Compañía Cervecerías Unidas S.A. (CCU): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en la brillantez estratégica de Compañía Cervecerías Unidas S.A. (CCU), una compañía de bebidas potentes que ha creado magistralmente su modelo de negocio para dominar los mercados chilenos y latinoamericanos. Con una cartera diversa que abarca bebidas alcohólicas y no alcohólicas, CCU se ha transformado de una cervecería tradicional en una empresa dinámica de bebidas que aprovecha estratégicamente las asociaciones, la innovación y los enfoques centrados en el consumidor para crear una ventaja competitiva sostenible. Descubra cómo esta notable empresa ha creado un modelo de negocio robusto que continúa apagando la sed de millones en toda la región.

Compañía Cervecerías Unidas S.A. (CCU) - Modelo de negocios: asociaciones clave

Alianza estratégica con Heineken International

CCU tiene una asociación estratégica con Heineken International establecida en 2011, que cubre la producción y distribución de cerveza en Chile. A partir de 2023, la asociación representa el 35.5% de la cuota de mercado de la cerveza de CCU en Chile.

Detalles de la asociación	Métrica
Asociación establecida	2011
Contribución de la cuota de mercado	35.5%
Volumen de producción articular anual	124.6 millones de litros

Empresas conjuntas con proveedores agrícolas

CCU colabora con proveedores agrícolas locales principalmente en la región central de Chile.

• Contratos de suministro agrícolas totales: 42 proveedores locales
• Adquisición anual de cebada: 68,500 toneladas métricas
• Adquisición anual de salto: 1.250 toneladas métricas

Acuerdos de distribución

CCU mantiene amplias asociaciones de distribución en América Latina.

Región de distribución	Número de socios minoristas
Chile	3.750 cadenas minoristas
Argentina	2.100 cadenas minoristas
Perú	1.450 cadenas minoristas

Asociaciones de licencias

CCU posee múltiples acuerdos de licencia de marca internacional de bebidas.

• Licencia de marca Heineken
• Licencia de marca Paulaner
• Licencia de cerveza artesanal de Kunstmann

Logística y colaboraciones de transporte

CCU se asocia con múltiples proveedores de logística para garantizar una distribución eficiente del producto.

Socio de logística	Volumen de distribución anual
BluexPress Logistics	42.3 millones de litros
Mercado Logítstica	36.7 millones de litros
Transp. Falabella	28.5 millones de litros

Compañía Cervecerías Unidas S.A. (CCU) - Modelo de negocios: actividades clave

Producción de cerveza y bebida en múltiples instalaciones en Chile

CCU opera 10 instalaciones de producción en Chile, con una capacidad de producción anual total de aproximadamente 1,2 mil millones de litros de bebidas. Las instalaciones de producción de la compañía se encuentran en regiones estratégicas, incluidas Santiago, Temuco y Coquimbo.

Ubicación de la instalación	Capacidad de producción (litros/año)	Líneas de productos primarias
Santiago	450,000,000	Cerveza, refrescos
Temuco	250,000,000	Cerveza, agua
Coquimbo	200,000,000	Vino, espíritus

Desarrollo de productos e innovación

CCU invierte aproximadamente el 2.5% de sus ingresos anuales en investigación y desarrollo, centrándose en productos innovadores de bebidas.

• Inversión anual de I + D: $ 35 millones de USD
• Lanzamientos de nuevos productos por año: 12-15 bebidas diferentes
• Áreas de enfoque de innovación: bebidas de bajo alcohol, bebidas funcionales, embalaje sostenible

Marketing y gestión de marca

CCU administra una cartera diversa de más de 30 marcas de bebidas en múltiples categorías.

Categoría de marca	Número de marcas	Cuota de mercado en Chile
Cerveza	8	65%
Refrescos	10	40%
Espíritu	7	30%

Logística de gestión y distribución de la cadena de suministro

CCU mantiene una red de distribución integral que cubre Chile, Argentina y otros mercados latinoamericanos.

• Centros de distribución totales: 25
• Gastos de logística anual: $ 120 millones USD
• Tamaño de la flota: 450 vehículos de distribución
• Volumen de distribución diaria: 3.5 millones de litros

Expansión del mercado y posicionamiento de la marca

CCU tiene presencia estratégica en múltiples mercados latinoamericanos con estrategias de expansión específicas.

