[6-K] ANDINA BOTTLING CO INC Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Embotelladora Andina S.A. reports audited 2025 consolidated results prepared under IFRS and receives an unmodified opinion from its independent auditor in Chile. The auditor highlights impairment testing of indefinite-lived intangibles and goodwill as a key audit matter, noting satisfactory procedures and no 2025 impairment charges.

Net sales increased to ThCh$3,344,835,851 from ThCh$3,224,233,005, lifting net income to ThCh$270,477,415 from ThCh$234,644,125. Earnings per Series A share rose to CLP 270.35 and Series B to CLP 297.38. Comprehensive income reached ThCh$217,579,243 after negative other comprehensive income mainly from exchange differences and cash flow hedges.

Total assets grew to ThCh$3,420,405,418, with property, plant and equipment of ThCh$1,179,385,259 and goodwill of ThCh$137,128,318. Equity increased to ThCh$1,196,553,848, while total liabilities fell versus 2024 as current liabilities declined. Operating cash flow strengthened to ThCh$461,127,402, funding ThCh$277,822,215 of capital expenditures and dividend payments, and ending cash rose to ThCh$296,539,709.

Insights

Equity research analyst

Audited 2025 results show modest revenue growth but stronger profit and cash generation.

Embotelladora Andina delivered higher 2025 profitability with net sales of ThCh$3,344,835,851 and net income of ThCh$270,477,415, both above 2024. Earnings per share for both Series A and B increased, indicating better per‑share performance.

Operating cash flow improved to ThCh$461,127,402, comfortably covering capital expenditures of ThCh$277,822,215 and dividends, while cash balances increased. The balance sheet shows higher equity of ThCh$1,196,553,848 and reduced current liabilities, suggesting a stronger capital position.

The auditor’s unmodified opinion under IFRS and focused review of impairment on distribution rights and goodwill (ThCh$674,766,128 and ThCh$137,128,318 as of December 31, 2025) support confidence in reported asset values. Future filings may reveal how segment performance across Chile, Brazil, Argentina, and Paraguay contributes to these consolidated trends.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15b-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

December 2025

Date of Report (Date of Earliest Event Reported)

Embotelladora Andina S.A.

(Exact name of registrant as specified in its charter)

Andina Bottling Company, Inc.

(Translation of Registrant´s name into English)

Avda. Miraflores 9153

Renca

Santiago, Chile

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

Indicate by check mark if the Registrant is submitting this Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ¨      No x

Indicate by check mark if the Registrant is submitting this Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ¨      No x

Indicate by check mark whether the registrant by furnishing the information contained in this Form 6-K is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934

Yes ¨      No x

Consolidated Financial Statements

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Santiago, Chile

December 31, 2025 and 2024

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Financial Statements

December 31, 2025 and 2024

INDEPENDENT AUDITOR’S REPORT

(A free translation from the original in Spanish)

Santiago, January 27, 2026

To the Shareholders and Directors

Embotelladora Andina S.A.

Opinion

We have audited the consolidated financial statements of Embotelladora Andina S.A. and subsidiaries (the Company), which comprise the consolidated statement of financial position as at December 31, 2025, and the consolidated statement of income by function, comprehensive income, consolidated statement of changes in equity and consolidated statement of direct cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects the consolidated financial position of the Company as at December 31, 2025, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”).

Basis for opinion

We conducted our audit in accordance with Generally Accepted Auditing Standards in Chile. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report.

We are independent of the Company in accordance with the Code of Ethics of the Chilean Accountants’ Association, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter		Audit response
Impairment assessment of indefinite-lived intangible assets (distribution rights) and goodwill
As of December 31, 2025, the consolidated balances of indefinite-lived intangible assets (distribution rights) and goodwill amounted to ThCh$674,766,128 and ThCh$137,128,318, respectively (see details in Notes 15 and 16). Assets with an indefinite useful life, such as intangible assets related to distribution rights and goodwill, are not subject to amortization. Management performs impairment tests annually, or more frequently if events or changes in circumstances indicate a potential loss. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and its value in use. To assess whether goodwill has suffered an impairment loss, the Company compares its carrying amount with its recoverable amount and recognizes an impairment loss for the excess of the asset’s carrying amount over its recoverable amount. To determine the recoverable amounts of the cash generating units (CGUs), management considers the discounted cash flow method as the most appropriate. We considered this a key audit matter due to the significant judgment exercised by management in estimating the relevant assumptions used in calculating the value in use of the cash-generating units, as well as the significant assumptions related to perpetual growth rates and discount rates. This means that the audit procedures require a high degree of judgment, subjectivity, and effort by the auditor when performing the procedures and evaluating those assumptions.		Our audit procedures included, among other aspects, updating our understanding and evaluating the design and operating effectiveness of the key controls related to the significant judgments made by management. These controls are related to the process used by management to develop the impairment assessment of indefinite-lived intangible assets (distribution rights) and goodwill. Additionally, we performed detailed tests on various elements related to the process used by management to determine the recoverable amounts of the CGUs, including: ·       Evaluation of the discounted cash flow model. ·      Verification of the completeness and accuracy of the underlying data used in the model. ·      Evaluating the reasonableness of the assumptions used by management related to perpetual growth rates and discount rates, and whether these assumptions were consistent with the evidence obtained in other areas of the audit. ·       Involvement of specialist professionals with the skills and expertise in financial variables, such as the discount rates used in the cash flow discounting. The result of the procedures described above has been satisfactory in the context of the planned audit objectives.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company´s financial reporting process.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Generally Accepted Auditing Standards in Chile. will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with Generally Accepted Auditing Standards in Chile, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

· Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

· Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company´s internal control.

· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

· Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company´s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

· Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

· Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We are solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matters

The Chilean Accountants’ Association approved that the Generally Accepted Auditing Standards in Chile fully and unreservedly adopt the International Auditing Standards issued by the International Auditing and Assurance Standards Board for audits of financial statements prepared for the year beginning on or after January 1, 2025.

The audit of the consolidated financial statements of Embotelladora Andina S.A. and subsidiaries as of December 31, 2024 was carried out in accordance with the Generally Accepted Auditing Standards in Chile in force as of that date. We issued an opinion on these consolidated financial statements without modification on January 28, 2025.

Sergio Tubío L.
RUT: 21.175.581-4

 

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Financial Statements

I.	Consolidated Statements of Financial Position	1
II.	Consolidated Statements of Income by Function	2
III.	Consolidated Statements of Comprehensive (Loss) Income	3
IV.	Consolidated Statements of Changes in Equity	4
V.	Consolidated Statements of Direct Cash Flows	5
VI.	Notes to the Consolidated Financial Statements	6

1 – Corporate information	7
2 – Basis of presentation of the consolidated financial statements and application of accounting criteria	8
3 – Financial reporting by segment	29
4 – Cash and cash equivalents	32
5 – Other current and non-current financial assets	32
6 – Other current and non-current non-financial assets	33
7 – Trade accounts and other accounts receivable	34
8 – Inventories	35
9 – Tax assets and liabilities	36
10 – Income tax, deferred taxes, and other taxes	36
11 – Property, plant, and equipment	39
12 – Related parties	42
13 – Current and non-current employee benefits	44
14 – Investments in associates accounted for using the equity method	46
15 – Intangible assets other than goodwill	48
16 – Goodwill	50
17 – Other current and non-current financial liabilities	50
18 – Trade and other accounts payable	62
19 – Other provisions current and non-current	62
20 – Other non-financial liabilities	63
21 – Equity	63
22 – Derivative assets and liabilities	66
23 – Litigation and contingencies	70
24 – Financial risk management	74
25 – Revenue from ordinary activities	78
26 – Expenses by nature	78
27 – Other income	78
28 – Other expenses by function	79
29 – Financial income and expenses	79
30 – Other (losses) gains	80
31 – Exchange differences	80
32 – Local and foreign currency	81
33 – Environment (non-audited)	85
34 – Subsequent events	85
Appendix I	86
Additional Information Required by the Financial Market Commission (CMF) on Suppliers and Other Accounts Payable	86

Consolidated Financial Statements

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

December 31, 2025 and 2024

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Statements of Financial Position

as 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				248,899,004
Other financial assets		5			45,974,709				76,586,583
Other non-financial assets		6			15,985,896				27,260,507
Trade and other accounts receivable		7			339,778,498				332,831,088
Accounts receivable from related entities		12.1			15,299,187				9,901,543
Inventory		8			304,550,609				299,970,909
Current 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				169,420,303
Other non-financial assets		6			82,913,107				79,746,695
Trade and other accounts receivable		7			187,644				335,723
Accounts receivable from related entities		12.1			8,000,924				292,931
Investments accounted for using the equity method		14			87,087,871				85,192,710
Intangible assets other than goodwill		15			719,489,720				693,383,630
Goodwill		16			137,128,318				144,681,420
Property, 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

Notes 1 to 34 form an integral part of these Consolidated Financial Statements.

1

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Statements of Financial Position

as 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				110,330,460
Trade and other accounts payable		18			480,396,027				457,074,643
Accounts payable to related entities		12.2			102,102,553				94,376,420
Other provisions		19			2,433,147				1,522,426
Tax liabilities		9			14,207,862				28,369,276
Current provisions for employee benefits		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				1,066,543,247
Trade and other accounts payable		18			685,605				2,534,836
Accounts payable to related entities		12.2			-				380,465
Other provisions		19			55,378,062				53,723,373
Deferred tax liabilities		10.2			218,673,311				224,967,885
Non-current provisions for employee benefits		13			23,123,294				20,160,468
Other 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				270,737,574
Retained 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

Notes 1 to 34 form an integral part of these Consolidated Financial Statements.

2

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Statements of Income by Function

For the fiscal years ended December 31, 2025 and 2024

				01.01.2025				01.01.2024
		NOTE		12.31.2025				12.31.2024
				ThCh$				ThCh$
Net sales		25			3,344,835,851				3,224,233,005
Cost of sales		8 - 26			(2,037,679,124	)			(1,945,363,408	)
Gross profit					1,307,156,727				1,278,869,597
Other income		27			13,382,457				21,479,861
Distribution expenses		26			(296,664,592	)			(289,987,008	)
Administrative expenses		26			(555,125,622	)			(561,801,213	)
Other expenses, by function		28			(30,114,433	)			(36,650,029	)
Other (losses) gains		30			(1,817,033	)			-
Financial income		29			18,439,612				28,959,918
Financial costs		29			(68,218,413	)			(70,413,883	)
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method		14.3			2,913,896				997,644
Foreign exchange differences		31			(3,424,890	)			(7,406,704	)
Result of indexation units					(5,893,367	)			3,988,588
Net Income before income taxes					380,634,342				368,036,771
Income tax expense		10.1			(110,156,927	)			(133,392,646	)
Net Income					270,477,415				234,644,125
Net income attributable to
Owners of the controller					268,696,936				232,662,884
Non-controlling interests					1,780,479				1,981,241
Net Income					270,477,415				234,644,125
Basic and diluted earnings per share in ongoing operations				CLP				CLP
Earnings per Series A share		21.5			270.35				234.09
Earnings per Series B share		21.5			297.38				257.50

Notes 1 to 34 form an integral part of these Consolidated Financial Statements.

3

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

For the fiscal years ended December 31, 2025 and 2024

		01.01.2025				01.01.2024
		12.31.2025				12.31.2024
		ThCh$				ThCh$
Other comprehensive income:
Net income			270,477,415				234,644,125
Components of other comprehensive income that will not be reclassified to net income for the period, before tax
Actuarial gains (losses) on defined benefit plans			(198,547	)			(2,865,423	)
Components of other comprehensive income to be reclassified to net income for the period, before tax
Gain (losses) from exchange rate translation differences			(70,045,566	)			(71,165,622	)
Gain (loss) on cash flow hedges			(20,463,976	)			19,166,716
Income taxes relating to components of other comprehensive income that will not be reclassified to net income for the period
Income tax related to defined benefit plans			53,608				773,664
Income taxes relating to components of other comprehensive income to be reclassified to net income for the period
Income taxes related to exchange rate translation differences			31,233,446				29,114,514
Income tax related to cash flow hedges			6,522,863				(6,978,956	)
Other comprehensive income, total			(52,898,172	)			(31,955,107	)
Comprehensive income, Total			217,579,243				202,689,018
Comprehensive income attributable to:
Owners of the controller			215,336,570				200,347,191
Non-controlling interests			2,242,673				2,341,827
Comprehensive income, total			217,579,243				202,689,018

Notes 1 to 34 form an integral part of these Consolidated Financial Statements.

4

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Statements of Changes in Equity

For the fiscal years ended December 31, 2025 and 2024

						Other reserves
		Issued Capital				Reserves for exchange differences on translation				Cash flow hedge reserve				Actuarial gains or losses on employee benefits				Other reserves				Total other reserves				Retained Earnings				Equity attributable to owners of the controller				Non- controlling interests				Total Equity
		ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$
Opening Balance Period 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				37,987,828				1,014,397,020
Adjustment application IAS 21*			-				(43,362,869	)			-				-				-				(43,362,869	)			-				(43,362,869	)			(7,532	)			(43,370,401	)
Equity at the beginning of the period			270,737,574				(642,622,128	)			(11,879,833	)			(8,087,069	)			433,151,626				(229,437,404	)			891,746,153				933,046,323				37,980,296				971,026,619
Changes in equity
Comprehensive income
Earnings			-				-				-				-				-				-				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 other changes **			-				-				-				-				-				-				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 for the period ending 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				39,155,051				1,196,553,848
														Other reserves
		Issued Capital				Reserves for exchange differences on translation				Cash flow hedge reserve				Actuarial gains or losses on employee benefits				Other reserves				Total other reserves				Retained Earnings				Equity attributable to owners of the controller				Non- controlling interests				Total Equity
		ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$
Opening Balance Period 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
Earnings			-				-				-				-				-				-				232,662,884				232,662,884				1,981,241				234.644.125
Other 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 for the period ending 12.31.2024			270,737,574				(599,259,259	)			(11,879,833	)			(8,087,069	)			433,151,626				(186,074,535	)			891,746,153				976,409,192				37,987,828				1,014,397,020

* 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).

Notes 1 to 34 form an integral part of these Consolidated Financial Statements.

5

 

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Direct Cash Flow Statements

For the fiscal years ended December 31, 2025 and 2024

				01.01.2025				01.01.2024
Cash flows from (used in) operating activities		NOTE		12.31.2025				12.31.2024
				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
Payments for Operating Activities
Payments to suppliers for goods and services (including taxes)					(3,001,163,980	)			(3,194,881,778	)
Payments to and on behalf of employees					(344,307,581	)			(340,368,155	)
Other payments for operating activities (value-added taxes on purchases, sales and others)					(484,173,175	)			(407,950,607	)
Dividends received					2,694,175				2,752,778
Interest payments					(57,331,558	)			(65,837,409	)
Interest received					6,867,020				10,024,203
Income tax payments					(103,077,570	)			(85,380,681	)
Other cash outflows (tax on bank debits Argentina and others)					(4,021,087	)			(16,576,564	)
Cash flows provided by (used in) Operating Activities					461,127,402				357,241,911
Cash flows provided by (used in) Investing Activities
Proceeds from sale of Property, plant and equipment					171,461				1,222,276
Purchase of Property, plant and equipment					(277,822,215	)			(291,541,611	)
Payment on forward, term option and financial exchange agreements					-				-
Collection on forward, term, option and financial exchange agreements					27,785,812				-
Other (payments) redemptions for (purchases) of financial instruments					1,289,585				466,704
Net cash flows used in investing activities					(248,575,357	)			(289,852,631	)
Cash flows from (used in) financing activities
Proceeds from changes in ownership interests in subsidiaries					-				2,344,883
Proceeds (payments) from short term loans					153,154,775				123,752,721
Loan payments					(84,947,461	)			(62,776,958	)
Lease liability payments					(14,446,410	)			(10,347,356	)
Dividend payments by the reporting entity					(195,890,117	)			(158,408,120	)
Amounts from the issuance of bonds					-				-
Payment of principal installments on bonds					(18,425,349	)			(16,910,371	)
Collections (payments) on derivative instruments related to bonds					(1,857,649	)			2,587,025
Net cash flows (used in) generated by Financing Activities					(162,412,211	)			(119,758,176	)
Net increase in cash and cash equivalents before exchange differences					50,139,834				(52,368,896	)
Effects of exchange differences on cash and cash equivalents					645,741				13,281,140
Effects of inflation in cash and cash equivalents in Argentina					(3,144,870	)			(15,696,923	)
Net increase (decrease) in cash and cash equivalents					47,640,705				(54,784,679	)
Cash and cash equivalents – beginning of period		4			248,899,004				303,683,683
Cash and cash equivalents - end of period		4			296,539,709				248,899,004

Notes 1 to 34 form an integral part of these Consolidated Financial Statements.

6

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 of Renca, 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 and Exchange 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 registered trademarks of The Coca-Cola Company (TCCC), as well as commercialize and distribute some brands of other companies such as Monster, AB InBev, Diageo and Capel, among others. The Company maintains operations and is licensed to produce, commercialize and distribute 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; the province of Cachapoal including the commune of San Vicente de Tagua-Tagua, the VI Region; the II Region of Antofagasta; the III Region of Atacama, the IV Region of Coquimbo XI Region de Aysén del General Carlos Ibáñez del Campo; XII Region of Magallanes and Chilean Antarctic. In Brazil, the aforementioned franchise covers much of the state of Rio de Janeiro, the entire state of Espirito Santo, and part of the states of São Paulo and Minas Gerais. In Argentina it includes the provinces of Córdoba, Mendoza, San Juan, San Luis, 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 bottling agreement for the territories in Argentina expires in September 2027; for the territories in Brazil, it expires in October 2027; for the territories in Chile, it expired in January 2025, and is currently under the process of renewal; and for the territory in Paraguay, it expires on March 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 the date of these consolidated financial statements, regarding Andina’s principal shareholders, the Controlling Group holds 53.58% of the outstanding shares with voting rights, corresponding to the Series A shares. The Controlling Group is composed of the Chadwick Claro, Garcés Silva, Said Handal and 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 January 27, 2026.

