,644 2,716,169
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Table of Contents F-53 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 thoseamounts. 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 17,614,937Long-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 51,181Total 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 ordinaryactivities 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 CMFSorocaba Refrescos Kaik ParticipaçōesSRSA ParticipaçōesLeão Alimentos eCoca-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 ordinaryactivities 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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Table of Contents F-54 15 – INTANGIBLE ASSETS OTHER THAN GOODWILL Intangible assets other than goodwill are detailed as follows: December 31, 2025 December 31, 2024 Gross Accumulated Net Gross Accumulated Net Detail Value Amortization Value Value Amortization Value ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Distribution rights (1) 678,725,549 (3,959,421) 674,766,128 659,561,522 (3,959,421) 655,602,101Software 81,995,907 (43,689,632) 38,306,275 69,136,434 (37,800,695) 31,335,739Water rights 587,432 — 587,432 587,432 — 587,432Trademarks with indefinite useful life (2) 5,770,128 — 5,770,128 5,632,172 — 5,632,172Trademarks with a defined useful life (3) 1,297,378 (1,249,433) 47,945 1,297,378 (1,079,167) 218,211Other 514,298 (502,486) 11,812 498,447 (490,472) 7,975 Total 768,890,692 (49,400,972) 719,489,720 736,713,385 (43,329,755) 693,383,630 (1) Correspond to brands, water rights and distribution rights. Distribution rights are contractual rights to produce and distribute Coca-Cola products in certain parts of Argentina, Brazil, Chile and Paraguay. Distribution rights result from the valuation process at fairvalue of the assets and liabilities of the companies acquired in business combinations. Production and distribution contracts arerenewable for periods of 5 years with Coca-Cola. The nature of the business and renewals that Coca-Cola has permanently done onthese rights allow qualifying them as indefinite contracts. Distribution rights together with the assets that are part of the cash-generating units, are annually subjected to the impairment test.Such distribution rights have an indefinite useful life, and are not subject to amortization. Rights in Chile related to AdeS wereprovisioned for impairment pursuant to the annual tests performed. See Note 2.8. (2) On September 21, 2021 Coca-Cola Andina together with Coca-Cola Femsa, acquired the Brazilian beer brand Therezópolis for BRL70 million. Each bottler bought 50% of the brand. This transaction is part of the company’s long-term strategy to complement its beerportfolio in Brazil. The transaction was completed and approved by CADE (Brazilian Administrative Council of Economic Defense).In September of that same year, Andina recorded an intangible asset under the Therezópolis brand for BRL 35 million with anindefinite useful life. (3) Correspond to distribution rights that did not arise from business combinations. These rights are subject to amortization. Distribution rights 12.31.2025 12.31.2024 ThCh$ ThCh$ Chile (excluding the Metropolitan Region, Rancagua, and San Antonio) 300,305,728 300,305,728Brazil (Rio de Janeiro, Espirito Santo, Riberão Preto and investments in Sorocaba and Leão Alimentos eBebidas Ltda.) 166,509,395 162,528,398Paraguay 204,305,759 188,443,848Argentina (North and South) 3,645,246 4,324,127Total 674,766,128 655,602,101
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Table of Contents F-55 The movement and balances of identifiable intangible assets are detailed as follows: December 31, 2025 Trademarks Trademarks Distribution IT Water Indefinite Defined Description Rights Programs Rights useful life useful life Other Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance 655,602,101 31,335,739 587,432 5,632,172 218,211 7,975 693,383,630Additions — 17,486,264 — — — 3,837 17,490,101Amortization — (9,647,597) — — (170,266) — (9,817,863) Other increases (decreases) (1) 19,164,027 (868,131) — 137,956 — — 18,433,852 Ending balance 674,766,128 38,306,275 587,432 5,770,128 47,945 11,812 719,489,720 December 31, 2024 Trademarks Trademarks Distribution IT Water Indefinite Defined Description Rights Programs Rights useful life useful life Other Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Opening balance 664,877,100 23,706,850 587,432 6,341,107 406,101 7,975 695,926,565Additions — 12,926,859 — — — — 12,926,859Amortization — (7,498,481) — — (187,890) — (7,686,371)Impairment (2) (881,421) — — — — — (881,421)Other increases (decreases) (1) (8,393,578) 2,200,511 — (708,935) — — (6,902,002) Ending balance 655,602,101 31,335,739 587,432 5,632,172 218,211 7,975 693,383,630 (1) Mainly corresponds to restatement due to the effects of translation of distribution rights of foreign subsidiaries. (2) The rights in Chile related to AdeS were provisioned for impairment according to the annual tests performed. See Note 2.8. 16 – GOODWILL Movement in Goodwill is detailed as follows: Foreign currency Cash-generating unit 01.01.2025 translation differences 12.31.2025 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023Brazilian operation 65,691,285 1,584,051 67,275,336Argentine Operation 62,487,785 (9,810,481) 52,677,304Paraguayan operations 7,999,327 673,328 8,672,655 Total 144,681,420 (7,553,102) 137,128,318 Foreign currencyCash-generating unit 01.01.2024 translation differences 12.31.2024 ThCh$ ThCh$ ThCh$ Chilean operation 8,503,023 — 8,503,023Brazilian operation 73,831,515 (8,140,230) 65,691,285Argentine operation 32,193,085 30,294,700 62,487,785Paraguayan operations 7,576,179 423,148 7,999,327 Total 122,103,802 22,577,618 144,681,420
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Table of Contents F-56 17 – OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES Liabilities are detailed as follows: Balance Current Non-current 12.31.2025 12.31.2024 12.31.2025 12.31.2024 ThCh$ ThCh$ ThCh$ ThCh$ Bank loans (Note 17.1.1 - 3) 11,820,186 56,401,282 104,960,991 —Bonds payable, net (1) (Note 17.2) 23,808,205 29,800,608 991,600,601 1,003,864,048Bottle guaranty deposits 13,546,983 14,136,175 — —Derivative contract liabilities (Note 17.3) 3,617,715 361,384 76,644,920 41,788,078Lease liabilities (Note 17.4.1 - 2) 9,625,901 9,631,011 18,589,311 20,891,121 Total 62,418,990 110,330,460 1,191,795,823 1,066,543,247 (1) Amounts net of issuance expenses and discounts related to issuance. The fair values of financial assets and liabilities are presented below: Book value Fair value Book value Fair valueCurrent 12.31.2025 12.31.2025 12.31.2024 12.31.2024 ThCh$ ThCh$ ThCh$ ThCh$ Cash and cash equivalent (2) 296,539,709 296,539,709 248,899,004 248,899,004 Financial assets at fair value (1) 657,477 657,477 4,047,219 4,047,219 Trade debtors and other accounts receivable (2) 339,778,498 339,778,498 332,831,088 332,831,088 Accounts receivable related companies (2) 15,299,187 15,299,187 9,901,543 9,901,543 Bank liabilities (2) 11,820,186 11,841,930 56,401,282 52,103,494 Bonds payable (2) 23,808,205 23,998,353 29,800,608 29,147,599 Bottle guaranty deposits (2) 13,546,983 13,546,983 14,136,175 14,136,175 Forward contracts liabilities (see Note 22) (1) 3,617,715 3,617,715 361,384 361,384 Leasing agreements (2) 9,625,901 9,625,900 9,631,011 9,631,011 Accounts payable (2) 480,396,027 480,396,027 457,074,643 457,074,643 Accounts payable related companies (2) 102,102,553 102,102,553 94,376,420 94,376,420 Book value Fair value Book value Fair value Non-current 12.31.2025 12.31.2025 12.31.2024 12.31.2024 ThCh$ ThCh$ ThCh$ ThCh$ Financial assets at fair value (1) 142,975,857 142,975,857 144,550,766 144,550,766Non-current accounts receivable (2) 187,644 187,644 335,723 335,723Accounts receivable related companies (2) 8,000,924 8,000,924 292,932 292,932Bank liabilities (2) 104,960,991 103,525,192 — —Bonds payable (2) 991,600,601 962,462,012 1,003,864,048 930,907,271Leasing agreements (2) 18,589,311 18,589,311 20,891,121 20,891,121Non-current accounts payable (2) 685,605 685,605 2,534,836 2,534,836Derivative contracts liabilities (see Note 22) (1) 76,644,920 76,644,920 41,788,078 41,788,077Accounts payable related companies (2) — — 380,465 380,465 (1) Fair values are based on discounted cash flows using market discount rates at the close of the six-month and one-year period and areclassified as Level 2 of the fair value measurement hierarchies.
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Table of Contents F-57 (2) Financial instruments such as: Cash and Cash Equivalents, Trade debtors and Other Accounts Receivable, Accounts Receivablerelated companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related companies present a fairvalue that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain thefinancial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows arereceived/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. Theseinstruments are revalued at amortized cost. Reconciliation arising from financing activities. Reconciliation of financial liabilities 2025 Changes with effect on cash flow Changes other than cash Change inforeign currencyand unit per Increase Reclassificationadjustment Accrual of through new long-term to Fair value As of 01.01.2025 Acquisition Payments * (USD/CHF) interest leases short-term changes Others As of 12.31.2025 Current bankliabilities 56,401,282 48,354,775 (94,580,375) (2,879,729) 4,524,233 — — — — 11,820,186Current bankliabilities — 104,800,000 — 160,991 — — — — — 104,960,991Current bonds 29,800,608 — (49,280,177) 1,038,273 35,410,394 — 6,839,107 — — 23,808,205Non-currentbonds 1,003,864,048 — (4,228,479) (1,195,861) — — (6,839,107) — — 991,600,601 Current leaseliabilities 9,631,011 — (11,783,584) (4,742,651) 2,830,185 10,730,323 2,960,617 — — 9,625,901Non-currentleaseliabilities 20,891,121 — (2,662,826) (551,047) — 3,872,680 (2,960,617) — — 18,589,311Non-currentderivativecontractliabilities 41,788,078 — (14,472,986) — 18,418,012 — — 30,911,816 — 76,644,920 Total 1,162,376,148 153,154,775 (177,008,427) (8,170,024) 61,182,824 14,603,003 — 30,911,816 — 1,237,050,115 Cash flow balance December 2025 ThCh$ Interest paid (57,331,558)Loan payments (84,947,461)Lease liability payments (14,446,410)Principal payment (18,425,349)Proceeds from short term loans 153,154,775Proceeds (payments) from bond-related derivative instruments (1,857,649) * Financing payments include both interest and principal on the debt.
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Table of Contents F-58 Reconciliation of financial liabilities 2024 Changes with effect on cash flow Changes with effect on cash flow Change inforeign currencyand unit per Increase Reclassification adjustment Accrual of through long-term to Fair value As of 01.01.2024 Acquisition Payments * (USD/CHF) interest new leases short-term changes Others As of 12.31.2024 Current bank liabilities 1,500,909 123,752,721 (75,687,330) (9,955,723) 7,387,014 — 9,403,691 — — 56,401,282Current bank liabilities 13,403,691 — (4,000,000) — — — (9,403,691) — — — Current bonds 27,479,415 — (37,061,057) 4,147,898 35,234,352 — — — — 29,800,608Non-current bonds 953,660,440 — (16,910,371) 67,113,979 — — — — — 1,003,864,048Current lease liabilities 9,926,283 — (7,653,559) (3,899,722) 3,276,490 7,069,867 1,665,140 — (753,488) 9,631,011 Non-current lease liabilities 24,811,777 — (2,693,797) (1,936,618) — 1,724,952 (1,665,140) — 649,947 20,891,121Non-current derivative contractliabilities 52,449,925 2,587,025 (11,865,980) — 15,394,097 — — (16,776,989) — 41,788,078 Total 1,083,232,440 126,339,746 (155,872,094) 55,469,814 61,291,953 8,794,819 — (16,776,989) (103,541) 1,162,376,148 Cash flow balance December 2024 ThCh$ Interest payments (65,837,409)Loan payments (62,776,958)Lease liability payments (10,347,356)Payment of bond principal (16,910,371)Proceeds from short term loans 123,752,721Proceeds (payments) from bond-related derivative instruments 2,587,025 * Financing payments include both interest and principal on the debt. Reconciliation of financial liabilities 2023 Changes with effect on cash flow Changes other than cash Change inforeign currency and unit per Increase Reclassificationadjustment Accrual of through long-term to Fair value As of 01.01.2023 Acquisition Payments * (USD/CHF) interest new leases short-term changes Others As of 12.31.2023 Current bank liabilities 688,800 31,850,233 (32,028,986) (3,432,184) 4,423,046 — — — — 1,500,909Current bank liabilities 13,366,211 — — — 37,480 — — — — 13,403,691Current bonds 340,767,980 — (376,971,322) 10,685,477 41,648,943 — 11,348,337 — — 27,479,415 Non-current bonds 763,368,160 167,739,096 — 33,901,521 — — (11,348,337) — — 953,660,440Current lease liabilities 7,100,579 — (6,299,217) (1,638,446) 2,563,021 5,330,367 2,869,979 — — 9,926,283Non-current lease liabilities 15,892,628 — — (1,303,322) — 13,092,450 (2,869,979) — — 24,811,777Non-current derivative contract liabilities 112,175,058 138,715,637 (15,384,841) — 9,605,293 — — (192,661,222) — 52,449,925 Total 1,253,359,416 338,304,966 (430,684,366) 38,213,046 58,277,783 18,422,817 — (192,661,222) — 1,083,232,440 Cash flow balance December 2023 ThCh$ Interest payments (67,010,058)Loan payments (26,378,491)Lease liability payments (6,299,217)Payment of bond principal (330,996,600)Proceeds from the issuance of bonds 167,739,096Proceeds from short term loans 31,850,233Proceeds (payments) from bond-related derivative instruments 138,715,637 * Financing payments include both interest and principal on the debt.
