SEC Form 6-K filed by Compania Cervecerias Unidas S.A.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
COMPAÑÍA CERVECERÍAS UNIDAS S.A.
(Exact name of Registrant as specified in its charter)
UNITED BREWERIES COMPANY, INC.
(Translation of Registrant’s name into English)
Republic of Chile
(Jurisdiction of incorporation or organization)
Vitacura 2670, 23rd floor, Santiago, Chile
(Address of principal executive offices)
_________________________________________
Securities registered or to be registered pursuant to section 12(b) of the Act.
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F ___
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ___ No X
Santiago, Chile, February 24, 2026 – CCU announced today its consolidated financial and operating results[1],[2] for the fourth quarter of 2025 (4Q25), which ended December 31, 2025.
| · | Consolidated volumes increased 0.6%. Volume performance per Operating segment was as follows: |
o Chile 4.1%
o International Business (4.6)%
o Wine (9.7)%
· Net sales were down 11.8%
· Gross profit decreased 15.2%
| · | EBITDA reached CLP 151,201 million a 17.2% decrease versus 4Q24. The performance per Operating segment was as follows: [3],[4] |
o Chile 6.0%
o International Business (44.5)%
o Wine (45.2)%
| · | Net income reached CLP 55,096 million, a 25.7% contraction |
| · | Earnings per share reached CLP 149.1 |
| Key figures | 4Q25 | 4Q24 | D % / bps | YTD25 | YTD24 | D % / bps | Organic(3) D % / bps | |
| (In ThHL or CLP million unless stated otherwise) | ||||||||
| Volumes | 10,883 | 10,820 | 0.6 | 36,248 | 33,773 | 7.3 | 0.6 | |
| Net sales | 853,413 | 968,078 | (11.8) | 2,909,625 | 2,904,566 | 0.2 | (2.9) | |
| Gross profit | 392,642 | 463,084 | (15.2) | 1,291,591 | 1,313,609 | (1.7) | (4.7) | |
| EBIT | 109,913 | 137,715 | (20.2) | 220,849 | 262,702 | (15.9) | - | |
| EBITDA | 151,201 | 182,621 | (17.2) | 376,208 | 415,936 | (9.6) | - | |
| EBITDA margin % | 17.7 | 18.9 | (115) bps | 12.9 | 14.3 | (139) bps | - | |
| Net income | 55,096 | 74,153 | (25.7) | 117,152 | 160,944 | (27.2) | - | |
| Earnings per share (CLP) | 149.1 | 200.7 | (25.7) | 317.1 | 435.6 | (27.2) | - | |
| Excluding the non-recurring effect of the sale of a portion of land in Chile in 2Q24(4) | ||||||||
| EBIT | 109,913 | 137,715 | (20.2) | 220,849 | 234,033 | (5.6) | - | |
| EBITDA | 151,201 | 182,621 | (17.2) | 376,208 | 387,267 | (2.9) | - | |
| EBITDA margin % | 17.7 | 18.9 | (115) bps | 12.9 | 13.3 | (40) bps | - | |
| Net income | 55,096 | 74,153 | (25.7) | 117,152 | 140,016 | (16.3) | - | |
[1] For an explanation of the terms used in this report, please refer to the Glossary in Additional Information and Exhibits. Figures in tables and exhibits have been rounded and may not add up exactly to the total shown.
[2] All growth or variation references in this Earnings Release refer to 4Q25 compared to 4Q24, unless otherwise stated.
[3] Organic variations consider figures comparable between 2025 and 2024 by isolating in 2025 ADO’s accumulated figures as of June 2025 and AV accumulated figures as of September 2025. This is because we started consolidating “Aguas de Origen” (ADO), our water business in Argentina, in 3Q24, and in 4Q24 we started consolidating our partnership with the Vierci Group (AV) in Paraguay.
[4] YTD results of 2024 include a non-recurring gain
from the sale of a portion of land in Chile, totalizing a gain before taxes of CLP 28,669 million, and a gain after taxes of
CLP 20,928 million. At the Operating segments level, this non-recurring effect was accounted in Others/eliminations.
| Page 1 of 13 |
4Q25 PRESS RELEASE |  |
| COMMENTS FROM THE CEO |
During 2025, CCU posted a strong set of results in its main Operating segment, Chile, while it faced a particularly challenging year in Argentina and in the wine business, especially during the second half of the year. Isolating the non-recurring gain from the sale of a portion of land in Chile in 2024, consolidated EBITDA decreased 2.9%, reaching CLP 376,208 million. By Operating segment, Chile posted a robust 7.8% EBITDA growth, which was diluted by the 29.5% contraction in the International Business Operating segment, and a 14.9% drop in the Wine Operating segment. In addition, Net income was down 16.3%, totalizing CLP 117,152 million. Under the same criteria, and isolating Argentina, consolidated EBITDA would have grown mid-single digit in 2025. In terms of business scale, consolidated volumes reached 36.2 million hectoliters, expanding 7.3% versus 2024; organic3 volumes increased 0.6%, fully driven by the Chile Operating segment, which expanded 1.1%, recovering volume growth after three consecutive years of contraction.
In terms of our strategy, during the year we moved forward in our Strategic Plan 2025-2027 and its three pillars, Profitability, Growth and Sustainability. Regarding Profitability, as mentioned, our core Operating segment, Chile, expanded EBITDA by 7.8%, well above inflation, and EBITDA margin grew 48 bps, while we keep growing in high-margin innovations and delivering efficiencies in every aspects of the business. Regarding our Growth pillar, we strengthened our regional footprint by successfully integrating, in Paraguay, PepsiCo’s beverage portfolio and snacks distribution. Furthermore, we posted volume growth in our water business in Argentina in a tough business scenario, and increased our beer scale in Colombia and Bolivia. Also, to meet evolving consumer trends, we posted double-digit growth in low-alcohol and ready-to-drink flavored products in Chile, innovating and consolidating our leadership in this high growing cross-category segment, which involves beer, wine and spirits, in a context of soft industries. Regarding brand equity, we recorded a solid performance in Chile, increasing brand equity levels, being key to expand overall market share. Finally, as of Sustainability, in our "Juntos por un Mejor Vivir" strategy, within the Planet pillar, we kept reducing industrial water consumption. Regarding the People pillar of our strategy, and in the year that we celebrated 175 years of history, we reached important milestones: we obtained a high level of employee’s satisfaction, got certified in Chile and Argentina as a Top Employer by the Top Employer Institute, moved up in CADEM ranking of citizen brands, and got awarded as one of the companies with best practices in corporate governance by the survey “La Voz del Mercado 2025”.
