Andina Bottling nine-month profit rises to CLP 198B

Andina's bottling agreements in Chile, Argentina and Brazil expire in 2027; renewal is at The Coca-Cola Company's sole discretion.

Available on EDGAR 11/04/2026 - 09:55 AM EST Accepted by SEC EDGAR 11/04/2026 - 09:55 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Andina Bottling Co Inc (AKO) reported ordinary revenue of CLP 2,675,064,501,000 for the nine months ended September 30, 2026, compared with CLP 2,393,158,584,000 for the same period in 2025. Net income was CLP 198,427,878,000, compared with CLP 168,746,694,000 a year earlier.

Operating cash flow was CLP 313,346,989,000 for the 2026 nine-month period versus CLP 246,705,608,000 in 2025; investing activities used CLP 233,591,361,000. As of September 30, 2026, total assets were CLP 3,779,654,932,000 and cash and cash equivalents were CLP 307,717,737,000.

The company’s Coca-Cola bottling agreements expire in Chile on February 1, 2027, in Argentina in September 2027, in Brazil in October 2027, and in Paraguay on March 1, 2028. The agreements are renewable at Andina’s request, at The Coca-Cola Company’s sole discretion.

3 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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Positive

• Moderate pointNine-month revenue was CLP 2,675,064,501,000 in 2026, versus CLP 2,393,158,584,000 in 2025.
• Moderate pointNine-month net income was CLP 198,427,878,000 in 2026, versus CLP 168,746,694,000 in 2025.
• Moderate pointNine-month operating cash flow was CLP 313,346,989,000 in 2026, versus CLP 246,705,608,000 in 2025.

Negative

• None.

Filing Explained

For the nine months ended September 30, 2026, financing activities used CLP 80,607,840 thousand in cash.

This filing furnishes Andina’s non-audited interim statements for September 30, 2026; at that date, the company reported CLP 1,312,905,875 thousand in noncurrent financial liabilities and CLP 48,528,991 thousand in current financial liabilities.

For the nine months ended September 30, 2026, the cash-flow statement records CLP 102,111,975 thousand in bond-issuance proceeds and CLP 153,160,475 thousand in dividend payments; net cash used in financing activities was CLP 80,607,840 thousand.

Key Figures

Ordinary revenue: CLP 2,675,064,501,000; CLP 2,393,158,584,000 Net income: CLP 198,427,878,000; CLP 168,746,694,000 Operating cash flow: CLP 313,346,989,000; CLP 246,705,608,000 +3 more

6 metrics

Ordinary revenue CLP 2,675,064,501,000; CLP 2,393,158,584,000 Nine months ended September 30, 2026; comparable period in 2025

Net income CLP 198,427,878,000; CLP 168,746,694,000 Nine months ended September 30, 2026; comparable period in 2025

Operating cash flow CLP 313,346,989,000; CLP 246,705,608,000 Nine months ended September 30, 2026; comparable period in 2025

Total assets CLP 3,779,654,932,000 As of September 30, 2026

Cash and cash equivalents CLP 307,717,737,000 As of September 30, 2026

Net cash used in investing activities CLP 233,591,361,000 outflow Nine months ended September 30, 2026

Key Terms

Operating Segments, hyperinflationary economies, expected credit losses, cash flow hedges, +1 more

5 terms

Operating Segments financial

"IFRS 8 “Operating Segments,”"

Operating segments are the separate business units or divisions within a company that earn revenue and have managers who make decisions about resources and performance, like individual shops inside a larger store. Investors use them to see which parts of a business drive profits, growth, or risk; clear segment information helps compare performance, spot strengths or weaknesses, and assess where future cash flow and capital will likely come from.

hyperinflationary economies financial

"IAS 29 “Financial Reporting in Hyperinflationary Economies”"

Hyperinflationary economies are countries where prices and the cost of goods and services rise extremely fast and the local currency loses value rapidly, so money buys much less over short periods. For investors this matters because company earnings, cash balances and investment returns can be wiped out by falling currency value and volatile prices, forcing special accounting adjustments and protective strategies—like needing a fast drain plug when a boat springs a leak.

expected credit losses financial

"provision for expected credit losses"

Expected credit losses are an accounting estimate of how much a lender or company expects to lose when borrowers or customers don’t fully pay what they owe, combining how likely nonpayment is with how big the loss would be. Investors care because these estimates determine how much a firm must set aside from earnings as a reserve, directly affecting reported profits, balance-sheet strength and perceptions of credit risk—like setting aside a rainy-day fund for unpaid bills.

cash flow hedges financial

"Gain (loss) on cash flow hedges"

A cash flow hedge is an accounting label companies use when they enter financial contracts—like currency or interest-rate agreements—to protect expected future cash payments or receipts from unpredictable moves. For investors, it signals that the company is trying to smooth out future cash variability (think of locking in a price to avoid surprises), which can reduce reported profit swings but also means the company has exposure to derivative instruments and their associated risks.

equity method financial

"investments accounted for using the equity method"

An equity method investment is an accounting approach used when a company owns enough of another business to influence its decisions but not control it (commonly around 20–50% ownership). Instead of counting only dividends, the investor records its share of the other company’s profits and losses on its own income statement and adjusts the investment’s value on the balance sheet—like tracking a friend’s joint project by noting your share of their gains or setbacks. For investors, this matters because it can significantly affect reported earnings, asset values, and the apparent strength of a company’s financial results.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much revenue did AKO report for the first nine months of 2026?

AKO reported ordinary revenue of CLP 2,675,064,501,000 for the nine months ended September 30, 2026, compared with CLP 2,393,158,584,000 for the same period in 2025. The statements present monetary amounts in thousands of Chilean pesos.

What was AKO's net income for the first nine months of 2026?

AKO reported net income of CLP 198,427,878,000 for the nine months ended September 30, 2026, compared with CLP 168,746,694,000 for the same period in 2025. The statements present monetary amounts in thousands of Chilean pesos.

When do AKO's Coca-Cola bottling agreements expire?

The Chile agreement expires February 1, 2027; the Argentina agreement expires in September 2027; the Brazil agreement expires in October 2027; and the Paraguay agreement expires March 1, 2028. The agreements are renewable at Andina's request and The Coca-Cola Company's sole discretion.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →

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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

September 2026

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 Interim Financial Statements

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Santiago, Chile

September 30, 2026 and December 31, 2025

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Interim Financial Statements

September 30, 2026 (non-audited) and December 31, 2025

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Interim Financial Statements

I.		Consolidated Interim Statements of Financial Position as of September 30, 2026 (non-audited) and December 31, 2025	1
II.		Consolidated Interim Statements of Income by Function (non-audited)	3
III.		Consolidated Interim Statements of Comprehensive (Loss) Income (non-audited)	4
IV.		Consolidated Interim Statements of Changes in Equity (non-audited)	5
V.		Consolidated Interim Statements of Direct Cash Flows (non-audited)	6
VI.		Notes to the Consolidated Interim Financial Statements

1 – Corporate Information	7
2 – Basis Of Presentation Of The Consolidated Financial Statements And Application Of Accounting Criteria	8
3 – Financial Reporting By Segment Reporting	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	60
19 – Other Provisions Current And Non-Current	60
20 – Other Non-Financial Liabilities	61
21 – Equity	61
22 – Derivative Assets And Liabilities	65
23 – Litigation And Contingencies	68
24 – Financial Risk Management	72
25 – Revenue From Ordinary Activities	76
26 – Expenses By Nature	76
27 – Other Income	76
28 – Other Expenses By Function	77
29 – Financial Income And Expenses	77
30 – Exchange Differences	77
31 – Local And Foreign Currency	78
32 – Environment (Non-Audited)	82
33 – Subsequent Events	82
Appendix I	83
Additional Information Required by the Financial Market Commission (CMF) on Suppliers and Other Accounts Payable

Consolidated Interim Financial Statements

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

September 30, 2026 and December 31, 2025

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Interim Statements of Financial Position

as of September 30, 2026 and December 31, 2025

ASSETS		NOTE		09.30.2026 (non-audited)				12.31.2025
				ThCh$				ThCh$
Current Assets
Cash and cash equivalents		4			307,717,737				296,539,709
Other financial assets		5			128,057,007				45,974,709
Other non-financial assets		6			24,677,449				15,985,896
Trade and other accounts receivable		7			293,242,963				339,778,498
Accounts receivable from related parties		12.1			11,459,976				15,299,187
Inventory		8			356,131,746				304,550,609
Tax assets		9			21,135,085				14,924,173
Total Current Assets					1,142,421,963				1,033,052,781
Non-Current Assets
Other financial assets		5			156,943,831				164,370,936
Other non-financial assets		6			82,698,887				82,913,107
Trade and other accounts receivable		7			153,550				187,644
Accounts receivable from related parties		12.1			7,251,007				8,000,924
Investments accounted for using the equity method		14			96,646,223				87,087,871
Intangible assets other than goodwill		15			794,789,396				719,489,720
Goodwill		16			162,366,720				137,128,318
Property, plant, and equipment		11			1,325,410,959				1,179,385,259
Deferred tax assets		10.2			10,972,396				8,788,858
Total Non-Current Assets					2,637,232,969				2,387,352,637
Total Assets					3,779,654,932				3,420,405,418

Notes 1 to 33 form an integral part of these Consolidated Financial Statements.

1 

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Interim Statements of Financial Position

as of September 30, 2026 and December 31, 2025

LIABILITIES AND EQUITY		NOTE		09.30.2026 (non-audited)				12.31.2025
				ThCh$				ThCh$
LIABILITIES
Current Liabilities
Other financial liabilities		17			48,528,991				62,418,990
Trade and other accounts payable		18			434,119,207				480,396,027
Accounts payable to related entities		12.2			114,799,623				102,102,553
Other provisions		19			3,466,795				2,433,147
Tax liabilities		9			8,360,584				14,207,862
Current provisions for employee benefits		13			62,017,097				68,363,971
Other non-financial liabilities		20			36,917,859				489,967
Total Current Liabilities					708,210,156				730,412,517
Non-Current Liabilities
Other financial liabilities		17			1,312,905,875				1,191,795,823
Trade and other accounts payable		18			262,602				685,605
Other provisions		19			65,047,208				55,378,062
Deferred tax liabilities		10.2			243,606,112				218,673,311
Non-current provisions for employee benefits		13			26,345,198				23,123,294
Other non-financial liabilities		20			4,433,283				3,782,958
Total Non-Current Liabilities					1,652,600,278				1,493,439,053
EQUITY
Issued capital		21			270,737,574				270,737,574
Retained earnings		21			1,248,660,752				1,169,458,993
Other reserves		21			(141,870,770	)			(282,797,770	)
Equity attributable to owners of the parent					1,377,527,556				1,157,398,797
Non-controlling interests					41,316,942				39,155,051
Total Equity					1,418,844,498				1,196,553,848
Total Liabilities and Equity					3,779,654,932				3,420,405,418

Notes 1 to 33 form an integral part of these Consolidated Financial Statements.

2 

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Interim Statements of Income by Function

For the periods ended September 30, 2026 and 2025

				01.01.2026				01.01.2025				07.01.2026				07.01.2025
		NOTE		09.30.2026 (non-audited)				09.30.2025 (non-audited)				09.30.2026 (non-audited)				09.30.2025 (non-audited)
					ThCh$				ThCh$				ThCh$				ThCh$
Ordinary revenue		25			2,675,064,501				2,393,158,584				896,608,824				800,361,409
Cost of sales		26			(1,616,640,761	)			(1,469,183,131	)			(552,402,185	)			(498,442,929	)
Gross Profit					1,058,423,740				923,975,453				344,206,639				301,918,480
Other income		27			933,355				10,077,890				385,418				5,614,721
Distribution expenses		26			(239,927,041	)			(215,582,338	)			(80,333,369	)			(70,827,010	)
Administrative expenses		26			(471,856,611	)			(408,146,272	)			(163,383,141	)			(139,162,611	)
Other expenses, by function		28			(22,361,299	)			(18,240,673	)			(7,258,055	)			(5,382,021	)
Other (losses) gains					-				-				-				-
Financial income		29			16,935,861				12,053,217				6,032,191				4,599,606
Financial costs		29			(52,644,194	)			(51,372,724	)			(18,968,586	)			(17,663,862	)
Share of profit (loss) of investments in associates and joint ventures accounted for using the equity method		14.3			3,655,652				1,134,515				1,828,209				(384,778	)
Foreign exchange differences		30			13,575,383				695,421				4,206,431				3,974,638
Gains (losses) on indexation units					(18,837,770	)			(4,057,265	)			(2,594,187	)			188,988
Net income before income taxes					287,897,076				250,537,224				84,121,550				82,876,151
Income tax expense		10.1			(89,469,198	)			(81,790,530	)			(22,657,272	)			(25,296,216	)
Net income					198,427,878				168,746,694				61,464,278				57,579,935
Net Income attributable to
Owners of the parent					197,164,439				168,384,268				61,481,810				57,178,363
Non-controlling interests					1,263,439				362,426				(17,532	)			401,572
Net Income					198,427,878				168,746,694				61,464,278				57,579,935
Basic and diluted earnings per share in ongoing operations					CLP				CLP				CLP				CLP
Earnings per Series A share		21.5			198.37				169.42				61.86				57.53
Earnings per Series B share		21.5			218.21				186.36				68.05				63.28

Notes 1 to 33 form an integral part of these Consolidated Financial Statements.

3 

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Interim Statements of Comprehensive Income

For the periods ended September 30, 2026 and 2025

		01.01.2026				01.01.2025				07.01.2026				07.01.2025
		09.30.2026				09.30.2025				09.30.2026				09.30.2025
		(non-audited)				(non-audited)				(non-audited)				(non-audited)
		ThCh$				ThCh$				ThCh$				ThCh$
Other Comprehensive Income:
Profit			198,427,878				168,746,694				61,464,278				57,579,935
Components of other comprehensive income, which will not be reclassified to net income for the period, before tax
Actuarial gains (losses) on defined benefit plans			(430,187	)			(341,384	)			120,412				(200,744	)
Components of other comprehensive income to be reclassified to net income for the period, before tax
Gain (loss) from exchange rate translation differences			179,061,600				30,092,813				90,893,023				42,326,331
Gain (loss) on cash flow hedges			5,165,723				(11,642,957	)			(11,352,664	)			(9,260,542	)
Income taxes related to components of other comprehensive income that will not be reclassified to net income for the period
Income tax related to defined benefit plans			116,151				92,174				(32,511	)			54,201
Income taxes related to components of other comprehensive income to be reclassified to net income for the period
Income taxes related to conversion exchange differences			(41,638,495	)			(3,731,118	)			(20,236,683	)			(4,213,072	)
Income tax related to cash flow hedges			(1,132,388	)			3,970,498				3,186,067				2,821,732
Other Comprehensive Income, Total			141,142,404				18,440,026				62,577,644				31,527,906
Comprehensive Income, Total			339,570,282				187,186,720				124,041,922				89,107,841
Comprehensive income attributable to:
Owners of the parent			338,091,439				186,400,909				124,600,554				87,847,782
Non-controlling interests			1,478,843				785,811				(558,632	)			1,260,059
Comprehensive Income, Total			339,570,282				187,186,720				124,041,922				89,107,841

Notes 1 to 33 form an integral part of these Consolidated Financial Statements.

4 

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Interim Statements of Changes in Equity

For the periods ended September 30, 2026 (non-audited) and 2025 (non-audited)

						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 parent				Non-controlling interests				Total Equity
			ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$
Opening balance 01.01.2026			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
Changes in equity
Comprehensive income
Profit			-				-				-				-				-				-				197,164,439				197,164,439				1,263,439				198,427,878
Other comprehensive income			-				137,219,801				4,025,564				(318,365)				-				140,927,000				-				140,927,000				215,404				141,142,404
Comprehensive income			-				137,219,801				4,025,564				(318,365)				-				140,927,000				197,164,439				338,091,439				1,478,843				339,570,282
Dividends			-				-				-				-				-				-				(188,343,812)				(188,343,812)				(688,062)				(189,031,874	)
Increase (decrease) due to other changes **			-				-				-				-				-				-				70,381,132				70,381,132				1,371,110				71,752,242
Total changes in equity			-				137,219,801				4,025,564				(318,365)				-				140,927,000				79,201,759				220,128,759				2,161,891				222,290,650
Ending balance 09.30.2026			270,737,574				(544,696,359)				(21,781,532)				(8,544,505)				433,151,626				(141,870,770)				1,248,660,752				1,377,527,556				41,316,942				1,418,844,498
						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 parent				Non-controlling interests				Total Equity
			ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$
Opening balance 01.01.2025			270,737,574				(599,259,259)				(11,879,833)				(8,087,069)				433,151,626				(186,074,535)				891,746,153				976,409,192				37,987,828				1,014,397,020
Adjustment for 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
Profit			-				-				-				-				-				-				168,384,268				168,384,268				362,426				168,746,694
Other comprehensive income			-				25,908,828				(7,660,712)				(231,475)				-				18,016,641				-				18,016,641				423,385				18,440,026
Comprehensive income			-				25,908,828				(7,660,712)				(231,475)				-				18,016,641				168,384,268				186,400,909				785,811				187,186,720
Dividends			-				-				-				-				-								(34,786,456)				(34,786,456)				-				(34,786,456	)
Increase (decrease) due to other changes **			-				-				-				-				-								50,858,430				50,858,430				(630,314)				50,228,116
Total changes in equity			-				25,908,828				(7,660,712)				(231,475)				-				18,016,641				184,456,242				202,472,883				155,497				202,628,380
Ending balance 09.30.2025			270,737,574				(616,713,300)				(19,540,545)				(8,318,544)				433,151,626				(211,420,763)				1,076,202,395				1,135,519,206				38,135,793				1,173,654,999

*Corresponds to the impact of applying the Amendments to IAS 21—Non-Convertibility (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 33 form an integral part of these Consolidated Financial Statements.

