Good day, everyone, and welcome to CCU's third quarter 2026 earnings conference call on November 4th, 2026. Please note that today's call is being recorded. At this time, I would like to turn the conference call over to Claudio Las Heras, the Head of Investor Relations. Please go ahead, sir.
Welcome, and thank you for attending CCU's third quarter 2026 conference call. Today with me are Mr. Eduardo Ffrench-Davis, Chief Executive Officer, Mr. Felipe Dubernet, Chief Financial Officer, and Mr. Tomás Mosella, Financial Operations and Investor Relations Manager. You have received a copy of the company's consolidated third quarter 2026 earning release and also our financial statements. The call will start by reviewing our overall results, and we will then move onto a Q&A session. Before we begin, please take note of the following cautionary statement. The statements that we make here in this call relate to CCU future financial results are forward-looking statements, which involve known and unknown risks and uncertainties that could cause actual performance or results to materially differ.
These statements should be taken in conjunction with the additional information about risks and uncertainties set forth in CCU's annual report submitted to the CMF and in the Form 20-F filed with the U.S. Securities and Exchange Commission, both documents available on our website. It is now my pleasure to introduce our CEO, Mr. Eduardo Ffrench-Davis.
Thank you, Claudio, and thank you all for joining us today. In the third quarter, we delivered higher financial results and continued to strengthen our regional competitive position under our new strategy, Vamos por Más, and its FAST framework, which entails increasing our focus on the business, act with greater agility, boost operational synergies, and accelerate our transformation. Overall performance in the quarter was sustained by 15.5% increase in net sales based on higher consolidated volumes, which grew 4.4%, with all operating segments expanding mid-single digits, and an active revenue growth management. In addition, we delivered efficiency gains in key areas of the business across all operating segments, more than compensating restructuring expenses, which will drive operational synergies and efficiency gains over the medium term. As a consequence, consolidated EBITDA grew 13.4%, and EBITDA margin contracted 20 basis points.
Excluding restructuring expenses in the third quarter of 2026 and third quarter 2025, EBITDA would have expanded 21.3%, and EBITDA margin would have risen 59 basis points. In addition, net income was 5% above last year. The stronger financial performance was mostly driven by a 16.3% EBITDA growth in the Chile operating segment, alongside EBITDA expansion in the international business operating segment. On the other hand, the wine operating segment contracted EBITDA mainly due to the industry headwinds, which we are actively addressing through innovations, restructuring, and efficiencies. The positive performance through the first nine months of the year was reflected in CCU net cash flow from operating activities, which increased 60.3% as of September 2026, backed by EBITDA growth and disciplined working capital management. At the same time, we maintained a prudent CapEx allocation, focusing on our transformation projects that drive medium-term efficiencies.
As we advance towards the execution of our 2027-2030 strategic plan under our Vamos por Más strategy, anchored in the FAST framework, we have defined six strategic priorities to accelerate our top line and to deliver profitable and sustainable growth across the region. These are the following ones. Number one, revitalizing volume trends in alcoholic beverage by unlocking new consumption occasions while promoting responsibly consumption. The second one, strengthening our market positions in challenger categories and geographies through customized commercial strategies one by one. Number three, capitalizing of the conscious wellness trends by expanding our Better for You portfolio in alcoholic, but also in non-alcoholic categories. Number four, developing our multi-category portfolio around consumption occasions. The fifth one, transforming our commercial route to market and revenue growth management capabilities through our advanced analytics.
The last one, accelerating the end-to-end logistics and industrial transformation to optimize our cost to serve and enhance supply chain agility. These priorities will be enabled by our digital transformation, talent, and culture alignment, and a more agile and redefined role of the corporate center. We are confident that this roadmap will reinforce CCU's regional footprint. I will now pass the call to our CFO, Felipe Dubernet, who will give further details about our performance by operating segment and the JVs during the quarter. Felipe.
Thank you, Eduardo. The Chile operating segment expanded top line by 6%, led by 5% higher volumes and 1% higher average prices. Non-alcoholic categories grew high single digit, and alcoholic categories, which encompasses beer and spirits, posted a low single-digit increase. During the quarter, we gained overall market share in alcoholic and non-alcoholic categories, supported by brand equity, driven by brands such as Royal Guard and Heineken in beer, and Pepsi, Manantial, and MAS in non-alcoholic. Flavored low-alcohol ready-to-drink products, led by brands such as Stones in beers and Mistral Ice and Kantal spirits, continue in a strong momentum, with volumes growing double digits and representing 6.6% of total alcohol in the quarter. Average prices rose due to revenue management initiatives in all categories, partially offset by mix effect.
