UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

OR

OR

Date of event requiring this shell company report                             

For the transition period from                 to _____________

Commission file number                       0-20486

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 ChileF3

(Jurisdiction of incorporation or organization)

Vitacura 2670, Twenty-Third Floor, Santiago, Chile

(Address of principal executive offices)

Felipe Dubernet, (562-24273536), fdubern@ccu.cl, Vitacura 2670, Twenty-Third Floor, Santiago, Chile

(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)

  7550098

Securities registered or to be registered pursuant to section 12(b) of the Act.

 Common Stock [Member] ADS [Member]

Securities registered or to be registered pursuant to Section 12(g) of the Act.

Not applicable

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

Not applicable

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.

Common stock, with no par value:    369,502,872

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☒ No ☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐ 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definitions of “accelerated filer”, “large accelerated filer”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.

¨

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its

audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

¨

Indicate by checkmark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant period pursuant to §240.10D-1(b).

¨

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

ITEM 17 ☐ ITEM 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES ☐ NO ☒ 

Table of Contents

Introduction

In this annual report on Form 20-F, all references to “we”, “us”, “Company” or “CCU” are to Compañía Cervecerías Unidas S.A., an open stock corporation (sociedad anónima abierta) organized under the laws of the Republic of Chile, and its consolidated subsidiaries. Our fiscal year ends on December 31^st. The expression “last three years’’ means the years ended December 31, 2023, 2024 and 2025. Unless otherwise specified, all references to “U.S. dollars”, “dollars”, “USD”, or “US$” are to United States dollars, references to “Chilean pesos” “pesos” “Ch$” or “CLP” are to Chilean pesos and references to “Argentine pesos” and “ARS” are to Argentine pesos. We prepare our consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards"). See the notes to our consolidated financial statements included in pages F-1 through F-143 of this annual report. We use the metric system of weights and measures in calculating our operating and other data. The United States equivalent units of the most common metric units used by us are as shown below:

Forward Looking Statements

This annual report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, which we refer to as the “Securities Act”, and Section 21E of the Securities and Exchange Act of 1934, which we refer to as the “Exchange Act”. These statements relate to analyses and other information, which are based on forecasts of future results and estimates of amounts not yet determinable. They also relate to our future prospects, development and business strategies.

These forward-looking statements are identified by the use of terms and phrases such as “anticipate”; “believes”; “could”; “expects”; “intends”; “may”; “plans”; “predicts”; “projects”; “will” and similar terms and phrases. We caution you that actual results could differ materially from those expected by us, depending on the outcome of certain factors, including, without limitation:

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this annual report. We undertake no obligation to publicly update any of these forward-looking statements to reflect events or circumstances after the date of this annual report, including, without limitation, changes in our business strategy or planned capital expenditures, or to reflect the occurrence of unanticipated events.

PART I

ITEM 1: Identity of Directors, Senior Management and Advisers

Not applicable.

ITEM 2: Offer Statistics and Expected Timetable

Not applicable.

ITEM 3: Key Information

Not applicable.

Not applicable.

Our business, financial condition and results of operations could be materially and adversely affected if any of the risks described below occur. As a result, the market price of our common shares could decline, and you could lose all or part of your investment. This annual report also contains forward-looking statements that involve risks and uncertainties. See “Forward-Looking Statements.” The risks below are not the only ones that our Company faces. Additional risks not currently known to us or that we currently deem immaterial may also adversely affect us. The following risk factors have been grouped as follows:

A. Risks related to business processes

B. Risks related to legal and regulatory changes and non-compliance

C. Risks related to technology and innovation

D. Risks related to sustainability

E. Risks relating to our ADS’s

A. RISKS RELATED TO BUSINESS PROCESSES

A.1 Our results could be affected if we are unable to maintain the image and quality of our products and a good relationship with our customers, consumers and licensees.

The image and quality of the Company's products are essential pillars for its success and development. An eventual quality incident could affect the reputation of the brands and negatively impact revenues. It is fundamental to ensure good customer service from the sales force and to adapt new launches and innovations to the needs and preferences of consumers. Likewise, the dissemination of negative or inaccurate information on digital platforms and social networks could compromise the Company’s reputation.

The Company maintains a commitment to continuous improvement in the safety of raw materials, food and supplies, always ensuring the safety of its collaborators, consumers, and the environment during the production, packaging and distribution processes of the products. The products manufactured and distributed by the Company strictly comply with the current regulations in each country. To this end, there are high-standard international certifications, such as Hazard Analysis and Critical Control Points (HACCP), ISO 22000, FSSC 22000 and British Retail Consortium (BRC).

CCU operates under license agreements that stipulate specific conditions for their validity and renewal. The expiration or the termination of these agreements could negatively impact certain operating segments. In 2025, approximately 70% of sales volume corresponded to proprietary brands, which mitigates the risk of the potential impact of the loss of licensing agreements.

A.2 Fluctuations in the costs of raw materials and other inputs could negatively impact our profitability.

In order to produce the products, it sells, the Company acquires raw materials and other inputs such as malt, sugar, fruit pulp, rice, corn syrup, grapes, wine, carbonated soft drinks concentrates under license, hops, essences and alcohols (pisco, neutral and others), in addition to packaging materials, from local suppliers and in the international market. The prices of these supplies are exposed to market volatility, determined by global supply and demand, variations in exchange rates, climatic and social factors and geopolitical conflicts, variables which the Company has no control over. As mentioned in risk factor B.5, the PUSU law establishes the obligation that in Chile from 2025 until 2030, disposable plastic bottles must contain at least 15% of plastic collected and recycled locally. The non-availability of sufficient plastic collected in Chile to be reused in our production process may affect the cost of recycled plastic and have a material impact on our results.

A.3 The scarcity and availability of raw materials and critical inputs could negatively impact us.

The eventual shortage of raw materials and critical inputs, derived from changes in consumption patterns, fluctuations in agricultural production, variations in the quality and availability of supply, or logistical problems, could affect the Company's supply chain and production levels, negatively impacting its results and its competitive position. As mentioned in risk factor B.5, the PUSU law establishes the mandatory requirement that in Chile from 2025 to 2030 disposable plastic bottles must contain at least 15% plastic collected and recycled locally in Chile. The unavailability of sufficient plastic collected in Chile to be reused in our production process may affect our ability to produce recycled plastic in compliance with the PUSU law.

A.4 We are dependent on the political, social and economic conditions in the countries in which we operate, all of which can impact our operational results and financial position.

CCU's operating results and financial position depend to a large extent on the macroeconomic conditions of the markets in which it operates, being the most important ones Chile and Argentina. In fact, the Chile Operating segment accounted for 64% of total revenues in 2025, including the Others/Eliminations segment, which considers corporate expenses and revenues and eliminations of transactions between the different operating segments. Meanwhile, the International Business Operating segment, where Argentina represents a significant share of operations (it also includes the operations in Bolivia, Paraguay and Uruguay), contributed 27% of total revenues, while the Wine Operating segment, which covers the domestic markets of Chile and Argentina and the export market, accounted for 10% of revenues. Due to this, the Company's results are closely linked to the performance of the Chilean and Argentine economies.

Chile: 

The Chilean economy recorded average GDP growth of 2.1% per year from 2015 to 2025, with periods of deceleration derived from global crisis, such as in 2009 and 2020. The inflation has shown material variation in certain periods. For example, in 2022, it reached 12.8%, compared to an annual average of 4.5% from 2015 to 2025, affecting consumers' purchasing power and putting pressure on costs. Although inflation fell to 4.5% and 3.5% in 2024 and 2025, respectively, it is not possible to guarantee that it will remain at controlled levels, which could pressure operating margins, especially if supply contracts are denominated in foreign currency or indexed to the consumer price index (IPC).

The restrictive monetary policies of the Central Bank of Chile, such as raising interest rates to control inflation, can also restrict access to credit and slow down economic growth, affecting the consumption of the Company's products. In addition, Chile's exposure to international liquidity crises and fluctuations in capital markets can negatively impact demand and financing conditions.

CCU faces financial risks stemming from external factors, such as changes in sovereign credit ratings and fluctuations in exchange rates.

An eventual downgrade in the risk ratings of Chile's sovereign debt could have a negative impact on the Company's risk ratings, increasing financing costs and restricting access to capital markets. This risk is influenced by local macroeconomic conditions and the perception of the international financial environment.

Additionally, and given that a relevant part of the prices of the raw materials and other inputs used are denominated in currencies other than the legal tender of the countries where we operate, exchange rate fluctuations can increase production costs and reduce profit margins.

Argentina:

CCU's operations in Argentina are exposed to a volatile regulatory and macroeconomic environment. The country has faced periods of recessions, elevated inflation, currency devaluations and high interest rates at many periods in its history, maintaining the condition of a hyperinflationary economy since 2018. From 2019 until 2023 there were exchange controls that limited the importation of goods and the repatriation of dividends, affecting the financial flexibility of our subsidiaries. In addition, between 2020 and 2023, price control mechanisms were applied on mass consumer goods, including beer, which reduced the profitability of our operations. Price controls were eliminated after the change of government at the end of 2023.

In December 2023, the new government promulgated the Decree of Necessity and Urgency No. 70/2023, which eliminated restrictive regulations and expanded contractual autonomy, although its definitive validity depends on the legislative process in Congress.

Since 2023, the Argentine economy has begun a process of change (modernization) in the regulatory framework that continues, and this may affect the results of our operation in Argentina.

A.5 We may not be able to recruit, hire or retain critical personnel.

The departure or high turnover of key collaborators can negatively affect the continuity of operations, as well as the execution of strategies and the innovation capacity in the Company. The loss of key talent can also result in the loss of knowledge and experience, which could weaken the Company's competitiveness.

A.6 Changes in people's lifestyles and consumption habits could impact our business and its results.

The COVID-19 pandemic and other events accelerated changes in the lifestyle and preferences of the consumers. Today we face greater competition for free time against digital entertainment, which, added to a tendency toward individualism, economic pressures, and the concern for citizen security, has provoked changes in the purchase and consumption occasions of our categories.

Additionally, a tendency toward health and well-being is observed, which has resulted in changes in the consumption of some of the beverages of our portfolio. As has happened in the past, some of these changes can be structural and others transitory. CCU has innovative processes, which seek to strengthen its multi-category beverage strategy to respond to changes in trends, always thinking with the customer and the consumer at the center.

These processes have as their objective to strengthen this capacity to anticipate trends and adapt to them in an agile manner to ensure relevance in the market, protect the profitability and sustainability of the business in the long term.

B. RISKS RELATED TO CHANGES IN AND NON-COMPLIANCE WITH LAWS AND REGULATIONS

B.1 Risks related to free competition in all the markets where we operate and changes in the applicable regulations could affect our results.

CCU faces antitrust risks due to its position in the markets where it operates. In Chile, where the Company is a market leader, it has been sued by a competitor for alleged abuse of a dominant position in the on-premise beer market. The Antitrust Court (Tribunal de Defensa de la Libre Competencia or TDLC) has not issued a ruling yet. Furthermore, there are a series of commitments brought by the Office of the National Economic Prosecutor (Fiscalía Nacional Económica or FNE) alleging anti-competitive practices, the Antitrust Court approved a settlement agreement whereby CCU made commitments to facilitate the participation of micro craft brewers at points of sale such as hotels, restaurants, bars and clubs.

Failure to comply with these commitments, or an unfavorable ruling, could result in financial penalties and costs associated with adjusting commercial conditions, affecting profit margins. In addition, the reputational impact could result in decreased preference among customers and business partners.

In the other countries where the Company operates, the main risk is the possibility of competitors with a high market share abusing their dominant position, which could result in barriers to entry, a loss of market share and less favorable commercial conditions, affecting income and competitiveness.

B.2 Potential changes in tax law, changes in corporate and other taxes and specific regulations in the markets where we operate could have a negative impact on our results.

CCU's businesses are subject to various tax obligations in the countries where it operates, including, among others, income taxes and specific taxes on alcoholic and non-alcoholic beverages. An increase in tax rates, the creation of new taxes or changes in tax bases, could negatively impact sales and profitability.

In October 2024, in Chile, Law No. 21,713 (also known as the Tax Compliance Law) was enacted, amending the Tax Code. It established regulations to combat informality, evasion, avoidance and organized crime and granted greater powers to supervisory bodies.

B.3 Risk of changes in labeling and advertising regulations.

Regulations on the labeling and advertising of beverages and other food products in the markets where CCU operates are constantly changing. Additionally, in each country there may be projects that propose incorporating greater nutritional information and warnings on the products. In Chile, for example, Law No. 21,363 established restrictions on the advertising and labeling of alcoholic beverages, imposing obligations such as warnings about alcohol consumption, restrictions on advertising during certain hours and limitations on advertising at sporting events.

These regulatory changes could impact the marketing strategy and reduce the consumption of alcoholic and non-alcoholic beverages.

B.4 Risks of non-compliance with regulations could affect the profitability and results of our businesses.

Failure to comply with applicable standards, laws and/or regulations in the different jurisdictions where we operate could affect the profitability and business results of the Company. Operating in diverse markets compliance with a wide range of regulatory frameworks, ranging from labor and environmental regulations to tax, free competition and consumer protection laws. Failure to comply with these regulations can result in administrative sanctions, fines, litigation and reputational damage, which could have a negative impact on profitability.

The Company has implemented a robust regulatory compliance system that includes policies, procedures and internal controls that seek to ensure compliance with applicable regulations.

B.5 New environmental regulations could affect our businesses.

CCU operations are subject to a rigorous and constantly evolving environmental regulatory framework at the national and international level. This framework sets out regulations on key issues such as emissions from a range of sources, the integral management, the storage of hazardous materials, the protection of biodiversity and the use of water resources, as well as other activities inherent to our industry.

In the sphere of circular economy, in Chile, Law No. 20,920 on Extended Producer Responsibility (EPR) established progressive targets for the collection and recovery of packaging, which took effect in September 2023, and our subsidiaries actively participate in ReSimple, the first collective management system approved by the authorities to comply with these obligations.

Furthermore, under Law No. 21,368, known as the “PUSU Law”, which regulates the use of single-use plastics and plastic bottles, established that by 2025 disposable plastic bottles in Chile must contain at least 15% locally collected and recycled plastic, progressively increasing this percentage to 70% by 2060. To prepare for these challenges, the Company built “CirCCUlar” a recycling plant, which currently produces recycled resin from plastic collected in Chile, strengthening our supply chain with our own and third-party material and reaffirming our commitment to sustainable innovation and regulatory compliance. Additionally, in accordance with the provisions of the aforementioned law, beverage retailers must offer returnable options and supermarkets must allocate 30% of their display cases to these formats starting in February 2026.

With regard to management of water resources, the 2022 reform of the Water Code introduced a system of temporary water use rights with penalties for non-use, and it gave greater authority to the General Water Directorate in the event of water scarcity. It also established more stringent criteria for the environmental assessment of projects with water components, taking into account the effects of climate change. Likewise, the Framework Law on Climate Change of 2022 set the goal of greenhouse gas emissions neutrality by 2050 and promoted stricter environmental management measures, including national, regional and community plans for climate change adaptation and mitigation, as well as guidelines issued by the Ministry of the Environment for the evaluation of synergies and monitoring of climate variables, which increases the regulatory complexity for new operations.

In September 2023, the Biodiversity Law was enacted in Chile, creating the Biodiversity Service, which is responsible for the conservation of the country's natural heritage. Its implementation will depend on regulations that are expected to be enacted in the coming years.

Furthermore, Law No. 21,595 of 2023 on Economic Crimes, has typified new environmental offenses, such as the illegal release of polluting substances, unauthorized water extraction, serious damage to the environment and the issuance of incomplete or false reports to environmental authorities. CCU has implemented additional protocols and safeguards to comply with these new requirements.

B.6 Changes in the labor market of the countries in which we operate could impact our margins and the results of our business.

Changes in the labor market in the countries where CCU operates could affect the margins and results of the business. In all the countries where the Company operates, it is exposed to fluctuations in the availability of human capital, an increase in the demand for specialized profiles and changes in labor legislation. In April 2023, the law on the reduction of working hours was enacted in Chile, and is being progressively implemented over a maximum period of five years. In March 2025, Law No. 21,735 was enacted in Chile, reforming the pension system. Such law establishes a new employer contribution equal to 7% of an employee’s taxable income, which will be added to the existing employer contribution. It started gradually at 1% of the employee’s taxable income in August 2025. This increase will be completed in a period of 9 years, with the possibility of extending it to 11 years subject to subsequent evaluation.

C. RISKS RELATED TO TECHNOLOGY AND INNOVATION

C.1 Inadequate digital and process transformation could impact our profitability, our results and our ability to operate in the future.

A delayed or ineffective digital and process transformation could negatively impact profitability, operating results and CCU's ability to maintain its competitive advantage in the long term. Digital transformation is key to improve operational efficiency and to optimize processes, however, the lack of technological investment, resistance to change on the part of employees or the poor implementation of new tools and systems could lead to inefficiencies, higher costs and missed business opportunities. These challenges can result in delays in the execution of strategic projects, operational disruptions and limitations in responding quickly to market demands.

C.2 We are exposed to the risk of a cyberattack affecting our information platforms, which could lead to an interruption of our business.

The increasing digitalization of operations has increased dependence on data networks, information technology (IT) and operational technology (OT) systems, exposing CCU to the risk of cyberattacks. These incidents can lead to disruptions in production, distribution and sales processes, as well as financial losses, exposure of sensitive data and damage to reputation and customer confidence.

A successful cybersecurity event can result in a loss of income due to the interruption of operations, as well as an increase in the costs associated with restoring systems and implementing recovery measures.

In September 2024, the Company experienced a cybersecurity incident that affected certain of its IT systems related to sales and distribution areas. The Company resolved the incident through containment, eradication, and recovery measures, including undertaking a comprehensive digital forensic analysis (See ITEM 16K: Cybersecurity).

C.3 Risk to customer data security.

The risk to customer data security includes the possibility of unauthorized access, loss or theft of sensitive information, which can result in regulatory sanctions, loss of customer confidence, damage to the Company's reputation and significant costs incurred in responding to incidents and taking corrective measures. The likelihood of this occurring depends on the effectiveness of current security measures, the sophistication of the threats and the training of personnel. In addition, a new personal data protection law in Chile is scheduled to enter into force in December 2026, which will impose additional compliance obligations and may result in increased regulatory exposure and compliance costs.

C.4 Risks associated with our adoption of artificial intelligence and advanced analytics.

The Company has increasingly integrated artificial intelligence (AI) and machine learning technologies into its business operations, including demand forecasting, portfolio optimization, revenue management, and logistics analytics. While these technologies are designed to improve operational efficiency and decision-making, their deployment creates certain risks, including: (i) the potential for algorithmic errors or biases that could lead to suboptimal business decisions; (ii) reliance on data quality and integrity, where inaccurate or incomplete data could compromise the effectiveness of AI-driven processes; (iii) the need for specialized talent to develop, maintain, and oversee these systems; and (iv) the evolving regulatory landscape governing AI use, which could impose new compliance requirements. Additionally, as AI technologies continue to evolve rapidly, there is a risk that competitors may adopt more advanced solutions, potentially affecting our competitive position. The Company continues to monitor these risks and invests in the development and governance of its AI capabilities.

D. RISKS RELATED TO SUSTAINABILITY

D.1 The company operates in regions exposed to natural disasters, where an extraordinary event could have a negative effect on our operations and financial position.

The Company operates in regions exposed to natural disasters, where the occurrence of an extraordinary event could generate a significant negative impact on our operations and financial position. Although insurance coverage is in line with internal policies and industry standards in the event of catastrophic events, insurance may be insufficient to cover some losses.

Currently, we have all-risk physical damage insurance coverage, including coverage for breakdown of machinery and business interruption, earthquakes and fires for all assets in all the countries in which we operate. However, the policies are subject to deductibles and coverage limits that, despite being in line with market standards, could not cover the total financial impact of certain claims. Furthermore, the insurance market's cyclical behaviors, and the occurrence of catastrophic events at a global level could harden the renewal conditions, resulting in increases in the cost of the premiums, higher deductibles or, in exceptional cases, the lack of availability of coverage due to factors affecting the business.

