Second Quarter
2022 Earnings
Presentation
August 12, 2022
Coca-Cola Bottlers Japan Holdings Inc.
Calin Dragan, President
Bjorn Ivar Ulgenes, Vice President & CFO(Posted to CCBJH website on Aug 10, 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 independent2
examination of us before investing in any securities issued by our company.

2

Coca-Cola Bottlers Japan Holdings Inc. (CCBJH)
Second Quarter 2022 Earnings Presentation

1H 2022 Results
Marketing Update
2H 2022 Outlook33

1H 2022 Results

1H 2022 Overview
Sales volume grew by 4%. Captured demand from traffic recovery and heatwave, volume growth despite volume impact from large PET price revision inMay. Achieved stable product supply during large demand fluctuations
through S&OP process improvements.
Total channel value share grew. Vending drove growth and OTC channel
turned to positive growth in Q2.
Wholesale revenue per case improved with price revisions in OTC channel andefforts to optimize retail price in vending.

Business income decreased YoY. Sales volume growth and transformation
contributed, but impacted by rising commodity prices, rapid yen depreciation
5and cycling of one-time cost savings achieved in the previous year.
5

1H 2022 Results (vs 2021)
Unit: Million JPY

1H 2022
Actual

1H 2021
ActualYoY

375,948369,309+1.8%

Sales Volume (Million Cases)

224

217

+4%

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

221

212

+4%

COGS

212,810206,040+3.3%

Gross Profit

163,138

163,269

-0.1%

SG&A

181,275

177,295+2.2%

Business Income (Loss)(18,221)(14,799)-Operating Income (Loss)(14,431)(18,250)-Net Income (Loss) attributable to owners of parent(9,899)(354)-Revenue*Net income (Loss) 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.

66

1H 2022 Drivers of Business Income (vs 2021)

Volume growth offset by rising commodity and cycling of one time cost savings from last year
1H 2021ActualVolume,Price & Mix*

DME(Direct Marketing

Manufacturing

OthersExpense, fixed only)• Strategic investments• +4% volume increase
to capture recovering
contribution, wholesaletraffic demand
revenue per case on• Strengthen marketing
improving from Q2• Impact from responding activities ahead ofpeak season
to continued intensecompetition-14.8

Commodity• Rising raw material
prices for PET,
aluminum, etc.
• Impact from sharp
yen depreciation• Volume growth andimproved
manufacturing
efficiency offset therising energy costs• Benefit of change in
useful life of salesequipment• Lower logistic costs• Increase in labor cost
due to cycling oftemporary leave+2.7

1H 2022
Actual-18.2-3.5
1H2022Vs PYCapex

24.4

-3.8

46.0

Depreciation

22.8-6.1

47.0(Unit: B JPY)

Full Year
PlanNote: Capex not including IFRS16 non cash items.

-6.2+1.8+1.8
7
Unit: B JPY*Change in marginal profit from commercial activities. Including variable costs and deduction from revenue in IFRS.

(Rounding off less than unit)7

1H 2022 NARTD Beverage Sales Volume (vs 2021)
Volume grew by 4%. Immediate consumption channels (VM, CVS) grew from initiatives tocapture traffic recovery. SM, D&D impacted by volume declines immediately after the pricerevision.
Wholesale revenue per case turned positive in SM, D&D with price revision.
Efforts in VM to optimize sales prices contributed.
Strong growth in sports with eased COVID restrictions and heat wave demand.
1H Sales Volume +4%
ChannelSupermarket (SM)

WholesalerevenueperVolumecase (Yen)-3%

Category
4%+22

Drug & Discounter (D&D)

+1%

+15

Convenience Store (CVS)+2%-10Vending (VM)

+3%

+9

Retail & Food (R&F)

+20%

-28

Online

+35%

-53

16%

24%

16%

24%
15%

VolumeSparkling

Flat

Tea+3%

Sports

+9%

Water

+7%

Coffee+3%

Juice+16%

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%
21%
24%

11%
8%

88

Building a Foundation for Value Share Growth
1H total channel value market share grew by 0.8 pts.
Vending value share grew by 2.7 pts and previously challenged OTC channel turned positive
with the contribution of Q2.
Large PET retail price turn positive with price revision. Expanding premium vs marketaverage.
1H Market ShareValue(Jan. to June., vs PY, PP)

