First Quarter
2022 Earnings
Presentation
May 13, 2022

Coca-Cola Bottlers Japan Holdings Inc.
Calin Dragan, President
Bjorn Ivar Ulgenes, Vice President & CFO(Posted to CCBJH website on May 12, 2022)

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.

2

Coca-Cola Bottlers Japan Holdings Inc. (CCBJH)First Quarter 2022 earnings presentation

Q1 2022 Results
Marketing Update
Full-year 2022 Outlook
Q&A3

Q1 2022 Results

Q1 2022 Overview
Sales volume increased by 4% with the gradual restart of economic activity
leading to traffic recovery. Revenue impacted by negative mix and fallingwholesale revenue per case.
Channel total value share grew. Driven by vending channel value share growthof 36 consecutive months.
Business income recovery delayed. Impact from intense competition
continuing, rising raw material prices, and cycling of one-time cost savings
achieved in the previous year.
Transformation on track, achieving about 3 billion yen of recurring cost savingsin Q1.
Large PET price revision preparation completed. Effective as of May 1 shipment.
5

Q1 2022 Results vs 2021
Unit: Million JPY

Q1 2022
Actual

Q1 2021
ActualYoY

168,853

168,399+0.3%

Sales Volume (Million Cases)

101

97+4%

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

99

95+4%

COGS

96,842

94,239+2.8%

Gross Profit

72,011

74,161

-2.9%

SG&A

84,89285,426-0.6%

Business Income (Loss)(12,749)(11,596)-Operating Income (Loss)(9,670)(15,142)-Net Income (Loss) attributable to owners of parent(6,568)1,316-Revenue*Net income attributable to owners of parent in 2021 results is a total of continuing operation and discontinued operation results.

Some inconsistencies with the volume data provided in past presentations may
be expected as a result of standardization of volume and revenue calculation.

6

Q1 2022 Drivers of Business Income

Volume growth; continued intense competition and rising raw material prices
Q1 2021
Actual-11.6

Volume,Price & Mix*DME(Direct Marketing

Commodity

ManufacturingOthers• Volume growth
benefit and improvedmanufacturing
efficiency offset therising energy cost due
to higher oil prices• Benefit of change in
useful life of sales
equipment• Lower logistic costs• Increase in labor cost
due to cycling of
temporary leave

Q1 2022
ActualExpense, fixed only)• Volume increase of +4%,
but decline in wholesalerevenue per case
• Strategically investedcontinues• Responding to continued to capture recovery ingrowth channels
intense competition

-0.2

-0.8

• Rising raw material
prices of aluminum,PET, and forex impact-2.9+0.8

-12.7

+2.0

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

(Rounding off less than unit)

7

Q1 2022 NARTD Beverage Sales Volume Conditions (vs 2021)
Volume grew by 4%, but challenging conditions for wholesale revenue per case continues.
Growth supported by continued at-home demand, Supermarkets and Drug & Discounters
as well as Online. Vending grew through traffic recovery and the result of re-strengthened
vending machine placement initiatives put in place from 2021.
Coffee grew in all channels with new products, renewals and new marketing campaigns.
Q1 Sales Volume +4%
ChannelSupermarket (SM)

Wholesalerevenue
perVolumecase (Yen)+3%

Category
4%-22

Drug & Discounter (D&D)

+5%

-30

Convenience Store (CVS)

-5%

-26

Vending (VM)

+3%

-14

Retail & Food (R&F)

+10%

-13

Online

+39%

-89

15%

24%

16%

25%
15%

VolumeSparklingFlat

Tea+4%

Sports

+13%

Water

+8%

Coffee

+4%

Juice

+8%

Note: Volume doesn’t include alcohol. Revenue per case doesn’t include DFR (deductionfrom revenue). Some inconsistencies with the volume data provided in past presentations
may be expected as a result of standardization of volume and revenue calculation.

