Compañía Cervecerías Unidas S A : Earnings ReleaseFirst Quarter 2021

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CCU REPORTS CONSOLIDATED FIRST QUARTER 2021 RESULTS1,2

Santiago, Chile, May 5, 2021 - CCU announced today its consolidated financial and operating results for the first quarter 2021, which ended March 31, 2021.

• Consolidated Volumes increased 4.8%. Volume variation per Operating segment was as follows: o Chile 4.2%
  o International Business 5.1% o Wine 16.7%
• Net sales were up 11.4%
• EBITDA reached CLP 126,547 million, a 39.5% increase. EBITDA variation per Operating segment was as follows: o Chile 40.8%
  o International Business 68.5% o Wine 5.6%
• Net income reached a gain of CLP 64,384 million, an increase of 99.7%
• Earnings per share reached of CLP 174.2 per share

Key figures	1Q21	1Q20	Total
(In ThHL or CLP million unless stated otherwise)	change %
Volumes	9,042	8,630	4.8
Net sales	569,639	511,233	11.4
Gross profit	289,369	253,795	14.0
EBIT	99,749	62,438	59.8
EBITDA	126,547	90,730	39.5
Net income	64,384	32,235	99.7
Earnings per share (CLP)	174.2	87.2	99.7

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 1Q21 compared to 1Q20, unless otherwise stated.

PRESS RELEASE

COMMENTS FROM THE CEO

During the first quarter 2021, we continued implementing a regional plan with three priorities during the Covid-19 pandemic: the safety of our people and the community we interact with, operation continuity and financial health. This plan allowed us to operate and supply our products to our clients and consumers in a still very challenging scenario, where restrictions continue to be implemented across the region to control new outbreaks of the virus. Within this context, as we have been mentioning since the beginning of the pandemic and stating in every quarter, we have put a special focus to maintain/grow business scale (market shares and volumes), with the purpose of gradually recover profitability over time, by implementing revenue management initiatives and efficiencies; this strategy started to yield results in 4Q20, and showed a better result in this quarter, where in addition to continue growing our business scale in all our Operating segments, we delivered an improvement in our profitability.

In terms of our performance, in the first quarter of 2021, CCU's consolidated volumes grew 4.8% (compared with a 1Q20 that recorded a growth of 6.4% versus 1Q19), with an expansion in all our Operating segments. The positive volume growth was mainly explained by a solid commercial execution and the strength of our portfolio of brands. Regarding financial results, EBITDA was up 39.5% to CLP 126,547 million, and EBITDA margin improved 447 bps, from 17.7% to 22.2%. The better financial result was mainly driven by: (i) the expansion in consolidated volumes, as mentioned above, (ii) the implementation of revenue management initiatives and positive mix effects, (iii) efficiency gains from the ExCCelencia CCU program, with MSD&A expenses as a percentage of Net sales decreasing from 38.2% to 34.1%, and (iv) positive external effects from the 9.8%3 appreciation of the CLP against the USD, affecting favorably our USD-denominated costs, partially compensated by currency translation effects, wine export revenues in foreign currencies, and higher cost in raw materials. As result of the above, Net income recorded a 99.7% hike, reaching CLP 64,384 million.

In the Chile Operating segment, our top line expanded 15.2%, due to 4.2% growth in volumes, revenue management initiatives and positive mix effects, mainly based on a strong performance of premium brands in beer. Volume growth was driven by all main categories. Gross profit grew 16.3%, and Gross margin rose 50 bps, from 52.2% to 52.7%, mainly as a result of the top line expansion, mentioned above, a positive external effect from the appreciation of the CLP against the USD, affecting favorably our USD-denominated costs, and efficiencies in manufacturing. This was partially offset by higher cost in raw materials. MSD&A expenses as percentage of Net sales improved 497 bps, in line with cost control initiatives through the ExCCelencia CCU program. In all, EBITDA reached CLP 103,946 million, a 40.8% increase, and EBITDA margin improved 480 bps, from 21.6% to 26.4%.

The International Business Operating segment, which includes Argentina, Bolivia, Paraguay and Uruguay, posted a 0.1% rise in revenues, due to an increase of 5.1% in volumes, offset by 4.8% lower average prices in CLP. Volume growth was mostly driven by Argentina. Lower average prices in CLP, were explained by negative currency translation effects in Argentina, from the sharp depreciation of 65.0%4 of the ARS against the CLP, as we executed revenue management initiatives to compensate local inflation. The latter in Argentina allowed us to compensate higher USD-denominated costs from the depreciation of the ARS against the USD, and higher cost in raw materials. In addition to this, we had positive mix effects in the portfolio, that allowed us a Gross profit expansion of 9.6% and an improvement of 427 bps in Gross margin, from 45.0% to 49.3%. MSD&A expenses as a percentage of Net sales improved by 209 bps due to efficiencies from the ExCCelencia CCU program. Altogether, EBITDA reached CLP 16,706 million, an expansion of 68.5% and EBITDA margin increased from 8.0% to 13.4%.

The Wine Operating segment reported a 13.9% rise in revenue, due to a 16.7% expansion in volumes, as average prices contracted 2.4% during the quarter. The volume expansion was driven by both the domestic markets and exports, all posting double-digit growth, with market share gains in the domestic markets of Chile and Argentina. The lower prices in CLP were mainly a consequence of the appreciation of the CLP against the USD and its negative impact on export revenues, and a negative mix effect. Gross profit was up 4.0% and Gross margin decreased 380 bps, mostly reflecting a lower average price and a higher cost of wine. MSD&A expenses as a percentage of Net sales improved by 344 bps, thanks to efficiencies. In all, EBITDA reached CLP 10,180 million, a 5.6% increase, while EBITDA margin decreased from 19.5% to 18.0%.

In Colombia, where we have a joint venture with Postobón, we continued in a positive trend in volumes and financial results. In terms of volumes, we grew over 30% during the quarter. In terms of results, we have posted positive EBITDA for a second quarter in a row, based on a higher business scale, the development of our beer portfolio, and efficiencies. We will focus on continuing on this positive path, by developing a strategy that involves new consumer experiences, quality and innovation.

Summarizing, during the 1Q21, in a still challenging scenario due to the pandemic, CCU continued developing a regional plan with three priorities, the safety of the people, operation continuity and financial health. At the same time, the strategy implemented in this context gave positive results during the quarter, where we delivered volume growth in all the Operating segments and a recovery in our financial results, the latter with an improvement in our profitability. In 2021, we will continue to face a challenging and uncertain scenario due to new outbreaks of Covid-19 in the region. In this context, we will keep executing with discipline the strategy that we have been carrying out, in order to continue delivering profitable and sustainable growth.

3 The CLP currency variation against the USD considers 2021 average of period (aop) compared to 2020 aop.

4 The ARS currency variation against the CLP or the USD considers 2021 end of period (eop) compared to 2020 eop

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PRESS RELEASE

CONSOLIDATED INCOME STATEMENT HIGHLIGHTS - FIRST QUARTER (Exhibit 1 & 2)

• Net sales were up 11.4%, explained by 4.8% increase in consolidated volumes (compared with a 1Q20 that recorded a growth of 6.4% versus 1Q19), along with positive mix effects and revenue management initiatives. The higher average prices in CLP were explained by the Chile Operating segment, due to the implementation of revenue management initiatives and a positive mix effect, mainly based on a strong performance of premium brands in beer, partially offset by: (i) a contraction in the International Business Operating segment, explained by negative currency translation effects in Argentina from the sharp depreciation of 65.0%4 of the ARS against the CLP, as we executed revenue management initiatives to compensate local inflation, and (ii) a contraction in the Wine Operating segment, mainly as a consequence of the appreciation of the CLP against the USD and its negative impact on export revenues, and a negative mix effect. The higher volume was driven by a 4.2% rise in the Chile Operating segment, 5.1% increase in the International Business Operating segment, and 16.7% jump in the Wine Operating segment, mainly explained by a solid commercial execution and the strength of our portfolio of brands.
• Cost of sales was up 8.9%, explained by 4.8% higher volumes and a 3.9% increase in Cost of sales per hectoliter. The Chile Operating segment reported a 9.4% growth in Cost of sales per hectoliter, driven by mix effects and higher costs in raw materials, partially compensated by the appreciation of the CLP against the USD, affecting favorably our USD-denominated costs. In the International Business Operating segment, the Cost of sales per hectoliter decreased 12.2% in CLP, mostly explained by currency translation effects in Argentina, as in local currency Cost of sales per hectoliter was up, as a result of higher USD-linked costs, largely due to the 42.7%4 devaluation of the ARS against the USD, mix effects, and a higher cost in raw materials. In the Wine Operating segment, the Cost of sales per hectoliter grew 4.2%, mostly reflecting a higher cost of wine.
• Gross profit reached CLP 289,369 million, a 14.0% expansion. Gross margin grew 115 bps, from 49.6% to 50.8%, as a consequence of the effects described above.
• MSD&A expenses were down 0.8%, and as a percentage of Net sales improved 420 bps, mainly due to cost control measures through the ExCCelencia CCU program in all our Operating segments. The performance by segment was as follows: In the Chile Operating segment, MSD&A expenses were down 0.9%, and as a percentage of Net sales decreased 497 bps. In the International Business Operating segment MSD&A expenses in CLP were down 4.4%, and as a percentage of Net sales decreased 209 bps. In the Wine Operating segment, MSD&A expenses were up 1.2%, and as a percentage of Net sales improved 344 bps.
• EBIT reached CLP 99,749 million, an expansion of 59.8%, mainly due to higher volumes, positive mix effects and efficiencies from the ExCCelencia CCU program.
• EBITDA was up 39.5%, driven by all our Operating segments, as follows: a 40.8% rise in the Chile Operating segment, a 68.5% hike in the International Business Operating segment, and a 5.6% expansion in the Wine Operating segment. In addition, EBITDA margin grew 447 bps, from 17.7% to 22.2%.
• Non-operatingresult totalized a loss of CLP 6,772 million, an expansion of 9.5% when compared to a loss of CLP 6,184 million last year, due to: (i) a lower result in other gains/(losses) by CLP 8,429 million, mostly explained by a lower result on forward contracts entered into to mitigate the impact of foreign exchange rate fluctuations on our foreign currency denominated assets, caused by a sharp appreciation of the USD against the CLP in 1Q20, (ii) a lower loss of CLP 2,502 million in Foreign currency exchange differences, mainly in Argentina, (iii) a better result of CLP 2,267 million in Results as per adjustment units, explained by Argentina, and a lower net UF-linked liabilities (cross-currency swaps), (iv) a lower loss in Equity and income of JVs and associated by CLP 2,229 million, due to a better financial results in Colombia, and (v) a lower loss in Net financial expenses by CLP 842 million, due to higher Cash and cash equivalents.
• Income taxes reached CLP 23,532 million, a 15.7% increase, mostly explained by a higher taxable income, partially compensated by lower taxes resulting from our foreign currency denominated assets, as a consequence of a high comparison base in 2020, as a result of a sharp appreciation of the USD against the CLP in 1Q20.
• Net income reached a gain of CLP 64,384 million, an increase of 99.7%, explained by the reasons described above.

