# EDGAR Filing Document

**Accession Number:** 0000925261
**File Stem:** 0001104659-25-071843
**Filing Date:** 2025-7
**Character Count:** 82484
**Document Hash:** 6601bae7f233b39ca323230976b1209a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-071843.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001104659-25-071843

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250729

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ANDINA BOTTLING CO INC
- **CENTRAL INDEX KEY:** 0000925261
- **STANDARD INDUSTRIAL CLASSIFICATION:** BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13142
- **FILM NUMBER:** 251163323

**BUSINESS ADDRESS:**
- **STREET 1:** AVENIDA EL GOLF 40, PISO 4
- **STREET 2:** LAS CONDES
- **CITY:** SANTIAGO CHILE
- **STATE:** F3
- **ZIP:** 00000
- **BUSINESS PHONE:** 5623380520

**MAIL ADDRESS:**
- **STREET 1:** AVENIDA EL GOLF 40, PISO 4
- **STREET 2:** LAS CONDES
- **CITY:** SANTIAGO
- **STATE:** F3
- **ZIP:** 00000

**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**

**July 2025**

Date of Report (Date of Earliest Event Reported)

**Embotelladora Andina S.A.**

(Exact name of registrant as specified in its charter)

**Andina Bottling Company, Inc.**

(Translation of Registrant´s name into English)

**Avda. Miraflores 9153**

**Renca**

**Santiago, Chile**

(Address of principal executive office)

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

Form 20-F ⌧ 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 ⌧

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 ⌧

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 ⌧

![](tm2521978d1_6kimg001.jpg)

![](tm2521978d1_6kimg002.jpg)

**EXECUTIVE SUMMARY**

---

| | |
|:---|:---|
| ![](tm2521978d1_6kimg003.jpg) | The quarter closed with consolidated Sales Volume of 207.5 million unit cases\*, up 5.3% compared to the same quarter last year. Transactions\* reached 1,136.7 million in the quarter, representing an increase of 4.7% compared to the same quarter last year. Consolidated accumulated Sales Volume reached 458.5 million unit cases, representing an increase of 7.7% compared to the previous year. Accumulated transactions reached 2,491.7 million, representing an increase of 6.7%. |
| ![](tm2521978d1_6kimg003.jpg) | The Company's reported figures are as follows: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consolidated
 Net Sales reached CLP 738,154 million in the quarter, an increase of 9.8% compared to the
 same quarter of the previous year. Accumulated Consolidated Net Sales reached CLP 1,612,680
 million, representing an increase of 8.5% compared to the previous year.

· Consolidated
 Operating Income\* reached CLP 79,873 million in the quarter, representing an increase of
 8.5% compared to the same quarter last year. Accumulated Consolidated Operating Income was
 CLP 210,562 million, an increase of 5.4% compared to the previous year.

· Consolidated
 Adjusted EBITDA\* increased 9.2% compared to the same quarter of the previous year, reaching
 CLP 119,323 million in the quarter. Adjusted EBITDA Margin reached 16.2%, a contraction of
 9 basis points compared to the same quarter of the previous year. Accumulated consolidated
 Adjusted EBITDA was CLP 288,529 million, representing an increase of 6.1% compared to the
 previous year. Adjusted EBITDA Margin for the period reached 17.9%, a contraction of 41 basis
 points compared to the previous year.

· Net
 income attributable to owners of the controller for the quarter reached CLP 37,233 million,
 representing an increase of 51.3% compared to the same quarter of the previous year. Accumulated
 Net Income attributable to owners of the controller was CLP 113,589 million, representing
 an increase of 21.4% compared to the previous year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SUMMARY OF RESULTS FOR THE SECOND QUARTER AND FIRST HALF 2025** | **SUMMARY OF RESULTS FOR THE SECOND QUARTER AND FIRST HALF 2025** | **SUMMARY OF RESULTS FOR THE SECOND QUARTER AND FIRST HALF 2025** | **SUMMARY OF RESULTS FOR THE SECOND QUARTER AND FIRST HALF 2025** | **SUMMARY OF RESULTS FOR THE SECOND QUARTER AND FIRST HALF 2025** | **SUMMARY OF RESULTS FOR THE SECOND QUARTER AND FIRST HALF 2025** | **SUMMARY OF RESULTS FOR THE SECOND QUARTER AND FIRST HALF 2025** |
| **(Figures in million CLP)** | **2Q24** | **2Q25** | **% Var.** | **1H24** | **1H25** | **% Var.** |
| **Sales Volume** <br> *(Million Unit Cases*)** | 197.1 | 207.5 | 5.3% | 425.9 | 458.5 | 7.7% |
| **Net Sales** | 672193 | 738154 | 9.8% | 1485738 | 1612680 | 8.5% |
| **Operating Income\*** | 73582 | 79873 | 8.5% | 199846 | 210562 | 5.4% |
| **Adjusted EBITDA\*** | 109259 | 119323 | 9.2% | 271854 | 288529 | 6.1% |
| **Net income attributable to the owners of the controller** | 24602 | 37233 | 51.3% | 93588 | 113589 | 21.4% |

---

**<u>Comments of the Chief Executive Officer, Mr. Miguel Ángel Peirano</u>**

***"In the second quarter of 2025, Sales Volume reached 207.5 million unit cases, a 5.3% increase compared to the same period last year. This growth was driven mainly by a 23.7% increase in the volume of our franchise in Argentina. The franchise recovered more than 75% of the volume it lost in the second quarter of 2024, a year marked by a severe economic crisis in Argentina. In Chile, volume grew 3.5%, with notable growth in the soft drinks and water categories. In Brazil, volume grew 1.0% despite a difficult basis of comparison with the same period last year, while in Paraguay, volume declined 0.7% despite an increase in our market share, mainly due to the coldest winter in recent years.***

***Consolidated Net Sales reached CLP 738,154 million, showing growth of 9.8% compared to the same period last year, while Consolidated Adjusted EBITDA was CLP 119,323 million, a growth of 9.2% compared to the same quarter last year. In local currency, adjusted EBITDA from our operations in Argentina grew 110.6%, remained unchanged in Brazil, grew 13.1% in Chile, and decreased 0.8% in Paraguay. It should be noted that on a currency-neutral basis, consolidated adjusted EBITDA grew 12.7% compared to the same quarter last year. Finally, net income attributable to the owners of the controller reached CLP 37,233 million, a 51.3% increase.***

***In terms of sustainability, in May we participated in the event "Mapping the Corporate Sustainability Landscape," which included the Sustainability Yearbook 2025 Awards Ceremony, presented by S&P Global, based on the results of the Corporate Sustainability Assessment (CSA). We were recognized as one of the most sustainable companies in the world in the beverage industry, ranking in the top 15% globally, and we obtained the highest score nationally and in Latin America and the fifth highest worldwide.***

\*The definitions used can be found in the Glossary on page 17 of this document.

---

| | |
|:---|:---|
| COCA-COLA ANDINA |  |
| 2Q25 EARNINGS RELEASE |  |
| www.koandina.com |  |
|  | -2- |

---

![](tm2521978d1_6kimg002.jpg)

***During the second half of the year, we will significantly expand our installed capacity by launching three new production lines: a multi-category line that can produce both soft drinks and beer in Duque de Caxias, a mineral water line at the same location, and a returnable beverage line in Paraguay. All of these projects, which had already been announced, are in line with our goal of meeting the growing demand of our consumers in these countries, improving our efficiency, and making our business more sustainable."***

**BASIS OF PRESENTATION**

The figures in the following analysis are expressed in accordance with IFRS, in nominal Chilean pesos, both for consolidated results and for the results of each of our operations. All variations with respect to 2024 are nominal.

Since Argentina has been classified as a hyperinflationary economy, in accordance with IAS 29, translation of figures from local currency to the reporting currency was performed using the closing exchange rate for the translation to Chilean pesos. Local currency figures for both 2025 and 2024 referred to in the Argentina sections are all in June 2025 currency.

Finally, a devaluation of local currencies against the U.S. dollar has a negative impact on our dollarized costs and a devaluation of local currencies against the Chilean peso has a negative impact on the consolidation of figures.

When we refer to "Argentina", it includes our subsidiaries Embotelladora del Atlántico S.A. and Empaques Argentina S.A. When we refer to "Chile", it includes the operation in Chile of Embotelladora Andina S.A., as well as its subsidiaries VJ S.A., Vital Aguas S.A., Envases Central S.A. and Re-Ciclar S.A.

---

| | |
|:---|:---|
| COCA-COLA ANDINA |  |
| 2Q25 EARNINGS RELEASE |  |
| www.koandina.com |  |
|  | -3- |

---

![](tm2521978d1_6kimg002.jpg)

**CONSOLIDATED RESULTS: Second Quarter 2025 vs. Second Quarter 2024**

![](tm2521978d1_6kimg004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| ***(Figures in million CLP)*** | **2Q24** | **2Q25** | **% Var.** |
| **Net Sales** | 672193 | 738154 | 9.8% |
| **Operating Income** | 73582 | 79873 | 8.5% |
| **Adjusted EBITDA** | 109259 | 119323 | 9.2% |
| **Net income attributable to the owners of the controller** | 24602 | 37233 | 51.3% |

---

During the quarter, consolidated Sales Volume was 207.5 million unit cases, representing an increase of 5.3% compared to the same period in 2024, explained by the increase in volume in Argentina, Chile and Brazil, partially offset by the decrease in volume in Paraguay. The Non-Alcoholic Beverages Segment accounted for 95.6% of consolidated Sales Volume and grew by 5.8%, explained by growth in the Segment in Argentina, Chile and Brazil, partially offset by the decrease in Paraguay. The Alcoholic Beverages Segment accounted for 4.4% of total volume and decreased by 5.7%, explained by lower volume in Brazil, Argentina and Chile, partially offset by higher volume in Paraguay. Transactions reached 1,136.7 million in the quarter, representing an increase of 4.7% compared to the same quarter of the previous year.

Consolidated Net Sales reached CLP 738,154 million, an increase of 9.8%, explained by revenue growth in the four countries where we operate, as well as the effect of translating figures from the local currency in Argentina to the reporting currency, which was partially offset by the effect of translating figures from our subsidiaries in Brazil and Paraguay to the reporting currency. During the second quarter, 75.5% of the Company's total net revenues were generated through our digital platforms, representing an increase of 33.7 percentage points compared to the same period last year.

