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Embotelladora Andina S.A. buys Coca-Cola concentrate, combines it with water and sweeteners, and bottles and delivers the finished drinks to customers such as shops, supermarkets and restaurants. It operates in designated territories in Chile, Brazil and Argentina, and throughout Paraguay. Soft drinks provide most revenue; it also sells other non-alcoholic drinks and alcoholic beverages, including products bought from commercial partners for resale.
The business depends heavily on The Coca-Cola Company, whose brands account for most sales. Andina must buy Coca-Cola concentrates and beverage bases from Coca-Cola or authorized suppliers and follow its packaging requirements. Its agreements prohibit sales of Coca-Cola products outside the designated territories, and renewal rests solely with Coca-Cola. Losing an agreement would stop Andina from selling those beverages in the affected territory.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Andina depends on Coca-Cola Company for essential concentrates and the brands behind most of its beverage sales to retailers; Coca-Cola also controls franchise renewal and key operating terms. Watch concentrate pricing and renewal decisions: losing an agreement would stop Andina selling Coca-Cola-branded beverages in that territory.
CCU challenges Andina for the same Chilean retail, restaurant and bar customers, selling Pepsi soft drinks, water, juices and alcoholic beverages. Its pricing and promotions in those categories are worth watching for pressure on Andina’s beverage sales.
Coca-Cola FEMSA shares Andina’s exposure to Latin American beverage demand, concentrate costs and local currencies: both bottle Coca-Cola drinks and sell them to retailers, including in Brazil and Argentina. FEMSA also buys plastic pieces used to make bottles—preforms—from Andina’s Argentine packaging subsidiary, making it a packaging customer as well as a bottling comparison.
Ambev competes with Andina’s beverage sales in Brazil through Pepsi soft drinks and beer. Watch its reach into stores and its digital platforms for business buyers and consumers, areas Andina highlights as competitive strengths.
Coca-Cola Europacific Partners offers a comparison for Andina’s bottling economics: both buy concentrates under Coca-Cola agreements, make finished drinks and sell them to customers in their own territories. Its beverage margins are worth comparing for the effects of concentrate and bottling-input costs, rather than treating its sales as a measure of Andina’s local demand.
Coca-Cola Consolidated gives Andina holders a U.S. comparison for making and distributing Coca-Cola-focused beverages to retailers, rather than a read on South American demand. Coca-Cola products account for about 85% of its bottle-and-can volume sold to retail customers, so that business is the relevant comparison.
Monster Beverage supplies the energy-drink brands Andina sells alongside Coca-Cola beverages to its customers. Monster’s sales of packaged energy drinks to bottlers and distributors are the relevant business to watch for Andina’s energy-drink offering, rather than Monster’s alcohol sales.
FOMENTO ECONOMICO MEXICANO, S.A.B. DE C.V. shares Andina’s Latin American beverage-demand and input-cost exposure through Coca-Cola FEMSA, which bottles drinks and sells them to retailers and consumers. That business supplied roughly one-third of FEMSA’s consolidated revenue in 2025, so watch its bottling results rather than FEMSA’s group revenue alone.
Diageo supplies imported spirits such as Johnnie Walker and Smirnoff that Andina resells to Chilean customers at margins agreed by category and sales channel. Watch Diageo’s Chilean brand promotions: it manages and funds them, while approved partner-funded discounts generally do not reduce Andina’s Chilean margin.
Embotelladora Andina S.A. earningsThis company
Andina Bottling’s report will show whether beverage volume growth is lifting sales while the company holds its gross margin.
Read beverage volume, net sales and gross margin together. If volume and sales rise while gross margin holds, Andina is selling more without letting ingredients and packaging take a larger share of revenue. If volume rises but margin falls, each case leaves less gross profit, pointing to pressure from input costs, selling prices or product mix.
Coca-Cola Company earningsKO
Coca-Cola’s report will show how the brand owner’s concentrate costs and bottler terms bear on Andina’s sales of its core Coca-Cola drinks.
Watch Coca-Cola’s discussion of concentrate costs and bottler terms. Higher concentrate costs can squeeze the gross profit Andina earns on its Coca-Cola-branded drinks; stable franchise terms let it keep selling them in its territories. If an agreement expires without renewal or is terminated, those sales stop in the affected territory.
Coca-Cola FEMSA, S.A.B DE C.V earningsKOF
Coca-Cola FEMSA’s report will show how Latin American retailers’ demand for Coca-Cola drinks and bottling costs are changing, as well as its demand for preforms from Andina’s Argentine subsidiary.
Read Coca-Cola FEMSA’s beverage volumes and sales alongside changes in ingredient and packaging costs. Stronger volumes and sales with costs in check point to firmer Latin American retail demand and less margin pressure for bottlers; weaker sales or rising costs suggest similar demand or margin pressure for Andina. Stronger preform purchases would also indicate more demand for this packaging business at Andina’s Argentine subsidiary.
AMBEV S.A. earningsABEV
Ambev’s report will show whether its Brazilian retail reach and ordering platforms are strengthening competition for Andina’s beverage customers.
Watch Ambev’s Brazilian beverage sales and what it reports about retail reach and digital ordering by business customers. Rising sales and broader reach suggest it is better placed to win the same stores and business orders as Andina; weaker performance points to less pressure from this rival, but does not establish Andina’s own sales.