From a quarterly perspective, consolidated volumes rose 0.6%, fully driven by the Chile Operating segment. Our financial results were below last year, mostly explained by a challenging business scenario in Argentina, together with a high comparison base in EBITDA in that country, and headwinds in the Wine Operating segment. This was partially compensated by our main Operating segment, Chile, which continued in a positive path of results. Consolidated EBITDA totalized CLP 151,201 million, contracting 17.2%, where the 6.0% expansion in the Chile Operating segment, was more than offset by the 44.5% and 45.2% EBITDA contraction in the International Business and Wine Operating segments, respectively. Net income reached CLP 55,096 million, down 25.7%. Consolidated EBITDA, isolating Argentina, would have expanded low-single digit in the quarter.
In terms of our segments performance, in 4Q25, the Chile Operating segment’s top line expanded 5.5%, as a result of 4.1% increase in volumes and 1.3% higher average prices. Volumes were boosted by non-alcoholic categories. Average prices were driven by revenue management efforts, offset by negative mix effects. EBITDA totalized CLP 113,313 million, a 6.0% increase, mostly due to a 9.1% Gross profit expansion, partially offset by 10.1% higher MSD&A expenses. Regarding Gross profit, the rise was driven by higher volumes, lower cost pressures related to favorable prices in some raw materials, with the exception of aluminum, and the appreciation of the CLP against the USD, which is positive on USD-linked costs; partially compensated by higher costs from our PET recycling plant “CirCCUlar”. On the other side, MSD&A expenses expanded mostly associated with higher distribution expenses, as volumes grew, and larger marketing expenses to support brand equity. In the International Business Operating segment, Net sales recorded a 36.3% decrease, mostly driven by lower average prices, and a 4.6% volume contraction, highly driven by a high-single digit contraction in the beer industry in Argentina. The decrease in average prices in CLP was driven by Argentina, impacted by a negative translation effect, pricing below inflation through the year, and negative mix effects. The latter was partially compensated by efficiencies. In all, EBITDA reached CLP 40,370 million, a 44.5% drop. The Wine Operating segment posted a top line contraction of 16.8%, driven by 9.7% drop in volumes together with 7.9% decrease in average prices. Lower scale was driven by both exports and domestic markets. The weaker average prices were mostly explained by a stronger CLP and its negative impact on export revenues, and negative mix effects in the portfolio, partially compensated with revenue management initiatives. EBITDA reached CLP 6,698 million, a 45.2% contraction, also impacted by a higher cost of wine.
Regarding our main JVs and associated businesses, in Colombia, volumes reached 2,4 million hectoliters in 2025, increasing 6.1%. We continue to build a robust brand portfolio and sales execution, which is the path to long-term volume and financial growth.
To conclude, in 2025, in a context of soft industries, we posted a solid performance in our main Operating segment Chile, recovering volume growth after three years of volume contraction, and expanded EBITDA and EBITDA margin. However, consolidated results were weaker due to a difficult macroeconomic scenario in Argentina together with a contraction in the beer industry in this country, and strong headwind in the wine business. We look to the future with optimism, as CCU’s core strengths remain solid. Our focus will be on continue developing our 2025-2027 Strategic Plan, reinforcing our three strategic pillars: Profitability, Growth and Sustainability, with an especial focus on Profitability through revenue management efforts and efficiencies and high-margin innovation growth.
Finally, I would like to extend my gratitude to all our more than ten thousand employees in a special year for our Company, as we celebrated our 175 anniversary. Their dedication and commitment with the SER CCU principles: “Excelencia, Entrega, Integridad y Empoderamiento”, have been key to navigate challenging times. We will continue to work to ensure sustainable and profitable growth for CCU.
| Page 2 of 13 |
4Q25 PRESS RELEASE | |
| CONSOLIDATED INCOME STATEMENT HIGHLIGHTS – FOURTH QUARTER (Exhibit 1 & 3) |
| · | Net sales were down 11.8%, fully driven by 12.4% lower average prices in CLP, while volumes expanded 0.6%. Average prices in CLP were lower due to: (i) a 33.2% contraction in the International Business Operating segment, mostly from a negative translation effect in Argentina, a challenging pricing scenario in this country, where prices grew below inflation, and negative mix effects, and (ii) a 7.9% decrease in the Wine Operating segment, mostly explained by negative mix effects in the portfolio, and a stronger CLP impacting negatively export revenues, partially compensated with revenue management initiatives. These impacts were partially compensated by a 1.3% rise in the Chile Operating segment, related to revenue management initiatives, partially compensated by negative mix effects. On the other side, higher volumes were fully explained by a 4.1% expansion in the Chile Operating segment, mostly driven by non-alcoholic categories, partially offset by: (i) a 4.6% decrease in the International Business Operating segment, mainly explained by a high-single digit drop in the beer industry in Argentina during the quarter, and (ii) a 9.7% contraction in the Wine Operating segment, explained by a 10.8% decrease in exports and a 7.9% decrease in Chile domestic market. |
| · | Cost of sales decreased 8.8%, associated with a 9.3% contraction in Cost of sales per hectoliter explained by all Operating segments. The breakdown is as follows: (i) a 1.5% decrease in the Chile Operating segment, mainly associated with a 2.7% appreciation of the CLP against the USD, impacting favorably on USD-linked costs, lower prices in some raw materials such as sugar, fruit pulp, and malt, and efficiencies. These effects were partially compensated by higher prices in aluminum and higher costs from our PET recycling plant “CirCCUlar”; (ii) a 26.0% decrease in CLP in the International Business Operating segment, mostly caused by a favorable translation effect, as in local currency COGS per hectoliter grew mainly due to a negative impact from the devaluation of the ARS against the USD in our cost base in Argentina, and (iii) a 1.1% decrease in the Wine Operating segment, mostly due to mix effects which more than compensated a higher cost of wine during the quarter. |
| · | Gross profit reached CLP 392,642 million, a 15.2% decrease, and Gross margin was lower by 183 bps. |
| · | MSD&A expenses were down 13.0% in CLP, and as a percentage of Net sales, MSD&A expenses improved 46 bps due to efficiencies across all operating segments. The lower expenses were explained by a 40.0% contraction in the International Business Operating segment, mostly due to a favorable translation effect, as in local currency MSD&A expenses grew due to cost pressures and a 13.6% drop in the Wine Operating segment. On the other hand, in the Chile Operating segment, MSD&A expenses grew 10.1%, mainly due to higher marketing expenses to support brand equity, and higher distribution expenses due to the higher volumes. |