D.2 Our ability to operate could be affected if we do not maintain good relationships with the communities in the areas where we operate.

The Company's ability to execute its activities could be affected if a good relationship is not maintained with the communities in the areas where it operates. The continuity of our operations depends largely on the support and acceptance of local communities. The absence of positive relationships could lead to opposition, protests or legal actions that could disrupt operations and compromise the Company's reputation.

D.3 Water availability and quality could negatively impact our business.

Water availability and quality could negatively impact the Company's business since water is an essential component for the production of our products and the irrigation of our fields. A failure in the water supply, regulatory changes that limit the use of this resource, water scarcity due to climate change or contamination of water sources could negatively affect sales volumes and increase costs, impacting profitability and the continuity of the business.

The Company has processes, policies and procedures in place to optimize industrial water consumption and reduce the impact of operations on the environment. Since 2010, it has implemented an Environmental Vision that establishes targets for reducing water consumption in operations. The Company has also renewed its commitment in the new Sustainability Strategy through its 2030 Environmental Vision. In particular, with regard to water balance, the Company is committed to continuing to optimize water consumption per hectoliter produced.

E. RISKS RELATING TO OUR ADSs

E1. We are controlled by one majority shareholder, whose interests may differ from those of holders of our ADSs, and this shareholder may take actions that adversely affect the value of a holder’s ADSs or common stock.

As of December 31, 2025, Inversiones y Rentas S.A. (IRSA) a Chilean closely held corporation, directly and indirectly owned 65.87% of our shares of common stock. Accordingly, IRSA has the power to control the election of most members of our board of directors and its interests may differ from those of the holders of our ADSs. IRSA also has significant influence in determining the outcome of any corporate transaction submitted to our shareholders for approval, including mergers, consolidations, the sale of all or substantially all of our assets and going-private transactions. In addition, actions by IRSA with respect to the disposal of the shares of common stock that it owns, or the perception that such actions may occur, may adversely affect the trading prices of our ADSs or common stock.

E2. Chilean economic policies, currency fluctuations, exchange controls and currency devaluations may adversely affect the price of our ADSs.

The Chilean government’s economic policies and any future changes in the value of the CLP relative to the USD could adversely affect the USD value and the return on any investment in our ADSs. The CLP has been subject to nominal depreciations and appreciations in the past and may be subject to fluctuations in the future. For example, when comparing the average exchange rates for each period, the Chilean peso appreciated 3.8% in 2023, depreciated 12.5% in 2024 and depreciated 0.9% in 2025. When comparing the exchange rate as of the end of each period, the Chilean peso depreciated 1.3%, and 13.6% in 2023 and 2024, respectively, and appreciated 8.2% in 2025.

While our ADSs trade in USD, Chilean trading in the shares of our common stock underlying our ADSs is conducted in CLP. Cash distributions to be received by the depositary for the shares of our common stock underlying our ADSs will be denominated in CLP. The depositary will translate any CLP received by it to USD at the then-prevailing exchange rate with the purpose of making dividend and other distribution payments on the ADSs. If the value of the CLP declines relative to the USD, the value of our ADSs and any distributions to holders of our ADSs received from the depositary may be adversely affected. (See ITEM 8: Financial Information – A. Consolidated Statements and Other Financial Information – Dividend Policy and Dividends).

For example, since our consolidated financial statements are reported in CLP, a decline in the value of the CLP against the USD would reduce our earnings as reported in USD. Any dividend we may pay in the future would be denominated in CLP. A decline in the value of the CLP against the USD would reduce the USD equivalent of any such dividend. Additionally, in the event of a dividend or other distribution, if exchange rates fluctuate during any period of time when the ADS depositary cannot convert a foreign currency into USD, a holder of our ADSs may lose some of the value of the distribution. Also, since dividends in Chile are subject to withholding taxes, which we retain until the following year when the exact amount to be paid is determined, if part of the retained amount is refunded to the shareholders, the amount received by holders of our ADSs would be subject to exchange rate fluctuations between the two dates.

E4. Holders of our ADSs may be subject to certain risks since holders of our ADSs do not hold shares of our common stock directly.

ADS holders may exercise voting rights associated with common stock only in accordance with the deposit agreement governing our ADSs. Accordingly, ADS holders will face practical limitations when exercising their voting rights because ADS holders must first receive a notice of a shareholders’ meeting from the depositary and may then exercise their voting rights by instructing the depositary, on a timely basis, on how they wish to vote. This voting process necessarily will take longer for ADS holders than for direct common stockholders, who are able to exercise their vote by attending our shareholders’ meetings. Therefore, if the depositary fails to receive timely voting instructions from some or all ADS holders, the depositary will assume that ADS holders agree to give a discretionary proxy to a person designated by us to vote their ADSs on their behalf. Furthermore, ADS holders may not receive voting materials in time to instruct the depositary to vote. Accordingly, ADS holders may not be able to properly exercise their voting rights.

E5. The right of a holder of our ADSs to force us to purchase the underlying shares of our common stock pursuant to Chilean corporate law upon the occurrence of certain events may be limited.

Because of the absence of legal precedent as to whether a shareholder that has voted both for and against a proposal, such as the depositary of our ADSs, may exercise withdrawal rights (as described in “Item 10. Additional Information – B. Memorandum and Articles of Association”) with respect to those shares voted against the proposal, there is doubt as to whether a holder of ADSs will be able to exercise withdrawal rights either directly or through the depositary for the shares of our common stock represented by their ADSs. Accordingly, for a holder of our ADSs to exercise its appraisal rights, it may be required to surrender its ADRs, withdraw the shares of our common stock represented by its ADSs, and vote those shares against the proposal.

E6. In the past, Chile has imposed controls on foreign investment and repatriation of investments that affected investments in, and earnings from, our ADSs.

Equity investments in Chile by persons who are not Chilean residents have historically been subject to various exchange control regulations that restrict repatriation of investments and earnings therefrom. In April 2001, the Central Bank eliminated most of the regulations that affected foreign investors, although foreign investors still have to provide the Central Bank with information related to equity investments and must conduct such operations within the formal exchange market. Additional Chilean restrictions applicable to holders of our ADSs, the disposition of the shares underlying them, the repatriation of the proceeds from such disposition or the payment of dividends may be imposed in the future, and we cannot advise you as to the duration or impact of such restrictions if imposed. See ITEM 10: Additional Information – D. Exchange Controls.

If for any reason, including changes in Chilean law, the depositary for our ADSs were unable to convert CLP to USD, investors would receive dividends and other distributions, if any, in CLP.

E7. Preemptive rights to purchase additional shares of our common stock may be unavailable to holders of our ADSs in certain circumstances and, as a result, their ownership interest in our Company may be diluted.

The Ley sobre Sociedades Anónimas No. 18,046 (the “Chilean Corporations Act”), and its ordinance (Reglamento de Sociedades Anónimas), require us, whenever we issue new shares for cash, to grant preemptive rights to all holders of shares of our common stock, including shares of our common stock represented by ADSs, giving those holders the right to purchase a sufficient number of shares to maintain their existing ownership percentage. We may not be able to offer shares to holders of our ADSs pursuant to preemptive rights granted to our shareholders in connection with any future issuance of shares unless a registration statement under the Securities Act is effective with respect to those rights and shares, or an exemption from the registration requirements of the Securities Act is available.

We intend to evaluate at the time of any future offerings of shares of our common stock the costs and potential liabilities associated with any registration statement as well as the indirect benefits to us of enabling U.S. owners of our ADSs to exercise preemptive rights and any other factors that we consider appropriate at the time, before deciding whether or not to file such a registration statement. We cannot assure you that any such registration statement would be filed.

To the extent that a holder of our ADSs is unable to exercise their preemptive rights because a registration statement has not been filed, the depositary will attempt to sell the holder’s preemptive rights and distribute the net proceeds of the sale, net of the depositary’s fees and expenses, to the holder, provided that a secondary market for those rights exists and a premium can be recognized over the cost of the sale. A secondary market for the sale of preemptive rights can be expected to develop if the subscription price of the shares of our common stock upon exercise of the rights is below the prevailing market price of the shares of our common stock. Nonetheless, we cannot assure you that a secondary market in preemptive rights will develop in connection with any future issuance of shares of our common stock or that if a market develops, a premium can be recognized on their sale. Amounts received in exchange for the sale or assignment of preemptive rights relating to shares of our common stock will be taxable in Chile and in the United States. (See ITEM 10: Additional Information – E. Taxation – Chilean Tax Considerations – Capital Gains and – United States Federal Income Tax Considerations – Taxation of Capital Gains). If the rights cannot be sold, they will expire and a holder of our ADSs will not realize any value from the grant of the preemptive rights. In either case, the equity interest of a holder of our ADSs in the U.S. will be diluted proportionately.

ITEM 4: Information on the Company

Our current legal and commercial name is Compañía Cervecerías Unidas S.A. We are a public corporation (sociedad anónima abierta) organized by means of a public deed dated January 8, 1902, following the merger of two existing breweries, one of which traces its origins back to 1850, when Mr. Joaquín Plagemann founded one of the first breweries in Chile (in Valparaíso). By 1916, we owned and operated the largest brewing facilities in Chile. Our operations have also included the production and commercialization of soft drinks since the beginning of the last century, the bottling and selling of mineral water products since 1960, the production and commercialization of wine since 1994, the production and commercialization of beer in Argentina since 1995, the production and commercialization of pisco since 2003 and the production and commercialization of rum since 2007. Also, we had been involved in the production and commercialization of sweet snacks products from 2004 until December 2018.

We are subject to a full range of governmental regulation and supervision generally applicable to companies engaged in business in Chile, Argentina, Bolivia, Colombia, Paraguay and Uruguay. These regulations include labor laws, social security laws, public health, consumer protection and environmental laws, securities laws, and antitrust laws. In addition, regulations exist to ensure health and safety conditions in facilities for the production and distribution of beverages and snack products.

Our principal executive offices are located at Avenida Vitacura No. 2670, 23^rd floor, Santiago, Chile. Our telephone number in Santiago is (56-2) 2427-3000, and our website is www.ccu.cl. Our authorized representative in the United States is Puglisi & Associates, located at 850 Library Avenue, Suite 204, Newark, Delaware 19711, USA, telephone number (302) 738-6680 and fax number (302) 738-7210. The information on our website is not incorporated by reference into this document. The SEC maintains a website at http://www.sec.gov/ that contains reports, proxy statements and other information regarding registrants that file electronically with the SEC. Form 20-F reports and the other information submitted by us to the SEC may be accessed through this website.

In 1986, IRSA, our current controlling shareholder, acquired its controlling interest in us through purchases of common stock at an auction conducted by a receiver who had assumed control of us following the economic crisis in Chile in the early 80’s, which resulted in our inability to meet our obligations to our creditors. IRSA, at that time, was a joint venture between Quiñenco S.A. (“Quiñenco”) and the Schörghuber Group from Germany, through its wholly owned subsidiary Finance Holding International B.V. (“FHI”) of the Netherlands.

In September 1992, we issued 4,520,582 American Depositary Shares (“ADSs”), each representing five shares of our common stock, in an international American Depositary Receipt (“ADR”) offering. The underlying ADSs were listed and traded on the NASDAQ, until March 25, 1999. Since that date, the ADSs have been listed and traded on the NYSE. On December 20, 2012, the ratio of ADSs to shares of common stock was changed from 1 to 5, to a new ratio of 1 to 2.

Prior to November 1994, we independently produced, bottled and distributed carbonated and non-carbonated soft drinks in Chile. In November 1994, we merged our soft drink and mineral water businesses with the one owned by Buenos Aires Embotelladora S.A. (“BAESA”) in Chile (PepsiCo’s bottler in Chile at that time) creating Embotelladoras Chilenas Unidas S.A. (“ECUSA”) for the production, bottling, distribution and commercialization of soft drink and mineral water products in Chile. Through ECUSA, we began producing PepsiCo brands under license. We have had control of ECUSA since January 1998, when the shareholders agreement was amended. On November 29, 1999, we purchased 45% of ECUSA’s shares owned by BAESA for approximately CLP 54,118 million. We currently own 99.98% of ECUSA’s shares. In January 2001, ECUSA and Schweppes Holdings Ltd. signed an agreement to continue bottling Crush and Canada Dry brands. (See ITEM 4: B. Business Overview – Production and Marketing – Chile Operating segment).

In 1994, we purchased 48.4% of the equity of the Chilean wine producer Viña San Pedro S.A. (“VSP”) for approximately CLP 17,470 million. During the first half of 1995, VSP’s capital was increased by approximately CLP 14,599 million, of which we contributed approximately CLP 7,953 million. From August through October 1997, VSP’s capital was increased again by approximately CLP 11,872 million, of which we contributed approximately CLP 6,617 million, plus approximately CLP 191 million in additional shares bought during October 1997 in the local stock market. Furthermore, in October 1998 and during 1999, we purchased additional shares in VSP through the local stock exchanges for an amount of approximately CLP 5,526 million. From March through June 1999, VSP’s capital was increased by approximately CLP 17,464 million, of which we contributed approximately CLP 10,797 million.

In December 1995, we entered into a joint venture agreement pursuant to which Anheuser-Busch acquired a 4.4% interest in CCU Argentina. The agreement involved two different contracts: an investment and a licensing contract. Through CCU Argentina, we began our expansion into Argentina by acquiring an interest in two Argentine breweries: 62.7% of the outstanding shares of Compañía Industrial Cervecera S.A. (“CICSA”), were acquired during January and February 1995 and 98.8% of the outstanding shares of Cervecería Santa Fe S.A. (“CSF”), were acquired in September 1995. In 1997, CCU Argentina increased its interest in CICSA to 97.2% and in CSF to 99.9% through the purchase of non-controlling interests. In January 1998, we decided to merge these two breweries into one company operating under the name of CICSA. Following the merger, CCU Argentina’s interest in CICSA was 99.2%. In April 1998, CCU Argentina completed the purchase of the brands and assets of Cervecería Córdoba S.A. As of mid-1998, after the resolution of certain labor issues, we began the production of the Córdoba brand at our Santa Fe plant.

After a capital increase approved by our shareholders in October 1996, we raised approximately USD 196 million between December 1996 and April 1999. Part of this capital expansion was accomplished between December 1996 and January 1997 through our second ADR offering in the international markets.

In November 2000, we became joint owners (50% each) with Malterías Unidas S.A. (currently Maltexco S.A.) of Cervecería Austral S.A. (“Cervecería Austral”), a Chilean company located in the city of Punta Arenas that produces, sells and distributes Austral beer in Chile. Additionally, Cervecera CCU Chile Limitada (“Cervecería CCU”) has a two-year renewable license agreement, subject to compliance with the conditions established in the agreement, for the production of Austral Lager beer, returnable liter containers and kegs in Chile and a distribution agreement for the sale and marketing of all Austral products in Chile, with the exception of the Magallanes Region, where selling and distribution is carried out by Comercial Patagona Ltda., a subsidiary of Cervecería Austral.

During 2000, VSP, through its subsidiary Finca La Celia S.A. (“FLC”), acquired the winery Finca La Celia in Mendoza, Argentina, initiating its international expansion, allowing VSP to include fine quality Argentine wines into its export product portfolio. In December 2001, Viña Santa Helena S.A. (“VSH”) created its own commercial and productive winemaking operation, distinct from its parent, VSP, under the Viña Santa Helena label in the Colchagua Valley. Between November 2000 and March 2001, VSP’s capital was increased by approximately CLP 22,279 million, of which we contributed approximately CLP 13,402 million.

In May 2002, we acquired a 50% stake in Compañía Cervecera Kunstmann S.A., currently Cervecería Kunstmann S.A. (“CK”), a brewery located in the southern city of Valdivia, in Chile. In June 2003, our beer division began selling Kunstmann nationwide. In November 2006, we acquired additional shares of CK that allowed us to consolidate this subsidiary into our consolidated financial statements as of that month.

In February 2003, we began the sale of a new product for our beverage portfolio, pisco, under the brand Ruta Norte. Pisco is a grape spirit very popular in Chile that is produced in the northern part of the country. Our pisco, at that time, was only produced in the Elqui Valley in the Coquimbo Region and was sold throughout the country by our beer division sales force. In March 2005, we entered into an association with the second largest pisco producer at that time, Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda. (“Control”). This new joint venture was named Compañía Pisquera de Chile S.A. (“CPCh”), to which the companies contributed principally with assets, commercial brands and – in the case of Control – also some financial liabilities. Currently we own 80% of CPCh and Control owns the remaining 20%.

On April 17, 2003, the Schörghuber Group, at the time an indirect owner of 30.8% of our ownership interest, gave Quiñenco, also at the time an indirect owner of 30.8% of our ownership interest, formal notice of its intent to sell 100% of its interest in FHI to Heineken Americas B.V., a subsidiary of Heineken International B.V. As a result of the sale, Quiñenco and Heineken Americas B.V., the latter through FHI, became the only two shareholders of IRSA, the owner of 61.6% of our equity at that time, each with a 50% interest in IRSA. Heineken International B.V. and FHI subsequently formed Heineken Chile Ltda., to hold the latter’s 50% interest in IRSA. Therefore, Quiñenco and Heineken Chile Ltda. were the only two shareholders of IRSA, with 50% equity each at that time. On December 30, 2003, FHI merged into Heineken Americas B.V., which together with Heineken International B.V. remained as the only shareholders of Heineken Chile Ltda. In 2022, Heineken Chile Ltda. became Heineken Chile SpA, a Chilean corporation (sociedad por acciones) whose current controller is Heineken International B.V., a Dutch limited liability company, subsidiary of Heineken N.V. The majority shareholder of Heineken N.V. is the Dutch company Heineken Holding N.V., a Dutch subsidiary of L'Arche Green N.V., which is a subsidiary of L'Arche Holdings B.V., the latter ultimately controlled by Mrs. C.L. de Carvalho-Heineken. Currently, Quiñenco and Heineken Chile SpA, are the only shareholders of IRSA, each with a 50% equity interest. As of March 31, 2024, and as of the date of this annual report, IRSA directly and indirectly owned 65.87% of our shares of common stock.

In August 2003, VSP formed Viña Tabalí S.A., a joint venture in equal parts with Sociedad Agrícola y Ganadera Río Negro Ltda., for the production of premium wines. This winery is in the Limarí Valley, Chile’s northernmost winemaking region, which is noted for the production of outstanding wines.

In January 2004, we entered the sweet snacks business by means of a joint venture between CCU Inversiones S.A. and Industria Nacional de Alimentos S.A., a subsidiary of Quiñenco, with a 50% interest each in Calaf S.A., which was renamed Foods Compañía de Alimentos CCU S.A. (“Foods”), a corporation that acquired the trademarks, assets and know-how, among other things, of Calaf S.A.I.C. and Francisca Calaf S.A., traditional Chilean candy makers, renowned for more than a century. In 2007 we acquired the brand Natur, adding a new line of products to our ready-to-eat portfolio. In August 2008, Foods bought 50% of Alimentos Nutrabien S.A. (“Nutrabien”), a company that specializes in brownies and other high-quality baked goods under the brand Nutrabien.

In October 2004, VSP acquired the well-known Manquehuito Pop Wine brand, a sparkling fruit-flavored wine with low alcohol content, broadening its range of products. At VSP’s extraordinary shareholders meeting held on July 7, 2005, the shareholders approved a capital increase that was to be partially used for stock option programs. During October and November 2005, VSP’s capital was increased by approximately CLP 346 million. We did not participate in this capital increase.

In December 2006, we signed a joint venture agreement with Watt’s S.A. (“Watt’s”), a local food related company, under which, as of January 30, 2007, we participate in equal parts in Promarca S.A. (“Promarca”). This new company owns, among others, the brands “Watt’s”, “Watt’s Ice Frut”, “Yogu” and “Shake a Shake” in Chile. Promarca granted both of its shareholders (New Ecusa S.A., a former subsidiary of ECUSA, which in 2019merged into ECUSA, and Watt’s Dos S.A., a subsidiary of Watt’s S.A.), for an indefinite period, the exclusive licenses for the production and sale of the different product categories.

