Vina Concha To

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What it is

Concha y Toro was founded in 1883 by Don Melchor Concha y Toro and Don Ramón Subercaseaux Mercado — and more than a century later it remains the hemisphere’s dominant winemaker. With 33 million cases sold globally, the company has a presence in over 130 countries.

The company owns approximately 10,800 hectares of vineyards in Chile, Argentina and the United States, and its portfolio spans everything from the mass-market Frontera to the flagship Don Melchor and the joint-venture Almaviva icon. That joint venture with Baron Philippe de Rothschild takes Chilean wine into the very highest international price brackets.

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Who owns it

The Guilisasti family took the controlling stake in 1961 and has never let go. The group controlling block stands at roughly 37.87% of the shares, held under an informal concert-party arrangement; within that, Inversiones Totihue S.A. — the Guilisasti Gana family vehicle — holds 22.52%, with the remainder split among related entities and the Larraín Santa María family.

In April 2025, Concha y Toro filed with Chilean regulators confirming a formal shareholder pact signed by Guilisasti-linked entities, together covering roughly 29% of shares. Institutional investors — Chilean pension funds and international asset managers — hold a further 42.6%, leaving a free float of around 25%.

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Who runs it

Eduardo Guilisasti Gana has been Chief Executive Officer since 1989 — one of the longest-serving winery CEOs of any listed company anywhere. The CFO is Osvaldo Solar Venegas.

The current Chairman of the Board, who served as Vice Chairman since September 1998, took over as Chairman in July 2025. Two of Eduardo’s siblings, Rafael and Pablo Guilisasti Gana, also sit on the board, cementing family oversight at every level.

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The money, in plain words

Sales rose from CLP 837.2B (~USD 923M) in 2023 to CLP 975.3B (~USD 1.076B) in 2025 — a gain of 16.5% over two years (our calculation). The company keeps about 6.5 cents of profit from every peso of sales — a net profit margin of 6.49% (TTM), modest for a branded consumer company and a reminder that making and shipping wine is capital-intensive.

For every peso owners have invested, the company earns about 7.3 back each year — a return on equity of 7.33%, honest rather than exceptional. The shares trade at 10.3 times trailing earnings (price-to-earnings of 10.3×), a low multiple that signals the market is cautious about margin pressure; that caution is partly offset by a dividend yield of 5.27%, which is generous in any market.

Net cash on the balance sheet stands at CLP 57.3B (~USD 63M) (our calculation), with total debt not separately disclosed in the most recent filing.

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What it is doing now

In February 2026 Concha y Toro struck its first-ever acquisition in France, agreeing to buy a majority stake in Maison Mirabeau, a leading Provence rosé producer — deepening its push into premium wines. Financial terms were not disclosed.

Earlier in the fiscal year, quarterly sales came in up 8% in the September quarter, and the company’s year-to-date figure for 2025 was tracking at +4.3%. On the brand side, CEO Eduardo Guilisasti described the Mirabeau deal as central to the group’s long-term strategy, adding a Provence origin to a portfolio that already spans Chile, Argentina and California.

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What to watch

• Margin recovery. Net profit fell from CLP 77.4 (US$0.09)B in 2024 to CLP 67.2 (US$0.07)B in 2025 — a drop of 13% — as tariffs and competitive pricing in lower-value wine categories pressed costs. Whether management can rebuild the margin toward 8%+ will drive the share price.
• Premium mix shift. The Mirabeau deal and the ongoing push behind Don Melchor and Casillero del Diablo signal a deliberate move up the price ladder; success here would lift margins structurally.
• Currency exposure. The UK alone represents 28.1% of export sales, with the US at 14% and Brazil and Mexico significant too — leaving the company sensitive to CLP movements against sterling, the dollar and the real.
• Succession and governance. With the CEO and several board members drawn from the same Guilisasti family, any ownership or leadership transition would be a material event to monitor.

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This is news, not investment advice.