6-K 1 ccufs4q25_6k.htm 6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 6-K

Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934

COMPAÑÍA CERVECERÍAS UNIDAS S.A.
(Exact name of Registrant as specified in its charter)
UNITED BREWERIES COMPANY, INC.
(Translation of Registrant’s name into English)

Republic of Chile
(Jurisdiction of incorporation or organization)
Vitacura 2670, 23 rd floor, Santiago, Chile
(Address of principal executive offices)
_________________________________________

Securities registered or to be registered pursuant to section 12(b) of the Act.

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F X Form 40-F ___

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ___ No X

COMPAÑÍA CERVECERÍAS UNIDAS S.A. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS (Figures expressed in thousands of Chilean pesos) As of December 31, 2025 and 2024 and for the three years ended December 31, 2025

INDEX

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Assets) | 7
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Liabilities and equity) | 8
CONSOLIDATED STATEMENTS OF INCOME | 9
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | 10
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | 11
CONSOLIDATED STATEMENTS OF CASH FLOWS | 12
Note 1 General Information | 13
Note 2 Summary of material accounting policies | 25
2.1 Basis of preparation | 25
2.2 Basis of consolidation | 27
2.3 Financial information as per operating segments | 28
2.4 Foreign currency and adjustment units | 28
2.5 Cash and cash equivalents | 30
2.6 Other financial assets | 31
2.7 Financial instruments | 31
2.8 Financial asset impairment | 33
2.9 Inventories | 34
2.10 Current biological assets | 34
2.11 Other non-financial assets | 34
2.12 Property, plant and equipment | 34
2.13 Leases | 35
2.14 Investment properties assets | 35
2.15 Intangible assets other than goodwill | 35
2.16 Goodwill | 36
2.17 Impairment of non-financial assets other than goodwill | 36
2.18 Non-current assets of disposal groups classified as held for sale | 37
2.19 Income taxes | 37
2.20 Employees benefits | 38
2.21 Provisions | 38
2.22 Revenue recognition | 38
2.23 Commercial agreements with distributors and supermarket chains | 39
2.24 Cost of sales of products | 39
2.25 Other incomes by function | 39
2.26 Other expenses by function | 39
2.27 Distribution expenses | 39
2.28 Administrative expenses | 40
2.29 Environment liabilities | 40
Note 3 Estimates and application of professional judgment | 40
Note 4 Accounting changes | 40
Note 5 Risk Administration | 41
Note 6 Financial Information as per operating segments | 47
Note 7 Financial Instruments | 54
Note 8 Cash and cash equivalents | 61
Note 9 Other non-financial assets | 68
Note 10 Trade and other receivables | 69
Note 11 Accounts and transactions with related parties | 71

Note 12 Inventories | 82
Note 13 Biological assets | 84
Note 14 Non-current assets of disposal groups classified as held for sale | 85
Note 15 Business Combinations | 86
Note 16 Investments accounted for using equity method | 88
Note 17 Intangible assets other than goodwill | 91
Note 18 Goodwill | 93
Note 19 Property, plant and equipment | 96
Note 20 Investment Property | 98
Note 21 Other financial liabilities | 99
Note 22 Right of use assets and Lease liabilities | 112
Note 23 Trade and other payables | 119
Note 24 Other provisions | 119
Note 25 Income taxes | 120
Note 26 Employee Benefits | 123
Note 27 Other non-financial liabilities | 126
Note 28 Common Shareholders’ Equity | 126
Note 29 Non-controlling Interests | 132
Note 30 Nature of cost and expense | 134
Note 31 Other income by function | 134
Note 32 Other Gains (Losses) | 135
Note 33 Financial results | 135
Note 34 Effects of changes in currency exchange rate | 136
Note 35 Contingencies and Commitments | 140
Note 36 Subsequent Events | 143

Compañía Cervecerías Unidas S.A. and subsidiaries Consolidated Statements of Financial Position (Figures expressed in thousands of Chilean pesos) |

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

ASSETS | Notes | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Current assets |  |  |
Cash and cash equivalents | 8 | 519,175,929 | 707,122,815
Others financial assets | 7 | 9,927,288 | 11,899,281
Others non-financial assets | 9 | 33,297,469 | 31,143,442
Trade and other current receivables | 10 | 473,691,412 | 506,711,173
Accounts receivable from related parties | 11 | 16,123,780 | 15,501,990
Inventories | 12 | 424,300,960 | 459,384,555
Biological assets | 13 | 16,709,078 | 16,883,106
Current tax assets | 25 | 17,703,246 | 19,668,196
Total current assets other than non-current assets of disposal groups classified as held for sale |  | 1,510,929,162 | 1,768,314,558
Non-current assets of disposal groups classified as held for sale | 14 | 167,851 | 2,952,282
Total Non-current assets of disposal groups classified as held for sale |  | 167,851 | 2,952,282
Total current assets |  | 1,511,097,013 | 1,771,266,840
Non-current assets |  |  |
Others financial assets | 7 | 26,067,779 | 30,060,601
Others non-financial assets | 9 | 8,386,715 | 13,674,236
Trade and other non-current receivables | 10 | 4,954,334 | 5,966,414
Accounts receivable from related parties | 11 | 1,134,264 | 844,344
Investments accounted for using equity method | 16 | 143,456,687 | 139,746,921
Intangible assets other than goodwill | 17 | 236,870,759 | 244,632,721
Goodwill | 18 | 148,550,618 | 161,583,233
Property, plant and equipment (net) | 19 | 1,460,212,852 | 1,522,708,449
Investment property | 20 | 11,105,298 | 12,666,980
Right of use assets | 22 | 47,784,003 | 45,017,172
Deferred tax assets | 25 | 45,766,647 | 41,549,079
Total non-current assets |  | 2,134,289,956 | 2,218,450,150
Total Assets |  | 3,645,386,969 | 3,989,716,990

F-7
The accompanying notes 1 to 36 are an integral part of these Consolidated Financial Statements.

Compañía Cervecerías Unidas S.A. and subsidiaries Consolidated Statements of Financial Position (Figures expressed in thousands of Chilean pesos) |

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

LIABILITIES AND EQUITY | Notes | As of December 31, 2025 | As of December 31, 2024
LIABILITIES | ThCh$ | ThCh$
Current liabilities |  |  |
Others financial liabilities | 21 | 188,834,466 | 156,202,002
Current lease liabilities | 22 | 9,689,870 | 9,451,551
Trade and other current payables | 23 | 460,627,211 | 514,887,185
Accounts payable to related parties | 11 | 24,463,561 | 36,417,518
Other current provisions | 24 | 3,173,553 | 2,461,549
Current tax liabilities | 25 | 18,885,299 | 41,110,171
Provisions for employee benefits | 26 | 48,478,757 | 48,467,947
Others non-financial liabilities | 27 | 41,497,682 | 51,008,288
Total current liabilities |  | 795,650,399 | 860,006,211
Non-current liabilities |  |  |
Others financial liabilities | 21 | 1,040,783,534 | 1,234,231,722
Non-current lease liabilities | 22 | 42,232,779 | 39,782,317
Trade and other non-current payables | 23 | - | 45,275
Accounts payable to related parties | 11 | 2,034,279 | -
Other non-current provisions | 24 | 1,879,272 | 2,791,080
Deferred taxes liabilities | 25 | 88,965,851 | 127,956,679
Provisions for employee benefits | 26 | 53,439,952 | 48,032,415
Others non-current non-financial liabilities | 27 | 3,940,400 | 4,355,981
Total non-current liabilities |  | 1,233,276,067 | 1,457,195,469
Total Liabilities |  | 2,028,926,466 | 2,317,201,680
EQUITY |  |  |
Equity attributable to equity holders of the parent | 28 |  |
Paid-in capital |  | 562,693,346 | 562,693,346
Other reserves |  | (112,902,374) | (3,288,422)
Retained earnings |  | 1,022,138,574 | 965,778,261
Total equity attributable to equity holders of the parent |  | 1,471,929,546 | 1,525,183,185
Non-controlling interests | 29 | 144,530,957 | 147,332,125
Total Shareholders' Equity |  | 1,616,460,503 | 1,672,515,310
Total Liabilities and Shareholders' Equity |  | 3,645,386,969 | 3,989,716,990

F-8
The accompanying notes 1 to 36 are an integral part of these Consolidated Financial Statements.

Compañía Cervecerías Unidas S.A. and subsidiaries Consolidated Statements of Income (Figures expressed in thousands of Chilean pesos) |

CONSOLIDATED STATEMENTS OF INCOME

CONSOLIDATED STATEMENT OF INCOME | Notes | For the years ended December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Net sales | 6 | 2,909,625,448 | 2,904,566,454 | 2,565,556,067
Cost of sales | 30 | (1,618,034,227) | (1,590,957,777) | (1,378,611,966)
Gross margin |  | 1,291,591,221 | 1,313,608,677 | 1,186,944,101
Others income by function | 31 | 11,829,734 | 40,211,510 | 4,419,789
Distribution costs | 30 | (547,393,154) | (536,420,140) | (470,120,810)
Administrative expenses | 30 | (205,911,739) | (214,915,089) | (197,256,571)
Others expenses by function | 30 | (329,266,797) | (339,783,068) | (270,703,334)
Other gains (losses) | 32 | (27,672,922) | (94,937) | (13,316,208)
Income from operational activities |  | 193,176,343 | 262,606,953 | 239,966,967
Finance income | 33 | 27,522,243 | 38,102,053 | 39,402,492
Finance costs | 33 | (79,947,714) | (97,165,278) | (77,023,048)
Share of net income (loss) of joint ventures and associates accounted for using the equity method | 16 | (14,352,591) | (9,494,703) | (19,217,758)
Gains (losses) on exchange differences | 33 | 1,473,550 | (17,797,269) | (65,944,570)
Result as per adjustment units | 33 | (17,631,014) | (10,722,033) | (14,025,895)
Income before taxes |  | 110,240,817 | 165,529,723 | 103,158,188
Income tax (expense) benefit | 25 | 27,051,867 | 11,015,074 | 15,267,255
Net income of year |  | 137,292,684 | 176,544,797 | 118,425,443
Net income attributable to: |  |  |  |
Equity holders of the parent |  | 117,152,207 | 160,944,138 | 105,652,728
Non-controlling interests | 29 | 20,140,477 | 15,600,659 | 12,772,715
Net income of year |  | 137,292,684 | 176,544,797 | 118,425,443
Basic earnings per share (Chilean pesos) from: |  |  |  |
Continuing operations |  | 317.05 | 435.57 | 285.93
Diluted earnings per share (Chilean pesos) from: |  |  |  |
Continuing operations |  | 317.05 | 435.57 | 285.93

F-9
The accompanying notes 1 to 36 are an integral part of these Consolidated Financial Statements.

Compañía Cervecerías Unidas S.A. and subsidiaries Consolidated Statements of Comprehensive Income (Figures expressed in thousands of Chilean pesos) |

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | Notes | For the years ended December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Net income of year |  | 137,292,684 | 176,544,797 | 118,425,443
Other comprehensive income |  |  |  |
Components of other comprehensive income (loss) that will not be reclassified to income for the year, before taxes |  |  |  |
Gains (losses) from defined benefit plans | 28 | (1,616,424) | (1,581,040) | 1,454,372
Other comprehensive income (loss) that will not be reclassified to income for the year, before taxes |  | (1,616,424) | (1,581,040) | 1,454,372
Components of other comprehensive income (loss) that will be reclassified to income for the year, before taxes |  |  |  |
Gains (losses) on exchange differences on translation | 28 | (50,740,113) | 214,519,767 | (120,293,386)
Gains (losses) on cash flow hedges | 28 | 306,105 | 4,746,744 | (4,379,170)
Other comprehensive income (loss) that will be reclassified to income for the year, before taxes |  | (50,434,008) | 219,266,511 | (124,672,556)
Others comprehensive income (loss), before tax |  | (52,050,432) | 217,685,471 | (123,218,184)
Income taxes related to components of other comprehensive income (loss) that will not be reclassified to income for the year |  |  |  |
Income tax relating to defined benefit plans | 28 | 430,721 | 377,337 | (360,233)
Income taxes related to components of other comprehensive income (loss) that will not be reclassified to income for the year |  | 430,721 | 377,337 | (360,233)
Income taxes related to components of other comprehensive income (loss) that will be reclassified to income for the year |  |  |  |
Income tax relating to cash flow hedges | 28 | (82,648) | (1,281,621) | 1,182,375
Income taxes related to components of other comprehensive income (loss) that will be reclassified to income for the year |  | (82,648) | (1,281,621) | 1,182,375
Total other comprehensive income (loss) |  | (51,702,359) | 216,781,187 | (122,396,042)
Comprehensive income |  | 85,590,325 | 393,325,984 | (3,970,599)
Comprehensive income attributable to: |  |  |  |
Equity holders of the parent |  | 69,753,323 | 371,908,216 | (14,520,253)
Non-controlling interests |  | 15,837,002 | 21,417,768 | 10,549,654
Total Comprehensive income (expense) |  | 85,590,325 | 393,325,984 | (3,970,599)

F-10
The accompanying notes 1 to 36 are an integral part of these Consolidated Financial Statements.

Compañía Cervecerías Unidas S.A. and subsidiaries Consolidated Statements of Changes in Equity (Figures expressed in thousands of Chilean pesos) |

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

STATEMENT OF CHANGES IN EQUITY | Paid-in capital | Other reserves | Total other reservations | Retained earnings | Equity attributable to equity holders of the parent | Non-controlling interests | Total Shareholders' Equity
Common Stock | Reserve of exchange differences on translation | Reserve of cash flow hedges | Reserve of Actuarial gains and losses on defined benefit plans | Other reserves
| ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$
Balanced as of January 1, 2023 | 562,693,346 | (40,039,090) | (4,180,961) | (10,351,094) | (36,141,326) | (90,712,471) | 843,045,191 | 1,315,026,066 | 120,942,987 | 1,435,969,053
Changes |  |  |  |  |  |  |  |  |  |
Final dividends (1) | - | - | - | - | - | - | (3) | (3) | - | (3)
Interim dividends (2) | - | - | - | - | - | - | (31,961,655) | (31,961,655) | - | (31,961,655)
Interim dividends according to policy (3) | - | - | - | - | - | - | (20,864,709) | (20,864,709) | - | (20,864,709)
Others increase (decrease) in Equity (4) | - | - | - | - | - | - | - | - | (14,037,509) | (14,037,509)
Effects business combination (5) | - | - | - | - | - | - | - | - | 1,090,587 | 1,090,587
Total comprehensive income (loss) (6) | - | (118,056,295) | (3,150,407) | 1,033,532 | 189 | (120,172,981) | 105,652,728 | (14,520,253) | 10,549,654 | (3,970,599)
Other increases (decreases) for other changes (7) | - | - | - | - | (28,406,226) | (28,406,226) | - | (28,406,226) | - | (28,406,226)
Increase (decrease) through changes in ownership interests in subsidiaries (8) | - | - | - | - | (908,438) | (908,438) | - | (908,438) | (2,296,620) | (3,205,058)
Increase (decrease) for other contribitions from owners (9) | - | - | - | - | - | - | - | - | 2,768,700 | 2,768,700
Total changes in equity | - | (118,056,295) | (3,150,407) | 1,033,532 | (29,314,475) | (149,487,645) | 52,826,361 | (96,661,284) | (1,925,188) | (98,586,472)
AS OF DECEMBER 31, 2023 | 562,693,346 | (158,095,385) | (7,331,368) | (9,317,562) | (65,455,801) | (240,200,116) | 895,871,552 | 1,218,364,782 | 119,017,799 | 1,337,382,581
Balanced as of January 1, 2024 | 562,693,346 | (158,095,385) | (7,331,368) | (9,317,562) | (65,455,801) | (240,200,116) | 895,871,552 | 1,218,364,782 | 119,017,799 | 1,337,382,581
Changes |  |  |  |  |  |  |  |  |  |
Final dividends (1) | - | - | - | - | - | - | (10,565,360) | (10,565,360) | - | (10,565,360)
Interim dividends (2) | - | - | - | - | - | - | (43,416,587) | (43,416,587) | - | (43,416,587)
Interim dividends according to policy (3) | - | - | - | - | - | - | (37,055,482) | (37,055,482) | - | (37,055,482)
Others increase (decrease) in Equity (4) | - | - | - | - | - | - | - | - | (14,775,755) | (14,775,755)
Effects business combination (5) | - | - | - | - | - | - | - | - | 20,756,762 | 20,756,762
Total comprehensive income (loss) (6) | - | 208,678,212 | 3,399,936 | (1,112,502) | (1,568) | 210,964,078 | 160,944,138 | 371,908,216 | 21,417,768 | 393,325,984
Other increases (decreases) for other changes (7) | - | - | - | - | 28,554,665 | 28,554,665 | - | 28,554,665 | (128,043) | 28,426,622
Increase (decrease) through changes in ownership interests in subsidiaries (8) | - | - | - | - | (2,607,049) | (2,607,049) | - | (2,607,049) | (1,702,590) | (4,309,639)
Increase (decrease) for other contribitions from owners (9) | - | - | - | - | - | - | - | - | 2,746,184 | 2,746,184
Total changes in equity | - | 208,678,212 | 3,399,936 | (1,112,502) | 25,946,048 | 236,911,694 | 69,906,709 | 306,818,403 | 28,314,326 | 335,132,729
AS OF DECEMBER 31, 2024 | 562,693,346 | 50,582,827 | (3,931,432) | (10,430,064) | (39,509,753) | (3,288,422) | 965,778,261 | 1,525,183,185 | 147,332,125 | 1,672,515,310
Balanced as of January 1, 2025 | 562,693,346 | 50,582,827 | (3,931,432) | (10,430,064) | (39,509,753) | (3,288,422) | 965,778,261 | 1,525,183,185 | 147,332,125 | 1,672,515,310
Increase (decrease) due to changes in accounting policies (10) | - | (61,607,045) | - | - | - | (61,607,045) | (2,215,787) | (63,822,832) | (3,792,625) | (67,615,457)
Initial balance restated | 562,693,346 | (11,024,218) | (3,931,432) | (10,430,064) | (39,509,753) | (64,895,467) | 963,562,474 | 1,461,360,353 | 143,539,500 | 1,604,899,853
Changes |  |  |  |  |  |  |  |  |  |
Final dividends (1) | - | - | - | - | - | - | (3) | (3) | - | (3)
Interim dividends (2) | - | - | - | - | - | - | (31,038,241) | (31,038,241) | - | (31,038,241)
Interim dividends according to policy (3) | - | - | - | - | - | - | (27,537,863) | (27,537,863) | - | (27,537,863)
Others increase (decrease) in Equity (4) | - | - | - | - | - | - | - | - | (13,499,960) | (13,499,960)
Total comprehensive income (loss) (6) | - | (46,505,693) | 256,410 | (1,149,573) | (28) | (47,398,884) | 117,152,207 | 69,753,323 | 15,837,002 | 85,590,325
Other increases (decreases) for other changes (7) | - | - | - | - | (608,626) | (608,626) | - | (608,626) | (1,064,067) | (1,672,693)
Increase (decrease) through changes in ownership interests in subsidiaries (8) | - | - | - | - | 603 | 603 | - | 603 | (511,653) | (511,050)
Increase (decrease) for other contribitions from owners (9) | - | - | - | - | - | - | - | - | 230,135 | 230,135
Total changes in equity | - | (46,505,693) | 256,410 | (1,149,573) | (608,051) | (48,006,907) | 58,576,100 | 10,569,193 | 991,457 | 11,560,650
AS OF DECEMBER 31, 2025 | 562,693,346 | (57,529,911) | (3,675,022) | (11,579,637) | (40,117,804) | (112,902,374) | 1,022,138,574 | 1,471,929,546 | 144,530,957 | 1,616,460,503

| (1) | Corresponds to the difference between the final dividend and CCU’s policy of distributing a minimum dividend of at least 50% of net income (Note 28 - Common Shareholders’ Equity).

| (2) | Corresponds to Interim dividends that were paid on November 29, 2023, November 28, 2024 and November 21, 2025, as agreed at the Ordinary Board of Directors' Meeting.

| (3) | Corresponds to the difference between CCU’s policy to distribute a minimum dividend of at least 50% of the net income (Note 28 - Common Shareholders’ Equity) and the interim dividends paid as of December 31.

| (4) | Mainly related to dividends of Non-controlling interest.

| (5) | See Note 1 - General information, letter C) number (12) for 2023 and numbers (3) and (8) for 2024.

| (6) | See Note 28 - Common Shareholders’ Equity.

| (7) | See Note 1 - General information, letter C), number (3) for 2023 mainly, Note 1 - General Information, letter C), number (3), Note 11 - Accounts and transactions with related parties, numbers (4) and (5) for 2024 and Note 1 - General Information, letter C), numbers (6) and (14) for 2025.

| (8) | See Note 1 - General information, letter C), number (3) for 2023, and numbers (6) and (9) for 2024 and numbers (6) and (14) for 2025.

| (9) | See Note 1 - General information, letter C), number (2).

| (10) | See Note 2 - Summary of material accounting policies, number (2.1) Basis of preparation.

F-11
The accompanying notes 1 to 36 are an integral part of these Consolidated Financial Statements.

Compañía Cervecerías Unidas S.A. and subsidiaries Consolidated Statements of Cash Flows (Figures expressed in thousands of Chilean pesos) |

CONSOLIDATED STATEMENTS OF CASH FLOWS

CONSOLIDATED STATEMENT OF CASH FLOW | Notes | For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Cash flows from operating activities |  |  |  |
Classes of cash receipts from operating activities: |  |  |  |
Proceeds from goods sold and services rendered |  | 3,808,416,362 | 3,873,291,218 | 3,372,111,480
Collections from royalties, fees and commissions |  | 216,358 | 157,872 | 246,154
Others proceeds from operating activities |  | 55,409,302 | 57,653,381 | 37,693,163
Classes of cash payments from operating activities: |  |  |  |
Payments of operating activities |  | (2,635,066,842) | (2,693,336,010) | (2,292,700,327)
Payments relating royaties, fees and commissions |  | (40,318,473) | (23,310,131) | (19,843,319)
Payments of salaries |  | (420,467,573) | (422,143,875) | (347,134,212)
Others payments for operating activities |  | (432,874,468) | (454,451,355) | (424,963,285)
Cash flow from operations |  | 335,314,666 | 337,861,100 | 325,409,654
Dividends received |  | 910,245 | 942,895 | 1,231,164
Interest paid |  | (54,985,787) | (68,811,141) | (70,452,675)
Interest received |  | 27,542,354 | 38,007,760 | 38,534,725
Income tax paid |  | (57,562,564) | (14,703,915) | (8,959,871)
Other cash movements | 32 | (12,168,390) | (5,779,972) | 8,334,410
Net cash inflows from operating activities |  | 239,050,524 | 287,516,727 | 294,097,407
Cash flows from investing activities |  |  |  |
Cash flows used to obtain control of subsidiaries or others businesses | 8 | - | (551,585) | (2,000,000)
Loan to related entities |  | - | - | (1,173,884)
Repayment of loan by related entities |  | 966,365 | 572,254 | 1,245,265
Others payments to acquire interests in joint ventures | 8 | (10,975,902) | (10,658,097) | (7,086,899)
Proceeds from sales of property, plan and equipment |  | 2,935,366 | 52,429,361 | 1,231,541
Purchase of property, plant and equipment |  | (142,378,558) | (152,916,896) | (124,400,618)
Purchases of intangibles assets |  | (14,522,823) | (7,169,288) | (5,047,222)
Other cash movements |  | (324,907) | - | -
Net cash (outflow) from investing activities |  | (164,300,459) | (118,294,251) | (137,231,817)
Cash flows from financing activities |  |  |  |
Collections from changes in ownership interests in subsidiaries that do not result in loss of control | 8 | - | 17,112,779 | -
Payments from changes in ownership interests in subsidiaries that do not result in loss of control | 8 | - | (32,260,503) | (3,205,058)
Proceeds from long-term loans and bonds |  | - | - | 8,219,455
Proceeds from short-term loans and bonds |  | 206,962,105 | 52,903,303 | 68,928,016
Total proceeds from loans and bonds |  | 206,962,105 | 52,903,303 | 77,147,471
Loan from related entities |  | 2,049,656 | - | -
Loan and bonds payments |  | (328,742,122) | (74,305,996) | (159,420,525)
Proceeds from issuing shares |  | 230,135 | 2,746,184 | 2,768,700
Payments of lease liabilities |  | (12,394,330) | (16,274,873) | (10,704,270)
Dividends paid |  | (78,322,009) | (81,797,392) | (65,583,416)
Other cash movements (1) |  | 3,637,150 | 6,840,724 | 40,960,923
Net cash (outflow) from financing activities |  | (206,579,415) | (125,035,774) | (118,036,175)
Net (decrease) increase in cash and cash equivalents |  | (131,829,350) | 44,186,702 | 38,829,415
Effects of exchange rate changes on cash and cash equivalents |  | (56,117,536) | 44,782,097 | (17,757,074)
Increase (decrease) in cash and cash equivalents |  | (187,946,886) | 88,968,799 | 21,072,341
Cash and cash equivalents at beginning of the year |  | 707,122,815 | 618,154,016 | 597,081,675
Cash and cash equivalents at end of the year | 8 | 519,175,929 | 707,122,815 | 618,154,016

| (1) | Within Other cash movements, 2023 mainly includes the effect of settlement of hedging instruments associated with bonds payable to the public.

F-12
The accompanying notes 1 to 36 are an integral part of these Consolidated Financial Statements.

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 1 General Information

| A) | Company information

Compañía Cervecerías Unidas S.A. (hereinafter also “CCU”, “the Company” or “the Parent Company”) was incorporated in Chile as an open stock company, and is registered in the Securities Registry of the Comisión para el Mercado Financiero (CMF) under Nº 0007, and consequently, the Company is overseen by the CMF. The Company’s shares are traded in Chile on the Santiago Stock Exchange and Electronic Stock Exchange. The Company is also registered with the United States of America Securities and Exchange Commission (SEC) and its American Depositary Shares (ADS)’s are traded in the New York Stock Exchange (NYSE). There was an amendment to the Deposit Agreement dated December 3, 2012, between the Company, JP Morgan Chase Bank, NA and all holders of ADRs, whereby there was a change in the ADS ratio from 5 common shares for each ADS to 2 common shares for each AgDS, effective as of December 20, 2012.

Compañía Cervecerías Unidas S.A. is a diversified beverage company, with operations mainly in Chile, Argentina, Uruguay, Paraguay, Colombia and Bolivia. CCU is the largest Chilean brewer, the second largest brewer in Argentina, the second largest producer of soft drinks in Chile, the second largest producer of wines in Chile, the largest producer of bottled water, nectars, sports drinks and iced tea in Chile and one of the largest producers of pisco in Chile. It also participates in the Home and Office Delivery ("HOD") business, a home delivery business of purified water in bottles through the use of dispensers; in the rum industry, other liquors, recently in ciders in Chile. It participates in the cider, liquor and wine industry in Argentina. It also participates in the mineral water, soft drinks, water, nectars and beer distribution industry in Argentina, Uruguay, Paraguay, Colombia and Bolivia.

Compañía Cervecerías Unidas S.A. is under the control of Inversiones y Rentas S.A. (IRSA), which is the direct and indirect owner of 65.87% of the Company’s shares. IRSA is currently a joint venture between Quiñenco S.A. and Heineken Chile SpA., a company controlled by Heineken International B.V., each with a 50% equity participation.

The Company’s address and main office is located in Santiago, Chile, at Avenida Vitacura Nº 2670, Las Condes district and its tax identification number (Rut) is 90,413,000-1.

As of December 31, 2025, the Company had a total 9,455 employees detailed as follows:

| Number of employes
| Parent company | Consolidated
Senior Executives | 9 | 14
Managers and Deputy Managers | 95 | 555
Others workers | 340 | 8,886
Total | 444 | 9,455

The Consolidated Financial Statements include: Statement of Financial Position, Statement of Income, Statement of Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows (direct method), and the Accompanying Notes with disclosures.

In the accompanying Statement of Financial Position, assets and liabilities that are classified as current, are those with maturities equal to or less than twelve months, and those classified as non-current, are those with maturities greater than twelve months. In turn, in the Consolidated Statement of Income, expenses are classified by function, and the nature of depreciation and personnel expenses is identified in footnotes. The Consolidated Statement of Cash Flows is presented using the direct method.

The figures of the Consolidated Statement of Financial Position and respective explanatory notes are presented compared with balances as of December 31, 2024 and the Consolidated Statement of Changes in Shareholders' Equity, Consolidated Statement of Income by Function, Consolidated Statement of Comprehensive Income, Consolidated Statement of Cash Flows and respective explanatory notes are presented compared with balances as of December 31, 2024 and 2023.

These Consolidated Financial Statements are presented in thousands of Chilean pesos (ThCh$) and have been prepared from the accounting records of Compañía Cervecerías Unidas S.A. and its subsidiaries. All amounts have been rounded to thousand Chilean pesos, except when otherwise indicated.

F-13

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The Company’s functional currency and presentation currency is the Chilean peso. Certain subsidiaries have a functional currency other than Chilean pesos. Certain subsidiaries in Chile use the US Dollar as their functional currency. Subsidiaries in the United States, Argentina, Uruguay, Paraguay, Bolivia, United Kingdom and China use the US Dollar, Argentine peso, Uruguayan Peso, Paraguayan guaraní, Bolivian, Sterling Pound and Yuan, respectively as their functional currency.

The functional currency of joint venture in Colombia and of associates in Argentine and Perú, is the Colombian peso, Argentine peso and the Peruvian Sol, respectively. However for consolidated purposes, they presents its consolidated financial statements in Chilean pesos.

Subsidiaries whose functional currencies are not the Chilean peso and are not a currency from a country which economy has been classified as hyperinflationary, have converted their financial statement from their functional currency to the Group’s presentation currency, which is the Chilean peso. The following exchange rates have been used: for the Consolidated Statement of Financial Position and the Consolidated Statement of Changes in Equity, net at the year-end exchange rate, and for the Consolidated Statements of Income, Consolidated Statements of Comprehensive Income and the Consolidated Statement of Cash Flows at the transaction date exchange rate or at the average monthly exchange rate, as appropriate. For consolidation purposes, the assets and liabilities of subsidiaries whose functional currency is different from the Chilean peso, are translated into Chilean pesos using the exchange rates prevailing at the closing date of the Consolidated Financial Statements while the Gains (losses) on exchange differences caused by the conversion of assets and liabilities are recorded in the Conversion Reserves account under Other equity reserves. Income, costs and expenses are translated at the average monthly exchange rate for the respective periods. (See Note 2 - Summary of material accounting policies, (2.4)).

| B) | Brands and licensing

In Chile, its portfolio of brands in the beer category consists of its own CCU brands, international licensing brands, and distribution of Craft brands. CCU’s own brands correspond to national products produced, marketed, and distributed by Cervecera CCU Chile Ltda. which include the following brands among others; Cristal, Escudo, Royal Guard, Morenita, Dorada, Andes, Bavaria, and Stones. The international licensing brands are mostly produced while others are imported. All are marketed and distributed by Cervecera CCU including among others, Heineken, Sol and Coors brands. The Craft brands of beers (Austral, Polar Imperial, Patagonia, Kunstmann, Guayacán, D´olbek, Mahina and Volcanes del Sur) are created and mostly produced in their original breweries and in partnership with Cervecera CCU marketed and distributed by the Company.

In the Chile operating segment, in the non-alcoholic beverage’s category, CCU has the Bilz, Pap, Kem, Kem Xtreme, Nobis, Pop, Cachantun and Porvenir brands. In the HOD category, CCU has the Manantial brand. The Company, directly or through its subsidiaries, has licensing agreements with Pepsi, 7up, H2OH!, Gatorlit, Gatorade, Adrenaline Red, Lipton Ice Tea, Crush, Canada Dry Limón Soda, Canada Dry Ginger Ale, Canada Dry Agua Tónica, Nestlé Pura Vida, Watt’s, Watt´s Selección and Frugo. In Chile, CCU is the exclusive distributor of the Red Bull energy drink, Rockstar and Perrier water, and in the ready to drink categorie its the exclusive distributor in Chile of Nescafé and Starbucks. Through a joint venture it also has its own brands, Sprim and a license for the Vivo and Caricia brands.

Additionally, in the Chile operating segment, in the pisco and cocktails categories, through its subsidiary Compañía Pisquera de Chile S.A. (“CPCh”), CCU owns the Mistral, Tres Erres, Campanario, Horcón Quemado, Control Valle del Encanto, Espíritu de los Andes, La Serena, Mistral Ice, Iceberg, Tres Erres Ice, Sierra Morena Ice, Kantal RTD, Campanario Sour, Ruta Cocktail, Sabor Andino Sour and Horcón Quemado Sour, brands, together with the respective line extensions, as applicable. In the rum category, the Company owns the Sierra Morena (and their extensions) and Cabo Viejo brands. In the liquor category, the Company has the Kantal, Fehrenberg, Barsol and Puklaro brands and is the exclusive distributor in Chile of Pernod Ricard brands in the traditional channel and exclusive distributor in Chile of Fratelli Branca brands for all channels. Finally, in the sidra category, CPCh distributes the brand Sidra 1888. On January 2023, CPCh materialized the acquisition of D&D SpA., adding La Pizka to its portfolio of brands.

On August 8th 2019, CCU announced that its subsidiary Compañía Pisquera de Chile S.A. (“CPCh”) acting through out Inversiones Internacionales SpA. and International Spirits Investments USA LLC, have communicated to LDLM Investment LLC their decision to initiate the sell of its whole participation in Americas Distilling Investment LLC (“ADI”) which amount to 40%. ADI is the owner of the Peruvian Company Bodega San Isidro S.R.L. and the Barsol brand. That sales process initiated by CPCh did not take place, because the terms and conditions described in the offers presented by the interested parties were not feasible or satisfactory.

F-14

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

In Argentina, CCU produces beer in its plants located in Salta, Santa Fe and Luján. Its main brands are Schneider, Imperial, Palermo, Santa Fé, Salta, Córdoba, Isenbeck, Norte and Iguana. At the same time, it is the holder of exclusive license for the production and marketing of Miller Genuine Draft, Heineken, Amstel, Sol, Warsteiner, Grolsch and Blue Moon. CCU also imports Kunstmann brand, and exports beer to different countries, mainly under the Schneider, Heineken and Imperial brands. Besides, participates in the cider business, marketing the leading market brands “Sidra Real”, “La Victoria” and “1888” in addition to the Pehuenia brand. Also participates in the spirits business, which are market under El Abuelo brand, in addition to importing pisco from Chile. Its wine portfolio include the sale and distribution of the Eugenio Bustos and La Celia brands and since June 2019 has incorporated to its wine portfolio Colón, Graffina and Santa Silvia brands belonging to Finca La Celia (subsidiary in Argentina of the Chilean subsidiary Viña San Pedro de Tarapacá S.A. (“VSPT”)). In 2025 added to its portfolio on the isotonic category the brand Full Sport.

With the acquisition of the shareholdings in Aguas de Origen S.A. and Aguas Danone de Argentina S.A., during 2022, CCU entered the spring water, mineral water and saborized water business, participating with the brands Villavicencio, Villa del Sur, Levité, Ser and Brío.

In the Wine Operating Segment, CCU through its subsidiary VSPT has an extensive portfolio of wine brands produced across the eight wineries that are part of the group. Among them are: Altaïr, Cabo de Hornos, Sideral, 1865, Castillo de Molina, Epica, Gato (in domestic market) and GatoNegro (in export market) from Viña San Pedro, the Reserva and Gran Reserva lines of Viña Tarapacá and its Blue and Black labels; Viña Leyda in its Reserva, Single Vineyard and Lot series; Misiones de Rengo Varietal, Reserva, Cuvée, Gran Reserva Black, Mision, and its Sparkling line; in addition to Alpaca, Reservado and Siglo de Oro Reserva de Viña Santa Helena; and in the sparkling category, Viñamar in its expressions Traditional Method, Extra Brut, Rosé, Moscato, Brut, Unique Brut, Unique Moscato, ICE and Zero Dealcoholized; the Donnaluna brand in the category of cockail wine, and, finally, Manquehuito in the coolers category. In Argentina, the brands La Celia, Graffigna, Colón and Colón Selecto.

In Uruguay, the Company participates in the mineral water business with the Nativa and Nix brands, soft drinks with the Nix brand and nectars with Watt's brand, in isotonic drinks with the FullSport brands. Addicionally it sells imported beer under the Heineken, Schneider, Imperial, Escudo Silver, Kuntsmann, Miller, and Amstel. In the wines and sidra category, it participates with the brands Misiones de Rengo, Eugenio Bustos and La Celia brand, Sidra Real and 1888, all of them imported.

In Paraguay, the Company participates in the non-alcoholic and alcoholic drinks business. Its portfolio of non-alcoholic brands consists of Pulp, Watt's, Puro Sol, La Fuente and the FullSport isotonic drinks. These brands include our own licensed and imported brands. The Company in the alcoholic drinks business is the owner of Sajonia beer brand and imports Heineken, Amstel, Paulaner, Sol, Blue Moon, Schin and Kunstmann brands. In the wine category, it distributes the Misiones de Rengo and La Celia brands and in the category of piscos, distributes the Mistral brand. Since October 2024, as a result of the partnership agreement with the Vierci Group, CCU has a license to market and distribute Pepsico beverages and snacks under the Pepsi, Mirinda, 7Up, Split, Gatorade, Aquafina, Rockstar, Paso de los Toros, Quaker, Lays, Cheetos, Doritos, Tostitos and Fandango brands, in addition to the distribution of Red Bull.

In Bolivia, CCU participates in the non-alcoholic and alcoholic beverages business through its subsidiary Bebidas Bolivianas BBO S.A. (“BBO”). Within the portfolio of non-alcoholic beverages, BBO has the Mendocina, Sinalco, Real and De la Sierra. These brands include their own and licensed brands. On the other hand, the alcoholic beverages include Real, Capital, Cordillera, Uyuni, Amstel and Schneider brands. Aditionally, BBO markets the imported beer Heineken brands.

In Colombia, CCU participates in the beer business through its joint venture Central Cervecera de Colombia S.A.S. ("CCC"). CCC holds exclusive licensing agreements for the import, distribution and production of Heineken beer in Colombia since December 2014. In December 2015, the assets of the craft beer company "Artesanos de Cerverza" was acquired with its brand "Tres Cordilleras". From April 2016, the Tecate and Sol brands were incorporated, with a licensing agreement to brew and/or market these brands. In November 2019, the Miller Lite brand was incorporated. In February 2019, the local brand Andina was launched. Since 2019, local production of the Tecate brand and the launch of Natu Malta (non-alcoholic malt-based product) began. In October 2021, the local production of the Sol brand started. In July 2024, “Andina Refajo” (a ready to drink mix of beer and soft drink) was launched sided by the soft drink “Colombiana” (owned by Postobón). In June 2025, launched the locally produced brand “Central”.

F-15

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The described licenses are detailed as follows:

Main brands under license
Licenses | Validity Date (*)
Aberlour, Absolut, Ballantine's, Beefeater, Blender´s Pride, Borzoi, Chivas Regal, Cuvee MUMM, Dubonnet, Elyx, G.H. MUMM, Havana Club, Jameson, Kahlúa, Level, Long John, Longmorn, Malibu, Martell, Monkey 47, Mumm, Olmeca, Orloff, Passport, Pernod, Perrier-Jouёt, Ramazzotti, Ricard, Royale Salute, Sandeman, Scapa, Something Special, Strathisla, The Glenlivet, Wyborowa, 100 Pipers, in Chile (1) | June 2027
Amstel in Argentina (2) | Annual renewal for periods of 10 years
Amstel in Bolivia (2) | Annual renewal for periods of 10 years
Amstel in Uruguay (15) | In process
Amstel in Paraguay (1) | September 2027
Austral in Chile (4) | July 2026
Avena Quaker Extra Fino, Avena Tradicional Fortificada Ca-Fe-Zn, Barra Display Chispa Chocolate, Barra Display Frutilla, Barra Display Vainilla Toffe, Cheetos, Doritos Queso, Fandangos Presunto, Fandangos Queijo, Honey Graham, Honey Nut, Lays Clásicas, Harina de Avena Integral Py, Lays stax SCO, Lays stax Original, Tostitos, Stax Sal, Lay´s Ketchup, Stax Sco Casa, Lays Stax Cheddar, Lays Queso y Pimienta, Lays Ceb Car Lto, Cheetos Pali, Avena Quaker Fr, Granola Quaker Miel y Pasas, Granola Quaker Miel y Almendras, Avena Multisemilla II, Avena Multisemillas IV, Quaker Avena Instant, Avena Multisemillas I, Barra Display Manzana, Tostitos, Doritos DInamita FH and Lays TA FH in Paraguay (9) | October 2034
Blue Moon in Argentina (17) | December 2028
Blue Moon in Paraguay | April 2028
Coors in Chile (5) | December 2030
Crush y Canada Dry (Ginger Ale, Agua Tónica y Limón Soda) in Chile (6) | December 2028
Fernet Branca, Brancamenta, Punt E Mes, Borghetti, Carpano Rosso y Carpano Bianco in Chile | December 2029
Frugo in Chile | Indefinitely
Gatorade in Chile (7) | December 2043
Gatorlit in Chile (20) | June 2026
Gatorade in Paraguay (19) | March 2033
Grolsch in Argentina | April 2028
Heineken in Bolivia (8) | December 2029
Heineken in Chile (2) | Annual renewal for periods of 10 years
Heineken in Argentina (2) | Annual renewal for periods of 10 years
Heineken in Colombia (10) | February 2028
Heineken in Paraguay (1) | April 2026
Heineken in Uruguay (2) | Annual renewal for periods of 10 years
Mas in Uruguay (14) | November 2028
Miller in Argentina (22) | December 2026
Miller Lite and Miller Genuine Draft in Colombia (12) | December 2026
Miller in Uruguay (6) | July 2026
Nescafé and Starbucks (coffee drinks with milk and milk drinks with coffee) in Chile (8) | August 2035
Nestlé Pura Vida in Chile (6) | December 2027
Paulaner in Paraguay | April 2026
Patagonia in Chile | Indefinitely
Pepsi, Seven Up, Mirinda y H2OH! in Chile | December 2043
Pepsi, Pepsi Light, Pepsi Max, Pepsi Blue, Pepsi Black, 7up, 7up Free, Mirinda (Guaraná), Mirinda Free (Guaraná), Paso de los Toros, Paso de los Toros Free, Be Light and Aquafina in Paraguay (19) | March 2033
Polar Imperial in Chile | Indefinitely
Red Bull in Chile | Indefinitely
Red Bull in Paraguay | Indefinitely
Rockstar in Chile (16) | December 2043
Rockstar in Paraguay (19) | March 2033
Schin in Paraguay (15) | In process
Split in Paraguay (15) | In process
Sol in Argentina (2) | Annual renewal for periods of 10 years
Sol in Chile (2) | Annual renewal for periods of 10 years
Sol in Colombia (3) | February 2028
Sol in Paraguay (1) | December 2028
Té Lipton in Chile | December 2030
Tecate in Colombia (3) | February 2028

(*) | The expiration date is considered to be the last month of the contract term, whether it is the original term or the current renewal.

F-16

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Main brands under license (continuation)
Licenses | Validity Date (*)
Villavicencio, Villa del Sur, Levite, Brio, Ser, We, Mate Power, Evian and Ser (powdered drink mix) | Indefinitely
Warsteiner in Argentina (13) | April 2028
Watt's in Uruguay (21) | June 2115
Watt's (nectars, fruit-based drinks and other) rigid packaging, except carton in Chile | Indefinitely
Watt's (juice) rigid packaging, except carton in Chile (18) | December 2028
Watt´s in Paraguay (11) | June 2026

(*) | The expiration date is considered to be the last month of the contract term, whether it is the original term or the current renewal.

| (1) | Automatically renewable for successive periods of 3 years, unless notice of non-renewal is given.

| (2) | License for 10 years, automatically renewable under the same conditions (Rolling Contract), each year for a period of 10 years, unless notice of non-renewal is given.

| (3) | After the initial expiration date, the license is automatically renewed each year for a period of 5 years (Rolling Contract), unless notice of non-renewal is given. The contract will remain in effect as long as Heineken's license agreement for Colombia remains in effect.

| (4) | Renewable for periods of 2 years, subject to compliance with the conditions set forth in the contract.

| (5) | After the initial expiration date (December 31, 2025), the license is renewed for a period of 5 years, subject to compliance with the conditions set forth in the contract. Upon expiration of said renewal, the contract will be automatically renewed under identical conditions (Rolling Contract), each year for a period of 5 years, unless notice of non-renewal is given.

| (6) | Renewable for periods of 5 years, subject to compliance with the conditions set forth in the contract.

| (7) | Renewed for a period equal to the term of the Bebidas CCU-PepsiCo SpA. Shareholders' Agreement. On February 18, 2026, the Gatorlit brand is added to the license.

| (8) | License for 10 years, automatically renewable for periods of 5 years, unless notice of non-renewal is given.

| (9) | In force until October 13, 2034. However, in 2028, the licensor may terminate the contract in the event of non-compliance with certain conditions set forth therein.

| (10) | After the initial expiration date (March 1, 2028), the license is automatically renewed each year for a period of 5 years (Rolling Contract), unless notice of non-renewal is given.

| (11) | The sublicense is automatically renewed for 2 successive periods of 5 years each, subject to the terms and conditions set forth in the International Sublicense Agreement dated December 28, 2018, between Promarca Internacional Paraguay S.R.L. and Bebidas del Paraguay S.A.

| (12) | Renewable for a period of 5 years, subject to compliance with the conditions set forth in the contract.

| (13) | Prior to the expiration of the term, the parties shall negotiate its renewal for another 5 years.

| (14) | Automatically renewable for successive periods of 10 years.

| (15) | Distribution has begun, contract currently being negotiated.

| (16) | As long as Bebidas CCU PepsiCo SpA. Shareholder’s Agreement remains in force.

| (17) | Renewable for two additional periods of 5 years each, subject to compliance with the conditions set forth in the contract.

| (18) | Automatically renewable for successive periods of 5 years each, unless notice of non-renewal is given.

| (19) | After the initial expiration, the contract shall be renewed for a period of 4 years, unless notice of non-renewal is given.

| (20) | In force until June 30, 2026.

| (21) | After the initial term, the contract shall be automatically renewed for successive periods of 99 years.

| (22) | After the initial expiration date (December 31, 2026), the license is renewed each year for periods of 10 years (Rolling Contract), subject to compliance with the conditions set forth in the contract.

F-17

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

| C) | Direct and indirect significant subsidiaries

The consolidated financial statements include the following direct and indirect subsidiaries where the percentage of participation represents the economic interest at a consolidated level:

Subsidiary | Tax ID | Country of origin | Functional currency | Share percentage direct and indirect
As of December 31, 2025 | As of December 31, 2024
Direct % | Indirect % | Total % | Total %
Aguas CCU-Nestlé Chile S.A. | 76,007,212-5 | Chile | Chilean Pesos | - | 50.0917 | 50.0917 | 50.0917
Cervecera Guayacán SpA. (**) (6) | 76,035,409-0 | Chile | Chilean Pesos | - | - | - | 30.0005
CRECCU S.A. (13) | 76,041,227-9 | Chile | Chilean Pesos | 99.9602 | 0.0398 | 100.0000 | 100.0000
Cervecería Belga de la Patagonia SpA. (**) (14) | 76,077,848-6 | Chile | Chilean Pesos | - | - | - | 25.5034
Cerveza Dolbek SpA. (**) (14) | In process | Chile | Chilean Pesos | - | 35.0013 | 35.0013 | -
Inversiones Invex CCU Dos Ltda. | 76,126,311-0 | Chile | US Dollar | 99.8516 | 0.1484 | 100.0000 | 100.0000
Bebidas CCU-PepsiCo SpA. (**) | 76,337,371-1 | Chile | Chilean Pesos | - | 49.9888 | 49.9888 | 49.9888
CCU Inversiones II SpA. (1) | 76,349,531-0 | Chile | US Dollar | 99.9614 | 0.0386 | 100.0000 | 100.0000
Bebidas Carozzi CCU SpA. (**) | 76,497,609-6 | Chile | Chilean Pesos | - | 49.9917 | 49.9917 | 49.9917
Bebidas Ecusa SpA. | 76,517,798-7 | Chile | Chilean Pesos | - | 99.9835 | 99.9835 | 99.9835
Inversiones Invex CCU Ltda. (11) | 76,572,360-4 | Chile | US Dollar | 71.6364 | 28.3573 | 99.9937 | 99.9925
Promarca Internacional SpA. (**) | 76,574,762-7 | Chile | US Dollar | - | 49.9917 | 49.9917 | 49.9917
CCU Inversiones S.A. (9) | 76,593,550-4 | Chile | Chilean Pesos | 99.0242 | 0.9534 | 99.9776 | 99.9776
Cerveza Guayacán SpA. (**) (6) | 76,643,998-5 | Chile | Chilean Pesos | - | 40.0006 | 40.0006 | -
Inversiones Internacionales SpA. | 76,688,727-9 | Chile | US Dollar | - | 80.0000 | 80.0000 | 80.0000
Promarca S.A. (**) | 76,736,010-K | Chile | Chilean Pesos | - | 49.9917 | 49.9917 | 49.9917
D&D SpA. (**) (12) | 76,920,876-3 | Chile | Chilean Pesos | - | 40.8106 | 40.8106 | 40.8106
La Barra S.A. (10) | 77,148,606-1 | Chile | Chilean Pesos | 99.0000 | 1.0000 | 100.0000 | 100.0000
Mahina SpA. (**) | 77,248,551-4 | Chile | Chilean Pesos | - | 25.0458 | 25.0458 | 25.0458
Volcanes del Sur S.A. | 77,622,887-7 | Chile | Chilean Pesos | - | 74.9503 | 74.9503 | 74.9503
CirCCUlar SpA. (5) | 77,847,898-3 | Chile | Chilean Pesos | - | 99.9773 | 99.9773 | 99.9773
Transportes CCU Ltda. | 79,862,750-3 | Chile | Chilean Pesos | 98.0000 | 2.0000 | 100.0000 | 100.0000
Fábrica de Envases Plásticos S.A. | 86,150,200-7 | Chile | Chilean Pesos | 95.8904 | 4.1087 | 99.9991 | 99.9991
Millahue S.A. (7) | 91,022,000-4 | Chile | Chilean Pesos | 99.9773 | - | 99.9773 | 99.9773
Viña San Pedro Tarapacá S.A. (*) (9) | 91,041,000-8 | Chile | Chilean Pesos | - | 85.1506 | 85.1506 | 85.1506
Manantial S.A. | 96,711,590-8 | Chile | Chilean Pesos | - | 50.5520 | 50.5520 | 50.5520
Viña Altaïr SpA. | 96,969,180-9 | Chile | Chilean Pesos | - | 85.1506 | 85.1506 | 85.1506
Cervecería Kunstmann S.A. | 96,981,310-6 | Chile | Chilean Pesos | 50.0007 | - | 50.0007 | 50.0007
Cervecera CCU Chile Ltda. | 96,989,120-4 | Chile | Chilean Pesos | 99.8064 | 0.1936 | 100.0000 | 100.0000
Embotelladoras Chilenas Unidas S.A. | 99,501,760-1 | Chile | Chilean Pesos | 98.8000 | 1.1835 | 99.9835 | 99.9835
Comercial CCU S.A. | 99,554,560-8 | Chile | Chilean Pesos | 50.0000 | 49.9888 | 99.9888 | 99.9888
Compañía Pisquera de Chile S.A. | 99,586,280-8 | Chile | Chilean Pesos | 46.0000 | 34.0000 | 80.0000 | 80.0000
Aguas de Origen S.A. (8) | 0-E | Argentina | Argentine Pesos | - | 50.0974 | 50.0974 | 50.0970
Cía. Cervecerías Unidas Argentina S.A. | 0-E | Argentina | Argentine Pesos | - | 99.9949 | 99.9949 | 99.9940
Compañía Industrial Cervecera S.A. (4) | 0-E | Argentina | Argentine Pesos | - | 99.9960 | 99.9960 | 99.9953
Finca La Celia S.A. | 0-E | Argentina | Argentine Pesos | - | 85.1506 | 85.1506 | 85.1506
Los Huemules S.R.L. | 0-E | Argentina | Argentine Pesos | - | 74.9984 | 74.9984 | 74.9981
Bebidas Bolivianas BBO S.A. (2) | 0-E | Bolivia | Bolivians | - | 51.0000 | 51.0000 | 51.0000
VSPT Winegroup (Shanghai) Limited | 0-E | China | Yuan | - | 85.1506 | 85.1506 | 85.1506
International Spirits Investments USA LLC | 0-E | United States | US Dollar | - | 80.0000 | 80.0000 | 80.0000
VSPT US LLC | 0-E | United States | US Dollar | - | 85.1506 | 85.1506 | 85.1506
VSPT UK Ltd. | 0-E | United Kingdom | Sterling Pound | - | 85.1506 | 85.1506 | 85.1506
AV S.A. (3) | 0-E | Paraguay | Paraguayan Guaranies | - | 51.0166 | 51.0166 | 51.0166
Bebidas del Paraguay S.A. (3) | 0-E | Paraguay | Paraguayan Guaranies | - | 57.2157 | 57.2157 | 57.2157
Distribuidora del Paraguay S.A. (3) | 0-E | Paraguay | Paraguayan Guaranies | - | 51.0024 | 51.0024 | 51.0024
Promarca Internacional Paraguay S.R.L. (**) | 0-E | Paraguay | Paraguayan Guaranies | - | 49.9917 | 49.9917 | 49.9917
Sajonia Brewing Company S.R.L. | 0-E | Paraguay | Paraguayan Guaranies | - | 57.1536 | 57.1536 | 57.1536
Andrimar S.A. | 0-E | Uruguay | Uruguayan Pesos | - | 100.0000 | 100.0000 | 100.0000
Marzurel S.A. | 0-E | Uruguay | Uruguayan Pesos | - | 100.0000 | 100.0000 | 100.0000
Milotur S.A. | 0-E | Uruguay | Uruguayan Pesos | - | 100.0000 | 100.0000 | 100.0000

(*) |  | Listed company in Chile.

(**) |  | Subsidiaries in which we have an interest of more or equal than 50% through one or more subsidiaries of the Company.

F-18

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

In addition to what is shown in the preceding table, the following are the percentages of participation with voting rights, in each of the subsidiaries. Each shareholder has one vote per share owned or represented. The percentage of participation with voting rights represents the sum of the direct participation and indirect participation through a subsidiary.

Subsidiary | Tax ID | Country of origin | Functional currency | Share percentage with voting rights
As of December 31, 2025 | As of December 31, 2024
% | %
Aguas CCU-Nestlé Chile S.A. | 76,007,212-5 | Chile | Chilean Pesos | 50.0917 | 50.0917
Cervecera Guayacán SpA. (**) (6) | 76,035,409-0 | Chile | Chilean Pesos | - | 30.0005
CRECCU S.A. (13) | 76,041,227-9 | Chile | Chilean Pesos | 100.0000 | 100.0000
Cervecería Belga de la Patagonia SpA. (**) (14) | 76,077,848-6 | Chile | Chilean Pesos | - | 25.5034
Cerveza Dolbek SpA. (**) (14) | In process | Chile | Chilean Pesos | 35.0013 | -
Inversiones Invex CCU Dos Ltda. | 76,126,311-0 | Chile | US Dollar | 100.0000 | 100.0000
Bebidas CCU-PepsiCo SpA. (**) | 76,337,371-1 | Chile | Chilean Pesos | 49.9888 | 49.9888
CCU Inversiones II SpA. (1) | 76,349,531-0 | Chile | US Dollar | 100.0000 | 100.0000
Bebidas Carozzi CCU SpA. (**) | 76,497,609-6 | Chile | Chilean Pesos | 49.9917 | 49.9917
Bebidas Ecusa SpA. | 76,517,798-7 | Chile | Chilean Pesos | 99.9835 | 99.9835
Inversiones Invex CCU Ltda. (11) | 76,572,360-4 | Chile | US Dollar | 99.9937 | 99.9925
Promarca Internacional SpA. (**) | 76,574,762-7 | Chile | US Dollar | 49.9917 | 49.9917
CCU Inversiones S.A. (9) | 76,593,550-4 | Chile | Chilean Pesos | 99.9776 | 99.9776
Cerveza Guayacán SpA. (**) (6) | 76,643,998-5 | Chile | Chilean Pesos | 40.0006 | -
Inversiones Internacionales SpA. | 76,688,727-9 | Chile | US Dollar | 80.0000 | 80.0000
Promarca S.A. (**) | 76,736,010-K | Chile | Chilean Pesos | 49.9917 | 49.9917
D&D SpA. (**) (12) | 76,920,876-3 | Chile | Chilean Pesos | 40.8106 | 40.8106
La Barra S.A. (10) | 77,148,606-1 | Chile | Chilean Pesos | 100.0000 | 100.0000
Mahina SpA. (**) | 77,248,551-4 | Chile | Chilean Pesos | 25.0458 | 25.0458
Volcanes del Sur S.A. | 77,622,887-7 | Chile | Chilean Pesos | 74.9503 | 74.9503
CirCCUlar SpA. (5) | 77,847,898-3 | Chile | Chilean Pesos | 99.9773 | 99.9773
Transportes CCU Ltda. | 79,862,750-3 | Chile | Chilean Pesos | 100.0000 | 100.0000
Fábrica de Envases Plásticos S.A. | 86,150,200-7 | Chile | Chilean Pesos | 99.9991 | 99.9991
Millahue S.A. (7) | 91,022,000-4 | Chile | Chilean Pesos | 99.9773 | 99.9773
Viña San Pedro Tarapacá S.A. (*) (9) | 91,041,000-8 | Chile | Chilean Pesos | 85.1506 | 85.1506
Manantial S.A. | 96,711,590-8 | Chile | Chilean Pesos | 50.5520 | 50.5520
Viña Altaïr SpA. | 96,969,180-9 | Chile | Chilean Pesos | 85.1506 | 85.1506
Cervecería Kunstmann S.A. | 96,981,310-6 | Chile | Chilean Pesos | 50.0007 | 50.0007
Cervecera CCU Chile Ltda. | 96,989,120-4 | Chile | Chilean Pesos | 100.0000 | 100.0000
Embotelladoras Chilenas Unidas S.A. | 99,501,760-1 | Chile | Chilean Pesos | 99.9835 | 99.9835
Comercial CCU S.A. | 99,554,560-8 | Chile | Chilean Pesos | 99.9888 | 99.9888
Compañía Pisquera de Chile S.A. | 99,586,280-8 | Chile | Chilean Pesos | 80.0000 | 80.0000
Aguas de Origen S.A. (8) | 0-E | Argentina | Argentine Pesos | 50.0974 | 50.0970
Cía. Cervecerías Unidas Argentina S.A. | 0-E | Argentina | Argentine Pesos | 99.9949 | 99.9940
Compañía Industrial Cervecera S.A. (4) | 0-E | Argentina | Argentine Pesos | 99.9960 | 99.9953
Finca La Celia S.A. | 0-E | Argentina | Argentine Pesos | 85.1506 | 85.1506
Los Huemules S.R.L. | 0-E | Argentina | Argentine Pesos | 74.9984 | 74.9981
Bebidas Bolivianas BBO S.A. (2) | 0-E | Bolivia | Bolivians | 51.0000 | 51.0000
VSPT Winegroup (Shanghai) Limited | 0-E | China | Yuan | 85.1506 | 85.1506
International Spirits Investments USA LLC | 0-E | United States | US Dollar | 80.0000 | 80.0000
VSPT US LLC | 0-E | United States | US Dollar | 85.1506 | 85.1506
VSPT UK Ltd. | 0-E | United Kingdom | Sterling Pound | 85.1506 | 85.1506
AV S.A. (3) | 0-E | Paraguay | Paraguayan Guaranies | 51.0166 | 51.0166
Bebidas del Paraguay S.A. (3) | 0-E | Paraguay | Paraguayan Guaranies | 57.2157 | 57.2157
Distribuidora del Paraguay S.A. (3) | 0-E | Paraguay | Paraguayan Guaranies | 51.0024 | 51.0024
Promarca Internacional Paraguay S.R.L. (**) | 0-E | Paraguay | Paraguayan Guaranies | 49.9917 | 49.9917
Sajonia Brewing Company S.R.L. | 0-E | Paraguay | Paraguayan Guaranies | 57.1536 | 57.1536
Andrimar S.A. | 0-E | Uruguay | Uruguayan Pesos | 100.0000 | 100.0000
Marzurel S.A. | 0-E | Uruguay | Uruguayan Pesos | 100.0000 | 100.0000
Milotur S.A. | 0-E | Uruguay | Uruguayan Pesos | 100.0000 | 100.0000

(*) |  | Listed company in Chile.

