Third Quarter
2023 Earnings
Presentation
November 10, 2023

Coca-Cola Bottlers Japan Holdings Inc.
Calin Dragan, President
Bjorn Ivar Ulgenes, Vice President & CFO(Posted to CCBJH website on November 9, 2023)

Coca-Cola Bottlers Japan Holdings Inc. (CCBJH)
Third Quarter 2023 Earnings Presentation

Q3YTD 2023 Results

Marketing Update2023 Full-Year Earnings Revision2

Today’s Highlights
Business income to return to profit this year, ahead of 2024 target. With good
Q3YTD earnings progress, 2023 full-year business income now expected to growby 15.9 billion yen YoY and 6.5 billion yen higher than initial forecast.
Business income for Q3YTD grew significantly exceeding initial estimates, driven
by profit contributions from top line growth.
Revenue for Q3YTD grew strongly by 8.4%. Efforts of key initiatives materialized
and tailwind from the heat wave led to strong volume growth of 4% andimproving wholesale revenue per case from price revisions.
Series of price revisions progressing steadily. Benefits materialized as planned
through quick implementation, disciplined commercial activities and by
minimizing volume impact. Continue to implement initiatives for profitability
improvements.
3

Q3YTD 2023 Results

Q3YTD Results (vs 2022)
Good Q3YTD earnings contributing greatly to achieve profit for the full-year
Unit: Million JPY

Q3YTD 2023
ActualQ3YTD 2022
Actual663,825

612,321+51,504+8.4%

Sales Volume (Million Cases)

379

366

+13+4%NARTD (Non-alcoholic ready to drink) Beverage Volume (Million Cases)

375

361

+14+4%

COGS

369,229

345,004+24,225+7.0%

Gross Profit

294,595

267,317+27,279+10.2%

SG&A

287,961

278,322+9,639+3.5%

Business Income (Loss)

5,867(11,196)+17,063-

Operating Income (Loss)

6,121(7,053)+13,174-

Net Income (Loss) attributable to owners of parent

3,862(5,194)+9,055-Revenue

ChangeYoY

Note: Sales volume in 2022 is revised retroactively due to changes of counting segmentation and scope in some products.

5

Q3YTD Drivers of Business Income (vs 2022)

Top-line growth leading to about 30B yen profit growth, greatly contributing to thereturn to profit for the full-year
Q3YTD 2022
ActualVolume,Transformation
Price & Mix*DME(Direct MarketingExpense, fixed only)

Manufacturing(ex. Utility Cost)+3.8+3.5+30.4• Transformation
benefits being realized
ahead of plan• Operational efficiency
improvement
leveraging Mega DCsand logics network• Strategicallyinvested inmarketing while
focusing on
profitability-0.7• Package mix impact(Unit: B JPY)Q3YTD 2023
Actual-11.4• Appropriate investment
controlled during COVID• Strengthening humancapital investment
accounting for earning
trends and mid-term
directions• Impact from change in
useful life of sales
equipment in 2022 (costincrease)• Cycling of temporary
leave from Q1 last year

-11.2
• Traffic recovery andheat wave contributed
to 4% volume increase• Wholesale revenue percase improved in allchannels with pricerevisions

Commodity &Utility CostOthers

Q3 YTD 2023

-8.5
• Commodity impact
including FX• Higher utility costs• Impact smaller
compared to initialplanvs PY

Revised FY PlanCapex

26.7

-3.6

35.7

Depreciation

34.8

+0.6

46.9

5.9

Unit: B JPY(Rounding off less than unit)

Note: Capex not including IFRS16 non-cash items.

*Volume, Price & mix represent marginal profit of our commercial activities including variable costs and deduction from revenue in IFRS.

6

Q3YTD NARTD Beverage Sales Volume Trends (vs 2022)
4% volume growth by capturing traffic recovery and heat wave demand, despite price revision impacts.
Wholesale revenue per case improved in all channels from price revision benefits.
Vending leveraged strong share base and Coke ON. Able to control negative volume impact of price revisions.
CVS turned to positive growth during peak demand season with key initiatives delivering results. R&Fcaptured the recovery in dining out.
Sparkling increased for Coca-Cola. Tea remained challenging since 1H, but trends improving and captured
heat wave demand. Water grew strongly with new packaging, coffee increased with rebranded Georgia.