| · | EBIT reached CLP 109,913 million a contraction of 20.2%, due to the effects mentioned above. |
| · | EBITDA reached CLP 151,201 million, a 17.2% decrease versus last year. By Operating segment, Chile rose 6.0%, continuing in a path of positive results through the year, being more than offset by a 44.5% decrease in the International Business Operating segment, and into a lesser extent, by the 45.2% decrease in the Wine Operating segment. |
| · | Non-operating result totalized a loss of CLP 25,656 million in 4Q25 versus a loss of CLP 34,324 million last year. This was explained by: (i) a higher result by CLP 23,255 million in Foreign currency exchange differences, due to an appreciation of the CLP against the USD in 4Q25, versus a depreciation in 4Q24, and its impact on our foreign currency balance positions, almost fully compensated by Other gains/(losses) detailed below, (ii) a lower loss in Net financial expenses by CLP 4,200 million, due to lower financial expenses driven by a lower debt in Chile and Argentina, (iii) a higher result by CLP 2,916 million in Results as per adjustment units, in part due to a lower inflation in Chile, and (iv) a lower loss in Equity and income of JVs and associated by CLP 1,656 million, generated by a higher financial result in Colombia. These effects were partially compensated by a higher loss in Other gains/(losses) by CLP 23,359 million, mostly caused by derivative contracts, specifically, forward contracts entered into to mitigate the impact of foreign exchange rate fluctuations on our foreign currency balance positions. |
| · | Income taxes reached CLP 17,926 million versus CLP 21,259 million last year. The lower taxes were mainly explained by a lower taxable income, mostly explained by the weaker financial results in Argentina. |
| · | Net income reached a gain of CLP 55,096 million, versus a gain of CLP 74,153 million last year, explained by the effects mentioned above. |
| Page 3 of 13 |
4Q25 PRESS RELEASE | |
| CONSOLIDATED INCOME STATEMENT HIGHLIGHTS – FULL YEAR 2025 (Exhibit 2 & 4) |
Comments below related to the consolidated and the International Business Operating segment consider organic[5] figures for volumes, Net sales, COGS and Gross profit; this is, excluding the consolidation of ADO in Argentina and AV in Paraguay to make full year 2025 and 2024 figures comparable. MSD&A expenses, EBIT, EBITDA, Non-operating results, Income taxes, and Net income are presented on a consolidated basis.
| · | Net sales were down 2.9% organically, mostly driven by 3.4% lower organic average prices in CLP while volumes grew 0.6%. The lower organic average prices in CLP were fully explained by a 18.4% contraction in the International Business Operating segment, mostly from a negative translation effect in Argentina, from the devaluation of the ARS against the USD, and a challenging pricing scenario in this country, with prices growing below inflation through the year and negative mix effects. This was partially compensated by: (i) a 3.5% rise in the Chile Operating segment, related to revenue management initiatives, partially compensated by negative mix effects in the portfolio, and (ii) a 0.8% increase in the Wine Operating segment, mostly explained by revenue management initiatives in domestic markets and a weaker CLP, and its favorable impact on export revenues, partially offset by negative mix effects. Volume growth was as follows: (i) a 1.1% expansion in the Chile Operating segment, retaking volume growth after three years of contraction, (ii) a 0.3% organic decrease in the International Business Operating segment, where we faced a challenging scenario in Argentina, especially during the second half of the year, and (iii) a 3.0% decrease in the Wine Operating segment, explained by a 6.7% drop in the Chilean domestic market, offset by a 2.4% growth in exports. |
| · | Cost of sales was down
1.4% organically, explained by a 1.9% lower organic Cost of sales per hectoliter in CLP. The latter was due to a 14.6% organic decrease
in the International Business Operating segment, mostly caused by a translation effect, as in local currency Cost of sales per hectoliter
grew due to cost pressures in Argentina. This effect, was partially offset by: (i) a 2.8% increase in the Chile Operating segment, mostly due to higher manufacturing costs, mainly related with our PET recycling plant “CirCCUlar”, and higher aluminum prices, partially compensated by lower prices in sugar, fruit pulp, and malt; and (ii) a 4.7% increase in the Wine Operating segment, mainly from a higher cost of wine and higher USD-linked packaging costs. |
| · | Gross profit reached CLP 1,251,776 million organic, down by 4.7%; organic Gross margin was lower by 85 bps. |
| · | MSD&A expenses were down 1.1% in CLP, and as a percentage of Net sales were down 48 bps, mostly due to efficiencies. By Operating segment, MSD&A expenses were as follows: (i) a 4.7% expansion in the Chile Operating segment, mostly due to higher marketing expenses, concentrated in the 4Q25 to support brand equity, and as a percentage of Net sales were flat, (ii) a 9.4% decrease in the International Business Operating segment, highly driven by the consolidation of ADO, as, without such consolidation, MSD&A expenses contracted by 17.9% due to a favorable translation effect in Argentina, as in local currency MSD&A expenses grew due to cost pressures, and as a percentage of Net sales, MSD&A expenses decreased 56 bps, and (iii) a 3.4% decrease in the Wine Operating segment, due to the lower volumes, resulting in a contraction of 37 bps measured as percentage of Net sales, due to efficiencies. |
| · | EBIT reached CLP 220,849 million, contracting 5.6% versus last year, the latter excluding the non-recurring gain from a sale of a portion of land in Chile in 2Q24 (EBIT contracted 15.9% when this non-recurring gain is included). |
| · | EBITDA reached CLP 376,208 million, a 2.9% decrease versus last year, the latter excluding the non-recurring gain from a sale of a portion of land in Chile in 2Q24 (EBITDA contracted 9.6% when this non-recurring gain is included). By Operating segment, Chile posted a robust 7.8% EBITDA growth, above inflation, which was diluted by the 29.5% contraction in the International Business Operating segment, and a 14.9% drop in the Wine Operating segment. |
| · | Non-operating result
totalized a loss of CLP 110,608 million versus a negative result of CLP 97,172 million last year. The higher loss was explained by: (i)
a larger loss in Other gains/(losses) by CLP 27,578 million, mostly caused by derivative contracts, specifically, forward contracts entered
into to mitigate the impact of foreign exchange rate fluctuations on our foreign currency balance positions, which is partially offset