In January 2007, Viña Tabalí S.A. bought the assets of Viña Leyda, located in the Leyda Valley, a new winemaking region south of Casablanca Valley and close to the Pacific Ocean. Viña Leyda produces excellent wines that have won awards in different international contests. After this acquisition, Viña Tabalí S.A. changed its name to Viña Valles de Chile S.A. In September 2007, VSP bought a 50% interest in Viña Altaïr S.A. which belonged to Château Dassault, in line with our strategy of focusing on premium wines. Consequently, VSP owns 100% of said company. Between April and June 2007, VSP’s capital was increased by approximately CLP 13,692 million, of which we contributed approximately CLP 5,311 million.

In May 2007, CPCh entered the rum market with our proprietary brand Sierra Morena and later, in 2008, added new rum brand extensions and introduced various pisco based cocktails. In June 2010 CPCh purchased Fehrenberg, a small, but well-recognized spirits brand produced in Chile. In July 2011 CPCh began the distribution of Pernod Ricard products (Chivas Regal, Ballantine’s, Havana Club, Absolut, among others). Furthermore, in 2011, CPCh signed a license agreement for the commercialization and distribution in Chile of the pisco brand Bauzá. In addition, in 2011 CPCh acquired 49% of the licensor company Compañía Pisquera Bauzá S.A. (“Bauzá”), the owner of the brand in Chile, and CPCh sold such interest to Agroproductos Bauzá S.A. in January 2016.

In December 2007, we entered into an agreement with Nestlé Chile S.A. and Nestlé Waters Chile S.A., the latter of which acquired a 20% interest in our subsidiary Aguas CCU-Nestlé Chile S.A. (“Aguas CCU”), the company through which we develop our bottled water business in Chile. As part of this new association, Aguas CCU introduced in 2008 the Nestlé Pure Life brand in Chile. On June 4, 2009 ECUSA received a notice from Nestlé Waters Chile S.A. whereby it exercised its irrevocable option to buy 29.9% of Aguas CCU’s equity, pursuant to the terms and conditions of the association agreement. The completion of the deal represented a profit before taxes for ECUSA of CLP 24,439 million. On September 30, 2009 in the extraordinary shareholders’ meetings, Aguas CCU and Nestlé Waters Chile S.A. approved the merger of both companies, the latter being the surviving company under the name Aguas CCU-Nestlé Chile S.A. The current shareholders of Aguas CCU are ECUSA (50.10%) and Nestlé Chile S.A. (49.90%).

In 2008, the licensing contract that grants CCU Argentina the exclusive right to produce, package, commercialize and distribute Budweiser beer in Argentina, was extended until 2025. After subsequent capital increases, the last one in June 2008, Anheuser-Busch reduced its interest in CCU Argentina to 4.04% and we increased our participation to 95.96%. In April 2008, we bought the Argentine brewer Inversora Cervecera S.A. (“ICSA”) after receiving the approval of the Argentine antitrust authorities. CICSA paid an aggregate amount of USD 88 million to acquire ICSA. ICSA owns, among other assets, the Bieckert, Palermo and Imperial beer brands, which together represented approximately 5.8% of the Argentine beer market, and a brewery in Luján, Buenos Aires, with a nominal production capacity of 270 million liters per year.

In November 2008, CCU and its affiliate VSP entered into a Merger Agreement with Compañía Chilena de Fósforos S.A. and its subsidiaries Terciados y Elaboración de Maderas S.A. and Viña Tarapacá S.A. (“VT”), in order to merge VT into VSP. Under the terms of the Merger Agreement, and prior to its execution, CCU had to acquire 25% of VT’s equity. On December 3, 2008, the extraordinary shareholders’ meetings of VSP and VT approved the merger of both companies. Once all the legal requirements were fulfilled, the merger by absorption of VT by VSP was completed on December 9, 2008, with an effective date for accounting purposes of October 1, 2008. The surviving company was named Viña San Pedro Tarapacá S.A. (“VSPT”), which began consolidating its financial statements with ours on October 1, 2008, with operations commencing on December 9, 2008. VSPT’s capital was increased because of the merger, by issuing 15,987,878,653 shares to be exchanged for the total number of shares issued by VT at a ratio of 1,480.30828 new VSPT shares per each share of the absorbed company.

In March 2009, Compañía Cervecerías Unidas S.A. placed corporate bonds in the Chilean Market, 21-year bonds in an amount of 2 million UF, with an annual interest rate of 4.3%.

In December 2010, our subsidiary Inversiones Invex CCU Ltda., acquired a 4.04% equity stake in CCU Argentina from Anheuser-Busch Investment, S.L. After the acquisition, CCU, through its subsidiary Inversiones Invex CCU Ltda., became the sole equity holder of CCU Argentina. This transaction had no effect on the Budweiser brand production and distribution contract, which was set to expire in 2025 (prior to the 2017 offer letter signed between ABI and CCU Argentina described below). The license for the distribution of the brand in Chile expired in 2015. Currently, CCU’s subsidiaries Inversiones Invex CCU Ltda. and Inversiones Invex CCU Dos Ltda. own 80.649% and 19.351%, respectively, of CCU Argentina’s share capital. CCU Argentina owns 78.497% of CICSA’s share capital, Inversiones Invex CCU Dos Ltda. owns the remaining 21.503%.

In December 2010, CICSA acquired equity interests in Saénz Briones y Cía. S.A.I.C. and Sidra La Victoria S.A. Through this transaction, CICSA became the controlling shareholder of these companies. These companies own the assets used in the production, packaging and marketing of cider and other spirits businesses in Argentina, which are marketed through several brands, the most important cider and spirits brands are Real, La Victoria, Saénz Briones, 1888 and in spirits, El Abuelo. In 2015, Sidra La Victoria S.A. merged with and into Saénz Briones y Cía S.A.I.C. Further, on November 11, 2024, the merger of Saénz Briones y Cía S.A.I.C with and into CICSA was finally approved by local authorities, with retroactive effect as of May 1, 2023.

In August 2011, the board of directors of VSPT agreed to spin-off Viña Valles de Chile S.A. (“VDC”), a corporation owned, in equal parts, by VSPT and Sociedad Agrícola y Ganadero Río Negro Limitada (“ARN”). VDC had two major vineyards: Viña Tabalí and Viña Leyda. According to such agreement, VSPT would remain the sole owner of Viña Leyda (whose net assets would remain within VDC) and ARN would remain the sole owner of Viña Tabalí (whose net assets would be assigned to the spun off company). This transaction concluded on December 29, 2011, through a stock swap contract, whereby VDC became a subsidiary of VSPT, that is, directly and indirectly, 100% owned by VSPT.

In September 2012, CCU acquired 100% of the shares of the Uruguayan companies Milotur S.A. (“Milotur”), Marzurel S.A. (“Marzurel”) and Coralina S.A. (“Coralina”) and, indirectly of Andrimar S.A. (“Andrimar”), a wholly-owned subsidiary of Milotur. These companies own the assets of a business developed in Uruguay that engages in the production and commercialization of mineral and flavored bottled water under the Nativa brand, and carbonated soft drinks under the Nix brand. Milotur also commercializes Schneider and Heineken beer brands, the latter due to an amendment to the trademark license agreement in force with Heineken Brouwerijen B.V. On November 12, 2024, CCU´s subsidiary CCU Inversiones II SpA, the sole shareholder of Coralina, sold its entire ownership to Mr. Friedrich Pershak. As a result, Coralina is no longer a CCU subsidiary.

In December 2012, Aguas CCU completed an acquisition of 51.01% of the company Manantial S.A. (“Manantial”), a Home and Office Delivery (“HOD”) business of purified water in bottles with the use of dispensers. The partnership enabled Aguas CCU to participate in a new business category. The shareholders agreement of Manantial included a call option to purchase the remaining shares.

On June 18, 2013, the extraordinary shareholders’ meeting approved the issuance of 51,000,000 of common shares which were registered in the “Superintendencia de Valores y Seguros” (“SVS”), currently “Comisión para el Mercado Financiero” (“CMF”), under No. 980 on July 23, 2013. On November 8, 2013 CCU successfully concluded this capital increase, the total number of shares issued pursuant to the capital increase having been subscribed and paid, raising a total amount of CLP 331,718,929,410. This capital increase was made in order to continue our expansion plan, which includes organic and inorganic growth in Chile and the surrounding region. Part of this capital increase was offered in the international markets, representing our third ADR offering.

In December 2013, CCU acquired 50.005% of Bebidas del Paraguay S.A. (“Bebidas del Paraguay”), and 49.959% of Distribuidora del Paraguay S.A. (“Distribuidora del Paraguay”), entering the Paraguayan market with the production, marketing and sale of non-alcoholic beverages, such as soft drinks, juices and water, and the marketing and sale of beer, under various brands, both proprietary and under licensees and imported.

Furthermore, in 2013, CCU, through its subsidiary CCU Inversiones S.A., increased its stake in VSPT to 64.72% by acquiring additional outstanding shares of VSPT. VSPT is conformed by the San Pedro, Tarapacá, Santa Helena, Viña Leyda, Misiones de Rengo, Viña Mar, Casa Rivas, Finca La Celia, and Bodega Tamarí wineries. These are all important and renowned cellars in Chile and Argentina, each with its own distinctive brands. Since the merger, VSPT has become the second-largest Chilean wine exporter and one of the leaders in the domestic market. In June 2013, the merger of Viña Misiones de Rengo S.A. and Viña Urmeneta S.A. was completed, with Viña Valles de Chile S.A., as the legal successor. In May 2014 Vitivinícola del Maipo S.A. merged into Viñas Orgánicas SPT S.A., the latter being the legal successor. Additionally, in April 2015 Viña Santa Helena S.A. merged into Viña San Pedro Tarapacá S.A., pursuant to the Chilean Corporations Act, due to the fact that Viña San Pedro Tarapacá S.A. became the sole shareholder of the company for more than 10 days. On December 21, 2020, the board of directors of Finca La Celia S.A. and Bodega San Juan S.A.U. approved to carry out a merger by absorption, pursuant to which Finca La Celia S.A. was the surviving entity, effective as of January 1, 2021.

In May 2014, CCU entered the Bolivian market through a partnership with Grupo Monasterio, acquiring 34% of Bebidas Bolivianas BBO S.A. (“BBO”). BBO produces and commercializes alcoholic and non-alcoholic beverages in Bolivia. CCU’s initial stake in BBO was 34%, which was obtained by a capital injection, and which contemplated the right of CCU to acquire additional interests that would enable it to own 51% of the shares of BBO in a second stage. This transaction also included contracts that allow BBO to operate CCU’s brands in Bolivia. The Company recorded this investment under joint ventures and associated companies. In 2014, BBO acquired Cordillera beer brand from SABMiller.

As of June 6, 2014, CICSA reached agreements with Cervecería Modelo S.A. de CV. and Anheuser-Busch LLC, for the termination of the contract which allowed CICSA to import and distribute on an exclusive basis, Corona and Negra Modelo beers in Argentina, and the license for the production and distribution of Budweiser beer in Uruguay. CICSA received compensation in respect of these agreements in the amount of ARS 277.2 million, equivalent to USD 34.2 million.

In November 2014, CCU, directly and through its subsidiary CCU Inversiones II Ltda. (currently CCU Inversiones II SpA), signed a series of contracts and agreements with the Colombian entity Postobón S.A. and related companies (“Grupo Postobón”), by which we agreed to initiate a joint venture for the manufacturing, commercialization and distribution of beer and malt based non-alcoholic beverages in Colombia. The joint venture was established through a company named Central Cervecera de Colombia S.A.S. (“CCC”), in which CCU and Grupo Postobón participate in equal parts. This transaction included the following contracts and agreements: an investment framework agreement, a shareholders agreement, a long-term logistics and distribution contract and a sales contract governing services to be provided by Grupo Postobón to CCC, a trademark license agreements granted to CCC by CCU and Grupo Postobón, a shared services agreement governing services to be provided by Postobón to CCC, and an exclusive license granted by Heineken to CCC for the import, production and distribution of Heineken products in Colombia. As of September 2015, CCC also has an exclusive contract to import, produce and distribute Coors Light in Colombia. Additionally, as of April 1, 2016, CCC also has an exclusive license granted by Heineken to import, produce and distribute Tecate in Colombia and Sol as of July 1, 2017.

In November 2015, ECUSA entered into a joint operation agreement with Empresas Carozzi S.A. (“Carozzi”) for the production, commercialization, and distribution of instant powder drinks under the brands Sprim, Fructus, Vivo and Caricia. This joint operation is carried out by Bebidas Carozzi CCU SpA (“Bebidas Carozzi CCU”), of which ECUSA acquired 50% of the share capital. Carozzi is in charge of the production of the respective products, and ECUSA of its distribution.

In 2015, we sold the brands Calaf and Natur to Carozzi, leaving Foods only with its 50% stake in Nutrabien. During 2016, Foods acquired the remaining 50% stake of Nutrabien.

On January 29, 2016, Aguas CCU and ECUSA exercised the call option, acquiring 48.07% and 0.92% of the shares of Manantial respectively. As a consequence, CCU is currently the indirect owner of 100% of the shares of Manantial, remaining as the only direct shareholders of Manantial: (i) Aguas CCU with 99.08% of the capital stock and (ii) ECUSA with 0.92% of the capital stock.

In February 2016, CCU and Watt’s, among others, entered into an “International Association Agreement” in order to expand the brand Watt’s to certain South American countries, through Promarca Internacional SpA, currently a wholly owned subsidiary of Promarca S.A.

In March 2016, we, through our subsidiary Bebidas del Paraguay S.A., acquired 51% of Sajonia Brewing Company SRL (formerly Artisan SRL) which produces and commercializes Sajonia craft beer in Paraguay.

In 2016, CCC acquired the brand and assets related to the craft beer brand “3 Cordilleras” of Artesana Beer Company S.A. in Colombia. CCC is reported under Joint Ventures and Associated Companies.

In 2017, we began producing and commercializing Miller Genuine Draft (“MGD”) in Argentina.

As of April 2017, CCC also has a license agreement to commercialize and distribute the Miller Lite and Miller Genuine Draft brands in Colombia.

In June 2017, CPCh incorporated to its portfolio the Peruvian pisco brand BarSol, through the acquisition of 40% of Americas Distilling Investments LLC, which is based in the United States and owns the BarSol brand and productive assets based in Peru.

On June 15, 2017, Foods and CCU Inversiones S.A. signed a purchase agreement, for the sale of all the shares of its subsidiary Nutrabien, with Ideal S.A, a subsidiary of Grupo Bimbo, subject to the approval of the antitrust authorities in Chile. Having received said approval, the sale of 100% of the shares of Nutrabien to Ideal S.A. was completed on December 17, 2018.

On August 16, 2017, CCU, through its subsidiary CCU Inversiones ll Ltda. (currently CCU Inversiones II SpA), acquired 50% of Zona Franca Central Cervecera S.A.S. (“ZF CC”), a company incorporated in Colombia in which CCU and Grupo Postobón are the sole shareholders in equal parts. The price of the transaction amounted to USD 10.2 million, equivalent to CLP 6.4 billion. Until November 2019, the main purpose of ZF CC was to act exclusively as an industrial user of one or more free-trade zones, providing toll manufacturing services to CCC, which was the company that produced, marketed and distributed beer and malt beverages. Since November 2019, ZF CC has been producing and selling to CCC, which continues to market and distribute our products.

In December 2017, CCU, through its subsidiary CCU Inversiones S.A., increased its stake in VSPT by acquiring additional outstanding shares of VSPT through a tender offer, which concluded at the end of January 2018, and allowed us to increase our total stake from 67.22% to 83.01%.

On September 6, 2017, CCU and CCU Argentina signed an offer letter with ABI (together with CCU Argentina, the “Parties”), under which the early termination of the “Budweiser” license agreement in Argentina was agreed to in exchange for the transfer to CCU Argentina of a portfolio of beer brands and cash payments, among other matters. This transaction was subject to the prior approval of the Comisión Nacional de Defensa de la Competencia (“CNDC”) and the Secretario de Comercio del Ministerio de Producción de la Argentina (“SECOM”), which are Argentina’s antitrust regulators. On March 14, 2018, SECOM, based on the CNDC’s favorable opinion, approved the transaction, pending review and approval by the CNDC of the terms and conditions of the definitive contracts in respect thereof. On April 27, 2018, after receiving the approval from CNDC and SECOM, the Parties were legally obliged to close the transaction. On May 2, 2018, the abovementioned transaction (the “Transaction”) was executed, which included, among other matters: (i) the early termination of the Budweiser brand license agreement in Argentina, between the Parties and (ii) the transfer to CCU Argentina of the ownership of the Isenbeck, Diosa, Norte, Iguana and Báltica brands, as well as the transfer of the licenses for Argentina of the international brands Warsteiner and Grolsch. In order to achieve an orderly transition of the aforementioned brands, the Transaction contemplates several contracts in which (i) CCU Argentina produces Budweiser, on behalf of ABI, for a period of up to one year; (ii) ABI produces Isenbeck and Diosa, on behalf of CCU Argentina, for a period of up to one year and (iii) ABI carries out the production and distribution of Iguana, Norte, Báltica, Grolsch and Warsteiner, on behalf of CCU Argentina, for a period of up to three years (the “Transition Brands”). As a consequence, as of May 2, 2018, CCU Argentina began commercializing Isenbeck and Diosa and ceased selling Budweiser. As part of the terms of the Transaction, CCU Argentina received from ABI a cash payment of USD 306 million, as part of its compensation for the early termination of the license contract for the Budweiser brand, as well as an additional USD 10 million for producing Budweiser on behalf of ABI for a year. CCU Argentina also received from ABI payments of up to USD 28 million per year, for a period of up to three years (through May 2021), which depended on the scope and length of the transition of the production and/or commercialization of the Transition Brands.

On August 9, 2018, CCU exercised its option to purchase from Grupo Monasterio, holder of 66% of BBO capital stock, 30,286, ordinary shares of BBO, representing 17% of the total capital stock of BBO, with which CCU increased its stake from 34% to 51%, with Grupo Monasterio retaining the remaining 49%. Subsequently, on December 17, 2018, CCU contributed the totality of its BBO shares to its subsidiary CCU Inversiones II Ltda. (currently CCU Inversiones II SpA), the current shareholder and controller of BBO.

On August 17, 2018, CCU placed a three million UF bond in the Chilean market. The 25-year bullet note was priced at 2.85% in UF’s (Chile’s inflation adjusted currency), which represented a spread of 68 bps over the Chilean Central Bank bond (BCU) with the same duration.

On September 4, 2018, CCU and 29 other companies in Chile, signed a Zero Waste to Landfill Clean Production Agreement (CPA), together with the Chilean government’s Sustainability and Climate Change Agency (ASCC) and the Recycling Industry National Association. In this agreement, the participating companies committed to reducing to zero the waste that they send to landfills, within a period of two years.

In November of 2018, and as part of our electromobility plan, CCU began to operate the first 100% electric, high-tonnage truck in the country. With a capacity of up to 13 tons and a range of 280 kilometers, the heavy-load vehicle will be used to transport CCU’s products in Santiago. CCU’s goal is for electric trucks to represent 50% of the fleet by 2030.

At the end of 2018, CCU finalized the construction of the new distribution center as part of the CCU Renca Project. The new distribution center has a 22,500 square meter warehouse and uses 100% electricity-powered machinery, in addition to being a zero-waste-to-landfill operation.

In 2019, CCU started the construction of the production plant for non-alcoholic beverages, as part of the CCU Renca Project, and it is expected to be operational by the end of 2020. This project incorporates the latest technology for efficient and sustainable production and distribution.

On May 31, 2019, CCU, through its subsidiary Viña San Pedro Tarapacá S.A., completed the purchase of the wine assets of Pernod Ricard Argentina SRL, which included the brands Graffigna, Colón and Santa Silvia.

On August 8, 2019, CCU announced that CPCh, acting through the companies Inversiones Internacionales SpA and International Spirits Investments USA LLC, communicated to LDLM Investments LLC their decision to start a process of selling their total participation in Americas Distilling Investments LLC, owner of the Peruvian company Bodega San Isidro SRL and Barsol brand. In March of 2021, CPCh communicated to LDLM Investments LLC its decision not to proceed with the sale of its interest in Americas Distilling Investments LLC.

