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    Ulises Bolio

    Research Analyst at JPMorgan

    Ulises Bolio is an Executive Director and Equity Research Analyst at J.P. Morgan, specializing in the Latin American financial sector with a focus on banks and diversified financials. He covers leading companies such as Grupo Financiero Banorte, Banco Santander México, and Grupo Financiero Inbursa, and is recognized for his thorough market insights and robust analytical performance, earning favorable feedback from institutional investors. Bolio began his finance career in the early 2010s, joining J.P. Morgan in 2016 after holding analytical roles at Credit Suisse and other firms across the region. He holds FINRA registration and Series 7, 63, and 79 securities licenses, distinguishing himself through his expertise and credibility in Latin America’s banking industry.

    Ulises Bolio's questions to UNITED BREWERIES CO (CCU) leadership

    Ulises Bolio's questions to UNITED BREWERIES CO (CCU) leadership • Q4 2023

    Question

    Asked for a breakdown of Chile's Q4 volume performance between alcoholic and non-alcoholic segments, the foreign exchange rate assumption in the 2024 budget, and the pricing strategy needed to offset currency pressures.

    Answer

    The Q4 volume decline in Chile was similar across both beer and non-alcoholic categories, in the mid-to-high single-digit range. The company did not disclose its budgeted FX rate but acknowledged the significant pressure, stating a sustained CLP 100 devaluation would require offsetting CLP 20-25 billion through a combination of revenue management and efficiencies.

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