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2 – BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS AND APPLICATION OF ACCOUNTING CRITERIA

2.1 Accounting principles and basis of preparation

The Company's Consolidated Financial Statements for December 31, 2025, and 2024 have been prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board (hereinafter “IFRS”) and Interpretations issued by the IFRS 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 cost method, 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 of December 31, 2025 and 2024 and the results of operations for the periods from January 1 to December 31, 2025 and 2024, with the statements of changes in equity and cash flows the periods between January 1 and December 31, 2025 and 2024.

These Consolidated Financial Statements have been prepared based on the accounting records maintained by the Parent Company and by the other entities that are part of the Company and are presented in thousands of Chilean pesos (unless expressly stated) as this is the functional and presentation currency of the Company. Foreign operations are included in accordance with the accounting policies established 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 Company has power over the investee, when it has exposure or is entitled to variable returns from its involvement in the investee and when it has the ability to use its power to influence the amount of investor returns. They include assets and liabilities, results of operations, and cash flows for the periods reported. Income or losses from subsidiaries acquired or sold are included in the consolidated statements of income by 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 the subsidiary is the fair value of assets transferred, equity securities issued, liabilities incurred or assumed on the date that control is obtained. Identifiable assets acquired, and identifiable liabilities and contingencies assumed in a business combination are accounted for initially at their fair values at the acquisition date. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the consideration is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement.

Intercompany transactions, balances and unrealized gains on transactions between Group entities are eliminated. Unrealized losses are also eliminated. When necessary, the accounting policies of the subsidiaries are modified to ensure uniformity with the policies adopted by the Group.

The interest of non-controlling shareholders is presented in the consolidated statement of changes in equity and the consolidated statement of income by function under "Non-Controlling Interest" and “Earnings attributable to non-controlling interests", respectively.

8

The consolidated financial statements include all assets, liabilities, income, expenses, and cash flows of the Company and its subsidiaries after eliminating balances and transaction among the Group’s entities, the subsidiary companies included in the consolidation are the following:

				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				100.0
96.972.760-9		Andina Bottling Investments Dos S.A.			64.42				35.58				100.0				64.42				35.58				100.0
Foreign		Andina Empaques Argentina S.A.			-				99.98				99.98				-				99.98				99.98
96.836.750-1		Andina Inversiones Societarias S.A.			100.0				-				100.0				100.0				-				100.0
76.070.406-7		Embotelladora Andina Chile S.A.			99.99				0.01				100.0				99.99				0.01				100.0
Foreign		Embotelladora del Atlántico S.A.			0.92				99.0				99.99				0.92				99.07				99.99
96.705.990-0		Envases Central S.A.			59.27				-				59.27				59.27				-				59.27
Foreign		Paraguay Refrescos S.A.			0.08				97.75				97.83				0.08				97.75				97.83
76.276.604-3		Red de Transportes Comerciales Ltda. *			99.85				0.15				100.0				99.85				0.15				100.0
77.427.659-9		Re-Ciclar S.A.			60.00				-				60.00				60.00				-				60.00
Foreign		Rio de Janeiro Refrescos Ltda.			-				99.99				99.99				-				99.99				99.99
78.536.950-5		Servicios Multivending Ltda.			99.9				0.10				100.0				99.9				0.10				100.0
78.861.790-9		Transportes Andina Refrescos Ltda.			99.9				0.01				100.0				99.9				0.01				100.0
96.928.520-7		Transportes Polar S.A.			99.9				0.01				100.0				99.9				0.01				100.0
76.389.720-6		Vital Aguas S.A.			66.5				-				66.5				66.5				-				66.5
93.899.000-k		VJ S.A.			15.0				50.0				65.0				15.0				50.00				65.0

* As of December 31, Red de Transportes Comerciales Ltda. is in the process of closing its economic and tax activities. As of May 9, 2025, Embotelladora Andina S.A. absorbed its operations

2. Investments in associates

Ownership interest held by the Group in associates is recorded following the equity method. According to the equity method, the investment in an associate is initially recorded at cost. As of the date of acquisition, the investment in the statement of financial position is recorded 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, which correspond to the Group according to its ownership, are recorded under the item “Participation in profit (loss) of associates accounted for by the equity method.”

Associates are all entities over which the Group exercises significant influence but does not have control. Significant influence is the power to intervene in the financial and operating policy decisions of the associate, without having control or joint control over it. The results 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 their reporting dates are different from those of Embotelladora Andina S.A.

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2.4 Financial information by operating segments

“IFRS 8 Operating Segments” requires that entities disclose information on the results of operating segments. In general, this is information 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
	·	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 primary economic environment in which the entity operates (“functional currency”). The functional currency of each of the Operations is the following:

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 of each 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 of the monetary items designated as part of the hedging of the Group's net investment in a business abroad. These differences are recorded under 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 of the initial transaction. Non-monetary items measured at fair value in a foreign currency are converted using the exchange rate in effect at the date on which fair value is determined. Losses or gains arising from the conversion of non-monetary items measured at fair value are recorded 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).

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Functional currency in hyperinflationary economies

Beginning July 2018, Argentina's economy is considered as hyperinflationary, according to the criteria established in the International Accounting Standard No. 29 “Financial information in hyperinflationary economies” (IAS 29). This determination was carried out based on a series of qualitative and quantitative criteria, including an accumulated inflation rate of more than 100% for three years. In accordance with IAS 29, the financial statements of companies in which Embotelladora Andina S.A. participates in Argentina have been retrospectively restated by applying a general price index to the historical cost, in order to reflect the changes in the purchasing power of the Argentine peso, as of the closing date of these consolidated financial statements.

Non-monetary assets and liabilities were restated since February 2003, the last date an inflation adjustment was applied for accounting purposes in Argentina. In this context, it should be mentioned that the Group made its transition to IFRS on January 1, 2004, applying the attributed 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 of our Argentine subsidiaries were converted to the closing exchange rate (ARS/CLP) at the date of presentation of these financial statements , in accordance with IAS 21 "Effects of foreign currency exchange rate variations", when dealing with a hyperinflationary economy.

The comparative amounts in the consolidated financial statements are those that were presented as current year amounts in the relevant financial statements of the previous year (i.e., not adjusted for subsequent changes in price level or exchange rates). This results in differences between the closing net equity of the previous year and the opening net equity of the current year and, as an accounting policy option, 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 Statistics and Census of the Argentine Republic (INDEC). Inflation for the periods January to December 2025 and 2024 amounted to 38.40% and 118.10%, 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 financial statements 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 and Paraguay)

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 income statement is translated at the average monthly exchange rates, the differences that result are recognized in equity under other comprehensive 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 that investment is reclassified to the income statement.

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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 29 Financial 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 is reclassified to the income statement.

In accordance with IAS 21 "Effects of Changes in Foreign Exchange Rates," we use the closing exchange rate to translate financial information into presentation currency. The official dollar whose value is determined by the Banco de la Nación Argentina (BNA) is used to calculate the exchange rate for the presentation and preparation of the consolidated financial statements.

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 the Consolidated Financial Statements, are as follows:

Date			USD				BRL				(*) ARS				PGY
12.31.2025			907.13				164.86				0.62				0.138
12.31.2024			996.46				160.92				0.97				0.127

Exchange rates regarding the Chilean peso, calculated using average rates, used in the preparation of the Consolidated Financial Statements, are as follows:

Date		USD				BRL				PGY
12.31.2025			950.87				170.32				0.126
12.31.2024			944.20				175.86				0.124

(*) For the translation of Argentine figures, closing rates (not average) are used, as described in Note 2.5.2 b.

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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 expenses accrued 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 a substantial period as one that exceeds twelve months. The interest rate used is that corresponding to specific financing or, if it does not exist, the weighted average financing rate of the Company making the investment; and ii) personnel expenses directly related to the construction in progress.

Construction in progress is transferred to operating assets after the end of the trial period when they are available for use, from which moment depreciation begins.

Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset only when it is probable that future economic benefits associated with the items of Property, plant and equipment will flow to the Company and the cost of the item can be measured 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 to allocate their cost or revalued amounts to their residual values over their estimated useful lives.

The estimated useful lives by asset category are:

Assets		Range in years
Buildings		15-80
Plant and equipment		5-20
Warehouse installations and accessories		10-50
Furniture and supplies		4-5
Motor vehicles		4-10
IT equipment		3-5
Other Property, plant and equipment		3-10
Bottles 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, if appropriate.

The Company assesses on each reporting date if there is evidence that an asset may be impaired. The Group estimates the recoverable amount 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 are charged 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 an asset 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, and equipment primarily comprise land and buildings, production machinery,

13

 

cooling equipment, returnable bottles, vehicles, and other auxiliary 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 of December 31, 2025, and 2024. The assets that may eventually be affected by this situation primarily consist of minor assets, such as cooling 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 our estimates, the carrying amount does not exceed fair value. Given that the assets are in operational use, they have not suffered any significant impairment, and market prices for similar assets remain stable in the industry. Therefore, no appraisal or revaluation process has been carried out in those fiscal years.

2.7 Intangible assets and goodwill

2.7.1 Goodwill

Goodwill represents the excess of the acquisition cost and non-controlling interest over the fair value of the Group's share in the net identifiable assets of the acquired subsidiary at the acquisition date. Since goodwill is an intangible asset with an indefinite useful life, it is tested for impairment annually and measured at its initial value less any accumulated impairment losses.

Gains and losses on the sale of an entity include the carrying amount of goodwill related to that entity.

Goodwill is assigned to each cash generating unit (CGU) or group of cash-generating units, from where it is expected to benefit from the synergies arising from the business combination. Such CGUs or groups of CGUs represent the lowest level in the organization at which goodwill 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 in Argentina, Brazil, Chile and Paraguay. Distribution rights are born from the process of valuation at fair value of the assets and liabilities of companies acquired in business combinations. Distribution rights have an indefinite useful life and are not amortized, (as they are historically 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 in IAS 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, if applicable, they have experienced. The aforementioned software is amortized within four years. Amortization is recorded in the income statement under cost of sales or administrative expenses, depending on the purpose and use of the software, whether in production processes or administrative functions.

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2.8 Impairment of non-financial assets

Assets with indefinite useful lives, such as intangible assets related to distribution rights and goodwill, are not subject to amortization and are tested for impairment annually. These assets are tested more frequently when events or changes in circumstances indicate that impairment may exist.

Assets subject to amortization, as well as land, are tested for impairment whenever there is an event or change in circumstances that indicates that their carrying amount may not be recoverable. An impairment loss is recognized when the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is defined as the higher of fair value less cost of sales and value in use.

To assess impairment losses, assets are grouped at the lowest level for which there are separately identifiable cash flows (Cash Generating Units—CGUs). In the current year, the recoverable amount of the cash generating units has been determined on the basis of their value in use.

Notwithstanding the above, in the case of CGUs to which goodwill or intangible assets with indefinite useful lives have been assigned, their recoverability is analyzed systematically at the end of each fiscal year. Indications of impairment may include, among others, changes in legal provisions, variations in the economic environment that affect the business, operating performance indicators, significant movements by competitors, or the disposal of a significant part of a CGU.

Management reviews business performance on a geographic segment basis. Goodwill is monitored at the operating segment level, which includes the various cash-generating units corresponding to operations in Chile, Brazil, Argentina, and Paraguay.

The impairment of distribution rights is monitored geographically at the CGU or CGU group level. This corresponds to the specific territories for which distribution rights for products owned by The Coca-Cola Company have been acquired, as well as other intangible assets with indefinite useful lives.

Cash-generating units or groups of cash-generating units consist of:

	·	Operation in Chile; North Zone (Antofagasta, Atacama and Coquimbo), Metropolitan Area, Central Zone (San Antonio and Cachapoal 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);
	·	AdeS Argentina;
	·	AdeS Brazil and investment in the associate Leão Alimentos e Bebidas Ltda.;
	·	AdeS Paraguay

To assess whether goodwill has suffered an impairment loss, the Company compares its carrying amount with its recoverable amount and recognizes an impairment loss for the excess of the carrying amount over the recoverable amount. To determine the recoverable amount of CGUs, management considers the discounted cash flow method to be the most appropriate.

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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 2025 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. A nominal discount rate in local currency before tax is used according to the following table:

		2025 Discount rates				2024 Discount 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 prepared based on key historical variables and approved budgets for each CGU.

In this context, conservative growth rates are used, considering the structural differences between categories with a high level of maturity, such as carbonated beverages; categories with medium growth, such as water and juices; and categories with lower relative margins, such as alcoholic beverages.

Additionally, the valuation model incorporates explicit projections for a five-year horizon and, for subsequent periods, uses specific perpetuity growth rates per operation. These rates reflect real growth consistent with long-term population and market growth expectations in each geography.

The variables with the highest level of sensitivity in the projections correspond to:

	·	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 variables used 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 present value.
	·	Perpetuity growth rate: increase or decrease of up to 25 basis points in the rate used to determine the perpetual growth of future cash flows.
	·	EBITDA margin: increase or decrease of up to 150 basis points on the EBITDA margin of operations, applied uniformly to each year of the projected period, corresponding to the years 2026 to 2030.

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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 to the main variables of the model. The projections utilized reflect conservative assumptions and are in line with the historical performance of the markets in which the Company operates.

For the 2024 period, despite the absence evidence of impairment was identified for the CGUs, the annual review of intangible assets with indefinite useful lives identified that for the Guallarauco brand, particularly in the investment in Novaverde, the recoverable amount was CLP 2,921 million below the carrying amount recorded in the financial statements, which was reduced from its carrying amount as of December 2024. On the other hand, for AdeS Chile, an impairment of the investment equivalent to CLP 881 million was recognized as of December 31, 2024.

2.9 Financial instruments

A financial instrument is any contract that gives rise to the recognition of a financial asset in one entity and a financial liability or equity instrument 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 at its 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 obtain contractual 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) fair value 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 of maintaining the financial assets to collect contractual cash flows that meet the SPPI criterion. This category includes the Group’s trade and other accounts receivable.

- Financial assets measured at fair value with changes in other comprehensive income (FVOCI), with gains or losses recognized in P&L at the time of liquidation. Financial assets in this category correspond to the Group's instruments that meet the SPPI criterion 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 in P&L at the time of liquidation. This category only includes equity instruments that the Group intends to keep in the foreseeable future 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 the Group had not irrevocably chosen to classify at FVOCI in the initial recognition or transition. This category also includes debt instruments whose cash flow

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characteristics do not comply with the SPPI criterion or are not kept within a business model whose objective is to recognize contractual cash flows or sale.

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 flows received without delay to a third party under a transfer agreement; and the Group (a) has substantially transferred all risks and benefits of the asset, or (b) has not substantially transferred or retained all risks and benefits of the asset but has transferred control 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 in results, loans and credits, accounts payable or derivatives designated as hedging instruments in an effective coverage. All financial liabilities are initially recognized at fair value and transaction costs directly attributable are netted from loans and credits and accounts payable.

The Group's financial liabilities include trade and other accounts payable, loans and credits, including those discovered in current accounts, 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 liabilities designated in their initial recognition at fair value with changes in results. The losses or gains of liabilities held for trading are recognized 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 the income 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 is replaced by another of the same lender under substantially different conditions, or where the conditions of an existing liability are substantially modified, such exchange or modification is treated as a disposal of the original liability and the recognition of the new obligation. The difference in the values in the respective books is recognized in the statement of income.

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2.9.3 Offsetting financial instruments

Financial assets and financial liabilities are offset with the corresponding net amount presenting the corresponding net amount in the statement 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 and exchange rates associated with raw materials, and loan obligations. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value at each closing date. Derivatives are accounted as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.

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 its risk management objectives and strategy for undertaking various hedging transactions. The group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately 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 the effective portion of cross currency swaps hedging the effects of changes in foreign exchange rates are recognized in the consolidated income statement within "foreign exchange differences.” When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast 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 in the income statement under "Other income and losses". The fair value of these derivatives is recorded under "other current financial assets" 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 and classifies them pursuant to their contractual terms and the business model of the group. At the date of these financial statements, the Company had no embedded derivatives.

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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 market participants on the date of the transaction. Fair value is based on the presumption that the transaction to sell the asset or to transfer the liability 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-current financial assets and Other current and non-current financial liabilities, respectively, and are accounted at fair value within the statement of financial 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 liabilities
Level 2:	Valuation techniques for which the lowest level variable used, which is significant for the calculation, is directly or indirectly observable
Level 3:	Valuation techniques for which the lowest level variable used, which is 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 during the 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 cost of finished goods and work in progress includes raw materials, direct labor, other direct costs and manufacturing overhead (based on operating capacity) to bring the goods to marketable condition, but it excludes interest expense. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Spare parts and production materials are stated at 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 are generated less the provision for expected credit losses, pursuant to the requirements of IFRS 15, since they do not have a significant financial component, less the provision of expected credit losses. The provision for expected credit losses is made applying a value impairment model based on expected credit losses for the following 12 months. The Group applies a simplified focus for trade receivables, thereby impairment is always recorded referring to expected losses during the whole life of the asset. The carrying amount of the asset is reduced by the provision of expected credit losses, and the loss is recognized in administrative expenses in the consolidated income statement by function.