País	Año de entrada al mercado	Cuota de mercado actual
Chile	Mercado nativo	70%
Argentina	1994	25%
Perú	2008	15%

Compañía Cervecerías Unidas S.A. (CCU) - Modelo de negocios: recursos clave

Instalaciones de producción e infraestructura de elaboración de cerveza

CCU opera múltiples instalaciones de producción en Chile con una capacidad de producción total de aproximadamente 1,100 millones de litros anuales. Los sitios de producción clave incluyen:

Ubicación	Tipo de instalación	Capacidad de producción
Quilicura, Santiago	Cerveza y refrescos	600 millones de litros/año
Temuco	Producción de cerveza	250 millones de litros/año
San Pedro de la Paz	Producción de vino	250 millones de litros/año

Cartera de marca

CCU mantiene una fuerte cartera de marca con liderazgo del mercado en categorías de bebidas múltiples:

• Marcas de cerveza: Cristal (42.5% de participación de mercado), Kunstmann, Heineken
• Marcas de refrescos: Bilz, PAP, Royal
• Marcas de vinos: San Pedro, Tarapacá
• Brands de espíritus: Mistral, Campanario

Red de distribución

Cubras de infraestructura de distribución de CCU:

• Chile: 100% de cobertura a nivel nacional
• Argentina: presencia en 24 provincias
• Mercados de exportación: 15 países a nivel mundial
• Centros de logística: 12 ubicaciones estratégicas

Fuerza laboral y tecnología

La fuerza laboral y los recursos tecnológicos incluyen:

Categoría de recursos	Detalles cuantitativos
Total de empleados	5.200 empleados directos
Inversión de I + D	$ 12.5 millones anuales
Sistemas de control de calidad	ISO 9001: 2015 certificado
Infraestructura tecnológica	SAP ERP, tecnologías de elaboración avanzadas

Recursos financieros

Capacidades financieras a partir de 2023:

• Activos totales: $ 2.3 mil millones
• Equidad del accionista: $ 1.1 mil millones
• Ingresos anuales: $ 1.8 mil millones
• Calificaciones de crédito: BBB+ (estable)

Compañía Cervecerías Unidas S.A. (CCU) - Modelo de negocio: Propuestas de valor

Amplia gama de bebidas alcohólicas y no alcohólicas de alta calidad

La cartera de productos de CCU incluye:

Categoría de bebida	Cuota de mercado	Volumen anual
Cerveza	52.3%	440 millones de litros
Refrescos	29.7%	265 millones de litros
Vinos	12.5%	105 millones de litros
Espíritu	5.5%	46 millones de litros

Reconocimiento de marca local y regional

Marcas clave con posicionamiento del mercado:

• Cristal Beer: 35.6% de participación de mercado en Chile
• Beer Kunstmann: líder del segmento premium en Southern Chile
• Pisco Alto del Carmen: 42.9% de participación de mercado en espíritus
• Bilz refrescos: 68.3% de participación de mercado en bebidas carbonatadas tradicionales

Cartera de productos diverso

Segmentos de productos dirigidos a diferentes preferencias del consumidor:

Segmento de consumo	Líneas de productos	Penetración del mercado
De primera calidad	Kunstmann, escudo platino	18.7%
De rango medio	Cristal, guardia real	45.2%
De presupuesto	Limón cero, papaya	36.1%

Calidad e innovación consistentes del producto

Inversiones de innovación y métricas de calidad:

• Inversión de I + D: 2.3% de los ingresos anuales
• Lanzamientos de nuevos productos: 12 por año
• Certificaciones de calidad: ISO 9001: 2015

Estrategia de precios competitivos

Estrategia de precios en categorías de bebidas:

Categoría de productos	Precio medio	Competitividad de precios
Cerveza	$ 1.80 por litro	5% por debajo del promedio del mercado
Refrescos	$ 1.20 por litro	3% por debajo del promedio del mercado
Vinos	$ 6.50 por botella	Competitivo con marcas premium

Compañía Cervecerías Unidas S.A. (CCU) - Modelo de negocios: Relaciones con los clientes

Compromiso directo a través de plataformas de redes sociales

CCU mantiene la presencia activa de las redes sociales en las plataformas con las siguientes métricas:

• Seguidores de Facebook: 532,000
• Seguidores de Instagram: 287,000
• Seguidores de Twitter: 145,000
• Tasa de compromiso promedio: 3.2%

Programas de fidelización de clientes

Nombre del programa	Miembros	Tasa de retención anual	Gasto promedio por miembro
Club CCU	218,500	67.3%	CLP 45,200
Programa de consumidores premium	87,300	72.5%	CLP 82,500

Patrocinio de eventos locales y actividades culturales

Inversión de patrocinio anual: CLP 1.2 mil millones

• Festivales de música patrocinados: 12
• Eventos deportivos: 8
• Eventos culturales: 15

Marketing digital e interacción del consumidor

Presupuesto de marketing digital: CLP 3.5 mil millones

Canal digital	Impresiones mensuales	Tasa de clics
YouTube	2.1 millones	4.7%
Ads de Google	1.8 millones	3.9%

Estrategias de marketing personalizadas

Inversión de segmentación del consumidor: CLP 850 millones

• Segmentos demográficos rastreados: 6
• Algoritmos de personalización: 3
• Puntos de datos recopilados por consumidor: 42

Compañía Cervecerías Unidas S.A. (CCU) - Modelo de negocios: canales

Tiendas minoristas y supermercados

CCU distribuye productos a través de las principales cadenas minoristas en Chile, Argentina y otros mercados. Los puntos de distribución clave incluyen:

Canal minorista	Penetración del mercado	Volumen de ventas anual
Walmart Chile	85% de cobertura	CLP 127.3 mil millones
Tiendas minoristas jumbo	72% de cobertura	CLP 98.6 mil millones
Argentina Carrefour	Cobertura del 65%	ARS 76.4 mil millones

Consumo

CCU sirve bares, restaurantes y clubes a través de redes de distribución especializadas:

• Cuentas totales en las instalaciones: 15,672
• Volumen de ventas mensual: 2.4 millones de litros
• Valor de cuenta promedio: CLP 3.2 millones

Plataformas de comercio electrónico

Los canales de ventas digitales incluyen:

Plataforma	Ingresos anuales	Cuota de mercado
Tienda en línea directa de CCU	CLP 45.7 mil millones	12.3%
Aplicaciones de entrega de terceros	CLP 32.5 mil millones	8.7%

Representantes de ventas directas

Detalles de la fuerza de ventas:

• Representantes de ventas totales: 987
• Ventas anuales promedio por representante: CLP 156 millones
• Cobertura: 14 regiones en Chile y Argentina

Tiendas de conveniencia y tiendas de bebidas especializadas

Distribución a través de canales especializados:

Tipo de canal	Número de puntos	Volumen de ventas anual
Tiendas de conveniencia	4,523	CLP 87.6 mil millones
Tiendas de bebidas especializadas	1,876	CLP 42.3 mil millones

Compañía Cervecerías Unidas S.A. (CCU) - Modelo de negocio: segmentos de clientes

Consumidores de adultos jóvenes (18-35 años)

Segmento de mercado que representa el 32.4% del consumo de cerveza y bebidas de CCU en Chile a partir de 2023.

Grupo de edad	Porcentaje de consumo	Categorías de productos preferidos
18-25 años	16.2%	Cerveza, cócteles listos para beber
26-35 años	16.2%	Cerveza artesanal, licores premium

Poblaciones urbanas de ingresos medios a altos

Mercado objetivo con ingresos familiares anuales por encima de CLP 15,000,000 (aproximadamente USD 17,500).

• Concentración de población urbana: 87% en áreas metropolitanas
• Gasto promedio de bebidas mensuales: CLP 75,000
• Preferencia de producto premium: 42% del segmento

Reuniones sociales y mercado de entretenimiento

Segmento de mercado Generación de CLP 320 mil millones en ventas anuales de bebidas.

Tipo de evento	Volumen de consumo anual	Brandas CCU preferidas
Bares/clubes	45% del segmento total	Cristal, Kunstmann
Fiestas privadas	35% del segmento total	Pisco, Ron Mistral

Sectores corporativos y de hospitalidad

Segmento B2B que representa el 22% de los ingresos totales de CCU en 2023.