Consolidated Cost of Sales increased by 11.3%, mainly explained by (i) higher sales volumes in Argentina, (ii) higher PET resin costs in Brazil, Chile and Paraguay, (iii) higher concentrate costs in Brazil and Paraguay, (iv) the effect of the shift in the mix toward higher unit cost products in Chile and Paraguay, (v) the effect of the translation of our Argentine subsidiary's figures to the reporting currency, and (vi) the effect of the devaluation of the local currencies of Argentina, Brazil and Paraguay on our dollar-denominated costs. This was partially offset by (i) lower sugar costs, (ii) lower concentrate costs in Argentina and Chile, and (iii) the effect of translating figures from our subsidiaries in Brazil and Paraguay to the reporting currency.

Consolidated Distribution Costs and Administrative Expenses increased 7.0%, mainly due to (i) higher distribution expenses due to higher volumes, (ii) higher labor costs in Argentina, Brazil and Chile, (iii) the effect of translating the figures of our subsidiary in Argentina to the reporting currency, and (iv) higher marketing expenses in Paraguay. This was partially offset by (i) lower marketing costs in Brazil, and (ii) the effect of translating the figures of our subsidiaries in Brazil and Paraguay to the reporting currency.

The aforementioned effects led to a consolidated Operating Income of CLP 79,873 million, an increase of 8.5%. Operating Margin was 10.8%.

Consolidated adjusted EBITDA reached CLP 119,323 million, increasing 9.2%. Adjusted EBITDA margin was 16.2%, a contraction of 9 basis points.

Net Income attributable to the owners of the controller for the quarter was CLP 37,233 million, an increase of 51.3%, and Net Margin reached 5.0%, an expansion of 138 basis points.

---

| | |
|:---|:---|
| COCA-COLA ANDINA |  |
| 2Q25 EARNINGS RELEASE |  |
| www.koandina.com |  |
|  | -4- |

---

![](tm2521978d1_6kimg002.jpg)

**ARGENTINA: Second Quarter 2025 vs. Second Quarter 2024**

![](tm2521978d1_6kimg005.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q24** | **2Q25** | **% Var.** | **2Q24** | **2Q25** | **% Var.** |
|  | **(Figures in million CLP)** | **(Figures in million CLP)** | **(Figures in million CLP)** | **(Figures in million ARS of June 2025)** | **(Figures in million ARS of June 2025)** | **(Figures in million ARS of June 2025)** |
| **Net Sales** | 130408 | 170285 | 30.6% | 174842 | 219830 | 25.7% |
| **Operating Income** | -616 | 8875 | *NA* | -826 | 11458 | *NA* |
| **Adjusted EBITDA** | 9272 | 20283 | 118.8% | 12431 | 26184 | 110.6% |

---

Sales Volume for the quarter increased 23.7% to 39.0 million unit cases, driven by growth in the Soft Drinks, Water and Juices and Other Non-Alcoholic Beverage categories, partially offset by a decline in the Beer and Other Alcoholic Beverages category. Transactions reached 185.5 million, representing an increase of 25.2%.

Net Sales totaled CLP 170,285 million, up 30.6%. In local currency, they increased by 25.7%, mainly due to the aforementioned increase in volume and to a lesser extent, the increase in average revenue per unit case sold.

Cost of Sales increased by 28.8%, while in local currency it increased by 24.0%, mainly explained by (i) higher sales volume, and (ii) the negative effect of the devaluation of the Argentine peso on our dollarized costs. This was partially offset by (i) lower concentrate costs, and (ii) lower sugar costs.

Distribution Costs and Administrative Expenses increased 15.7% in the reporting currency, while in local currency they increased 11.4%, mainly due to (i) higher distribution expenses, and (ii) higher labor costs and services provided by third parties.

The aforementioned effects led to an Operating Income of CLP 8,875 million, compared to a loss of CLP 616 million in the same period last year. Operating Margin was 5.2%. In local currency, Operating Income was a gain of ARS 11,458 million, compared to a loss of ARS 826 million in the same quarter of the previous year.

Adjusted EBITDA totaled CLP 20,283 million, an increase of 118.8%. Adjusted EBITDA margin was 11.9%, an expansion of 480 basis points. Adjusted EBITDA in local currency increased 110.6%.

**BRAZIL: 2nd Quarter 2025 vs. 2nd Quarter 2024**

![](tm2521978d1_6kimg006.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q24** | **2Q25** | **% Var.** | **2Q24** | **2Q25** | **% Var.** |
|  | **(Figures in million CLP)** | **(Figures in million CLP)** | **(Figures in million CLP)** | **(Figures in million BRL)** | **(Figures in million BRL)** | **(Figures in million BRL)** |
| **Net Sales** | 218502 | 220715 | 1.0% | 1217 | 1321 | 8.5% |
| **Operating Income** | 42628 | 38557 | -9.6% | 238 | 231 | -2.8% |
| **Adjusted EBITDA** | 51901 | 48320 | -6.9% | 289 | 289 | 0.0% |

---

Sales Volume for the quarter reached 82.6 million unit cases, an increase of 1.0%, explained by the increase in the Soft Drinks category, partially offset by the decrease in the Water, Juices and Other Non-Alcoholic beverages and Beer and Other Alcoholic beverages categories. The Non-Alcoholic Beverages Segment accounted for 99.4% of total Sales Volume and grew by 1.7%, explained by growth in the Soft Drinks category, partially offset by the decline in the Water, Juices and Other Non-Alcoholic Beverages category. The Alcoholic Beverages segment accounted for 0.6% of total volume and decreased by 51.8%, explained by the decline in the Beer category, partially offset by the increase in the Other Alcohols category. Transactions reached 435.8 million, representing an increase of 1.1%.

Net Sales totaled CLP 220,715 million, an increase of 1.0%. In local currency, Net Sales increased 8.5%, mainly due to the increase in average revenue per unit case sold and to a lesser extent, to the aforementioned increase in volume. Net Sales in the Non-Alcoholic Beverages segment increased 10.5% in local currency, representing 97.8% of total sales. Net Sales in the Alcoholic Beverages segment decreased 38.9% in local currency, representing 2.2% of total sales.

---

| | |
|:---|:---|
| COCA-COLA ANDINA |  |
| 2Q25 EARNINGS RELEASE |  |
| www.koandina.com |  |
|  | -5- |

---

![](tm2521978d1_6kimg002.jpg)

Cost of Sales increased 5.7%, while in local currency it increased 13.7%, mainly due to (i) the effect of the devaluation of the Brazilian real on our dollar-denominated costs, (ii) higher concentrate costs, and (iii) higher PET resin and aluminum costs. This was partially offset by lower sugar costs.

Distribution Costs and Administrative Expenses decreased 1.9% in the reporting currency. In local currency, they increased 5.3%, which is mainly explained by (i) higher distribution expenses, (ii) higher labor expenses, and (iii) higher depreciation charges. This was partially offset by lower marketing expenses.

The aforementioned effects led to an Operating Income of CLP 38,557 million, a decrease of 9.6%. Operating Margin was 17.5%. In local currency, Operating Income decreased by 2.8%.

Adjusted EBITDA reached CLP 48,320 million, a decrease of 6.9% compared to the previous year. Adjusted EBITDA Margin was 21.9%, a contraction of 186 basis points. In local currency, Adjusted EBITDA remained unchanged.

**CHILE: Second Quarter 2025 vs. Second Quarter 2024**

![](tm2521978d1_6kimg007.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **2Q24** | **2Q25** | **% Var.** |
|  | **(Figures in million CLP)** | **(Figures in million CLP)** | **(Figures in million CLP)** |
| **Net Sales** | 264979 | 286964 | 8.3% |
| **Operating Income** | 20003 | 22284 | 11.4% |
| **Adjusted EBITDA** | 32840 | 37141 | 13.1% |

---

During the quarter, Sales Volume reached 67.6 million unit cases, representing an increase of 3.5%, explained by growth in the Soft Drinks and Water categories, partially offset by declines in the Juices and Other Non-Alcoholic Beverages and Beer and Other Alcoholic Beverages categories. The volume of the Non-Alcoholic Beverages Segment represented 88.2% of total Sales Volume and grew by 4.6%, explained by the increase in the Soft Drinks and Water categories, partially offset by the decrease in the Juices and Other Non-Alcoholic Beverages category. The volume of the Alcoholic Beverages Segment represented 11.8% of total Sales Volume and decreased by 4.2%, explained by the decline in all categories in the segment. Transactions reached 397.5 million, representing an increase of 1.8%.

Net Sales reached CLP 286,964 million, an increase of 8.3%, mainly explained by the increase in average revenue per unit case sold, as a result of price increases, and by the aforementioned increase in volume. Net Sales in the Non-Alcoholic Beverages segment increased by 10.4%, representing 77.4% of total sales. Net Sales in the Alcoholic Beverages segment increased by 1.7%, representing 22.6% of total sales.

Cost of Sales increased 8.2%, mainly due to (i) a shift in the mix toward products with higher unit costs, and (ii) higher PET resin costs. This was partially offset by (i) lower sugar costs, and (ii) lower concentrate costs.

Distribution Costs and Administrative Expenses increased 7.7%, mainly due to (i) higher labor costs and services provided by third parties, and (ii) higher distribution expenses due to higher sales volumes.

The aforementioned effects led to an Operating Income of CLP 22,284 million, 11.4% higher than the previous year. Operating Margin was 7.8%.

Adjusted EBITDA reached CLP 37,141 million, an increase of 13.1%. Adjusted EBITDA Margin was 12.9%, an expansion of 55 basis points.