Sales Volume +4%
ChannelWholesalerevenueper
Volumecase (Yen)Supermarket (SM)

-2%

+72

Drug & Discounter (D&D)+5%+62

Convenience Store (CVS)+4%+69Vending (VM)

Flat+175

Retail & Food (R&F)

+11%

+66

Online+11%+54

Category
5%

1%

Sparkling
23%

17%

22%

17%
14%

VolumeTeaFlatSports-4%

Water+16%

Coffee+2%

Juice+14%Note: Volume doesn’t include alcohol. Wholesale revenue per case doesn’t include DFR (deduction from revenue). Some inconsistencies with the volume data provided inpast presentations may be expected as a result of standardization of volume and revenue calculation.

4%

+4%
6%

25%
19%

23%

13%
10%

7

Value Share Foundation Supporting Growth

Continued growth in total market share through new product launches andeffective marketing activities
Total channel value share grew by 0.2 pts.
Market share trends impacted by price revisions, however vending value share remained
positive from previous year, OTC channel market share drop getting smaller.
OTC retail price improved from the previous year with price revisions. Maintained pricepremium vs market average.
Market Share(Jan. to Sep, vs PY, Pts)

Total (CCBJH Area)Value

OTC Retail Price

Volume(Jan. to Sep, JPY per bottle)

vs MarketAverage

vs PY+0.2+0.2

Small PET

+10.5+15.8

Vending+0.2

Flat

Large PET

+23.7+4.4

Over the Counter (OTC)

-0.2

-0.2

Source: Intage SRI+ soft drink market Small PET (351~650ml), Large PET products (1.251L~)CCBJH Area Jan-Sep 2023
Market Ave: CCBJH avg. retail price (bottles) / market avg. retail price (bottles)
YoY: CCBJH retail price (bottles) / previous year actuals

Source: Coca-Cola Japan Internal Estimate

8

Commercial Activities During Peak Demand Season

Top-line improving from successful implementation of key initiatives and tailwind
from traffic recovery and the heat wave
Key Initiatives & Benefits

Q3 (Jul-Sep) YoY

Efforts to date to introduce new products andstrengthen customer engagement have contributed toexpanded sales space.
Effective marketing and in-store commercial activities tomaximize demand capture and minimize impact onvolume from price revisions.
Maximized effect of price revisions during peak demandseason by implementing quick price revisions andensuring shipping price are maintained.
Stable operation of the S&OP process, revamped inprevious year, ensured stable product supply evenduring heat wave.

Revenue+9.9%
Sales Volume+5%
Wholesale Revenue
per Case
All Channels

Over +70 yen9

Price Revision Update

Continued favorable trends in OTC prices with steady implementation of pricerevisions and maintained shipping priceLarge PET: With second price revisions in May this year, retail prices continue to rise on top of elevatedlevel of last year.
Small PET: Since last October’s price revisions, retail prices continue to rise on a YoY basis. Retail priceYoY improvement amount accelerating on a quarterly basis.
Can (VM): Reflection of price revisions in May to VMs mostly completed by the end of September.
L-PET OTC Retail Price excl. Water(JPY)

2nd Price Revisionin May160.0

S-PET OTC Retail Price(JPY)

ContinuedPrice
Growth(JPY)(JPY)
Improving
YoY Growth120+10+20Oct Price
Revision
150.0

110

May Price
Revision+10+5100

140.0

130.0

N/A
Q1+0Q2

Q32022Q4Q1Q2

Q390

N/AQ3+0Q42023

Source: Intage SRI+ soft drink market Small PET (351~650ml), Large PET products excl. water (1.251L~)CCBJH Area Jan 2022 - Sep 2023 / CCBJH: Avg. retail price (bottles) / Market Avg. price: Market avg. retail price (bottles)

Q1

Q2

Q32023

10ESG Initiatives

Focus on initiatives that create value------------------------------------------------------------------ Major Initiatives -----------------------------------------------------------------------------Values--------------

Expanded Bottle to Bottle collaboration
CustomerCollaboration‐ Joined Honda Mobilityland, MEIDENSHA CORPORATION, in contracts with manyother customers

Omotenashi vending machine with QR payment function installation

BusinessExpansion

Sustainable water resource conservation agreement‐ New contract with Tambayama village, Hachioji city
Local
Government
Collaboration

Contracted with 21 municipalities in total

Seiyo Child Rearing Support Vending Machine, Food Bank
Komae Support Vending Machine installation