(**) |  | Subsidiaries in which we have an interest of more or equal than 50% through one or more subsidiaries of the Company.

F-19

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The main movements in the ownership of the subsidiaries included in these consolidated financial statements are the following:

(1) CCU Inversiones II SpA.

On January 26, 2024, the Company made a capital contribution to the subsidiary CCU Inversiones II SpA. for an amount of USD 41,775,000 (equivalent to ThCh$ 38,055,772), in which the Company had a 99.9602% interest and CCU Inversiones S.A. had a 0.0398% interest. The latter did not generate effects at the CCU S.A. consolidated level.

On December 12, 2025, the Company made a capital contribution to the subsidiary CCU Inversiones II SpA. for an amount of USD 11,000,000 (equivalent to ThCh$ 10,085,900), in which the Company reached a 99.9614% interest and CCU Inversiones S.A. reached a 0.0386% interest. The latter did not generate effects at the CCU S.A. consolidated level.

(2) Bebidas Bolivianas BBO S.A.

On January 25 and May 25, 2023, the subsidiary CCU Inversiones II SpA. made capital contributions to Bebidas Bolivianas BBO S.A. for USD 1,784,914 and USD 1,784,914 (equivalent to ThCh$ 1,437,659 and ThCh$ 1,444,049), respectively. Since the partners contributed in proportion to the current shareholding, the percentages of participation were maintained.

On February 21, April 29, July 12 and December 30, 2024, the subsidiary CCU Inversiones II SpA. made a capital contributions to Bebidas Bolivianas BBO S.A. for USD 1,019,971, USD 509,914, USD 1,087,508 and USD 495,052 (equivalent to ThCh$ 982,926, ThCh$ 483,235, ThCh$ 925,742 and ThCh$ 454,034), respectively. Since the partners participated in proportion to the current shareholding, the percentages of participation were maintained.

On March 13, 2025 the subsidiary CCU Inversiones II SpA. made a capital contribution to Bebidas Bolivianas BBO S.A. for USD 255,029 (equivalent to ThCh$ 237,758). Since the partners participated in proportion to the current shareholding, the percentages of participation were maintained.

(3) Bebidas del Paraguay S.A., Distribuidora del Paraguay S.A. and AV S.A.

On January 26, 2023, the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury announced sanctions against Mr. Horacio Cartes Jara, as of that date, shareholder of our subsidiaries Bebidas del Paraguay S.A. and Distribuidora del Paraguay S.A. (the "Companies in Paraguay").

On March 1, 2023, Compañía Cervecerías Unidas S.A. through its subsidiary CCU Inversiones II SpA. signed a Private Agreement with the shareholders of the Companies in Paraguay, agreeing to:

| i. | The acquisition of all of the shares held by Ms. Sarah Cartes Jara in the Companies in Paraguay, which purchase and sale took place on March 1, 2023, for a total amount of USD 4,001,920 (equivalent to ThCh$ 3,205,058), and CCU became the holder of a 55.0070% and 54.9640% of Bebidas del Paraguay S.A. and Distribuidora del Paraguay S.A. (generating an equity effect of ThCh$ 908,438), respectively; and

| ii. | The acquisition by an unrelated third party of Mr. Cartes of all the shares owned by him, within the maximum term that expired on March 17, 2023 and subject to CCU agreeing with this third party certain amendments to the current shareholders' agreements of the Companies in Paraguay.

On March 16, 2023 having met the conditions set forth in the Private Agreement, Sudameris Bank S.A.E.C.A. (Sudameris) acquired all of Mr. Horacio Cartes Jara participation in the Companies in Paraguay, signing with CCU the respective Shareholders' Agreements, which include corporate governance clauses and other usual clauses for this type of contract, and a Put Option Agreement, for a total of USD 32,651,973 (present value of USD 31,745,078 equivalent to ThCh$ 25,949,059 at the date of signing the agreement and USD 32,555,031, equivalent to ThCh$ 28,554,669 as of December 31, 2023), with respect to the Companies in Paraguay (See Note 2 - Summary of material accounting policies, number 2.7 - Financial instruments - Option Contracts).

On February 20, 2024, pursuant to the provisions of the Put Option Agreement, CCU S.A., through its subsidiaries CCU Inversiones II SpA. and CCU Inversiones S.A., acquired all of the shares held by Sudameris Bank S.A.E.C.A. in Bebidas del Paraguay S.A. and Distribuidora del Paraguay S.A., for a value of USD 32,652,006 (equivalent to ThCh$ 31,549,348). Consequently, as from this date, the only shareholders of Bebidas del Paraguay S.A. and Distribuidora del Paraguay S.A. are CCU Inversiones II SpA. and CCU Inversiones S.A.

F-20

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Since October 14, 2024, Compañía Cervecerías Unidas S.A., through its subsidiaries CCU Inversiones II SpA. and CCU Inversiones S.A., entered into binding and definitive association agreements with Vierci Group, which holds the license for PepsiCo's beverages and snacks distribution in Paraguay, through its companies AV S.A. and AJ S.A. Calidad Ante Todo.

According to these agreements contained in the masters contract, and once met all the conditions set in the mentioned contract, CCU became the owner of 51% of the shares of Bebidas del Paraguay S.A., Distribuidora del Paraguay S.A. and acquired AV S.A. in a 51% as well. The remaining 49% of the shares of these companies will remain in the hands of the Vierci Group.

At the closing date of these Financial Statements, not all the stipulations of the master agreement have yet been perfected; therefore, as of December 31, 2025, the Vierci Group's interest in Bebidas del Paraguay S.A. is 43% approximately.

The acquired business contributed revenues of ThCh$ 9,270,041 and net income of ThCh$ 108,368 for the period from October 14, to December 31, 2024.

See more information in Note 15 - Business combination, letter b).

For this business combination, the final fair values of the assets and liabilities for AV S.A. were determined as follows:

Assets and Liabilities | Fair Value
ThCh$
Trade and other current receivables | 5,935,199
Inventories | 5,053,629
Other current assets | 819,009
Total current assets | 11,807,837
Property, plant and equipment (net) | 6,621,135
Intangible assets other than goodwill | 12,264,118
Right of use assets | 119,480
Total non-current assets | 19,004,733
Total Assets | 30,812,570
Current lease liabilities | 59,618
Trade and other current payables | 10,578,725
Other current liabilities | 1,460,285
Total current liabilities | 12,098,628
Non-current lease liabilities | 59,862
Deferred tax liabilities | 1,180,741
Total non-current liabilities | 1,240,603
Total Liabilities | 13,339,231
Net identifiable assets acquired | 17,473,339
Non-controlling interests | (8,559,035)
Investment value | 8,914,304
Consideration transferred | (18,860,580)
Cash flow obtained by business combination | 17,112,779
Other reserves | (7,166,503)
| -

As a result of the fair values indicated above, intangible assets have been generated, mainly Intangible and Property, plant and equipment, which are described in Note 17 - Intangible assets other than goodwill and Note 19 - Property, plant and equipment, respectively.

F-21

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

(4) Compañía Industrial Cervecera S.A. and Sáenz Briones y Cía. S.A.I.C.

On April 3, 2023, the Board of Directors of Compañía Industrial Cervecera S.A. approved a corporate reorganization process between Compañía Industrial Cervecera S.A. and Sáenz Briones y Cía. S.A.I.C., defining an effective date for the merger of these companies as of May 1, 2023. This did not have a significant impact on the consolidated financial statements.

The merge was registered on the Inspection of legal entities of Salta province on September 25, 2024 and on the General Inspection of Justice of Buenos Aires on November 11, 2024.

(5) CirCCUlar SpA.

On February 1, 2024, the Company, through its subsidiary Millahue S.A., incorporated CirCCUlar SpA. in Chile, with a capital of ThCh$ 10,000,000, divided into 10,000,000 ordinary and nominative shares, which as of today is fully paid. The corporate purpose of CirCCUlar SpA. is the manufacture, recycling and commercialization of all types of plastic products and supplies.

(6) Cervecera Guayacán SpA. and Cerveza Guayacán SpA.

On April 26, 2024, the subsidiary Cervecería Kunstmann S.A. made a capital contribution to Cervecera Guayacán SpA. in the amount of ThCh$ 84,131, in which the subsidiary Cervecería Kunstmann S.A. reached a 60.0002% interest which generated a positive equity effect at the Company's level of ThCh$ 31,300.

On October 23, 2025, was approved the split of subsidiary Cervecera Guayacán SpA. in two companies, remaining Cervecera Guayacán SpA. as the legal successor, which will retain its corporate name and legal personality, giving rise to Cerveza Guayacán SpA., which was constituted with equity of ThCh$ 54,166 and paid-in capital of ThCh$ 203,005.

On December 5, 2025, Cervecería Kunstmann S.A. made a capital contribution of ThCh$ 54,500, which was materialized by capitalizing part of the accounts receivable for Cerveza Guayacán SpA. reaching an 80% interest. This generated a negative effect on equity of ThCh$ 118.

On the same date, Cervecería Kunstmann S.A. gives Cerveza Guayacán SpA. an account receivable against Cervecera Guayacán SpA. amounting ThCh$ 632,015. The remaining payment to Cervecería Kunstmann S.A. amounts ThCh$ 632,015 that will be paid in 48 monthly installments with an annual interest of 3.77%.

On December 9, 2025, a capital reduction was agreed of Cervecera Guayacán SpA. equivalent to 196,154 shares owned by Cervecería Kunstmann S.A. equivalent to UF 17,516.28 (ThCh$ 695,548). Subsequently, on the same date Cervecera Guayacán SpA. agrees to pay Cervecería Kunstmann S.A., for this sales of shares the total amount of UF 5,849.62 equivalent to ThCh$ 217,985, that will be paid in cash within 90 days from the date of the contract and the remaining UF 12,026.66 equivalent to ThCh$ 477,563 will be paid in 10 annual installments from the date of the contract. This generated a negative effect on the equity of ThCh$ 88,743 due to the society’s exit from the Group.

Finally, on the same date, Cerveza Guayacán SpA. acquire the brands “Guayacán” and “Guayacán la Cerveza del Valle del Elqui” amounting M$ 1,303, which is going to be paid within 90 days from the date of the contract amounting ThCh$ 670,985 in cash and through the compensation of the account given against Cervecera Guayacán SpA. previously described amounting ThCh$ 632,015.

(7) Millahue S.A.

At an Extraordinary Shareholder’s meeting held on August 29, 2024, it was approved to increase the capital stock of Millahue S.A. by ThCh$ 7,002,652 through the issuance of 17,142,310 nominative shares.

On September 4, 2024, the Company paid the capital contribution of ThCh$ 7,000,000, corresponding to its 99.9621% ownership in Millahue S.A.

As determined in the same Extraordinary Shareholder's meeting, the preferential subscription period expired 30 calendar days from the date of the deed, therefore, as of December 31, 2024, the Company holds a 99.9773% ownership stake.

F-22

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

(8) Aguas de Origen S.A.

On May 28, 2024, CCU Argentina S.A. notified Holding Internationale de Boissons S.A.S. of the exercise of the stock purchase option contained in the shareholders' agreement, which allowed CCU Argentina S.A. to acquire 8,471,349 shares equivalent to the 0.1% of the outstanding shares of the former joint venture Aguas de Origen S.A. Aguas de Origen S.A. was considered a joint venture until June 30, 2024 through its subsidiary CCU Argentina S.A.

During July 2024, Holding Internationale de Boissons S.A.S. accepted the exercise of the aforementioned option.

On July 1, 2024, CCU Argentina S.A. exercised the option for an amount of ThCh$ 47,217, reaching a participation of 50.1% of Aguas de Origen S.A.

The acquired business contributed revenues of ThCh$ 87,643,707 and net loss of ThCh$ 2,894,151 for the period from July 1, to December 31, 2024.

For this business combination by stages, the final fair values of assets and liabilities were determined, wich are the followings:

Assets and Liabilities | Fair Value
ThCh$
Trade and other current receivables | 13,502,497
Inventories | 11,903,064
Other current assets | 2,293,374
Total current assets | 27,698,935
Property, plant and equipment (net) | 8,046,721
Intangible assets other than goodwill | 25,481,126
Deferred tax assets | 1,545,351
Total non-current assets | 35,073,198
Total Assets | 62,772,133
Others financial liabilities | 8,351,355
Trade and other current payables | 27,255,032
Other current liabilities | 1,030,235
Total current liabilities | 36,636,622
Other non- current provisions | 1,691,168
Total non-current liabilities | 1,691,168
Total Liabilities | 38,327,790
Net identifiable assets acquired | 24,444,343
Non-controlling interests | (12,197,727)
Investment value | 12,246,616
Goodwill | 5,557,026
Investment at fair value previously held | (15,128,327)
Gain for business combination by stages | (2,628,098)
Cash flow used to obtain control of subsidiary | (47,217)
| -

As consequence of the fair values indicated above, mainly Intangible assets, Goodwill and Property, plant and equipment were generated, which are disclosed in Note 17 - Intangible assets other than goodwill, Note 18 - Goodwill and Note 19 - Property, plant and equipment, respectively.

(9) CCU Inversiones S.A. and Viña San Pedro Tarapacá S.A.

On November 21, 2024, the subsidiary CCU Inversiones S.A. acquired an additional 0.4682% of the subsidiary Viña San Pedro Tarapacá S.A. for ThCh$ 711,155, equivalent to 187,146,096 shares, reaching a direct participation of 85.1697% (indirect interest of 85.1506%), which generated a positive effect on the Company’s equity of ThCh$ 681,186.

(10) La Barra S.A.

On June, 2025, the Company and its subsidiary Cervecera CCU Chile Ltda. made a capital contribution of ThCh$ 3,762,000 reaching a direct participation of 99.0000% and ThCh$ 38,000, reaching a direct participation of 1.0000% to the subsidiary La Barra S.A., respectively. This did not have a significant impact on the consolidated financial statements of CCU.

F-23

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

(11) Inversiones Invex CCU Ltda.

On October 8, 2025 the Company made a capital contribution to the subsidiary Inversiones Invex CCU Ltda. in the amount of USD 34,000,000 (equivalent to ThCh$ 32,694,740), in which the Company reached a 71.6364% interest and CCU Inversiones S.A. reached a 28.3636% interest. The latter did not generate effects at the CCU S.A. consolidated level.

(12) D&D SpA.

On January 20, 2023, the subsidiary Compañía Pisquera de Chile S.A. completed the acquisition of a 51.0132% interest in D&D SpA. (company owner of, among others assets, the Pizka brand), a joint stock company engaged in the frozen cocktail business, whose main product is packaged pisco sour. Its main products are manufactured in the production plant located in the district of Quilicura, in the city of Santiago, Chile.

Since the date of this acquisition and until December 31, 2023, D&D SpA. contributed a net income of ThCh$ 662,355.

For this business combination, the final fair values of assets and liabilities were determined as follows:

Assets and Liabilities | Fair Value
ThCh$
Trade and other current receivables | 404,882
Inventories | 300,055
Other current assets | 287,574
Total current assets | 992,511
Property, plant and equipment (net) | 607,977
Intangible assets other than goodwill | 1,962,891
Right of use assets | 26,767
Total non-current assets | 2,597,635
Total Assets | 3,590,146
Current lease liabilities | 26,767
Trade and other current payables | 602,887
Other current liabilities | 97,542
Total current liabilities | 727,196
Non-current lease liabilities | 100,755
Deferred tax liabilities | 536,201
Total non-current liabilities | 636,956
Total Liabilities | 1,364,152
Net identifiable assets acquired | 2,225,994
Non-controlling interests | (1,090,587)
Goodwill | 2,100,677
Investment value | 3,236,084

As a result of the fair values indicated above, intangible assets and goodwill have been generated, which are disclosed in Intangible and Goodwill, which are described in Note 17 - Intangible assets other than goodwill and Note 18 - Goodwill, respectively.

(13) CRECCU S.A.

On January 9, 2023, at the Extraordinary Shareholders' Meeting of the subsidiary CRECCU S.A., it was agreed to reduce capital by ThCh$ 1,500,000, which was returned to the shareholders, this is, to the Company and the subsidiary CCU Inversiones S.A. in proportion to their participation.

(14) Cervecería Belga de la Patagonia SpA. and Cerveza Dolbek SpA.

On December 11, 2025, an agreement of change the legal nature of the subsidiary, changing it to a join-stock company under the name of Cervecería Belga de la Patagonia SpA.

On the same date, was approved the split of the subsidiary Cervecería Belga de la Patagonia SpA. in two companies, remaining this subsidiary as the legal successor, which will retain its corporate name and legal personality, giving rise to the subsidiary Cerveza Dolbek SpA., which was constituted with equity of ThCh$ 7,600 and paid-in capital of ThCh$ 1,583.

F-24

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

On December 26, 2025, Cervecería Kunstmann S.A. acquires 5,041 shares of Cerveza Dolbek SpA. equivalent to 19% of interest, for an amount of UF 11,062.9 equivalent to ThCh$ 439,294 will be paid in cash within 90 days from the date of the contract and an amount equivalent to ThCh$ 571,000 equivalent to 14% of dividens paid annualy for a period of 10 years, this generated an effect on equity of ThCh$ 721.

On December 30, 2025 a capital reduction was agreed of Cervecería Belga de la Patagonia SpA., whereby Cervecería Kunstmann S.A. withdrew from the company. This generated an account receivable to Cervecería Belga de la Patagonia SpA. amounting ThCh$ 599,828 and a negative effect on equity of ThCh$ 14,728.

Joint operations:

The joint arrangements that qualify as joint operations are as follows:

(a) Promarca S.A.

Promarca S.A. is a closed stock company whose main activity is the acquisition, development and administration of trademarks and their corresponding licensing to their operators.

On December 31, 2025, Promarca S.A. recorded a net income of ThCh$ 7,150,007 (ThCh$ 7,102,269 as of 2024 and ThCh$ 6,490,044 as of 2023) which in accordance with the Company’s policies is 100% distributable.

(b) Bebidas CCU-Pepsico SpA. (“BCP”)

The line of business of this company is manufacture, produce, process, transform, transport, import, export, purchase, sell and in general market all types of concentrates.

On December 31, 2025, BCP recorded a net income of ThCh$ 5,885,074 (ThCh$ 4,766,081 as of 2024 and ThCh$ 5,628,818 as of 2023) which in accordance with the Company’s policies is 100% distributable.

(c) Bebidas Carozzi CCU SpA. (“BCCCU”)

The purpose of this company is the production, marketing and distribution of instant powder drinks in the national territory.

As of December 31, 2025, BCCCU recorded a net income of ThCh$ 696,464 (ThCh$ 652,159 as of 2024 and ThCh$ 769,486 as of 2023) which in accordance with the Company’s policies is 100% distributable.

The companies mentioned above, meet the conditions stipulated in IFRS 11 to be considered "joint operations", since the primary assets in both entities are trademarks, the contractual arrangements establishes that the parties to the joint arrangement share all interests in the assets relating to the arrangement in a specified proportion and their income is 100% from royalties charged to the joint operators for the sale of products using these trademarks.

Note 2 Summary of material accounting policies

Significant accounting policies adopted for the preparation of these Consolidated Financial Statements are described below:

| 2.1 | Basis of preparation

The accompanying consolidated financial statements as of December 31, 2025 and 2024 and for each of the three years in the period ended December 31, 2025 have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IFRS Accounting Standards”).

The Consolidated Financial Statements have been prepared on a historical cost basis, modified by the revaluation of certain financial assets and liabilities (including derivative instruments) - measured at fair value.

The preparation of the Consolidated Financial Statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires that management uses its professional judgment in the process of applying the Company’s accounting policies. See Note 3 - Estimates and application of professional judgment for disclosure of significant accounting estimates and judgments.

F-25

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

At the date of issuance of these Consolidated Financial Statements, new Standards, Improvements, Amendments and Interpretations to existing standards have been published, which have not become effective or have not been adopted by the Company in advance, and are presented below and are mandatory as of the dates indicated:

Next Standard Improvements and Amendments | Mandatory for years beginning in:
Amendments to IAS 7 | Cash Flow Statements - Cost method. | January 1, 2026
Amendments to IFRS 1 | First-time adoption of International Financial Reporting Standards - Changes in references to hedge accounting. | January 1, 2026
Amendments to IFRS 7 and IFRS 9 | Classification and Measurement of Financial Instruments. | January 1, 2026
Amendments to IFRS 10 | Consolidated Financial Statements. | January 1, 2026
IFRS 18 | Presentation and disclosures in the Financial Statements. | January 1, 2027
IFRS 19 | Subsiduaries without Public Accountability: Disclousures. | January 1, 2027
Amendments to IAS 21 | Effect of changes in foreign currency exchange rates - Translation to a hyperinflationary presentation currency. | January 1, 2027
Amendments to IFRS 7 - IFRS18 - IAS 1 - IAS 8 - IAS 36 - IAS 37 | Changes to illustrative examples and disclosures about uncertainties in the Financial Statements. | January 1, 2027

In April, 2024, IASB issued IFRS18, which will replace IAS 1. This standard is mandatory for annual periods beginning on January 1, 2027. The Company is assessing the impacts of this amendment on the presentation of its Consolidated Financial Statements and notes.

The Company estimates that the adoption of these new Standards, Improvements, Amendments and Interpretations mentioned in the table above will not have a material impact on the Consolidated Financial Statements.

On the other hand, the application of the amendments to IAS 21, that came into effect as of January 1, 2025, had the following effects on the Company's Consolidated Financial Statements:

Initial adoption of Amendments to IAS 21 - Lack of exchangeability.

Subsidiaries in Argentina:

On April 14, 2025, within the framework of the economic plan, the Central Bank of the Republic of Argentina (BCRA) started a transition to exchange rate flexibility and the removal of exchange controls. For legal entities, access to the Free Foreign Exchange Market was authorized for dividend payments to non-resident shareholders corresponding to the profits obtained in the balance sheets whose fiscal years begin on or after January 1, 2025.

Therefore, it was determined for the Subsidiaries in Argentina that there was an absence of currency convertibility for the balances in foreign currencies and for their respective translation to the presentation currency of these financial statements, as mentioned in the previous paragraph, only until April 14, 2025.

Therefore, in compliance with the Amendments to IAS 21 “Lack of exchageability” as of January 1, 2025 the figures in the Financial Statements of the subsidiaries in Argentina have been translated to the presentation currency, using the “CCL dollar” (“Dólar contado con liquidación”, in spanish) equivalent to 1,174.59 ARS/USD at that date, instead of the official exchange rate of the Republic of Argentina equivalent to 1,032.00 ARS/USD. In addition, and as stablished in the Amendment, the affected monetary items in foreign currency of the subsidiaries in Argentina have been converted to the “CCL dollar”, affecting the initial balance of retained earnings.

As for the exchange rate used as for December 31, 2025, both for accounting purposes in the Argentine subsidiaries and for translation into the functional currency of the parent company, these are described in Note 2 - Summary of material accounting policies, 2.4, which was obtained from the Banco de la Nación Argentina website and corresponds to the official exchange rate of the Argentine peso against the US dollar.

F-26

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Subsidiary in Bolivia:

Given the current market conditions and the inability to access US dollars at the official exchange rate, it was also determined that there is a lack of exchangeability for the subsidiary in Bolivia, whose functional currency is the Bolivian, therefore in compliance with the Amendent of IAS 21 “Lack of exchageability”, as of January 1, 2025, the figures of the financial statements have been translated into the presentation currency of CCU, using the US dollar exchange rate determined by private bank quotes, replacing Bolivia’s official dollar exchange rate equivalent to 6.9600 Bol/USD. Additionally, and as established in the Amendment, the affected monetary items in foreign currency of the Bolivian subsidiary have been converted at the quoted exchange rate, affecting the initial balance of retained earnings, using an exchange rate equivalent to 11.0126 Bol/USD.

As for the exchange rate used as for December 31, 2025, both for accounting purposes in the Bolivian subsidiaries and for translation into the functional currency of the parent company, these are described in Note 2 - Summary of material accounting policies, 2.4, which was obtained using the US dollar exchange rate determined by private bank quotes.

The effects of applying the amendment of IAS 21 for the subsidiaries described above, generated a negative equity impact of ThCh$ 61,607,045, resulting from the modification of the exchange rates used for the translation of the functional currency of Argentine peso and Bolivian to the presentation currency of CCU, generating a charge against the Reserve of exchange differences on translation. Additionally, a charge against the retained earnings was recorded as a result of the conversion of the affected monetary items in foreign currency as of January 1, 2025, using the reference exchange rates described above, for an amount of ThCh$ 2,215,787.

| 2.2 | Basis of consolidation

Subsidiaries

Subsidiaries are entities over which the Company has power to direct their financial and operating policies, which generally is the result of ownership of more than half of the voting rights. When assessing whether the Company controls another entity, the existence and effect of potential voting rights that are currently liable to be exercised at the date of the Consolidated Financial Statements is considered. Subsidiaries are consolidated from the date on which control was obtained by the Company, and are excluded from consolidation as of the date the Company loses such control.

The acquisition method is used for the accounting of acquisition of subsidiaries. The acquisition cost is the fair value of the assets delivered, of the equity instruments issued and of the liabilities incurred or assumed as of the exchange date. The identifiable assets acquired, as well as the identifiable liabilities and contingencies assumed in a business combination are initially valued at their fair value on the acquisition date, regardless the scope of minority interests. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized as income.

Joint operations

As explained in Note 1 - General information, for the joint arrangements that qualify as joint operations, the Company recognizes its share of the assets, liabilities and income in respect to its interest in the joint operations in accordance with IFRS 11.

Intercompany transaction

Intercompany transactions, balances and unrealized gains from transactions between the Company’s entities are eliminated in consolidation. Unrealized losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Whenever necessary, the accounting policies of subsidiaries are amended to ensure uniformity with the policies adopted by the Company.

Non-controlling Interest

Non-controlling interest is presented in the Equity section of the Consolidated Statement of Financial Position. The net income attributable to equity holder of the parent and non-controlling interest are each disclosed separately in the Consolidated Statement of Income after net income.

F-27

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Investments accounted for using the equity method

Joint ventures and associates

The Company maintains investments in joint arrangements that qualify as joint ventures, which correspond to a contractual agreement by which two or more parties carry out an economic activity that is subject to joint control, and normally involves the establishment of a separate entity in which each party has a share based on a shareholders’ agreement. In addition, the Company maintains investments in associates which are defined as entities in which the investor exercises significant influence but has no control over financial or operating policies and are not a subsidiary or a joint venture.

The Company accounts for its participation in joint arrangements that qualify as joint ventures and in associates using the equity method. The financial statements of the joint venture are prepared for the same year, under accounting policies consistent with those of the Company. Adjustments are made to agree any difference in accounting policies that may exist with the Company’s accounting policies.

Whenever the Company contributes or sells assets to companies under joint control or associates, any income or loss arising from the transaction is recognized based on how the asset is realized. When the Company purchases assets from those companies, it does not recognize its share in the income or loss of the joint venture in respect to such transaction until the asset is sold or realized.

| 2.3 | Financial information as per operating segments

The Company has defined three operating segments which are essentially defined with respect to its revenues in the geographic areas of commercial activity: 1.- Chile, 2.- International business and 3.- Wine.

These operating segments mentioned are consistent with the way the Company is managed and how results will be reported by CCU. These segments reflect separate operating results which are regularly reviewed by chief operating decision maker in order to make decisions about the resources to be allocated to the segment and assess its performance (See Note 6 - Financial information as per operating segment).

The segments performance is measured according to several indicators, of which OR (Adjust Operating Result), ORBDA (Adjust Operating Result Before Depreciation and Amortization), ORBDA margin (ORBDA’s % of total revenues for the operating segment), the volumes and Net sales. Sales between segments are conducted using terms and conditions at current market rates.

The Company defined the Adjusted Operating Result as the Net incomes (losses) before Other gains (losses), Net financial cost, Equity and income from joint ventures and associates, Gains (losses) on exchange differences, Results as per adjustment units and Income tax, and the ORBDA, for the Company purposes, is defined as Adjusted Operating Result before Depreciation and Amortization.

MSD&A, included Marketing, Selling, Distribution and Administrative expenses.

Corporate revenues and expenses are presented separately within the Other.

| 2.4 | Foreign currency and adjustment units

Presentation and functional currency

The Company use the chilean peso (Ch$ or CLP) as its functional currency and for the presentation of its financial statements. The functional currency has been determined considering the economic environment in which the Company carries out its operations and the currency in which the main cash flows are generated. The functional currency of certain subsidiaries in Chile is the US Dollar, and for the subsidiaries in the U.S., Argentina, Uruguay, Paraguay, Bolivia, United Kingdom and China subsidiaries is the US Dollar, Argentine Peso, Uruguayan Peso, Paraguayan Guarani, Bolivian, Sterling Pound and Yuan, respectively. The functional currency of the joint venture in Colombia and associate in Argentina and Perú is the Chilean Peso, Colombian Peso and Argentine Peso and the Sol, respectively.

F-28

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Transactions and balances

Transactions in foreign currencies and adjustment units (“Unidad de Fomento” or “UF”) are initially recorded at the exchange rate of the corresponding currency or adjustment unit as of the date on which the transaction occurs. The Unidad de Fomento (UF) is a Chilean inflation-indexed peso-denominated monetary unit. The UF rate is set daily in advance based on changes in the previous month’s inflation rate. At the close of each Consolidated Statement of Financial Position, the monetary assets and liabilities denominated in foreign currencies and adjustment units are translated into Chilean pesos at the exchange rate of the corresponding currency or adjustment unit. The Gains (losses) on exchange differences arising, both from the liquidation of foreign currency transactions, as well as from the valuation of foreign currency monetary assets and liabilities, are included in the Statement of income, in Gains (losses) on exchange differences, while the difference arising from the changes in adjustment units are recorded in the Statement of income as Result as per adjustment units.

For consolidation purposes, the assets and liabilities of the subsidiaries whose functional currency is different from the Chilean peso and not operating in countries whose economy is considered hyperinflationary, are translated into Chilean pesos using the exchange rates prevailing at the closing date of the Consolidated Financial Statements and Gains (losses) on exchange differences originated by the conversion of assets and liabilities, are recorded under Reserve of exchange differences on translation within Other equity reserves. Incomes, costs and expenses are translated at the average monthly exchange rate for the respective fiscal years. These exchange rates have not suffered significant fluctuations during these months.

The results and financial situation in CCU Group's entities which have a functional currency different from the presentation currency being their functional currency, the currency of a hyperinflationary economy (as the case of subsidiaries in Argentina as from July 1, 2018 as described below) are converted into the presentation currency as established in IAS 21 and IAS 29.

Financial information in hyperinflationary economies

Inflation in Argentina showed significant increases since the beginning of 2018, where the cumulative inflation rate of three years, calculated using different combinations of consumer price indices, exceeded 100% for several months. Therefore, as prescribed by IAS 29, Argentina was declared a hyperinflationary economy as of July 1, 2018.

In accordance with the foregoing, IAS 29 must be applied by all those entities whose functional currency is the Argentine peso for the accounting periods ended after July 1, 2018, as if the economy had always been hyperinflationary. In this regard, IAS 29 requires that the financial statements of an entity whose functional currency is the currency of a hyperinflationary country be restated in terms of the purchasing power in force at the end of the reporting period. This implies that the restatement of non-monetary items must be made from their date of origin, last restatement, appraisal or other particular date in some very specific cases.

The adjustment factor used in each case is that obtained based on the combined index of the National Consumer Price Index (CPI), with the Wholesale Price Index (IPIM), published by the National Institute of Statistics and Census of the Argentinian Republic (INDEC), according to the series prepared and published by the Argentine Federation of Professional Councils of Economic Sciences (FACPCE).

For consolidation purposes, subsidiaries whose functional currency is the Argentine peso, paragraph 43 of IAS 21 has been considered which requires that the financial statements of a subsidiary that has the functional currency of a hyperinflationary economy be restated in accordance with IAS 29 before being converted at the closing exchange rate on the reporting date and to be included in the consolidated financial statements.

The re-expression of non-monetary items is made from the date of initial recognition in the statements of financial position and considering that the financial statements are prepared under the criteria of historical cost.

Hyperinflation re-expression will be recorded until the period in which the entity's economy ceases to be considered a hyperinflationary economy; at that time, adjustments made by hyperinflation will be part of the cost of non-monetary assets and liabilities.

F-29

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The Gains (losses) derived from net monetary position of the subsidiaries in Argentina are presented below, which are recorded in Result as per adjustment units:

| For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Gains (losses) derived from net monetary position | (5,091,774) | 4,700,583 | (5,668,787)

The exchange rates of the primary foreign currencies, adjustment units and index used in the preparation of the consolidated financial statements are detailed as follows:

Chilean Pesos as per unit of foreign currency or adjustable unit | As of December 31, 2025 | As of December 31, 2024 | As of December 31, 2023
Ch$ | Ch$ | Ch$
Foreign currencies |  |  |  |  |
US Dollar | USD |  | 907.13 | 996.46 | 877.12
Cumulative monthly average US Dollar | Average USD |  | 951.25 | 943.74 | 839.79
Euro | EUR |  | 1,066.58 | 1,035.28 | 970.05
Argentine Peso | ARS |  | 0.62 | 0.97 | 1.08
Uruguayan Peso | UYU |  | 23.24 | 22.61 | 22.48
Canadian Dollar | CAD |  | 662.91 | 693.82 | 663.98
Sterling Pound | GBP |  | 1,221.89 | 1,249.01 | 1,118.20
Paraguayan Guarani | PYG |  | 0.14 | 0.13 | 0.12
Swiss Franc | CHF |  | 1,146.81 | 1,100.57 | 1,044.56
Bolivian | BOB |  | 95.49 | 143.17 | 126.02
Australian Dollar | AUD |  | 607.87 | 619.92 | 599.21
Colombian Peso | COP |  | 0.24 | 0.23 | 0.23
Yuan | CNY |  | 129.76 | 136.24 | 123.15
Adjustment units |  |  |  |  |
Unidad de fomento (*) | UF |  | 39,727.96 | 38,416.69 | 36,789.36
Unidad indexada (**) | UI |  | 147.99 | 139.09 | 132.13

(*) | The Unidad de Fomento (UF) is a Chilean inflation-indexed, Chilean peso-denominated monetary unit. The UF rate is set daily in advance based on changes in the previous month´s inflation rate.

(**) | The Unidad Indexada (UI) is a Uruguay inflation-indexed, Uruguayan peso-denominated monetary unit. The UI rate is set daily in advance based on changes in the previous month´s inflation rate.

Index used in hyperinflationary economies | As of December 31, 2025 | As of December 31, 2024 | As of December 31, 2023 |
Argentina Consumer Price Index | 10,077.55 | 7,701.19 | 3,520.08 |
Index percentage variation of Argentina Consumer Price Index |  |  | 30.9% | 118.8% | 209.1% |

| 2.5 | Cash and cash equivalents

Cash and cash equivalents include available cash, bank balances, time deposits at financial institutions, investments in mutual funds and financial instruments acquired under resale agreements, as well as highly liquid short-term investments, all at a fixed interest rate, normally with original maturity of up to three months.

F-30

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

| 2.6 | Other financial assets

Other financial assets include money market securities, derivative contracts and time deposits with financial institutions with maturities of more than 90 days.

| 2.7 | Financial instruments

IFRS 9 - Financial instruments, replaces the IAS 39 - Financial instruments, for the annual periods beginning on January 1, 2018 and which brings together three aspects of accounting and which are: classification and measurement; impairment and hedge accounting.

Financial assets

The Company recognizes a financial asset in its Consolidated Statement of Financial Position as follows:

As of the date of initial recognition, management classifies its financial assets: (i) at fair value through profit and loss (ii) Trade and other current receivables and (iii) hedging derivatives. The classification depends on the purpose for which the financial assets were acquired. For instruments not classified at fair value through Income, any cost attributable to the transaction is recognized as part of the asset’s value.

The fair value of instruments that are actively traded in formal markets is determined by the traded price on the Financial Statement closing date. For investments without an active market, fair value is determined using valuation techniques including (i) the use of recent market transactions, (ii) references to the current market value of another financial instrument of similar characteristics, (iii) discounted cash flows and (iv) other valuation models.

After initial recognition, the Company values the financial assets as described below:

Trade and other current receivables

Trade receivable credits or accounts are recognized according to their invoice value.

The Company purchases credit insurance covering approximately 90% of individually significant accounts receivable balances for the domestic market and the international market, of total trade receivable, respectively, net of a 10% deductible.

An impairment of accounts receivable balances is recorded when there is objective evidence that the Company not will be capable to collect amounts according to the original terms. Some indicators that an account receivable may be impaired are the financial problems, initiation of a bankruptcy, financial restructuring and age of the balances of our customers.

Estimated losses from bad debts is measured in an amount equal to the "expectations of credit losses", using the simplified approach established in IFRS 9 and in order to determine whether or not there is impairment from portfolio, a risk analysis is carried out according to the historical experience (three years) on the uncollectibility, also considering other factors of aging until reaching 100% of the balance in most of the debts older than 180 days, with the exception of those cases that in accordance with current policies, losses are estimated due to partial deterioration based on a case by case analysis.

The Company considers that these financial assets may be impaired when: i) The debtor is unlikely to pay its obligations and the Company it hasn’t still taken actions such as to claim the credit insurance, or ii) The financial asset has exceeded the contractually agreed expiration date.

| a) | Measurement of expected loss

The Expected Credit Loss corresponds to the probability of credit losses according to recent history considering the uncollectability of the last three mobile years. These historical indices are adjusted according to the monthly payment and amount of the different historical trade receivables. Additionally, the portfolio is analyzed according to its solvency probability for the future, its recent financial history and market conditions, to determine the category of the client, for the constitution of impairment in relation to its defined risk.

F-31

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

| b) | Credit impairment

On each issuing date of the Financial Statements, the Company evaluates if these financial assets measured at amortized cost have credit impairment. A financial asset has a "credit impairment" when one or more events occur that have a detrimental impact on the estimation of future cash flows. Additionally, the Company includes information on the effects of modifications to the contractual effective flows (repactations), which are minor and correspond to specific cases with strategic clients of the Company.

Additionally, the company maintains credit insurance for individually significant accounts receivable. Impairment losses are recorded in the Consolidated Statement of Income in the period incurred.

Current trade receivable credits and accounts are initially recognized at their nominal value and are not discounted. The Company has determined that the calculation of the amortized cost is not materially different from the invoiced amount because the transactions do not have significant associated costs.

Financial liabilities

The Company recognizes a financial liability in its Consolidated Statement of Financial Position as follows:

Interest-bearing loans and financial obligations

Interest-bearing loans and financial obligations are initially recognized at the fair value of the resources obtained, less incurred costs that are directly attributable to the transaction. After initial recognition, interest-bearing loans and obligations are measured at amortized cost. The difference between the net amount received and the value to be paid is recognized in the Consolidated Statement of Income over the term of the loan, using the effective interest rate method.

Interest paid and accrued related to loans and obligations used to finance its operations are presented under Finance costs.

Interest-bearing loans and obligations maturing within twelve months are classified as current liabilities, unless the Company has the unconditional right to defer payment of the obligation for at least twelve months after the closing date of the Consolidated Financial Statement.

Trade and other payables

Trade and other payables are initially recognized at nominal value because they do not differ significantly from their fair value. The Company has determined that no significant differences exist between the carrying value and amortized cost using the effective interest rate method.

Derivative Instruments

All derivative financial instruments are initially recognized at fair value as of the date of the derivative contract and subsequently re-measured at their fair value. Gains and losses resulting from fair value measurement are recorded in the Consolidated Statement of Income as gains or losses due to fair value of financial instruments, unless the derivative instrument is designated as a hedging instrument.

Financial Instruments at fair value through profit and loss include financial assets classified as held for trading and financial assets which have been designated as such by the Company. Financial assets are classified as held for trading when acquired for the purpose of selling them in the short term.

Derivative instruments classified as hedges are accounted for as cash flows hedges.

In order to classify a derivative as a hedging instrument for accounting purposes, the Company documents (i) as of the transaction date or at designation time, the relationship or correlation between the hedging instrument and the hedged item, as well as the risk management purposes and strategies, (ii) the assessment, both at designation date as well as on a continuing basis, whether the derivative instrument used in the hedging is highly transaction effective to offset changes in inception cash flows of the hedged item. A hedge is considered effective when changes in the cash flows of the underlying directly attributable to the risk hedged are offset with the changes in fair value, or in the cash flows of the hedging instrument with effectiveness between 80% to 125%.

F-32

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The total fair value of a hedging derivative is classified as assets or financial liabilities in Other non-current if the maturity of the hedged item is more than 12 months and as other assets or current liabilities if the remaining maturity of the hedged item is less than 12 months. The ineffective portion of these instruments can be viewed in Other gains (losses) of the Consolidated Statements of Income. The effective portion of the change in the fair value of derivative instruments that are designated and qualified as cash flows hedges are initially recognized in Cash Flows Hedge Reserve in a separate component of Equity. The income or loss related to the ineffective portion is immediately recognized in the Consolidated Statement of Income. The amounts accumulated in Equity are reclassified in Income during the same period in which the corresponding hedged item is reflected in the Consolidated Statement of Income. When a cash flows hedge ceases to comply with the hedge accounting criteria, any accumulated income or loss existing in Equity remains in Equity and is recognized when the expected transaction is finally recognized in the Consolidated Statement of Income. When it is estimated that an expected transaction will not occur, the accumulated gain or loss recorded in Equity is immediately recognized in the Consolidated Statement of Income.

Derivative instruments are classified as held for trading unless they are classified as hedge instruments.

Option Contracts

In relation to non-controlling entities, the policy adopted by the Company is based on the prevalence of IFRS 10 over IAS 32, and therefore the non-controlling interest is retained, as the risks and rewards of ownership have been retained by the non-controlling interest.

Finally, in relation to the financial liability associated with the Option Agreement and consistent with the accounting policy adopted in the previous paragraph, the Option Agreement is initially recognised as a financial liability against equity and is measured both initially and subsequently at the present value of the amount to be repaid, i.e. by discounting the option price at a rate that reflects the credit risk rating of the issuer of the liability (see Note 7 - Financial Instruments).

Deposits for returns of bottles and containers

Deposits for returns of bottles and containers corresponds to the liabilities registered by the guarantees of money received from customers for bottles and containers placed at their disposal and represents the value that will be returned to the customer when it returns the bottles to the Company in good condition along with the original invoice. This value is determined by the estimation of the bottles and containers in circulation that are expected to be returned to the Company in the course of time based on the historic experience, physical counts held by clients and independent studies over the quantities that are in the hands of end consumers, valued at the average weighted guarantees for each type of bottles and containers.

The Company does not intend to make significant repayment of these deposits within the next 12 months. Such amounts are classified within current liabilities, under the line Other financial liabilities, since the Company does not have the legal ability to defer this payment for a period exceeding 12 months. This liability is not discounted, since it is considered a payable on demand, with the original invoice and the return of the respective bottles and containers and it does not have adjustability or interest clauses of any kind in its origin.

| 2.8 | Financial asset impairment

As of each Consolidated Financial Statement date the Company assesses whether a financial asset or group of financial assets is impaired.

The Company assesses impairment of accounts receivable collectively by grouping the financial assets according to similar risk characteristics, which indicate the debtor’s capacity to comply with their obligations under the agreed upon conditions. When there is objective evidence that a loss due to impairment has been incurred in the accounts receivable, the loss amount is recognized in the Consolidated Statement of Income, as Administrative expenses.

If the impairment loss amount decreases during subsequent year and such decrease can be objectively related to an event occurred after recognition of the impairment, the previously recognized impairment loss is reversed.

Any subsequent impairment reversal is recognized in Income provided that the carrying amount of the asset does not exceed its value as of the date the impairment was recognized.

F-33

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

| 2.9 | Inventories

Inventories are stated at the lower of cost acquisition or production cost and net realizable value. The production cost of finished products and of products under processing includes raw material, direct labor, indirect manufacturing expenses based on a normal operational capacity and other costs incurred to place the products at the locations and in the conditions necessary for sale, net of discounts attributable to inventories.

The net realizable value is the estimated sale price in the normal course of business, less marketing and distribution expenses. When market conditions cause the production cost to be higher than its net realizable value, an allowance for assets deterioration is registered for the difference in value. This allowance for inventory deterioration also includes amounts related to obsolete items due to low turnover, technical obsolescence and products withdrawn from the market.

The inventories and cost of products sold, is determined using the Weighted Average Cost (WAC). The Company estimates that most of the inventories have a high turnover.

The materials and raw materials purchased from third parties are valued at their acquisition cost; once used, they are incorporated in finished products using the WAC methodology.

| 2.10 | Current biological assets

Under current Biological assets, the Company includes the costs associated with agricultural activities (grapes), which are capitalized up to the harvesting date, when they become part of the inventory cost for subsequent processes. The Company considers that the costs associated with agricultural activities represent a reasonable approximation to their fair value.

| 2.11 | Other non-financial assets

Other non-financial assets mainly include prepayments associated with advertising related to contracts regarding the making of commercials which are work in progress and have not yet been shown (current and non-current), payments to insurances and advances to suppliers in relation with certain purchases of property, plant and equipment. Additionally paid guarantees related with leases and materials to be consumed related to industrial safety implements.

| 2.12 | Property, plant and equipment

Property, plant and equipment items are recorded at their historic cost, less accumulated depreciation and impairment losses. The cost includes both disbursements directly attributable to the asset acquisition or construction, as well as the financing interest directly related to certain qualified assets, which are capitalized during the construction or acquisition period, as long as these assets qualify for these purposes considering the period necessary to complete and prepare the assets to be operative. Disbursements after the purchase or acquisition are only capitalized when it is likely that the future economic benefits associated to the investment will flow to the Company, and costs may be reasonably measured. Subsequent disbursements related to repairs and maintenance are recorded as expenses when incurred.

Depreciation of property, plant and equipment is calculated on a straight-line basis based on the estimated useful lives of the assets, considering their estimated residual value. When an asset is comprised of significant components, which have different useful lives, each part is depreciated separately. The estimated useful lives and residual values of property, plant and equipment are reviewed and adjusted, if necessary, at each balance sheet date. The estimated useful lives of property, plant and equipment are detailed as follows:

Type of Assets | Number of years
Land | Indefinite
Buildings and Constructions | 20 to 60
Machinery and equipment | 10 to 25
Furmiture and accesories | 5 to 10
Others equipments (coolers) | 5 to 8
Glass containers, plastics and containers | 3 to 12
Vines in production | 30

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Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Gains and losses resulting from the sale of properties, plants and equipment are calculated comparing their book values against the related sales proceeds and are included in the Consolidated Statement of Income.

Biological assets held by Viña San Pedro Tarapacá S.A. (VSPT) and its subsidiaries consist of vines in formation and in production. Harvested grapes are used for subsequent wine production.

Vines under production are valued at the historic cost, less depreciation and any impairment loss.

Depreciation of vines in production is recorded using the straight-line method over the 30-year estimated average production life, which is periodically assessed. Vines in formation are not depreciated until they start producing.

Costs incurred in acquiring and planting new vines are capitalized.

When the carrying amount of a property, plant and equipment item exceeds its recoverable value, it is immediately written down to its recoverable amount (See Note 2 - Summary of material accounting policies 2.17).

| 2.13 | Leases

Lease contracts are recorded by recognizing an asset for the right to use the assets subject to operational lease contracts recorded under Right of use assets and a liability recorded under Current lease liabilities, which are equivalent to the present value of the payments associated to the contract. It should be noted that the assets and liabilities arising from a lease contract are initially measured at its present value.

Regarding the effects on the Consolidated Statement of Income, the depreciation of the right of use is recognized on a monthly basis using the straight-line method over the lease term, together with the financial cost associated to the lease; both are recognized in our P&L during the lease period in order to produce a constant periodic interest rate over the remaining balance of the liability. In case of modifications to the lease agreement, such as lease value, maturity, readjustment index, associated interest rate, etc., the lessee recognizes the amount of the new measurement of the lease liability as an adjustment to the asset for the right of use. Additionally, the Company applied exemptions for leases with remaining terms less than 12 months and leases with a value lower than USD 5,000. The Company recognizes the lease payments associated with these transactions as a straight-line expense over the term of the lease.

Prior to the adoption of IFRS 16, the Company classified leases as finance leases when all the risks and rewards associated with the ownership of the assets were substantially transferred. All other leases were considered as operational. The assets acquired through financial leasing were recorded as non-current assets, initially being valued at the present value of future minimum payments or at their fair value if lower, reflecting in the liability the debt with the lessee. In this scenario the payments were accounted as the payments of the debt plus the corresponding financial cost, which is accounted as the financial cost of the period. In case of operating leases, the expense was accounted based on the duration of the lease agreement for the value of the accrued service.

| 2.14 | Investment properties assets

Investment property consist of land and buildings held by the Company for the purpose of generating appreciation and not to be used in the normal course of business, and are recorded at historical cost less any impairment loss. Depreciation of investment property, excluding land, is calculated using the straight-line method over the estimated useful life of the asset, taking into account their estimated residual value.

| 2.15 | Intangible assets other than goodwill

Commercial trademarks

The Company’s commercial trademarks are intangible assets with indefinite useful lives that are presented at historical cost, less any impairment loss. The Company believes that through investing in marketing, trademarks maintain their value, consequently they are considered as having indefinite useful lives and they are not amortizable. These assets are tested for impairment annually or more frequently if events or circumstances indicate potential impairment (See Note 2 - Summary of material accounting policies 2.17).

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Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Software program

Software program licenses are capitalized at the value of the costs incurred in their acquisition and in preparing the software for use. Such costs are amortized over their estimated useful lives (4 to 7 years). The maintenance costs of software programs are recognized as an expense in the year in which they are incurred.

Water rights

Water rights acquired by the Company correspond to the right to use existing water from natural sources, and are recorded at their attributed cost as of the date of transition to IFRS. Since such rights are perpetual they are not amortizable, however they are tested for impairment annually, or more frequently if events or circumstances indicate potential impairment (See Note 2 - Summary of material accounting policies 2.17).

Distribution rights

Corresponds to rights acquired to distribute different products. These rights are amortized over their estimated useful lives.

Research and development

Research and development expenses are recognized in the year incurred.

| 2.16 | Goodwill

Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquire and the acquisition date fair value of any previous equity interest in the acquire over the fair value of the identifiable net assets acquired. If the total of consideration transferred, non-controlling interest recognized and previously held interest measured at fair value is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognized directly in the statement of income. Godwill is accounted for at its cost value less accumulated impairment losses.

For the purpose of impairment testing, goodwill is allocated to each of the Cash Generating Units (CGUs), or groups of CGUs, that is expected to benefit from the synergies of a business combination. Each unit or group of units (See Note 18 - Goodwill) to which the goodwill is allocated represents the lowest level within the entity at which goodwill is monitored for internal management purposes, which is not larger than a business segment. The CGUs to which the goodwill is assigned are tested for impairment annually or more frequently if events or changes in circumstances indicate potential impairment.

Goodwill generated on acquisitions of joint ventures is assessed for impairment as part of the investment whenever there is an indication that the investment may be impaired.

An impairment loss is recognized for the amount by which the carrying amount of the CGU exceeds its recoverable amount.

The recoverable amount of the CGU is the higher of value in use and the fair value less costs to sell.

An impairment loss is first allocated to goodwill to reduce its carrying amount, and then to other assets in the CGU. Once recognized, impairment losses are not subsequently reversed.

| 2.17 | Impairment of non-financial assets other than goodwill

The Company annually assesses the existence of non-financial asset impairment indicators. When indicators exist, the Company estimates the recoverable amount of the impaired asset. If it cannot estimate the recoverable amount of the impaired asset at an individual level, the Company estimates the recoverable amount of the cash generating unit to which the asset belongs.

For intangible assets with indefinite useful lives which are not amortized, the Company performs all required testing to ensure that the carrying amount does not exceed the recoverable value.

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Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The recoverable value is defined as the fair value, less selling cost or value in use, whichever is higher. Value in use is determined by estimating future cash flows associated to the asset or to the cash generating unit, discounted from its current value by using interest rates before taxes, which reflect the time value of money and the specific risks of the asset. If the carrying amount of the asset exceeds its recoverable amount, the Company records an impairment loss in the Statement of Income.

For the rest of non-financial assets other than goodwill and intangibles with indefinite useful lives, the Company assesses the existence of impairment indicators when an event or change in business circumstances indicates that the carrying amount of the asset may not be recoverable and impairment is recognized when the carrying amount is higher than the recoverable value.

The Company annually assesses whether the impairment indicators of non-financial assets for which impairment losses were recorded during prior years have disappeared or decreased. In the event of such situation, the recoverable amount of the specific asset is recalculated and its carrying amount is increased, if necessary. Such increase is recognized in the Consolidated Statement of Income as reversal of impairment losses. The increase in the value of the previously impaired asset is recognized only when it is originated by changes in the assumptions used to calculate the recoverable amount. The increase in the asset due to reversal of the impairment loss is limited to the amount that would have been recorded had the impairment not occurred.

| 2.18 | Non-current assets of disposal groups classified as held for sale

The Company register as non-current assets of disposal groups classified as held for sale as Property, plant and equipment expected to be sale, for which active sale negotiations have begun.

These assets are measured at the lower of their carrying amount and the estimated fair value, less selling costs. From the moment in which the assets are classified as non-current assets of disposal group classified held for sale they are no longer depreciated.

| 2.19 | Income taxes

The income tax account is composed of current income tax associated to legal income tax obligations and deferred taxes recognized in accordance with IAS 12. Income tax is recognized in the Consolidated Statement of Income by Function, except when it is related to items recorded directly in Equity, in which case the tax effect is also recognized in Equity.

Income Tax Obligation

Income tax obligations are recognized in the financial statements on the basis of the best estimates of taxable profits as of the financial statement closing date, and the income tax rate valid as of that date in the countries where the Company operates.

Deferred Tax

Deferred taxes are those the Company expects to pay or to recover in the future, due to temporary differences between the carrying amount of assets and liabilities (carrying amount for financial reporting purposes) and the corresponding tax basis of such assets and liabilities used to determine the profits subject to taxes. Deferred tax assets and liabilities are generally recognized for all temporary differences, and they are calculated at the rates that will be valid on the date the liabilities are paid or the assets realized.

Deferred tax is recognized on temporary differences arising from investments in subsidiaries and associates, except in cases where the Company is able to control the date on which temporary differences will be reversed, and it is likely that they will not be reverted in the foreseeable future. Deferred tax assets, including those arising from tax losses are recognized provided it is likely that in the future there will be taxable profits against which deductible temporary differences can be offset.

Deferred tax assets and liabilities are offset when there is a legal right to offset tax assets against tax liabilities, and the deferred tax is related to the same taxable entity and the same tax authority.

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Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

| 2.20 | Employees benefits

Employees Vacation

The Company accrues the expense associated with staff vacation when the employee earns the benefit.

Employees Bonuses

The Company recognizes a liability and an expense for bonuses when it’s contractually obligated, it is estimated that, depending on the income requirement at a given date, bonuses will be paid out at the end of the year.

Severance Indemnity

The Company recognizes a liability for the payment of irrevocable severance indemnities, originated from the collective and individual agreements entered into with employees. Such obligation is determined based on the actuarial value of the accrued cost of the benefit, a method which considers several factors in the calculation, such as estimates of future continuance, mortality rates, future salary increases and discount rates. The determined value is shown at its present value by using the accrued benefits for years of service method. The discount rates are determined by reference to market interest rates curves. The current losses and gains are directly recorded in Consolidated Statement of Income.

According to the amendment of IAS 19, the actuarial gains and losses are recognized directly in Consolidated Statements of Comprehensive Income, under Equity and, according to the accounting policies of the Company, financial costs related to the severance indemnity are directly recorded under financial cost in the Consolidated Statement of Income.

| 2.21 | Provisions

Provisions are recognized when: (i) the Company has a current legal or implicit obligation, as a result of past events, (ii) it is probable that monetary resources will be required to settle the obligation and (iii) the amounts can be reasonably established. The amounts recognized as provisions as of the Consolidated Financial Statement closing date, are Management’s best estimates, and consider the necessary disbursements to liquidate the obligation.