---

| | |
|:---|:---|
| COCA-COLA ANDINA |  |
| 2Q25 EARNINGS RELEASE |  |
| www.koandina.com |  |
|  | -6- |

---

![](tm2521978d1_6kimg002.jpg)

**PARAGUAY: Second Quarter 2025 vs. Second Quarter 2024**

![](tm2521978d1_6kimg008.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q24** | **2Q25** | **% Var.** | **2Q24** | **2Q25** | **% Var.** |
|  | **(Figures in million CLP)** | **(Figures in million CLP)** | **(Figures in million CLP)** | **(Figures in million PGY)** | **(Figures in million PGY)** | **(Figures in million PGY)** |
| **Net Sales** | 61341 | 61963 | 1.0% | 490541 | 522501 | 6.5% |
| **Operating Income** | 13956 | 13142 | -5.8% | 111366 | 110747 | -0.6% |
| **Adjusted EBITDA** | 17718 | 16647 | -6.0% | 141479 | 140315 | -0.8% |

---

Sales Volume reached 18.2 million unit cases in the quarter, a decrease of 0.7%, explained by the decline in the Soft Drinks, Water and Juices and Other Non-Alcoholic Beverages categories, partially offset by the increase in the Beer and Other Alcoholic Beverages category. Transactions reached 117.9 million, representing an increase of 1.6%.

Net Sales totaled CLP 61,963 million, representing an increase of 1.0%. In local currency, Net Sales increased 6.5%, mainly explained by higher average revenue per unit case sold, partially offset by the aforementioned decrease in volume.

Cost of Sales in the reporting currency increased 5.1%. In local currency, it increased by 10.8%, mainly explained by (i) higher concentrate costs, (ii) the devaluation of the local currency affecting our dollar-denominated costs, (iii) higher PET resin costs, and (iv) the shift in the mix towards higher unit cost products. This was partially offset by lower sugar costs.

Distribution Costs and Administrative Expenses decreased by 2.5% and increased by 2.6% in local currency. This is mainly explained by (i) higher distribution costs, and (ii) higher marketing expenses. This was partially offset by higher operating income classified under this item.

The aforementioned effects led to an Operating Income of CLP 13,142 million, 5.8% lower than the previous year. Operating Margin reached 21.2%. In local currency, Operating Income decreased 0.6%.

Adjusted EBITDA reached CLP 16,647 million, a decrease of 6.0%, and Adjusted EBITDA Margin was 26.9%, a contraction of 202 basis points. In local currency, Adjusted EBITDA decreased by 0.8%.

---

| | |
|:---|:---|
| COCA-COLA ANDINA |  |
| 2Q25 EARNINGS RELEASE |  |
| www.koandina.com |  |
|  | -7- |

---

![](tm2521978d1_6kimg002.jpg)

**ACCUMULATED RESULTS: 1<sup>st</sup> Half 2025 vs. 1<sup>st</sup> Half 2024**

**<u>Consolidated Results</u>**

![](tm2521978d1_6kimg009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **(Figures in million CLP)** | **1H24** | **1H25** | **% Var.** |
| **Net Sales** | 1485738 | 1612680 | 8.5% |
| **Operating Income** | 199846 | 210562 | 5.4% |
| **Adjusted EBITDA** | 271854 | 288529 | 6.1% |
| **Net income attributable to the owners of the controller** | 93588 | 113589 | 21.4% |

---

Consolidated Sales Volume was 458.5 million unit cases, representing an increase of 7.7% compared to the same period in 2024, explained by volume growth in all countries where we operate. The Non-Alcoholic Beverages Segment accounted for 95.4% of consolidated Sales Volume and grew by 8.2%, explained by growth in the Segment in all countries where we operate. The Alcoholic Beverages Segment accounted for 4.6% of total volume and decreased by 2.1%, mainly explained by the reduction in the Segment's volume in Brazil and Argentina, which was partially offset by growth in Paraguay and Chile. Transactions reached 2,491.7 million, representing an increase of 6.7%. Consolidated Net Sales reached CLP 1,612,680 million, an increase of 8.5%.

Consolidated Cost of Sales increased by 9.8%, mainly due to (i) higher sales volumes in Argentina and Brazil, (ii) higher PET resin costs in Brazil, Chile and Paraguay, (iii) higher concentrate costs in Brazil and Paraguay (iv) the effect of the shift in the mix toward higher unit cost products in Chile and Paraguay, (v) the effect of the translation of our Argentine subsidiary's figures to the reporting currency, and (vi) the effect of the devaluation of the local currencies of Argentina, Brazil and Paraguay on our dollar-denominated costs. This was partially offset by (i) lower sugar costs, (ii) lower concentrate costs in Argentina and Chile, and (iii) the effect of translating figures from our subsidiaries in Brazil and Paraguay to the reporting currency.

Consolidated Distribution Costs and Administrative Expenses increased 7.3%, mainly due to (i) higher distribution expenses, (ii) higher labor costs in Argentina, Brazil and Chile, (iii) the effect of translating the figures of our subsidiary in Argentina to the reporting currency, and (iv) higher marketing expenses in Paraguay. This was partially offset by (i) lower marketing costs in Brazil, and (ii) the effect of translating the figures of our subsidiaries in Brazil and Paraguay to the reporting currency.

The aforementioned effects led to a consolidated Operating Income of CLP 210,562 million, an increase of 5.4%. Operating Margin was 13.1%.

Consolidated Adjusted EBITDA reached CLP 288,529 million, an increase of 6.1%. Adjusted EBITDA Margin was 17.9%, a contraction of 41 basis points.

Net income attributable to the owners of the controller was CLP 113,589 million, an increase of 21.4%, and net margin reached 7.0%.

**<u>Argentina</u>**

![](tm2521978d1_6kimg010.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1H24** | **1H25** | **% Var.** | **1H24** | **1H25** | **% Var.** |
|  | **(Figures in million CLP)** | **(Figures in million CLP)** | **(Figures in million CLP)** | **(Figures in million ARS of June 2025)** | **(Figures in million ARS of June 2025)** | **(Figures in million ARS of June 2025)** |
| **Net Sales** | 316002 | 392592 | 24.2% | 423673 | 506817 | 19.6% |
| **Operating Income** | 33116 | 42350 | 27.9% | 44400 | 54672 | 23.1% |
| **Adjusted EBITDA** | 53578 | 65344 | 22.0% | 71834 | 84356 | 17.4% |

---

Sales Volume increased by 22.4%, reaching 89.7 million unit cases, explained by the increase in the Soft Drinks, Water and Juices and Other Non-Alcoholic Beverages categories, partially offset by the decrease in the Beer and Other Alcoholic Beverages category. Transactions reached 424.5 million, representing an increase of 21.9%.

---

| | |
|:---|:---|
| COCA-COLA ANDINA |  |
| 2Q25 EARNINGS RELEASE |  |
| www.koandina.com |  |
|  | -8- |

---

![](tm2521978d1_6kimg002.jpg)

Net Sales totaled CLP 392,592 million, an increase of 24.2%, while in local currency, Net Sales increased 19.6%, mainly explained by the aforementioned increase in volume, partially offset by the decrease in average revenue per unit case sold.

Cost of Sales increased 27.4%. In local currency, it increased 22.7%, mainly explained by (i) higher sales volume, and (ii) the negative effect of the devaluation of the Argentine peso on our dollarized costs. This was partially offset by (i) lower concentrate costs, and (ii) lower sugar costs.

Distribution Costs and Administrative Expenses increased 18.6% in the reporting currency. In local currency, these increased by 14.2%, mainly explained by (i) higher distribution costs due to higher volumes, (ii) higher labor costs and services provided by third parties, and (iii) lower other operating income classified under this item.

The aforementioned effects led to an Operating Income of CLP 42,350 million, an increase of 27.9%. Operating Margin was 10.8%. In local currency, Operating Income increased by 23.1%.

Adjusted EBITDA reached CLP 65,344 million, an increase of 22.0%. Adjusted EBITDA margin was 16.6%, a contraction of 31 basis points. Adjusted EBITDA in local currency increased by 17.4%.

**<u>Brazil</u>**

![](tm2521978d1_6kimg011.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1H24** | **1H25** | **% Var.** | **1H24** | **1H25** | **% Var.** |
|  | **(Figures in million CLP)** | **(Figures in million CLP)** | **(Figures in million CLP)** | **(Figures in million BRL)** | **(Figures in million BRL)** | **(Figures in million BRL)** |
| **Net Sales** | 451413 | 455974 | 1.0% | 2435 | 2750 | 12.9% |
| **Operating Income** | 82246 | 77994 | -5.2% | 444 | 471 | 5.9% |
| **Adjusted EBITDA** | 100945 | 96932 | -4.0% | 546 | 585 | 7.2% |

---

Sales Volume increased by 7.2% to 174.0 million unit cases, driven by volume growth in the Soft Drinks and Juices and Other Non-Alcoholic Beverages categories, partially offset by declines in the Water and Beer and Other Alcoholic Beverages categories. The Non-Alcoholic Beverages Segment accounted for 99.3% of total Sales Volume and grew by 8.1%, explained by growth in the Soft Drinks and Juices and Other Non-Alcoholic Beverages categories, partially offset by a decrease in the Water category. The Alcoholic Beverages Segment accounted for 0.7% of total volume and decreased by 54.0%, which was explained by the decrease in the Beer category, partially offset by the increase in the Other Alcohols category. Transactions reached 921.3 million, representing an increase of 6.6%.

Net Sales reached CLP 455,974 million, an increase of 1.0%. In local currency, Net Sales increased 12.9%, due to the aforementioned increase in volume and higher average prices resulting from the price increases we have implemented. Net Sales in the Non-Alcoholic Beverages segment increased by 15.6% in local currency, representing 97.7% of total sales. Net Sales in the Alcoholic Beverages segment decreased by 43.0% in local currency, representing 2.3% of total sales.

Cost of Sales increased 4.3%, while in local currency it increased 16.6%, mainly explained by (i) higher sales volume, (ii) the negative effect of the exchange rate devaluation on our costs, (iii) higher concentrate costs, and (iv) higher PET resin and aluminum costs. This was partially offset by lower sugar costs.

Distribution Costs and Administrative Expenses decreased 2.5% in the reporting currency and increased 9.1% in local currency, mainly due to (i) higher freight expenses as a result of higher sales volume, (ii) higher depreciation charges, and (iii) higher labor costs. This was partially offset by lower marketing expenses.

The aforementioned effects led to an Operating Income of CLP 77,994 million, a decrease of 5.2%. Operating Margin was 17.1%. In local currency, Operating Income increased by 5.9%.

Adjusted EBITDA reached CLP 96,932 million, a decrease of 4.0% compared to the previous year. Adjusted EBITDA Margin was 21.3%, a contraction of 110 basis points. In local currency, Adjusted EBITDA increased by 7.2%.

