Compañía Cervecerías Unidas S A : Earnings ReleaseFourth Quarter 2022

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CCU REPORTS CONSOLIDATED FOURTH QUARTER 2022 RESULTS1,2

Santiago, Chile, February 28, 2023 - CCU announced today its consolidated financial and operating results for the fourth quarter 2022, which ended December 31, 2022.

• Consolidated Volumes decreased 5.5%. Volume variation per Operating segment was as follows: o Chile (7.8)%
• • 
    o International Business (1.1)% o Wine (2.4)%
  • Net sales were down 6.6%
  • Gross profit decreased 9.1%
  • EBITDA reached CLP 122,725 million, a 21.0% decline. EBITDA variation per Operating segment was as follows: o Chile (24.4)%
    o International Business (19.7)% o Wine 18.5%
  • Net income reached a gain of CLP 46,853 million a 36.4% contraction
  • Earnings per share reached CLP 126.8 per share

Key figures	4Q22	4Q21	Total	YTD22	YTD21	Total
(In ThHL or CLP million unless stated otherwise)	Change %	Change %
Volumes	10,097	10,685	(5.5)	34,321	34,698	(1.1)
Net sales	768,362	822,349	(6.6)	2,711,435	2,484,712	9.1
Gross profit	355,086	390,775	(9.1)	1,196,510	1,193,152	0.3
EBIT	93,676	114,998	(18.5)	231,431	320,881	(27.9)
EBITDA	122,725	155,402	(21.0)	357,929	444,998	(19.6)
Net income	46,853	73,643	(36.4)	118,168	199,163	(40.7)
Earnings per share (CLP)	126.8	199.3	(36.4)	319.8	539.0	(40.7)

1 For an explanation of the terms used in this report, please refer to the Glossary in Additional Information and Exhibits. Figures in tables and exhibits have been rounded and may not add up exactly to the total shown.

2 All growth or variation references in this Earnings Release refer to 4Q22 compared to 4Q21, unless otherwise stated. For comparison purposes only, in certain sections we include volume variations versus 4Q19 & 12M19, to consider the impacts of COVID-19 in 2020 (lockdowns) and 2021 (strong consumption recovery from extraordinary liquidity).

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PRESS RELEASE

COMMENTS FROM THE CEO

In 2022 we faced a particularly challenging year for the profitability of the business, especially in Chile. Consolidated EBITDA reached CLP 357,929 million, a 19.6% drop, while EBITDA margin deteriorated from 17.9% to 13.2%. Financial results were mainly affected by sharp negative external effects, coming from the depreciation of our main local currencies against the USD, and higher prices in raw materials, packaging and energy, impacting our costs. The latter, was partially offset with prices and efficiencies. Net income totalized CLP 118,168 million, contracting 40.7%. In spite of the deterioration of our results, I would like to comment on the actions that we took in 2022 which put us in a position to look for profitability improvement in 2023. First, we were able to preserve business scale, as volumes decreased 1.1%, despite of a high comparison base and a weaker consumption environment; second, we overall kept market share in our core categories; third, we strengthened our portfolio of brands by reaching an historical brand equity level in our main categories in the region; and fourth, we implemented revenue management initiatives in all our geographies to mitigate cost pressure, with prices in line with inflation in our main categories by the end of the year, especially in Chile.

All of the above, will be enhanced in 2023 by the implementation of "HerCCUles 2023", a recovery profitability plan, which encompasses six pillars: (i) maintain business scale, (ii) strengthen revenue management efforts, (iii) enhance the CCU Transformation program to deliver efficiency gains in costs and expenses, (iv) focalize and reduce CAPEX together with optimizing working capital, (v) focus on core brands and high volume/margin innovations, and (vi) continue investing in our brand equity. By the end of the year, we started to see some positive trends from this, especially in Chile, reflected on prices which expanded in line with inflation, and efficiencies in costs and expenses.