5 

EMBOTELLADORA ANDINA S.A. AND SUBSIDIARIES

Consolidated Direct Cash Flow Interim Statements

For the periods ended September 30, 2026 and 2025

				01.01.2026				01.01.2025
Cash flows from (used in) operating activities		NOTE		09.30.2026				09.30.2025
				(non-audited)				(non-audited)
Cash flows provided by Operating Activities				ThCh$				ThCh$
Receipts from the sale of goods and the rendering of services (including withholding taxes)					3,589,651,813				3,245,367,054
Payments for Operating Activities
Payments to suppliers for goods and services (including withholding taxes)					(2,450,837,395	)			(2,227,137,784	)
Payments to and on behalf of employees					(286,834,980	)			(259,227,094	)
Other payments for operating activities (value-added taxes and similar taxes)					(393,489,380	)			(379,504,391	)
Dividends received					1,002,029				2,694,175
Interest payments					(53,568,885	)			(55,085,308	)
Interest received					7,123,057				4,806,866
Income tax payments					(91,900,645	)			(76,535,420	)
Other cash outflows (tax on bank debits Argentina and others)					(7,798,625	)			(8,672,490	)
Cash flows provided by (used in) Operating Activities					313,346,989				246,705,608
Cash flows provided by (used in) Investing Activities
Proceeds from sale of Property, plant and equipment					50,406				160,000
Purchase of Property, plant and equipment					(156,985,913	)			(192,634,783	)
Purchase of intangible assets					(110,496	)			-
Proceeds from futures, forward, option and swap contracts					-				-
Proceeds from the sale (purchase) of current financial assets					(76,580,537	)			72,785,812
Other cash inflows (outflows)					35,179				(1,385,793	)
Net cash flows used in investing activities					(233,591,361	)			(121,074,764	)
Cash flows from (used in) financing activities
Proceeds from changes in ownership interests in subsidiaries					-				-
Proceeds (payments) from short-term loans					374,886				122,049,812
Loan payments					(98,281	)			(50,481,308	)
Lease liability payments					(13,543,123	)			(11,250,072	)
Dividend payments by the reporting entity					(153,160,475	)			(140,973,626	)
Issuance of bonds					102,111,975				-
Payment of principal installments on bonds					(12,584,038	)			(11,721,443	)
Collections (payments) on derivative instruments related to bonds					(3,708,784	)			(4,222,531	)
Net cash flows (used in) generated by Financing Activities					(80,607,840	)			(96,599,168	)
Net increase in cash and cash equivalents before exchange differences					(852,212	)			29,031,676
Effects of exchange differences on cash and cash equivalents					15,482,885				6,930,578
Effects of inflation in cash and cash equivalents in Argentina					(3,452,645	)			(2,033,486	)
Net increase (decrease) in cash and cash equivalents					11,178,028				33,928,768
Cash and cash equivalents – beginning of period		4			296,539,709				248,899,004
Cash and cash equivalents - end of period		4			307,717,737				282,827,772

Notes 1 to 33 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 Avenida 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 shares have been 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 of Aysén del General Carlos Ibáñez del Campo; the XII Region of Magallanes; and the 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 expires on February 1, 2027; 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 October 27, 2026.

7 

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 Interim Financial Statements for September 30, 2026 and December 31, 2025, have been prepared in accordance with International Accounting Standard No. 34 (IAS 34), incorporated into the International Financial Reporting Standards (hereinafter “IFRS”) issued by the International Accounting Standards Board (hereinafter “IASB”).

These Consolidated Interim 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 Interim Statements reflect the consolidated financial position of Embotelladora Andina S.A. and its Subsidiaries as of September 30, 2026 and December 31, 2025 and the results of operations for the periods from January 1 to September 30, 2026 and 2025, together with the statements of changes in equity and cash flows for the same periods.

These Consolidated Interim 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 S.A. 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 acquisition cost is the fair value of the assets acquired, equity instruments issued and liabilities incurred or assumed at the exchange date, plus costs directly attributable to the acquisition. Identifiable assets acquired and identifiable liabilities and contingencies assumed in a business combination are measured at their fair values at the acquisition date. The excess of the acquisition cost plus the non-controlling interest over the fair value of the identifiable net assets acquired is recognized as goodwill. If the acquisition cost 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 interim financial statements include all assets, liabilities, income, expenses, and cash flows of the Company and its subsidiaries after eliminating balances and transactions among the Group’s entities. The subsidiary companies included in the consolidation are the following:

				Ownership interest (%)
				09.30.2026									12.31.2025
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			99.07			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
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			50.00			65.0			15.0			50.00			65.0

* Red de Transportes Comerciales Ltda. ceased its business activities. In 2025, its operations were absorbed by Embotelladora Andina S.A. effective May 9.

2.3 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. From the acquisition date, the investment in the statement of financial position is recorded by the proportion of its total equity representing the Group’s interest, adjusted, where appropriate, for the effect of transactions with the Group, plus any goodwill arising on 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 “Share of profit (loss) of associates accounted for using 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. Accounting policies of the associates are changed, where necessary, to ensure conformity with the policies adopted by the Group and unrealized profits and losses 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.

9 

 

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 their 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 Group 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 settlement or translation 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).

10 

 

Functional currency in hyperinflationary economies

Since July 2018, Argentina’s economy has been considered hyperinflationary, according to the criteria established in the International Accounting Standard No. 29 “Financial Reporting 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 deemed 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 translated at the closing exchange rate (ARS/CLP) at the date of presentation of these financial statements, in accordance with IAS 21 "The Effects of Changes in Foreign Exchange Rates", 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 September 2026 and January to December 2025 amounted to 23.53% and 30.56%, 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.

· Amounts in the statement of cash flows are also translated at the average exchange rate 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 Reporting in Hyperinflationary Economies, and subsequently converted to Chilean pesos as follows:

· The statement of financial position 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			PYG
09.30.2026			972.60			187.72			0.64			0.167
12.31.2025			907.13			164.86			0.62			0.138
09.30.2025			962.39			180.95			0.70			0.137

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			PYG
09.30.2026			905.96			176.09			0.145
09.30.2025			956.37			169.33			0.123

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

12 

 

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 includes 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 qualifying 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 by allocating their acquisition cost less estimated residual value over the estimated useful life of each asset.

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 income, 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 capitalized for the periods presented.

13 

 

As of September 30, 2026 and December 31, 2025, 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, 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 September 30, 2026 and December 31, 2025. 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 September 30, 2026 and December 31, 2025, 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 reporting periods.

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, that 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.

14 

 

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; Northern Zone (Antofagasta, Atacama and Coquimbo), Metropolitan Area, Central Zone (San Antonio and Cachapoal) and Far Southern Zone (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: States 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);

· Investment in the associate Leão Alimentos e Bebidas Ltda.;

· AdeS Paraguay

15 

 

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.

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
Argentina		21.3%
Chile		7.7%
Brazil		15.8%
Paraguay		12.6%

b) Other assumptions

The financial projections used to determine the present net present 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.

16 

 

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.

Based on our ongoing monitoring of cash flows from the various cash-generating units, as of the end of the quarter, we have not identified any signs of impairment requiring us to run our models to determine a material change since the end of 2025.

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 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.

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A financial asset (or, where applicable, a portion of a financial asset or a portion of a group of similar financial assets) is initially derecognized (i.e., removed from 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 derecognized 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 the derecognition of the original liability and the recognition of the new obligation. The difference in the respective carrying amounts is recognized in the statement of income.

2.9.3 Offsetting financial instruments

Financial assets and financial liabilities are offset, with the corresponding net amount presented in the statement of financial position, if:

- There is currently a legally enforceable right to offset the amounts recognized, and

- It is intended to settle them for the net amount or to realize the assets and settle the liabilities simultaneously.

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2.10 Derivative financial instruments and hedging activities

The Company and its subsidiaries use derivative financial instruments to mitigate foreign exchange risk and risks relating to raw material prices and bank borrowings. 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 instruments designated as cash flow hedges

At the inception of the transaction, the Company documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Company 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 is immediately recognized in the income statement under "Other gains 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.

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 principal market for the asset or liability, or

- In the absence of a main market, in the most advantageous market for the transaction of those assets or liabilities.

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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.

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.

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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.

2.17 Leases

In accordance with IFRS 16 “Leases” Embotelladora Andina S.A. 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.

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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.

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.

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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 S.A. 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. 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.

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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.

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.

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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.

2.23 New Standards, Interpretations and Amendments to IFRS

2.23.1 Mandatory standards, interpretations and amendments for the first time for fiscal years beginning on January 1, 2026.

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;

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· 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 Standards – Volume 11. Published in July 2024, these amendments are part of the Annual Improvements to IFRS Accounting Standards. Annual improvements are limited to amendments intended to clarify the wording of an Accounting Standard or to correct minor unintended consequences, omissions, or inconsistencies among the requirements of the IFRS Accounting Standards. The 2024 list of amended Accounting Standards, together with the associated guidance, includes the following:

· IFRS 1 First-time Adoption of International Financial Reporting Standards.

· IFRS 7 Financial Instruments: Disclosures.

· IFRS 9 Financial Instruments.

· IFRS 10 Consolidated Financial Statements.

· IAS 7 Statement of Cash Flows.

Amendment to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity. Published in December 2024. These amendments modify the requirements regarding the “own use” criterion and hedge accounting set forth in IFRS 9, and incorporate specific disclosure requirements in IFRS 7. The amendments apply only to contracts that expose the entity to variability in the underlying amount of electricity because the source of its generation depends on uncontrollable natural conditions (such as weather conditions). These contracts are referred to as “contracts referencing electricity dependent on natural conditions.”

The adoption of the amendments described above does not have a significant impact on the Company’s interim consolidated financial statements.

Amendments to IAS 21— Lack of Exchangeability. Published in August 2023, this amendment applies to an entity that has a transaction or operation in a foreign currency that is not exchangeable into another currency for a specified purpose as of the measurement date. A currency is exchangeable into another currency when it is possible to obtain the other currency (within a normal administrative delay), and the transaction is carried out through a market or exchange mechanism that creates enforceable rights and obligations. The amendment establishes the guidance to be applied in determining the exchange rate to be used when a currency is not exchangeable under the circumstances described above.

The consolidated interim financial statements of Embotelladora Andina S.A. as of September 30, 2025, incorporate the changes resulting from the initial application of the amendments to IAS 21— Lack of Exchangeability.

On April 14, 2025, as part of a new economic plan, the Central Bank of the Argentine Republic (BCRA) announced the lifting of foreign exchange controls.

The elimination of these restrictions on the purchase of foreign currency resulted in greater transparency in the determination of exchange rates and facilitated convergence toward a unified exchange rate. This led to a devaluation of the official exchange rate and a reduction in the exchange rate known as the contado con liquidación (CCL), bringing the two rates closer together.

In accordance with IAS 21— Lack of Exchangeability, from January 1, 2025, through the date on which the foreign exchange controls were lifted, the income statements and statements of financial position of the subsidiaries in Argentina, whose functional currency is the Argentine peso, were translated into the reporting currency using the exchange rate corresponding to the contado con liquidación (CCL).

The effects of the exchange rates used to translate the functional currency (Argentine pesos) into the reporting currency (Chilean pesos) are as follows:

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1. As of September 30, 2025, the translation of the equity accounts in Argentina was performed using an exchange rate of CLP 0.70, calculated based on the CLP/USD exchange rate of CLP 962.38 and the Free Foreign Exchange Market (MLC) USD exchange rate of ARS 1,380.0, published on September 30, 2025, on the website of Banco de la Nación Argentina (BNA). For additional information regarding translation into the reporting currency, see Note 2.5.2.

2. For purposes of the initial adjustment (i.e., determining the adjustment as of January 1, 2025), for which the impact was recognized exclusively in the Company's equity, an exchange rate of CLP 0.84 was used, calculated by dividing the CLP/USD exchange rate of CLP 996.46 as of December 31, 2024, by the CCL exchange rate of ARS 1,186.93.

The effect of applying these exchange rates in translating the equity accounts from the functional currency (ARS) into the reporting currency (CLP) amounted to ThCh$43,370,401.

Conversion of equity as of January 1, 2025		CLP/USD				ARS/USD				Exchange Rate				Equity in ARS as of December 31, 2024				Converted Equity (ThCh$)
Official exchange rate			996.46				1,032.00				0.97				344,114,442,067				332,263,829
CCL exchange rate as of January 1			996.46				1,186.93				0.84				344,114,442,067				288,893,428
Difference arising from the translation of opening equity as of January 1, 2025																			43,370,401

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

IFRS 18 Presentation and Disclosure in Financial Statements. Published in April 2024, with mandatory adoption for fiscal years beginning on or after January 1, 2027.

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:

· 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.

IFRS 19 Subsidiaries without public accountability. This new standard and the associated amendments operate in conjunction with the other IFRS Accounting Standards. An eligible subsidiary applies the requirements set out in the other IFRS Accounting Standards, except for the disclosure requirements, applying instead the reduced disclosure requirements set out in IFRS 19. The reduced disclosure requirements of IFRS 19 seek to balance the information needs of users of the financial statements of eligible subsidiaries with cost savings for preparers. The application of IFRS 19 is voluntary for subsidiaries that meet the eligibility criteria.

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A subsidiary is considered eligible when it:

· Has no public accountability; and

· It has an ultimate or intermediate parent that prepares consolidated financial statements available for public use in accordance with IFRS Accounting Standards.

Amendments to IFRS 19, “Subsidiaries without Public Accountability: Disclosures.” In developing the condensed disclosure requirements included in IFRS 19, the IASB considered the disclosure requirements contained in the IFRS Accounting Standards in effect as of February 28, 2021. Consequently, at the time IFRS 19 was issued, it did not include reduced versions of the disclosure requirements incorporated or amended after that date. Subsequently, the IASB issued these amendments with the aim of supporting eligible subsidiaries by reducing the disclosure requirements corresponding to standards and amendments issued between February 2021 and May 2024, specifically:

· IFRS 18, Presentation and Disclosure in Financial Statements;

· Supplier Finance Arrangements (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).

Going forward, IFRS 19 will be amended simultaneously with the issuance or revision of other IFRS Accounting Standards by the IASB.

IFRS 20—Regulatory Assets and Regulatory Liabilities. Published in May 2025, this is a new Accounting Standard for entities subject to a specified type of rate regulation. Its objective is to help investors better understand how such rate regulation affects an entity’s financial performance, financial position, and prospects for future cash flows.

Amendments to IAS 21—Translation into a Hyperinflationary Presentation Currency, published in November 2025. These limited-scope amendments specify the translation procedures applicable to an entity whose presentation currency is that of a hyperinflationary economy. An entity applies these amendments when:

· Its functional currency is that of a non-hyperinflationary economy and it is translating its results and financial position into the currency of a hyperinflationary economy; or

· It is translating the results and financial position of a foreign operation whose functional currency is that of a non-hyperinflationary economy into the currency of a hyperinflationary economy.

The amendments are intended to improve the usefulness and comparability of the resulting financial information by reducing the diversity observed in practice.

Amendment to IAS 28 —The amendment clarifies which investments in associates and joint ventures an entity may measure using the fair value option in IAS 28, Investments in Associates and Joint Ventures, aligning the use of this option with the new requirements for the classification of income and expenses in the statement of profit or loss introduced by IFRS 18. The amendments have a limited scope, addressing only the specific concerns identified by interested parties without changing current practice or creating unintended consequences in other IFRS Accounting Standards.

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.

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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 REPORTING

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 measure and assess the performance of operating segments based on the operating income of each of the countries where licenses are held.

Operating segments are reported consistently with the internal reports provided to the chief strategic decision-maker. This decision-maker has been identified as the Company’s Board of Directors, which makes 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 revenues associated with Corporate Management have been allocated to the Chilean operation within the soft drinks segment, as Chile is the jurisdiction that manages and incurs corporate expenses, the majority of which would continue to be incurred even if the foreign subsidiaries did not exist. It should be noted that certain corporate expenses, primarily related to technology services, are recharged quarterly to the foreign subsidiaries that benefit from those services. These recharges are recognized as revenue in Chile and as an expense by the segment and subsidiary receiving the services.