The concepts used by the Company to establish provisions charged against income correspond mainly to civil, labor and taxation proceedings that could affect the Company (See Note 24 - Other provisions).

| 2.22 | Revenue recognition

Revenue is recognized when it is likely that economic benefits will flow to the Company and these can be reliably measured. Income is measured at the fair value of the economic benefits received or to be received, and is presented net of valued added tax, specific taxes, returns, discounts and rebates.

Goods sold are recognized after the Company has transferred to the buyer all the risks and benefits inherent to ownership of the goods, and it do not have the right to dispose of them. In general, this means that sales are recorded when the risks and benefits of ownership are transferred to the customer, pursuant to the terms agreed in the commercial agreements and once the performance obligation is satisfied.

In relation to IFRS 15, the Company has applied the criteria established in this standard for these Consolidated Financial Statements.

Sale of products in the domestic market

The Company obtains its revenues, mainly from the sales of beers, soft drinks, mineral waters, purified water, nectars, wines, cider and spirits, products that are distributed through retail establishments, wholesale distributors and supermarket chains, and none of which act as commercial agents of the Company. Such revenues in the domestic markets, net of the value added tax, specific taxes, returns, discounts and rebates to clients, are recognized when products are delivered, together with the transfer of all risks and benefits related to them and once the performance obligation is satisfied.

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Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Exports

In general, the Company’s sales delivery conditions are the basis for revenue recognition related to exports.

The structure of revenue recognition is based on the grouping of Incoterms, mainly in the following groups:

| • | "FOB (Free on Board) shipping point", by which the buyer organizes and pays for transportation, consequently the sales occur and revenue is recognized upon delivery of the merchandise to the transporter hired by the buyer.

| • | “CIF (Cost, Insurance & Freight) and similar", by which the Company organizes and pays for external transportation and some other expenses, although CCU ceases being responsible for the merchandise after delivering it to the marine or air shipping company in accordance with the relevant terms. The sale occurs and revenue is recognized upon the delivery of merchandise at the port of destination.

In case of discrepancies between the commercial agreements and Incoterms, the former shall prevail.

The revenue recognition related to exports are recorded net of specific taxes, returns, discounts and rebates to clients, are recognized when products are delivered, together with the transfer of all risks and benefits related to them and once the performance obligation is satisfied.

| 2.23 | Commercial agreements with distributors and supermarket chains

The Company enters into commercial agreements with its clients, distributors and supermarkets through which they establish: (i) volume discounts and other client variables; (ii) promotional discounts that correspond to an additional rebate on the price of the products sold due to commercial initiatives development (temporary promotions); (iii) payment for services and rendering of counter-services (advertising and promotional agreements, use of preferential spaces and others) and (iv) shared advertising, which corresponds to the Company’s participation in advertising campaigns, promotional magazines and opening of new sales locations.

Volume discounts and promotional discounts are recognized as a reduction in the selling price of the products sold. Shared advertising contributions are recognized when the advertising activities agreed upon with the distributor have been carried out, and they are recorded as marketing expenses incurred, under Other expenses by function.

Commitments with distributors or importers in the exports area are recognized on the basis of existing trade agreements.

| 2.24 | Cost of sales of products

Cost of sales includes the production cost of the products sold and other costs incurred to place inventories at the locations and under the conditions necessary for the sale. Such costs mainly include raw materials costs, packing costs, production staff labor costs, production-related asset depreciation, returnable bottles depreciation, license payments, operating costs and plant and equipment maintenance costs.

| 2.25 | Other incomes by function

Other incomes by function mainly include incomes from sale of fixed assets and other assets, recovery of claims, leases and payments related to advance term license.

| 2.26 | Other expenses by function

Other expenses by function mainly include advertising and promotion expenses, depreciation of assets sold, selling expenses, marketing costs (sets, signs, and neon signs at customer facilities) and marketing and sales staff remuneration and compensation.

| 2.27 | Distribution expenses

Distribution costs include all the necessary costs to deliver products to customers.

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Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

| 2.28 | Administrative expenses

Administrative expenses include support unit staff remuneration and compensation, depreciation of offices, equipment, facilities and furniture used for these functions, non-current asset amortization and other general and administrative expenses.

| 2.29 | Environment liabilities

Environmental liabilities are recorded based on the current interpretation of environmental laws and regulations, or when an obligation is likely to occur and the amount of such liability can be reliably calculated.

Disbursements related to environmental protection are charged to the Consolidated Statements of Income by Function as incurred, except for investments in infrastructure designed to comply with environmental requirements, which are accounted for following the accounting policies for property, plant and equipment.

Note 3 Estimates and application of professional judgment

The preparation of Financial Statement Consolidated requires estimates and assumptions from Management affecting the amounts included in the Consolidated Financial Statements and their related notes. The estimates made and the assumptions used by the Company are based on historical experience, changes in the industry and the information supplied by external qualified sources. Nevertheless, final results could differ from the estimates under certain conditions.

Material estimates and accounting policies are defined as those that are important to correctly reflect the Company’s financial position and income, and/or those that require a high level of judgment by Management.

The primary estimates and professional judgments relate to the following concepts:

| • | The valuation of goodwill acquired to determine the existence of losses due to potential impairment (Note 2 - Summary of material accounting policies (2.16) and Note 18 - Goodwill).

| • | The valuation of commercial trademarks to determine the existence of potential losses due to potential impairment (Note 2 - Summary of material accounting policies (2.17) and Note 17 - Intangible assets other than goodwill).

| • | The assumptions used in the current calculation of liabilities and obligations to employees (Note 2 - Summary of material accounting policies (2.20) and Note 26 - Employee benefits).

| • | Useful lives of property, plant and equipment (Note 2 - Summary of material accounting policies (2.12) and Note 19 - Property, plant and equipment) and intangibles (Note 2 - Summary of material accounting policies (2.15) and Note 17 - Intangible assets other than goodwill).

| • | The assumptions used for calculating the fair of value financial instruments (Note 2 - Summary of material accounting policies (2.7) and Note 7 - Financial instruments).

| • | The likelihood of occurrence and amounts estimated in an uncertain or contingent matter (Note 2 - Summary of material accounting policies (2.21) and Note 24 - Other provisions).

| • | The valuation of current Biological assets (Note 2 - Summary of material accounting policies (2.10) and Note 13 - Biological assets).

Such estimates are based on the best available information of the events analyzed to date in these Consolidated Financial Statements. However, it is possible that events that may occur in the future may result in adjustments to such estimates, which would be recorded prospectively.

Note 4 Accounting changes

As of December 31, 2025, there have been no changes in the accounting principles or significant changes in accounting estimates compared with the previous year that have affected these Consolidated Financial Statements, except for the amendments to IAS 21 - Lack of exchageability. The amendments were applied to the subsidiaries in Argentina and Bolivia. See Note 2 - Initial adoption of IAS 21 - Lack of exchangeability.

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Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 5 Risk Administration

Risk administration

In companies where CCU has a controlling interest, the Company’s Administration and Finance Management Department provides a centralized service for the group’s companies to obtain financing and administration of exchange rates, interest rates, liquidity, inflation, raw materials and credit risks. Such activity operates in accordance with a framework of policies and procedures which is regularly reviewed to ensure it fulfils the purpose of managing the risks by business needs.

In companies with a non-controlling interest (VSPT, CPCH, Aguas CCU-Nestlé S.A., Cervecería Kunstmann S.A., Aguas de Origen S.A., Bebidas Bolivianas BBO S.A., Bebidas del Paraguay S.A., Distribuidora del Paraguay S.A. and AV S.A.) the responsibility for this service lies with the respective Board of Directors and respective Administration and Finance Management Department. When applicable, the Board of Directors and Directors Committee has the final responsibility for establishing and reviewing the risk administration structure, as well as for the reviewing significant changes made to risk management policies.

In accordance with financial risk policies, the Company uses derivate instruments only for the purpose of hedging exposure to interest rate and exchange rate risks arising from the Company’s operations and its sources of financing, which some of them are treated as hedges for accounting purposes. Transactions with derivate instruments are exclusively carried out by the Administration and Finance staff and the Internal Audit Management Department regularly reviews the control of this function. Relationships with credit rating agencies and monitoring of financial restrictions (covenants) are also managed by the Corporate Administration and Finance Management Department.

The Company’s main risk exposure is related to exchange rates, interest rates, inflation and raw materials price (commodities), taxes, trade accounts receivable and liquidity. Several types of financial instruments are used to manage the risk originated by these exposures.

For each of the following points, where applicable, the sensitivity analysis developed are merely for illustration purposes, since in practice the variables used for this excercise rarely change without affecting each other and without affecting other factors that were considered as constant and which also affect the Company’s financial position and results.

Exchange rate risk

The Company is exposed to exchange rate risks originated by: a) its net exposure to foreign currency assets and liabilities, b) exports revenues, c) the purchase of raw materials and capital investments in foreign currencies, or indexed in such currencies, and d) the net investment of subsidiaries in foreign countries. The Company’s greatest exchange rate exposure is to the variation on the Chilean peso as compared to the US Dollar, Euro, Argentine Peso, Uruguayan Peso, Paraguayan Guarani, Bolivian and Colombian Peso.

As of December 31, 2025, the Company maintained foreign currency obligations amounting to ThCh$ 636,770,046 (ThCh$ 725,459,706 for the year ended December 31, 2024) mostly denominated in US Dollars. Foreign currency obligations ThCh$ 548,871,274 as of December 31, 2025 (ThCh$ 600,172,708 for the year ended December 31, 2024) represent a 46% (44% as of December 31, 2024) of total other financial liabilities. The remaining 54% (56% as of December 31, 2024) is mainly denominated in Unidades de Fomento (inflation-indexed Chilean monetary unit - see inflation risk section) and CLP. In addition, the Company has assets in foreign currency the amount of ThCh$ 418,089,214 (ThCh$ 621,497,508 for the year ended December 31, 2024) that mainly correspond to cash and cash equivalent and export accounts receivable.

To protect the value of the net foreign currency assets and liabilities position of its Chilean and Argentinean operations, the Company enters into derivate contracts (currency forwards) to mitigate any variation in the Chilean peso and Argentinean peso as compared to other currencies.

Regarding the operations of foreign subsidiaries, the net liability exposure in US Dollars and other currencies after the use of derivative instruments, is equivalent to ThCh$ 77,324,804 (ThCh$ 74,315,533 as of December 31, 2024).

As of December 31, 2025 the net exposure in Chile, in US Dollars and other currencies after the use of derivate instruments, is an asset of ThCh$ 13,450,686 (ThCh$ 4,356,360 for the year ended December 31, 2024).

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Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

As of December 31, 2025 of the Company’s total sales, both in Chile and abroad, 5% (5% as of December 31, 2024 and 5% as of 2023) corresponds to export sales in foreign currencies, mainly US Dollars, Euros, British pounds and other currencies and approximately 59% (65% as of December 31, 2024 and 62% as of 2023) of total direct costs correspond to raw materials and products purchased in foreign currencies, or indexed to such currencies. The Company does not hedge the possible variations in the expected cash flows from such transactions.

The Company is also exposed to fluctuations in exchange rates related to the conversion from the US Dollar, Argentine Peso, the Paraguayan Guaraní, the Uruguayan Peso, the Bolivian, the British pound, the Peruvian Sol and the Colombian Peso to Chilean Pesos with respect to assets, liabilities, income and expenses of its subsidiaries in Argentina, United States, Uruguay, Paraguay, Bolivia, China and United Kingdom, associates in Argentina and Perú and a joint venture in Colombia. The Company does not hedge the risks associated to the conversion of its subsidiaries, whose effects are recorded in equity.

Exchange rate sensitivity analysis

The effect of foreign exchange gains (losses) recognized in the Consolidated Statement of Income by Function for the year ended December 31, 2025, related to assets and liabilities denominated in foreign currency, was a profit of ThCh$ 1,473,549 (loss of ThCh$ 17,797,269 on 2024 and ThCh$ 65,944,570 on 2023).

Considering the exposure in Chile at December 31, 2025, after the use of derivative instruments is an asset of ThCh$ 13,450,686 (liability ThCh$ 4,356,360 as of December 31, 2024), and assuming a 10% increase/decrease in the exchange rate, and keeping constant all other variables such as interest rates constant, it is estimated that the effect on the Company’s net income would be a gain/loss after taxes of ThCh$ 981,900 (ThCh$ 318,104 as of December 31, 2024 and ThCh$ 545,052 as of 2023) associated of the owners of the controller.

Considering that approximately 5% of the Company’s sales revenue comes from export sales carried out in Chile (5% as of 2024 and 5% as of 2023), in currencies other than Chilean Peso, and that approximately 59% (65% as of December 31, 2024 and 62% as of 2023) of the Company’s direct costs are in or indexed to the US Dollar and assuming that the functional currencies will appreciate/depreciate by 10% in respect to the US Dollar, and keeping all other variables constant, the hypothetical effect on the Company’s income would be a gain/loss after taxes of ThCh$ 45,277,317 (ThCh$ 48,376,600 as of December 31, 2024 ad ThCh$ 41,161,484 as of 2023).

The Company can also be affected by changes in the exchange rate of the countries where its foreign subsidiaries operate, since income is converted to Chilean Pesos at the average exchange rate of each month (except for Argentina which uses the end of period exchange rate as the reporting date). The operating income of foreign subsidiaries for the period ended December 31, 2025 was an income of ThCh$ 9,665,120, ThCh$ 31,554,223 on 2024 and ThCh$ 60,164,242 as of 2023). Therefore, a depreciation/appreciation of 10% in the exchange rate of the Argentine Peso, the Uruguayan Peso, the Paraguayan Guarani and the Bolivian against the Chilean Peso, would result in a gain/loss before taxes of ThCh$ 966,512 (ThCh$ 3,155,422 as of 2024 and ThCh$ 6,016,424 on 2023).

The net investment in foreign subsidiaries, joint ventures and associates as of December 31, 2025 amounted to ThCh$ 751,809,199, ThCh$ 124,969,753 and ThCh$ 1,599,055 respectively (ThCh$ 899,751,161, ThCh$ 123,023,739 and ThCh$ 1,813,524 as of December 31, 2024). Assuming a 10% increase or decrease in the Argentine Peso, Uruguayan Peso, Paraguayan Guarani, Bolivian and Colombian Peso against the Chilean Peso, and maintaining all other variables constant, the increase/decrease would hypothetically result in a gain/loss of ThCh$ 87,837,801 (ThCh$ 102,458,842 the 2024 and ThCh$ 42,522,085 as of 2023) recorded as a credit/charge to equity.

The Company does not hedge risks associated to currency conversion of the financial statements of its subsidiaries that have a different functional currency, whose effects are recorded in equity.

Interest rate risk

Interest rate risk mainly originates from the Company’s financing sources.

To manage interest rate risk, the Company has a policy which seeks to reduce the volatility of its finance cost, and maintain a suitable percentage of its debt in fixed rate instruments. The financial position is mainly set by the use of short-term and long-term, as well as derivate instruments such as cross currency swaps. As of December 31, 2025 and 2024, a 100% of the Company’s debt is at fixed interest rates.

The term and conditions of the Company’s obligations with financial institutions as of December 31, 2025, including exchange rates, interest rate, maturities and effective interest rates, are detailed in Note 21 - Other financial liabilities.

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Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Interest rate sensitivity analysis

The total financial cost recognized in the Consolidated Statement of Income by Function for the year ended December 31, 2025, related to short and long-term debt amounted to ThCh$ 79,947,714 (ThCh$ 97,165,278 as of 2024 and ThCh$ 77,023,048 on 2023).

Inflation risk

The Company maintains agreements indexed to Unidades de Fomento (UF) with third parties, as well as UF indexed financial debt which means the Company is exposed to fluctuations in the UF, generating an increase in the value of those agreements and liabilities if the UF increases due to inflation. This risk is partially mitigated by the Company’s policy of keeping net sales per unit in UF constant as long as the market conditions allow it, and taking cross currency swaps if the market conditions are favorable to the Company.

Inflation in Argentina showed significant increases since the beginning of 2018, where the cumulative inflation rate of three years, calculated using different combinations of consumer price indices, exceeded 100% for several months. Therefore, as prescribed by IAS 29, Argentina was declared a hyperinflationary economy as of July 1, 2018 (See Note 2 - Summary of material accounting policies (2.4)).

Inflation sensitivity analysis

Income from indexation units recognized in the Consolidated Statement of Income by Function for the year ended December 31, 2025, related to UF indexed short and long-term debt and the application of Hyperinflation Accounting in Argentina, is a loss of ThCh$ 17,631,014 (ThCh$ 10,722,033 on 2024 and ThCh$ 14,025,895 as of 2023). Assuming a reasonably possible 3% increase/decrease in the Unidad de Fomento and 30% of inflation in Argentina, and keeping all other variables such as interest rates constant, the aforementioned increase/decrease would hypothetically result in a gain/loss of ThCh$ 15,272,730 (ThCh$ 8,948,677 as of December 31, 2024 and ThCh$ 11,592,842 as of December 2023).

Raw material Price risk

The main exposure to raw materials price variation is related to barley, malt, and cans used in the production of beer, concentrates, sugar and plastic containers used in the production of soft drinks and bulk wine and grapes for the manufacturing of wine and spirits.

Malt and cans

In Chile, the Company obtains its malt supply from both local producers and the international market. Long-term supply agreements are entered into with local producers where the barley price is set annually according to market prices, which are used to determine the price of malt according to the agreements.

The purchase commitments made expose the Company to raw materials price fluctuation risk. CCU Argentina acquires malt from local producers. These raw materials represent approximately 8% (8% as of December 31, 2024 and 2023) of the direct cost of the Chile Operating segment.

For the period ended December 31, 2025 in the Chile Operation segment, the cost of cans represented approximately 17% of direct costs (22% as of December 31, 2024 and 21% as of December 31, 2023). In the International Business Operating segment, the cost of cans represented approximately 34% of direct raw materials costs December 31, 2025 (35% as of December 31, 2024 and 32% as of 2023).

Concentrates, sugar and plastic containers

The main raw materials used in the production of non-alcoholic beverages are concentrated, which are mainly acquired from licenses, sugar and plastic resin for the manufacturing of plastic bottles and containers. The Company is exposed to price fluctuation risks involving these raw materials, which jointly represent approximately 29% (28% as of December 31, 2024 and 2023) of the direct cost of the Chile Operating segment.

The Company does not engage in hedging raw materials purchases.

F-43

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Grapes and wine

The main raw materials used by subsidiary Viña San Pedro Tarapacá S.A. (from now VSPT) for wine production are grapes harvested from its own vineyards and grapes and wine acquired from third parties through long-term and spot contracts. In the last 12 months, approximately 29% (34% for the year endend December 31, 2024 and 2023) of VSPT’s total wine supply came from its own vineyards. Regarding our export market, and considering our focus on this market, approximately 49% (57% for the year endend December 31, 2024 and 2023) of our wine supply for export came from our own vineyards.

The remaining 71% (66% for the year endend December 31, 2024 and 2023) supply was purchased from third parties through long-term and spot contracts. In the last 12 months, the subsidiary VSPT acquired 64% (56% for the year ended December 31, 2024 and 48% as of December 31, 2023) of the necessary grapes and wine from third parties through spot contracts. Additionally, the long-term transactions were 7% (10% as of December 31, 2024 and 17% as of 2023) of the total supply.

We should consider that as of December 31, 2025 wine represents 56% (53% as of December 31, 2024 and 56% as of December 31, 2023) of the total direct cost of the Wine Operating segment, and supplies purchased from third parties represented 36% (30% as of December 31, 2024 and 27% as of December 31, 2023).

Raw material Price sensitivity analysis

Total direct costs in the Consolidated Statement of Income by Function for the year ended December 31, 2025 amounted to ThCh$ 1,244,726,961 (ThCh$ 1,232,870,856 on 2024 and ThCh$ 1,090,286,882 on 2023). Assuming a reasonably possible 8% increase/decrease in the direct cost of each Operating segment and keeping all other variables such as exchange rates constant, the aforesaid increase/decrease would hypothetically result into a gain/loss before taxes of ThCh$ 67,943,621 (ThCh$ 65,932,456 on 2024 and ThCh$ 61,638,324 on 2023) for the Chile Operating segment, ThCh$ 23,918,659 (ThCh$ 25,188,226 as of December 31, 2024 and ThCh$ 17,294,358 on 2023) for the International Business Operating segment and ThCh$ 10,731,955 (ThCh$ 10,532,781 on 2024 and ThCh$ 9,926,816 on 2023) for the Wine operating segment.

Credit risk

The credit risk which the Company is exposed to originates from: a) trade accounts receivable from retail customers, whole sale distributors and supermarket chains in the domestic market; b) accounts receivable from exports; and c) financial instruments maintained with Banks and financial institutions, such as demand deposits, mutual fund investments, instrument acquired under resale commitments and derivatives.

Domestic market

The credit risk related to trade accounts receivable from domestic markets is managed by the Credit and Collections Management Department, and is monitored by the Credit Committee of each business unit.

The domestic market mainly refers to accounts receivables in Chile and represents 64% of total trade accounts receivable (58% for the year ended December 31, 2024). The Company has a wide base of customers that are subject to the policies, procedures and controls established by the Company. Credit limits are established for all customers on the basis of an internal rating and their payment behavior. Outstanding trade accounts receivable are regularly monitored. In addition, the Company purchases credit insurance that covers 90% of individually significant accounts receivable balances, coverage that as of December 31, 2025 is equivalent to 83% (83% as of December 31, 2024) of total accounts receivable.

Overdue, but not impaired, trade accounts receivables represent customers that are less than 24 days average overdue (24 as of December 31, 2024).

As of December 31, 2025, the Company has approximately 1,808 customers (1,800 as of December 31, 2024) with more than Ch$ 10 million in debt each, which altogether represent approximately 90% (89% as of December 31, 2024) of total trade accounts receivable. There are 391 customers (373 customers as of December 31, 2024) with balances in excess of Ch$ 50 million each, representing approximately 79% (78% as of December 31, 2024) of the total accounts receivable. The 87% (88% as of December 31, 2024) of those accounts receivable are covered by credit insurance.

The Company sells its products through retail customers, wholesale distributors and supermarket chains, with a credit worthiness of 99% (99% as of December 31, 2024).

As of December 31, 2025 the Company has no significant guarantees from its customers.

F-44

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The Company believes that no additional credit risk provisions other than the individual and collective provisions determined as of December 31, 2025, that amount to ThCh$ 6,432,884 (ThCh$ 7,785,695 for the year ended December 31, 2024), are needed since a large percentage of these are covered by insurance (See Note 10 - Trade and other receivable).

Exports market

The credit risk related to accounts receivable from exports is managed by the Head of Credit and Collections and is monitored by the Administration and Finance Management Department. VSPT’s export trade accounts receivable represent 8% of total trade accounts receivable (11% as of December 31, 2024). VSPT has a wide base of customers, in more than eighty countries, which are subject to the policies, procedures and controls established by VSPT. In addition, VSPT acquires credit insurance to cover 90% of individually significant accounts receivable. This coverage accounts for more than 88% (84% as of December 31, 2024) of total accounts receivable are covered. Pending payments of trade accounts receivable are regularly monitored. Apart from the credit insurance, having diversified sales in different countries decreases the credit risk.

As of December 31, 2025 there were 68 customers (85 customers as of December 31, 2024) with more than ThCh$ 65,000 of debt each, which represent 94% (95% as of December 31, 2024) of VSPT´s total export market accounts receivable.

Regarding VSPT’s export customers, overdue, but no impaired, trade accounts receivables are customers that are less than 24 days average overdue (43 days average as of December 31, 2024).

The Company believes that no credit risk provisions are necessary other than the individual and collective provisions determined as of December 31, 2025. See analysis of accounts receivable aging and losses due to impairment of accounts receivables (See Note 10 - Trade and other receivable).

Financial investments and derivatives

Financial investments correspond to time deposits, which are financial instruments acquired with repurchase agreements at fixed interest rate, maturing in less than three months placed in financial institutions in Chile, so there are not exposed to significant market risk. Derivatives are measured at fair value and traded only in the Chilean market. Since 2018, the amendment to IFRS 9, which requires changes to the valuation of derivative financial instruments considering the counterparty risk (CVA and DVA), is applied. The CVA and DVA effect is calculated using the probability of default of the counterparty or CCU, when applicable, assuming a 40% recovery rate for each derivative instrument. For CCU, the default probability is obtained from the spread of corporate bonds with the same credit risk rating than CCU, while for the counterparty, considers the sum between the Credit Default Swap (CDS) of Chile and the CDS of Citibank in the United States. As of December 31, 2025 the effect is not material.

Tax risk

Our businesses are subject to different taxes in the countries where we operate, including, among others, income taxes and specific taxes on alcoholic and non-alcoholic beverages. An increase in the rates of these taxes, or any other tax, or changes in the regulations of them, could negatively affect our sales and profitability.

Liquidity risk

The Company manages liquidity risk at a consolidated level. Cash flows from operating activities are the main source of liquidity. Additionally, the Company has the ability to issue debt and equity instruments in the capitals market based on our needs.

In order to manage short-term liquidity, the Company considers projected cash flows for a twelve-month moving period and maintains cash and cash equivalents available to meet its obligations.

Based on current operating performance and its liquidity position, the Company estimates that cash flows from operation activities and available cash will be sufficient to finance working capital, capital investments, interest payments, dividend payment and debt payment requirement for the next 12-months period and in the foreseeable future.

F-45

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The Company’s financial liabilities maturities as of December 31, 2025 and 2024 based on non-discounted contractual cash flows are summarized as follows:

As of December 31, 2025 | Book value (*) | Contractual flows maturities
0 to 3 months | 3 months to 1 year | Over 1 year to 3 years | Over 3 years to 5 years | More than 5 years | Total
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$
Others financial liabilities (no derivative) |  |  |  |  |  |  |
Bank borrowings | 164,530,000 | 56,962,644 | 69,284,513 | 34,262,908 | 3,781,196 | 3,631,942 | 167,923,203
Bond payable | 1,033,541,990 | 14,268,045 | 45,775,823 | 74,591,702 | 138,427,412 | 1,029,230,502 | 1,302,293,484
Lease liabilities | 51,922,649 | 3,644,995 | 9,698,119 | 16,777,506 | 7,884,512 | 27,902,464 | 65,907,596
Deposits for return of bottles and containers | 11,987,324 | - | 11,987,324 | - | - | - | 11,987,324
Sub-Total | 1,261,981,963 | 74,875,684 | 136,745,779 | 125,632,116 | 150,093,120 | 1,060,764,908 | 1,548,111,607
Derivatives |  |  |  |  |  |  |
Derivatives not designated as hedges | 8,361,749 | 8,361,215 | 534 | - | - | - | 8,361,749
Derivatives designated as hedges | 11,196,937 | 1,316,339 | 1,360,031 | 5,367,304 | 5,352,740 | 2,676,370 | 16,072,784
Sub-Total | 19,558,686 | 9,677,554 | 1,360,565 | 5,367,304 | 5,352,740 | 2,676,370 | 24,434,533
Total | 1,281,540,649 | 84,553,238 | 138,106,344 | 130,999,420 | 155,445,860 | 1,063,441,278 | 1,572,546,140

(*) | See current and non-current book value in Note 7 - Financial Instruments.

As of December 31, 2024 | Book value (*) | Contractual flows maturities
0 to 3 months | 3 months to 1 year | Over 1 year to 3 years | Over 3 years to 5 years | More than 5 years | Total
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$
Others financial liabilities (no derivative) |  |  |  |  |  |  |
Bank borrowings | 207,904,935 | 27,660,050 | 22,865,553 | 80,529,312 | 104,271,082 | 4,918,795 | 240,244,792
Bond payable | 1,157,437,074 | 15,010,590 | 103,735,572 | 106,227,041 | 62,491,195 | 1,177,559,067 | 1,465,023,465
Lease liabilities | 49,233,868 | 3,217,880 | 7,862,529 | 13,956,205 | 8,530,907 | 26,162,114 | 59,729,635
Deposits for return of bottles and containers | 11,772,459 | - | 11,772,459 | - | - | - | 11,772,459
Sub-Total | 1,426,348,336 | 45,888,520 | 146,236,113 | 200,712,558 | 175,293,184 | 1,208,639,976 | 1,776,770,351
Derivatives |  |  |  |  |  |  |
Derivatives not designated as hedges | 652,079 | 652,079 | - | - | - | - | 652,079
Derivatives designated as hedges | 12,667,177 | 1,359,777 | 2,833,330 | 5,526,492 | 5,541,056 | - | 15,260,655
Sub-Total | 13,319,256 | 2,011,856 | 2,833,330 | 5,526,492 | 5,541,056 | - | 15,912,734
Total | 1,439,667,592 | 47,900,376 | 149,069,443 | 206,239,050 | 180,834,240 | 1,208,639,976 | 1,792,683,085

(*) | See current and non-current book value in Note 7 - Financial Instruments.

F-46

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 6 Financial Information as per operating segments

The Company has defined three Operating segments, essentially defined with respect to its revenues in the geographic areas of commercial activity: 1. Chile, 2. International business and 3. Wine.

These Operating segments mentioned are consistent with the way the Company is managed and how results are reported by CCU. These segments reflect separate operating results which are regularly reviewed by the chief operating decision maker in order to make decisions about the resources to be allocated to the segment and assess its performance.

Operating segment | Products and services
Chile | Beers, non-alcoholic beverages, spirits and SSU.
International Business | Beers, cider, non-alcoholic beverages and spirits in Argentina, Uruguay, Paraguay and Bolivia.
Wines | Wines, mainly in export markets to more 80 countries.

Corporate revenues and expenses are presented within Others. Additionally, under Others, the elimination of transactions carried out between segments is presented.

The Company does not have any customers representing more than 10% of consolidated revenues.

The detail of the segments is presented in the following tables:

F-47

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

| a) | Information as per operating segments for the years ended December 31, 2025 and 2024:

| Chile | International Business | Wines | Others | Total
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024
| ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$
Net sales | 1,837,966,076 | 1,769,032,771 | 768,791,380 | 823,528,981 | 253,853,526 | 254,751,837 | - | - | 2,860,610,982 | 2,847,313,589
Others income | 28,305,748 | 21,367,724 | 10,393,443 | 25,507,800 | 7,343,807 | 7,724,873 | 2,971,468 | 2,652,468 | 49,014,466 | 57,252,865
Sales revenue between segments | 48,255,800 | 38,843,163 | 1,110,962 | 1,081,496 | 15,291,649 | 20,161,213 | (64,658,411) | (60,085,872) | - | -
Net sales | 1,914,527,624 | 1,829,243,658 | 780,295,785 | 850,118,277 | 276,488,982 | 282,637,923 | (61,686,943) | (57,433,404) | 2,909,625,448 | 2,904,566,454
Change % | 4.7 | - | (8.2) | - | (2.2) | - | - | - | 0.2 | -
Cost of sales | (1,059,252,161) | (1,018,348,069) | (423,947,022) | (440,460,850) | (172,949,445) | (170,264,143) | 38,114,401 | 38,115,285 | (1,618,034,227) | (1,590,957,777)
% of Net sales | 55.3 | 55.7 | 54.3 | 51.8 | 62.6 | 60.2 | - | - | 55.6 | 54.8
Gross margin | 855,275,463 | 810,895,589 | 356,348,763 | 409,657,427 | 103,539,537 | 112,373,780 | (23,572,542) | (19,318,119) | 1,291,591,221 | 1,313,608,677
% of Net sales | 44.7 | 44.3 | 45.7 | 48.2 | 37.4 | 39.8 | - | - | 44.4 | 45.2
MSD&A (1) | (636,845,288) | (608,537,795) | (345,680,661) | (381,386,158) | (81,522,452) | (84,387,899) | (10,359,778) | (12,120,538) | (1,074,408,179) | (1,086,432,390)
% of Net sales | 33.3 | 33.3 | 44.3 | 44.9 | 29.5 | 29.9 | - | - | 36.9 | 37.4
Others operating income (expenses) | 1,959,420 | 3,048,305 | (1,168,611) | (1,485,507) | 1,146,117 | 1,169,235 | 1,729,297 | 32,793,570 | 3,666,223 | 35,525,603
Adjusted operating result (2) | 220,389,595 | 205,406,099 | 9,499,491 | 26,785,762 | 23,163,202 | 29,155,116 | (32,203,023) | 1,354,913 | 220,849,265 | 262,701,890
Change % | 7.3 | - | (64.5) | - | (20.6) | - | - | - | (15.9) | -
% of Net sales | 11.5 | 11.2 | 1.2 | 3.2 | 8.4 | 10.3 | - | - | 7.6 | 9.0
Net financial expense | - | - | - | - | - | - | - | - | (52,425,471) | (59,063,225)
Share of net income (loss) of joint ventures and associates accounted for using the equity method | - | - | - | - | - | - | - | - | (14,352,591) | (9,494,703)
Gains (losses) on exchange differences | - | - | - | - | - | - | - | - | 1,473,550 | (17,797,269)
Result as per adjustment units | - | - | - | - | - | - | - | - | (17,631,014) | (10,722,033)
Other gains (losses) | - | - | - | - | - | - | - | - | (27,672,922) | (94,937)
Income before taxes |  |  |  |  |  |  |  |  | 110,240,817 | 165,529,723
Income tax (expense) benefit |  |  |  |  |  |  |  |  | 27,051,867 | 11,015,074
Net income for year (4) |  |  |  |  |  |  |  |  | 137,292,684 | 176,544,797
Non-controlling interests |  |  |  |  |  |  |  |  | 20,140,477 | 15,600,659
Net income attributable to equity holders of the parent |  |  |  |  |  |  |  |  | 117,152,207 | 160,944,138
Depreciation and amortization | 92,383,928 | 84,673,402 | 45,806,575 | 51,659,761 | 12,436,531 | 12,673,960 | 4,731,659 | 4,227,101 | 155,358,693 | 153,234,224
ORBDA (3) | 312,773,523 | 290,079,501 | 55,306,066 | 78,445,523 | 35,599,733 | 41,829,076 | (27,471,364) | 5,582,014 | 376,207,958 | 415,936,114
Change % | 7.8 | - | (29.5) | - | (14.9) | - | (592.1) | - | (9.6) | -
% of Net sales | 16.3 | 15.9 | 7.1 | 9.2 | 12.9 | 14.8 | - | - | 12.9 | 14.3

| (1) | MSD&A included Marketing, Selling, Distribution and Administrative expenses.

| (2) | Adjusted operating result (for management purposes we have defined it as Net income before net financial expense, gain (losses) of joint venture and associates accounted for using the equity method, gains (losses) on exchange differences, result as per adjustment units, Other gains (losses) and income taxes).

| (3) | ORBDA (for management purposes we have defined it as Adjusted Operating Result before Depreciation and Amortization).

| (4) | The sale of a portion of land located in the district of Quilicura, Metropolitan Region, as described in Note 14 - Non-current assets held for sale, letter a), generated an increase in ROADA of ThCh$ 28,668,933 and effect on net income of ThCh$ 20,928,321 in the consolidated results as of December 2024.

F-48

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

| b) | Information as per operating segments for the years ended December 31, 2024 and 2023:

| Chile | International Business | Wines | Others | Total
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023
| ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$
Net sales | 1,769,032,771 | 1,714,560,272 | 823,528,981 | 566,277,644 | 254,751,837 | 234,510,659 | - | - | 2,847,313,589 | 2,515,348,575
Others income | 21,367,724 | 22,428,784 | 25,507,800 | 19,740,170 | 7,724,873 | 5,495,301 | 2,652,468 | 2,543,237 | 57,252,865 | 50,207,492
Sales revenue between segments | 38,843,163 | 21,982,179 | 1,081,496 | 466,547 | 20,161,213 | 12,819,535 | (60,085,872) | (35,268,261) | - | -
Net sales | 1,829,243,658 | 1,758,971,235 | 850,118,277 | 586,484,361 | 282,637,923 | 252,825,495 | (57,433,404) | (32,725,024) | 2,904,566,454 | 2,565,556,067
Change % | 4.0 | - | 45.0 | - | 11.8 | - | - | - | 13.2 | -
Cost of sales | (1,018,348,069) | (953,938,348) | (440,460,850) | (285,512,340) | (170,264,143) | (156,502,790) | 38,115,285 | 17,341,512 | (1,590,957,777) | (1,378,611,966)
% of Net sales | 55.7 | 54.2 | 51.8 | 48.7 | 60.2 | 61.9 | - | - | 54.8 | 53.7
Gross margin | 810,895,589 | 805,032,887 | 409,657,427 | 300,972,021 | 112,373,780 | 96,322,705 | (19,318,119) | (15,383,512) | 1,313,608,677 | 1,186,944,101
% of Net sales | 44.3 | 45.8 | 48.2 | 51.3 | 39.8 | 38.1 | - | - | 45.2 | 46.3
MSD&A (1) | (608,537,795) | (601,496,981) | (381,386,158) | (243,405,220) | (84,387,899) | (77,362,794) | (12,120,538) | (14,007,196) | (1,086,432,390) | (936,272,191)
% of Net sales | 33.3 | 34.2 | 44.9 | 41.5 | 29.9 | 30.6 | - | - | 37.4 | 36.5
Others operating income (expenses) | 3,048,305 | 1,049,865 | (1,485,507) | (13,487) | 1,169,235 | 1,058,998 | 32,793,570 | 515,889 | 35,525,603 | 2,611,265
Adjusted operating result (2) | 205,406,099 | 204,585,771 | 26,785,762 | 57,553,314 | 29,155,116 | 20,018,909 | 1,354,913 | (28,874,819) | 262,701,890 | 253,283,175
Change % | 0.4 | - | (53.5) | - | 45.6 | - | - | - | 3.7 | -
% of Net sales | 11.2 | 11.6 | 3.2 | 9.8 | 10.3 | 7.9 | - | - | 9.0 | 9.9
Net financial expense | - | - | - | - | - | - | - | - | (59,063,225) | (37,620,556)
Share of net income (loss) of joint ventures and associates accounted for using the equity method | - | - | - | - | - | - | - | - | (9,494,703) | (19,217,758)
Gains (losses) on exchange differences | - | - | - | - | - | - | - | - | (17,797,269) | (65,944,570)
Result as per adjustment units | - | - | - | - | - | - | - | - | (10,722,033) | (14,025,895)
Other gains (losses) | - | - | - | - | - | - | - | - | (94,937) | (13,316,208)
Income before taxes |  |  |  |  |  |  |  |  | 165,529,723 | 103,158,188
Income tax (expense) benefit |  |  |  |  |  |  |  |  | 11,015,074 | 15,267,255
Net income for year (4) |  |  |  |  |  |  |  |  | 176,544,797 | 118,425,443
Non-controlling interests |  |  |  |  |  |  |  |  | 15,600,659 | 12,772,715
Net income attributable to equity holders of the parent |  |  |  |  |  |  |  |  | 160,944,138 | 105,652,728
Depreciation and amortization | 84,673,402 | 78,823,699 | 51,659,761 | 28,010,403 | 12,673,960 | 12,165,441 | 4,227,101 | 7,119,655 | 153,234,224 | 126,119,198
ORBDA (3) | 290,079,501 | 283,409,470 | 78,445,523 | 85,563,717 | 41,829,076 | 32,184,350 | 5,582,014 | (21,755,164) | 415,936,114 | 379,402,373
Change % | 2.4 | - | (8.3) | - | 30.0 | - | (125.7) | - | 9.6 | -
% of Net sales | 15.9 | 16.1 | 9.2 | 14.6 | 14.8 | 12.7 | - | - | 14.3 | 14.8

| (1) | MSD&A included Marketing, Selling, Distribution and Administrative expenses.

| (2) | Adjusted operating result (for management purposes we have defined it as Net income before net financial expense, gain (losses) of joint venture and associates accounted for using the equity method, gains (losses) on exchange differences, result as per adjustment units, Other gains (losses) and income taxes).

| (3) | ORBDA (for management purposes we have defined it as Adjusted Operating Result before Depreciation and Amortization).

| (4) | The sale of a portion of land located in the district of Quilicura, Metropolitan Region, as described in Note 14 - Non-current assets held for sale, letter a), generated an increase in ROADA of ThCh$ 28,668,933 and effect on net income of ThCh$ 20,928,321 in the consolidated results as of December 2024.

F-49

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Sales information by geographic location

Net sales per geographical location | For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Chile (1) | 2,103,379,498 | 2,048,580,027 | 1,960,179,879
Argentina (2) | 630,540,720 | 696,005,518 | 479,815,516
Uruguay | 37,151,204 | 36,576,723 | 34,750,501
Paraguay | 114,068,945 | 92,497,797 | 70,348,122
Bolivia | 24,485,081 | 30,906,389 | 20,462,049
Foreign countries | 806,245,950 | 855,986,427 | 605,376,188
Total | 2,909,625,448 | 2,904,566,454 | 2,565,556,067

| (1) | Includes net sales correspond to Corporate Support Unit and eliminations between geographical locations. Additionally, includes net sales made in Chile of the Wines Operating segment.

| (2) | Includes net sales made by the subsidiaries Finca La Celia S.A. and Los Huemules S.R.L., registered under the Wines Operating segment and Chile Operating segment, respectively.

Sales information by customer

Net Sales | For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Domestic sales | 2,776,833,607 | 2,770,814,520 | 2,448,913,805
Exports sales | 132,791,841 | 133,751,934 | 116,642,262
Total | 2,909,625,448 | 2,904,566,454 | 2,565,556,067

Sales information by product category

Sales information by product category | For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Alcoholic business | 1,820,221,035 | 1,885,902,502 | 1,618,117,846
Non-alcoholic business | 1,040,389,947 | 961,411,087 | 897,230,729
Others (1) | 49,014,466 | 57,252,865 | 50,207,492
Total | 2,909,625,448 | 2,904,566,454 | 2,565,556,067

| (1) | Others consist mainly of sales of by-products and packaging including bottles, pallets, and glasses.

F-50

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Depreciation and amortization as per operating segments

Depreciation and amortization | For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Chile operating segment | 92,383,928 | 84,673,402 | 78,823,699
International Business operating segment | 45,806,575 | 51,659,761 | 28,010,403
Wines operating segment | 12,436,531 | 12,673,960 | 12,165,441
Others (1) | 4,731,659 | 4,227,101 | 7,119,655
Total | 155,358,693 | 153,234,224 | 126,119,198

| (1) | Includes depreciation and amortization corresponding to the Corporate Support Units.

Cash flows Operating Segments

Cash flows Operating Segments |  | For the years ended as of December 31,
| 2025 | 2024 | 2023
| ThCh$ | ThCh$ | ThCh$
Cash flows from operating activities |  | 239,050,524 | 287,516,727 | 294,097,407
Chile operating segment |  | 201,226,400 | 151,388,387 | 131,525,546
International business operating segment |  | 33,108,355 | 59,970,855 | 69,414,222
Wines operating segment |  | 23,115,079 | 40,445,090 | 21,783,654
Others (1) |  | (18,399,310) | 35,712,395 | 71,373,985
Cash flows from investing activities |  | (164,300,459) | (118,294,251) | (137,231,817)
Chile operating segment |  | (81,890,564) | (89,738,925) | (60,441,964)
International business operating segment |  | (47,783,738) | (50,729,308) | (38,973,597)
Wines operating segment |  | (9,717,248) | (11,656,348) | (11,310,213)
Others (1) |  | (24,908,909) | 33,830,330 | (26,506,043)
Cash flows from financing activities |  | (206,579,415) | (125,035,774) | (118,036,175)
Chile operating segment |  | (26,572,008) | (38,133,807) | (27,109,286)
International business operating segment |  | 8,699,321 | 5,058,733 | 1,426,434
Wines operating segment |  | (6,130,574) | (26,326,863) | (5,351,845)
Others (1) |  | (182,576,154) | (65,633,837) | (87,001,478)

| (1) | Others include Corporate Support Units.

F-51

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Capital expenditures as per operating segments

Capital expenditures (property, plant and equipment and intangible assets) | For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Chile operating segment |  | 83,141,872 | 90,611,005 | 80,678,753
International Business operating segment |  | 50,101,720 | 52,832,489 | 36,284,427
Wines operating segment |  | 9,732,233 | 11,711,984 | 11,600,973
Others (1) |  | 13,925,556 | 4,930,706 | 883,687
Total |  | 156,901,381 | 160,086,184 | 129,447,840

| (1) | Others include the capital investments corresponding to the Corporate Support Units.

Assets as per operating segments

Assets as per Operating segment | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Chile operating segment | 1,811,415,479 | 1,801,212,657
International Business operating segment | 800,908,475 | 987,649,086
Wines operating segment | 452,659,415 | 459,435,444
Others (1) | 580,403,600 | 741,419,803
Total | 3,645,386,969 | 3,989,716,990

| (1) | Includes assets corresponding to the Corporate Support Units.

Assets per geographic location

Assets per geographical location | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Chile (1) | 2,795,486,101 | 2,940,871,838
Argentina (2) | 704,892,248 | 900,201,584
Uruguay | 42,586,175 | 41,006,180
Paraguay | 63,400,945 | 56,257,348
Bolivia | 35,949,772 | 47,985,109
Others (3) | 3,071,728 | 3,394,931
Total | 3,645,386,969 | 3,989,716,990

| (1) | Includes the assets corresponding to the Corporate Support Units and eliminations between geographic location and investments in associates and joint ventures. Additionally, includes part of Wines Operating segment and excludes its argentine subsidiary Finca La Celia S.A.

| (2) | Includes the assets of the subsidiaries Finca La Celia S.A. and Los Huemules S.R.L. registered under the Wines Operating segment and Chile Operating segment, respectively.

| (3) | Includes the assets of the subsidiaries VSPT US LLC, VSPT UK Ltd. and VSPT Winegroup (Shangai) Limited.

F-52

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Liabilities as per operating segments

Liabilities as per Operating segment | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Chile operating segment | 529,630,254 | 776,980,472
International Business operating segment | 361,202,129 | 456,260,455
Wines operating segment | 158,858,410 | 165,011,985
Others (1) | 979,235,673 | 918,948,768
Total | 2,028,926,466 | 2,317,201,680

| (1) | Others include liabilities corresponding to the Corporate Support Units.

Operating Segment’s additional information

The following is a reconciliation of our Net income for the period, the main comparable IFRS measure to Adjusted Operating Result for the periods ended December 31, 2025, 2024 and 2023:

| For the years ended December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Net income of year | 137,292,684 | 176,544,797 | 118,425,443
Add (Subtract): |  |  |
Other gains (losses) | 27,672,922 | 94,937 | 13,316,208
Finance income | (27,522,243) | (38,102,053) | (39,402,492)
Finance costs | 79,947,714 | 97,165,278 | 77,023,048
Share of net income (loss) of joint ventures and associates accounted for using the equity method | 14,352,591 | 9,494,703 | 19,217,758
Gains (losses) on exchange differences | (1,473,550) | 17,797,269 | 65,944,570
Result as per adjustment units | 17,631,014 | 10,722,033 | 14,025,895
Income tax (expense) benefit | (27,051,867) | (11,015,074) | (15,267,255)
Adjusted operating result | 220,849,265 | 262,701,890 | 253,283,175
Depreciation and amortization | 155,358,693 | 153,234,224 | 126,119,198
ORBDA | 376,207,958 | 415,936,114 | 379,402,373

The following is a reconciliation of the consolidated amounts presented for MSD&A with the comparable amounts presented on the face of our consolidated statement of income:

| For the years ended December 31.
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Consolidated statement of income |  |  |
Distribution costs | (547,393,154) | (536,420,140) | (470,120,810)
Administrative expenses | (205,911,739) | (214,915,089) | (197,256,571)
Others expenses by function | (329,266,797) | (339,783,068) | (270,703,334)
Others expenses included in ´Others expenses by function´ | 8,163,511 | 4,685,907 | 1,808,524
Total MSD&A | (1,074,408,179) | (1,086,432,390) | (936,272,191)

F-53

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 7 Financial Instruments

Financial instruments categories

The carrying amounts of each financial instrument category are detailed as follows:

| As of December 31, 2025 | As of December 31, 2024
| Current | Non-current | Current | Non-current
| ThCh$ | ThCh$ | ThCh$ | ThCh$
Derivatives not designated as hedges | 1,066,394 | - | 3,844,406 | -
Marketable securities and investments in other companies | 1,217,147 | - | 822,287 | -
Derivatives designated as hedges | 7,643,747 | 26,067,779 | 7,232,588 | 30,060,601
Total others financial assets | 9,927,288 | 26,067,779 | 11,899,281 | 30,060,601
Accounts receivavble - trade and other current receivables (net) | 473,691,412 | 4,954,334 | 506,711,173 | 5,966,414
Accounts receivable from related parties | 16,123,780 | 1,134,264 | 15,501,990 | 844,344
Total accounts receivables | 489,815,192 | 6,088,598 | 522,213,163 | 6,810,758
Sub-Total financial assets | 499,742,480 | 32,156,377 | 534,112,444 | 36,871,359
Cash and cash equivalents | 519,175,929 | - | 707,122,815 | -
Total financial assets | 1,018,918,409 | 32,156,377 | 1,241,235,259 | 36,871,359
Bank borrowings | 124,816,755 | 39,713,245 | 41,257,611 | 166,647,324
Bond payable | 41,058,780 | 992,483,210 | 98,433,154 | 1,059,003,920
Deposits for return of bottles and containers | 11,987,324 | - | 11,772,459 | -
Total financial liabilities measured at amortized cost | 177,862,859 | 1,032,196,455 | 151,463,224 | 1,225,651,244
Derivatives not designated as hedges | 8,361,749 | - | 652,079 | -
Derivatives designated as hedges | 2,609,858 | 8,587,079 | 4,086,699 | 8,580,478
Total financial derivative liabilities | 10,971,607 | 8,587,079 | 4,738,778 | 8,580,478
Total others financial liabilities (*) | 188,834,466 | 1,040,783,534 | 156,202,002 | 1,234,231,722
Lease Liabilities | 9,689,870 | 42,232,779 | 9,451,551 | 39,782,317
Total lease liabilities (**) | 9,689,870 | 42,232,779 | 9,451,551 | 39,782,317
Trade and other current payables | 460,627,211 | - | 514,887,185 | 45,275
Accounts payable to related parties | 24,463,561 | 2,034,279 | 36,417,518 | -
Total commercial obligations and other accounts payable | 485,090,772 | 2,034,279 | 551,304,703 | 45,275
Total financial liabilities | 683,615,108 | 1,085,050,592 | 716,958,256 | 1,274,059,314

(*) | See Note 21 - Other financial liabilities.

(**) | See Note 22 - Lease liabilities.

F-54

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Fair value of Financial instruments

The following tables show fair values, based on financial instrument categories, compared to the carrying amount included in the Consolidated Statements of Financial Position:

| a) | Financial assets and liabilities are detailed as follows:

| As of December 31, 2025 | As of December 31, 2024
| Book Value | Fair Value | Book Value | Fair Value
| ThCh$ | ThCh$ | ThCh$ | ThCh$
Derivatives not designated as hedges | 1,066,394 | 1,066,394 | 3,844,406 | 3,844,406
Marketable securities and investments in other companies | 1,217,147 | 1,217,147 | 822,287 | 822,287
Derivatives designated as hedges | 33,711,526 | 33,711,526 | 37,293,189 | 37,293,189
Total others financial assets | 35,995,067 | 35,995,067 | 41,959,882 | 41,959,882
Accounts receivavble - trade and other current receivables (net) | 478,645,746 | 478,645,746 | 512,677,587 | 512,677,587
Accounts receivable from related parties | 17,258,044 | 17,258,044 | 16,346,334 | 16,346,334
Total accounts receivables | 495,903,790 | 495,903,790 | 529,023,921 | 529,023,921
Sub-Total financial assets | 531,898,857 | 531,898,857 | 570,983,803 | 570,983,803
Cash and cash equivalents | 519,175,929 | 519,175,929 | 707,122,815 | 707,122,815
Total financial assets | 1,051,074,786 | 1,051,074,786 | 1,278,106,618 | 1,278,106,618
Bank borrowings | 164,530,000 | 164,390,295 | 207,904,935 | 215,234,323
Bond payable | 1,033,541,990 | 884,782,956 | 1,157,437,074 | 1,065,681,949
Deposits for return of bottles and containers | 11,987,324 | 11,987,324 | 11,772,459 | 11,772,459
Total financial liabilities measured at amortized cost | 1,210,059,314 | 1,061,160,575 | 1,377,114,468 | 1,292,688,731
Derivatives not designated as hedges | 8,361,749 | 8,361,749 | 652,079 | 652,079
Derivatives designated as hedges | 11,196,937 | 11,196,937 | 12,667,177 | 12,667,177
Total financial derivative liabilities | 19,558,686 | 19,558,686 | 13,319,256 | 13,319,256
Total others financial liabilities (*) | 1,229,618,000 | 1,080,719,261 | 1,390,433,724 | 1,306,007,987
Lease Liabilities | 51,922,649 | 51,922,649 | 49,233,868 | 49,233,868
Total lease liabilities (**) | 51,922,649 | 51,922,649 | 49,233,868 | 49,233,868
Trade and other current payables | 460,627,211 | 460,627,211 | 514,932,460 | 514,932,460
Accounts payable to related parties | 26,497,840 | 26,497,840 | 36,417,518 | 36,417,518
Total commercial obligations and other accounts payable | 487,125,051 | 487,125,051 | 551,349,978 | 551,349,978
Total financial liabilities | 1,768,665,700 | 1,619,766,961 | 1,991,017,570 | 1,906,591,833

(*) | See Note 21 - Other financial liabilities.

(**) | See Note 22 - Lease liabilities.

The carrying amount of cash and cash equivalents, other financial assets, deposits for return of bottles and containers, put option liability and lease liabilities approximate their fair value due to their short-term nature or by its valuation methodology while loans receivable and accounts receivable are due to the fact that any collection loss is already reflected in the impairment loss provision.

The fair value of non-derivative financial assets and liabilities that are not quoted in active markets are estimated through the use of discounted cash flows calculated on market variables observed as of the date of the financial statements. The fair value of derivative instruments is estimated through the discount of future cash flows, determined according to information observed in the market or to variables and prices obtained from third parties.

The fair value of bank borrowings and Bonds payable has hierarchy level 2 of fair value.

F-55

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

| b) | Financial instruments by category:

As of December 31, 2025 | Fair value with changes in income | Financial assets measured at amortized cost | Fair value with changes in comprehension income | Total
ThCh$ | ThCh$ | ThCh$ | ThCh$
Financial assets |  |  |  |
Derivatives not designated as hedges | 1,066,394 | - | - | 1,066,394
Marketable securities and investments in other companies | 1,217,147 | - | - | 1,217,147
Derivatives designated as hedges | - | - | 33,711,526 | 33,711,526
Total others financial assets | 2,283,541 | - | 33,711,526 | 35,995,067
Cash and cash equivalents | - | 519,175,929 | - | 519,175,929
Trade and other receivable | - | 478,645,746 | - | 478,645,746
Accounts receivable from related parties | - | 17,258,044 | - | 17,258,044
Total financial assets | 2,283,541 | 1,015,079,719 | 33,711,526 | 1,051,074,786

As of December 31, 2025 | Fair value with changes in income | Fair value with changes in comprehension income | Financial liabilities measured at amortized cost | Total
ThCh$ | ThCh$ | ThCh$ | ThCh$
Financial liabilities |  |  |  |
Bank borrowings | - | - | 164,530,000 | 164,530,000
Bond payable | - | - | 1,033,541,990 | 1,033,541,990
Deposits for return of bottles and containers | - | - | 11,987,324 | 11,987,324
Derivatives not designated as hedges | 8,361,749 | - | - | 8,361,749
Derivatives designated as hedges | - | 11,196,937 | - | 11,196,937
Total Others financial liabilities | 8,361,749 | 11,196,937 | 1,210,059,314 | 1,229,618,000
Lease liabilities | - | - | 51,922,649 | 51,922,649
Trade and other current payables | - | - | 460,627,211 | 460,627,211
Accounts payable to related parties | - | - | 26,497,840 | 26,497,840
Total financial liabilities | 8,361,749 | 11,196,937 | 1,749,107,014 | 1,768,665,700

F-56

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

As of December 31, 2024 | Fair value with changes in income | Financial assets measured at amortized cost | Fair value with changes in comprehension income | Total
ThCh$ | ThCh$ | ThCh$ | ThCh$
Financial assets |  |  |  |
Derivatives not designated as hedges | 3,844,406 | - | - | 3,844,406
Marketable securities and investments in other companies | 822,287 | - | - | 822,287
Derivatives designated as hedges | - | - | 37,293,189 | 37,293,189
Total others financial assets | 4,666,693 | - | 37,293,189 | 41,959,882
Cash and cash equivalents | - | 707,122,815 | - | 707,122,815
Trade and other receivable | - | 512,677,587 | - | 512,677,587
Accounts receivable from related parties | - | 16,346,334 | - | 16,346,334
Total financial assets | 4,666,693 | 1,236,146,736 | 37,293,189 | 1,278,106,618

As of December 31, 2024 | Fair value with changes in income | Fair value with changes in comprehension income | Financial liabilities measured at amortized cost | Total
ThCh$ | ThCh$ | ThCh$ | ThCh$
Financial liabilities |  |  |  |
Bank borrowings | - | - | 207,904,935 | 207,904,935
Bond payable | - | - | 1,157,437,074 | 1,157,437,074
Deposits for return of bottles and containers | - | - | 11,772,459 | 11,772,459
Derivatives not designated as hedges | 652,079 | - | - | 652,079
Derivatives designated as hedges | - | 12,667,177 | - | 12,667,177
Total Others financial liabilities | 652,079 | 12,667,177 | 1,377,114,468 | 1,390,433,724
Lease liabilities | - | - | 49,233,868 | 49,233,868
Trade and other current payables | - | - | 514,932,460 | 514,932,460
Accounts payable to related parties | - | - | 36,417,518 | 36,417,518
Total financial liabilities | 652,079 | 12,667,177 | 1,977,698,314 | 1,991,017,570

F-57

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Derivative Instruments

The detail of maturities, number of derivative agreements, contracted nominal amounts, fair values and the classification of such derivative instruments by type of agreement at the closing of each year, are detailed as follows:

| As of December 31, 2025 | As of December 31, 2024
Number of agreements | Nominal amounts thousand | Asset | Liability | Number of agreements | Nominal amounts thousand | Asset | Liability
ThCh$ | ThCh$ | ThCh$ | ThCh$
Cross currency swaps UF/CLP | 2 | 3,500 | 33,711,526 | 11,196,937 | 2 | 3,500 | 36,218,088 | 11,237,316
Less than a year | - | - | 7,643,747 | 2,609,858 |  |  | 6,157,487 | 2,656,838
Between 1 and 5 years | 2 | 3,500 | 4,281,953 | 8,587,079 |  |  | 11,634,471 | 8,580,478
More than 5 years | - | - | 21,785,826 | - |  |  | 18,426,130 | -
Cross currency swaps UF/EURO | - | - | - | - | 1 | 296 | 1,075,101 | -
Less than a year | - | - | - | - |  |  | 1,075,101 | -
Cross currency swaps UF/USD | - | - | - | - | 1 | 479 | - | 1,429,861
Less than a year | - | - | - | - |  |  | - | 1,429,861
Subtotal hedging derivatives | 2 |  | 33,711,526 | 11,196,937 | 4 |  | 37,293,189 | 12,667,177
Forwards USD | 33 | 304,780 | 898,611 | 8,174,785 | 24 | 156,838 | 3,783,635 | 531,473
Less than a year | 33 | 304,780 | 898,611 | 8,174,785 | 24 | 156,838 | 3,783,635 | 531,473
Forwards Euro | 9 | 19,071 | 141,785 | 166,607 | 9 | 12,876 | 26,092 | 103,889
Less than a year | 9 | 19,071 | 141,785 | 166,607 | 9 | 12,876 | 26,092 | 103,889
Forwards CAD | 2 | 1,770 | 19,208 | - | 1 | 1,830 | - | 7,347
Less than a year | 2 | 1,770 | 19,208 | - | 1 | 1,830 | - | 7,347
Forwards GBP | 6 | 721 | 6,790 | 20,357 | 7 | 1,192 | 33,795 | 9,370
Less than a year | 6 | 721 | 6,790 | 20,357 | 7 | 1,192 | 33,795 | 9,370
Forwards CHF | - | - | - | - | 1 | 140 | 884 | -
Less than a year | - | - | - | - | 1 | 140 | 884 | -
Subtotal derivatives with effects on income | 50 |  | 1,066,394 | 8,361,749 | 42 |  | 3,844,406 | 652,079
Total instruments | 52 |  | 34,777,920 | 19,558,686 | 46 |  | 41,137,595 | 13,319,256

These derivative agreements have been entered into as a hedge of exchange rate risk exposure. In the case of forwards, the Company does not comply with the formal requirements for hedging designation; consequently, their effects are recorded in Income, in Other gains (losses).