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Table of Contents F-59 17.1 Bank liabilities 17.1.1 Bank liabilities, current Maturity Total Debtor Creditor Type of NominalEffective Up to 90 days to at at Tax ID Name Country Tax ID Name Country Currency Amortization Rate Rate 90 days 1 year 12.31.2025 12.31.2024 ThCh$ ThCh$ ThCh$ ThCh$96.705.990-0Envases Central S.A.Chile 97.006.000-6Banco Estado Chile CLP Semiannual 1.28% 1.28% — — — 4,051,952 77.427.659-9Re-Ciclar S.A. Chile 97.018.000-1Scotiabank Chile S.A.Chile CLP Semiannual 9.49% 9.49% — — — 4,683,86177.427.659-9Re-Ciclar S.A. Chile 97.018.000-1Scotiabank Chile S.A.Chile UF Semiannual 5.18% 5.18% — 1,501,511 1,501,511 5,180,573 77.427.659-9Re-Ciclar S.A. Chile 97.018.000-1Banco de Chile Chile CLP At maturity 5.23% — — — — 5,027,500 77.427.659-9Re-Ciclar S.A. Chile 97.018.000-1Banco Bice Chile CLP At maturity 5.23% 5.23% — 1,001,0171,001,0171,003,35777.427.659-9Re-Ciclar S.A. Chile 97.018.000-1Banco Bice Chile CLP At maturity 5.23% 5.23% — 5,005,811 5,005,811 — 77.427.659-9Re-Ciclar S.A. Chile 97.018.000-1Banco Bice Chile CLP At maturity 5.23% 5.23% — 1,501,7431,501,7431,526,56077.427.659-9Re-Ciclar S.A. Chile 97.018.000-1Banco de Chile Chile CLP At maturity 6.54% 6.54% — 340,080 340,080 1,505,250 91.144.000-8Embotelladora AndinaS.A. Chile Foreign Bank of America N.A.Chile UF At maturity 2.84% 3.14% — 1,052,8971,052,897 — 91.144.000-8Embotelladora AndinaS.A. Chile 97.023.000-9Itaú Corpbanca Chile UF At maturity 0.18% 1.50% — 1,379,5481,379,548 34,877 91.144.000-8 Embotelladora Andina S.A. Chile 97.023.000-9Itaú Corpbanca Chile USD At maturity 0.18% 1.50% — 37,579 37,579 1,170,198 Foreign Embotelladora del Atlántico S.A. ArgentinaForeign Banco Galicia S.A.ArgentinaUSD At maturity 15.00% 16.01% — — — 160,432 Foreign Embotelladora del Atlántico S.A. ArgentinaForeign Banco Galicia S.A.ArgentinaUSD At maturity 16.00% 17.2% — — — 295,706 Foreign Embotelladora del Atlántico S.A. ArgentinaForeign Banco Nación S.A.ArgentinaARS At maturity 16.00% 17.2% — — — 27,472,719 Foreign Embotelladora del Atlántico S.A. ArgentinaForeign Banco Nación S.A.ArgentinaARS At maturity 48.50% 60.9% — — — 721 Foreign Embotelladora delAtlántico S.A. ArgentinaForeign Banco Coinag ArgentinaARS At maturity 43.00% 52.06% — — — 3,387 Foreign Embotelladora delAtlántico S.A. ArgentinaForeign Banco Comafi S.A.ArgentinaARS At maturity 46.50% 57.80% — — — 3,965,838 Foreign Embotelladora delAtlántico S.A. ArgentinaForeign Banco Macro ArgentinaARS At maturity 33.00% 38.48% — — — 1,637 Foreign Andina EmpaquesArgentina S.A. ArgentinaForeign Banco Galicia S.A.ArgentinaUSD At maturity 18.00% 19.56% — — — 160,568 Foreign Andina EmpaquesArgentina S.A. ArgentinaForeign Banco Galicia S.A.ArgentinaARS At maturity 48.00% 60.90% — — — 156,146 Total 11,820,18656,401,282 17.1.2 Bank liabilities, non-current Maturity Debtor Creditor Type of NominalEffective1 year to More than 2 More than 3More than 4 More than 5 at Tax ID Name Country Tax ID Name Country Currency Amortization Rate Rate 2 years Up to 3 years Up to 4 years Up to 5 years Years 12.31.2025 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ 91.144.000-8EmbotelladoraAndina S.A.Chile Foreign Bank ofAmerica N.A.Chile UF At maturity 2.84% 3.14% — — — — 92,960,99292,960,991 77.427.659-9Re-Ciclar S.A.Chile 97.018.000-1Banco deChile Chile CLP At maturity 5.23% — — — — 12,000,000 — 12,000,000 Total 104,960,991 17.1.3 Bank liabilities, non-current previous year Maturity Debtor Creditor AmortizationNominalEffective1 year to more than 2 more than 3more than 4 more than 5 at Tax ID Name Country Tax ID Name Country Currency Type Rate Rate 2 years Up to 3 years Up to 4 years Up to 5 years years 12.31.2024 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$— — — — — — — — — — — — — — — — Total —
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Table of Contents F-60 17.1.4 Current and non-current bank obligations “Restrictions” Bank obligations are not subject to financial restrictions for the periods reported. 17.2 Bond obligations The composition of corporate bonds issued on the public markets of the United States, Switzerland, and Chile is as follows: Current Non-current Total Composition of bonds payable 12.31.2025 12.31.2024 12.31.2025 12.31.2024 12.31.2025 12.31.2024 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bonds payable face value 24,451,704 30,490,640 998,729,102 1,012,062,996 1,023,180,806 1,042,553,636Issuance expenses and discountsassociated with placement (643,499) (690,032) (7,128,501) (8,198,948) (7,772,000) (8,888,980) 23,808,205 29,800,608 991,600,601 1,003,864,048 1,015,408,806 1,033,664,656 17.2.1 Current and non-current balances Bonds payable correspond to bonds in UF issued by the parent company on the Chilean market, bonds in U.S. dollars issued by the ParentCompany on the U.S. market and the Swiss public market. A detail of these instruments is presented below: Current Nominal Effective Current Non-current nominal Adjustment Interest Interest Final InterestBonds Series amount unit rate rate maturity payment 12.31.2025 12.31.2024 12.31.2025 12.31.2024 ThCh$ ThCh$ ThCh$ ThCh$CMF Registration 25406.13.2001 B 174,513 UF 6.50% 7.11% 06.01.2026 Semiannual 6,969,624 12,894,275 — 6,704,249CMF Registration 641 08.23.2010 C 818,182 UF 4.00% 3.64% 08.15.2031 Semiannual 5,900,241 5,783,306 27,087,238 31,431,837CMF Registration 76008.20.2013 D 4,000,000 UF 3.80% 3.80% 08.16.2034 Semiannual 2,226,780 2,153,282 158,911,840 153,666,760CMF Registration 76004.02.2014 E 3,000,000 UF 3.75% 3.70% 03.01.2035 Semiannual 1,475,993 1,427,299 119,183,952 115,250,116CMF Registration 91210.10.2018 F 5,700,000 UF 2.80% 2.85% 09.25.2039 Semiannual 1,659,714 1,604,933 226,449,372 218,975,134U.S. Bonds 2050 01.21.2020 — 300,000,000 US 3.95% 4.09% 01.21.2050 Semiannual 4,747,692 5,215,223 272,139,000 298,938,000Swiss Bond 2023 09.20.2023 — 170,000,000 CHF 2.72% 3.02% 09.20.2028 Annual 1,471,660 1,412,322 194,957,700 187,096,900 Total 24,451,704 30,490,640 998,729,102 1,012,062,996 17.2.2 Non-current maturities Year of maturity Total non- More than 1 More than 2 More than 3 current Series to 2 up to 3 up to 4 More than 5 12.31.2025 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ CMF Registration 641 08.23.2010 C 5,417,447 5,417,447 5,417,447 10,834,897 27,087,238 CMF Registration 760 08.20.2013 D — — — 158,911,840 158,911,840 CMF Registration 760 04.02.2014 E — — — 119,183,952 119,183,952CMF Registration 912 10.10.2018 F — — — 226,449,372 226,449,372 U.S. Bonds 2050 01.21.2020 — — — — 272,139,000 272,139,000 Swiss Bond 2023 09.20.2023 — — — — 194,957,700 194,957,700 Total 5,417,447 5,417,447 5,417,447 982,476,761 998,729,102
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Table of Contents F-61 17.2.3 Market rating The bonds issued on the Chilean market had the following rating: AA+ : ICR Compañía Clasificadora de Riesgo Ltda. ratingAA+ : Fitch Chile Clasificadora de Riesgo Limitada rating The rating of bonds issued on the international market had the following rating: Baa1 : Moody’s RatingsBBB+ : Fitch Ratings Inc. 17.2.4 Restrictions 17.2.4.1 Restrictions on bonds placed abroad. Obligations with bonds placed abroad are not subject to financial restrictions for the reporting periods. 17.2.4.2 Restrictions on bonds placed in the local market. The financial information used to calculate the restrictions is as follows: 12.31.2025 ThCh$ Average net financial debt Last 4 quarters 813,847,764Net financial debt 768,724,538Unencumbered assets 3,278,120,804Total unsecured liabilities 2,109,945,091EBITDA Last Twelve Months 584,493,573Net financial expenses Last Twelve Months (50,740,598) Restrictions on the issuance of bonds for a fixed amount registered under number 254, series B1 and B2. ● Maintain an Indebtedness Level not greater than three point five times the EBITDA. For these purposes, “Indebtedness Level” willbe considered as the ratio between /a/ the average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ theaccumulated EBITDA in the period of twelve consecutive months ending at the closing of the latest “Consolidated FinancialStatements of Income by Function”. “Consolidated Net Financial Liabilities” will be considered as the result of: /i/ “Other Financial Liabilities, Current”, plus /ii/ “OtherFinancial Liabilities, Non-Current”, minus /iii/ the sum of “Cash and Cash Equivalents”; plus “Other Financial Assets, Current”; plus“Other Financial Assets, Non-Current” (to the extent that they correspond to the balances of assets for derivative financialinstruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities); “EBITDA” will be considered as the addition of the following accounts of the “Consolidated Financial Statements of Income byFunction” contained in the Issuer’s Consolidated Financial Statements: “Revenues from Ordinary Activities”, “Cost of Sales”,“Distribution Costs”, “Administrative Expenses” and “Other Expenses, by function”, discounting the value of “Depreciation” and“Amortization for the Year” presented in the Notes to the Issuer’s Consolidated Financial Statements. As of December 31, 2025, this ratio was 1.39 times.
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Table of Contents F-62 ● Maintain, and in no manner lose, sell, assign or transfer to a third party, the geographical area currently denominated as the“Metropolitan Region” (Región Metropolitana) as a territory in Chile in which we have been authorized by The Coca-Cola Companyfor the development, production, sale and distribution of products and brands of the licensor, in accordance to the respective bottler orlicense agreement, renewable from time to time. ● Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of this date is franchised byTCCC to the Company for the development, production, sale and distribution of products and brands of such licensor, as long as anyof these territories account for more than 40% of the Issuer’s Adjusted Consolidated Operating Cash Flow. ● Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of theissuer’s unsecured consolidated liabilities. Unsecured consolidated liabilities payable shall be regarded as the total liabilities, obligations and debts of the issuer that are notsecured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the assetbalances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities under “OtherCurrent Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position. Consolidated Assets free of any pledge, mortgage or other lien will only be regarded as those assets free of any pledge, mortgage orother real lien voluntarily and conventionally constituted by the issuer less asset balances of derivative financial instruments, taken tocover exchange rate or interest rate risks on financial liabilities and under “Other Current Financial Assets” and “Other non-currentFinancial Assets” of the Issuer’s Consolidated Statement of Financial Position. As of December 31, 2025, this ratio was 1.55 times. Restrictions to bond lines registered in the Securities Registered under number 641, series C ● Maintain an Indebtedness Level not greater than three point five times the EBITDA. For these purposes, “Indebtedness Level” willbe considered as the ratio between /a/ the average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ theaccumulated EBITDA in the period of twelve consecutive months ending at the closing of the latest “Consolidated FinancialStatements of Income by Function”. “Consolidated Net Financial Liabilities” will be considered as the result of: /i/ “Other Financial Liabilities, Current”, plus /ii/ “OtherFinancial Liabilities, Non-Current”, minus /iii/ the sum of “Cash and Cash Equivalents”; plus “Other Financial Assets, Current”; plus“Other Financial Assets, Non-Current” (to the extent that they correspond to the balances of assets for derivative financialinstruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities); “EBITDA” will be considered as the addition of the following accounts of the “Consolidated Financial Statements of Income byFunction” contained in the Issuer’s Consolidated Financial Statements: “Revenues from Ordinary Activities”, “Cost of Sales”,“Distribution Costs”, “Administrative Expenses” and “Other Expenses, by function”, discounting the value of “Depreciation” and“Amortization for the Year” presented in the Notes to the Issuer’s Consolidated Financial Statements. As of December 31, 2025, this ratio was 1.39 times. ● Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of theissuer’s unsecured consolidated liabilities. Unencumbered assets refer to the assets that are the property of the issuer; classified under Total Assets of the Issuer’s FinancialStatements; and that are free of any pledge, mortgage or other liens constituted in favor of third parties, less “Other Current FinancialAssets” and “Other Non-Current Financial Assets” of the Issuer’s Financial Statements (to the extent they correspond to assetbalances of derivative financial instruments, taken to hedge exchange rate and interest rate risk of the financial liabilities).