---

| | |
|:---|:---|
| COCA-COLA ANDINA |  |
| 2Q25 EARNINGS RELEASE |  |
| www.koandina.com |  |
|  | -9- |

---

![](tm2521978d1_6kimg002.jpg)

**<u>Chile</u>**

![](tm2521978d1_6kimg012.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **1H24** | **1H25** | **% Var.** |
|  | **(Figures in million CLP)** | **(Figures in million CLP)** | **(Figures in million CLP)** |
| **Net Sales** | 588219 | 628704 | 6.9% |
| **Operating Income** | 56787 | 62582 | 10.2% |
| **Adjusted EBITDA** | 81784 | 91678 | 12.1% |

---

Sales Volume reached 153.7 million unit cases, an increase of 2.3%, explained by the increase in volume in the Soft Drinks, Water and Beer and Other Alcoholic Beverages categories, partially offset by the decrease in the Juices and Other Non-Alcoholic Beverages categories. The Non-Alcoholic Beverages Segment accounted for 87.9% of total Sales Volume and grew by 2.6%, explained by the increase in the Soft Drinks and Water categories, partially offset by the decrease in the Juices and other non-alcoholic beverages category. The Alcoholic Beverages Segment accounted for 12.1% of total Sales Volume and grew 0.8%, explained by the increase in all categories in the segment. Transactions reached 888.1 million, representing an increase of 1.8%.

Net Sales totaled CLP 628,704 million, an increase of 6.9%, which is explained by higher average prices during the period, price increases, and the aforementioned increase in volume. Net Sales in the Non-Alcoholic Beverages segment increased 7.1%, representing 77.6% of total sales. Net Sales in the Alcoholic Beverages segment grew 6.1%, representing 22.4% of total sales.

Cost of Sales increased 6.3%, mainly due to (i) a shift in the mix toward products with higher unit costs, and (ii) higher PET resin costs. This was partially offset by (i) lower sugar costs, and (ii) lower concentrate costs.

Distribution Costs and Administrative Expenses increased 7.2%, mainly due to (i) higher labor costs, and (ii) higher distribution expenses.

The aforementioned effects led to an Operating Income of CLP 62,582 million, 10.2% higher than the previous year. Operating Margin was 10.0%.

Adjusted EBITDA reached CLP 91,678 million, an increase of 12.1%. Adjusted EBITDA Margin was 14.6%, an expansion of 68 basis points.

**<u>Paraguay</u>**

![](tm2521978d1_6kimg013.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1H24** | **1H25** | **% Var.** | **1H24** | **1H25** | **% Var.** |
|  | **(Figures in million CLP)** | **(Figures in million CLP)** | **(Figures in million CLP)** | **(Figures in million PGY)** | **(Figures in million PGY)** | **(Figures in million PGY)** |
| **Net Sales** | 135603 | 139348 | 2.8% | 1061839 | 1159314 | 9.2% |
| **Operating Income** | 32785 | 33282 | 1.5% | 256016 | 276620 | 8.0% |
| **Adjusted EBITDA** | 40799 | 40385 | -1.0% | 318823 | 335845 | 5.3% |

---

Sales Volume reached 41.1 million unit cases, representing an increase of 2.7%, explained by the increase in volume in the Soft Drinks, Water and Beer and Other Alcoholic Beverages categories, partially offset by the decrease in the Juices and Other Non-Alcoholic Beverages categories. Transactions reached 257.8 million, representing an increase of 3.2%.

Net Sales totaled CLP 139,348 million, an increase of 2.8%. In local currency, Net Sales increased 9.2%, which is explained by higher average prices and the aforementioned increase in sales volume.

Cost of Sales increased 5.3% and in local currency it increased 11.9%, mainly explained by (i) higher concentrate costs, (ii) the devaluation of the local currency affecting our dollar-denominated costs, (iii) higher PET resin costs, and (iv) the shift in the mix towards higher unit cost products. This was partially offset by lower sugar costs.

---

| | |
|:---|:---|
| COCA-COLA ANDINA |  |
| 2Q25 EARNINGS RELEASE |  |
| www.koandina.com |  |
|  | -10- |

---

![](tm2521978d1_6kimg002.jpg)

Distribution Costs and Administrative Expenses decreased by 2.7% in the reporting currency. In local currency, they increased by 3.2%, mainly due to (i) higher distribution costs and (ii) higher marketing expenses. This was partially offset by higher operating income classified under this item.

The aforementioned effects led to an Operating Income of CLP 33,282 million, 1.5% higher than the previous year. Operating Margin reached 23.9%. In local currency, Operating Income increased by 8.0%.

Adjusted EBITDA reached CLP 40,385 million, 1.0% lower than the previous year, and Adjusted EBITDA Margin was 29.0%, a contraction of 111 basis points. In local currency, Adjusted EBITDA increased by 5.3%.

**NON-OPERATING RESULTS FOR THE QUARTER**

Net Financial Income and Expenses account recorded an expense of CLP 12,649 million, compared to CLP 9,567 million in expenses for the same quarter of the previous year, mainly due to lower financial income as a result of lower cash levels.

Share of Profit or Loss from Investments Accounted for by the Equity Method went from a loss of CLP 76 million to a profit of CLP 139 million, mainly due to higher results from subsidiaries in Brazil.

Other Income and Expenses recorded a loss of CLP 6,098 million, compared to a loss of CLP 9,813 million in the same quarter of the previous year, a difference mainly explained by lower contingencies in Brazil.

Results by Adjustment Units and Exchange Rate Differences went from a loss of CLP 5,300 million to a loss of CLP 2,448 million, which is mainly explained by lower exchange losses in Chile.

Income Tax went from -CLP 23,951 million to -CLP 22,085 million, this variation mainly due to higher withholding taxes in 2024, which are associated with increased dividends received from our operation in Paraguay.

**CONSOLIDATED BALANCE SHEET**

The balances of assets and liabilities at the closing dates of these financial statements are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **12.31.2024**<br>**million CLP** | **06.30.2025**<br>**million CLP** | **Variation**<br>**million CLP** |
| **Assets** |  |  |  |
| Current assets | 1013196 | 818120 | -195075 |
| Non-current assets | 2277909 | 2294148 | 16239 |
| **Total Assets** | **3291104** | **3112268** | **-178836** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **12.31.2024**<br>**million CLP** | **06.30.2025**<br>**million CLP** | **Variation**<br>**million CLP** |
| **Liabilities** |  |  |  |
| Current liabilities | 906144 | 617576 | -288568 |
| Non-current liabilities | 1370563 | 1386476 | 15913 |
| **Total liabilities** | **2276707** | **2004052** | **-272655** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **12.31.2024**<br>**million CLP** | **06.30.2025**<br>**million CLP** | **Variation**<br>**million CLP** |
| **Equity** |  |  |  |
| Non-controlling interests | 37988 | 36876 | -1112 |
| Equity attributable to owners of the controller | 976409 | 1071340 | 94931 |
| **Total equity** | **1014397** | **1108216** | **93819** |

---

At the end of June 2025, compared to year-end 2024, the Argentine peso and the Guaraní depreciated against the Chilean peso by 24.6% and 6.1%, respectively, which generated a decrease in asset, liability and equity accounts due to the translation of figures to the reporting currency. The Brazilian real appreciated 5.9% against the Chilean peso, which generated an increase in asset, liability and equity accounts due to the translation of figures to the reporting currency. Additionally, in accordance with IAS 29, prior to the translation of figures, the figures for Argentina are adjusted for accumulated inflation from the end of 2024 to the closing currency of this report, increasing the figures in local currency by 15.05%.

**Assets**

Total assets decreased by CLP 178,836 million, or 5.4% compared to December 2024.

---

| | |
|:---|:---|
| COCA-COLA ANDINA |  |
| 2Q25 EARNINGS RELEASE |  |
| www.koandina.com |  |
|  | -11- |

---

![](tm2521978d1_6kimg002.jpg)

Current assets decreased by CLP 195,075 million, or 19.3% compared to December 2024, mainly due to the decrease in Trade receivables and other current accounts receivable (-CLP 93,802 million), due to seasonal factors, as we compare ourselves with December, the month with the highest sales of the year and, as a result, high accounts receivable compared to an average month. Added to this is the decrease in Other current financial assets (-CLP 76,196 million) and Cash and cash equivalents (-CLP 41,712 million).

Non-current assets increased by CLP 16,239 million, or 0.7% compared to December 2024, mainly due to the increase in Other non-current financial assets (CLP 8,162 million), due to an increase in taxes recoverable in Brazil, added to the effect of currency translation. Added to this is the increase in Property, plant and equipment (CLP 6,574 million), as a result of investments made, partially offset by depreciation.

**Liabilities and Equity**

Total liabilities decreased by CLP 272,655 million, or 12.0% compared to December 2024.

Current liabilities decreased by CLP 288,568 million, or 31.8% compared to December 2024, mainly due to the decrease in Other current non-financial liabilities (-CLP 140,108 million), mainly explained by the payment of the interim dividend recognized in December 2024. Added to this was the decrease in Trade accounts payable and other current accounts payable (-CLP 106,847 million), due to seasonal factors, considering that December is the month with the highest sales of the year and, therefore, a month with high accounts payable to suppliers.

On the other hand, Non-current liabilities increased by CLP 15,913 million, or 1.2% compared to December 2024, mainly due to the increase in Other non-current financial liabilities (CLP 13,191 million) driven by the variation in the UF, the exchange rate effect and the adjustment of liabilities associated with mark-to-market instruments of cross currency swaps linked to certain company bonds.

Equity increased by CLP 93,819 million, or 9.2% compared to December 2024, due to the increase in accumulated earnings from profits obtained during the period (CLP 113,589 million) and the restatement of equity balances in our subsidiary in Argentina in accordance with IAS 29 (CLP 40,213 million). These effects were partially offset by the decrease in Other reserves (-CLP 58,870 million) due to the negative effect of the translation of subsidiaries' figures.