F-58

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

In the case of Cross Currency Swap, these qualify as cash flow hedges associated with obligations with the public, disclosed in Note 21 - Other financial liabilities.

As of December 31, 2025
Entity | Nature of risks covered | Assets | Liabilities | Fair value of net asset (liabilities) | Maturity
Currency | Amount | Currency | Amount | Amount
ThCh$ | ThCh$ | ThCh$
Banco Santander - Chile | Flow by exchange rate on bonds payable | UF | 87,694,316 | CLP | 77,105,427 | 10,588,889 | 03-15-2032
Banco Santander - Chile | Flow by exchange rate on bonds payable | UF | 44,539,403 | CLP | 32,613,703 | 11,925,700 | 06-01-2027

As of December 31, 2024
Entity | Nature of risks covered | Assets | Liabilities | Fair value of net asset (liabilities) | Maturity
Currency | Amount | Currency | Amount | Amount
ThCh$ | ThCh$ | ThCh$
Banco Santander - Chile | Flow by exchange rate on bonds payable | UF | 83,301,885 | CLP | 76,113,071 | 7,188,814 | 03-15-2032
Banco Santander - Chile | Flow by exchange rate on bonds payable | UF | 71,789,705 | CLP | 53,997,747 | 17,791,958 | 06-01-2027
Scotiabank Chile | Flow by exchange rate on bonds payable | UF | 18,426,380 | USD | 19,856,241 | (1,429,861) | 06-01-2025
Scotiabank Chile | Flow by exchange rate on bonds payable | UF | 11,404,060 | EUR | 10,328,959 | 1,075,101 | 06-02-2025

The Consolidated Statement of Other Comprehensive Income includes under the caption cash flows hedge, for the period ended December 31, 2025 a credit before income taxes of ThCh$ 306,105 (ThCh$ 4,746,744 as of December 31, 2024 and charge of ThCh$ 4,379,170 as of December 31, 2023), related to the fair value of derivatives instruments.

Fair value hierarchies

The financial instruments recorded at fair value in the Statement of Financial Position are classified as follows, depending on the method used to obtain their fair values:

Level 1 | Fair values obtained through direct reference to quoted market prices, without any adjustment.

Level 2 | Fair values obtained through the use of valuation models accepted in the market and based on prices other than those of Level 1, which may be directly or indirectly observed as of the measurement date (adjusted prices).

Level 3 | Fair values obtained through internally developed models or methodologies that use information which may not be observed or which is illiquid.

F-59

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The fair value of financial instruments recorded at fair value in the Consolidated Financial Statements, is detailed as follows:

As of December 31, 2025 | Recorded fair value | Fair value hierarchy
level 1 | level 2 | level 3
ThCh$ | ThCh$ | ThCh$ | ThCh$
Derivatives not designated as hedges | 1,066,394 | - | 1,066,394 | -
Marketable securities and investments in other companies | 1,217,147 | 1,217,147 | - | -
Derivatives designated as hedges | 33,711,526 | - | 33,711,526 | -
Total others financial assets | 35,995,067 | 1,217,147 | 34,777,920 | -
Derivatives not designated as hedges | 8,361,749 | - | 8,361,749 | -
Derivative designated as hedges | 11,196,937 | - | 11,196,937 | -
Total financial derivative liabilities | 19,558,686 | - | 19,558,686 | -

As of December 31, 2024 | Recorded fair value | Fair value hierarchy
level 1 | level 2 | level 3
ThCh$ | ThCh$ | ThCh$ | ThCh$
Derivatives not designated as hedges | 3,844,406 | - | 3,844,406 | -
Marketable securities and investments in other companies | 822,287 | 822,287 | - | -
Derivatives designated as hedges | 37,293,189 | - | 37,293,189 | -
Total others financial assets | 41,959,882 | 822,287 | 41,137,595 | -
Derivatives not designated as hedges | 652,079 | - | 652,079 | -
Derivative designated as hedges | 12,667,177 | - | 12,667,177 | -
Total financial derivative liabilities | 13,319,256 | - | 13,319,256 | -

During the year ended December 31, 2025, the Company has not made any significant instrument transfers between levels 1 and 2.

Credit quality of financial assets

The Company uses two credit assessment systems for its clients: a) Clients with loan insurance are assessed according to the external risk criteria (trade reports, non-compliance and protested documents that are available in the local market), payment capability and equity situation required by the insurance company to grant a loan coverage; b) All other the clients are assessed through an ABC risk model, which considers internal risk (non-compliance and protested documents), external risk (trade reports, non-compliance and protested documents that are available in the local market) and payment capacity and equity situation. The uncollectible rate during the last two years has not been significant.

F-60

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 8 Cash and cash equivalents

Cash and cash equivalent balances are detailed as follows:

| As of December 31, 2025 | As of December 31, 2024 | As of December 31, 2023
ThCh$ | ThCh$ | ThCh$
Cash on hand | 306,497 | 358,534 | 279,521
Bank balances | 221,696,364 | 400,213,133 | 367,146,884
Cash | 222,002,861 | 400,571,667 | 367,426,405
Time deposits | 228,494,417 | 222,861,432 | 186,368,967
Securities purchased under resale agreements | 67,059,167 | 57,570,583 | 49,038,418
Investments in mutual funds | 1,619,484 | 26,119,133 | 15,320,226
Short term investments classified as cash equivalents | 68,678,651 | 83,689,716 | 64,358,644
Cash equivalents | 297,173,068 | 306,551,148 | 250,727,611
Total | 519,175,929 | 707,122,815 | 618,154,016

F-61

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The composition of cash and cash equivalents by currency as of December 31, 2025, is detailed as follows:

| Chilean Peso | US Dollar | Euro | Argentine Peso | Uruguayan Peso | Paraguayan Guarani | Bolivian | Others | Total
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$
Cash on hand | 77,785 | 2,547 | - | 4,243 | - | - | 221,922 | - | 306,497
Bank balances | 71,384,021 | 135,790,113 | 828,724 | 7,823,191 | 2,112,796 | 1,787,153 | 639,806 | 1,330,560 | 221,696,364
Cash | 71,461,806 | 135,792,660 | 828,724 | 7,827,434 | 2,112,796 | 1,787,153 | 861,728 | 1,330,560 | 222,002,861
Time deposits | - | 226,401,813 | - | - | 2,092,604 | - | - | - | 228,494,417
Securities purchased under resale agreements | 67,059,167 | - | - | - | - | - | - | - | 67,059,167
Investments in mutual funds | 419,373 | 130,666 | - | 35,146 | - | 1,034,299 | - | - | 1,619,484
Short term investments classified as cash equivalents | 67,478,540 | 130,666 | - | 35,146 | - | 1,034,299 | - | - | 68,678,651
Cash equivalents | 67,478,540 | 226,532,479 | - | 35,146 | 2,092,604 | 1,034,299 | - | - | 297,173,068
Total | 138,940,346 | 362,325,139 | 828,724 | 7,862,580 | 4,205,400 | 2,821,452 | 861,728 | 1,330,560 | 519,175,929

The composition of cash and cash equivalents by currency as of December 31, 2024, is detailed as follows:

| Chilean Peso | US Dollar | Euro | Argentine Peso | Uruguayan Peso | Paraguayan Guarani | Bolivian | Others | Total
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$
Cash on hand | 76,230 | 778 | - | 4,246 | - | - | 277,280 | - | 358,534
Bank balances | 73,236,943 | 309,986,854 | 2,520,585 | 7,291,966 | 1,864,837 | 2,795,042 | 929,088 | 1,587,818 | 400,213,133
Cash | 73,313,173 | 309,987,632 | 2,520,585 | 7,296,212 | 1,864,837 | 2,795,042 | 1,206,368 | 1,587,818 | 400,571,667
Time deposits | - | 222,589,479 | - | - | 271,953 | - | - | - | 222,861,432
Securities purchased under resale agreements | 57,570,583 | - | - | - | - | - | - | - | 57,570,583
Investments in mutual funds | 221,200 | 199,256 | - | 23,252,691 | - | 2,445,986 | - | - | 26,119,133
Short term investments classified as cash equivalents | 57,791,783 | 199,256 | - | 23,252,691 | - | 2,445,986 | - | - | 83,689,716
Cash equivalents | 57,791,783 | 222,788,735 | - | 23,252,691 | 271,953 | 2,445,986 | - | - | 306,551,148
Total | 131,104,956 | 532,776,367 | 2,520,585 | 30,548,903 | 2,136,790 | 5,241,028 | 1,206,368 | 1,587,818 | 707,122,815

F-62

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The composition of cash and cash equivalents by currency as of December 31, 2023, is detailed as follows:

| Chilean Peso | US Dollar | Euro | Argentine Peso | Uruguayan Peso | Paraguayan Guarani | Bolivian | Others | Total
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$
Cash on hand | 77,058 | 1,866 | - | 2,351 | - | - | 198,246 | - | 279,521
Bank balances | 40,999,695 | 314,407,436 | 1,516,762 | 4,563,501 | 1,848,902 | 2,147,017 | 871,189 | 792,382 | 367,146,884
Cash | 41,076,753 | 314,409,302 | 1,516,762 | 4,565,852 | 1,848,902 | 2,147,017 | 1,069,435 | 792,382 | 367,426,405
Time deposits | - | 185,464,394 | - | 117,857 | 786,716 | - | - | - | 186,368,967
Securities purchased under resale agreements | 49,038,418 | - | - | - | - | - | - | - | 49,038,418
Investments in mutual funds | 245,651 | - | - | 15,074,575 | - | - | - | - | 15,320,226
Short term investments classified as cash equivalents | 49,284,069 | - | - | 15,074,575 | - | - | - | - | 64,358,644
Cash equivalents | 49,284,069 | 185,464,394 | - | 15,192,432 | 786,716 | - | - | - | 250,727,611
Total | 90,360,822 | 499,873,696 | 1,516,762 | 19,758,284 | 2,635,618 | 2,147,017 | 1,069,435 | 792,382 | 618,154,016

F-63

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The composition of time deposits is detailed as follows:

As of December 31, 2025:

Financial entity | Date of placement | Due date | Currency | Amount | Monthly interest rate (%)
ThCh$
Banco Itaú - Uruguay | 12-26-2025 | 01-02-2026 | UYU | 814,197 | 0.56
Citibank - Uruguay | 12-30-2025 | 01-02-2026 | UYU | 813,476 | 0.40
Citibank - Uruguay | 12-29-2025 | 01-12-2026 | USD | 1,647,674 | 0.33
HSBC Bank S.A. - Uruguay | 12-29-2025 | 01-28-2026 | UYU | 464,931 | 0.51
Sumitomo Mitsui Banking Corporation - United States | 12-03-2025 | 02-03-2026 | USD | 128,268,389 | 0.04
The Bank Of Nova Scotia Toronto - Canada | 10-28-2025 | 01-26-2026 | USD | 49,128,993 | 0.04
The Bank Of Nova Scotia Toronto - Canada | 12-10-2025 | 03-10-2026 | USD | 47,356,757 | 0.04
Total |  |  |  | 228,494,417 |

As of December 31, 2024:

Financial entity | Date of placement | Due date | Currency | Amount | Monthly interest rate (%)
ThCh$
Banco Itaú - Uruguay | 12-27-2024 | 01-03-2025 | UYU | 1,495,089 | 0.63
Citibank - Uruguay | 12-17-2024 | 01-18-2025 | UYU | 271,554 | 0.43
Sumitomo Mitsui Banking Corporation - United States | 12-27-2024 | 02-27-2025 | USD | 169,500,536 | 0.37
The Bank Of Nova Scotia Toronto - Canada | 11-29-2024 | 01-31-2025 | USD | 51,594,253 | 0.39
Total |  |  |  | 222,861,432 |

As od December 31, 2023:

Financial entity | Date of placement | Due date | Currency | Amount | Monthly interest rate (%)
ThCh$
Banco Itaú - Uruguay | 12-28-2023 | 01-04-2024 | UY | 449,552 | 0.64
Banco Supervielle - Argentina | 12-07-2023 | 01-08-2024 | ARS | 117,857 | 10.50
Citibank - Uruguay | 12-29-2023 | 01-02-2024 | UY | 280,970 | 0.52
Scotiabank - Uruguay | 12-29-2023 | 01-29-2024 | UY | 56,194 | 0.58
Sumitomo Mitsui Banking Corporation - United States | 11-24-2023 | 01-26-2024 | USD | 141,450,646 | 0.46
The Bank Of Nova Scotia Toronto - Canada | 12-08-2023 | 03-06-2024 | USD | 44,013,748 | 0.47
Total |  |  |  | 186,368,967 |

F-64

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The composition of securities purchased under resale agreements is detailed as follows:

As of December 31, 2025:

Financial entity | Underlying Asset (Time Deposit) (*) | Date of placement | Due date | Currency | Amount | Monthly interest rate (%)
ThCh$
Banchile Corredores de Bolsa S.A. | Banco Itaú Corpbanca - Chile | 12-29-2025 | 01-06-2026 | CLP | 750,200 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Bice - Chile | 12-30-2025 | 01-06-2026 | CLP | 3,466,597 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Consorcio - Chile | 12-30-2025 | 01-06-2026 | CLP | 520,855 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Consorcio - Chile | 12-30-2025 | 01-06-2026 | CLP | 1,194,242 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Consorcio - Chile | 12-30-2025 | 01-06-2026 | CLP | 197,229 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Consorcio - Chile | 12-30-2025 | 01-06-2026 | CLP | 2,017,656 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Consorcio - Chile | 12-30-2025 | 01-06-2026 | CLP | 379,165 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Consorcio - Chile | 12-30-2025 | 01-06-2026 | CLP | 235,617 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Consorcio - Chile | 12-30-2025 | 01-06-2026 | CLP | 281,460 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Consorcio - Chile | 12-30-2025 | 01-06-2026 | CLP | 2,098,313 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Consorcio - Chile | 12-30-2025 | 01-06-2026 | CLP | 1,662,950 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco de Chile | 12-29-2025 | 01-06-2026 | CLP | 983,626 | 0.39
BancoEstado S.A. Corredores de Bolsa - Chile | Banco de Chile | 12-29-2025 | 01-06-2026 | CLP | 16,635 | 0.39
BancoEstado S.A. Corredores de Bolsa - Chile | Banco de Chile | 12-30-2025 | 01-08-2026 | CLP | 281,560 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco de Chile | 12-30-2025 | 01-08-2026 | CLP | 67,514 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco de Chile | 12-30-2025 | 01-06-2026 | CLP | 2,200,293 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco de Chile | 12-30-2025 | 01-06-2026 | CLP | 149,755 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco de Chile | 12-30-2025 | 01-06-2026 | CLP | 388,887 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco de Chile | 12-30-2025 | 01-06-2026 | CLP | 59,748 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco de Crédito e Inversiones - Chile | 12-30-2025 | 01-06-2026 | CLP | 3,456,425 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco de Crédito e Inversiones - Chile | 12-30-2025 | 01-06-2026 | CLP | 2,860,811 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco de Crédito e Inversiones - Chile | 12-30-2025 | 01-06-2026 | CLP | 683,697 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco de Crédito e Inversiones - Chile | 12-30-2025 | 01-06-2026 | CLP | 825,788 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco del Estado de Chile | 12-30-2025 | 01-06-2026 | CLP | 1,690 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Itaú Corpbanca - Chile | 12-30-2025 | 01-06-2026 | CLP | 4,372,965 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Itaú Corpbanca - Chile | 12-30-2025 | 01-06-2026 | CLP | 1,908,772 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Itaú Corpbanca - Chile | 12-30-2025 | 01-06-2026 | CLP | 1,610,869 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-30-2025 | 01-08-2026 | CLP | 511,165 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-30-2025 | 01-08-2026 | CLP | 391,916 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-30-2025 | 01-08-2026 | CLP | 48,018 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-30-2025 | 01-06-2026 | CLP | 3,677,420 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-30-2025 | 01-06-2026 | CLP | 607,901 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-30-2025 | 01-06-2026 | CLP | 3,155,244 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-30-2025 | 01-06-2026 | CLP | 628,887 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-30-2025 | 01-06-2026 | CLP | 5,270,772 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-30-2025 | 01-06-2026 | CLP | 461,616 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-30-2025 | 01-06-2026 | CLP | 630,001 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-30-2025 | 01-06-2026 | CLP | 604,650 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-30-2025 | 01-06-2026 | CLP | 165,536 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-30-2025 | 01-08-2026 | CLP | 1,000,133 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Scotiabank Chile | 12-30-2025 | 01-06-2026 | CLP | 8,175,412 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Security - Chile | 12-30-2025 | 01-08-2026 | CLP | 1,701,569 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Security - Chile | 12-30-2025 | 01-08-2026 | CLP | 98,671 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Security - Chile | 12-30-2025 | 01-06-2026 | CLP | 3,437,240 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Security - Chile | 12-30-2025 | 01-06-2026 | CLP | 2,502,673 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Security - Chile | 12-30-2025 | 01-06-2026 | CLP | 462,106 | 0.40
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Security - Chile | 12-30-2025 | 01-06-2026 | CLP | 354,851 | 0.40
Scotia Corredora de Bolsa Chile Ltda. | Banco Scotiabank Chile | 12-30-2025 | 01-08-2026 | CLP | 500,067 | 0.40
Total |  |  |  |  | 67,059,167 |

(*) | All financial instruments acquired under resale agreements, correspond to time deposits and are subject to a fixed interest rate.

F-65

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

As of December 31, 2024:

Financial entity | Underlying Asset (Time Deposit) (*) | Date of placement | Due date | Currency | Amount | Monthly interest rate (%)
ThCh$
BancoEstado S.A. Corredores de Bolsa - Chile | Banco del Estado de Chile | 12-30-2024 | 01-07-2025 | CLP | 4,083,818 | 0.45
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Itaú Corpbanca - Chile | 12-30-2024 | 01-07-2025 | CLP | 4,410,111 | 0.45
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-27-2024 | 01-07-2025 | CLP | 896,018 | 0.45
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-27-2024 | 01-07-2025 | CLP | 4,523 | 0.45
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-27-2024 | 01-07-2025 | CLP | 413,911 | 0.45
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Scotiabank Chile | 12-27-2024 | 01-02-2025 | CLP | 1,086,468 | 0.45
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Scotiabank Chile | 12-27-2024 | 01-02-2025 | CLP | 14,194 | 0.45
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Scotiabank Chile | 12-27-2024 | 01-02-2025 | CLP | 80,644 | 0.45
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Scotiabank Chile | 12-27-2024 | 01-02-2025 | CLP | 1,220,137 | 0.45
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Scotiabank Chile | 12-27-2024 | 01-07-2025 | CLP | 150,090 | 0.45
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Scotiabank Chile | 12-27-2024 | 01-07-2025 | CLP | 1,837,442 | 0.45
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Scotiabank Chile | 12-30-2024 | 01-07-2025 | CLP | 7,332 | 0.45
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Scotiabank Chile | 12-30-2024 | 01-02-2025 | CLP | 2,949,259 | 0.45
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Scotiabank Chile | 12-30-2024 | 01-02-2025 | CLP | 1,184 | 0.45
BCI Corredores de Bolsa Chile S.A. | Banco Bice - Chile | 12-26-2024 | 01-02-2025 | CLP | 996,877 | 0.43
BCI Corredores de Bolsa Chile S.A. | Banco Itaú Corpbanca - Chile | 12-26-2024 | 01-02-2025 | CLP | 499,111 | 0.43
BCI Corredores de Bolsa Chile S.A. | Banco Santander - Chile | 12-26-2024 | 01-02-2025 | CLP | 1,664,112 | 0.43
BCI Corredores de Bolsa Chile S.A. | Banco Santander - Chile | 12-26-2024 | 01-02-2025 | CLP | 291,480 | 0.43
BCI Corredores de Bolsa Chile S.A. | Banco Santander - Chile | 12-26-2024 | 01-02-2025 | CLP | 235,893 | 0.43
BCI Corredores de Bolsa Chile S.A. | Banco Santander - Chile | 12-26-2024 | 01-02-2025 | CLP | 115,219 | 0.43
Scotia Corredora de Bolsa Chile Ltda. | Banco Bice - Chile | 12-23-2024 | 01-02-2025 | CLP | 36,685 | 0.43
Scotia Corredora de Bolsa Chile Ltda. | Banco Bice - Chile | 12-23-2024 | 01-02-2025 | CLP | 238,387 | 0.43
Scotia Corredora de Bolsa Chile Ltda. | Banco Bice - Chile | 12-30-2024 | 01-07-2025 | CLP | 3,854 | 0.48
Scotia Corredora de Bolsa Chile Ltda. | Banco Bice - Chile | 12-30-2024 | 01-07-2025 | CLP | 20,224 | 0.48
Scotia Corredora de Bolsa Chile Ltda. | Banco Bice - Chile | 12-23-2024 | 01-02-2025 | CLP | 25,272 | 0.43
Scotia Corredora de Bolsa Chile Ltda. | Banco Bice - Chile | 12-30-2024 | 01-07-2025 | CLP | 275,970 | 0.48
Scotia Corredora de Bolsa Chile Ltda. | Banco Central de Chile | 12-30-2024 | 01-02-2025 | CLP | 2,998,921 | 0.48
Scotia Corredora de Bolsa Chile Ltda. | Banco Consorcio - Chile | 12-30-2024 | 01-07-2025 | CLP | 5,000,800 | 0.48
Scotia Corredora de Bolsa Chile Ltda. | Banco Consorcio - Chile | 12-26-2024 | 01-02-2025 | CLP | 1,200,900 | 0.45
Scotia Corredora de Bolsa Chile Ltda. | Banco de Chile | 12-26-2024 | 01-02-2025 | CLP | 500,375 | 0.45
Scotia Corredora de Bolsa Chile Ltda. | Banco de Chile | 12-26-2024 | 01-02-2025 | CLP | 1,494 | 0.45
Scotia Corredora de Bolsa Chile Ltda. | Banco de Chile | 12-26-2024 | 01-02-2025 | CLP | 3,501,131 | 0.45
Scotia Corredora de Bolsa Chile Ltda. | Banco de Chile | 12-30-2024 | 01-07-2025 | CLP | 1,505,371 | 0.48
Scotia Corredora de Bolsa Chile Ltda. | Banco de Chile | 12-30-2024 | 01-07-2025 | CLP | 8,796,277 | 0.48
Scotia Corredora de Bolsa Chile Ltda. | Banco del Estado de Chile | 12-30-2024 | 01-02-2025 | CLP | 1,500,240 | 0.48
Scotia Corredora de Bolsa Chile Ltda. | Banco del Estado de Chile | 12-26-2024 | 01-02-2025 | CLP | 4,003,000 | 0.45
Scotia Corredora de Bolsa Chile Ltda. | Banco del Estado de Chile | 12-30-2024 | 01-02-2025 | CLP | 1,559 | 0.48
Scotia Corredora de Bolsa Chile Ltda. | Banco Security - Chile | 12-26-2024 | 01-02-2025 | CLP | 250,323 | 0.45
Scotia Corredora de Bolsa Chile Ltda. | Banco Security - Chile | 12-26-2024 | 01-02-2025 | CLP | 305,758 | 0.45
Scotia Corredora de Bolsa Chile Ltda. | Banco Security - Chile | 12-26-2024 | 01-02-2025 | CLP | 318,162 | 0.45
Scotia Corredora de Bolsa Chile Ltda. | Banco Security - Chile | 12-26-2024 | 01-02-2025 | CLP | 428,029 | 0.45
Scotia Corredora de Bolsa Chile Ltda. | Banco Security - Chile | 12-26-2024 | 01-02-2025 | CLP | 699,228 | 0.45
Scotia Corredora de Bolsa Chile Ltda. | Banco Security - Chile | 12-30-2024 | 01-07-2025 | CLP | 639,713 | 0.48
Scotia Corredora de Bolsa Chile Ltda. | Banco Security - Chile | 12-30-2024 | 01-07-2025 | CLP | 1,838,316 | 0.48
Scotia Corredora de Bolsa Chile Ltda. | Banco Security - Chile | 12-30-2024 | 01-07-2025 | CLP | 2,522,771 | 0.48
Total |  |  |  |  | 57,570,583 |

(*) | All financial instruments acquired under resale agreements, correspond to time deposits and are subject to a fixed interest rate.

F-66

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

As of December 31, 2023:

Financial entity | Underlying Asset (Time Deposit) (*) | Date of placement | Due date | Currency | Amount | Monthly interest rate (%)
ThCh$
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Consorcio - Chile | 12-21-2023 | 01-04-2024 | CLP | 501,150 | 0.69
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Consorcio - Chile | 12-29-2023 | 01-04-2024 | CLP | 499,358 | 0.70
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Consorcio - Chile | 12-29-2023 | 01-04-2024 | CLP | 68,791 | 0.70
BancoEstado S.A. Corredores de Bolsa - Chile | Banco de Chile | 12-21-2023 | 01-04-2024 | CLP | 44,421 | 0.69
BancoEstado S.A. Corredores de Bolsa - Chile | Banco de Crédito e Inversiones - Chile | 12-29-2023 | 01-04-2024 | CLP | 229,595 | 0.70
BancoEstado S.A. Corredores de Bolsa - Chile | Banco de Crédito e Inversiones - Chile | 12-29-2023 | 01-04-2024 | CLP | 270,638 | 0.70
BancoEstado S.A. Corredores de Bolsa - Chile | Banco de Crédito e Inversiones - Chile | 12-21-2023 | 01-04-2024 | CLP | 1,831,429 | 0.69
BancoEstado S.A. Corredores de Bolsa - Chile | Banco de Crédito e Inversiones - Chile | 12-21-2023 | 01-04-2024 | CLP | 659,321 | 0.69
BancoEstado S.A. Corredores de Bolsa - Chile | Banco de Crédito e Inversiones - Chile | 12-29-2023 | 01-04-2024 | CLP | 96,860 | 0.70
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Itaú Corpbanca - Chile | 12-21-2023 | 01-04-2024 | CLP | 501,150 | 0.69
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-21-2023 | 01-04-2024 | CLP | 1,223,454 | 0.69
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-29-2023 | 01-04-2024 | CLP | 156,239 | 0.70
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-29-2023 | 01-04-2024 | CLP | 88,694 | 0.70
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-29-2023 | 01-04-2024 | CLP | 76,362 | 0.70
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Santander - Chile | 12-29-2023 | 01-04-2024 | CLP | 214,256 | 0.70
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Security - Chile | 12-21-2023 | 01-04-2024 | CLP | 501,150 | 0.69
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Scotiabank Chile | 12-28-2023 | 01-04-2024 | CLP | 800,552 | 0.69
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Scotiabank Chile | 12-28-2023 | 01-04-2024 | CLP | 1,501,035 | 0.69
BancoEstado S.A. Corredores de Bolsa - Chile | Banco Scotiabank Chile | 12-21-2023 | 01-04-2024 | CLP | 1,503,450 | 0.69
BCI Corredores de Bolsa Chile S.A. | Banco de Chile | 12-28-2023 | 01-02-2024 | CLP | 1,000,690 | 0.69
BCI Corredores de Bolsa Chile S.A. | Banco de Chile | 12-29-2023 | 01-11-2024 | CLP | 1,979,530 | 0.70
BCI Corredores de Bolsa Chile S.A. | Banco Itaú Corpbanca - Chile | 12-29-2023 | 01-11-2024 | CLP | 983,920 | 0.70
BCI Corredores de Bolsa Chile S.A. | Banco Santander - Chile | 12-29-2023 | 01-11-2024 | CLP | 372,324 | 0.70
BCI Corredores de Bolsa Chile S.A. | Banco Security - Chile | 12-29-2023 | 01-11-2024 | CLP | 979,874 | 0.70
BCI Corredores de Bolsa Chile S.A. | Banco Scotiabank Chile | 12-29-2023 | 01-11-2024 | CLP | 2,295,554 | 0.70
BCI Corredores de Bolsa Chile S.A. | Banco Scotiabank Chile | 12-29-2023 | 01-11-2024 | CLP | 2,292,952 | 0.70
Scotia Corredora de Bolsa Chile S.A. | Banco Bice - Chile | 12-28-2023 | 01-04-2024 | CLP | 1,100,759 | 0.69
Scotia Corredora de Bolsa Chile S.A. | Banco Consorcio - Chile | 12-29-2023 | 01-11-2024 | CLP | 2,301,073 | 0.70
Scotia Corredora de Bolsa Chile S.A. | Banco Consorcio - Chile | 12-29-2023 | 01-11-2024 | CLP | 700,327 | 0.70
Scotia Corredora de Bolsa Chile S.A. | Banco de Chile | 12-28-2023 | 01-02-2024 | CLP | 2,601,795 | 0.69
Scotia Corredora de Bolsa Chile S.A. | Banco de Chile | 12-28-2023 | 01-04-2024 | CLP | 400,276 | 0.69
Scotia Corredora de Bolsa Chile S.A. | Banco de Chile | 12-26-2023 | 01-04-2024 | CLP | 1,501,725 | 0.69
Scotia Corredora de Bolsa Chile S.A. | Banco de Chile | 12-29-2023 | 01-11-2024 | CLP | 1,306,588 | 0.70
Scotia Corredora de Bolsa Chile S.A. | Banco de Chile | 12-29-2023 | 01-11-2024 | CLP | 1,694,812 | 0.70
Scotia Corredora de Bolsa Chile S.A. | Banco de Crédito e Inversiones - Chile | 12-29-2023 | 01-11-2024 | CLP | 1,965,032 | 0.70
Scotia Corredora de Bolsa Chile S.A. | Banco de Crédito e Inversiones - Chile | 12-29-2023 | 01-11-2024 | CLP | 2,737,161 | 0.70
Scotia Corredora de Bolsa Chile S.A. | Banco Itaú Corpbanca - Chile | 12-29-2023 | 01-11-2024 | CLP | 3,001,400 | 0.70
Scotia Corredora de Bolsa Chile S.A. | Banco Santander - Chile | 12-27-2023 | 01-04-2024 | CLP | 965,912 | 0.69
Scotia Corredora de Bolsa Chile S.A. | Banco Santander - Chile | 12-27-2023 | 01-04-2024 | CLP | 135,100 | 0.69
Scotia Corredora de Bolsa Chile S.A. | Banco Santander - Chile | 12-29-2023 | 01-11-2024 | CLP | 2,755,387 | 0.70
Scotia Corredora de Bolsa Chile S.A. | Banco Santander - Chile | 12-29-2023 | 01-11-2024 | CLP | 2,847,226 | 0.70
Scotia Corredora de Bolsa Chile S.A. | Banco Security - Chile | 12-29-2023 | 01-11-2024 | CLP | 350,163 | 0.70
Scotia Corredora de Bolsa Chile S.A. | Banco Scotiabank Chile | 12-29-2023 | 01-11-2024 | CLP | 350,163 | 0.70
Scotia Corredora de Bolsa Chile S.A. | Banco Scotiabank Chile | 12-29-2023 | 01-02-2024 | CLP | 650,303 | 0.70
Scotia Corredora de Bolsa Chile S.A. | Banco Scotiabank Chile | 12-29-2023 | 01-09-2024 | CLP | 1,000,467 | 0.70
Total |  |  |  |  | 49,038,418 |

(*) | All financial instruments acquired under resale agreements, correspond to time deposits and are subject to a fixed interest rate.

F-67

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Payments for business acquisitions are detailed as follows:

| For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Total disbursement per business acquisition |  |  |  |
Other cash payment to acquire interests in joint ventures (1) |  | (10,975,902) | (10,658,097) | (7,086,899)
Payment from changes in ownership interests in subsidiaries that do not result in loss of control (2) |  | - | (32,260,503) | (3,205,058)
Cash flows used to obtain control of subsidiaries or other businesses (3) |  | - | (551,585) | (2,000,000)
Proceeds from changes in ownership interests in subsidiaries that do not result in loss of control (4) |  | - | 17,112,779 | -

| (1) | See Note 16 - Investments accounted for using equity method, number (2) for 2025, 2024 and 2023 and number (3) for 2023.

| (2) | See Note 1 - General Information, letter C), number (3) for 2024 and 2023 and number (9) for 2024.

| (3) | See Note 15 - Business Combination, letters a) and c) for 2024 and letter c) for 2023.

| (4) | See Note 15 - Business Combination, letter b).

Note 9 Other non-financial assets

The Company maintained the following other non-financial assets:

| As of December 31, 2025 | As of December 31, 2024
Current | Non-current | Current | Non-current
ThCh$ | ThCh$ | ThCh$ | ThCh$
Insurances paid | 7,190,690 | - | 3,733,396 | 91,829
Advertising | 12,050,096 | 4,687,307 | 13,826,543 | 10,728,679
Advances to suppliers | 6,658,015 | - | 9,039,012 | -
Prepaid expenses | 5,453,636 | 3,500,774 | 2,609,228 | 2,671,728
Total advances | 31,352,437 | 8,188,081 | 29,208,179 | 13,492,236
Guarantees paid | 6,775 | 188,560 | 6,898 | 172,873
Consumables | 992,358 | - | 1,074,281 | -
Dividends receivable | 945,899 | - | 854,084 | -
Others | - | 10,074 | - | 9,127
Total others assets | 1,945,032 | 198,634 | 1,935,263 | 182,000
Total | 33,297,469 | 8,386,715 | 31,143,442 | 13,674,236

Nature of each non-financial asset:

| a) | Insurances paid: Annual payments for insurances policies are included, which are capitalized and then amortized according the term of the contract.

| b) | Advertising: Corresponds to advertising and promotion contracts related to customers and advertising service providers, that promote our brands which are capitalized and then amortized according the term of the contract.

| c) | Advances to suppliers: Mainly for services, purchase of raw materials and customs agents.

| d) | Prepaid expenses: Services paid in advance that give entitlement to benefits usually for a period of 12 months, they are reflected against result as they are accrued.

| e) | Guarantees paid: It is the initial payment for the lease of goods required by the lessor to ensure compliance with the conditions stipulated in the contract.

| f) | Consumables: Under this item are mainly included security supplies, clothing or supplies to be used in administrative offices, such as: eyeglasses, gloves, masks, aprons, etc.

| g) | Dividends receivable: Dividends receivable from associates and joint ventures.

F-68

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 10 Trade and other receivables

The trade and other receivables are detailed as follows:

| As of December 31, 2025 | As of December 31, 2024
Current | Non-current | Current | Non-current
ThCh$ | ThCh$ | ThCh$ | ThCh$
Chile operating segment | 248,883,607 | - | 237,369,286 | -
International business operating segment | 115,088,692 | - | 138,558,576 | -
Wines operating segment | 53,353,041 | - | 68,720,452 | -
Total commercial debtors | 417,325,340 | - | 444,648,314 | -
Impairment loss estimate | (6,432,884) | - | (7,785,695) | -
Total commercial debtors - net | 410,892,456 | - | 436,862,619 | -
Others accounts receivables | 62,798,956 | 4,954,334 | 69,848,554 | 5,966,414
Total other accounts receivable | 62,798,956 | 4,954,334 | 69,848,554 | 5,966,414
Total | 473,691,412 | 4,954,334 | 506,711,173 | 5,966,414

The Company’s accounts receivable are denominated in the following currencies:

| As of December 31, 2025 | As of December 31, 2024
| ThCh$ | ThCh$
Chilean Peso | 311,625,800 | 299,240,865
Argentine Peso | 93,882,495 | 121,581,952
US Dollar | 27,346,851 | 52,213,269
Euro | 8,669,008 | 7,817,297
Unidad de Fomento | 2,366,684 | 2,606,146
Uruguayan Peso | 8,901,100 | 8,684,460
Paraguayan Guarani | 19,525,499 | 15,086,724
Bolivian | 3,604,480 | 3,385,594
Others currencies | 2,723,829 | 2,061,280
Total | 478,645,746 | 512,677,587

The detail of the accounts receivable maturities as of December 31, 2025, is detailed as follows:

| Total | Current balance | Overdue balances
0 to 3 months | 3 to 6 months | 6 to 12 months | More than 12 months
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$
Chile operating segment | 248,883,607 | 241,359,948 | 3,985,807 | 859,505 | 1,074,519 | 1,603,828
International business operating segment | 115,088,692 | 103,257,833 | 9,695,117 | 1,027,924 | 464,464 | 643,354
Wines operating segment | 53,353,041 | 48,315,107 | 4,479,044 | 214,408 | 114,725 | 229,757
Total commercial debtors | 417,325,340 | 392,932,888 | 18,159,968 | 2,101,837 | 1,653,708 | 2,476,939
Impairment loss estimate | (6,432,884) | (1,274,277) | (1,203,124) | (810,100) | (1,207,763) | (1,937,620)
Total commercial debtors - net | 410,892,456 | 391,658,611 | 16,956,844 | 1,291,737 | 445,945 | 539,319
Others accounts receivables | 62,798,956 | 62,274,705 | 197,065 | 188,252 | 41,410 | 97,524
Total other accounts receivable | 62,798,956 | 62,274,705 | 197,065 | 188,252 | 41,410 | 97,524
Total current | 473,691,412 | 453,933,316 | 17,153,909 | 1,479,989 | 487,355 | 636,843
Others accounts receivables | 4,954,334 | 4,954,334 | - | - | - | -
Total non-current | 4,954,334 | 4,954,334 | - | - | - | -

F-69

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The detail of the accounts receivable maturities as of December 31, 2024 is detailed as follows:

| Total | Current balance | Overdue balances
0 to 3 months | 3 to 6 months | 6 to 12 months | More than 12 months
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$
Chile operating segment | 237,369,286 | 227,786,575 | 5,823,766 | 1,143,994 | 1,430,423 | 1,184,528
International business operating segment | 138,558,576 | 125,878,604 | 10,979,515 | 58,512 | 515,247 | 1,126,698
Wines operating segment | 68,720,452 | 61,101,828 | 7,123,480 | 359,386 | 45,864 | 89,894
Total commercial debtors | 444,648,314 | 414,767,007 | 23,926,761 | 1,561,892 | 1,991,534 | 2,401,120
Impairment loss estimate | (7,785,695) | (2,433,055) | (816,441) | (708,190) | (1,720,870) | (2,107,139)
Total commercial debtors - net | 436,862,619 | 412,333,952 | 23,110,320 | 853,702 | 270,664 | 293,981
Others accounts receivables | 69,848,554 | 69,335,509 | 189,703 | 164,757 | 97 | 158,488
Total other accounts receivable | 69,848,554 | 69,335,509 | 189,703 | 164,757 | 97 | 158,488
Total current | 506,711,173 | 481,669,461 | 23,300,023 | 1,018,459 | 270,761 | 452,469
Others accounts receivables | 5,966,414 | 5,966,414 | - | - | - | -
Total non-current | 5,966,414 | 5,966,414 | - | - | - | -

The Company markets its products through wholesale customers, retail and supermarket chains. As of December 31, 2025, the accounts receivable from the three most important supermarket chains in Chile and Argentina represent 25% (22% as of December 31, 2024) of the total accounts receivable.

As indicated in the Risk management note (See Note 5 - Risk administration), for Credit Risk purposes, the Company acquires credit insurance policies to cover approximately 90% of the significant accounts receivable balances domestic and export, respectively, of the total of the account receivables.

The general criteria for the determination of the provision for impairment has been established in the framework of IFRS 9, which requires analyzing the behavior of the client portfolio in the long term in order to generate an expected credit loss index by tranches based on the age of the portfolio. This analysis delivered the following results for the Company:

| As of December 31, 2025 | As of December 31, 2024
| Credit loss rate | Total carrying amount | Impairment provision | Credit loss rate | Total carrying amount | Impairment provision
|  | ThCh$ | ThCh$ |  | ThCh$ | ThCh$
Up to date | 0.10% | 455,207,593 | (1,274,277) | 0.09% | 484,102,516 | (2,433,055)
0 to 3 months | 24.88% | 18,357,033 | (1,203,124) | 22.16% | 24,116,464 | (816,441)
3 to 6 months | 61.91% | 2,290,089 | (810,100) | 61.53% | 1,726,649 | (708,190)
6 to 12 months | 100.00% | 1,695,118 | (1,207,763) | 100.00% | 1,991,631 | (1,720,870)
More than 12 months | 100.00% | 2,574,463 | (1,937,620) | 100.00% | 2,559,608 | (2,107,139)
Total |  | 480,124,296 | (6,432,884) |  | 514,496,868 | (7,785,695)

The percentage of impairment determined for the portfolio in each court may differ from the direct application of the previously presented parameters because these percentages are applied to the uncovered portfolio of credit insurance that the Company takes. Past due balances over 6 months and for which no estimates have been made for impairment losses, correspond mainly to items protected by credit insurance. Additionally, there are expired amounts in this stretch, which according to the policy, partial losses due to impairment are estimated based on an individual case-by-case analysis.

For the above mentioned, management estimates that it does not require establishing allowances for further impairment, in addition to those already constituted based on an aging analysis of these balances.

The write-offs of our doubtful clients are once all pre-trial and judicial, efforts have been made and exhausted all means of payment, with the proper demonstration of the insolvency of customers. This process of write-off normally takes more than 1 year.

F-70

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The movement of the impairment losses provision for accounts receivable is as follows:

| As of December 31, 2025 | As of December 31, 2024
| ThCh$ | ThCh$
Balance at the beginning of year | (7,785,695) | (7,751,305)
Estimate of expected credit losses up 12 months | (1,285,734) | (2,339,099)
Estimate of expected credit losses longer than 12 months | (126,899) | (74,570)
Impairment provision of accounts receivable | (1,412,633) | (2,413,669)
Uncollectible accounts | 1,470,266 | 987,556
Add back of unused provisions | 401,809 | 1,694,001
Estimates resulting from business combinations (1) | - | (441,993)
Effect of translation into presentation currency | 893,369 | 139,715
Total | (6,432,884) | (7,785,695)

(1) | See Note 1 - Information general, letter C), number (8).

Note 11 Accounts and transactions with related parties

Transactions between the Company and its subsidiaries occur in the normal course of operations and have been eliminated during the consolidation process.

The amounts indicated as transactions in the following table relate to trade operations with related parties, which are under similar terms than what a third party would get respect to price and payment conditions. There are no uncollectible estimates decreasing accounts receivable or guarantees provided to related parties.

Conditions of the balances and transactions with related parties:

| (1) | Business operations agreed upon Chilean peso with a payment condition usually up to 30 days.

| (2) | Business operations agreed upon in foreign currencies and with a payment condition up to 30 days.

| (3) | Corresponds to the debt acknowledgement made on December 29, 2023, between the subsidiary Cervecería Kunstmann S.A. and Cervecería Kunstmann Ltda., where the latter declares that it owes an amount of UF 18,421.9, which it is obliged to pay as from January 2024 with an annual interest rate of 6.6%, in 12 equal and successive installments of UF 1,590.6.

On December 31, 2024 another debt acknowledgement was made between the subsidiary Cervecería Kunstmann S.A. and Cervecería Kunstmann Ltda., where the latter declares that it owes an amount of UF 28,365.9, which it is obliged to pay as from January 2025 with an annual interest rate of 6.8%, in 24 equal and successive installments of UF 676.6. On February, 2025, Cervecería Kunstmann Ltda. made an advance payment of UF 20,581.21 corresponding to capital, reducing the total debt of this recognition.

On June 30, 2025 an addendum to the debt acknowledgment which took place on December 31, 2024, was signed, resulting on an adjustment of the annual interest rate from 6.8% to 2.8%. The total amount of the debt as of June 30, 2025 amounts to UF 7,234.83 which Cervecería Kunstmann Ltda. Will pay on 41 equal and successive payments of UF 185.24.

| (4) | According to the Share sales Purchase Agreement, dated April 29, 2024, the subsidiary Cervecería Kunstmann S.A., assigns and transfers to Cervecería Szot SpA. all the shares it held in Cervecería Szot SpA., which correspond to 97,856 shares, all ordinary shares of the same series, and which were fully paid. The amount of the transaction amounted to ThCh$ 208,755, which generated a negative equity effect at the Company's level of ThCh$ 60,881.

The payment of the shares, was made on the same date, through the transfer of ownership of the trademarks from Cervecería Szot SpA. to Cervecería Kunstmann S.A. for ThCh$ 251,756 and the difference, amounting to ThCh$ 43,000, was paid in cash by Cervecería Kunstmann S.A.

F-71

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

On the same date, according to a debt recognition and transfer of personal property agreement, Cervecería Szot SpA. paid an amount of ThCh$ 224,393 to Cervecería Kunstmann S.A., in respect of liabilities for commercial relations. In addition, the company made a payment of ThCh$ 49,094 for pending shares and pledges by Representaciones Chile Beer Kevin Michael Szot EIRL., agreed in a purchase agreement on August 28, 2020. These debts were settled through the transfer of Property Plant and Equipment’ Cervecería Szot SpA. for an amount of ThCh$ 273,487.

| (5) | According to the Share sales Purchase Agreement, dated December 12, 2024, the subsidiary CCU Inversiones II SpA. sold all the shares it held in Coralina S.A., wich responds to 18,000 all ordinary shares of the same series, and wich were fully paid. The amount of the transaction amounted to USD 251,556 (equivalent to ThCh$ 245,471), wich generated generated a negative effect on the Company’s equity ThCh$ 107,286.

| (6) | Corresponds to a loan between Inversiones BEBINV S.A. and the subsidiary Bebidas Bolivianas BBO S.A. dated April 2, 2025, amounted to USD 490,000 with a one-year maturity, accruing interest at an annual fixed rate of 5.7%. Interest and principal will be paid at the end of the established term.

On August 21, 2025, a new loan was held between Inversiones BEBINV S.A. and the subsidiary Bebidas Bolivianas BBO S.A. dated August 25, 2025, amounted to USD 1,225,000 with a two-year maturity, accruing interest at an annual fixed rate of 5.86%. Interest will be paid annually and principal will be paid at the end of the established term.

On December 18, 2025, a new loan was held between Inversiones BEBINV S.A. and the subsidiary Bebidas Bolivianas BBO S.A. dated December 19, 2025, amounted to USD 459,000 with a two-year maturity, accruing interest at an annual fixed rate of 6.05%. Interest will be paid annually and principal will be paid at the end of the established term.

| (7) | On December 9, 2025, a capital reduction was agreed of Cervecera Guayacán SpA. equivalent to 196,154 shares owned by Cervecería Kunstmann S.A. equivalent to UF 17,516.28 (ThCh$ 695,548). Subsequently, on the same date Cervecera Guayacán SpA. agrees to pay Cervecería Kunstmann S.A., for this sales of shares the total amount of UF 5,849.62 equivalent to ThCh$ 217,985 that will be paid in cash within 90 days from the date of contract and the remaining UF 12,026.66, equivalent to ThCh$ 477,563 will be paid in 10 annual installments from the date of the contract.

| (8) | On December 9, 2025, Cerveza Guayacán SpA. acquire the brands “Guayacán” and “Guayacán la Cerveza del Valle del Elqui” amounting M$ 1,303, which is going to be paid within 90 days from the date of contract amounting ThCh$ 670,985 and through the compensation of the account given against Cervecera Guayacán SpA. amounting ThCh$ 632,015.

| (9) | On December 26, 2025, Cervecería Kunstmann S.A. acquires 5,041 shares of Cerveza Dolbek SpA. equivalent to 19% of interest, for an amount of ThCh$ 1,010,294 of which UF 11,062.9 equivalent to ThCh$ 439,294 will be paid in cash within 90 days from the date of contract and the remaining amount of ThCh$ 571,000 equivalent to 14% of dividens paid annualy for a period of 10 years, beginning on 2026.

| (10) | On December 30, 2025, a capital reduction was agreed of Cervecería Belga de la Patagonia SpA. whereby Cervecería Kunstmann S.A. withdrew from the company, generating an account receivable to Cervecería Belga de la Patagonia SpA. amounting ThCh$ 599,828, that will be paid in 10 years at an interest rate of 3.97%.

The transaction table includes the main transactions made with related parties.

