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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’s report will show whether beverage volume across its four markets can offset pressure on profit from concentrate, sweetener and packaging costs.
Read volume growth alongside gross margin, the share of sales left after product costs. Rising volume with a steady margin says demand is absorbing costs; weaker volume and a falling margin point to softer demand or less ability to pass through concentrate, sweetener and packaging costs. Country sales also need the currency effect in view: exchange rates can change their reported value in Chilean pesos.
Coca-Cola Company earningsKO
Coca-Cola’s report can show how concentrate costs and franchise arrangements bear on Andina’s core beverage business.
Read Coca-Cola’s comments on concentrate costs and franchise terms against Andina’s gross margin and sales by market. Easing costs and stable arrangements support Andina’s continued sales of Coca-Cola-branded drinks; rising costs squeeze margin, while a threatened or terminated franchise would prevent Andina from selling those drinks in the affected territory.
Coca-Cola FEMSA, S.A.B DE C.V earningsKOF
Coca-Cola FEMSA’s report will show Latin American bottling demand and costs, as well as its purchases of preforms from Andina’s Argentine packaging subsidiary.
Look at Coca-Cola FEMSA’s beverage volumes and costs, and any information on preform purchases. Steady volumes and contained costs suggest a more supportive bottling environment in shared markets; weaker volumes or higher costs could signal demand or margin pressure for Andina there too. More preform purchases would support sales at Andina’s Argentine packaging subsidiary; fewer would weaken that revenue stream.
Compania Cervecerias Unidas S.A. earningsCCU
CCU’s report will show how its sales and promotions for Chilean retail and food-service customers pressure Andina, which competes for those same beverage buyers.
Look at CCU’s sales of soft drinks, water, juice and alcoholic beverages, alongside the intensity of promotions. Steady sales without heavier discounts suggest demand among shared customers is holding up and Andina has less need to cut prices to compete; weak sales with more promotion point to a tougher fight for the same retail and food-service buyers, potentially pressuring Andina’s volumes or prices.
Monster Beverage Corporation earningsMNST
Monster Beverage’s report will show whether demand for its packaged energy drinks supports Andina’s sales of those products to customers.
Focus on Monster Beverage’s packaged energy-drink sales, not its alcohol business. Stronger sales suggest demand for the energy-drink brands Andina distributes is holding up; weaker sales would mean those products may be less compelling to Andina’s customers and harder to grow.