---

| | |
|:---|:---|
|  | **06.30.2025**<br>**million CLP** |
| **Assets by Segment** |  |
| Argentina | 483726 |
| Brazil | 1016250 |
| Chile | 1264425 |
| Paraguay | 347867 |
| **Total Assets** | **3112268** |

---

---

| | |
|:---|:---|
|  | **06.30.2025**<br>**million CLP** |
| **Liabilities by Segment** |  |
| Argentina | 157744 |
| Brazil | 610060 |
| Chile | 1158882 |
| Paraguay | 77366 |
| **Total liabilities** | **2004052** |

---

---

| | |
|:---|:---|
| COCA-COLA ANDINA |  |
| 2Q25 EARNINGS RELEASE |  |
| www.koandina.com |  |
|  | -12- |

---

![](tm2521978d1_6kimg002.jpg)

**FINANCIAL ASSETS AND LIABILITIES**

---

| | |
|:---|:---|
| **CONSOLIDATED NET FINANCIAL DEBT** | **(million USD)** |
| <u>Total Financial Assets</u> | 310 |
| Cash and cash equivalents <sup>(1)</sup> | 222 |
| Other current financial assets <sup>(1)</sup> | 0 |
| Net valuation of hedging derivatives <sup>(2)</sup> | 88 |
| <u>Financial debt</u> | 1194 |
| Bonds in the international market | 520 |
| Bonds in the local market (Chile) | 587 |
| Bank debt and other | 86 |
| **<u>Net financial debt</u>** | **884** |

---

*<sup>(1)</sup> Financial Assets corresponding to Cash and Cash Equivalents and Other current financial assets are held invested in low-risk instruments such as time deposits, short-term fixed-income mutual funds and others.*

*<sup>(2)</sup> Considers net effect of valuations for and against hedge derivatives.*

---

| | | |
|:---|:---|:---|
| **CURRENCY EXPOSURE (%)** | **CURRENCY EXPOSURE (%)** | **CURRENCY EXPOSURE (%)** |
|  | Financial<br> Assets <sup>(1)</sup> | Financial<br> Debt <sup>(3)</sup> |
| CLP (Chile) | 63% | 41% |
| Unidad de Fomento<br> *(Chilean pesos indexed to inflation)* | 0% | 40% |
| BRL (Brazil) | 21% | 16% |
| PGY (Paraguay) | 11% | 0% |
| ARS (Argentina) | 2% | 2% |
| USD (United States) | 3% | 1% |
| CHF (Switzerland) | 0% | 0% |
| **<u>Total</u>** | **100%** | **100%** |

---

*<sup>(3)</sup>* Includes valuation of hedge derivatives.

---

| | |
|:---|:---|
| **RISK RATING** |  |
| <u>Local rating agencies</u> | Rating |
| ICR | AA+ |
| Fitch Chile | AA+ |
| <u>International rating agencies</u> | Rating |
| Moody's | Baa1 |
| Fitch Ratings, Inc. | BBB+ |

---

***DEBT AMORTIZATION PROFILE***

![](tm2521978d1_6kimg014.jpg)

**CASH FLOW**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **06.30.2024** | **06.30.2025** | **Variation** | **Variation** |
|  | **million CLP** | **million CLP** | **million CLP** | **%** |
| **Cash flow** | | | | |
| Operating | 146123 | 156676 | 10553 | 7.2% |
| Investment | -147862 | -39700 | 108162 | -73.2% |
| Financing | -63344 | -156443 | -93098 | 147.0% |
| **Net cash flow for the period** | **-65084** | **-39467** | **25616** | **-39.4%** |

---

During the current period, the Company generated a negative net cash flow of CLP 39,467 million, which is explained as follows:

Operating activities generated a positive net cash flow of CLP 156,676 million, higher than the CLP 146,123 million recorded in the same period of 2024, mainly due to lower other payments for operating activities.

Investment activities generated a negative cash flow of CLP 39,700 million, with a positive variation of CLP 108,162 million compared to the previous period, mainly explained by the sale of financial assets with cash income of CLP 72,786 million, added to lower Capex investment expenditure of CLP 35,342 million.

Financing activities generated a negative cash flow of CLP 156,443 million, with a negative variation of CLP 93,098 million compared to the previous period, mainly explained by higher dividend payments in 2025, added to higher short-term loan payments.

---

| | |
|:---|:---|
| COCA-COLA ANDINA |  |
| 2Q25 EARNINGS RELEASE |  |
| www.koandina.com |  |
|  | -13- |

---

![](tm2521978d1_6kimg002.jpg)

**MAIN INDICATORS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INDICATOR** | **Definition** | **Unit** | **Jun 25** | **Dec 24** | **Jun 24** | **Jun 25 vs Dec 24** |  | **Jun 25 vs Jun 24** |
| **LIQUIDITY** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current liquidity | <u>Current Asset</u><br> Current Liability | Times | 1.3 | 1.1 | 1.5 | 18.5 | % | -9.8% |
| &nbsp;&nbsp;&nbsp;Acid ratio | <u>Current Asset – Inventory</u><br> Current Liability | Times | 0.8 | 0.8 | 1 | 4.6 | % | -20.9% |
| **ACTIVITY** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment |  | Million CLP | 95691 | 302519 | 131951 | -68.4 | % | -27.5% |
| &nbsp;&nbsp;&nbsp;Inventory turnover | <u>Cost of Sales</u><br> Average Inventory | Times | 3.2 | 7.3 | 3.6 | -55.9 | % | -11.1% |
| **INDEBTEDNESS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Indebtedness ratio | <u>Net Financial Debt</u><sup>\*</sup> Total Equity<sup>\*</sup> | Times | 0.7 | 0.7 | 0.7 | 9 | % | 9.3% |
| &nbsp;&nbsp;&nbsp;Financial exp. coverage | <u>Adjusted EBITDA (12M)</u><br> Financial Expenses<sup>\*</sup> (12M) – Financial Income<sup>\*</sup> (12M) | Times | 9.9 | 12.7 | 14.5 | -21.9 | % | -31.8% |
| &nbsp;&nbsp;&nbsp;Net financial debt / Adjusted EBITDA | <u>Net Financial Debt</u><br> Adjusted EBITDA (12M) | Times | 1.4 | 1.2 | 1.3 | 18.1 | % | 10.3% |
| **PROFITABILITY** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;On Equity | <u>Net Income Fiscal Year (12M)</u><br> Average Equity | % | 24.7% | 25.0% | 22.2% | (0.3) | pp) | 2.5 pp |
| &nbsp;&nbsp;&nbsp;On Total Assets | <u>Net Income Fiscal Year (12M)</u><br> Average Assets | % | 7.9% | 7.5% | 7.2% | 0.4 pp |  | 0.7 pp |

---

**Liquidity**

Current liquidity showed a positive variation of 18.5% compared to December 2024, explained by the decrease in current liabilities (31.8%), which was greater than the decrease in current assets (19.3%).

Acid ratio increased by 4.6% compared to December 2024, due to the reasons outlined above, coupled with an increase in inventories (3.2%) during the period. Current assets excluding inventories decreased by 28.7% compared to December 2024.

**Activity**

At the end of June 2025, investments reached CLP 95,691 million, corresponding to a decrease of 27.5% compared to the same period in 2024, mainly explained by lower productive investments (mainly due to the beer factory in Brazil).

Inventory turnover reached 3.2 times, showing a decrease of 11.1% compared to the same period in 2024, mainly explained by the increase in average inventory (23.5%), which was higher than the increase in Cost of Sales (9.8%) compared to the same period in 2024.

**Indebtedness**

The debt ratio reached 0.7 times at the end of June 2025, corresponding to an increase of 9.0% compared to the end of December 2024. This is mainly due to the increase in net financial debt (19.1%), which was higher than the increase in total equity (9.2%).

The financial expense coverage ratio shows a decrease of 21.9% compared to December 2024, reaching a value of 9.9 times. This is explained by the fact that the increase in net financial expenses for the 12-month rolling period (29.1%) was greater than the increase in adjusted EBITDA for the 12-month rolling period (0.8%).

Net financial debt/adjusted EBITDA reached 1.4 times at the end of June 2025, representing an increase of 18.1% compared to December 2024. This is due to the increase in net financial debt (19.1%), which was higher than the increase in Adjusted EBITDA (0.8%).

\* *Definitions used are contained in the Glossary on page 17 of this document.*

---

| | |
|:---|:---|
| COCA-COLA ANDINA |  |
| 2Q25 EARNINGS RELEASE |  |
| www.koandina.com |  |
|  | -14- |

---

![](tm2521978d1_6kimg002.jpg)

**Profitability**

Return on equity reached 24.7%, 0.3 percentage points lower than the indicator measured in December 2024. The result is due to the increase in average equity (9.9%), which was higher than the increase in net income for the 12-month rolling period (8.6%).

Meanwhile, return on total assets was 7.9%, 0.4 percentage points higher than the indicator measured in December 2024, explained by the increase in net income for the last 12 months (8.6%), which was higher than the increase in average assets (3.1%).