in Foreign currency exchange differences, (ii) a higher loss by CLP 6,909 million in Results as per adjustment units, mainly in Argentina, due to accounting effects from being considered a hyperinflationary country, and (iii) a higher loss in Equity and income of JVs and associated by CLP 4,858 million, generated by a lower financial result in Colombia, mostly due to payments related to claims regarding the Consumption tax (ICO, Impuesto al Consumo) basis determination criteria. These effects were partially compensated by: (i) a higher result in Foreign currency exchange differences by CLP 19,271 million, mostly due to an appreciation of the CLP against the USD in 2025, versus a depreciation in 2024, and its impact on our foreign currency balance positions, being partially compensated by Other gains/(losses) detailed above and (ii) a better result in Net financial expenses by CLP 6,638 million due to a lower debt. |
| · | Income taxes reached a positive result of CLP 27,052 million versus a positive result of CLP 11,015 million last year. The lower taxes were mainly explained by a lower taxable income, largely explained by a weaker financial result in Argentina, partially compensated by deferred tax income in Argentina, due to the application of inflation adjustments on fixed assets for tax purposes with a higher positive impact in 2024. |
| · | Net income reached a gain of CLP 117,152 million, contracting 16.3% versus last year, excluding the non-recurring gain from a sale of a portion of land in Chile in 2Q24 (Net income contracted 27.2% when this non-recurring gain is included). |
[5] Organic variations consider figures comparable between 2025 and 2024 by isolating in 2025 ADO’s accumulated figures as of June 2025 and AV accumulated figures as of September 2025. This is because we started consolidating “Aguas de Origen” (ADO), our water business in Argentina, in 3Q24, and in 4Q24 we started consolidating our partnership with the Vierci Group (AV) in Paraguay.
| Page 4 of 13 |
4Q25 PRESS RELEASE | |
| HIGHLIGHTS BY OPERATING SEGMENTS – FOURTH QUARTER |
CHILE OPERATING SEGMENT
In the Chile Operating segment, top line expanded 5.5%, as a result of 4.1% increase in volumes and 1.3% higher average prices. Volumes were boosted by non-alcoholic categories. Average prices were driven by revenue management efforts, offset by negative mix effects. EBITDA totalized CLP 113,313 million, a 6.0% increase, mostly due to a 9.1% Gross profit expansion, partially offset by 10.1% higher MSD&A expenses. Regarding Gross profit, the rise was driven by higher volumes, lower cost pressures related to favorable prices in some raw materials, with the exception of aluminum, and the appreciation of the CLP against the USD, which is positive on USD-linked costs; partially compensated by higher costs from our PET recycling plant “CirCCUlar”. On the other side, MSD&A expenses expanded mostly associated with higher distribution expenses, as volumes grew, and larger marketing expenses to support brand equity.
During the period, CCU continued developing initiatives under its “Juntos por un Mejor Vivir” Sustainability Strategy. In terms of awards, during the quarter CCU kept its position within the top-ten companies, reaching the 7th position in the 17th edition of the “Marcas Ciudadanas” (“Citizen Brands”) ranking, which takes place twice a year, conducted by Cadem, and was among the top-three companies with the best corporate governance in the “La Voz del Mercado” study, developed by the Directors' Institute of Chile (Instituto de Directores de Chile), together with EY and the Santiago Stock Exchange.
In line with new consumption trends, CCU strengthened its portfolio with the launch of diverse products within the flavored low alcohol ready-to-drink cross-category. Finally, we expanded our alliance with Nestlé, incorporating the commercialization and distribution of Nestlé and Starbucks coffee drinks with milk and dairy drinks with coffee, strengthening its value proposition in the ready-to-drink beverage category.
INTERNATIONAL BUSINESS OPERATING SEGMENT
In the International Business Operating segment, Net sales recorded a 36.3% decrease, mostly driven by lower average prices, and a 4.6% volume contraction, highly driven by a high-single digit contraction in the beer industry in Argentina. The decrease in average prices in CLP was driven by Argentina, impacted by a negative translation effect, pricing below inflation through the year, and negative mix effects. The latter was partially compensated by efficiencies. In all, EBITDA reached CLP 40,370 million, a 44.5% drop.
WINE OPERATING SEGMENT
The Wine Operating segment posted a top line contraction of 16.8%, driven by 9.7% drop in volumes together with 7.9% decrease in average prices. Lower scale was driven by both exports and domestic markets. The weaker average prices were mostly explained by a stronger CLP and its negative impact on export revenues, and negative mix effects in the portfolio, partially compensated with revenue management initiatives. EBITDA reached CLP 6,698 million, a 45.2% contraction, also impacted by a higher cost of wine.
VSPT Wine Group was recognized with the Amorim Special Award at the Drinks Business Green Awards 2025, the leading sustainability competition in the global wine industry. With this new distinction, VSPT has now accumulated eight recognitions in these awards, highlighting over 15 years of constant progress towards a more sustainable, resilient, and regenerative industry.
| Page 5 of 13 |
4Q25 PRESS RELEASE | |
| FOURTH QUARTER’S 2025 CONFERENCE CALL INFORMATION |
CCU is hosting a conference call with investors and analysts to discuss fourth quarter 2025 operating results on February 25th, 2026, at 12:00 pm SCL (10:00 am NY time) where senior management will discuss CCU’s financial results, and this will be followed by a question and answer session. To connect use the following link: https://mm.closir.com/slides?id=303056. For cellphone access, please use the following Access Numbers with the Participant Password: 303056
Location / Number
USA +1 718 866 4614
Brazil +55 612 017 1549
Chile +56 228 401 484
Mexico +52 55 1168 9973
UK +44 203 984 9844
ABOUT CCU
CCU is a multi-category beverage company with operations in Chile, Argentina, Bolivia, Colombia, Paraguay and Uruguay. CCU is one of the largest players in each one of the beverage categories in which it participates in Chile, including beer, soft drinks, mineral and bottled water, nectar, wine and pisco, among others. CCU is the second-largest brewer in Argentina and also participates in the cider, spirits, wine and water industries. In Uruguay and Paraguay, the Company is present in the beer, mineral and bottled water, soft drinks, wine and nectar categories. In Bolivia, CCU participates in the beer, water, soft drinks and malt beverage categories. In Colombia, the Company participates in the beer and in the malt industry. The Company’s principal licensing, distribution and / or joint venture agreements include Heineken Brouwerijen B.V., PepsiCo Inc., Seven-up International, Schweppes Holdings Limited, Société des Produits Nestlé S.A., Pernod Ricard Chile S.A., Promarca S.A. (Watt’s), Red Bull Panamá S.A., Stokely Van Camp Inc., and Coors Brewing Company.