Total (CCBJH Area)

VolumeOTC Retail Price(Jan. to June., JPY per bottle)

vs Market Average

vs PY

+0.8

-0.2

Small PET+3.9-2.6

Vending+2.7+2.1

Large PET+24.8+1.5

Over the Counter (OTC)+0.1-0.7

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

Total, VM, SMDD Market Share (vs. PY, Pts Chg)

9Total Value (Pts Chg YoY)

Q1 2021

Q2 2021

VM Value (Pts Chg YoY)

Q3 2021

Q4 2021

OTC Value (Pts Chg YoY)

Q1 2022

Q2 2022

Source: Coca-Cola Japan Internal Estimate

9Price Revision Progress
Initiatives including Large PET pricing to build future earnings foundations are on track
VM: Growing volume while improving
SM, DD: Q2 wholesale revenue
wholesale revenue per case (Q2: +29 yen)
per case +52 yen- Price revision for large PET implemented ahead ofindustry- Large PET volume declined due to price revision, but
on a recovery trend ahead of summer is positive- Shipment price revision increasing retail price.
Further retail price increase while maintaining
premium--Strengthen premium and vending exclusive
product line-up
Optimize pricing controlling promotional pricing
Strategic vending machine placements in primelocations
Leverage digital tools such as Coke ON
Optimize selling price in cup vending machines<Coca-Cola Large PET Retail Price (3 month moving avg.)>
About 20 JPYRiseJPY（vs Jan 2019）

Price
Revision

Price
Revision

1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 62019

20202021

2022

Reduction ofPromotion
PricingHigh Unit Price
ProductEnhancement

10

Source: Intage

10Volume Growth Capturing Increased Demand

Leveraging the foundation built to date to capture traffic recovery and heat wave demand

Strong Commercial Activities

Improved S&OP Process- Investments to increase vending machine
placements, expand sales space and grow market
share base during challenging times contributing tocapture traffic recovery- Initiatives in each channel to capture diversifying
consumer needs are working- Record levels of product shipment achieved inJune without disruption while experiencing thebiggest demand volatility with traffic recovery andheat wave
- New S&OP process through improved demand
forecasting accuracy, fast decision making basedon scenario planning, enhanced financial dataaccess- Akashi Mega DC started operation in July as we
continue to strengthen our supply chain1111

Marketing Update2022 Q2 Initiative Review

Drove Core growth for Coke, Georgia, COSTA, Ayataka &Accelerated profitable growth with new Innovations
Coca-Cola TM
Grew revenue with Coke Music Summer/Zero Lemon& promoted ESG through 100% recycled PET label-less

AYATAKA Core &AYATAKA Café Houji-cha Latte
Drove revenue growth with Ayataka Core new campaign &Ayataka Café series exceeded 200 mil bottles※GEORGIA & COSTA
Expanded market share with Summer campaigns
and seasonal offerings from GEORGIA & COSTACHILL OUT & REAL GOLD XY
Tapped into profitable segmentwith CHILL OUT & REAL GOLD XY13

※ Mar 22, 2021 – Jun 14, 2022 (Shipment base, CCJC data）Ayataka Cafe Matcha Latte/Houji-cha Latte 440/280mlPET Total

13

2022 Q3 Initiative Highlights (Jul-Aug)

Expand users base and drinking occasion through Core enhancement &New innovations
Coke Zero The Artist Marshmello’s Limited Edition
Engage Gen Z’s with unexpected collaboration ofCoke x Marshmello

FANTA
FANTA Summer Mix for Family& Collaboration with NiziU for Teens

AYATAKA Core / Café series & Yakan Barley Tea

Lemon-Dou
Lemon-Dou Summer campaign
with 6 can multi-pack limited offer

Ayataka Core / Ayataka Café series &Yakan Barley Tea Summer / Autumn campaign1414

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

15

15

2H 2022 Outlook

2H 2022 Business Environment
Resurgence of New COVID Cases# of new cases

15# of severe patients# of new cases

50-5600
500

200,000

10

YoY (%)