Total revenues by segment include sales to unrelated customers and inter-segment sales, 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 September 30, 2026		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			975,172,774				632,691,739				808,860,153				265,849,202				(7,509,367	)			2,675,064,501
Cost of sales			(638,688,072	)			(341,923,600	)			(491,200,914	)			(152,337,542	)			7,509,367				(1,616,640,761	)
Distribution costs			(80,275,096	)			(82,459,625	)			(60,582,288	)			(16,610,032	)			-				(239,927,041	)
Administrative expenses			(171,366,110	)			(142,071,426	)			(120,495,596	)			(37,923,479	)			-				(471,856,611	)
Financial income			7,029,165				1,900,781				7,218,570				787,345				-				16,935,861
Financial costs			(26,595,396	)			(2,990,734	)			(23,058,064	)			-				-				(52,644,194	)
Share of entity in income of associates accounted for using the equity method, total			(204,007	)			-				3,859,659				-				-				3,655,652
Income tax expense			(24,432,079	)			(21,890,399	)			(36,220,685	)			(6,926,035	)			-				(89,469,198	)
Other income (expenses)			(8,329,565	)			(8,043,934	)			(11,975,931	)			1,659,099				-				(26,690,331	)
Net income reported by segment			32,311,614				35,212,802				76,404,904				54,498,558				-				198,427,878
Depreciation and amortization			49,149,843				40,025,104				38,447,329				14,669,966				-				142,292,242
Current assets			636,550,555				140,617,964				264,137,129				101,116,315				-				1,142,421,963
Non-current assets			903,412,917				399,664,648				924,374,424				409,780,980				-				2,637,232,969
Total assets by segment			1,539,963,472				540,282,612				1,188,511,553				510,897,295				-				3,779,654,932
Carrying amount of associates and joint ventures accounted for using the equity method, total			45,323,151				-				51,323,072				-				-				96,646,223
Expenditures on non-monetary assets of the segment			58,816,846				32,184,771				54,925,871				11,058,425				-				156,985,913
Current Liabilities			270,997,732				109,828,394				264,777,381				62,606,649				-				708,210,156
Non-current liabilities			1,028,182,459				47,663,943				551,177,233				25,576,643				-				1,652,600,278
Total Liabilities by Segment			1,299,180,191				157,492,337				815,954,614				88,183,292				-				2,360,810,434
Cash flows from (used in) operating activities			210,494,127				34,406,504				50,478,111				17,968,247				-				313,346,989
Cash flows from (used in) investing activities			(121,354,076	)			(32,182,502	)			(68,885,862	)			(11,168,921	)			-				(233,591,361	)
Cash flows from (used in) financing activities			(72,340,172	)			(1,788,631	)			(4,332,396	)			(2,146,641	)			-				(80,607,840	)

30 

 

For the period ended September 30, 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			942,318,753				545,310,417				697,096,242				214,953,784				(6,520,612	)			2,393,158,584
Cost of sales			(629,151,120	)			(297,836,095	)			(424,427,808	)			(124,536,220	)			6,768,112				(1,469,183,131	)
Distribution costs			(76,625,870	)			(71,585,888	)			(55,679,448	)			(11,691,132	)			-				(215,582,338	)
Administrative expenses			(161,746,055	)			(119,990,797	)			(96,331,536	)			(30,077,884	)			-				(408,146,272	)
Financial income			3,503,737				865,894				6,844,153				839,433				-				12,053,217
Financial costs			(27,626,445	)			(3,595,125	)			(20,151,154	)			-				-				(51,372,724	)
Share of entity in income of associates accounted for using the equity method, total			(723,913	)			-				1,858,428				-				-				1,134,515
Income tax expense			(23,818,578	)			(18,499,190	)			(34,285,809	)			(5,186,953	)			-				(81,790,530	)
Other income (expenses)			(11,868,393	)			(4,131,385	)			2,623,891				1,851,260				-				(11,524,627	)
Net income reported by segment			14,262,116				30,537,831				77,546,959				46,152,288				247,500				168,746,694
Depreciation and amortization			44,045,512				33,473,081				29,687,608				11,032,961				(247,500	)			117,991,662
Current assets			486,381,846				130,847,231				276,536,327				65,116,613				-				958,882,017
Non-current assets			887,100,093				331,339,079				873,651,239				333,513,329				-				2,425,603,740
Total assets by segment			1,373,481,939				462,186,310				1,150,187,566				398,629,942				-				3,384,485,757
Carrying amount of associates and joint ventures accounted for using the equity method, total			45,912,486				-				43,476,585				-				-				89,389,071
Expenditures on non-monetary assets of the segment			52,443,313				24,251,838				92,097,498				23,842,134				-				192,634,783
Current liabilities			301,928,646				104,845,821				239,865,658				52,834,861				-				699,474,986
Non-current liabilities			995,403,089				39,513,408				455,246,373				21,192,902				-				1,511,355,772
Total liabilities by segment			1,297,331,735				144,359,229				695,112,031				74,027,763				-				2,210,830,758
Cash flows from (used in) operating activities			136,064,401				46,198,502				61,544,555				2,898,150				-				246,705,608
Cash flows from (used in) investing activities			(12,485,478	)			(24,250,542	)			(60,496,610	)			(23,842,134	)			-				(121,074,764	)
Cash flows from (used in) financing activities			(67,605,877	)			(25,571,644	)			(2,587,742	)			(833,905	)			-				(96,599,168	)

31 

 

4 – CASH AND CASH EQUIVALENTS

The composition of cash and cash equivalents is as follows:

By item		09.30.2026				12.31.2025
		ThCh$				ThCh$
Cash on hand			717,429				287,408
Bank balances			187,741,928				156,192,975
Other fixed-income instruments			119,258,380				140,059,326
Cash and cash equivalents			307,717,737				296,539,709

Other fixed-income instruments consist primarily of investments in short-term, high-credit-rated instruments, such as time deposits and mutual funds, which are highly liquid, have negligible risk of change in value, and can be readily converted into known amounts of cash.

By currency		09.30.2026				12.31.2025
		ThCh$				ThCh$
USD			23,614,894				21,353,466
EUR			437,542				352,273
ARS			7,115,837				11,629,118
CLP			212,109,949				191,155,122
PYG			34,397,527				24,604,036
BRL			30,041,988				47,445,694
Cash and cash equivalents			307,717,737				296,539,709

5 – OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS

Other financial assets are made up of the following:

		Current								Non-current
Other financial assets		09.30.2026				12.31.2025				09.30.2026				12.31.2025
		ThCh$				ThCh$				ThCh$				ThCh$
Financial assets (1)			123,109,273				45,317,232				2,827,711				2,903,350
Financial assets at fair value (2)			4,947,734				657,477				130,625,716				142,975,857
Other financial assets (3)			-				-				23,490,404				18,491,729
Total			128,057,007				45,974,709				156,943,831				164,370,936

(1) Financial instruments that do not meet the definition of cash equivalents pursuant to Note 2.13.

(2) Market value of hedging instruments. See details in Note 22.

(3) Correspond to the interests in the Argentine company Alimentos de Soya S.A., which manufactures “AdeS” products, acquired as part of the purchase of the “AdeS” brand managed by The Coca-Cola Company at the end of 2016.

32 

 

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		09.30.2026				12.31.2025				09.30.2026				12.31.2025
		ThCh$				ThCh$				ThCh$				ThCh$
Prepaid expenses			16,587,486				9,086,673				880,291				934,715
Tax credit remainder (1) (2)			-				109,096				48,979,801				53,015,476
Judicial deposits			-				-				18,015,590				15,149,522
Other (3)			8,089,963				6,790,127				14,823,205				13,813,394
Total			24,677,449				15,985,896				82,698,887				82,913,107

(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 described 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 required 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 thousand, of which BRL 80,177 thousand correspond to principal and BRL 82,411 thousand 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 thousand was recorded. The value of PIS and Cofins recorded was BRL 7,623 thousand.

At the closing date of these financial statements, the amount to be transferred to the former shareholders of Ipiranga is ThCh$ 27,193,682 or BRL 144,863 thousand (ThCh$ 23,882,114 or BRL 144,863 thousand at December 31, 2025). 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 ThCh$ 18,405,587 or BRL 98,044 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		09.30.2026				12.31.2025				09.30.2026				12.31.2025
		ThCh$				ThCh$				ThCh$				ThCh$
Trade accounts receivable			244,819,635				287,812,236				129,223				132,362
Other debtors			43,701,223				45,776,284				-				39,557
Other accounts receivable			4,722,105				6,189,978				24,327				15,725
Total			293,242,963				339,778,498				153,550				187,644

		Current								Non-current
Trade and other receivables, gross		09.30.2026				12.31.2025				09.30.2026				12.31.2025
		ThCh$				ThCh$				ThCh$				ThCh$
Trade debtors			250,678,612				292,740,521				129,223				132,362
Other debtors			44,076,528				46,151,589				-				39,557
Other accounts receivable			5,323,288				6,470,828				24,327				15,725
Total			300,078,428				345,362,938				153,550				187,644

The stratification of the portfolio for current and non-current trade accounts receivable, without impairment impact, is as follows:

		09.30.2026				12.31.2025
		ThCh$				ThCh$
Less than one month old			245,372,866				283,967,276
Between one and three months old			800,218				2,159,167
Between three and six months old			344,041				724,075
Between six and eight months old			3,999,928				5,669,012
Over eight months old			290,782				353,353
Total			250,807,835				292,872,883

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:

		09.30.2026
		Credit amount				Impairment provision				Percentage %
		ThCh$				ThCh$
Less than one month old			245,372,866				(1,570,825	)			0.64	%
Between one and three months old			800,218				(360,804	)			45.09	%
Between three and six months old			344,041				(117,420	)			34.13	%
Between six and eight months old			3,999,928				(3,549,530	)			88.74	%
Over eight months old			290,782				(260,398	)			89.55	%
Total			250,807,835				(5,858,977	)

34 

 

		12.31.2025
		Credit amount				Impairment provision				Percentage %
		ThCh$				ThCh$
Less than one month old			283,967,276				(965,427	)			0.34	%
Between one and three months old			2,159,167				(592,660	)			27.45	%
Between three and six months old			724,075				(454,199	)			62.73	%
Between six and eight months old			5,669,012				(2,590,039	)			45.69	%
Over eight months old			353,353				(325,960	)			92.25	%
Total			292,872,883				(4,928,285	)

The movement in the allowance for expected credit losses is presented below:

		09.30.2026				12.31.2025
		ThCh$				ThCh$
Opening balance			4,928,285				4,412,999
Increase (decrease)			1,042,172				1,135,744
Reversal of provision			(421,480	)			(569,535	)
Increase (decrease) due to foreign currency changes			310,000				(50,923	)
Subtotal movements			930,692				515,286
Final balance			5,858,977				4,928,285

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		09.30.2026				12.31.2025
		ThCh$				ThCh$
Raw materials (1)			152,772,702				127,485,242
Finished products			149,921,841				128,636,733
Spare parts and other production supplies			42,486,710				39,602,883
Work in progress			983,606				266,951
Other Inventories			14,527,078				13,085,031
Obsolescence provision (2)			(4,560,191	)			(4,526,231	)
Total			356,131,746				304,550,609

The cost of inventories recognized as cost of sales as of September 30, 2026 and 2025 amounts to ThCh$ 1,257,963,362 and ThCh$ 1,181,144,574 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		09.30.2026				12.31.2025
		ThCh$				ThCh$
Provisional monthly payments			1,571,205				1,569,017
Income tax offsetting			-				-
Tax credits			17,490,682				11,402,508
Taxes recoverable from previous years			1,624				18,068
Tax credit surplus			2,071,574				1,934,580
Other taxes recoverable			-				-
Total			21,135,085				14,924,173

The composition of current tax accounts payable is the following:

		Current
Tax liabilities		09.30.2026				12.31.2025
		ThCh$				ThCh$
Income tax			8,360,584				14,207,862
Other			-				-
Total			8,360,584				14,207,862

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		09.30.2026				09.30.2025
		ThCh$				ThCh$
Current tax expense			(80,037,272	)			(75,285,728	)
Adjustment to current tax relating to a prior period			291,617				(183,631	)
Tax expense from withholding taxes on foreign subsidiaries			(7,666,030	)			(173,976	)
Other current tax expense (income)			-				-
Current tax expense			(87,411,685	)			(75,643,335	)
Expenses (income) from the creation and reversal of temporary differences for deferred taxes and other items			(2,057,513	)			(6,147,195	)
Expenses (income) from deferred taxes			(2,057,513	)			(6,147,195	)
Income tax expense			(89,469,198	)			(81,790,530	)

36 

 

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

Income taxes		09.30.2026				09.30.2025
		ThCh$				ThCh$
Current taxes
Foreign			(62,603,516	)			(52,277,500	)
Domestic			(24,808,169	)			(23,365,835	)
Current tax expense			(87,411,685	)			(75,643,335	)
Deferred taxes
Foreign			(2,433,604	)			(5,694,451	)
Domestic			376,091				(452,744	)
Deferred tax expense			(2,057,513	)			(6,147,195	)
Income tax expense			(89,469,198	)			(81,790,530	)

The reconciliation of tax expense using the statutory rate with tax expense using the effective rate is as follows:

Reconciliation of effective tax rate		09.30.2026				09.30.2025
		ThCh$				ThCh$
Income before taxes			287,897,076				250,537,224
Income tax expense using the statutory rate (27.0%)			(77,732,211	)			(67,645,050	)
Effect of tax rates in other jurisdictions			(2,009,866	)			(4,086,645	)
Permanent differences:
Expense for withholding tax on foreign dividends and other non-taxable income			(9,128,727	)			(10,025,896	)
Non-tax-deductible expenses			(3,136,212	)			(3,046,779	)
Tax effect of tax overprovision in prior periods			900,782				2,483,336
Effect of tax-related monetary correction for Chilean corporations			(2,766,159	)			(2,758,315	)
Withholding tax expense on foreign subsidiaries and other statutory tax charges and credits			4,403,194				3,288,819
Adjustments to income tax expense			(9,727,122	)			(10,058,835	)
Income tax expense using the effective tax rate			(89,469,199	)			(81,790,530	)
Effective tax rate			31.1	%			32.6	%

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

			Rates
Country			2026				2025
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:

			09.30.2026								12.31.2025
Temporary differences			Assets				Liabilities				Assets				Liabilities
			ThCh$				ThCh$				ThCh$				ThCh$
Property, plant, and equipment			2,784,176				(64,579,807	)			2,321,972				(58,716,442	)
Obsolescence allowance			1,518,968				-				1,471,678				-
ICMS Exclusion Credit			-				(7,094,289	)			-				(8,715,853	)
Employee Benefits			5,461,871				-				7,334,254				-
Provision for severance pay			3,474,787				-				3,016,001				-
Tax losses (1)			5,100,162				-				4,079,365				-
Tax goodwill in Brazil (2)			-				(16,352,879	)			-				(14,360,929	)
Provision for contingencies			33,441,756				-				27,609,103				-
Foreign exchange difference (3)			-				(8,096,240	)			-				(1,837,609	)
Allowance for doubtful accounts			1,425,550				-				1,136,600				-
Coca-Cola Incentives (Argentina)			-				-				366,718				-
Assets and liabilities arising from the issuance of bonds			-				(428,344	)			-				(464,794	)
Financial Expense			-				(2,360,816	)			-				(2,403,056	)
Lease liabilities			2,671,839				-				2,819,956				-
Inventories			1,683,312				-				1,447,980				-
Distribution rights (4)			-				(170,257,788	)			-				(158,144,238	)
Hedge derivatives			85,599				-				-				-
Prepaid revenue			1,044,068				(80,703	)			1,629,993				-
Spare parts			-				(11,331,727	)			-				(9,711,255	)
Intangibles			96,780				(10,235,822	)			89,070				(8,311,742	)
Others			3,550,115				(4,154,284	)			3,779,770				(4,320,995	)
Subtotal			62,338,983				(294,972,699	)			57,102,460				(266,986,913	)
Offsetting of deferred tax assets/(liabilities)			(51,366,587	)			51,366,587				(48,313,602	)			48,313,602
Total net assets and liabilities			10,972,396				(243,606,112	)			8,788,858				(218,673,311	)

(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 subsidiaries Embotelladora del Atlántico S.A. and Rio de Janeiro Refrescos Ltda.

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

The movements in deferred tax accounts are as follows:

Movement		09.30.2026				12.31.2025
			ThCh$				ThCh$
Opening balance			(209,884,453	)			(217,886,336	)
Increase (decrease) due to deferred taxes			(9,641,841	)			(9,212,483	)
Increase (decrease) due to foreign currency fluctuations (*)			(13,107,422	)			17,214,366
Total movements			(22,749,263	)			8,001,883
Final balance			(232,633,716	)			(209,884,453	)

(*) Includes the effect of IAS 29 due to inflation in Argentina.

