Compañía Cervecerías Unidas S.A. (CCU): Business Model Canvas [Dec-2025 Updated]

You're looking to dissect the engine room of Compañía Cervecerías Unidas S.A. (CCU), and honestly, it's a fascinating structure balancing global muscle with local dominance. As someone who's spent two decades mapping these giants, I can tell you their Q3 2025 revenue hit $704.86 million USD, driven by a complex web of licensing deals and proprietary brands like Escudo. Below, we break down exactly how they manage that massive distribution footprint-which still sees about 65% of beer sales through large supermarkets-and how their cost control, like the recent 4.7% drop in MSD&A expenses, shapes their path forward. Dive in to see the nine blocks that define this regional beverage powerhouse.

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

Compañía Cervecerías Unidas S.A. (CCU) relies on several strategic alliances to maintain and expand its multi-category beverage presence across Chile, Argentina, Bolivia, Colombia, Paraguay, and Uruguay.

Licensing agreements with global brewers (e.g., Heineken, AB InBev).

Compañía Cervecerías Unidas S.A. (CCU) maintains principal licensing and/or joint venture agreements with major global beverage entities, which allows for the production and distribution of international brands within its operating territories. These relationships are crucial for portfolio breadth and premium segment access.

Partner Entity	Type of Agreement Indicated	Relevant Operational Context
Heineken Brouwerijen B.V.	Licensing/Joint Venture	Brands like Heineken are planned for introduction via the Central Cervecera de Colombia (CCC) joint venture.
AB InBev	Licensing/Distribution	AB InBev's Colombian unit, Bavaria, is the dominant competitor in that market.
Seven-up International	Licensing/Distribution	Principal agreement listed as of April 2025.
Schweppes Holdings Limited	Licensing/Distribution	Principal agreement listed as of April 2025.
Société des Produits Nestlé S.A.	Licensing/Distribution	Principal agreement listed as of April 2025.
Coors Brewing Company	Licensing/Distribution	Principal agreement listed as of April 2025.

Joint Venture with Central Cervecera de Colombia (CCC).

The Central Cervecera de Colombia (CCC) is a 50-50 joint venture between Compañía Cervecerías Unidas S.A. (CCU) and Postobón S.A. to compete in the Colombian beer market. This venture involved a planned initial investment of approximately USD $400 million over three to four years, with the investment in the plant and market ultimately reaching USD $474 million. The brewery, located in Sesquilé, has an installed capacity of 3 million hectolitres per year. The operational performance supported by these strategic alliances contributed to Compañía Cervecerías Unidas S.A.'s consolidated EBITDA growing 73.1% in the third quarter of 2025.

Strategic bottling/distribution agreements with PepsiCo Inc.

PepsiCo Inc. is listed as a principal distribution agreement partner for Compañía Cervecerías Unidas S.A.

Key suppliers for raw materials like malt, hops, and grapes.

Compañía Cervecerías Unidas S.A. engages with key suppliers for essential inputs across its beverage categories, including malt, hops, and grapes for its wine segment.

• Compañía Cervecerías Unidas S.A. is the second-largest brewer in Argentina and participates in the wine industry.
• The company's path to recover profitability is supported by its 2025-2027 strategic plan, which prioritizes efficiencies, impacting raw material and input costs.

Logistics and transport providers for regional distribution.

Compañía Cervecerías Unidas S.A. utilizes logistics and transport providers for its operations spanning Chile, Argentina, Bolivia, Colombia, Paraguay, and Uruguay. The company's Q2 2025 results noted that MSD&A (Marketing, Selling, Distribution, and Administrative) expenses grew below inflation, expanding 2.1%, due to efficiencies, which would include transport optimization.

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

You're looking at the core actions Compañía Cervecerías Unidas S.A. (CCU) must execute well to keep its business model running, especially given the volatile environment seen through late 2025. Here are the hard numbers we see driving those activities.

Large-scale production and bottling across multiple plants

CCU's production activity is measured by volume changes across its operating segments. For the third quarter of 2025 (3Q25), consolidated volume growth was 1.2% compared to 3Q24, though this was a 0.2% expansion when excluding the volumes from the Vierci Group (AV) in Paraguay. The Chile Operating segment saw its volumes contract by 6.3% domestically in 3Q25, partially offset by a 4.5% growth in exports. The International Business Operating segment posted a 5.3% volume expansion in 3Q25. For the first quarter of 2025 (1Q25), consolidated volumes had increased by 13.0% year-over-year, but the organic volume change was a contraction of 1.8%.

The scale of this operation is supported by its physical footprint, though the exact number of plants isn't always explicitly stated in the latest releases. We know the International Business segment commercializes products across Argentina, Uruguay, Paraguay and Bolivia, in addition to its core Chilean operations.

