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, 23rd 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

CCU REPORTS CONSOLIDATED FOURTH QUARTER 2023 RESULTS1,2

Santiago, Chile, February 27, 2024 – CCU announced today its consolidated financial and operating results for the fourth quarter 2023, which ended December 31, 2023.

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

2 All growth or variation references in this Earnings Release refer to 4Q23 compared to 4Q22, unless otherwise stated.

PRESS RELEASE

During 2023 we posted a recovery in our operating results and profitability in spite of a volatile business environment, a particularly difficult year for the wine export business, and Argentina’s macroeconomic conditions. Our consolidated EBITDA grew 6.0%, and the EBITDA margin improved 159 bps, driven by our main Operating segment, Chile, which expanded EBITDA by 24.8%, more than offsetting a 37.4% drop in the Wine Operating segment and a 16.0% contraction in the International Business Operating segment, which includes Argentina. Net income reached CLP 105,653 million contracting 10.6%. The driver for the better operational results was the execution of our regional plan “HerCCUles” which encompasses six pillars: (1) maintain business scale, (2) strengthen revenue management efforts, (3) deliver efficiency gains through our Transformation program, (4) optimizing CAPEX and working capital, (5) focusing on core brands and high volume/margin innovations, and (6) continue investing in our brand equity. I would like to briefly mention some of the highlights of the year for each pillar.

In terms of pillar #1, consolidated volumes in 2023 were 3.4% below last year, mainly driven by a lower consumption in Argentina throughout the year, a tough scenario for Chilean wine exports, and a deceleration in volumes in Chile during the second semester. Nonetheless, we maintained relative scale by keeping/increasing market share in our main categories. As for pillar #2, we executed revenue management initiatives in all our geographies, especially noticeable in Chile, where average prices increased 7.9%, being key to recover margins, offsetting cost and expenses pressures and negative mix effects. Regarding pillar #3, we were able to deliver efficiencies during the year, as total expenses, including manufacturing costs and MSD&A expenses, as a percentage of Net sales were stable at 47.7% in 2022 and 2023. In terms of pillar #4, we recovered our cash generation mainly due to a reduction in working capital versus 2022, CAPEX optimization, and a higher EBITDA. Finally, in line with pillar #5 and #6, we reduced the number of SKU’s, allowing us to focus in core brands and profitable innovations, reducing the complexity of our operation, and we posted solid levels of brand equity.

From a quarterly perspective, consolidated EBITDA reached CLP 110,556 million, down 9.9%, and EBITDA margin was up from 16.0% to 19.3%. it is important to mention that the sharp devaluation of the ARS against the USD generated a material impact in our results in 4Q23. The Argentine currency jumped 131.0% from 350.0 ARS/USD as of September 30th 2023 to 808.5 ARS/USD as of December 31st 2023. Thus, according to IAS 29 from IFRS, accumulated results in Argentina as of September 30th 2023, are updated to prices and exchange rate levels to the end of period. This generated a loss of CLP 24,018 million in consolidated EBITDA3 (a loss of CLP 7,476 million in 4Q22), of which CLP 22,804 million are accounted in the International Business Operating segment (CLP 7,275 million in 4Q22) and CLP 1,215 million are accounted in the Wine Operating segment (CLP 201 million in 4Q22). Excluding these effects, consolidated EBITDA would have reached CLP 134,574 million in 4Q23 expanding 3.4% versus 4Q22.

In terms of our segments, in the Chile Operating segment top line decreased 2.2% in 4Q23, due to a 7.3% contraction in volumes, partially compensated with 5.5% higher average prices. Lower volumes were mostly related to a weakening demand, which was especially affected by unfavorable weather conditions, while prices were driven by revenue management initiatives. EBITDA reached CLP 86,925 million, increasing 20.9%, and EBITDA margin improved from 14.2% to 17.5%. In the International Business Operating segment, which includes Argentina, Bolivia, Paraguay and Uruguay, Net sales dropped 90.3%, mainly as a result of a contraction of 89.4% in average prices in CLP, due to the impact of hyperinflation accounting stated above, as prices in local currency evolved in line with inflation. Volumes contracted 8.3%, fully explained by Argentina, as all the other geographies posted positive volume growth. EBITDA reached CLP 22,096 million, a 53.7% contraction. In the Wine Operating segment, revenues were down 11.7%, mainly explained by an 8.8% decrease in volumes, driven by a 10.2% decrease in the Chile domestic market and a 5.6% contraction in exports from Chile. Average prices contracted by 3.1%, also due to the impact of hyperinflation accounting stated above in our wine business in Argentina, and a stronger CLP against the USD which impacted negatively our export revenues, partially offset by revenue management initiatives in our domestic markets. EBITDA reached CLP 10,539 million, decreasing 21.3%.