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		09.30.2026				12.31.2025
			ThCh$				ThCh$
Construction in progress			97,994,250				71,046,048
Land			176,040,015				169,299,053
Buildings			534,984,024				462,387,416
Plant and equipment			1,146,685,915				979,677,819
Information technology equipment			49,971,794				42,776,522
Fixed installations and accessories			71,228,181				61,907,492
Vehicles			113,981,799				100,693,925
Leasehold improvements			553,977				456,829
Right of use			116,632,222				110,230,009
Other property, plant, and equipment (1)			653,236,810				538,439,121
Total Gross Property, Plant, and Equipment			2,961,308,987				2,536,914,234

Accumulated depreciation of Property, plant, and equipment		09.30.2026				12.31.2025
			ThCh$				ThCh$
Buildings			(185,126,036	)			(158,944,387	)
Plant and equipment			(733,903,808	)			(613,239,881	)
Information technology equipment			(37,376,778	)			(31,367,812	)
Fixed installations and accessories			(49,606,833	)			(38,045,449	)
Vehicles			(74,275,882	)			(61,118,362	)
Leasehold improvements			(444,011	)			(421,224	)
Right-of-use			(80,541,301	)			(78,840,844	)
Other property, plant, and equipment (1)			(474,623,379	)			(375,551,016	)
Total accumulated depreciation			(1,635,898,028	)			(1,357,528,975	)
Total net property, plant, and equipment			1,325,410,959				1,179,385,259

(1) The net balance of each of these categories is presented below:

Other property, plant, and equipment, net		09.30.2026				12.31.2025
			ThCh$				ThCh$
Containers			57,805,290				49,435,791
Promotional and marketing assets (market assets)			79,837,748				79,493,295
Other property, plant, and equipment			40,970,393				33,959,019
Total			178,613,431				162,888,105

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 at 01.01.2026			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
Additions			74,799,865				-				31,839				15,908,241				1,467,149				-				1,601,350				-				45,613,899				-				139,422,343
Additions to right-of-use assets			-								-				-				-				-				-				-				-				12,286,259				12,286,259
Disposals			-				(1,348,462	)			(34,708	)			(10,770	)			(53,870	)			-				(100,503	)			-				(1,415,234	)			(346	)			(2,963,893	)
Transfers between property, plant, and equipment accounts			(60,527,159	)			(6,607,980	)			21,494,561				26,980,848				1,602,736				4,684,726				1,556,684				102,189				9,585,377				1,128,018				-
Transfers of rights of use			-				-				-				-				-				-				-				-				-				-				-
Depreciation expense			-				-				(11,777,747	)			(45,645,072	)			(3,535,353	)			(3,361,780	)			(5,808,274	)			(37,072	)			(50,786,947	)			-				(120,952,245	)
Amortization			-				-				-				-				-				-				-				-				-				(12,043,349	)			(12,043,349	)
Increase (decrease) in foreign currency exchange (2)			12,035,192				14,697,404				36,701,014				53,028,295				1,730,381				(3,563,641	)			2,915,166				9,244				24,798,982				4,464,728				146,816,765
Other increases (decreases)			640,304				-				-				(3,917,373	)			(24,737	)			-				(34,069	)			-				(12,070,750	)			(1,133,554	)			(16,540,179	)
Total movements			26,948,202				6,740,962				46,414,959				46,344,169				1,186,306				(2,240,695	)			130,354				74,361				15,725,326				4,701,756				146,025,700
Ending balance at 09.30.2026			97,994,250				176,040,015				349,857,988				412,782,107				12,595,016				21,621,348				39,705,917				109,966				178,613,431				36,090,921				1,325,410,959

(1) Right-of-use assets comprise the following:

Right-of-use		Gross assets				Accumulated Depreciation				Net assets
			ThCh$				ThCh$				ThCh$
Construction and buildings			32,132,293				(16,101,469	)			16,030,824
Plant and equipment			63,920,491				(49,779,869	)			14,140,622
Information Technology Equipment			1,731,551				(1,129,533	)			602,018
Motor vehicles			14,470,899				(9,158,656	)			5,312,243
Other			4,376,988				(4,371,774	)			5,214
Total			116,632,222				(80,541,301	)			36,090,921

Interest expense on lease liabilities at September 30, 2026 amounts to ThCh$ 2,234,714  

(2) Includes 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 at 01.01.2025			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 Rights of use			-				-				-				-				-				-				-				-				-				14,866,967				14,866,967
Disposals			-				(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)			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)			(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
Ending 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) Right-of-use assets comprise the following:

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 period amounts to ThCh$ 2,817,626    

(1) Includes 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:

											09.30.2026								12.31.2025
Tax ID No		Company		Relationship		Country		Currency		Current				Non-current				Current				Non-current
										ThCh$				ThCh$				ThCh$				ThCh$
96.891.720-K		Coca-Cola Embonor S.A.		Related to shareholders		Chile		CLP			4,184,409				-				6,035,391				-
77.526.480-2		Comercializadora Nova Verde S.A.		Common shareholder		Chile		CLP			3,925,456				-				3,307,047				-
Foreign		Sorocaba Refrescos		Related to shareholders		Brazil		BRL			1,363,021				-				1,040,634				-
76.140.057-6		Monster Energy Company - CHILE		Associate		Chile		CLP			1,395,947				-				4,100,327				-
86.881.400-4		Envases CMF S.A.		Associate		Chile		CLP			48,950				-				325,590				-
96.517.310-2		Embotelladora Iquique S.A.		Related to shareholders		Chile		CLP			292,919				-				234,850				-
96.714.870-9		Coca-Cola de Chile S.A.		Shareholder		Chile		CLP			-				107,501				-				113,897
76.572.588-7		Coca-Cola del Valle New Ventures, S.A.		Associate		Chile		CLP			20,514				-				28,099				-
Foreign		The Coca-Cola Export Corporation		Related to shareholders		Panama		USD			228,760				-				227,249				-
Foreign		Recofarma do Industrias Amazonas Ltda.		Related to shareholders		Brazil		BRL			-				7,143,506				-				7,887,027
Total											11,459,976				7,251,007				15,299,187				8,000,924

12.2 Accounts payable:

											09.30.2026								12.31.2025
Tax ID No		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			40,373,428				-				42,154,575				-
96.714.870-9		Coca-Cola de Chile S.A.		Shareholder		Chile		CLP			37,373,189				-				24,722,659				-
Foreign		Ser. y Prod. para Bebidas Refrescantes S.R.L.		Shareholder		Argentina		ARS			9,771,287				-				7,650,174				-
86.881.400-4		Envases CMF S.A.		Associate		Chile		CLP			8,216,736				-				6,846,917				-
Foreign		The Coca-Cola Company		Shareholder		Paraguay		PYG			14,458,906				-				5,313,923				-
Foreign		Monster Energy Company Chile LTDA		Related to shareholders		Chile		CLP			-				-				10,014,011				-
77.526.480-2		Comercializadora Nova Verde		Common shareholder		Chile		CLP			1,063,434				-				2,076,467				-
Foreign		Monster Energy Brasil Com de Bebidas Ltda.		Related to shareholders		Brazil		BRL			2,062,426				-				1,035,480				-
76.572.588-7		Coca-Cola del Valle New Ventures S.A.		Associate		Chile		CLP			294,478				-				569,282				-
96.891.720-K		Embonor S.A.		Related to shareholders		Chile		CLP			-				-				400,514				-
Foreign		Leão Alimentos e Bebidas Ltda.		Associate		Brazil		BRL			158,072				-				86,331				-
Foreign		The Coca-Cola Export Corporation		Related to shareholders		Panama		USD			934,875				-				24,836				-
Foreign		Monster Energy Company – USA		Shareholder-related		USA		USD			-				-				117,130				-
Foreign		Alimentos de Soja S.A.U.		Related to shareholders		Argentina		ARS			4,281				-				4,383				-
Foreign		Circular PET		Related to shareholders		Argentina		ARS			88,511				-				1,085,871				-
Foreign		The Coca-Cola Export Corporation		Related to shareholders		USA		USD			-				-				-				-
Total											114,799,623				-				102,102,553				-

42 

 

12.3 Transactions:

Tax ID No

Company

Relationship

Country

Transaction Description

Currency

Accumulated as of 09.30.2026

Accumulated as of 12.31.2025

ThCh$

ThCh$

96.714.870-9

Coca-Cola de Chile S.A.

Shareholders

Chile

Purchase of concentrate

CLP

141,356,146

213,851,424

96.714.870-9

Coca-Cola de Chile S.A.

Shareholders

Chile

Purchases of advertising and other services

CLP

19,233,728

13,320,924

96.714.870-9

Coca-Cola de Chile S.A.

Shareholders

Chile

Water source lease

CLP

5,889,846

7,679,375

96.714.870-9

Coca-Cola de Chile S.A.

Shareholders

Chile

Sale of raw materials and other

CLP

2,105,809

4,278,747

96.714.870-9

Coca-Cola de Chile S.A.

Shareholders

Chile

Minimum dividend

CLP

-

37,089

86.881.400-4

Envases CMF S.A.

Associate

Chile

Purchase of containers

CLP

22,680,383

30,038,122

86.881.400-4

CMF S.A. Packaging

Associate

Chile

Purchase of raw materials

CLP

24,673,751

30,703,543

86.881.400-4

Envases CMF S.A.

Associate

Chile

Purchases of services and other

CLP

482,652

486,300

86.881.400-4

Envases CMF S.A.

Associate

Chile

Purchase of containers

CLP

8,002,405

12,011,983

86.881.400-4

Envases CMF S.A.

Associate

Chile

Sales of packaging/raw materials

CLP

22,841,717

16,715,662

93.281.000-K

Coca-Cola Embonor S.A.

Common shareholder

Chile

Sale of finished products

CLP

61,982,128

87,478,527

93.281.000-K

Coca-Cola Embonor S.A.

Common shareholder

Chile

Sale of services and other

CLP

-

238,660

93.281.000-K

Coca-Cola Embonor S.A.

Common shareholder

Chile

Sale of raw materials and supplies

CLP

35,037

1,908

96.891.720-K

Embonor S.A.

Related to shareholders

Chile

Minimum dividend

CLP

-

400,514

96.517.310-2

Embotelladora Iquique S.A.

Related to shareholders

Chile

Sales of finished products

CLP

4,294,095

5,988,320

89.996.200-1

Envases del Pacífico S.A.

Related to director

Chile

Purchases raw materials and supplies

CLP

-

-

94.627.000-8

Parque Arauco S.A

Related to director

Chile

Lease of space

CLP

120,787

156,419

Foreign

Recofarma do Industrias Amazonas Ltda.

Related to shareholders

Brazil

Purchase of concentrate

BRL

156,873,677

180,971,905

Foreign

Recofarma do Industrias Amazonas Ltda.

Related to shareholders

Brazil

Water source lease

BRL

4,450,733

2,203,663

Foreign

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

Related to shareholders

Argentina

Purchase of concentrate

ARS

94,061,259

96,292,733

Foreign

KAIK Participações

Associate

Brazil

Reimbursements and other purchases

BRL

17,083

18,332

Foreign

Leão Alimentos e Bebidas Ltda.

Associate

Brazil

Purchase of products

BRL

1,272,126

1,198,082

Foreign

Sorocaba Refrescos S.A.

Associate

Brazil

Product purchase

BRL

2,584,443

2,572,446

76.572.588-7

Coca-Cola Del Valle New Ventures SA

Associate

Chile

Sale of services and other

CLP

50,651

68,300

76.572.588-7

Coca-Cola Del Valle New Ventures, S.A.

Associate

Chile

Purchase of services and other

CLP

2,608,342

6,628,720

Foreign

Alimentos de Soja S.A.U.

Related to shareholders

Argentina

Purchase of products

ARS

-

85,519

77.526.480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Sale of raw materials

CLP

2,345

49,285

77.526.480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Sale of finished products

CLP

8,958,708

15,722,283

77.526.480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Sale of services and other

CLP

1,227,770

1,756,230

77.526.480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Purchase of finished products

CLP

15,494,633

290,717

77.526.480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Advertising and other services

CLP

1,925,746

4,669,640

77.526.480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Maintenance of cold equipment

CLP

222,045

297,694

77.526.480-2

Comercializadora Novaverde S.A.

Common shareholder

Chile

Purchase of raw materials

CLP

110,477

319,620

97.036.000-K

Banco Santander Chile.

Director/Manager/Executive

Chile

Purchase of services

CLP

57,882

-

Foreign

Monster Energy Brasil Comercio de Bebidas Ltda.

Related to shareholders

Brazil

Purchase of Products

BRL

3,668,786

3,661,249

Foreign

Monster Energy Company - USA

Related to shareholders

United States

Purchase of advertising materials

CLP

5,838

266,407

76.140.057-6

Monster Energy Company - CHILE

Related to shareholders

Chile

Sale of advertising and other services

CLP

2,708,025

4,115,760

76.140.057-6

Monster Energy Company - CHILE

Related to shareholders

Chile

Purchase of advertising and other services

CLP

37,959

133,920

76.140.057-6

Monster Energy Company - CHILE

Related to shareholders

Chile

Purchase of finished products

CLP

28,861,707

37,964,829

76.140.057-6

Monster Energy Company - CHILE

Related to shareholders

Chile

Sale of finished products

CLP

9,729,808

14,159,245

Foreign

The Coca-Cola Export Corporation Panama

Related to shareholders

Chile

Purchase of products and other

CLP

4,081,439

6,294,079

Foreign

The Coca-Cola Export Corporation Panama

Related to shareholders

Chile

Sale of finished products

CLP

1,853,393

2,699,495

Foreign

Circular PET S.A.

Related to shareholders

Paraguay

Purchase of raw materials and other

PYG

2,667,245

5,060,587

Foreign

Circular PET S.A.

Related to shareholders

Paraguay

Sale of finished products

PYG

-

152,673

97.018.000-1

Scotiabank Chile

Related to Director

Chile

Purchase of services - Bank charges

CLP

41,346

36,802

43 

 

12.4 Remuneration and benefits received by the Company’s key management personnel

Benefits received by the Company’s key management personnel, comprising directors and managers, are as follows:

Description		09.30.2026				09.30.2025
			ThCh$				ThCh$
Executive salaries, wages, and benefits			13,392,501				12,472,021
Directors' allowance			1,790,828				1,465,320
Total			15,183,329				13,937,341

13 – CURRENT AND NON-CURRENT EMPLOYEE BENEFITS

The composition of employee benefits is as follows:

Description		09.30.2026				12.31.2025
			ThCh$				ThCh$
Vacation allowance			33,557,482				30,398,649
Provision for profit sharing and bonuses			27,493,230				40,149,627
Severance indemnity			27,311,583				20,938,989
Total			88,362,295				91,487,265
			ThCh$				ThCh$
Current			62,017,097				68,363,971
Non-current			26,345,198				23,123,294
Total			88,362,295				91,487,265

13.1 Severance indemnities

The movements in employee benefits, valued in accordance with note 2, are as follows:

Movements		09.30.2026				12.31.2025
			ThCh$				ThCh$
Opening balance			20,938,989				17,976,164
Costs for services			3,405,206				1,022,593
Interest expenses			694,039				824,574
Actuarial variations			3,653,492				2,181,453
Benefits paid			(1,380,143	)			(1,065,795	)
Total			27,311,583				20,938,989

44 

 

13.1.1 Assumptions

The actuarial assumptions used are as follows:

Assumptions		09.30.2026				12.31.2025
Real discount rate			2.30	%			2.30	%
Expected wage increase rate			2.0	%			2.0	%
Turnover rate			5.23	%			5.23	%
Mortality rate			RV-2020				RV-2020
Retirement age for women			60 years				60 years
Retirement age for men			65 years				65 years

13.2 Employee expenses

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

Description		09.30.2026				09.30.2025
			ThCh$				ThCh$
Wages and salaries			293,486,463				258,986,132
Employee benefits			80,449,241				74,296,442
Severance benefits			6,690,798				5,560,247
Other personnel expenses			24,427,946				21,435,171
Total			405,054,448				360,277,992

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. The breakdown of investments in other entities is as follows:

						Functional		Investment Value								Ownership interest
Tax ID		Name		Country		currency		09.30.2026				12.31.2025				09.30.2026				12.31.2025
86.881.400-4		Envases CMF S.A. (1)		Chile		CLP			22,367,400				21,528,332				50.00	%			50.00	%
Foreign		Leão Alimentos e Bebidas Ltda. (2)		Brazil		BRL			15,363,091				12,300,684				10.26	%			10.26	%
Foreign		Kaik Participações Ltda. (2)		Brazil		BRL			561,856				477,422				11.32	%			11.32	%
Foreign		SRSA Participações Ltda.		Brazil		BRL			59,322				52,747				40.00	%			40.00	%
Foreign		Sorocaba Refrescos S.A.		Brazil		BRL			35,338,803				28,615,001				40.00	%			40.00	%
76.572.588.7		Coca-Cola del Valle New Ventures S.A.		Chile		CLP			22,955,751				24,113,685				35.00	%			35.00	%
Total									96,646,223				87,087,871

(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 the Company does not have a majority of the votes 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 in addition to investing 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 a commercial relationship with Rio de Janeiro Refrescos Ltda. (Andina Brazil).