ReduceEnvironmental
ImpactBottle to Bottle collaboration‐ Joined Tokai city, Oita, and Hachioji city, contracted with 13 municipalities total※
Earned Silver ratingin EcoVadis Sustainability Survey

OtherInitiatives

Resumed factory tours at Zao Plant‐ 5 Plants are underway

Community
Development

Held "Let’s Learn with a Family! Summer School" online11Marketing Update

Q3 2023 Initiative Review
Grew KO NARTD value share (+0.2pts*) with strong campaign & activations in core,
new innovations and digital driven new way of experiential marketing* CCJC Internal Estimate (CCBJI Area)

CORE

INNOVATIONS

Ayataka Meal
Fall Campaign

FANTA
Hito-Natsu noAmanatsu

Georgia TM
Fall Campaign

COSTA Coffee
Hazelnuts Latte

I LOHAS
Fall Campaign

Georgia
THE Zero

MARKETING
EXPERIENCE
Coke STUDIO Package Promotionwith Live events13

Q4 2023 Initiative Highlights
Expand user base and drinking occasions through core enhancement &new innovations with transforming the way of marketing
CORE

INNOVATIONSMARKETING
EXPERIENCE

I LOHAS
Ichigo (Strawberry)"Let's Make Your Own Bottle" caravan
under Georgia TM New Campaign

Coke WinterCampaign

Ayataka Meal
Winter Campaign
Incl. HOT Products

FANTA Premier
Honey Lemon

AQUARIUS
Winter Campaign

142023 Full-Year Earning Revision

2023 Full-Year Earnings Revised Up: Return to Profit
Business income profitability to be achieve ahead of 2024 target in Strategic
Business Plan
2023 Year of Profit Focus: Top Priority on Improving Profitability
Key Points

Stronger than expected earnings increase with strong profit from top-line growth
Q3YTD

Q4(Oct-Dec)• 4% volume growth exceeding expectations. Driven by key initiatives successfully capturing traffic recovery
and heat wave demand.
• Price revisions on plan. Wholesale revenue per case improvement contributed to top line and profitability
improvement.
• Cost savings from transformation achieved ahead of plan, progress exceeding full-year target as of Q3.

Underlying business fundamentals are strong, but impacted from investments for sustainablegrowth• Growth investments at appropriate levels, which was restrained considering the business environment.
• Impact of commodities and utility prices suppressed compared to initial expectations.
• Cycling price revision benefits for small packages implemented last October.
• Implement price revisions from this October for accelerating further profitability improvements.

Achieve profitability ahead of plan and further strengthen the foundation
16

2023 Full-Year Revised Plan
In addition to business income, net income also expected to return to profit
Unit: Million JPY
FY2023
Revised Plan

ChangeYoY

YoY

Change vsOriginal Plan

Vs OriginalPlan

869,900+62,470+7.7%+22,800+2.7%

Sales Volume (Million Cases)

492+13+3%+21+4%

NARTD (Non-alcoholic ready to drink) Beverage Volume (Million Cases)

486+13+3%+21+4%

COGS

485,300+29,625+6.5%+10,700+2.3%

Gross Profit

384,600+32,845+9.3%+12,100+3.2%

SG&A

381,900+16,605+4.5%+5,600+1.5%

Business Income

1,500+15,943-+6,500-Operating Income

3,200+14,713-+8,500-Net Income attributable to owners of parent

1,500+9,570-+5,800-Revenue

Note: Sales volume in 2022 is revised retroactively due to changes of counting segmentation and scope in some products.

17

FY2023 Drivers of Revised Business Income (vs 2022)
Top-line driven profit offset cost pressure, contributing to the return to profit
FY2022
ActualVolume,Price & Mix*

DMETransformation(Direct MarketingExpense, fixed only)

+3.8

+1.2

• Transformation
benefits being realized
ahead of plan
• Leverage Mega DCs inthe logics network• Improved production
agility• Investments in Q4
for growth beyond2024• Strategic marketinginvestments withprofitability in mind
to control costs
during the year

+34.0

-14.4
• Target volume growth of 3%,
higher than initial plan
• Expect improvement inwholesale revenue per casefrom price revisions andmaintaining of shipping prices

Manufacturing(ex. Utility Cost)

OthersCommodity &FY2023
Utility Cost Revised Plan

-1.7
• Package mix impact-12.4• Appropriate
investment controlledduring COVID• Strengthening humancapital investment
foundation forsustainable growth• Cycling of one-time
items from 2022
(temp leave, change
in useful life of sales
equipment)• Logistics costs
decrease withimproved efficiency

-8.9
1.5
• Commodity impact
including FX• Impact smaller
compared to initialplan

Unit: B JPY(Rounding off less than unit)

18*Volume, Price & mix represent marginal profit of our commercial activities including variable costs and deduction from revenue in IFRS.