Direct profit increased 5.6%, and total expenses grew 2.5% below inflation, improving 151 basis points as a percentage of net sales, originated by efficiencies, which more than offset higher oil prices and the already mentioned restructuring expenses. Altogether, EBITDA rose 16.3%, and EBITDA margin expanded 141 basis points. In the international business operating segment, net sales increased 52.8%, boosted by 46.4% higher average prices in Chilean pesos and 4.4% higher volumes. Higher average prices in the Chilean peso were the result of revenue management initiatives, mainly through pricing actions in Argentina in line with inflation in local currency on a year-to-date basis, and the positive effect from hyperinflation accounting.
Volumes in these segments were larger than last year, mainly explained by Argentina, boosted by low-teens volume expansions in alcoholic categories due to a weak comparison base in quarter three of 2025, gaining market share versus last year in beer, partially offset by mid-single-digit contraction in non-alcoholic categories in this country. Direct margin decreased 180 basis points, reflecting higher cost pressures in raw materials, especially aluminum. Total expenses as a percentage of net sales contracted 97 basis points. EBITDA was up 74.1% versus third quarter of 2025, and EBITDA margin improved by 59 basis points. The wine operating segment posted a net sale expansion of 3.4%, mostly driven by 4.9% increase in volumes, as average prices contracted 1.4%. Higher volumes were explained by the Argentine domestic market, more than doubling volumes versus last year, fueled by strong performance of our brand Colón Selecto Dulce from a fruit-flavored brand extension innovation.
Chile domestic market and export contracted 4.5% and 1.9% respectively, in line with industry trends. The decline in average prices was associated with a strong Chilean pesos against the US dollar, which impacted negatively export revenues and mix effects. Direct profit grew 2%, although type margin contracted 68 basis points. Total expenses rose 15.1% as a percentage of net sales, were up 463 basis points, mostly due to higher restructuring expenses. Altogether, EBITDA contracted 35.5%. Isolating restructuring expenses, EBITDA was down 11%. During the quarter, we kept pursuing efficiencies and continue accelerating high-margin innovation, backed by our multi-category production capabilities, to gradually recover scale and profitability in this challenging scenario for the wine industry. Regarding our main joint venture and associated business in Colombia, first we want to express our deepest sympathies and solidarity with the people affected by the recent earthquake.
Regarding our performance, we posted low single-digit volume growth during the quarter, impacted by temporary route-to-market disruption in certain affected regions. Now, we will be glad to answer any questions you may have.
Thank you. We will now move to the question and answer section. If you would like to ask a question, please press star two on your phone and wait to be prompted. If you are dialed in by the web, you can type your question in the box provided or request to ask a voice question. We will just wait a moment or two for the questions to come in. Our first question comes from Thiago Bortoluci from Goldman Sachs. Your line is open. Please go ahead.
Yes. Hey, guys. Good morning. Can you hear me?
Yes, we can hear you.
Thank you very much. Hola, Eduardo, Felipe, Claudio. Thank you very much for the space to ask questions.
Could you speak louder, please, Thiago?
Is it better?
Yeah, a little bit.
Thank you, guys. I would just like to explore a little bit better your performance in Chile. It would be very helpful if you could comment on how volumes and your true rate pricing behaved, particularly for beer, soft drinks, and water, please. Thank you very much.
Thank you. Thank you, Thiago.
We are having a certain echo.
We have echo.
We have echo here.
Could you close your mic, please?
Let me see. I am checking. I have the mic.
Okay.
No, we have-
No, we have echo.
Just one second, please.
Okay. We have an echo.
Team, can you please go ahead?
Okay, now we are.
Now?
Yeah.
Ready?
Yes, yes. We can hear you perfectly.
Thank you. I apologize for that. Thiago, thank you for your question. The results on Chile were very, very good. This is mainly explained by market share gains in every different segment. We have gained a low single digit on alcoholic, which includes beer and spirits and wine in Chile. We are gaining around 100 basis points in non-alcoholic businesses in this quarter. Both businesses, alcoholic and non-alcoholic, are increasing their volume mainly through market share gains. This is one thing. The second thing is the prices are seeing very, very well. Both categories are, at least alcohol categories, are in line with inflation, so the prices are in line with inflation rates. In the non-alcoholic categories, we are a little bit below inflation rates, but due mainly to mix effect. If you are excluding the mix effect, we are above the inflation rate.
