Q2 2022 Financial Results(H1 Overview and Future Direction)

August 10, 2022

Executive Summary◆ H1 Overview<Results>➢ Core Operating Profit on track despite worse-than-expected cost increases thanks
to flexible pricing strategy and strengthened cost management➢ Achieved steady topline growth centered on core brands by improved unit prices,
including a recovery in on-premise, and strengthening investment in new value
proposition<Challenges>➢ Further strengthen price competitiveness and cost efficiency to respond to steep
and ongoing cost increases➢ Promote flexible brand strategy that adapts to changing market structure andinflation impact; sustainable topline growth◆ Future Direction➢ Maintain premium strategy by more sophisticated brand management in eachregion; further strengthen cost management to maintain and improve profitability➢ Strengthen foundation for sustainable growth by building business portfolio andimproving effectiveness of core strategies under Medium- to Long-Term
Management Policy

1Improvement in Unit Sales Price (H1 Results)

(YoY)

Japan

(Alcohol Beverages)

Beer-Type Beverages
Unit Price（Excluding Liquor Tax）

＋1.9％

Europe+13.6％

Australia(Alcohol Beverages)+2.8％*Including non-alcohol category

Ref: Overall Business
Revenue（Excluding Liquor Tax）

Main
Drivers*Numbers show YoY(Volume Basis)＋11.5％+18.8%+1.8％➢ On-premise: +Low 40% range(Keg: +49%)➢ On-premise: +60-70%➢ On-premise: +Low single digit➢ Premium Category: approx. +15%

➢ Craft beer category: +8%➢ Canned Beer: +26%
(Asahi Super Dry can: +9%)

➢ Non-alcohol beer: approx. +15%

➢ Price increase effect© ASAHI GROUP HOLDINGS. All rights reserved.

➢ Price increase effect2

Cost Increases and Countermeasures
Cost Increase(Group Total)<By Region>

Main
Factors

Countermeasures

H1 Results

Full-Year Forecast

Just over JPY 30 billion

Approx. JPY 80 billion

Japan

EuropeOceania➢ Aluminum➢ Glass bottle➢ Aluminum➢ Fuel➢ Malt➢ Ocean Freight➢ Supplementary materials➢ Electricity, gas➢ Fuel➢ PET resin➢ Logistic costs➢ Price increases
and mix improvement➢ Flexible pricing strategy➢ Flexible pricing strategy➢ Cost efficiency➢ Cost efficiency➢ Cost efficiency

・Hedging strategy in place• Cost synergies• Streamlining A&P expenses

・Streamlining of sales-related expenses• Streamlining logistics• Reducing indirect cost・Value engineering• Marketing spend reduction© ASAHI GROUP HOLDINGS. All rights reserved.

3

Sales Trend by Region
Japan (Alcohol Beverages)*Value basis (Beer-type Beverages total)

YoY

Vs 2019⚫ H1 2022 Results
・Revenue +14.5% YoY (-13% vs 2019)
On-premise: +Low 40% range YoY (-High 40% range vs 2019)
Off-premise: +5% YoY (+2% vs 2019)*Figures by channel are based on sales volume (beer-type total)

Europe *Volume basis

YoY

Vs 2019

・Sales Volume +4.6% YoY (-3% vs 2019)
On-premise: +60 to +70% YoY (-10% to -15% vs 2019)
Off-premise: - Low single digit YoY (Flat vs 2019)

Australia (Alcohol Beverages)

YoY

Vs 2019*Volume basis (Alcohol Beverages total)

・Sales Volume 0% YoY (Flat vs 2019)
On-premise: +Low single digit YoY (-Mid single digit vs 2019)
Off-premise: Slight decrease (+Mid single digit vs 2019）© ASAHI GROUP HOLDINGS. All rights reserved.

4

Japan: Overview and Direction
2022 H1

ChangeRevenue

599.9

44.0

Core OP

42.8

0.0

2022
Revised
Forecast

Change7.9%

1,317.5

98.1

8.0%

- 14.1

0.1%

111.4

7.9

7.6%

-

YoY

(JPY billion)

YoY

Vs Initial
Forecast<H1 Overview>
Alcohol Beverages Business: Accelerate momentum recovery by increasing sales of canned beer, whichhave been exceeding expectations, and creating new markets
Non-Alcohol Beverages Business: Increase sales volume by strengthening investment in core brands andoffering new value that anticipates changing needs
Food Business: Reinforce business structure by enhancing new value propositions and streamlining
costs by optimizing inventory levels, etc.

<Future Direction>
Alcohol Beverages Business: Sustainable growth by strengthening core brands and new value offerings;
earnings structure reforms such as SCM optimization
Non-Alcohol Beverages Business: Improve sales mix by strengthening areas of strength like carbonateddrinks; strengthen earnings structure (including price revision effects)
Food Business: Improve profitability by increasing the value of core categories and enhancing efficiency
in overall costs© ASAHI GROUP HOLDINGS. All rights reserved.