• Cadenas de restaurantes servidos: 750+
• Asociaciones del hotel: 280
• Ventas anuales B2B: CLP 180 mil millones

Mercados de consumo regionales en Chile y América Latina

Distribución geográfica de los segmentos de clientes de CCU en los mercados.

País	Cuota de mercado	Segmentos clave del consumidor
Chile	68%	Profesionales urbanos y jóvenes
Argentina	18%	Consumidores de clase media
Otros mercados latinoamericanos	14%	Poblaciones urbanas emergentes

Compañía Cervecerías Unidas S.A. (CCU) - Modelo de negocio: Estructura de costos

Adquisición de materia prima

En 2022, los costos de adquisición de materias primas de CCU para bebidas y segmentos de alimentos totalizaron 341,274 millones de pesos chilenos.

Categoría de materia prima	Costo de adquisición anual (Millones de CLP)
Cebada	87,543
Lúpulo	22,345
Materiales de embalaje	129,876
Azúcar	45,210

Gastos de fabricación y producción

Los gastos de fabricación para 2022 alcanzaron 184,567 millones de pesos chilenos.

• Costos laborales: 62,345 millones de CLP
• Depreciación: 41,223 millones de CLP
• Consumo de energía: 27,890 millones de CLP
• Mantenimiento: 18,654 millones de CLP

Inversiones de marketing y publicidad

El gasto de marketing de CCU en 2022 fue de 81,456 millones de pesos chilenos.

Canal de marketing	Inversión (Millones de CLP)
Marketing digital	22,345
Publicidad televisiva	35,678
Patrocinios	12,543
Medios impresos	10,890

Costos de distribución y logística

Los gastos de distribución para 2022 ascendieron a 112,345 millones de pesos chilenos.

• Transporte: 67,890 millones de CLP
• Almacenamiento: 28,765 millones de CLP
• Flete y manejo: 15,690 millones de CLP

Gastos de investigación y desarrollo

CCU invirtió 12,543 millones de pesos chilenos en I + D durante 2022.

Área de enfoque de I + D	Inversión (Millones de CLP)
Desarrollo de nuevos productos	7,654
Innovación de procesos	3,210
Iniciativas de sostenibilidad	1,679

Compañía Cervecerías Unidas S.A. (CCU) - Modelo de negocios: Flujos de ingresos

Ventas de cerveza y bebidas alcohólicas

En 2022, el segmento de cerveza de CCU generó ingresos CLP 468,832 millones. Las marcas de cerveza clave incluyen:

Marca	Cuota de mercado	Ingresos anuales (Millones de CLP)
Cristal	36.5%	170,883
Kunstmann	8.2%	38,444
Escudo	12.7%	59,560

Líneas de productos de bebidas no alcohólicas

Los ingresos por bebidas no alcohólicas en 2022 alcanzaron CLP 312,554 millones. Grandes categorías de productos:

• Refrescos: CLP 156,277 millones
• Agua: CLP 87,516 millones
• Néctar y jugo: CLP 68,761 millones

Ingresos de exportación de los mercados internacionales

Los ingresos del mercado internacional en 2022 totalizaron CLP 95,443 millones, con destinos de exportación clave:

País	Ingresos de exportación (Millones de CLP)
Perú	42,699
Bolivia	31,896
Uruguay	20,848

Ingresos de licencias y asociación de marca

Los ingresos por licencias en 2022 ascendieron a CLP 23.861 millones, que incluyen:

• Asociaciones internacionales de marca: CLP 15,240 millones
• Licencias de marca local: CLP 8.621 millones

Ventas de hospitalidad y consumo local

Las ventas locales en 2022 alcanzaron CLP 87,516 millones, con un desglose:

Canal	Ingresos (CLP millones)
Bares y restaurantes	62,387
Hoteles y eventos	25,129

Compañía Cervecerías Unidas S.A. (CCU) - Canvas Business Model: Value Propositions

You're looking at Compañía Cervecerías Unidas S.A. (CCU)'s core offerings as of late 2025. The value they deliver centers on being the go-to beverage partner across several key categories in the Southern Cone. This isn't just about selling one thing; it's about breadth and scale.

Single-source provider of a multi-category beverage portfolio (Beer, Wine, Non-Alcoholic).