Trop Frutas do Brasil Ltda.

Brazilian entity whose corporate purpose is to manufacture, commercialize and export natural fruit pulp and coconut water. The business relationship is to produce products for Coca-Cola bottlers in 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		09.30.2026				12.31.2025
		ThCh$				ThCh$
Opening balance			87,087,871				85,192,710
Dividends declared			(680,061	)			(2,494,325	)
Share of ordinary profit			4,220,890				3,558,989
Other Increase (decrease) in investments in associates*			6,017,523				830,497
Final balance			96,646,223				87,087,871

*Mainly due to foreign currency exchange

The main movement in 2025 is attributable to dividends declared by Envases CMF S.A. and Sorocaba Refrescos S.A.

14.3 Reconciliation of share of profit in investments in associates

Description		09.30.2026				09.30.2025
		ThCh$				ThCh$
Equity income from associates			4,220,890				1,614,797
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)			(565,238	)			(480,282	)
Balance on income statement			3,655,652				1,134,515

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 September 30, 2026

		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			68,567,402				66,890,021				-				25,609				145,543,112				21,404,165
Long-term assets			62,200,176				179,854,116				4,963,521				353,710				41,880,393				58,422,157
Total assets			130,767,578				231,043,881				4,963,521				379,319				168,752,266				79,826,322
Short-term liabilities			57,239,567				36,546,538				-				231,015				17,294,842				5,167,552
Long-term liabilities			28,793,212				121,850,999				-				-				20,367,875				725,147
Total liabilities			86,032,779				158,397,537				-				231,015				37,662,717				5,892,699
Total equity			44,734,799				88,346,652				4,963,521				148,304				149,760,788				73,933,623
Total revenue from ordinary activities			79,075,793				73,294,404				126,329				-				72,403,764				20,291,025
Net income before tax			4,558,966				(24,659,910	)			126,329				(1,648	)			14,093,375				(1,328,394	)
Net income after tax			3,038,258				7,252,378				126,329				(1,648	)			9,118,624				(1,338,236	)
Other comprehensive income			-				-				-				-				-				-
Total comprehensive income			3,038,258				7,252,378				126,329				(1,648	)			9,118,624				(1,338,236	)
Reporting date (See Note 2.3)			09.30.2026				08.31.2026				08.31.2026				08.31.2026				08.31.2026				08.31.2026

47 

 

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 S.A.
		ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$
Short-term assets			72,167,490				50,064,605				-				22,489				113,285,261				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				119,889,636				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				14,109,154				269,415				(1,990	)			11,146,912				(4,686,412	)
Other comprehensive income			-				-				-				-				-				-
Total comprehensive income			2,132,919				14,109,154				269,415				(1,990	)			11,146,912				(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

15 – INTANGIBLE ASSETS OTHER THAN GOODWILL

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

		September 30, 2026												December 31, 2025
		Gross				Accumulated				Net				Gross				Accumulated				Value
Detail		Value				Amortization				Value				Value				Amortization				Net
		ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$
Distribution rights (1)			745,416,995				(3,959,421	)			741,457,574				678,725,549				(3,959,421	)			674,766,128
Software			102,503,988				(56,325,487	)			46,178,501				81,995,907				(43,689,632	)			38,306,275
Water rights			575,825				-				575,825				587,432				-				587,432
Trademarks with indefinite useful life (2)			6,570,480				-				6,570,480				5,770,128				-				5,770,128
Trademarks with a defined useful life (3)			1,297,378				(1,297,360	)			18				1,297,378				(1,249,433	)			47,945
Other			579,184				(572,186	)			6,998				514,298				(502,486	)			11,812
Total			856,943,850				(62,154,454	)			794,789,396				768,890,692				(49,400,972	)			719,489,720

(1) These are contractual rights to produce and distribute Coca-Cola products in certain parts of Argentina, Brazil, Chile and Paraguay. Distribution rights arise from the fair value measurement 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 Coca-Cola’s consistent renewal of these rights allow these contracts to be classified as indefinite.

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 and Brazil related to AdeS were provisioned for impairment pursuant to the annual tests performed.

(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		09.30.2026				12.31.2025
		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.)			189,605,281				166,509,395
Paraguay			246,915,938				204,305,759
Argentina (North and South)			4,630,627				3,645,246
Total			741,457,574				674,766,128

The movement in intangible asset balances is as follows:

		September 30, 2026
		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			674,766,128				38,306,275				587,432				5,770,128				47,945				11,812				719,489,720
Additions			-				14,939,277				-				-				-				-				14,939,277
Amortization			-				(9,248,721	)			-				-				(47,927	)			-				(9,296,648	)
Impairment			-				-				-				-				-				-				-
Other increases (decreases) (1)			66,691,446				2,181,670				(11,607	)			800,352				-				(4,814	)			69,657,047
Ending balance			741,457,574				46,178,501				575,825				6,570,480				18				6,998				794,789,396

		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

(1) Mainly corresponds to restatement due to the effects of translation of distribution rights of foreign subsidiaries.

49 

 

16 – GOODWILL

The breakdown of the movement in goodwill is as follows:

Cash-generating unit		01.01.2026				Foreign currency translation differences				09.30.2026
		ThCh$				ThCh$				ThCh$
Chilean operation			8,503,023								8,503,023
Brazilian operation			67,275,336				9,189,922				76,465,258
Argentine Operation			52,677,304				14,239,703				66,917,007
Paraguayan operations			8,672,655				1,808,777				10,481,432
Total			137,128,318				25,238,402				162,366,720

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

17 – OTHER CURRENT AND NON-CURRENT FINANCIAL LIABILITIES

The breakdown is as follows:

		Balance
		Current								Non-current
		09.30.2026				12.31.2025				09.30.2026				12.31.2025
		ThCh$				ThCh$				ThCh$				ThCh$
Bank loans (Note 17.1)			10,723,340				11,820,186				108,288,221				104,960,991
Bonds payable, net (1) (Note 17.2)			8,711,790				23,808,205				1,129,041,126				991,600,601
Bottle guaranty deposits(2)			14,814,924				13,546,983				-				-
Derivative contract liabilities (Note 17.3)			1,048,467				3,617,715				57,844,955				76,644,920
Lease liabilities (Note 17.4.1-2)			13,230,470				9,625,901				17,731,573				18,589,311
Total			48,528,991				62,418,990				1,312,905,875				1,191,795,823

⁽¹⁾ Net values of issuance expenses and discounts associated with placement.

⁽²⁾ See Note 2.18 for further information on the liability.

50 

 

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

Current		Book value 09.30.2026				Fair value 09.30.2026				Book value 12.31.2025				Fair value 12.31.2025
		ThCh$				ThCh$				ThCh$				ThCh$
Cash and cash equivalent (2)			307,717,737				307,717,737				296,539,709				296,539,709
Other financial assets at fair value (1)			4,947,734				4,947,734				657,477				657,477
Trade debtors and other accounts receivable (2)			293,242,963				293,242,963				339,778,498				339,778,498
Accounts receivable related companies (2)			11,459,976				11,459,976				15,299,187				15,299,187
Bank liabilities (2)			10,723,340				10,087,212				11,820,186				11,841,930
Bonds payable (2)			8,711,790				8,265,461				23,808,205				23,998,353
Bottle guaranty deposits (2)			14,814,924				14,814,924				13,546,983				13,546,983
Forward contracts liabilities (see Note 22) (1)			1,048,467				1,048,467				3,617,715				3,617,715
Leasing agreements (2)			13,230,470				13,230,470				9,625,901				9,625,900
Accounts payable (2)			434,119,207				434,119,207				480,396,027				480,396,027
Accounts payable related companies (2)			114,799,623				114,799,623				102,102,553				102,102,553

Non-current		Book value 09.30.2026				Fair value 09.30.2026				Book value 12.31.2025				Fair value 12.31.2025
		ThCh$				ThCh$				ThCh$				ThCh$
Other financial assets at fair value (1)			130,625,716				130,625,716				142,975,857				142,975,857
Non-current accounts receivable (2)			153,550				153,550				187,644				187,644
Accounts receivable related companies (2)			7,251,007				7,251,007				8,000,924				8,000,924
Bank liabilities (2)			108,288,221				107,345,672				104,960,991				103,525,192
Bonds payable (2)			1,129,041,126				936,012,780				991,600,601				962,462,012
Leasing agreements (2)			17,731,573				17,731,573				18,589,311				18,589,311
Non-current accounts payable (2)			262,602				262,602				685,605				685,605
Derivative contracts liabilities (see Note 22) (1)			57,844,955				57,844,955				76,644,920				76,644,920

(1) Fair values are based on discounted cash flows using market discount rates at the reporting date and are classified as Level 2 of the fair value measurement hierarchies.

(2) Financial instruments such as cash and cash equivalents, trade and other accounts receivable, accounts receivable from related entities, guarantee deposits for returnable containers, and trade and other accounts payable have fair values that approximate their carrying amounts, considering their nature and the term of the obligations. The business model is to hold the financial instrument to collect or pay contractual cash flows in accordance with the contract terms. These cash flows are received or settled on specified dates and consist solely of payments of principal and interest on that principal. These instruments are measured at amortized cost.

51 

 

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

		Reconciliation of financial liabilities as of September 30, 2026
						Changes with effect on cash								Changes other than cash
		Balance as of 01.01.2026 ThCh$				New financing ThCh$				Financing payment * ThCh$				Debt adjustment due to UF and/or exchange rate variation (USD/CHF) ThCh$				Interest accrual ThCh$				Additions ThCh$				Reclassification long-term to short-term ThCh$				Fair value changes ThCh$				Other variations ThCh$				Balance as of 09.30.2026 ThCh$
Current bank liabilities			11,820,186				374,886				(3,926,226	)			(565,561	)			3,020,055				-				-				-				-				10,723,340
Non-current bank liabilities			104,960,991				-				-				3,139,724				187,506				-				-				-				-				108,288,221
Current bonds			23,808,205				-				(42,151,863	)			687,144				26,368,304				-				-				-				-				8,711,790
Non-current bonds			991,600,601				102,111,975				(5,551,987	)			40,880,537				-				-				-				-				-				1,129,041,126
Current lease liabilities			9,625,901				-				(10,479,402	)			526,491				1,933,792				3,299,183				8,324,505				-				-				13,230,470
Non-current lease liabilities			18,589,311				-				(3,063,721	)			1,527,379				-				9,003,109				(8,324,505	)			-				-				17,731,573
Non-current derivative contract liabilities			76,644,920				-				(18,329,912	)			-				14,462,181				-				-				(14,932,234	)			-				57,844,955
Total			1,237,050,115				102,486,861				(83,503,111	)			46,195,714				45,971,838				12,302,292				-				(14,932,234	)			-				1,345,571,475

Cash flow balance as of September 2026		ThCh$
Interest paid			(53,568,885	)
Loan payments			(98,281	)
Payments on lease liabilities			(13,543,123	)
Payment of principal on bonds issued to the public			(12,584,038	)
Proceeds from loans			374,886
Issuance of bonds			102,111,975
Proceeds (payments) from derivative instruments related to bonds			(3,708,784	)

		Reconciliation of financial liabilities as of December 31, 2025
						Changes with effect on cash								Changes other than cash
		Balance as of 01.01.2025 ThCh$				New financing ThCh$				Financing payment * ThCh$				Debt adjustment due to UF and/or exchange rate variation (USD/CHF) ThCh$				Interest accrual ThCh$				Additions ThCh$				Reclassification long-term to short-term ThCh$				Fair value changes ThCh$				Other variations ThCh$				Balance as of 12.31.2025 ThCh$
Current bank liabilities			56,401,282				48,354,775				(94,580,375	)			(2,879,729	)			4,524,233				-				-				-				-				11,820,186
Non-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	)			(4,742,651	)			2,830,185				10,730,323				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				-				(14,472,986	)			-				18,418,012				-				-				30,911,816				-				76,644,920
Total			1,162,376,148				153,154,775				(177,008,427	)			(8,170,024	)			61,182,824				14,603,003				-				30,911,816				-				1,237,050,115

Cash flow balance as of December 2025		ThCh$
Interest paid			(57,331,558	)
Loan payments			(84,947,461	)
Payments on lease liabilities			(14,446,410	)
Payment of principal on bonds issued to the public			(18,425,349	)
Proceeds from loans			153,154,775
Proceeds (payments) from derivative instruments related to bonds			(1,857,649	)

*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 No		Name		Country		Currency		Amortization		Rate			Rate				90 days			1 year			09.30.2026			12.31.2025
																							ThCh$			ThCh$			ThCh$			ThCh$
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
77.427.659-9		Re-Ciclar S.A.		Chile		97.018.000-1		Scotiabank Chile S.A.		Chile		CLP		At maturity			5.14	%		5.14	%			5,048,319			-			5,048,319			-
77.427.659-9		Re-Ciclar S.A.		Chile		97.018.000-1		Scotiabank Chile S.A.		Chile		CLP		At maturity			5.14	%		5.14	%			1,514,292			-			1,514,292			-
77.427.659-9		Re-Ciclar S.A.		Chile		97.018.000-1		Scotiabank Chile S.A.		Chile		CLP		At maturity			5.17	%		5.17	%			1,009,528			-			1,009,528			-
77.427.659-9		Re-Ciclar S.A.		Chile		97.004.000-5		Banco de Chile		Chile		CLP		At maturity			5.21	%		5.21	%			1,514,496			-			1,514,496			-
77.427.659-9		Re-Ciclar S.A.		Chile		97.080.000-K		Banco Bice		Chile		CLP		At maturity			5.23	%		5.23	%			-			-			-			1,001,017
77.427.659-9		Re-Ciclar S.A.		Chile		97.080.000-K		Banco Bice		Chile		CLP		At maturity			5.23	%		5.23	%			-			-			-			5,005,811
77.427.659-9		Re-Ciclar S.A.		Chile		97.080.000-K		Banco Bice		Chile		CLP		At maturity			5.23	%		5.23	%			-			-			-			1,501,743
77.427.659-9		Re-Ciclar S.A.		Chile		97.004.000-5		Banco de Chile		Chile		CLP		At maturity			6.54	%		6.54	%			139,520			-			139,520			340,080
91.144.000-8		Embotelladora Andina S.A.		Chile		Foreign		Bank of America N.A.		U.S.A.		UF		At maturity			2.84	%		3.14	%			-			392,639			392,639			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	%			-			828,789			828,789			1,379,548
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
Foreign		Andina Empaques Argentina S.A.		Argentina		Foreign		Banco Galicia		Argentina		USD		At maturity			11.0	%		11.0	%			68,878			-			68,878			-
Foreign		Embotelladora del Atlántico S.A.		Argentina		Foreign		Banco Galicia		Argentina		USD		At maturity			11.0	%		11.0	%			206,879			-			206,879			-
Total																														10,723,340			11,820,186

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

09.30.2026

ThCh$

ThCh$

ThCh$

ThCh$

ThCh$

ThCh$

91.144.000-8

Embotelladora Andina S.A.

Chile

Foreign

Bank of America N.A.

U.S.A.

UF

At maturity

2.84

%

3.14

%

-

-

-

96,288,221

96,288,221

77.427.659-9

Re-Ciclar S.A.

Chile

97.004.000-5

Banco de Chile

Chile

CLP

At maturity

6.54

%

6.54

%

12,000,000

-

-

-

-

12,000,000

Total

108,288,221

17.1.3 Bank liabilities, non-current previous year

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.

U.S.A.

UF

At maturity

2.84

%

3.14

%

-

-

-

-

92,960,991

92,960,991

77.427.659-9

Re-Ciclar S.A.

Chile

97.004.000-5

Banco de Chile

Chile

CLP

At maturity

6.54

%

6.54

%

-

12,000,000

-

-

-

12,000,000

Total

104,960,991

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

On June 1, 2026, Embotelladora Andina S.A. completed the final principal repayment of its Series B local bond, corresponding to sub-series B1 and B2, in the amount of UF 180,096, representing 100% of the outstanding principal balance. The bond was originally issued on June 1, 2001, for an aggregate principal amount of UF 2,800,000.

On August 6, the Company placed dematerialized Series J bearer bonds (ticker symbol BANDI-J) in the local market, under the bond facility registered in the Commission’s Securities Registry under No. 972 (hereinafter the “Series J Bonds”). The Series J Bonds were issued for a total amount of 2,500,000 Unidades de Fomento at an annual interest rate of 2.95% (annual coupon rate of 3.10%), maturing on September 30, 2030.