Why this mix effect is affecting the price is because we are selling more water, especially more water, which is in terms of pricing, it is below the other categories, but in terms of margin, it is a very high margin product as well. Especially the mineral water. Our growth is mainly explained by our commercial strategies and having some effects, positive effects on the market share and without decreasing our price performance. I do not know, Felipe, if you want to complement that, something better.
No, as a nutshell, we have a very good growth in both, in alcoholic growing for the first time on the year, one single digit, and in non-alcoholic, mid-single digit.
Thank you. Thank you so much. Our next question comes from Alejandro Fuchs from Itaú BBA. Alejandro, your line is open. Please go ahead.
Thank you, operator. Good morning, Eduardo, Felipe, Claudio, and team. Thank you for the space for questions, and congrats on the results. I just have one very quick one regarding volumes. I think it was very impressive to see all of the volumes pretty much growing during the quarter. I wanted to get your sense maybe on how you see sustainability, especially for the alcoholic part of the portfolio. Do you think that we have maybe reached the bottom, and now you think things should continue to improve given your commercial strategy. Are you maybe a little bit more optimistic about 2027 for the alcohol part of the business? Thank you.
Thank you, Alejandro. It is a good question. It is not easy to answer based on because it is a future. We have seen two main things. The first one is that we are improving our alcoholic volumes through innovation. That means that all the different consumer occasions that we are addressing with, for example, RTD products, Kantal, Mistral Ice on the spirit side, and the beer products, like, for example, all the things that we have done with the Stones and seasonable beers that improves the frequency of purchase are giving us a good future looking.
We do not know if we are in the bottom part of the per capita consumption in terms of alcohol, but we know that our innovations are being very successful trying to recover that trend. The short question is, we do not know yet, but the things that we are doing are having results. That is my answer. Yeah.
Thank you very much.
Thank you. Thank you, Alejandro. Our next question comes from Felipe Ucros from Scotiabank. Felipe, your line is open. Please go ahead.
Thanks, operator. Good morning, Eduardo, Felipe, Claudio. Thanks for the space. A couple on my end. The first one on utilization. Volumes were very high in quality, right? Up in all segments. How important is this for you in terms of utilization of your fixed assets and the dilution of fixed costs after what has been a couple of hard years? Is this something that immediately starts to move your needle when volumes start moving up like this? The second one has to do with the trajectory of your restructuring project. Looks like you have obviously a very big project on your hands. Wondering if you can give us an idea of what that trajectory looks like. Meaning, where is the peak in the restructuring charges?
Maybe if you can tell us more or less in how long you think you will be done with the project, mostly to help us on the analyst side kind of build this into our models. That would be super helpful. Thank you.
Thank you. Thank you, Felipe. Thank you, Felipe, for your both questions. Let me answer the second one. In terms of our trajectory of restructuring costing, we are already finished with the stage one, which is basically restructure our businesses in Argentina and restructure our businesses in Chile, mainly wines and spirits. We combine our sales force. We have reviewed all the different macro-process within those business units integrated in one. All that stage is already done. Now, actually, we have implemented 100%, fully 100% in every single operations. We have adjusted all the systems to operate these synergies. On the future, we are going to see the benefits of these synergies and no more restructuring costs. The second stage, and we are reviewing all the different macro-process as a whole, is more involving the transformation area.
The transformation area is reviewing the different macro-process, which are mainly focused on logistics and industrial footprint in order to gain more synergies on those cost buckets. We are reviewing all of them in the different geographies. Probably we will have more restructuring activities in both areas. But it is more in an ongoing process in terms of transformation, adopting new technologies, changing the processes that we are doing certain things, and for sure, culture and talent management. That is my answer to the number two. Number one question, maybe, Felipe, could you-
Yeah. Regarding capacity utilization and volumes, Felipe, in the last decade, the shape of our CapEx was driven by capacity expansions, especially in beer, because I think per capita consumption was growing. As you know, in the region, Chile jumped from 2014, from 44 L per capita to the peak in 2021 of 64 L. A lot of capacity expansions were done in our breweries. On the other hand, also in non-alcoholic, we did also capacity expansion. Regarding our alcohol network, or alcohol utilization is lower than in non-alcoholic in Chile. However, which is good in alcohol is that we have capabilities or synergies we can do to produce the ready-to-drinks in our breweries.