CORPORATE HEADQUARTERS
Vitacura 2670, 26th floor
Santiago
Chile
STOCK TICKER
Bolsa de Comercio de Santiago: CCU
NYSE: CCU
CAUTIONARY STATEMENT
Statements made in this press release that relate to CCU’s future performance or financial results are forward-looking statements, which involve known and unknown risks and uncertainties that could cause actual performance or results to materially differ. We undertake no obligation to update any of these statements. Persons reading this press release are cautioned not to place undue reliance on these forward-looking statements. These statements should be taken in conjunction with the additional information about risk and uncertainties set forth in CCU’s annual report on Form 20-F filed with the US Securities and Exchange Commission and in the annual report submitted to the CMF (Chilean Market Regulator) and available on our web page.
GLOSSARY
Operating segments
The Operating segments are defined with respect to its revenues in the geographic areas of commercial activity:
| Page 6 of 13 |
4Q25 PRESS RELEASE | |
| · | Chile: This segment commercializes Beer, Non-Alcoholic Beverages, Spirits and Cider in the Chilean market, and also includes the results of Transportes CCU Limitada, Comercial CCU S.A., Creccu S.A., Fábrica de Envases Plásticos S.A. and La Barra S.A. |
| · | International Business: This segment commercializes Beer, Cider, Wine, Non-Alcoholic Beverages and Spirits in Argentina, Uruguay, Paraguay and Bolivia. |
| · | Wine: This segment commercializes Wine and Sparkling Wine, mainly in the export market reaching over 80 countries, as well as the Chilean and Argentine domestic market. |
| · | Other/Eliminations: Considers the non-allocated corporate overhead expenses and eliminations of transactions and volumes between segments. |
ARS / CLP / USD
Argentine peso / Chilean peso / United States Dollar
Cost of sales
Formerly referred to as Cost of Goods Sold (COGS), includes direct costs and manufacturing costs.
Earnings per Share (EPS)
Net income attributable to the equity holders of the parent divided by the weighted average number of shares during the year.
EBIT
Earnings Before Interest and Taxes. For management purposes, EBIT is defined as Net income before other gains (losses), net financial expenses, equity and income of joint ventures, foreign currency exchange differences, results as per adjustment units and income taxes. EBIT is equivalent to Adjusted Operating Result used in the 20-F Form.
EBITDA
EBITDA represents EBIT plus depreciation and amortization. EBITDA is not an accounting measure under IFRS. When analyzing the operating performance, investors should use EBITDA in addition to, not as an alternative for Net income, as this item is defined by IFRS. Investors should also note that CCU’s presentation of EBITDA may not be comparable to similarly titled indicators used by other companies. EBITDA is equivalent to ORBDA (Adjusted Operating Result Before Depreciation and Amortization), used in the 20-F Form.
Exceptional Items (EI)
Formerly referred to as Non-recurring items (NRI), Exceptional Items are either income or expenses which do not occur regularly as part of the normal activities of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature.
Gross profit
Gross profit represents the difference between Net sales and Cost of sales.
Gross margin
Gross profit as a percentage of Net sales.
Liquidity ratio
Total current assets / Total current liabilities
Marketing, Sales, Distribution and Administrative expenses (MSD&A)
MSD&A includes marketing, sales, distribution and administrative expenses.
Net Financial Debt
Total Financial Debt minus Cash & Cash Equivalents.
Net Financial Debt / EBITDA
The ratio is based on a twelve month rolling calculation for EBITDA.
Net income
Net income attributable to the equity holders of the parent.
UF
The UF is a monetary unit indexed to the Consumer Price Index variation in Chile.