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		09.30.2026				12.31.2025				09.30.2026				12.31.2025				09.30.2026				12.31.2025
		ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$
Bonds payable face value			9,321,111				24,451,704				1,136,234,868				998,729,102				1,145,555,979				1,023,180,806
Issuance expenses and discounts associated with placement			(609,321	)			(643,499	)			(7,193,742	)			(7,128,501	)			(7,803,063	)			(7,772,000	)
			8,711,790				23,808,205				1,129,041,126				991,600,601				1,137,752,916				1,015,408,806

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								Non-current
Bonds		Series				Current nominal amount				Adjustment unit		Nominal interest rate				Effective interest rate				Final maturity		Interest payment		09.30.2026 ThCh$				12.31.2025 ThCh$				09.30.2026 ThCh$				12.31.2025 ThCh$
CMF Line 254 06.13.2001			B				-			UF			6.50	%			7.11	%		06.01.2026		Semiannual			-				6,969,624				-				-
CMF Line 641 08.23.2010			BEKOP-C				681,817			UF			4.00	%			3.64	%		08.15.2031		Semiannual			5,737,304				5,900,241				22,394,829				27,087,238
CMF Line 760 08.20.2013			D				4,000,000			UF			3.80	%			3.80	%		08.16.2034		Semiannual			755,645				2,226,780				164,228,800				158,911,840
CMF Line 760 04.02.2014			E				3,000,000			UF			3.75	%			3.70	%		03.01.2035		Semiannual			381,274				1,475,993				123,171,699				119,183,952
CMF Line 912 10.10.2018			F				5,700,000			UF			2.80	%			2.85	%		09.25.2039		Semiannual			88,415				1,659,714				234,026,040				226,449,372
CMF Line 972 08.06.2026			J				2,500,000			UF			3.10	%			2.95	%		09.30.2030		Semiannual			-				-				102,643,000				-
U.S. Bonds 2050 01.21.2020			-				300,000,000			USD			3.95	%			4.09	%		01.21.2050		Semiannual			2,209,018				4,747,692				291,780,000				272,139,000
Swiss Bond 2023 09.20.2023			-				170,000,000			CHF			2.72	%			3.02	%		09.20.2028		Annual			149,455				1,471,660				197,990,500				194,957,700
																						Total			9,321,111				24,451,704				1,136,234,868				998,729,102

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				09.30.2026
						ThCh$				ThCh$				ThCh$				ThCh$				ThCh$
CMF Line 641 08.23.2010			BEKOP-C				5,598,710				5,598,710				5,598,713				5,598,709				22,394,842
CMF Line 760 08.20.2013			D				-				-				-				164,228,800				164,228,800
CMF Line 760 04.02.2014			E				-				-				-				123,171,686				123,171,686
CMF Line 912 10.10.2018			F				-				-				-				234,026,040				234,026,040
CMF Line 972 08.06.2026			J				-				-				102,643,000				-				102,643,000
U.S. Bonds 2050 01.21.2020			-				-				-				-				291,780,000				291,780,000
Swiss Bond 2023 09.20.2023			-				197,990,500				-				-				-				197,990,500
Total							203,589,210				5,598,710				108,241,713				818,805,235				1,136,234,868

17.2.3 Market rating

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

AA+ : Moody’s Local CL Compañía Clasificadora de Riesgo Limitada 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.

Embotelladora Andina S.A. has the following restrictions associated with bonds issued in the local market:

Financial Covenants:

· Indebtedness Level:

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".

Definitions:

“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.

55 

 

· Net Financial Coverage:

Maintain a “Net Financial Coverage” ratio greater than 3 times in its quarterly financial statements.

Definitions:

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.

· Consolidated Assets:

Maintain consolidated assets free of any pledge, mortgage or other encumbrances for an amount at least equal to 1.30 times of the issuer’s unsecured consolidated liabilities payable.

Definitions:

“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 having a pledge, mortgage or real encumbrances that operate solely by law.

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.

The financial information used to calculate the restrictions is as follows:

		09.30.2026
		ThCh$
Consolidated Net Financial Liabilities (4-quarter average)			760,053,621
Consolidated assets free of any liens, mortgages, or other encumbrances			3,612,003,281
Consolidated unsecured liabilities			2,225,236,985
EBITDA (LTM)			664,467,873
Net financial expenses (LTM)			(44,670,096	)

56 

 

The distribution of these covenants by line and by coupon is as follows:

Line

Series

Indebtedness Level

Assets free of liens, mortgages, or encumbrances / Consolidated unsecured current liabilities

Net Financial Coverage

Limit: < 3.5x

Limit: > 1.3x

Limit > 3.0x

641

BEKOP-C

1.14x

1.62x

14.88x

760

D

1.14x

1.62x

N/A

E

1.14x

1.62x

N/A

912

F

1.14x

1.62x

N/A

972

J

1.14x

1.62x

N/A

Other covenants:

Series D, E, F, J:

· Franchises:

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 this deed 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 -as defined below- 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 be regarded as 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 and joint ventures that are accounted for using the equity method"; plus /v/ "Depreciation"; plus /vi/ "Intangibles’ Amortization". For these purposes, losing the territory in question shall be regarded as the non-renewal, rescission, early termination, or cancellation of the license agreement by TCCC for said territory. However, the reason specified in this subsection /b/ shall not apply if, as a result of any loss, sale, assignment, or other disposition in excess of the foregoing forty percent (40%), the applicable territory is licensed, purchased, or otherwise acquired by a Subsidiary or by any company consolidated with the Issuer.

BEKOP-C:

Presents no other covenants.

17.3 Derivative contracts Obligations

See details in Note 22.

57 

 

17.4 Liabilities for leasing agreements

17.4.1 Current liabilities for leasing agreements

																								Maturity								Total
Debtor Entity						Creditor										Type of				Weighted Nominal				Up to				90 days to				at				at
Name		Country				Name		Country				Currency				Amortization				Rate				90 days				1 year				09.30.2026				12.31.2025
																								ThCh$				ThCh$				ThCh$				ThCh$
Embotelladora Andina S.A. and Subsidiaries			Brazil			PPE Suppliers			Brazil				BRL				Monthly				14.66	%			1,145,704				3,175,520				4,321,224				3,362,394
Embotelladora Andina S.A. and Subsidiaries			Argentina			PPE Suppliers			Argentina				USD				Monthly				13.77	%			714,231				1,120,185				1,834,416				1,050,399
Embotelladora Andina S.A. and Subsidiaries			Argentina			PPE Suppliers			Argentina				ARS				Monthly				29.50	%			1,048,233				159,919				1,208,152				933,293
Vital Jugos, S.A.			Chile			PPE Suppliers			Chile				USD				Monthly				6.81	%			28,642				89,002				117,644				105,918
Vital Jugos, S.A.			Chile			PPE Suppliers			Chile				EUR				Monthly				8.82	%			44,158				138,726				182,884				165,778
Envases Central S.A.			Chile			PPE Suppliers			Chile				UF				Monthly				7.20	%			720,512				733,560				1,454,072				708,281
Transportes Polar, S.A.			Chile			PPE Suppliers			Chile				UF				Monthly				3.68	%			194,977				628,840				823,817				781,132
Transportes Polar, S.A.			Chile			PPE Suppliers			Chile				CLP				Monthly				5.62	%			12,421				38,326				50,747				-
Transportes Andina Refrescos, Ltda.			Chile			PPE Suppliers			Chile				UF				Monthly				3.09	%			1,023,367				2,096,774				3,120,141				2,360,344
Embotelladora Andina S.A.			Chile			PPE Suppliers			Chile				UF				Monthly				2.94	%			35,379				67,474				102,853				23,668
Embotelladora Andina S.A.			Chile			PPE Suppliers			Chile				USD				Monthly				2.32	%			14,520				-				14,520				134,694
																													Total				13,230,470				9,625,901

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.

58 

 

17.4.2 Non-current liabilities for leasing agreements, as of September 30, 2026

																											Maturity
Debtor					Creditor									Type of			Weighted Nominal				1 year to			2 years to			3 years to			4 years to			More than			at
Name		Country			Name		Country				Currency			Amortization			Rate				2 years			3 years			4 years			5 years			5 years			09.30.2026
																					ThCh$			ThCh$			ThCh$			ThCh$			ThCh$			ThCh$
Embotelladora Andina S.A. and Subsidiaries			Brazil		PPE Suppliers			Brazil				BRL			Monthly			14.66	%			3,514,644			1,982,220			877,441			93,167			-			6,467,472
Embotelladora Andina S.A. and Subsidiaries			Argentina		PPE Suppliers			Argentina				USD			Monthly			14.14	%			1,066,770			1,030,849			665,818			421,297			366,672			3,551,406
Embotelladora Andina S.A. and Subsidiaries			Argentina		PPE Suppliers			Argentina				ARS			Monthly			40.99	%			78,320			2,899			-			-			-			81,219
Vital Jugos S.A.			Chile		PPE Suppliers			Chile				USD			Monthly			6.81	%			126,196			77,809			-			-			-			204,005
Vital Jugos S.A.			Chile		PPE Suppliers			Chile				EUR			Monthly			8.82	%			200,476			219,761			240,902			173,341			-			834,480
Transportes Polar S.A.			Chile		PPE Suppliers			Chile				UF			Monthly			3.68	%			882,319			539,479			162,031			70,363			,			1,654,192
Transportes Andina Refrescos Ltda.			Chile		PPE Suppliers			Chile				UF			Monthly			3.09	%			2,518,113			1,448,626			731,654			8,966			-			4,707,359
Transportes Andina Refrescos Ltda.			Chile		PPE Suppliers			Chile				UF			Monthly			5.62	%			44,518			-			-			-			-			44,518
Embotelladora Andina S.A.			Chile		PPE Suppliers			Chile				UF			Monthly			2.94	%			94,538			74,247			18,137			-			-			186,922
																																		Total			17,731,573

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

																															Maturity
Debtor					Creditor								Type of			Weighted Nominal				1 year to				2 years to			3 years to				4 years to			More than			at
Name		Country			Name		Country			Currency			Amortization			Rate				2 years				3 years			4 years				5 years			5 years			12.31.2025
																				ThCh$				ThCh$			ThCh$				ThCh$			ThCh$			ThCh$
Embotelladora Andina S.A. and Subsidiaries			Brazil		PPE Suppliers			Brazil			BRL			Monthly			10.64	%			2,947,675			2,907,997				1,174,167				737,072			78,041			7,844,952
Embotelladora Andina S.A. and Subsidiaries			Argentina		PPE Suppliers			Argentina			USD			Monthly			12.00	%			800,501			548,095				517,513				181,118			-			2,047,227
Embotelladora Andina S.A. and Subsidiaries			Argentina		PPE Suppliers			Argentina			ARS			Monthly			12.00	%			347,717			283,199				255,543				255,543			531,983			1,673,985
Vital Jugos S.A.			Chile		PPE Suppliers			Chile			USD			Monthly			6.81	%			113,617			121,876				31,829				-			-			267,322
Vital Jugos S.A.			Chile		PPE Suppliers			Chile			EUR			Monthly			8.82	%			181,726			199,208				218,371				239,378			106,415			945,098
Transportes Polar S.A.			Chile		PPE Suppliers			Chile			UF			Monthly			3.54	%			815,053			827,593				453,359				110,154			-			2,206,159
Transportes Andina Refrescos Ltda.			Chile		PPE Suppliers			Chile			UF			Monthly			3.77	%			1,620,183			1,494,166				325,584				64,915			-			3,504,848
Embotelladora Andina S.A.			Chile		PPE Suppliers			Chile			UF			Monthly			2.43	%			30,266			34,133				35,321				-			-			99,720
																																			Total			18,589,311

Leasing agreement obligations are not subject to financial restrictions for the reported periods.

59 

 

18 – TRADE AND OTHER ACCOUNTS PAYABLE

The composition of trade accounts payable and other current accounts payable is as follows:

Class		09.30.2026				12.31.2025
		ThCh$				ThCh$
Current			434,119,207				480,396,027
Non-current			262,602				685,605
Total			434,381,809				481,081,632

Description		09.30.2026				12.31.2025
		ThCh$				ThCh$
Trade accounts payable			295,953,923				325,109,831
Withholdings			76,152,893				94,607,257
Other (1)			62,274,993				61,364,544
Total			434,381,809				481,081,632

(1) Other current includes 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		09.30.2026				12.31.2025
			ThCh$				ThCh$
Litigation (1)			68,514,003				57,811,209
Total			68,514,003				57,811,209
Current			3,466,795				2,433,147
Non-current			65,047,208				55,378,062
Total			68,514,003				57,811,209

(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)		09.30.2026				12.31.2025
			ThCh$				ThCh$
Tax contingencies			35,303,015				30,024,767
Labor contingencies			16,068,479				14,014,847
Civil contingencies			17,142,509				13,771,595
Total			68,514,003				57,811,209

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19.2 Movements

The movement of the main items included as provisions for litigation is detailed below:

Description		09.30.2026				12.31.2025
			ThCh$				ThCh$
Opening balance as of January 1			57,811,209				55,245,799
Additional provisions			-				-
Increase (decrease) in existing provisions			8,294,235				15,586,469
Provision used (payments made against the provision)			(5,163,964	)			(14,046,529	)
Reversal of unused provision			(39,166	)			(24,173	)
Increase (decrease) due to foreign exchange rate differences			7,611,689				1,049,643
Total			68,514,003				57,811,209

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		09.30.2026				12.31.2025				09.30.2026				12.31.2025
		ThCh$				ThCh$				ThCh$				ThCh$
Dividends payable			36,834,082				412,358				-				-
Other			83,777				77,609				4,433,283	(1)			3,782,958	(1)
Total			36,917,859				489,967				4,433,283				3,782,958

⁽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		09.30.2026				12.31.2025
A			473,289,301				473,289,301
B			473,281,303				473,281,303

21.1.1 Capital

			Paid-in and subscribed capital
Series			09.30.2026				12.31.2025
			ThCh$				ThCh$
A			135,379,504				135,379,504
B			135,358,070				135,358,070
Total			270,737,574				270,737,574

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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 2026, the shareholders approved the ratification of the distribution of interim dividends paid against fiscal year 2025.

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
09.30.2025			10.23.2025			Interim		2025 results			35.00				38.50
11.25.2025			12.18.2025			Interim		2025 results			20.00				22.00
04.16.2026			05.14.2026			Final		2025 results			102.00				112.20
07.28.2026			08.27.2026			Interim		2026 results			51.00				56.10
09.29.2026			10.29.2026			Interim		2026 results			36.50				40.15

21.3 Other reserves

The balance of other reserves is composed as follows:

Item		09.30.2026				09.30.2025
			ThCh$				ThCh$
Polar acquisition			421,701,520				421,701,520
Foreign currency translation reserves			(544,696,359	)			(616,713,300	)
Cash flow hedge reserve			(21,781,532	)			(19,540,545	)
Reserve for employee benefit actuarial gains or losses			(8,544,505	)			(8,318,544	)
Legal and statutory reserves			5,435,538				5,435,538
Other			6,014,568				6,014,568
Total			(141,870,770	)			(211,420,763	)

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.

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21.3.2 Foreign currency translation reserves

This corresponds to the translation 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 equivalent to investments accounted for using the equity method. Translation reserves are detailed as follows:

Description		09.30.2026				09.30.2025
			ThCh$				ThCh$
Brazil			(82,896,592	)			(96,626,056	)
Argentina			(587,501,271	)			(572,175,944	)
Paraguay			125,701,504				52,088,700
Total			(544,696,359	)			(616,713,300	)

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

Description		09.30.2026				09.30.2025
			ThCh$				ThCh$
Brazil			57,421,992				52,736,810
Argentina			7,878,604				(90,987,583	)
Paraguay			71,919,205				20,796,732
Total			137,219,801				(17,454,041	)

21.3.3 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).

21.3.4 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.

21.3.5 Legal and statutory reserves

In accordance with Official Circular No. 456 issued by the Chilean Financial Market Commission (CMF), the restatement of paid-in capital for 2009 is presented as part of other equity reserves. The amount arising from this item as of December 31, 2009 is ThCh$ 5,435,538.

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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
										September				September				September				September
Description		2026				2025				2026				2025				2026				2025
										ThCh$				ThCh$				ThCh$				ThCh$
Embotelladora del Atlántico S.A.			0.01710				0.01710				60,756				50,763				5,902				4,886
Andina Empaques Argentina S.A.			0.02090				0.02090				7,171				5,462				125				394
Paraguay Refrescos S.A.			2.16970				2.16970				9,171,788				7,043,018				1,182,476				1,001,384
Vital S.A.			35.00000				35.00000				10,809,253				10,446,168				91,972				209,020
Vital Aguas S.A.			33.50000				33.50000				5,202,564				5,023,706				99,330				121,668
Envases Central S.A.			40.73000				40.73000				9,520,873				8,858,743				205,461				334,571
Andina Inversiones Societarias SpA			0.000001				0.000001				39				37				2				1
Re-Ciclar S.A.			40.00000				40.00000				6,544,498				6,707,896				(321,829	)			(1,309,498	)
Total											41,316,942				38,135,793				1,263,439				362,426

21.5 Earnings per share

The basic earnings per share presented in the statement of comprehensive income are 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		09.30.2026
		SERIES A				SERIES B				TOTAL
Earnings attributable to shareholders (ThCh$)			93,888,621				103,275,818				197,164,439
Weighted average number of shares			473,289,301				473,281,303				946,570,604
Basic and diluted earnings per share (CLP)			198.37				218.21				208.29

Earnings per share			09.30.2025
			SERIES A				SERIES B				TOTAL
Earnings attributable to shareholders (ThCh$)			80,183,662				88,200,606				168,384,268
Weighted average number of shares			473,289,301				473,281,303				946,570,604
Basic and diluted earnings per share (CLP)			169.42				186.36				177.89

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22 – DERIVATIVE ASSETS AND LIABILITIES

As of the date of these financial statements, Embotelladora Andina S.A. 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.