5

Japan (Alcohol Beverages Business): Main Initiatives⚫ Strengthen Canned Beer
・Sales growing faster than market as a whole
YoY (volume basis)

Jan-MarApr-JunJan-JunMarket+Low 20%
range+SlightincreaseLess than
+10%

Asahi

+47%

+15%

+26%

(Of which, Super
Dry canned beer)

+21%

+3%

+9%

・Number of Asahi Super Dry consumers(million)22

As of June 30, 2022

20.31 million
people20
18* Source: Asahi Group Holdings* 12-month moving average

16
14* Source: Asahi Group Holdings estimates for market

・Initiatives to strengthen Asahi Super Dry brand⚫ Promote Smart Drinking(JPY billion)

20

Including minimal
alcohol category

15＋6% YoY10

Excluding minimal
alcohol category5

Ran advertising and promotions with the start of year-round salesof Asahi Super Dry Nama Jokki Can from late July 2022
© ASAHI GROUP HOLDINGS. All rights reserved.

+1% YoY

0
2021
H1

2022
H1

Non-alcohol beer/RTD
H1 FY2022(YoY, value basis)

6

Japan (Non-Alcohol Beverages Business): Main Initiatives⚫ Strengthened Sugar-Free Drinks in Response to Demand for Healthy Products
・Launched the #sober series of Wilkinson, targeting the sober-curious*
YoY (market)

YoY (Wilkinson)

110%

・ Launched Wakocha to attract demand for relaxing drinks
・ Made from 100% Japanese tea leaves, helping to improvesustainability of Japanese tea growers

109%
105%
101%

101%

96%

* “Sober-curious” is a new lifestyle of choosing
not to drink alcohol.

2020

2021

2022 H1⚫ Responding to New Lifestyles
・Offer more value by increasing lactic acid drink options

CALPIS・Expanded extension products
・Began selling small-sizedconcentrate products

Brand total

Label-lessE-commercechannel

+5%

+87%

+32%

H1 FY2022(YoY, volume basis)© ASAHI GROUP HOLDINGS. All rights reserved.

・Expanded label-less products mainly through EC channel

H1 FY2022(YoY, volume basis)7

Europe: Overview and Direction
2022 H1

ChangeRevenue

265.2

38.1

Core OP

28.9

1.3

2022
Revised
Forecast

Change

17.6%

565.1

78.2

16.5%

- 12.1

4.9%

74.4

- 2.8

- 3.7%- 6.8

YoY(JPY billion)

YoY

Vs Initial
Forecast* Figures of the YoY change for Constant Currency Basis are calculated by converting foreign currency amounts for thecurrent year to yen using the exchange rate of the previous year.
* Figures of the vs initial forecast for Constant Currency Basis are calculated by converting foreign currency amounts for therevised forecast to yen using the exchange rate of the initial forecast.
* Figures for Europe are calculated by excluding the foreign exchange effects of local currencies to Euro.

<H1 Overview>⚫ Outcome: We have increased unit prices by improving the various mix including onpremise recovery, and by raising prices.
⚫ Issue: We need to continue responding to higher-than-expected commodity, energy, andother market price increases.

<Future Direction>⚫ We will accelerate sustainable top-line growth through growth investment in global brands,
NAB and RTD.
⚫ We will continue monitoring increases in input costs and pass them on to customers.

© ASAHI GROUP HOLDINGS. All rights reserved.

8

Europe: Premiumization Progress and Performance⚫ H1: Growth Rate by Category
Sales Volume

30%▪

In addition to appropriate price pass-through, sales volume in
the premium category exceeded that of the overall business,
resulting in a significant improvement in the unit price.

Net Sales (excl. liquor tax)

20%

10%

0%
Premium

Mainstream

Economy

-10%

Total

（reference）
non-alcohol beer
※Mainly Premium⚫ H1: Profit Increase/Decrease Factors▪

▪

(Including effectof price increases)© ASAHI GROUP HOLDINGS. All rights reserved.

In H1 we were able to mitigate variable cost increases
through favorable mix from on-trade recovery and aggressive
price taking
Although marketing, labor and other costs increased with thenormalization of business activities and driven by inflation, we
achieved growth in sales volume, resulting in a total increasein profit

9

Oceania: Overview and Direction
2022 H1

ChangeRevenue

261.1

6.6

Core OP

41.8

- 0.9

2022
Revised
Forecast

Change

2.8%

558.0

23.1

4.6%

- 9.2

- 2.3%

103.5

13.9

16.8%

- 1.0

YoY

(JPY billion)

YoY

Vs Initial
Forecast* Figures of the YoY change for Constant Currency Basis are calculated by converting foreign currency amounts for thecurrent year to yen using the exchange rate of the previous year.
* Figures of the vs initial forecast for Constant Currency Basis are calculated by converting foreign currency amounts for therevised forecast to yen using the exchange rate of the initial forecast.
* Part of Oceania's export business was transferred to Europe. Revised forecast of Core Operating profit for Oceania
remains unchanged from the initial forecast, excluding the impact of the business transfer.

<H1 Overview>⚫ Enhancing growth foundation through strong performance of Great Northern andthe promotion of the multi-beverage strategy⚫ Challenge: Further strengthening the earnings base, including addressing higher-thanexpected cost increases<Future Direction>⚫ Strengthen top-line growth with unit price improvement across the portfolio⚫ Accelerate integration synergies by expanding sales through the multi-beverage strategy
and additional efficiency measures© ASAHI GROUP HOLDINGS. All rights reserved.

