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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

¨REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

For the fiscal year endedDecember 31, 2025

OR

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

¨SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

For the transition period from to _____________

Commission file number 0-20486

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, Twenty-Third Floor, Santiago, Chile

(Address of principal executive offices)

Felipe Dubernet, (562-24273536), fdubern@ccu.cl, Vitacura 2670, Twenty-Third Floor, Santiago, Chile

(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)

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

Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
American Depositary Shares, each representing two shares of our Common Stock, without par valueCCUNew York Stock Exchange
Common StockN/A*New York Stock Exchange*
CCUSantiago Stock Exchange Chile Electronic Stock Exchange
*Not for trading, but only in connection with the registration of American Depositary Shares which are evidenced by American Depositary Receipts

Securities registered or to be registered pursuant to Section 12(g) of the Act.

Not applicable

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

Not applicable

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.

Common stock, with no par value:369,502,872

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes ☐No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definitions of “accelerated filer”, “large accelerated filer”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Emerging growth company☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.

¨

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its

audit report.☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

¨

Indicate by checkmark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant period pursuant to §240.10D-1(b).

¨

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ¨International Financial Reporting Standards as issued by the International Accounting Standards Board xOther ¨

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

ITEM 17 ☐ ITEM 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES ☐ NO☒

Table of Contents

Introduction1
Forward Looking Statements1
PART I2
ITEM 1: Identity of Directors, Senior Management and Advisers2
ITEM 2: Offer Statistics and Expected Timetable2
ITEM 3: Key Information2
A. Reserved2
B. Capitalization and Indebtedness2
C. Reasons for the Offer and Use of Proceeds3
D. Risk Factors3
ITEM 4: Information on the Company11
A. History and Development of the Company11
Capital Expenditures21
B. Business Overview22
1) Summary22
2) Overview23
3) The Beverage Market25
4) Production and Marketing27
5) Raw Materials and other Supplies42
6) Sales, Transportation and Distribution43
7) Seasonality47
8) Geographical Markets50
9) Competition51
10) Government Regulation53
C. Organizational Structure58
D. Property, Plants and Equipment59
E. Environmental Matters62
ITEM 4A: Unresolved Staff Comments64
ITEM 5: Operating and Financial Review and Prospects65
Overview65
A. ADJUSTED OPERATING RESULT65
B. Liquidity and Capital Resources73
Capital Expenditures Plan76
C. Research and Development76
D. Trend Information77
E. Critical Accounting Policies and Practices79
ITEM 6: Directors, Senior Management and Employees79
A. Directors and Senior Management79
B. Compensation85
C. Board Practices87
1) Directors’ Committee87
2) Audit Committee90
D. Employees90
E. Share Ownership92
F. Disclosure of a registrant’s action to recover erroneously awarded compensation92
ITEM 7: Major Shareholders and Related Party Transactions93
A. Major Shareholders93
B. Related Party Transactions94
C. Interests of Experts and Counsel101
ITEM 8: Financial Information102
A. Consolidated Statements and Other Financial Information102
Wine Exports102
B. Significant Changes105
ITEM 9: The Offer and Listing106
A. Offer and Listing Details106
B. Plan of distribution106
C. Markets107
D. Selling Shareholders107
E. Dilution107
F. Expenses of the Issue107
ITEM 10: Additional Information108
A. Share Capital108
B. Memorandum and Articles of Association108
C. Material Contracts112
D. Exchange Controls112
E. Taxation115
F. Dividends and Paying Agents122
G. Statement by Experts122
H. Documents on Display122
I. Subsidiary Information122
ITEM 11: Quantitative and Qualitative Disclosures about Market Risk122
A. Qualitative Information About Market Risk123
B. Quantitative Information About Market Risk125
ITEM 12: Description of Securities Other than Equity Securities128
12.D.3. Depositary Fees and Charges128
12.D.4. Depositary Payments129
PART II129
ITEM 13: Defaults, Dividend Arrearages and Delinquencies129
ITEM 14: Material Modifications to the Rights of Security Holders and Use of Proceeds129
ITEM 15: Controls and Procedures129
ITEM 16A: Audit Committee Financial Expert130
ITEM 16B: Code of Ethics130
ITEM 16C: Principal Accountant Fees and Services131
ITEM 16D: Exemptions from the Listing Standards for Audit Committees131
ITEM 16E: Purchases of Equity Securities by the Issuer and Affiliated Purchasers132
ITEM 16F: Change in Registrant’s Certifying Accountants132
ITEM 16G: Corporate Governance132
ITEM 16H: Mine Safety Disclosure135
ITEM 16I: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections135
ITEM 16J: Insider Trading Policies135
ITEM 16K: Cybersecurity136
Risk management and strategy136
Cybersecurity Governance137
PART III138
ITEM 17: Financial Statements138
ITEM 18: Financial Statements138
ITEM 19: Exhibits139
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.