Andina Bottling Co Inc (NYSE: AKO-B)

Embotelladora Andina S. A., commercially known as Coca-Cola Andina, is a beverage company that produces, markets and distributes Coca‑Cola trademark soft drinks and a broad portfolio of other beverages in Chile, Brazil, Argentina and Paraguay. In addition to its core soft‑drink business, the company manufactures and sells fruit juices, water, sports drinks, energy drinks, and alcoholic beverages such as beer, wine, spirits and pre‑mixed cocktails under various licensed and proprietary brands. It operates through wholly owned subsidiaries in each country and maintains a network of production facilities, distribution centers and a fleet of owned and third‑party trucks to reach retailers and consumers.

The company generates revenue primarily from the sale of beverages to retailers, wholesalers, hospitality outlets and other customers. In 2024, soft‑drink sales accounted for 64.6% of consolidated net sales, while juices, water, sports and energy drinks contributed additional shares, and beer and other alcoholic beverages represented the remainder. Total consolidated net sales reached Ch$3,224,233 million in 2024, driven by volume sales of 909.0 million unit cases across its four territories. Revenue is also derived from the production of PET bottles and preforms for internal use and from licensing arrangements with third‑party beverage brands.

Embotelladora Andina S. A. ranks as the third largest bottler of Coca‑Cola products in Latin America by sales volume and holds the leading position in Chile, the second‑largest share in Argentina and the third‑largest in Brazil; it is the sole Coca‑Cola bottler in Paraguay. Its main competitors include Embotelladora Chilenas Unidas (ECUSA) in Chile, American Beverage Company (AmBev) in Brazil, PepsiCo (through AB InBev) in Argentina, and local brands such as Niko/De La Costa in Paraguay. The company’s competitive advantages stem from its extensive bottling and distribution infrastructure, long‑standing relationship with The Coca‑Cola Company, diversified beverage portfolio that includes alcoholic drinks, and its ability to leverage returnable‑container systems to reduce costs.

The company serves a diverse customer base consisting of approximately 70,000 retail outlets in Chile, 85,000 in Brazil, 65,000 in Argentina and 52,000 in Paraguay. These customers are primarily mom‑and‑pop stores, supermarkets, on‑premise establishments such as restaurants and bars, and wholesale distributors. No specific customer names are disclosed in the filing, so the description focuses on the types of outlets that purchase its beverages for resale or consumption.