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Table of Contents F-63 Unsecured total liabilities correspond to liabilities from Total Current Liabilities and Total Non-Current Liabilities of Issuer’sFinancial Statement which do not benefit from preferences or privileges, less “Other Current Financial Assets” and “Other Non-Current Financial Assets” of the Issuer’s Financial Statements (to the extent they correspond to asset balances of derivative financialinstruments, taken to hedge exchange rate and interest rate risk of the financial liabilities). As of December 31, 2025, this ratio was 1.55 times. ● Maintain a level of “Net Financial Coverage” greater than 3 times in its quarterly financial statements. Net financial coverage meansthe ratio between the issuer’s EBITDA of the last 12 months and the issuer’s Net Financial Expenses in the last 12 months. NetFinancial Expenses will be regarded as the difference between the absolute value of interest expense associated with the issuer’sfinancial debt account accounted for under “Financial Costs”; and interest income associated with the issuer’s cash accounted forunder the Financial Income account. However, this restriction shall be deemed to have been breached where the mentioned level ofnet financial coverage is lower than the level previously indicated during two consecutive quarters. As of December 31, 2025, Net Financial Coverage was 11.52 times. Restrictions to bond lines registered in the Securities Registrar under number 760, series D and E. ● Maintain an Indebtedness Level not greater than three point five times the EBITDA. For these purposes, “Indebtedness Level” willbe considered as the ratio between /a/ the average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ theaccumulated EBITDA in the period of twelve consecutive months ending at the closing of the latest “Consolidated FinancialStatements of Results by Function”. “Consolidated Net Financial Liabilities” will be considered as the result of: /i/ “Other Financial Liabilities, Current”, plus /ii/ “OtherFinancial Liabilities, Non-Current”, minus /iii/ the sum of “Cash and Cash Equivalents”; plus “Other Financial Assets, Current”; plus“Other Financial Assets, Non-Current” (to the extent that they correspond to the balances of assets for derivative financialinstruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities); “EBITDA” will be considered as the addition of the following accounts of the “Consolidated Financial Statements of Income byFunction” contained in the Issuer’s Consolidated Financial Statements: “Revenues from Ordinary Activities”, “Cost of Sales”,“Distribution Costs”, “Administrative Expenses” and “Other Expenses, by function”, discounting the value of “Depreciation” and“Amortization for the Year” presented in the Notes to the Issuer’s Consolidated Financial Statements. As of December 31, 2025, this ratio was 1.39 times. ● Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of theissuer’s unsecured consolidated liabilities payable. Unsecured Consolidated Liabilities Payable shall be regarded as the total liabilities, obligations and debts of the issuer that are notsecured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the assetbalances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities under “OtherCurrent Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position. The following will be considered in determining Consolidated Assets: assets free of any pledge, mortgage or other lien, as well asthose assets having a pledge, mortgage or real encumbrances that operate solely by law, less asset balances of derivative financialinstruments, taken to hedge exchange rate or interest rate risks on financial liabilities under “Other Current Financial Assets” and“Other non-current Financial Assets” of the Issuer’s Consolidated Financial Statements. Therefore, Consolidated Assets free of anypledge, mortgage or other lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily andconventionally constituted by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate orinterest rate risks on financial liabilities and under “Other Current Financial Assets” and “Other non-current Financial Assets” of theIssuer’s Consolidated Statement of Financial Position.
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Table of Contents F-64 As of December 31, 2025, this ratio was 1.55 times. ● Maintain, and in no manner, lose, sell, assign or transfer to a third party, the geographical area currently denominated as the“Metropolitan Region” as a territory franchised to the Issuer in Chile by The Coca-Cola Company, hereinafter also referred to as“TCCC” or the “Licensor” for the development, production, sale and distribution of products and brands of said licensor, inaccordance to the respective bottler or license agreement, renewable from time to time. Losing said territory means the non-renewal,early termination or cancellation of this license agreement by TCCC, for the geographical area today called “Metropolitan Region”.This reason shall not apply if, as a result of the loss, sale, transfer or disposition, of that licensed territory is purchased or acquired bya subsidiary or an entity that consolidates in terms of accounting with the Issuer. ● Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of the issuance date of theseinstruments is franchised by TCCC to the Issuer for the development, production, sale and distribution of products and brands of suchlicensor, as long as any of these territories account for more than 40% of the Issuer’s Adjusted Consolidated Operating Cash Flow ofthe audited period immediately before the moment of loss, sale, assignment or transfer. For these purposes, the term “AdjustedConsolidated Operating Cash Flow” shall mean the addition of the following accounting accounts of the Issuer’s ConsolidatedStatement of Financial Position: (i) “Gross Profit” which includes regular activities and cost of sales; less (ii) “Distribution Costs”;less (iii) “Administrative Expenses”; plus (iv) “Participation in profits (losses) of associates that are accounted for using the equitymethod”; plus (v) “Depreciation”; plus (vi) “Intangibles Amortization”. Restrictions to bond lines registered in the Securities Registrar under number 912, series F. ● Maintain an Indebtedness Level not greater than three point five times the EBITDA. For these purposes, “Indebtedness Level” willbe considered as the ratio between /a/ the average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ theaccumulated EBITDA in the period of twelve consecutive months ending at the closing of the latest “Consolidated FinancialStatements of Results by Function”. “Consolidated Net Financial Liabilities” will be considered as the result of: /i/ “Other Financial Liabilities, Current”, plus /ii/ “OtherFinancial Liabilities, Non-Current”, minus /iii/ the sum of “Cash and Cash Equivalents”; plus “Other Financial Assets, Current”; plus“Other Financial Assets, Non-Current” (to the extent that they correspond to the balances of assets for derivative financialinstruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities); “EBITDA” will be considered as the sum of the following accounts of the “Consolidated Financial Statements of Income byFunction” contained in the Issuer’s Consolidated Financial Statements: “Revenues from Ordinary Activities”, “Cost of Sales”,“Distribution Costs”, “Administrative Expenses” and “Other Expenses, by function”, discounting the value of “Depreciation” and“Amortization for the Year” presented in the Notes to the Issuer’s Consolidated Financial Statements.
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Table of Contents F-65 As of December 31, 2025, this ratio was 1.39 times. ● Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.3 times of theissuer’s unsecured consolidated liabilities payable. Unsecured Consolidated Liabilities Payable shall be regarded as the totalliabilities, obligations and debts of the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily andconventionally constituted by the issuer less the asset balances of derivative financial instruments, taken to cover exchange rate orinterest rate risks on financial liabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of theIssuer’s Consolidated Statement of Financial Position. The following will be considered in determining Consolidated Assets: assetsfree of any pledge, mortgage or other lien, as well as those assets having a pledge, mortgage or real encumbrances that operate solelyby law, less asset balances of derivative financial instruments, taken to hedge exchange rate or interest rate risks on financialliabilities under “Other Current Financial Assets” and “Other non-current Financial Assets” of the Issuer’s Consolidated FinancialStatements. Therefore, Consolidated Assets free of any pledge, mortgage or other lien will only be regarded as those assets free ofany pledge, mortgage or other real lien voluntarily and conventionally constituted by the issuer less asset balances of derivativefinancial instruments, taken to cover exchange rate or interest rate risks on financial liabilities and under “Other Current FinancialAssets” and “Other non-current Financial Assets” of the Issuer’s Consolidated Statement of Financial Position. As of December 31, 2025, this ratio was 1.55 times. ● Not lose, sell, assign, or transfer to a third party any other territory of Argentina or Brazil, which as of the issuance date of localbonds Series C, D and E is franchised by TCCC to the Issuer for the development, production, sale and distribution of products andbrands of such licensor, as long as any of these territories account for more than 40% of the Issuer’s Adjusted Consolidated OperatingCash Flow of the audited period immediately before the moment of loss, sale, assignment or transfer. For these purposes, the term“Adjusted Consolidated Operating Cash Flow” shall mean the addition of the following accounting accounts of the Issuer’sConsolidated Statement of Financial Position: (i) “Gross Profit” which includes regular activities and cost of sales; less (ii)“Distribution Costs”; less (iii) “Administrative Expenses”; plus (iv) “Participation in profits (losses) of associates that are accountedfor using the equity method”; plus (v) “Depreciation”; plus (vi) “Intangibles Amortization”. As of December 31, 2025, the Company complies with all financial covenants. 17.3 Derivative contracts Obligations See detail in Note 22.
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Table of Contents F-66 17.4 Liabilities for leasing agreements 17.4.1 Current liabilities for leasing agreements Maturity Total Debtor Creditor Entity Type of Nominal Effective Up to 90 days to at at Name Country Tax ID Name Country Currency Amortization rate rate 90 days 1 year 12.31.2025 12.31.2024 ThCh$ ThCh$ ThCh$ ThCh$ Rio de Janeiro Refrescos Ltda.Brazil Foreign Cogeração - LightESCO Brazil BRL Monthly 13.00% 12.28% 370,1371,180,7511,550,8881,339,654 Rio de Janeiro Refrescos Ltda.Brazil Foreign Tetra Pack Brazil BRL Monthly 7.65% 7.39% 124,039 400,702 524,741 409,456Rio de Janeiro Refrescos Ltda.Brazil Foreign Real estate Brazil BRL Monthly 8.18% 14.83% 418,851 827,2021,246,0531,281,478 Rio de Janeiro Refrescos Ltda.Brazil Foreign Leão Brazil BRL Monthly 11.25% 15.00% 10,178 30,534 40,712 265,453Embotelladora del Atlántico S.A. Argentina Foreign Tetra Pak SRL Argentina USD Monthly 12.00% 13.00% 149,699 411,071 560,770 651,725 Embotelladora del Atlántico S.A. Argentina Foreign Real estate Argentina ARS Monthly 50.00% 60.00% 309,286 96,839 406,125 639,548Embotelladora del Atlántico S.A. Argentina Foreign Systems Argentina USD Monthly 12.00% 13.00% 85,449 253,693 339,142 149,202 Embotelladora del Atlántico S.A. Argentina Foreign Real estate Argentina ARS Monthly 12.00% 13.00% 251,621 255,555 507,176 628,640Andina Empaques Argentina S.A. Argentina Foreign Real estate Argentina ARS Monthly 40.00% 50.00% 27,655 142,824 170,479 — Vital Jugos S.A Chile 76.080.198-4De Lage Landen Chile S.A Chile USD Monthly 4.08% 4.08% — — — 187,511Vital Jugos S.A Chile 76.080.198-4De Lage Landen Chile S.A Chile USD Monthly 6.81% 18.24% 25,787 80,131 105,918 —Vital Jugos S.A. Chile 77.951.700-4Sig Combibloc Chile SPA. Chile EUR Monthly 8.82% 37.02% 40,028 125,750 165,778 156,972Vital Aguas S.A. Chile 76.572.588-7Coca-Cola del Valle New Ventures S.A Chile CLP Monthly 11.24% 11.24% — — — —Envases Central S.A Chile 76.572.588-7Coca-Cola del Valle New Ventures S.A Chile CLP Monthly 7.33% 2.53% 708,281 — 708,281 —Envases Central S.A Chile 76.572.588-7Coca-Cola del Valle New Ventures S.A Chile UF Monthly 9.22% 9.22% — — — 683,096Transportes Polar S.A. Chile 76.413.243-2Cons. Inmob. e Inversiones Limitada Chile UF Monthly 2.95% 2.99% 41,754 127,123 168,877 79,904Transportes Polar S.A. Chile 76.536.499-KJungheinrich Rentalift SPA Chile UF Monthly 4.11% 4.19% 102,090 305,206 407,296 365,886Transportes Polar S.A. Chile 93.075.000-kImportadora Técnica Vignola SAIC Chile UF Monthly 3.67% 3.74% 23,692 — 23,692 89,569Transportes Polar S.A. Chile 93.075.000-kInversiones La Verbena Ltda. Chile UF Monthly 3.43% 3.49% 44,736 136,531 181,267 230,503Transporte Andina Refrescos Ltda.Chile 78.861.790-9Comercializadora Novaverde Limitada Chile UF Monthly 3.87% 3.94% 129,765 86,229 215,994 208,121Transporte Andina Refrescos Ltda.Chile 78.861.790-9Comercializadora Novaverde Limitada Chile UF Monthly 0.45% 0.45% — — — —Transporte Andina Refrescos Ltda.Chile 76.536.499-KJungheinrich Rentalift SPA Chile UF Monthly 2.88% 2.88% — — — 989,891Transporte Andina Refrescos Ltda.Chile 76.536.499-KJungheinrich Rentalift SPA Chile UF Monthly 4.11% 4.19% 220,247 674,466 894,713 825,667 Transporte Andina Refrescos Ltda. Chile 85.275.700-0Arrendamiento De Maquinaria SPA Chile UF Monthly 5.39% 5.39% — — — 63,008 Transporte Andina Refrescos Ltda. Chile 85.275.700-0Arrendamiento De Maquinaria SPA Chile UF Monthly 2.80% 2.84% 99,850 100,551 200,401 —Transporte Andina Refrescos Ltda.Chile 76.930.500-7Inmobiliaria IlogChile UF Monthly 2.09% 2.11% 143,755 144,507 288,262 — Transporte Andina Refrescos Ltda. Chile 76.536.499-KJungheinrich Rentalift SPA G1 Chile UF Monthly 3.41% 3.47% 48,662 148,496 197,158 — Transporte Andina Refrescos Ltda. Chile 76.536.499-KJungheinrich Rentalift SPA G2 Chile UF Monthly 3.41% 3.47% 73,036 222,877 295,913 — Transporte Andina Refrescos Ltda. Chile 76.536.499-KJungheinrich Rentalift SPA G3 Chile UF Monthly 3.41% 3.47% 42,426 129,467 171,893 — Transporte Andina Refrescos Ltda. Chile 76.914.632-6Equipos y Soluciones Logísticas SpA Chile UF Monthly 2.39% 2.49% 35,825 60,185 96,010 — Red de Transportes Comerciales Ltda. Chile 76.930.501-7Inmobiliaria Ilog Avanza Park Chile UF Monthly 2.48% 2.48% — — — 368,314 Embotelladora Andina S.A. Chile 91.144.000-8Inversiones La Verbena Ltda. Chile UF Monthly 3.43% 3.48% 5,841 17,827 23,668 17,413Embotelladora Andina S.A. Chile 91.144.000-8Codepack Chile USD Monthly 2.32% 2.35% 40,136 94,558 134,694 — Total 9,625,9019,631,011 The Company maintains leases on forklifts, vehicles, real estate and machinery. These leases have an average lifespan of between one andeight years without including a renewal option in the contracts. Assets related to these contracts are presented within Property, Plant, andEquipment, as right-of-use assets.