10Oceania: Overview and Main Initiatives⚫ Sustained Top-Line Growth
Sustained above-market growthof Great Northern

Enhanced presence in the craft beer market
with the Balter brand

Brand total*
1st Half sales volume(YoY change)

Craft Beer Category
1st Half sales volume(YoY change)

+6%

+8%

Great Northern
Super Crisp* Total of Great Northern Super Crisp
and Great Northern Original

Balter⚫ Integration Synergy Progress
Top line synergies:
Promote a multi-beverage strategy
utilizing extensive sales network
Strengthen sales of Asahi Super Dry and Peroni
1st Half sales volume(YoY change)+7%© ASAHI GROUP HOLDINGS. All rights reserved.

Cost synergies:
Strengthen the earnings base throughvarious cost efficiency measures
Target in 2022: approx. 50 million AUD*Revised up from approx. 40 million AUD of the initial plan

• Review of contracts for packaging materials• Review and expansion of manufacturing sites and supply chain• Increased utilization of shared business services

11

Global Brands⚫ Expansion of Global Brands
H1 Results of the 5 global brands YoY +14%

• Asahi Super Dry: YoY +14%
Campaign "Beyond Expected" and announced Partnership with City Football Group• Peroni Nastro Azzurro: YoY +17%
Launched Peroni Nastro Azzurro 0.0% and activated with Aston Martin F1 team partnership.
*YoY are based on sales volume excluding the home market.
© ASAHI GROUP HOLDINGS. All rights reserved.

12

Southeast Asia: Overview and Direction
2022 H1

Change2022
Revised
Forecast

YoY(JPY billion)

ChangeYoY

Vs Initial
Forecast

Revenue

25.1

0.3

1.2%

48.2

2.9

6.9%

- 4.6

Core OP

- 0.2

- 0.7

-

0.0

- 0.4

- 100.0%- 1.6* Figures of the YoY change for Constant Currency Basis are calculated by converting foreign currency amounts for thecurrent year to yen using the exchange rate of the previous year.
* Figures of the vs initial forecast for Constant Currency Basis are calculated by converting foreign currency amounts for therevised forecast to yen using the exchange rate of the initial forecast.

<H1 Overview>⚫ Topline growth on improved sales mix, due in part to expanding sales of own brand in
Malaysia⚫ Challenge: Strengthening earnings structure by expanding portfolio, centered on highvalue-added brands, and logistics optimization<Future Direction>⚫ Make topline growth more sustainable by strengthening investment in high value-added
products and by expanding vending machine network⚫ Strengthen earnings base by further streamlining fixed costs and streamlining/improving
productivity of SCM© ASAHI GROUP HOLDINGS. All rights reserved.

13

Sustainability: Initiatives in Key Areas of Focus
Respond to climate change, Respond to plastic issue

Japan

Europe (Czechia)

Oceania・ Participated in the "30 by 30 Alliance for Biodiversity,"a coalition of industry-government-private sector,
including the Ministry of the Environment

・ Construction of a fully automatedwarehouse at Pilsen Brewery to becompleted by the end of the year

・ The Asahi Forest won the Grand Prix "Minister ofAgriculture, Forestry and Fisheries Award" in the"Forest x Decarbonization Challenge 2022" organizedby the Forestry Agency in May.

・ Saving inventory space, reducing
transportation costs and CO2 emissions,and solar panels to be installed on theroof aiming to be energy neutral in thelong term, rain water will be captured
and used for cooling・ All 450ml and 600ml soft drink bottles
are now being produced using recycledplastic. This will result in an additional
111 million plastic bottles being
produced using plastic bottles eachyear.

・ Aiming to obtain OECM* certification for the Asahi
Forest, a company-owned forest that has been
managed for more than 80 years© ASAHI GROUP HOLDINGS. All rights reserved.

*Other Effective area-based Conservation Measures:
Areas that are being conserved through private sector efforts

・ Plans to switch to 100% recycledplastic for other sizes of soft drink
bottles in the future

14

Sustainability: Initiatives in Key Areas of Focus
Realize sustainable communities throughthe creation of people-to-people connections

Japan・ Established a new company for sustainability
business, Asahi You.Us, Ltd. on January 1・ Developing sustainable products such as"Tumbler in the Forest" using biomass
materials
・ In July, launched Toyota AMBER, the fifth
sustainable craft beer product, which uses tea
leaf stems from Toyota City, Aichi Prefecture.
© ASAHI GROUP HOLDINGS. All rights reserved.

Europe (Czechia)
Oceania・ Developed activities for improving beer quality
and supporting to attract customers, in order torecall and strengthen the connection between
local communities and pubs in the process ofrecovering from the Covid-19 pandemic<Example of efforts>
Czechia: "Villages" support program
Australia: "Ode to the Pub" campaign

Reduction in inappropriate drinking/ Solution of social issues
through creation of new drinking
opportunities

Japan・ Opened "SUMADORI-BAR SHIBUYA," a bar where
people who do not or cannot drink alcohol can also
enjoy
・ Launched a project to solve social issues such as
nuisance behaviors caused by street drinking andintoxication, in collaboration with an affiliatedorganization of Shibuya-ku, Tokyo.

