Embotelladora Andina

Andina’s pricing power is anchored by brand strength and category relevance but tempered by affordability constraints in emerging markets. 2025 net sales in Chile rose 6 percent, driven by price increases and modest volume growth; Brazil net sales rose 7.4 percent with double‑digit soft‑drink growth in local currency; Argentina net sales fell in CLP terms due to translation, though local‑currency sales rose in real terms with higher revenue per unit case.

This shows pass‑through ability with elasticity limits. Gross margins held near 39 percent in 2025; cost of sales rose on PET and concentrate in Brazil and mix effects. We expect mid‑single‑digit price/mix potential on average across cycles, with notable upside when input costs ease.