As we have high-speed lines and we have higher efficiencies, it makes us a competitive advantage by producing the RTDs products in the breweries, also avoiding logistic costs from plants of spirits in 400 km north of Santiago. At the end, we have enough capacity in alcoholic. RTD is doing very well. We do not need significant investment to innovate, because, of course, innovation makes our portfolio a little bit more complex. We need to be conscious also of tackling the pain and see what works and what does not work in innovation. But so far, the tremendous success of a brand like Kantal has been possible using the current assets that we have. Regarding non-alcoholic, we did capacity expansion this year because the category is doing very well, especially enhanced water or flavored water with the brand MAS, as we highlighted in our commentaries.
Going forward, the CapEx will be more oriented towards transformation, as Eduardo said, to get more efficiencies on that, control towers, real-time operation, more than in capacity. So, at the end, in the medium, long term, we have enough capacity.
That's very clear. Great news on how you're redeploying that excess capacity to RTDs. Correct me if I'm wrong, just a very quick follow-up on the first piece. Sounds like stage one was a lot more restructuring expense heavy, and sounds like stage two will have to do a little bit more with CapEx, or even though the CapEx is not going to plants, seems like it's going to capabilities. Is that the correct read?
Attacking both.
Yeah, exactly. Well, it's a correct read in terms of it's more heavily in terms of people. The OpEx of restructuring in the stage one was very important, especially for VSPT Argentina. The stage two, it's more including all the transformation technologies and review all our macro-process in order to gain synergies. Those synergies could be gained from, I don't know, for sure, human resources expenses, but also, and more importantly, for real-time control in terms of all the other expenses. For example, maintenance in terms of industrial areas. For example, in terms of kilometers that our trucks are doing every single day. All these kind of synergies that a company like us, which is so big in terms of scale, are very helpful and very necessary to get a competitive advantage.
We are decided to use our synergies in order to be more profitable and improve our top-line growth. All the not necessary efficiencies are helping you to reach the EBITDA through expenses, but also are gaining momentum in terms of top-line growth. It is quite okay how you read it, but it is not necessarily more CapEx.
Perfect. Understood. Thanks a lot. I will get back in line for another question that I have. Thank you.
Thank you, Felipe. Our next question comes from Kevin Zavala from UBS. Kevin, your line is open. Please go ahead.
Thanks, operator. Hi, Eduardo, Felipe, Claudio. Thanks for the space. Two questions on my side. First on international. Beer volume growth was very positive in the quarter, especially when compared with peers. I would like to double-click here on non-alcoholic beverage, mainly on your water portfolio in Argentina. If you could help us set expectations going forward and explain the strategy to regain traction, as well as the role of this non-alcoholic portfolio in our strategy in the country. The second one regarding innovation. If you could give us more details on your plan to transform the route to market and revenue growth management with digitalizations. I mean, what are the mechanisms and the main tools you are implementing to achieve this goal? Which metrics are you monitoring, and what levels do you aim to reach? Thank you.
Okay. Thank you, Kevin, for your questions. Argentina, as you already know, it's not an easy country. All the growth that we are seeing in Argentina in terms of investment are not necessarily going to the market. In this case, non-alcoholic business, it has a substitute very easy, especially water, you know? If you're not having money on your pocket, you are going to switch between bottled water to tap water. For water business, it's not an easy thing to play in a-
-in a difficult macroeconomic era. In that sense, we're still investing in our brands because we have a very interesting brand in terms of brand equity. Villavicencio is a powerful brand in terms of mineral water, so they can ask for a price premium in that area. Levité was a very important brand in terms of flavored water. We are doing some adjustments in order to recover that position, but it's a very interesting one. The main strategy over there in Argentina is to play alongside the total non-alcoholic categories. We are not only going to play in waters competing against new brands or plain water or the Coca-Cola system. We want to compete in different categories that can fulfill need states and mood states in different occasions for our consumers.
The strategy is not only based on trying to sell plain water and trying to navigate the macroeconomic downtrends. It's also to play as a multi-category operator, which is something that is defined by our DNA, and we will implement it in Argentina through innovations and through going to play in a multi-category non-alcoholic environment. The second question, it was about the route to market, sorry, and RGM details. For sure, I cannot say too much of them because some of them, the majority of them are confidential. But in the route to market, we are going to, in terms of our philosophy, we are going to try to go deeper in a segment of one. Segment of one is a granularity.