15

Summary of Q2 2022 Financial Resultsand Full-Year Forecast

Revenue / Core Operating Profit(Constant Currency Basis)(JPY billion)

H1

Change(Constant Currency Basis)
2022
Revised
Forecast

YoY

ChangeVs Initial
Forecast

YoY

H1 Results

Japan

599.9

44.0

7.9%

1,317.5

98.1

8.0%

- 14.1

Europe

265.2

38.1

17.6%

565.1

78.2

16.5%

- 12.1

Oceania

261.1

6.6

2.8%

558.0

23.1

4.6%

- 9.2

Southeast Asia

25.1

0.3

1.2%

48.2

2.9

6.9%

- 4.6

Other

3.8

0.8

24.2%

7.6

1.8

29.8%

1.4

- 3.9

- 1.2

-

- 46.3- 40.0-- 32.4

Revenue

1,151.3

88.5

8.6%

2,450.0

164.1

7.3%

- 71.0

Japan

42.8

0.0

0.1%

111.4

7.9

7.6%

-

Europe

28.9

1.3

4.9%

74.4

- 2.8

- 3.7%- 6.8

Oceania

41.8

- 0.9

- 2.3%

103.5

13.9

16.8%

- 1.0

Southeast Asia

- 0.2

- 0.7

-

0.0

- 0.4

- 100.0%

- 1.6

0.7

- 0.1

- 12.1%

1.1

- 0.1

- 8.1%

0.2

Adjustmenet(corporate and elimination)

- 6.6

- 1.0

-

- 18.2

- 3.6

-

- 0.5

Amortization of acquisitionrelated intangible assets- 16.4- 0.1-- 32.2

0.1

-

- 0.0

91.0

- 1.5

- 1.7%

240.0

15.1

6.9%

- 9.7

Adjustmenet(corporate and elimination)

OtherCore Operating Profit* Figures of the YoY change for Constant Currency Basis are calculated by converting foreign currency amounts for thecurrent year to yen using the exchange rate of the previous year.
* Figures of the vs initial forecast for Constant Currency Basis are calculated by converting foreign currency amounts for therevised forecast to yen using the exchange rate of the initial forecast.
* In addition to above, figures for Europe are calculated by excluding the foreign exchange effects of local currencies to Euro.
* Part of Oceania's export business was transferred to Europe. Revised forecast of Core Operating profit for Oceania remains
unchanged from the initial forecast, excluding the impact of the business transfer.

© ASAHI GROUP HOLDINGS. All rights reserved.

➢ Revenue: +8.6% YoY due to higher sales inall businesses resulted from recovery in the
on-premise channel➢ Core Operating Profit: -1.7% YoY due tosignificant cost increase despite the effect ofincreased revenue including higher unit priceand improved cost efficiency➢ Revenue was lower than planned due to theimpact of the Omicron variant, but Core OP
was in line with the plan due tostrengthened cost increase measures

Full-Year Forecast➢ Revenue: Downwardly revised to +7.3% YoY
based on progress in the first half in eachregion➢ Core Operating Profit: Downwardly revised
to +6.9% YoY mainly due to a time lag
between additional cost increases and priceincreases in Europe

16

Operating Profit / Profit Attributable to Owners of Parent(Actual Currency Basis)(JPY billion)

H1

Change(Actual Currency Basis)
2022
Revised
Forecast

YoY

ChangeH1 Results

Vs Initial
Forecast

YoY

1,151.3

117.7

11.4%

2,450.0

213.9

9.6%

-

Core Operating Profit

91.0

1.7

1.9%

240.0

22.1

10.1%

-

Adjustment item

- 9.6

- 29.7-- 22.5- 16.5--

8.1- 25.6- 76.1%9.9- 21.1- 68.0%

3.9

Revenue

G ain (los s ) on s ales and retirementof non c urrent as s ets

Business integration expenses

- 2.3

6.6

-

- 2.3

12.5

-

- 2.3

Impairment loss

- 12.8- 12.8-- 12.80.7-- 12.8Others

- 2.6

2.1

-

- 17.4

- 8.5

-

11.1

Operating profit
Finance income or loss
Share of profit (los s ) of inves tments ac c ounted for
us ing equity method

Others

81.4- 28.0- 25.6%

217.5

5.6

2.6%

-

- 4.2

0.9

-

- 9.4

0.4

-

0.9

0.2

0.1

65.0%

0.4

- 0.3

- 41.9%

-

1.2

1.8

-

- 3.0

- 0.0

-

- 0.9

78.7

- 25.3- 24.3%

205.5

5.7

2.8%

-

- 21.6

2.9-- 59.0- 13.0--

Profit57.1- 22.3- 28.1%

146.5

- 7.3

- 4.8%-

Profit attributable to owners of parent

57.0- 22.3- 28.1%

146.5

- 7.0

- 4.6%-

Profit attributable to non-controlling interests

0.1

- 0.0

- 19.4%

-

- 0.3

-

-

66.3

- 13.0- 16.4%

156.5

1.9

1.2%

-

Profit before tax
Income tax expense

Adjusted profit attributable to owners of parent** Calculated from profit attributable to owners of parent excluding one-off special factors including business portfolio restructuring
and impairment loss.
* 2022 forecast is adjusted on after-tax basis for the loss of SCM restructuring in Japan. 2021 results are adjusted on after-tax
basis for the goodwill impairment in Europe and the lower tax expenses for restructuring in Southeast Asia.

© ASAHI GROUP HOLDINGS. All rights reserved.

