Embotelladora Andina

Nonalcoholic beverages are staple, recurring purchase categories with relatively stable per‑capita consumption profiles. Andina’s multi‑country footprint reduces single‑market shocks, and the franchise model yields consistent cash conversion.

However, reported results face translation volatility from FX (notably CLP and BRL) and hyperinflation accounting in Argentina under IAS 29. Q2 2026 volumes grew 3% and transactions 4.7%, consistent with a mid‑single‑digit growth path in normal conditions.

We view organic demand predictability as high, but GAAP/IFRS volatility as mid, leading to an overall above‑average predictability rating.