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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 in value investments.

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 costs incurred during the transaction. Then, liabilities are valued by accruing interests in order to equal the current value with the future value of liabilities payable, using the effective interest rate method.

General and specific borrowing costs directly attributable to the acquisition, construction or production of qualified assets, considered as those 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 assets until 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 the Income Tax Law. Subsidiaries in other countries account for income taxes according to the tax regulations of the country in which they operate.

Deferred income taxes are calculated using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements, using the tax rates that have been enacted or substantively enacted on the balance sheet date and are expected to apply when the deferred income tax asset is realized, or the deferred income tax liability is settled.

Deferred income tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized.

The Company does not recognize deferred income taxes for temporary differences from investments in subsidiaries in which the Company can control the timing of the reversal of the temporary differences and it is probable that they will not be reversed in the near future.

The Group offsets deferred tax assets and liabilities if and only if it has legally recognized a right to offset against the tax authority the amounts recognized in those items; and intends to settle the resulting net debts, or to realize the assets and simultaneously settle the debts that 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 an outflow 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 that reflects current market assessments of the time value of money and the risks specific to the obligation.

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2.17 Leases

In accordance with IFRS 16 “Leases” Embotelladora Andina analyzes, at the beginning of the contract, the economic background of the agreement, to determine if the contract is, or contains, a lease, evaluating whether the agreement transfers the right to control the use of an identified asset for a period of time in exchange for a consideration. Control is considered to exist if the client has i) the right to obtain substantially 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 an asset for the right-of-use in the statement of financial position (under Property, plant and equipment) and a lease liability (under Other financial liabilities).

This asset is initially recognized at cost, which includes: i) value of the initial measurement of the lease liability; ii) lease payments made up to the start date less lease incentives received; iii) the initial direct costs incurred; and iv) the estimation of costs for dismantling or restoration. Subsequently, the right-of-use asset is measured at cost, adjusted by any new measurement of the lease liability, less accumulated depreciation and accumulated losses due to impairment of value. The right-of-use asset is depreciated in the same terms as the rest of similar depreciable assets, if there is reasonable certainty that the lessee will acquire ownership of the asset at the end of the lease. 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 loan rate of the Company, if the interest rate implicit in the lease could not be easily determined. Lease payments included in the measurement of 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 carrying amount of the liability is measured again if there is a modification in the terms of the lease (changes in the term, in the amount of payments 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 is distributed among the periods that constitute the lease period, so that a constant interest rate is obtained in each year on the outstanding balance 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 criteria described above, recording the payments associated with the lease as an expense in a linear manner throughout the lease term. The Company does not act as a lessor, nor does it have variable payments as a 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 to them.

This liability pertains to the deposit amount that will be reimbursed when the customer or distributor returns the bottles and containers in good 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 a period in excess of one year. However, the Company does not anticipate any material cash settlements for such amounts during the upcoming year.

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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 client to direct the use and obtain substantially all the benefits of the goods and services exchanged. Revenue is measured based on the consideration 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 “Revenue from 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 that transfers the product to be received to the customer.

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 of advertising and promotional programs for its products in the territories where the Company has distribution licenses. The contribution received from TCCC is recognized in net income after the conditions agreed with TCCC in order to become a creditor to such incentive have been fulfilled, they are recorded as a reduction in the marketing expenses included in the Administration Expenses account. Given its discretionary 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 fiscal year, which must be ratified unanimously by the General Shareholders' Meeting. Net income is determined as of December 31 of each year, at which time the liability is 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 Board of 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 the assets, liabilities, income, expenses and commitments. Following is an explanation of the estimates and judgments that might have a material 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 suffered any impairment. The recoverable amounts of cash generating units are determined based on value in use calculations. The significant judgments and assumptions used in the calculations include sales volumes and prices, discount rates, marketing expenses and other economic factors.

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The estimation of these variables requires a use of estimates and judgments as they are subject to inherent uncertainties; however, the assumptions are consistent with the Company’s internal planning and past results. Therefore, management evaluates, and updates estimates according to the conditions affecting the variables. If these assets are considered to have been impaired, they will be written off at their estimated fair value or future recovery value according to the lowest discounted cash flows analysis. On an annual basis and close to each fiscal year end discounted cash flows in the Company's cash generating units in Chile, Brazil, Argentina and Paraguay generated a higher value than the carrying values of the respective net assets, including goodwill of the Brazilian, Argentinian and Paraguayan subsidiaries.

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 for selling 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 an active 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 the fair value based on the "multi-period excess earning method", which involves the estimation of future cash flows generated by the intangible assets, adjusted by cash flows that do not come from these, but from other assets. The Company also applies estimations over the period during which the intangible assets will generate cash flows, cash flows from other assets, and a discount rate.

Other assets acquired, and liabilities assumed in a business combination are carried at fair value using valuation methods that are considered appropriate under the circumstances. Assumptions include the depreciated cost of recovery and recent transaction values for comparable assets, among others. These valuation techniques require certain inputs to be estimated, including the estimation of future cash 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 various groups of customer segments that have similar loss patterns (i.e., by geography region, product type, customer type and rating, and credit letter 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 the matrix 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 prospective estimates are analyzed. The assessment of the correlation between observed historical default rates, expected economic conditions and expected credit losses are significant estimates.

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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 those assets. Changes in circumstances, such as technological advances, changes to the Company’s business model, or changes in its capital strategy might modify the effective useful lives as compared to our estimates. Whenever the Company determined that the useful life of Property, plant and equipment might be shortened, it depreciates the excess between the net book value and the estimated recoverable amount 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 not be recovered. The estimate of future cash flows is based, among other factors, on certain assumptions about the expected operating profits in 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 projected discounted cash flows (excluding interest) is less than the carrying amount of the asset, the asset shall be written off to its estimated recoverable 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 a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can 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 of issuance of the financial statements, considering the risks and uncertainties surrounding the obligation. When a provision is measured using estimated cash flows to settle the current obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). The accrual of the discount is recognized as a finance cost. Incremental legal costs expected to be incurred 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 probable that 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 are recognized in profit or loss when incurred.

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 individual and collective agreements subscribed with employees, which is recorded at actuarial value in accordance with IAS 19 “Employee Benefits”. At the end of the period there were no modifications to the agreements. Results from updated actuarial variables are recorded within other comprehensive income in accordance with IAS 19. Additionally, the Company has retention plans for some officers, which have a provision pursuant to the guidelines of each plan. These plans grant the right to certain officers to receive a cash payment on a certain date once 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 an accrual basis. These liabilities are recorded under current non-financial liabilities.

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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 or operation in a foreign currency that is not exchangeable into another currency for a specific purpose at the measurement date. A currency is exchangeable into another currency when it is possible to obtain the other currency (with a normal administrative delay), and the transaction is carried out through a market or exchangeable mechanism that creates enforceable rights and obligations. This amendment establishes the guidelines to be followed to determine the exchange rate to be used in situations of absence of exchange y as mentioned above.

The consolidated interim financial statements of Embotelladora Andina S.A. as of December 31, 2025, incorporate changes resulting from the initial 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 of exchange controls.

The elimination of these restrictions on the acquisition of foreign currency allowed for greater transparency in the determination of exchange rates and facilitated convergence toward a unified dollar. This led to a devaluation of the official dollar and a reduction in the exchange 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, the results and financial statements of subsidiaries in Argentina, whose functional currency is the Argentine peso, have been translated into the 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) dollar exchange rate of $1,455.0 published on December 31, 2025, on the website of Banco de la Nación Argentina (BNA). For more information 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 is exclusively on the Company's equity, a parity of $0.84 was used, obtained by dividing the value of the dollar observed in Chile of $996.46 as of December 31, 2024, by the CCL exchange rate of $1,186.93.

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:

Equity conversion as of January 1, 2025		USD/CLP				USD/ARS				Exchange rate				Equity ARS as of December 31, 2024				Equity conversion 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

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2.23.2 Standards, interpretations and amendments issued, the application of which is not yet mandatory, for which early adoption has not been made.

Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments. Published in May 2024, this amendment intends to:

	·	Clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception 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 with features 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 in paragraphs 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 where there is continuous involvement, a reference to IFRS 13 is incorporated in order to disclose whether there are significant unobservable 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 the concept of transaction price.
	(4)	IFRS 10 Consolidated Financial Statements. Some improvements are incorporated in the description of the control assessment when 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 by eliminating the reference to the “cost method”.

Amendment to IFRS 9 and IFRS 7: Contracts Referencing Electricity That Depends on Nature (Published in December 2024). This amendment 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 and cash flows.

IFRS 18 Presentation and disclosure in financial statements. Issued in April of 2024. This is the new standard on presentation and disclosure 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 an entity's financial statements (i.e., performance measures defined by management); and
	·	Enhanced principles on aggregation and disaggregation that apply to the principal financial statements and notes overall.

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IFRS 19 Non-Public Interest Subsidiaries: Disclosures. Issued in April 2024. This new standard establishes that an eligible subsidiary applies the requirements of other IFRS Accounting Standards, except for the disclosure requirements, and instead may apply the reduced disclosure requirements of IFRS 19. The reduced disclosure requirements of IFRS 19 balance the information needs of users of the financial 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 with IFRS.

The amendments to IFRS 19 assist eligible subsidiaries by reducing disclosure requirements in respect of Standards and amendments issued 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-scope amendments specify the conversion procedures applicable to entities whose reporting currency is the currency of a hyperinflationary economy. 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 into the 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 amendments were developed in response to stakeholder feedback and are expected to reduce diversity in practice and provide a clearer basis for reporting 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 in Financial Statements. Published in November 2025.

These amendments introduce illustrative examples demonstrating how entities apply the requirements of IFRS Accounting Standards to disclose 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 transition requirements. The examples will accompany the respective Standards to which they relate.

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Company management estimates that the adoption of the standards, interpretations and amendments described above will not have a material 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 thorough analysis of the potential impact on the company's consolidated financial statements.

3 – FINANCIAL REPORTING BY SEGMENT

The Company provides financial information by segments according to IFRS 8 “Operating Segments,” which establishes standards for reporting 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 operating income 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. The chief 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 as packaging materials.

Expenses and revenue associated with the Corporate Officer were assigned to the operation in Chile in the soft drinks segment because Chile is the country that manages and pays the corporate expenses, which would also be substantially incurred, regardless of the existence of subsidiaries abroad.

Total revenues by segment include sales to unrelated customers and inter-segments, as indicated in the consolidated statement of income of the Company.

29

A summary of the Company's operations by segment in accordance with IFRS is as follows:

For the period ended December 31, 2025		Operation in Chile				Operation in Argentina				Operation in Brazil				Operation in Paraguay				Inter-segment eliminations				Consolidated total
			ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$
Net sales			1,319,136,024				743,463,364				976,907,746				314,659,686				(9,330,969	)			3,344,835,851
Cost of sales			(871,161,843	)			(402,209,929	)			(591,130,936	)			(182,782,385	)			9,605,969				(2,037,679,124	)
Distribution costs			(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								18,439,612
Financial costs			(36,486,570	)			(4,230,018	)			(27,501,825	)			-								(68,218,413	)
Share of entity in income of associates accounted for using the equity method, total			(881,145	)			-				3,795,041				-				-				2,913,896
Income 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 reported by segment			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				144,285,504				244,460,128				83,945,032				-				1,033,052,781
Non-current assets			899,299,770				322,176,655				820,894,414				344,981,798				-				2,387,352,637
Total assets by segment			1,459,661,887				466,462,159				1,065,354,542				428,926,830				-				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 equipment			82,414,851				35,767,333				122,175,235				37,464,796				-				277,822,215
Current liabilities			238,966,685				129,772,961				301,583,342				60,089,529				-				730,412,517
Non-current liabilities			916,231,359				39,559,512				516,413,218				21,234,964				-				1,493,439,053
Total liabilities by segment			1,155,198,044				169,332,473				817,996,560				81,324,493				-				2,223,851,570
Cash flows from (used in) operating activities			268,604,567				68,620,260				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	)

30

For the period ended December 31, 2024		Operation in Chile				Operation in Argentina				Operation in Brazil				Operation in Paraguay				Inter-segment eliminations				Consolidated total
			ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$
Net sales			1,245,017,869				798,447,268				909,678,045				282,065,004				(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 costs			(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				-				28,959,918
Financial costs			(32,598,203	)			(11,204,328	)			(26,611,352	)			-				-				(70,413,883	)
Share of entity in income of associates accounted 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 reported by segment			26,001,280				39,620,341				109,099,884				59,592,620				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			528,419,153				174,373,750				224,628,287				85,774,550				-				1,013,195,740
Non-current assets			867,381,313				387,082,375				728,698,570				294,746,275				-				2,277,908,533
Total assets by segment			1,395,800,466				561,456,125				953,326,857				380,520,825				-				3,291,104,273
Carrying amount in associates accounted for using the equity method, total			46,683,997				-				38,508,713				-				-				85,192,710
Disbursements on segment non-cash assets			105,146,894				76,780,061				93,640,763				15,973,893				-				291,541,611
Current liabilities			426,497,211				186,311,088				240,103,614				53,232,081				-				906,143,994
Non-current liabilities			923,267,523				49,094,282				378,537,102				19,664,352				-				1,370,563,259
Total liabilities by segment			1,349,764,734				235,405,370				618,640,716				72,896,433				-				2,276,707,253
Cash flows from (used in) operating activities			237,563,057				33,918,565				70,270,360				15,489,929				-				357,241,911
Cash 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	)

31

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 on hand			287,408				360,472
Bank balances			156,192,975				139,876,935
Other fixed income instruments			140,059,326				108,661,597
Cash and cash equivalents			296,539,709				248,899,004

Other fixed income instruments correspond primarily to investments in short-term instruments with good credit ratings, such as Time Deposits and Mutual Funds, which are highly liquid, with insignificant risk of change in value and easily converted into known amounts of cash. At December 31, 2024, an amount of CLP 6,878,230 is subject to restrictions on the use of cash and cash equivalents as it is committed to the purchase of real estate assets.

By currency		12.31.2025				12.31.2024
			ThCh$				ThCh$
USD			21,353,466				14,817,741
EUR			352,273				234,718
ARS			11,629,118				12,461,057
CLP			191,155,122				140,155,381
PYG			24,604,036				32,690,023
BRL			47,445,694				48,540,084
Cash and cash equivalents			296,539,709				248,899,004

5 – OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS

Other financial assets are made up of the following:

		Current								Non-current
Other financial assets		12.31.2025				12.31.2024				12.31.2025				12.31.2024
		ThCh$				ThCh$				ThCh$				ThCh$
Financial assets (1)			45,317,232				72,481,578				2,903,350				2,933,957
Financial assets at fair value (2)			657,477				4,105,005				142,975,857				144,550,766
Other 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 does 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, which are framed in the purchase of the "AdeS" brand managed by The Coca-Cola Company at the end of 2016.

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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				49,541,827
Judicial deposits			-				-				15,149,522				14,477,664
Other (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 recognition of 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 of amounts unduly collected since November 14, 2001, duly restated using the Selic interest rate. On May 20, 2019, the ruling favoring RJR became final, which allowed the recovery of amounts overpaid from November 14, 2001 to August 2017. It is worth noting that in September 2017, RJR had already obtained a Security Mandate, which granted it the right to exclude, from that date, the ICMS from the PIS and COFINS calculation base.

The company took steps to assess the total amount of the credit at issue for the period of unduly collection of taxes from November 2001 to August 2017, totaling approximately CLP 100,550 million (CLP 92,783 million at December 2021) (BRL 613 million, of which BRL 370 million corresponds to capital and BRL 243 million to interest and monetary restatement. These amounts were recorded 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 the same issue as the one previously descibed for RJR. On September 12, 2019, the ruling favoring Ipiranga became final, allowing the recovery 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 for Shares and Exhibits"), which requireds RJR to transfer any gain resulting from this action to the former shareholders of Ipiranga. The Company 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 were recorded in the year ended December 31, 2020. The payment of income tax is made at the time of liquidation of the credit, with which the respective deferred tax liability of BRL 55,280 was recorded. The value of PIS and Cofins recorded was BRL 7,623 thousand.

As of the date of these financial statements, the amount to be transferred to the former shareholders of Ipiranga is CLP 23,882,114 or BRL 144,863 thousand (CLP 21,693,201 or BRL 134,808 thousand at December 31, 2024). The liability is included in trade accounts and other accounts payables (Note 18).

(2) The Company obtained a favorable final judgment in the Federal Proceeding No. 5089101-22.2022.4.02.5101, pending before the 30th Federal Court of Rio de Janeiro, recognizing its right to recover the PIS and COFINS credits for payment of an amount higher than the amount owed due to an increase in the basis of calculation (including the amount of a state tax - ICMS-ST). The lawsuit was filed 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 rate until 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. The Company will initiate procedures before the Receita Federal of Brazil to validate this credit and begin offsetting the federal tax liability.

(3) Other non-financial assets consist mainly of advances to suppliers.

33

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 receivable			287,812,236				282,453,556				132,362				113,966
Other debtors			45,776,284				44,195,220				39,557				212,749
Other 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				113,966
Other 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

The stratification 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				276,941,661
Between one and three months old			300,575				2,533,836
Between three and six months old			724,075				1,216,352
With seniority between six and eight months			5,669,012				5,920,865
With 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 number of 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 portfolio is as follows:

			12.31.2025
			Credit amount				Impairment loss 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	)

34

			12.31.2024
			Credit amount			Impairment loss 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
			ThCh$				ThCh$
Opening balance			4,412,999				4,447,197
Increase (decrease)			1,135,744				1,426,301
Reversal of provision			(569,535	)			(1,417,795	)
Increase (decrease) due to foreign currency changes			(50,923	)			(42,704	)
Subtotal movements			515,286				(34,198	)
Final balance			4,928,285				4,412,999

The provision for expected credit losses is recorded under administrative expenses in the income statement by function.