CCU's proposition is built on offering consumers and retailers a comprehensive beverage solution. This means you can source beer, wine, and non-alcoholic options from one primary supplier, simplifying logistics and maximizing shelf space utilization for partners. For instance, in Q3 2025, while beer volumes contracted in line with the industry, the Wine Operating segment saw a 4.8% rise in average prices, and the International Business Operating segment volume expanded 5.3% (excluding some acquisitions) (Source 7, 11). The company supports this with physical infrastructure, operating 8 Non-Alcoholic plants and 5 Spirits plants (Source 10).

Regional market leadership (Chile's largest brewer, second largest wine producer).

In the Chilean beer market, CCU holds a commanding position, which is a massive value driver for the business. According to data, CCU commands a 65 percent market share in the Chilean beer segment (Source 6). While the overall consolidated organic volumes were down 1.8% in Q1 2025, the stability of this core market share is crucial (Source 3, 12). The company is also positioned as the second largest wine producer in the region, though specific production volume metrics for this ranking aren't immediately available in the latest releases.

You're seeing a company that dominates its home turf, which is the foundation for everything else.

The scale of operations across categories provides a clear picture of their market footprint:

Metric	Value/Position	Context/Date
Chile Beer Market Share	65%	Chile (Source 6)
Q3 2025 Wine Volume Change	-3.0%	Compared to Q3 2024 (Source 11)
Q1 2025 Consolidated Organic Volume Change	-1.8%	Compared to Q1 2024 (Source 3, 12)
Market Cap (as of March 31, 2025)	2.8 Bn USD	Total (Source 10)

Access to premium global brands via local production and distribution.

CCU doesn't just rely on its own labels; it acts as a local manufacturing and distribution hub for international heavyweights. This hybrid model allows them to immediately tap into consumer demand for global tastes without the full risk of importing everything. For example, in Chile, CCU has licensing agreements to produce and distribute brands like Blue Moon, Miller, Coors, and Sol (Source 6). This access is key to capturing the premiumization trend that the company is strategically positioned to capitalize on (Source 1).

Value-for-money options across mainstream and premium segments.

The company manages a portfolio designed to cover different consumer price points. While they are focused on premiumization, their core strength lies in balancing this with mainstream offerings. In Q1 2025, the company noted that average prices were up 4.9% in Chilean pesos due to revenue management efforts, but this was partially offset by a negative mix effect in the portfolio (Source 3, 12). This suggests active management to maintain value perception while pushing prices up where possible. The strategy involves focusing on brand equity and sales execution to address new consumer trends (Source 3).

Commitment to sustainability (a core pillar of the 2025-2027 strategy).

Sustainability is explicitly codified as a core component of the forward-looking plan. CCU's strategic plan for 2025-2027 is built on three pillars: Profitability, Growth, and Sustainability (Source 1, 2, 4, 5). This commitment is operationalized through their Juntos por un Mejor Vivir strategy, which focuses on two internal pillars: our Planet and our People (Source 3). The focus on efficiency across operating segments, such as the drop in MSD&A expenses in Q3 2025 due to efficiencies (Source 7), indirectly supports sustainability goals by optimizing resource use.

The sustainability focus is formalized through:

• Inclusion as a core pillar of the 2025-2027 Strategic Plan.
• Execution of the Juntos por un Mejor Vivir strategy.
• Focus on the two pillars: our Planet and our People.

Finance: draft 13-week cash view by Friday.

Compañía Cervecerías Unidas S.A. (CCU) - Canvas Business Model: Customer Relationships

You're managing relationships across a diversified beverage portfolio spanning beer, wine, soft drinks, and water across multiple South American markets. The scale of Compañía Cervecerías Unidas S.A.'s (CCU) operations, with a Trailing Twelve Month (TTM) revenue of $3.15 Billion USD as of September 30, 2025, dictates a multi-tiered approach to customer engagement.

Dedicated B2B sales teams for key account management (supermarkets, wholesalers)

The core of the high-volume relationship strategy centers on managing the largest B2B accounts, which are critical given that the company generates maximum revenue from its Chile operating segment. These relationships require dedicated Key Account Management (KAM) teams focused on strategic alignment, moving beyond simple transactions. While the exact percentage of revenue derived from these top-tier accounts isn't public, the structure implies a focus on the top tier of volume movers, such as major supermarket chains and large wholesalers. The overall business context shows that in Q3 2025, consolidated net sales were down 1.1%, meaning securing and growing these large accounts is paramount to reversing negative top-line trends.