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Table of Contents F-67 17.4.2 Non-current liabilities for leasing agreements, as of December 31, 2025 Maturity Debtor Creditor Entity Type of NominalEffective1 year to 2 years to3 years to4 years tomore than at Name Country Tax ID Name Country Currency Amortization rate rate 2 years 3 years 4 years 12.31.2025 5 years 12.31.2025 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Rio de Janeiro Refrescos Ltda.Brazil Foreign Cogeração - Light ESCO Brazil BRL Monthly 13.00% 12.28% 1,752,5041,980,330534,070 — — 4,266,904Rio de Janeiro Refrescos Ltda.Brazil Foreign Tetra Pack Brazil BRL Monthly 7.65% 7.39% 496,719 575,835 640,097 737,072 78,041 2,527,764 Rio de Janeiro Refrescos Ltda.Brazil Foreign Real estate Brazil BRL Monthly 8.18% 14.83% 664,218 351,832 — — — 1,016,050Rio de Janeiro Refrescos Ltda.Brazil Foreign Leao Alimentos e Bebidas Ltda.Brazil BRL Monthly 11.25% 15.00% 34,234 — — — — 34,234 Embotelladora del Atlántico S.A.ArgentinaForeign Tetra Pak SRL ArgentinaUSD Monthly 12.00% 13.00% 548,095 548,095 517,513 181,110 — 1,794,813Embotelladora del Atlántico S.A.ArgentinaForeign Real estate ArgentinaCLP Monthly 50.00% 60.00% 47,133 27,656 — — — 74,789 Embotelladora del Atlántico S.A.ArgentinaForeign Real estate ArgentinaUSD Monthly 12.00% 13.00% 252,406 — — — — 252,406 Embotelladora del Atlántico S.A.ArgentinaForeign Systems ArgentinaUSD Monthly 12.00% 13.00% 300,590 255,543 255,543 255,543 531,985 1,599,204Vital Jugos S:A Chile 76.080.198-4De Lage Landen Chile S.AChile USD Monthly 6.81% 18.24% 113,617 121,876 31,829 — — 267,322 Vital Jugos S.A Chile 77.951.198-4Sig Combibloc Chile SPA. Chile EUR Monthly 8.82% 37.02% 181,726 199,208 218,371 239,378 106,415 945,098Transporte Andina Refrescos Ltda.Chile 76.536.499-kJungheinrich Rentalift SPA Chile UF Monthly 4.11% 4.19% 932,187 888,763 — — — 1,820,950 Transporte Andina Refrescos Ltda.Chile 76.536.499-kJungheinrich Rentalift SPA G1 Chile UF Monthly 3.41% 3.47% 203,986 104,628 — — — 308,614Transporte Andina Refrescos Ltda.Chile 76.536.499-kJungheinrich Rentalift SPA G2 Chile UF Monthly 3.41% 3.47% 306,163 316,768 135,203 — — 758,134 Transporte Andina Refrescos Ltda.Chile 76.536.499-kJungheinrich Rentalift SPA G3 Chile UF Monthly 3.41% 3.47% 177,847 184,007 190,381 64,915 — 617,150 Transportes Polar S.A. Chile 76.413.243-2Inversiones La Verbena Chile UF Monthly 3.43% 3.49% 230,390 259,822 268,875 — — 759,087Transportes Polar S.A. Chile 76.536.499-kJungheinrich Rentalift SPA Chile UF Monthly 4.11% 3.47% 410,737 388,644 — — — 799,381 Transportes Polar S.A. Chile 76.413.243-2Cons. Inmob. e Inversiones LimitadaChile UF Monthly 2.95% 2.99% 173,926 179,127 184,484 110,154 — 647,691 Embotelladora Andina S.A Chile 91.144.000-8Inversiones La Verbena Ltda. Chile UF Monthly 3.43% 3.45% 30,266 34,133 35,321 — — 99,720 Total 18,589,311
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Table of Contents F-68 17.4.3 Non-current liabilities for leasing agreements as of December 31, 2024 Maturity Debtor Creditor Type of NominalEffective1 year to 2 years to3 years to4 years tomore than At Name Country Tax ID Name Country Currency Amortization Rate Rate 2 years 3 years 4 years 5 years 5 years 12.31.202 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$Rio de Janeiro Refrescos Ltda.Brazil Foreign Cogeração - Light ESCOBrazil BRL Monthly 13.00% 12.28% 1,513,8091,710,6041,932,983521,301 — 5,678,697 Rio de Janeiro Refrescos Ltda.Brazil Foreign Tetra Pack Brazil BRL Monthly 7.65% 7.39% 482,012 567,424 667,972 754,477 637,981 3,109,866Rio de Janeiro Refrescos Ltda.Brazil Foreign Real estate Brazil BRL Monthly 8.18% 8.18% 866,320 380,045 195,378 — — 1,441,743 Rio de Janeiro Refrescos Ltda.Brazil Foreign Leao Alimentos e Bebidas Ltda.Brazil BRL Monthly 11.25% 11.25% 30,939 29,057 — — — 59,996Embotelladora del Atlántico S.A.ArgentinaForeign Tetra Pak SRL ArgentinaUSD Monthly 12.00% 12.00% 597,759 597,759 597,759 564,406 197,521 2,555,204 Embotelladora del Atlántico S.A.ArgentinaForeign Real estate ArgentinaARS Monthly 50.00% 50.00% 15,078 — — — — 15,078Embotelladora del Atlántico S.A.ArgentinaForeign Real estate ArgentinaUSD Monthly 12.00% 12.00% 102,638 74,851 — — — 177,489 Embotelladora del Atlántico S.A.ArgentinaForeign Systems ArgentinaUSD Monthly 12.00% 12.00% 389,010 327,827 278,698 278,698 859,320 2,133,553 Vital Jugos S.A Chile 77.951.198-4Sig Combibloc Chile SPA. Chile EUR Monthly 9.22% 33.10% 172,072 188,625 206,770 226,661 226,879 1,021,007Transporte Andina Refrescos Ltda.Chile 76.536.499-kJungheinrich Rentalift SPA Chile UF Monthly 4.11% 3.74% 865,182 901,419 867,356 — — 2,633,957 Transportes Polar S.A. Chile 76.413.243-2Inversiones La Verbena Chile UF Monthly 3.43% 3.43% 187,008 229,809 352,080 — — 768,897Transportes Polar S.A. Chile 76.536.499-KJungheinrich Rentalift SPA Chile UF Monthly 4.11% 4.11% 381,213 397,180 378,677 — — 1,157,070 Transportes Polar S.A. Chile 93.075.000-kImportadora Técnica Vignola SAICChile UF Monthly 3.67% 3.67% 22,910 — — — — 22,910 Embotelladora Andina S.A Chile 91.144.000-8Inversiones La Verbena Ltda. Chile UF Monthly 3.43% 3.43% 24,049 29,876 33,189 28,540 — 115,654 Total 20,891,121 Leasing agreement obligations are not subject to financial restrictions for the reported periods. 18 – TRADE AND OTHER ACCOUNTS PAYABLE The composition of trade accounts payable and other current accounts payable is as follows: Class 12.31.2025 12.31.2024 ThCh$ ThCh$ Current 480,396,027 457,074,643Non-current 685,605 2,534,836 Total 481,081,632 459,609,479 Description 12.31.2025 12.31.2024 ThCh$ ThCh$ Trade accounts payable 325,109,831 319,605,026Withholding tax 94,607,257 77,122,183Other (1) 61,364,544 62,882,270 Total 481,081,632 459,609,479 (1) Other current considers the account payable to former shareholders of Companhia de Bebidas Ipiranga (“CBI”). See Note 6 forfurther information.
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Table of Contents F-69 19 – OTHER PROVISIONS CURRENT AND NON-CURRENT 19.1 Balances The composition of the provisions is as follows: Description 12.31.2025 12.31.2024 ThCh$ ThCh$ Litigation (1) 57,811,209 55,245,799 Total 57,811,209 55,245,799 Current 2,433,147 1,522,426Non-current 55,378,062 53,723,373 Total 57,811,209 55,245,799 (1) Correspond to the provision made for the probable losses of tax, labor and commercial contingencies, according to the followingdetail: Description (see note 23.1) 12.31.2025 12.31.2024 ThCh$ ThCh$ Tax contingencies 30,024,767 29,416,543Labor contingencies 14,014,847 13,912,282Civil contingencies 13,771,595 11,916,974 Total 57,811,209 55,245,799 19.2 Movements The movement of the main items included as provisions for litigation is detailed below: Description 12.31.2025 12.31.2024 ThCh$ ThCh$ Opening balance as of January 1 55,245,799 54,801,896Additional provisions — 189,356Increase (decrease) in existing provisions 15,586,469 13,550,379Used provision (payments made charged to the provision) (14,046,529) (7,232,750)Reversal of unused provision (24,173) (17,716)Increase (decrease) due to foreign exchange rate differences 1,049,643 (6,045,366) Total 57,811,209 55,245,799 20 – OTHER NON-FINANCIAL LIABILITIES Other current and non-current non-financial liabilities at each reporting period end are detailed as follows: Current Non-current Description 12.31.2025 12.31.2024 12.31.2025 12.31.2024 ThCh$ ThCh$ ThCh$ ThCh$ Dividends payable 412,358 140,474,025 — —Other 77,609 1,629,557 3,782,958 (1)2,252,985 Total 489,967 142,103,582 3,782,958 2,252,985 (1) Mainly corresponds to a property tax liability in Brazil.