8 – INVENTORIES

The composition of inventory balances is as follows:

Description		12.31.2025				12.31.2024
			ThCh$				ThCh$
Raw materials (1)			127,485,242				132,404,864
Finished products			128,636,733				121,326,380
Spare parts and other production supplies			39,602,883				39,296,081
Work in progress			266,951				378,573
Other inventories			13,085,031				10,742,769
Provision 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 supplies used 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 the last four years prior to the technical analysis to adjust the provision. In the case of raw materials and finished products, the obsolescence provision is determined according to their expiration date.

35

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$
Provisional monthly payments			1,569,017				2,113,749
Tax credits			11,402,508				12,435,193
Taxes recoverable from previous years			18,068				547,475
Tax credit surplus			1,934,580				2,151,773
Other taxes recoverable			-				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			14.207.862				28.224.678
Other			-				144.598
Total			14.207.862				28.369.276

10 – INCOME TAX, DEFERRED TAXES, AND OTHER TAXES

10.1            Income tax expense

The breakdown of income tax expense and deferred taxes is as follows:

Detail		12.31.2025				12.31.2024
			ThCh$				ThCh$
Current tax expense			(105,206,863	)			(116,949,330	)
Adjustment to current tax for the previous period			(154,862	)			(649,888	)
Expense for taxes withheld from foreign subsidiaries			(3,334,078	)			(3,997,308	)
Other current tax expenses (income)			(3,425	)			(46,712	)
Current tax expense			(108,699,228	)			(121,643,238	)
Expenses (income) from the creation and reversal of temporary differences for deferred taxes and other items			(1,457,699	)			(11,749,408	)
Expenses (income) for deferred taxes			(1,457,699	)			(11,749,408	)
Income tax expense			(110,156,927	)			(133,392,646	)

36

The distribution of national and foreign tax expense is as follows:

Income taxes		31.12.2025				31.12.2024
			THCH$				THCH$
Current taxes
Foreign			(74,251,356	)			(83,091,643	)
National			(34,447,872	)			(38,551,595	)
Current tax expense			(108,699,228	)			(121,643,238	)
Deferred taxes
Foreign			(558,594	)			(7,766,337	)
National			(899,105	)			(3,983,071	)
Deferred tax expense			(1,457,699	)			(11,749,408	)
Income tax expense			(110,156,927	)			(133,392,646	)

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
			ThCh$				ThCh$
Results before taxes			380,634,342				368,036,771
Tax expense using the statutory rate (27.0%)			(102,771,272	)			(99,369,928	)
Effect of tax rate in other jurisdictions			(4,280,535	)			(6,667,967	)
Permanent differences:
Expense for withholding taxes on foreign dividends and other non-taxable income			(10,051,619	)			(16,136,709	)
Non-tax deductible expenses			(3,208,984	)			(2,729,645	)
Tax effect of excess tax provided in prior periods			3,525,571				(227,730	)
Tax adjustment effect on Chilean companies			(3,443,934	)			(4,711,530	)
Other charges and credits for withholding taxes in foreign subsidiaries			10,073,846				(3,549,137	)
Adjustments to tax expense			(3,105,120	)			(27,354,751	)
Tax expense using the effective tax rate			(110,156,927	)			(133,392,646	)
Effective tax rate			28.9	%			36.2	%

The income tax rates applicable in each of the jurisdictions where the Company operates are as follows:

		Rates
Country		2025				2024
Chile			27.00	%			27.00	%
Brazil			34.00	%			34.00	%
Argentina			35.00	%			35.00	%
Paraguay			10.00	%			10.00	%

37

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	)
Provision for obsolescence			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 pay			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	)
Provision for contingencies			27,609,103				-				27,369,217				-
Foreign Exchange difference (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 arising from the issuance 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	)
Intangible			89,070				(8,311,742	)			85,915				(10,448,709	)
Other			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 the mainly in the subsidiary Embotelladora del Atlántico S.A.

(4) Distribution rights arising from business combinations. See Note 15.

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) due to deferred taxes			(9,212,483	)			(50,692,808	)
Increase (decrease) due to changes in foreign currency (*)			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 granted differentiated tax treatment for sales tax for its industrial facility in the city of Duque de Caxias. This tax incentive will result in higher operating margins for the Company for the period 2024 to 2032, provided that certain revenue levels are met. As a result, for the 2024 fiscal year, the Company has accrued additional benefits amounting to approximately ThCh$ 3,740,000.

38

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				128,215,798
Land			169,299,053				123,895,947
Buildings			462,387,416				436,959,682
Plant and equipment			979,677,819				883,485,697
Information technology equipment			42,776,522				38,690,860
Fixed installations and accessories			61,907,492				79,376,966
Vehicles			100,693,925				93,948,092
Leasehold improvements			456,829				417,335
Right of use			110,230,009				101,789,265
Other 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

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				52,405,316
Promotional 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

39

11.1            Movements

The details of the movements in Property, plant, and equipment are as follows:

		Construction in progress				Land				Buildings, net				Plant and equipment, net				IT equipment, net				Fixed installations and fixtures, net				Vehicles, net				Leasehold improvements, net				Other				Right-of-use assets, net (1)				Property, plant and equipment, net
			ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$
Opening balance as of January 1, 2025			128,215,798				123,895,947				282,725,078				278,535,376				10,659,603				27,740,533				35,229,063				84,036				175,569,044				35,119,094				1,097,773,572
Additions			153,726,539				6,833,918				1,937,584				34,166,824				1,821,997				228,399				5,346,923				3,979				57,682,883				112,162				261,861,208
Additions to rights of use			-				-				-				-				-				-				-				-				-				14,866,967				14,866,967
Expropriations			-				(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 and equipment items			(212,563,731	)			42,192,551				39,191,443				106,172,216				3,249,288				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 currency exchange			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	)			45,403,106				20,717,951				87,902,562				749,107				(3,878,490	)			4,346,500				(48,431	)			(12,680,939	)			(3,729,929	)			81,611,687
Balance at 12.31.2025			71,046,048				169,299,053				303,443,029				366,437,938				11,408,710				23,862,043				39,575,563				35,605				162,888,105				31,389,165				1,179,385,259

(1) Assets for rights of use are composed as follows:

Right-of-use		Gross asset				Accumulated depreciation				Net asset
			ThCh$				ThCh$				ThCh$
Construction and buildings			26,649,116				(15,136,605	)			11,512,511
Plant and equipment			57,140,853				(43,275,289	)			13,865,564
Information Technology Equipment			1,276,895				(688,920	)			587,975
Motor 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.

40

		Construction in progress				Land				Buildings, net				Plant and equipment, net				IT equipment, net				Fixed installations and fixtures, net				Vehicles, net				Leasehold improvements, net				Other				Right-of-use assets, net (1)				Property, plant and equipment, net
			ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$
Opening balance as of January 1, 2024			96,126,388				115,737,432				225,632,198				214,975,672				9,422,508				15,531,067				33,251,614				69,034				128,351,543				33,291,355				872,388,811
Additions			176,217,015				-				4,864,795				22,486,660				2,277,835				304,637				8,265,490				9,867				75,744,148				-				290,170,447
Additions Rights of use			-				-				-				-				-				-				-				-				-				12,348,946				12,348,946
Expropriations			-				(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				43,572,212				62,388,806				2,145,890				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 foreign currency exchange			13,620,466				4,572,618				20,338,726				13,733,575				1,036,332				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				57,092,880				63,559,704				1,237,095				12,209,466				1,977,449				15,002				47,217,501				1,827,739				225,384,761
Balance at December 31, 2024			128,215,798				123,895,947				282,725,078				278,535,376				10,659,603				27,740,533				35,229,063				84,036				175,569,044				35,119,094				1,097,773,572

(1) Assets for rights of use are composed as follows:

Right-of-use		Gross asset				Accumulated depreciation				Net asset
			ThCh$				ThCh$				ThCh$
Construction and buildings			24,518,751				(10,751,991	)			13,766,760
Plant and equipment			55,846,552				(38,939,105	)			16,907,447
Information Technology Equipment			999,207				(631,045	)			368,162
Motor vehicles			14,696,107				(10,646,117	)			4,049,990
Other			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.

41

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.			Related to shareholders			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			Related to shareholders			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.			Related to shareholders			Chile			CLP			234,850			-			228,333			-
96.714.870			Coca-Cola de Chile S.A.			Shareholder			Chile			CLP			-			113,897			-			292,931
76.572.588			Coca-Cola del Valle New Ventures S.A.			Associate			Chile			CLP			28,099			-			38,423			-
Foreign			The Coca-Cola Export Corporation			Related to shareholders			Panama			USD			227,249			-			257,205			-
Foreign			Recofarma do Industrias Amazonas Ltda.			Related to shareholders			Brazil			BRL			-			7,887,027			-			-
Total															15,299,187			8,000,924			9,901,543			292,931

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.			Related to shareholders			Brazil			BRL			42,154,575			-			32,292,993			380,465
96.714.870-9			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			-
Foreign			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.			Related to shareholders			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.			Related to shareholders			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			Related to shareholders			Panama			USD			24,836			-			1,970,735			-
Foreign			Monster Energy Company – USA			Related to shareholders			USA			USD			117,130			-			42,763			-
Foreign			Alimentos de Soja S.A.U.			Related to shareholders			Argentina			ARS			4,383			-			75,296			-
89.996.200-1			Envases del Pacifico S.A.			Related to shareholders			Chile			CLP			-			-			274,535			-
Foreign			Circular PET			Related to shareholders			Argentina			ARS			1,085,871			-
Total															102,102,553			-			94,376,420			380,465

42

 

12.3            Transactions:

Tax ID

Company

Relationship

Country

Transaction Description

Currency

Period ending 12.31.2025

Period ending 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

11,428,852

96.714.870-9

Coca-Cola de Chile S.A.

Shareholders

Chile

Water source lease

CLP

7,679,375

6,579,358

96.714.870-9

Coca-Cola de Chile S.A.

Shareholders

Chile

Sale of raw materials and other

CLP

4,278,747

2,814,472

96.714.870-9

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

23,106,391

86.881.400-4

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

2,094,416

86.881.400-4

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

12,614,819

93.281.000-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 other

CLP

238,660

2,417,367

93.281.000-K

Coca-Cola Embonor S.A.

Common shareholder

Chile

Sale of raw materials

CLP

1,908

38,697

96.891.720-K

Embonor S.A.

Related to shareholders

Chile

Minimum dividend

CLP

400,514

211,014

96.517.310-2

Embotelladora Iquique S.A.

Related to shareholders

Chile

Sale of finished products

CLP

5,988,320

6,055,551

89.996.200-1

Envases del Pacífico S.A.

Related to director

Chile

Purchases raw materials and supplies

CLP

-

138,792

94.627.000

Parque Arauco S.A

Related to director

Chile

Lease of space

CLP

156,419

152,248

Foreign

Recofarma do Industrias Amazonas Ltda.

Related to shareholders

Brazil

Purchase of concentrate

BRL

180,971,905

168,538,618

Foreign

Recofarma do Industrias Amazonas Ltda.

Related to shareholders

Brazil

Water source lease

BRL

2,203,663

6,419,348

Foreign

Serv. y Prod. para Bebidas Refrescantes S.R.L.

Related to shareholders

Argentina

Purchase of concentrate

ARS

96,292,733

126,331,582

Foreign

KAIK Participações

Associate

Brazil

Reimbursement and other purchases

BRL

18,332

15,387

Foreign

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 other

CLP

68,300

1,396,272

76.572.588-7

Coca-Cola Del Valle New Ventures SA

Associate

Chile

Purchase of services and other

CLP

6,628,720

4,682,682

Foreign

Alimentos de Soja S.A.U.

Related to shareholders

Argentina

Payment of commissions and services

ARS

-

14,838

Foreign

Alimentos de Soja S.A.U.

Related to shareholders

Argentina

Purchase of products

ARS

85,519

364,747

Foreign

Alimentos de Soja S.A.U.

Related to shareholders

Argentina

Marketing services

ARS

-

242

Foreign

Trop Frutas do Brasil Ltda.

Associate

Brazil

Purchase of products

BRL

-

69,330

77526480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Sale of raw materials

CLP

49,285

10,796

77526480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Sale of finished products

CLP

15,722,283

13,838,963

77526480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Sales, Services, and Other

CLP

1,756,230

481,768

77526480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Purchase of finished products

CLP

290,717

24,649,488

77526480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Advertising and other services

CLP

4,669,640

3,680,425

77526480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Maintenance of cold equipment

CLP

297,694

521,943

77526480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Purchase of raw materials

CLP

319,620

1,127,367

97,036,000-K

Banco Santander Chile.

Director/Manager/Executive

Chile

Purchase of services

CLP

-

2,415

Foreign

Monster Energy Brasil Comercio de Bebidas Ltda

Associate

Brazil

Purchase of Products

BRL

3,661,249

2,608,964

33-0520613

Monster Energy Company - USA

Associate

United States

Purchase of advertising materials

CLP

266,407

231,135

76140057-6

Monster Energy Company - CHILE

Associate

Chile

Sale of advertising and other services

CLP

41,157,60

4,125,235

76140057-6

Monster Energy Company - CHILE

Associate

Chile

Purchase of advertising and other services

CLP

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

10,127,338

Foreign

The Coca-Cola Export Corporation Panama

Related to shareholders

Chile

Purchase of products and other items

CLP

6,294,079

2,469,565

Foreign

The Coca-Cola Export Corporation Panama

Related to shareholders

Chile

Sale of finished products

CLP

2,699,495

1,837,332

Foreign

Circular PET S.A

Related to shareholders

Paraguay

Purchase of raw materials and others

PYG

5,060,587

-

Foreign

Circular PET S.A

Related to shareholders

Paraguay

Sale of finished products

PYG

152,673

-

97018000-1

Scotiabank Chile

Related to Director

Chile

Purchase of services - Bank charges

CLP

36,802

-

43

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 salaries, wages, and benefits			14,423,587				12,294,012
Directors’ allowance			1,966,080				1,838,400
Benefits accrued and payments during the fiscal year			284,165				397,122
Total			16,673,832				14,529,534

13 – CURRENT AND NON-CURRENT EMPLOYEE BENEFITS

The composition of employee benefits is as follows:

Description		12.31.2025				12.31.2024
		ThCh$				ThCh$
Accrued vacation			30,398,649				30,444,390
Participation 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				72,367,187
Non-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				16,289,643
Service costs			1,022,593				1,191,938
Interest costs			824,574				895,043
Actuarial variations			2,181,453				1,445,044
Benefits paid			(1,065,795	)			(1,845,504	)
Total			20,938,989				17,976,164

44

13.1.1 Assumptions

The actuarial assumptions used are as follows:

Assumptions		12.31.2025				12.31.2024
Discount rate			2.30	%			2.15	%
Expected wage increase rate			2.0	%			2.0	%
Turnover rate			5.23	%			7.53	%
Mortality rate			RV-2020				RV-2020
Retirement age for women			60 years				60 years
Retirement age for men			65 years				65 years

The following table shows the result of changes in severance payments for years of service, resulting from the sensitivity of actuarial assumptions on the valuation date:

Sensitivity to discount rate		ThCh$
Change in provision due to an increase of up to 100 basis points			(1,003,932	)
Change in provision due to a decrease of up to 100 basis points			1,136,893

Sensitivity to salary increase		ThCh$
Change in provision due to an increase of up to 100 basis points			1,219,322
Change in provision due to a decrease of up to 100 basis points			(1,088,738	)

13.2 Employee expenses

Employee expenses included in the consolidated income statement are as follows:

Description		12.31.2025				12.31.2024
		ThCh$				ThCh$
Wages and salaries			352,419,150				357,921,430
Employee benefits			101,100,686				96,408,881
Severance benefits			7,755,088				7,338,126
Other personnel expenses			30,244,241				27,988,279
Total			491,519,165				489,656,716

45

14 – INVESTMENTS IN ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD

14.1 Description

Investments in other entities are accounted for using the equity method. Description of investments in other entities are 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 significant influence, 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 it has the right to appoint directors.

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 the business 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, in addition 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 in general. The business relationship is to produce waters and juices for Coca-Cola bottlers in Chile.

46

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				91,799,267
Dividends declared			(2,494,325	)			(2,363,400	)
Share in operating income			3,558,989				4,549,733
Impairment 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 Refrescos S.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. in May 2024.

14.3 Reconciliation of share of profit in investments in associates

Description		12.31.2025				12.31.2024
		ThCh$				ThCh$
Equity income from associates			3,558,989				1,628,723
Unrealized earnings from product inventory acquired from associates and not sold at the end of the period, which is presented as a discount in the respective asset account (containers and / or inventory)			(645,093	)			(631,079	)
Balance on income statement			2,913,896				997,644

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 those amounts.