Regarding our main JVs and associated businesses, from a yearly perspective, in Colombia volumes contracted low-single digit in 2023, in a scenario of weaker consumption. In Argentina, our water business recorded mid-single digit growth in volumes, despite the complex economic environment, explained by the strength of the brands and a successful route-to-market integration of this business into our operations.

In 2024 we will continue working under our three strategic pillars: Growth, Profitability and Sustainability, and we will keep implementing “HerCCUles”. We know that the environment in the region will continue to be challenging, nonetheless we expect to be able to continue on the recovery path of our financial results and profitability.

Finally, I would like to thank all our employees. Given their hard work and commitment with CCU we have been able to navigate challenging years. We will continue working united to sustain a path of profitable and sustainable growth.

3 See Exhibit 7

PRESS RELEASE

4 The ARS currency variation against the USD considers 2023 end of period (eop) compared with 2022 (eop). Source: Chilean Central Bank.

5 See Note 32 Other Gain/(Losses) of our Financial Statements as of December 2023

PRESS RELEASE

6 The CLP currency variation against the USD considers 2023 average of period (aop) compared with 2022 (aop). Source: Chilean Central Bank.

PRESS RELEASE

CHILE OPERATING SEGMENT

In the Chile Operating segment top line decreased 2.2% in 4Q23, due to a 7.3% contraction in volumes, partially compensated with 5.5% higher average prices. Lower volumes were mostly related to a weakening demand, which was especially affected by unfavorable weather conditions, while prices were driven by revenue management initiatives. EBITDA reached CLP 86,925 million, increasing 20.9%, and EBITDA margin improved from 14.2% to 17.5%.

In terms of portfolio development, we launched Mistral Nobel Honey, a new variety of our pisco brand Mistral, and through our brand Manantial, we incorporated new formats of PET single serve bottles, a fast-growing category in Chile. Also, during the quarter our brand Gatorade became sponsor of the Chilean National football team, expanding the commitment of this brand with sports. Finally, to promote returnability, we launched an initiative named “Alianza Retornable” a new returnable 330 cc beer six-pack format, for our beer brands Cristal, Escudo, Royal Guard, Patagonia y Kunstmann.

Regarding sustainability initiatives, in October we celebrated our 5th Sustainability Summit, updating our Sustainability Strategy, which we named “Juntos por un Mejor Vivir”. This update includes 2 pillars: “Our Planet” and “Our People”, addressing 8 main topics. Under “Our Planet” we will cover Water Balance, Circular Vocation, Climate Challenge and Responsible Procurement as main challenges, while Under “Our People”, we will address “SER CCU” Experience, Passion for the Consumer, Conscious Consumption and Country Progress. All of these 8 topics translate into 20 goals by 2030.

In addition, during the quarter once again we participated in Teletón. As part of the participation, we led the eighth version of the initiative "Families recycling in #BilzYPap mode" which invites all Chilean families to recycle PET bottles in more than 500 recycling points across Chile, the largest recycling effort in Chile.

In terms of innovation, CCU as a holding, and two of its subsidiaries, VSPT in wine, and Compañía Pisquera de Chile, in spirits, obtained first places in their respective categories as “Most Innovative Companies Chile 2023”, carried out by ESE Business School and the Universidad de Los Andes.