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 7,681,817 (UF 7,992,694 as of December 31, 2025), 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$ 96,176,520 (ThCh$ 91,164,876 as of December 31, 2025), which is presented under “Other non-current financial assets.”

The maturity dates of the derivative contracts are distributed over the years 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 Swiss franc (CHF) obligations totaling CHF 170 million, converted to Brazilian reais (BRL), maturing in 2028.

The fair value measurement of the aforementioned contracts related to the bond issued in the United States resulted in the following balances: The first contract records a non-current liability of ThCh$ 27,665,139, while the second contract presents a non-current liability of ThCh$ 30,179,816. Together, these contracts total a liability of ThCh$ 57,844,955 compared to ThCh$ 76,644,920 as of December 31, 2025.

As of September 30, 2026, the contract denominated in Swiss francs reflects a non-current asset of ThCh$ 34,449,196, compared to ThCh$ 51,810,981 as of December 31, 2025.

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Exchange rate fluctuations associated with financial liabilities denominated in USD 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.

22.2            Forward currency contracts for highly probable expected transactions:

During the 2026 period and the 2025 fiscal year, 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 96.4 million (USD 90.3 million as of December 31, 2025), corresponding to the purchase requirements for raw materials denominated in U.S. dollars.

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.

The aforementioned contracts reflect current assets of ThCh$ 1,505,374 (ThCh$ 527,171 as of December 31, 2025) and current liabilities of ThCh$ 1,048,467 (ThCh$ 2,300,456 as of December 31, 2025).

22.3            Raw material swap for highly probable expected transactions:

The Company entered into No. 5 sugar swap contracts to hedge the price of future sugar purchases for its Chilean operations. At the closing date of these financial statements, the outstanding contracts amounted to USD 16.7 million. The contracts reflect a current asset of ThCh$ 3,170,354 (ThCh$ 130,306 as of December 31, 2025) and a current liability of ThCh$ 0 (ThCh$ 133,282 as of December 31, 2025).

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 4.2 million. The contracts reflect a current asset of ThCh$ 272,006 (a liability of ThCh$ 1,183,977 as of December 31, 2025).

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$ 135,573,450 (ThCh$ 143,633,334 as of December 31, 2025) and liabilities from derivative contracts of ThCh$ 58,893,422 (ThCh$ 80,262,635 as of December 31, 2025).

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.

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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.

During the reporting period, there were no transfers between fair value measurement categories. All instruments were measured using Level 2 of the hierarchy.

		Fair value measurement as of September 30, 2026
		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			-				4,947,734				-				4,947,734
Other non-current financial assets			-				130,625,716				-				130,625,716
Total assets			-				135,573,450				-				135,573,450
Liabilities
Other current financial liabilities			-				1,048,467				-				1,048,467
Other non-current financial liabilities			-				57,844,955				-				57,844,955
Total liabilities			-				58,893,422				-				58,893,422

		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

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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$ 996,149 (ThCh$ 699,235 as of December 31, 2025). 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$ 149,270 (ThCh$ 21,331 as of December 31, 2025) 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$ 64,051,060 (ThCh$ 54,678,827 as of December 31, 2025). 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, possible or probable losses. The amounts deposited or pledged as legal collateral amount to ThCh$ 29,520,729 (ThCh$ 25,362,998 as of December 31, 2025).

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 3,246,986,418 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 3,988,380,159 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, provisions for these cases are not applicable.

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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 687,106,752 (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 395,443,440, 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 S.A. and not Rio de Janeiro Refrescos Ltda. In the opinion of external lawyers, this assertion is erroneous; they classify it as a possible loss, and therefore no accounting provision has been made. The amount involved in this case is BRL 492,175,067 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$ 3,437,161 (ThCh$ 2,379,469 as of December 31, 2025). 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$ 29,633 (ThCh$ 53,678 as of December 31, 2025). 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

09.30.2026

12.31.2025

ThCh$

ThCh$

Administradora Plaza Vespucio S.A.

Embotelladora Andina S.A.

Parent

Guarantee receipt

Trade Receivables and Other Accounts Receivable

81,560

154,080

Cooperativa Agrícola Pisquera Elqui Limitada

Embotelladora Andina S.A.

Parent

Financial asset

Other current financial assets

1,421,253

1,361,892

Mall Plaza S.A.

Embotelladora Andina S.A.

Parent

Guarantee receipt

Trade Receivables and Other Accounts Receivable

546,086

881,130

Metro S.A.

Embotelladora Andina S.A.

Parent

Guarantee receipt

Trade Receivables and Other Accounts Receivable

23,996

Parque Arauco S.A.

Embotelladora Andina S.A.

Parent

Guarantee receipt

Trade Receivables and Other Accounts Receivable

167,102

323,386

Inmobiliaria Avanza Park S.p.A.

Embotelladora Andina, S.A.

Parent

Guarantee receipt

Trade Receivables and Other Accounts Receivable

99,259

96,046

Sociedad de Rentas Inmobiliarias Ltda.

Embotelladora Andina S.A.

Parent

Guarantee receipt

Trade Receivables and Other Accounts Receivable

34,041

82,919

Compañía general de electricidad S.A

Transportes Polar S.A.

Subsidiary

Guarantee receipt

Trade Receivables and Other Accounts Receivable

23,630

26,837

Logistical leases

Transportes Polar S.A.

Subsidiary

Guarantee receipt

Trade Receivables and Other Accounts Receivable

33,321

30,114

Employee claims

Rio de Janeiro Refrescos Ltda.

Subsidiary

Judicial deposit

Other non-current non-financial assets

10,460,204

8,863,041

Civil and tax claims

Rio de Janeiro Refrescos Ltda.

Subsidiary

Judicial deposit

Other non-current non-financial assets

7,406,057

6,265,150

Government agencies

Rio de Janeiro Refrescos Ltda.

Subsidiary

Plant and Equipment

Property, Plant, and Equipment

11,654,342

10,234,807

Acuña Gomez

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

-

19

Nicanor Lopez

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-financial non-current assets

-

13

Municipalidad Bariloche

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

-

655

Municipalidad San Antonio Oeste

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-financial non-current assets

-

1,376

Municipalidad Carlos Casares

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

-

56

Municipalidad Chivilcoy

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

8,851

8,607

Granada Maximiliano

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

-

112

Municipalidad de 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

Other

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-financial non-current assets

130,520

42

Temas Industriales SA - Embargo General de Fondos

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

8,039

7,817

DBC SA C CERVECERIA ARGENTINA SA ISEMBECK

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

1,859

1,652

Cencosud

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

-

156

José Luis Kreitzer, Alexis Beade Y Cesar Bechetti

Embotelladora del Atlántico S.A.

Subsidiary

Judicial deposit

Other non-current non-financial assets

-

617

Marcus A.Peña

Paraguay Refrescos

Subsidiary

Real estate

Property, Plant, and Equipment

794

5,515

Stefano Szwao Giacomelli

Paraguay Refrescos

Subsidiary

Real estate

Property, Plant, and Equipment

607

3,311

Rental guarantee

Paraguay Refrescos

Subsidiary

Real estate

Property, Plant, and Equipment

152

1,361

Sofía Cartes

Paraguay Refrescos

Subsidiary

Real estate

Property, Plant, and Equipment

524

3,220

70 

 

Guarantees that do not compromise assets recognized in the Financial Statements:

Committed assets

Amounts involved

Creditor of the guarantee

Debtor name

Relationship

Guarantee

Type

09.30.2026

12.31.2025

ThCh$

ThCh$

Labor proceedings

Rio de Janeiro Refrescos Ltda.

Subsidiary

Guarantee receipt

Legal action

8,041,704

5,980,781

Administrative proceedings

Rio de Janeiro Refrescos Ltda.

Subsidiary

Guarantee receipt

Legal action

118,517,756

88,143,399

Federal Government

Rio de Janeiro Refrescos Ltda.

Subsidiary

Guarantee receipt

Legal action

295,094,526

219,466,178

State Government

Rio de Janeiro Refrescos Ltda.

Subsidiary

Guarantee receipt

Legal action

185,559,742

138,003,496

Other

Rio de Janeiro Refrescos Ltda.

Subsidiary

Guarantee receipt

Legal action

2,336,275

1,737,590

Ezeiza Customs

Andina Empaques Argentina S.A.

Subsidiary

Surety Bond

Due performance of the contract

145,855

346,823

Ezeiza Customs

Embotelladora del Atlántico S.A.

Subsidiary

Surety bond

Due performance of the contract

3,885

-

71 

 

24 – FINANCIAL RISK MANAGEMENT

The Group’s activities are exposed to various risks, including foreign exchange risk, interest rate risk and price risk. The Group’s overall risk management program focuses on minimizing potential adverse effects on the Group’s financial performance. The Group uses derivatives to hedge certain risks. The principal policies established by the Group to manage financial risks are described 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 five bonds issued in the Chilean local market at a fixed rate, which have a total outstanding balance of UF 15.88 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 revenue 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, four 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 USD, 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 relating to trade accounts receivable is managed and monitored by the Administration and Finance Department of each business unit. The Company has a broad base of more than 275,000 customers, resulting in highly dispersed accounts receivable, which are subject to the Company’s policies, procedures and controls. Under this policy, credit must be granted on an objective, non-discretionary and uniform basis to all customers in the same segment and channel, provided it generates economic benefits for the Company. Credit limits are reviewed periodically based on payment behavior. Outstanding trade accounts receivable are monitored monthly.

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 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.

72 

 

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 investments

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.

73 

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				PYG/CLP
Variation in exchange rate at actual closing September 2026 vs. December 2025			7.2	%			13.9	%			2.8	%			20.9	%

		Brazil				Argentina				Paraguay
		ThCh$				ThCh$				ThCh$
Total Assets			1,188,511,553				540,282,612				510,897,295
Total Liabilities			815,954,614				157,492,337				88,183,292
Net Investment			372,556,939				382,790,275				422,714,003
Share on income

		BRL/CLP				ARS/CLP				PYG/CLP
Impact of a -10% variation in the Sep-26 exchange rate:
vs. Closing FX September 2026			-10.0	%			-10.0	%			-10.0	%
vs. Closing FX December 2025			0.7	%			-7.4	%			4.5	%
Variation impact on results			(7,640,491	)			(3,521,280	)			(5,449,856	)
Variation impact on equity			(43,048,255	)			(38,279,028	)			(57,278,179	)

The scenario presented illustrates the sensitivity of the exchange rate, assuming a 10% decline in real exchange rates as of the reporting date. This analysis shows how the conversion of local currencies into the Group’s financial statement presentation currency would affect the income and equity of the various Operations.

Net exposure of assets and liabilities in foreign currency

This risk stems mostly from carrying liabilities in U.S. dollars, so the volatility of the U.S. 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 U.S. 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 U.S. dollar, are mitigated eliminating the exchange rate exposure.

74 

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 USD, corresponding mainly to payment to suppliers of raw materials in each of the operations. This policy stipulates a 12-month forward management 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 very 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 September 30, 2026		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			10,723,340				12,000,000				-				-				96,288,221
Bonds payable			9,321,111				5,598,710				203,589,210				108,241,713				876,650,190
Lease obligations			13,230,470				8,525,893				5,375,889				2,695,983				1,133,808
Contractual obligations (1)			54,333,148				34,539,116				22,274,757				21,561,471				1,864,229
Total			87,608,069				60,663,719				231,239,856				132,499,167				975,936,448

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				-				12,000,000				-				92,960,991
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				2,304,612
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				43,831,165				27,610,097				1,155,688,802

(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.

75 

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.

		01.01.2026				01.01.2025				07.01.2026				07.01.2025
Description		09.30.2026				09.30.2025				09.30.2026				09.30.2025
		ThCh$				ThCh$				ThCh$				ThCh$
Non-alcoholic beverages			2,392,074,162				2,118,068,301				799,893,796				701,622,193
Alcoholic beverages			255,004,107				250,317,532				88,211,578				89,632,567
Other revenue			27,986,232				24,772,751				8,503,450				9,106,649
Total			2,675,064,501				2,393,158,584				896,608,824				800,361,409

26 – EXPENSES BY NATURE

The breakdown of other expenses by nature is as follows:

		01.01.2026				01.01.2025				07.01.2026				07.01.2025
Description		09.30.2026				09.30.2025				09.30.2026				09.30.2025
		ThCh$				ThCh$				ThCh$				ThCh$
Direct production costs			(1,257,963,362	)			(1,181,144,574	)			(424,902,064	)			(391,753,493	)
Employee expenses			(405,054,448	)			(360,277,992	)			(139,898,325	)			(124,787,516	)
Transportation and distribution			(239,667,187	)			(195,976,451	)			(87,613,141	)			(65,805,709	)
Advertisement			(56,334,092	)			(32,106,700	)			(19,474,908	)			(8,402,052	)
Depreciation and amortization			(142,292,242	)			(117,991,662	)			(48,798,418	)			(41,200,976	)
Repairs and maintenance			(50,996,072	)			(45,870,237	)			(19,423,535	)			(17,405,984	)
Other Expenses			(176,117,010	)			(159,544,125	)			(56,008,304	)			(59,076,820	)
Total (1)			(2,328,424,413	)			(2,092,911,741	)			(796,118,695	)			(708,432,550	)

(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:

		01.01.2026				01.01.2025				07.01.2026				07.01.2025
Description		09.30.2026				09.30.2025				09.30.2026				09.30.2025
		ThCh$				ThCh$				ThCh$				ThCh$
Gain on sale of property, plant, and equipment			221,876				674,229				167,004				122,173
Revenue from PIS-COFINS Credit Recovery(1)			-				713,250				-				-
Revenue from Construction Contract Compensation			-				2,836,127				-				-
Other			711,479				5,854,284				218,414				5,492,548
Total			933,355				10,077,890				385,418				5,614,721

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

(2) In 2025, includes compensation related to a supply agreement at our subsidiary Rio de Janeiro Refrescos Ltda.

76 

28 – OTHER EXPENSES BY FUNCTION

The breakdown of other expenses by function is as follows:

		01.01.2026				01.01.2025				07.01.2026				07.01.2025
Description		09.30.2026				09.30.2025				09.30.2026				09.30.2025
		ThCh$				ThCh$				ThCh$				ThCh$
Contingencies and associated non-operating fees (1)			(14,028,979	)			(7,543,305	)			(4,565,065	)			(3,421,654	)
Tax on bank debits			(6,093,420	)			(5,403,450	)			(1,763,729	)			(1,665,609	)
Write-offs, disposals, and loss (gain) on sale of property, plant and equipment			(1,239,373	)			(1,639,599	)			(441,330	)			(128,121	)
Other			(999,527	)			(3,654,319	)			(487,931	)			(166,637	)
Total			(22,361,299	)			(18,240,673	)			(7,258,055	)			(5,382,021	)

(1) In 2025, it includes a tax provision reversal at Rio de Janeiro Refrescos Ltda. in the amount of CLP 3,680,094.