5%
6%
25%
23%
25%

11%
5%

8

Building a Foundation for Value Share Growth
Total value market share grew by +0.7 pts in Q1.
Vending value share growing for 36 consecutive months, OTC remains to be challenged.
Maintain OTC retail price premium vs market average.
Q1 Market ShareValue

Volume+0.7-0.1

Vending+4.0+3.7

Over the Counter (OTC)-0.3-0.8(Jan. to Mar., vs PY, PP)

Total (CCBJH Area)

OTC Retail Pricevs Market Averagevs PY

Small PET+3.7-3.8

Large PET+23.4-1.1(Jan. to Mar., JPY per bottle)

Data source standards changed from 2021. SPET(351~650ml), LPET(1.251L~)
Source: Intage

Quarterly Value Share (vs. PY, Pts Chg)

Q1 2021

Q2 2021

Total Value (Pts Chg YoY)

Q3 2021

VM Value (Pts Chg YoY)

Q4 2021

Q1 2022OTC Value (Pts Chg YoY)

Source: Coca-Cola Internal Estimate

9Marketing Update2022 Q1 Initiative Review Drove core growth for Coke, Georgia, COSTA,
Ayataka and Lemon-dou with Year-2 & New Innovations
Coca-Cola TM

GEORGIA & COSTA

AR Fortune bottle & Coke Zero New Campaign
under Global “Real Magic” platform

Grew Coffee market shareleveraging GA New campaign with upgrade portfolio& COSTA restage

Ayataka Core & Ayataka Café Matcha Latte

Lemon-dou Core & New Innovations
Grew revenue & user basewith Core restage & New Innovations

Drove revenue growth & Expanded users
through Ayataka spring “Sakura” campaign

112022 Q2 Initiative Highlights (Apr-May)

Expand users and drinking occasions through Core enhancement &Tapping into white space with New Innovations
Coca-Cola Label-lessCoca-Cola & Coca-Cola Zero
100% r-PET Label-less

GEORGIA
Accelerate “Recharge” occasion
under new campaign “The Coffee that makes you glow”

AYATAKA Core &AYATAKA Café Houji-cha Latte
Ayataka Core New Graphics/New campaign &Launch 2nd flavor from “Ayataka Café”

CHILL OUT & REAL GOLD XY
Tap into white spacewith “CHILL OUT” & “REAL GOLD XY”

12

2022 Marketing Strategy
Strengthen the core & Grow year-2 and selective innovations
with continuously flexible and timely actions

PIVOT TO CORE
コアへの原点回帰FEWER, BIGGERINNOVATIONS
選択と集中STAY@HOME
家庭内需要の獲得

13Full-year 2022 Earnings Guidance

FY2022 Earnings GuidanceWith continued challenging business environment, multiple factors for profit decrease
expected. However, target business income at the same level as previous year throughvolume growth by capturing traffic recovery, cost savings through transformation andefforts to improve profit base.
Sales volume in April increased by about 4%, off to a strong start into Q2.

External Environment
Assumptions

Our Situations / Initiatives• Expect gradual recovery in traffic.
• No more State of Emergency.
• Intense competitiveenvironment to continue.
• Increase in procurement costs
due to rising raw material prices
and Yen depreciation:
11.3 billion yen.

• Volume growth +2% by traffic recovery and market share growth• Large PET price revision effective from May 1 as planned. Further
pricing being seriously considered.
• Recurring cost savings through transformation: 5 billion yen.
• Cycling impact of one-time cost savings achieved previous year:
about 18 billion yen cost increase.
• Sales equipment useful life change, decrease depreciation:
about 8 billion yen.
15

FY2022 Guidance
Unit: Million JPY

2022Guidance

2021
ActualYoY

819,700

785,837+4.3%

Sales Volume (Million Cases)

478

468

+2%

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

470

460

+2%

COGS

465,100

435,332+6.8%

Gross Profit

354,600

350,505

+1.2%

SG&A

368,000

363,750+1.2%

Business Income (Loss)(14,600)(14,662)-

Operating Income (Loss)(11,100)(20,971)-

Net Income (Loss) attributable to owners of parent(7,900)(2,503)-Revenue*Net income attributable to owners of parent in full-year 2021 results is a total of continuing operation and discontinued operation results.

Some inconsistencies with the volume data provided in past presentations may
be expected as a result of standardization of volume and revenue calculation.

