Compañía Cervecerías Unidas S.A. (CCU) reported its Q4 2024 earnings on February 26, 2025, indicating a turnaround from a challenging first half of 2024 into a strong second half. The company's net financial debt-to-EBITDA ratio improved from 2.2x to 1.8x in the last quarter of 2024.
While performance in Chile showed strong organic growth and consumer engagement, the International Business segment, particularly Argentina, continued to underperform. Q4 earnings were influenced by Argentina's inflationary accounting, which masked flat organic sales volumes and significant volume declines in the region.
Despite the accounting distortions and struggles in Argentina, the overall improvement in the second half of 2024 suggests that CCU's revenue management and efficiency programs are beginning to yield results. The company's focus on profitability and disciplined capital allocation remains central to its strategy.
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