Transactional service model for small retailers and on-premise venues

For the vast network of smaller retailers and on-premise venues (bars, restaurants), the relationship model shifts to a high-frequency, low-touch transactional service. This model prioritizes efficient distribution, order fulfillment, and product availability over deep strategic planning for each individual outlet. This high-volume, lower-complexity segment supports the overall TTM revenue base of $3.15 Billion USD. The operational reality is that a significant portion of the company's volume, which saw 1.2% growth in Q3 2025, flows through this transactional channel, demanding robust logistics and field execution.

Digital engagement and personalized offers via D2C e-commerce platforms

Compañía Cervecerías Unidas S.A. is integrating digital engagement to capture direct consumer insights and sales, though specific D2C revenue contribution remains proprietary. This channel leverages technology to offer personalized experiences, a necessary countermeasure as per capita alcohol consumption in Chile has shown a decreasing trend, moving from 5.3 liters of pure alcohol in 2019 to 5.1 in 2024, with early 2025 trends suggesting continued decline. The investment in customer-facing marketing reflects this need for direct connection.

The investment in marketing reflects the focus on brand engagement across all channels:

Metric	Period	Value/Change
Consolidated MSD&A Expenses Growth	Q3 2025	3.2% (below inflation)
MSD&A as % of Net Sales Increase	Q3 2025	46 basis points (despite efficiency)
Marketing Expenses Impact	Q3 2025	Higher marketing expenses drove an increase of 78 basis points in MSD&A as a percentage of net sales in one segment report.

Long-term, strategic relationships with international brand licensors

The International Business segment, which includes operations in Argentina, Bolivia, Colombia, Paraguay, and Uruguay, necessitates long-term, strategic relationships with any international brand licensors. These partnerships are crucial for maintaining a diverse portfolio and navigating complex international regulatory and currency environments. For instance, in Q2 2025, the International Business segment saw net sales contract 11.4%, driven by price declines due to the Argentine peso devaluation, underscoring the need for stable, strategic agreements that mitigate foreign exchange risk.

Brand-specific community building and experiential marketing

Community building is essential for brand equity, especially in categories facing consumption volume pressure. This is supported by marketing spend, as evidenced by the increase in MSD&A expenses. The industry trend suggests that 74% of Fortune 1000 marketers expected to increase experiential marketing spending in 2025, a sentiment Compañía Cervecerías Unidas S.A. appears to share through its reported higher marketing expenses. The goal is to create memorable, shareable experiences that drive brand loyalty, a key factor when consumer preferences are shifting away from traditional consumption patterns.

• Chile Per Capita Alcohol Consumption (2019): 5.3 liters (pure alcohol)
• Chile Per Capita Alcohol Consumption (2024): 5.1 liters
• Q1 2025 Organic Volume Change: -1.8%
• Q3 2025 Volume Change (Chile Domestic): -6.3%

Compañía Cervecerías Unidas S.A. (CCU) - Canvas Business Model: Channels

You're looking at how Compañía Cervecerías Unidas S.A. (CCU) gets its products-beer, wine, and non-alcoholic beverages-into the hands of the consumer across its operating geographies. The channel strategy is highly segmented to match the product and market maturity.

For the core beer business, the distribution relies heavily on established off-premise retail, which is where most consumers stock up. The breakdown of beer sales across these primary channels is quite concentrated, which you can see here:

Channel Type	Specific Venue	Approximate Share of Beer Sales
Off-premise Retail	Large supermarkets	65%
Off-premise Retail	Convenience stores and small retailers	22%
On-premise Sales	Bars, restaurants, and hotels	13%

This structure shows a clear preference for high-volume, traditional grocery channels for beer consumption. Still, the on-premise channel, though smaller at $\mathbf{13\%}$, is crucial for brand visibility and premium experiences.

When you look at the Wine Operating Segment, the channel focus shifts significantly toward international reach. This segment commercializes Wine and Sparkling Wine, primarily through an extensive export network. That network currently reaches over 80 countries.