16

FY2022 Drivers of Business Income

Profit decline due to challenging business environment, but work continues ongrowing volume and improving profit baseFull-year 2021
ActualVolume,
Price & Mix*DME(Direct Marketing

Commodity

Manufacturing

OthersFull-year 2022
ForecastExpense, fixed only)

+0.0

-14.6

-14.7

-11.3

+11.4

• Improvement throughtraffic recovery and large
PET price revisions• Controlled marketingwith focus onprofitability• Impact from rising costsof PET, aluminum, andforex• Benefit of improved• Benefit from change inmanufacturing efficiency useful life of sales
with volume growth, but equipment
increase in energy costs • Labor cost increase due toand cycling of temporary cycling of temporary leave
labor cost decrease inetc.
2021

-2.7

+2.7
Unit: B JPY*Volume, Price & mix represent marginal profit of our commercial activities including variable costs and deduction from revenue in IFRS.

(Rounding off less than unit)

172022 Targets

On target to achieve
Market share
TargetTargetTargetValue share growth in vending
Balanced approach in OTC withsustainable pricing in mind

Capex

Recurring cost savings

5 B yen46 B yenTransformation continues todeliver savings

Control capex and monitor
market environment for
expanding investments gradually*Not including IFRS16 non cash items

Depreciation
Target47 B yen
Revised to account for the change

Annual dividends
TargetSustainable PET Ratio
Target50 yen / share

50%

Solid balance sheet allowing
stable dividend payout

About 60% reduction in CO2 perbottle, switching from virgin PET
bottle to 100% sustainable PET bottle

in useful life of sales equipment

Controlled capex spending anddecrease YoY18

2022 Commercial Strategic Pillars

Progressing on track towards capturing demand recovery
Expand Portfolio Edge

Margin Focused Pricing

High quality innovation todrive growth in volume /revenue / market shareand premiumization
Focus on core to enhancepresence for solid baseCapture consumer / social
needs with packaging
Expansion into whitespace

Targeted marketinginvestments focused on
growth channels andcategories
Strengthen consumeroriented marketinginvestment
Appropriate level ofpromotion
Price revision andcontinuous monitoring

Growth throughVending Channel

Customer Management &Execution Excellence

Revenue recovery by permachine growth and VM
placement, supported byhigh market share base
Leverage our digitalplatform "Coke ON" andupdate functions for
improved engagement
Improve operations
further through DX

Strengthen customer
relationships withproposal type sales
Accelerate DX acrossvarious areas of analysis,planning, operation andexecution
Transformation continues
Collaboration with CocaCola Japan to leverage
Coke System network
19

Pricing Strategy for Sustainable Growth
Implemented large PET price revision effective as of May 1.
Seriously considering pricing measures for small packages.
Commodity prices continues to pressure profitability, urgency to improveearnings base.
Continue to offer high value added products and innovation to consumers.
Implemented L-PET Price Revision✓ Large PET (1.5L, 2L) *with some exceptions such as water✓ Shipping price revision rate: Approx. +5 to 8%✓ Channels: Supermarkets, Drug & Discounters,
OnlineFurther Pricing Considered✓ Packages: Mainly Small PET✓ Channels: All channels✓ Timeline: Second half 2022

20

Growth Through Vending Channels

Efforts strengthened to capture demand with traffic recovery
Initiatives for Growth

Leveraging Coke ON

Further Operation Optimization

Focus on core
Pricing balanced with businessenvironment and profitability
DX to enhance product line-up
Increase new vending location
with ROI focus

Enhance customer engagementwith Coke ON

Stable operation of the new
business model
Increase on-line vendingmachines
Use of IT tools and DX
Enhance collaboration withsupply chain (Mega DC)
Improve efficiency & capabilities✓ Increase revenue per machine. Leverage✓ Increased number of Coke ON machines✓ Increase the number of active users✓ Maximize the time of activity in theCaptured new and returning consumers.
Achieving historical high Coke ON Pay users✓ Increase the number of on-line vending

new products and vending specificproducts, and implement location-specificproduct assortment✓ Increase of more than 10,000 machines

Strengthen promotion throughCoke ON

Increase attractive new services
for consumers

market by route sales with therecovery of trafficmachines21

Supply Chain Initiatives
Optimization of Supply Chain Network
Leveraging Mega DCs
Efforts to Reduce Number of Touches

Supply Chain and Commercial
Collaboration
ForecastSales
Monitoring

Mega DC

Akashi Mega DC is scheduled
to start operation in July asplanned.