**MACROECONOMIC INFORMATION**

***INFLATION***

---

| | | |
|:---|:---|:---|
|  | **Accumulated 1H25** | **LTM** |
| **Argentina\*** | 15.05% | 39.37% |
| **Brazil** | 2.99% | 5.35% |
| **Chile** | 2.01% | 4.10% |
| **Paraguay** | 2.97% | 3.97% |

---

*\*Official inflation published by the Argentine National Institute of Statistics and Census (INDEC). It should be noted that the inflation rate used to restate Argentina's figures in accordance with IAS 29 corresponds to the inflation rate estimated by the Central Bank of Argentina (in its Market Expectations Survey report), which is also adjusted for the difference between the estimate (by the Central Bank) and the actual inflation rate for the previous month (INDEC).*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **EXCHANGE** | **Local currency/USD** | **Local currency/USD** | **Local currency/USD** | **CLP/local currency** | **CLP/local currency** | **CLP/local currency** |
| **RATES USED** | **(Average exchange rate\*)** | **(Average exchange rate\*)** | **(Average exchange rate\*)** | **(Average exchange rate\*)** | **(Average exchange rate\*)** | **(Average exchange rate\*)** |
|  | **2Q24** | **2Q25** | **% Var.** | **2Q24** | **2Q25** | **% Var.** |
| **Argentina** | 912 | 1205 | 32.1% | 1 | 0.8 | -25.2% |
| **Brazil** | 5.22 | 5.67 | 8.6% | 179.06 | 167.08 | -6.7% |
| **Chile** | 934 | 947 | 1.3% | *N/A* | *N/A* | *N/A* |
| **Paraguay** | 7486 | 7986 | 6.7% | 0.12 | 0.12 | -5.0% |

---

*\*Except Argentina, where the closing exchange rate is used, in accordance with IAS 29.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **EXCHANGE** | **Local currency/USD** | **Local currency/USD** | **Local currency/USD** | **CLP/local currency** | **CLP/local currency** | **CLP/local currency** |
| **RATES USED** | **(Average exchange rate\*)** | **(Average exchange rate\*)** | **(Average exchange rate\*)** | **(Average exchange rate\*)** | **(Average exchange rate\*)** | **(Average exchange rate\*)** |
|  | **1H24** | **1H25** | **% Var.** | **1H24** | **1H25** | **% Var.** |
| **Argentina** | 912 | 1205 | 32.1% | 1 | 0.8 | -25.2% |
| **Brazil** | 5.09 | 5.76 | 13.2% | 185.08 | 165.87 | -10.4% |
| **Chile** | 941 | 955 | 1.4% | *N/A* | *N/A* | *N/A* |
| **Paraguay** | 7392 | 7954 | 7.6% | 0.13 | 0.12 | -5.7% |

---

*\*Except Argentina, where the closing exchange rate is used, in accordance with IAS 29.*

**MARKET RISK ANALYSIS**

The Company's risk management is the responsibility of the office of the Chief Executive Officer, (through the areas of Corporate Management Control, Sustainability and Risks, which report to the office of the Chief Financial Officer), as well as each of the management areas of Coca-Cola Andina. The main risks that the Company has identified and that could possibly affect the business are as follows:

**Relationship with The Coca-Cola Company**

A large part of the Company's sales derives from the sale of products whose trademarks are owned by The Coca-Cola Company, which has the ability to exert an important influence on the business through its rights under the Licensing or Bottling Agreements. In addition, we depend on The Coca-Cola Company to renew these Bottling Agreements.

**Non-alcoholic beverage business environment**

Consumers, public health officials, and government officials in our markets are increasingly concerned about the public health consequences associated with obesity, which can affect demand for our products, especially those containing sugar.

The Company has developed a large portfolio of sugar-free products and has also made reformulations to some of its sugary products, significantly reducing sugar contents of its products.

---

| | |
|:---|:---|
| COCA-COLA ANDINA |  |
| 2Q25 EARNINGS RELEASE |  |
| www.koandina.com |  |
|  | -15- |

---

![](tm2521978d1_6kimg002.jpg)

**Raw material prices and exchange rate**

Many raw materials are used in the production of beverages and packaging, including sugar and PET resin, the prices of which may present great volatility. In the case of sugar, the Company sets the price of a part of the volume that it consumes with some anticipation, in order to avoid having large fluctuations of cost that cannot be anticipated.

In addition, these raw materials are traded in dollars; the Company has a policy of hedging in the futures market a portion of the dollars it uses to buy raw materials.

**Instability in the supply of utilities and raw materials**

In the countries in which we operate, our operations depend on a stable supply of utilities, fuel and raw materials. Power outages or water shut offs as well as the lack of raw materials may result in interruptions of our production. The Company has mitigation plans to reduce the effects of eventual interruptions in the supply of utilities and raw materials.

**Economic conditions of the countries where we operate**

The Company maintains operations in Argentina, Brazil, Chile and Paraguay. The demand for our products largely depends on the economic situation of these countries. Moreover, economic instability can cause depreciation of the currencies of these countries, as well as inflation, which may eventually affect the Company's financial situation.

**New tax laws or modifications to tax incentives**

We cannot ensure that any government authority in any of the countries in which we operate will not impose new taxes or increase existing taxes on our raw materials, products or containers. Likewise, we cannot assure that these authorities are going to uphold and/or renew tax incentives that currently benefit some of our operations.

**A devaluation of the currencies of the countries where we have our operations, regarding the Chilean peso, can negatively affect the results reported by the Company in Chilean pesos**

The Company reports its results in Chilean pesos, while a large part of its revenues and Adjusted EBITDA comes from countries that use other currencies. Should currencies devaluate regarding the Chilean peso, this would have a negative effect on the results of the Company, upon the translation of results into Chilean pesos.

**The imposition of exchange controls could restrict the entry and exit of funds to and from the countries in which we operate, which could significantly limit our financial capacity**

The imposition of exchange controls in the countries in which we operate could affect our ability to repatriate profits, which could significantly limit our ability to pay dividends to our shareholders. Additionally, it may limit the ability of our foreign subsidiaries to finance payments of U.S. dollar denominated liabilities required by foreign creditors.

**Protests and demonstrations in the countries where we operate could have a material adverse effect on general economic conditions as well as our business and financial condition**

We cannot predict whether protests and demonstrations, which have sometimes been violent in the past, will significantly affect the economies of the countries where we operate, nor whether the public policies implemented by the governments in response to these potential demonstrations will have a negative impact on the economy and our business. We also cannot guarantee that the demonstrations and vandalism will not cause damage to our logistics and production infrastructure.

**Our business is subject to risks from pandemics such as COVID-19.**

Pandemics pose the risk that we or our employees, contractors, suppliers and other partners may be limited or prevented from conducting business for an indefinite period of time, including due to shutdowns that may be requested or ordered by government authorities. In addition, we may experience disruptions in the supply of raw materials.

Pandemics and related governmental actions could adversely affect our business and results of operations, potentially in a material way.

A more detailed analysis of business risks is available in the Company's 20-F and Annual Report, available on our website.

**RECENT EVENTS**

**Bank Credit**

On July 8, 2025, Embotelladora Andina S.A. entered into a bank credit agreement for UF 2,362,044, with a term of five years and a rate of 2.84% [UF], with a bullet payment at maturity and interest payments every six months. The financial terms of the loan include covenants similar to those established in the bonds issued by the Company.

---

| | |
|:---|:---|
| COCA-COLA ANDINA |  |
| 2Q25 EARNINGS RELEASE |  |
| www.koandina.com |  |
|  | -16- |

---

![](tm2521978d1_6kimg002.jpg)

**GLOSSARY**

**Adjusted EBITDA:** includes Revenue, Costs of Sales, Distribution Costs and Administrative Expenses, included in the Financial Statements submitted to Chile's Financial Market Commission and determined in accordance with IFRS, plus Depreciation.

**Currency-neutral** of a quarter *q* for a Q year is calculated using the same ratio of local currencies to the Chilean peso as the *q* quarter of the *Q-1* year*.* In the case of Argentina, given that it is a hyperinflationary economy, the result of the *q* quarter is also deflated by inflation of the last 12 months.

**Financial Expenses:** correspond to interest generated by the Company's financial debt.

**Financial Income:** corresponds to the interest generated by the Company's cash.

**Net Financial Debt:** considers the consolidated financial liability that accrues interest, i.e.: (i) other current financial liabilities, plus (ii) other non-current financial liabilities, less (iii) the sum of cash and cash equivalent; plus other current financial assets; plus other non-current financial assets (to the extent that they correspond to the balances of assets for derivative financial instruments, taken to cover exchange rate risk and/or interest rate of financial liabilities).

**Operating Income:** includes Revenue, Costs of Sales, Distribution Costs and Administrative Expenses, included in the Financial Statements submitted to Chile Financial Market Commission and determined in accordance with IFRS.

**Total Equity:** corresponds to the equity attributable to the owners of the controller plus non-controlling interests.

**Transactions:** refers to the number of units sold, regardless of size.

**Volume:** expressed in Unit Cases (UCs), which is the conventional measurement used to measure sales volume in the Coca-Cola System worldwide.

**ADDITIONAL INFORMATION**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**STOCK EXCHANGES ON WHICH WE TRADE** | &nbsp;&nbsp;**STOCK EXCHANGES ON WHICH WE TRADE** | &nbsp;&nbsp;**STOCK EXCHANGES ON WHICH WE TRADE** |  |
| &nbsp;&nbsp;![](tm2521978d1_6kimg015.jpg)<br>ANDINA-A<br> ANDINA-B | &nbsp;&nbsp;![](tm2521978d1_6kimg016.jpg)<br>AKO/A<br> AKO/B |  |  |
| &nbsp;&nbsp;**ESG INDICES IN WHICH WE PARTICIPATE** | &nbsp;&nbsp;**ESG INDICES IN WHICH WE PARTICIPATE** | &nbsp;&nbsp;**ESG INDICES IN WHICH WE PARTICIPATE** | &nbsp;&nbsp;**ESG INDICES IN WHICH WE PARTICIPATE** |
| &nbsp;&nbsp;![](tm2521978d1_6kimg017.jpg)<br> *Dow Jones Sustainability Index Chile<br> Dow Jones Sustainability MILA Pacific Alliance Index.* | &nbsp;&nbsp;![](tm2521978d1_6kimg018.jpg) | &nbsp;&nbsp;![](tm2521978d1_6kimg019.jpg) | &nbsp;&nbsp;![](tm2521978d1_6kimg020.jpg) |
| &nbsp;&nbsp;![](tm2521978d1_6kimg021.jpg) | &nbsp;&nbsp;![](tm2521978d1_6kimg022.jpg) |  |  |
| &nbsp;&nbsp;**NUMBER OF SHARES** |  |  |  |
| &nbsp;&nbsp;TOTAL: 946,570,604 | &nbsp;&nbsp;SERIES A: 473,289,301 | &nbsp;&nbsp;SERIES B: 473,281,303 | &nbsp;&nbsp;SHARES PER ADR: 6 |

---

---

| | |
|:---|:---|
| COCA-COLA ANDINA |  |
| 2Q25 EARNINGS RELEASE |  |
| www.koandina.com |  |
|  | -17- |

---

![](tm2521978d1_6kimg002.jpg)

**ABOUT COCA-COLA ANDINA**

Coca-Cola Andina is among the three largest Coca-Cola bottlers in Latin America, servicing franchised territories with almost 57.8 million people, delivering 909.0 million unit cases or 5,161 million liters of soft drinks, juices, bottled water, beer and other alcoholic beverages during 2024. Coca-Cola Andina has the franchise to produce and commercialize Coca-Cola products in certain territories in Argentina (through Embotelladora del Atlántico), in Brazil (through Rio de Janeiro Refrescos), in Chile, (through Embotelladora Andina) and in all of Paraguay (through Paraguay Refrescos). The Chadwick Claro, Garcés Silva, Said Handal and Said Somavía families control Coca-Cola Andina in equal parts. The Company's value generation proposal is to become a Total Beverage Company, using existing resources efficiently and sustainably, developing a relationship of excellence with consumers of its products, as well as with its collaborators, customers, suppliers, the community in which it operates and with its strategic partner The Coca-Cola Company, in order to increase ROIC for shareholders in the long term. For more company information visit <u>www.koandina.com</u>.

