Compania Cervecerias Unidas, S.A.

Good day, everyone, and welcome to CCU's first quarter 2025 earnings conference call on the 8th of May, 2025. Please note that today's call is being recorded. At this time, I'd like to turn the conference call over to Claudio Lazaras, the head of investor relations. Please go ahead, sir.

Welcome, and thank you for attending CCU's first quarter 2025 conference call. Today with me are Mr. Patricio Jotal, Chief Executive Officer, Mr. Felipe Duvernet, Chief Financial Officer, Mr. Joaquin Trejo, Financial Planning and Investor Relations Manager, and Mrs. Carolina Burros, Senior Investor Relations Analyst. You have received a copy of the company's consolidated first quarter 2026-2025 earning release. The call will start reviewing our overall results. then we will then move on to our Q&A session. As usual, before we begin, please take note of the following statements. Statements made in this code that relate to CCU future financial results are forward-looking statements which involve known and unknown risks and uncertainties that could cause actual performance or results to materially differ This statement should be taken in conjunction with the additional information about risk and uncertainty set forth in CCU's annual report, in Form 20-F filed with the U.S. Securities and Exchange Commission, and in the annual report submitted to the CMF and available on our website. It is now my pleasure to introduce our CEO, Mr. Patricio, for that.

Thank you, Carlos and Claudio, and thank you all for joining us today. In the first quarter of 2025, you delivered higher financial results versus last year, expanding consolidated EBITDA and net income by 6% and 10.7% respectively, in spite of a highly volatile business environment. In this context, organic consolidated volumes, this is excluding the volumes of aguas de origen and AD, in Argentina and Paraguay, respectively, were down 1.8%, driven by oil operating segments amidst soft consumption in the region. The higher EPA was explained by international business operating segments, largely due to Argentina. We're certain that the scenario for 2025 will continue to be challenging and volatile. Our focus in the coming quarters will be to continue implementing our 2025-2027 strategic plan and its three pillars, profitability, growth, and sustainability, with a special focus on profitability through further efforts in revenue management and efficiencies. At the same time, under the growth pillar, in a difficult context for expanding business scale, we focus on brand equity, sales execution, and innovations to address new consumer trends Lastly, in the sustainability pillar, our goal is to progress in our Juntos por un Mejor Vivir strategy in its two pillars, our planet and our people. The figures that I will refer now for the consolidated and the international business operating segment results consider organic figures. This is excluding, again, the consolidation of Aguas Verdes in Argentina and AD in Paraguay. Regarding our consolidated performance in first quarter 2025, organic consolidated net sales were up 3%, explained by 4.9% higher organic average prices in Chilean pesos, while organic volumes were 1.8% lower. Higher organic average prices in Chilean pesos were explained by all operating segments as a consequence of revenue management efforts. Gross profit grew 1.7% organically, and organic gross margin contracted by 56 basis points due to higher cost of sales. On the other hand, organic MSDNA expenses expanded 2.7% in Chilean pesos, offsetting inflationary pressures with efficiencies. And as a percentage of net sales declined 11 basis points. In all, organic EBITDA reached In terms of our segment, in the Chile operating segment, top line expanded 2.8% as a result of a 4.8% increase in average prices. when volumes were down 1.9%. Average prices were driven by revenue management efforts partially compensated by negative mixed effects in the portfolio. Gross profit decreased 1.1% and gross margin was down 180 basis points compared to last year, mainly driven by higher manufacturing costs and negative mixed effects in packaging and cost pressures coming from higher US dollar denominated costs. MSDNA expenses were 2.7% higher, being practically flat as a percentage in itself, due to efficiencies that compensated inflationary pressures. Altogether, EVDA reached 94,400 million Chilean pesos, a 2.4% decrease, and EVDA margin was down 97 basis points. In international business operating segments, excluding the inorganic volumes from the consolidation of ADO and ID, In Argentina and Paraguay, respectively, organic net sales recorded a 6.3% increase, driven by higher organic average prices, which more than offset a 1.2% contraction in organic volumes. Organic volumes in Argentina were nearly flat, continuing on a recovery path of business sales compared to previous quarters. Meanwhile, Uruguay and Paraguay posted low and mid single-digit organic volume declines, respectively, while Bolivia grew by low single digits. Higher organic average prices were mostly driven by revenue management initiatives in all the geographies, more than offsetting cost pressures coming especially from a weaker Argentine peso against the US dollar and inflationary pressures. Consequently, organic gross profit expanded 10.7% and organic gross margin grew 202 basis points. Organic MSDNA expenses represented in this phase increased 32 basis points, mostly from inflationary pressures in Argentina. In all, organic BPA reached 33,435 million Chilean pesos, a 28.1% expansion driven by Argentina, Uruguay, and Bolivia. The one operating segment posted a top-line expansion of 2.1%, fully driven by a 6.2% rise in average prices, when volumes were down 3.8% compared to last year. Lower volumes were explained by a contraction in the Chilean domestic market industry, while exports from Chile were flat. The better average prices were mostly explained by a weaker Chilean peso and its favorable impact on export revenues and revenue management initiatives in the domestic markets. Gross profit was down 1.6% and gross margin deteriorated by 142 basis points due to cost pressures from a higher cost of wine and higher US dollar link packaging costs. MSD&A expenses were flat, and as a percentage of sales, improved 56 basis points, due to efficiency. Altogether, EBITDA reached 6,592 million Chilean pesos, a 1.1% decrease, and EBITDA margin was down 36 basis points. Regarding our main JDs and associated businesses, In Colombia, we posted better financial results versus last year, despite the slight contraction in volumes, which nonetheless was slightly lower than the previous year. Now, I will be glad to answer any questions you may have.