When you have more granularity about your clients, about your SKU per client, about your geographies, you can implement a better route to market promotions, a better route to market systems, a better route to market attendance from our salespeople. We are going to move from an order-based system to a next, how to say this, next best action system, which is going to guide us and guide our salespeople to implement different actions in the point of sale in order to create more top-line growth. Not only to get the purchase order, but also to implement better actions in order to pull more volume from our clients.
In the revenue growth management, there are several different alternatives that we are pursuing, but all of them include algorithm and AI that will help us to improve our ROI in promotions, our discounts management, and our PPA, our portfolio price architecture, according to our big bets. We have talked about the strategic priorities, the six strategic priorities that I talked at the beginning of the conference, and all of these RGM tools are we are going to improve our six big bets. I cannot tell any more about it, but we are going to face on that direction.
Thank you very much.
Thank you. Just a reminder, if you would like to ask a question, please press star two on your phone and wait to be prompted. If you are dialing by web, you can either type your question in the box provided or request to ask a voice question. Our next question is a text question from Roberto Zegers de Empresas Penta. "Looking five years ahead, how do you envision CCU evolving? What should investors expect to see materially differently in the company compared to today?
Who was it? Roberto? Thank you, Roberto. Thank you, Roberto, for your question. As you already know, we don't have a forward-looking policy in terms of numbers and figures. But what I can say is how do we see CCU looking five years ahead? I see a CCU recovering the downtrend in alcoholic consumption. We are leaders not only in Chile, but also in Argentina. We have a very strong positioning, and Colombia, we're gaining momentum. We are trying to recover the downtrend in terms of alcoholic. We see a better competitive position in our challenger markets and our challenger categories. We are leading and capitalizing the Better for You trend. We are very good at it. Especially our non-alcoholic portfolio, it's built on that trend, especially for waters, flavored waters, functional products, juices and nectars, and so on.
We see us leading that trend. We see CCU evolving to a new model based in consumer occasions and not in portfolio product system. We believe that we have to serve our consumers based on mood states and need states in different consumer occasions. It does not matter which category is fulfilling that need state. We see CCU with a new route to market and with new RGM tools managing the business in real time. In terms of operational systems, we see a more end-to-end optimized supply chain, improving our expenses against the top line growth. Finally, we see CCU a more agile organization, more empowered, and thirsty for more, thirsty for growth, thirsty for going to the second stage and [Non-English content ]. That is my key.
It is very philosophical, if you want to say in that way, but it represents the way that we want to see the company on the future.
Thank you. The next question from Roberto . What do you think the market is currently missing or underappreciating about CCU?
It is a very difficult question, but I could mention three different things. The first one is our multi-category model. If the consumer is going, the trend for a consumer is more oriented in terms of consumer occasions and not based on product or category segmentations, we think that CCU's portfolio and CCU way of working, it is very well positioned to manage those things. Why? Because we are a company truly multi-category. We know our consumers from zero, one years old until 100 years old. We know our customers, our clients in the whole value chain, because, for example, in Chile, there are certain clients that only commercialize alcoholic products. We know them all. We have synergies in terms of combining non-alcoholic products, wine products, RTD capabilities that could face better the consumer trends of the future.
This is the number one reason that I think that it's underappreciating CCU in that way. The second one, it's our portfolio. It's better prepared for future trends in terms of consumers, Better for You trends, non-alcoholic, for example, our non-alcoholic products or portfolio, it's mainly based on consumer roots. When you see trends in the, I don't know, in U.S.A., in Europe, in other countries, all the markets are going towards what we are trying to play now. I'm not going to talk about competitor for sure, but I think our portfolio, it's a future-proof portfolio compared to the other ones. The last one, I think that the market is underappreciating our future performance in high-potential markets.
Obviously, we haven't done in certain geography, we haven't done well, but I think that we have prepared our portfolio, our capabilities, and our route to market in those markets in order to harvest now the benefits. We have implemented a very solid portfolio in Paraguay. We have done very huge investments in Argentina. We are betting for Colombia during these last 10 years, and we believe that now our portfolio is better prepared to compete with high-end competitor, giant competitors overseas. So, those three things I think that are very interesting when you see CCU on the future.