In December 2019, as part of our 2030 Environmental Vision plan, CCU committed for the next ten years to: (i) continue reducing greenhouse gas emissions per liter produced to reach a 50% reduction, (ii) continue optimizing water consumption per liter produced, until a 60% reduction is achieved, (iii) 100% valorization of industrial solid waste, (iv) use 75% renewable energy, (v) use 100% reusable, recyclable or compostable packaging, and (vi) aim for our packaging to be made on average of 50% recycled material.

In 2020, the Company implemented a regional plan with three priorities in the context of the COVID-19 pandemic: (i) the safety of our people and the community we interact with, (ii) operation continuity, and (iii) financial health. This allowed us to continue supplying our clients and consumers with our products and maintaining a safe work environment in all the countries the Company operates.

On February 18, 2020, the subsidiary Cervecería Kunstmann S.A. (“CK”) acquired 50.1% from the company Mahina SpA.

On March 20, 2020, the Company and its subsidiary Cervecera CCU Chile Ltda. incorporated the subsidiary ECOMCCU S.A., renamed as La Barra S.A. on December 2, 2020, with the purpose of marketing and selling beverages, food products and household items.

On May 12, 2020, the subsidiary Bebidas del Paraguay S.A. acquired an additional 27% of the shares of the Paraguayan company Sajonia Brewing Company S.R.L. (currently Sajonia Brewing Company S.A.), reaching a participation of 78% of that aforementioned company. On July 1, 2020, our subsidiaries Bebidas del Paraguay S.A. and Distribuidora del Paraguay S.A. acquired the remaining non-controlling part of Sajonia Brewing Company S.A. by acquiring a participation of 21% and 1%, respectively, reaching a stake of 100% of the shares.

In June, 2020, Compañía Cervecerías Unidas S.A. placed corporate bonds in the Chilean Market in an aggregate amount of 6.5 million UF, of which Compañía Cervecerías Unidas S.A. placed 7-year bonds in an amount of 3 million UF and 10-year bonds in an amount of 2 million UF, with an interest rate of 0.85% and 1.20% per annum, respectively, while our subsidiary VSPT issued 5-year bonds in an amount of 1.5 million UF, with an interest rate of 0.5% per annum, reflecting the market’s confidence in CCU in the long term.

In November 2020, through its subsidiary CPCh, CCU started a new category in Chile, by launching the first hard seltzer in this market, under the name of Hard Fresh, a gluten-free product based on carbonated water with 5° of alcohol and a light touch of natural fruit, responding to the trend of conscious consumption and the search for more natural and lighter-calorie products.

In December 2020, CCU completed its 2020 Environmental Vision plan, which implied in 2010 the establishment of specific commitments in terms of reducing the use of water per liter produced, reducing the emission of greenhouse gases per liter produced, and the valorization by a 100% of industrial solid waste. At the end of 2020, CCU far exceeded the proposed goals in two of the objectives, by reducing greenhouse gas emissions per liter produced by 35.7% (the goal was 20%) and contracting the use of water per liter produced by 48.6% (the goal was 33%). Regarding the valorization of industrial solid waste, we reached 99.4% (the goal was 100%).

On March 24, 2021, IRSA acquired 5,780,000 shares of Compañía Cervecerías Unidas S.A. in Chile, equivalent to 1.56% of its share capital. Prior to such purchase, IRSA directly owned 53.16% of Compañía Cervecerías Unidas S.A.’s shares and had an indirect participation of 6.84% through its subsidiary Inversiones IRSA Limitada (amounting to a 61.56% direct and indirect ownership). Pursuant to Article 198 Section 5 of Law No. 18,045 (the “Chilean Capital Market Law”) and Circular No. 1,514 of the CMF, IRSA made a partial tender offer (“Tender Offer”) for the acquisition of up to 16,390,172 ordinary shares of Compañía Cervecerías Unidas S.A., including those in the form of ADSs, representing 4.44% of its share capital. The Tender Offer was conducted in Chile and the United States of America between May 19 and June 17, 2021, and during such period IRSA received tenders for 15,907,548 shares (including 4,884,800 shares represented by ADSs), representing approximately 4.31% of Compañía Cervecerías Unidas S.A.’s share capital. Consequently, following acceptance of the shares tendered pursuant to the Tender Offer, IRSA became the direct and indirect holder of 65.87% of Compañía Cervecerías Unidas S.A.’s shares.

During April, July and August 2021, CCU increased its participation in the cider business in Argentina, through its subsidiary Compañía Industrial Cervecera S.A., through the acquisition of 1,124,111 shares of the capital stock of Argentine company Sáenz Briones y Cía. S.A.I.C., reaching 99.9419% interest in said company.

In September and October 2021, we increased our participation in Viña San Pedro Tarapacá S.A. through the acquisition of 603,639,429 shares of VSPT through our subsidiary CCU Inversiones S.A., reaching a participation of 84.5159% as of December 2021.

In line with our environmental vision, in September 2021 we inaugurated and started operating our new non-alcoholic plant “Embotelladora CCU Renca”, which counts with high environmental care standards, such as zero industrial waste to landfills, 100% recyclable packaging, and efficient technology enabling low water consumption. Furthermore, this plant uses 100% renewable energy sources and has a low level of greenhouse gas emissions.

In January 2022, Compañía Cervecerías Unidas S.A. issued and placed a 10-year USD 600 million international bond, under Rule 144A and Regulation S of the US Securities Act of 1933, for general corporate purposes, reaching a yield to maturity of 3.365% (165 basis points spread) and at a coupon rate of 3.350%. This process began late 2021 and culminated in early 2022.

In April 2022, Compañía Cervecerías Unidas S.A. issued and placed in the Chilean Market 10-year bonds in a principal amount of UF 2 million (equivalent to CLP 73,579 million as of December 31, 2023) maturing on March 15, 2032, with an interest rate of 3.20% per annum. Also, in December 2022, the Company issued 20-year bonds, for a total of UF 4 million (equivalent to CLP 147,157 million as of December 31, 2023) maturing on September 15, 2042. These bonds were placed with an interest rate of 2.72% per annum.

On April 28, 2022, CCU through its subsidiary, Compañía Cervecerías Unidas Argentina S.A. acquired 49% of the ownership of Aguas Danone de Argentina S.A. ("ADA"), accounted using the equity method, which includes the business of mineral waters, flavored waters and powdered juices with its brands Villavicencio, Villa del Sur, Levité, Ser and Brío. Also, on the same day, the subsidiary Compañía Cervecerías Unidas Argentina S.A., acquired 49,000 ordinary, nominative, non-endorsable shares of Aguas de Origen S.A. ("ADO"), reaching a 49% interest in this company. It should be noted that ADO, is the continuation of the business of Aguas Danone de Argentina S.A., which was effective as of December 1, 2022.

On November 30, 2022, we acquired from Holding Internationale De Boissons S.A.S. an additional 1% of the shares of ADO, thus reaching a 50% shareholding in this company.

In 2023 we integrated the water joint venture Aguas de Origen S.A. to the sales and distribution network of our subsidiaries in Argentina. This allowed us to develop the synergies inherent to our multi-category strategy.

In 2024 we consolidated Aguas de Origen S.A., which will continue to generate synergies for our operations in that country. This consolidation took place in July 2024, the date on which our subsidiary Compañía Cervecerías Unidas Argentina S.A. (CCU Argentina) exercised the stock option contained in the shareholders' agreement, which allowed it to acquire 8,471,349 shares, representing a 0.1% interest in Aguas de Origen S.A. Following such acquisition, as of the date of this report, CCU Argentina owns 50.1% of Aguas de Origen S.A.

Additionally, in July 2022, the Company acquired the brand Volcanes del Sur, a premium beer brand in Chile.

On December 30, 2022, our subsidiary CPCh signed a series of contracts and agreements to acquire a controlling interest in D&D SpA, a company which specializes in premium frozen cocktails in Chile, mainly through the brand La Pizka. CPCh’s payment in respect of the acquired shares in D&D SpA was subject to the satisfaction of certain conditions, all of which were completed in January 2023. Consequently, we will begin to consolidate D&D SpA in our financial statements beginning in 2023.

In March 2023, CCU entered into irrevocable and definitive agreements with respect to Bebidas del Paraguay S.A. and Distribuidora del Paraguay S.A., which established the exit of the Cartes Group from said companies, and the incorporation of a new partner Sudameris Bank S.A.E.C.A. (“Sudameris”). By virtue of this, CCU, through its subsidiary CCU Inversiones II SpA, increased its shareholding in Bebidas del Paraguay S.A. from 50.005% to 55.007%, and in Distribuidora del Paraguay S.A. from 49.959% to 54.964%, with Sudameris Bank S.A.E.C.A. holding the remaining shares of both companies. Later, in February 2024, according to the Put and Call Option Agreement entered into on March 16, 2023 between CCU Inversiones II SpA and Sudameris, and due to the exercise of the Put option by Sudameris, CCU Inversiones II SpA and CCU Inversiones S.A., the latter also a subsidiary of CCU, acquired all of the shares of Bebidas del Paraguay S.A. and Distribuidora del Paraguay S.A., owned by Sudameris.

In October 2024, the subsidiaries of Compañía Cervecerías Unidas S.A., CCU Inversiones II SpA and CCU Inversiones S.A., shareholders of Bebidas del Paraguay S.A. and Distribuidora del Paraguay S.A., entered into binding and definitive association agreements with Vierci Group, which held the license of beverages and the distribution of snacks of PepsiCo in Paraguay, through its companies AV S.A. and AJ S.A. Calidad Ante Todo. As a result of these agreements, CCU holds 51% of the shares of AV S.A. and Distribuidora del Paraguay S.A. and, once all agreed-upon conditions were met in 2026, retains the 51% of the shares in Bebidas del Paraguay S.A. The remaining 49% of the shares of these companies are under the ownership of the Vierci Group. Consequently, Paraguay became the second country where the PepsiCo license is part of CCU's brand portfolio, in addition to Chile. The Vierci Group, with 57 years of experience across various sectors, has its headquarters in Paraguay and develops its commercial activities in Paraguay, Brazil, Chile, Bolivia, Peru, Panama, Uruguay and the United States.

In May 2023, as part of our internationalization strategy, which seeks the growth and premiumization of our portfolio, VSPT Wine Group opened a sales office in Shanghai, China. In 2024, through our subsidiary CCU Inversiones S.A., we increased our controlling interest in Viña San Pedro Tarapacá S.A. by 0.47%, bringing our indirect ownership to 85.17%, and CCU’s total ownership to 85.15%.

Regarding sustainability initiatives, in October 2023 we celebrated our 5th Sustainability Summit, updating our Sustainability Strategy, which we named “Juntos por un Mejor Vivir”. This update includes 2 pillars: “Our Planet” and “Our People”, addressing 8 main topics. Under “Our Planet” we will cover Water Balance, Circular Vocation, Climate Challenge and Responsible Procurement as main challenges, while Under “Our People”, we will address “SER CCU” Experience, Passion for the Consumer, Conscious Consumption and Country Progress. All these 8 topics translate into 20 goals by 2030.

On December 29, 2023, ook following the resignation of Mr. Andrónico Luksic, who was a member of the board of directors of CCU S.A. for more than 36 years, Mr. Francisco Pérez took over as chairman of the board of directors of CCU S.A. until his resignation effective January 31, 2026. Our current chairman of the board is Mr. Pablo Granifo Lavín.

In 2024 we elaborated the 2025 - 2027 Strategic Plan, in which we reaffirmed our three Strategic Pillars: Profitability, Growth and Sustainability. In Profitability, we have a series of initiatives to improve our margins, both in revenue management and in cost and expense efficiencies, supported by the implementation of new technological tools. In Growth, our focus will be on expanding the scale of our business and continuing to strengthen our regional presence and brand preference. In Sustainability, we will continue to work on our strategy “Juntos por un Mejor Vivir” and its two pillars, Planet and People.

As announced in 2023, in 2024 we consolidated our commitment with sustainability and circular economy by inaugurating the first plastic bottle-to-bottle Recycling Plant in Chile, which produces rPET (recycled polyethylene terephthalate) Recycled Resin, under the name "CirCCUlar". This plant uses state-of-the-art technology, consumes 100% certified renewable energy and reuses water from its processes, reducing its environmental impact, aligned with our sustainability goals and strategy. In addition, it is projected that by 2025 the plant will generate 15% of its energy consumption through solar panels. We estimate a production capacity of more than 18,000 tons of PET per year, allowing us to recycle 870 million bottles per year.

In 2025, CCU celebrated its 175th anniversary, an extraordinary milestone that recognized the Company's deep connection with the economic, social, and cultural development of Chile since its origins in 1850 with the founding of the Joaquín Plagemann brewery in Valparaíso. This anniversary served to highlight CCU's successful evolution from the country's first industrial brewery into a regional multi-category leader with more than 180 brands and a direct presence in six countries. Additionally, during the year, the Company marked other significant institutional anniversaries: the 30th anniversary of its multi-category operations in Argentina; the 20th anniversary of its subsidiary Compañía Pisquera de Chile S.A. (CPCh), highlighting two decades of partnership and leadership in the pisco industry; and the 120th anniversary of our flagship soft drink brand, “Bilz y Pap”, one of the oldest and most enduring brands, originally introduced to the market in 1905, demonstrating its longevity and continued relevance across generations in the non-alcoholic category.

Capital Expenditures

The capital expenditure figures for the last three years disclosed below reconcile to the Consolidated Statements of Cash Flows.

Our capital expenditures for the last three years were CLP 129,448 million, CLP 160,086 million and
CLP 156,901 million, for 2023, 2024 and 2025, respectively. In the three-year period, the amount of capital expenditures totaled CLP 446,435 million, of which CLP 306,692 million was invested in Chile and CLP 139,743 million outside Chile.

Our overall focus of our capital expenditures is to ensure that we have an adequate level of capacity for our operations, improve and optimize the distribution chain, replace returnable bottles and crates, and expand our commercial assets footprint (mainly refrigerators), while ensuring we keep investing in safety for employees, facilities (plants and logistics centers) and environmental initiatives and the integration of new operations, among others.

During 2023, 72% of our capital investments were allocated to our operations in Chile. The primary allocation of these investments was to increase our capacity in the Temuco and Santiago plants; by improving beer packaging lines. We also implemented a new packaging line (hot fill) at our CCU Renca plant, in Santiago. Additionally, at the CCU Renca plant, we began construction of the CirCCUlar plant. We began the investment in the Isla de Maipo plant as a premium wine location.

During 2024, 67% of our capital investments were allocated to our operations in Chile. The main objective of these investments was to optimize and improve our logistics operations, and we expanded the capacity of our Distribution Center in Temuco. We completed the construction and commissioning of our recycling plant (CirCCUlar) in Renca. We increased our spirits bottling capacity in Ovalle. We developed the second stage of specialization at the Isla de Maipo plant and continued with the replanting plan in our wine business. We began the development of our new sales system (Enlace), as well as the acceleration and strengthening of our cybersecurity master plan.

During 2025, 68% of our capital investments were allocated to our operations in Chile. The main objective was to optimize the industrial operations, as well as to improve processes, buy equipment and mitigate risks associated with our employee’s safety, working conditions and critical infrastructure. We also began construction of a new bottling line (civil works) at our CCU Renca plant in Santiago. Additionally, at the CCU Temuco plant, we started construction of a new logistics center to optimize our operations in South of Chile. We initiated the necessary investments to meet new consumer trends in the ready to drinks and isotonic beverage segments in Chile and Argentina. We continue to optimize our wine storage and processing capacity at our Molina plant and completed our project at the Isla de Maipo plant as a premium wine center.

In Paraguay, we completed the integration of our operations with the AJ Vierci group, and at the Pepsi plant, we invested on improving our facilities and processes. In addition, we continued with the technology transformation with focus on sales and distribution tools updates together with our cybersecurity plan at a regional level.

The financing of investments derives mainly from the operating cash flow generated by the Company, in addition to debt from the financial markets, always aiming to maintain a healthy financial profile.

The following table shows our primary capital expenditures for the period 2023-2025. (See ITEM 5: Operating and Financial Review and Prospects – B. Liquidity and Capital Resources – Capital Expenditures for the 2025-2028 period).

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, juice, wine, cider and pisco, among others. CCU is the second-largest brewer in Argentina and also participates in the cider, spirits and wine industries. Also, in Argentina, the Company participates in a joint venture with Danone in the mineral and flavored water business. In Uruguay and Paraguay, the Company is present in the beer, mineral and bottled water, soft drinks, wine, and juice categories. Also, from 2024 the Company distributes PepsiCo’s snacks portfolio in Paraguay. In Bolivia, CCU participates in the beer, water, soft drinks, juice and malt beverage categories. In Colombia, the Company participates in the beer and malt beverage 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. (currently Red Bull Chile SpA), Stokely Van Camp Inc., and Coors Brewing Company.

CCU reports its consolidated results pursuant to the following Operating segments, essentially defined with respect to its revenues in the geographic areas of commercial activity: Chile, International Business and Wine. These Operating segments mentioned are consistent with the way the Company is managed and how results will be reported by CCU. These segments reflect separate operating results which are regularly reviewed by each segment Chief Operating Decision Maker in order to make decisions about the resources to be allocated to the segment and assess its performance. Corporate revenues and expenses are presented separately as Other.

In 2015, the Committee of International Business was created, which brought together management of business activities in Argentina, Bolivia, Paraguay and Uruguay. The Committee of International Business also represents and looks after the interests associated with investments in Colombia, which continue to report their results under Equity and Income of JVs and are associated on a consolidated basis.

Over the last three years, our strategic priorities have evolved as follows:

In 2023, the 2022-2024 Strategic Plan was enhanced by the implementation of “HerCCUles”, a recovery profitability plan, which encompasses six pillars: (i) maintain business scale, (ii) strengthen revenue management efforts, (iii) enhance the “CCU Transformation” program to deliver efficiency gains in costs and expenses, (iv) optimize CAPEX and working capital, (v) focus on core brands and high volume/margin innovations, and (vi) continue investing in our brand equity.

In 2024, we completed the execution of the regional “HerCCUles” plan. Likewise, during 2024 we prepared the 2025 - 2027 Strategic Plan, which has four Strategic Objectives based on our three Strategic Pillars: Profitability, Growth and Sustainability. The first Strategic Objective is to Improve operating margins; the second is to Capitalize on growth opportunities, expanding the scale of our business and strengthening our regional presence; the third is to Progress in “Juntos por un Mejor Vivir”, in its two pillars, Planet and People. Finally, all of the above is reflected in the Operating Segments, where the fourth Strategic Objective clearly defines the focuses, challenges and specific actions for each one, in order to achieve the goals established in the 2025 - 2027 Strategic Plan.

During the year 2025, the Company advanced on its 2025-2027 Strategic Plan making progress in its three strategic pillars: Profitability, Growth, and Sustainability. In terms of Profitability, the main Operating segment, Chile, expanded its EBITDA above inflation through revenue management and operational efficiencies, while boosting high-margin innovations. In terms of growth, the Company strengthened its regional presence by integrating PepsiCo beverage portfolio and snack portfolio in Paraguay, expanding its water business in Argentina despite economic challenges, and increasing its beer scale in Colombia and Bolivia. It also successfully captured evolving consumer trends in Chile with strong growth in low-alcohol and ready-to-drink (“RTD”) products, which helped expand its overall market share. Finally, under its sustainability strategy, the company achieved key environmental goals by reducing industrial water consumption and reached major social milestones, including high employee satisfaction, top employer certifications, improved citizen brand rankings, and recognition for excellent corporate governance practices.

Overview: Chile Operating segment

We estimate that our weighted volume market share for the Chile Operating segment was approximately 45.0%, 44.9% and 44.8% in 2023, 2024 and 2025, respectively. The calculation of the weighted average for past periods includes markets and industries that CCU entered at a later date. Weighted volume market share includes all categories in which CCU participates in the Chilean domestic market, excluding HOD, powder drinks and energy drinks, according to Nielsen figures.