F-72

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The detail of the accounts receivable and payable from related parties are detailed as follows:

Accounts receivable from related parties

Current:

Tax ID | Company | Country of origin | Ref. | Relationship | Transaction | Currency | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
6,062,786-K | Andrónico Luksic Craig | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | - | 599
6,525,286-4 | Francisco Pérez Mackenna | Chile | (1) | Chairman of CCU until January 31, 2026 | Sales of products | CLP | 114 | -
71,614,000-8 | Universidad de los Andes | Chile | (1) | Related to the Company's CEO | Sales of products | CLP | 9,336 | -
76,002,201-2 | SAAM Puertos S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 64 | 53
76,035,409-0 | Cervecera Guayacán SpA. | Chile | (1) | Co-director in subsidiary | Sales of products | CLP | 27,118 | -
76,035,409-0 | Cervecera Guayacán SpA. | Chile | (7) | Co-director in subsidiary | Sale of shares | UF | 265,742 | -
76,077,848-6 | Cervecería Belga de la Patagonia SpA. | Chile | (1) | Co-director in subsidiary | Services provided | CLP | 29,957 | -
76,077,848-6 | Cervecería Belga de la Patagonia SpA. | Chile | (1) | Co-director in subsidiary | Sales of products | CLP | 141,119 | -
76,077,848-6 | Cervecería Belga de la Patagonia SpA. | Chile | (10) | Co-director in subsidiary | Capital reduction | CLP | 59,983 | -
76,115,132-0 | Canal 13 SpA. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 1,508 | -
76,178,803-5 | Viña Tabalí S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 1,297 | 1,292
76,275,453-3 | Tech Pack S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 23 | 23
76,363,269-5 | Inversiones Alabama Ltda. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 996 | 863
76,380,217-5 | Hapag-Lloyd Chile SpA. | Chile | (1) | Related to the controller's shareholder | Services provided | CLP | 2,962 | -
76,380,217-5 | Hapag-Lloyd Chile SpA. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 229 | 8,262
76,455,830-8 | Watt’s S.A. | Chile | (1) | Related joint venture shareholder | Sales of products | CLP | 12,288 | 6,983
76,486,051-9 | Inversiones Río Elqui SpA. | Chile | (1) | Co-director in subsidiary | Sales of products | CLP | 4,136 | 42,814
76,729,932-K | SAAM Logistics S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 700 | 13,837
76,806,870-4 | Transacciones e Inversiones Arizona Ltda. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | - | 13
77,003,342-K | Origen Patagónico SpA. | Chile | (1) | Related to non-controlling subsidiary | Sales of products | CLP | - | 24,122
77,051,330-8 | Cervecería Kunstmann Ltda. | Chile | (1) | Related to non-controlling subsidiary | Services provided | CLP | 102,197 | 51,242
77,051,330-8 | Cervecería Kunstmann Ltda. | Chile | (1) | Related to non-controlling subsidiary | Sales of products | CLP | 647,865 | 125,620
77,051,330-8 | Cervecería Kunstmann Ltda. | Chile | (3) | Related to non-controlling subsidiary | Sales of products | CLP | 89,212 | 366,922
77,191,070-K | Banchile Corredores de Seguros Ltda. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 439 | 771
77,755,610-K | Comercial Patagona Ltda. | Chile | (1) | Subsidiary of joint venture | Sales of products | CLP | 3,988,527 | 4,065,106
77,755,610-K | Comercial Patagona Ltda. | Chile | (2) | Subsidiary of joint venture | Sales of products | USD | 13,707 | 14,952
78,053,790-6 | Servipag Ltda. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 914 | 946
78,259,420-6 | Inversiones PFI Chile Ltda. | Chile | (1) | Shareholder of joint operation of the subsidiary | Services provided | CLP | 965,825 | 923,426
78,306,560-6 | Inmobiliaria e Inversiones Río Claro S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 109 | 109
81,095,400-0 | Sonacol S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 462 | 443
81,148,200-5 | Ferrocarril de Antofagasta a Bolivia S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 3,914 | 1,661
81,805,700-8 | Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda. | Chile | (1) | Shareholder of subsidiary | Advance purchase | CLP | 800,000 | 800,000
81,805,700-8 | Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda. | Chile | (1) | Shareholder of subsidiary | Sales of products | CLP | 3,928 | 8,414
90,160,000-7 | Compañía Sud Americana de Vapores S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 1,880 | 2,256
90,703,000-8 | Nestlé Chile S.A. | Chile | (1) | Shareholder of subsidiary | Services provided | CLP | 8,500 | -
90,703,000-8 | Nestlé Chile S.A. | Chile | (1) | Shareholder of subsidiary | Sales of products | CLP | 30,567 | 34,867
91,021,000-9 | Invexans S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | - | 56
91,705,000-7 | Quiñenco S.A. | Chile | (1) | Controller's shareholder | Sales of products | CLP | 9,007 | 5,065
92,011,000-2 | Empresa Nacional de Energía Enex S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 7,231 | 6,594
93,920,000-2 | Antofagasta Minerals S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 6,566 | -
94,625,000-7 | Inversiones Enex S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 290,655 | 280,418
96,536,010-7 | Inversiones Consolidadas Ltda. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 957 | 1,016
96,571,220-8 | Banchile Corredores de Bolsa S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 3,148 | 3,677
96,591,040-9 | Empresas Carozzi S.A. | Chile | (1) | Shareholder of joint operation of the subsidiary | Sales of products | CLP | 24,462 | 24,438
96,610,780-4 | Portuaria Corral S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 442 | 681
96,645,790-2 | Socofin S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | - | 1,667
96,657,210-8 | Transportes Fluviales Corral S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 511 | 640
96,657,690-1 | Inversiones Punta Brava S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | - | 610
Sub-total |  |  |  |  |  |  | 7,558,597 | 6,820,458

F-73

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Accounts receivable from related parties (continuation):

Current:

Tax ID | Company | Country of origin | Ref. | Relationship | Transaction | Currency | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
96,767,630-6 | Banchile Administradora General Fondos S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 1,394 | -
96,810,030-0 | RDF Media SpA. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 131 | 126
96,819,020-2 | Agrícola El Cerrito S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 326 | 26
96,847,140-6 | Inmobiliaria Norte Verde S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 431 | 443
96,908,930-0 | San Vicente Terminal Internacional S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 4,074 | 7,227
96,908,970-K | San Antonio Terminal Internacional S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | - | 355
96,919,980-7 | Cervecería Austral S.A. | Chile | (1) | Joint venture | Services provided | CLP | 1,653,527 | 1,256,883
96,919,980-7 | Cervecería Austral S.A. | Chile | (1) | Joint venture | Sale of fixed asset | CLP | - | 252,072
96,919,980-7 | Cervecería Austral S.A. | Chile | (1) | Joint venture | Sales of products | CLP | 20,731 | -
97,004,000-5 | Banco de Chile | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 42,219 | 36,214
99,506,030-2 | Muellaje del Maipo S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | - | 3,248
99,525,700-9 | Las Margaritas S.A. | Chile | (1) | Related to the controller's shareholder | Sales of products | CLP | 406 | -
0-E | Danone Argentina S.A. | Argentina | (2) | Related to the shareholder's associate | Sales of products | ARS | 11,882 | 11,689
0-E | Kasdorf S.A. | Argentina | (2) | Related to non-controlling subsidiary | Sales of products | ARS | 270 | -
0-E | Nutricia Bagó S.A. | Argentina | (2) | Related to non-controlling subsidiary | Sales of products | ARS | 2,214 | -
0-E | Central Cervecera de Colombia S.A.S. | Colombia | (2) | Joint venture of subsidiary | Sales of products | USD | - | 14,923
0-E | Nestlé Waters Marketing & Distribution S.A.S. | France | (2) | Related to non-controlling subsidiary | Services provided | Euros | - | 7,247
0-E | Paulaner Brauerei Gruppe GmbH & Co. KGaA | Germany | (2) | Related to the controller's shareholder | Advance purchase | USD | - | 37,122
0-E | Paulaner Brauerei Gruppe GmbH & Co. KGaA | Germany | (2) | Related to the controller's shareholder | Advance purchase | Euros | 114,093 | -
0-E | Amstel Brouwerijen B.V. | Netherlands | (2) | Related to the controller's shareholder | Services provided | Euros | 110,547 | -
0-E | Heineken Brouwerijen B.V. | Netherlands | (2) | Related to the controller's shareholder | Services provided | Euros | - | 21,957
0-E | Heineken Brouwerijen B.V. | Netherlands | (2) | Related to the controller's shareholder | Services provided | USD | 120,937 | 116,343
0-E | A.J. Boston S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | - | 64
0-E | AJ S.A. Calidad Ante Todo | Paraguay | (2) | Related to non-controlling subsidiary | Advance purchase | USD | - | 2,024,183
0-E | AJ S.A. Calidad Ante Todo | Paraguay | (2) | Related to non-controlling subsidiary | Services provided | PYG | 104,178 | -
0-E | AJ S.A. Calidad Ante Todo | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | - | 1,399,570
0-E | AJ S.A. Calidad Ante Todo | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | USD | 2,435,005 | 852,648
0-E | Alimentos Distribución y Servicios S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | 304,252 | 203,491
0-E | Alimentos y Servicios Fritos S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | 172 | -
0-E | Central de Ventas TV S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | 820 | 379
0-E | Compañía de Desarrollo Agropecuario S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | - | 200
0-E | Compañía de Desarrollo Inmobiliario S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | 19 | 27,885
0-E | Contenidos Dirigidos S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | - | 852
0-E | Editorial el País S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | 1,177 | 893
0-E | Fundación Santa Librada | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | 891 | 97
0-E | Gabana S.A | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | 36,192 | -
0-E | Hispanoamérica TV del Paraguay S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | 105 | 235
0-E | Laser Import S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | 199 | 24
0-E | Lauralia S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | 17 | 4
0-E | Modiser S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | 302 | -
0-E | Recursos Oportunos S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | - | 11
0-E | Retail S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | 3,595,888 | 2,299,097
0-E | Servicios Contables y Sistemas del Paraguay S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | 1,004 | 1,355
0-E | Servicios Digitales S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | 28 | 13
0-E | Talismán S.A. | Paraguay | (2) | Related to the subsidiary's shareholder | Sales of products | PYG | 345 | 1,893
0-E | TV Acción S.A. | Paraguay | (2) | Related to the subsidiary's shareholder | Sales of products | PYG | 1,222 | 1,325
0-E | Yerbatera Campesino S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Sales of products | PYG | 185 | -
0-E | Société des Produits Nestlé S.A. | Switzerland | (2) | Related to the subsidiary's shareholder | Services provided | Other currencies | - | 101,438
Sub-total |  |  |  |  |  |  | 8,565,183 | 8,681,532
Total |  |  |  |  |  |  | 16,123,780 | 15,501,990

F-74

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Non Current:

Tax ID | Company | Country of origin | Ref. | Relationship | Transaction | Currency | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
76,077,848-6 | Cervecería Belga de la Patagonia SpA. | Chile | (10) | Co-director in subsidiary | Capital reduction | CLP | 539,846 | -
76,035,409-0 | Cervecera Guayacán SpA. | Chile | (7) | Co-director in subsidiary | Sale of shares | UF | 429,806 | -
77,051,330-8 | Cervecería Kunstmann Ltda. | Chile | (3) | Related to non-controlling subsidiary | Sales of products | CLP | 164,612 | 844,344
Total |  |  |  |  |  |  | 1,134,264 | 844,344

Accounts payable to related parties

Current:

Tax ID | Company | Country of origin | Ref. | Relationship | Transaction | Currency | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
76,035,409-0 | Cervecera Guayacán SpA. | Chile | (1) | Co-director in subsidiary | Purchase of products | CLP | 6,647 | -
76,035,409-0 | Cervecera Guayacán SpA. | Chile | (8) | Co-director in subsidiary | Brand purchase | CLP | 670,985 | -
76,035,409-0 | Cervecera Guayacán SpA. | Chile | (1) | Co-director in subsidiary | Royalty | CLP | 32,803 | -
76,077,848-6 | Cervecería Belga de la Patagonia SpA. | Chile | (1) | Co-director in subsidiary | Purchase of products | CLP | 18,042 | -
76,077,848-6 | Cervecería Belga de la Patagonia SpA. | Chile | (1) | Co-director in subsidiary | Royalty | CLP | 122,816 | -
76,097,190-1 | Sociedad Cervecera Beacha Compañía Ltda. | Chile | (9) | Shareholder of subsidiary | Purchase of shares | UF | 439,294 | -
76,097,190-1 | Sociedad Cervecera Beacha Compañía Ltda. | Chile | (9) | Shareholder of subsidiary | Purchase of shares | CLP | 48,000 | -
76,115,132-0 | Canal 13 SpA. | Chile | (1) | Related to the controller's shareholder | Services received | CLP | 855,940 | 665,792
76,178,803-5 | Viña Tabalí S.A. | Chile | (1) | Related to the controller's shareholder | Services received | CLP | 7,009 | -
76,380,217-5 | Hapag-Lloyd Chile SpA. | Chile | (1) | Related to the controller's shareholder | Services received | CLP | 4,279 | 27,814
76,455,830-8 | Watt’s S.A. | Chile | (1) | Related joint venture shareholder | Purchase of products | CLP | 718,433 | 468,660
76,486,051-9 | Inversiones Río Elqui SpA. | Chile | (1) | Co-director in subsidiary | Services received | CLP | - | 697
76,729,932-K | SAAM Logistics S.A. | Chile | (1) | Related to the controller's shareholder | Services received | CLP | 360,619 | 751,761
77,003,342-K | Origen Patagónico SpA. | Chile | (1) | Related to non-controlling subsidiary | Services received | CLP | - | 3,097
77,755,610-K | Comercial Patagona Ltda. | Chile | (1) | Subsidiary of joint venture | Services received | CLP | 104,949 | 119,825
78,053,790-6 | Servipag Ltda. | Chile | (1) | Related to the controller's shareholder | Services received | CLP | 5,154 | 2,525
78,259,420-6 | Inversiones PFI Chile Ltda. | Chile | (1) | Shareholder of joint operation of the subsidiary | Purchase of products | CLP | 1,628,966 | 3,066,334
90,703,000-8 | Nestlé Chile S.A. | Chile | (1) | Shareholder of subsidiary | Purchase of products | CLP | 1,495,457 | -
92,011,000-2 | Empresa Nacional de Energía Enex S.A. | Chile | (1) | Related to the controller's shareholder | Purchase of products | CLP | 70,380 | 289,011
94,058,000-5 | Servicios Aeroportuarios Aerosan S.A. | Chile | (1) | Related to the controller's shareholder | Services received | CLP | 2,323 | 2,384
96,591,040-9 | Empresas Carozzi S.A. | Chile | (2) | Shareholder of joint operation of the subsidiary | Purchase of products | USD | 114,479 | 2,925
96,591,040-9 | Empresas Carozzi S.A. | Chile | (1) | Shareholder of joint operation of the subsidiary | Purchase of products | CLP | 805,600 | 674,567
96,657,690-1 | Inversiones Punta Brava S.A. | Chile | (1) | Related to the controller's shareholder | Services received | CLP | 50,012 | 59,876
96,798,520-1 | SAAM Extraportuarios S.A. | Chile | (1) | Related to the controller's shareholder | Services received | CLP | - | 197
96,810,030-0 | RDF Media SpA. | Chile | (1) | Related to the controller's shareholder | Services received | CLP | 909 | 34,412
96,908,930-0 | San Vicente Terminal Internacional S.A. | Chile | (1) | Related to the controller's shareholder | Services received | CLP | - | 15
96,908,970-K | San Antonio Terminal Internacional S.A. | Chile | (1) | Related to the controller's shareholder | Services received | CLP | 792 | 2,945
96,919,980-7 | Cervecería Austral S.A. | Chile | (1) | Joint venture | Purchase of products | CLP | 2,974,648 | 2,489,546
96,919,980-7 | Cervecería Austral S.A. | Chile | (1) | Joint venture | Royalty | CLP | 789,383 | 1,055,464
97,004,000-5 | Banco de Chile | Chile | (1) | Related to the controller's shareholder | Services received | CLP | - | 331,390
0-E | Danone Argentina S.A. | Argentina | (2) | Related to the shareholder's associate | Purchase of products | ARS | 2,515 | -
0-E | Aguas Danone de Argentina S.A. | Argentina | (2) | Associate of subsidiary | Services received | ARS | 91,610 | 67,088
0-E | Danone Argentina S.A. | Argentina | (2) | Related to the shareholder's associate | Services received | ARS | 99,825 | 175,594
0-E | Inversiones BEBINV S.A. | Bolivia | (6) | Shareholder of subsidiary | Loan | USD | 487,517 | -
0-E | Ecor Ltda. | Bolivia | (2) | Related to non-controlling subsidiary | Services received | BOB | 51,631 | 13,950
0-E | Central Cervecera de Colombia S.A.S. | Colombia | (2) | Joint venture of subsidiary | Services received | USD | 128,378 | 60,022
0-E | Nestlé Waters Marketing & Distribution S.A.S. | France | (2) | Related to non-controlling subsidiary | Purchase of products | Euros | 11,298 | 63,378
Sub-total |  |  |  |  |  |  | 12,334,265 | 10,577,135

F-75

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Accounts payable to related parties (continuation):

Current:

Tax ID | Company | Country of origin | Ref. | Relationship | Transaction | Currency | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
0-E | Amstel Brouwerijen B.V. | Netherlands | (2) | Related to the controller's shareholder | Royalty | USD | 863,290 | 432,613
0-E | Amstel Brouwerijen B.V. | Netherlands | (2) | Related to the controller's shareholder | Royalty | Euros | - | 262,340
0-E | Heineken Brouwerijen B.V. | Netherlands | (2) | Related to the controller's shareholder | Purchase of products | USD | 271,330 | 577,618
0-E | Heineken Brouwerijen B.V. | Netherlands | (2) | Related to the controller's shareholder | Royalty | Euros | 7,467,640 | 20,536,740
0-E | Heineken Brouwerijen B.V. | Netherlands | (2) | Related to the controller's shareholder | Royalty | USD | 2,578,401 | 1,721,042
0-E | Heineken Supply Chain B.V. | Netherlands | (2) | Related to the controller's shareholder | Purchase of products | Euros | 54 | 26
0-E | AJ S.A. Calidad Ante Todo | Paraguay | (2) | Related to non-controlling subsidiary | Purchase of products | PYG | 70,827 | 1,885,846
0-E | Alimentos Distribución y Servicios S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Services received | PYG | 139,425 | 195,266
0-E | Central de Ventas TV S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Services received | PYG | - | 14,073
0-E | Compañía de Bienes Raíces del Paraguay S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Services received | PYG | 702 | 389
0-E | Compañía de Desarrollo Inmobiliario S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Services received | PYG | - | 2,935
0-E | Enex Paraguay S.A.E. | Paraguay | (2) | Related to non-controlling subsidiary | Services received | PYG | 326 | -
0-E | Hispanoamérica TV del Paraguay S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Services received | PYG | - | 2,111
0-E | Laser Import S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Services received | PYG | - | 282
0-E | Retail S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Services received | PYG | 674,484 | 186,659
0-E | Servicios Contables y Sistemas del Paraguay S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Services received | PYG | 3,003 | 947
0-E | TV Acción S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Services received | PYG | - | 6,918
0-E | Yerbatera Campesino S.A. | Paraguay | (2) | Related to non-controlling subsidiary | Purchase of products | PYG | - | 14,578
0-E | Société des Produits Nestlé S.A. | Switzerland | (2) | Related to the subsidiary's shareholder | Royalty | Other currencies | 59,814 | -
Sub-total |  |  |  |  |  |  | 12,129,296 | 25,840,383
Total |  |  |  |  |  |  | 24,463,561 | 36,417,518

Non Current:

Tax ID | Company | Country of origin | Ref. | Relationship | Transaction | Currency | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
76,097,190-1 | Sociedad Cervecera Beacha Compañía Ltda. | Chile | (9) | Shareholder of subsidiary | Purchase of shares | CLP | 523,000 | -
0-E | Inversiones BEBINV S.A. | Bolivia | (6) | Shareholder of subsidiary | Loan | USD | 1,511,279 | -
Total |  |  |  |  |  |  | 2,034,279 | -

F-76

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Most significant transactions and effects on results:

For the years ended December 31, 2025 and 2024, the most significant transactions with related parties are detailed as follows:

Tax ID | Company | Country of origin | Relationship | Transaction | 2025 | 2024
Amounts | (Charges)/Credits (Effect on Income) | Amounts | (Charges)/Credits (Effect on Income)
ThCh$ | ThCh$ | ThCh$ | ThCh$
6,062,786-K | Andrónico Luksic Craig | Chile | Related to the controller's shareholder | Business operations | 6,717 | 3,214 | 13,557 | 6,718
6,525,286-4 | Francisco Pérez Mackenna | Chile | Chairman of CCU until January 31, 2026 | Business operations | 141 | 102 | 1,264 | 709
6,770,473-8 | Armin Kunstmann Telge | Chile | Chairman of subsidiary | Business operations | 265 | 193 | 245 | 186
52,000,721-0 | Representaciones Chile Beer Kevin Michael Szot E.I.R.L. | Chile | Subsidiary shareholder until April 29, 2024 | Sale of shares | - | - | 208,755 | -
71,614,000-8 | Universidad de los Andes | Chile | Related to the Company's CEO | Business operations | 35,328 | 18,119 | - | -
76,035,409-0 | Cervecera Guayacán SpA. | Chile | Co-director in subsidiary | Sale of shares | 695,548 | - | - | -
76,035,409-0 | Cervecera Guayacán SpA. | Chile | Co-director in subsidiary | Brand purchase | 670,985 | - | - | -
76,035,409-0 | Cervecera Guayacán SpA. | Chile | Co-director in subsidiary | Business operations | 45,347 | (45,347) | - | -
76,077,848-6 | Cervecería Belga de la Patagonia SpA. | Chile | Co-director in subsidiary | Business operations | 103,207 | (103,207) | - | -
76,077,848-6 | Cervecería Belga de la Patagonia SpA. | Chile | Co-director in subsidiary | Capital reduction | 599,829 | - | - | -
76,097,190-1 | Sociedad Cervecera Beacha Compañía Ltda. | Chile | Shareholder of subsidiary | Purchase of shares | 1,010,294 | - | - | -
76,115,132-0 | Canal 13 SpA. | Chile | Related to the controller's shareholder | Business operations | 1,032,247 | (1,032,247) | 983,007 | (983,007)
76,313,970-0 | Inversiones Irsa Ltda. | Chile | Related to the controller | Dividends paid | 4,658,716 | - | 5,120,726 | -
76,380,217-5 | Hapag-Lloyd Chile SpA. | Chile | Related to the controller's shareholder | Business operations | 147,329 | (100,806) | 112,233 | (65,454)
76,455,830-8 | Watt´s S.A. | Chile | Related joint venture shareholder | Business operations | 7,867,508 | (560,597) | 9,995,584 | (233,146)
76,486,051-9 | Inversiones Río Elqui SpA. | Chile | Co-director in subsidiary | Business operations | 18,484 | 7,093 | 6,354 | 2,916
76,729,932-K | SAAM Logistics S.A. | Chile | Related to the controller's shareholder | Business operations | 434,668 | - | 528,370 | -
76,800,322-K | Yanghe Chile SpA. | Chile | Shareholder of subsidiary | Dividends paid | 1,200,090 | - | 891,244 | -
77,003,342-K | Origen Patagónico SpA. | Chile | Related to non-controlling subsidiary | Business operations | 48,013 | 11,063 | 44,197 | 3,777
77,051,330-8 | Cervecería Kunstmann Ltda. | Chile | Related to non-controlling subsidiary | Business operations | 976,283 | 378,589 | 1,174,228 | 531,193
77,051,330-8 | Cervecería Kunstmann Ltda. | Chile | Related to non-controlling subsidiary | Collection of product sales | 966,365 | 21,045 | 572,254 | 23,819
77,450,163-0 | Panda SpA. | Chile | Shareholder of subsidiary | Purchase of shares | - | - | 250,000 | -
77,450,163-0 | Panda SpA. | Chile | Shareholder of subsidiary | Dividends paid | 72,454 | - | - | -
77,486,593-4 | MBB SpA. | Chile | Shareholder of subsidiary | Purchase of shares | - | - | 250,000 | -
77,486,593-4 | MBB SpA. | Chile | Shareholder of subsidiary | Dividends paid | 72,454 | - | - | -
77,755,610-K | Comercial Patagona Ltda. | Chile | Subsidiary of joint venture | Business operations | 14,111,338 | 4,195,930 | 13,877,386 | 4,602,388
78,053,790-6 | Servipag Ltda. | Chile | Related to the controller's shareholder | Business operations | 10,926 | (10,926) | 13,457 | (13,457)
78,259,420-6 | Inversiones PFI Chile Ltda. | Chile | Shareholder of joint operation | Business operations | 31,337,033 | 3,522,301 | 29,744,965 | 6,440,010
79,985,340-K | Cervecera Valdivia S.A. | Chile | Shareholder of subsidiary | Dividends paid | 811,268 | - | 833,684 | -
81,805,700-8 | Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda. | Chile | Shareholder of subsidiary | Dividends paid | 1,502,433 | - | 1,465,381 | -
81,805,700-8 | Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda. | Chile | Shareholder of subsidiary | Business operations | 9,813,896 | 6,424 | 8,181,361 | 7,955
90,703,000-8 | Nestlé Chile S.A. | Chile | Shareholder of subsidiary | Dividends paid | 11,939,712 | - | 9,428,103 | -
90,703,000-8 | Nestlé Chile S.A. | Chile | Shareholder of subsidiary | Business operations | 2,920,857 | 363,430 | 294,521 | 245,125
91,705,000-7 | Quiñenco S.A. | Chile | Controller's shareholder | Business operations | 23,094 | 10,881 | 20,593 | 10,239
92,011,000-2 | Empresa Nacional de Energía Enex S.A. | Chile | Related to the controller's shareholder | Business operations | 919,159 | (901,573) | 1,028,672 | (1,006,472)
93,920,000-2 | Antofagasta Minerals S.A. | Chile | Related to the controller's shareholder | Business operations | 4,818 | 1,972 | 735 | 360
94,058,000-5 | Servicios Aeroportuarios Aerosan S.A. | Chile | Related to the controller's shareholder | Business operations | 11,399 | - | 19,511 | -
94,625,000-7 | Inversiones Enex S.A. | Chile | Related to the controller's shareholder | Business operations | 2,339,567 | 948,358 | 2,159,882 | 936,483
96,427,000-7 | Inversiones y Rentas S.A. | Chile | Controller | Dividends paid | 40,194,202 | - | 44,180,306 | -
96,427,000-7 | Inversiones y Rentas S.A. | Chile | Controller | Business operations | 12,662 | 12,662 | 12,120 | 12,120
96,571,220-8 | Banchile Corredores de Bolsa S.A. | Chile | Related to the controller's shareholder | Investments | 639,160,000 | - | 8,900,000 | -
96,571,220-8 | Banchile Corredores de Bolsa S.A. | Chile | Related to the controller's shareholder | Redemption value | 638,557,919 | 147,919 | 8,903,287 | 3,287
96,591,040-9 | Empresas Carozzi S.A. | Chile | Shareholder of joint operation of the subsidiary | Business operations | 17,242,082 | 133,847 | 17,244,378 | 128,734
96,657,690-1 | Inversiones Punta Brava S.A. | Chile | Related to the controller's shareholder | Business operations | 185,069 | (181,980) | 119,582 | (117,559)
96,689,310-9 | Transbank S.A. | Chile | Related to the controller's shareholder | Business operations | 238,906 | (238,906) | 185,941 | (185,941)
96,798,520-1 | SAAM Extraportuario S.A. | Chile | Related to the controller's shareholder | Business operations | 16,431 | - | 13,899 | -
96,810,030-0 | RDF Media SpA. | Chile | Related to the controller's shareholder | Business operations | 101,566 | (101,566) | 191,714 | (191,714)
96,908,930-0 | San Vicente Terminal Internacional S.A. | Chile | Related to the controller's shareholder | Business operations | 27,711 | 20,183 | 30,031 | 22,824
96,908,970-K | San Antonio Terminal Internacional S.A. | Chile | Related to the controller's shareholder | Business operations | 61,815 | (61,815) | 50,577 | (50,577)
96,919,980-7 | Cervecería Austral S.A. | Chile | Joint venture | Dividends received | 882,817 | - | 899,143 | -
96,919,980-7 | Cervecería Austral S.A. | Chile | Joint venture | Business operations | 32,490,032 | (3,462,203) | 30,128,605 | (3,814,181)

F-77

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

For the years ended December 31, 2025 and 2024, the most significant transactions with related parties are detailed as follows (continuation):

Tax ID | Company | Country of origin | Relationship | Transaction | 2025 | 2024
Amounts | (Charges)/Credits (Effect on Income) | Amounts | (Charges)/Credits (Effect on Income)
ThCh$ | ThCh$ | ThCh$ | ThCh$
97,004,000-5 | Banco de Chile | Chile | Related to the controller's shareholder | Purchase of derivatives | 6,767,059 | (6,767,059) | 592,217 | 592,217
97,004,000-5 | Banco de Chile | Chile | Related to the controller's shareholder | Sales of derivatives | 915,724 | 915,724 | 157,598 | (157,598)
97,004,000-5 | Banco de Chile | Chile | Related to the controller's shareholder | Investments | - | - | 28,530,440 | -
97,004,000-5 | Banco de Chile | Chile | Related to the controller's shareholder | Business operations | 491,309 | 369,288 | 356,014 | 254,351
97,004,000-5 | Banco de Chile | Chile | Related to the controller's shareholder | Investment rescue | - | - | 28,866,521 | 336,081
99,506,030-2 | Muellaje del Maipo S.A. | Chile | Related to the controller's shareholder | Business operations | 10,690 | 7,753 | 10,915 | 8,295
0-E | Aguas Danone de Argentina S.A. | Argentina | Associate of subsidiary | Business operations | 354,542 | (354,542) | 218,750 | (218,750)
0-E | Aguas de Origen S.A. | Argentina | Joint venture of subsidiary until June 30, 2024 | Business operations | - | - | 69,329,305 | 12,357,836
0-E | Danone Argentina S.A. | Argentina | Related to the shareholder's associate | Business operations | 262,512 | (243,160) | 168,571 | (168,571)
0-E | Kasdorf S.A. | Argentina | Related to non-controlling subsidiary | Business operations | 986 | 986 | - | -
0-E | Nutricia Bagó S.A. | Argentina | Related to non-controlling subsidiary | Business operations | 1,760 | 1,760 | - | -
0-E | Ecor Ltda. | Bolivia | Related to non-controlling subsidiary | Business operations | 123,857 | (123,857) | 275,146 | (275,146)
0-E | Inversiones BEBINV S.A. | Bolivia | Shareholder of subsidiary | Capital contribution | 230,135 | - | 2,708,166 | -
0-E | Inversiones BEBINV S.A. | Bolivia | Shareholder of subsidiary | Loan | 2,049,656 | (44,774) | - | -
0-E | Central Cervecera de Colombia S.A.S. | Colombia | Joint venture | Capital contribution | 10,975,901 | - | 10,658,097 | -
0-E | Central Cervecera de Colombia S.A.S. | Colombia | Joint venture | Business operations | 75,326 | (75,326) | 686,494 | (686,494)
0-E | Nestlé Waters Marketing & Distribution S.A.S. | France | Related to non-controlling subsidiary | Business operations | 165,808 | (34,581) | 288,911 | (117,789)
0-E | Paulaner Brauerei Gruppe GmbH & Co. KgaA | Germany | Related to the controller's shareholder | Business operations | 234,689 | - | 173,756 | -
0-E | Amstel Brouwerijen B.V. | Netherlands | Related to the controller's shareholder | Business operations | 639,760 | (127,376) | 1,592,389 | (1,592,389)
0-E | Heineken Brouwerijen B.V. | Netherlands | Related to the controller's shareholder | Business operations | 29,717,640/ | (23,860,143) | 33,077,344 | (22,359,975)
0-E | Heineken Supply Chain B.V. | Netherlands | Related to the controller's shareholder | Business operations | 57,438 | - | 65,235 | -
0-E | AJ S.A. Calidad Ante Todo | Paraguay | Related to non-controlling subsidiary | Business operations | 5,697,146 | 20,257 | 10,546,651 | (142,942)
0-E | Alimentos Distribución y Servicios S.A. | Paraguay | Related to non-controlling subsidiary | Business operations | 2,464,258 | 82,840 | 601,913 | (79,189)
0-E | Ana Yakisich | Paraguay | Shareholder of subsidiary | Exchange and sale of shares | - | - | 14,458,044 | -
0-E | Antonio Vierci | Paraguay | Shareholder of subsidiary | Exchange and sale of shares | - | - | 14,458,044 | -
0-E | Central de Ventas TV S.A. | Paraguay | Related to non-controlling subsidiary | Business operations | 38,954 | (38,954) | 49,679 | (49,679)
0-E | Enex Paraguay S.A.E. | Paraguay | Related to the controller's shareholder | Business operations | 4,616 | (3,917) | 28,338 | (23,634)
0-E | Gabana S.A. | Paraguay | Related to non-controlling subsidiary | Business operations | 467,132 | 205,538 | 525,310 | 231,136
0-E | Retail S.A. | Paraguay | Related to non-controlling subsidiary | Business operations | 12,757,058 | 2,942,336 | 4,863,561 | 899,908
0-E | Servicios Contables y Sistemas del PY S.A. | Paraguay | Related to non-controlling subsidiary | Business operations | 96,329 | (96,329) | - | -
0-E | Sudameris Bank S.A.E.C.A. | Paraguay | Related until February 20, 2024 | Purchase of shares | - | - | 31,549,348 | -
0-E | Societé des Produits Nestlé S.A. | Switzerland | Related to the subsidiary's shareholder | Business operations | 403,192 | (403,192) | 666,188 | (666,188)
0-E | Pepsi-Cola Manufacturing Co. Of Uruguay S.R.L. | Uruguay | Related of joint operation | Business operations | 11,235,556 | - | 9,875,213 | -

F-78

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

For the years ended December 31, 2024 and 2023, the most significant transactions with related parties are detailed as follows:

Tax ID | Company | Country of origin | Relationship | Transaction | 2024 | 2023
Amounts | (Charges)/Credits (Effect on Income) | Amounts | (Charges)/Credits (Effect on Income)
ThCh$ | ThCh$ | ThCh$ | ThCh$
6.062.786-K | Andrónico Luksic Craig | Chile | Related to the controller's shareholder | Business operations | 13,557 | 6,718 | 5,399 | 3,509
6.525.286-4 | Francisco Pérez Mackenna | Chile | Chairman of CCU until January 31, 2026 | Business operations | 1,264 | 709 | 108 | 102
6.770.473-8 | Armin Kunstmann Telge | Chile | Chairman of subsidiary | Business operations | 245 | 186 | 180 | 171
52.000.721-0 | Representaciones Chile Beer Kevin Michael Szot E.I.R.L. | Chile | Subsidiary shareholder until April 29, 2024 | Sale of shares | 208,755 | - | - | -
76.115.132-0 | Canal 13 SpA. | Chile | Related to the controller's shareholder | Business operations | 983,007 | (983,007) | 1,222,804 | (1,222,804)
76.313.970-0 | Inversiones Irsa Ltda. | Chile | Related to the controller | Dividends paid | 5,120,726 | - | 2,813,685 | -
76.380.217-5 | Hapag-Lloyd Chile SpA. | Chile | Related to the controller's shareholder | Business operations | 105,374 | (72,313) | 138,858 | (54,479)
76.455.830-8 | Watt´s S.A. | Chile | Related joint venture shareholder | Business operations | 318,165 | (233,146) | 13,333 | 10,133
76.729.932-K | SAAM Logistics S.A. | Chile | Related to the controller's shareholder | Business operations | 528,370 | - | 450,508 | -
76.800.322-K | Yanghe Chile SpA. | Chile | Shareholder of subsidiary | Dividends paid | 891,244 | - | 1,871,881 | -
77.003.342-K | Origen Patagónico SpA. | Chile | Related to non-controlling subsidiary | Business operations | 44,197 | 3,777 | - | -
77.051.330-8 | Cervecería Kunstmann Ltda. | Chile | Related to non-controlling subsidiary | Business operations | 1,174,228 | 531,193 | 884,603 | 409,208
77.051.330-8 | Cervecería Kunstmann Ltda. | Chile | Related to non-controlling subsidiary | Collection of product sales | 572,254 | 23,819 | - | -
77.450.163-0 | Panda SpA. | Chile | Shareholder of subsidiary | Purchase of shares | 250,000 | - | 1,000,000 | -
77.486.593-4 | MBB SpA. | Chile | Shareholder of subsidiary | Purchase of shares | 250,000 | - | 1,000,000 | -
77.755.610-K | Comercial Patagona Ltda. | Chile | Subsidiary of joint venture | Business operations | 13,877,386 | 4,602,388 | 7,484,566 | 3,340,728
78.053.790-6 | Servipag Ltda. | Chile | Related to the controller's shareholder | Business operations | 13,457 | (13,457) | - | -
78.259.420-6 | Inversiones PFI Chile Ltda. | Chile | Shareholder of joint operation | Business operations | 29,744,965 | 6,440,010 | 28,111,581 | 6,239,748
79.985.340-K | Cervecera Valdivia S.A. | Chile | Shareholder of subsidiary | Dividends paid | 833,684 | - | 2,023,511 | -
81.805.700-8 | Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda. | Chile | Shareholder of subsidiary | Loan recovery | 117,789 | (117,789) | 71,381 | 722
81.805.700-8 | Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda. | Chile | Shareholder of subsidiary | Dividends paid | 1,465,381 | - | 1,617,375 | -
81.805.700-8 | Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda. | Chile | Shareholder of subsidiary | Business operations | 8,181,361 | 7,955 | 8,546,437 | 8,249
90.703.000-8 | Nestlé Chile S.A. | Chile | Shareholder of subsidiary | Dividends paid | 9,428,103 | - | 6,876,759 | -
90.703.000-8 | Nestlé Chile S.A. | Chile | Shareholder of subsidiary | Business operations | 294,521 | 245,125 | - | -
91.705.000-7 | Quiñenco S.A. | Chile | Controller's shareholder | Business operations | 20,593 | 10,239 | 45,293 | 33,970
92.011.000-2 | Empresa Nacional de Energía Enex S.A. | Chile | Related to the controller's shareholder | Business operations | 1,028,672 | (1,006,472) | 820,137 | (820,137)
93.920.000-2 | Antofagasta Minerals S.A. | Chile | Related to the controller's shareholder | Business operations | 735 | 360 | 259 | 192
94.625.000-7 | Inversiones Enex S.A. | Chile | Related to the controller's shareholder | Business operations | 2,159,882 | 936,483 | 2,235,409 | 1,587,187
96.427.000-7 | Inversiones y Rentas S.A. | Chile | Controller | Dividends paid | 44,180,306 | - | 24,275,754 | -
96.427.000-7 | Inversiones y Rentas S.A. | Chile | Controller | Business operations | 12,120 | 12,119 | 11,602 | 11,602
96.571.220-8 | Banchile Corredores de Bolsa S.A. | Chile | Related to the controller's shareholder | Investments | 8,900,000 | - | 95,600,000 | -
96.571.220-8 | Banchile Corredores de Bolsa S.A. | Chile | Related to the controller's shareholder | Investment Rescue | 8,903,287 | 3,287 | 96,739,832 | 139,832
96.591.040-9 | Empresas Carozzi S.A. | Chile | Shareholder of joint operation | Business operations | 17,244,378 | 128,734 | 7,694,114 | 156,202
96.657.690-1 | Inversiones Punta Brava S.A. | Chile | Related to the controller's shareholder | Business operations | 119,582 | (117,559) | 154,566 | (152,334)
96.689.310-9 | Transbank S.A. | Chile | Related to the controller's shareholder | Business operations | 185,941 | (185,941) | 228,315 | (228,315)
96.798.520-1 | SAAM Extraportuario S.A. | Chile | Related to the controller's shareholder | Business operations | 13,899 | - | 130,016 | -
96.810.030-0 | RDF Media SpA. | Chile | Related to the controller's shareholder | Business operations | 191,714 | (191,714) | 78,765 | (78,765)
96.919.980-7 | Cervecería Austral S.A. | Chile | Joint venture | Dividends received | 899,143 | - | 1,190,908 | -
96.919.980-7 | Cervecería Austral S.A. | Chile | Joint venture | Business operations | 30,128,605 | (3,814,181) | 30,426,757 | (4,022,129)
97.004.000-5 | Banco de Chile | Chile | Related to the controller's shareholder | Derivatives | - | - | 62,119,774 | (148,869)
97.004.000-5 | Banco de Chile | Chile | Related to the controller's shareholder | Purchase of derivatives | 592,217 | 592,217 | - | -
97.004.000-5 | Banco de Chile | Chile | Related to the controller's shareholder | Sales of derivatives | 157,598 | (157,598) | - | -
97.004.000-5 | Banco de Chile | Chile | Related to the controller's shareholder | Interests | - | - | 15,202 | (15,202)
97.004.000-5 | Banco de Chile | Chile | Related to the controller's shareholder | Investments | 28,530,440 | - | 35,000,000 | -
97.004.000-5 | Banco de Chile | Chile | Related to the controller's shareholder | Business operations | 356,014 | 254,351 | 326,006 | 281,117
97.004.000-5 | Banco de Chile | Chile | Related to the controller's shareholder | Investment Rescue | 28,866,521 | 336,081 | 35,088,765 | 88,765
99.506.030-2 | Muellaje del Maipo S.A. | Chile | Related to the controller's shareholder | Business operations | 10,915 | 8,295 | - | -

F-79

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

For the years ended December 31, 2024 and 2023, the most significant transactions with related parties are detailed as follows (continuation):

Tax ID | Company | Country of origin | Relationship | Transaction | 2024 | 2023
Amounts | (Charges)/Credits (Effect on Income) | Amounts | (Charges)/Credits (Effect on Income)
ThCh$ | ThCh$ | ThCh$ | ThCh$
0-E | Aguas Danone de Argentina S.A | Argentina | Associate of subsidiary | Business operations | 218,750 | (218,750) | - | -
0-E | Aguas de Origen S.A. | Argentina | Joint venture of subsidiary until June 30, 2024 | Capital contribution | 171,122 | - | 4,545,020 | -
0-E | Aguas de Origen S.A. | Argentina | Joint venture of subsidiary until June 30, 2024 | Loan payment | 19,511 | - | 545,944 | -
0-E | Aguas de Origen S.A. | Argentina | Joint venture of subsidiary until June 30, 2024 | Loan | 50,577 | (50,577) | 1,716,741 | 283,599
0-E | Aguas de Origen S.A. | Argentina | Joint venture of subsidiary until June 30, 2024 | Business operations | 79,006,724 | 12,357,836 | 59,786,186 | 6,905,615
0-E | Danone Argentina S.A. | Argentina | Related to the associate of subsidiary | Business operations | 168,571 | (168,571) | - | -
0-E | Ecor Ltda. | Bolivia | Related to the subsidiary's shareholder | Business operations | 275,146 | (275,146) | 38,930 | (38,930)
0-E | Inversiones BEBINV S.A. | Bolivia | Related to the subsidiary's shareholder | Capital contribution | 2,708,166 | - | 2,631,809 | -
0-E | Central Cervecera de Colombia S.A.S. | Colombia | Joint venture | Capital contribution | 10,658,097 | - | 4,176,846 | -
0-E | Central Cervecera de Colombia S.A.S. | Colombia | Joint venture | Business operations | 686,494 | (686,494) | 310,546 | (310,546)
0-E | Amstel Brouwerijen B.V. | Netherlands | Related to the controller's shareholder | Business operations | 1,592,389 | (1,592,389) | 479,859 | (479,859)
0-E | Heineken Brouwerijen B.V. | Netherlands | Related to the controller's shareholder | Business operations | 33,077,344 | (22,359,975) | 33,119,100 | (15,481,114)
0-E | Ana Yakisich | Paraguay | Shareholder of subsidiary | Exchange and sale of shares | 14,458,044 | - | - | -
0-E | Antonio Vierci | Paraguay | Shareholder of subsidiary | Exchange and sale of shares | 14,458,044 | - | - | -
0-E | Aerocentro S.A. | Paraguay | Related until March 16,2023 | Business operations | - | - | 357 | 250
0-E | AJ S.A. Calidad Ante Todo | Paraguay | Related to non-controlling subsidiary | Business operations | 10,546,651 | (142,942) | - | -
0-E | Alimentos Distribución y Servicios S.A. | Paraguay | Related to non-controlling subsidiary | Business operations | 601,767 | (79,043) | - | -
0-E | Banco BASA S.A. | Paraguay | Related until March 16,2023 | Business operations | 146 | (146) | 103 | 72
0-E | Cadena Farmacenter S.A. | Paraguay | Related until March 16,2023 | Business operations | 30,031 | 22,824 | 14,606 | 10,224
0-E | Chajha S.A. | Paraguay | Related until March 16,2023 | Business operations | 49,679 | (49,679) | 809 | 566
0-E | Consignataria de Ganado S.A. | Paraguay | Related until March 16,2023 | Business operations | - | - | 62 | 44
0-E | Emprendimientos Hoteleros S.A.E.C.A. | Paraguay | Related until March 16,2023 | Business operations | 525,310 | 231,136 | 1,259 | 881
0-E | Enex Paraguay S.R.L. | Paraguay | Related to the controller's shareholder | Business operations | 28,338 | (23,634) | 67,539 | 32,179
0-E | Ganaderia las Pampas S.A. | Paraguay | Related until March 16,2023 | Business operations | 6,859 | 6,859 | 712 | 498
0-E | Gráfica Editorial Inter-Sudamericana S.A. | Paraguay | Related until March 16,2023 | Business operations | - | - | 45 | 31
0-E | Horacio Cartes | Paraguay | Related until March 16,2023 | Dividends paid | 173,756 | - | 2,513,295 | -
0-E | La Misión S.A. | Paraguay | Related until March 16,2023 | Business operations | - | - | 257 | 180
0-E | Palermo S.A. | Paraguay | Related until March 16,2023 | Business operations | - | - | 4,790 | 3,353
0-E | Pamplona S.A. | Paraguay | Related until March 16,2023 | Business operations | 65,235 | - | 12 | 9
0-E | Prana S.A. | Paraguay | Related until March 16,2023 | Business operations | 6,354 | 2,916 | 79 | 56
0-E | Retail S.A. | Paraguay | Related to non-controlling subsidiary | Business operations | 4,863,561 | 899,908 | - | -
0-E | Sarah Cartes | Paraguay | Related until March 16,2023 | Purchase of shares | - | - | 3,205,058 | -
0-E | Sudameris Bank S.A.E.C.A. | Paraguay | Related until March 16,2023 | Purchase of shares | 31,549,348 | - | - | -
0-E | Tabacalera del Este S.A. | Paraguay | Related until March 16,2023 | Business operations | - | - | 4,578 | 3,204
0-E | Societé des Produits Nestlé S.A. | Switzerland | Related to the subsidiary's shareholder | Business operations | 666,188 | (666,188) | 746,462 | (746,462)
0-E | Pepsi-Cola Manufacturing Co. Of Uruguay S.R.L. | Uruguay | Related of joint operation | Business operations | 9,875,213 | - | - | -

F-80

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Remuneration of the Management key employees

The Company is managed by a Board of Directors comprised of 9 members, each of whom is in office for a 3-year term and may be re-elected.

At the Ordinary Shareholders' Meeting held on April 17, 2024, a new Board of Directors was elected for a period of three years, being elected Messrs. Francisco Pérez Mackenna, Pablo Granifo Lavín, Rodrigo Hinzpeter Kirberg, Carlos Molina Solís, María Gabriela Cadenas, Marc Gross, Rory Cullinan, Oscar Hasbún Martínez and Vittorio Corbo Lioi, the latter as an independent director in accordance with the provisions of Article 50 bis of Law No. 18,046. The Chairman and Vice Chairman of the Board of Directors as well as the members of the Directors Committee and Audit Committee were elected at a Board meeting held on the same date, being elected Mr. Francisco Pérez Mackenna as Chairman and Mr. Carlos Molina Solís as Vice-Chairman. In accordance with the provisions of Article 50 bis of Law No. 18,046, at the same meeting the independent director Mr. Vittorio Corbo Lioi appointed the other members of the Directors Committee, which was therefore composed of directors Mr. Corbo, Mr. Molina and Mr. Hinzpeter. Additionally, Mr. Corbo and Mr. Molina were appointed as members of the Audit Committee, both meeting the applicable independence requirements according to the criteria established in the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002 and the rules of the New York Stock Exchange. The Board of Directors also resolved that Mr. Hinzpeter would participate in the Audit Committee meetings as an observer.

The Ordinary Shareholders’ Meeting held on April 17, 2024 also resolved to maintain the directors’ remuneration agreed at the previous Ordinary Shareholders’ Meeting, which consists of a monthly gross compensation for attendance to Board meetings of UF 100 per Director, and UF 200 for the Chairman, independent of the number of meetings held within such period, plus an amount equivalent to 3% of the distributed dividends with charge to the Company’s profits, for the whole Board, calculated on a maximum amount equivalent to 50% of the distributable net income for the year, at a rate of one-ninth for each director and in proportion to the time each one served as such during the year 2024.

The aforementioned Shareholders’ Meeting also agreed to maintain the remuneration of directors that are members of the Directors Committee, consisting of a monthly gross fee for attendance to Directors Committee meetings, independent of the number of meetings held during the period, of UF 50, plus the corresponding percentage of the distributed dividends until completing the additional third established in article 50 bis of Law No. 18,046 on Corporations and Circular No. 1,956 of the Comisión para el Mercado Financiero (Financial Market Commission); and with respect to those directors who are members of the Audit Committee, and those appointed as observers of the same, a monthly gross fee for attendance to Audit Committee meetings, independent of the number held during the period, of UF 50.

At the Ordinary Shareholders' Meeting held on April 16, 2025, it was agreed to maintain the same remuneration for the Board of Directors, the Directors' Committee, and the Audit Committee.

In session held on May 7, 2025, the Board of Directors was noticed of the resignation submitted by Maria Gabriela Cadenas as director effective as of July 1, 2025. Subsequently, on session held on July 9, 2025, the Board of Directors named Arthur Ribeiro Viñau, Legal Director Americas of Heineken to the vacant position until the next Ordinary Shareholders' Meeting according to the Article 32 of Law No. 18,046.

At the Extraordinary Board Meeting of the Company held on January 21, 2026, Mr. Francisco Pérez Mackenna resigned to his position as Chairman and director, effective date January 31, 2026. In addition, the Board of Directors of the Company appointed Mr. Macario Valdés Raczynski as replacement director, who assumed the position on February 1, 2026, with the entire Board to be renewed at the next Ordinary Shareholders´Meeting, in accordance with the provisions of Article 32 of Law No. 18,046 on Corporations. Finally, the Board agreed to appoint Mr. Pablo Granifo Lavín as the new Chairman of the Board, who assumed this new position once the resignation of Mr. Francisco Pérez Mackenna became effective.

F-81

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The remunerations of Directors and Chief Executives of the Company are composed as follows:

Directors’ remunerations:

| For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Audit's Committee | 58,644 | 61,821 | 64,704
Directors' Committee | 78,954 | 65,341 | 82,379
Attendance meetings fee (*) | 1,815,197 | 1,792,439 | 1,472,234
Dividend Participation (*) | 2,407,381 | 2,178,909 | 2,008,338

(*) | In 2024 includes accrued per diem and dividend participation of ex director María Gabriela Cadenas, that on May 7, 2025, has submitted the resignation as director, effective as of July 1, 2025.

Chief Executives’ remunerations:

| For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Directors' Committee | 17,715 | 18,585 | 23,177
Attendance meetings fee | 221,933 | 222,709 | 193,382
Dividend Participation | 24,002 | 17,824 | 37,437

The Chief Executives’ Remuneration as of December 31, 2025 amounted to ThCh$ 9,604,909 (ThCh$ 9,128,492 as of December 31, 2024 and ThCh$ 11,118,126 as of December 31, 2023). The Company grants to the Chief Executives annual bonuses, which have an optional and variable nature, not contractual and assigned according to compliance of individual and corporate goals and based on the incomes of the period.

Note 12 Inventories

The inventories balances are detailed as follows:

| As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Finished products | 172,373,804 | 178,671,708
In process products | 20,735,925 | 22,879,506
Raw material | 216,677,676 | 222,314,812
Finished products and Raw material in transit | 6,689,076 | 24,628,623
Materials | 14,081,539 | 15,498,353
Realizable net value estimate and obsolescence | (6,257,060) | (4,608,447)
Total | 424,300,960 | 459,384,555

For the year ended as of December 31, 2025, 2024 and 2023, the Company wrote off a total of ThCh$ 5,070,324, ThCh$ 7,930,817 and ThCh$ 5,212,799, against net realizable value and obsolescence, respectively.

Additionally, the Company presents an estimate for inventory impairment which includes amounts related to low turnover, technical obsolescence and/or products recalled from the market.

F-82

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The movement of net realizable value and obsolescence estimate is detailed as follows:

| As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Initial balance | (4,608,447) | (5,770,789)
Inventories write-down estimation | (7,082,492) | (6,769,193)
Write-off | 5,070,324 | 7,930,817
Conversion effect | 363,555 | 718
Total | (6,257,060) | (4,608,447)

As of December 31, 2025 and 2024, the Company does not have any inventory pledged as guarantee for financial obligations.

There is no non-current inventory at December 31, 2025 and 2024, as it is available for sale to the public once it is produced. Inventories for which technically a production cycle of more than twelve months is required represent a marginal total.

F-83

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 13 Biological assets

The Company recorded under Current biological assets the agricultural activities (grapes) derived from production of plantations that will be destined to be an input to the following process of the wine production.

The costs associated to the agricultural activities (grapes) are accumulated to the harvest date.

The valuation of current biological assets is described in Note 2 - Summary of material accounting policies, 2.10.

The movement of current biological assets is detailed as follows:

| ThCh$ |
As of January 1, 2024 |  |
Historic cost | 14,764,284 |
Book Value | 14,764,284 |
As of December 31, 2024 |  |
Conversion effect | (173,046) |
Acquisitions | 34,634,429 |
Decreases due to harvesting | (33,400,203) |
Others increases (decreases) (1) | 1,057,642 |
Sub-Total | 2,118,822 |
Book Value | 16,883,106 |
As of December 31, 2024 |  |
Historic cost | 16,883,106 |
Book Value | 16,883,106 |
As of December 31, 2025 |  |
Conversion effect | (1,170,347) |
Acquisitions | 33,748,761 |
Decreases due to harvesting | (33,044,939) |
Others increases (decreases) (1) | 292,497 |
Sub-Total | (174,028) |
Book Value | 16,709,078 |
As of December 31, 2025 |  |
Historic cost | 16,709,078 |
Book Value | 16,709,078 |

(1) | Mainly corresponds to the financial effect of the application IAS 29 “Financial reporting in hyperinflationary economies”.

F-84

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 14 Non-current assets of disposal groups classified as held for sale

a) Lands

| - | On March 3, 2021, the Board of Directors of Compañía Cervecerías Unidas S.A. authorized the sale of a portion of land located in the district of Quilicura, Metropolitan Region. The promise of sale of this asset was signed on December 3, 2021, however, this promise was conditioned to the fulfillment of legal and administrative conditions by CCU and the prominent buyer, in relation to a process of subdivision, merger of such land and usual presentations for this type of asset. Subsequently, on March 22, 2024, and once the conditions established in the aforementioned promise were fulfilled, the deed of sale was signed.

On April 3, 2024, the sale was completed for ThCh$ 49,681,035. As a result of this transaction, a profit before income tax of ThCh$ 28,668,933 was determined and a net income effect of ThCh$ 20,928,321.

| - | On October 4, 2023, the Board of Directors of Compañía Cervecerías Unidas S.A. authorized the sale of the property identified as “site number eighteen” located in the district of Iquique, Tarapacá Region, in Chile. The promise of sale of this asset was signed on November 2, 2023. However, this promise of sale was conditioned to the fulfillment of legal and administrative conditions by CCU. Subsequently, once the conditions established in the aforementioned promise of sale were fulfilled, on September 10, 2024, the definitive sale and purchase agreement was signed, generating a reclassification of this asset as a Non-current assets held for sale.

On February 24, 2025, the sale was completed for ThCh$ 1,295,043. As a result of this transaction, a profit before income tax of ThCh$ 788,190 was determined and a net income effect of ThCh$ 575,379.

b) International Business Operating segment

| - | During September 2015, the Board of subsidiary Sáenz Briones y Cía. S.A.I.C. authorized the sale of property located in Luján de Cuyo city, Province of Mendoza, Argentina.

According to the public deed dated December 13, 2024, the property was sold for ThCh$ 797,168. As a result of this transaction, a gain on Income/(loss) before taxes of ThCh$ 2,019 and a gain on Net income of ThCh$ 1,322 were generated.

- On June 24, 2024, the Board of Directors of the subsidiary Compañía Industrial Cervecera S.A. approved the sale of the property located in the industrial park of Pilar, province of Buenos Aires. The property subject to reclassification from Property, Plant and Equipment, for a total of ThCh$ 2,183,871, includes land, constructions and machinery. On August 27, 2024, the purchase agreement was signed, which remains on effect at the closing of these Consolidated Financial Statements.

On August 27, 2024, purchase and sale agreement was signed, which was formalized in public deed dated February 20, 2025.

On February 24, 2025, the sale was completed for ThCh$ 3,684,135. As a result of this transaction, a profit before income tax of ThCh$ 1,330,299 was determined and a net income effect of ThCh$ 871,346.

c) Wine Operating segment

- In November 2022, the Board of Directors of Finca La Celia S.A. authorized the sale of the property identified as Finca Pocito, located in the province of San Juan, Argentina. On November 2, 2022, both the Purchase and Sale Agreement were signed and, together with the acceptance of the Offer, the partial payment was made according with the agreed price, and the occupancy of the property was passed. As a guarantee fot this transaction the buyers granted nortgages on two properties located in the department of Pocito, province of San Juan. At the closing date of these Consolidated Financial Statements, there are no outstanding payments, the mortgages have been lifted, this property has been removed from the Statemen of Financial Position, and the deed of transfer of ownership is expect to be signed. The effect of this sale was recorded in income in the year 2022.

- In December 2025, the Administration of Finca La Celia S.A. started the process of selling certain fixed assets of this subsidiary, located in the province of San Juan. At the date of issuance of these Consolidates Financial Statements, the Administration is actively taking actions and is committed to a plan to sell these assets.

F-85

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

As described in Note 2 - Summary of material accounting policies, 2.18, non-current assets of disposal groups classified as held for sale have been recorded at the lower of carrying amount and fair value less cost to sale.

Assets held for sale are detailed as follows:

Non-current assets of disposal groups classified as held for sale | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Land | - | 2,357,031
Constructions | - | 591,128
Machinery | 167,851 | 4,123
Total | 167,851 | 2,952,282

Note 15 Business Combinations

| a) | Aguas de Origen S.A.

On April 28, 2022, CCU through its subsidiary, Compañía Cervecerías Unidas Argentina S.A. acquired 49% of the ownership of Aguas Danone de Argentina S.A. (“ADA”), which includes the business of mineral waters, flavored waters and powdered juices with its brands Villavicencio, Villa del Sur, Levité, Ser and Brío (the “Transaction”). The Transaction included the purchase and sale of shares and capital contribution in Argentine pesos for a total amount equivalent to USD 28.8 million (ThCh$ 29,428,835).

According to a public deed dated April 28, 2022, the subsidiary Compañía Cervecerías Unidas Argentina S.A., acquired 49,000 ordinary, nominative, non-endorsable shares of the company Aguas de Origen S.A. (“ADO”), at a value of one Argentine peso each, thus acquiring a 49% interest in this company. The payment for this acquisition was made effective on August 26, 2022.

It should be noted that ADO is the continuation of the business of ADA, which was effective as of December 1, 2022 as a result of the spin-off-merger approved by the shareholders' meetings of ADA and ADO on June 30, 2022.

On November 30, 2022, a purchase of 634,061 shares equivalent to ThCh$ 542,974 was made from Holding Internationale De Boissons S.A.S., which corresponds to 1% of ADO's shares, thus from that date until June 30, 2024, ADO qualified as a joint venture of the Company.

On May 28, 2024, CCU Argentina S.A. notified Holding Internationale de Boissons S.A.S. of the exercise of the stock option contained in the shareholders' agreement, which allowed CCU Argentina S.A. to acquire 8,471,349 shares equivalent to the 0.1% of shares of the former joint venture ADO.

On July 1, 2024, Holding Internationale de Boissons S.A.S. notified CCU Argentina S.A. of the acceptance of the exercise of the purchase option to acquire the amount of 8,471,349 corresponding to 0.1% of the shares of the ADO joint venture. Therefore, from July 1, 2024, CCU Argentina S.A. began to consolidate the accounting information of ADO, with a shareholding of 50.10% and exercise control over ADO.

For the business combination described above, the final fair values of assets and liabilities were determined (See Note 1 - General Information letter C), number (8)).

F-86

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

| b) | AV S.A.

On October 14, 2024, Compañía Cervecerías Unidas S.A., through its subsidiaries CCU Inversiones II SpA. and CCU Inversiones S.A., entered into binding and definitive association agreements with Vierci Group (hereafter “Vierci”), which holds the license for PepsiCo's beverages and snacks distribution in Paraguay, through its companies AV S.A. and AJ S.A. Calidad Ante Todo (hereafter “AJ”).

According to the agreement, the parties agreed to consolidate the businesses of CCU, Bebidas del Paraguay S.A. (hereafter "BDP"), and Distribuidora del Paraguay S.A. (hereafter "DDP") with Vierci's business, AV S.A. (hereafter "AV"), based on the following milestones:

1. On the same date, CCU, through its subsidiaries CCU Inversiones II SpA. and CCU Inversiones S.A., and Vierci entered into a Share Exchange Agreement for DDP to AV. Under this agreement, CCU transferred 49% of DDP shares to Vierci, and Vierci transferred 51% of AV shares to CCU.

2. As stipulated in the Business Unit Transfer Agreement executed on the same date between BDP and AV, BDP acquired the Pepsi Business Unit. This unit comprises the assets, rights, obligations, contracts, licenses, and franchises of this new business.

3. Also on October 14, 2024, CCU and Vierci entered into a Share Purchase Agreement. Under this agreement, CCU sold a specific number of BDP shares to Vierci, with the goal that Vierci would ultimately hold a 49% stake in BDP after fulfilling certain stipulations defined in the agreement.

One of the stipulations of the Share Purchase Agreement is the capitalization of the share premium recorded in BDP's equity. BDP issued 11,843 new shares as part of the share package that CCU sold to Vierci. The securities representing the BDP shares sold by CCU were delivered to Vierci once the share premium capitalization was formalized on December 11, 2024.

The sale price of these shares amounted to USD 17,979,350 (equivalent to ThCh$ 17,112,779), paid as follows: USD 8,000,000 on October 14, 2024 and the remaining USD 9,979,350 on December 11, 2024 coinciding with the delivery of the securities to Vierci.

As of the date of these Financial Statements, not all stipulations of the agreement have been fulfilled. Therefore, Vierci's ownership in BDP as of December 31, 2025, is a 43% approximately.

For this business combination, final fair values have been determined for the assets and liabilities (See Note 1 - General Information, letter C, number (3)).

| c) | D&D SpA.

Pursuant to the provisions of the share purchase and sale agreement entered into on June 7, 2022 between the subsidiary Compañía Pisquera de Chile S.A. as purchaser and by Panda SpA. and MBB SpA., as sellers (the Sellers), on December 29, 2022 CPCh formalized the acquisition of 51.0132% of the shares of D&D SpA., through the subscription of a capital increase and on December 30, 2022 through the purchase of shares from the Sellers. Both operations were subject to the fulfillment of certain conditions, which were resolved on January 20, 2023.

As explained above, on January 20, 2023, CPCh paid ThCh$ 1,250,000 (equivalent to 444 shares at ThCh$ 2,815.315 each), and also subscribed and paid 135 shares issued in connection with the capital increase agreed at an extraordinary shareholders' meeting of the company, for which CPCh paid ThCh$ 1,481.481 for each share, totaling ThCh$ 200,000. CPCh is now the holder of 579 shares, representing 51.0132% of its total capital stock. At the same time, the parties expressly state that they have agreed that this price will be subject to an increase based on the cases and forms indicated in the share purchase agreement.

On February 14, 2023, CPCh paid the Sellers ThCh$ 750,000, corresponding to the first price increase.

For this business combination, final fair values have been determined for the assets and liabilities (See Note 1 - General Information, letter C, number (12)).

During the year ended December 31, 2025, the Company has not enter any Business combination.

F-87

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 16 Investments accounted for using equity method

Joint ventures and Associates

As of December 31, 2025 and 2024, the Company recorded investments qualifying as joint venture and associates.

The share value of investments in joint ventures and associates are detailed as follows:

| Percentage of participation | As of December 31, 2025 | As of December 31, 2024
% | ThCh$ | ThCh$
Cervecería Austral S.A. | 50.00 | 16,887,879 | 14,909,658
Central Cervecera de Colombia S.A.S. | 50.00 | 14,880,327 | 17,676,953
Zona Franca Central Cervecera S.A.S. | 50.00 | 110,089,426 | 105,346,786
Total joint ventures |  | 141,857,632 | 137,933,397
Aguas Danone de Argentina S.A. | 49.00 | 829,546 | 917,067
Other companies |  | 769,509 | 896,457
Total associates |  | 1,599,055 | 1,813,524
Total |  | 143,456,687 | 139,746,921

The above mentioned values include goodwill generated in the acquisition of the following joint venture and associate, which are presented net of any impairment loss:

|  | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Cervecería Austral S.A. |  | 1,894,770 | 1,894,770
Total |  | 1,894,770 | 1,894,770

The share of net income (loss) of joint ventures and associates accounted for using the equity method are detailed as follows:

| For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Central Cervecera de Colombia S.A.S. | (14,848,200) | (11,959,652) | (10,565,966)
Zona Franca Central Cervecera S.A.S. | (2,360,129) | 266,580 | (1,710,319)
Aguas de Origen S.A. (*) | - | (6,782) | (9,695,813)
Cervecería Austral S.A. | 2,854,683 | 2,911,947 | 2,802,039
Total joint ventures | (14,353,646) | (8,787,907) | (19,170,059)
Aguas Danone de Argentina S.A. | 59,427 | (651,872) | (45,336)
Other companies | (58,372) | (54,924) | (2,363)
Total associates | 1,055 | (706,796) | (47,699)
Total | (14,352,591) | (9,494,703) | (19,217,758)

(*) | Joint venture of subsidiary until June 30, 2024.