As of December 31, 2025:

		Envases CMF S.A.				Sorocaba Refrescos S.A.				Kaik Participações Ltda.				SRSA Participações Ltda.				Leão Alimentos e Bebidas Ltda.				Coca-Cola del Valle New Ventures, Inc.
		ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$
Short-term assets			72,167,490				50,064,605				-				22,489				96,906,836				17,614,937
Long-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				51,181
Total 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 ordinary activities			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

47

As of December 31, 2024:

		Envases CMF S.A.				Sorocaba Refrescos S.A.				Kaik Participações Ltda.				SRSA Participações Ltda.				Leão Alimentos e Bebidas Ltda.				Coca-Cola del Valle New 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 ordinary activities			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

15 – INTANGIBLE ASSETS OTHER THAN GOODWILL

The breakdown of intangible assets other than goodwill is as follows:

		September 30, 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	)			655,602,101
Software			81,995,907				(43,689,632	)			38,306,275				69,136,434				(37,800,695	)			31,335,739
Water rights			587,432				-				587,432				587,432				-				587,432
Trademarks with indefinite useful life (2)			5,770,128				-				5,770,128				5,632,172				-				5,632,172
Trademarks with a defined useful life (3)			1,297,378				(1,249,433	)			47,945				1,297,378				(1,079,167	)			218,211
Other			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 fair value of the assets and liabilities of the companies acquired in business combinations. Production and distribution contracts are renewable for periods of 5 years with Coca-Cola. The nature of the business and renewals that Coca-Cola has permanently done on these 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 were provisioned 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 BRL 70 million. Each bottler bought 50% of the brand. This transaction is part of the company’s long-term strategy to complement its beer portfolio 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 an indefinite useful life.

(3) Correspond to distribution rights that did not arise from business combinations. These rights are subject to amortization.

48

Distribution rights		12.31.2025				12.31.2024
		ThCh$				ThCh$
Chile (excluding the Metropolitan Region, Rancagua, and San Antonio)			300,305,728				300,305,728
Brazil (Rio de Janeiro, Espirito Santo, Riberão Preto and investments in Sorocaba and Leão Alimentos e Bebidas Ltda.)			166,509,395				162,528,398
Paraguay			204,305,759				188,443,848
Argentina (North and South)			3,645,246				4,324,127
Total			674,766,128				655,602,101

The movement in intangible asset balances is as follows:

		December 31, 2025
		Distribution				IT				Water				Trademarks Indefinite				Trademarks 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				693,383,630
Additions			-				17,486,264				-				-								3,837				17,490,101
Amortization			-				(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
		Distribution				IT				Water				Trademarks Indefinite				Trademarks 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				695,926,565
Additions			-				12,926,859				-				-				-				-				12,926,859
Amortization			-				(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.

49

16 – GOODWILL

The breakdown of the movement in goodwill is as follows:

Cash-generating unit		01.01.2025				Foreign currency translation differences				12.31.2025
		ThCh$				ThCh$				ThCh$
Chilean operation			8,503,023				-				8,503,023
Brazilian operation			65,691,285				1,584,051				67,275,336
Argentine Operation			62,487,785				(9,810,481	)			52,677,304
Paraguayan operations			7,999,327				673,328				8,672,655
Total			144,681,420				(7,553,102	)			137,128,318

Cash-generating unit		01.01.2024				Foreign currency translation differences				12.31.2024
		ThCh$				ThCh$				ThCh$
Chilean operation			8,503,023				-				8,503,023
Brazilian operation			73,831,515				(8,140,230	)			65,691,285
Argentine operation			32,193,085				30,294,700				62,487,785
Paraguayan operations			7,576,179				423,148				7,999,327
Total			122,103,802				22,577,618				144,681,420

17 – OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES

The breakdown is 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				1,003,864,048
Bottle guaranty deposits			13,546,983				14,136,175				-				-
Derivative contract liabilities (Note 17.3)			3,617,715				361,384				76,644,920				41,788,078
Lease 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⁾Net values of issuance expenses and discounts associated with placement.

50

The fair values of financial assets and liabilities are presented below:

Current		Book value 12.31.2025				Fair value 12.31.2025				Book value 12.31.2024				Fair value 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)			9,625,900				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

Non-current		Book value 12.31.2025				Fair value 12.31.2025				Book value 12.31.2024				Fair value 12.31.2024
		ThCh$				ThCh$				ThCh$				ThCh$
Financial assets at fair value (1)			142,975,857				142,975,857				144,550,766				144,550,766
Non-current accounts receivable (2)			187,644				187,644				335,723				335,723
Accounts receivable related companies (2)			8,000,924				8,000,924				292,932				292,932
Bank liabilities (2)			104,960,991				103,525,192				-				-
Bonds payable (2)			991,600,601				962,462,012				1,003,864,048				930,907,271
Leasing agreements (2)			18,589,311				18,589,311				20,891,121				20,891,121
Non-current accounts payable (2)			685,605				685,605				2,534,836				2,534,836
Derivative contracts liabilities (see Note 22) (1)			76,644,920				76,644,920				41,788,078				41,788,077
Accounts 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 are classified as Level 2 of the fair value measurement hierarchies.

(2) Financial instruments such as: Cash and Cash Equivalents, Trade debtors and Other Accounts Receivable, Accounts Receivable related companies, Bottle Guarantee Deposits Trade Accounts Payable, and Other Accounts Payable related companies present a fair value that approximates their carrying value, considering the nature and term of the obligation. The business model is to maintain the financial instrument in order to collect/pay contractual cash flows, in accordance with the terms of the contract, where cash flows are received/cancelled on specific dates that exclusively constitute payments of principal plus interest on that principal. These instruments are revalued at amortized cost.

51

Reconciliation between the opening and closing balances of liabilities arising from financing activities.

		Reconciliation of financial liabilities 2025
						Changes with effect on cash								Changes other than cash
		Balance as of 01.01.2025				New financing				Financing payment *				Debt adjustment due to UF and/or exchange rate variation (USD/CHF)				Interest accrual				Additions				Reclassification long-term to short-term				Fair value changes				Other variations				Balance as of 12.31.2025
Current bank liabilities			56,401,282				48,354,775				(94,580,375	)			(3,679,729	)			5,324,233				-				-				-				-				11,820,186
Current bank liabilities			-				104,800,000				-				160,991				-				-				-				-				-				104,960,991
Current bonds			29,800,608				-				(49,280,177	)			1,038,273				35,410,394				-				6,839,107				-				-				23,808,205
Non-current bonds			1,003,864,048				-				(4,228,479	)			(1,195,861	)			-				-				(6,839,107	)			-				-				991,600,601
Current lease liabilities			9,631,011				-				(11,783,584	)			(1,989,391	)			1,076,924				9,730,324				2,960,617				-				-				9,625,901
Non-current lease liabilities			20,891,121				-				(2,662,826	)			(551,047	)			-				3,872,680				(2,960,617	)			-				-				18,589,311
Non-current derivative contract liabilities			41,788,078				-				(12,615,337	)			-				-				-				-				47,472,179				-				76,644,920
Total			1,162,376,148				153,154,775				(175,150,778	)			(6,216,764	)			41,811,551				13,603,004				-				47,472,179				-				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	)
Amounts from loans			153,154,775

		Reconciliation of financial liabilities 2024
						Changes with effect on cash								Changes other than cash
		Balance as of 01.01.2024				New financing				Financing payment *				Debt adjustment due to UF and/or exchange rate variation (USD/CHF)				Interest accrual				Additions				Reclassification long-term to short-term				Fair value changes				Other variations				Balance as of 12.31.2024
Current bank liabilities			1,500,909				123,752,721				(75,687,330	)			(6,209,278	)			3,640,569				-				9,403,691				-				-				56,401,282
Current bank liabilities			13,403,691				-				(4,000,000	)			-				-				-				(9,403,691	)			-				-				-
Current bonds			27,479,415				-				(37,061,057	)			2,198,139				37,184,111				-				-				-				-				29,800,608
Non-current bonds			953,660,440				-				(16,910,371	)			67,113,979				-				-				-				-				-				1,003,864,048
Current lease liabilities			9,926,283				-				(7,653,559	)			(623,233	)			-				7,069,867				1,665,140				-				(753,487	)			9,631,011
Non-current lease liabilities			24,811,777				-				(2,693,797	)			(1,936,618	)			-				1,724,952				(1,665,140	)			-				649,947				20,891,121
Non-current derivative contract liabilities			52,449,925				-				(11,865,980	)			-				-				-				-				1,204,133				-				41,788,078
Total			1,083,232,440				123,752,721				(155,872,094	)			60,542,989				40,824,680				8,794,819				-				1,204,133				(103,540	)			1,162,376,148

Cash flow balance December 2024		ThCh$
Interest paid			(65,837,409	)
Loan payments			(62,776,958	)
Lease liability payments			(10,347,356	)
Principal payment			(16,910,371	)
Amounts from loans			123,752,721

*Financing payments include both interest and principal on the debt.

52

17.1 Bank liabilities

17.1.1 Bank liabilities, current

																							Maturity							Total
Debtor							Creditor								Type of		Nominal			Effective			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$
96.705.990-0		Envases Central S.A.		Chile			97.006.000-6		Banco Estado		Chile		CLP		Semiannual		1.28	%		1.28	%		-				-				-				4,051,952
77.427.659-9		Re-Ciclar S.A.		Chile			97.018.000-1		Scotiabank Chile S.A.		Chile		CLP		Semiannual		9.49	%		9.49	%		-				-				-				4,683,861
77.427.659-9		Re-Ciclar S.A.		Chile			97.018.000-1		Scotiabank Chile S.A.		Chile		UF		Semiannual		5.18	%		5.18	%		-				1,501,511				1,501,511				5,180,573
77.427.659-9		Re-Ciclar S.A.		Chile			97.018.000-1		Banco de Chile		Chile		CLP		At maturity		5.23	%		-			-				-				-				5,027,500
77.427.659-9		Re-Ciclar S.A.		Chile			97.018.000-1		Banco Bice		Chile		CLP		At maturity		5.23	%		5.23	%		-				1,001,017				1,001,017				1,003,357
77.427.659-9		Re-Ciclar S.A.		Chile			97.018.000-1		Banco Bice		Chile		CLP		At maturity		5.23	%		5.23	%						5,005,811				5,005,811
77.427.659-9		Re-Ciclar S.A.		Chile			97.018.000-1		Banco Bice		Chile		CLP		At maturity		5.23	%		5.23	%		-				1,501,743				1,501,743				1,526,560
77.427.659-9		Re-Ciclar S.A.		Chile			97.018.000-1		Banco de Chile		Chile		CLP		At maturity		6.54	%		6.54	%		-				340,080				340,080				1,505,250
91.144.000-8		Embotelladora Andina S.A.		Chile			Foreign		Bank of America N.A.		Chile		UF		At maturity		2.84	%		3.14	%		-				1,052,897				1,052,897				-
91.144.000-8		Embotelladora Andina S.A.		Chile			97.023.000-9		Itaú Corpbanca		Chile		UF		At maturity		0.18	%		1.50	%		-				1,379,548				1,379,548				34,877
91.144.000-8		Embotelladora Andina S.A.		Chile			97.023.000-9		Itaú Corpbanca		Chile		USD		At maturity		0.18	%		1.50	%		-				37,579				37,579				1,170,198
Foreign		Embotelladora del Atlántico S.A.		Argentina			Foreign		Banco Galicia S.A.		Argentina		USD		At maturity		15.00	%		16.01	%		-				-				-				160,432
Foreign		Embotelladora del Atlántico S.A.		Argentina			Foreign		Banco Galicia S.A.		Argentina		USD		At maturity		16.00	%		17.2	%		-				-				-				295,706
Foreign		Embotelladora del Atlántico S.A.		Argentina			Foreign		Banco Nación S.A.		Argentina		ARS		At maturity		16.00	%		17.2	%		-				-				-				27,472,719
Foreign		Embotelladora del Atlántico S.A.		Argentina			Foreign		Banco Nación S.A.		Argentina		ARS		At maturity		48.50	%		60.9	%		-				-				-				721
Foreign		Embotelladora del Atlántico S.A.		Argentina			Foreign		Banco Coinag		Argentina		ARS		At maturity		43.00	%		52.06	%		-				-				-				3,387
Foreign		Embotelladora del Atlántico S.A.		Argentina			Foreign		Banco Comafi S.A.		Argentina		ARS		At maturity		46.50	%		57.80	%		-				-				-				3,965,838
Foreign		Embotelladora del Atlántico S.A.		Argentina			Foreign		Banco Macro		Argentina		ARS		At maturity		33.00	%		38.48	%		-				-				-				1,637
Foreign		Andina Empaques Argentina S.A.		Argentina			Foreign		Banco Galicia S.A.		Argentina		USD		At maturity		18.00	%		19.56	%		-				-				-				160,568
Foreign		Andina Empaques Argentina S.A.		Argentina			Foreign		Banco Galicia S.A.		Argentina		ARS		At maturity		48.00	%		60.90	%		-				-				-				156,146
Total																															11,820,186				56,401,282

17.1.2 Bank liabilities, non-current

Maturity

Debtor

Creditor

Type of

Nominal

Effective

1 year to

More than 2

More than 3

More 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$

91.144.000-8

Embotelladora Andina S.A.

Chile

Foreign

Bank of America N.A.

Chile

UF

At maturity

2.84

%

3.14

%

-

-

-

-

92,960,992

92,960,991

77.427.659-9

Re-Ciclar S.A.

Chile

97.018.000-1

Banco de Chile

Chile

CLP

At maturity

6.54

%

-

-

-

12,000,000

-

12,000,000

Total

104,960,991

17.1.3 Bank liabilities, non-current previous year

Maturity

Debtor

Creditor

Amortization

Nominal

Effective

1 year to

more than 2

more than 3

more 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

-

53

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				1,042,553,636
Issuance expenses and discounts associated 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 Parent Company on the U.S. market and the Swiss public market. A detail of these instruments is presented below:

				Current						Nominal				Effective
				nominal				Adjustment		Interest				Interest				Final		Interest		Current								Non-current
Bonds		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 254 06.13.2001		B			174,513			UF			6.50	%			7.11	%		06.01.2026		Semiannual			6,969,624				12,894,275				-				6,704,249
CMF 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				31,431,837
CMF Registration 760 08.20.2013		D			4,000,000			UF			3.80	%			3.80	%		08.16.2034		Semiannual			2,226,780				2,153,282				158,911,840				153,666,760
CMF Registration 760 04.02.2014		E			3,000,000			UF			3.75	%			3.70	%		03.01.2035		Semiannual			1,475,993				1,427,299				119,183,952				115,250,116
CMF Registration 912 10.10.2018		F			5,700,000			UF			2.80	%			2.85	%		09.25.2039		Semiannual			1,659,714				1,604,933				226,449,372				218,975,134
U.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				298,938,000
Swiss 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

54

17.2.2 Non-current maturities

					Year of maturity																Total non-current
		Series			More than 1 to 2				More than 2 up to 3				More than 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				119,183,952
CMF 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

17.2.3 Market rating

The bonds issued on the Chilean market had the following rating:

AA+ :      ICR Compañía Clasificadora de Riesgo Ltda. rating

AA+ :      Fitch Chile Clasificadora de Riesgo Limitada rating

The rating of bonds issued on the international market had the following rating:

Baa1 :      Moody’s Ratings

BBB+ :      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			813,847,764
Net financial debt			768,724,538
Unencumbered assets			3,278,120,804
Total unsecured liabilities			2,109,945,091
EBITDA LTM			584,493,573
Net financial expenses LTM			(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” will be considered as the ratio between /a/ the average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ the accumulated EBITDA in the period of twelve consecutive months ending at the closing of the latest “Consolidated Financial Statements of Income by Function”.

55

“Consolidated Net Financial Liabilities” will be considered as the result of : /i/ “Other Financial Liabilities, Current”, plus /ii/ “Other Financial 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 financial instruments, 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 by Function” 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, 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 Company for the development, production, sale and distribution of products and brands of the licensor, in accordance to the respective bottler or license 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 by TCCC to the Company for the development, production, sale and distribution of products and brands of such licensor, as long as any of 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 the issuer’s unsecured consolidated liabilities.

Unsecured consolidated liabilities payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset balances of derivative financial instruments, taken to cover 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 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 or other real lien voluntarily and conventionally constituted by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities and under “Other Current Financial Assets” 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.

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” will be considered as the ratio between /a/ the average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ the accumulated EBITDA in the period of twelve consecutive months ending at the closing of the latest “Consolidated Financial Statements of Income by Function”.

“Consolidated Net Financial Liabilities” will be considered as the result of: /i/ “Other Financial Liabilities, Current”, plus /ii/ “Other Financial 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 financial instruments, taken to hedge exchange rate and/or interest rate risk of financial liabilities);

56

“EBITDA” will be considered as the addition of the following accounts of the “Consolidated Financial Statements of Income by Function” 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 the issuer’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 Financial Statements; and that are free of any pledge, mortgage or other liens constituted in favor of third parties, 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 financial instruments, taken to hedge exchange rate and interest rate risk of the financial liabilities).

Unsecured total liabilities correspond to liabilities from Total Current Liabilities and Total Non-Current Liabilities of Issuer’s Financial 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 financial instruments, 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 means the ratio between the issuer’s EBITDA of the last 12 months and the issuer’s Net Financial Expenses in the last 12 months. Net Financial Expenses will be regarded as the difference between the absolute value of interest expense associated with the issuer’s financial debt account accounted for under “Financial Costs”; and interest income associated with the issuer’s cash accounted for under the Financial Income account. However, this restriction shall be deemed to have been breached where the mentioned level of net 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” will be considered as the ratio between /a/ the average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ the accumulated EBITDA in the period of twelve consecutive months ending at the closing of the latest “Consolidated Financial Statements of Results by Function”.

“Consolidated Net Financial Liabilities” will be considered as the result of : /i/ “Other Financial Liabilities, Current”, plus /ii/ “Other Financial 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 financial instruments, 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 by Function” 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.

57

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 the issuer’s unsecured consolidated liabilities payable.

Unsecured Consolidated Liabilities Payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset balances of derivative financial instruments, taken to cover 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 Statement of Financial Position.