We produce and sell alcoholic and non-alcoholic beverages in Chile. In the beer category, we carry a wide portfolio of products which includes premium, mainstream and convenience brands, which are primarily marketed under different proprietary brands and licensed brands. We are the exclusive producer and distributor of Heineken, Sol and Coors beer in Chile. Also, we produce and distribute Kunstmann, Dolbek, Guayacan, Mahina, Szot, Volcanes del Sur, Polar Imperial, Patagonia and Austral beer in Chile via distribution or license agreements.

Our non-alcoholic beverages in Chile include carbonated soft drinks (both cola and non-cola), juices, sports and energy drinks, ice tea, and water, which include mineral, purified and flavored bottled water. These include both our proprietary brands and brands produced under license, from PepsiCo (carbonated soft drinks, non-carbonated soft drinks and energy drinks), Schweppes Holdings (carbonated soft drinks) and Promarca (juice and fruit-flavored beverages). In the energy drinks business, we are the exclusive distributor of Red Bull energy drinks in Chile. We also produce and distribute Gatorade, under license from Stokely Van Camp Inc. In addition, we also produce and distribute purified waters under license from Societé des Produits Nestlé S.A. and others, and distribute the imported brand Perrier. We also participate in the ready-to-mix category with instant powder drinks in a joint operation with Empresas Carozzi S.A. Additionally, we have a distribution agreement with Nestlé for RTD coffee drinks with milk and milk drinks with coffee under Nescafé and Starbucks brands.

We also produce and distribute pisco and cocktails, rum, low Alcohol-By-Volume (“ABV”) and gin in Chile. In addition, we distribute Pernod Ricard products, such as whisky, vodka, rum, gin and other spirits, in non-supermarket retail stores. Also, we distribute Fratelli Branca products, mainly Fernet, a blend of herbs and spices liquor, and we distribute cider from Argentina.

Wholesale and retail prices of all the previously mentioned categories are not regulated in Chile. Wholesale prices are subject to negotiation between the producer and the purchaser, while retailers determine retail prices to the final consumer. We believe that the key factors determining retailers’ prices include national and/or local price promotions offered by the manufacturer, the nature of product consumption (on-premise or off-premise), the type of packaging (returnable or non-returnable), the applicable tax structure and the desired profit margins considering all related costs and expenditures such as marketing, sales, distribution, and administrative expenses (MSD&A) and production.

We have implemented the integration of the route-to-market of the beer and non-alcoholic category in Chile throughout the country, and at the same time, the Company incorporated into the Chile Operating segment the business activities performed by the Strategic Service Units (“SSU”), which include Transportes CCU Limitada (“Transportes CCU”), Comercial CCU S.A. (“Comercial CCU”), CRECCU S.A. (“CRECCU”) and Fábrica de Envases de Plásticos S.A. (“Plasco”).

Comercial CCU is responsible for the sale of the Company’s whole portfolio of products through a single sales force in those areas where this synergic sales model is more efficient. Additionally, product distribution is handled by our subsidiary Transportes CCU. Comercial Patagona Limitada (“Comercial Patagona”) handles our sales and distribution in the Magallanes Region. In the case of our HOD service, Manantial directly handles its own sales and distribution, given the nature of the business.

As part of CCU’s innovation and digital transformation initiatives, we broadened our e-commerce sales channels through the launch of a modern online sales website in Chile during 2019, called “La Barra”, providing a new experience for consumers through home delivery of our portfolio. During 2025, through La Barra, we delivered products to over 59,965 households in Chile.

Plasco, a subsidiary of CCU, produces nearly all plastic caps and injected preforms we use to produce plastic bottles in the Chile Operating segment.

Overview: International Business Operating segment

We estimate that our weighted volume market share for the International Business Operating segment was approximately 17.1%, 18.7% and 19.7% in 2023, 2024 and 2025, respectively. It is worth mentioning that 2024’s market share includes our participation in plain and flavored water in Argentina for the full-year, from the consolidation of ADO, and the market share of the brands included in the association with the Vierci Group in Paraguay since we started consolidating this business, this is, since October 2024.

We produce and/or import, sell and distribute beer under proprietary brands and licensed brands in Argentina, Bolivia, Paraguay and Uruguay. We also produce, sell and distribute cider in Argentina.

In Argentina, we are the exclusive producer and distributor of Heineken, Amstel, Sol, Grolsch, Warsteiner and Miller beer brands; and the exclusive distributor of imported Kunstmann and Blue Moon beer brands. We export Imperial, Schneider, Heineken, Blue Moon, Amstel, Warsteiner and Miller beer to Uruguay; and Heineken to Bolivia all from Argentina. Additionally, we have the license to distribute beer under the Heineken brand through our subsidiaries in Paraguay and Bolivia. Our non-alcoholic beverages in Argentina include mineral, purified and flavored bottled water through the brands Villavicencio, Villa del Sur, Levité, Ser, Brío and an isotonic drink under the brand Full Sport.

In Uruguay, through our subsidiaries, we produce mineral water under the Nativa and Nix brands, carbonated soft drinks under Nix, juices under Watt's, and isotonic products under Full Sport. We also distribute imported wines from VSPT (Misiones de Rengo, Finca La Celia, and Eugenio Bustos) and are licensed to distribute imported beers, including Heineken, Schneider, Imperial, Kuntsmann, Miller, Amstel, and Escudo Silver. In 2024 we incorporated the cider category with 1888 and Real brands produced in Argentina.

In Paraguay, through our subsidiaries, we produce and distribute juices under the brands Puro Sol; mineral and tonic water with La Fuente; carbonated soft drinks under the brands Pulp, Pepsi, Paso de los Toros, Miranda, 7up and Split; in isotonic beverages, the Gatorade brand; in energy drinks, the Rockstar and Red Bull. In snacks, we produce and distribute the brands Lays, Doritos, Cheetos, Fandango and Quaker, among others. Also, we have a license to produce and distribute juices under the Watt’s brand and a license to distribute beer under the Heineken, Amstel, Sol, Schin, Paulaner, Blue Moon and Kunstmann brands. We also have the license to import and distribute the isotonic beverage Full Sport. In craft beers, we have the Sajonia brand and its varieties, which are produced locally.

In Bolivia, through our subsidiary BBO, we produce and distribute beer under the brands Real, Capital, Cordillera, Uyuni, Amstel and Schneider; and carbonated soft drinks under Mendocina, Sinalco and Malta Real. The latter is a soft drink with sugar based on malt, but without alcohol. We also participate in the water category under Mendocina and De la Sierra brands. In addition, through BBO, we sell and distribute Heineken, an imported beer brand.

In Argentina, Bolivia, Paraguay and Uruguay we use our own sales force, as well as third party distributors.

Overview: Wine Operating segment

VSPT produces and markets a full range of wine products for the Chilean and Argentine domestic markets and export markets, reaching over 80 countries. The weighted average volume market share was 20.0%, 18.4% and 19.4% in 2023, 2024 and 2025, respectively. The calculation of the weighted average for past periods includes markets and industries that CCU entered at a later date. In 2025, VSPT’s sales amounted to approximately 35.7% of total measured domestic industry sales by volume in Chile, according to Nielsen, and 12.4% of total Chilean wine export sales by volume, when excluding bulk wine, according to Wines of Chile Association.

VSPT’s primary vineyards are located in the main viticulture valleys in Chile, with production plants in the cities of Molina, Totihue, Isla de Maipo and also in Mendoza and San Juan, Argentina.

Overview: Joint Ventures and Associated Companies

CCU is an equal joint owner with Maltexco S.A. (former Malterías Unidas S.A.) of Cervecería Austral S.A., a company that produces, sells and distributes Austral beer in Chile. Additionally, Cervecería CCU has a two-year renewable license agreement, subject to compliance with the conditions established in the agreement, for the production of Austral Lager beer, returnable liter containers and kegs in Chile and a distribution agreement for the sale and marketing of all Austral products in Chile, with the exception of the Magallanes Region, where selling and distribution is carried out by Comercial Patagona Ltda.

In Colombia, CCU participates in equal parts with Grupo Postobón in the ownership of Central Cervecera de Colombia S.A.S. (“CCC”) and Zona Franca Central Cervecera S.A.S. (“ZFCC”) for the production, marketing and distribution in Colombia of beer and malt-based non-alcoholic beverages. CCC has exclusive contracts to import, distribute and produce in Colombia beers under the Heineken, Tecate and Sol brands,and for the production, marketing and distribution of the Miller Lite and Miller Genuine Draft brands. It also has its own brands of local beer Andina and Andina Light, Natumalta for non-alcoholic malt-based beverages, and Andina “Refajo”, a mixture of beer and soda. Under the current management model, ZFCC produces our products in the plant inaugurated in May 2019, which it sells to CCC for marketing and distribution. Under a similar model, Artesanos de Cervezas S.A.S., a subsidiary of CCC, produces the 3 Cordilleras brand, which is marketed and distributed by CCC.

The Beverage Market: Chile Operating segment

The Chilean beer industry had an estimated size of 1,047 million liters in 2025. The main packaging presentations are non-returnable aluminum cans, returnable and non-returnable glass bottles, while the predominant distribution channels are the off-premise channel, the latter mainly composed of liquor stores and convenience stores, and supermarkets.

The non-alcoholic beverages market in Chile consists of both carbonated and non-carbonated beverages. The principal types of carbonated beverages are colas, non-colas and carbonated mineral bottled water. The non-carbonated beverages are fruit juices, functional drinks and non-carbonated mineral, purified and flavored bottled water. The main packaging presentations for non-alcoholic categories are non-returnable and returnable plastic bottles. In 2025, the Chilean carbonated soft drink industry had an estimated size of 2,508 million liters; the water^[2] industry had an estimated size of 948 million liters; the nectar and juices^[3] industry had an estimated size of 362 million liters; and the functional drinks^[4] industry had a size of 234 million liters.

The following table sets forth Nielsen estimates as to the percentage of total carbonated soft drinks sales in Chile, represented by each of the two principal categories of carbonated soft drinks during the last three years:

Traditionally, beer, wine and pisco have been the principal alcoholic beverages consumed in Chile. Pisco is a distilled wine spirit, produced in the regions of Atacama and Coquimbo in the north of Chile. The spirits^[5] industry had an estimated size of 116 million liters in 2025.

^[1]The source of the size of each industry is GlobalData: Quarterly Beverage Forecast, with the exception of the beer industry in Chile and Argentina, which corresponds to an internal estimate.

^[2]Includes HOD, packaged water, flavored water and enhanced water.

^[3]Includes Nectars, juices and still drinks.

^[4]Includes Sports drinks, Energy drinks and Iced tea.

^[5]Includes spirits and flavored alcoholic beverages (FABs)

The beverage excise taxes in Chile are as shown in the following table:

The Beverage Market: International Business Operating segment

In Argentina, beer and wine have been the principal alcoholic beverages consumed in this country. In 2025, the Argentine beer industry had an estimated size of 1,635 million liters and the cider industry had an estimated size of 95 million liters. Regarding non-alcoholic categories, the water^[6] industry has an estimated size of 4,730 million liters.

The following table shows current nominal Argentinean excise taxes:

In Uruguay, we participate in the beer and non-alcoholic beverages categories since our entrance to the market in 2012, with both proprietary and under license brands. Later, in 2019 we added wine into our portfolio. In 2025, the Uruguayan beer industry had an estimated size of 113 million liters; the wine^[7] industry had an estimated size of 42 million liters; the carbonated soft drink industry had an estimated size of 374 million liters; the water^[8] industry had an estimated size of 496 million liters; and the nectar and juices^[9] industry had an estimated size of 45 million liters.

In Paraguay, we participate in the beer and non-alcoholic beverages categories since our entrance to the market in 2013, with both proprietary and under license brands. Later, in 2020 we added wine into our portfolio. In 2025, the Paraguayan beer industry had an estimated size of 352 million liters; the wine industry had an estimated size of 64 million liters; the carbonated soft drink industry had an estimated size of 656 million liters; the water^[6] industry had an estimated size of 512 million liters; and the nectar and juices^[6] industry had a size of 89 million liters.

In Bolivia, we participate in the beer and non-alcoholic beverages categories, with both proprietary and under license brands. Our operation in Bolivia is consolidated in our Income Statements since August 2018. In 2025, the Bolivian beer industry had an estimated size of 390 million liters; the carbonated soft drink industry had an estimated size of 1,304 million liters; and the water^[6] industry had an estimated size of 311 million liters.

^[6]Includes HOD, packaged water, flavored water and enhanced water.

^[7]Includes still wine, sparkling wine and fortified wine.

^[8]Includes HOD, packaged water, flavored water and enhanced water.

^[9]Includes Nectars, juices and still drinks.

The Beverage Market: Wine Operating segment

The Chilean wine^[10] industry had an estimated size of 133 million liters in 2025. Wines in Chile can be segmented by product type. Chilean wineries produce and sell premium, varietal and popular-priced wines within the domestic market. Premium wines and many of the varietal wines are produced from high-quality grapes, aged and packaged in glass bottles. Popular-priced wines are usually produced using non-varietal grapes and are not aged. These products are generally sold in either cartons or jug packaging.

Production and Marketing: Chile Operating segment

The production, marketing and sales of beverages in Chile generated net sales of CLP 1,758,971 million, CLP 1,829,244 million and CLP 1,914,528 in 2023, 2024 and 2025, respectively, or 68.6%, 65.8.0%, of CCU’s consolidated Net sales in those years. Our sales by volume in Chile increased 1.1% in 2025.

Under each license agreement, we have the right to produce and/or sell and distribute the respective licensed products in Chile. Generally, under our license agreements, we are required to maintain certain standards of quality with respect to the production of licensed products, to achieve certain levels of marketing and, in certain cases, to fulfill minimum sales requirements. We strongly believe that we are in compliance with all of our license agreements.

Our brands Cristal and Escudo are the best-selling proprietary parent beer brands in Chile. Other relevant proprietary parent brands are: Royal Guard and Royal Guard CER0,0°, our premium beer brand; Morenita, our dark beer brand; Dorada, our convenience brand; and Stones, a flavored sweetened beer with 2.5% alcohol content. From time to time, we introduce innovations and brand extensions to our most relevant brands. For example, during 2025 we launched Royal Guard Hazy Lager, Royal Guard Rosé Lager, and Royal Guard Sweet Lager, adding to the existing range of Royal Guard beers. Austral continued its innovations with Patagonia, launching Patagonia Epic Mixes in Moscow Mule flavor. Kunstmann launched Kunstmann Lager Blanc, Radler Limón, and Radler Pomelo, and also continued adding varieties to its Limited Edition Experimental beers. Finally, Stones launched its new variety, Stones Sandía.

On April 28, 2003, through our subsidiaries Cervecería CCU and CCU Argentina, we and Heineken Brouwerijen B.V. signed license and technical assistance agreements providing us with the exclusive rights to produce, sell and distribute Heineken beer in Chile and Argentina commencing June 18, 2003. On October 12, 2011, we signed with Heineken Brouwerijen B.V. the Amended and Restated versions of the Trademark License Agreements, which provide us with the exclusive rights to produce, sell and distribute Heineken beer in Chile and Argentina, in force as of January 1, 2011. These agreements have an initial term of ten years, and shall automatically be renewed each January 1 for a new period of ten years, unless either party gives notice of its decision not to renew, in which case the agreements will be in force until the last renewal period expires. Heineken is one of the leading brands in the premium segment in Chile, the beer segment with the highest growth in recent years. In 2018, CCU launched Heineken 0.0 in Chile, the first country in Latin America to offer this non-alcoholic premium brand.

In 2013 we launched the Sol brand (from Heineken) in the north of Chile, completing the national roll out of the brand in 2014. As of 2015, we started to produce Sol beer brand in our facilities. We have an exclusive ten-year license, automatically renewable on a yearly basis, for ten-year periods (rolling contract), unless notice of non-renewal is given.

During January 2015, we launched Coors and Coors Light in Chile. The license agreement with Coors Brewing Company allows for the automatic renewal under similar conditions (rolling contract), each year for a period of five years after the initial termination date, subject to the compliance with the contract conditions.

^[10]Includes still wine, sparkling wine and fortified wine.

The following table shows our proprietary parent beer brands, brands produced under license and brands imported under license for the Chilean Market:

Our beer products sold in Chile are bottled or packaged in returnable and non-returnable glass bottles, aluminum cans, non-returnable plastic bottles or stainless-steel kegs at our main production facilities in the Chilean cities of Santiago, Temuco, Valdivia, and Punta Arenas.

During the last three years we sold our beer products in Chile in the following containers:

The following table sets forth our beer sales volume breakdown in Chile by category, for each of the last three years:

Our soft drinks include proprietary brands, in addition to brands produced under license from PepsiCo, Inc., Schweppes Holdings Ltd. and Promarca S.A., which are produced in four production plants (two located in Santiago, one in Temuco and one in Antofagasta).

Our subsidiary Aguas CCU produces, commercializes and distributes mineral, purified and flavored waters. We have two proprietary mineral water brands, Cachantun and Porvenir, which are bottled at their sources, located in Coinco (O’Higgins Region) and Casablanca (Valparaíso Region). We also commercialize Nestlé Pura Vida and Manantial, brands of purified water, and Mas which is a brand of flavored water. Aguas CCU also distributes the imported brand Perrier.

In 1994, our subsidiary ECUSA and Cadbury Schweppes plc (“Cadbury Schweppes”), the latter through its subsidiaries CS Beverages Ltd. and Canada Dry Corporation Ltd., entered into license agreements for all Cadbury Schweppes products. On December 11, 1998, The Coca-Cola Company announced an agreement with Cadbury Schweppes to acquire certain of the latter’s international beverage brands, including those licensed to ECUSA, and in August 1999 the agreement was reported to have been consummated. In September 2000, after more than a year’s litigation, both in Chile (suits at civil courts and antitrust authorities) and England (arbitration under ICC rules), ECUSA and The Coca-Cola Company reached an agreement superseding ECUSA’s previous license contracts with CS Beverages Ltd. and Canada Dry Corporation Ltd. The new agreement, referred to as the “Bottler Contract”, was executed between ECUSA and Schweppes Holdings Ltd., concerning the Crush and Canada Dry brands, and was approved by the Chilean antitrust commission, thus putting an end to the proceeding regarding the Cadbury Schweppes brands issue and dismissing all complaints filed in consideration of the agreement. On January 15, 2009, the parties executed an amendment to the Bottler Contract which, among others, extended its duration until December 31, 2018, renewable for consecutive five-year periods, subject to compliance with the contract conditions. The contract was renewed until December 31, 2023 and further renewed for an additional five-year period, until December 31, 2028.

In August 2002, we began importing, selling and distributing Gatorade, a sports drink. In March 2006, a new franchise commitment letter and exclusive bottling appointment (“Gatorade Contracts”) were executed between ECUSA and Stokely Van-Camp, Inc., a subsidiary of PepsiCo, Inc., authorizing ECUSA to bottle, sell and distribute Gatorade products in Chile, for an initial term ending on March 31, 2010, automatically renewable for successive two or three-year periods if certain conditions set forth in the Gatorade Contracts were met. In October 2013, ECUSA and Stokely Van-Camp, Inc. entered into a Second Amendment to the Gatorade Contracts under which such Contracts were renewed for a period ending in December 2018, subject to automatic renewal for an additional period equal to the term of the Shareholders Agreement of Bebidas CCU-PepsiCo SpA (that is, 2043), upon satisfaction of certain conditions. Since said conditions were satisfied, the Gatorade Contracts were automatically renewed in December 2018 as stated above. Since October 2006, we have been producing Gatorade locally.

In November 2007, ECUSA signed an exclusive bottling agreement with Pepsi Lipton International Limited, authorizing ECUSA to produce, sell and distribute ready to drink tea beverages in Chile. This agreement was set to expire on March 31, 2020, however, on October 30, 2019, the parties extended its term until December 31, 2030.