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Table of Contents F-70 21 – EQUITY 21.1 Number of shares: Number of subscribed, paid-in and voting shares Series 2025 2024 A 473,289,301 473,289,301B 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 byshareholders to the contrary. If there is no net profit in a given year, the Company shall not be legally obligated to distribute dividendsfrom 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 Boardof Directors decided to maintain the initial adjustments from the adoption of IFRS as retained earnings, whose distribution is contingentupon 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 31.9004.20.2023 05.09.2023 Final 2022 Earnings 29.00 31.9004.20.2023 05.26.2023 Final Retained Earnings 50.00 55.0007.25.2023 08.25.2023 Interim 2023 Earnings 29.00 31.9009.27.2023 10.26.2023 Interim 2023 Earnings 29.00 31.9012.28.2023 01.25.2023 Interim 2023 Earnings 32.00 35.2004.25.2024 05.23.2024 Final Accumulated earnings 32.00 35.2004.25.2024 05.30.2024 Final Accumulated earnings 30.00 33.0007.31.2024 08.14.2024 Interim 2024 results 32.00 35.2009.25.2024 10.25.2024 Interim 2024 results 32.00 35.2012.19.2024 01.31.2025 Interim 2024 results 141.00 155.1009.31.2025 10.23.2025 Interim 2025 results 35.00 38.5011.25.2025 12.18.2025 Interim 2025 results 20.00 22.00
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Table of Contents F-71 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 421,701,520 421,701,520 421,701,520Foreign 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. andthe book value of the paid capital of Embotelladoras Coca-Cola Polar S.A., which was finally the value of the capital increase notarized inlegal 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 eachfinancial period. When contracts have expired, these reserves are adjusted and recognized in the income statement in the correspondingperiod (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 carriedto 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-levelrestatement of paid-in capital for 2009 is presented as part of other equity reserves and is accounted for as a capitalization from OtherReserves with no impact on net income or retained earnings under IFRS. This amount totaled CLP 5,435,538 thousand as ofDecember 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 thepresentation currency of the Consolidated Financial Statements. Additionally, exchange differences between accounts receivable kept bythe companies in Chile with foreign subsidiaries are presented in this account, which have been treated as investment accounted for usingthe 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)
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Table of Contents F-72 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) 34,620,409Argentina (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) 12,187,760Exchange 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) 38,289,348Exchange 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) 2,650,430Deferred 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)
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Table of Contents F-73 Benefit relatedCash 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 1,419,257Reclassification 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) 6,374,693Deferred 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 4,067Andina 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 2,391,066 186,569 147,033 168,407Envases 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-CiclarS.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 4,062,515Total non-current assets 312,305,475 15,229,487 344,981,798 19,343,871 3,259,802 20,736,712 38,275,436Total 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 13,696,789Net 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)
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Table of Contents F-74 Andina Embotelladora Empaques ParaguayDel 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 4,908,214Total non-current assets 374,554,073 18,410,878 294,746,275 18,428,555 12,538,543 20,148,227 37,673,531Total current liabilities 183,500,071 4,213,859 53,232,081 16,484,508 5,130,820 23,353,945 1,503,047Total 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-CiclarS.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 6,613,813Total non-current assets 186,371,255 9,397,856 277,112,895 19,914,658 5,272,662 21,015,727 26,500,107Total 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 9,403,691Net 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 theperiod 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 89,801,953 171,441,410Weighted 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 22 – DERIVATIVE ASSETS AND LIABILITIES As of December 31, 2025, the Company maintains cross currency swaps, currency forwards, and commodity swaps as derivative financialinstruments.
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Table of Contents F-75 Cross currency swaps (CCS), also known as interest rate and currency swaps, are valued by discounting expected future cash flows usingcurrent market rates for the currencies and rates involved in each transaction. The fair value of currency forward contracts is determined based on the forward exchange rates in effect for contracts with similarmaturity profiles, in accordance with market conditions at the closing date. The fair value of commodity swaps is determined based on expected future cash flows, calculated using current market prices for futurescontracts and considering the agreed maturity dates. As of the date of these financial statements, the Company holds the following derivative assets and liabilities, recognized at fair value: 22.1Accounting recognition of cross currency and rate swaps Cross Currency Swaps, related to Local Bonds (Chile) As of December 31, 2025, the Company maintains derivative contracts aimed at hedging part of its bond debt issued in Unidades deFomento (UF), for a total amount of UF 7,992,694 (UF 8,462,025 as of December 31, 2024), for the purpose of converting theseobligations to Chilean pesos (CLP). The fair value measurement of these contracts at year-end resulted in a non-current asset of ThCh$ 91,164,876 (ThCh$ 85,252,373 as ofDecember 31, 2024), which is presented under “Other non-current financial assets.” The maturity dates of the derivative contracts are distributed over the years 2026, 2031, 2034, and 2035. Cross Currency Swaps, related to international bonds (USA and Switzerland) As of December 31, 2025, the Company has derivative contracts linked to US dollar-denominated obligations totaling USD 300 million,of which USD 150 million is converted to inflation-indexed Chilean pesos (UF) and USD 150 million to nominal Chilean pesos (CLP),both maturing in 2050. In addition, the Company holds derivatives linked to the Swiss franc (CHF) totaling CHF 170 million, convertedto Brazilian reais (BRL), maturing in 2028. The fair value measurement of the aforementioned contracts resulted in the following balances: The first contract records a non-currentliability of ThCh$ 37,373,076, while the second contract presents a non-current liability of ThCh$ 39,271,844. Together, these contractstotal a liability of ThCh$ 76,644,920, compared to ThCh$41,788,077 as of December 31, 2024. The contract denominated in Swiss francs reflects a non-current asset of ThCh$51,810,982, compared to ThCh$59,298,394 as ofDecember 31, 2024. Exchange rate fluctuations associated with financial liabilities denominated in US dollars and Swiss francs are recognized in income,while the valuation effects of hedging instruments are recognized in comprehensive income, in accordance with IFRS 9 – FinancialInstruments. 22.2 Forward currency contracts for highly probable expected transactions: During the years 2025 and 2024, Embotelladora Andina S.A. entered into forward contracts to ensure the exchange rate on futurecommodity purchasing needs for its 4 operations, closing forward instruments in USD/ARS, USD/BRL, USD/CLP, and USD/PYG. At theclosing date of these financial statements, outstanding contracts amount to USD 90.3 million (USD 89.0 million as of December 31,2024). Forward contracts that secure future commodity prices have been designated as hedging contracts since they comply with thedocumentation requirements of IFRS, and therefore their effects on changes in fair value are recorded in other comprehensive income.
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Table of Contents F-76 22.3 Raw material swap for highly probable expected transactions: During the year 2025, the Company entered into No. 5 sugar swap contracts to hedge the price of future sugar purchases for its Chileanoperations. At the date of these financial statements, the outstanding contracts amounted to USD 5.6 million (USD 1.7 million in 2024). In addition, it entered into sugar swap contracts No. 11 to secure the price of future sugar purchases for its Brazilian operations. As ofDecember 31, 2025, the outstanding contracts amounted to USD 12.89 million. Forward contracts that hedge future raw material prices have been designated as hedging contracts as they meet the documentationrequirements of IFRS, and therefore their effects on changes in fair value are recognized in other comprehensive income. 22.4 Fair value hierarchies As of December 31, 2025, the Company has assets from derivative contracts amounting to ThCh$ 143,633,334 (ThCh$ 148,655,771 as ofDecember 31, 2024) and liabilities from derivative contracts of ThCh$ 80,262,635 (ThCh$ 42,149,462 as of December 31, 2024). Hedging contracts associated with existing items have been classified in the same accounting category as the hedged items, whilederivative contracts related to expected items are presented within current financial assets and liabilities. All hedging contracts are recognized at fair value in the consolidated statement of financial position, in accordance with the provisions ofIFRS 9 – Financial Instruments. The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1:quoted (unadjusted) prices in active markets for identical assets or liabilitiesLevel 2:Inputs other than quoted prices included in level 1 that are observable for the assets and liabilities, either directly (that is, asprices) or indirectly (that is, derived from prices)Level 3:Inputs for assets and liabilities that are not based on observable market data. During the reporting period, there were no transfers of items between fair value measurement categories; all of which were valued duringthe period using level 2. Fair value measurement as of December 31, 2025 Quoted prices in active markets for identical assets and Observable Unobservable liabilities market data market data(Level 1) (Level 2) (Level 3) Total ThCh$ ThCh$ ThCh$ ThCh$ Assets Other current financial assets — 657,477 — 657,477Other non-current financial assets — 142,975,857 — 142,975,857 Total assets — 143,633,334 — 143,633,334 Liabilities Other current financial liabilities — 3,617,715 — 3,617,715Other non-current financial liabilities — 76,644,920 — 76,644,920 Total liabilities — 80,262,635 — 80,262,635
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Table of Contents F-77 Fair value measurement as of December 31, 2024 Quoted prices in active markets for identical assets and Observable Unobservable liabilities market data market data(Level 1) (Level 2) (Level 3) Total ThCh$ ThCh$ ThCh$ ThCh$ Assets Other current financial assets — 4,105,005 — 4,105,005Other non-current financial assets — 144,550,766 — 144,550,766 Total assets — 148,655,771 — 148,655,771 Liabilities Other current financial liabilities — 361,384 — 361,384Other non-current financial liabilities — 41,788,078 — 41,788,078 Total liabilities — 42,149,462 — 42,149,462 23 – LITIGATION AND CONTINGENCIES 23.1 Lawsuits or other legal actions: In the opinion of the Company’s legal counsel, the Parent Company and its subsidiaries do not face legal or extrajudicial contingenciesthat might result in material or significant losses or gains, except for the following: 1) Embotelladora del Atlántico S.A. and Andina Empaques Argentina S.A. face labor, tax, civil and trade lawsuits. Accountingprovisions have been made for the contingency of a probable loss because of these lawsuits, totaling ThCh$ 699,235 (ThCh$ 722,249as of December 31, 2024). Management considers it unlikely that non-provisioned contingencies will affect the Company’s incomeand equity, based on the opinion of its legal counsel. Additionally, Embotelladora del Atlántico S.A. maintains time deposits for anamount of ThCh$ 21,331 (ThCh$61,269 as of December 31, 2024) in time deposits to guarantee judicial liabilities. 2) Rio de Janeiro Refrescos Ltda. faces labor, tax, civil and trade lawsuits. Accounting provisions have been made for the contingencyof a probable loss because of these lawsuits, totaling ThCh$ 54,678,827 (ThCh$ 53,001,124 as of December 31, 2024). Managementconsiders it unlikely that non-provisioned contingencies will affect the Company’s income and equity, based on the opinion of itslegal counsel. As it is customary in Brazil, Rio de Janeiro Refrescos Ltda. maintains Deposit in courts and assets given in pledge tosecure the compliance of certain processes, irrespective of whether these have been classified as a possible, probable or remote. Theamounts deposited or pledged as legal guarantees amounted to ThCh$ 25,362,998 (ThCh$ 24,406,565 as of December 31, 2024). Part of the assets held under warranty by Rio de Janeiro Refrescos Ltda. are in the process of being released and others have alreadybeen released in exchange for guarantee insurance and bond letters for BRL 2,749,783,313 with different Financial Institutions andInsurance Companies in Brazil, these entities receive an annual commission fee of 0.13%, and become responsible of fulfillingobligations with the Brazilian tax authorities should any trial result against Rio de Janeiro Refrescos Ltda. Additionally, if thewarranty and bond letters are executed, Rio de Janeiro Refrescos Ltda. promises to reimburse to the financial institutions andInsurance Companies any amounts disbursed by them to the Brazilian government. Main contingencies faced by Rio de Janeiro Refrescos are as follows: a) Tax contingencies resulting from credits on tax on industrialized products (IPI). Rio de Janeiro Refrescos is a party to a series of proceedings under way, in which the Brazilian federal tax authorities demandpayment of value-added tax on industrialized products (Imposto sobre Produtos Industrializados, or IPI) totaling BRL 3,625,647,115as of the date of these financial statements. The Company does not share the position of the Brazilian tax authority in these procedures and considers that it was entitled to claimIPI tax credits in connection with purchases of certain exempt raw materials from suppliers located in the Manaus free trade zone.
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Table of Contents F-78 Based on the opinion of its advisers, and legal outcomes to date, Management estimates that these procedures do not representprobable losses and has not recorded a provision on these matters. Notwithstanding the above, the IFRS related to business combination in terms of distribution of the purchase price establish thatcontingencies must be measured one by one according to their probability of occurrence and discounted at fair value from the date onwhich it is deemed the loss can be generated. As a result of the acquisition of Companhia de Bebidas Ipiranga in 2013 and pursuant tothis criterion and although there are contingencies listed only as possible for BRL 665,173,794 (amount includes adjustments forcurrent lawsuits) a start provision has been generated in the accounting of the business combination for BRL 124,862,349. b) Other tax contingencies. They refer to ICMS-SP tax administrative processes that challenge the credits derived from the acquisition of tax-exempt productsacquired by the Company from a supplier located in the Manaus Free Zone. The total amount is BRL 613,868,342, being assessed byexternal attorneys as a remote loss, so it has no accounting provision. The company was challenged by the federal tax authority for tax deductibility of a portion of goodwill in the 2014-2016 periodarising from the acquisition of Companhia de Bebidas Ipiranga. The tax authority understands that the entity that acquiredCompanhia de Bebidas Ipiranga is Embotelladora Andina and not Rio de Janeiro Refrescos Ltda. In the view of external lawyers,such a statement is erroneous, classifying it as a possible loss. The value of this process is BRL 1,190,254,577 as of the date of thesefinancial statements. 3) Embotelladora Andina S.A. and its Chilean subsidiaries face labor, tax, civil and trade lawsuits. Accounting provisions have beenmade for the contingency of a probable loss because of these lawsuits, totaling ThCh$ 2,379,469 (ThCh$ 1,472,915 as of December31, 2024). Management considers it is unlikely that non-provisioned contingencies will affect income and equity of the Company, inthe opinion of its legal advisors. 4) Paraguay Refrescos S.A. faces tax, trade, labor and other lawsuits. Accounting provisions have been made for the contingency of anyloss because of these lawsuits amounting to ThCh$ 53,678 (ThCh$ 49,511 as of December 31, 2024). Management considers it isunlikely that non-provisioned contingencies will affect income and equity of the Company, in the opinion of its legal advisors.