➢ Operating profit: -25.6% YoY mainly due tothe previous year’s gain on sales of noncurrent assets and impairment loss from
SCM reorganization in Japan.
➢ Profit: -28.1% YoY mainly due to a decreasein operating profit despite improved financial
income or loss.

➢ Adjusted profit excluding SCM reorganization
losses was -16.4% YoY➢ Operating profit and profit both exceeded
the plan.

Full-Year Forecast➢ Operating profit: +2.6% YoY, unchanged
from the initial forecast, factoring reductionof non-operating assets in gain on sales andretirement of noncurrent assets andadditional business integration expenses inothers.

➢ Profit and adjusted profit excluding SCM
restructuring losses are unchanged from theinitial forecast.

17

Statement of Financial Position / Statement of Cash Flow
Change2022
Revised
Forecast

YoY

ChangeVs Initial
Forecast(JPY billion)

H1

YoY

Total assets

4,927.0

379.3

8.3%

4,700.0

152.3

3.3%

200.0

Total equity

2,065.9

306.7

17.4%

1,970.0

210.9

12.0%

200.0

Interest-bearing debt *1

1,599.9

3.7

0.2%

1,483.0- 113.2- 7.1%-Net DE ratio *2

-

-

-

0.61

- 0.12-- 0.06

Net Debt / EBITDA *2

-

-

-

3.60

- 0.64-- 0.04（Reference） EBITDA

149.6

4.8

3.3%

356.2

27.7

8.4%

3.6

*1 Breakdown of change from the end of previous year: Repayment of interest-bearing debt -41.5 billion yen, foreign
currency translation of foreign currency-denominated interest-bearing debt due to yen depreciation +45.2 billion yen*2 Calculated after deducting 50% of outstanding subordinated debt (JPY 300 billion) from net debt
Operating cash flow

89.4

- 67.9-298.0- 39.8--Investing cash flow

- 20.9- 25.6-- 83.0- 68.7--

Financing cash flow

- 81.775.6-- 215.0

105.3

-

-

68.5

- 89.7-215.0- 104.1--

Dividend per share (JPY)

55

1

-

111

2

-

-

Dividend payout ratio (%)

-

-

-

38.4%

2.4%

-

-

Adj. Dividend payout ratio (%) *3

-

-

-

35.9%

0.2%

-

-

Free cash flow

*3 Calculated based on adjusted profit attributable to owners of parent© ASAHI GROUP HOLDINGS. All rights reserved.

H1 Results➢

B/S: Total assets increased by JPY 379.3 billion
from the end of the previous year mainly due toan increase in goodwill and intangible assets
resulting from yen depreciation.

➢

B/S: Interest-bearing debt remained at thesame level as the end of the previous year due
to the impact of translating foreign currencydenominated debt resulting from yen
depreciation, despite higher-than-planned
repayment.

➢

C/F and Dividend: Generated FCF of JPY 68.5
billion and continued to pay down interestbearing debt and to increase dividends steadily.

Full-Year Forecast➢

B/S: Total assets increased by 200.0 billion yen
from the initial forecast due to the impact ofyen depreciation.

➢

C/F and Dividend: Unchanged the plan for
reducing interest-bearing debt and generating
FCF of JPY 215.0 billion, due to profit generationand the sale of non-operating assets andsecurities.

➢

Dividend forecast remains unchanged from theinitial forecast, with a plan to increase theannual dividend by 2 yen per share.

18

JapanH1 Results
2022
Revised
Forecast

Vs Initial
Forecast(JPY billion)

H1

Alcohol Beverages Business

356.0

39.5

12.5%

795.2

73.0

10.1%

- 14.1

Non-Alcohol Beverages Business

174.6

0.9

0.5%

373.9

16.1

4.5%

-

Food Business

61.4

0.6

1.0%

127.7

1.8

1.4%

-

Other/elimination in segment

7.8

3.1

65.6%

20.7

71.4

52.7%

-

599.9

44.0

7.9%

1,317.5

1,122.0

8.0%- 14.1

Alcohol Beverages Business

29.9

3.1

11.5%

78.0

7.2

10.2%

-

Non-Alcohol Beverages Business

13.3

- 3.1

- 18.8%

33.2

0.1

0.2%

-

Food Business

6.0

0.2

3.3%

12.3

0.9

7.4%

-

- 6.3

- 0.1

-

- 12.1

- 0.2

-

-

42.8

0.0

0.1%

111.4

7.9

7.6%

-

Revenue

Other/elimination in segment
Core Operating Profit

ChangeYoY

ChangeYoY➢ Revenue: +7.9% YoY mainly due to arecovery in on-premise sales of Alcohol
Beverages Business and the strengthening of
the Super Dry brand.
➢ Core Operating Profit: +0.1% YoY due tohigher variable costs in Non-Alcohol
Beverages Business, which were offset by
Alcohol Beverages Business and FoodBusiness➢ Revenue was lower than planned mainly due
to the Omicron variant, but Core Operating
Profit was in line with the plan in eachbusiness segment, mainly due tostrengthened cost-cutting measures.

Full-Year Forecast➢ Revenue: Revised downward to +8.0% YoY,
taking into account the progress made in thefirst half in Alcohol Beverages Business.
➢ Core Operating Profit: +7.6% YoY,
unchanged from the initial forecast, due tothe effects of price revisions andstreamlining of fixed costs, despite theexpected additional cost increase.

