Embotelladora Andina

Management allocates capital first to sustaining and growth capex along the route to market, including coolers, returnable packaging capacity, logistics hubs and selective new lines in Brazil, with a 2026 capex budget around 250 million dollars.

Free cash flow after capex has supported consistent cash dividends, and Chilean law mandates a minimum payout of 30% of IFRS net income; Series B shares receive 10% higher dividends per share relative to Series A. Share count has been stable with no material stock‑based compensation programs typical of U.S. issuers.

We view capex as necessary to defend scale and affordability moats, but note limited history of opportunistic buybacks and some exposure to inflation‑indexed debt. Overall, capital allocation is sound and shareholder‑oriented within a franchise bottler context.