Embotelladora Andina

Moat pillars and durability. Intangible assets: very strong brand equity via The Coca‑Cola system plus perpetual distribution rights recorded as indefinite‑life intangibles; these rights are renewed under long‑standing bottler agreements and represent the core economic franchise.

Efficient scale: exclusive territories in Chile, Argentina, Paraguay and parts of Brazil limit rational competition and support dense logistics and cold‑drink equipment networks. Cost advantages: scale procurement (sugar, PET, packaging) and in‑system synergies, including local rPET supply via Re‑Ciclar in Chile, reduce unit costs over time.

Switching costs: retailers’ cooler placements, returnable bottle pools and direct‑store‑delivery relationships create friction, though not absolute lock‑in. Network effects: minimal at the consumer level. Erosion risks include regulatory sugar taxes, rising health‑conscious substitution, and potential renegotiation power of The Coca‑Cola Company.

Indefinite‑life distribution rights and detailed intangible roll‑forward are disclosed in H1 2026 notes; distribution rights by country total ~Ch$709 billion net. Re‑Ciclar and circular‑packaging initiatives help sustain cost and ESG positioning.