United Breweries Q4 Chile Volumes Up 4.1%, Low-Alcohol Segment Soars 20%
Chile volumes grew 4.1% in Q4 from a non-alcoholic surge, with low-alcohol products up over 20% to 7% of the mix and spirits mid-single-digit growth while beer stayed flat. SG&A rose on one-time marketing, CapEx will match depreciation, and a stronger peso may ease raw-material costs.
1. Chile Volume Performance
In Q4, Chile volume grew 4.1%, driven by a surge in non-alcoholic beverages. Beer volumes were flat year-over-year, low-alcohol products rose more than 20% to represent 7% of the mix, and the spirits unit delivered mid-single-digit growth.
2. SG&A and Marketing Investment
SG&A expenses in Chile increased faster than sales due to temporary marketing investments to support the premium portfolio against a low comparison base. Management expects marketing spend to normalize to historical levels in subsequent quarters.
3. Pricing, CapEx and Revenue Management
The 2026 pricing strategy will align price increases with inflation to preserve market share, backed by revenue management initiatives and higher-margin product launches. Capital expenditures are planned to match depreciation levels.
4. Raw Material Cost Outlook
A stronger Chilean peso is expected to ease raw-material costs in Q1 2026, although elevated aluminum and PET recycling prices could offset some gains. Overall, the company anticipates a positive scenario for input costs.