Thank you very much. We will now move to the question and answer section. If you'd like to ask a question, please press star two on your phone and wait to be prompted. If you're dialed in by the web, you can type your question in the box provided or request to ask a voice question. We'll just wait a moment or two for the questions to come in. Okay, so our first question is from Fernando Olvera from Bank of America. Your line is now open. Please go ahead.

Hi, good morning, everyone, and thanks for taking my question. First, I would like to explore volume performance in Chile. If you can give us some details of how different was the performance between non-alcoholic and alcoholic beverages, and specifically on beer. Also, if you can comment about the performance between premium and mainstream. That's my first question. Thanks.

Thank you, Fernando, for your question. According to Nielsen, our overall market share in Chile, in the Chile operating segment, is stable. Now, making double-click, we have gained some market share, small, in non-alcoholic, and we have lost some market share small in beer. Take into consideration, according to Nielsen data, overall alcohol industry is decreasing mid-single digits. These are sell-outs volumes to consumers. Companies publish selling volumes to clients, including different channels, and thus are not necessarily reflected in market share. But again, market share in the total, Chilean operating segment stable, with a small increase or gain in non-ecoholic and a small decrease or loss in beer.

Okay, and regarding the recovery going forward on volumes, how are you seeing such trends?

Excuse me, regarding mainstream and premium? So regarding mainstream and premium stable, look, looking forward, there is a big concern, not just in Chile, but in the world regarding alcohol patterns of consumption. Probably you have heard about this because it is something which is being discussed in every company producing and selling alcohol all over the world. Look, huge figures. Let's take the consumption of alcohol at 100 degrees. To make this calculation, you take beer and calculate 5%. Wine, calculate 12%. Spirits and calculate 35. If it's tea, it's got 40. If you are considering other spirits, and you calculate the per capita consumption of alcohol at 100 degrees. This figure in Chile in 2019 was 5.3. liters of alcohol per capita per year, 5.3. In pandemic, it increased a lot. And after pandemic, it began to decrease. In 2023, it was still 5.3, same level than pre-pandemic. But in 2024, it decreased to 5.1. And beginning 2025, the trend is to a decrease. It's the same figures for the United States. 7.4 in 2019, pre-pandemic, 7 in 2024. So the decrease in the United States has been even higher than in Chile. And global, in the world as a whole, 3.1 liters in 2019 and 2.8 liters in 2024. There are many hypotheses why It is occurring, and if you want, we could discuss on this, but my main concern regarding the future are volumes on the alcoholic categories. Indeed, I don't see a disaster, a big decline, but the trends are not favorable. We are making a lot of things to change the trend, of course, on all of them. responsible consumption basis. But this is a concern.

Okay. And if I may, just one last question. If you can give us more color on the lower tax in Argentina, which I understand that caused the sharp decline on consolidated taxes, and if this effect is expected in coming quarters. Thank you.

Felipe, could you elaborate on this? Could you clarify that this is related to... Ah, this is for the import taxes, you mean.

Yes. Yes, I mean, at consolidated taxes, you mentioned that it declined significantly year over year due to lower tax in Argentina because of inflation. I understand.