From a quarterly perspective, in 4Q22, we continued operating in a tough economic environment which impacted consumption. Top line decreased 6.6%, driven by a 5.5% drop in volumes (10.0% growth vs. 4Q19) and a 1.1% decrease in average prices in CLP. EBITDA contracted 21.0%, reaching CLP 122,725 million and EBITDA margin decreased from 18.9% to 16.0%, the latter mainly associated with the same negative external effects that impacted us during the year. Net income totalized a gain of CLP 46,853 million, a 36.4% drop, caused by a lower operational result, and a greater loss in Non-operating result, mainly driven by higher Net financial expenses.

In terms of our segments, in the Chile Operating segment top line grew 3.6% in 4Q22, due to a 12.4% growth in average prices, partially compensated by 7.8% lower volumes (12.7% growth vs. 4Q19) mostly due to a strong comparison base. EBITDA reached CLP 71,903 million, decreasing 24.4%, and EBITDA margin decreased from 19.4% to 14.2%. In the International Business Operating segment, which includes Argentina, Bolivia, Paraguay and Uruguay, Net sales dropped 27.6%, mainly as a result of a contraction of 26.7% in average prices in CLP, although they increased in local currency in line with inflation, while volumes contracted 1.1% (4.7% growth vs. 4Q19). EBITDA reached CLP 47,755 million, a 19.7% contraction, negatively impacted by the exchange rate translation effect in Argentina related with hyperinflation accounting. In the Wine Operating segment, revenues were up 3.2%, mainly explained by a 5.7% growth in average prices, partially offset by a 2.4% contraction in volumes (8.4% growth vs. 4Q19). EBITDA reached CLP 13,383 million, increasing 18.5%. Regarding our main JVs and associated businesses, in Colombia, where we produce and distribute beer and malt with Postobón, top line rose almost 20% in CLP in 2022 driven by volumes and average prices, thus, we continued expanding business scale during the year. In Argentina, our water business with Danone showed strong top line growth, led by volumes and higher prices, allowing a recovery in financial results. Both JVs represented 7.4 million hectoliters as of December 2022.

In the last quarter of 2022, we still suffered from the impact on our costs and expenses from negative external effects and also a high comparison base in terms of volumes and financial results. We are entering 2023 in a good shape in terms of prices, business scale and brand equity. This, together with "HerCCUles 2023" will be the key drivers to recover profitability.

Finally, I would like to thank all CCU employees, as for their effort and dedication in a particularly challenging year. I am confident that we will continue putting all our effort to recover a path of profitable and sustainable growth.

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PRESS RELEASE

CONSOLIDATED INCOME STATEMENT HIGHLIGHTS - FOURTH QUARTER (Exhibit 1 & 3)