The license agreement for juice products under the brand Watt’s, which granted us exclusive production rights, was first signed in June 1987 and originally had a 33-year term. In February 1999, a new license agreement was signed allowing us to produce new flavors and bottle Watt’s juices in non-returnable packaging (wide mouth glass and plastic bottles). A new license agreement between us and Watt’s S.A. was signed in July 2004. This new contract granted us a ten-year license renewable automatically for three consecutive periods of three years if the conditions set forth in the contract were fulfilled at the date of renewal. In December 2006, we signed a joint venture agreement with Watt’s S.A., under which, as of January 30, 2007, we participate in equal parts in Promarca S.A. This company owns the brands Watt’s, Watt’s Ice Frut, Yogu Yogu, Shake a Shake and Frugo, among others in Chile. Promarca S.A. granted both of its shareholders (New Ecusa S.A., a former subsidiary of ECUSA, which merged into ECUSA in 2019, and Watt’s Dos S.A., a subsidiary of Watt’s), for an indefinite period, the exclusive licenses for the production and sale of the different product categories.

Since December 2007, through our subsidiary Aguas CCU, we produce and sell the Nestlé Pura Vida brand in Chile under a license contract of the same date, with an initial term of five years, renewable for successive periods of five years if certain conditions are met. Since 2012, under the Manantial brand we carry out the business of home and office delivery of purified water in bottles with the use of dispensers (HOD).

In October 2013, CCU together with its subsidiary ECUSA executed a series of contracts and agreements with PepsiCo Inc. and affiliates, which allowed them to expand their current relationship in the non-alcoholic beverages segment with specific focus on the carbonated soft drinks, as well as extending long-term relationship duration. Pursuant to these agreements, which considered the creation of an affiliate, Bebidas CCU-PepsiCo SpA, the licenses to produce, sell and distribute in Chile Pepsi, 7up and Mirinda (Pepsi brands) and Bilz, Pap, Kem and Nobis (CCU brands) were granted to ECUSA until December 2043.

In line with our multicategory business strategy, in November 2015, we entered the ready-to-mix category through a joint operation agreement with Carozzi, for the production, commercialization, and distribution of instant powder drinks under the brands Sprim, Fructus, Vivo and Caricia (currently only Vivo and Sprim are produced, commercialized and distributed). In December 2015 we started to distribute Red Bull in Chile. In line with our non-alcoholic beverage innovation initiative, we continue to strengthen Pepsi Zero (which launched late 2016 in the Chilean market), by increasing consumer interest through new packaging formats. From time to time, we and our partners introduce innovations and brand extensions to our most relevant brands.

In November 2022, through a license with PepsiCo we added in Chile the brand Rockstar, an energy drink with natural ingredients, to strengthen our position as a leader in the energy drink category. Rockstar is among the three best-selling energy brands in the world, with a presence in the United States, Canada and the United Kingdom.

In October 2025 ECUSA entered into a distribution agreement with Nestlé Chile S.A. for the acquisition, distribution, and commercialization of RTD coffee drinks with milk and milkdrinks with coffee products under the brands Nescafé and Starbucks.

The following table shows the non-alcoholic beverages parent brands produced and/or sold and distributed by us through our non-alcoholic subsidiary ECUSA during 2025:

During the last three years, we sold our non-alcoholic beverage products in the following packaging formats:

The following table shows the sales mix of our non-alcoholic beverages by category during each of the last three years:

After the completion of the CPCh transaction with Control in 2005, we expanded our proprietary parent brand portfolio considerably, adding brands such as Campanario in the pisco mainstream and cocktail categories, as well as Control Valle del Encanto, Mistral Nobel, Horcón Quemado and Espíritu de los Andes in the ultra-premium pisco segment, Mistral and Tres Erres in the premium pisco segment and La Serena in the convenience pisco segment. Furthermore, from time to time we introduce new brands of piscos and cocktails extensions and flavors and we also expanded our portfolio with low Alcohol-By-Volume (ABV) brands such as Mistral Ice and Gin Kantal.

Our spirits are produced at five plants which are located in regions of Atacama and Coquimbo in the north of Chile. The bottling process is done in Ovalle’s plant bottling facility, and in Santiago through ECUSA and Cervecera CCU for products with no origin denomination requirements.

In the rum market, our proprietary parent brands are Cabo Viejo and Sierra Morena. Also, CPCh distributes Pernod Ricard products, including Chivas Regal, Ballantine’s, Havana Club and Absolut, among others.

In 2020, CPCh started to produce their first gin with Chilean herbs, Kantal. In 2021, CPCh included 1888 cider brand, with an alcohol content of 5°, refreshing and with a sweet taste. In spirits, we expanded to the Fernet category, by the exclusive distribution of Fernet Branca, a brand from Fratelli Branca. Fernet is a unique spirit made from the combination of herbs, roots and fruits macerated in alcohol.

In 2023, CPCh entered into the frozen cocktail category with the brand La Pizka, to strengthen its premium segment portfolio. Also, in January 2024 we launched the vodka brand Puklaro.

The following table shows our parent pisco, cocktail and low Alcohol-By-Volume (ABV) brands:

In June 2017, CPCh added the Peruvian brand Barsol to its portfolio through the acquisition of 40% of Americas Distilling Investments LLC, which is based in the United States and owns the Barsol brand and productive assets based in Perú.

Production and Marketing: International Business Operating segment

Our International Business Operating segment generated Net sales of CLP 586,484 million, CLP 850,118 million and CLP 780,296 million in 2023, 2024 and 2025, respectively, representing 22.9%,29.3% and 26.8% of CCU’s consolidated Net sales in those years. The International Operating segment includes our operations in Argentina, Bolivia, Paraguay and Uruguay.

CCU, through its subsidiary CCU Argentina, owns and operates breweries located in the cities of Salta, Santa Fe and Luján. Our main beer brands include Schneider, Imperial, Palermo, Santa Fe, Salta, Bieckert and Córdoba and we hold exclusive license agreements for the production and commercialization of Miller, Heineken, Amstel and Sol. As of May of 2018, CCU Argentina’s brand portfolio also includes Isenbeck, Iguana and Norte, as well as the exclusive license agreements for the production and commercialization of Grolsch and Warsteiner, and no longer includes the license agreement for Budweiser. (See ITEM 4: Information on the Company – A. History and Development of the Company). CCU Argentina imports the Kunstmann and Blue Moon beer brands. Furthermore, CCU Argentina exports beer to several countries, mainly under the brands Schneider, Imperial and Heineken.

On April 28, 2003, CCU Argentina and Heineken Brouwerijen B.V., a subsidiary of Heineken International B.V., signed license and technical assistance agreements that provide us with the exclusive rights to produce, sell and distribute Heineken beer in Argentina commencing June 18, 2003. On October 12, 2011, we and Heineken Brouwerijen B.V. signed the Amended and Restated versions of the Trademark License Agreements which provide us with the exclusive rights to produce, sell and distribute Heineken beer in Argentina, in force as of January 1, 2011. These agreements had an initial term of ten years, automatically renewable on January 1 of each year for a new period of ten years, unless any party gives notice of its decision not to renew, in which case the agreements will be in force until the last renewal period expires. Heineken beer is the second-largest brand in terms of volume in the premium segment in Argentina.

On November 28, 2012, CICSA and Heineken Brouwerijen B.V. entered into a Trademark License Agreement which granted us the exclusive rights to produce, sell and distribute Heineken beer in Paraguay. This agreement had an initial term of ten years, automatically renewable for a period of five years unless either party gave notice of its decision not to renew, in which case the agreements would be in force until the last renewal period expires.

On July 15, 2015, CICSA, BBO and Heineken Brouwerijen B.V. signed the Ancillary Trademark License Agreement which provides us with the exclusive rights to produce, sell and distribute Heineken beer in Bolivia, in force as of January 1, 2015. This agreement had an initial term of ten years automatically renewable for five-year periods unless any party gives notice of its decision not to renew, in which case the agreement will be in force until the last renewal period expires.

On April 20, 2018, Bebidas del Paraguay S.A. and Heineken Brouwerijen B.V. signed a Distribution Agreement which provides us with the exclusive rights to sell and distribute Sol beer in Paraguay, effective as of January 1, 2018. This agreement had an initial term of five years and automatically renews for subsequent three-year periods unless any party gives notice of its decision not to renew, in which case the agreements will be in force until the last renewal period expires. On April 20, 2018, Bebidas del Paraguay S.A. and Heineken Brouwerijen B.V. signed a Trademark License Agreement and a Distribution Agreement which provides us with the exclusive rights to produce, sell and distribute Heineken beer in Paraguay. This agreement had an initial term of five years from May 1, 2018 and automatically renews for subsequent three-year periods unless any party gives notice of its decision not to renew. Therefore, and as agreed on June 11, 2018, the Trademark License Agreement entered on November 28, 2012, by CICSA and Heineken Brouwerijen B.V. was terminated with retroactive effects as of April 30, 2018 and, in its place, Heineken Brouwerijen B.V. and CICSA entered into a supply agreement which provided CICSA the non-exclusive right to sell and supply Heineken Lager in the Paraguayan market to Bebidas del Paraguay S.A., for a period of five years beginning on April 30, 2018. On September 6, 2023 Bebidas del Paraguay S.A. and Heineken Brouwerijen B.V. entered into an Amendment to the Trade Mark License Agreement dated April 20, 2018 in order to include, the Heineken 0.0 and the Heineken Silver brands, with retroactive effect to August 1, 2023, and a provision that, absent prior agreement in writing between the parties to this agreement, the products subject to the agreement shall be purchased and acquired only from CICSA in Argentina and/or Cervecera CCU Chile Ltda. On November 1, 2019, Bebidas del Paraguay S.A. and Amstel Brouwerijen B.V. signed the Distribution Agreement which provides us with the exclusive rights to distribute Amstel beer in Paraguay, effective as of October 1, 2019. This agreement had an initial term of five years, and automatically renews for subsequent three-year periods, unless any party gives notice of its decision not to renew, in which case the agreement will be in force until the last renewal period expires. Additionally, as of January 2023 Bebidas del Paraguay S.A. is Heineken Brouwerijen B.V. distributor of Schin beer in Paraguay.

On October 14, 2024, the subsidiaries of Compañía Cervecerías Unidas S.A., CCU Inversiones II SpA and CCU Inversiones S.A., shareholders of Bebidas del Paraguay S.A. and Distribuidora del Paraguay S.A., entered into binding and definitive association agreements with Vierci Group, which holds the license of beverages and the distribution of snacks of PepsiCo in Paraguay, through its companies AV S.A. and AJ S.A. Calidad Ante Todo. Consequently, Paraguay becomes the second country where the PepsiCo license is part of CCU's brand portfolio, in addition to Chile.

In 2013, we started exporting Heineken to Milotur, our subsidiary in Uruguay. On June 4, 2013, CICSA, Milotur and Heineken Brouwerijen B.V. signed a trademark license agreement that provides us with the exclusive rights to produce, sell and distribute Heineken beer in Uruguay, in force as of May 1, 2013. This agreement had an initial term of ten years, and automatically renews on January 1 of each year for a new period of ten years, unless any party gives notice of its decision not to renew, in which case the agreements will be in force until the last renewal period expires. In addition, we import Heineken, Schneider, Imperial, Miller, Amstel, Escudo Silver and Kunstmann beer for distribution in Uruguay. Also, we participate in the mineral water business with the Nativa and Nix brands, in soft drinks with the Nix brand, and in Watt’s branded juices and isotonic drinks with the Full Sport brand. We also distribute imported wines from VSPT (Misiones de Rengo, Finca La Celia, and Eugenio Bustos). In 2024 we incorporated the cider category with 1888 and Real brands produced in Argentina.

In September 2014, CICSA began with the exclusive distribution in Argentina of imported Sol beer. The Sol beer brand is owned by Heineken. This licensing agreement had an initial term of ten years in Argentina, automatically renewable on the same terms (rolling contract), each year for a period of ten years, unless notice of non-renewal is given.

In October 2006, we signed a long-term contract with ICSA to brew, bottle and package beer in the former Ambev plant in Luján, near Buenos Aires, that was purchased by ICSA. In January 2007, we began brewing our local brands in this plant, obtaining enough production capacity to ensure future growth. In April 2008, we acquired ICSA, including the Luján plant and the brands Imperial, Bieckert and Palermo. ICSA also had a brewing contract agreement with Ambev and, under such contract CICSA brewed beer for Ambev during the peak demand season of 2008-2009.

The license agreement between CCU Argentina and Anheuser-Busch LLC (See ITEM 4: Information on the Company – A. History and Development of the Company), which provided CCU Argentina with the exclusive right to produce, package, commercialize, sell and distribute Budweiser beer in Argentina and Uruguay, had an initial term of 20 years commencing in December 1995, which in March 2008 was extended to December 2025 (CCU and ABI agreed to the early termination of the license agreement for Uruguay in 2014). In 2010, the license agreement was modified due to regulatory reasons under the context of the merger between Anheuser-Busch LLC and InBev. As a result, certain contractual restrictions were released, and rights granted to Anheuser-Busch LLC waived, both in favor of CCU Argentina. On September 6, 2017, CCU and CCU Argentina reached an agreement with ABI for the early termination of the Budweiser license in Argentina, in exchange for a portfolio of brands (Isenbeck and Diosa, which were at the time owned by SAB Miller; and Báltica, Iguana, and Norte, which were owned by ABI), representing similar volumes to Budweiser in Argentina, plus a series of payments over a three-year period. On April 27, 2018, after receiving approval from Argentina’s antitrust regulators, CCU Argentina and ABI were legally obliged to close the transaction. As a result, on May 2, 2018, CCU Argentina and ABI (CCU Argentina and ABI, together identified as the “Parties”) executed a transaction (the “Transaction”), which included, among other matters: (i) the early termination of the Budweiser brand license agreement in Argentina, between the parties, and (ii) the transfer to CCU Argentina of the ownership of the Isenbeck, Diosa, Norte, Iguana and Báltica brands, as well as the transfer of the licenses for Argentina of the international brands Warsteiner and Grolsch. In order to achieve an orderly transition of the aforementioned brands, the Transaction provides that ABI will carry out the production and distribution of Iguana, Norte and Báltica on behalf of CCU Argentina, for a period of up to three years.

In August 2016, CICSA signed a license and distribution agreement with Coors Brewing Company to manufacture, package, commercialize and distribute the Miller brands in Argentina. We started to commercialize and distribute Miller Genuine Draft in April 2017, and to produce MGD in our own facilities as of May 2017.

CCU Argentina participates in the cider business, with the leading Real brand and other brands such as La Victoria and 1888. We also participate in the liquor business, under the El Abuelo brand, in addition to importing other liquors from Chile and distributing the wine brands Eugenio Bustos and La Celia. Since June 2019, we have added the Colon and Graffigna brands belonging to the Finca La Celia S.A. winery to our wine portfolio (Argentine subsidiary of subsidiary VSPT).

In 2012, in Argentina, the Company began the process of migrating to its new proprietary returnable bottle in place of the generic container currently used throughout the industry. The decision to implement this important project was based primarily on the change introduced by the main market player, who in 2011 started to replace the use of generic packaging by a proprietary container for one-liter returnable products. The proprietary container’s use results in significant important changes to our logistics processes, including the adaptation of the building structure of plants, the acquisition of specific equipment, the adaptation of production lines and agreements with glass bottle and crate suppliers in order to achieve the timely supply of the inputs required for our new bottling process. The introduction of these proprietary returnable bottles resulted in significant impacts on the industry’s value chain, with higher operating costs associated with the recovery and classification of packaging that significantly affects the industry’s level of profitability and return on capital employed (ROCE). This transition process required significant investments between 2012 and 2017, mainly in packaging, equipment and infrastructure. To partially finance these investments, bank loans were obtained in local currency with long repayment periods, mitigating the risk of exchange rate and interest rate fluctuations thereby minimizing the fluctuation risk. Due to the Transaction, CCU Argentina and ABI made certain agreements, such as the agreement that CICSA and Quilmes, may each use, without any payment or restriction whatsoever, the one litter returnable amber bottles, denominated as “proprietary”, of the other company (hereinafter the “Free Use of Bottles”). For this purpose, the Parties agreed that the term for the Free Use of Bottles will be three years, with the option to renew the term for three additional years in the event any of the Parties thereto has fulfilled certain investments in bottle requirements. At the end of the three- or six-year term, each party will be permanently authorized to use the other party’s proprietary bottles for up to 10% of its total bottled product (current authorization allows such use up to 0.5%). This agreement is favorable to CCU Argentina, as it will allow the company to obtain operational efficiencies.

In 2011, the Company started to export Schneider beer to Paraguay through Bebidas del Paraguay S.A., and in 2013 to Uruguay through Milotur. In Paraguay we participate in the beer and non-alcoholic categories since our entrance to the market in 2013, with the introduction of new brands and the acquisition of the craft beer brand Sajonia.

On July 15, 2015, CICSA, BBO and Heineken Brouwerijen B.V. signed the Ancillary Trademark License Agreement which provides us with the exclusive rights to produce, sell and distribute Heineken beer in Bolivia, in force as of January 1, 2015. This agreement has an initial term of ten years and will be automatically renewed for five-year periods unless any party gives notice of its decision not to renew, in which case the agreement will be in force until the last renewal period expires.

In 2018, the Company increased its stake from 34% to 51% in BBO. In Bolivia, CCU participates in the non-alcoholic beverages and beer business, with two plants located in the cities of Santa Cruz de la Sierra and Warnes. It also participates in the non-alcoholic beverage industry in the carbonated soft drinks segment through the brands Mendocina, Sinalco and Malta Real. The latter is a soft drink with sugar based on malt, but without alcohol. BBO, with Mendocina and De La Sierra, also participates in the water category. In beers, it has the brands Real, Capital, Cordillera, Uyuni, Amstel and Schneider. In addition, sell and distribute Heineken, imported beer brands.

On August 21, 2023, BBO and Amstel Brouwerijen B.V. signed the Brand License Agreement which provides BBO the exclusive rights to produce, sell and distribute Amstel beer in Bolivia, with retroactive effect as of August 1, 2023. This agreement has an initial term of ten years and will be automatically renewed for ten-year periods, unless any party gives notice of its decision not to renew, in which case the agreement will be in force until the last renewal period expires.

Through our subsidiary, Compañía Cervecerías Unidas Argentina S.A., we acquired 50.1% of the ownership of Aguas Danone de Argentina S.A., which is involved in the business of mineral waters and flavored waters through its brands Villavicencio, Villa del Sur, Levité, Ser, Brío, and an isotonic drink under the brand Full Sport. This acquisition, which currently consolidates operationally, is in line with our strategy of being a regional multi-category beverage company.

At present we produce and market premium, medium-priced and popular-priced beer brands in the International Business Operating segment, which includes Argentina, Bolivia, Paraguay and Uruguay. 

The following table shows our proprietary parent beer brands, brands produced under license and brands imported under license for the Argentinean market:

The following table shows our proprietary parent beer, wine, cider, water and soft drinks brands, produced and/or imported under license for the market in Uruguay:

The following table shows our proprietary parent beer and non-alcoholic brands, produced and/or imported under license for the market in Bolivia:

The following table shows our proprietary parent beer and soft drinks brands, produced and/or imported under license for the market in Paraguay:

The following table sets forth our beer sales volume in Argentina by category during each of the last three years, including exports to other countries:

Our beer products are bottled or packaged in returnable and non-returnable glass bottles, aluminum cans and stainless steel kegs at our production facilities. During the last three years, we sold our beer products in Argentina in the following packaging formats:

Production and Marketing: Wine Operating segment

VSPT is one of Chile’s largest producers and distributors of wine in terms of sales volume and Net sales. Our Wine Operating segment generated Net sales of CLP 252,825 million, CLP 282,638 million and CLP 276,489 million in 2023, 2024 and 2025, respectively, or 9.9%, 9.7% and 9.5% of CCU’s consolidated Net sales in those years.

VSPT is composed of six different wineries in Chile and two in Argentina. Its main vineyards are located in Molina, approximately 200 kilometers south of Santiago. The VSPT estate in Molina is one of the largest single-site vineyards in Chile with an area of 1,051 hectares. As of December 31, 2025, VSPT’s vineyards covered an aggregate of 3,986 hectares in Chile, distributed among 10 different plantations. The winery also has 161 hectares under long-term leases. In Argentina, VSPT has another 698 planted hectares located in the province of Mendoza and San Juan.

