Context: How Bolsa de Santiago works, and what it makes issuers disclose · Chile on the LatAm Power Map
Since 1946, a consortium of four Chilean families has been putting Coca-Cola into the hands of some 54 million people across Chile, Brazil, Argentina, and Paraguay — making Coca-Cola Andina one of the three largest Coca-Cola bottlers in Latin America.
| Full name | Embotelladora Andina S.A. (Coca-Cola Andina) |
| Tickers / exchange | ANDINA-A & ANDINA-B (Santiago Stock Exchange, SN); AKO.A & AKO.B (NYSE ADRs) |
| Headquarters | Avenida Miraflores 9153, Renca, Santiago, Chile |
| Sector | Consumer Defensive — Beverages, Non-Alcoholic |
| Employees | More than 17,000 (company disclosure) |
| Market value (market cap) | CLP 3.33 trillion (US$3.7 bn) (~$3.68 billion USD) |
| Yearly sales (revenue, FY2025) | CLP 3.34 trillion (US$3.7 bn) (~$3.69 billion USD) |
| Net profit (FY2025) | CLP 268.7 billion (US$296 mn) (~$296.5 million USD) |
| Net margin (TTM) | 8.5% — about 8½ cents of profit per peso of sales |
| Return on equity (ROE) | 23.5% — for every peso owners have invested, the company earns back about 23½ cents a year |
| Price-to-earnings (P/E) | 12.1× — the share costs about 12 years’ worth of its current earnings |
| Dividend yield | Not reported in current data; interim and final dividends for 2025 were approved at April 2026 AGM |
| Website | koandina.com |
What it is
Embotelladora Andina was founded in 1946 with the exclusive licence to produce and distribute Coca-Cola products in Chile. It merged with Embotelladoras Coca-Cola Polar in late 2012 to become one of the seven largest Coca-Cola bottlers globally.
Beyond Coca-Cola, the company also makes and sells products for Monster, Heineken, AB InBev, Diageo and Capel, operating under licences in Chile, Brazil, Argentina and Paraguay. It is the largest Coca-Cola bottler in Chile and Paraguay, second in Argentina, and third in Brazil.
Who owns it
Four Chilean families hold equal shares of the controlling block and together elect 12 of the 14 board seats via the company’s Series A shares; this controlling-group shareholders’ agreement also includes The Coca-Cola Company itself. The four families are the Chadwick Claro, Garcés Silva, Said Handal and Said Somavía.
Insiders collectively hold 57.0% of shares and institutions a further 22.8%, leaving roughly one-fifth of shares in general public hands (our calculation from EODHD data). Series B shares receive an additional 10% in dividends, the standard arrangement to compensate public holders who carry no voting control.
Who runs it
Miguel Ángel Peirano serves as Chief Executive Officer, as certified in the company’s Form 20-F filed with the U.S. SEC for the fiscal year ended December 31, 2025. Andrés Wainer serves as Chief Financial Officer, confirmed in the SEC 20-F filing for fiscal year 2024.
The money, in plain words
Sales grew from CLP 2.62 trillion (US$2.9 bn) to CLP 3.34 trillion (US$3.7 bn) between 2023 and 2025 — a 27.7% rise over two years (our calculation). For the full year 2025, net income attributable to controlling shareholders rose 15.5%, reaching CLP 268.7 billion (US$296 mn) (~$296.5 million USD) — the strongest profit in the three-year record.
The return on equity of 23.5% is strong for a bottler whose economics are partly dictated by a powerful franchisor; the price-to-earnings ratio of 12.1× is modest against that profitability. The company held CLP 296.5 billion (US$327 mn) (~$327 million USD) in cash at year-end 2025 (our calculation); total financial debt was not separately disclosed in the structured data filed.
What it is doing now
CEO Peirano highlighted three new production lines added in Brazil and Paraguay in 2025, and the renewal of the AB InBev distribution agreement in Chile, deepening the company’s push beyond soft drinks into a wider drinks portfolio. More than 80% of revenue now flows through digital sales platforms, and the company’s B2B app has surpassed 260,000 registered retail clients.
At its General Shareholders’ Meeting on April 16, 2026, the company approved its 2025 results and endorsed a final dividend of CLP 102 (US$0.11)per Series A share and CLP 112.20 (US$0.12)per Series B share, payable from May 14, 2026. Capital expenditure for 2026 is projected at USD 250 million, focused on returnable containers, cooling equipment, and cases.
What to watch
- Argentina inflation risk. Argentine operations are accounted for under hyperinflationary rules; a peso devaluation or renewed price spiral compresses reported margins even when local volumes grow.
- Brazil trajectory. Brazil is expected to remain a key growth driver, though double-digit volume growth may moderate as year-on-year comparisons get harder.
- Digital channel maturity. 65.5% of total revenues already came through digital platforms in Q1 2025, a rapid shift; watch whether lower transaction costs translate into wider margins.
- Franchise renewal. Coca-Cola bottling licences are periodically renegotiated; the terms set by The Coca-Cola Company directly determine how much of every peso of sales Andina can keep.
Sources
- SEC EDGAR — Embotelladora Andina Form 20-F FY2025, CEO certification (Exhibit 13.1)
- SEC EDGAR — Embotelladora Andina Form 20-F FY2024, CFO certification (Exhibit 13.2)
- SEC EDGAR — Andina–Polar merger announcement (February 2012), controlling family structure
- Coca-Cola Andina official website — Corporate history
- Globe and Mail / press release — Full-year 2025 results announcement (January 2026)
- Globe and Mail / press release — April 2026 AGM dividend and audit approvals
- Market data: EODHD.
This is news, not investment advice.
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