Worth to mention is the wildfire that has affected an urban area of the central part of Chile this summer. As a company, we are always present at times that Chile is facing adversities. Accordingly, we reacted rapidly in assistance thousands of people, firemen and volunteers through bottled water, energetic and isotonic drinks. As usual, we also carried out a 1+1 donation campaign with our employees, aligned to the magnitude of this tremendous disaster. This particular fire has been declared as the worst catastrophe in Chile after the earthquake back in 2010.

INTERNATIONAL BUSINESS OPERATING SEGMENT

In the International Business Operating segment, which includes Argentina, Bolivia, Paraguay and Uruguay, Net sales dropped 90.3%, mainly as a result of a contraction of 89.4% in average prices in CLP, due to the impact of hyperinflation accounting stated above, as prices in local currency evolved in line with inflation. Volumes contracted 8.3%, fully explained by Argentina, as all the other geographies posted positive volume growth. EBITDA reached CLP 22,096 million, a 53.7% contraction.

In terms of brands, we incorporated a new format for the beer Amstel in Bolivia, a 473 cc can, to keep boosting this successful launch of 2023 in that country. Also, we presented Heineken Silver in Paraguay, broadening the Heineken brand in the countries where we operate.

WINE OPERATING SEGMENT

In the Wine Operating segment, revenues were down 11.7%, mainly explained by an 8.8% decrease in volumes, driven by a 10.2% decrease in the Chile domestic market and a 5.6% contraction in exports from Chile. Average prices contracted by 3.1%, mainly due to the impact of hyperinflation accounting stated above and a stronger CLP against the USD which impacted negatively our export revenues, partially offset by revenue management initiatives in our domestic markets. EBITDA reached CLP 10,539 million, decreasing 21.3%.

In the quarter, our brand Misión, under its "Medium Sweet" wine line, added the Carmenere style into its current portfolio, Red Blend, Cabernet Sauvignon, and Sauvignon Blanc varieties, in order to further strengthening the value proposition to our consumers.

PRESS RELEASE

ABOUT CCU

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

CORPORATE HEADQUARTERS

Vitacura 2670, 26th floor

Santiago

Chile

STOCK TICKER

Bolsa de Comercio de Santiago: CCU

NYSE: CCU

CAUTIONARY STATEMENT

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

GLOSSARY

Operating segments

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

PRESS RELEASE

ARS

Argentine peso.

CLP

Chilean peso.

Cost of sales

Formerly referred to as Cost of Goods Sold (COGS), includes direct costs and manufacturing costs.

Earnings per Share (EPS)

Net profit divided by the weighted average number of shares during the year.

EBIT

Earnings Before Interest and Taxes. For management purposes, EBIT is defined as Net income before other gains (losses), net financial expenses, equity and income of joint ventures, foreign currency exchange differences, results as per adjustment units and income taxes. EBIT is equivalent to Adjusted Operating Result used in the 20-F Form.

EBITDA

EBITDA represents EBIT plus depreciation and amortization. EBITDA is not an accounting measure under IFRS. When analyzing the operating performance, investors should use EBITDA in addition to, not as an alternative for Net income, as this item is defined by IFRS. Investors should also note that CCU’s presentation of EBITDA may not be comparable to similarly titled indicators used by other companies. EBITDA is equivalent to ORBDA (Adjusted Operating Result Before Depreciation and Amortization), used in the 20-F Form.

Exceptional Items (EI)

Formerly referred to as Non-recurring items (NRI), Exceptional Items are either income or expenses which do not occur regularly as part of the normal activities of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature.

Gross profit

Gross profit represents the difference between Net sales and Cost of sales.

Gross margin

Gross profit as a percentage of Net sales.

Liquidity ratio

Total current assets / Total current liabilities

Marketing, Sales, Distribution and Administrative expenses (MSD&A)

MSD&A includes marketing, sales, distribution and administrative expenses.

Net Financial Debt

Total Financial Debt minus Cash & Cash Equivalents.

Net Financial Debt / EBITDA

The ratio is based on a twelve-month rolling calculation for EBITDA.

Net income

Net income attributable to the equity holders of the parent.

UF

The UF is a monetary unit indexed to the Consumer Price Index variation in Chile.

USD

United States Dollar.

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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.)

Date: February 27, 2024