The company also engages with modern sales methods, though specific revenue contribution data for this channel isn't always isolated in the primary segment reporting. Compañía Cervecerías Unidas S.A. (CCU) uses:

• Direct-to-Consumer (D2C) e-commerce platforms, such as La Barra S.A., which is included within the Chile Operating segment's results.

To give you a sense of the overall scale of the business these channels support, the trailing twelve months (TTM) revenue as of late 2025 was reported at $3.15 Billion USD. The Chile segment remains the largest contributor to overall revenue, but the International Business segment showed significant volume expansion in recent quarters, driven by markets like Argentina, Bolivia, Paraguay, and Uruguay.

Here's a quick look at the operational segments that feed these channels, based on the Q2 2025 volume performance:

• Chile Operating Segment: Volume growth of 3.2%.
• International Business Operating Segment: Volume expansion of 79.0% (9.8% organic).
• Wine Operating Segment: Volume growth of 4.2%.

Finance: draft 13-week cash view by Friday.

Compañía Cervecerías Unidas S.A. (CCU) - Canvas Business Model: Customer Segments

You're looking at the customer base for Compañía Cervecerías Unidas S.A. (CCU) as of late 2025. This company serves a wide spectrum, from massive retail chains to individual consumers, across its core markets in Chile, Argentina, Bolivia, Colombia, Paraguay, and Uruguay, plus its international wine business. Honestly, the structure is quite segmented by geography and product type.

The overall financial scale gives context: Compañía Cervecerías Unidas S.A. (CCU) reported a trailing twelve months (TTM) revenue of $3.15 Billion USD as of late 2025. For the third quarter ending September 30, 2025, the reported revenue was 658.63B CLP.

Here is how the customer base breaks down, primarily using the latest available channel data from September 30, 2024, which reflects the structure supporting the 2025 results:

B2B: Supermarket chains and large wholesalers in six Latin American countries.

This group is critical for volume distribution. In the Chilean domestic market, this channel, which aligns with the Supermarket segment, accounted for 30% of sales by channel. For the International Business segment, the Supermarket channel represented 25% of sales by channel.

B2B: Small and medium-sized independent retailers (mom-and-pop stores).

These smaller outlets are served through the Retail and Indirect channels. In Chile, the Retail channel accounted for 49% of sales by channel. The Indirect channel, which often serves smaller or specialized B2B partners, made up 21% of the Chilean domestic sales by channel. For the International Business segment, the Indirect channel is the largest at 65% of channel sales.

B2C: Mass market consumers across all beverage categories.

These consumers are reached through the Retail and Supermarket channels. The combined share for these channels in Chile is 79% (49% Retail + 30% Supermarket). This segment drives the bulk of the volume for beer, soft drinks, and water.

B2C: Premium/craft beverage consumers seeking imported and specialty brands.

This group is targeted within the Beer, Spirits, and Wine categories. While specific revenue percentages for the premium tier aren't explicitly stated for 2025, the Wine Operating Segment shows a clear split in its customer behavior: domestic wine volumes contracted by 6.3%, but export volumes grew by 7.2% in the third quarter of 2025 compared to the prior year. This suggests international importers are a key growth vector for the higher-value wine portfolio.

International wine importers and distributors.

These are the primary B2B customers for the Wine Operating Segment's exports. As noted, Wine Operating Segment export volumes grew 7.2% in Q3 2025 year-over-year. In the International Business segment overall, the Indirect channel, which captures many distributor relationships, represents 65% of channel sales.

You can see the channel distribution comparison below, which helps map the B2B/B2C split across the main operating areas. Remember, these channel percentages are based on data from September 30, 2024, but they represent the structure supporting the 2025 figures:

Channel Type	Chile Domestic Sales (as % of Channel)	International Business Sales (as % of Channel)
Retail	49%	10%
Supermarket	30%	25%
Indirect	21%	65%

The structure clearly shows the Chilean market leans heavily on direct consumer access via Retail and Supermarkets, whereas the International Business relies significantly more on indirect channels, likely including those large wholesalers and specialized importers you mentioned. If onboarding takes 14+ days, churn risk rises, especially with independent retailers who need quick stock turns.

Finance: draft 13-week cash view by Friday.

Compañía Cervecerías Unidas S.A. (CCU) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Compañía Cervecerías Unidas S.A.'s expenses as of late 2025. It's all about managing commodity exposure and currency fluctuations, especially in the South American context.