| Page 7 of 13 |
4Q25 PRESS RELEASE | |
| Exhibit 1: Consolidated Income Statement (Fourth Quarter 2025) | |||
| Fourth Quarter | 2025 | 2024 | Total D % / bps |
| (CLP million) | |||
| Net sales | 853,413 | 968,078 | (11.8) |
| Cost of sales | (460,771) | (504,994) | (8.8) |
| % of Net sales | 54.0 | 52.2 | 183 bps |
| Direct costs | (368,591) | (399,752) | (7.8) |
| Manufacturing costs | (92,180) | (105,242) | (12.4) |
| Gross profit | 392,642 | 463,084 | (15.2) |
| % of Net sales | 46.0 | 47.8 | (183) bps |
| MSD&A | (285,497) | (328,318) | (13.0) |
| % of Net sales | 33.5 | 33.9 | (46) bps |
| Other operating income/(expenses) | 2,768 | 2,950 | (6.2) |
| EBIT | 109,913 | 137,715 | (20.2) |
| EBIT margin % | 12.9 | 14.2 | (135) bps |
| Net financial expenses | (16,058) | (20,259) | (20.7) |
| Equity and income of JVs and associated | (1,412) | (3,068) | (54.0) |
| Foreign currency exchange differences | 9,351 | (13,904) | 167.3 |
| Results as per adjustment units | (2,586) | (5,501) | (53.0) |
| Other gains/(losses) | (14,950) | 8,409 | (277.8) |
| Non-operating result | (25,656) | (34,324) | (25.3) |
| Income/(loss) before taxes | 84,257 | 103,391 | (18.5) |
| Income taxes | (17,926) | (21,259) | (15.7) |
| Net income for the period | 66,332 | 82,133 | (19.2) |
| Net income attributable to: | |||
| The equity holders of the parent | 55,096 | 74,153 | (25.7) |
| Non-controlling interest | (11,235) | (7,980) | 40.8 |
| EBITDA | 151,201 | 182,621 | (17.2) |
| EBITDA margin % | 17.7 | 18.9 | (115) bps |
| OTHER INFORMATION | |||
| Number of shares | 369,502,872 | 369,502,872 | |
| Shares per ADR | 2 | 2 | |
| Earnings per share (CLP) | 149.1 | 200.7 | (25.7) |
| Earnings per ADR (CLP) | 298.2 | 401.4 | (25.7) |
| Depreciation | 41,288 | 44,905 | 8.1 |
| Capital Expenditures | 44,092 | 41,579 | 6.0 |
| Page 8 of 13 |
4Q25 PRESS RELEASE | |
| Exhibit 2: Consolidated Income Statement (Twelve months ended on December 31, 2025) | |||
| YTD as of December | 2025 | 2024 | Total D % / bps |
| (CLP million) | |||
| Net sales | 2,909,625 | 2,904,566 | 0.2 |
| Cost of sales | (1,618,034) | (1,590,958) | 1.7 |
| % of Net sales | 55.6 | 54.8 | 84 bps |
| Direct costs | (1,244,727) | (1,231,353) | 1.1 |
| Manufacturing costs | (373,307) | (359,604) | 3.8 |
| Gross profit | 1,291,591 | 1,313,609 | (1.7) |
| % of Net sales | 44.4 | 45.2 | (84) bps |
| MSD&A | (1,074,408) | (1,086,432) | (1.1) |
| % of Net sales | 36.9 | 37.4 | (48) bps |
| Other operating income/(expenses) | 3,666 | 35,526 | (89.7) |
| EBIT | 220,849 | 262,702 | (15.9) |
| EBIT margin % | 7.6 | 9.0 | (145) bps |
| Net financial expenses | (52,425) | (59,063) | (11.2) |
| Equity and income of JVs and associated | (14,353) | (9,495) | 51.2 |
| Foreign currency exchange differences | 1,474 | (17,797) | (108.3) |
| Results as per adjustment units | (17,631) | (10,722) | 64.4 |
| Other gains/(losses) | (27,673) | (95) | 29,048.3 |
| Non-operating result | (110,608) | (97,172) | 13.8 |
| Income/(loss) before taxes | 110,241 | 165,530 | (33.4) |
| Income taxes | 27,052 | 11,015 | 145.6 |
| Net income for the period | 137,293 | 176,545 | (22.2) |
| Net income attributable to: | |||
| The equity holders of the parent | 117,152 | 160,944 | (27.2) |
| Non-controlling interest | (20,140) | (15,601) | 29.1 |
| EBITDA | 376,208 | 415,936 | (9.6) |
| EBITDA margin % | 12.9 | 14.3 | (139) bps |
| Excluding the non-recurring effect of the sale of a portion of land in Chile in 2Q24(4) | |||
| EBIT | 220,849 | 234,033 | (5.6) |
| EBIT margin % | 7.6 | 8.1 | (47) bps |
| EBITDA | 376,208 | 387,267 | (2.9) |
| EBITDA margin % | 12.9 | 13.3 | (40) bps |
| Net income (attributable to equity holders of the parent) | 117,152 | 140,016 | (16.3) |
| OTHER INFORMATION | |||
| Number of shares | 369,502,872 | 369,502,872 | |
| Shares per ADR | 2 | 2 | |
| Earnings per share (CLP) | 317.1 | 435.6 | 27.2 |
| Earnings per ADR (CLP) | 634.1 | 871.1 | 27.2 |
| Depreciation | 155,359 | 153,234 | 1.4 |
| Capital Expenditures | 156,901 | 160,086 | (2.0) |
| Page 9 of 13 |
4Q25 PRESS RELEASE | |
| Exhibit 3: Segment Information (Fourth Quarter 2025) | |||||||||||||||||||
| 1. Chile Operating segment | 2. International Business Operating segment | 3. Wine Operating segment | 4. Other/eliminations | Total | |||||||||||||||
| Fourth Quarter | |||||||||||||||||||
| (In ThHL or CLP million unless stated otherwise) | 2025 | 2024 | YoY % | 2025 | 2024 | YoY % | 2025 | 2024 | YoY % | 2025 | 2024 | YoY % | 2025 | 2024 | YoY % | ||||
| Volumes | 6,850 | 6,578 | 4.1 | 3,741 | 3,921 | (4.6) | 307 | 339 | (9.7) | (14) | (18) | (21.9) | 10,883 | 10,820 | 0.6 | ||||
| Net sales | 575,372 | 545,277 | 5.5 | 233,959 | 367,029 | (36.3) | 64,033 | 76,974 | (16.8) | (19,951) | (21,202) | (5.9) | 853,413 | 968,078 | (11.8) | ||||
| Net sales (CLP/HL) | 83,999 | 82,892 | 1.3 | 62,534 | 93,616 | (33.2) | 208,916 | 226,815 | (7.9) | 78,414 | 89,472 | (12.4) | |||||||