*This document may contain forward-looking statements that reflect a good faith expectation by Coca-Cola Andina and are based on currently available information. However, the results ultimately obtained are subject to a number of variables, many of which are beyond the Company's control, and which could materially impact actual performance. Among the factors that could cause a shift in performance are: political and economic conditions on mass consumption, price pressures resulting from competitive discounts from other bottlers, weather conditions in the Southern Cone and other risk factors that would be applicable from time to time and that are periodically disclosed in reports to the relevant regulatory authorities and are available on our website.*

---

| | |
|:---|:---|
| COCA-COLA ANDINA |  |
| 2Q25 EARNINGS RELEASE |  |
| www.koandina.com |  |
|  | -18- |

---

**Embotelladora Andina S.A.**

**Second Quarter Results for the period ended June 30, 2025. Reported figures, IFRS GAAP.**

**(In nominal million Chilean pesos, except per share)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **April-June 2025** | **April-June 2025** | **April-June 2025** | **April-June 2025** | **April-June 2025** | **April-June 2024** | **April-June 2024** | **April-June 2024** | **April-June 2024** | **April-June 2024** | |
|  | ***Chilean <br> Operations*** | ***Brazilian <br> Operations*** | ***Argentine <br> Operations*** | ***Paraguay <br> Operations*** | ***Total (1)*** | ***Chilean <br> Operations*** | ***Brazilian <br> Operations*** | ***Argentine <br> Operations*** | ***Paraguay <br> Operations*** | ***Total (1)*** |<br>***% Ch.*** |
| **Volume total beverages (Million UC)** | **67.6** | **82.6** | **39.0** | **18.2** | **207.5** | **65.3** | **81.8** | **31.5** | **18.4** | **197.1** | **5.3%** |
| **Transactions (Million)** | **397.5** | **435.8** | **185.5** | **117.9** | **1136.7** | **390.5** | **431.1** | **148.2** | **116.1** | **1085.9** | **4.7%** |
| **Net sales** | **286964** | **220715** | **170285** | **61963** | **738154** | **264979** | **218502** | **130408** | **61341** | **672193** | **9.8%** |
| Cost of sales | (193556) | (133374) | (96990) | (36253) | (458313) | (178945) | (126150) | (75328) | (34493) | (411796) | 11.3% |
| **Gross profit** | **93409** | **87340** | **73295** | **25710** | **279841** | **86034** | **92353** | **55080** | **26848** | **260397** | **7.5%** |
| Gross margin | 32.6% | 39.6% | 43.0% | 41.5% | 37.9% | 32.5% | 42.3% | 42.2% | 43.8% | 38.7% |  |
| Distribution and administrative expenses | (71125) | (48783) | (64420) | (12568) | (196896) | (66031) | (49724) | (55696) | (12893) | (184344) | 6.8% |
| Corporate expenses (2) |  |  |  |  | (3073) |  |  |  |  | (2471) | 24.3% |
| Operating income (3) | **22284** | **38557** | **8875** | **13142** | **79873** | **20003** | **42628** | **(616)** | **13956** | **73582** | **8.5%** |
| Operating margin | 7.8% | 17.5% | 5.2% | 21.2% | 10.8% | 7.5% | 19.5% | -0.5% | 22.8% | 10.9% |  |
| Adjusted EBITDA (4) | **37141** | **48320** | **20283** | **16647** | **119323** | **32840** | **51901** | **9272** | **17718** | **109259** | **9.2%** |
| Adjusted EBITDA margin | 12.9% | 21.9% | 11.9% | 26.9% | 16.2% | 12.4% | 23.8% | 7.1% | 28.9% | 16.3% |  |
| Financial (expenses) income (net) |  |  |  |  | (12649) |  |  |  |  | (9567) | 32.2% |
| Share of (loss) profit of investments accounted for using the equity method |  |  |  |  | 139 |  |  |  |  | (76) | -283.6% |
| Other income (expenses) (5) |  |  |  |  | (6098) |  |  |  |  | (9813) | -37.9% |
| Results by readjustement unit and exchange rate difference |  |  |  |  | (2448) |  |  |  |  | (5300) | -53.8% |
| **Net income before income taxes** |  |  |  |  | **58818** |  |  |  |  | **48826** | **20.5%** |
| Income tax expense |  |  |  |  | (22085) |  |  |  |  | (23951) | -7.8% |
| **Net income** |  |  |  |  | **36733** |  |  |  |  | **24875** | **47.7%** |
| Net income attributable to non-controlling interests |  |  |  |  | 500 |  |  |  |  | (274) | -282.8% |
| **Net income attributable to equity holders of the parent** |  |  |  |  | **37233** |  |  |  |  | **24602** | **51.3%** |
| Net margin |  |  |  |  | 5.0% |  |  |  |  | 3.7% |  |
| **WEIGHTED AVERAGE SHARES OUTSTANDING** |  |  |  |  | **946.6** |  |  |  |  | **946.6** |  |
| EARNINGS PER SHARE |  |  |  |  | 39.3 |  |  |  |  | 26.0 |  |
| EARNINGS PER ADS |  |  |  |  | 236.0 |  |  |  |  | 155.9 | 51.3% |

---

(1) Total may be different from the addition of the four countries because of intercountry eliminations.

(2) Corporate expenses partially reclassified to the operations.

(3) Operating Income considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS.

(4) Adjusted EBITDA considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS, plus Depreciation.

(5) Other income (expenses) includes the following lines of the income statement by function included in the published financial statements in the Financial Market Comission: "Other income", "Other expenses" and "Other (loss) gains".

**Embotelladora Andina S.A.**

**Six Months Results for the period ended June 30, 2025. Reported figures, IFRS GAAP.**

**(In nominal million Chilean pesos, except per share)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January-June 2025** | **January-June 2025** | **January-June 2025** | **January-June 2025** | **January-June 2025** | **January-June 2024** | **January-June 2024** | **January-June 2024** | **January-June 2024** | **January-June 2024** | |
|  | ***Chilean <br> Operations*** | ***Brazilian <br> Operations*** | ***Argentine <br> Operations*** | ***Paraguay <br> Operations*** | ***Total (1)*** | ***Chilean <br> Operations*** | ***Brazilian <br> Operations*** | ***Argentine <br> Operations*** | ***Paraguay <br> Operations*** | ***Total (1)*** |<br>***% Ch.*** |
| **Volume total beverages (Million UC)** | **153.7** | **174.0** | **89.7** | **41.1** | **458.5** | **150.2** | **162.4** | **73.3** | **40.0** | **425.9** | **7.7%** |
| **Transactions (Million)** | **888.1** | **921.3** | **424.5** | **257.8** | **2491.7** | **872.5** | **864.1** | **348.3** | **249.7** | **2334.6** | **6.7%** |
| **Net sales** | **628704** | **455974** | **392592** | **139348** | **1612680** | **588219** | **451413** | **316002** | **135603** | **1485738** | **8.5%** |
| Cost of sales | (417881) | (275331) | (213068) | (79254) | (981430) | (393111) | (263937) | (167252) | (75252) | (893888) | 9.8% |
| **Gross profit** | **210824** | **180643** | **179524** | **60094** | **631249** | **195108** | **187475** | **148750** | **60351** | **591850** | **6.7%** |
| Gross margin | 33.5% | 39.6% | 45.7% | 43.1% | 39.1% | 33.2% | 41.5% | 47.1% | 44.5% | 39.8% |  |
| Distribution and administrative expenses | (148241) | (102649) | (137174) | (26812) | (414877) | (138322) | (105230) | (115634) | (27566) | (386752) | 7.3% |
| Corporate expenses (2) |  |  |  |  | (5810) |  |  |  |  | (5252) | 10.6% |
| **Operating income (3)** | **62582** | **77994** | **42350** | **33282** | **210562** | **56787** | **82246** | **33116** | **32785** | **199846** | **5.4%** |
| Operating margin | 10.0% | 17.1% | 10.8% | 23.9% | 13.1% | 9.7% | 18.2% | 10.5% | 24.2% | 13.5% |  |
| **Adjusted EBITDA (4)** | **91678** | **96932** | **65344** | **40385** | **288529** | **81784** | **100945** | **53578** | **40799** | **271854** | **6.1%** |
| Adjusted EBITDA margin | 14.6% | 21.3% | 16.6% | 29.0% | 17.9% | 13.9% | 22.4% | 17.0% | 30.1% | 18.3% |  |
| Financial (expenses) income (net) |  |  |  |  | (26336) |  |  |  |  | (21353) | 23.3% |
| Share of (loss) profit of investments accounted for using the equity method |  |  |  |  | 1519 |  |  |  |  | 1100 | 38.1% |
| Other income (expenses) (5) |  |  |  |  | (8612) |  |  |  |  | (18891) | -54.4% |
| Results by readjustement unit and exchange rate difference |  |  |  |  | (6282) |  |  |  |  | (1243) | 405.4% |
| **Net income before income taxes** |  |  |  |  | **170852** |  |  |  |  | **159459** | **7.1%** |
| Income tax expense |  |  |  |  | (57297) |  |  |  |  | (65085) | -12.0% |
| **Net income** |  |  |  |  | **113555** |  |  |  |  | **94374** | **20.3%** |
| Net income attributable to non-controlling interests |  |  |  |  | 35 |  |  |  |  | (786) | -104.4% |
| **Net income attributable to equity holders of the parent** |  |  |  |  | **113589** |  |  |  |  | **93588** | **21.4%** |
| Net margin |  |  |  |  | 7.0% |  |  |  |  | 6.3% |  |
| **WEIGHTED AVERAGE SHARES OUTSTANDING** |  |  |  |  | **946.6** |  |  |  |  | **946.6** |  |
| EARNINGS PER SHARE |  |  |  |  | 120.0 |  |  |  |  | 98.9 |  |
| EARNINGS PER ADS |  |  |  |  | 720.0 |  |  |  |  | 593.2 | 21.4% |

---

(1) Total may be different from the addition of the four countries because of intercountry eliminations.