• Net sales were down 6.6%, mainly explained by 5.5% declined in volumes (10.0% growth vs. 4Q19), as average prices in CLP drop 1.1%. In terms of volumes, the performance by Operating segment was as follows: (i) a 7.8% decline (12.7% growth vs. 4Q19) in the Chile Operating segment, associated with a high comparison base and a weaker consumption environment, (ii) a 2.4% decrease (8.4% growth vs. 4Q19) in the Wine Operating segment, driven by lower volumes in the Chilean domestic market, partially offset by exports and the Argentina domestic market, and (iii) a 1.1% contraction (4.7% growth vs. 4Q19) in the International Business Operating segment. In terms of average prices in CLP, the drop was fully explained by the 26.7% contraction in the International Business Operating segment, due to a negative exchange rate translation effect in Argentina, related with hyperinflation accounting, given that average prices increased in local currency in line with inflation. This was partially offset by a 12.4% growth in the Chile Operating segment, explained by revenue management initiatives and a 5.7% expansion in the Wine Operating segment, mainly driven by the positive impact on export revenues from the depreciation of the CLP versus the USD, and revenue management initiatives in our domestic markets.
• Cost of sales were down 4.2%, explained by 5.5% drop in volumes partially offset by a 1.3% increase in Cost of sales per hectoliter. The Chile Operating segment reported a 15.6% growth in Cost of sales per hectoliter, driven by: (i) the 10.8%3 devaluation of the CLP against the USD, impacting negatively our USD denominated costs, (ii) higher costs in raw materials, mainly PET, malt, and sugar, packaging materials, and energy, and (iii) inflationary pressures. In the Wine Operating segment, the Cost of sales per hectoliter grew 6.4%, due to higher costs in packaging materials, and inflationary pressures. In the International Business Operating segment, the Cost of sales per hectoliter contracted 28.1% in CLP, mostly explained by a translation effect, as in local currency costs were higher due to larger cost in raw materials, inflationary pressures, and the negative impact from the 72.1%4 devaluation of the ARS against the USD in our USD-linked costs.
• Gross profit reached CLP 355,086 million, a 9.1% decrease, while Gross margin dropped 131 bps, from 47.5% to 46.2%.
• MSD&A expenses were down 5.5%, mostly caused by the lower volumes and the 32.7% drop in the International Business Operating segment, attributable to a favorable currency translation effect in Argentina, and 12.2% drop in the Wine Operating segment. In the Chile Operating segment, MSD&A expenses expanded 11.8%, mainly explained by higher marketing expenses and distribution costs, the latter due to an increase in oil prices, partially compensated with efficiencies and expenses control initiatives. As a percentage of Net sales, MSD&A expenses increased 39 bps. The performance by segment was as follows: In the International Business Operating segment MSD&A expenses as a percentage of Net sales decreased 253 bps from 35.8% to 33.3%; in the Wine Operating segment, MSD&A expenses as a percentage of Net sales went down 432 bps from 29.0% to 24.6%; and in the Chile Operating segment, MSD&A expenses as a percentage of Net sales increased 243 bps from 30.6% to 33.0%.
• EBIT reached CLP 93,676 million, down 18.5% explained by a drop of 25.8% in the Chile Operating segment and a 14.2% decrease in the International Business Operating segment, while the Wine Operating segment grew 42.1%. The weaker EBIT was mainly due to the contraction in volumes and negative external effects coming from: (i) the depreciation of our main local currencies against the USD, impacting negatively our USD denominated costs, partly compensated with wine export revenues,
• 1. costs and expenses pressures associated with a higher inflation in our main geographies, and higher oil prices, and (iii) higher cost in raw materials, packaging and energy. These effects were partially offset with prices and efficiencies in costs and expenses.
• EBITDA was down 21.0%, explained by a 24.4% and 19.7% contraction in the Chile Operating segment and in the International Business Operating segment, respectively; while the Wine Operating segment rose 18.5%. EBITDA margin dropped from 18.9% to 16.0%, explained by the same reasons that impacted EBIT.
• Non-operatingresult totalized a loss of CLP 39,698 million, which compares with a negative result of CLP 4,433 million last year. The higher loss was explained by: (i) a lower result in Other gains/(losses) by CLP 20,112 million, mostly explained by derivative contracts5, (ii) a higher loss by CLP 9,592 million in Net financial expenses, mainly due to a larger debt, and (iii) a lower result in Equity and income of JVs and associated by CLP 6,669 million. These effects were partially compensated by a better outcome in Results as per adjustment units by CLP 450 million and a lower loss by CLP 659 million in Foreign currency exchange differences.
• Income taxes reached a negative result of CLP 905 million, versus the negative result of CLP 30,268 million last year. The lower taxes were explained by both, a lower taxable income and a better result on Tax effect of permanent differences, net6.
• Net income reached CLP 46,853 million, decreasing 36.4% from a gain of CLP 73,643 million last year.

3 The CLP currency variation against the USD considers 2022 average of period (aop) compared to 2021 aop. 4 The ARS currency variation against the USD considers 2022 end of period (eop) compared to 2021 eop.

5 See Note 32 Other Gain/(Losses) of our Financial Statements as of December 2022 6 See Note 25 Income taxes of our Financial Statements as of December 2022

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PRESS RELEASE

CONSOLIDATED INCOME STATEMENT HIGHLIGHTS - FULL YEAR (Exhibit 2 & 4)