29 – FINANCIAL INCOME AND EXPENSES

The breakdown of financial income and expenses is as follows:

a) Financial income

		01.01.2026				01.01.2025				07.01.2026				07.01.2025
Description		09.30.2026				09.30.2025				09.30.2026				09.30.2025
		ThCh$				ThCh$				ThCh$				ThCh$
Interest income			12,457,842				6,308,038				4,543,197				2,640,816
Ipiranga purchase warranty restatement			50,613				46,808				18,130				18,162
From PIS and COFINS credits (1)			1,486,980				2,388,528				670,960				871,980
Other financial income			2,940,426				3,309,843				799,904				1,068,648
Total			16,935,861				12,053,217				6,032,191				4,599,606

(1) This corresponds to the monetary restatement of a tax receivable in Brazil. See Note 6 (2) for further information on the recovery.

b) Financial costs

		01.01.2026				01.01.2025				07.01.2026				07.01.2025
Description		09.30.2026				09.30.2025				09.30.2026				09.30.2025
		ThCh$				ThCh$				ThCh$				ThCh$
Bond interest			(42,119,128	)			(42,849,361	)			(15,569,941	)			(14,548,884	)
Bank loan interest			(3,072,166	)			(2,338,192	)			(1,043,879	)			(795,982	)
Lease interest			(2,234,714	)			(2,159,154	)			(748,913	)			(749,745	)
Other financial costs			(5,218,186	)			(4,026,017	)			(1,605,853	)			(1,569,251	)
Total			(52,644,194	)			(51,372,724	)			(18,968,586	)			(17,663,862	)

30 – EXCHANGE DIFFERENCES

The breakdown of exchange differences is as follows:

		01.01.2026				01.01.2025				07.01.2026				07.01.2025
Description		09.30.2026				09.30.2025				09.30.2026				09.30.2025
		ThCh$				ThCh$				ThCh$				ThCh$
From suppliers			1,353,651				(4,196,131	)			751,435				(189,171	)
From financial assets			831,712				3,691,214				357,319				2,883,148
From financial liabilities			325,835				(104,523	)			(149,159	)			328,866
Other			11,064,185				1,304,861				3,246,836				951,795
Total			13,575,383				695,421				4,206,431				3,974,638

77 

31 – LOCAL AND FOREIGN CURRENCY

Local and foreign currency balances are the following:

CURRENT ASSETS		09.30.2026				12.31.2025
		ThCh$				ThCh$
Cash and cash equivalents			307,717,737				296,539,709
USD			23,614,894				21,353,466
EUR			437,542				352,273
CLP			212,109,949				191,155,122
BRL			30,041,988				47,445,694
ARS			7,115,837				11,629,118
PYG			34,397,527				24,604,036
Other current financial assets			128,057,007				45,974,709
CLP			127,610,119				45,447,539
BRL			439,243				370,343
ARS			6,351				155,482
PYG			1,294				1,345
Other current non-financial assets			24,677,449				15,985,896
USD			5,266,156				167,005
EUR			2,115				1,041
UF			2,055,949				1,239,018
CLP			3,647,581				5,091,354
BRL			5,335,098				3,248,260
ARS			3,643,442				2,095,384
PYG			4,727,108				4,143,834
Trade and other receivables			293,242,963				339,778,498
USD			4,289,509				1,356,760
UF			465,868				451,075
CLP			144,407,391				174,836,494
BRL			100,441,833				99,911,965
ARS			31,729,605				45,153,473
PYG			11,908,757				18,068,731
Accounts receivable from related entities			11,459,976				15,299,187
USD			1,199,763				1,394,519
CLP			8,675,626				12,446,341
BRL			1,363,022				1,371,835
ARS			221,565				86,492
PYG			-				-
Inventories			356,131,746				304,550,609
CLP			111,996,305				112,599,731
BRL			115,074,143				81,404,081
ARS			94,446,357				82,161,616
PYG			34,614,941				28,385,181
Current tax assets			21,135,085				14,924,173
CLP			9,693,282				4,216,224
BRL			11,441,803				10,707,949
Total current assets			1,142,421,963				1,033,052,781
USD			34,370,322				24,271,750
EUR			439,657				353,314
UF			2,521,817				1,690,093
CLP			618,140,253				545,792,805
BRL			264,137,130				244,460,127
ARS			137,163,157				141,281,565
PYG			85,649,627				75,203,127

78 

NON-CURRENT ASSETS		09.30.2026				12.31.2025
		ThCh$				ThCh$
Other financial assets, non-current			156,943,831				164,370,936
USD			33,177,280				28,873,574
UF			1,216,865				1,216,865
CLP			64,610,085				63,977,786
BRL			34,449,197				51,810,982
ARS			23,490,404				18,491,729
Other non-financial assets, non-current			82,698,887				82,913,107
USD			-				-
UF			460,854				445,934
CLP			47,531				47,532
BRL			77,328,167				78,586,098
ARS			2,281,164				1,660,095
PYG			2,581,171				2,173,448
Accounts receivable, non-current			153,550				187,644
UF			-				-
CLP			-				39,558
ARS			24,327				15,725
PYG			129,223				132,361
Accounts receivable from related entities, non-current			7,251,007				8,000,924
CLP			7,251,007				8,000,924
Investments accounted for using the equity method			96,646,223				87,087,871
CLP			45,323,151				45,641,870
BRL			51,323,072				41,446,001
Intangible assets other than goodwill			794,789,396				719,489,720
USD			3,959,421				3,959,421
CLP			331,208,867				326,186,656
BRL			203,844,836				177,701,306
ARS			8,609,254				7,059,802
PYG			247,167,018				204,582,535
Goodwill			162,366,720				137,128,318
CLP			9,523,767				9,523,767
BRL			75,444,514				66,254,592
ARS			66,917,007				52,677,304
PYG			10,481,432				8,672,655
Property, plant, and equipment			1,325,410,959				1,179,385,259
USD			1,268,529				-
CLP			405,410,007				412,746,936
BRL			474,841,132				397,208,409
ARS			297,073,963				242,270,287
PYG			146,817,328				127,159,627
Deferred tax assets			10,972,396				8,788,858
CLP			8,367,588				6,527,688
PYG			2,604,808				2,261,170
Total non-current assets			2,637,232,969				2,387,352,637
USD			38,405,230				32,832,995
EUR			-				-
UF			1,677,719				1,662,799
CLP			871,742,003				872,692,717
BRL			917,230,918				813,007,388
ARS			398,396,119				322,174,942
PYG			409,780,980				344,981,796

79 

		09.30.2026												12.31.2025
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			17,136,346				31,392,645				48,528,991				41,520,465				20,898,525				62,418,990
USD			1,033,150				3,297,508				4,330,658				3,211,105				3,095,127				6,306,232
EUR			44,158				138,726				182,884				40,028				125,750				165,778
UF			1,986,657				4,786,401				6,773,058				21,422,059				3,134,106				24,556,165
CLP			9,226,153				17,222,208				26,448,361				10,844,518				9,972,566				20,817,084
BRL			1,646,361				3,175,607				4,821,968				2,616,027				2,439,189				5,055,216
ARS			2,903,061				159,919				3,062,980				1,907,554				239,663				2,147,217
PYG			296,806				2,612,276				2,909,082				542,218				1,892,124				2,434,342
CHF															936,956				-				936,956
Trade accounts payable and other current accounts payable			411,803,983				22,315,224				434,119,207				472,851,989				7,544,038				480,396,027
USD			33,972,405				317,119				34,289,524				42,212,729				78,726				42,291,455
EUR			2,508,749				50,358				2,559,107				5,528,980				6,360				5,535,340
UF			1,108,494				8,614				1,117,108				1,595,469				1,459				1,596,928
CLP			139,205,818				21,939,133				161,144,951				112,618,619				7,457,493				120,076,112
BRL			163,074,867				-				163,074,867				158,548,956				-				158,548,956
ARS			48,187,856				-				48,187,856				64,252,634				-				64,252,634
PYG			21,339,437				-				21,339,437				85,915,936				-				85,915,936
Other currencies			2,406,357				-				2,406,357				2,178,666				-				2,178,666
Accounts payable to related entities, current			89,986,881				24,812,742				114,799,623				101,388,091				714,462				102,102,553
USD			30,066,497				-				30,066,497
CLP			51,643,855				24,812,742				76,456,597				43,924,974				714,462				44,639,436
BRL			1,363,058				-				1,363,058				36,197,353				-				36,197,353
ARS			6,913,471				-				6,913,471				7,154,967				-				7,154,967
PYG															14,110,797				-				14,110,797
Other current provisions			-				3,466,795				3,466,795				1,076,922				1,356,225				2,433,147
CLP			-				3,437,161				3,437,161				1,076,922				1,302,547				2,379,469
PYG			-				29,634				29,634				-				53,678				53,678
Current tax liabilities			1,588,449				6,772,135				8,360,584				10,513,700				3,694,162				14,207,862
CLP			429,009				742,238				1,171,247				3,497,154				881,495				4,378,649
BRL			1,159,440				-				1,159,440				7,016,546				-				7,016,546
ARS			-				5,149,752				5,149,752				-				1,680,729				1,680,729
PYG			-				880,145				880,145				-				1,131,938				1,131,938
Current provisions for employee benefits			22,659,153				39,357,944				62,017,097				51,318,613				17,045,358				68,363,971
CLP			1,335,557				17,270,344				18,605,901				5,932,159				14,695,203				20,627,362
BRL			21,323,596				-				21,323,596				25,920,317				-				25,920,317
ARS			-				18,777,395				18,777,395				19,466,137				-				19,466,137
PYG			-				3,310,205				3,310,205				-				2,350,155				2,350,155
Other current non-financial liabilities			36,164,013				753,846				36,917,859				125,395				364,572				489,967
CLP			36,152,688				249,981				36,402,669				118,896				-				118,896
ARS			11,325				-				11,325				6,499				-				6,499
PYG			-				503,865				503,865				-				364,572				364,572
Total current liabilities			579,338,825				128,871,331				708,210,156				678,795,176				51,617,341				730,412,517
USD			65,072,052				3,614,627				68,686,679				45,423,834				3,173,853				48,597,687
EUR			2,552,907				189,084				2,741,991				5,569,008				132,110				5,701,118
UF			3,095,151				4,795,015				7,890,166				23,017,528				3,135,565				26,153,093
CLP			237,993,080				85,673,807				323,666,887				178,013,243				35,023,765				213,037,008
BRL			188,567,322				3,175,607				191,742,929				230,299,199				2,439,189				232,738,388
ARS			58,015,713				24,087,066				82,102,779				92,787,791				1,920,392				94,708,183
PYG			21,636,243				7,336,125				28,972,368				100,568,951				5,792,467				106,361,418
CHF			-				-				-				936,956				-				936,956
Other Currencies			2,406,357				-				2,406,357				2,178,666				-				2,178,666

80 

		09.30.2026																12.31.2025
NON-CURRENT LIABILITIES		More than 1 year up to 3				More than 3 and up to 5				More than 5 years				Total				More than 1 year up to 3				More than 3 and up to 5				More than 5 years				Total
		ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$				ThCh$
Other non-current financial liabilities			234,561,930				14,571,209				1,063,772,736				1,312,905,875				388,804,171				4,602,512				798,389,140				1,191,795,823
USD			2,223,816				1,164,924				286,922,616				290,311,356				17,600,742				1,241,538				267,582,032				286,424,312
EUR			200,476				634,004				-				834,480				380,934				457,749				106,415				945,098
UF			5,527,592				11,801,164				430,849,931				448,178,687				97,779,731				991,987				-				98,771,718
CLP			23,640,925				-				346,000,189				369,641,114				73,184,400				-				530,622,650				603,807,050
BRL			5,496,356				971,117				-				6,467,473				5,855,671				1,911,238				78,043				7,844,952
ARS			81,218				-				-				81,218				74,788				-				-				74,788
CHF			197,391,547				-								197,391,547				193,927,905				-				-				193,927,905
Accounts payable, non-current			262,602				-				-				262,602				685,605				-				-				685,605
CLP			262,602				-				-				262,602				685,605				-				-				685,605
ARS			-				-				-				-				-				-				-				-
Accounts payable to related entities,			-				-				-				-				-				-				-				-
BRL			-				-				-				-				-				-				-				-
Other provisions, non-current			65,047,208				-				-				65,047,208				55,378,062				-				-				55,378,062
BRL			64,051,059				-				-				64,051,059				54,678,827				-				-				54,678,827
ARS			996,149				-				-				996,149				699,235				-				-				699,235
Deferred tax liabilities			139,695,157				996,397				102,914,558				243,606,112				218,670,687				2,624				-				218,673,311
CLP			2,244,750				996,397				102,914,558				106,155,705				104,804,980				2,624				-				104,807,604
BRL			69,705,794				-				-				69,705,794				58,278,145				-				-				58,278,145
ARS			43,035,168				-				-				43,035,168				35,139,065				-				-				35,139,065
PYG			24,709,445				-				-				24,709,445				20,448,497				-				-				20,448,497
Non-current provisions for employee benefits			22.615.441				308,292				3,421,465				26,345,198				23,123,294				-				-				23,123,294
CLP			21,748,243				308,292				3,421,465				25,478,000				22,336,827				-				-				22,336,827
ARS			-				-				-				-				-				-				-				-
PYG			867,198				-				-				867,198				786,467				-				-				786,467
Other non-financial liabilities			4,433,283				-				-				4,433,283				3,782,958				-				-				3,782,958
BRL			4,433,283				-				-				4,433,283				3,782,958				-				-				3,782,958
ARS			-				-				-				-
Total non-current liabilities			466,615,621				15,875,898				1,170,108,759				1,652,600,278				690,444,777				4,605,136				798,389,140				1,493,439,053
USD			2,223,816				1,164,924				286,922,616				290,311,356				17,600,742				1,241,538				267,582,032				286,424,312
EUR			200,476				634,004				-				834,480				380,934				457,749				106,415				945,098
UF			5,527,592				11,801,164				430,849,931				448,178,687				97,779,731				991,987				-				98,771,718
CLP			47,896,520				1,304,689				452,336,212				501,537,421				201,011,812				2,624				530,622,650				731,637,086
BRL			143,686,492				971,117				-				144,657,609				122,595,601				1,911,238				78,043				124,584,882
ARS			44,112,535				-				-				44,112,535				35,913,088				-				-				35,913,088
PYG			25,576,643				-				-				25,576,643				21,234,964				-				-				21,234,964
CHF			197,391,547				-				-				197,391,547				193,927,905				-				-				193,927,905

81 

32 – ENVIRONMENT (non-audited)

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:

		2026 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			5,480,320				89,966				1,197,703				497,223
Argentina			4,001,262				-				-				-
Brazil			2,358,015				10,744				-				-
Paraguay			301,980				-				-				-
Total			12,141,577				100,710				1,197,703				497,223

33 – SUBSEQUENT EVENTS

On October 17, 2026, the Law for National Reconstruction and Economic and Social Development was published in Chile, applicable to entities subject to the Chilean tax regime.

Among the measures contemplated in the law is a gradual reduction in the First-Category Income Tax rate, from the current 27% to 23% starting in commercial year 2029, with transitional rates of 25.5% for commercial year 2027 and 24% for commercial year 2028.

In accordance with IAS 12, “Income Taxes,” deferred tax assets and liabilities are measured using the tax rates expected to apply in the period in which such assets are realized or liabilities are settled, provided that such rates have been enacted or substantively enacted as of the financial statements’ reporting date.

As of September 30, 2026, the Chilean companies included in the consolidated financial statements have net deferred tax liabilities of CLP 97,625 million, composed of deferred tax assets of CLP 34,528 million and deferred tax liabilities of CLP 132,153 million. Deferred tax assets and liabilities of companies from other countries included in the consolidation are not affected by this legal amendment, as they correspond to tax jurisdictions other than Chile.

As a result of the changes described above, the measurement of deferred tax assets and liabilities of the Chilean companies will be affected. Quantifying this effect requires estimating the periods in which the temporary differences will reverse, in order to apply the corresponding tax rates to each reversal period. Based on estimates made by Management, the effect of this change would result in a reduction of approximately CLP 14,808 million in net deferred tax liabilities.

No other events of a financial or other nature are known to have occurred between October 1, 2026 and the date of issuance of these interim consolidated financial statements that would significantly affect their balances or interpretation.

82 

Appendix I

Additional Information Required by the Financial Market Commission (CMF) on Suppliers and Other Accounts Payable.

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

Information as of September 30, 2026

Suppliers paid on time
Type of		Amounts according to payment terms																								Total				Average payment period
supplier		up to 30 days				31–60				61–90				91–120				121–365				366 and more				ThCh$				(days)
Products			100,663,341				37,606,463				19,688,528				5,214,100				-				-				163,172,432				29
Services			47,822,222				3,951,086				428,311				111,706				256,664				-				52,569,989				21
Other			37,322,908				204,560				537,616				22,175,439				-				-				60,240,523				37
Total ThCh$			185,808,471				41,762,109				20,654,455				27,501,245				256,664				-				275,982,944
Suppliers with overdue payments
Type of		Amounts according to days overdue																								Total
Supplier		up to 30 days				31–60				61–90				91–120				121–180				181 and over				ThCh$
Products			6,103,091				1,664,610				455,914				215,089				379,106				1,375,472				10,193,282
Services			3,962,387				1,730,686				1,442,294				810,950				1,093,443				737,845				9,777,605
Other			-				-				-				-				92				,				92
Total ThCh$			10,065,478				3,395,296				1,898,208				1,026,039				1,472,641				2,113,317				19,970,979

Information as of December 31, 2025:

Suppliers paid on time
Type of		Amounts according to payment terms																								Total				Average payment period
supplier		up to 30 days				31–60				61–90				91–120				121–365				366 and more				ThCh$				(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				30
Total ThCh$			240,786,119				30,785,462				8,304,115				2,693,947				37,259				-				282,606,902
Suppliers with overdue payments
Type of		Amounts according to days overdue																								Total
Supplier		up to 30 days				31–60				61–90				91–120				121–180				181 and over				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

83 

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, November 04, 2026