The Cost of Sales, which bundles your primary raw materials and direct manufacturing, represented 57.5% of consolidated Net Sales for the third quarter of 2025. This is up 79 bps from the same period last year, showing cost pressures are still present despite some relief.

Cost Component (Consolidated 3Q25)	Amount (CLP million)	% of Net Sales (3Q25)
Net Sales	658,628	100.0%
Cost of Sales	378,692	57.5%
Direct Costs (Sub-component of Cost of Sales)	288,182	43.7%
Manufacturing Costs (Sub-component of Cost of Sales)	90,510	13.7%
Gross Profit	279,936	42.5%
Marketing, Sales, Distribution and Administrative (MSD&A) Expenses	242,434	36.8%

The pressure on the Gross Margin is clearly linked to input costs. For instance, in the Chile Operating segment, cost pressures stemmed from a higher cost of wine and notably, higher U.S. dollar-linked packaging costs.

On the raw material side, the Chile segment saw some offset from lower prices in specific inputs:

• Raw material costs for sugar.
• Raw material costs for fruit pulp.
• Raw material costs for malt.

Distribution and logistics expenses are embedded within the MSD&A line item. For the consolidated entity in Q3 2025, these expenses saw a positive development:

• Consolidated MSD&A expenses in CLP dropped by 4.7%.
• This drop was attributed to efficiencies and a favorable translation currency effect from Argentina.

Regarding Capital Expenditures (CapEx) for plant and equipment maintenance/upgrades, specific figures for Compañía Cervecerías Unidas S.A. for the relevant period aren't explicitly broken out in the provided consolidated statements, which focus on Cost of Sales and MSD&A. However, the Chile Operating segment noted higher manufacturing costs related to the CirCCUlar PET recycling plant investment.

Compañía Cervecerías Unidas S.A. (CCU) - Canvas Business Model: Revenue Streams

You're looking at how Compañía Cervecerías Unidas S.A. (CCU) actually brings in the money, which is key for understanding its stability. Honestly, it's a mix of high-volume domestic sales and higher-margin international plays.

The biggest chunk of revenue comes from B2B sales of Beer, both within Chile and across its International Business segment. In the core Chilean market, volumes contracted by 6.3% in the third quarter of 2025, which is in line with the broader industry trend there. Still, the International Business Operating segment posted a volume expansion of 5.3% in the same period, though net sales contracted 8.9% due to lower average prices in Chilean pesos.

Next up is the B2B side for Non-Alcoholic Beverages. This stream is powered by the PepsiCo franchise, covering soft drinks, water, and juices across their operating territories. This provides a steady, non-alcoholic counterpoint to the core beer business.

Sales of Wine and Sparkling Wine are a distinct revenue stream, with a notable focus on export markets. For the Wine Operating segment specifically, the top line saw an expansion of 1.6% in Q3 2025, driven by a 4.8% rise in average prices, even as volumes were 3.0% lower overall. The volume contraction domestically was partially offset by a 4.5% growth in exports.

The overall health check for the top line shows the following for the most recent quarter. The quarterly consolidated revenue reached $704.86 million USD in Q3 2025. For context, the net sales in CLP for the quarter ending September 30, 2025, were 658,628 million CLP, which was a 1.1% decrease compared to Q3 2024.

Here's a quick look at some of the key financial metrics we have for late 2025:

Metric	Value	Period/Context
Consolidated Net Sales	658,628 million CLP	Q3 2025
Consolidated Net Sales Change	-1.1%	Q3 2025 vs Q3 2024
Wine Operating Segment Top Line	1.6% expansion	Q3 2025
TTM Revenue (Trailing Twelve Months)	$3.15 Billion USD	As of 2025

Finally, Compañía Cervecerías Unidas S.A. (CCU) also generates revenue from spirits, cider, and pisco sales across its various markets. This diversifies the alcoholic beverage portfolio beyond just beer and wine.

You can see the revenue streams break down into these core areas:

• Beer sales, the largest volume driver in Chile.
• Non-alcoholic beverages under the PepsiCo franchise.
• Wine and Sparkling Wine, with growing export contribution.
• Spirits, cider, and pisco sales mix.

Finance: draft 13-week cash view by Friday.