(2) Corporate expenses partially reclassified to the operations.

(3) Operating Income considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS.

(4) Adjusted EBITDA considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS, plus Depreciation.

(5) Other income (expenses) includes the following lines of the income statement by function included in the published financial statements in the Financial Market Comission: "Other income", "Other expenses" and "Other (loss) gains".

**Embotelladora Andina S.A.**

**Second Quarter Results for the period ended June 30, 2025.**

**(In local nominal currency of each period, except Argentina (3))**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **April-June 2025** | **April-June 2025** | **April-June 2025** | **April-June 2025** | **April-June 2024** | **April-June 2024** | **April-June 2024** | **April-June 2024** |
|  | ***Chile Million <br> Ch$*** | ***Brazil Million <br> R$*** | ***Argentina (3)<br> Million AR$*** | ***Paraguay <br> Million G$*** | ***Chile Million <br> Ch$*** | ***Brazil Million <br> R$*** | ***Argentina (3)<br> Million AR$*** | ***Paraguay <br> Million G$*** |
|  | ***Nominal*** | ***Nominal*** | ***IAS29*** | ***Nominal*** | ***Nominal*** | ***Nominal*** | ***IAS 29*** | ***Nominal*** |
| **Total beverages volume (Million UC)** | **67.6** | **82.6** | **39.0** | **18.2** | **65.3** | **81.8** | **31.5** | **18.4** |
| **Transactions (Million)** | **397.5** | **435.8** | **185.5** | **117.9** | **390.5** | **431.1** | **148.2** | **116.1** |
| **Net sales** | **286964** | **1321.4** | **219829.9** | **522501** | **264979** | **1217.4** | **174841.9** | **490541** |
| Cost of sales | (193556) | (798.5) | (125209.5) | (305732) | (178945) | (702.5) | (100994.1) | (275884) |
| **Gross profit** | **93409** | **522.9** | **94620.4** | **216768** | **86034** | **514.9** | **73847.9** | **214658** |
| Gross margin | 32.6% | 39.6% | 43.0% | 41.5% | 32.5% | 42.3% | 42.2% | 43.8% |
| Distribution and administrative expenses | (71125) | (292.0) | (83162.9) | (106021) | (66031) | (277.2) | (74673.8) | (103291) |
| **Operating income (1)** | **22284** | **230.9** | **11457.5** | **110747** | **20003** | **237.6** | **(825.9)** | **111366** |
| Operating margin | 7.8% | 17.5% | 5.2% | 21.2% | 7.5% | 19.5% | -0.5% | 22.7% |
| **Adjusted EBITDA (2)** | **37141** | **289.3** | **26184.0** | **140315** | **32840** | **289.5** | **12430.7** | **141479** |
| Adjusted EBITDA margin | 12.9% | 21.9% | 11.9% | 26.9% | 12.4% | 23.8% | 7.1% | 28.8% |

---

(1) Operating Income considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS.

(2) Adjusted EBITDA considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS, plus Depreciation.

(3) Argentina 2025 figures are presented in accordance to IAS 29, in June 2025 currency. 2024 figures are also presented in accordance to IAS 29, in June 2025 currency.

**Embotelladora Andina S.A.**

**Six Months Results for the period ended June 30, 2025.**

**(In local nominal currency of each period, except Argentina (3))**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January-June 2025** | **January-June 2025** | **January-June 2025** | **January-June 2025** | **January-June 2024** | **January-June 2024** | **January-June 2024** | **January-June 2024** |
|  | ***Chile Million <br> Ch$*** | ***Brazil Million <br> R$*** | ***Argentina (3)<br> Million AR$*** | ***Paraguay <br> Million G$*** | ***Chile Million <br> Ch$*** | ***Brazil Million <br> R$*** | ***Argentina (3)<br> Million AR$*** | ***Paraguay <br> Million G$*** |
|  | ***Nominal*** | ***Nominal*** | ***IAS29*** | ***Nominal*** | ***Nominal*** | ***Nominal*** | ***IAS 29*** | ***Nominal*** |
| **Total beverages volume (Million UC)** | **153.7** | **174.0** | **89.7** | **41.1** | **150.2** | **162.4** | **73.3** | **40.0** |
| **Transactions (Million)** | **888.1** | **921.3** | **424.5** | **257.8** | **872.5** | **864.1** | **348.3** | **249.7** |
| **Net sales** | **628704** | **2750.0** | **506817.4** | **1159314** | **588219** | **2435.3** | **423672.8** | **1061839** |
| Cost of sales | (417881) | (1660.3) | (275060.9) | (659478) | (393111) | (1423.4) | (224239.1) | (589484) |
| **Gross profit** | **210824** | **1089.6** | **231756.4** | **499837** | **195108** | **1011.9** | **199433.7** | **472355** |
| Gross margin | 33.5% | 39.6% | 45.7% | 43.1% | 33.2% | 41.6% | 47.1% | 44.5% |
| Distribution and administrative expenses | (148241) | (619.1) | (177084.6) | (223217) | (138322) | (567.4) | (155034.2) | (216339) |
| **Operating income (1)** | **62582** | **470.5** | **54671.8** | **276620** | **56787** | **444.4** | **44399.5** | **256016** |
| Operating margin | 10.0% | 17.1% | 10.8% | 23.9% | 9.7% | 18.2% | 10.5% | 24.1% |
| **Adjusted EBITDA (2)** | **91678** | **584.7** | **84356.4** | **335845** | **81784** | **545.5** | **71833.7** | **318823** |
| Adjusted EBITDA margin | 14.6% | 21.3% | 16.6% | 29.0% | 13.9% | 22.4% | 17.0% | 30.0% |

---

(1) Operating Income considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS.

(2) Adjusted EBITDA considers Net Sales, Cost of Sales, Distribution Costs, and Administrative Expenses included in the Financial Statements filed with the Chilean Financial Market Comission and determined in accordance to IFRS, plus Depreciation.

(3) Argentina 2025 figures are presented in accordance to IAS 29, in June 2025 currency. 2024 figures are also presented in accordance to IAS 29, in June 2025 currency.

**Embotelladora Andina S.A.**

**Consolidated Balance Sheet**

**(In million Chilean pesos)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Variation %** | **Variation %** |
| <br>**ASSETS** |<br>**06-30-2025** |<br>**12-31-2024** |<br>**06-30-2024** | **12-31-2024** | **06-30-2024** |
| Cash + Time deposits + market. Securit. | 207577 | 325486 | 305736 | -36.2% | -32.1% |
| Account receivables (net) | 247136 | 342733 | 228207 | -27.9% | 8.3% |
| Inventories | 309594 | 299971 | 260642 | 3.2% | 18.8% |
| Other current assets | 53814 | 45007 | 100669 | 19.6% | -46.5% |
| **Total Current Assets** | **818120** | **1013196** | **895254** | **-19.3%** | **-8.6%** |
| Property, plant and equipment | 2456966 | 2477823 | 2303731 | -0.8% | 6.7% |
| Depreciation | (1352618) | (1380049) | (1302992) | -2.0% | 3.8% |
| **Total Property, Plant, and Equipment** | **1104348** | **1097774** | **1000739** | **0.6%** | **10.4%** |
| Investment in related companies | 87368 | 85193 | 87485 | 2.6% | -0.1% |
| Goodwill | 143639 | 144681 | 141358 | -0.7% | 1.6% |
| Other long term assets | 958792 | 950261 | 874802 | 0.9% | 9.6% |
| **Total Other Assets** | **1189800** | **1180135** | **1103645** | **0.8%** | **7.8%** |
| **TOTAL ASSETS** | **3112268** | **3291104** | **2999638** | **-5.4%** | **3.8%** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Variation %** | **Variation %** |
| <br>**LIABILITIES & SHAREHOLDERS' EQUITY** |<br>**06-30-2025** |<br>**12-31-2024** |<br>**06-30-2024** | **12-31-2024** | **06-30-2024** |
| Short term bank liabilities | 47717 | 56401 | 39089 | -15.4% | 22.1% |
| Current portion of bonds payable | 33159 | 29801 | 31734 | 11.3% | 4.5% |
| Other financial liabilities | 26683 | 24129 | 23085 | 10.6% | 15.6% |
| Trade accounts payable and notes payable | 428506 | 551451 | 344047 | -22.3% | 24.5% |
| Other liabilities | 81511 | 244362 | 171478 | -66.6% | -52.5% |
| **Total Current Liabilities** | **617576** | **906144** | **609433** | **-31.8%** | **1.3%** |
| Long term bank liabilities | 0 | 0 | 9508 | 0.0% | -100.0% |
| Bonds payable | 1000549 | 1003864 | 977238 | -0.3% | 2.4% |
| Other financial liabilities | 79186 | 62679 | 54281 | 26.3% | 45.9% |
| Other long term liabilities | 306742 | 304020 | 289062 | 0.9% | 6.1% |
| **Total Long Term Liabilities** | **1386476** | **1370563** | **1330089** | **1.2%** | **4.2%** |
| **Minority interest** | **36876** | **37988** | **34747** | **-2.9%** | **6.1%** |
| **Stockholders' Equity** | **1071340** | **976409** | **1025369** | **9.7%** | **4.5%** |
| **TOTAL LIABILITIES & SHAREHOLDERS' EQUITY** | **3112268** | **3291104** | **2999638** | **-5.4%** | **3.8%** |

---

**Financial Highlights**

**(In million Chilean pesos)**

---

| | | | |
|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Accumulated** |
| <br>**ADDITIONS TO FIXED ASSETS** | **06-30-2025** | **12-31-2024** | **06-30-2024** |
| Chile | 33476 | 75830 | 36337 |
| Brazil | 21421 | 115079 | 47041 |
| Argentina | 22379 | 89694 | 44372 |
| Paraguay | 18415 | 21916 | 4202 |
| Total | **95691** | **302519** | **131951** |

---

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

---

Santiago, July 29, 2025