© ASAHI GROUP HOLDINGS. All rights reserved.

19

Japan (Alcohol Beverages: Revenue / Sales Volume)(JPY billion)*Before rebate deduction

H1

ChangeBeer-type beverages

264.2

33.4

Whiskey and spirits

24.5

RTD low-alcohol beverages

17.1

Wine

20.0

Shochu9.7

Non-alcohol beer/RTD

17.8

1.0

YoY

2022
Revised
Forecast

Change

610.1

2.0

8.8%

52.2

2.8

5.7%

- 0.8

- 0.3

- 1.5%

33.6

- 3.2

- 8.7%- 17.4

0.7

3.5%

42.4

- 0.2

- 0.5%

0.2- 0.1- 0.6%

20.1

- 0.5

- 2.4%

1.1

6.0%

39.1

- 1.3

- 3.1%- 11.4

YoY

2022
Revised
Forecast

Vs Initial
Forecast

H1

Super Dry

29.65

4.58

18.3%

71.60

10.78

17.7%

0.90

Style Free

5.88

0.09

1.6%

12.40

- 0.06- 0.5%- 0.60

Clear Asahi

6.67- 0.71- 9.6%

14.20- 1.27- 8.2%- 0.80Bottle

C an

Keg

(YoY)
*Volumebasis

Beer-type beverages

+28%

+5%

+48%

Beer-type

Beer

+28%

+26%

+49%

Beer

H1

© ASAHI GROUP HOLDINGS. All rights reserved.

YoY

8.1

(Million of cases)(YoY)*Volume basis

Change13.2%

Vs Initial
Forecast

14.5%

Change71.4

YoY(Ref.) Beer-type market
H12022 Forecast+2~3%

Approx. +2%+19～20%+16～17%

Happoshu- 4～5%- 4～5%New Genre- 9～10%Approx. -10%

H1 Results➢ Revenue from beer-type beverages sales
increased +14.5% YoY due to a recovery in
on-premise sales and strong sales of cannedbeer, despite a decrease in sales of new
genre.

➢ Sales of whiskey and spirits, wine, and Nonalcohol beer/RTD were up from the previous
year, but sales in other categories were
down from the previous year, mainly due tothe sluggish market.

Full-Year Forecast➢ Revenue from beer-type beverages sales
revised upward to +13.2% YoY due toimproved sales momentum of canned beer,
recovery in on-premise sales, and the effectof price revisions, despite a contraction in
new genre sales.

➢ Continued growth in whiskey and spirits due
to recovery in on-premise sales, but
downward revision in RTD and Non-alcoholbeer/RTD based on progress in the first half
and market trends.

20

Japan (Alcohol Beverages: Breakdown of Changes in Profit)(JPY billion)

H1

ChangeYoY

2022
Revised
Forecast

ChangeYoY

Vs Initial
Forecast

Change in sales, category and container mix

-

15.0

-

33.0

- 1.3

Cost reduction in manufacturing

-

0.8

-

1.0

- 0.3

Cost increase in manufacturing

-

- 4.2

-

- 14.9- 5.5

Advertisement and Sales promotion expenses

-

- 8.6

-

- 9.2

3.0

-

0.1

-

- 2.6

29.9

3.1

78.0

7.2

Other expenses
Core Operating Profit

11.5%

4.2
10.2%

-

* “Other expenses” includes “Other and eliminations.”＜H1: Factors Contributing to Increase/Decrease＞• Change in sales and others: +15.0 (Sales volume in beer-type +11.7, Sales in other alcohol beverages ＋2.3,
Change in category and container mix and etc.)• Cost reduction in manufacturing:＋0.8 （Raw materials ＋0.2, Transportation +0.2, etc.）• Cost increase in manufacturing: -4.2 (Raw materials -2.9, Utilities -0.9, Transportation -0.2, etc.)• Change in sales promotion expenses: -8.6 (Advertisement -7.1, Promotion -1.5) (Beer-type -6.2,
Other -2.4)＜2022 Forecast: Factors Contributing to Increase/Decrease＞• Change in sales and others: +33.0 (Sales volume in beer-type +31.1, Sales in other alcohol beverages +0.7,
Change in category and container mix and etc.)• Cost reduction in manufacturing: +1.0 (Other than beer-type +0.2, Transportation +0.3, etc.)• Cost increase in manufacturing: -14.9 (Raw materials -10.7, In other than beer -2.0 , Transportation -1.1,
and etc.)

H1 Results➢ +11.5% YoY due to the effect of higher sales
and efficiency improvements in other fixed
costs, despite higher variable costs due tomarket conditions and higher advertisingand sales promotion expenses, mainly forbeers such as Super Dry and Asahi Nama
Beer.
➢ Core Operating Profit was in line with theplan, due to the efficiency improvement inadvertising, sales promotion, and otherexpenses, although the change in sales andothers fell short of the plan.

Full-Year Forecast➢ Unchanged YoY forecast of +10.2% due toefficiency improvements in fixed costs ingeneral, including advertising and sales
promotion expenses, despite additional cost
increases due to market conditions and otherfactors.