F-88

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Changes in investments in joint ventures and associates are detailed as follows:

| As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Balance at the beginning of year | 139,746,921 | 149,593,180
Capital contributions to acquire interests in joint ventures | 10,975,902 | 10,658,097
Share of net income (loss) of joint ventures and associates accounted for using the equity method | (14,352,591) | (9,494,703)
Dividends received | (843,886) | (854,084)
Investment previously held (1) | - | (15,128,327)
Others (*) | 7,930,341 | 4,972,758
Total | 143,456,687 | 139,746,921

(1) | See Note 1 - General Information letter C), number (8).

(*) | Mainly includes effects from the foreign currency of joint ventures.

Significant matters regarding investments accounted for using the equity method are detailed as follows:

(1) Cervecería Austral S.A.

It is a closed stock company that operates as a beer manufacturing facility in the southern end of Chile, which is the southernmost brewery in the world.

(2) Central Cervecera de Colombia S.A.S. and Zona Franca Central Cervecera S.A.S.

On November 10, 2014, CCU, directly and through its subsidiaries CCU Inversiones II SpA., and Grupo Postobón have established a joint arrangement through a company named Central Cervecera de Colombia S.A.S. (CCC), in which CCU Inversiones II SpA. and Grupo Postobón participate as equal shareholders. The purpose of CCC is the beer and non-alcoholic drinks production, marketing and distribution based on malt (Products).

Subsequently, on August 16, 2017, CCU, through its subsidiary CCU Inversiones ll SpA., acquired 50% of the shares of a company incorporated in Colombia called Zona Franca Central Cervecera S.A.S. (ZF CC), which relates to a joint agreements and that qualifies as a joint operation, in which CCU Inversiones II SpA. and Grupo Postobón participate as equal shareholders. The amount of this transaction was USD 10,204, equivalents to ThCh$ 6,432. The purpose of ZF CC is acting exclusively as industrial user of one or more free trade zones; manufacturing and selling products of its own brands and through licenses to CCC, CCC markets these products.

For the purposes above, previous associations involve the construction of a beer production plant, with an annual total capacity of 3,000,000 hectoliters.

As of December 31, 2025 and 2024, the amount of capital contributions to CCC and ZF CC amounts to USD 174,362,401 and USD 152,220,495 (equivalent to ThCh$ 127,990,325 and ThCh$ 99,927,271, respectively based on the exchange rates at the dates of the contributions), respectively. During 2025, a capital contribution of MCOP 92,400,000, will be made through a payment schedule, where the first installment was paid on July 29, 2025 in the amount of USD 7,227,174, equivalent to ThCh$ 7,008,552, the second installment was paid on October 27, 2025 in the amount of USD 4,205,062, equivalent to ThCh$ 3,967,350, the third payment is still pending. During 2024, a capital contribution of MCOP 43,000,000, equivalent to ThCh$ 10,658,097, was made through a payment schedule, where the first installment was paid on February 22, 2024 in the amount of USD 3,050,330, equivalent to ThCh$ 2,951,256, the second payment on March 21, 2024 in the amount of USD 6,417,661, equivalent to ThCh$ 6,263,060 and the third payment on April 25, 2024 in the amount of USD 1,512,478, equivalent to ThCh$ 1,443,781. During 2023, a capital contribution of MCOP 24,250,000, equivalent to ThCh$ 4,176,846, was made to CCC (See Note 11 - Accounts and transactions with related parties). This capital contributions didn’t change the interest in CCC and ZF CC.

(3) Aguas Danone de Argentina S.A.

On April 28, 2022, CCU through its subsidiary, Compañía Cervecerías Unidas Argentina S.A. acquired 49% of the ownership of Aguas Danone de Argentina S.A. ("ADA"), which includes the business of mineral waters, flavored waters and powdered juices with its brands Villavicencio, Villa del Sur, Levité, Ser and Brío (the "Transaction"). The Transaction included share acquisition and capital contributions in Argentine pesos totaling US$ 28.8 million (equivalent to ThCh$ 29,428,835).

F-89

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

According to a public deed dated April 28, 2022, the subsidiary Compañía Cervecerías Unidas Argentina S.A., acquired 49,000 ordinary, nominative, non-endorsable shares of Aguas de Origen S.A. ("ADO"), at a value of one Argentine peso each, reaching a 49% interest in this company. The effective payment of this acquisition was made on August 26, 2022.

It should be noted that ADO, is the continuation of the business of ADA.

On May 28, 2024, CCU Argentina S.A. notified Holding Internationale de Boissons S.A.S. of the exercise of the stock option contained in the shareholders' agreement, which allowed CCU Argentina S.A. to acquire 8,471,349 shares equivalent to the 0.1% of shares of the former joint venture ADO.

On July 1, 2024 Holding Internationale de Boissons S.A.S., notified CCU Argentina S.A., the acceptance of the exercise of the purchase option to acquire 8,471,349 shares corresponding to a 0.1% interest in the ADO joint venture. Therefore, as of July 1, 2024, CCU Argentina S.A. began to consolidate the accounting information of ADO, with an ownership of 50.1%, and exercise control over ADO (See Note 1 - General Information letter C), number (8)).

The Company does not have any contingent liabilities related to joint ventures and associates as of December 31, 2025, except for certain guarantees described in Note 35 - Contingencies and Commitments.

Summarized financial information for associates and joint ventures: The tables below provide summarized financial information for those joint ventures and associates that are material to the group. The information disclosed reflects the amounts presented in the financial statements of the relevant associates and joint ventures and not the Company's share of those amounts. They have been amended to reflect adjustments made by the entity when using the equity method, including fair value adjustments.

| Associates | Joint ventures
As of December 31, 2025 | As of December 31, 2024 | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$ | ThCh$ | ThCh$
Assets and Liabilities |  |  |  |
Current assets | 82,963 | 130,158 | 120,037,202 | 85,454,616
Non-current assets | 2,767,094 | 3,229,224 | 342,409,689 | 323,251,454
Current liabilities | 231,741 | 350,258 | 174,098,182 | 123,265,925
Non-current liabilities | 925,364 | 1,137,511 | 4,963,236 | 10,187,080

| Associates | Joint ventures
| For the years ended as of December 31,
| 2025 | 2024 | 2025 | 2024 | 2023
| ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$
Income Statement (Summarized) |  |  |  |  |
Net sales | 125,471 | 175,369 | 398,487,813 | 440,726,288 | 411,989,034
Operating result | 99,258 | 130,420 | (10,046,926) | (4,275,757) | (28,106,929)
Net income for year | 112,014 | (1,340,072) | (28,398,118) | (16,865,231) | (37,483,698)
Other comprehensive income | (284,409) | 1,668,405 | 22,113,539 | 13,651,577 | 51,387,114
Depreciation and amortization | (179,841) | (235,294) | (22,665,008) | (22,163,433) | (22,734,983)

F-90

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 17 Intangible assets other than goodwill

The intangible assets movement are detailed as follows:

| Trademarks | Software programs | Water rights | Distribution rights | Total
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$
As of January 1, 2024 |  |  |  |  |
Historic cost | 127,011,105 | 62,951,825 | 3,199,349 | 3,478,247 | 196,640,526
Accumulated amortization | - | (42,649,283) | - | (868,036) | (43,517,319)
Book Value | 127,011,105 | 20,302,542 | 3,199,349 | 2,610,211 | 153,123,207
As of December 31, 2024 |  |  |  |  |
Additions | 251,755 | 11,267,169 | - | - | 11,518,924
Additions for business combinations (cost) (2) | 25,481,126 | 157,533 | - | 12,106,585 | 37,745,244
Additions for business combinations (amortization) (2) | - | (71,682) | - | - | (71,682)
Divestitures (cost) | (344,502) | (199,218) | - | - | (543,720)
Divestitures (amortization) | - | 80,639 | - | - | 80,639
Amortization of year | - | (6,463,401) | - | (184,178) | (6,647,579)
Conversion effect (amotization) | - | (17,867) | - | (408) | (18,275)
Conversion effect (cost) | (2,395,767) | (143,898) | - | 985,301 | (1,554,364)
Others increases (decreases) (1) | 46,590,094 | 4,456,318 | - | (46,085) | 51,000,327
Sub-Total | 69,582,706 | 9,065,593 | - | 12,861,215 | 91,509,514
Book Value | 196,593,811 | 29,368,135 | 3,199,349 | 15,471,426 | 244,632,721
As of December 31, 2024 |  |  |  |  |
Historic cost | 196,593,811 | 78,489,729 | 3,199,349 | 16,524,048 | 294,806,937
Accumulated amortization | - | (49,121,594) | - | (1,052,622) | (50,174,216)
Book Value | 196,593,811 | 29,368,135 | 3,199,349 | 15,471,426 | 244,632,721
As of December 31, 2025 |  |  |  |  |
Additions (3) | 1,303,000 | 17,303,360 | - | - | 18,606,360
Divestitures (cost) (3) | (804,705) | (4,411,935) | - | - | (5,216,640)
Divestitures (amortization) | - | 4,314,960 | - | - | 4,314,960
Amortization of year | - | (5,550,514) | - | (887,183) | (6,437,697)
Conversion effect (amotization) | - | 309,163 | - | (70,467) | 238,696
Conversion effect (cost) | (41,418,103) | (1,480,844) | - | 1,196,158 | (41,702,789)
Others increases (decreases) (1) | 21,594,513 | 719,201 | - | 121,434 | 22,435,148
Sub-Total | (19,325,295) | 11,203,391 | - | 359,942 | (7,761,962)
Book Value | 177,268,516 | 40,571,526 | 3,199,349 | 15,831,368 | 236,870,759
As of December 31, 2025 |  |  |  |  |
Historic cost | 177,268,516 | 87,847,547 | 3,199,349 | 17,380,483 | 285,695,895
Accumulated amortization | - | (47,276,021) | - | (1,549,115) | (48,825,136)
Book Value | 177,268,516 | 40,571,526 | 3,199,349 | 15,831,368 | 236,870,759

| (1) | Corresponds to the financial effect of the application IAS 29 "Financial reporting in hyperinflationary economies”.

| (2) | See Note 1 - General Information, letter C), numbers (3) and (8).

| (3) | See Note 1 - General Information, letter C), number (6).

There are no restrictions or pledges on intangible assets.

F-91

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The cash generating units associated to the trademarks are detailed as follows:

Segment | Cash Generating Unit | As of December 31, 2025 | As of December 31, 2024
(CGU) | ThCh$ | ThCh$
Chile | Embotelladoras Chilenas Unidas S.A. | 33,431,759 | 34,177,235
| Manantial S.A. | 1,166,000 | 1,166,000
| Compañía Pisquera de Chile S.A. | 1,363,782 | 1,363,782
| D&D SpA. | 1,962,891 | 1,962,891
| Cervecería Kunstmann S.A. | 14,166,999 | 14,166,999
| Cerveza Guayacán SpA. (2) | 1,303,000 | -
| Cervecera Guayacán SpA. (2) | - | 804,705
| Sub-Total | 53,394,431 | 53,641,612
International Business | CCU Argentina S.A. and subsidiaries (1) | 91,610,697 | 108,477,721
| Marzurel S.A., Coralina S.A. and Milotur S.A. | 2,873,671 | 2,796,692
| Bebidas del Paraguay S.A. and Distribuidora del Paraguay S.A. | 4,208,426 | 3,859,274
| Bebidas Bolivianas BBO S.A. | 5,209,723 | 7,811,229
| Sub-Total | 103,902,517 | 122,944,916
Wines | Viña San Pedro Tarapacá S.A. | 19,971,568 | 20,007,283
| Sub-Total | 19,971,568 | 20,007,283
Total |  | 177,268,516 | 196,593,811

| (1) | See Note 1 - General information, letter C), number (8).

| (2) | See Note 1 - General information, letter C), number (6).

In relation to impairment losses on intangible assets, Management has performed impairment tests, from which no impairment losses have arisen. With respect to Trademarks with indefinite useful lives, the same methodology has been used as described in Note 18 - Goodwill.

F-92

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 18 Goodwill

The goodwill movement is detailed as follows:

| Goodwill
ThCh$
As of January 1, 2024 |
Historic cost | 127,592,056
Book Value | 127,592,056
As of December 31, 2024 |
Additions for business combinations (2) | 5,557,026
Others increases (decreases) (1) | 29,770,740
Conversion effect | (1,336,589)
Sub-Total | 33,991,177
Book Value | 161,583,233
As of December 31, 2024 |
Historic cost | 161,583,233
Book Value | 161,583,233
As of December 31, 2025 |
Others increases (1) | 12,000,472
Others decreases (3) | (456,007)
Conversion effect | (24,577,080)
Sub-Total | (13,032,615)
Book Value | 148,550,618
As of December 31, 2025 |
Historic cost | 148,550,618
Book Value | 148,550,618

| (1) | Corresponds to the financial effect of the application IAS 29 "Financial reporting in hyperinflationary economies”.

| (2) | See Note 1 - General information, letter C), number (8).

| (3) | See Note 1 - General Information, letter C), number (6).

F-93

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

For the purpose of impairment testing, goodwill acquired in a business combination is allocated as of the acquisition date to each of the CGUs, or groups of CGUs that is expected to benefit from the business combination synergies. The carrying amount of goodwill assigned to the CGUs within the Company’s segments is detailed as follows:

Segment | Cash Generating Unit | As of December 31, 2025 | As of December 31, 2024
(CGU) | ThCh$ | ThCh$
Chile | Embotelladoras Chilenas Unidas S.A. | 25,257,686 | 25,257,686
| Manantial S.A. | 8,879,245 | 8,879,245
| Compañía Pisquera de Chile S.A. | 9,808,550 | 9,808,550
| Los Huemules S.R.L. | 314 | 480
| D&D SpA. (2) | 2,100,677 | 2,100,677
| Cervecera Guayacán SpA. (3) | - | 456,007
| Sub-Total | 46,046,472 | 46,502,645
International Business | CCU Argentina S.A. and subsidiaries | 45,633,300 | 54,647,107
| Aguas de Origen S.A. (1) | 5,231,247 | 5,557,026
| Marzurel S.A., Coralina S.A. and Milotur S.A. | 5,329,645 | 5,186,877
| Bebidas del Paraguay S.A. and Distribuidora del Paraguay S.A. | 6,176,309 | 5,702,154
| Bebidas Bolivianas BBO S.A. | 7,717,501 | 11,571,280
| Sub-Total | 70,088,002 | 82,664,444
Wines | Viña San Pedro Tarapacá S.A. | 32,416,144 | 32,416,144
| Sub-Total | 32,416,144 | 32,416,144
Total |  | 148,550,618 | 161,583,233

| (1) | See Note 1 - General information, letter C), number (8).

| (2) | See Note 1 - General information, letter C), number (12).

| (3) | See Note 1 - General information, letter C), number (6).

Goodwill assigned to the CGUs is subject to impairment test on an annually basis or more frequently if there are signs of potential impairment. These signs may include a significant change in the economic environment that could affect the business scenario, new legal provisions, operational performance indicators or the disposal of an important part of a CGU. The impairment loss is recognized for the amount by which the carrying amount of the CGU exceeds its recoverable amount. The recoverable value of each CGU is determined as the highest amount between its value in use and its fair value minus the cost of selling. The management considers that the value in use approach, determined by a discounted cash flows model, is the most reliable method to determine the recoverable values of the CGU.

The following table shows the most relevant inputs for each CGU in where there is a relevant Goodwill and/or Intangible assets with indefinite useful life assigned:

| Chile | Argentina | Uruguay | Paraguay | Bolivia |
Estimated CAPEX for the year 2026 ThCh$ | 107,612 | 25,460 | 2,059 | 5,849 | 5,806 |
Perpetual growth | 3.00% | 4.00% | 4.50% | 3.50% | 4.40% |
Discount rate | 8.27% | 13.56% | 7.40% | 9.21% | 16.20% |

The following describes some considerations applied when determining the corresponding values in use of the CGUs that have Goodwill and/or Intangible assets with indefinite useful life assigned:

Projection period: A five-year horizon is considered for all units/brands. An exceptionally longer period of time (no longer than ten years), is considered for those units/brands that require a longer maturation period.

Cash Flows: To determine the value in use, the Company has used cash flows projections in line with the time horizon described above, based on budgets, strategic plans and projections reviewed by management for the same period of time. Given the maturity of our business, these budgets have been historicaly consistent with the results.

F-94

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Management’s cash flows projection included significant judgements and assumptions relating to perpetual growth rates and discount rates.

Perpetual growth: Although the Company expects a higher volume and price growth in the medium and long term, a nominal growth of 3% has been assumed for the perpetuity in Chilean units, which is a conservative assumption considering the historical capacity and nature of the business where the company operates. In the case of Uruguay a perpetuity rate of 4.5% is used, consistent with the expected long-term growth for this country. For Paraguay a perpetuity rate of 3.5% equivalent to long-term inflation of the country. For Bolivia a perpetuity rate of 4.4% equivalent to long-term inflation of the country plus a percentage of the potential long-term GDP are used. In the case of Argentina, a perpetuity rate of 4% are used respectively, which are composed by the average inflation rate of the United States of America, plus a percentage of the potential long-term GDP in each country.

Discount rate: Corresponds to the nominal WACC (Weighted Average Cost of Capital) rate of each country.

Based on the sensitivities calculated based on the discount rate and perpetual growth variables, management determines that no reasonably possible change in the assumptions tested would cause the carrying value to exceed the recoverable amount. In relation to goodwill as of December 31, 2025, management has not evidenced any indications of impairment.

F-95

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 19 Property, plant and equipment

Property, plant and equipment movements are detailed as follows:

| Land, buildings and construction | Machinery and equipment | Bottles and containers | Others Equipment | Assets under contruction | Furniture, accessories and vehicles | Under production vines | Total
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$
As of January 1, 2024 |  |  |  |  |  |  |  |
Historic cost | 861,973,319 | 829,082,360 | 229,128,739 | 167,059,351 | 159,155,584 | 102,103,144 | 44,781,726 | 2,393,284,223
Accumulated depreciation | (300,791,958) | (459,433,305) | (156,131,652) | (114,278,577) | - | (70,347,751) | (18,313,285) | (1,119,296,528)
Book Value | 561,181,361 | 369,649,055 | 72,997,087 | 52,780,774 | 159,155,584 | 31,755,393 | 26,468,441 | 1,273,987,695
As of December 31, 2024 |  |  |  |  |  |  |  |
Additions | - | - | - | - | 151,398,096 | - | - | 151,398,096
Additions for business combinations (cost) (2) | 88,470,136 | 72,966,245 | 2,649,396 | 8,561,542 | 551,780 | 4,057,829 | - | 177,256,928
Additions for business combinations (depreciation) (2) | (84,333,663) | (67,937,215) | (2,480,683) | (5,769,867) | - | (2,067,644) | - | (162,589,072)
Transfers | 62,753,106 | 85,199,469 | 18,204,523 | 21,287,171 | (207,075,134) | 12,757,139 | 6,873,726 | -
Transfer to Non-current assets of disposal groups classified as held for sale (cost) (3) | (506,853) | - | - | - | - | - | - | (506,853)
Conversion effect historic (cost) | (9,232,020) | (13,285,027) | (5,496,314) | 330,494 | (1,244,492) | (65,992) | (601,347) | (29,594,698)
Divestitures (cost) | (83,937) | (2,982,441) | (2,818,278) | (1,010,239) | - | (522,389) | - | (7,417,284)
Divestitures (depreciation) | 82,156 | 2,799,668 | 2,714,634 | 993,355 | - | 498,166 | - | 7,087,979
Capitalized interests | - | - | - | - | 897,679 | - | - | 897,679
Depreciation | (27,890,418) | (47,667,987) | (29,209,087) | (17,226,695) | - | (10,169,683) | (2,420,023) | (134,583,893)
Conversion effect (depreciation) | 5,517,420 | 3,330,929 | 1,335,164 | (402,828) | - | (80,968) | 125,371 | 9,825,088
Others increases (decreases) (1) | 63,120,877 | 105,791,787 | 40,340,406 | 4,979,101 | 17,290,371 | 1,737,930 | 4,840,400 | 238,100,872
Write off (cost) | (140,144) | (978,499) | (9,870,685) | (7,368,902) | - | (2,292,147) | (1,429,284) | (22,079,661)
Write off (depreciation) | 140,084 | 816,166 | 9,563,494 | 7,177,329 | - | 2,066,297 | 1,162,203 | 20,925,573
Sub-Total | 97,896,744 | 138,053,095 | 24,932,570 | 11,550,461 | (38,181,700) | 5,918,538 | 8,551,046 | 248,720,754
Book Value | 659,078,105 | 507,702,150 | 97,929,657 | 64,331,235 | 120,973,884 | 37,673,931 | 35,019,487 | 1,522,708,449
As of December 31, 2024 |  |  |  |  |  |  |  |
Historic cost | 1,068,381,138 | 1,079,935,259 | 273,594,861 | 194,175,897 | 120,973,884 | 118,295,809 | 57,107,074 | 2,912,463,922
Accumulated depreciation | (409,303,033) | (572,233,109) | (175,665,204) | (129,844,662) | - | (80,621,878) | (22,087,587) | (1,389,755,473)
Book Value | 659,078,105 | 507,702,150 | 97,929,657 | 64,331,235 | 120,973,884 | 37,673,931 | 35,019,487 | 1,522,708,449
As of December 31, 2025 |  |  |  |  |  |  |  |
Additions | - | - | - | - | 147,710,728 | - | - | 147,710,728
Transfers | 33,086,048 | 36,115,078 | 22,286,214 | 24,009,038 | (128,156,754) | 12,660,376 | - | -
Transfer to Non-current assets of disposal groups classified as held for sale (cost) (3) | - | (517,090) | - | - | - | - | - | (517,090)
Transfer to Non-current assets of disposal groups classified as held for sale (depreciation) | - | 294,430 | - | - | - | - | - | 294,430
Conversion effect historic (cost) | (85,404,558) | (114,034,032) | (46,564,513) | (8,518,675) | (5,453,801) | (3,004,886) | (3,769,719) | (266,750,184)
Divestitures (cost) | (149,371) | (4,751,321) | (756,525) | (6,363,621) | - | (307,437) | - | (12,328,275)
Divestitures (depreciation) | 149,371 | 4,330,509 | 561,624 | 6,208,175 | - | 295,490 | - | 11,545,169
Capitalized interests | - | - | - | - | 531,149 | - | - | 531,149
Depreciation | (30,797,292) | (48,362,647) | (26,299,986) | (17,271,536) | - | (11,394,380) | (1,963,073) | (136,088,914)
Conversion effect (depreciation) | 33,475,674 | 44,851,318 | 22,785,164 | 4,953,921 | - | 1,462,555 | 1,016,285 | 108,544,917
Others increases (decreases) (1) | 26,502,199 | 40,595,466 | 13,255,817 | 1,607,867 | 1,367,787 | 864,347 | 1,526,227 | 85,719,710
Write off (cost) | (644,540) | (3,289,870) | (9,816,224) | (11,024,285) | - | (4,097,792) | (1,687,771) | (30,560,482)
Write off (depreciation) | 539,501 | 3,232,368 | 9,819,910 | 10,860,913 | - | 3,427,690 | 1,522,863 | 29,403,245
Sub-Total | (23,242,968) | (41,535,791) | (14,728,519) | 4,461,797 | 15,999,109 | (94,037) | (3,355,188) | (62,495,597)
Book Value | 635,835,137 | 466,166,359 | 83,201,138 | 68,793,032 | 136,972,993 | 37,579,894 | 31,664,299 | 1,460,212,852
As of December 31, 2025 |  |  |  |  |  |  |  |
Historic cost | 1,041,576,869 | 1,034,319,521 | 251,666,862 | 193,893,180 | 136,972,993 | 124,200,580 | 53,757,372 | 2,836,387,377
Accumulated depreciation | (405,741,732) | (568,153,162) | (168,465,724) | (125,100,148) | - | (86,620,686) | (22,093,073) | (1,376,174,525)
Book Value | 635,835,137 | 466,166,359 | 83,201,138 | 68,793,032 | 136,972,993 | 37,579,894 | 31,664,299 | 1,460,212,852

| (1) | Corresponds to the financial effect of the application IAS 29 "Financial reporting in hyperinflationary economies”. Aditionally for 2025 includes the effect of the exit from the Group of Cervecería Belga de la Patagonia SpA. and Cervecería Guayacán SpA. amounting ThCh$ 1,744,300.

| (2) | See Note 1 - General information, letter C), numbers (3) and (8).

| (3) | See Note 14 - Non-current assets of disposal groups classified as held for sale, letter a) as for 2024 and letter c) as for 2025.

F-96

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The balance of the land at the end of each year is as follows:

| As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Land | 266,301,538 | 277,836,130
Total | 266,301,538 | 277,836,130

Capitalized interest as of December 31, 2025 amounted ThCh$ 531,149 (ThCh$ 897,679 as of December 31, 2024 and ThCh$ 761,764 as of December 31, 2023), using an annually capitalization rate of 3.39% (3.25% as of December 31, 2024 and 3.15% as of December 31, 2023).

The Company, through its subsidiary Viña San Pedro Tarapacá S.A., has biological assets corresponding to vines that produce grapes. The vines are segmented into those under formation and those under production, and they are grown both on leased and owned land, The grapes harvested from these vines are used in the manufacturing of wine, which is marketed both in the domestic market and abroad.

As of December 31, 2025, the Company maintained approximately 4,684 hectares of which 4,177 are for vines in production stage. Of the total hectares mentioned above 4,016 correspond to own land and 161 to leased land.

The vines under formation are recorded at historic cost, and only start being depreciated when they are transferred to the production phase, which occurs in the majority of cases in the third year after plantation, when they start producing grapes commercially (in volumes that justify their production-oriented handling and later harvest).

During 2025, the production in plant vines yield was approximately 59.2 million kilos of grapes (70.0 million kilos of grapes in 2024).

By the nature of business of the Company, in the value of the assets it is not considered to start an allowance for cost of dismantling, removal or restoration.

In relation to impairment losses on Property, plant and equipment, Management has analyzed internal and external indicators and has not found evidence of impairment at December 31, 2025.

The depreciation year ended as of December 31, 2025 and 2024, recognized in net income and other assets is as follows:

| As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Recognized in net incomes (*) | 135,314,663 | 133,733,218
Recognized in others assets | 774,251 | 850,675
Total | 136,088,914 | 134,583,893

(*) | Includes ThCh$ 1,124,899 (ThCh$ 1,092,661 as of December 31, 2024) of depreciation of agricultural assets (barrels), related to the cost of selling wine.

F-97

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 20 Investment Property

Investment property movements are detailed as follows:

| Land | Buildings | Total
ThCh$ | ThCh$ | ThCh$
As of January 1, 2024 |  |  |
Historic cost | 6,116,053 | 2,887,154 | 9,003,207
Accumulated depreciation | - | (882,051) | (882,051)
Book Value | 6,116,053 | 2,005,103 | 8,121,156
As of December 31, 2024 |  |  |
Additions | - | 104,837 | 104,837
Depreciation | - | (117,496) | (117,496)
Conversion effect (cost) | (395,391) | (143,640) | (539,031)
Conversion effect (depreciation) | - | 8,647 | 8,647
Others increases (decreases) (1) | 3,791,970 | 1,296,897 | 5,088,867
Sub-Total | 3,396,579 | 1,149,245 | 4,545,824
Book Value | 9,512,632 | 3,154,348 | 12,666,980
As of December 31, 2024 |  |  |
Historic cost | 9,512,632 | 4,145,248 | 13,657,880
Accumulated depreciation | - | (990,900) | (990,900)
Book Value | 9,512,632 | 3,154,348 | 12,666,980
As of December 31, 2025 |  |  |
Depreciation | - | (104,858) | (104,858)
Conversion effect (cost) | (2,476,601) | (908,179) | (3,384,780)
Conversion effect (depreciation) | - | 56,401 | 56,401
Others increases (decreases) (1) | 1,392,675 | 478,880 | 1,871,555
Sub-Total | (1,083,926) | (477,756) | (1,561,682)
Book Value | 8,428,706 | 2,676,592 | 11,105,298
As of December 31, 2025 |  |  |
Historic cost | 8,428,706 | 3,715,949 | 12,144,655
Accumulated depreciation | - | (1,039,357) | (1,039,357)
Book Value | 8,428,706 | 2,676,592 | 11,105,298

(1) | Corresponds to the financial effect of the application IAS 29 Financial reporting in hyperinflationary economies.

Investment property includes seventeen land properties, two offices and one apartment, situated in Chile, which are maintained for appreciation purposes and therefore no longer generates income for the Company in 2025, 2024 and 2023. Additionally, there are four properties in Argentina, which are leased and generated an income for ThCh$ 333,237 for the year ended as of December 31, 2025 (ThCh$ 220,359 as of 2024 and ThCh$ 110,554 as of 2023). In addition, the expenses associated with such investment properties amounted to ThCh$ 106,958 for the period ended as of December 31, 2025 (ThCh$ 119,708 as of 2024 and ThCh$ 76,843 for 2023).

The market valuation of investment properties exceeds 100% of the book value.

The fair value, of investment property that represent 100% of the carrying amount is ThCh$ 23,252,817.

Management has not detected evidence of impairment of investment property.

The Company does not maintain any pledge or restriction over investment property items.

F-98

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 21 Other financial liabilities

Debts and financial liabilities classified according to the type of obligation and their classifications in the Consolidated Financial Statements are detailed as follows:

| As of December 31, 2025 | As of December 31, 2024
Current | Non-current | Current | Non-current
ThCh$ | ThCh$ | ThCh$ | ThCh$
Bank borrowings (1) | 124,816,755 | 39,713,245 | 41,257,611 | 166,647,324
Bonds payable (1) | 41,058,780 | 992,483,210 | 98,433,154 | 1,059,003,920
Derivatives not designated as hedges (2) | 8,361,749 | - | 652,079 | -
Derivatives designated as hedges (2) | 2,609,858 | 8,587,079 | 4,086,699 | 8,580,478
Deposits for return of bottles and containers | 11,987,324 | - | 11,772,459 | -
Total | 188,834,466 | 1,040,783,534 | 156,202,002 | 1,234,231,722

(1) | See Note 5 - Risk administration.

(2) | See Note 7 - Financial instruments.

F-99

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Current bank borrowings and bonds payable

The maturities and interest rates of these obligations are detailed as follows:

As of December 31, 2025:

|  |  |  |  |  |  | Maturity (*) |  |  |
Debtor Tax ID | Company | Debtor country | Lending party Tax ID | Creditor name | Creditor country | Currency | 0 to 3 months | 3 months to 1 year | Total | Type of amortization | Interest Rate (%)
|  |  |  |  |  |  | ThCh$ | ThCh$ | ThCh$ |
Bank borrowings |  |  |  |  |  |  |  |  |  |
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | 34,978,909 | - | 34,978,909 | At maturity | 5.82
91,041,000-8 | Viña San Pedro Tarapacá S.A. | Chile | 97,023,000-9 | Banco Itaú | Chile | UF | 59,235,273 | - | 59,235,273 | At maturity | 1.43
96,981,310-6 | Cervecería Kunstmann S.A. | Chile | 97,023,000-9 | Banco Itaú | Chile | CLP | 21,537 | 2,000,000 | 2,021,537 | At maturity | 5.46
96,981,310-6 | Cervecería Kunstmann S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | - | 2,004,133 | 2,004,133 | At maturity | 6.20
96,981,310-6 | Cervecería Kunstmann S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | - | 1,002,090 | 1,002,090 | At maturity | 6.27
96,981,310-6 | Cervecería Kunstmann S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | 2,863 | - | 2,863 | At maturity | 6.07
96,981,310-6 | Cervecería Kunstmann S.A. | Chile | 97,023,000-9 | Banco Itaú | Chile | CLP | 3,053,729 | - | 3,053,729 | At maturity | 6.14
96,981,310-6 | Cervecería Kunstmann S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | - | 3,071 | 3,071 | At maturity | 6.33
99,586,280-8 | Compañía Pisquera de Chile S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | 31,253 | - | 31,253 | At maturity | 5.86
0-E | Aguas de Origen S.A. | Argentina | 0-E | Banco Macro | Argentina | ARS | 6,340,052 | - | 6,340,052 | At maturity | 28.00
0-E | Aguas de Origen S.A. | Argentina | 0-E | Banco Patagonia | Argentina | ARS | 418,139 | - | 418,139 | At maturity | 36.00
0-E | Aguas de Origen S.A. | Argentina | 0-E | Banco Santander | Argentina | ARS | 6,014,451 | - | 6,014,451 | At maturity | 32.00
0-E | Compañía Industrial Cervecera S.A. | Argentina | 0-E | Banco BBVA | Argentina | ARS | 28,291 | - | 28,291 | At maturity | 28.00
0-E | Compañía Industrial Cervecera S.A. | Argentina | 0-E | Banco Patagonia | Argentina | ARS | 2,228,497 | - | 2,228,497 | At maturity | 32.00
0-E | Finca La Celia S.A. | Argentina | 0-E | Banco Supervielle | Argentina | USD | 275,688 | - | 275,688 | At maturity | 7.00
0-E | Finca La Celia S.A. | Argentina | 0-E | Banco Supervielle | Argentina | USD | 275,688 | - | 275,688 | At maturity | 7.00
0-E | Finca La Celia S.A. | Argentina | 0-E | Banco BBVA | Argentina | USD | - | 548,349 | 548,349 | At maturity | 6.50
0-E | Finca La Celia S.A. | Argentina | 0-E | Banco Supervielle | Argentina | USD | - | 545,077 | 545,077 | At maturity | 5.95
0-E | Finca La Celia S.A. | Argentina | 0-E | Banco BBVA | Argentina | ARS | 304,769 | - | 304,769 | At maturity | 75.00
0-E | Finca La Celia S.A. | Argentina | 0-E | Banco Santander | Argentina | ARS | 1,075,469 | - | 1,075,469 | At maturity | 80.00
0-E | Finca La Celia S.A. | Argentina | 0-E | Banco Patagonia | Argentina | ARS | 1,622,930 | - | 1,622,930 | At maturity | 75.00
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 41,375 | - | 41,375 | Quarterly | 5.50
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 11,914 | - | 11,914 | Quarterly | 5.00
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 17,096 | - | 17,096 | Semiannual | 5.50
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 13,360 | - | 13,360 | Semiannual | 5.50
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 149,836 | - | 149,836 | Semiannual | 5.95
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 216,089 | - | 216,089 | Semiannual | 5.95
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 3,898 | 453,565 | 457,463 | Semiannual | 5.95
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 1,949 | 226,783 | 228,732 | Semiannual | 5.95
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 3,500 | 124,134 | 127,634 | Semiannual | 9.95
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 5,595 | 190,975 | 196,570 | Semiannual | 9.95
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 3,658 | 171,875 | 175,533 | Semiannual | 9.95
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 6,466 | 477,437 | 483,903 | Semiannual | 9.95
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 5,265 | 453,565 | 458,830 | Semiannual | 9.95
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 1,379 | 226,783 | 228,162 | Semiannual | 9.95
Total |  |  |  |  |  |  | 116,388,918 | 8,427,837 | 124,816,755 |  |

(*) | The amount based on the undiscounted contractual flows is found in Note 5 - Risk administration.

|  |  |  |  |  |  | Maturity (*) |  |  |
Debtor Tax ID | Company | Debtor country | Registration | ID No. Instrument | Creditor country | Currency | 0 to 3 months | 3 months to 1 year | Total | Type of amortization | Interest Rate (%)
|  |  |  |  |  |  | ThCh$ | ThCh$ | ThCh$ |
Bond payable |  |  |  |  |  |  |  |  |  |
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | Bond J | 898 28/06/2018 | Chile | UF | 1,340,030 | - | 1,340,030 | At maturity | 2.90
90,413,000-1 | Compañía Cervecerías Unidas S.A. (1) | Chile | Bond L | 897 28/06/2018 | Chile | UF | - | 30,040,941 | 30,040,941 | Semiannual | 1.20
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | Bond M | 898 28/06/2018 | Chile | UF | - | 385,062 | 385,062 | At maturity | 1.60
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | Bond International | 144A/Regulation S | United States | USD | 7,295,314 | - | 7,295,314 | At maturity | 3.35
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | Bond R | 1115 20/08/2022 | Chile | UF | 1,198,645 | - | 1,198,645 | At maturity | 2.70
90,413,000-1 | Compañía Cervecerías Unidas S.A. (1) | Chile | Bond P | 897 28/06/2018 | Chile | UF | 798,788 | - | 798,788 | At maturity | 3.35
Total |  |  |  |  |  |  | 10,632,777 | 30,426,003 | 41,058,780 |  |

(1) | This obligation is hedged by a Cross Currency Swap agreement, Note 7 - Financial instruments.

(*) | The amount based on the undiscounted contractual flows is found in Note 5 - Risk administration.

F-100

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

As of December 31, 2024:

|  |  |  |  |  |  | Maturity (*) |  |  |
Debtor Tax ID | Company | Debtor country | Lending party Tax ID | Creditor name | Creditor country | Currency | 0 to 3 months | 3 months to 1 year | Total | Type of amortization | Interest Rate (%)
|  |  |  |  |  |  | ThCh$ | ThCh$ | ThCh$ |
Bank borrowings |  |  |  |  |  |  |  |  |  |
76,035,409-0 | Cervecera Guayacán SpA. | Chile | 97,004,000-5 | Banco de Chile | Chile | UF | 3,200 | 4,557 | 7,757 | Monthly | 3.39
76,035,409-0 | Cervecera Guayacán SpA. | Chile | 97,004,000-5 | Banco de Chile | Chile | UF | 4,219 | 8,564 | 12,783 | Monthly | 5.65
76,920,876-3 | D&D SpA. | Chile | 97,006,000-6 | Banco de Crédito e Inversiones | Chile | CLP | 7,464 | 7,599 | 15,063 | At maturity | 6.96
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | - | 250,700 | 250,700 | At maturity | 6.54
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | - | 779,700 | 779,700 | At maturity | 6.78
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | 16,531,581 | - | 16,531,581 | At maturity | 6.66
96,981,310-6 | Cervecería Kunstmann S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | 67,375 | 2,000,000 | 2,067,375 | At maturity | 7.35
96,981,310-6 | Cervecería Kunstmann S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | - | 28,873 | 28,873 | At maturity | 7.32
96,981,310-6 | Cervecería Kunstmann S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | - | 16,750 | 16,750 | At maturity | 8.04
96,981,310-6 | Cervecería Kunstmann S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | - | 193,832 | 193,832 | At maturity | 7.74
96,981,310-6 | Cervecería Kunstmann S.A. | Chile | 97,018,000-1 | Banco Scotiabank Chile | Chile | CLP | 3,033,627 | - | 3,033,627 | At maturity | 3.95
96,981,310-6 | Cervecería Kunstmann S.A. | Chile | 97,018,000-1 | Banco Scotiabank Chile | Chile | CLP | - | 1,654,532 | 1,654,532 | Semiannual | 3.45
96,981,310-6 | Cervecería Kunstmann S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | - | 55,728 | 55,728 | At maturity | 8.00
99,586,280-8 | Compañía Pisquera de Chile S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | 136,160 | - | 136,160 | At maturity | 6.66
0-E | Aguas de Origen S.A. | Argentina | 0-E | Banco Macro | Argentina | ARS | 661,245 | - | 661,245 | At maturity | 37.60
0-E | Aguas de Origen S.A. | Argentina | 0-E | Banco BBVA | Argentina | ARS | 6,507,456 | - | 6,507,456 | At maturity | 38.61
0-E | Aguas de Origen S.A. | Argentina | 0-E | Banco Patagonia | Argentina | ARS | 2,886,894 | - | 2,886,894 | At maturity | 37.90
0-E | Compañía Industrial Cervecera S.A. | Argentina | 0-E | Banco Citibank | Argentina | ARS | 4,404 | - | 4,404 | At maturity | 37.00
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 69,185 | 613,839 | 683,024 | Quarterly | 5.61
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 36,748 | 1,272,408 | 1,309,156 | Quarterly | 5.00
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 1,178 | 818,453 | 819,631 | Semiannual | 5.50
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 22,421 | 184,152 | 206,573 | Semiannual | 5.95
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 13,924 | 186,120 | 200,044 | Semiannual | 5.95
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 32,803 | 959,236 | 992,039 | Semiannual | 5.95
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 12,190 | 314,973 | 327,163 | Semiannual | 5.95
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | - | 343,607 | 343,607 | Semiannual | 5.95
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | - | 171,803 | 171,803 | Semiannual | 5.95
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | - | 1,360,111 | 1,360,111 | Semiannual | 5.95
Total |  |  |  |  |  |  | 30,032,074 | 11,225,537 | 41,257,611 |  |

(*) | The amount based on the undiscounted contractual flows is found in Note 5 - Risk administration.

Debtor Tax ID | Company | Debtor country | Registration | ID No. Instrument | Creditor country | Currency | Maturity (*) |  |  |
0 to 3 months | 3 months to 1 year | Total | Type of amortization | Interest Rate
ThCh$ | ThCh$ | ThCh$ |  | (%)
Bond payable |  |  |  |  |  |  |  |  |  |
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | Bono J | 898 28/06/2018 | Chile | UF | 1,295,812 | - | 1,295,812 | Semiannual | 2.90
90,413,000-1 | Compañía Cervecerías Unidas S.A. (1) | Chile | Bono L | 897 28/06/2018 | Chile | UF | - | 29,039,468 | 29,039,468 | Semiannual | 1.20
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | Bono M | 898 28/06/2018 | Chile | UF | - | 372,902 | 372,902 | Semiannual | 1.60
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | Bono International | 144A/Regulation S | United States | USD | 8,012,800 | - | 8,012,800 | Semiannual | 3.35
90,413,000-1 | Compañía Cervecerías Unidas S.A. (1) | Chile | Bono P | 897 28/06/2018 | Chile | UF | 772,633 | - | 772,633 | Semiannual | 3.35
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | Bono R | 1115 20/08/2022 | Chile | UF | 1,159,263 | - | 1,159,263 | Semiannual | 2.70
91,041,000-8 | Viña San Pedro Tarapacá S.A. (2) | Chile | Bono D | 986 12/12/2019 | Chile | UF | - | 57,780,276 | 57,780,276 | Semiannual | 1.00
Total |  |  |  |  |  |  | 11,240,508 | 87,192,646 | 98,433,154 |  |

(1) | This obligation is hedged by a Cross Currency Swap agreement, Note 7 - Financial instruments.

(2) | This obligation is partially hedged by a Cross Currency Swap agreement, Note 7 - Financial instruments.

(*) | The amount based on the undiscounted contractual flows is found in Note 5 - Risk administration.

Non-current bank borrowings and bonds payable

The maturities and interest rates of these obligations are detailed as follows:

As of December 31, 2025:

|  |  |  |  |  |  | Maturity (*) |  |  |
Debtor Tax ID | Company | Debtor country | Lending party Tax ID | Creditor name | Creditor country | Currency | Over 1 year to 3 years | Over 3 years to 5 years | More than 5 years | Total | Type of amortization | Interest Rate
|  |  |  |  |  |  | ThCh$ | ThCh$ | ThCh$ | ThCh$ |  | (%)
Bank borrowings |  |  |  |  |  |  |  |  |  |  |
96,981,310-6 | Cervecería Kunstmann S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | 6,743,405 | - | - | 6,743,405 | At maturity | 6.07
96,981,310-6 | Cervecería Kunstmann S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | 5,986,916 | - | - | 5,986,916 | At maturity | 6.33
99,586,280-8 | Compañía Pisquera de Chile S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | 16,000,000 | - | - | 16,000,000 | At maturity | 5.86
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 799,122 | 913,282 | 1,255,762 | 2,968,166 | Quarterly | 5.50
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 1,663,327 | 1,900,946 | 2,376,181 | 5,940,454 | Quarterly | 5.00
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 545,870 | 545,869 | - | 1,091,739 | Semiannual | 5.50
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 561,466 | 421,099 | - | 982,565 | Semiannual | 5.50
Total |  |  |  |  |  |  | 32,300,106 | 3,781,196 | 3,631,943 | 39,713,245 |  |

(*) | The amount based on the undiscounted contractual flows is found in Note 5 - Risk administration.

F-101

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

|  |  |  |  |  |  | Maturity (*) |  |  |
Debtor Tax ID | Company | Debtor country | Registration | ID No. Instrument | Creditor country | Currency | Over 1 year to 3 years | Over 3 years to 5 years | More than 5 years | Total | Type of amortization | Interest Rate
|  |  |  |  |  |  | ThCh$ | ThCh$ | ThCh$ | ThCh$ |  | (%)
Bond payable |  |  |  |  |  |  |  |  |  |  |
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | Bond J | 898 2018/06/28 | Chile | UF | - | - | 119,288,156 | 119,288,156 | At maturity | 2.90
90,413,000-1 | Compañía Cervecerías Unidas S.A. (1) | Chile | Bond L | 897 2018/06/28 | Chile | UF | 14,986,219 | - | - | 14,986,219 | Semiannual | 1.20
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | Bond M | 898 2018/06/28 | Chile | UF | - | 80,441,606 | - | 80,441,606 | At maturity | 1.60
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | Bond International | 144A/Regulation S | United States | USD | - | - | 539,931,158 | 539,931,158 | At maturity | 3.35
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | Bond R | 1115 2022/08/20 | Chile | UF | - | - | 158,219,013 | 158,219,013 | At maturity | 2.70
90,413,000-1 | Compañía Cervecerías Unidas S.A. (1) | Chile | Bond P | 897 2018/06/28 | Chile | UF | - | - | 79,617,058 | 79,617,058 | At maturity | 3.35
Total |  |  |  |  |  |  | 14,986,219 | 80,441,606 | 897,055,385 | 992,483,210 |  |

(1) | This obligation is hedged by a Cross Currency Swap agreement, Note 7 - Financial instruments.

(*) | The amount based on the undiscounted contractual flows is found in Note 5 - Risk administration.

As of December 31, 2024:

|  |  |  |  |  |  | Maturity (*) |  |  |
Debtor Tax ID | Company | Debtor country | Lending party Tax ID | Creditor name | Creditor country | Currency | Over 1 year to 3 years | Over 3 years to 5 years | More than 5 years | Total | Type of amortization | Interest Rate
|  |  |  |  |  |  | ThCh$ | ThCh$ | ThCh$ | ThCh$ |  | (%)
Bank borrowings |  |  |  |  |  |  |  |  |  |  |
76,035,409-0 | Cervecera Guayacán SpA. | Chile | 97,004,000-5 | Banco de Chile | Chile | UF | 16,324 | 17,468 | 15,488 | 49,280 | Monthly | 3.39
76,035,409-0 | Cervecera Guayacán SpA. | Chile | 97,004,000-5 | Banco de Chile | Chile | UF | 27,793 | 31,085 | 34,830 | 93,708 | Monthly | 5.65
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | 30,000,000 | - | - | 30,000,000 | At maturity | 6.54
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | - | 90,000,000 | - | 90,000,000 | At maturity | 6.78
96,981,310-6 | Cervecería Kunstmann S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | 2,000,000 | - | - | 2,000,000 | At maturity | 7.32
96,981,310-6 | Cervecería Kunstmann S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | 1,000,000 | - | - | 1,000,000 | At maturity | 8.04
96,981,310-6 | Cervecería Kunstmann S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | 6,732,610 | - | - | 6,732,610 | At maturity | 7.74
96,981,310-6 | Cervecería Kunstmann S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | - | 5,977,327 | - | 5,977,327 | At maturity | 8.00
99,586,280-8 | Compañía Pisquera de Chile S.A. | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | 16,000,000 | - | - | 16,000,000 | At maturity | 6.66
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 1,227,678 | 1,227,678 | 1,688,058 | 4,143,414 | Quarterly | 5.61
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 2,544,816 | 2,544,816 | 3,181,018 | 8,270,650 | Quarterly | 5.00
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 545,636 | 545,635 | - | 1,091,271 | Semiannual | 5.50
0-E | Bebidas Bolivianas BBO S.A. | Bolivia | 0-E | Banco Mercantil Santa Cruz S.A. | Bolivia | BOB | 736,608 | 552,456 | - | 1,289,064 | Semiannual | 5.95
Total |  |  |  |  |  |  | 60,831,465 | 100,896,465 | 4,919,394 | 166,647,324 |  |

(*) | The amount based on the undiscounted contractual flows is found in Note 5 - Risk administration.

|  |  |  |  |  |  | Maturity (*) |  |  |
Debtor Tax ID | Company | Debtor country | Registration | ID No. Instrument | Creditor country | Currency | Over 1 year to 3 years | Over 3 years to 5 years | More than 5 years | Total | Type of amortization | Interest Rate
|  |  |  |  |  |  | ThCh$ | ThCh$ | ThCh$ | ThCh$ |  | (%)
Bond payable |  |  |  |  |  |  |  |  |  |  |
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | Bono J | 898 28/06/2018 | Chile | UF | - | - | 115,357,118 | 115,357,118 | Semiannual | 2.90
90,413,000-1 | Compañía Cervecerías Unidas S.A. (1) | Chile | Bono L | 897 28/06/2018 | Chile | UF | 43,447,522 | - | - | 43,447,522 | Semiannual | 1.20
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | Bono M | 898 28/06/2018 | Chile | UF | - | - | 78,066,626 | 78,066,626 | Semiannual | 1.60
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | Bond International | 144A/Regulation S | United States | USD | - | - | 592,159,908 | 592,159,908 | Semiannual | 3.35
90,413,000-1 | Compañía Cervecerías Unidas S.A. (1) | Chile | Bono P | 897 28/06/2018 | Chile | UF | - | - | 77,018,766 | 77,018,766 | Semiannual | 3.35
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | Bono R | 1115 20/08/2022 | Chile | UF | - | - | 152,953,980 | 152,953,980 | Semiannual | 2.70
Total |  |  |  |  |  |  | 43,447,522 | - | 1,015,556,398 | 1,059,003,920 |  |

(1) | This obligation is hedged by a Cross Currency Swap agreement, Note 7 - Financial instruments.

(*) | The amount based on the undiscounted contractual flows is found in Note 5 - Risk administration.

Details of the fair value of bank borrowings, financial leases obligations and bonds payable are described in Note 7 - Financial instruments.

The current effective interest rates of bond obligations are as follows:

Bonds Serie J |  | 2.89% |
Bonds Serie L |  | 1.21% |
Bonds Serie M |  | 0.87% |
Bonds International |  | 3.30% |
Bonds Serie P |  | 3.36% |
Bonds Serie R |  | 2.81% |

F-102

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The terms and conditions of the main interest accruing obligations as of December 31, 2025, are detailed as follows:

| A) | Bank Borrowings

Banco del Estado de Chile - Bank Loans

| a) | On July 27, 2012, the subsidiary Compañía Pisquera Chile S.A. (CPCh) signed a bank loan with the Banco del Estado de Chile for a total of ThCh$ 16,000,000, with maturity on July 27, 2017.

This loan accrues interest at an annual fixed rate of 6.86% and an effective rate of 7.17% per annum. The subsidiary paid interest semi-annually, and the capital amortization consists of a single payment at the end of the established term.

On July 27, 2017 this loan was renewed for 5 years, with maturity on July 27, 2022.

This loan accrues interest at an annual fixed rate of 4.68%. The Subsidiary pays interest semi-annually and the capital amortization consists of a single payment at the end of the established term.

On July 27, 2022 this loan was renewed for 5 years, with maturity on July 27, 2027.

This loan bears interest at a annual fixed rate of 8.664%. The company pays interests semiannually and the principal amortization consists of a single payment at the end of the established term.

On June 27, 2024, the interest rate was refinanced at a annual fixed rate of 7.608%, maintaining the current terms of the loan.

On November 15, 2024, the interest rate was refinanced at a annual fixed rate of 6.66%, maintaining the current terms of the loan.

On December 19, 2025, the interest rate was refinanced at a annual fixed rate of 5.86%, maintaining the current terms of the loan.

This obligation is subject to certain reporting obligations in addition to complying with the following financial ratios, which will be measured on the half-yearly financial statements of CPCh:

| a. | Maintain a Financial Expense Coverage not less than 3, calculated as the relationship between Gross Margin less Marketing costs, Distribution and Administration expenses, plus Other income by function, less Other expenses by function, plus Depreciation and Amortization, divided by Financial costs.

| b. | Maintain a debt ratio of no more than 3, measured as Total liabilities divided by Equity.

| c. | Maintain an Equity higher than UF 770,000.

In addition, this loan obliges CPCh to comply with certain restrictions of affirmative nature, including maintaining insurance, maintaining the ownership of essential assets, and also to comply with certain restrictions, such as not to pledge, mortgage or grant any kind of encumbrance or real right over any fixed asset with an individual accounting value higher than UF 10,000, except under the terms established by the agreement, among other.

On the other hand, the Company, through an agreement dated July 27, 2022, forces to maintain a direct or indirect shareholding of at least 50.1%, which allows it to control its subsidiary Compañía Pisquera de Chile S.A. during the term of this loan.

As of December 31, 2025 the subsidiary and the Company were in compliance with the financial covenants.

| b) | On April 16, 2021, the subsidiary Cervecería Kunstmann S.A. signed a bank loan with Banco del Estado de Chile for a total of ThCh$ 1,000,000, at a fixed interest rate maturing on April 17, 2023.

On April 17, 2023, this loan was renewed for a 3-year term, maturing on April 17, 2026 at an annual fixed rate of 8.04% maturing April 17, 2026.

F-103

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

On January 9, 2025, the interest rate was refinanced at a annual fixed rate of 6.84%, maintaining the current terms of the loan.

On December 19, 2025, the interest rate was refinanced at an annual fixed rate of 6.27%, maintaining the current terms of the loan.

The subsidiary pays interest semi-annually and principal in a single payment at the end of the established term.

| c) | On April 21, 2021, the subsidiary Cervecería Kunstmann S.A. signed a bank loan with Banco del Estado de Chile for a total of ThCh$ 2,000,000, at a fixed interest rate maturing on April 21, 2023.

On April 21, 2023, this loan was renewed for a 3-year term, maturing on April 21, 2026 at an annual fixed rate of 8.58%.

On June 5, 2024, the interest rate was refinanced at an annual fixed rate of 7.32%, maintaining the current terms of the loan.

On January 9, 2025, the interest rate was refinanced at a annual fixed rate of 6.84%, maintaining the current terms of the loan.

On December 19, 2025, the interest rate was refinanced at an annual fixed rate of 6.20%, maintaining the current terms of the loan.

The subsidiary pays interest semi-annually and principal in a single payment at the end of the established term.

| d) | On July 19, 2022, the subsidiary Cervecería Kunstmann S.A. subscribed a bank loan with Banco del Estado de Chile for a total of ThCh$ 2,000,000, at a fixed interest rate of 8.70%, maturing on July 18, 2025.

On June 5, 2024, the interest rate was refinanced at an annual fixed rate of 7.35% maintaining the current terms of the loan.

On January 9, 2025, the interest rate was refinanced at a annual fixed rate of 6.84%, maintaining the current terms of the loan.

On July 18, 2025, this loan was fully paid.

The subsidiary pays interest semiannually and the principal in a single payment at the end of the established term.

| e) | On August 11, 2022, the subsidiary Cervecería Kunstmann S.A. subscribed a bank loan with Banco del Estado de Chile for a total of ThCh$ 6,750,000, at a fixed interest rate of 8.598%, maturing on August 11, 2027.

On June 5, 2024, the interest rate was refinanced at an annual fixed rate of 7.74%, maintaining the current terms of the loan.

On January 9, 2025, the interest rate was refinanced at a annual fixed rate of 7.44%, maintaining the current terms of the loan.

On December 19, 2025, the interest rate was refinanced at a annual fixed rate of 6.07%, maintaining the current terms of the loan.

The subsidiary pays interest semiannually and the principal in a single payment at the end of the established term.

The bank loan mentioned above requires compliance with certain information requirements and also with certain financial ratios, which will be measured on the subsidiary's Semi-Annual Consolidated Financial Statements:

| a. | A Coverage of Financial Expenses higher than or equal to four times. For these purposes, Financial Expenses Coverage is defined as ORBDA divided by the item “Financial Expenses” of the Consolidated Financial Statements of the Debtor measured over the last 12 months, ORBDA is defined as the Operating Income plus Depreciation for the Year and plus amortization of Intangible Assets.

F-104

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

| b. | A ratio of Net Financial Debt to ORBDA less than or equal to three times. For these purposes the Net Financial Debt is the difference between /i/ the sum of the item “Others Financial Liabilities, Current and Non-Current”; and /ii/ the sum of the item "Cash and Cash Equivalent" in the Consolidated Financial Statements of the Debtor.

Additionally, this loan forces the subsidiary to comply with certain negative restrictions, such as not granting real guarantees. These are pledges and mortgages to guarantee its own or third-party obligations without prior authorization and by writing of the Bank for an amount equal to or greater than ten percent of the total fixed assets of the Debtor.

As of December 31, 2025 the subsidiary was in compliance with the financial covenants.

| f) | On May 12, 2023, the subsidiary Cervecería Kunstmann S.A. subscribed a bank loan with Banco del Estado de Chile for a total of ThCh$ 6,000,000, at a fixed interest rate of 7.998%, maturing on May 12, 2028.

On January 9, 2025, the interest rate was refinanced at a annual fixed rate of 7.44%, maintaining the current terms of the loan.

On December 19, 2025, the interest rate was refinanced at a annual fixed rate of 6.33%, maintaining the current terms of the loan.

The subsidiary pays interest semiannually and the principal in a single payment at the end of the established term.