| Cost of sales | (309,255) | (301,402) | 2.6 | (122,722) | (173,698) | (29.3) | (41,242) | (46,172) | (10.7) | 12,448 | 16,278 | (23.5) | (460,771) | (504,994) | (8.8) | ||||
| % of Net sales | 53.7 | 55.3 | (153) bps | 52.5 | 47.3 | 512,914 bps | 64.4 | 60.0 | 442 bps | 54.0 | 52.2 | 183 bps | |||||||
| Direct costs | (255,192) | (249,104) | 2.4 | (93,627) | (130,324) | (28.2) | (31,997) | (35,979) | (11.1) | 12,225 | 15,655 | (21.9) | (368,591) | (399,752) | (7.8) | ||||
| Manufacturing costs | (54,063) | (52,298) | 3.4 | (29,096) | (43,375) | (32.9) | (9,245) | (10,193) | (9.3) | 224 | 623 | (64.1) | (92,180) | (105,242) | (12.4) | ||||
| Gross profit | 266,117 | 243,875 | 9.1 | 111,237 | 193,330 | (42.5) | 22,791 | 30,802 | (26.0) | (7,503) | (4,924) | 52.4 | 392,642 | 463,084 | (15.2) | ||||
| % of Net sales | 46.3 | 44.7 | 153 bps | 47.5 | 52.7 | (513) bps | 35.6 | 40.0 | (442) bps | 46.0 | 47.8 | (183) bps | |||||||
| MSD&A | (178,331) | (161,932) | 10.1 | (82,270) | (137,166) | (40.0) | (19,577) | (22,653) | (13.6) | (5,320) | (6,567) | 19.0 | (285,497) | (328,318) | (13.0) | ||||
| % of Net sales | 31.0 | 29.7 | 130 bps | 35.2 | 37.4 | (221) bps | 30.6 | 29.4 | 114 bps | 33.5 | 33.9 | (46) bps | |||||||
| Other operating income/(expenses) | 1,647 | 1,525 | 8.0 | 493 | (185) | 365.8 | 384 | 687 | (44.1) | 245 | 923 | (73.4) | 2,768 | 2,950 | (6.2) | ||||
| EBIT | 89,433 | 83,468 | 7.1 | 29,459 | 55,979 | (47.4) | 3,599 | 8,837 | (59.3) | (12,578) | (10,568) | 19.0 | 109,913 | 137,715 | (20.2) | ||||
| EBIT margin | 15.5 | 15.3 | 24 bps | 12.6 | 15.3 | (266,033) bps | 5.6 | 11.5 | (586) bps | 12.9 | 14.2 | (135) bps | |||||||
| EBITDA | 113,313 | 106,879 | 6.0 | 40,370 | 72,767 | (44.5) | 6,698 | 12,222 | (45.2) | (9,179) | (9,247) | 0.7 | 151,201 | 182,621 | (17.2) | ||||
| EBITDA margin | 19.7 | 19.6 | 9 bps | 17.3 | 19.8 | (257) bps | 10.5 | 15.9 | (542) bps | 17.7 | 18.9 | (115) bps | |||||||
| Page 10 of 13 |
4Q25 PRESS RELEASE | |
| Exhibit 4: Segment Information (Twelve months ended on December 31, 2025) | |||||||||||||||||||||
| 1. Chile Operating segment | 2. International Business Operating segment | 3. Wine Operating segment | 4. Other/eliminations | Total | |||||||||||||||||
| YTD as of December | |||||||||||||||||||||
| (In ThHL or CLP million unless stated otherwise) | 2025 | 2024 | YoY % | 2025 | 2024 | YoY % | Organic YoY % |
2025 | 2024 | YoY % | 2025 | 2024 | YoY % | 2025 | 2024 | YoY % | Organic YoY % | ||||
| Volumes | 22,966 | 22,707 | 1.1 | 12,029 | 9,780 | 23.0 | (0.3) | 1,321 | 1,361 | (3.0) | (67) | (75) | (10.1) | 36,248 | 33,773 | 7.3 | 0.6 | ||||
| Net sales | 1,914,528 | 1,829,244 | 4.7 | 780,296 | 850,118 | (8.2) | (18.6) | 276,489 | 282,638 | (2.2) | (61,687) | (57,433) | 7.4 | 2,909,625 | 2,904,566 | 0.2 | (2.9) | ||||
| Net sales (CLP/HL) | 83,364 | 80,558 | 3.5 | 64,867 | 86,928 | (25.4) | (18.4) | 209,367 | 207,658 | 0.8 | 80,269 | 86,003 | (6.7) | (3.4) | |||||||
| Cost of sales | (1,059,252) | (1,018,348) | 4.0 | (423,947) | (440,461) | (3.7) | (14.8) | (172,949) | (170,264) | 1.6 | 38,114 | 38,115 | (0.0) | (1,618,034) | (1,590,958) | 1.7 | (1.4) | ||||
| % of Net sales | 55.3 | 55.7 | (34) bps | 54.3 | 51.8 | 252 bps | 243 bps | 62.6 | 60.2 | 231 bps | 55.6 | 54.8 | 84 bps | 85 bps | |||||||
| Direct costs | (849,295) | (824,156) | 3.1 | (298,983) | (314,853) | (5.0) | (16.1) | (134,149) | (131,660) | 1.9 | 37,701 | 39,315 | (4.1) | (1,244,727) | (1,231,353) | 1.1 | (1.7) | ||||
| Manufacturing costs | (209,957) | (194,192) | 8.1 | (124,964) | (125,608) | (0.5) | (11.5) | (38,800) | (38,604) | 0.5 | 413 | (1,200) | (134.5) | (373,307) | (359,604) | 3.8 | (0.0) | ||||
| Gross profit | 855,275 | 810,896 | 5.5 | 356,349 | 409,657 | (13.0) | (22.7) | 103,540 | 112,374 | (7.9) | (23,573) | (19,318) | 22.0 | 1,291,591 | 1,313,609 | (1.7) | (4.7) | ||||
| % of Net sales | 44.7 | 44.3 | 34 bps | 45.7 | 48.2 | (252) bps | (243) bps | 37.4 | 39.8 | (231) bps | 44.4 | 45.2 | (84) bps | (85) bps | |||||||
| MSD&A | (636,845) | (608,538) | 4.7 | (345,681) | (381,386) | (9.4) | (81,522) | (84,388) | (3.4) | (10,360) | (12,121) | (14.5) | (1,074,408) | (1,086,432) | (1.1) | ||||||
| % of Net sales | 33.3 | 33.3 | 0 bps | 44.3 | 44.9 | (56) bps | 29.5 | 29.9 | (37) bps | 36.9 | 37.4 | (48) bps | |||||||||
| Other operating income/(expenses) | 1,959 | 3,048 | (35.7) | (1,169) | (1,486) | 21.3 | 1,146 | 1,169 | (2.0) | 1,729 | 32,794 | (94.7) | 3,666 | 35,526 | (89.7) | ||||||
| EBIT | 220,390 | 205,406 | 7.3 | 9,499 | 26,786 | (64.5) | 23,163 | 29,155 | (20.6) | (32,203) | 1,355 | (2,476.8) | 220,849 | 262,702 | (15.9) | ||||||
| EBIT margin | 11.5 | 11.2 | 28 bps | 1.2 | 3.2 | (193) bps | 8.4 | 10.3 | (194) bps | 7.6 | 9.0 | (145) bps | |||||||||
| EBITDA | 312,774 | 290,080 | 7.8 | 55,306 | 78,446 | (29.5) | 35,600 | 41,829 | (14.9) | (27,471) | 5,582 | (592.1) | 376,208 | 415,936 | (9.6) | ||||||