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Table of Contents F-79 23.2 Direct guarantees and restricted assets: Guarantees and restricted assets are detailed as follows: Guarantees that commit assets recognized in the financial statements: Committed assets Carrying amount Creditor of the guarantee Name of debtor Relationship Collateral Type 12.31.2025 12.31.2024 ThCh$ ThCh$ Administradora Plaza Vespucio S.A. Embotelladora Andina S.A. Parent Guarantee receipt Trade Debtors and Other Accounts Receivable 154,080 141,900Elqui Limited Agricultural Cooperative Embotelladora Andina S.A. Parent Guarantee receipt Other non-current financial assets 1,361,892 1,212,500 Mall Plaza Embotelladora Andina S.A. Parent Guarantee receipt Trade Payables and Other AccountsReceivable 881,130 628,381 Metro S.A. Embotelladora Andina S.A. Parent Guarantee receiptTrade receivables and other accountsreceivable 23,996 23,204 Parque Arauco S.A. Andina Bottling CompanyParent Guarantee receipt Trade Payables and Other Accounts Receivable 323,386 312,712 Lease agreement Embotelladora Andina S.A. Parent Guarantee receipt Trade Debtors and Other Accounts Receivable 96,046 92,875 Miscellaneous Embotelladora Andina S.A. Parent Guarantee receipt Trade Debtors and Other Accounts Receivable 82,919 98,879 Various Retail Polar Transportation Subsidiary Guarantee receipt Trade Payables and Other Accounts Receivable 56,951 22,235 Employee Claims Rio de Janeiro Refrescos Ltda. Subsidiary Judicial deposit Other non-current non-financial assets8,863,041 8,045,861 Civil and tax claims Rio de Janeiro Refrescos Ltda. Subsidiary Judicial deposit Other non-current non-financial assets6,265,150 6,370,534 Government institutions Rio de Janeiro RefrescosLtda. Subsidiary Plant and equipmentProperty, Plant, and Equipment 10,234,807 9,990,170 Distribuidora Baraldo S.H. Embotelladora del AtlánticoS.A. Subsidiary Judicial deposit Other non-current non-financial assets — 19 Acuña Gómez Embotelladora del AtlánticoS.A. Subsidiary Judicial deposit Other non-current non-financial assets 19 29 Nicanor López Embotelladora del AtlánticoS.A. Subsidiary Judicial deposit Other non-current non-financial assets 13 21 Municipality of Bariloche Embotelladora del AtlánticoS.A. Subsidiary Judicial deposit Other non-current non-financial assets655 — Municipality of San Antonio Oeste Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 1,376 2,131 Municipality of Carlos Casares Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 56 86 Municipality of Chivilcoy Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 8,607 13,331 Granada Maximiliano Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 112 174 Municipality of Junin Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets 55 — Almada Jorge Embotelladora del AtlánticoS.A. Subsidiary Judicial deposit Other non-current non-financial assets 152 236 Other Embotelladora del AtlánticoS.A. Subsidiary Judicial deposit Other non-current non-financial assets 42 55 Temas Industriales SA - General seizure of funds Embotelladora del AtlánticoS.A. Subsidiary Judicial deposit Other non-current non-financial assets 7,817 12,107 DBC SA C CERVECERIA ARGENTINA SAISEMBECK Embotelladora del AtlánticoS.A. Subsidiary Judicial deposit Other non-current non-financial assets 1,652 2,559 Coto Cicsa Embotelladora del AtlánticoS.A. Subsidiary Judicial deposit Other non-current non-financial assets — 1,014 Cencosud Embotelladora del AtlánticoS.A. Subsidiary Judicial deposit Other non-current non-financial assets 156 241 José Luis Kreitzer, Alexis Beade, and Cesar Bechetti Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets617 — Vicentin Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets — 956 Province of Entre Ríos Embotelladora del Atlántico S.A. Subsidiary Judicial deposit Other non-current non-financial assets — 6,981Marcus A. Peña Paraguay Refrescos Subsidiary Real Estate Property, Plant, and Equipment 5,515 5,252 Ana Maria Mazó Paraguay Refrescos Subsidiary Real Estate Property, Plant, and Equipment — 1,137 Stefano Szwao Giacomelli Paraguay Refrescos Subsidiary Real estate Property, plant, and equipment 3,311 3,054Rental guarantee Paraguay Refrescos Subsidiary Real Estate Property, Plant, and Equipment 1,361 — Sofía Cartes Paraguay Refrescos Subsidiary Real Estate Property, Plant, and Equipment 3,220 2,637
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Table of Contents F-80 Guarantees that do not commit assets recognized in the Financial Statements: Committed assets Amounts involved Creditor of the guarantee Debtor name Relationship Guarantee Type 12.31.2025 12.31.2024 ThCh$ ThCh$Labor proceedings Rio de Janeiro Refrescos Ltda. Subsidiary Guarantee receipt Legal proceeding 5,980,781 6,648,889 Administrative proceedings Rio de Janeiro Refrescos Ltda. Subsidiary Guarantee receipt Legal proceeding 88,143,399 80,036,491Federal Government Rio de Janeiro Refrescos Ltda.Subsidiary Guarantee receiptLegal proceeding 219,466,178 188,083,737 State Government Rio de Janeiro Refrescos Ltda.Subsidiary Guarantee receiptLegal proceeding 138,003,496 116,943,181Other Rio de Janeiro Refrescos Ltda.Subsidiary Guarantee receiptLegal proceeding 1,737,590 1,407,340 EZEIZA Customs Embotelladora del Atlántico S.A. Subsidiary Surety bond Faithful compliance of contract 346,823 576,829EZEIZA Customs Andina Empaques Argentina S.A. Subsidiary Surety bond Faithful compliance of contract — 4,414 24 – FINANCIAL RISK MANAGEMENT The Company’s businesses are exposed to a variety of financial and market risks (including foreign exchange risk, interest rate risk andprice risk). The Company’s global risk management program focuses on the uncertainty of financial markets and seeks to minimizepotential adverse effects on the performance of the Company. The Company uses derivatives to hedge certain risks. A description of theprimary policies established by the Company to manage financial risks are provided below: Interest Rate Risk As of December 31, 2025, the Company maintains all of its debt obligations at a fixed rate, in order to avoid fluctuations in financialexpenses that could arise from possible increases in interest rates. The Company’s indebtedness corresponds to six bonds issued in the Chilean local market at a fixed rate, which have a total outstandingbalance of UF 13.69 million, denominated in Unidades de Fomento (UF), a unit indexed to inflation in Chile. Given that the Company’ssales are correlated with the variation of the UF, this structure allows for an adequate correspondence between income and obligations. Inaddition, the Company has a bilateral loan denominated in Unidades de Fomento (UF), with a current outstanding balance of UF 2.36million. Of the total local bonds, five have been redenominated through derivative instruments to Chilean pesos (CLP), both in terms of their rateand notional value, maintaining the original structure of the bond. Furthermore, the Company has debt in the international market through a 144A/Reg S bond issued in the United States, at a fixed rate inUS dollars, for a total amount of USD 300 million. Of this amount, USD 150 million has been redenominated through derivatives toChilean pesos adjusted for inflation (UF), and the remaining USD 150 million has been redenominated to nominal Chilean pesos (CLP),in both cases maintaining the original structure of the bond. Likewise, in September 2023, the Company issued a bond in the Swiss market for CHF 170 million at a fixed rate in Swiss francs, whichhas been redenominated through derivative instruments to Brazilian reais (BRL), both in its rate and notional value, maintaining thestructure of the original bond. Credit risk The credit risk to which the Company is exposed comes mainly from trade accounts receivable maintained with retailers, wholesalers andsupermarket chains in domestic markets; and the financial investments held with banks and financial institutions, such as time deposits,mutual funds and derivative financial instruments.
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Table of Contents F-81 a) Trade accounts receivable and other current accounts receivable Credit risk related to trade accounts receivable is managed and monitored by the area of Finance and Administration of each business unit.The Company has a broad client base implying a high level of atomization of accounts receivable, which are subject to policies,procedures and controls established by the Company. In accordance with such policies, credits must be based objectively, non-discretionary and uniformly granted to all clients of the same segment and channel, provided these will allow generating economicbenefits to the Company. The credit limit is checked periodically considering payment behavior. Trade accounts receivable pending ofpayment are monitored on a monthly basis. i. Sale Interruption In accordance with Corporate Credit Policy, the interruption of sale must be within the following framework: when a customerhas outstanding debts for an amount greater than USD 250,000, and over 60 days expired, sale is suspended. The GeneralManager in conjunction with the Finance and Administration Manager authorize exceptions to this rule, and if the outstandingdebt should exceed USD 1,000,000, and in order to continue operating with that client, the authorization of the Chief FinancialOfficer is required. Notwithstanding the foregoing, each operation can define an amount lower than USD 250,000 according tothe country’s reality. ii. Impairment The impairment recognition policy establishes the following criteria for provisions: 30% is provisioned for 31 to 60 daysoverdue, 60% between 60 and 91 days, 90% between 91 and 120 days overdue and 100% for more than 120 days. Exemption ofthe calculation of global impairment is given to credits whose delays in the payment correspond to accounts disputed with thecustomer whose nature is known and where all necessary documentation for collection is available, therefore, there is nouncertainty on recovering them. However, these accounts also have an impairment provision as follows: 40% for 91 to 120 daysoverdue, 80% between 120 and 170, and 100% for more than 170 days. iii. Prepayment to suppliers The Policy establishes that USD 25,000 prepayments can only be granted to suppliers if its value is properly and fullyprovisioned. The Treasurer of each subsidiary must approve supplier warranties that the Company receives for prepaymentsbefore signing the respective service contract, In the case of domestic suppliers, a warranty ballot (or the instrument existing inthe country) shall be required, in favor of Andina executable in the respective country, non-endorsable, payable on demand orupon presentation and its validity will depend on the term of the contract. In the case of foreign suppliers, a stand-by credit letterwill be required which shall be issued by a first line bank; in the event that this document is not issued in the country where thetransaction is done, a direct bank warranty will be required. Subsidiaries can define the best way of safeguarding the Company’sassets for prepayments under USD 25,000. iv. Guarantees In Chile, we have insurance with Compañía de Seguros de Crédito Continental S.A (AA rating -according to Fitch Chile andHumphreys rating agencies) covering the credit risk regarding trade debtors in Chile. The rest of the operations do not have credit insurance, instead mortgage guarantees are required for volume operations ofwholesalers and distributors in the case of trade accounts receivables. In the case of other debtors, different types of guaranteesare required according to the nature of the credit granted. Historically, uncollectible trade accounts have been lower than 0.5% of the Company’s total sales,
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Table of Contents F-82 b) Financial investment. The Company has a Policy that is applicable to all the companies of the group in order to cover credit risks for financial investments,restricting both the types of instruments as well as the institutions and degree of concentration. The companies of the group can invest in: i. Time deposits: only in banks or financial institutions that have a risk rating equal to or higher than Level 1 (Fitch) or equivalentfor deposits of less than 1 year and rated A or higher (S&P) or equivalent for deposits of more than 1 year. ii. Mutual funds: investments with immediate liquidity and no risk of capital (funds composed of investments at a fixed-term,current account, fixed rate Tit BCRA, negotiable obligations, Over Night, etc.,) in all those counter-parties that have a ratinggreater than or equal to AA-(S&P) or equivalent, Type 1 Pacts and Mutual Funds, with a rating greater than or equal to AA+(S&P) or equivalent. iii. Other investment alternatives must be evaluated and authorized by the office of the Chief Financial Officer. Exchange Rate Risk The Company is exposed to three types of risk caused by exchange rate volatility in the countries where it operates: a) Exposure of foreign investments: This risk arises from converting net investments from each country’s functional currency (Brazilian real, Argentine peso, or Paraguayanguaraní) to the presentation currency of the parent company (Chilean peso). Appreciation or devaluation of the Chilean peso against eachcountry’s functional currency gives rise to respective decreases or increases in equity. The Company does not hedge this risk. The Company assesses fluctuations in the currencies used in its operations relative to the presentation currency of the financial statementsthrough a sensitivity analysis of total assets, total liabilities, and net equity in local currency. USD/CLP BRL/CLP ARS/CLP PGY/CLP Closing currency variation -9.0% 2.4% -35.4% 8.4% Brazil Argentina Paraguay ThCh$ ThCh$ ThCh$ Total Assets 1,065,354,542 466,462,159 428,926,830Total Liabilities 817,996,560 169,332,473 81,324,493Net Investment 247,357,982 297,129,686 347,602,337Share on income 29.2% 21.9% 9.4% BRL/CLP ARS/CLP PGY/CLP -10% variation impact on parity -6.1% -41.9% -3.9% ThCh$ ThCh$ ThCh$ Variation impact on results (11,950,406) (4,652,930) (6,751,132)Variation impact on equity (28,945,912) (81,898,581) 6,862,591 The scenario above represents an exchange rate sensitivity of a 10% decrease from the actual exchange rates at the reporting date,affecting the translation of local currencies into the presentation currency of the Group’s financial statements, and the resulting impact onthe results and equity of the different Operations.