The bank loan mentioned above requires compliance with certain information requirements and also with certain financial ratios, which will be measured on the subsidiary's Semi-Annual Consolidated Financial Statements:

| a. | A Coverage of Financial Expenses higher than or equal to four times. For these purposes, Financial Expenses Coverage is defined as ORBDA divided by the item “Financial Expenses” of the Consolidated Financial Statements of the Debtor measured over the last 12 months, ORBDA is defined as the Operating Income plus Depreciation for the Year and plus amortization of Intangible Assets.

| b. | A ratio of Net Financial Debt to ORBDA less than or equal to three times. For these purposes the Net Financial Debt is the difference between /i/ the sum of the item “Others Financial Liabilities, Current and Non-Current”; and /ii/ the sum of the item "Cash and Cash Equivalent" in the Consolidated Financial Statements of the Debtor.

Additionally, this loan forces the subsidiary to comply with certain negative restrictions, such as not granting real guarantees. These are pledges and mortgages to guarantee its own or third-party obligations without prior authorization and by writing of the Bank for an amount equal to or greater than ten percent of the total fixed assets of the Debtor.

As of December 31, 2025 the subsidiary was in compliance with the financial covenants.

| g) | On April 13, 2017, Compañía Cervecerías Unidas S.A. signed a bank loan with Banco del Estado de Chile for a total of ThCh$ 40,000,000, at a fixed interest rate, maturing on April 13, 2022.

On April 13, 2022, this loan was renewed for a 5-year term, maturing on April 13, 2027 at an annual fixed rate of 8.34%.

The Company pays interest semi-annually, and the capital amortization consists in a single payment at the end of the established term.

On March 31, 2023, ThCh$ 10,000,000 of principal due was paid in advance.

On May 17, 2024, the interest rate was refinanced at an annual fixed rate of 7.5%, maintaining the other current terms of the loan.

On November 15, 2024, the interest rate was refinanced at a annual fixed rate of 6.54%, maintaining the current terms of the loan.

On April 15, 2025, this loan was fully paid.

F-105

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

| h) | On October 13, 2021, Compañía Cervecerías Unidas S.A. signed a bank loan with Scotiabank Chile for a total of ThCh$ 90,000,000, at a fixed interest rate, maturing on April 6, 2023.

On April 6, 2023, the loan was renewed with Banco del Estado de Chile for a term of 5 years, maturing on April 6, 2028 at an annual fixed rate of 7.17%.

On November 15, 2024, the interest rate was refinanced at a annual fixed rate of 6.78%, maintaining the current terms of the loan.

The Company pays interest semi-annually and principal in a single payment at the end of the established term.

On April 15, 2025, this loan was fully paid.

Banco Scotiabank Chile - Bank Loans

| a) | On December 9, 2019, the subsidiary Cervecería Kunstmann S.A. signed a bank loan with Banco Scotiabank Chile for a total of ThCh$ 10,000,000 (current balance to ThCh$ 833,333 as of December 31, 2025), at a fixed interest rate of 3.45%, maturing on December 9, 2025.

The subsidiary pays interest and capital semi-annually with a first payment on June 9, 2020.

On December 9, 2025, this loan was fully paid.

| b) | On March 17, 2020, the subsidiary Cervecería Kunstmann S.A. signed a bank loan with Banco Scotiabank Chile for a total of ThCh$ 3,000,000 at a fixed interest rate of 3.95% and maturity on March 16, 2025.

The subsidiary pays interest semi-annually and capital amortization consists of a single payment at the end of the established term.

On March, 17, 2025 this loan was fully paid.

Banco Crédito e Inversiones - Bank loans

| a) | On May 18, 2020, D&D SpA. entered into a bank loan with Banco de Crédito e Inversiones for a total of ThCh$ 69,000 at a fixed interest rate of 3.5%, maturing on April 24, 2024.

The subsidiary pays interest and principal on a monthly basis.

On April 24, 2024, the loan was fully paid.

| b) | On July 23, 2021, D&D SpA. entered into a bank loan with Banco de Crédito e Inversiones for a total of ThCh$ 100,000 at a fixed interest rate of 6.96%, maturing on June 16, 2025.

The subsidiary pays interest and principal on a monthly basis.

On June 16, 2025, the loan was fully paid.

F-106

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Banco Mercantil Santa Cruz S.A. - Bank loans

| a) | On June 26, 2017, the subsidiary Bebidas Bolivianas S.A. (BBO) signed a bank loan with Banco Mercantil Santa Cruz S.A. for a total of 68,877,500 bolivians (equivalent outstanding balance is ThCh$ 5,940,453 as of December 31, 2025), at a fixed interest rate of 5.0%, maturing on April 4, 2032.

This loan accrues interest at a fixed interest rate. The subsidiary pays interest on a quarterly basis, and the capital amortization began to be settled from November 12, 2024 on a quarterly basis.

| b) | On May 31, 2019, the subsidiary BBO signed a bank loan with Banco Mercantil Santa Cruz S.A. for a total of 34,300,000 bolivians (equivalent outstanding balance is ThCh$ 2,968,166 as of December 31, 2025), at a fixed interest rate of 5.5%, maturing on June 21, 2032.

This loan accrues interest at a fixed interest rate. The subsidiary pays interest on a quarterly basis and the capital amortization began to be settled from October 31, 2024 on a quarterly basis.

| c) | On June 30, 2022, the subsidiary BBO signed a bank loan with Banco Mercantil Santa Cruz S.A. for a total of 17,150,000 bolivians (equivalent outstanding balance is ThCh$ 1,091,739 as of December 31, 2025), at a fixed interest rate of 5.5% and maturing on June 25, 2028.

This loan accrues interest at a fixed interest rate. The subsidiary will pays interest on a semi-annual basis, and the capital amortization began to be settled on June 25, 2024 on a semi-annual basis.

| d) | On May 29, 2023, the subsidiary BBO signed a bank loan with Banco Mercantil Santa Cruz S.A. for a total of 10,290,000 bolivians (equivalent outstanding balance is ThCh$ 982,565 as of December 31, 2025), at a fixed interest rate of 5.5% and maturing on May 10, 2029.

This loan accrues interest at a fixed interest rate. The subsidiary will pay interest on a semi-annual basis, and the capital amortization will begin to be settled on November 10, 2025 on a semi-annual basis.

| B) | Bonds

Series J Bonds - CCU S.A.

On June 28, 2018, CCU S.A. registered in the Securities Register, under the number 898, the issuance of its Series J Bond, bearer and dematerialized, for a total of UF 3 million (the balance outstanding is ThCh$ 119,183,880 as of December 31, 2025) with maturity on August 10, 2043. The Series J bonds will accrue on the unpaid capital expressed in Unidades de Fomento, an annual interest of 2.9%, compounded, due, calculated on the basis of equal semesters of 180 days, equivalent to 1.4396% semi-annual. Interest will accrue as of August 10, 2018, will be paid semiannually as of February 10, 2019 and the principal will be paid at the end of the bond term.

The issue was subscribed with Banco BICE as the representative of the bond holders and the payer bank and requires the Company to comply with the following financial indicators with respect to its Consolidated Financial Statements and other specific indicated in letter C), number 1) Restrictions and compliance of financial obligations.

Series L Bonds - CCU S.A.

On June 28, 2018 under the number 897, CCU S.A. recorded in the Securities Registry the issuance of a 10-years Bonds line. The issuer may issue one or more series of Bonds directed to the market general.

By public complimentary deed on June 10, 2020 the Company recorded in the Securities Record the issue of Bonds Series L for UF 3 million (the balance outstanding is ThCh$ 44,693,955 as of December 31, 2025), maturing on June 1, 2027. The Series L Bonds will accrue on the unpaid capital expressed in UF an interest rate of 1.20% calculated on the basis of equal semesters of 180 days, equivalent to 0.5982% semiannual. The interests will be accrued from June 1, 2020 and will be paid semiannually as from December 1, 2020. The principal will be paid semiannually as from December 1, 2023.

The issue was subscribed with Banco BICE as representative of the bond holders and as paying bank and it requires that the Company complies with the following financial covenants on its Consolidated Financial Statements and other specific requirements indicated in letter C), number 1) Restrictions and compliance of financial obligations.

F-107

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The inflation risk associated to the interest rate to wich L Bond is exposed is mitigated through the use of Cross Currency Swap contracts, wich fix the rate. See the details of the Company´s hedging in Note 7 - Financial Instruments.

Series M Bonds - CCU S.A.

On June 28, 2018 under the number 898, CCU S.A. recorded in the Securities Registry the issuance of a 30-years Bonds line. The issuer may issue one or more series of Bonds directed to the market general.

As stated in a complementary public deed, dated June 10, 2020, the Series M Bond has been placed, bearer and dematerialized, for a total of UF 2 million (the balance outstanding is ThCh$ 79,455,920 as of December 31, 2025) with maturity on June 1, 2030. The Series M bonds will accrue interest at an annual rate of 1.60% per annum on the unpaid principal expressed in Unidades de Fomento, compounded, due, calculated on the basis of equal semesters of 180 days, equivalent to 0.7968% per semester. Interest will accrue as from June 1, 2020, will be paid semi-annually as from December 1, 2020 and the principal will be paid at the end of the bond term.

The issue was subscribed with Banco BICE as representative of the bond holders and as paying bank, It requires that the Company complies with the following financial covenants on its Consolidated Financial Statements and other specific requirements indicated in letter C), number 1) Restrictions and compliance of financial obligations.

Series P Bonds - CCU S.A.

On March 15, 2022 under the number 897, CCU S.A. recorded in the Securities Registry the issuance of a 10-years Bonds line. The issuer may issue one or more series of Bonds directed to the market general.

As stated in a complementary public deed, dated March 30, 2022, the Series P Bond has been placed, bearer and dematerialized, for a total of UF 2 million (the balance outstanding is ThCh$ 79,455,920 as of December 31, 2025) with maturity on March 15, 2032. The Series P bonds will accrue interest at an annual rate of 3.35% per annum on the unpaid principal expressed in Unidades de Fomento, compounded, due, calculated on the basis of equal semesters of 180 days, equivalent to 1.6% per semester, Interest will accrue as from March 15, 2022, will be paid semi-annually as from September 15, 2022 and the principal will be paid at the end of the bond term.

The issue was subscribed with Banco BICE as representative of the bond holders and as paying bank. It requires that the Company complies with the following financial covenants on its Consolidated Financial Statements and other specific requirements indicated in letter C), number 1) Restrictions and compliance of financial obligations.

The inflation risk associated to the interest rate to wich P Bond is exposed is mitigated through the use of Cross Currency Swap contracts, wich fix the rate. See the details of the Company´s hedging in Note 7 - Financial Instruments.

Series International - CCU S.A.

On January 19, 2022, the Company issued and placed in the international markets bonds in the amount of USD 600,000,000 (equivalent to ThCh$ 544,278,000 as of December 31, 2025), with an annual interest rate of 3.350%, payable semiannually for a term of 10 years, and payment of the principal in one installment at maturity on January 19, 2032, subject to Rule 144 and Regulation S of the U.S. Securities Act of 1933.

Bond Serie R - CCU S.A.

On August 30, 2022 and under number 1,115, CCU S.A. registered in the relevant securities registry a new line of bonds, in which a line of 30-year bonds was established, under which the issuer may issue one or more series of bonds to the market.

As stated in the complementary public documents dated August 26, 2022, the Series R Bond, bearer and dematerialized, has been placed for a total of UF 4 million (equivalent to ThCh$ 158,911,840 as December 31, 2025), maturing on September 15, 2042. The Series R bonds will accrue a compounded annual interest rate of 2.70% on the outstanding principal, expressed in Unidades de Fomento, calculated on the basis of equal semesters of 180 days, equivalent to 1.3410% semiannually. Interest will be accrued as from September 15, 2022, and will be paid semi-annually as from March 15, 2023. The principal will be paid at the end of the bond term.

The issue was subscribed with Banco BICE as representative of the bondholders and paying bank, requiring that the Company complies with the following covenants with respect to its Consolidated Financial Statements and other specific requirements indicated in letter C), number 2) Restrictions and compliance of financial obligations.

F-108

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Series D Bonds - VSPT S.A.

On December 12, 2019 under the number 986, VSPT recorded in the Securities Registry the issuance of a 10-years Bonds line. The issuer may issue one or more series of Bonds.

By public complimentary deed on June 10, 2020, VSPT recorded in the Securities Record the issue of Bonds Series D for UF 1.5 millions, maturing on June 1, 2025. The interest will be paid semiannually from December 1, 2020 at a fixed interest rate of 1.00% annually and the principal will be paid at the end of the bond term.

The issue was subscribed with Banco BICE as representative of the bond holders and as paying bank and required that the Company comply with certain financial covenants on its Consolidated Financial Statements and other specific requirements.

On June 1, 2025, this bonus was paid amounting ThCh$ 59,085,003.

The exchange rate risk to which D Bond was exposed was proportionally mitigated through the use of Cross Currency Swap contracts. See detail of the Company's hedging in Note 7 - Financial Instruments.

C) Restrictions and compliance of financial obligations.

| 1) | Covenants - Series J, L, M, P Bonds.

| a. | Maintain at the end of each quarter a level of Consolidated Net Financial Debt reflected in each of its quarterly Consolidated Financial Statements not greater than 1.5 times defined as the ratio between Net Financial Debt and Total Adjusted Equity, hereinafter “Consolidated Net Financial Debt Level”. To determine the Consolidated Net Financial Debt Level, it will be based on the quarterly Consolidated Financial Statements and the following will be considered: /i/ “Net Financial Debt”, the difference between /x/ the unpaid amount of the “Financial Debt”, which is the sum of the lines, current and non-current, Bank loans, Bonds and Obligations for financial leases, contained in the Note Other financial liabilities and will not be considered for the calculation and determination of Financial Debt Net, the total amount of the liability for the obligation for rights to use assets of the account or subaccount of "IFRS 16", current and non-current, and /y/ the balance of the Cash and Cash Equivalents item contained in the Statement Consolidated Financial Position of the Issuer, and /ii/ “Total Adjusted Equity” the sum of /x/ Total Equity e /y/ the sum of the accounts Provisional Dividends, Dividends provisioned according to policy, as well as all other accounts related to provision of dividends contained in the Statement Consolidated of Changes in the Issuer's Equity.

| b. | The Issuer must maintain a consolidated financial expense coverage of not less than 3 times, defined as the ratio between ORBDA and Financial Costs. ORBDA1 is the sum of the accounts Gross Margin and Other Income by Function, less the accounts Distribution Costs, Administrative Expenses and Other Expenses by Function and plus the line Depreciation and Amortization recorded in the Note Costs and Expenses by Nature. For Financial Costs, the account of the same name contained in the Consolidated Statement of Income by Function. The Consolidated Financial Expense Coverage will be calculated for the twelve consecutive months prior to the date of the corresponding Consolidated Financial Statements, including the month of closing of such Consolidated Financial Statements.

| c. | The Issuer shall maintain an Adjusted Shareholders' Equity at the consolidated level of at least ThCh$ 312,516,750. For these purposes, Adjusted Shareholders' Equity corresponds to the sum of /i/ the account Equity attributable to owners of the controlling company contained in the Consolidated Statement of Financial Position, and /ii/ the sum of the accounts Dividends, Dividends provided according to policy, as well as all other accounts related to provision for dividends, contained in the Consolidated Statement of Changes in Shareholders' Equity.

| d. | The Issuer shall maintain unencumbered assets for an amount equal to at least 1.2 times the outstanding amount of unsecured financial debt, For these purposes, assets and debts shall be valued at book value. The term "unencumbered assets" means: /a/ the difference between /i/ the Total Assets account in the Consolidated Statement of Financial Position, and /ii/ the assets pledged as collateral indicated in the Note on Contingencies and Commitments of the Consolidated Financial Statements; and /b/ Financial Debt, the definition given to this term is found in the Indenture.

1 ORBDA, for the Company purposes, is defined as Adjusted Operating Result before Depreciation and Amortization.

F-109

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

| e. | The Issuer shall maintain, either directly or indirectly, ownership over more than 50% of the subscribed and paid-up shares and over the voting rights of the following companies: Cervecera CCU Chile Ltda. and Embotelladoras Chilenas Unidas S.A.

| f. | Maintain a nominal installed capacity for the production, indistinctly, of Beer and/or Alcoholic Beverages and/or Nectars and/or Mineral and/or Bottled Waters, hereinafter the "Essential Businesses", equal to or not less, either with respect to one or more of the aforementioned categories or all of them together, than 15.9 million hectoliters per year.

| g. | The Issuer shall maintain, directly or through a subsidiary, ownership of the trademark "CRISTAL", word or word, for beer, in class 32 of the International Classifier of Products and Services for the registration of trademarks.

| h. | The Issuer shall not make investments in instruments issued by "related parties" other than its subsidiaries, nor to carry out with them other transactions outside its normal line of business, under conditions other than those established in Title XVI of the Corporations Law.

As of December 31, 2025, the Company was in compliance with the financial covenants.

| 2) | Covenants - Series R Bonds.

| a. | Maintain at the end of each quarter a level of Consolidated Net Financial Debt reflected in each of its quarterly Consolidated Financial Statements not greater than 1.5 times defined as the ratio between Net Financial Debt and Total Adjusted Equity, hereinafter “Consolidated Net Financial Debt Level”. To determine the Consolidated Net Financial Debt Level, it will be based on the quarterly Consolidated Financial Statements and the following will be considered: /i/ “Net Financial Debt”, the difference between /x/ the unpaid amount of the “Financial Debt”, which is the sum of the lines, current and non-current, Bank loans, Bonds and Obligations for financial leases, contained in the Note Other financial liabilities, and /ii/ “Total Adjusted Equity” the sum of /x/ Total Equity e /y/ the sum of the accounts Provisional Dividends, Dividends provisioned according to policy, as well as all other accounts related to provision of dividends contained in the Statement Consolidated of Changes in the Issuer's Equity.

| b. | The Issuer must maintain a Consolidated Financial Expense Coverage of no less than three times defined as the ratio between ORBDA2 and Financial Expenses. ORBDA is defined as the sum of the items Gross margin and Other income per function minus the items Distribution expenses, Administrative expenses, and Other expenses per function registered in the Consolidated Financial Statments of Incomes of the quarterly Consolidated Financial Statement of the issuer, plus the Depreciation and Amortization line recorded in the Note Costs and Expenses by Nature, Financial Expenses refers to the account of the same name referred to in the Consolidated Statement of Income by Function. The Consolidated Financial Expenses Coverage Ratio will be calculated for the period of 12 consecutive months prior to the date of the corresponding Consolidated Financial Statements including the closing month of said Consolidated Financial Statements.

| c. | The issuer must maintain an Adjusted Equity at a consolidated level for an amount of at least equal to ThCh$ 312,516,750. For these purposes, Adjusted Equity corresponds to the sum of /i/ the Equity account attributable to the owners of the controlling entity in the Consolidated Statement of Financial Position, and /ii/ the sum of the accounts Dividends, Dividends provisioned according to policy, as well as all other accounts relating to the provision of dividends, contained in the Consolidated Statement of Changes in Equity.

| d. | The issued must maintain Lien-Free Assets for an amount equal to at least 1.2 times the unpaid amount of the Financial Debt without collateral. For these purposes, the assets and debts will be valued at book value. The following shall be understood: /a/ Assets Free of Liens is the difference between /i/ the Total Assets account in the Consolidated Statement of Financial Position, and /ii/ the assets given as guarantees indicated in the Note on Contingencies and Commitments of the Consolidated Financial Statements; and /b/ Fianancial Debt is the definition given to said term in number Four letter a/ /i/ of the Fifteenth clause of the Issuance Contract. It is expressly recorded and established that as of the mandatory entry of IFRS 16 on January 1, 2019, which was issued and approved by the International Accounting Standards Board regarding the calculation of Financial Debt that must be made in accordance with number Four and Five of Clause Fifteen of the Issuance Contract after said date. The account or respective subaccount refers to the total amount of the liability for obligation for rights of use assets or the name that the Commission defines for this purpose. Due to the entry of the aforementioned standard, it must be disclosed as a financial liability within the items, Other current financial liabilities and Other non-current financial liabilities, which will not be considered, incorporated or used for the calculation and determination of said Financial Debt.

2 ORBDA, for the Company purposes, is defined as Adjusted Operating Result before Depreciation and Amortization.

F-110

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

| e. | Maintain, directly or indirectly, the ownership of more than fifty percent of the social rights and of the subscribed and paid shares, respectively, of: /a/ Cervecera CCU Chile Limitada and /b/ Embotelladoras Chilenas Unidas S.A.

| f. | Maintain a nominal installed capacity for the production without distinction of Beers and/or non-alcoholic Beverages and/or Nectars and/or Mineral and/or Packaged Waters, Hereinafter, the "Essential Businesses" equal to and not inferior to either with respect to one or more of the aforementioned categories or all of them together, 15.9 million hectoliters per year.

| g. | Maintain directly or through a Subsidiary, the ownership of the trademark "CRISTAL", brand or word, for beer, in class 32 of the International Classifier of Products and Services for the registration of trademarks.

| h. | The Issuer shall not make investments in instruments issued by "related parties" other than its subsidiaries, nor to carry out with them other transactions outside its normal line of business, under conditions other than those established in Title XVI of the Corporations Law.

As of December 31, 2025, the Company was in compliance with the financial covenants.

F-111

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 22 Right of use assets and Lease liabilities

Right of use assets

The net book value of lands, buildings, machinery, fixtures and accessories, and other property, plant and equipment corresponds to financial lease contracts. The movement for assets by right of use is as follows:

| Land and buildings | Machinery | Fixtures, accessories and other properties, plants and equipment | Total
ThCh$ | ThCh$ | ThCh$ | ThCh$
As of January 1, 2024 |  |  |  |
Historic cost | 51,646,199 | 8,632,533 | 6,204,646 | 66,483,378
Accumulated depreciation | (20,795,664) | (6,083,151) | (3,859,342) | (30,738,157)
Book Value | 30,850,535 | 2,549,382 | 2,345,304 | 35,745,221
Additions | 14,742,255 | 710,231 | 3,875,974 | 19,328,460
Additions for business combinations (cost) (2) | 119,480 | - | - | 119,480
Conversion effect historic (cost) | (394,723) | (493,868) | (16,876) | (905,467)
Depreciation (*) | (8,414,007) | (2,156,709) | (1,403,956) | (11,974,672)
Conversion effect (depreciation) | 254,338 | 345,043 | (6,199) | 593,182
Others increases (decreases) (1) | 716,535 | 1,656,746 | 61,076 | 2,434,357
Write off (cost) | (293,531) | (264,372) | (250,557) | (808,460)
Write off (depreciation) | 183,848 | 181,719 | 119,504 | 485,071
Sub-Total | 6,914,195 | (21,210) | 2,378,966 | 9,271,951
Book Value | 37,764,730 | 2,528,172 | 4,724,270 | 45,017,172
As of December 31, 2024 |  |  |  |
Historic cost | 67,640,867 | 12,451,324 | 9,861,206 | 89,953,397
Accumulated depreciation | (29,876,137) | (9,923,152) | (5,136,936) | (44,936,225)
Book Value | 37,764,730 | 2,528,172 | 4,724,270 | 45,017,172
As of December 31, 2025 |  |  |  |
Additions | 8,511,775 | 3,760,456 | 1,991,906 | 14,264,137
Conversion effect historic (cost) | (3,403,254) | (2,891,210) | 9,106 | (6,285,358)
Depreciation (*) | (8,474,102) | (1,801,798) | (2,285,403) | (12,561,303)
Conversion effect (depreciation) | 1,637,684 | 2,447,447 | 489 | 4,085,620
Others increases (decreases) (1) | 2,684,517 | 806,554 | 189,060 | 3,680,131
Divestitures (cost) | (3,350,017) | (451,572) | (312,948) | (4,114,537)
Depreciation of disposals of assets for right of use | 3,316,598 | 159,439 | 222,104 | 3,698,141
Sub-Total | 923,201 | 2,029,316 | (185,686) | 2,766,831
Book Value | 38,687,931 | 4,557,488 | 4,538,584 | 47,784,003
As of December 31, 2025 |  |  |  |
Historic cost | 70,570,666 | 14,408,438 | 11,756,484 | 96,735,588
Accumulated depreciation | (31,882,735) | (9,850,950) | (7,217,900) | (48,951,585)
Book Value | 38,687,931 | 4,557,488 | 4,538,584 | 47,784,003

| (1) | It corresponds mainly to the financial effect of the application of IAS 29 “Financial Information in Hyperinflationary Economies.

| (2) | See Note 1 - General information, letter C), number (3).

(*) | This amount includes ThCh$ 184,727 (ThCh$ 331,402 as of 2024) for depreciation activated by agricultural assets, associated to the cost of sale of wine.

F-112

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Lease liabilities

Lease libialities that accrue interest classified by type of obligation and by their classification in the Consolidated Statement of Financial Position are the following:

| As of December 31, 2025 | As of December 31, 2024
Current | Non-current | Current | Non-current
ThCh$ | ThCh$ | ThCh$ | ThCh$
Lease liabilities (1) | 9,689,870 | 42,232,779 | 9,451,551 | 39,782,317
Total | 9,689,870 | 42,232,779 | 9,451,551 | 39,782,317

| (1) | See Note 5 - Risk administration.

The most significant financial lease agreements are as follows:

CCU S.A.

In December, 2004, the Company sold a piece of land previously classified as investment property. As part of the transaction, the Company leased eleven floors of a building under construction on the mentioned piece of land.

The building was completed during 2007, and on June 28, 2007, the Company entered into a 25-years lease agreement with Compañía de Seguros de Vida Consorcio Nacional de Seguros S.A., for a total amount of UF 688,635.63 with an annual interest rate of 7.07%. The current value of the agreement amounted to ThCh$ 10,403,632 as of December 31, 2007. The agreement also grants CCU the right or option to acquire the assets contained in the agreement (real estate, furniture and facilities) as from month 68 of the lease. The lease rentals committed are according to the conditions prevailing in the market.

At the time of sale, the Company recognized ThCh$ 3,108,950 as a gain for the building portion not leased by the Company and ThCh$ 2,276,677 as a liability that was deferred until completion of the building. At this time, the Company recorded the transaction as a financial lease.

On February 28, 2018, the Company carried out an amendment to the contract with Compañía de Seguros de Vida Consorcio Nacional de Seguros S.A., recording a balance debt of UF 608,375, with 2.59% annual interest and maturity on February 5, 2048.

The book value, nominal value, and interest rates of these lease liabilities are as follows:

Current lease liabilities

As of December 31, 2025

Lease liabilities at book value:

|  |  |  |  |  |  | Maturity (*) |  |  |
Debtor Tax ID | Company | Debtor country | Lending party Tax ID | Creditor name | Creditor country | Currency | 0 to 3 months | 3 months to 1 year | Total | Type of amortization | Interest Rate
|  |  |  |  |  |  | ThCh$ | ThCh$ | ThCh$ |  | (%)
Lease liabilities |  |  |  |  |  |  |  |  |  |  |
79,862,750-3 | Transportes CCU Limitada | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | 17,361 | 35,321 | 52,682 | Monthly | 2.14
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | 99,012,000-5 | Consorcio Nacional de Seguros S.A. | Chile | UF | 161,035 | 491,723 | 652,758 | Monthly | 3.95
Subtotal |  |  |  |  |  |  | 178,396 | 527,044 | 705,440 |  |
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | CLP | 56,062 | 162,479 | 218,541 | Monthly | 6.30
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | USD | 112,186 | 297,096 | 409,282 | Monthly | 4.96
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | UF | 1,943,583 | 4,960,799 | 6,904,382 | Monthly | 3.28
0-E | CCU and subsidiaries | Argentina | - | Suppliers of PPE | Argentina | ARS | 77,179 | 231,532 | 308,711 | Monthly | 56.94
0-E | CCU and subsidiaries | Argentina | - | Suppliers of PPE | Argentina | USD | 126,118 | 378,352 | 504,470 | Monthly | 8.09
0-E | CCU and subsidiaries | Paraguay | - | Suppliers of PPE | Paraguay | PYG | 21,408 | 67,499 | 88,907 | Monthly | 9.77
0-E | CCU and subsidiaries | Paraguay | - | Suppliers of PPE | Paraguay | USD | 91,571 | 327,334 | 418,905 | Monthly | 10.24
0-E | CCU and subsidiaries | Uruguay | - | Suppliers of PPE | Uruguay | UYU | 41,322 | 89,910 | 131,232 | Monthly | 7.71
Subtotal (leases IFRS ) |  |  |  |  |  |  | 2,469,429 | 6,515,001 | 8,984,430 |  |
Total |  |  |  |  |  |  | 2,647,825 | 7,042,045 | 9,689,870 |  |

(*) | The amount based on the undiscounted contractual flows is found in Note 5 - Risk administration.

F-113

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Lease liabilities at nominal value:

|  |  |  |  |  |  | Maturity |  |
Debtor Tax ID | Company | Debtor country | Lending party Tax ID | Creditor name | Creditor country | Currency | 0 to 3 months | 3 months to 1 year | Total | Type of amortization
|  |  |  |  |  |  | ThCh$ | ThCh$ | ThCh$ |
Lease liabilities |  |  |  |  |  |  |  |  |
79,862,750-3 | Transportes CCU Limitada | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | 17,995 | 53,801 | 71,796 | Monthly
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | 99,012,000-5 | Consorcio Nacional de Seguros S.A. | Chile | UF | 344,080 | 1,032,239 | 1,376,319 | Monthly
Subtotal |  |  |  |  |  |  | 362,075 | 1,086,040 | 1,448,115 |
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | CLP | 61,603 | 167,161 | 228,764 | Monthly
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | UF | 2,153,072 | 5,468,102 | 7,621,174 | Monthly
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | USD | 158,702 | 432,019 | 590,721 | Monthly
0-E | CCU and subsidiaries | Argentina | - | Suppliers of PPE | Argentina | ARS | 194,584 | 447,643 | 642,227 | Monthly
0-E | CCU and subsidiaries | Argentina | - | Suppliers of PPE | Argentina | USD | 157,491 | 468,116 | 625,607 | Monthly
0-E | CCU and subsidiaries | Paraguay | - | Suppliers of PPE | Paraguay | PYG | 28,390 | 85,170 | 113,560 | Monthly
0-E | CCU and subsidiaries | Paraguay | - | Suppliers of PPE | Paraguay | USD | 479,201 | 1,437,604 | 1,916,805 | Monthly
0-E | CCU and subsidiaries | Uruguay | - | Suppliers of PPE | Uruguay | UYU | 49,877 | 106,264 | 156,141 | Monthly
Subtotal (leases IFRS ) |  |  |  |  |  | 3,282,920 | 8,612,079 | 11,894,999 |
Total |  |  |  |  |  |  | 3,644,995 | 9,698,119 | 13,343,114 |

As of December 31, 2024

Lease liabilities at book value:

|  |  |  |  |  |  | Maturity (*) |  |  |
Debtor Tax ID | Company | Debtor country | Lending party Tax ID | Creditor name | Creditor country | Currency | 0 to 3 months | 3 months to 1 year | Total | Type of amortization | Interest Rate
|  |  |  |  |  |  | ThCh$ | ThCh$ | ThCh$ |  | (%)
Financial leases obligations |  |  |  |  |  |  |  |  |  |
79,862,750-3 | Transportes CCU Limitada | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | 16,426 | 50,596 | 67,022 | Monthly | 2.14
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | 99,012,000-5 | Consorcio Nacional de Seguros S.A. | Chile | UF | 150,334 | 459,014 | 609,348 | Monthly | 3.95
Subtotal |  |  |  |  |  |  | 166,760 | 509,610 | 676,370 |  |
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | CLP | 266,922 | 126,904 | 393,826 | Monthly | 4.45
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | UF | 1,687,789 | 4,611,407 | 6,299,196 | Monthly | 4.09
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | USD | 165,634 | 381,028 | 546,662 | Monthly | 4.00
0-E | CCU and subsidiaries | Argentina | - | Suppliers of PPE | Argentina | ARS | 111,701 | 290,702 | 402,403 | Monthly | 65.93
0-E | CCU and subsidiaries | Argentina | - | Suppliers of PPE | Argentina | USD | 196,759 | 590,279 | 787,038 | Monthly | 8.09
0-E | CCU and subsidiaries | Paraguay | - | Suppliers of PPE | Paraguay | PYG | 41,095 | 124,228 | 165,323 | Monthly | 9.53
0-E | CCU and subsidiaries | Uruguay | - | Suppliers of PPE | Uruguay | UYU | 45,183 | 135,550 | 180,733 | Monthly | 3.18
Subtotal (leases IFRS ) |  |  |  |  |  |  | 2,515,083 | 6,260,098 | 8,775,181 |  |
Total |  |  |  |  |  |  | 2,681,843 | 6,769,708 | 9,451,551 |  |

(*) | The amount based on the undiscounted contractual flows is found in Note 5 - Risk administration.

Lease liabilities at nominal value:

|  |  |  |  |  |  | Maturity |  |
Debtor Tax ID | Company | Debtor country | Lending party Tax ID | Creditor name | Creditor country | Currency | 0 to 3 months | 3 months to 1 year | Total | Type of amortization
|  |  |  |  |  |  | ThCh$ | ThCh$ | ThCh$ |
Financial leases obligations |  |  |  |  |  |  |  |  |
79,862,750-3 | Transportes CCU Limitada | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | 17,933 | 53,801 | 71,734 | Monthly
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | 99,012,000-5 | Consorcio Nacional de Seguros S.A. | Chile | UF | 332,723 | 998,169 | 1,330,892 | Monthly
Subtotal |  |  |  |  |  |  | 350,656 | 1,051,970 | 1,402,626 |
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | CLP | 307,671 | 220,578 | 528,249 | Monthly
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | UF | 1,450,259 | 3,390,487 | 4,840,746 | Monthly
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | USD | 527,860 | 1,517,399 | 2,045,259 | Monthly
0-E | CCU and subsidiaries | Argentina | - | Suppliers of PPE | Argentina | ARS | 230,259 | 633,511 | 863,770 | Monthly
0-E | CCU and subsidiaries | Argentina | - | Suppliers of PPE | Argentina | USD | 245,335 | 736,004 | 981,339 | Monthly
0-E | CCU and subsidiaries | Paraguay | - | Suppliers of PPE | Paraguay | PYG | 51,708 | 150,184 | 201,892 | Monthly
0-E | CCU and subsidiaries | Uruguay | - | Suppliers of PPE | Uruguay | UYU | 54,132 | 162,396 | 216,528 | Monthly
Subtotal (leases IFRS ) |  |  |  |  |  | 2,867,224 | 6,810,559 | 9,677,783 |
Total |  |  |  |  |  |  | 3,217,880 | 7,862,529 | 11,080,409 |

F-114

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Non-current lease liabilities

As of December 31, 2025

Lease liabilities at book value:

|  |  |  |  |  |  | Maturity (*) |  |  |
Debtor Tax ID | Company | Debtor country | Lending party Tax ID | Creditor name | Creditor country | Currency | Over 1 year to 3 years | Over 3 years to 5 years | More than 5 years | Total | Type of amortization | Interest Rate
|  |  |  |  |  |  | ThCh$ | ThCh$ | ThCh$ | ThCh$ |  | (%)
Lease liabilities |  |  |  |  |  |  |  |  |  |  |
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | 99,012,000-5 | Suppliers of PPE | Chile | UF | 1,377,020 | 1,478,860 | 18,305,323 | 21,161,203 | Monthly | 3.95
Subtotal |  |  |  |  |  |  | 1,377,020 | 1,478,860 | 18,305,323 | 21,161,203 |  |
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | CLP | 139,434 | - | - | 139,434 | Monthly | 6.30
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | UF | 8,816,550 | 3,555,537 | 2,693,110 | 15,065,197 | Monthly | 3.28
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | USD | 495,625 | 355,927 | 734,015 | 1,585,567 | Monthly | 4.96
0-E | CCU and subsidiaries | Argentina | - | Suppliers of PPE | Argentina | ARS | 239,741 | 24,806 | - | 264,547 | Monthly | 56.94
0-E | CCU and subsidiaries | Argentina | - | Suppliers of PPE | Argentina | USD | 923,992 | 230,998 | - | 1,154,990 | Monthly | 8.09
0-E | CCU and subsidiaries | Paraguay | - | Suppliers of PPE | Paraguay | PYG | 150,455 | 55,878 | - | 206,333 | Monthly | 9.77
0-E | CCU and subsidiaries | Paraguay | - | Suppliers of PPE | Paraguay | USD | 884,173 | 1,081,131 | 596,520 | 2,561,824 | Monthly | 10.24
0-E | CCU and subsidiaries | Uruguay | - | Suppliers of PPE | Uruguay | UYU | 93,684 | - | - | 93,684 | Monthly | 7.71
Subtotal (leases IFRS ) |  |  |  |  |  | 11,743,654 | 5,304,277 | 4,023,645 | 21,071,576 |  |
Total |  |  |  |  |  |  | 13,120,674 | 6,783,137 | 22,328,968 | 42,232,779 |  |

(*) | The amount based on the undiscounted contractual flows is found in Note 5 - Risk administration.

Lease liabilities at nominal value:

|  |  |  |  |  |  | Maturity |  |
Debtor Tax ID | Company | Debtor country | Lending party Tax ID | Creditor name | Creditor country | Currency | Over 1 year to 3 years | Over 3 years to 5 years | More than 5 years | Total | Type of amortization
|  |  |  |  |  |  | ThCh$ | ThCh$ | ThCh$ | ThCh$ |
Lease liabilities |  |  |  |  |  |  |  |  |  |
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | 99,012,000-5 | Consorcio Nacional de Seguros S.A. | Chile | UF | 2,752,638 | 2,752,638 | 23,626,813 | 29,132,089 | Monthly
Subtotal |  |  |  |  |  |  | 2,752,638 | 2,752,638 | 23,626,813 | 29,132,089 |
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | CLP | 139,309 | - | - | 139,309 | Monthly
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | UF | 9,545,568 | 3,893,699 | 2,858,970 | 16,298,237 | Monthly
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | USD | 818,273 | 659,500 | 1,297,798 | 2,775,571 | Monthly
0-E | CCU and subsidiaries | Argentina | - | Suppliers of PPE | Argentina | ARS | 630,883 | 148,517 | - | 779,400 | Monthly
0-E | CCU and subsidiaries | Argentina | - | Suppliers of PPE | Argentina | USD | 1,023,556 | 298,536 | - | 1,322,092 | Monthly
0-E | CCU and subsidiaries | Paraguay | - | Suppliers of PPE | Paraguay | PYG | 173,024 | 54,508 | - | 227,532 | Monthly
0-E | CCU and subsidiaries | Paraguay | - | Suppliers of PPE | Paraguay | USD | 1,585,533 | 77,114 | 118,883 | 1,781,530 | Monthly
0-E | CCU and subsidiaries | Uruguay | - | Suppliers of PPE | Uruguay | UYU | 108,722 | - | - | 108,722 | Monthly
Subtotal (leases IFRS ) |  |  |  |  |  | 14,024,868 | 5,131,874 | 4,275,651 | 23,432,393 |
Total |  |  |  |  |  |  | 16,777,506 | 7,884,512 | 27,902,464 | 52,564,482 |

As of December 31, 2024

Lease liabilities at book value:

|  |  |  |  |  |  | Maturity (*) |  |  |
Debtor Tax ID | Company | Debtor country | Lending party Tax ID | Creditor name | Creditor country | Currency | Over 1 year to 3 years | Over 3 years to 5 years | More than 5 years | Total | Type of amortization | Interest Rate
|  |  |  |  |  |  | ThCh$ | ThCh$ | ThCh$ | ThCh$ |  | (%)
Financial leases obligations |  |  |  |  |  |  |  |  |  |  |
79,862,750-3 | Transportes CCU Limitada | Chile | 97,030,000-7 | Banco del Estado de Chile | Chile | CLP | 52,636 | - | - | 52,636 | Monthly | 2.14
90,413,000-1 | Compañía Cervecerías Unidas S.A. | Chile | 99,012,000-5 | Consorcio Nacional de Seguros S.A. | Chile | UF | 1,285,168 | 1,379,838 | 18,428,958 | 21,093,964 | Monthly | 3.95
Subtotal |  |  |  |  |  |  | 1,337,804 | 1,379,838 | 18,428,958 | 21,146,600 |  |
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | CLP | 19,321 | - | - | 19,321 | Monthly | 4.45
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | UF | 7,623,227 | 4,241,420 | 1,422,083 | 13,286,730 | Monthly | 4.09
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | USD | 366,173 | 349,822 | 1,017,761 | 1,733,756 | Monthly | 4.00
0-E | CCU and subsidiaries | Argentina | - | Suppliers of PPE | Argentina | ARS | 326,100 | 107,311 | - | 433,411 | Monthly | 65.93
0-E | CCU and subsidiaries | Argentina | - | Suppliers of PPE | Argentina | USD | 1,545,505 | 1,082,238 | - | 2,627,743 | Monthly | 8.09
0-E | CCU and subsidiaries | Paraguay | - | Suppliers of PPE | Paraguay | PYG | 157,168 | 93,548 | - | 250,716 | Monthly | 9.53
0-E | CCU and subsidiaries | Uruguay | - | Suppliers of PPE | Uruguay | UYU | 284,040 | - | - | 284,040 | Monthly | 3.18
Subtotal (leases IFRS ) |  |  |  |  |  | 10,321,534 | 5,874,339 | 2,439,844 | 18,635,717 |  |
Total |  |  |  |  |  |  | 11,659,338 | 7,254,177 | 20,868,802 | 39,782,317 |  |

(*) | The amount based on the undiscounted contractual flows is found in Note 5 - Risk administration.

F-115

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Lease liabilities at nominal value:

|  |  |  |  |  |  | Maturity (*) |  |
Debtor Tax ID | Company | Debtor country | Lending party Tax ID | Creditor name | Creditor country | Currency | Over 1 year to 3 years | Over 3 years to 5 years | More than 5 years | Total | Type of amortization
|  |  |  |  |  |  | ThCh$ | ThCh$ | ThCh$ | ThCh$ |
Financial leases obligations |  |  |  |  |  |  |  |  |  |
79.862.750-3 | Transportes CCU Limitada | Chile | 97.030.000-7 | Banco del Estado de Chile | Chile | CLP | 53,800 | - | - | 53,800 | Monthly
90.413.000-1 | Compañía Cervecerías Unidas S.A. | Chile | 99.012.000-5 | Consorcio Nacional de Seguros S.A. | Chile | UF | 2,661,784 | 2,661,784 | 24,177,873 | 29,501,441 | Monthly
Subtotal |  |  |  |  |  |  | 2,715,584 | 2,661,784 | 24,177,873 | 29,555,241 |
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | CLP | 450,486 | 140,151 | - | 590,637 | Monthly
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | UF | 5,426,399 | 2,661,773 | 626,856 | 8,715,028 | Monthly
0-E | CCU and subsidiaries | Chile | - | Suppliers of PPE | Chile | USD | 2,138,893 | 1,188,049 | 1,357,385 | 4,684,327 | Monthly
0-E | CCU and subsidiaries | Argentina | - | Suppliers of PPE | Argentina | ARS | 918,048 | 524,460 | - | 1,442,508 | Monthly
0-E | CCU and subsidiaries | Argentina | - | Suppliers of PPE | Argentina | USD | 1,780,137 | 1,249,933 | - | 3,030,070 | Monthly
0-E | CCU and subsidiaries | Paraguay | - | Suppliers of PPE | Paraguay | PYG | 193,267 | 104,757 | - | 298,024 | Monthly
0-E | CCU and subsidiaries | Uruguay | - | Suppliers of PPE | Uruguay | UYU | 333,391 | - | - | 333,391 | Monthly
Subtotal (leases IFRS ) |  |  |  |  |  | 11,240,621 | 5,869,123 | 1,984,241 | 19,093,985 |
Total |  |  |  |  |  |  | 13,956,205 | 8,530,907 | 26,162,114 | 48,649,226 |

Below is the detail of future payments and the value of lease liabilities:

| As of December 31, 2025
Gross Amount | Interest | Value
ThCh$ | ThCh$ | ThCh$
0 to 3 months | 3,644,995 | 997,170 | 2,647,825
3 months to 1 year | 9,698,119 | 2,656,074 | 7,042,045
Over 1 year to 3 years | 16,777,506 | 3,656,832 | 13,120,674
Over 3 years to 5 years | 7,884,512 | 1,101,375 | 6,783,137
More than 5 years | 27,902,464 | 5,573,496 | 22,328,968
Total | 65,907,596 | 13,984,947 | 51,922,649

| As of December 31, 2024
Gross Amount | Interest | Value
ThCh$ | ThCh$ | ThCh$
0 to 3 months | 3,217,880 | 536,037 | 2,681,843
3 months to 1 year | 7,862,529 | 1,092,821 | 6,769,708
Over 1 year to 3 years | 13,956,205 | 2,296,867 | 11,659,338
Over 3 years to 5 years | 8,530,907 | 1,276,730 | 7,254,177
More than 5 years | 26,162,114 | 5,293,312 | 20,868,802
Total | 59,729,635 | 10,495,767 | 49,233,868

F-116

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Reconciliation of liabilities arising from financing activities:

| As of December 31, 2024 | Flows | Accrual of interest | Change in foreign currency and unit per adjustment | Additions for business combinations | Increase through new leases | Others | As of December 31, 2025
Payments | Acquisitions
Principal | Interest
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$
Others financial liabilities |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |
Bank borrowings | 41,257,611 | (120,386,088) | (6,238,503) | 206,962,105 | 6,768,325 | 584,439 | - | - | (4,131,134) | 124,816,755
Bond payable | 98,433,154 | (88,356,034) | (32,316,653) | - | 31,972,403 | 2,273,048 | - | - | 29,052,862 | 41,058,780
Lease liabilities | 9,451,551 | (12,394,330) | (3,188,607) | - | 3,225,524 | 1,857,453 | - | 3,326,170 | 7,412,109 | 9,689,870
Total others financial liabilities current | 149,142,316 | (221,136,452) | (41,743,763) | 206,962,105 | 41,966,252 | 4,714,940 | - | 3,326,170 | 32,333,837 | 175,565,405
Non-current |  |  |  |  |  |  |  |  |  |
Bank borrowings | 166,647,324 | (120,000,000) | - | - | - | 3,866 | - | - | (6,937,945) | 39,713,245
Bond payable | 1,059,003,920 | - | - | - | - | (37,467,848) | - | - | (29,052,862) | 992,483,210
Lease liabilities | 39,782,317 | - | - | - | - | 615,311 | - | 10,937,967 | (9,102,816) | 42,232,779
Total others financial liabilities non-current | 1,265,433,561 | (120,000,000) | - | - | - | (36,848,671) | - | 10,937,967 | (45,093,623) | 1,074,429,234
Total Others financial liabilities | 1,414,575,877 | (341,136,452) | (41,743,763) | 206,962,105 | 41,966,252 | (32,133,731) | - | 14,264,137 | (12,759,786) | 1,249,994,639

| As of December 31, 2023 | Flows | Accrual of interest | Change in foreign currency and unit per adjustment | Additions for business combinations (1) | Increase through new leases | Others | As of December 31, 2024
Payments | Acquisitions
Principal | Interest
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$
Others financial liabilities |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |
Bank borrowings | 24,494,870 | (43,967,653) | (15,109,004) | 52,903,303 | 13,662,655 | 1,304,411 | - | - | 7,969,029 | 41,257,611
Bond payable | 38,650,859 | - | (31,266,863) | - | 31,803,416 | 1,755,653 | - | - | 57,490,089 | 98,433,154
Lease liabilities | 7,142,360 | (16,274,873) | (1,902,393) | - | 1,598,887 | 2,204,844 | 119,480 | 3,626,892 | 12,936,354 | 9,451,551
Total others financial liabilities current | 70,288,089 | (60,242,526) | (48,278,260) | 52,903,303 | 47,064,958 | 5,264,908 | 119,480 | 3,626,892 | 78,395,472 | 149,142,316
Non-current |  |  |  |  |  |  |  |  |  |
Bank borrowings | 174,074,170 | (1,939,484) | - | - | - | 8,762 | - | - | (5,496,124) | 166,647,324
Bond payable | 1,050,838,488 | (28,398,859) | - | - | - | 94,054,380 | - | - | (57,490,089) | 1,059,003,920
Lease liabilities | 34,061,739 | - | - | - | - | 3,803,328 | - | 15,701,568 | (13,784,318) | 39,782,317
Total others financial liabilities non-current | 1,258,974,397 | (30,338,343) | - | - | - | 97,866,470 | - | 15,701,568 | (76,770,531) | 1,265,433,561
Total Others financial liabilities | 1,329,262,486 | (90,580,869) | (48,278,260) | 52,903,303 | 47,064,958 | 103,131,378 | 119,480 | 19,328,460 | 1,624,941 | 1,414,575,877

| (1) | See Note 1 - General Information letter C), number (8).

F-117

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

| As of December 31, 2022 | Flows | Accrual of interest | Change in foreign currency and unit per adjustment | Additions for business combinations (1) | Increase through new leases | Others | As of December 31, 2023
Payments | Acquisitions
Principal | Interest
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$
Others financial liabilities |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |
Bank borrowings | 134,737,116 | (86,424,860) | (18,541,141) | 68,928,016 | 13,887,323 | 2,258,552 | - | - | (90,350,136) | 24,494,870
Bond payable | 30,871,086 | (26,621,937) | (32,003,201) | - | 32,044,502 | 660,734 | - | - | 33,699,675 | 38,650,859
Lease liabilities | 9,120,616 | (10,704,270) | (1,647,488) | - | 1,808,779 | (1,289,212) | 26,767 | 3,224,024 | 6,603,144 | 7,142,360
Total others financial liabilities current | 174,728,818 | (123,751,067) | (52,191,830) | 68,928,016 | 47,740,604 | 1,630,074 | 26,767 | 3,224,024 | (50,047,317) | 70,288,089
Non-current |  |  |  |  |  |  |  |  |  |
Bank borrowings | 84,839,970 | (10,000,000) | - | 8,219,455 | - | 6,775 | - | - | 91,007,970 | 174,074,170
Bond payable | 1,081,682,928 | (36,373,728) | - | - | - | 39,228,963 | - | - | (33,699,675) | 1,050,838,488
Lease liabilities | 31,306,552 | - | - | - | - | 2,824,911 | - | 8,872,038 | (8,941,762) | 34,061,739
Total others financial liabilities non-current | 1,197,829,450 | (46,373,728) | - | 8,219,455 | - | 42,060,649 | - | 8,872,038 | 48,366,533 | 1,258,974,397
Total Others financial liabilities | 1,372,558,268 | (170,124,795) | (52,191,830) | 77,147,471 | 47,740,604 | 43,690,723 | 26,767 | 12,096,062 | (1,680,784) | 1,329,262,486

| (1) | See Note 1 - General Information letter C), number (12).

F-118

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 23 Trade and other payables

Trade and other payables are detailed as follows:

| As of December 31, 2025 | As of December 31, 2024
Current | Non-current | Current | Non-current
ThCh$ | ThCh$ | ThCh$ | ThCh$
Suppliers | 377,576,378 | - | 423,583,701 | 45,275
Trade an other current payables | 377,576,378 | - | 423,583,701 | 45,275
Withholdings payable | 83,050,833 | - | 91,303,484 | -
Trade accounts payable withholdings | 83,050,833 | - | 91,303,484 | -
Total | 460,627,211 | - | 514,887,185 | 45,275

Note 24 Other provisions

Provisions recorded in the consolidated statement of financial position are detailed as follows:

| As of December 31, 2025 | As of December 31, 2024
Current | Non-current | Current | Non-current
ThCh$ | ThCh$ | ThCh$ | ThCh$
Litigation | 929,495 | 1,716,308 | 217,491 | 2,535,825
Others | 2,244,058 | 162,964 | 2,244,058 | 255,255
Total | 3,173,553 | 1,879,272 | 2,461,549 | 2,791,080

The changes in provisions are detailed as follows:

| Litigation (*) | Others | Total
ThCh$ | ThCh$ | ThCh$
As of January 1, 2024 | 325,331 | 2,392,968 | 2,718,299
Additions for business combinations (1) | 1,691,168 | - | 1,691,168
Incorporated | 1,171,424 | 8,055 | 1,179,479
Used | (359,986) | - | (359,986)
Released | (70,013) | - | (70,013)
Conversion effect | (4,608) | 98,290 | 93,682
Changes | 2,427,985 | 106,345 | 2,534,330
As of December 31, 2024 | 2,753,316 | 2,499,313 | 5,252,629
As of December 31, 2025 |  |  |
Incorporated | 1,453,152 | - | 1,453,152
Used | (490,265) | - | (490,265)
Released | (175,532) | - | (175,532)
Conversion effect | (894,868) | (92,291) | (987,159)
Changes | (107,513) | (92,291) | (199,804)
As of December 31, 2025 | 2,645,803 | 2,407,022 | 5,052,825

(1) | See Note 1 - General information, letter C), number (8).

(*) | See Note 35 - Contingencies and commitments.

F-119

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The maturities of provisions as of December 31, 2025, are detailed as follows:

| Litigation | Others | Total
ThCh$ | ThCh$ | ThCh$
Less than one year | 929,495 | 2,244,058 | 3,173,553
Between 1 and 5 years | 425,540 | 162,964 | 588,504
More than 5 years | 1,290,768 | - | 1,290,768
Total | 2,645,803 | 2,407,022 | 5,052,825

The maturities of provisions as of December 31, 2024, are detailed as follows:

| Litigation | Others | Total
ThCh$ | ThCh$ | ThCh$
Less than one year | 217,491 | 2,244,058 | 2,461,549
Between 1 and 5 years | 576,140 | 255,255 | 831,395
More than 5 years | 1,959,685 | - | 1,959,685
Total | 2,753,316 | 2,499,313 | 5,252,629

The provisions for Litigation and Other - current and non-current correspond to estimates made by the Administration, intended to cover eventual effects that may derive from the resolution of trials/claims or uncertainties to which the Company is exposed. Such trails/claims or uncertainties derive from transactions that are part of the normal course of CCU's business and the countries where it operates and whose details and scopes are not fully public knowledge, so that its detailed exposition could affect the interests of the Company and the progress of the resolution of these, according to the legal reserves of each administrative and judicial procedure. Therefore, based on the provisions of IAS 37 "Provisions, contingent liabilities and contingent assets", paragraph 92, although the amounts provisioned in relation to these trials/claims or uncertainties are indicated, no further detail of the same at the closing of these Financial Statements.

Significant litigation proceedings which the Company is exposed to at a consolidated level are detailed in Note 35 - Contingencies and commitments.

Management believes that based on the development of such proceedings to date, the provisions established on a case by case basis are adequate to cover the possible adverse effects that could arise from these proceedings.

Note 25 Income taxes

Tax receivables

Taxes receivables are detailed as follows:

| As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Refundable tax previous year | 6,051,483 | 5,069,480
Tax payments in advance | 9,970,091 | 13,614,626
Benefits for tax losses | - | 47,921
Others credits | 1,681,672 | 936,169
Total | 17,703,246 | 19,668,196

F-120

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Current tax liabilities

Tax payables are detailed as follows:

| As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Income tax | 13,600,275 | 35,372,112
Monthly tax payment in advance | 3,223,633 | 3,784,513
Tax under Article N°21 | 123,163 | 345,248
Others | 1,938,228 | 1,608,298
Total | 18,885,299 | 41,110,171

Tax expense

The detail of income tax and deferred income tax expense is as follows:

| For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Deferred taxes | 40,575,924 | 58,777,006 | 35,969,675
Prior year adjustments | (145,984) | (601,553) | 418,002
Tax loss benefits | 27,897,224 | 15,677,770 | 17,131,132
Total deferred tax income (expense) | 68,327,164 | 73,853,223 | 53,518,809
Current tax expense | (41,110,110) | (62,837,194) | (37,775,488)
Prior period adjustments | (165,187) | (955) | (476,066)
Total (expenses) income for current taxes | (41,275,297) | (62,838,149) | (38,251,554)
(Expense) Income from income tax | 27,051,867 | 11,015,074 | 15,267,255

Deferred taxes related to items charged or credited directly to the Consolidated Statement of Comprehensive Income are detailed as follows:

| For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Net income from cash flow hedge | (82,648) | (1,281,621) | 1,182,375
Actuarial gains and losses deriving from defined benefit plans | 430,721 | 377,337 | (360,233)
(Charge) credit to equity | 348,073 | (904,284) | 822,142

F-121

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Efective Rate

The Company’s effective income tax rate expense for the three months ended December 31, 2025, 2024 and 2023 represents 24.18%, 5.30% and 14.80% respectively of income before taxes. The following is reconciliation between such effective tax rate and the statutory tax rate valid in Chile.

| For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | Rate % | ThCh$ | Rate % | ThCh$ | Rate %
Income before taxes | 110,240,817 |  | 165,529,723 |  | 103,158,188 |
Income tax using the statutory rate | (29,765,021) | 27.00 | (44,693,025) | 27.00 | (27,852,711) | 27.00
Adjustments to reach the effective rate |  |  |  |  |  |
Tax effect of permanent differences, net | 40,240,483 | (36.50) | 37,787,116 | (21.75) | 38,422,245 | (37.25)
Reversal of deferred taxes | 12,063,485 | (10.58) | 16,375,910 | (9.71) | 592,008 | (0.57)
Effect of tax rates in foreing subsidiaries | 4,824,091 | (4.38) | 2,147,581 | (1.20) | 4,163,777 | (4.04)
Prior year adjustments | (311,171) | 0.28 | (602,508) | 0.36 | (58,064) | 0.06
Income tax (expense) benefit | 27,051,867 | (24.18) | 11,015,074 | (5.30) | 15,267,255 | (14.80)

Deferred taxes

Deferred tax assets and liabilities included in the Consolidated Financial Statements are detailed as follows:

| As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Deferred tax assets |  |
Impairment provision of accounts receivable | 1,864,347 | 2,244,752
Others non-tax expenses | 35,895,298 | 38,242,480
Benefits to staff | 19,781,603 | 17,657,925
Inventory valuation | 2,104,510 | 2,480,489
Intangibles | 363,655 | 307,587
Property, Plant and Equipment | 3,341,235 | 2,782,089
Deferred taxes related to assets arising from a single transaction | 14,479,640 | 14,804,824
Others assets | 4,689,684 | 3,642,101
Tax loss carryforwards | 69,049,982 | 54,728,018
Subtotal by deferred tax assets | 151,569,954 | 136,890,265
Deferred tax liabilities offset | (105,803,307) | (95,341,186)
Total assets from deferred taxes | 45,766,647 | 41,549,079
Deferred taxes liabilities |  |
Property, Plant and Equipment | 111,954,455 | 133,958,756
Agricultural operation expenses | 11,210,354 | 11,980,659
Manufacturing indirect activation costs | 3,267,598 | 2,191,705
Intangibles | 46,352,413 | 48,661,856
Deferred taxes related to liabilities arising from a single transaction | 13,459,146 | 13,879,287
Others liabilities | 8,525,192 | 12,625,602
Subtotal by deferred tax liabilities | 194,769,158 | 223,297,865
Deferred tax assets offset | (105,803,307) | (95,341,186)
Total liabilities from deferred taxes | 88,965,851 | 127,956,679
Total | (43,199,204) | (86,407,600)

No deferred taxes have been recorded for temporary differences between the taxes and accounting value generated by investments in subsidiaries; consequently, deferred tax is not recognized for the translation adjustments or investments in joint ventures and associates.