Reduced number of touches in the
supply chain to reduce costs.
Consolidation of sales / distribution
centers continues with 5 locations
closed this year.

Sales
Planning

Supply Chain
Planning
Improved agility to better meetdemand volatility to minimize lostsales opportunity.

22

ESG Initiatives

Steady progress in creating shared value
Excellence in ESG initiatives
Selected as a constituent of theFTSE Blossom Japan Sector Relative Index
The Index is designed to relatively reflect
the performance of companies that
demonstrate superior Environmental,
Social and Governance (ESG) practices ineach sector

Climate Change Initiatives
Endorsed the TCFD and joined
the TCFD Consortium
In line with TCFD’s recommendations, wewill analyze the financial impact of climatechange-related risks and opportunities,
and consider measures to address them,
strive to disclose more substantial
information

Workplace Environment
Certified as a “2022 Health & ProductivityManagement Outstanding Organization(White 500)”
Continue our efforts to prioritize
employee health management inour business operations

Sustainability Initiatives
Joined the United Nations Global Compact
and signed CEO Water Mandate
Continue to make efforts in solving social
issues through businessactivities to realize
sustainable society

23Summary
Despite continued transformation over the past several years to build a solid
foundation for sustainable growth, earnings performance remains challenging
due to the COVID-19 impact.
2022 business environment expected to remain difficult. We will work tocapture demand recovery, mitigate factors impacting earnings and continuetransformation. Volume growth continued in April, giving us confidence that
we have the foundation to capture demand recovery.
In this dynamically changing business environment, we focused on protecting
our business. We will now need to grow the business, adapt to the newnormal and leverage our strong foundations. Developing mid-term business
plan.
24

Foundation Built Through Transformation Enabling Future Growth
Developing mid-term business plans
2017-2019
Integration
Consolidated legacy
bottlers

2023 Onwards
Sustainable Growth2020-2022
Driving transformation evenin challenge environment
Protecting our market share
Agile decision making for rapid changes
Built resilient business foundation
Actions for profitable base: L-PET pricerevision implemented; further action
evaluated

Shareholder Value
Creation
Capture demand through healthy
share baseRealize lowest cost operation leveraging
foundation built by transformation

Revenue & Margin Growth

Achieved through earnings
growth and by being goodstewards of capital

GrowthHealthy value share growthfor solid profit foundation

Strategic Pricing & Profitability

Good Stewardship of Capital
Long-term Capex Control

Sustainability
Focus on CSV initiatives forsustainable growth

Transformation & Cost Efficiency
Ensure delivery of 35B, evaluating additional savings
Change in Industry
Dynamic

COVID-19 / Commodity Impact

New Normal25

Q&A

Appendix

Change in Useful Life of Sales Equipment
As consumer spending pattern has been impacted by COVID-19, we have decided to further
strengthen margin and ROI focused commercial strategy. As part of such strategic direction,utilize our sales equipment on a longer-term basis and more efficiently than in the past.
<Summary of Change>
Target Asset: Vending machines, coolers, dispensers, others
Useful Life: Mainly changed from 9 years to 11 years
Depreciation Method: No change from straight-line method
Impact to Earnings: Depreciation cost to decrease by about 8 billion yen
for the full year (2.3 billion yen reflected in Q1)▶ Our Initiatives for Efficient Use of Sales Equipment✓ Implement strategic sales equipment investment✓ Improve reuse and extend years of use by strengthening the framework forperiodic maintenance and servicing✓ Improved sales equipment performance through collaboration with suppliers28

Q1 2022 NARTD Package Volume (vs 2021)

Package

VolumeS-PET+1%

M-PET

+65%

L-PET+2%

Can-5%

Bottle Can+8%

Syrup

+10%

Powder

+17%

3%

9%
6%

39%

12%
23%
3%

S-PET: PET under 650ml/L-PET: PET above 1.5L

NARTD: Non-alcoholic ready-to-drink
Note: Volume doesn’t include alcohol. Revenue per case doesn’t include DFR (deductionfrom revenue). Some inconsistencies with the volume data provided in past presentations
may be expected as a result of standardization of volume and revenue calculation.

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