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Table of Contents F-83 Net exposure of assets and liabilities in foreign currency This risk stems mostly from carrying liabilities in US dollar, so the volatility of the US dollar with respect to the functional currency ofeach country generates a variation in the valuation of these obligations, with consequent effect on results. In order to protect the Companyfrom the effects on income resulting from the volatility of the Brazilian Real and the Chilean Peso against the U,S, dollar, the Companymaintains derivative contracts (cross currency swaps) to cover almost 100% of US dollar-denominated financial liabilities.By designatingsuch contracts as hedging derivatives, the effects on income for variations in the Chilean Peso and the Brazilian Real against the USdollar, are mitigated annulling its exposure to exchange rates. b) Exposure of assets purchased or indexed to foreign currency This risk originates from purchases of raw materials and investments in Property, plant and equipment, whose values are expressed in acurrency other than the functional currency of the subsidiary. Changes in the value of costs or investments can be generated through time,depending on the volatility of the exchange rate. In order to minimize this risk, the Company maintains a currency hedging policy stipulating that it is necessary to enter into foreigncurrency derivatives contracts to lessen the effect of the exchange rate over cash expenditures expressed in US dollars, correspondingmainly to payment to suppliers of raw materials in each of the operations. This policy stipulates up to 12-month forward horizon. Commodities risk The Company is exposed to the risk of price fluctuations in international markets, mainly for sugar, PET resin, and aluminum, which arethe main inputs used in the production of beverages and packaging and together represent between 35% and 40% of operating costs. Tomitigate and/or stabilize this risk, the Company frequently enters into supply contracts and makes advance purchases when marketconditions warrant. Liquidity risk The products we sell are mainly paid for in cash and short-term credit; therefore, the Company´s main source of financing comes from thecash flow of our operations. This cash flow has historically been sufficient to cover the investments necessary for the normal course ofour business, as well as the distribution of dividends approved by the General Shareholders’ Meeting. Should additional funding berequired for future geographic expansion or other needs, the main sources of financing to consider are: (i) debt offerings in the Chileanand foreign capital markets (ii) borrowings from commercial banks, both internationally and in the local markets where the Companyoperates; and (iii) public equity offerings. The following table presents an analysis of the Company’s committed maturities for liability payments throughout the coming years: As of December 31, 2025 Payments on the year of maturity More than 1 More than 2 More than 3 Category 1 year up to 2 up to 3 up to 4 More than 5 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bank debt 11,820,186 — — — 92,960,992Bonds payable 24,451,704 5,417,447 5,417,447 5,417,447 1,059,121,681Lease obligations 9,625,901 6,856,744 6,416,267 3,011,688 2,304,613Contractual obligations (1) 142,577,913 39,637,714 19,997,451 19,180,962 1,301,518 Total 188,475,704 51,911,905 31,831,165 27,610,097 1,155,688,804
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Table of Contents F-84 As of December 31, 2024 Payments on the year of maturity More than 1 More than 2 More than 3 Category 1 year up to 2 up to 3 up to 4 More than 5 ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Bank debt 56,401,282 — — — —Bonds payable 30,490,640 11,942,889 5,238,640 5,238,640 1,031,430,903Lease obligations 9,631,011 5,649,998 5,434,476 5,510,861 4,295,783 Contractual obligations (1) 169,773,223 28,578,074 22,063,770 17,429,919 7,837,043 Total 266,296,156 46,170,961 32,736,886 28,179,420 1,043,563,729 (1) Agreements that the Andina Group has with collaborating entities for its operation, which are mainly related to contracts entered intoto supply products and/or support services in information technology services, commitments of the company with its franchisor tomake investments or expenses related to the development of the franchise, support services to personnel, security services,maintenance services of fixed assets, purchase of inputs for production, among others. 25 – REVENUE FROM ORDINARY ACTIVITIES The Company’s revenue mainly arises from the sale of beverages and related products. For presentation purposes, revenue is classifiedinto the following categories: ● Non-alcoholic beverages: Includes soft drinks, juices, water, and other non-alcoholic beverages commercialized under brandsowned by The Coca-Cola Company and Monster Beverage Corporation.● Alcoholic beverages: Includes beers and other alcoholic beverages distributed by the Company.● Other revenue: Mainly relates to the sale of pulp, packaging, cases, bottles, and other materials used in operations. 01.01.2025 01.01.2024 01.01.2023 Description 12.31.2025 12.31.2024 12.31.2023 ThCh$ ThCh$ ThCh$ Non-alcoholic beverages 2,956,573,827 2,850,966,747 2,256,309,490Alcoholic beverages 353,981,539 345,733,257 337,722,715Other revenue 34,280,485 27,533,001 24,404,847 Total 3,344,835,851 3,224,233,005 2,618,437,052 26 – EXPENSES BY FUNCTION Other expenses by function are detailed as follows: 01.01.2025 01.01.2024 01.01.2023 Description 12.31.2025 12.31.2024 12.31.2023 ThCh$ ThCh$ ThCh$ Direct production costs (1,642,483,000) (1,584,826,536) (1,346,516,486)Payroll and employee benefits (491,519,165) (489,656,716) (378,482,113)Transportation and distribution (262,565,173) (261,492,646) (211,998,332)Advertisement (48,788,729) (47,157,493) (35,831,757)Depreciation and amortization (159,241,493) (151,110,933) (112,771,324)Repairs and maintenance (62,443,411) (63,130,395) (46,021,127) Other expenses (222,428,367) (199,776,910) (129,478,810) Total (2,889,469,338) (2,797,151,629) (2,261,099,949) (1) Corresponds to the addition of the cost of sales, administrative expenses, and distribution costs.
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Table of Contents F-85 27 – OTHER INCOME Other income by function is detailed as follows: 01.01.2025 01.01.2024 01.01.2023 Description 12.31.2025 12.31.2024 12.31.2023 ThCh$ ThCh$ ThCh$ Gain due to disposal of Property, plant and equipment 1,665,503 222,898 754,338Recovery PIS credit and COFINS Brazil(1) 2,816,267 20,454,256 —Income from construction contract compensation 2,836,127 — —Supplier compensation (2) 5,298,437 — —Other 766,123 802,707 556,151 Total 13,382,457 21,479,861 1,310,489 (1) See Note 6 (2) for more information on the recovery. (2) Compensation for overpricing in the purchase of raw materials. 28 – OTHER EXPENSES BY FUNCTION Other expenses by function are detailed as follows: 01.01.2025 01.01.2024 01.01.2023 Description 12.31.2025 12.31.2024 12.31.2023 ThCh$ ThCh$ ThCh$ Contingencies and non-operating fees (15,924,999) (19,376,723) (11,145,708)Tax on bank debits (7,112,673) (7,862,779) (4,403,347)Write-offs, disposals and loss on sale of property, plant and equipment (3,823,917) (5,805,588) (8,072,422)(3) Others (3,252,844)(1) (3,604,939)(2) (2,820,106)(4) Total (30,114,433) (36,650,029) (26,441,583) (1) Includes expenses related to the process of closing Red de Transportes Comerciales Ltda. (2) Includes the loss due to the impairment provision for Rights in Chile related to AdeS. See Note 2.8. (3) Expenses for the write-off of the container yard in Operation Paraguay and Operation Chile. (4) Mainly due to restructuring in Operations for the year 2023.
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Table of Contents F-86 29 – FINANCIAL INCOME AND EXPENSES Financial income and costs are detailed as follows: a) Financial income 01.01.2025 01.01.2024 01.01.2023 Description 12.31.2025 12.31.2024 12.31.2023 ThCh$ ThCh$ ThCh$ Interest income 11,326,220 18,377,685 25,791,172Ipiranga purchase warranty restatement 59,648 39,511 47,032From PIS and COFINS credits (1) 4,256,200 8,986,697 — Other financial income 2,797,544 1,556,025 5,557,963 Total 18,439,612 28,959,918 31,396,167 (1) See Note 6 for more information on the recovery. b) Financial costs 01.01.2025 01.01.2024 01.01.2023 Description 12.31.2025 12.31.2024 12.31.2023 ThCh$ ThCh$ ThCh$ Bond interest (56,027,866) (51,829,876) (53,148,503) Bank loan interest (4,532,444) (7,398,612) (4,510,379) Lease interest (2,817,626) (3,277,261) (2,616,945) Other financial costs (4,840,477) (7,908,134) (5,012,525) Total (68,218,413) (70,413,883) (65,288,352)
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Table of Contents F-87 30 – OTHER (LOSSES) GAINS Other (losses) gains are detailed as follows: 01.01.2025 01.01.2024 01.01.2023 Description 12.31.2025 12.31.2024 12.31.2023 ThCh$ ThCh$ ThCh$ Other gains and losses (1,817,033)(1) — (15,909,117)(2) Total (1,817,033) — (15,909,117) (1) At the end of December 2025, losses of CLP 1,817,033 were recognized in connection with the transfer, at a discount, of a receivableheld by Embotelladora Andina S.A. to a financial institution. The receivable arose from dividends declared by subsidiaries anddenominated in Argentine pesos. (2) a) losses for ThCh$ 25,530,162 due to the assignment of a loan owned by Embotelladora Andina S.A. to a financial institution with adiscount. The credit of Embotelladora Andina was originally generated as a result of dividends from subsidiaries declared inArgentine pesos. b) In addition to the previous, a water source in the Brazilian Operation has been disposed of, generating a profit ofThCh$ 9,750,769. 31 – EXCHANGE DIFFERENCES Exchange differences are detailed as follows: 01.01.2025 01.01.2024 01.01.2023 Description 12.31.2025 12.31.2024 12.31.2023 ThCh$ ThCh$ ThCh$ Generated by suppliers (2,067,516) (6,022,628) (26,366,916)Generated by financial assets 304,783 (1,067,456) 12,348,172Generated by financial liabilities (882,743) 206,889 (3,310,906) Other (779,414) (523,509) 113,520 Total (3,424,890) (7,406,704) (17,216,130)
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Table of Contents F-88 32 – LOCAL AND FOREIGN CURRENCY Local and foreign currency balances are the following: CURRENT ASSETS 12.31.2025 12.31.2024 ThCh$ ThCh$ Cash and cash equivalents 296,539,709 248,899,004USD 21,353,466 14,817,741 EUR 352,273 234,718 CLP 191,155,122 140,155,381BRL 47,445,694 48,540,084 ARS 11,629,118 12,461,057 PGY 24,604,036 32,690,023 Other current financial assets 45,974,709 76,586,583 CLP 45,447,539 73,865,057 BRL 370,343 2,553,727ARS 155,482 57,786 PGY 1,345 110,013 Other current non-financial assets 15,985,896 27,260,507 USD 167,005 3,195,150 EUR 1,041 213,862UF 1,239,018 1,024,253 CLP 5,091,354 5,389,357 BRL 3,248,260 2,451,721ARS 2,095,384 10,110,029 PGY 4,143,834 4,876,135 Trade payables and other accounts receivable 339,778,498 332,831,088 USD 1,356,760 5,617,644 EUR — — UF 451,075 —CLP 174,836,494 177,104,333 BRL 99,911,965 87,509,718 ARS 45,153,473 50,035,902PGY 18,068,731 12,563,491 Accounts receivable from related entities 15,299,187 9,901,543USD 1,394,519 — CLP 12,446,341 9,901,543 BRL 1,371,835 —ARS 86,492 — PGY — — Inventories 304,550,609 299,970,909 CLP 112,599,731 106,986,666 BRL 81,404,081 73,721,137 ARS 82,161,616 95,970,869PGY 28,385,181 23,292,237 Current tax assets 14,924,173 17,746,106USD — — CLP 4,216,224 7,749,543 BRL 10,707,949 9,851,901ARS — 144,662 Total current assets 1,033,052,781 1,013,195,740USD 24,271,750 23,630,536 EUR 353,314 448,580 UF 1,690,093 1,024,253CLP 545,792,805 521,151,879 BRL 244,460,127 224,628,288 ARS 141,281,565 168,780,305 PGY 75,203,127 73,531,899