The following will be considered in determining Consolidated Assets: assets free of any pledge, mortgage or other lien, as well as those assets having a pledge, mortgage or real encumbrances that operate solely by law, less asset balances of derivative financial instruments, 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 any pledge, mortgage or other lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily and conventionally constituted by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities and under “Other Current Financial Assets” 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.

· 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, in accordance 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 by a 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 these instruments is franchised by TCCC to the Issuer for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer’s Adjusted Consolidated Operating Cash 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’s Consolidated 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 accounted for using the equity method”; 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” will be considered as the ratio between /a/ the average over the last four Quarters of the Consolidated Net Financial Liabilities, and /b/ the accumulated EBITDA in the period of twelve consecutive months ending at the closing of the latest “Consolidated Financial Statements of Results by Function”.

“Consolidated Net Financial Liabilities” will be considered as the result of : /i/ “Other Financial Liabilities, Current”, plus /ii/ “Other Financial 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

58

extent that they correspond to the balances of assets for derivative financial instruments, 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 by Function” 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 the issuer’s unsecured consolidated liabilities payable. Unsecured Consolidated Liabilities Payable shall be regarded as the total liabilities, obligations and debts of the issuer that are not secured by real guarantees on goods and assets of the latter, voluntarily and conventionally constituted by the issuer less the asset balances of derivative financial instruments, taken to cover 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 Statement of Financial Position. The following will be considered in determining Consolidated Assets: assets free of any pledge, mortgage or other lien, as well as those assets having a pledge, mortgage or real encumbrances that operate solely by law, less asset balances of derivative financial instruments, 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 any pledge, mortgage or other lien will only be regarded as those assets free of any pledge, mortgage or other real lien voluntarily and conventionally constituted by the issuer less asset balances of derivative financial instruments, taken to cover exchange rate or interest rate risks on financial liabilities and under “Other Current Financial Assets” 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 local bonds Series C, D and E is franchised by TCCC to the Issuer for the development, production, sale and distribution of products and brands of such licensor, as long as any of these territories account for more than 40% of the Issuer’s Adjusted Consolidated Operating Cash 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’s Consolidated 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 accounted for 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.

59

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 - Light ESCO		Brazil		BRL		Monthly		13.00	%		12.28	%		370,137			1,180,751			1,550,888			1,339,654
Rio de Janeiro Refrescos Ltda.		Brazil		Foreign		Tetra Pack		Brazil		BRL		Monthly		7.65	%		7.39	%		124,039			400,702			524,741			409,456
Rio de Janeiro Refrescos Ltda.		Brazil		Foreign		Real estate		Brazil		BRL		Monthly		14.83	%		14.83	%		418,851			827,202			1,246,053			1,281,478
Rio de Janeiro Refrescos Ltda.		Brazil		Foreign		Leão		Brazil		BRL		Monthly		15.00	%		15.00	%		10,178			30,534			40,712			265,453
Embotelladora 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			639,548
Embotelladora 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			628,640
Andina 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		76.080.198-4		De Lage Landen Chile S.A		Chile		USD		Monthly		4.08	%		4.08	%		-			-			-			187,511
Vital Jugos S.A		Chile		76.080.198-4		De Lage Landen Chile S.A		Chile		USD		Monthly		6.81	%		18.24	%		25,787			80,131			105,918
Vital Jugos S.A.		Chile		77.951.700-4		Sig Combibloc Chile SPA.		Chile		EUR		Monthly		8.82	%		37.02	%		40,028			125,750			165,778			156,972
Vital Aguas S.A.		Chile		76.572.588-7		Coca-Cola del Valle New Ventures S.A		Chile		CLP		Monthly		11.24	%		11.24	%		-			-			-			-
Envases Central S.A		Chile		76.572.588-7		Coca-Cola del Valle New Ventures S.A		Chile		CLP		Monthly		7.33	%		2.53	%		708,281			-			708,281			-
Envases Central S.A		Chile		76.572.588-7		Coca-Cola del Valle New Ventures S.A		Chile		UF		Monthly		9.22	%		9.22	%		-			-			-			683,096
Transportes Polar S.A.		Chile		76.413.243-2		Cons. Inmob. e Inversiones Limitada		Chile		UF		Monthly		2.95	%		2.99	%		41,754			127,123			168,877			79,904
Transportes Polar S.A.		Chile		76.536.499-K		Jungheinrich Rentalift SPA		Chile		UF		Monthly		4.11	%		4.19	%		102,090			305,206			407,296			365,886
Transportes Polar S.A.		Chile		93.075.000-k		Importadora Técnica Vignola SAIC		Chile		UF		Monthly		3.67	%		3.74	%		23,692			-			23,692			89,569
Transportes Polar S.A.		Chile		93.075.000-k		Inversiones La Verbena Ltda.		Chile		UF		Monthly		3.43	%		3.49	%		44,736			136,531			181,267			230,503
Transporte Andina Refrescos Ltda.		Chile		78.861.790-9		Comercializadora Novaverde Limitada		Chile		UF		Monthly		3.87	%		3.94	%		129,765			86,229			215,994			208,121
Transporte Andina Refrescos Ltda.		Chile		78.861.790-9		Comercializadora Novaverde Limitada		Chile		UF		Monthly		0.45	%		0.45	%		-			-			-			-
Transporte Andina Refrescos Ltda.		Chile		76.536.499-K		Jungheinrich Rentalift SPA		Chile		UF		Monthly		2.88	%		2.88	%		-			-			-			989,891
Transporte Andina Refrescos Ltda.		Chile		76.536.499-K		Jungheinrich Rentalift SPA		Chile		UF		Monthly		4.11	%		4.19	%		220,247			674,466			894,713			825,667
Transporte Andina Refrescos Ltda.		Chile		85.275.700-0		Arrendamiento De Maquinaria SPA		Chile		UF		Monthly		5.39	%		5.39	%		-			-			-			63,008
Transporte Andina Refrescos Ltda.		Chile		85.275.700-0		Arrendamiento De Maquinaria SPA		Chile		UF		Monthly		2.80	%		2.84	%		99,850			100,551			200,401			-
Transporte Andina Refrescos Ltda.		Chile		76.930.500-7		Inmobiliaria Ilog		Chile		UF		Monthly		2.09	%		2.11	%		143,755			144,507			288,262			-
Transporte Andina Refrescos Ltda.		Chile		76.536.499-K		Jungheinrich Rentalift SPA G1		Chile		UF		Monthly		3.41	%		3.47	%		48,662			148,496			197,158			-
Transporte Andina Refrescos Ltda.		Chile		76.536.499-K		Jungheinrich Rentalift SPA G2		Chile		UF		Monthly		3.41	%		3.47	%		73,036			222,877			295,913			-
Transporte Andina Refrescos Ltda.		Chile		76.536.499-K		Jungheinrich Rentalift SPA G3		Chile		UF		Monthly		3.41	%		3.47	%		42,426			129,467			171,893			-
Transporte Andina Refrescos Ltda.		Chile		76.914.632-6		Equipos y Soluciones Logísticas SpA		Chile		UF		Monthly		2.39	%		2.49	%		35,825			60,185			96,010			-
Red de Transportes Comerciales Ltda.		Chile		76.930.501-7		Inmobiliaria Ilog Avanza Park		Chile		UF		Monthly		2.48	%		2.48	%		-			-			-			368,314
Embotelladora Andina S.A.		Chile		91.144.000-8		Inversiones La Verbena Ltda.		Chile		UF		Monthly		3.43	%		3.48	%		5,841			17,827			23,668			17,413
Embotelladora Andina S.A.		Chile		91.144.000-8		Codepack		Chile		USD		Monthly		2.32	%		2.35	%		40,136			94,558			134,694			-
																							Total			9,625,901			9,631,011

The Company maintains leases on forklifts, vehicles, real estate and machinery. These leases have an average lifespan of between one and eight years without including a renewal option in the contracts. Assets related to these contracts are presented within Property, Plant, and Equipment, as right-of-use assets.

60

17.4.2 Non-current liabilities for leasing agreements, as of December 31, 2025

														Maturity
Debtor				Creditor Entity								Type of		Nominal			Effective			1 year to			2 years to			3 years to			4 years to			more 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	%		1,752,504			1,980,330			534,070			-			-			4,266,904
Rio 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			-			-			-			1,016,050
Rio 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.		Argentina		Foreign		Tetra Pak SRL		Argentina		USD		Monthly		12.00	%		13.00	%		548,095			548,095			517,513			181,110			-			1,794,813
Embotelladora del Atlántico S.A.		Argentina		Foreign		Real estate		Argentina		CLP		Monthly		50.00	%		60.00	%		47,133			27,656			-			-			-			74,789
Embotelladora del Atlántico S.A.		Argentina		Foreign		Real estate		Argentina		USD		Monthly		12.00	%		13.00	%		252,406			-			-			-			-			252,406
Embotelladora del Atlántico S.A.		Argentina		Foreign		Systems		Argentina		USD		Monthly		12.00	%		13.00	%		300,590			255,543			255,543			255,543			531,985			1,599,204
Vital Jugos S:A		Chile		76.080.198-4		De Lage Landen Chile S.A		Chile		USD		Monthly		6.81	%		18.24	%		113,617			121,876			31,829			-			-			267,322
Vital Jugos S.A		Chile		77.951.198-4		Sig Combibloc Chile SPA.		Chile		EUR		Monthly		8.82	%		37.02	%		181,726			199,208			218,371			239,378			106,415			945,098
Transporte Andina Refrescos Ltda.		Chile		76.536.499-k		Jungheinrich Rentalift SPA		Chile		UF		Monthly		4.11	%		4.19	%		932,187			888,763			-			-			-			1,820,950
Transporte Andina Refrescos Ltda.		Chile		76.536.499-k		Jungheinrich Rentalift SPA G1		Chile		UF		Monthly		3.41	%		3.47	%		203,986			104,628			-			-			-			308,614
Transporte Andina Refrescos Ltda.		Chile		76.536.499-k		Jungheinrich 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-k		Jungheinrich 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		76.413.243-2		Inversiones La Verbena		Chile		UF		Monthly		3.43	%		3.49	%		230,390			259,822			268,875			-			-			759,087
Transportes Polar S.A.		Chile		76.536.499-k		Jungheinrich Rentalift SPA		Chile		UF		Monthly		4.11	%		3.47	%		410,737			388,644			-			-			-			799,381
Transportes Polar S.A.		Chile		76.413.243-2		Cons. Inmob. e Inversiones Limitada		Chile		UF		Monthly		2.95	%		2.99	%		173,926			179,127			184,484			110,154			-			647,691
Embotelladora Andina S.A		Chile		91.144.000-8		Inversiones La Verbena Ltda.		Chile		UF		Monthly		3.43	%		3.45	%		30,266			34,133			35,321			-			-			99,720
																																Total			18,589,311

17.4.3 Non-current liabilities for leasing agreements as of December 31, 2024

														Maturity
Debtor				Creditor								Type of		Nominal			Effective			1 year to			2 years to			3 years to			4 years to			more than			At
Name		Country		Tax ID		Name		Country		Currency		Amortization		Rate			Rate			2 years			3 years			4 years			5 years			5 years			12.31.2024
																				THCH$			THCH$			THCH$			THCH$			THCH$			THCH$
Rio de Janeiro Refrescos Ltda.		Brazil		Foreign		Cogeração - Light ESCO		Brazil		BRL		Monthly		13.00	%		12.28	%		1,513,809			1,710,604			1,932,983			521,301			,			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			3,109,866
Rio 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			-			-			-			59,996
Embotelladora del Atlántico S.A.		Argentina		Foreign		Tetra Pak SRL		Argentina		USD		Monthly		12.00	%		12.00	%		597,759			597,759			597,759			564,406			197,521			2,555,204
Embotelladora del Atlántico S.A.		Argentina		Foreign		Real estate		Argentina		ARS		Monthly		50.00	%		50.00	%		15,078			-			-			-			,			15,078
Embotelladora del Atlántico S.A.		Argentina		Foreign		Real estate		Argentina		USD		Monthly		12.00	%		12.00	%		102,638			74,851			,			-			,			177,489
Embotelladora del Atlántico S.A.		Argentina		Foreign		Systems		Argentina		USD		Monthly		12.00	%		12.00	%		389,010			327,827			278,698			278,698			859,320			2,133,553
Vital Jugos S.A		Chile		77.951.198-4		Sig Combibloc Chile SPA.		Chile		EUR		Monthly		9.22	%		33.10	%		172,072			188,625			206,770			226,661			226,879			1,021,007
Transporte Andina Refrescos Ltda.		Chile		76.536.499-k		Jungheinrich Rentalift SPA		Chile		UF		Monthly		4.11	%		3.74	%		865,182			901,419			867,356			-			-			2,633,957
Transportes Polar S.A.		Chile		76.413.243-2		Inversiones La Verbena		Chile		UF		Monthly		3.43	%		3.43	%		187,008			229,809			352,080			-			-			768,897
Transportes Polar S.A.		Chile		76.536.499-K		Jungheinrich 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-k		Importadora Técnica Vignola SAIC		Chile		UF		Monthly		3.67	%		3.67	%		22,910			-			-			-			-			22,910
Embotelladora Andina S.A		Chile		91.144.000-8		Inversiones 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.

61

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				457,074,643
Non-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				319,605,026
Withholding tax			94,607,257				77,122,183
Other (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 for further information.

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				1,522,426
Non-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 following detail:

Description (see note 23.1)		12.31.2025				12.31.2024
		ThCh$				ThCh$
Tax contingencies			30,024,767				29,416,543
Labor contingencies			14,014,847				13,912,282
Civil contingencies			13,771,595				11,916,974
Total			57,811,209				55,245,799

62

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				54,801,896
Additional provisions			-				189,356
Increase (decrease) in existing provisions			15,586,469				13,550,379
Provision used (payments made against the provision)			(14,046,529	)			(7,232,750	)
Reversal of unused provision			(24,173	)			(17,716	)
Increase (decrease) due to foreign exchange rate differences			1,049,642				(6,045,366	)
Total			57,811,208				55,245,799

20 – OTHER NON-FINANCIAL LIABILITIES

The breakdown of other current and non-current liabilities at the end of each period is 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.

21 – EQUITY

21.1 Number of shares:

		Number of subscribed, paid-in and voting shares
Series		2025				2024
A			473,289,301				473,289,301
B			473,281,303				473,281.303

21.1.1 Capital

		Paid-in and subscribed capital
Series		2025				2024
		ThCh$				ThCh$
A			135,379,504				135,379,504
B			135,358,070				135,358,070
Total			270,737,574				270,737,574

63

 

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

In accordance with Chilean law, we must distribute cash dividends equal to at least 30% of our annual net profit, unless otherwise decided by unanimous vote of the shareholders. If there is no net profit in a given year, the Company will not be legally required to distribute dividends from accumulated earnings, unless approved by the General Shareholders' Meeting. At the General Shareholders' Meeting held in April 2025, the shareholders approved the ratification of the distribution of interim dividends paid against fiscal year 2024.

In accordance with Notice No. 1,945 of the Financial Market Commission (CMF) dated September 29, 2009, the Company's Board of Directors decided to maintain the initial adjustments from the adoption of IFRS as retained earnings, the distribution of which is conditional upon their future realization.

The dividends declared and paid per share during the current period are as follows:

Periods Approval - Payment						Characteristic of the dividend		Profits allocated to dividends		CLP Series A				CLP Series B
04.25.2024			05.23.2024			Final		Accumulated earnings			32.00				35.20
04.25.2024			05.30.2024			Final		Accumulated earnings			30.00				33.00
07.31.2024			08.14.2024			Interim		2024 results			32.00				35.20
09.25.2024			10.25.2024			Interim		2024 results			32.00				35.20
12.19.2024			01.31.2025			Interim		2024 results			141.00				155.10
09.31.2025			10.23.2025			Interim		2025 results			35.00				38.50
11.25.2025			12.18.2025			Interim		2025 results			20.00				22.00

21.3 Other reserves

The balance of other reserves is composed as follows:

Item		12.31.2025				12.31.2024
		ThCh$				ThCh$
Polar acquisition			421,701,520				421,701,520
Foreign currency translation reserves			(681,916,160	)			(599,259,259	)
Cash flow hedge reserve			(25,807,096	)			(11,879,833	)
Reserve for employee benefit actuarial gains or losses			(8,226,140	)			(8,087,069	)
Legal and statutory reserves			5,435,538				5,435,538
Other			6,014,568				6,014,568
Total			(282,797,770	)			(186,074,535	)

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21.3.1 Polar acquisition

This amount corresponds to the difference between the valuation at fair value of the issuance of shares of Embotelladora Andina S.A. and the book value of the paid capital of Embotelladoras Coca-Cola Polar S.A., which was finally the value of the capital increase notarized in legal terms.

21.3.2 Cash flow hedge reserve

They arise from the fair value of the existing derivative contracts that have been qualified for hedge accounting at the end of each financial period. When contracts have expired, these reserves are adjusted and recognized in the income statement in the corresponding period (see Note 22).

21.3.3 Reserve for employee benefit actuarial gains or losses

Corresponds to the restatement effect of employee benefits actuarial gains or losses that according to IAS 19 amendments must be carried to other comprehensive income.

21.3.4 Legal and statutory reserves

In accordance with Official Circular N° 456 issued by the Chilean Financial Market Commission (CMF), the legally required price-level restatement of paid-in capital for 2009 is presented as part of other equity reserves and is accounted for as a capitalization from Other Reserves with no impact on net income or retained earnings under IFRS. This amount totaled CLP 5,435,538 thousand as of December 31, 2009.