The following table indicates the breakdown of Wine Operating segment’s volume in the domestic and export markets, including sales from FLC and Graffigna in Argentina:

Viña San Pedro, Viña Tarapacá, Viña Leyda, Viña Santa Helena, Viña Misiones de Rengo, Viña Mar in Chile and Finca La Celia and Graffigna in Argentina, produce and market premium, varietal and popular-priced wines.

The principal brands are set forth below:

The following table presents our breakdown of total sales volume in thousands of liters by category of the Wine Operating segment during 2025:

Domestic Market. Our Chilean domestic wine is packaged in glass bottles, cans, cartons, and bag-in-box containers at VSPT’s production facilities in Molina and Isla de Maipo. The following chart shows our packaging mix for domestic wine sales volume for the last three years:

Export Market. According to industry sources, exports of Chilean wine increased from approximately 311 million liters in 2001 to 693 million liters in 2025, at a compounded annual growth rate of 3.3%. During 2024 and 2025, Chilean wine exports reached 779 million liters and 693 million liters, respectively. We believe that Chilean wine exports have grown steadily due to their comparatively low prices and positive international image, as well as due to external factors, such as low wine production in the Northern Hemisphere in recent years.

VSPT exported 56 million liters of wine in 2023, 59 million liters of wine in 2024 and 60 million liters of wine in 2025. During 2025, VSPT exported wine to more than 80 countries worldwide. Exports accounted for net sales of CLP 116,184 million, CLP 133,519 million and CLP 133,614 million, in the last three years, respectively. In 2025, VSPT’s primary export markets included Japan, Brazil, Finland, Paraguay, Colombia and Holland.

Most exported wine is sold in glass bottles, except for a certain quantity of unbranded wine that is occasionally sold in bulk, as well as some wine that is sold in bag-in-box containers.

The following chart shows our packaging mix for export Chilean wine sales volume in the last three years:

The main raw materials that we use are malt, sugar, fruit pulp, rice, corn syrup, grapes, wine, soft drink concentrates by license, hops, essences, alcohol, water and packaging material, mainly aluminum cans, glass and PET bottles, among others. The sugar and fruit pulps that we use are from local and international suppliers. We obtain our supply of malt mainly through long-term contracts with malt suppliers from several countries. Rice is sourced mainly from international suppliers.

Water is essential in our production. We obtain all of our water from wells located at our plants and/or from public utilities. The water is treated at facilities located at our plants to remove impurities and to adjust the characteristics of the water before it is used in the production process.

We own two mineral water sources in Chile from which the Cachantun and Porvenir brand mineral water products are obtained. These water springs are located in two areas near Santiago: Coinco and Casablanca, respectively. All of our mineral water products are bottled at their respective sources and distributed throughout the country. Purified water is produced with water pumped from our wells and treated in the plant.

The most relevant packaging materials are glass bottles, aluminum cans, PET bottles, caps, films, labels, corrugated cases and folding cartons. Long-term contracts are signed with the main strategic suppliers.

Glass bottles used in our packaging are purchased from the main local glass suppliers. During 2025, all of our aluminum cans were purchased from global suppliers. We buy our labels, films and corrugated cartons mainly from local suppliers. The majority of our polyethylene terephthalate (“PET”) resins are imported from Asia. Bottles and injected preforms are produced by our subsidiary Plasco in Chile and other local suppliers in Argentina, Bolivia, Paraguay and Uruguay.

We maintain testing facilities at each of our plants and factories where raw materials are analyzed according to our standards. Additionally, the samples are analyzed at various stages of production to ensure product quality. For example, samples of Heineken beer are periodically sent to the Heineken facilities in The Netherlands to verify the quality of the product. Samples of Nestlé Pura Vida water are sent to Perrier in France, and samples of Pepsi are analyzed by PepsiCo either at our plants or at the point of sale. (See ITEM 4: Information on the Company – A. History and Development of the Company).

Prices of our main raw materials used in the production are tied to the USD and price of commodities, and have fluctuated in Chilean and Argentine peso terms due to general commodity price fluctuations in the international markets as well as to the variation of the Chilean and Argentine peso against the USD. In addition, from time to time, prices of grapes and wine have varied depending on fluctuations in supply and demand factors.

Standard and customary commercial terms and conditions are widely used in all our contracts and supply agreements. Strategic alliances and supplier diversification allow us to reduce dependency on a single supplier of raw and packaging materials.

VSPT’s main raw and packaging materials are purchased and harvested grapes, purchased wine, glass bottles, carton containers, corks and cardboard boxes. VSPT obtained approximately 49.2% of the grapes used for export wines from our own vineyards during 2025. Of the wine sold in the domestic market, approximately 12.4% are grapes from our vineyards.

VSPT has various alternative sources of supply, which can be used when they are favorable. VSPT’s glass bottles are mainly purchased from local suppliers; however, when prices have been favorable, VSPT has purchased glass bottles from other local and international suppliers. Carton containers are purchased from international suppliers and are assembled in VSPT’s own automated packing lines.

Sales, Transportation and Distribution: Chile Operating segment

We distribute all of our products in Chile directly to retail, supermarket and wholesale customers. This system enables us to maintain a high frequency of contact with our customers, obtain more timely and accurate marketing-related information, and maintain good working relationships with our retail customers.

After production, bottling and packaging, our beverages are either stored at one of our production facilities or transported to a network of 29 owned or leased distribution centers that are located throughout Chile. Products are generally shipped from the region of production to the closest distribution center, allowing us to minimize our transportation and delivery costs.

Product distribution is carried out by Transportes CCU throughout the country or by Comercial Patagona in the Magallanes Region.

Beginning in October 2001, all of the distribution centers and transportation companies used to store and deliver all of our products are managed on a consolidated basis by Transportes CCU.

Comercial Patagona is a subsidiary of Cervecería Austral and, as of July 2002, is responsible for the sale and distribution of our products and those of Cervecería Austral in the Magallanes Region. Comercial Patagona reaches 1,226 points of sale.

We distribute our products throughout Chile to:

In the last three years, the percentage mix of the above distribution channels for our products by sales volume in Chile was as follows:

In October 2005, we launched Comercial CCU, a subsidiary responsible for a single sales force dedicated to selling our beverages, in order to capture synergies and focus on sales execution. Originally, this plan was piloted in rural areas and small cities in southern Chile. As of 2008, the territory covered by Comercial CCU expanded to include the north of Chile from Arica to Copiapó/Vallenar, and the south, from Curicó to Coyhaique except for the city of Concepción.

As of August 2016, following the restructuring in Chile that encompassed combining the route-to-market of the beer and non-alcoholic categories in the whole country, Comercial CCU started to cover the beer and non-alcoholic category in the Metropolitan Region including the capital Santiago, and several other large cities such as Viña del Mar, Rancagua, La Serena, and Concepción.

Together with Comercial CCU, in all, we have a total sales force of 706 people, reaching 110,606 points of sale, related to the Chile Operating segment.

In 2019, as previously mentioned, we broadened our remote sales platforms through the launch of a modern e-commerce website in Chile, “La Barra”, reaching 59,965 households with our online portfolio in 2025 (www.labarra.cl).

None of our customers accounted for more than 2.0% of our total sales, with the exception of four large supermarket chains that represented in the aggregate 24.9% of our total sales. None of these supermarket chains individually represented more than 12.0% of our total sales.

Our customers make payment for our products either in cash or checks at the time of delivery or in accordance with one of several types of credit arrangements that we offer. Sales through credit arrangements accounted for 38.5%, 40.7% and 41.2% of our sales in Chile during 2023, 2024 and 2025, respectively. Losses on credit sales in Chile have not been significant.

Sales, Transportation and Distribution: International Business Operating segment

In Argentina, after production, bottling and packaging, our beer is either stored at the production facilities or transported to a network of seven distribution centers leased or owned by us.

As of December 31, 2025, we have the capacity to reach 212,305 points of sale in Argentina with our direct and indirect sales force. Approximately 67% of our beer in Argentina is sold and/or distributed through third-party sales and distribution chains. We have a direct sales force which sells our beer products to customers within San Juan, Mendoza, Córdoba, Santa Fé and Rosario, in addition to 99 regional and national supermarket chains throughout the country. None of our retail customers individually accounted for more than 4.8% of our total beer sales.

In Argentina, though most beer is sold through wholesalers and distributors, we also sell our products to retailers and supermarket chains. In the last three years, the percentage mix of the above distribution channels for our beer products by sales volume in Argentina was as follows:

In Uruguay our commercial distribution system reaches the whole country and all supermarkets. While supermarkets are served directly through a logistics operator, the rest of our clients are served through an indirect sales and distribution system.

In 2025, we maintained approximately 18,300 points of sale, the percentage mix of the distribution channels for our beer and non-alcoholic products by sales volume in Uruguay, in the last three years, was as follows:

In Paraguay, we have six distribution centers and a direct sales force. Together with a network of distributors and wholesalers, we reach a total of 35,587 points of sale, which allows us to have national coverage with our products.

In the last three years, the percentage mix of the above distribution channels for our beer and non-alcoholic products by sales volume in Paraguay was as follows:

In Bolivia, we have three distribution centers and a direct sales force. We reach a total of 17,158 points of sale, which allows us to have national coverage with our products. The percentage mix of the above distribution channels for our beer and non-alcoholic products by sales volume in Bolivia was as follows:

Our International Business segment customers make payments for our products either in cash or checks at the time of delivery or in accordance with one of several types of credit arrangements that we offer. Argentina, sales through credit arrangements accounted for 93% of total sales during 2023, and 94% of total sales during 2024 and 2025. In Bolivia, sales through credit arrangements accounted for 26%, 30% and 34% of total sales during 2023, 2024 and 2025, respectively. In Uruguay, sales through credit arrangements accounted for 100% of total sales during 2023, 2024 and 2025. In Paraguay, sales through credit arrangements accounted for 46%, 45% and 45% of total sales during 2023, 2024 and 2025, respectively. Losses on sales through credit arrangements in the International Business segment have not been significant.

Sales, Transportation and Distribution: Wine Operating segment

Domestic. After production, bottling, and packaging, wine is either stored at the production facilities or transported to one of our 29 distribution centers located throughout Chile. VSPT wines are distributed and sold in Chile through our sales and distribution network, under the same system and payment terms as all our other products.

We distribute our wine products throughout Chile in the territories not covered by Comercial CCU or Comercial Patagona, with our own sales force, to:

For the last three years, the percentage mix of the above distribution channels for our wine products by sales volume in Chile was as follows:

We reach a total of 29,334 points of sale with our dedicated sales force of 80 people, together with the sales force of Comercial CCU.

Export. VSPT has a presence in more than 80 countries. In order to increase its presence in the international market, VSPT has distribution agreements with key distributors, such as Solera in Sweden and Norway; Hartwall in Finland; Asahi in Japan; Interfood and EPICE in Brazil; and with Jumbo and Super Unie in The Netherlands. In Canada we have distribution agreements with LCBO, Phillipe Dandurand wines and Mark Anthony Group, in Korea with Keumyang and Hitejinro, as well as agreements with other distributors.

As part of our internationalization strategy, which seeks the growth and premiumization of our portfolio, VSPT Wine Group has commercial offices in the US, UK and China.

Our Wine Operating segment customers make payment for our products either in cash or checks at the time of delivery or in accordance with one of several types of credit arrangements that we offer. Sales through credit arrangements accounted for 75.4%, 78.8% and 72.5% of total sales during 2023, 2024 and 2025, respectively. Losses on credit sales have not been significant.

Seasonality: Chile Operating segment

As a result of the seasonality of our different beverages, our sales and production volumes are normally at their lowest in the second and third calendar quarters and at their highest in the first and fourth calendar quarters (i.e., those months corresponding to the holidays as well as the summer vacation season in Chile).

The following table shows our annual sales volume of beer, non-alcoholic beverages and spirits in Chile, excluding exports, by quarter in the last three years:

Seasonality: International Business Operating segment

As a result of the seasonality of the beverage industry with respect to the categories in which we participate, our sales and production volumes are normally at their lowest in the second and third calendar quarters and at their highest in the first and fourth quarters (i.e., the highest selling quarters correspond to the summer and holiday seasons in the region).

The following table shows the annual sales volume for the International Business operating segment, including exports, during each quarter in the last three years:

Seasonality: Wine Operating segment

As a result of the seasonality of the beverage industry with respect to the categories in which we participate, our sales and production volumes are normally at their lowest in the first and fourth calendar quarters and at their highest in the second and third quarters (i.e., the highest selling quarters correspond to autumn and winter in the Southern Hemisphere).

The following table shows the annual sales volume for the Wine Operating segment during each quarter in the last three years:

^{[11]In the 3rd quarter 2024 we started consolidating “Aguas de Origen” (ADO), our water business in Argentina. Isolating this consolidation, the percentage of the quarter 3rd quarter volumes over annual sales volumes reached 22%.}

^{[12]In the 4th quarter 2024 we started consolidating our partnership with the Vierci Group (AV) in Paraguay. Isolating the consolidation of ADO and AV, the percentage of the 4th quarter volumes over annual sales volumes reached 33%.}

Chile is our primary market in terms of sales, followed by Argentina. In 2023, 2024 and 2025, Chile represented 76%, 71% and 72%, respectively, of CCU’s consolidated Net sales, while Argentina, in the same time periods, represented 19%, 24% and 22%, respectively.

CCU’s net sales are primarily generated in the domestic beverage market in the countries in which we have operations in Latin America. In 2023, 2024 and 2025, the domestic market represented 95%, 95% and 95%, respectively, of CCU’s consolidated net sales in each of these years.

CCU’s Wine Operating segment exports wine from Chile and Argentina to over 80 countries around the world. The following table provides the distribution of Wine Operating segment’s exports in 2025 by market:

Competition: Chile Operating segment

The beer market in Chile is characterized by a wide range of local and international beer brands. Our largest competitor in the beer business is Cervecería Chile S.A. (a subsidiary of ABI). Cervecería Chile S.A.’s primary beer brands are Becker, Corona, Báltica, Stella Artois and Budweiser. Following the renewal of a distribution agreement Cervecería Chile S.A. distributes its products through the distribution network of Embotelladora Andina S.A. (“Embotelladora Andina”) and Coca-Cola Embonor S.A. (“Embonor”). Both companies are the main licensees and bottlers of The Coca-Cola Company’s products in Chile. Another relevant player in the beer market in Chile is Viña Concha y Toro S.A. (“Concha y Toro”), which imports Miller Genuine Draft and Estrella Damm from 2018. Concha y Toro also owns a majority stake in Southern Brewing Company, the brewer of Kross beer. Finally, in the beer market, we also compete with a large number of craft breweries, and distributors/importers of international beers.

In the non-alcoholic categories, our main competitors are companies that produce, bottle and distribute non-alcoholic beverages in Chile under licenses from The Coca-Cola Company and its affiliates. Thus, the two main players in the carbonated soft drinks beverage business in Chile are Embotelladora Andina and Embonor. Our main competitor in the mineral, purified and flavored water business is Vital Aguas S.A., a subsidiary of Embotelladora Andina and Embonor. Our principal competitor in the juice, iced tea and sport drinks business is also Vital Jugos S.A., a subsidiary of Embotelladora Andina and Embonor.

The spirits market in Chile is characterized by a wide range of locally produced and imported products. Our largest competitor is Cooperativa Agrícola Pisquera Elqui Limitada (“Capel”), which produces pisco locally and imports a number of spirits. As of mid-2019, Capel’s products began to be distributed by Embotelladora Andina and Embonor. We also compete against Diageo Chile Limitada, which imports premium spirits such as Johnnie Walker whiskey and Smirnoff vodka, among others. As of mid-2018, Diageo’s products started to be distributed by Embotelladora Andina and Embonor. Finally, we also compete against several other smaller-size importers of international brands, as well as local producers of pisco and other spirits.

The following chart shows estimates of our market share in the Chile Operating segment for the last three years:

Competition: International Business Operating segment

Our main competitors by region are as follows: in Argentina, Cervecería y Maltería Quilmes S.A.I.C.A. y G., in Paraguay, Cervecería Paraguaya S.A., in Uruguay, Fábricas Nacionales de Cerveza S.A., in Bolivia, Cervecería Boliviana Nacional S.A. and in Colombia, Bavaria & Cia S.C.A., all of them subsidiaries of ABI. As a result of their dominant position and large size in these countries, these companies benefit from economies of scale in beer production and distribution.

In non-alcoholic beverages we compete mainly with Paraguay Refrescos S.A., in Paraguay, with Montevideo Refrescos S.R.L. in Uruguay, and in Bolivia with Embotelladoras Bolivianas Unidas, EMBOL S.A., all of them bottlers of The Coca-Cola Company's products.

In Argentina, in mineral waters, Cervecería y Maltería Quilmes S.A.I.C.A. y G, markets Nestlé waters under its brands Eco de los Andes and Glaciar, Nestlé Pureza Vital. Manaos participates in the market with the Villamanaos brand. Likewise, in mineral waters, The Coca-Cola Company in Argentina participates through its Smart Water, Bonaqua and Benedictino brands; in flavored waters, it markets the Aquarius brand. Meanwhile, Manaos participates with its brands Placer, Baggio and Baggio Fresh.

The following table shows estimates of the market share of our International Business Operating segment including beer in Argentina; beer, carbonated soft drinks, juices and nectars and mineral water in Uruguay; beer, carbonated soft drinks, juices and nectars and mineral water in Paraguay; and beer, malt and carbonated soft drinks in Bolivia:

Competition: Wine Operating segment

The wine industry, both in the domestic and export markets, is characterized by having a large number of participants with different business scales. Thus, VSPT’s biggest competitors in the Chilean domestic market are Viña Concha y Toro S.A. and Viña Santa Rita S.A. (“Santa Rita”). Following the execution of a distribution agreement in November 2021, Santa Rita distributes its products through the distribution network of Embotelladora Andina and Embonor. Other relevant wineries in the Chilean domestic market are Bodegas y Viñedos Santa Carolina S.A., Viña Undurraga S.A., Viña Cousiño Macul S.A. and Viña Montes S.A. At an international level, VSPT competes with Chilean producers and with wine producers around the world.

The following table shows estimates of the volume market share of our Wine Operating segment in Chile (excluding bulk wine sales) for the last three years:

CCU S.A., as an open stock corporation, is regulated by the following regulations: Law No. 18,045 (the “Chilean Securities Market Act”); Law No. 18,046 on Corporations (the “Chilean Corporations Act”) and its Regulations contained in Supreme Decree No. 702 of the Ministry of Finance of 2011 and the regulations issued for this purpose by the CMF. In addition, CCU S.A., as an issuer of ADRs, which are currently traded on the NYSE, is subject, to the extent applicable, to the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002 and the regulations issued by the SEC and the NYSE.

CCU S.A., its subsidiaries and affiliated companies must comply with the standards applicable specifically to the activities and businesses carried out by each of them, the main ones being those indicated below for each segment:

Government Regulation in Chile

We are subject to the full range of governmental regulation and supervision generally applicable to companies engaged in business in Chile. These regulations include labor laws, social security laws, public health, consumer protection, environmental laws, securities laws, and antitrust laws. In addition, regulations exist to ensure healthy and safe conditions in facilities for the production, bottling, and distribution of beverages. (For a more detailed discussion of environmental laws, see ITEM 4: Information on the Company – E. Environmental Matters).

Regulations specifically concerning the production and distribution of “alcoholic beverages” are contained in Chilean Law No. 18,455 and its Ordinance, which set the standards for human consumption of such beverages, by minutely describing the different types of alcohol; the minimum requirements that must be met by each class of beverage; raw materials and additives that may be used in their manufacture; their packaging and the information that must be provided by their labels; and the procedure for their importation, among others.