No, no, no. Yeah, I'll answer your question. This is related to the use of inflation for tax purposes. So usually in Argentina, until 2019, we didn't use the inflation for tax purposes. Since 2019, we started to use that and we have some provisions related to that. As Argentina has become more stable in terms of microeconomics or liberating, as you know, the exchange controls, we decided to release some provisions related to that in the use of inflation for tax purposes. This is the explanation.

Okay. And this effect, this benefit is expected in coming quarters, Felipe?

Yeah, because it's gradual.

Okay. Okay, perfect. Thank you.

Fernando, one more remark regarding trends of alcohol consumption. My remark before showing a decline in Chile, the United States, and worldwide of the alcohol consumption is a long-term consideration. If you make double-clicks in quarters, Q2. Last year in Argentina was very poor and Q2 in Chile was very poor. So we expect to have a much better result regarding alcoholic volumes in Q2. But leaving it apart, because it's a consideration on the basis of 2024, the trend is not for the industry, according to my opinion.

Okay. Great. Thank you so much.

Thank you.

Thank you. Our next question is from Alvaro Garcia from BTG. Your line is now open. Please go ahead.

Hi, can you hear me?

Yes, you can. Please go ahead. Alvaro, we cannot hear you now. Okay, perhaps you can send us a text question or redial.

Can you hear me there?

Now we can, yes.

Sorry about that. Wrong mic. Hi, Patricio. I have a couple of questions. One on how you're thinking about margins in Chile in a stronger Chilean peso environment into the second half of this year. Obviously, you've had a lot of questions over the last couple of years on sort of where you can take margins over the medium term, and we seem to be getting in a better sort of input cost environment for you. So that would be interesting. And then my second question is on Argentina. I was wondering if you could talk about pricing because we were a little bit surprised. I mean, I know you're consolidating a water business, which obviously has much lower pricing, but I was wondering if maybe you can comment a bit on pricing

uh as there's a little bit of a surprise let's say in our model there uh what you're seeing from a pricing standpoint as inflation comes down thank you very much thank you alvaro for your two questions i will begin with argentina and then i will get to chile look it's a big question mark because i mean for many years prices were key in Argentina, and we had no difficulties to increase prices in line to inflation, even higher than inflation, because if inflation amount is 10 percent and you increase prices by 11 or 12 percent, nothing happens. Consumers are there paying for your products. Now inflation is decreasing a lot, and after the liberation of the exchange rate, the exchange rate remained almost stable in Argentina. There are different opinions what is going to happen with inflation in Argentina. Some people think that inflation will continue to be 2% per year. Some people are saying that it will move to zero very rapidly. And there are opinions also saying that probably we'll have negative inflation. That is the first remark. Second remark, there are some services which are adjusting their prices. So there is a hidden inflation which will come from those services with which prices have been controlled. So we expect that the price increase of the industry, of the consumer products industry, will be lower than official inflation for this effect. So we don't know, we're not sure. I prefer to think that inflation is going to be very low, that it's going to be very difficult to continue increasing prices and that we have to compensate this with input costs, which are helping, and with strong efficiencies programs on FD&A. This is what we are doing. If inflation continues to be 2%, indeed, we will have to increase prices. Otherwise, we'll have a huge gap, which is impossible to find. But again, this is... This is executing every single day, every single day. But summarizing, if inflation continues being high, two to three percent, we continue increasing prices in line with inflation and mortgages also. If inflation collapses and goes to zero, we will not be able to increase prices. And in both cases, we are making strong efforts in reducing expenses. Regarding mortgages in Chile, We have been increasing prices to compensate the prices that we didn't increase in the past when the cost of raw material, the input cost jumped a lot. We are recuperating margins quarter after quarter and we continue with this trend on one hand. Input costs are helping and we are being very extreme on it. on being efficient in our expenses. Altogether, we expect to recuperate margins. Having said that, the comparison basis in Q2 2024 were very weak, so we'll have a good Q2. But this is something exceptional associated to the weak basis of comparison for 2024. But long-run, the strategy is to recuperate margins.

Great. Thank you. And then just maybe a follow-up on the Argentina element. Would you say that in the first quarter you passed a little less price than usual, or was it just pretty standard from a core organic standpoint?