21.3.5 Foreign currency translation reserves

This corresponds to the conversion of the financial statements of foreign subsidiaries whose functional currency is different from the presentation currency of the Consolidated Financial Statements. Additionally, exchange differences between accounts receivable kept by the companies in Chile with foreign subsidiaries are presented in this account, which have been treated as investment accounted for using the equity method, Translation reserves are detailed as follows:

Description		12.31.2025				12.31.2024
		ThCh$				ThCh$
Brazil			(140,318,584	)			(149,362,866	)
Argentina			(595,379,875	)			(481,188,361	)
Paraguay			53,782,299				31,291,968
Total			(681,916,160	)			(599,259,259	)

The movement of this reserve for the periods ended on the dates below is as follows:

Description		12.31.2025				12.31.2024
		ThCh$				ThCh$
Brazil			9,044,282				(43,220,877	)
Argentina			(114,191,514	)			(16,241,578	)
Paraguay			22,490,331				17,036,095
Total			(82,656,901	)			(42,426,360	)

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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
		Percentage								Equity								Results
										December				December				December				December
Description		2025				2024				2025				2024				2025				2024
										ThCh$				ThCh$				ThCh$				ThCh$
Embotelladora del Atlántico S.A.			0.0171				0.0171				47,191				52,055				7,445				6,524
Andina Empaques Argentina S.A.			0.0209				0.0209				5,437				5,645				600				284
Paraguay Refrescos S.A.			2.1697				2.1697				7,542,062				6,674,645				1,464,819				1,293,004
Vital S.A.			35.0000				35.0000				10,565,260				10,065,265				487,766				556,347
Vital Aguas S.A.			33.5000				33.5000				5,047,261				4,883,451				186,569				147,033
Envases Central S.A.			40.7300				40.7300				9,081,513				8,286,374				784,346				803,205
Re-Ciclar S.A.			40.0000				40.0000				6,866,327				8,020,393				(1,151,066	)			(825,156	)
Total											39,155,051				37,987,828				1,780,479				1,981,241

21.5 Earnings per share

The basic earnings per share presented in the statement of comprehensive income is calculated as the quotient between income for the period and the weighted average number of shares outstanding during the same period.

Earnings per share used to calculate basic and diluted earnings per share is detailed as follows:

Earnings per share		12.31.2025
		SERIES A				SERIES B				TOTAL
Earnings attributable to shareholders (ThCh$)			127,952,003				140,744,933				268,696,936
Weighted average number of shares			473,289,301				473,281,303				946,570,604
Basic and diluted earnings per share (CLP)			270.35				297.38				283.86
Earnings per share		12.31.2024
			SERIES A				SERIES B				TOTAL
Earnings attributable to shareholders (ThCh$)			110,792,786				121,870,098				232,662,884
Weighted average number of shares			473,289,301				473,281,303				946,570,604
Basic and diluted earnings per share (CLP)			234.09				257.50				245.80

22 – DERIVATIVE ASSETS AND LIABILITIES

As of the date of these financial statements, the Company maintains cross currency swaps, currency forwards, and commodity swaps as derivative financial instruments.

Cross currency swaps (CCS), also known as interest rate and currency swaps, are valued by discounting expected future cash flows using current 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 similar maturity profiles, in accordance with market conditions at the closing date.

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The fair value of commodity swaps is determined based on expected future cash flows, calculated using current market prices for futures contracts 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:

22.1 Accounting recognition of cross currency and rate swaps

Cross Currency Swaps, related to Local Bonds (Chile)

As of the closing date of these financial statements, the Company maintains derivative contracts aimed at hedging part of its bond debt issued in Unidades de Fomento (UF), for a total amount of UF 7,992,694 (UF 8,462,025 as of December 31, 2024), for the purpose of converting these obligations 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 of December 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)

At period-end, 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 USD150 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, converted to 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-current liability of ThCh$ 37,373,076, while the second contract presents a non-current liability of ThCh$ 39,271,844. Together, these contracts total 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 of December 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 – Financial Instruments.

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22.2 Forward currency contracts for highly probable expected transactions:

During the 2025 period, Embotelladora Andina S.A. entered into currency forward contracts for the purpose of securing the exchange rate applicable to future purchases of raw materials for its four operations.

USD/ARS, USD/BRL, USD/CLP, and USD/PYG instruments were contracted, which at the closing date of these financial statements 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 accounting hedging instruments, as they meet the documentation and effectiveness requirements of IFRS. Consequently, changes in the fair value of these instruments are recognized in other comprehensive income.

22.3 Raw material swap for highly probable expected transactions:

Th Company entered into No. 5 sugar swap contracts to hedge the price of future sugar purchases for its Chilean operations. At the date of these financial statements, the outstanding contracts amounted to USD 5.6 million.

In addition, it entered into sugar swap contracts No. 11 to secure the price of future sugar purchases for its Brazilian operations. At the closing date of these financial statements, 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 documentation requirements of IFRS, and therefore their effects on changes in fair value are recognized in other comprehensive income.

22.4 Fair value hierarchies

At the closing date of these financial statements, the Company has assets from derivative contracts amounting to ThCh$ 143,633,334 (ThCh$ 148,655,771 as of December 31, 2024) and liabilities from derivative contracts of ThCh$ 80,262,635 (ThCh$ 42,149,461 as of December 31, 2024).

Hedging contracts associated with existing items have been classified in the same accounting category as the hedged items, while derivative 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 of IFRS 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 liabilities

Level 2: Inputs other than quoted prices included in level 1 that are observable for the assets and liabilities, either directly (that is, as prices) or indirectly (that is, derived from prices)

Level 3: Inputs for assets and liabilities that are not based on observable market data.

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During the reporting period, there were no transfers of items between fair value measurement categories; all of which were valued during the period using level 2.

	Fair value measurement as of December 31, 2025
		Quoted prices in active markets for identical assets				Observable				Unobservable
		and liabilities				market data				market data
		(Level 1)				(Level 2)				(Level 3)				Total
			ThCh$				ThCh$				ThCh$				ThCh$
Assets
Other current financial assets			-				657,477				-				657,477
Other 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				-				3,617,715
Other non-current financial liabilities			-				76,644,920				-				76,644,920
Total liabilities			-				80,262,635				-				80,262,635
	Fair value measurement as of December 31, 2024
		Quoted prices in active markets for identical assets				Observable				Unobservable
		and liabilities				market data				market data
		(Level 1)				(Level 2)				(Level 3)				Total
			ThCh$				ThCh$				ThCh$				ThCh$
Assets
Other current financial assets			-				4,105,005				-				4,105,005
Other 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				-				361,384
Other non-current financial liabilities			-				41,788,078				-				41,788,078
Total liabilities			-				42,149,462				-				42,149,462

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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 are not subject to any material legal or non-judicial contingencies that 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. are facing legal proceedings of a labor, tax, civil, and commercial nature. The accounting provisions to cover the contingencies of a possible loss from these lawsuits amount to ThCh$ 699,235 (ThCh$ 722,249 as of December 31, 2024). Based on the opinion of our legal advisors, management considers it unlikely that non-provisioned contingencies will materially affect the Company's results and equity. In addition, Embotelladora del Atlántico S.A. maintains ThCh$ 21,331 (ThCh$61,269 as of December 31, 2024) in time deposits to guarantee judicial liabilities.

2) Rio de Janeiro Refrescos Ltda. is facing labor, tax, civil, and commercial legal proceedings. Accounting provisions to cover contingencies for a possible loss in these proceedings amount to ThCh$ 54,678,827 (ThCh$ 53,001,124 as of December 31, 2024). Based on the opinion of our legal advisors, management considers it unlikely that non-provisioned contingencies will materially affect the Company's results and equity. As is customary in Brazil, Rio de Janeiro Refrescos Ltda. maintains judicial deposits and assets pledged as collateral to ensure compliance with certain proceedings, regardless of whether they have been classified as remote or probable losses. The amounts deposited or pledged as legal collateral amount to ThCh$ 25,362,998 (ThCh$ 24,406,565 as of December 31, 2024).

Part of the assets pledged as collateral by Rio de Janeiro Refrescos Ltda. are in the process of being released and others have already been released in exchange for guarantee insurance and bond letters for BRL 2,749,783,313 with various financial institutions and insurance companies in Brazil, through which, for an annual commission of 0.13%, said institutions are responsible for complying with the obligations to the Brazilian tax authorities in the event of a dispute against Rio de Janeiro Refrescos Ltda. and in the event that the latter is unable to comply with the aforementioned obligation. Additionally, in the event of the aforementioned situation, there is a counter-guarantee agreement with the same financial institutions and insurance companies, in which Rio de Janeiro Refrescos Ltda. undertakes to pay them the amounts disbursed to the Brazilian tax authorities.

The main contingencies faced by Rio de Janeiro Refrescos are as follows:

a) Tax contingencies for Industrialized Products Tax (IPI) credits.

Rio de Janeiro Refrescos is party to a series of ongoing proceedings in which the Brazilian federal tax authorities are demanding payment of value added tax on industrialized products (Imposto sobre Produtos Industrializados, or IPI) totaling BRL 3,625,647,115 as of the date of these financial statements.

The Company does not agree with the Brazilian tax authority's position in these proceedings and believes that it was entitled to claim the IPI tax credits in relation to its purchases of certain exempt inputs from suppliers located in the Manaus Free Trade Zone.

Based on the opinion of its advisors and the court rulings obtained to date, management believes that these proceedings do not represent probable losses and, under accounting criteria, would not make provisions for these cases.

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Notwithstanding the above, financial reporting standards related to business combinations in the area of purchase price allocation establish that contingencies must be assessed individually based on their probability of occurrence and discounted to fair value from the date on which the loss is estimated to be incurred. Based on the purchase of the Ipiranga Beverages company in 2013 and this criterion, and despite the existence of contingencies classified as only possible for BRL 665,173,794 (amount includes adjustments to pending lawsuits), an initial provision of BRL 124,862,349 was recorded in the accounting for the business combination.

b) Other tax contingencies.

These refer to ICMS-SP tax administrative proceedings challenging credits arising from the acquisition of tax-exempt products purchased by the Company from a supplier located in the Manaus Free Trade Zone. The total amount is BRL 613,868,342, which is being assessed by external lawyers as a remote loss and therefore has no accounting provision.

The company was questioned by the federal tax authority regarding the tax deductibility of part of the goodwill in the period from 2014 to 2016 derived from the acquisition of Compañía de Bebidas Ipiranga. The tax authority understands that the acquirer of Compañía de Bebidas Ipiranga was Embotelladora Andina and not Rio de Janeiro Refrescos Ltda. In the opinion of external lawyers, this assertion is erroneous, classifying it as a possible loss. The value of this proceeding is BRL 1,190,254,577 as of the date of these financial statements.

3) Embotelladora Andina S.A. and its Chilean subsidiaries are facing tax, commercial, labor, and other lawsuits. Accounting provisions to cover contingencies for possible losses arising from these lawsuits amount to ThCh$ 2,379,469 (ThCh$1,472,915 as of December 31, 2024). Management considers it unlikely that non-provisioned contingencies will affect the Company's results and equity, in accordance with the opinion of its legal advisors.

4) Paraguay Refrescos S.A. is facing tax, commercial, labor, and other lawsuits. The accounting provisions to cover contingencies for possible losses arising from these lawsuits amount to ThCh$ 53,678 (ThCh$49,511 as of December 31, 2024). Management considers it unlikely that the unprovided contingencies will affect the Company's results and equity, in accordance with the opinion of its legal advisors.

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23.2 Direct guarantees and restricted assets:

Direct guarantees and restricted assets are 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

141,900

Elqui 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 Accounts Receivable

881,130

628,381

Metro S.A.

Embotelladora Andina S.A.

Parent

Guarantee receipt

Trade receivables and other accounts receivable

23,996

23,204

Parque Arauco S.A.

Andina Bottling Company

Parent

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 assets

8,863,041

8,045,861

Civil and tax claims

Rio de Janeiro Refrescos Ltda.

Subsidiary

Judicial deposit

Other non-current non-financial assets

6,265,150

6,370,534

Government institutions

Rio de Janeiro Refrescos Ltda.

Subsidiary

Plant and equipment

Property, Plant, and Equipment

10,234,807

9,990,170

Distribuidora Baraldo S.H.

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

-

19

Acuña Gómez

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

19

29

Nicanor López

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

13

21

Municipality of Bariloche

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

655

-

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 Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

152

236

Other

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

42

55

Temas Industriales SA - General seizure of funds

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

7,817

12,107

DBC SA C CERVECERIA ARGENTINA SA ISEMBECK

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

1,652

2,559

Coto Cicsa

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

-

1,014

Cencosud

Embotelladora del Atlántico S.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 assets

617

-

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

-

6,981

Marcus A. Peña

Paraguay Refrescos

Subsidiary

Real Estate

Property, Plant, and Equipment

5,515

5,252

Ana Maria Mazó

Paraguay Soft Drinks

Subsidiary

Real Estate

Property, Plant, and Equipment

-

1,137

Stefano Szwao Giacomelli

Paraguay Soft Drinks

Subsidiary

Real estate

Property, plant, and equipment

3,311

3,054

Rental guarantee

Paraguay Refrescos

Subsidiary

Real Estate

Property, Plant, and Equipment

1,361

-

Sofía Cartes

Paraguay Soft Drinks

Subsidiary

Real Estate

Property, Plant, and Equipment

3,220

2,637

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Guarantees that do not compromise 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 action

5,980,781

6,648,889

Administrative proceedings

Rio de Janeiro Refrescos Ltda.

Subsidiary

Guarantee receipt

Legal action

88,143,399

80,036,491

Federal Government

Rio de Janeiro Refrescos Ltda.

Subsidiary

Guarantee receipt

Legal action

219,466,178

188,083,737

State Government

Rio de Janeiro Refrescos Ltda.

Subsidiary

Guarantee receipt

Legal action

138,003,496

116,943,181

Other

Rio de Janeiro Refrescos Ltda.

Subsidiary

Guarantee receipt

Legal action

1,737,590

1,407,340

EZEIZA Customs

Embotelladora del Atlántico S.A.

Subsidiary

Surety bond

Due performance of the contract

346,823

576,829

EZEIZA Customs

Andina Empaques Argentina S.A.

Subsidiary

Surety bond

Due performance of the contract

-

4,414

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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 and price risk). The Company’s global risk management program focuses on the uncertainty of financial markets and seeks to minimize potential adverse effects on the performance of the Company. The Company uses derivatives to hedge certain risks. A description of the primary policies established by the Company to manage financial risks are provided below:

Interest Rate Risk

As of the closing date of these financial statements, the Company maintains all of its debt obligations at a fixed rate, in order to avoid fluctuations in financial expenses 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 outstanding balance of UF 13.69 million, denominated in Unidades de Fomento (UF), a unit indexed to inflation in Chile. Given that the Company's sales are correlated with the variation of the UF, this structure allows for an adequate correspondence between income and obligations. In addition, the Company has a bilateral loan denominated in Unidades de Fomento (UF), with a current outstanding balance of UF 2.36 million.

Of the total local bonds, five have been redenominated through derivative instruments to Chilean pesos (CLP), both in terms of their rate and 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 in US dollars, for a total amount of USD 300 million. Of this amount, USD 150 million has been redenominated through derivatives to Chilean 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, which has been redenominated through derivative instruments to Brazilian reais (BRL), both in its rate and notional value, maintaining the structure 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 and supermarket chains in domestic markets; and the financial investments held with banks and financial institutions, such as time deposits, mutual funds and derivative financial instruments.

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 economic benefits to the Company. The credit limit is checked periodically considering payment behavior. Trade accounts receivable pending of payment 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 customer has outstanding debts for an amount greater than USD 250,000, and over 60 days expired, sale is suspended. The General Manager in conjunction with the Finance and

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Administration Manager authorize exceptions to this rule, and if the outstanding debt should exceed USD 1,000,000, and in order to continue operating with that client, the authorization of the Chief Financial Officer is required. Notwithstanding the foregoing, each operation can define an amount lower than USD 250,000 according to the country’s reality.

ii. Impairment

The impairment recognition policy establishes the following criteria for provisions: 30% is provisioned for 31 to 60 days overdue, 60% between 60 and 91 days, 90% between 91 and 120 days overdue and 100% for more than 120 days. Exemption of the calculation of global impairment is given to credits whose delays in the payment correspond to accounts disputed with the customer whose nature is known and where all necessary documentation for collection is available, therefore, there is no uncertainty on recovering them. However, these accounts also have an impairment provision as follows: 40% for 91 to 120 days overdue, 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 fully provisioned. The Treasurer of each subsidiary must approve supplier warranties that the Company receives for prepayments before signing the respective service contract, In the case of domestic suppliers, a warranty ballot (or the instrument existing in the country) shall be required, in favor of Andina executable in the respective country, non-endorsable, payable on demand or upon presentation and its validity will depend on the term of the contract. In the case of foreign suppliers, a stand-by credit letter will be required which shall be issued by a first line bank; in the event that this document is not issued in the country where the transaction is done, a direct bank warranty will be required. Subsidiaries can define the best way of safeguarding the Company’s assets 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 and Humphreys 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 of wholesalers and distributors in the case of trade accounts receivables. In the case of other debtors, different types of guarantees are 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,

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 equivalent for 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 rating greater 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.

75

 

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 Paraguayan guaraní) to the presentation currency of the parent company (Chilean peso). Appreciation or devaluation of the Chilean peso against each country'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 statements through 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				428,926,830
Total Liabilities			817,996,560				169,332,473				81,324,493
Net Investment			247,357,982				297,129,686				347,602,337
Share 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 on the results and equity of the different Operations.