• Net sales were up 9.1%, explained by 10.3% higher average prices in CLP, while volumes contracted 1.1% (14.3% growth vs. 12M19). The higher average prices in CLP were explained by: (i) an expansion of 14.2% in the International Business Operating segment, driven by revenue management initiatives in all the geographies, (ii) a 13.9% increase in the Wine Operating segment, mainly caused by the positive impact on export revenues from the depreciation of the CLP versus the USD, and revenue management initiatives in our domestic markets; and (iii) an 8.3% growth in the Chile Operating segment, due to the implementation of revenue management initiatives, partially compensated by negative mix effects in the portfolio. The reduction in volumes was mostly triggered by a 2.1% decline (18.1% growth vs. 12M19) in the Chile Operating segment, due to a high comparison base and a weaker consumption environment, while the International Business Operating segment expanded 1.1% and the Wine Operating segment decreased 0.6% (growth of 7.0% and 12.8% vs. 12M19, respectively).
• Cost of sales were up 17.3%, mainly explained by an 18.6% increase in Cost of sales per hectoliter. The Chile Operating segment reported a 22.5% growth in Cost of sales per hectoliter, driven by: (i) higher costs in raw and packaging materials, mainly aluminum, PET, malt, and sugar, together with higher energy costs, (ii) the 14.9%3 devaluation of the CLP against the USD, impacting negatively our USD denominated costs, and (iii) inflationary pressures. In the Wine Operating segment, the Cost of sales per hectoliter grew 15.5%, due to higher costs in packaging materials and inflationary pressures. In the International Business Operating segment, the Cost of sales per hectoliter expanded 12.8% in CLP, mostly explained by a higher cost in raw and packaging materials, a higher inflation, and the negative impact from the 72.1%4 devaluation of the ARS against the USD in our USD-linked costs.
• Gross profit reached CLP 1,196,510 million, remaining flat versus last year. Gross margin dropped 389 bps, from 48.0% to 44.1%, as a consequence of the effects described above.
• MSD&A expenses were up 9.7%, mostly caused by higher distribution costs across all our Operating segments, due to greater oil prices, and a higher inflation. As percentage of Net sales MSD&A expenses recorded 35.7%, practically flat versus last year, as a consequence of efficiencies and expenses control initiatives which were able to partially offset strong cost pressures from an inflationary scenario. The performance by Operating segment was as follows: In the International Business MSD&A expenses in CLP were up 15.2%, and as a percentage of Net sales remained flat. In the Wine, MSD&A expenses grew 8.8%, and as a percentage of Net sales improved 104 bps, and in Chile, MSD&A expenses expanded 7.4%, and as a percentage of Net sales increased 40 bps.
• EBIT reached CLP 231,431 million, a contraction of 27.9%, mainly due to the lower volumes and sharp negative external effects during the year coming from: (i) higher cost in raw materials, packaging and energy, (ii) the depreciation of our main local currencies against the USD, impacting negatively our USD denominated costs, partly compensated with wine export revenues, and (iii) costs and expenses pressures associated with a higher inflation in our main geographies, and higher oil prices. These effects were partially compensated by revenue management efforts and efficiencies.
• EBITDA reached CLP 357,929 million, a 19.6% decrease, driven by a 32.2% drop in the Chile Operating segment, while the International Business Operating segment expanded 12.1%, and the Wine Operating segment grew 12.4%. In addition, EBITDA margin contracted 471 bps, from 17.9% to 13.2%, driven by the same reasons that impacted EBIT.
• Non-operatingresult totalized a loss of CLP 95,683 million versus a negative result of CLP 19,200 million last year. The higher loss was explained by: (i) a higher loss by CLP 31,664 million in Net financial expenses due to a larger debt, (ii) a lower result in Other gains/(losses) by CLP 22,260 million, mostly explained by a lower results in derivative contracts5, (iii) a lower result in Equity and income of JVs and associated by CLP 11,204 million, (iv) a higher loss by CLP 10,024 million in Foreign currency exchange differences, and (v) a lower gain in Results as per adjustment units by CLP 1,330 million.
• Income taxes reached a loss of CLP 264 million, versus the negative result of CLP 82,630 million last year, mostly explained by both a lower taxable income and a better result on Tax effect of permanent differences, net7.
• Net income reached a gain of CLP 118,168 million, a 40.7% contraction, explained by the reasons described above.