Yes, definitely less. In 2024, we passed more than inflation to prices. I mean, Q first, and the trend continues to increase prices. This is the reason why I think that inflation is going to collapse very soon. I personally think that inflation will move in the range of 0 to 0.5 or maximum 1% per month because we realize in our categories and we see the market that prices of consumer goods are very stable and it's been very difficult to increase prices.

No, that's clear.

But again, we need to see. This is what we're seeing today.

Thank you.

Thank you.

Thank you very much. Just a reminder, if you'd like to ask a question, please press Start to on your phone. That is Start to on your phone and wait for the prompt. If you're dialed in by the web, you can type your question in the box provided or request to ask a voice question. We'll give a few moments for the questions to come in. Okay, so our next question is from Felipe Ucros from Scotiabank. Your line is now open. Please go ahead.

Thanks, operator. Hola, Patricio, Felipe, and team. Thanks for taking my question. So my first one's around costs. The release mentioned that you experienced higher manufacturing costs in Chile. I was curious about the language, about it being around manufacturing rather than raw materials. Can you expand on what exactly were the drivers for these costs? And then I'll have a follow-up after that. Thank you.

Yeah. See, indeed, Felipe, there are one time, Felipe, why don't you elaborate on this? So the Helmer factory cost were due to two reasons. One was about inventory depletion, As we have reduced inventory, at the end, the allocation of fixed costs was higher than a year ago. So it's an accounting issue or matter. On the other hand, higher labor costs that we experience in Chile, because of some... We needed some... We need to improve, definitely, our sales and operation planning, because we we incurred in overtime, and this was due to higher labor costs, and also included some write-offs of some lines that we are not using anymore because they were too old and we replaced by new technology. So we incurred on extra depreciation costs as we have allocated write-offs in the Chile operating segment in the Chile operating segment in the depreciation line. So that was the view. So we have two one-offs that Patricio mentioned. One is related to write-off in the Chile operating segment, and second is we have less inventory than last year in Chile, so it was affected by the allocation of fixed expenses as an account demand. And over time, there is an inefficiency because of, let's say, not too good such an operation that we have a project that is called Cuspide, that we did some discussion about in the annual report that we are working in improving our plan. So we oversee that in the following quarters, we should deliver efficiencies and be more efficient in manufacturing.

Very clear. And my next question was actually around efficiency. You managed to maintain your efficiency levels despite having negative volumes, which is not easy to do. So it seems like your efficiency program is beginning to work. Can you expand a little bit on how far along you are in that program and how much more you expect?

Thank you for your remarks, Philippe. More than has worked for many years. Here we have the figures, but the MSDNA has declined by five or more percent in a longer period of time. But we are putting much more pressure today on this as we expect volumes of alcoholic products to be tough in the future, as I mentioned before, and as I expect that in Argentina we have tough times or tougher times regarding prices. And the combination of these elements supplies us and all the companies, according to our opinion, to be much more stern on executing efficiencies programs. And we are in that direction. We are moving in that direction.

That's excellent. Let me ask a follow-up on the efficiency side. Are you reducing marketing expenses in any way, or is that part of the SG&A kind of the plan is to maintain it consistent and draw the efficiencies from other lines? No, from another line.

Particularly on sales efforts, we are replacing a lot of functions made by sales people through technology with a lot of success. In a few words, typically for many years, a salesperson has four responsibilities. Number one, to recommend the client what to buy. Number two, to execute or to place the order. Number three, to execute in the point of sales. And number four, to keep a good personal relation with the client. On these four activities, the first two are completely could be completely replaced by technology. Today, our artificial intelligence programs are much smarter than our Salesforce to recommend the client what to buy, number one, and there are much more efficient ways to place the orders through digital on the other. Salesforce is still extremely important to execute in the point of sale, number one, and to have the personal relation with the client on the other. But we need less sales force to do this and more technology. And we're moving rapidly in this direction. And I compliment Patricio on this. If you look at our MSN DNA, especially in Chile, which is the main operating segment, they were below inflation by 2.7%, while marketing expenses were above inflation. So it means that we are making efficiencies, as Patricio said, in sales, but also in distribution. Distribution also is a key because it's a big chunk of money there, as you know, track efficiency, warehouses efficiency. So there we are, it's in perfectly, it's in the good path, let's say, efficiency program, as I said. If we maintain this path of growing of growing our expenses with less inflation while maintaining or investing better in marketing, that's a good sign. In fact, we measure four times per year the brand equity of each one of the brands of our portfolio and the brand equity of each one of the brands of our competitors. And the indicators of Q1 2025 for our key categories show us that our brand equity indicators are one of the highest historically in the last 10 years, that our portfolio today is extremely healthy. And this gives us a lot of confidence on having good volumes, good market shares, good prices to continue improving our profitability.