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Table of Contents F-89 NON-CURRENT ASSETS 12.31.2025 12.31.2024 ThCh$ ThCh$ Other financial assets, non-current 164,370,936 169,420,303USD 28,873,574 24,195,386 UF 1,216,865 1,216,865 CLP 63,977,786 62,774,079 BRL 51,810,982 59,298,394ARS 18,491,729 21,935,579 Other non-financial assets, non-current 82,913,107 79,746,695USD — — UF 445,934 431,216 CLP 47,532 47,530BRL 78,586,098 74,983,744 ARS 1,660,095 2,415,012 PGY 2,173,448 1,869,193 Accounts receivable, non-current 187,644 335,723 UF - —CLP 39,558 212,749 ARS 15,725 9,008 PGY 132,361 113,966 Accounts receivable from related entities, non-current 8,000,924 292,931 CLP 8,000,924 292,931 Investments accounted for using the equity method 87,087,871 85,192,710 CLP 45,641,870 46,683,997 BRL 41,446,001 38,508,713 Intangible assets other than goodwill 719,489,720 693,383,630 USD 3,959,421 3,959,421CLP 326,186,656 318,673,224 BRL 177,701,306 172,991,812 ARS 7,059,802 9,074,686PGY 204,582,535 188,684,487 Capital gains 137,128,318 144,681,420 CLP 9,523,767 9,523,767BRL 66,254,592 64,670,541 ARS 52,677,304 62,487,785 PGY 8,672,655 7,999,327 Property, plant, and equipment 1,179,385,259 1,097,773,572 EUR — —CLP 412,746,936 394,341,668 BRL 397,208,409 318,245,367 ARS 242,270,287 291,160,305PGY 127,159,627 94,026,232 Deferred tax assets 8,788,858 7,081,549CLP 6,527,688 5,028,479 PGY 2,261,170 2,053,070 Total non-current assets 2,387,352,637 2,277,908,533USD 32,832,995 28,154,807 EUR — — UF 1,662,799 1,648,081CLP 872,692,717 837,578,424 BRL 813,007,388 728,698,571 ARS 322,174,942 387,082,375 PGY 344,981,796 294,746,275
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Table of Contents F-90 12.31.2025 12.31.2024 CURRENT LIABILITIES Up to 90 days 90 days to 1 year Total Up to 90 days 90 days to 1 year Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ Other current financial liabilities 41,520,465 20,898,525 62,418,990 47,596,941 62,733,519 110,330,460 USD 3,211,105 3,095,127 6,306,232 4,527,746 2,823,324 7,351,070EUR 40,028 125,750 165,778 37,902 119,070 156,972 UF 21,422,059 3,134,106 24,556,165 6,635,279 27,455,884 34,091,163 CLP 10,844,518 9,972,566 20,817,084 202,438 28,032,817 28,235,255BRL 2,616,027 2,439,189 5,055,216 824,103 2,471,938 3,296,041 ARS 1,907,554 239,663 2,147,217 34,452,772 140,384 34,593,156 PGY 542,218 1,892,124 2,434,342 17,523 1,690,102 1,707,625 CHF 936,956 — 936,956 899,178 — 899,178 Trade accounts payable and other current accounts payable 472,851,989 7,544,038 480,396,027 449,856,870 7,217,773 457,074,643USD 42,212,729 78,726 42,291,455 18,947,509 349,038 19,296,547 EUR 5,528,980 6,360 5,535,340 5,524,760 53,061 5,577,821 UF 1,595,469 1,459 1,596,928 1,860,276 — 1,860,276CLP 112,618,619 7,457,493 120,076,112 167,135,196 6,815,674 173,950,870 BRL 158,548,956 — 158,548,956 144,438,439 — 144,438,439 ARS 64,252,634 — 64,252,634 67,851,883 — 67,851,883PGY 85,915,936 — 85,915,936 42,129,433 — 42,129,433 Other currencies 2,178,666 — 2,178,666 1,969,374 — 1,969,374 Accounts payable to related entities, current 101,388,091 714,462 102,102,553 94,376,420 — 94,376,420 CLP 43,924,974 714,462 44,639,436 47,188,912 — 47,188,912 BRL 36,197,353 — 36,197,353 28,548,564 — 28,548,564 ARS 7,154,967 — 7,154,967 7,542,033 — 7,542,033PGY 14,110,797 — 14,110,797 11,096,911 — 11,096,911 Other current provisions 1,076,922 1,356,225 2,433,147 422,985 1,099,441 1,522,426CLP 1,076,922 1,302,547 2,379,469 422,985 1,049,930 1,472,915 PGY — 53,678 53,678 — 49,511 49,511 Current tax liabilities 10,513,700 3,694,162 14,207,862 10,155,528 18,213,748 28,369,276 CLP 3,497,154 881,495 4,378,649 4,106,948 — 4,106,948 BRL 7,016,546 — 7,016,546 6,048,580 — 6,048,580ARS — 1,680,729 1,680,729 — 16,898,437 16,898,437 PGY — 1,131,938 1,131,938 — 1,315,311 1,315,311 Current provisions for employee benefits 51,318,613 17,045,358 68,363,971 59,703,271 12,663,916 72,367,187 CLP 5,932,159 14,695,203 20,627,362 7,223,078 10,676,695 17,899,773 BRL 25,920,317 — 25,920,317 30,162,575 — 30,162,575 ARS 19,466,137 — 19,466,137 22,317,618 — 22,317,618PGY — 2,350,155 2,350,155 — 1,987,221 1,987,221 Other current non-financial liabilities 125,395 364,572 489,967 101,155,626 40,947,956 142,103,582CLP 118,896 — 118,896 101,151,643 40,668,020 141,819,663 ARS 6,499 — 6,499 3,983 — 3,983 PGY — 364,572 364,572 — 279,936 279,936 Total current liabilities 678,795,176 51,617,341 730,412,517 763,267,641 142,876,353 906,143,994 USD 45,423,834 3,173,853 48,597,687 23,475,255 3,172,362 26,647,617EUR 5,569,008 132,110 5,701,118 5,562,662 172,131 5,734,793 UF 23,017,528 3,135,565 26,153,093 8,495,555 27,455,884 35,951,439 CLP 178,013,243 35,023,765 213,037,008 327,431,200 87,243,136 414,674,336BRL 230,299,199 2,439,189 232,738,388 210,022,261 2,471,938 212,494,199 ARS 92,787,791 1,920,392 94,708,183 132,168,289 17,038,821 149,207,110 PGY 100,568,951 5,792,467 106,361,418 53,243,867 5,322,081 58,565,948 CHF 936,956 — 936,956 899,178 — 899,178Other currencies 2,178,666 — 2,178,666 1,969,374 — 1,969,374
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Table of Contents F-91 12.31.2025 12.31.2024 More than 1 year More than 3 More than More than 1 year More than 3 More thanNON-CURRENT LIABILITIES up to 3 years up to 5 years 5 years Total up to 3 years up to 5 years 5 years Total ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$ ThCh$Other financial liabilities, non-current 1,186,476,868 4,602,512 716,443 1,191,795,823 1,056,609,706 8,011,840 1,921,701 1,066,543,247USD 284,650,789 1,241,538 531,985 286,424,312 310,800,461 1,719,561 1,056,841 313,576,863 EUR 380,934 457,749 106,415 945,098 172,072 622,056 226,879 1,021,007UF 97,779,731 991,987 — 98,771,718 528,074,358 1,598,112 — 529,672,470CLP 603,807,050 — — 603,807,050 26,303,149 — — 26,303,149BRL 5,855,671 1,911,238 78,043 7,844,952 5,580,210 4,072,111 637,981 10,290,302ARS 74,788 — — 74,788 15,078 — — 15,078CHF 193,927,905 — — 193,927,905 185,664,378 — — 185,664,378 Accounts payable, non-current 685,605 — — 685,605 2,534,836 — — 2,534,836CLP 685,605 — — 685,605 2,523,733 — — 2,523,733ARS — — — — 11,103 — — 11,103 Accounts payable related companies — — — — 380,465 — — 380,465BRL — — — — 380,465 — — 380,465 Other provisions, non-current 55,378,062 — — 55,378,062 53,723,373 — — 53,723,373BRL 54,678,827 — — 54,678,827 53,001,124 — — 53,001,124ARS 699,235 — — 699,235 722,249 — — 722,249 Deferred tax liabilities 218,670,687 2,624 — 218,673,311 224,967,885 — — 224,967,885CLP 104,804,980 2,624 — 104,807,604 102,389,788 — — 102,389,788BRL 58,278,145 — — 58,278,145 60,256,153 — — 60,256,153 ARS 35,139,065 — — 35,139,065 43,461,030 — — 43,461,030PGY 20,448,497 — — 20,448,497 18,860,914 — — 18,860,914 Non-current provisions for employee benefits 23,123,294 — — 23,123,294 20.160.468 — — 20,160,468CLP 22,336,827 — — 22,336,827 19,338,456 — — 19,338,456ARS — — — — 18,574 — — 18,574PGY 786,467 — — 786,467 803,438 — — 803,438 Other non-financial liabilities 3,782,958 — — 3,782,958 2,252,985 — — 2,252,985BRL 3,782,958 — — 3,782,958 2,252,985 — — 2,252,985ARS — — — — — — — — Total non-current liabilities 1,488,117,474 4,605,136 716,443 1,493,439,053 1,360,629,718 8,011,840 1,921,701 1,370,563,259USD 284,650,789 1,241,538 531,985 286,424,312 310,800,461 1,719,561 1,056,841 313,576,863EUR 380,934 457,749 106,415 945,098 172,072 622,056 226,879 1,021,007UF 97,779,731 991,987 — 98,771,718 528,074,358 1,598,112 — 529,672,470CLP 731,634,462 2,624 — 731,637,086 150,555,126 — — 150,555,126BRL 122,595,601 1,911,238 78,043 124,584,882 121,470,936 4,072,111 637,981 126,181,028ARS 35,913,088 — — 35,913,088 44,228,035 — — 44,228,035PGY 21,234,964 — — 21,234,964 19,664,352 — — 19,664,352CHF 193,927,905 — — 193,927,905 185,664,378 — — 185,664,378 33 – SUBSEQUENT EVENTS No events have occurred since December 31, 2025, that could significantly affect the Company’s consolidated financial position.
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EXHIBIT 4.10 COCA-COLA PLAZA ATLANTA, GEORGIA ADDRESS REPLY TO P.O. BOX 1734 ATLANTA, GA 30301 404-676-2121 February 17, 2026 Embotelladora Andina S.A. Av. Miraflores 9153 - Renca Santiago Chile Greetings: Reference is made to the Bottler’s Agreement effective January 1, 2018, by and between THE COCA-COLA COMPANY (hereinafter the “Company”) and EMBOTELLADORA ANDINA S.A. (hereinafter the “Bottler”), authorizing the Bottler to prepare and package the Beverage COCA-COLA and any ancillary authorizations for other Company Beverages for sale and distribution under the Trade Marks in the specified Territory granted by the Company to the Bottler (hereinafter collectively referred to as the “Bottler’s Agreements”). The terms used herein have the same meaning assigned to them as in the Bottler’s Agreements unless otherwise specifically stated. The terms of the Bottler’s Agreements are hereby extended from January 31, 2025, the date of expiration thereof, to February 1, 2027 Except as herein modified, said Bottler's Agreements and all of its stipulations, covenants, agreements, terms, conditions and provisions, shall continue in full force and effect, provided they shall finally terminate on February 1, 2027, without the right of a tacit renewal being claimed by you. Please indicate your agreement by signing and returning the enclosed two duplicates hereof. Sincerely, Accepted: THE COCA-COLA COMPANY EMBOTELLADORA ANDINA S.A. By: By: Authorized Representative Authorized Representative Classified - Confidential
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EXHIBIT 8.1 LIST OF SUBSIDIARIES Subsidiaries Jurisdiction Embotelladora Andina Chile S.A. Chile Andina Inversiones Societarias SpA. Chile Andina Bottling Investments Dos S.A. Chile Andina Bottling Investments S.A. Chile Red de Transportes Comerciales Ltda. Chile Servicios Multivending Ltda. Chile Transportes Andina Refrescos Ltda. Chile VJ S.A. Chile Vital Aguas S.A. Chile Transportes Polar S.A. Chile Envases Central S.A. Chile Re-Ciclar S.A. Chile Rio de Janeiro Refrescos Ltda. Brazil Embotelladora del Atlántico S.A. Argentina Andina Empaques Argentina S.A. Argentina Paraguay Refrescos S.A. Paraguay
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EXHIBIT 12.1 CERTIFICATION I, Miguel Ángel Peirano, certify that: 1. I have reviewed this annual report on Form 20-F of Embotelladora Andina S.A.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report; 4. The company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and 5. The company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors: (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting. April 1, 2026 /s/ Miguel Ángel Peirano Miguel Ángel Peirano Chief Executive Officer
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EXHIBIT 12.2 CERTIFICATION I, Andrés Wainer, certify that: 1. I have reviewed this annual report on Form 20-F of Embotelladora Andina S.A.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report; 4. The company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and 5. The company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors: (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting. April 1, 2026 /s/ Andrés Wainer Andrés Wainer Chief Financial Officer
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EXHIBIT 13.1 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Annual Report of Embotelladora Andina S.A (the “Company”) on Form 20-F for the fiscal year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission on the date hereof (the “Report”), I, Miguel Ángel Peirano, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. /s/ MIGUEL ÁNGEL PEIRANO Miguel Ángel Peirano Chief Executive Officer Embotelladora Andina S.A. Dated: April 1, 2026 A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
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EXHIBIT 13.2 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Annual Report of Embotelladora Andina S.A. (the “Company”) on Form 20-F for the fiscal year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission on the date hereof (the “Report”), I, Andrés Wainer, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. /s/ ANDRÉS WAINER Andrés Wainer Chief Financial Officer Embotelladora Andina S.A. Dated: April 1, 2026 A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.