7 See Note 25 Income taxes of our Financial Statements as of December 2022

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PRESS RELEASE

HIGHLIGHTS OPERATING SEGMENTS FOURTH QUARTER

CHILE OPERATING SEGMENT

In the Chile Operating segment top line grew 3.6% in 4Q22, due to a 12.4% growth in average prices, partially compensated by 7.8% lower volumes (12.7% growth vs. 4Q19) mostly due to a strong comparison base. EBITDA reached CLP 71,903 million, decreasing 24.4%, and EBITDA margin decreased from 19.4% to 14.2%.

As part of our portfolio development and innovation strategy, we continued expanding volumes in our recently launched beer Heineken Silver, and our pisco brand Mistral launched "Nobel Apple", a blend which mixed pisco and touches of apple aged in oak barrels.

Regarding sustainability initiatives, we continued advancing in electromobility by adding ten new electric trucks to our distribution fleet. Also, as we state in our Sustainability Management Model, we aim to build brands with purpose, within this view during the quarter our water brand Cachantun, through its program "Refresh your neighborhood", inaugurated two new sustainable green areas in Santiago, completing three new ones in 2022, and 11 in total since 2019. These green areas are designed together with the communities, and are built from recycled PET. Also, at the end of 2022 we launched our Responsible consumption alcohol campaign, in line with the long-term commitment that CCU has had in this matter for the last 30 years. In addition, during the quarter once again we participated in Teletón, leading the seventh version of the initiative "100 families recycling in #BilzYPap mode" which invites all Chilean families to recycle PET bottles in more than 600 recycling points from Arica to Punta Arenas. In addition, for the fifth consecutive year, we were listed in the Dow Jones Sustainability Index of Chile and, for the fourth time, we are part of the MILA Pacific Alliance (Latin American Integrated Markets) index, which recognizes the most sustainable companies in Chile, Colombia, Mexico and Peru.

Finally, we obtained the first place in the "Most Innovative Companies Chile 2022" as a holding and in the three following categories: CSDs, juices and beers, wine and spirits. This ranking is carried out by the ESE Business School together with the Universidad de Los Andes, in which participates the most innovative companies in the country. All participating institutions are subjected to an evaluation of their innovation policies, processes and procedures, such as the elements that create and shape the culture of innovation, as well as the impact of innovation on the company's results.

INTERNATIONAL BUSINESS OPERATING SEGMENT

In the International Business Operating segment, which includes Argentina, Bolivia, Paraguay and Uruguay, Net sales dropped 27.6%, mainly as a result of a contraction of 26.7% in average prices in CLP, although they increased in local currency in line with inflation, while volumes contracted 1.1% (4.7% growth vs. 4Q19). EBITDA reached CLP 47,755 million, a 19.7% contraction, negatively impacted by an exchange rate translation effect in Argentina related with hyperinflation accounting.

In terms of brands, as the official sponsor of the Argentinean football national team, the beer brand Schneider launched successful campaigns during the Qatar FIFA world cup, the first one which took place during spring/summer in Latin America, becoming an emblematic brand during an historical tournament for Argentina. In Bolivia we launched the beer "Capital Ultra Zero", a light lager with 4° degrees of alcohol. Regarding sustainability initiatives, in Argentina our beer plant in Salta in its commitment with a circular economy, started to process the yeast used in the beer production to be used as cattle food. Finally, we celebrate ten years in Uruguay, a milestone in our regional expansion.

WINE OPERATING SEGMENT

In the Wine Operating segment, revenues were up 3.2%, mainly explained by a 5.7% growth in average prices, partially offset by a 2.4% contraction in volumes (8.4% growth vs. 4Q19). EBITDA reached CLP 13,383 million, increasing 18.5%.

In terms of innovation, our brand Misiones de Rengo launched a new canned sparkling wines format, that seeks to conquer the consumer market that is opting for convenience and original alternatives. Thus, we incorporated two varieties in 250 ml cans, Brut and Rosé maintaining their usual quality and freshness, now presented in a practical and portable size, perfect for any occasion.

In terms of sustainability, VSPT obtained for the fourth consecutive year, the first place in Most Innovative Companies Chile 2022 ranking, which is prepared by the ESE Business School. The ranking seeks to award the most innovative companies in the country considering their ability to develop new products and services. This award ratifies the excellent work that we have been doing in terms of strategy and a culture of innovation, through the implementation of innovative processes and products that generate value for the company and its consumers.

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