Very clear. Thanks a lot for the call.

Thank you. Our next question is from Evald Stark from Vice Inversiones. Your line is now open. Please go ahead.

Good morning, and thanks for taking my question. In the press release, you mentioned that competition and the context remains highly volatile, and you expect to do so in the coming quarters. So I wanted to ask, how do you expect competition, how aggressive you expect competition to be in Chile in the remaining of the year?

Thank you, Eduardo. Thank you, everyone, for your question. Competition has always been very tough. I know the categories where we participate, in Chile and the other countries. I think that this is not going to change. At the same time, this is, I would say, my main comment, but the good, good element of i mean the tough element of having tough competition difficult to make money to increase prices to increase margins but we would like to do this particularly through efficiencies the good thing of staff competition is that it promotes per capita consumptions which is key because as i mentioned before the alcohol consumption all over the world is under pressure for many reasons and A lot of competition, a lot of innovation, a lot of marketing, a lot of execution at the point of sales contributes to offset those trends. Let me give you one example, which is a very clear signal of this. Per capita consumption in Chilean beer. We compete strongly in beer. Per capita consumption in beer in 2014, 10 years ago, was 44 liters. 4.4. Per capita consumption of beer in 2024, 10 years after, was 54.2. 10 more liters per capita. In the United States, in the same period, per capita consumption has increased from 74.5 to 59 liters. And in the world, from 25.4 liters to 22.7 liters. So it's true. We have been competing in a very tough way in all our categories for many years, and it will continue being true. But I think that at the end of the day, it's good for categories, and we're not afraid of this. And it allows us to improve our capabilities day after day. And finally, as I mentioned before, the high level of of brand equity measured quarterly got a maximum level in the last 10 years, in the last many years, in most of our categories. So we're very glad on that, and it will allow us to be a strong competitor in Chile and the other countries where we participate.

Okay, thanks.

Thank you. Our next question is from Constanza Gonzalez from Quest Capital. Your line is now open. Please go ahead.

Good morning, Patricio and Felipe. Thank you for the call and for taking my question. I have a question regarding Argentina. For example, considering that you are seeing recovery in the economy. Do you expect that volumes in the next quarter are going to increase? And the second question about with this deliberation of economy, do you expect to bring more dollars from Argentina to Chile? How is going to be the process? I would appreciate if you can give us some color about that change. Thanks.

Indeed, Constanza. Regarding volumes in Argentina, pre the presidency of Mr. Millet, when inflation was very high, but there was a lot of man in the pockets of consumers before the adjustment, The running rate of our volumes, the running rate of the volumes of the last quarter, justifies seasonal effects. The industry, let's say, was 100. I will use an index, 100. In the worst moment in 2024, that was Q2 and Q3, volumes of the industry decreased on a running rate basis by 20%. So if it were 100 before, were eight after. Today we are in 90. Now just in the middle of the road between pre-adjustment and the worst moment after adjustment. And this is my remark number two, the worst moment of the adjustment was Q2 and Q3 2024. So we expect to have a good growth in volumes compared with those figures. But again, but again, is less than 100. So the industry is stabilizing in a level which is 10% better than the West moment and 10% lower than the pre-adjustment moment. And with that, your second question, I will ask Felipe to elaborate. This was regarding the new measures announced on April 14 by the Argentine government. Yes, the central bank announced an agreement first with the International Monetary Fund, which is good, but also through the comprehensive financing package and new regulatory framework for exchange rate controls. These announcements, of course, for the futures are very positive because for results or income delivered from audited financial statements from 2025 and thereafter, we would be able to bring dividends from Argentina, which is good news for the future. I cannot tell you if we will bring or not dividends, it will depend on our results and other accounts. And also it was announced a new Bob Real, which is a new bonus for our reconstruction of Argentina Libre in Spanish, that would allow us to settle some accounts that we have with some commercial partners that we have foreign rate exposures in our P&L, which is positive, but also to pay some unsettled share sales from the holding company to Argentina. So, first is to settle the accounts would be the first objective, and then, of course, for the future is positive that we could bring dividends from the results from 2025 and thereafter. So we see with very good eyes this new announcement of the government.