Additional regulations concerning wine origin denominations are contained in Decree No. 464 of the Ministry of Agriculture, published on May 26, 1995, as amended, which also laid out the wine-growing regions and set rules regarding grape varieties, vintage year, labeling and selling requirements; and Law No. 20,089, which creates the National Certification System for Organic Agricultural Products, which establishes the conditions for the commercialization of products under the denomination of origin of organic or its equivalents. Additionally, Pisco origin denominations, also applicable to us, are regulated by Decree No. 521 published on May 27, 2000 by the Ministry of Agriculture, and likewise contains provisions relating to pisco producing regions, raw material standards, manufacturing procedures, packaging and labeling.

The large-scale production of alcoholic beverages does not need any licenses or permits other than those required for the general run of commercial and industrial enterprises engaged in the manufacture of consumer commodities.

According to Law No. 19,925 published in 2004, which amended and restated the Act on Sale and Consumption of Alcoholic Beverages (former Law No. 17,105), all establishments dealing in alcoholic beverages, whether wholesale or retail, require a special municipal license, the cost of which is fixed by the law and varies according to the nature of the outlet or point of sale (i.e. liquor store, tavern, restaurant, hotel, etc.). We are in possession of all licenses necessary for our wholesale operations.

Law No. 19,925 also set opening and closing hours for establishments dealing in alcoholic beverages; limited geographical areas for the sale of alcohol; reduced the maximum number of licenses to be granted by zones and population; increased criminal liability for selling alcohol to persons under eighteen years of age; and tightened the restrictions, imposing prison sentences and higher fines, among others, for violations formerly deemed lighter. One of its most important innovations was to forbid the sale of alcohol to minors at all outlets, and not just for on-premises drinking (the only exception retained is the case of children who are served meals when accompanied by their parents).

Alcoholic beverages are also subject to the provisions of Law No. 21,363 published on August 6, 2021, and its Regulations contained in Decree No. 98 of the Ministry of the Interior and Public Security of July 7, 2023, which established restrictions and warnings about the consumption of alcohol on labeling and promotional materials; the obligation to inform the amount of calories on labels; time restriction for TV and radio advertising and prohibited promotional activities or advertising of alcohol in relation to sport activities (which become effective either immediately or on a deferred basis, as set forth in said Law). This law and regulations could affect our alcoholic beverages portfolio and certain marketing activities.

Alcoholic beverages are subject to control by the Regional Ministerial Secretariat of Health (Seremi de Salud) and to the regulation of Servicio Agrícola y Ganadero (“SAG”).

The production, bottling and marketing of non-alcoholic beverages is subject to applicable sanitary legislation and regulations, particularly the Sanitary Code and the Food Ordinance (the Reglamento Sanitario de los Alimentos).

Non-alcoholic beverages are also subject to the provisions of the Food Sanitary Regulation, as set forth in Supreme Decree No. 977 of the Ministry of Health, published on May 13 1997, and the Sanitary Code, regarding the sanitary conditions governing the production, import, processing, packaging, storage, distribution, and sale of food products for human consumption.

Additionally, mineral waters are subject to the provisions of the Mineral Water Regulation, contained in Supreme Decree No. 106 of the Ministry of Health, published on June 14, 1997, which contains the obligation to obtain an establishment and operating authorization from the respective health service, as well as the requirement to obtain a formal declaration as a 'healing source' (fuente curativa) prior to commercial exploitation. Mineral water may only be bottled at its source of origin in accordance with the procedures and handling requirements set forth in said regulation. Furthermore, trademarks intended to distinguish mineral waters and their bottled sub-products must share the same name as the source or sources from which they originate, provided they are registered with the Ministry of Health. The Regulation also establishes provisions relating to the packaging, labeling, and advertising of mineral waters and their sub-products.

Finally, the following regulation is applicable to non-alcoholic beverages: (i) Law No. 20,606 on Nutritional Composition of Food and Advertising enacted in 2012, (ii) Decree No. 13 of the Ministry of Health which was published on June 26, 2015, amending the Food Ordinance referred to above, (iii) Law No. 20,869 on Food Advertising, published on November 13, 2015, and Supreme Decree No. 24 of the Ministry of Health effective as of April 11, 2025, and revokes Supreme Decree No. 1 of the of Ministry of Health published on December 11, 2017, which set certain restrictions on and requirements for the advertising, labeling and marketing of foods that are qualified as “high” in calories or any of the defined critical nutrients, such as sodium, sugar and saturated fats. In addition, (iv) Law No. 21,368 regulates the use of single-use plastics and plastic bottles, including, among other obligations, that beverage producers must include a certain percentage of collected and recycled plastic in Chile in the manufacturing of their disposable plastic bottles, establishing that by 2025 disposable plastic bottles in Chile must contain at least 15% locally collected and recycled plastic, progressively increasing this percentage to 70% by 2060, and (v) Supreme Decree No. 30, published on January 7, 2026, contains the regulation of Law No. 21,368 and sets, among others, the requirements and procedures for the issuance of the certificates mandated by such Law.

Law No. 19,937, published in 2004, and fully operative by February 2006, established the structure and powers for the current Sanitary Authority. The Ministry of Health’s Regional Offices, which constitute the Sanitary Authorities, inspect plants on a regular basis, taking samples for analysis, directing the adoption of new safety procedures and applying fines and other penalties for infringement of regulations.

The production and distribution of mineral water is also subject to special regulation, Supreme Decree No. 106 of the Ministry of Health published on June 14, 1997, as amended, as well as the Food Ordinance referred to above. Mineral water may only be bottled directly from sources, which have been designated for such purpose by a Supreme Decree signed by the President of Chile. The competent Sanitary Authority provides a certification of the data necessary to achieve such a designation. All of our facilities have received the required designation.

Independently of the products manufactured or services provided in each plant or facility, the premises are also regularly inspected by the Sanitary Authorities, regarding sanitary and environmental conditions, labor safety, and related matters.

There are currently no material legal or administrative proceedings pending against us in Chile with respect to any regulatory matter. We believe that we comply in all material respects with all applicable statutory and administrative regulations with respect to our businesses in Chile.

Government Regulation in Argentina

We are subject to the full range of governmental regulation and supervision generally applicable to companies engaged in business in Argentina, including social security laws, public health, consumer protection and environmental laws, securities laws and antitrust laws. As closely held corporations, our subsidiaries in Argentina are principally governed by Law No. 19,550 on commercial companies included in the Civil and Commercial Code.

National Law No. 18,284 (the Argentine Food Code, or the “Food Code”) regulates the manufacturing, packaging, import, export and marketing of food and beverages. The Food Code provides specific standards with which manufacturing plants must comply and regulate the production of food and beverages mentioned in the Food Code. The Food Code also specifies the different methods in which beer may be bottled as well as the information to be provided on labels. National Law No. 24,788, enacted in March 1997, and its Regulatory Decree No. 688/2009 as amended and supplemented, regulates the sale and consumption of alcoholic beverages and its advertising and establishes the national minimum age requirements for the purchase of alcoholic beverages. Under this Law, the sale of alcoholic beverages is not permitted to persons under 18 years of age, and the health authorities of each province undertake the enforcement of the Food Code. In the City of Buenos Aires and many provinces of Argentina, local law restricts the sale of alcoholic beverages, particularly between the hours of 11 p.m. and 8 a.m., and establishes harsh penalties for infringement. Additionally, Law No. 5,708 also establishes further advertising requirements for the City of Buenos Aires. Resolutions issued by the “Instituto Nacional de Vitivinicultura” regarding wine are also applicable. In the province of Mendoza, the Resolutions issued by the “Departamento General de Irrigación” and Law No. 430 and Law No. 322, regulate the administration and management of water. Finally, Law No. 27,642 set forth the requirement to include information on advertising and front labels of soft drink containers containing excess sugars, sodium, saturated fat, total fat and calories.

There are currently no material legal or administrative proceedings pending against us in Argentina with respect to any regulatory matter. We believe that we comply in all material respects with all applicable statutory and administrative regulations with respect to our business in Argentina.

Government Regulation in Uruguay

In Uruguay, we are subject to the full range of governmental regulation and supervision generally applicable to companies engaged in business in said country. As a closely held corporation, our subsidiaries are principally governed by Law No. 16,060, which regulates all commercial companies.

Due to the specific nature of the activities undertaken in Uruguay, the main applicable laws are Decree No. 315/94 containing the National Bromatological Regulations, Code of Children and Adolescents regulating aspects related to sale and advertising of alcoholic beverages, Law No. 17,849 and its Regulatory Decree No. 260/07 regulating Integrated Packaging Management System, Mercosur Technical Regulations for labeling of packaged food, Law No. 18,159 regulates the promotion and defense of competition, Law No. 19,855 regulating problematic consumption of alcoholic beverages and its Regulatory Decree No. 63/2020, Decree No. 272/18, effective as of March 1, 2020, with respect to food labeling and its Regulatory Decree No. 63/2020, Law No. 19,829 on Integral Solid Waste Management, and Resolutions No. 271/021 and No. 1391/024 regarding minimum targets of recovery and valorization of packaging.

There are currently no material legal or administrative proceedings pending against us in Uruguay with respect to any regulatory matter. We believe that we comply in all material respects with all applicable statutory and administrative regulations with respect to our business in Uruguay.

Government Regulation in Paraguay

In Paraguay, Distribuidora del Paraguay S.A., AV S.A., Bebidas del Paraguay S.A. and Sajonia Brewing Company S.A. are governed by the laws of the Republic of Paraguay, in particular: Law No. 1,034/83 of Merchants, and articles 1,048 to 1,159 of Law No. 1,183/85 Civil Code and its subsequent amendments, Law No. 388/94 establishes provisions on incorporation, capital stock and powers of the assembly with respect to corporations and its subsequent amendments, Law No. 3,228/07 amends article 5 of Law No. 388/94, which amends article 1,051 of Law No. 1,183/85 Civil Code; Law No. 5,895/17 which establishes transparency rules in the corporate governance of companies incorporated by shares and Law No. 6,399 amending Law No. 5,895/17, Decree No. 9,043/17 and its subsequent amendments, which regulates Law No. 5,895/17 and establishes fines in case of non-compliance, Law No. 6,446/19 which creates the Administrative Registry of Persons and Legal Structures and the Administrative Registry of Final Beneficiaries of Paraguay, Decree No. 3,241/20 which regulates Law No. 6,446/2019 referred to above, Law No. 294/1993 on Environmental Impact Assessment, and Law No. 836/80 Sanitary Code.

Due to the specific nature of its corporate purposes, Bebidas del Paraguay S.A., with respect to the import, marketing and advertising of alcoholic and non-alcoholic beverages, Sajonia Brewing Company S.A. with respect to the production, marketing and advertising of alcoholic beverages, Distribuidora del Paraguay S.A. and AV S.A. with respect to the marketing and advertising of alcoholic and non-alcoholic beverages, are subject to the provisions of Law No. 1,333/98 on Advertising and Promotion of Tobacco and Alcoholic Beverages, Law No. 1,334/98 on Consumer and User Protection, as amended, Law No. 1,642/00 prohibiting the sale of alcoholic beverages to minors and prohibiting their consumption on public roads, and Executive Decree No. 1,635/99 and Resolution of the Ministry of Public Health and Social Welfare No. 643/12 regulating aspects related to the registration of food products and amendments thereto, among others.

There are currently no material legal or administrative proceedings pending against us in Paraguay with respect to any regulatory matter. We believe that we comply in all material respects with all applicable statutory and administrative regulations with respect to our business in Paraguay.

Government Regulation in Bolivia

BBO is a closely held corporation governed by the laws of the Plurinational State of Bolivia, in particular by Chapter V (Corporations) of Decree Law No. 14,379 Commercial Code, which establishes provisions on the constitution of companies, rights and obligations of the shareholders, the administration and control bodies of the company, as well as the classification of the shares, issuance rules and records.

In addition, in view of the corporate purpose of BBO, regarding the production, import, export and marketing of alcoholic and non-alcoholic beverages, the following rules are applicable: Law No. 1,990 or General Customs Law and Supreme Decrees No. 27,947 and No. 572 amending Supreme Decree No. 25,870 that contains the regulation of the General Customs Law, both regulate the regime of imports and exports, Law No. 2,061 of the National Service of Agricultural Health and Food Safety (“SENASAG”), regulating entities responsible for administering the agricultural health and food safety regime in the country, Resolution No. 42/2023 that contains the regulation for the classification and registration of food, issued by SENASAG, Law No. 259 on control of sale and consumption of alcoholic beverages.

There are currently no material legal or administrative proceedings pending against us in Bolivia with respect to any regulatory matter. We believe that we comply in all material respects with all applicable statutory and administrative regulations with respect to our business in Bolivia.

Government Regulation in Colombia

CCC, ZF CC and Artesanos de Cervezas S.A.S. are simplified stock corporations governed by the laws of the Republic of Colombia, in particular, with respect to their corporate existence and operation, Law No. 1,258 of 2008, Law No. 222 of 1995 and the Colombian Commercial Code.

Furthermore, ZF CC must comply with the free zone regime, including Law No. 1,004 of 2005, Decree No. 2,147 of 2016 amended by Decree No. 278 of 2021, Decree No. 1,165 of 2019 amended by Decree No. 659 of 2024, Resolution No. 46 of 2019 amended by Resolutions No. 242, 235, 223, 10,061, 9,021 and 192 of 2025, as well as by Decree No. 920 of 2023 and the rules that modify or regulate it, and its corresponding resolution of declaration of existence issued by the Customs Authority as well as its general development master plan approved by the Ministry of Commerce, Industry and Tourism. In tax matters, article 240-1 of the Tax Statute, as amended by Law No. 1,819 of 2016, applies to this company, provided that they have been qualified as Industrial Users prior to December 13, 2022; otherwise, the provisions of article 11 of Law No. 2,277 of 2022, and other rules that regulate it, must also be complied with. In tax matters, article 240-1 of the Tax Statute applies to this company, modified by Law No. 2,277 of 2022, related to the income tax rates applicable to free trade zone commercial users. Additionally, paragraph 6 of article 240 of the Tax Statute must be applied in relation to the Minimum Tax.

In addition, the specific rules relating to the activities and business in alcoholic beverages that each company carries out are applicable to these companies, the main ones being: Law No. 9 of 1979, which establishes the conditions that raw materials for the production of alcoholic beverages must satisfy, Law No. 124 of 1994, which regulates the sale and consumption of alcoholic beverages and their advertising and establishes that the minimum age for the purchase of alcoholic beverages at the national level is 18 years of age, Decree No. 1,686 of 2012 and Decree No. 1,083 of 2025, which sets forth the sanitary requirements for the production, packaging, advertising, transportation, import and marketing of alcoholic beverages destined for human consumption, Decree No. 780 of 2016, which establishes, in the field of alcoholic beverages, the obligation to emphasize in advertising and related legends the prohibition of the sale of alcoholic beverages to minors, as well as the specifications that must be included in their packaging and labels and Circular No. 486 of 2016, establishing the health requirements associated with the manufacture, processing, packaging, storage, distribution, marketing, sale, import or export of alcoholic beverages, Law No. 223 of 1995 and Law No. 1,816 of 2016 regulating local taxes applicable to the production and distribution of alcoholic beverages (including beer) in the Colombian territory, article 475 of the Tax Statute which determines the taxable base of the Sales Tax (VAT), Decree No. 1,366 of 2020, which establishes provisions for granting sanitary registration of alcoholic beverages manufactured and marketed by micro-entrepreneurs and certification in good manufacturing practices, Decree No. 162 of 2021, amending Decree No. 1,686 of 2012, Joint Circular No. 11 of 2017, which addresses certificates in good manufacturing practices for alcoholic beverages, and Decree No. 120 of 2010, which adopts measures in relation to labeling and advertising.

Likewise, to non-alcoholic beverages the main applicable norms are: (i) Resolution No. 2,674 of 2013, which establishes the sanitary requirements for their manufacturing, processing, preparation, packaging, storage, transportation, distribution and marketing, (ii) Resolution No. 719 of 2015, which establishes the food and beverages classification for human consumption according to the risk in public health, (iii) Resolution No. 5,109 of 2005, modified by Resolution No. 557 of 2022, which establishes the technical regulation on labeling or labeling requirements, (iv) Resolution No. 810 of 2021, which establishes the technical regulation on nutritional and front labeling requirements, and (v) Resolution No. 2,492 of 2022, which amends the aforementioned Resolution No. 810 of 2021.

There are currently no material legal or administrative proceedings pending against us in Colombia with respect to any regulatory matter. We believe that we comply in all material respects with all applicable statutory and administrative regulations with respect to our businesses in Colombia.

Government Regulation in United Kingdom

Finally, VSPT UK Ltd., as a public limited company incorporated in the United Kingdom, is governed by the Companies Act 2006 and Food Safety Act 1990, among others.

Ownership Structure as of March 31, 2026

We are controlled by IRSA, which as of March 31, 2026, and as of the date of this annual report, directly and indirectly owned 65.87% of our shares of common stock.

IRSA, since 1986, was a joint venture between Quiñenco and the Schörghuber Group through its wholly owned subsidiary FHI of the Netherlands. In April 2003, the Schörghuber Group sold FHI to Heineken Americas B.V., a subsidiary of Heineken International B.V. FHI and Heineken International B.V. formed Heineken Chile Ltda., through which 50% of IRSA shares were held. On December 30, 2003, FHI merged into Heineken Americas B.V. In 2022, Heineken Chile Ltda. became Heineken Chile SpA, a Chilean corporation (sociedad por acciones) whose current controller is Heineken International B.V., a Dutch limited liability company, subsidiary of Heineken N.V. The majority shareholder of Heineken N.V. is the Dutch company Heineken Holding N.V., a Dutch subsidiary of L'Arche Green N.V., which is a subsidiary of L'Arche Holdings B.V., the latter ultimately controlled by Mrs. C.L. de Carvalho-Heineken. Currently, Quiñenco and Heineken Chile SpA, are the only shareholders of IRSA, each with a 50% equity interest.

Quiñenco is the holding company of one of the largest and most diversified business conglomerates in Chile, with investments in various sectors of the Chilean economy. Apart from CCU, Quiñenco’s principal holdings include Banco de Chile (a leading financial institution in Chile), Invexans S.A. (the largest shareholder of the French cable producer Nexans S.A.), Empresa Nacional de Energía Enex S.A. (the second-largest fuel distributor in Chile), Compañía Sud Americana de Vapores S.A. (main shareholder of Hapag-Lloyd A.G., one of the largest container ship liners worldwide), and Sociedad Matriz SAAM S.A. (one of the main port operators in South America and the leading tugboat operator in America).

Heineken, the Dutch brewer, is the second largest brewery in the world which, according to its 2025 annual report, markets and sells more than 340 beer and cider brands in 190 countries, and it has almost 88,000 direct employees worldwide. Heineken group’s beer volume was 234 million hectoliters during 2025.

The following table provides our significant subsidiaries as of December 2025:

Set forth below is information concerning our production facilities as of December 31, 2025, all of which are owned and operated by us or our subsidiaries.

For the Chile Operating segment, we had an aggregated Supply Capacity per month of 316.2 million liters, including Manantial, with a Utilized Capacity during peak month of 81.8%. Utilized Capacity During Peak Month is equal to production output as a percentage of Nominal Installed Production Capacity during our peak month for each respective plant. The annual Nominal Installed Capacity for this segment is 34.8 million hectoliters. Our Chile Operating segment total facilities size is 1,141,703 square meters (total built area including warehousing logistics activities related to the production process). Supply Capacity per month is defined as nominal installed production capacity for the current product/packaging mix during 25 days per month and 3 shifts per day. The calculated slack (spare) capacity does not necessarily indicate real slack capacity. The real production capacity is less than the nominal installed production capacity as adjustments are required for real machinery performance, packaging mix, availability of raw materials and bottles, seasonality within the months and other factors. As a result, we believe that the peak monthly capacity utilization rates shown above understate real capacity utilization and that slack capacity is overstated.

Set forth below is a list of our 16 principal production facilities:

For the International Business Operating segment, we had an aggregated Supply Capacity per month of 202.2 million liters with a Utilized Capacity during peak month of 68.1%. The annual Nominal Installed Capacity for the International business is 22.2 million hectoliters.

Our International Business Operating segment total facilities size is 500,437 square meters (total built area including warehousing logistics activities).

Set forth below is a list of our 13 principal production facilities: