Compañía Cervecerías Unidas S A : Corporate PresentationFirst Quarter 2024

Corporate | Presentation

Investor Relations First Quarter 2024

Disclaimer

Statements made in this presentation relate to CCU's	rely on these forward-looking statements. Our	cautioned not to place undue reliance on these forward-
future performance or financial results are "forward-	independent public accountants have not examined or	looking statements as such statements and information
looking statements" within the meaning of Section 27A of	compiled the forward-looking statements and,	involve known and unknown risks. These statements
the U.S. Securities Act of 1933, as amended, which are	accordingly, do not provide any assurance with respect	should be considered in conjunction with the additional
not statements of fact and involve uncertainties that	to such statements. No	representation or warranty,	information about risk and uncertainties set forth in
could cause actual performance or results to materially	express or implied, is or will be made or given by us or	CCU's annual report filed with the Chilean Comisión
differ. Forward looking statements include, without	any of our affiliates or directors or any other person as to	para el Mercado Financiero (CMF) and in CCU's 20-F
limitation, any statement that may predict, forecast,	the accuracy or completeness of the information or	for the year ended December 31, 2023, filed with the
indicate or imply future results, performance or	opinions contained in this presentation and no	U.S. Securities and Exchange Commission (SEC).
achievements, and may contain words like "believe,"	responsibility or liability is or will be accepted for any
"anticipate," "expect," "envisages," "will likely result," or	such information or opinions.	This presentation and its contents are proprietary
any other words or phrases of similar meaning.			information and may not be reproduced or otherwise
	Although we believe that these forward-looking	disseminated in whole or in part without our prior written
Our forward-looking statements are not guarantees of	statements and the information in this presentation are	consent. Recipients of this presentation are not to
future performance, and our actual results or other	based upon reasonable assumptions and expectations,	construe the contents of this summary as legal, tax or
developments may differ materially from the	we cannot assure you that such expectations will prove	investment advice and recipients should consult their
expectations expressed in the forward-looking	to have been correct. The forward-looking statements	own advisors in this regard.
statements. As for forward-looking statements that relate	represent CCU's views as of the date of this
to future financial results and other projections, actual	presentation and should not be relied upon as
results will be different due to the inherent uncertainty of	representing our views as of any date subsequent to the
estimates, forecasts and projections. Because of these	date of this presentation as	we undertake no obligation
risks and uncertainties, potential investors should not	to update any of these	statements. Listeners are

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1

CCU OVERVIEW

4

2

Market overview

19

3

Performance overview

21

Ownership structure(1)

Quiñenco	Heineken
50.00%	50.00%

IRSA(2)	ADR	Local(3)
65.87%	18.02%	16.11%

Market Capitalization(4) = B USD 2.2

1. Figures as of March 31, 2024. Number of shares 369,502,872; (2) Inversiones y Rentas S.A. (IRSA) owns directly 59.03% of CCU's equity and 6.84% through Inversiones IRSA LTDA, a 99.9% owned vehicle;

1. In Chile CCU´s shares are traded on the Santiago Stock Exchange and the Chile Electronic Stock Exchange; (4) Market capitalization of CCU as of March 31, 2024.

4

Regional multicategory beverages player

Total

Consolidated

Contribution by Operating segment

(As of December 31st, 2023)(1)

Chile	International	Wine	Other(2)
Business

3 Operating Segments

6

Geographies

JVs

Volume

33.1

22.8

9.1

1.3

(0.1)

7.5

Chile

Colombia

Colombia(5)

(JV)

mln HL

Central Cervecera

Net Sales

3,058

2,096

699

301

(39)

Beer

Beer

USD mln

Non Alcoholic

Malt

EBITDA(4)

452

338

102

38

(26)

Spirits

Bolivia

USD mln

Cider

EBITDA

14.8%

16.1%

14.6%

12.7%

-

margin(4)

Paraguay

Wine

Employees

10,244

5,224

2,868

1,742

410

Wine &

Uruguay

Sparkling Wine

Chile

Consolidated

Chile(3)

Chile(3)

Chile(3)

82%

69%

67%

69%

Argentina

International

Total

Consolidated

Wine

Net Sales

Wine

EBITDA(4)

Wine

Business

Volume(7)

Volume

4%

3,058

10%

452

8%

Beer

40.6

33.1

USD mln

USD mln

Non Alcoholic

mln HL

mln HL

International

International

Wine export

ADO(6) (JV)

International

Spirits

CCC(5)

ADO(6)

to 80

5%

13%

Business

Business

Business

countries

Non Alcoholic

27%

23%

23%

Cider

(1) Average of period exchange rate for 2023: CLP 839.1/USD (Source: Central Bank of Chile); (2) Considered as Others/Eliminations in CCU's financial releases. Includes Corporate Functions, Centres of

Malt

Excellence, Shared Services across all Operating segments; (3) Includes Other; (4) EBITDA is equivalent to ORBDA (Adjusted Operating Result Before Depreciation and Amortization) used in the 20-F form; (5) Beer

and Malt 50/50 JV with Postobón, Central Cervecera Colombia ("CCC"); (6) Mineral, purified and flavoured water 50/50 JV with Danone, Aguas de Origen ("ADO") in Argentina; (7) Includes 7.5 mln HL from our JV´s.

Numbers have been rounded.

5

Leader with a strong & diversified brand portfolio

Chile

International Business

Core Categories		Synergic Categories	TOTAL 2023
Beer	Non Alcoholic	Wine, Spirits	Market	Proprietary
and Cider	Share(1)	Brands(2)

45.0%(3)

66.8%

Carbonated Soft Drinks

Water

Functional & Juices

Cider

Pisco

Rum

Other Spirits

17.1%(4)

72.2%

	Carbonated Soft Drinks		Water	Functional & Juices		Ciders

Chile, Argentina & Exports

Wine	20.0%(5)	100%

TOTAL

29.7%

69.8%

Source: Nielsen for Chile and Domestic Wine, Ernest &Young (EY) for Argentina, ID Retail for Uruguay, CCR for Paraguay, CiesMori for Bolivia for beer and malt, and internal estimates for CSDs; and Viñas de Chile for Export Wine. Annually updated and

weighted by internal market size estimates; market size estimates annually updated. Last update February 2024. Notes: (1) Weighted average volume market share. (2) Proportion of CCU volumes related to proprietary brands; (3) Excludes Home Office Delivery (HOD), powder juices and energy drinks; (4) Includes Beer in Argentina; CSD, Beer, Juices, Mineral Water in Uruguay; CSD, Beer, Juices, Mineral Water in Paraguay; CSDs, Beer, and Malt in Bolivia; (5) Domestic and export wines from Chile.

Excludes bulk wine.	6

Chile Operating segment

Beer

Non-alcoholic

Spirits

Beer & non-alcoholic beer

Carbonated Soft Drinks	Water	Functional & Juices	Cider	Pisco	Rum	Other Spirits

Volume (Th HL)

16,216	16,882	17,644	17,863	18,868	19,802	20,484	23,897	23,388	22,781
2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
							019	2022

7

International Business Operating segment

Argentina

Paraguay

Uruguay

Bolivia

Beer & non-alcoholic beer

Cider

Beer

Non Alcoholic

Beer

Non Alcoholic

Beer

Malt

Non Alcoholic

Volume (Th HL)

5,375	6,230	6,266	7,270	8,575	8,899	8,784	9,424	9,527	9,095
2014	2015	2016	2017	2018	2019	2020	2021	2022	2023

8

Wine Operating segment

Wine & sparkling wine

Chile

Argentina

Volume (Th HL)

1,306	1,348	1,388	1,431	1,389	1,395	1,538	1,583	1,573	1,347
2014	2015	2016	2017	2018	2019	2020	2021	2022	2023

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Joint Venture in Colombia

Joint venture in

Colombia

Central Cervecera de Colombia

Strategic Partner

50.0%50.0%

Beer

Malt

Volume (Th HL)

60	233	379	507	1,240	1,502	2,069	2,157	2,097
2015	2016	2017	2018	2019	2020	2021	2022	2023

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