F-122

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

In accordance with current tax laws in Chile, tax losses do not expire and can be applied indefinitely, Argentina, Uruguay and Paraguay tax losses expire after 5 years and Bolivia tax losses expire after 3 years.

Changes in deferred tax assets are detailed as follows:

Analysis of the deferred tax movement during the year | ThCh$
As of January 1, 2024 | (57,905,237)
Deferred income tax credit | 73,853,223
Conversion effect | (12,341,702)
Deferred taxes against equity | 377,337
Deferred income tax on business combinations (2) | 320,196
Others increases (decreases) (1) | (90,711,417)
Sub-Total | (28,502,363)
As of December 31, 2024 | (86,407,600)
As of January 1, 2025 | (86,407,600)
Deferred income tax credit | 68,327,164
Conversion effect | 9,360,087
Deferred taxes against equity | 430,721
Others increases (decreases) (1) | (34,909,576)
Sub-Total | 43,208,396
As of December 31, 2025 | (43,199,204)

(1) | Corresponds to the financial effect of the application IAS 29 "Financial reporting in hyperinflationary economies.

(2) | See Note 1 - General information, letter C), numbers (3) and (8).

International Tax Reform - Pillar Two Model Rules

The Company has assessed the application of IAS 12 "Income Taxes" on the International Tax Reform (Pillar Two model rules), which aims to ensure that multinational groups pay a minimum effective tax rate of 15%. Based on the analysis performed, the Company has determined that the effects recognized by this regulation have not had a significant impact on the consolidated financial statements.

Note 26 Employee Benefits

The Company grants short term and employment termination benefits as part of its compensation policies.

The Parent Company and its subsidiaries have collective agreements with their employees, which establish the compensation and/or short–term and long-term benefits for their staff, the main features of which are described below:

| § | Short-term benefits are generally based on combined plans or agreements, designed to compensate benefits received, such as paid vacation, annual performance bonuses and compensation through annuities.

| § | Long-term benefits are plans or agreements mainly intended to cover the post-employment benefits generated at the end of the labor relationship, be it by voluntary resignation or death of personnel hired.

The cost of such benefits is charged against income, in the “Personnel Expense” item.

As of December 31, 2025 and 2024, the total staff benefits recorded in the Consolidated Statement of Financial Position is detailed as follows:

Employees’ Benefits | As of December 31, 2025 | As of December 31, 2024
Current | Non-current | Current | Non-current
ThCh$ | ThCh$ | ThCh$ | ThCh$
Short term benefits | 47,154,158 | - | 47,861,302 | -
Employment termination benefits | 1,324,599 | 53,439,952 | 606,645 | 48,032,415
Total | 48,478,757 | 53,439,952 | 48,467,947 | 48,032,415

Short - term benefits

Short-term benefits are mainly comprised of recorded vacation (on accruals basis), bonuses and share compensation, Such benefits are recorded when the obligation is accrued and are usually paid within a 12-month periods, consequently, they are not discounted.

The total short-term benefits recorded in the Consolidated Statement of Financial Position are detailed as follows:

Short-Term Employees’ Benefits | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Vacation | 21,586,907 | 20,729,130
Bonus and compensation | 25,567,251 | 27,132,172
Total | 47,154,158 | 47,861,302

The Company records staff vacation cost on an accrual basis.

Severance Indemnity

The Company records a liability for the payment of an irrevocable severance indemnity, originated by collective and individual agreements entered into with certain groups of employees. Such obligation is determined by means of the current value of the benefit accrued cost, a method that considers several factors for the calculation such as estimates of future continuance, mortality rates, future salary increases and discount rates. The Company periodically evaluates the above-mentioned factors based on historical data and future projections, making adjustments that apply when checking changes sustained trend. The so-determined value is presented at the current value by using the severance benefits accrued method. The discount rate is determined by reference to market interest rates curves for high quality entrepreneurial bonds. The discount rate in Chile was a 5.93% and the Argentina of a 24.76% for the year ended on December 31, 2025 (in Chile 6.52% and the Argentina of a 35.79% for the year ended December 31, 2024).

F-123

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The obligation recorded for severance indemnity is detailed as follows:

Severance Indemnity | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Current | 1,324,599 | 606,645
Non-current | 53,439,952 | 48,032,415
Total | 54,764,551 | 48,639,060

The change in the severance indemnity is detailed as follows:

Severance Indemnity | ThCh$ |
Balance as of January 1, 2024 | 39,982,216 |
Current cost of service | 4,274,039 |
Interest cost | 5,899,859 |
Actuarial (Gain) losses | 1,581,040 |
Paid-up benefits | (3,835,681) |
Past service cost | 640,033 |
Conversion effect | (130,122) |
Others | 227,676 |
Changes | 8,656,844 |
As of December 31, 2024 | 48,639,060 |
Current cost of service | 5,323,506 |
Interest cost | 3,566,095 |
Actuarial (Gain) losses | 1,616,424 |
Paid-up benefits | (4,992,942) |
Past service cost | 2,626,860 |
Conversion effect | (1,803,497) |
Others | (210,955) |
Changes | 6,125,491 |
As of December 31, 2025 | 54,764,551 |

The figures recorded in the Consolidated Statement of Income, are detailed as follows:

Expense recognized for severance indemnity | For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Current cost of service | 5,323,506 | 4,274,039 | 4,191,738
Past service cost | 2,626,860 | 640,033 | 453,213
Non-provided paid benefits | 13,116,065 | 17,847,114 | 13,582,343
Others | 58,846 | 580,072 | 895,162
Total expense recognized in Consolidated Statement of Income | 21,125,277 | 23,341,258 | 19,122,456

F-124

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Actuarial Assumptions

As mentioned in Note 2 - Summary of material accounting policies, 2.20, the severance payment obligation is recorded at its actuarial value. The main actuarial assumptions used for the calculation of the severance indemnity obligation are detailed as follows:

Actuarial Assumptions | Chile | Argentina |
As of December 31, 2025 | As of December 31, 2024 | As of December 31, 2025 | As of December 31, 2024 |
Mortality table | RV-2020 | RV-2020 | Gam '83 | Gam '83 |
Annual interest rate | 5.93% | 6.52% | 24.76% | 35.79% |
Voluntary employee turnover rate | 4.3% | 4.3% | "ESA 77 Ajustada" - 50% | "ESA 77 Ajustada" - 50% |
Company’s needs rotation rate | 6.1% | 6.1% | "ESA 77 Ajustada" - 50% | "ESA 77 Ajustada" - 50% |
Salary increase (*) | 3.7% | 3.7% | 17.7% | 28.10% |
Estimated retirement age for (*) | Officers |  | 60 | 60 | 60 | 60 |
Others | Male | 65 | 65 | 65 | 65 |
Female | 60 | 60 | 60 | 60 |

(*) | Weighted average of the Company.

Sensitivity Analysis

The Following is a sensitivity analysis based on increased (decreased) of 1% on the discount rate:

Sensitivity Analysis | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
1% increase in the Discount Rate (Gain) | 3,148,573 | 2,776,350
1% decrease in the Discount Rate (Loss) | (3,610,106) | (3,175,614)

Personnel expense

The amounts recorded in the Consolidated Statement of Income are detailed as follows:

Personal expense | For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Salaries | 287,970,443 | 284,190,315 | 242,900,374
Employees’ short-term benefits | 42,915,416 | 48,942,390 | 36,662,817
Total expenses for short-term employee benefits | 330,885,859 | 333,132,705 | 279,563,191
Employments termination benefits | 21,125,277 | 23,341,258 | 19,122,456
Others staff expense | 59,213,428 | 65,620,357 | 46,858,251
Total (1) | 411,224,564 | 422,094,320 | 345,543,898

| (1) | See Note 30 - Natures of cost and expense.

F-125

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 27 Other non-financial liabilities

The total Other non-financial liabilities are detailed as follows:

| As of December 31, 2025 | As of December 31, 2024
Current | Non-current | Current | Non-current
ThCh$ | ThCh$ | ThCh$ | ThCh$
Parent dividend provisioned according to policy | 27,537,863 | - | 37,055,482 | -
Outstanding parent dividends (1) | 1,227,337 | - | 1,256,119 | -
Subsidiaries dividends according to policy | 11,274,532 | - | 10,606,978 | -
Total dividends payable | 40,039,732 | - | 48,918,579 | -
Income received in advance | - | 3,940,400 | 1,714,144 | 4,355,981
Others | 1,457,950 | - | 375,565 | -
Total | 41,497,682 | 3,940,400 | 51,008,288 | 4,355,981

| (1) | See Note 28 - Common Shareholders’ Equity, dividends.

Note 28 Common Shareholders’ Equity

Subscribed and paid-up Capital

As of December 31, 2025, 2024 and 2023 the Company’s capital shows a balance of ThCh$ 562,693,346 divided into 369,502,872 shares of common stock without face value, entirely subscribed and paid-up. The Company has issued only one series of common shares. Such common shares are registered for trading at the Santiago Stock Exchange and the Chilean Electronic Stock Exchange, and at the New York Stock Exchange /NYSE), evidenced by ADS (American Depositary Shares), with an equivalence of two shares per ADS (See Note 1 - General information letter A)).

The Company has not issued any others shares or convertible instruments during the period, thus changing the number of outstanding shares as December 31, 2025, 2024 and 2023.

Capital Management

The main purpose, when managing shareholder’s capital, is to maintain an adequate credit risk profile and a healthy capital ratio, allowing the access of the Company to the capitals market for the development of its medium and long term purposes and, at the same time, to maximize shareholder’s return.

Earnings per share

The basic earnings per share is calculated as the ratio between the net income (loss) for the year attributable to equity holders of the parent and the weighted average number of valid outstanding shares during such term.

The diluted earnings per share is calculated as the ratio between the net income (loss) for the year attributable to equity holders of the parent and the weighted average additional common shares that would have been outstanding if it had become all ordinary potential dilutive shares.

F-126

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

The information used for the calculation of the earnings as per each basic and diluted share is as follows:

Earnings per share | For the years ended as of December 31,
2025 | 2024 | 2023
Equity holders of the controlling company (ThCh$) | 117,152,207 | 160,944,138 | 105,652,728
Weighted average number of shares | 369,502,872 | 369,502,872 | 369,502,872
Basic earnings per share (in Chilean pesos) | 317.05 | 435.57 | 285.93
Equity holders of the controlling company (ThCh$) | 117,152,207 | 160,944,138 | 105,652,728
Weighted average number of shares | 369,502,872 | 369,502,872 | 369,502,872
Diluted earnings per share (in Chilean pesos) | 317.05 | 435.57 | 285.93

As of December 31, 2025, 2024 and 2023, the Company has not issued any convertible or other kind of instruments creating diluting effects.

Distributable net income

The distributable net income, in accordance with the Board of Directors, will be that reflected in the financial statements attributable to equity holders of the parents, without adjusting it.

Dividends

The Company’s dividends policy consists of annually distributing at least 50% of the net distributable profit of the year.

As of December 31, 2025, 2024 and 2023 the Company has distributed the following dividends:

Dividend Nº | Payment Date | Type of Dividend | Dividends per Share ($) | Related to FY
266 | 04-27-2023 | Final | 24.80181 | 2022
267 | 11-29-2023 | Interim | 86.49907 | 2023
268 | 04-30-2024 | Final | 85.06042 | 2023
269 | 11-28-2024 | Interim | 117.50000 | 2024
270 | 04-30-2025 | Final | 100.28470 | 2024
271 | 11-21-2025 | Interim | 84.00000 | 2025

At the Ordinary Shareholders' Meeting of Compañía Cervecerías Unidas S.A. held on April 12, 2023, the shareholders approved the distribution of a final Dividend No. 266 of Ch$ 24.80181 per share, for a total amount to be distributed of ThCh$ 9,164,340 charged against 2022’s Net income. This dividend was paid since April 27, 2023.

At the Board of Directors’ Meeting of Compañía Cervecerías Unidas S.A. held on November 8, 2023, the shareholders approved the distribution of an interim Dividend No. 267 of Ch$ 86.49907 per share, for a total amount to be distributed of ThCh$ 31,961,655 charged against 2023’s Net income. This dividend was paid since November 29, 2023.

At the Ordinary Shareholders' Meeting of Compañía Cervecerías Unidas S.A. held on April 17, 2024, the shareholders approved the distribution of a final Dividend No. 268 of Ch$ 85.06042 per share, for a total amount to be distributed of ThCh$ 31,430,069 charged against 2023’s Net income. This dividend was paid since April 30, 2024.

At the Board of Directors’ Meeting of Compañía Cervecerías Unidas S.A. held on November 6, 2024, the shareholders approved the distribution of an interim Dividend No. 269 of Ch$ 117.50000 per share, for a total amount to be distributed of ThCh$ 43,416,587. This dividend was paid since November 28, 2024.

At the Ordinary Shareholders' Meeting of Compañía Cervecerías Unidas S.A. held on April 16, 2025, the shareholders approved the distribution of a final Dividend No. 270 of Ch$ 100.28470 per share, for a total amount to be distributed of ThCh$ 37,055,485 charged against 2024’s Net income. This dividend was paid since April 30, 2025.

F-127

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

At the Board of Directors’ Meeting of Compañía Cervecerías Unidas S.A. held on November 5, 2025, the shareholders approved the distribution of an interim Dividend No. 271 of Ch$ 84.00000 per share, for a total amount to be distributed of ThCh$ 31,038,241. This dividend was paid since November 21, 2025.

Consolidated Statement of Comprehensive Income

Comprehensive income and expenses are detailed as follows:

Others Income and expense charged or credited against net equity | Gross Balance | Tax | Net Balance
ThCh$ | ThCh$ | ThCh$
Gains (losses) on cash flow hedges (1) | 306,105 | (82,648) | 223,457
Gains (losses) on exchange differences on translation (1) | (50,740,113) | - | (50,740,113)
Gains (losses) from defined benefit plans | (1,616,424) | 430,721 | (1,185,703)
Total comprehensive income As of December 31, 2025 | (52,050,432) | 348,073 | (51,702,359)
Others Income and expense charged or credited against net equity | Gross Balance | Tax | Net Balance
ThCh$ | ThCh$ | ThCh$
Gains (losses) on cash flow hedges (1) | 4,746,744 | (1,281,621) | 3,465,123
Gains (losses) on exchange differences on translation (1) | 214,519,767 | - | 214,519,767
Gains (losses) from defined benefit plans | (1,581,040) | 377,337 | (1,203,703)
Total comprehensive income As of December 31, 2024 | 217,685,471 | (904,284) | 216,781,187
Others Income and expense charged or credited against net equity | Gross Balance | Tax | Net Balance
ThCh$ | ThCh$ | ThCh$
Gains (losses) on cash flow hedges (1) | (4,379,170) | 1,182,375 | (3,196,795)
Gains (losses) on exchange differences on translation (1) | (120,293,386) | - | (120,293,386)
Gains (losses) from defined benefit plans | 1,454,372 | (360,233) | 1,094,139
Total comprehensive income al December 31, 2023 | (123,218,184) | 822,142 | (122,396,042)

(1) | These concepts will be reclassified to the Statement of Income when it’s settled.

F-128

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Reserves affecting other comprehensive income (OCI)

The movement of other comprehensive income is detailed as follows:

a) As of December 31, 2025:

Changes in Reserves affecting other comprehensive income | Reserve of exchange differences on translation | Reserve of cash flow hedges | Reserve of Actuarial gains and losses on defined benefit plans | Other reserves | Total other reservations |
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ |
Balanced as of January 1, 2025 | 50,582,827 | (3,931,432) | (10,430,064) | (1,688,234) | 34,533,097 |
Increase (decrease) due to changes in accounting policies (1) | (61,607,045) | - | - | - | (61,607,045) |
Initial balance restated | (11,024,218) | (3,931,432) | (10,430,064) | (1,688,234) | (27,073,948) |
Changes |  |  |  |  |  |
Reclassification of OCI to the value of the hedged asset | - | 351,247 | - | - | 351,247 |
Gains (losses) from defined benefit plans | - | - | (1,566,931) | - | (1,566,931) |
Conversion of joint ventures and foreign subsidiaries | (155,912,897) | - | - | (28) | (155,912,925) |
Inflation adjustment of subsidiaries in Argentina | 109,407,204 | - | - | - | 109,407,204 |
Taxes | - | (94,837) | 417,358 | - | 322,521 |
Equity holders of the parent | (46,505,693) | 256,410 | (1,149,573) | (28) | (47,398,884) |
Total as of December 31, 2025 | (57,529,911) | (3,675,022) | (11,579,637) | (1,688,262) | (74,472,832) |
Non-controlling interests | (4,234,420) | (32,953) | (36,130) | 28 | (4,303,475) |
Sub-Total | (50,740,113) | 223,457 | (1,185,703) | - | (51,702,359) |

(1) See Note 2 - Summary of material accounting policies, number (2.1) Basis of preparation.

b) As of December 31, 2024:

Changes in Reserves affecting other comprehensive income | Reserve of exchange differences on translation | Reserve of cash flow hedges | Reserve of Actuarial gains and losses on defined benefit plans | Other reserves | Total other reservations |
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ |
Balanced as of January 1, 2024 | (158,095,385) | (7,331,368) | (9,317,562) | (1,686,666) | (176,430,981) |
Changes |  |  |  |  |  |
Reclassification of OCI to the value of the hedged asset | - | 4,657,447 | - | - | 4,657,447 |
Gains (losses) from defined benefit plans | - | - | (1,447,717) | - | (1,447,717) |
Conversion of joint ventures and foreign subsidiaries | (59,151,707) | - | - | (1,568) | (59,153,275) |
Inflation adjustment of subsidiaries in Argentina | 267,829,919 | - | - | - | 267,829,919 |
Taxes | - | (1,257,511) | 335,215 | - | (922,296) |
Equity holders of the parent | 208,678,212 | 3,399,936 | (1,112,502) | (1,568) | 210,964,078 |
Total as of December 31, 2024 | 50,582,827 | (3,931,432) | (10,430,064) | (1,688,234) | 34,533,097 |
Non-controlling interests | 5,841,555 | 65,187 | (91,201) | 1,568 | 5,817,109 |
Sub-Total | 214,519,767 | 3,465,123 | (1,203,703) | - | 216,781,187 |

F-129

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

c) As of December 31, 2023:

Changes in Reserves affecting other comprehensive income | Reserve of exchange differences on translation | Reserve of cash flow hedges | Reserve of Actuarial gains and losses on defined benefit plans | Other reserves | Total other reservations |
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ |
Balanced as of January 1, 2023 | (40,039,090) | (4,180,961) | (10,351,094) | (1,686,855) | (56,258,000) |
Changes |  |  |  |  |  |
Change in fair value of hedging instrument recognized in OCI | - | (9,189,724) | - | - | (9,189,724) |
Reclassification of OCI to the statement income by function | - | 4,874,098 | - | - | 4,874,098 |
Gains (losses) from defined benefit plans | - | - | 1,371,350 | - | 1,371,350 |
Conversion of joint ventures and foreign subsidiaries | (484,980,912) | - | - | 189 | (484,980,723) |
Inflation adjustment of subsidiaries in Argentina | 366,924,617 | - | - | - | 366,924,617 |
Taxes | - | 1,165,219 | (337,818) | - | 827,401 |
Equity holders of the parent | (118,056,295) | (3,150,407) | 1,033,532 | 189 | (120,172,981) |
Total as of December 31, 2023 | (158,095,385) | (7,331,368) | (9,317,562) | (1,686,666) | (176,430,981) |
Non-controlling interests | (2,237,091) | (46,388) | 60,607 | (189) | (2,223,061) |
Sub-Total | (120,293,386) | (3,196,795) | 1,094,139 | - | (122,396,042) |

Others Reserves

The reserves that are a part of the Company’s equity are as follows:

Reserve of exchange differences on translation: This reserve originated from the translation of foreign subsidiaries’ and joint ventures financial statements which functional currency is different from the presentation currency of the Consolidated Financial Statements and inflation adjustment of subsidiaries in Argentina. As of December 31, 2025, December 31, 2024 and December 31, 2023 it amounts to a negative reserve of ThCh$ 57,529,911, positive of ThCh$ 50,582,827 and negative ThCh$ 158,095,385, respectively.

Reserve of cash flows hedges: These reserves originate from the application of hedge accounting for financial instruments used as hedges. Hedging reserves are reversed at the end of the term of the derivative contracts or when the transaction ceases to qualify as hedge accounting, whichever occurs first. The effects of the Hedging reserves are reflected in to income statement. As of December 31, 2025, 2024 and 2023, the amounts in the balance related to Hedging reserves are negative of ThCh$ 3,675,022, ThCh$ 3,931,432 and ThCh$ 7,331,368, respectively, net of deferred taxes.

Reserve of Actuarial gains and losses on defined benefit plans: This reserve is originated from January 1, 2013, as a result of the application of the Amendment to IAS No. 19 and whose effect as of December 31, 2025, 2024 and 2023 is a negative reserve of ThCh$ 11,579,637, ThCh$ 10,430,064 and ThCh$ 9,317,562 respectively, net of deferred taxes.

F-130

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Other reserves: As of December 31, 2025, 2024 and 2023, the amount is a negative reserve of ThCh$ 40,117,804, ThCh$ 39,509,753 and ThCh$ 65,455,801, respectively. Such reserves relate mainly to the following concepts:

| - | Adjustment due to re-assessment of fixed assets carried out in 1979 respectively (increase of ThCh$ 4,087,396).

| - | Price level restatement of paid-up capital registered as of December 31, 2008, according to CMF Circular Letter No. 456 (decrease of ThCh$ 17,615,333).

| - | Difference in purchase of shares of the subsidiary Viña San Pedro Tarapacá S.A. made during year 2012 and 2013 (increase of ThCh$ 9,779,475).

| - | Difference in purchase of shares of the subsidiary Manantial S.A. made during year 2016 (decrease of ThCh$ 7,801,153).

| - | Difference in purchase of shares of the Alimentos Nutrabien S.A. made during year 2016 (decrease of ThCh$ 5,426,209). On December 17, 2018 Food's and subsidiary CCU Inversiones S.A. sold their participation over Alimentos Nutrabien S.A. The aforementioned effect was accounted in result of the period.

| - | Difference in purchase of shares of the subsidiary Viña San Pedro Tarapacá S.A. made during year 2018 and 2017 (decrease of ThCh$ 13,054,114 and ThCh$ 2,075,441, respectively).

| - | On August 30, 2019, the subsidiary Cervecería Kunstmann S.A. (CK) acquired an additional 5.001% of Cervecería Szot SpA. As a result of the aforementioned, CK reached a total participation of 50.0004% on this subsidiary (increase of ThCh$ 60,887).

| - | Difference in purchase of shares of Sáenz Briones and Cía. S.A.I.C. carried out on April 16, July 13 and August 9, 2021 (decrease of ThCh$ 7,199,525).

| - | Difference in purchase of shares of Viña San Pedro Tarapacá S.A. carried out on September 10 and October 4, 2021 (increase of ThCh$ 245,244).

| - | Difference in purchase of shares of Viña San Pedro Tarapacá S.A. carried out on September 7, 2022 (increase of ThCh$ 102,625).

| - | Difference in purchase of shares of Bebidas del Paraguay S.A. carried out on March 10, 2023 (decrease of ThCh$ 908,438) (See Note 1 - General Information, letter C), number (3)).

| - | Record of the Put option agreement to exercise the acquisition of the total shareholding in the subsidiaries Bebidas del Paraguay S.A. and Distribuidora del Paraguay S.A. made on March 16, 2023 (decrease of ThCh$ 28,554,664 as of December 31, 2023) which was reversed on February 20, 2024 against the financial liability recorded (See Note 1 - General Information, letter C), number (3)).

| - | Difference from issuance of Aguas de Origen S.A. share premium on March 30, 2023 (increase of ThCh$ 148,443) (See Note 16 - Investments accounted for using equity method, number (3)).

| - | Difference in purchase of shares of Bebidas del Paraguay S.A. and Distribuidora del Paraguay S.A. carried out on February 20, 2024 (decrease of ThCh$ 10,425,156) (See Note 1 - General Information, letter C), number (3)).

| - | Registration of a change in the shareholding of the subsidiary Cervecería Kunstmann S.A., of 10% of Cervecera Guayacán SpA. made on April 26, 2024 (increase of ThCh$ 31,300) (See Note 1 - General Information, letter C), number (6)).

| - | Sale of shares of Cervecería Szot SpA. made on April 29, 2024 (decrease of ThCh$ 60,881) (See Note 11 - Accounts and transactions with related parties, number (4)).

| - | Difference in purchase of shares of Viña San Pedro Tarapacá S.A. carried out on November 21, 2024 (increase of ThCh$ 681,186) (See Note 1 - General Information, letter C), number (9)).

| - | Sales of shares of Bebidas del Paraguay S.A. on December 11, 2024, which generated a positive effect on the Company’s equity of ThCh$ 7,166,503 (See Note 1 - General Information, letter C), number (3)).

| - | Registration of a change in the shareholding of the subsidiary Cervecería Kunstmann S.A., of 19.9998% of Cerveza Guayacán SpA. made on December 5, 2025 (decrease of ThCh$ 118) (See Note 1 - General Information, letter C), number (6)).

| - | Sales of shares of Cervecera Guayacán SpA. dated December 9, 2025 (decrease of ThCh$ 88,743), (See Note 1 - General Information, letter C), number (6)).

| - | Purchase of shares of Cerveza Dolbek SpA. dated December 26, 2025 (increase of ThCh$ 721), (See Note 1 - General Information, letter C), number (14)).

| - | Capital reduction of Cervecería Belga de la Patagonia SpA. dated December 30, 2025 (decrease of ThCh$ 519,883), (See Note 1 - General Information, letter C), number (14)).

F-131

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 29 Non-controlling Interests

Non-controlling Interests are detailed as follows:

| a. | Equity

Equity | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Aguas CCU-Nestlé Chile S.A. | 29,017,854 | 28,814,742
Cervecería Kunstmann S.A. | 10,777,965 | 11,083,795
Compañía Pisquera de Chile S.A. | 13,804,349 | 11,887,306
D&D SpA. | 1,470,487 | 1,424,723
Viña San Pedro Tarapacá S.A. | 43,571,656 | 43,663,968
Aguas de Origen S.A. | 10,405,846 | 12,262,838
AV S.A. | 8,883,738 | 9,274,217
Bebidas Bolivianas BBO S.A. | 3,610,097 | 7,054,461
Bebidas del Paraguay S.A. | 21,264,653 | 17,282,983
Distribuidora del Paraguay S.A. | 1,041,031 | 2,950,600
Otros | 683,281 | 1,632,492
Total | 144,530,957 | 147,332,125

| b. | Net income attributable to non-controlling interest

Result | For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Aguas CCU-Nestlé Chile S.A. | 12,387,003 | 11,939,712 | 9,428,103
Cervecería Kunstmann S.A. | 1,219,512 | 1,158,956 | 1,190,978
Compañía Pisquera de Chile S.A. | 3,513,016 | 3,338,739 | 3,256,403
D&D SpA. | 257,709 | 90,647 | 324,466
Viña San Pedro Tarapacá S.A. | 2,551,309 | 2,914,056 | 2,181,421
Aguas de Origen S.A. | 116,217 | (1,444,250) | -
AV S.A. | (749,914) | 53,082 | -
Bebidas Bolivianas BBO S.A. | (4,930) | (2,956,395) | (3,462,444)
Bebidas del Paraguay S.A. | 3,246,806 | (604,980) | 547,873
Distribuidora del Paraguay S.A. | (2,573,231) | 1,101,369 | (674,671)
Others | 176,980 | 9,723 | (19,414)
Total | 20,140,477 | 15,600,659 | 12,772,715

F-132

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

| c. | The Summarized financial information of non-controlling interest is detailed as follows:

Assets and Liabilities | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Assets and Liabilities |  |
Current assets | 796,162,556 | 813,042,655
Non-current assets | 839,974,559 | 892,225,098
Current liabilities | 486,847,357 | 549,971,229
Non-current liabilities | 134,792,829 | 145,249,838
Dividends paid to noncontrolling interests | 11,939,712 | 12,792,104

The main significant non-controlling interest is represented by Viña San Pedro Tarapacá S.A. with the following summarized financial information:

Assets and Liabilities | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Assets and Liabilities |  |
Current assets | 213,037,392 | 216,421,999
Non-current assets | 239,622,023 | 243,013,446
Current liabilities | 128,539,328 | 132,903,418
Non-current liabilities | 30,319,082 | 32,108,567

Result | For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Net sales | 276,488,982 | 282,637,923 | 252,825,495
Net income of year | 17,203,318 | 19,201,312 | 14,259,053

Dividend paid for Viña San Pedro Tarapacá S.A. are ThCh$ 9,588,722, ThCh$ 7,137,366 and ThCh$ 14,948,153, as of December 31, 2025, 2024 and 2023, respectively.

F-133

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 30 Nature of cost and expense

Operational cost and expenses grouped by nature are detailed as follows:

Costs and expenses by nature | For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Direct cost | 1,244,726,961 | 1,232,870,856 | 1,090,286,882
Personnel expense (1) | 411,224,564 | 422,094,320 | 345,543,898
Transportation and distribution | 372,646,166 | 377,004,558 | 332,820,614
Advertising and promotion | 150,397,090 | 152,571,607 | 139,205,727
Depreciation and amortization | 155,358,693 | 153,234,224 | 126,119,198
Materials and maintenance | 96,529,172 | 95,149,680 | 75,253,468
Energy | 44,875,289 | 43,893,542 | 36,071,907
Leases (2) | 25,639,891 | 26,686,406 | 23,725,453
Others expenses (3) | 199,208,091 | 178,570,881 | 147,665,534
Total | 2,700,605,917 | 2,682,076,074 | 2,316,692,681

| (1) | See Note 26 - Employee benefits.

| (2) | Consists mainly of leases of real estate, machinery and equipment, which correspond to leases with remaining terms less than 12 months and/or with a value lower than USD 5,000.

| (3) | This mainly includes technical advisory services, auditing services, legal and representation expenses, among others.

Note 31 Other income by function

Other income by function is detailed as follows:

Others incomes by function | For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Sales of Property, plant and equipment (1) | 4,773,564 | 29,796,171 | 853,594
Leases | 483,194 | 397,922 | 357,838
Sale of glass and waste | 2,389,022 | 1,542,280 | 1,126,636
Insurance claims recovery e Indemnities | 1,981,632 | 1,241,536 | 165,979
Others (2) | 2,202,322 | 7,233,601 | 1,915,742
Total | 11,829,734 | 40,211,510 | 4,419,789

| (1) | Sales of Property, plant and equipment include, among others, the effect of the sale of real states located in Quilicura as for 2024 and Iquique, Chile, and Buenos Aires, Argentina as for 2025, See Note 14 - Non-current assets of disposal groups classified as held for sale, letters a) and b).

| (2) | This concept mainly encompasses discounts from prompt payments to suppliers, tour services and events.

F-134

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 32 Other Gains (Losses)

Other gains (losses) items are detailed as follows:

Other gains (losses) | For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Results derivative contracts (1) | (22,959,808) | 6,437,666 | (9,064,032)
Marketable securities to fair value | 394,860 | 164,604 | 96,444
Loss on liquidation of Argentine government bonds (2) | - | (6,316,771) | -
Others | (5,107,974) | (380,436) | (4,348,620)
Total | (27,672,922) | (94,937) | (13,316,208)

| (1) | Under this concept there are ThCh$ 1,944,537, ThCh$ 3,067,010 and ThCh$7,335,638 paid (net) as of December 31, 2025, 2024 and 2023 respectively, and these were recorded in the Consolidated Cash Flows Statement, under Operational activities, in line item Other cash movements.

| (2) | It corresponds to the liquidation of a financial instrument (Bono BOPREAL), used to the payment of both tax debts and debts from imports of goods and services, according to what is established in the Com. A 7925 and Decree N° 72 of the Republic of Argentina.

Note 33 Financial results

The financial results composition is detailed as follows:

Financial results | For the years ended as of December 31,
2025 | 2024 | 2023
ThCh$ | ThCh$ | ThCh$
Finance income | 27,522,243 | 38,102,053 | 39,402,492
Finance costs | (79,947,714) | (97,165,278) | (77,023,048)
Gains (losses) on exchange differences | 1,473,550 | (17,797,269) | (65,944,570)
Result as per adjustment units | (17,631,014) | (10,722,033) | (14,025,895)

F-135

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 34 Effects of changes in currency exchange rate

Current assets are denominated in the following currencies:

CURRENT ASSETS | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Current assets |  |
Cash and cash equivalents | 519,175,929 | 707,122,815
CLP | 138,940,346 | 131,104,956
USD | 362,325,139 | 532,776,367
Euros | 828,724 | 2,520,585
ARS | 7,862,580 | 30,548,903
UYU | 4,205,400 | 2,136,790
PYG | 2,821,452 | 5,241,028
BOB | 861,728 | 1,206,368
Others currencies | 1,330,560 | 1,587,818
Others financial assets | 9,927,288 | 11,899,281
CLP | 1,217,147 | 822,288
UF | 7,643,747 | 7,232,587
USD | 898,611 | 3,783,635
Euros | 141,785 | 26,092
Others currencies | 25,998 | 34,679
Others non-financial assets | 33,297,469 | 31,143,442
CLP | 21,562,273 | 4,841,402
UF | - | 2,672
USD | 239,351 | 2,850,593
Euros | 2,094 | 9,513,589
ARS | 9,445,753 | 11,896,592
UYU | 750,762 | 383,305
PYG | 993,894 | 803,828
BOB | 260,678 | 773,051
Others currencies | 42,664 | 78,410
Trade and other current receivables | 473,691,412 | 506,711,173
CLP | 311,625,800 | 299,181,390
UF | 19,704 | 360,586
USD | 27,346,851 | 52,213,269
Euros | 8,669,008 | 7,817,297
ARS | 91,275,141 | 117,920,573
UYU | 8,901,100 | 8,684,460
PYG | 19,525,499 | 15,086,724
BOB | 3,604,480 | 3,385,594
Others currencies | 2,723,829 | 2,061,280
Accounts receivable from related parties | 16,123,780 | 15,501,990
CLP | 9,002,387 | 8,362,100
UF | 265,742 | -
USD | 2,569,649 | 2,207,523
Euros | 224,640 | 29,204
ARS | 14,366 | 11,689
PYG | 4,046,996 | 4,790,036
Others currencies | - | 101,438
Inventories | 424,300,960 | 459,384,555
CLP | 343,765,537 | 356,354,005
ARS | 53,347,246 | 81,521,039
UYU | 3,700,371 | 3,990,906
PYG | 18,953,746 | 12,644,453
BOB | 3,759,857 | 3,790,095
Others currencies | 774,203 | 1,084,057
Biological assets | 16,709,078 | 16,883,106
CLP | 13,562,282 | 13,579,901
ARS | 3,146,796 | 3,303,205
Current tax assets | 17,703,246 | 19,668,196
CLP | 2,558,902 | 6,792,673
USD | 3,003,778 | 2,199
ARS | 11,194,422 | 12,450,511
UYU | 570,472 | 422,813
PYG | 375,672 | -
Non-current assets of disposal groups classified as held for sale | 167,851 | 2,952,282
CLP | - | 506,853
ARS | 167,851 | 2,445,429
Total current assets | 1,511,097,013 | 1,771,266,840
CLP | 842,234,674 | 821,545,568
UF | 7,929,193 | 7,595,845
USD | 396,383,379 | 593,833,586
Euros | 9,866,251 | 19,906,767
ARS | 176,454,155 | 260,097,941
UYU | 18,128,105 | 15,618,274
PYG | 46,717,259 | 38,566,069
BOB | 8,486,743 | 9,155,108
Others currencies | 4,897,254 | 4,947,682
Other current assets | 1,511,097,013 | 1,771,266,840

F-136

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Non-Current assets are denominated in the following currencies:

NON-CURRENT ASSETS | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Non-current assets |  |
Others financial assets | 26,067,779 | 30,060,601
UF | 26,067,779 | 30,060,601
Trade and other non-current receivables | 4,954,334 | 5,966,414
CLP | - | 59,475
UF | 2,346,980 | 2,245,560
ARS | 2,607,354 | 3,661,379
Others non-financial assets | 8,386,715 | 13,674,236
CLP | 5,719,600 | 5,790,819
UF | 140,835 | 140,716
ARS | 2,459,810 | 7,682,140
UYU | 39,140 | 11,248
PYG | 27,330 | 49,313
Accounts receivable from related parties | 1,134,264 | 844,344
CLP | 704,458 | 844,344
UF | 429,806 | -
Investments accounted for using equity method | 143,456,687 | 139,746,921
CLP | 16,372,836 | 14,446,708
USD | 769,510 | 896,458
ARS | 1,344,588 | 1,380,017
Others currencies | 124,969,753 | 123,023,738
Intangible assets other than goodwill | 236,870,759 | 244,632,721
CLP | 113,912,575 | 102,103,411
ARS | 94,105,110 | 111,983,717
UYU | 5,029,543 | 4,941,055
PYG | 18,601,077 | 17,791,810
BOB | 5,222,454 | 7,812,728
Goodwill | 148,550,618 | 161,583,233
CLP | 78,462,302 | 78,918,309
ARS | 50,864,861 | 60,204,613
UYU | 5,329,645 | 5,186,877
PYG | 6,176,309 | 5,702,154
BOB | 7,717,501 | 11,571,280
Property, plant and equipment (net) | 1,460,212,852 | 1,522,708,449
CLP | 1,031,162,574 | 1,014,562,371
ARS | 351,802,326 | 430,015,212
UYU | 16,976,718 | 15,961,195
PYG | 38,436,353 | 31,224,130
BOB | 21,826,254 | 30,933,801
Others currencies | 8,627 | 11,740
Investment property | 11,105,298 | 12,666,980
CLP | 3,244,379 | 3,272,632
ARS | 7,860,919 | 9,394,348
Right of use assets | 47,784,003 | 45,017,172
CLP | 2,019,344 | 2,288,216
UF | 42,031,719 | 41,832,914
ARS | 3,369 | 9,305
UYU | 234,992 | 461,687
PYG | 3,494,579 | 425,050
Deferred tax assets | 45,766,647 | 41,549,079
CLP | 32,530,428 | 32,066,798
USD | 6,172,820 | 1,913,015
ARS | 5,941,074 | 6,375,839
UYU | 517,902 | 652,186
PYG | 604,423 | 541,241
Total non-current assets | 2,134,289,956 | 2,218,450,150
CLP | 1,284,128,496 | 1,254,353,083
UF | 71,017,119 | 74,279,791
USD | 6,942,330 | 2,809,473
ARS | 516,989,411 | 630,706,570
UYU | 28,127,940 | 27,214,248
PYG | 67,340,071 | 55,733,698
BOB | 34,766,209 | 50,317,809
Others currencies | 124,978,380 | 123,035,478
Total non-current assets by currencies | 2,134,289,956 | 2,218,450,150

F-137

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Current liabilities are denominated in the following currencies:

CURRENT LIABILITIES | As of December 31, 2025 | As of December 31, 2024
Until 90 days | More the 91 days until 1 year | Until 90 days | More the 91 days until 1 year
ThCh$ | ThCh$ | ThCh$ | ThCh$
Current liabilities |  |  |  |
Others financial liabilities | 136,687,407 | 52,147,059 | 35,475,633 | 120,726,369
CLP | 39,392,787 | 18,249,410 | 21,109,878 | 18,046,884
UF | 62,572,736 | 30,426,003 | 3,428,771 | 87,012,122
USD | 16,021,476 | 1,093,425 | 531,474 | 9,442,661
Euros | 166,607 | - | 103,888 | -
ARS | 18,032,597 | - | 10,059,999 | -
PYG | - | 52,570 | 36,457 | -
BOB | 481,381 | 2,325,117 | 188,449 | 6,224,702
Others currencies | 19,823 | 534 | 16,717 | -
Current lease liabilities | 2,647,825 | 7,042,045 | 2,681,843 | 6,769,708
CLP | 73,423 | 197,800 | 283,348 | 177,500
UF | 2,104,618 | 5,452,522 | 1,838,123 | 5,070,421
USD | 329,875 | 1,002,782 | 362,393 | 971,307
ARS | 77,179 | 231,532 | 111,701 | 290,702
UYU | 41,322 | 89,910 | 45,183 | 135,550
PYG | 21,408 | 67,499 | 41,095 | 124,228
Trade and other current payables | 457,306,893 | 3,320,318 | 510,626,190 | 4,260,995
CLP | 275,632,559 | 3,211,693 | 254,769,653 | 3,901,022
USD | 48,548,095 | 99,230 | 80,195,669 | 180,830
Euros | 8,878,760 | - | 9,814,496 | 584
ARS | 103,213,997 | - | 144,463,472 | -
UYU | 3,583,152 | - | 3,778,079 | -
PYG | 12,157,088 | 3,927 | 10,349,752 | 21,289
BOB | 4,171,010 | 5,468 | 5,882,964 | 157,270
Others currencies | 1,122,232 | - | 1,372,105 | -
Accounts payable to related parties | 24,463,561 | - | 36,417,518 | -
CLP | 10,774,146 | - | 10,046,312 | -
UF | 439,294 | - | - | -
USD | 4,443,395 | - | 2,794,220 | -
Euros | 7,612,564 | - | 21,010,350 | -
ARS | 193,950 | - | 242,682 | -
PYG | 888,767 | - | 2,310,004 | -
BOB | 51,631 | - | 13,950 | -
Others currencies | 59,814 | - | - | -
Other current provisions | 929,495 | 2,244,058 | 217,491 | 2,244,058
CLP | 867,566 | 2,244,058 | 164,622 | 2,244,058
ARS | 16,726 | - | 22,110 | -
PYG | 45,203 | - | 30,759 | -
Current tax liabilities | 5,424,753 | 13,460,546 | 8,407,598 | 32,702,573
CLP | 4,026,428 | 12,925,824 | 4,655,220 | 32,676,212
USD | 569,317 | - | 604,091 | -
ARS | - | 3,873 | 2,465,921 | 3,834
UYU | 829,008 | - | 469,118 | -
PYG | - | 528,807 | 213,248 | -
Others currencies | - | 2,042 | - | 22,527
Provisions for employee benefits | 28,691,366 | 19,787,391 | 31,203,297 | 17,264,650
CLP | 13,654,799 | 19,338,150 | 14,428,956 | 17,252,755
ARS | 13,611,548 | - | 14,615,567 | -
UYU | 744,463 | - | 695,096 | -
PYG | 500,517 | 437,079 | 970,939 | -
BOB | 136,944 | - | 205,328 | -
Others currencies | 43,095 | 12,162 | 287,411 | 11,895
Other current liabilities | 2,155,724 | 39,341,958 | 3,594,656 | 47,413,632
CLP | 2,154,817 | 37,209,689 | 1,385,360 | 47,413,632
USD | - | - | 1,215,681 | -
UYU | 907 | - | - | -
PYG | - | 2,132,269 | 993,615 | -
Total current liabilities | 658,307,024 | 137,343,375 | 628,624,226 | 231,381,985
CLP | 346,576,525 | 93,376,624 | 306,843,349 | 121,712,063
UF | 65,116,648 | 35,878,525 | 5,266,894 | 92,082,543
USD | 69,912,158 | 2,195,437 | 85,703,528 | 10,594,798
Euros | 16,657,931 | - | 30,928,734 | 584
ARS | 135,145,997 | 235,405 | 171,981,452 | 294,536
UYU | 5,198,852 | 89,910 | 4,987,476 | 135,550
PYG | 13,612,983 | 3,222,151 | 14,945,869 | 145,517
BOB | 4,840,966 | 2,330,585 | 6,290,691 | 6,381,972
Others currencies | 1,244,964 | 14,738 | 1,676,233 | 34,422
Total current liabilities by currency | 658,307,024 | 137,343,375 | 628,624,226 | 231,381,985

F-138

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Non-Current liabilities are denominated in the following currencies:

NON-CURRENT LIABILITIES | As of December 31, 2025 | As of December 31, 2024
Over 1 year to 3 years | More than 3 year until 5 years | More than 5 years | Over 1 year to 3 years | More than 3 year until 5 years | More than 5 years
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$
Non-current liabilities |  |  |  |  |  |
Others financial liabilities | 51,965,085 | 88,131,120 | 900,687,329 | 108,951,165 | 104,804,763 | 1,020,475,794
CLP | 33,409,083 | 3,908,318 | - | 60,404,790 | 99,885,625 | -
UF | 14,986,219 | 80,441,606 | 357,124,227 | 43,491,639 | 48,553 | 423,446,808
USD | - | - | 539,931,158 | - | - | 592,159,908
BOB | 3,569,783 | 3,781,196 | 3,631,944 | 5,054,736 | 4,870,585 | 4,869,078
Non-current lease liabilities | 13,120,674 | 6,783,137 | 22,328,968 | 11,659,338 | 7,254,177 | 20,868,802
CLP | 139,434 | - | - | 71,957 | - | -
UF | 10,193,570 | 5,034,397 | 20,998,433 | 8,908,395 | 5,621,258 | 19,851,041
USD | 2,303,790 | 1,668,056 | 1,330,535 | 1,911,678 | 1,432,060 | 1,017,761
ARS | 239,741 | 24,806 | - | 326,100 | 107,311 | -
UYU | 93,684 | - | - | 284,040 | - | -
PYG | 150,455 | 55,878 | - | 157,168 | 93,548 | -
Trade and other non-current payables | - | - | - | 45,275 | - | -
CLP | - | - | - | 41,041 | - | -
UF | - | - | - | 4,234 | - | -
Accounts payable to related companies | 2,034,279 | - | - | - | - | -
CLP | 523,000 | - | - | - | - | -
USD | 1,511,279 | - | - | - | - | -
Other non- current provisions | 569,046 | 19,458 | 1,290,768 | 117,839 | 713,556 | 1,959,685
CLP | - | - | - | 100,942 | - | -
ARS | 386,438 | 19,458 | 1,290,768 | 16,897 | 540,337 | 1,959,685
UYU | 182,608 | - | - | - | 173,219 | -
Deferred tax liabilities | 30,777,797 | 11,907,656 | 46,280,398 | 40,864,865 | 17,064,504 | 70,027,310
CLP | 27,292,524 | 10,196,904 | 32,618,888 | 26,302,201 | 9,240,534 | 28,787,902
ARS | 3,332,626 | 1,670,849 | 10,561,739 | 14,520,341 | 7,800,990 | 36,584,730
UYU | 1,821 | 437 | 885,319 | - | - | 875,489
PYG | 150,826 | 39,466 | 873,562 | 42,323 | 22,980 | 1,768,718
BOB | - | - | 1,340,890 | - | - | 2,010,471
Provisions for employee benefits | 448,871 | - | 52,991,081 | 633,408 | - | 47,399,007
CLP | - | - | 49,066,111 | - | - | 42,647,137
ARS | - | - | 3,924,970 | - | - | 4,751,870
BOB | 448,871 | - | - | 633,408 | - | -
Others non-financial liabilities | 2,445,011 | 1,495,389 | - | 1,863,665 | 996,926 | 1,495,390
CLP | 1,495,389 | 1,495,389 | - | 996,926 | 996,926 | 1,495,390
PYG | 938,812 | - | - | 866,739 | - | -
UYU | 10,810 | - | - | - | - | -
Total non-current liabilities | 101,360,763 | 108,336,760 | 1,023,578,544 | 164,135,555 | 130,833,926 | 1,162,225,988
CLP | 62,859,430 | 15,600,611 | 81,684,999 | 87,917,857 | 110,123,085 | 72,930,429
UF | 25,179,789 | 85,476,003 | 378,122,660 | 52,404,268 | 5,669,811 | 443,297,849
USD | 3,815,069 | 1,668,056 | 541,261,693 | 1,911,678 | 1,432,060 | 593,177,669
ARS | 3,958,805 | 1,715,113 | 15,777,477 | 14,863,338 | 8,448,638 | 43,296,285
UYU | 288,923 | 437 | 885,319 | 284,040 | 173,219 | 875,489
PYG | 1,240,093 | 95,344 | 873,562 | 1,066,230 | 116,528 | 1,768,718
BOB | 4,018,654 | 3,781,196 | 4,972,834 | 5,688,144 | 4,870,585 | 6,879,549
Total non-current liabilities by currency | 101,360,763 | 108,336,760 | 1,023,578,544 | 164,135,555 | 130,833,926 | 1,162,225,988

F-139

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 35 Contingencies and Commitments

Services agreements

The total amount contracted by the Company relating to services is detailed as follows:

Services agreements not to be terminated | As of December 31, 2025 | As of December 31, 2024
ThCh$ | ThCh$
Within 1 year | 29,985,864 | 50,820,240
Between 1 and 5 years | 84,485,645 | 60,096,921
More than 5 years | 354,889 | 33,177,327
Total | 114,826,398 | 144,094,488

Purchase and supply agreements

The total amount contracted by the Company relating to purchase and supply agreements as of December 31, 2025 is detailed as follows:

Purchase and supply agreements | Purchase and supply agreements | Purchase and contract related to wine and grape
ThCh$ | ThCh$
Within 1 year | 599,196,346 | 10,648,900
Between 1 and 5 years | 1,453,836,340 | 9,302,372
More than 5 years | 1,120,559,986 | -
Total | 3,173,592,672 | 19,951,272

Capital investment commitments

As of December 31, 2025 the Company had capital investment commitments related to Property, plant and equipment and Intangibles (software) for approximately ThCh$ 38,958,742.

Litigation

The following are the most significant proceedings faced by the Company and its subsidiaries in Chile and joint venture abroad, including all those present a possible risk of occurrence and causes whose committed amounts, individually, are more than ThCh$ 25,000 in the case of chilean companies and USD 25,000 for cases of foreign companies.

F-140

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Company | Court | Description | Status | Estimated accrued loss contingency
Cervecera CCU Chile Ltda. | Labour Court | Laboral protection. | Evidentiary stage. | ThCh$ 28,603
Comercial CCU S.A. (2) | Labour Court | Lawsuit for unjustified dismissal and collection of employee benefits. | Evidentiary stage. | ThCh$ 133,099
Comercial CCU S.A. | Labour Court | Laboral protection. | Evidentiary stage. | ThCh$ 67,509
Compañía Cervecerías Unidas S.A. | Labour Court | Laboral protection. | Evidentiary stage. | ThCh$ 51,203
Fábrica de Envases Plásticos S.A. | Labour Court | Lawsuit for unjustified dismissal and collection of employee benefits. | Evidentiary stage. | ThCh$ 41,003
Transportes CCU Ltda. | Labour Court | Lawsuit for damages. | Evidentiary stage. | ThCh$ 211,811
Transportes CCU Ltda. (3) | Labour Court | Lawsuit for unjustified dismissal and collection of employee benefits. | Evidentiary stage. | ThCh$ 246,149
Aguas de Origen S.A. (1) | Labour Court | Lawsuit for workplace accident. | Evidentiary stage. | USD 188,585 (ThCh$ 171,071)
Aguas de Origen S.A. (4) | Labour Court | Lawsuit for unjustified dismissal. | Evidentiary stage. | USD 632,542 (573,798)
Aguas de Origen S.A. (5) | Labour Court | Lawsuit for unjustified dismissal. | Sentence. | USD 219,853 (ThCh 199,435)
Aguas de Origen S.A. (3) | Labour Court | Trial for indemnity differences. | Evidentiary stage. | USD 150,378 (ThCh$ 136,412)
Aguas de Origen S.A. (1) | Labour Court | Trial for indemnity differences. | Sentence. | USD 126,615 (ThCh$ 114,856)
Aguas de Origen S.A. (2) | Civil and Commercial Court | Lawsuit for damages. | Evidentiary stage. | USD 148,563 (ThCh$ 134,766)
Artesanos de Cervezas S.A.S. | Labour Court | Recognition and payment of indemnity for retirement without just cause and moratorium indemnity. | Evidentiary stage. | USD 30,125 (ThCh$ 27,327)
Central Cervecera de Colombia S.A.S. | Directorate of Consumer Protection Investigations of the Superintendency of Industry and Commerce | Consumer Protection. | Evidentiary stage. | USD 133,082 (ThCh$ 120,723)
Zona Franca Central Cervecera S.A.S. | Autonomous Corporation of Cundinamarca | Environmental law / Environmental protection. | Evidentiary stage. | USD 33,721 (ThCh$ 30,589)

| (1) | Includes two trials.

| (2) | Includes three trials.

| (3) | Includes four trials.

| (4) | Includes five trials.

| (5) | Includes six trials.

The Company and its subsidiaries have established provisions to allow for such contingencies for ThCh$ 2,645,803 and ThCh$ 2,753,316 as of December 31, 2025 and 2024, respectively (See Note 24 - Other provisions).

Tax processes

At the date of issue of these Consolidated Financial Statements, there is no litigation that involves significant passive or taxes in claim affecting the Company or its subsidiaries.

F-141

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Guarantees

As of December 31, 2025, CCU and its subsidiaries have not granted direct guarantees as part of their usual financing operations. However, indirect guarantees have been constituted, in the form of standby, comfort letters and general product of financing. The main terms of the indirect guarantees constituted are detailed below:

| - | The indirect associate Bodega San Isidro S.R.L. maintains financial debt with Banco Itaú, which is endorsed by the subsidiary Compañía Pisquera de Chile S.A. through a standby letter issued by the Banco del Estado de Chile, this is within the financing policy approved by the Board, and is detailed as follow:

Institution | Amount | Due date
Banco Itaú | USD 2,600,000 | December 22, 2026

| - | The subsidiary Aguas de Origen S.A. mantains a financial debt with a Banco Macro in Argentina, which is endorsed by the subsidiary Compañía Industrial Cervecera S.A. through a guarantee letter, and is detailed as follow:

Institution | Amount | Due date
Banco Macro | ARS 7,000,000,000 | January 6, 2031

| - | Additionally, the Company presents the following guarantees:

| a) | The Company, through a private notarized document dated July 27, 2022, is required to maintain a direct or indirect participation of at least 50.1% of its subsidiary Compañía Pisquera de Chile S.A., allowing the Company to control its subsidiary during the period of validity of the bank loan with Banco del Estado de Chile for a total of ThCh$ 16,000,000, maturing on July 27, 2027.

| b) | The company through a private notarized document dated June 28, 2024, commits itself to directly or indirectly hold a minimum of 51% of the authorized share capital of the subsidiary Bebidas Bolivianas BBO S.A. It must also maintain direct or indirect control of the management and provide the necessary technical assistance during the term of the financial obligations that Bebidas Bolivianas BBO S.A. has with Banco Mercantil Santa Cruz S.A.

| c) | In the Board of Directors' Meeting of Compañía Cervecerías Unidas S.A. held on May 7, 2025, the granting of a personal guarantee was approved concerning the obligations arising for its subsidiary CCU Inversiones II SpA. from one or more standby letters of credit issued by a bank in Chile, to guarantee the refinancing of the half of the liability of Central Cervecera de Colombia S.A.S. (“CCC”) for a total amount of COP 178,000,000,000, that by the time was held by Banco Itaú Colombia S.A. due during May, 2025, which was granted by CCU Inversiones II SpA. by a private notarized issued on May 24, 2024, and this in turn by Compañía Cervecerías Unidas S.A.

Therefore, in the Extraordinary Shareholders' Meeting of CCU Inversiones II SpA. held on May 26, 2025, was approved to guarantee Scotiabank Chile or any other bank in Chile, the issuance of one or more standby letter of credit, amounting until MMUSD 47.7 destined to guarantee the debts that “CCC” gets to Scotiabank Colpatria S.A. or any other bank in Colombia, including any of its extensions and/or modifications, covered by a line of credit for up to the same amount, for the aforementioned purpose.

By virtue of the aforementioned, Scotiabank Chile issued on May 28, 2025, a standby letter of credit to DAVIbank S.A. (before Scotiabank Colpatria S.A.), entity with which “CCC” made the refinancing of the debt, amounting MMUSD 47.7 and due on June 28, 2026.

Subsequently, on January 8, 2026, following to the approval of the Extraordinary Shareholders' Meeting of CCU Inversiones II SpA. held on December 26, 2025, the standby letter of credit was changed, increasing its amount by MMUSD 6, bringing the total guarantee to MMUSD 53.7, in order to comply with the 110% coverage margins required by the financial institution, given the appreciation of the Colombian peso.

F-142

Compañía Cervecerías Unidas S.A. and subsidiaries Notes to the Consolidated Financial Statements December 31, 2025 |

Note 36 Subsequent Events

| a) | At the extraordinary board meeting of the Company’s Board held on January 21, 2026, Mr. Francisco Pérez Mackenna resigned to his position as Chairman and director, effective January 31, 2026. In addition, the Board of Directors of the Company appointed Mr. Macario Valdés Raczynski as replacement director, who assumed the position on February 1, 2026, with the entire Board to be renewed at the next Ordinary Shareholders´Meeting, in accordance with the provisions of Article 32 of Law No. 18,046 on Corporations. Finally, the Board agreed to appoint Mr. Pablo Granifo Lavín as the new Chairman of the Board, who assumed this new position once the resignation of Mr. Francisco Pérez Mackenna became effective.

| b) | The Consolidated Financial Statements of CCU S.A. and subsidiaries as of December 31, 2025 have been approved by the Board of Directors on February 24, 2026.

| c) | After December 31, 2025 and up to the date of issue of these Consolidated Financial Statements, there are no other financial or other matters known that could significantly affect the interpretation of these Consolidated Financial Statements.

F-143

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Compañía Cervecerías Unidas S.A.
(United Breweries Company, Inc.)

| /s/ Felipe Dubernet
| Chief Financial Officer

Date: February 26, 2026