Summary
Expect the full-year to return to profit ahead of plan
Growth foundation built to date and focus on profitability this year havecontributed to strong growth in revenue and profits by capturing demand
from traffic recovery and heat wave.
Price revisions, the most important initiatives, are delivering results asplanned. Reaffirmed that price revisions can be important for profitability
improvement.
We will consider all options more extensively than before, aiming toimplementing further price revisions within 2024.
Promote initiatives for sustainable growth without easing pace to make goodstart in 2024, the first year of the strategic business plan.
19

THANK YOU
Investor Relations
Coca-Cola Bottlers Japan Holdings Inc.
ir@ccbji.co.jp
https://en.ccbj-holdings.com/ir/

AppendixQ3 (Jul to Sep) Results (vs 2022)
Unit: Million JPY

Q3 2023
ActualRevenue

Q3 2022
ActualChangeYoY259,715

236,373+23,343+9.9%

Sales Volume (Million Cases)

149

142+7+5%

NARTD (Non-alcoholic ready to drink) Beverage Volume (Million Cases)

148

141

+7+5%

COGS

141,917

132,194+9,723+7.4%

Gross Profit

117,799

104,179+13,620+13.1%

SG&A

104,748

97,047+7,701+7.9%

Business Income

12,6307,025+5,605+79.8%

Operating Income

12,6507,379+5,272+71.4%Net Income attributable to owners of parent

7,808

4,705+3,103+65.9%

Note: Sales volume in 2022 is revised retroactively due to changes of counting segmentation and scope in some products.

22NARTD Channel / Category / Package Sales Volume
By Package
Q3YTD (Jan to Sep)

Q3QTD (Jul to Sep) Sales Volume +5%
By Channel
ChannelVolumeWholesalerevenue per case(Yen)Supermarket (SM)

Flat+85

Drug & Discounter (D&D)+6%+73

Convenience Store (CVS)

+13%

+77

5%

24%

16%

21%

18%
15%

Vending (VM)

Flat
+8%+76

Online+12%+72

17%

14%

22%
13%

11%
24%
4%

Q3QTD (Jul to Sep)
2%

VolumeSparkling+5%

Tea+4%

Sports-2%

Water+16%

Coffee+1%

Juice+12%

38%

+199

Retail & Food (R&F)

Category

24%

10%
5%

By Category
6%

Package

3%4%

5%

10%
40%

10%

24%
5%

Note: Volume doesn’t include alcohol.

Volume

S-PET

-2%

M-PET

+9%

L-PET

+7%

Can

+1%

Bottle Can

-2%

Syrup

+17%

Powder

+23%

Package

Volume

S-PET

+1%

M-PET

+12%

L-PET

+9%

Can

-3%

Bottle Can

-2%

Syrup

+13%

Powder+20%

S-PET：Below 650ml/L-PET：Above 1.5L

2324

Forward-looking Statements
The plans, performance forecasts, and strategies appearing in this material are based on the assumptions and judgment of the managementof Coca-Cola Bottlers Japan Holdings Inc. (CCBJH or Company) in view of data obtained as of the date this material was released. Theseforecasts may differ materially from actual performance due to risks and uncertain factors such as those listed below.
Risks and uncertain factors are not limited to the items listed below. They are also included in our annual securities report, or “Yuka Shoken
Houkokusho”.
• Agreements with The Coca-Cola Company and Coca-Cola (Japan) Company Limited.
• The quality and safety of products• Market competition• Natural environment, such as climate, disaster, water resources, etc.
• Legal environment• Leakage or loss of information• Change of economic conditions, such as personal consumption, currency exchange rates, prices of raw materials, fair value of assets, etc.
• Business integration, streamlining and optimization of business processes, etc.
• Uncertain factors other than those above
The information in this presentation is provided for informational purposes and should not be construed as a solicitation of an investment inour securities.
CCBJH undertakes no duty to update any statement in light of new information or future events. You should rely on your own independent
examination of us before investing in any securities issued by our company.
25