Great. Thank you, Eduardo. We have a follow-up question from Felipe Ucros. Felipe, your line is open. Please go ahead.
Thanks, operator. Yeah, a couple of follow-ups on my end. I wanted to make sure everyone got their time in, but since you have some time left over, I wanted to ask about flavored low-alcohol RTD products in Chile. Obviously, very good growth here and obviously more important for the business as a whole. It's already relevant in the mix. It's already at 7% in the mix from the data that you guys gave. So, what are you doing differently here? Do you feel like you're rising with the tide, or do you think you're leading the tide? I think you've sort of answered the question a little bit in your last one, but if you can tell us a little bit more about what you're doing there. Also, in Argentina, you were in alcoholic beverages, and alcoholic beverages have been shrinking for quite some time in Argentina.
So, wanted to get your views on what turned around this quarter, whether it was an industry thing or the launch, or purely based on the launch that you did. Thank you.
Felipe, thank you for your question. Let me answer first Argentina. Argentina, we have been there for 30 years. We are playing not only now in alcoholic beverage, but also in non-alcoholic beverage. We still believe in Argentina profitable. Obviously, there are some challenges, as always in Argentina, but we have done this JV with Danone on the non-alcoholic beverage because we want to implement a multi-category approach in Argentina. So, we are moving fast to install some certain capabilities, not only in route to market and RGM, but also in terms of innovation pipelines in Argentina, in developing new categories, new way to fulfill consumer occasions. So, on the future, in Argentina, you will see in non-alcoholic business, CCU playing in different categories, giving alternatives for consumers in those areas. The consumption of CSDs in Argentina is very similar than the one that we have in Chile.
We have done it in Chile, we are very successful with ECUSA, with Embotelladoras CCU, and we want to play the same game on Argentina on the future. In terms of alcoholic beverage in Argentina, you have seen, Felipe mentioned, we are doing a great job with ciders. We started the distribution network with Pernod Ricard in the north of Argentina. So, we are building a broader portfolio in terms of alcohol. We are playing with innovations in beer, not only in flavored beers, which is we were the first one with the Schneider Remix, but also in the Better for You alternatives for our consumers in the beer as well.
So, you will see a lot of innovation in Argentina, but mainly implementing the same strategy that we have done in Chile, a multi-category approach, trying to fulfill consumer demands in their different locations. That is my answer about Argentina. I do not know if you want to complement something, Felipe.
No. Flavored, the other question.
The other question is, it was around, Felipe, around flavored. I did not understand if it was flavored non-alcoholic or flavored in beers.
No, in alcohol.
In alcohol?
In alcohol. In alcohol.
Yeah.
Flavored, low alcohol RTD products, which I think you mentioned was around 7% of the mix at this point.
Yes. We talk about Bilz in CCU. What is the success around it? It is mainly connected with consumer trends. Young people, especially young consumers, are willing two things. They want to test diverse flavors, diverse alternatives. They are now buying for repertoire. They are not buying only one single product. Imagine myself, 25 years ago, if I am going to a barbecue, for sure I am going with one single product, one single beer, one single pisco, maybe one single CSD. Nowadays, the consumers are buying repertoire. They are not going with one single product. They are going with different alternatives because they want to taste more things. This is something that is critical. The other success part of the story is that young people don't want so many entry barriers to a product. For example, let me put an example, the wine.
If you want to drink a wine, you need to drink the whole bottle, first of all. Then you need a, how do you say, the cortador? You need a cork-
Screw.
You need a-
Screw.
Yeah.
Corkscrew.
Cork opener. You need to drink it at certain temperature. You need to drink it in a certain glass. You have to marinate it with special food. Nowadays, consumers don't want all this kind of sophistication or complicated things. They want to make it simple. RTD products make people life easier. This is something that we don't want to avoid because world is moving towards there, and we are going to fulfill those needs.
Great. Fantastic. Thanks so much for the color, guys.
Thank you. I'm not seeing any more questions, so perhaps I can hand it back to the CEO team for closing remarks.
Okay. Thank you everyone to join us today. We have good results, a good quarter, and our FAST framework is key to navigating a challenging and volatile environment with resilience. By executing this, we are confident in our ability to move forward in our six strategic priorities to accelerate our top line and to deliver profitable and sustainable growth for CCU. Vamos por Más, and have a great day.
That concludes the call for today. Thank you, and have a nice day.