• Change in sales promotion expenses: -9.2 （Advertisement -7.2, Promotion expenses -2.0) (Beer-type -7.2,
Other -2.0)© ASAHI GROUP HOLDINGS. All rights reserved.

21

Japan (Non-Alcohol Beverages: Sales Volume)
2022
Revised
Forecast

Change

3.4%

83.80

3.48

4.3%

4.0%

44.00

1.82

4.3%

0.89

- 1.14- 6.5%

34.00- 1.38- 3.9%- 1.22

18.51

1.60

9.5%

40.00

2.84

7.6%

1.08

7.82

0.65

9.0%

16.70

1.12

7.2%

-

(Millions of cases)

H1

Carbonated drinks

39.85

1.32

Lactic acid drinks

21.61

0.83

Coffee

16.34

Tea
Mineral Water

ChangeYoY

YoY

Vs Initial
Forecast- 0.71

Fruit juice

7.17

0.31

4.5%

15.00

0.44

3.0%

1.26

Other drinks

12.06- 0.25- 2.0%

25.50- 0.01- 0.0%- 5.80

Sales Volume

123.363.32

2.8%

259.00

8.32

3.3%- 4.50(JPY billion)

H1

YoY

2022
Revised
Forecast

Change

373.9

16.1

174.6

Revenue(YoY)

ChangeBy channel

0.9

(YoY)

0.5%

By container

(YoY)

YoY

Vs Initial
Forecast

4.5%(Ref) Market

H1*Volume basis

H1

2022
Forecast

Can- 2.4%Total

3%

Approx. 2％

3.9%

PET total

3.9%

0.7%

Large PET

0.6%

Small PET

5.5%

*Volume basis

H1

Vending machine- 2.8%CVS
SM*Volume basis© ASAHI GROUP HOLDINGS. All rights reserved.

H1 Results➢ Sales volume: +2.8% YoY due to growth incarbonated drinks and lactic acid drinks,
mainly due to renewal of main brands andthe effect of new products, despite adecrease in sales volume of coffee.
➢ Revenue: +0.5% YoY, mainly due to higher
sales volume, despite a deterioration in unit
price caused by a decrease in coffee.

Full-Year Forecast-➢ Sales volume: +3.3% YoY due mainly tostrengthened sales of existing products,
especially carbonated drinks, tea, and lactic
acid drinks, as well as sales expansion ofextended products.
➢ Revenue: +4.5% YoY due to an increase insales volume and an improvement in unit
prices since October following the pricerevision.

22

Japan (Non-Alcohol Beverages: Breakdown of Changes in Profit)(JPY billion)

H1

ChangeYoY

2022
Revised
Forecast

ChangeYoY

Vs Initial
Forecast

Change in sales, category and container mix

-

0.4

-

10.3

Cost reduction in manufacturing

-

0.9

-

1.8

0.3

Cost increase in manufacturing

-

- 4.4

-

- 10.8- 3.9Advertisement and Sales promotion expenses

-

- 0.2

-

- 0.4

0.2

-

- 0.8

33.2

0.1

-

0.2

13.3

- 3.1

Other expenses
Core Operating Profit- 18.8%

2.2

1.2
0.2%

* “Other expenses” includes “Other and eliminations.”＜H1: Factors Contributing to Increase/Decrease＞• Change in sales and others: +0.4 (Sales volume +0.7, Change in category and container mix, etc.)• Cost reduction in manufacturing: +0.9 (Raw materials +0.1, Packages +0.5, Operational efficiency /in-house production +0.2 and etc.)• Cost increase in manufacturing: -4.4 (Raw materials -1.7, Packages -1.7, etc.)• Change in sales promotion expenses: -0.2 （ Advertisement 0.0, Promotion -0.2）＜2022 Forecast: Factors Contributing to Increase/Decrease＞• Change in sales and others: +10.3 (Sales volume +10.0, Change in category and container mix, etc.)• Cost reduction in manufacturing: +1.8 (Raw materials +0.2, Packages +0.9, Operational efficiency /in-house production +0.6 and etc.)-

H1 Results➢ -18.8% YoY due to the impact of higher raw
material costs, etc., despite the effect ofincreased sales and improved category mix,
as well as the promotion of capacity
utilization, etc.

➢ Core Operating Profit was in line with theplan, despite higher-than-expected raw
material costs, due to streamlining of fixed
costs, etc.

Full-Year Forecast➢ Unchanged forecast of +0.2% YoY due tothe effect of increased revenue, including an
improved mix, and efficiency improvements
in fixed costs in general, despite additional
cost increases expected for raw materials
and other items.

• Cost increase in manufacturing: -10.8 (Raw materials -4.1, Packages -5.3 and etc.)• Change in sales promotion expenses: -0.4 （Advertisement +0.1, Promotion -0.5）© ASAHI GROUP HOLDINGS. All rights reserved.

23

Europe（Khl／million Euro）

Revenue(Incl. liquor tax)

H1

Change *1

YoY *1

2022
Revised
Forecast

Change *1

YoY *1

Vs Initial
Forecast *2

1,974

293

17.6%

4,217

602

16.5%

△ 94

215

10

4.9%

555

△ 21

-3.7%

△ 53

Sales Volume

20,594897

4.6%

43,186

1,924

4.7%

△ 1,625

Net Sales(excl. liquor tax)

1,598

250

18.8%

3,413

507

17.3%

△ 33

Core OP*1

H1 Results➢ Sales Volume: +4.6% YoY due to significant
recovery of on-premise, comparing to strict
restrictions in European countries in 2021
➢ Revenue: +17.6% YoY due to the recovery
of on-premise sales improving channel mix,
but also implementation of price increases.
➢ Core Operating Profit: +4.9% YoY due tosales increase despite cost increases in raw
materials, energy costs or labor expenses,
etc.