| EBITDA margin | 16.3 | 15.9 | 48 bps | 7.1 | 9.2 | (214) bps | 12.9 | 14.8 | (192) bps | 12.9 | 14.3 | (139) bps | |||||||||
| Excluding the non-recurring effect of the sale of a portion of land in Chile in 2Q24(4) | |||||||||||||||||||||
| EBIT | 220,390 | 205,406 | 7.3 | 9,499 | 26,786 | (64.5) | 23,163 | 29,155 | (20.6) | (32,203) | (27,314) | (17.9) | 220,849 | 234,033 | (5.6) | ||||||
| EBITDA | 312,774 | 290,080 | 7.8 | 55,306 | 78,446 | (29.5) | 35,600 | 41,829 | (14.9) | (27,471) | (23,087) | (19.0) | 376,208 | 387,267 | (2.9) | ||||||
| EBITDA margin | 16.3 | 15.9 | 48 bps | 7.1 | 9.2 | (214) bps | 12.9 | 14.8 | (192) bps | 12.9 | 13.3 | (40) bps | |||||||||
| Page 11 of 13 |
4Q25 PRESS RELEASE | |
| Exhibit 5: Balance Sheet | ||
| December 31 | December 31 | |
| 2025 | 2024 | |
| (CLP million) | ||
| ASSETS | ||
| Cash and cash equivalents | 519,176 | 707,123 |
| Other current assets | 991,921 | 1,064,144 |
| Total current assets | 1,511,097 | 1,771,267 |
| PP&E (net) | 1,460,213 | 1,522,708 |
| Other non current assets | 674,077 | 695,742 |
| Total non current assets | 2,134,290 | 2,218,450 |
| Total assets | 3,645,387 | 3,989,717 |
| LIABILITIES | ||
| Short term financial debt | 198,524 | 165,654 |
| Other liabilities | 597,126 | 694,353 |
| Total current liabilities | 795,650 | 860,006 |
| Long term financial debt | 1,083,016 | 1,274,014 |
| Other liabilities | 150,260 | 183,181 |
| Total non current liabilities | 1,233,276 | 1,457,195 |
| Total Liabilities | 2,028,926 | 2,317,202 |
| EQUITY | ||
| Paid-in capital | 562,693 | 562,693 |
| Other reserves | (112,902) | (3,288) |
| Retained earnings | 1,022,139 | 965,778 |
| Total equity attributable to equity holders of the parent | 1,471,930 | 1,525,183 |
| Non - controlling interest | 144,531 | 147,332 |
| Total equity | 1,616,461 | 1,672,515 |
| Total equity and liabilities | 3,645,387 | 3,989,717 |
| OTHER FINANCIAL INFORMATION | ||
| Total Financial Debt | 1,281,541 | 1,439,668 |
| Net Financial Debt | 762,365 | 732,545 |
| Liquidity ratio | 1.90 | 2.06 |
| Total Financial Debt / Capitalization | 0.44 | 0.46 |
| Net Financial Debt / EBITDA(1) | 2.03 | 1.76 |
| (1) Figure as of December 31, 2024, includes a non-recurring gain from the sale of a portion of land in Chile in 2Q24 with an impact on EBITDA by CLP 28,669 million. Excluding this gain, Net Financial Debt / EBITDA reached 1.89x. | ||
| Page 12 of 13 |
4Q25 PRESS RELEASE | |
| Exhibit 6: Summary of the Statement of Cash Flow | ||
| As of December 31 of | ||
| YTD December | 2025 | 2024 |
| (CLP million) | ||
| Cash and cash equivalents at beginning of the year | 707,123 | 618,154 |
| Net cash inflows from operating activities | 239,051 | 287,517 |
| Net cash (outflow) from investing activities | (164,300) | (118,294) |
| Net cash (outflow) flow from financing activities | (206,579) | (125,036) |
| Net (decrease) increase in cash and cash equivalents | (131,829) | 44,187 |
| Effects of exchange rate changes on cash and cash equivalents | (56,118) | 44,782 |
| Increase (decrease) in cash and cash equivalents | (187,947) | 88,969 |
| Cash and cash equivalents at end of the period | 519,176 | 707,123 |
| Fourth Quarter | 2025 | 2024 |
| (CLP million) | ||
| Cash and cash equivalents at beginning of the period | 498,785 | 599,279 |
| Net cash inflows from operating activities | 125,806 | 154,163 |
| Net cash (outflow) from investing activities | (48,302) | (40,286) |
| Net cash (outflow) flow from financing activities | (32,836) | (57,860) |
| Net (decrease) increase in cash and cash equivalents | 44,669 | 56,017 |
| Effects of exchange rate changes on cash and cash equivalents | (24,277) | 51,827 |
| Increase (decrease) in cash and cash equivalents | 20,391 | 107,844 |
| Cash and cash equivalents at end of the period | 519,176 | 707,123 |
| Exhibit 7: Impact on quarterly EBITDA and EBIT from the application of IAS 29 from IFRS in accumulated results in Argentina | ||
| Fourth Quarter | 2025 | 2024 |
| (CLP million) | ||
| Consolidated EBITDA | 151,201 | 182,621 |
| Impact of IAS 29 in accumulated results in Argentina | (1,126) | 1,095 |
| Impact of IAS 29 in the International Business Operating segment | (1,010) | 450 |
| Impact of IAS 29 in the Wine Operating segment | (116) | 645 |
| Consolidated EBITDA excluding the impact of IAS 29 | 152,327 | 181,526 |
| Fourth Quarter | 2025 | 2024 |
| (CLP million) | ||
| Consolidated EBIT | 109,913 | 137,715 |
| Impact of IAS 29 in accumulated results in Argentina | 686 | (2,862) |
| Impact of IAS 29 in the International Business Operating segment | 754 | (3,358) |
| Impact of IAS 29 in the Wine Operating segment | (68) | 497 |
| Consolidated EBIT excluding the impact of IAS 29 | 109,227 | 140,577 |
| Page 13 of 13 |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Compañía Cervecerías Unidas S.A.
(United Breweries Company, Inc.)
| /s/ Felipe Dubernet | |
| Chief Financial Officer | |
Date: February 24, 2026