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 of each country generates a variation in the valuation of these obligations, with consequent effect on results. In order to protect the Company from the effects on income resulting from the volatility of the Brazilian Real and the Chilean Peso against the U,S, dollar, the Company maintains derivative contracts (cross currency swaps) to cover almost 100% of US dollar-denominated financial liabilities. By designating such contracts as hedging derivatives, the effects on income for variations in the Chilean Peso and the Brazilian Real against the US dollar, are mitigated annulling its exposure to exchange rates.

76

 

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 a currency 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 foreign currency derivatives contracts to lessen the effect of the exchange rate over cash expenditures expressed in US dollars, corresponding mainly 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 are the main inputs used in the production of beverages and packaging and together represent between 35% and 40% of operating costs. To mitigate and/or stabilize this risk, the Company frequently enters into supply contracts and makes advance purchases when market conditions 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 the cash flow of our operations. This cash flow has historically been sufficient to cover the investments necessary for the normal course of our business, as well as the distribution of dividends approved by the General Shareholders’ Meeting. Should additional funding be required for future geographic expansion or other needs, the main sources of financing to consider are: (i) debt offerings in the Chilean and foreign capital markets (ii) borrowings from commercial banks, both internationally and in the local markets where the Company operates; 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
Category		1 year				More than 1 up to 2				More than 2 up to 3				More than 3 up to 4				More than 5
		ThCh$				ThCh$				ThCh$				ThCh$				ThCh$
Bank debt			11,820,186				-				-				-				92,960,992
Bonds payable			24,451,704				5,417,447				5,417,447				5,417,447				1,059,121,681
Lease obligations			9,625,901				6,856,744				6,416,267				3,011,688				2,304,613
Contractual 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

As of December 31, 2024		Payments on the year of maturity
Category		1 year				More than 1 up to 2				More than 2 up to 3				More than 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				1,031,430,903
Lease 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 into to supply products and/or support services in information technology services, commitments of the company with its franchisor to make 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.

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25 – REVENUE FROM ORDINARY ACTIVITIES

The Company’s revenue mainly arises from the sale of beverages and related products. For presentation purposes, revenue is classified into the following categories:

·  Non-alcoholic beverages: Includes soft drinks, juices, water, and other non-alcoholic beverages commercialized under brands owned 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
Description		12.31.2025				12.31.2024
		ThCh$				ThCh$
Non-alcoholic beverages			2,956,573,827				2,850,966,747
Alcoholic beverages			353,981,539				345,733,257
Other revenue			34,280,485				27,533,001
Total			3,344,835,851				3,224,233,005

26 – EXPENSES BY NATURE

The breakdown of other expenses by nature is as follows:

		01.01.2025				01.01.2024
Description		12.31.2025				12.31.2024
			ThCh$				ThCh$
Direct production costs			(1,642,483,000	)			(1,584,826,536	)
Payroll and employee benefits			(491,519,165	)			(489,656,716	)
Transportation and distribution			(262,565,173	)			(261,492,646	)
Advertisement			(48,788,729	)			(47,157,493	)
Depreciation and amortization			(159,241,493	)			(151,110,933	)
Repairs and maintenance			(62,443,411	)			(63,130,395	)
Other expenses			(222,428,367	)			(199,776,910	)
Total			(2,889,469,338	)			(2,797,151,629	)

(1) Corresponds to the addition of the cost of sales, administrative expenses, and distribution costs.

27 – OTHER INCOME

The breakdown of other income by function is as follows:

		01.01.2025				01.01.2024
Description		12.31.2025				12.31.2024
			THCH$				THCH$
Gain on sale of property, plant, and equipment			1,665,503				222,898
Recovery of PIS-COFINS credits in 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
Total			13,382,457				21,479,861

(1) See Note 6 (2) for more information on the recovery.

(2) Compensation for overpricing in the purchase of raw materials.

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28 – OTHER EXPENSES BY FUNCTION

The breakdown of other expenses by function is as follows:

		01.01.2025				01.01.2024
Description		12.31.2025				12.31.2024
			ThCh$				ThCh$
Contingencies and associated non-operating fees (1)			(15,924,999	)			(19,376,723	)
Tax on bank debits			(7,112,673	)			(7,862,779	)
Write-offs, disposals and losses on sale of property, plant and equipment			(3,823,917	)			(5,805,588	)
Other			(3,252,844	)(1)			(3,604,939	)(2)
Total			(30,114,433	)			(36,650,029	)

(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.

29 – FINANCIAL INCOME AND EXPENSES

The breakdown of financial income and expenses is as follows:

a) Financial income

		01.01.2025				01.01.2024
Description		12.31.2025				12.31.2024
		ThCh$				ThCh$
Interest income			11,326,220				18,377,685
Ipiranga purchase warranty restatement			59,648				39,511
Recovery PIS and COFINS credits (1)			4,256,200				8,986,697
Other financial income			2,797,544				1,556,025
Total			18,439,612				28,959,918

(1) See Note 6 for more information on the recovery.

b) Financial costs

		01.01.2025				01.01.2024
Description		12.31.2025				12.31.2024
			ThCh$				ThCh$
Bond interest			(56,027,866	)			(51,829,876	)
Bank loan interest			(3,221,326	)			(7,398,612	)
Lease interest			(2,817,626	)			(3,277,261	)
Other financial costs			(6,151,595	)			(7,908,134	)
Total			(68,218,413	)			(70,413,883	)

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30 – OTHER (LOSSES) GAINS

The breakdown of other (losses) gains is as follows:

		01.01.2025				01.01.2024
Description		12.31.2025				12.31.2024
		ThCh$				ThCh$
Other income and expenses*			(1,817,033	)			-
Total			(1,817,033	)			-

^(*) At the end of December 2025, losses of CLP 1,817,033 were recognized in connection with the transfer, at a discount, of a receivable held by Embotelladora Andina S.A. to a financial institution. The receivable arose from dividends declared by subsidiaries and denominated in Argentine pesos.

31 – EXCHANGE DIFFERENCES

The breakdown of exchange differences is as follows:

		01.01.2025				01.01.2024
Description		12.31.2025				12.31.2024
		ThCh$				ThCh$
From suppliers			(2,067,516	)			(6,022,628	)
From financial assets			304,783				(1,067,456	)
From financial liabilities			(882,743	)			206,889
Other			(779,414	)			(523,509	)
Total			(3,424,890	)			(7,406,704	)

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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				248,899,004
USD			21,353,466				14,817,741
EUR			352,273				234,718
CLP			191,155,122				140,155,381
BRL			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				2,553,727
ARS			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				213,862
UF			1,239,018				1,024,253
CLP			5,091,354				5,389,357
BRL			3,248,260				2,451,721
ARS			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				50,035,902
PGY			18,068,731				12,563,491
Accounts receivable from related entities			15,299,187				9,901,543
USD			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				95,970,869
PGY			28,385,181				23,292,237
Current tax assets			14,924,173				17,746,106
USD			-				-
CLP			4,216,224				7,749,543
BRL			10,707,949				9,851,901
ARS			-				144,662
Total current assets			1,033,052,781				1,013,195,740
USD			24,271,750				23,630,536
EUR			353,314				448,580
UF			1,690,093				1,024,253
CLP			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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NON-CURRENT ASSETS		12.31.2025				12.31.2024
		ThCh$				ThCh$
Other financial assets, non-current		164,370,936				169,420,303
USD			28,873,574				24,195,386
UF			1,216,865				1,216,865
CLP			63,977,786				62,774,079
BRL			51,810,982				59,298,394
ARS			18,491,729				21,935,579
Other non-financial assets, non-current			8,291,3107				79,746,695
USD			-				-
UF			445,934				431,216
CLP			47,532				47,530
BRL			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				3,959,421
CLP			326,186,656				318,673,224
BRL			177,701,306				172,991,812
ARS			7,059,802				9,074,686
PGY			204,582,535				188,684,487
Capital gains			137,128,318				144,681,420
CLP			9,523,767				9,523,767
BRL			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				291,160,305
PGY			127,159,627				94,026,232
Deferred tax assets			8788858				7,081,549
CLP			6527688				5,028,479
PGY			2261170				2,053,070
Total non-current assets			2,387,352,637				2,277,908,533
USD			32,832,995				28,154,807
EUR			-				-
UF			1,662,799				1,648,081
CLP			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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		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				7,351,070
EUR			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				28,235,255
BRL			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				457,074,643
USD			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				-				1,860,276
CLP			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				-				67,851,883
PGY			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				-				7,542,033
PGY			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				1,522,426
CLP			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				-				6,048,580
ARS			-				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				-				22,317,618
PGY			-				2,350,155				2,350,155				-				1,987,221				1,987,221
Other current non-financial liabilities			125,392				364,572				489,964				101,155,626				40,947,956				142,103,582
CLP			118,893				-				118,893				101,151,643				40,668,020				14,1819,663
ARS			6,499				-				6,499				3,983				-				3,983
PGY			-				364,572				364,572				-				279,936				279,936
Total current liabilities			678,795,172				51,617,342				730,412,514				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				26,647,617
EUR			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			178,013,239				35,023,766				213,037,005				327,431,200				87,243,136				414,674,336
BRL			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				-				899,178
Other currencies			2,178,666				-				2,178,666				1,969,374				-				1,969,374

83

 

		12.31.2025																12.31.2024
NON-CURRENT LIABILITIES		More than 1 year up to 3				More than 3 up to 5				More than 5 years				Total				More than 1 year up to 3				More than 3 up to 5				More than 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				1921701				1,066,543,247
USD			284,650,789				1,241,538				531,985				286,424,312				310,800,461				1,719,561				1056841				313,576,863
EUR			380,934				457,749				106,415				945,098				172,072				622,056				226879				1,021,007
UF			97,779,731				991,987				-				98,771,718				528,074,358				1,598,112				-				529,672,470
CLP			603,807,050				-				-				603,807,050				26,303,149				-				-				26,303,149
BRL			5,855,671				1,911,238				78,043				7,844,952				5,580,210				4,072,111				637981				10,290,302
ARS			74,788				-				-				74,788				15,078				-				-				15,078
CHF			193,927,905				-				-				193,927,905				185,664,378				-				-				185,664,378
Accounts payable, non-current			685,605				-				-				685,605				2,534,836				-				-				2,534,836
CLP			685,605				-				-				685,605				2,523,733				-				-				2,523,733
ARS			-				-				-				-				11,103				-				-				11,103
Accounts payable related companies			-				-				-				-				380,465				-				-				380,465
BRL			-				-				-				-				380,465				-				-				380,465
Othe provisions, non-current			55,378,062				-				-				55,378,062				53,723,373				-				-				53,723,373
BRL			54,678,827				-				-				54,678,827				53,001,124				-				-				53,001,124
ARS			699,235				-				-				699,235				722,249				-				-				722,249
Deferred tax liabilities			218,670,687				2,624				-				218,673,311				224,967,885				-				-				224,967,885
CLP			104,804,980				2,624				-				104,807,604				102,389,788				-				-				102,389,788
BRL			58,278,145				-				-				58,278,145				60,256,153				-				-				60,256,153
ARS			35,139,065				-				-				35,139,065				43,461,030				-				-				43,461,030
PGY			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				-				-				20,160,468
CLP			22,336,827				-				-				22,336,827				19,338,456				-				-				19,338,456
ARS			-				-				-				-				18,574				-				-				18,574
PGY			786,467				-				-				786,467				803,438				-				-				803,438
Other non-financial liabilities			3,782,958				-				-				3,782,958				2,252,985				-				-				2,252,985
BRL			3,782,958				-				-				3,782,958				2,252,985				-				-				2,252,985
ARS			-				-				-				-
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				1,370,563,259
USD			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				1,021,007
UF			97,779,731				991,987				-				98,771,718				528,074,358				1,598,112				-				529,672,470
CLP			731,634,462				2,624				-				731,637,086				150,555,126				-				-				150,555,126
BRL			122,595,601				1,911,238				78,043				124,584,882				121,470,936				4,072,111				637,981				126,181,028
ARS			35,913,088				-				-				35,913,088				44,228,035				-				-				44,228,035
PGY			21,234,964				-				-				21,234,964				19,664,352				-				-				19,664,352
CHF			193,927,905				-				-				193,927,905				185,664,378				-				-				185,664,378

84

 

33 – ENVIRONMENT

The Company has made disbursements for industrial process improvements, industrial waste flow measurement equipment, laboratory analysis, environmental impact consulting, and other studies.

The breakdown of these disbursements by country is as follows:

		2025 period								Future commitments
		Charged to				Charged to				To be charged to				To be charged to
Countries		Expenses				fixed assets				expenses				fixed assets
		ThCh$				ThCh$				ThCh$				ThCh$
Chile			1,536,406				3,359,700				-				-
Argentina			2,421,737				-				-				-
Brazil			2,677,381				71,517				-				-
Paraguay			335,075				1,285,820				-				-
Total			6,970,599				4,717,037				-				-

34 – SUBSEQUENT EVENTS

No events have occurred since December 31, 2025 that could significantly affect the Company's consolidated financial position.

85

 

Appendix I

Additional Information Required by the Financial Market Commission (CMF) on Trade Accounts Payable.

This appendix forms an integral part of the Consolidated Financial Statements of Embotelladora Andina S.A. and subsidiaries.

Information as of December 31, 2025:

Suppliers paid on time
		Amounts according to payment terms																												Average
Type of supplier		up to 30 days				31-60				61-90				91-120				121-365				366 and more				Total ThCh$				payment period (days)
Products			130,436,793				29,809,709				6,172,795				2,626,849				-				-				169,046,146				30
Services			65,134,845				975,753				2,131,320				67,098				37,259				-				68,346,275				25
Other			45,214,481				-				-				-				-				-				45,214,481				13
Total ThCh$			240,786,119				30,785,462				8,304,115				2,693,947				37,259				-				282,606,902

Suppliers with overdue payments
		Amounts according to days overdue
Type of supplier		up to 30 days				31-60				61-90				91-120				121-180				181 and more				Total ThCh$
Products			23,892,054				1,945,909				196,668				128,926				449,511				1,819,474				28,432,542
Services			10,555,456				1,093,627				505,288				494,673				555,906				836,077				14,041,027
Other			-				-				-				557				21,761				7,042				29,360
Total ThCh$			34,447,510				3,039,536				701,956				624,156				1,027,178				2,662,593				42,502,929

Information as of December 31, 2024:

Suppliers paid on time
		Amounts according to payment terms																												Average
Type of supplier		up to 30 days				31-60				61-90				91-120				121-365				366 and more				Total ThCh$				payment period (days)
Products			132,747,468				26,397,816				4,564,846				2,820,420				12,069				-				166,542,619				31
Services			65,711,017				2,738,410				485,600				257,888				39,002				36,368				69,268,285				24
Other			54,930,012				-				-				-				-				-				54,930,012				30
Total ThCh$			253,388,497				29,136,226				5,050,446				3,078,308				51,071				36,368				290,740,916

Suppliers with overdue payments
		Amounts according to days overdue
Type of supplier		up to 30 days				31-60				61-90				91-120				121-180				181 and more				Total ThCh$
Products			14,507,153				1,808,400				415,469				42,427				557,547				1,484,733				18,815,729
Services			5,577,008				1,342,278				935,179				330,801				1,487,772				373,998				10,047,036
Other			1,211				-				-				-				-				134				1,345
Total ThCh$			20,085,372				3,150,678				1,350,648				373,228				2,045,319				1,858,865				28,864,110

86

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Santiago, Chile.

	EMBOTELLADORA ANDINA S.A.
	By:	/s/ Andrés Wainer
	Name:	Andrés Wainer
	Title:	Chief Financial Officer

Santiago, February 9, 2026

FAQ

How did Embotelladora Andina (AKO) perform financially in 2025 versus 2024?

Embotelladora Andina’s 2025 net sales rose to ThCh$3,344,835,851 from ThCh$3,224,233,005 and net income increased to ThCh$270,477,415 from ThCh$234,644,125. This reflects modest top-line growth with a stronger improvement in bottom-line profitability year over year.

What were Embotelladora Andina’s 2025 earnings per share for Series A and B?

In 2025, Embotelladora Andina reported basic and diluted earnings per Series A share of CLP 270.35 and per Series B share of CLP 297.38. Both figures increased from 2024, showing improved per-share profitability for holders of each share class.

What does the 2025 audit opinion say about Embotelladora Andina’s financial statements?

The independent auditor issued an unmodified opinion on Embotelladora Andina’s 2025 consolidated financial statements, stating they present fairly, in all material respects, the company’s financial position and performance in accordance with IFRS Accounting Standards issued by the IASB.

Why were goodwill and distribution rights a key audit matter for Embotelladora Andina?

Goodwill and indefinite-lived distribution rights totaled ThCh$137,128,318 and ThCh$674,766,128 at year-end 2025. Impairment testing involves significant judgment around discount rates, perpetual growth, and cash-flow forecasts, so auditors treated these valuations as a key audit matter and performed detailed sensitivity-focused procedures.

How did Embotelladora Andina’s balance sheet change in 2025?

Total assets increased to ThCh$3,420,405,418, supported by higher property, plant and equipment and intangibles. Equity grew to ThCh$1,196,553,848, while current liabilities declined versus 2024, leading to a stronger overall capital structure and higher net asset base.

What were Embotelladora Andina’s 2025 cash flows from operations and investing?

Cash flows from operating activities reached ThCh$461,127,402 in 2025, up from 2024, driven mainly by core beverage operations. Net cash used in investing activities was ThCh$(248,575,357), largely reflecting ThCh$277,822,215 of property, plant and equipment purchases to support the business.