Metric	Period	Value	Unit/Context
Consolidated Volume Growth	3Q25 vs 3Q24	1.2%	Percentage Change
Chile Domestic Volume Change	3Q25 vs 3Q24	-6.3%	Percentage Change
Organic Consolidated Volume Change	1Q25 vs 1Q24	-1.8%	Percentage Change

Revenue management efforts to improve profitability (2025-2027 plan)

The 2025-2027 Strategic Plan explicitly centers on profitability, heavily relying on revenue management. This is evident in the pricing actions taken despite soft volume environments. In 3Q25, consolidated net sales were down 1.1%, explained by a 2.2% lower average price in Chilean pesos (CLP), which partially compensated for the 1.2% volume growth. Conversely, in 1Q25, higher organic average prices in CLP were a direct consequence of revenue management efforts, which helped offset a 1.8% organic volume drop. These efforts contributed to EBITDA expansion: consolidated EBITDA grew 4.6% in 3Q25, and in 1Q25, consolidated EBITDA increased 6.0% (4.7% organically).

Extensive marketing and brand building for a multi-category portfolio

Marketing activity is captured within Selling, General, and Administrative (SG&A) expenses. In 3Q25, consolidated MSD&A expenses rose 4.5%, and as a percentage of Net sales, this increased by 78 basis points (bps) due to higher marketing expenses. To be fair, this contrasts with 1Q25, where organic MSD&A expenses expanded 2.7% in CLP, but as a percentage of Net sales, it declined 11 bps due to efficiencies. The company maintains a multi-category portfolio spanning Beer, Cider, Wine, Non-Alcoholic Beverages, and Spirits across its operating segments.

Managing a complex, multi-country distribution and logistics network

Managing the logistics network is a constant activity, especially with cost pressures. In 3Q25, gross margin deteriorated due to cost pressures from higher USD-linked packaging costs, which the company is trying to mitigate through programs like nearshoring to decrease logistic costs. The International Business segment covers operations in Argentina, Uruguay, Paraguay and Bolivia. In Chile, a key distribution arrangement involves the network of Embotelladora Andina S.A. and Coca-Cola Embonor S.A. for beer products, a structure noted in prior reporting.

Sourcing and quality control of agricultural inputs (e.g., wine grapes)

Quality control and sourcing directly impact cost of sales, particularly for the Wine Operating segment. In 3Q25, the Wine Operating segment posted a lower EBITDA, driven in part by a higher cost of wine. This cost pressure was also noted in 1Q25, where Gross margin contracted due to cost pressures from a higher cost of wine. The industry context suggests that bulk wine from Chile is cheap, but CCU's internal cost structure for its own grape sourcing remains a key internal focus for managing input costs.

• Wine segment Gross Profit Change (3Q25 vs 3Q24): -1.6%.
• Wine segment EBITDA Change (3Q25 vs 3Q24): -12.0%.
• Wine segment Gross Margin Deterioration (3Q25 vs 3Q24): 128 bps.

Finance: draft 13-week cash view by Friday.

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

You're looking at the tangible and intangible assets that power Compañía Cervecerías Unidas S.A. (CCU) right now, based on the latest figures through the third quarter of 2025. These are the core things the company owns and controls.

Industrial Footprint and Distribution Network

Compañía Cervecerías Unidas S.A. maintains a significant industrial footprint across Chile and Argentina, supporting its multi-category beverage operations. The company has been investing in logistics, evidenced by the "CCU Renca" project in Chile, which includes a new distribution center.

The industrial assets, represented by Property, plant and equipment, show the scale of this footprint:

Metric (in million CLP)	As of Sep 30th, 2025	As of Dec 31st, 2024
Property, plant and equipment	1,450,360	1,522,708
Total assets	3,597,681	3,989,717

The distribution network is central to its market presence in Chile, where Compañía Cervecerías Unidas S.A. is one of the largest players in beer, soft drinks, mineral water, nectar, wine, and pisco. The company also operates in Argentina as the second-largest brewer.

The number of manufacturing plants mentioned in operational data includes:

• 8 Non Alcoholic plants.
• 5 Spirits plants.
• 1 Wine plant (Domestic Wine in Chile).

Proprietary and Licensed Brand Portfolio

Compañía Cervecerías Unidas S.A.'s intangible assets are heavily weighted toward its brand equity across multiple beverage categories. Cristal is noted as its primary beer brand in Chile.

The proprietary brand strength is quantified by the proportion of volumes related to these brands:

• Proprietary Brands Volume Share: 38%.

Compañía Cervecerías Unidas S.A. also secures its market position through key international partnerships. The strategic alliance with Heineken, which is also a shareholder, has been in place for 20 years, allowing the company to produce and distribute Heineken beer in Chile. Furthermore, Compañía Cervecerías Unidas S.A. distributes Budweiser beer in the country.

Financial Health and Liquidity

Compañía Cervecerías Unidas S.A. demonstrates strong operational cash generation, though its balance sheet shows a contraction in total assets as of late 2025 compared to the end of 2024. Net cash inflows from operating activities year-to-date September 30, 2025, were CLP 113,244 million.

Key financial positions as of September 30, 2025, compared to December 31, 2024 (in million CLP):

Financial Metric (in million CLP)	As of Sep 30th, 2025	As of Dec 31st, 2024
Cash and cash equivalents	498,785	707,123
Total liabilities	1,977,042	2,317,202
Net equity (shareholders)	1,480,642	1,525,183

The company's profitability in the third quarter of 2025 showed a net income gain of CLP 15,496 million, compared to a gain of CLP 29,548 million in the third quarter of 2024.

The Net Financial Debt to EBITDA ratio, a measure of leverage, stood at 1.96x as of September 30, 2025.

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.