Number of new cases, severe patients

250,000

Total Market Volume Growth (YoY)

400
150,000
300
100,000200-1050,000-15JanFeb Mar Apr May JunJul2021AugSepOct

Nov DecJan# of severe patients

Overall NARTD Market Recovering Since 2022 March100Feb Mar Apr May Jun
2022

Source: Coca-Cola Japan Internal Estimate

00AprMayJunJul

Source: Ministry of Health, Labor and Welfare

Macro Environment & Consumer Sentiment• Overall NARTD market volume grew by about 4% in the 1H with the lifting of COVID restrictions and heatwave. Market is currently growing for 4 consecutive months YoY since March• New COVID cases are currently rising, future restriction and impact on consumer traffic needs monitoring• Commodity price rising with geopolitical tensions and depreciation of yen pressuring corporate earnings
including the beverage industry
17• Inflation impact on households and consumer sentiment may materialize17

2H Outlook: Expected Risks and Opportunities
Additional costs expected from commodity & forex; offset by further growth opportunities
Opportunities

Risks
Commodity
Impact• Higher prices than initially
expected and additional cost
impact is unavoidable. In particular,
PET prices at higher levels than
expected

Forex Impact• Greater than expected yen
depreciation impacting businessperformance

UncertainConsumer
Behavior• Impact on traffic with COVIDresurgence• Household spending underpressure and weaker consumer
sentiment due to inflation

Capturing Traffic
Recovery forGrowth• Leverage the growth foundation
we have built• Support market execution with
new S&OP process and resilient
supply structure

PriceRevision• Profitability improvements
through large PET price revisionand small packages price revisionscheduled for October

Cost Savings• Continue transformation efforts• Explore further cost reduction
opportunities

Remain committed to full-year business income guidance of -14.6B yen1818

ESG Initiatives

Steady progress creating shared value
Excellence in ESG Initiatives•

Certified Green Partner 2022 by the Forestry
AgencyPackaging Initiatives••

Piloted sales of shrink label products made partly
from chemically recycled used and discarded labels
Established a Bottle to Bottle system with Mitsubishi
Estate for office buildings in the Marunouchi area

Workplace Environment

Sustainability Initiatives•••

Developed LGBTQ+ Ally handbook, free to use forany other company or organization•Joined the 30 by 30 Alliance for Biodiversity
Signed Tokyo Greenship Action program with Tokyo
Metropolitan Government
Expo 2025 Osaka, Kansai, Japan
Gold Partner sponsor of Signature Pavilion
1919

Summary
1H leveraged the growth foundation and supply base we have built, captured
traffic recovery and heat wave demand, and achieved volume growth. Efforts
to improve profitability, including price revision for large PET is making
steady progress and showing results.
Initiatives are progressing, but faced with further cost pressure fromcommodities, 2H business environment is expected to become challenging.
Amid these headwinds, further accelerate initiatives in 2H and continue tobe committed to our initial business profit targets by implementing actionplans including the small package price revision.
2020

Appendix

NARTD Channel / Category / Package Sales Volume
Q2 Sales Volume (April – June) +4%
By Channel
Channel

5%

24%

16%

17%

23%
14%

VolumeSupermarket (SM)

-8%

+56

Drug & Discounter (D&D)

-2%

+48

Convenience Store (CVS)

+8%

+8+3%

+29

Vending (VM)
Retail & Food (R&F)

+28%

-44

Online+32%-27

By Category
4%

Category

6%
25%
19%
24%

12%

10%

Wholesalerevenue per case(Yen)VolumeSparkling

Flat

Tea+2%

Sports+7%

Water+6%

Coffee+3%

Juice+22%

By Package

Package

1H

S-PET

+5%

M-PET

+39%

L-PET

-7%

Can

-5%

Bottle Can

+9%

Syrup

+23%

Powder

+22%

3%
9%

6%

40%

11%
22%
4%

Package

Q2
2%
10%
5%
11%

41%

22%
4%

VolumeVolume

S-PET

+8%

M-PET

+26%

L-PET

-14%

Can

-4%

Bottle Can

+11%

Syrup

+35%

Powder+27%

22

S-PET：Below 650ml/L-PET：Above 1.5L
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.

22

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