Embotelladora Andina

Cash generation funds maintenance and growth capex, dividends mandated at a minimum 30 percent of IFRS net income in Chile, and selective projects for returnability and logistics.

FY 2025 cash from operations was Ch$461,127 million; 2025 capex totaled Ch$276,728 million across countries, with a 2026 capex budget of ~USD 250 million focused on returnable packaging and capacity.

A dividend was declared in July 2026 for payment on August 27, 2026. Dilution is limited; the investor base is stable under a shareholders’ agreement with The Coca‑Cola Company. We view capex as disciplined and strategically accretive, though not asset‑light.