Okay, thank you for your answer. I have a follow-up question. In relation with the shingle in trends, what is, I'm sorry, which is the level of margin EBITDA that you feel comfortable for the long term?

No, we do not make projections publicly for the long term, but we are trying to recuperate the EBITDA margin and be a business both in Chile and Argentina.

Okay, thank you for your answers.

Thank you.

Thank you. We have a follow-up question from Fernando Vera from Bank of America. Your line is now open. Please go ahead.

Great. Thanks for picking up my question again. I would like to hear your thoughts about the weak demand in wine. in both local market and exports? Is there any other reason besides a lower demand of alcohol? And also, how do you expect volume to behave in the remainder of the year, given that you will face easier comps? Thank you.

Thank you. Thank you, Fernando. I mentioned before the trends to reduce the alcohol consumption on the whole. alcoholic category, but if you double-click, the wine category has been the one suffering the most figures. This is Chile. 2019, the per capita of wine, including sparkling wine, wine and sparkling wine, the per capita in Chile, 2019, 12.7 liters. 2024, 10.5 liters. 2025, continually declining. United States, wine and sparkling wine 2019 9.8 liters 2024 8.4 liters and the world as a whole which impacts on our ability to export per capita on 2019 of wine and sparkling wine 3.8 liters 2024 3.3 liters so among all the categories, the one suffering the most is the wine. The beer and spirit categories have been able to defend themselves. I think that because the wine categories are much more conservative and the beer category has been bringing a lot of innovation and the spirit category has been much more innovations particularly on flavors alcoholic products which are growing a lot and low alcohol flavors sparkling those categories are increasing a lot and we're promoting strongly those categories based on beer business pills and also based on wine in chile we have been able to defend the volumes and profitability by doing this and we expect those categories to grow a lot in the future But regarding this year, we prefer not to make public estimations. Of course, we have our own estimations, but we prefer not to make them public. But again, the trend is complicated, as I mentioned before, particularly for wine. But we are trying to offset those, these trends, by pushing a lot of those slave or the wine low level of alcohol and also non-alcoholic products, beer without alcohol and others. Sparking wine without alcohol. We expect those categories to grow in the future and we are pushing a lot. With a lot of margin, in fact, because those categories make sense. because they bring volume and they also bring margins. At the very beginning, you have to invest in marketing, you have to generate a little bit of additional cost in your operation, but we are convinced that they will be extremely important in the future, and not only in the future, in the near future, and that's it.

Okay, great. Thank you so much for the caller.

Thank you. We have a question from Santiago Petri from Franklin Templeton. Good morning. Thanks for the call. Do you perceive a change in consumption habits towards beer consumption globally? Why are sodas doing better than beer? What is your outlook for beer consumption in the future?

Thank you, Santiago, for your question. It's a key question that probably you text to this question before my last remarks. But again, I will repeat some figures and give you an additional figure. All over the world in the last 10 years, I mean, let's compare pre-pandemic with post-pandemic. Here, all over the world, the per capita was 23.9, 2024, 22.7. So a decline, but not as important as in the case of wine. In the case of Chile, per capita in 2019, 52.2, in 2024, 54.2. So we have been able to move in a different direction than the world in the beer category. And it has relation, among other reasons, in the tough competitive environment that we had in Chile, which applied all the competitors to be very smart and promote our volumes. So we have been able to move in the right direction. 2025, the trend is not good, as I mentioned before, and as Nielsen shows. I would say that this is the key challenge for all the companies producing alcohol all over the world. We are facing this challenge, but indeed it is a challenge.

Thank you very much. I will now be passing the line for the CCU team for the closing remarks.

In summary, in the first quarter of 2025, we were able to deliver higher financial results, expanding BPA and net income in a challenging business environment for volumes and continuous cost pressures. In line with our priority of recovering profitability, we implemented revenue management efforts across all operating segments while continuing to deliver efficiencies. Furthermore, in 2025, we are celebrating 175 years of history, a period during which we have overcome many challenging times by being a dynamic and innovative company capable of adapting to transformations of Chile and the other countries where we have expanded our operations. This vast business experience will be key to navigating the current uncertain business scenario especially in terms of consumption trends and exchange rate volatility. Thus, we continue implementing our 2025-2027 strategic plan, supporting our multi-category strategy to ensure sustainable and profitable growth for CCU.

This concludes the call for today. Thank you and have a nice day.