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PRESS RELEASE

HIGHLIGHTS OPERATING SEGMENTS FIRST QUARTER

CHILE OPERATING SEGMENT

In the Chile Operating segment, our top line expanded 15.2%, due to 4.2% growth in volumes, revenue management initiatives and positive mix effects, mainly based on a strong performance of premium brands in beer. Volume growth was driven by all main categories. Gross profit grew 16.3%, and Gross margin rose 50 bps, from 52.2% to 52.7%, mainly as a result of the top line expansion mentioned above, a positive external effect from the appreciation of the CLP against the USD, affecting favorably our USD- denominated costs, and efficiencies in manufacturing. This was partially offset by higher cost in raw materials. MSD&A expenses as percentage of Net sales improved 497 bps, in line with cost control initiatives through the ExCCelencia CCU program. In all, EBITDA reached CLP 103,946 million, a 40.8% increase, and EBITDA margin improved 480 bps, from 21.6% to 26.4%.

In terms of brands, in the non-alcoholic category, our mineral water brand Cachantun, once again sponsored the Chile Open ATP and the Santiago Challenger ATP, the most important tennis tournaments in the country. In addition, we relaunched the campaign K-Pepsi, under the slogan "Why not a Pepsi - Dare yourself to do things differently", a disruptive campaign oriented to develop brand equity among the young population. For beer brands, we developed the campaigns "Escudo - Generation with character", and "Heineken - Pure quality malt-based", while Kunstmann launched X3 NEIPA. In spirits, our locally produced gin "Kantal", obtained the silver medal in the World Spirits Awards by World Spirits.

Regarding sustainability, the Environmental Ministry of Chile granted CCU a zero solid industrial waste to landfills certification, in recognition of our achievements in the valorization of industrial solid waste, a goal set in our 2020 and 2030 Environmental vision plans.

In terms of innovation, during the quarter we announced the winner of our 2020 Innpacta program, which enhance start-ups to seek disruptive solutions for the beverage industry, allowing them to implement pilot programs of their ideas in CCU. After receiving 150 postulations, the winner project attempts to monitor in real time the consumption and freshness of beer kegs, allowing beverage companies to know when a customer is out of stock of a product and to monitor consumers' behavior.

INTERNATIONAL BUSINESS OPERATING SEGMENT

The International Business Operating segment, which includes Argentina, Bolivia, Paraguay and Uruguay, posted a 0.1% rise in revenues, due to an increase of 5.1% in volumes, offset by 4.8% lower average prices in CLP. Volume growth was mostly driven by Argentina. Lower average prices in CLP, were explained by negative currency translation effects in Argentina, from the sharp depreciation of 65.0% of the ARS against the CLP, as we executed revenue management initiatives to compensate local inflation. The latter in Argentina allowed us to compensate higher USD-denominated costs from the depreciation of the ARS against the USD, and higher cost in raw materials. In addition to this, we had positive mix effects in the portfolio, that allowed us a Gross profit expansion of 9.6% and an improvement of 427 bps in Gross margin, from 45.0% to 49.3%. MSD&A expenses as a percentage of Net sales improved by 209 bps due to efficiencies from the ExCCelencia CCU program. Altogether, EBITDA reached CLP 16,706 million, an expansion of 68.5% and EBITDA margin increased from 8.0% to 13.4%.

