The strong H1 results confirm accelerating operational momentum across all geographies, with Brazil and Paraguay leading growth. Operating cash flow strength supports the dividend trajectory. Key catalysts to watch: bottling agreement renewals with The Coca-Cola Company (Chile expires Feb 2027, Argentina Sep 2027, Brazil Oct 2027, Paraguay Mar 2028) and Argentina's hyperinflation dynamics. The stock may re-rate higher if this growth pace continues into Q3.
Price Chart
Executive Summary
Andina Bottling reported strong H1 2026 results with consolidated revenue up 8.2% to Ch$1.74 trillion and net income up 19.9% to Ch$136.2 billion, driven by broad-based growth across all geographies, particularly Brazil (+15.3%) and Paraguay (+24.2%). Operating cash flow surged 52% to Ch$238.1 billion, and the balance sheet remains solid with total equity up 13.7% to Ch$1.36 trillion. The filing confirms the positive momentum from the prior 20-F annual report and reinforces the company's operational strength.
Key Facts
- H1 2026 revenue increased 8.2% YoY to Ch$1,744,444,843 thousand
- Net income attributable to owners rose 19.9% YoY to Ch$134,902,044 thousand
- EPS Series A grew 18.8% to CLP 135.73; EPS Series B grew 18.8% to CLP 149.30
- Operating cash flow improved 52% to Ch$238,142,142 thousand
- All four geographic segments posted revenue growth: Chile +4.1%, Argentina +0.6%, Brazil +15.3%, Paraguay +24.2%
- Total equity increased 13.7% to Ch$1,360,240,956 thousand since year-end 2025
- Dividends of Ch$102,065,735 thousand were paid during the period
Financial Impact
Revenue +8.2% YoY, Net income +19.9% YoY, Operating cash flow +52% YoY
Risk Factors
- Bottling agreements with The Coca-Cola Company are renewable at TCCC's sole discretion; Chile agreement expires Feb 2027
- Argentina hyperinflation (17.09% H1 2026) and currency translation risks from ARS, BRL, and PYG exposures
- Commodity price risk for sugar, PET resin, and aluminum representing 35-40% of operating costs
- Large Brazilian tax contingencies (IPI credits totaling BRL 3.8 billion classified as possible losses)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (AKO-A) — Batch item 1 | 0001104659-26-092397 |
| Document: 0001104659-26-092397-index-headers.html | 0001104659-26-092397 |
| Document: 0001104659-26-092397-index.html | 0001104659-26-092397 |
| Document: 0001104659-26-092397.txt | 0001104659-26-092397 |
| 6-K Filing (AKO-A) — Batch item 5 | 0001104659-26-092397 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 26d ago | 6-K | $24.27 | awaiting T+20 | — | $23.61 (−2.73%) |
Aug 7, 2026 11w ago | 6-K | $23.99 $23.40 | ▼ −2.46% | ▼ −2.06% | $23.61 (−1.58%) |
May 7, 2026 24w ago | 6-K | $21.92 $23.60 | ▲ +7.68% | ▲ +4.54% | $23.61 (+7.72%) |
US Market Status
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