During the quarter, in Bolivia we launched the water brand "De La Sierra", a packaged water elaborated with the highest quality standards, with a triple purification filtration technology, available in both still and sparkling in two formats, 600 ml and 2 liters. In Colombia, we launched the beer Tecate in a 330 ml can format. In Uruguay, we reached a record beer volume, in line with our strategic plan to increase the beer mix in this country, and in Argentina in a record time, we put in place a new can line for beer, as part of our expansion program announced last year.

WINE OPERATING SEGMENT

The Wine Operating segment reported a 13.9% rise in revenue, due to a 16.7% expansion in volumes, as average prices contracted 2.4% during the quarter. The volume expansion was driven by both the domestic markets and exports, all posting double- digit growth, with market share gains in the domestic markets of Chile and Argentina. The lower prices in CLP were mainly a consequence of the appreciation of the CLP against the USD and its negative impact on export revenues, and a negative mix effect. Gross profit was up 4.0% and Gross margin decreased 380 bps, mostly reflecting a lower average price and a higher cost of wine. MSD&A expenses as a percentage of Net sales improved by 344 bps, thanks to efficiencies. In all, EBITDA reached CLP 10,180 million, a 5.6% increase, while EBITDA margin decreased from 19.5% to 18.0%.

During the quarter, VSPT changed its corporate image, incorporating tones that evoke land and wine, in a modern design. Its main isotype represents the guardian of Andean culture, the Condor, a majestic bird that connects Chile and Argentina, where VSPT's wines are produced. For the second consecutive year, our Molina plant was recognized by the certification of the Environmental Ministry of Chile as a zero solid industrial waste to landfill facility. This recognition motivates us to continue working for a circular economy.

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PRESS RELEASE

ADDITIONAL INFORMATION AND EXHIBITS

ABOUT CCU

CCU is a multi-category beverage company with operations in Chile, Argentina, Bolivia, Colombia, Paraguay and Uruguay. CCU is one of the largest players in each one of the beverage categories in which it participates in Chile, including beer, soft drinks, mineral and bottled water, nectar, wine and pisco, among others. CCU is the second-largest brewer in Argentina and also participates in the cider, spirits and wine industries. In Uruguay and Paraguay, the Company is present in the beer, mineral and bottled water, soft drinks and nectar categories. In Bolivia, CCU participates in the beer, water, soft drinks and malt beverage categories. In Colombia, the Company participates in the beer and in the malt industry. The Company's principal licensing, distribution and / or joint venture agreements include Heineken Brouwerijen B.V., PepsiCo Inc., Seven-up International, Schweppes Holdings Limited, Société des Produits Nestlé S.A., Pernod Ricard Chile S.A., Promarca S.A. (Watt's) and Coors Brewing Company.

CORPORATE HEADQUARTERS

Vitacura 2670, 26th floor

Santiago

Chile

STOCK TICKER

Bolsa de Comercio de Santiago: CCU

NYSE: CCU

CAUTIONARY STATEMENT

Statements made in this press release that relate to CCU's future performance or financial results are forward-looking statements, which involve known and unknown risks and uncertainties that could cause actual performance or results to materially differ. We undertake no obligation to update any of these statements. Persons reading this press release are cautioned not to place undue reliance on these forward-looking statements. These statements should be taken in conjunction with the additional information about risk and uncertainties set forth in CCU's annual report on Form 20-F filed with the US Securities and Exchange Commission and in the annual report submitted to the CMF (Chilean Market Regulator) and available on our web page.

GLOSSARY

Operating segments

The Operating segments are defined with respect to its revenues in the geographic areas of commercial activity:

• Chile: This segment commercializes Beer, Non Alcoholic Beverages and Spirits in the Chilean market, and also includes the results of Transportes CCU Limitada, Comercial CCU S.A., Creccu S.A. and Fábrica de Envases Plásticos S.A.
• International Business: This segment commercializes Beer, Cider, Non-Alcoholic Beverages and Spirits in Argentina, Uruguay, Paraguay and Bolivia.
• Wine: This segment commercializes Wine, mainly in the export market reaching over 80 countries, as well as the Chilean and Argentine domestic market.
• Other/Eliminations: Considers the non-allocated corporate overhead expenses and eliminations of transactions and volumes between segments.

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