*Excluding the impact of currency translation of local currencies into Euro
*1 Comparison in FX rate of the same period of the previous year
*2 Comparison in budget FX rate

➢ Sales volume, revenue, and Core Operating
Profit all progressed slightly lower thanplanned.

<Overview by Channel>

Full-Year Forecast➢ Sales Volume: +4.7% YoY due to therecovery of on-premise operations andstrengthening Global Brands and NAB.

H1
（YoY）
YoY（volume basis）

Off-premise

On-premise- low single digit+ 60-70%© ASAHI GROUP HOLDINGS. All rights reserved.

Total

4.6%

➢ Revenue: Downwardly revised to +16.5%
YoY based on progress in H1.
➢ Core Operating Profit : Downwardly revised
to -3.7% YoY mainly due to a time lag
between additional cost increases and priceincreases.

24

Oceania
2022
Revised
Forecast

Change

2.8%

6,340

280

4.6%

-114

-11

-2.3%

1,176

169

16.8%

-12

2,050

73

3.7%

4,377

227

5.5%

-56

1,431

11

0.8%

3,145

179

6.0%

-40

➢ Core Operating Profit: -2.3% YoY due tohigher costs for raw materials and logistics,
despite the sales increase and enhancing
cost efficiency.

619

62

11.2%

1,232

48

4.0%

-16

➢ Both revenue and Core Operating Profit
progressed in line with the plan.

472

-24

-4.8%

1,176

139

13.4%

-12

(million AUD)

H1

Revenue

2,950

79

472

Core Operating Proifit

Net Sales (exc liquor tax) *1*1(Alcohol(Alcohol)Beverages)*1(Non-Alcohol Beverages)
Net Core OP

*1, 2

*3

ChangeYoY

YoY

Vs Initial
Forecast*1 Based on net sales value excluding container deposite.
*2 Including the impact of newly consolidated Allpress.
*3 Core OP before deduction of one-off cost.
Note: Part of Oceania's export business was transferred to Europe. Revised forecast of Core Operating profit for
Oceania remains unchanged from the initial forecast, excluding the impact of the business transfer.

<Overview by Channel (Australian Alcohol Beverages)>
H1(YoY)
Sales Volume

Off-premise

On-premise

Slight decrease +Low single digit© ASAHI GROUP HOLDINGS. All rights reserved.

Total

0％

* Sales value (total): +2% YoY

H1 Results➢ Revenue: +2.8% YoY due to sales growth incore categories such as contemporary beer
and carbonated soft drinks.

Full-Year Forecast➢ Revenue: Downwardly revised to +4.6% YoY
due to sales increase in the premiumcategories and in reaction to the lockdown inthe second half of last year, despite thenegative impact of the spread of Covid-19 in
New Zealand.
➢ Core Operating Profit: +16.8% YoY,
unchanged from the initial forecast excluding
the impact of the business transfer, due tosales growth and creating additional
integration synergies, despite additional cost
increases.

25

Reference© ASAHI GROUP HOLDINGS. All rights reserved.

FX Impact (H1 Results)(Actual Currency Basis)(JPY billion)

H1

Prev. Year

ChangeYoY(Constant Currency Basis)
FX Impact

ChangeYoY<Exchange Rate Trends>

Japan

599.9

555.9

44.0

7.9%

-

44.0

7.9%

(Yen)

Europe

265.2

216.0

49.2

22.8%

11.1

38.1

17.6%

Euro

134.4

129.9

Oceania

261.1

238.7

22.5

9.4%

15.9

6.6

2.8%

AUD

88.5

83.1

Southeast Asia

25.1

22.5

2.6

11.6%

2.3

0.3

1.2%

Other

3.8

3.1

0.7

23.2%

- 0.0

0.8

24.2%

- 3.9

- 2.6

- 1.3

-

- 0.1

- 1.2

-

Revenue

1,151.3

1,033.6

117.7

11.4%

29.3

88.5

8.6%

Japan

42.8

42.8

0.0

0.1%

-

0.0

0.1%

Europe

28.9

26.1

2.7

10.5%

1.5

1.3

4.9%

Oceania

41.8

40.2

1.6

4.0%

2.5

- 0.9

- 2.3%Southeast Asia

- 0.2

0.5

- 0.7

-

- 0.0

- 0.7

-

0.7

0.8

- 0.1

- 11.7%

0.0

- 0.1

- 12.1%

Adjustmenet(corporate and elimination)

- 6.6

- 5.5

- 1.0

-

0.0

- 1.0

-

Amortization of acquisitionrelated intangible assets- 16.4- 15.5

- 0.9

-

- 0.8

- 0.1

-

91.0

89.3

1.7

1.9%

3.2

- 1.5

- 1.7%

Adjustmenet(corporate and elimination)

OtherCore Operating Profit

H1 2022

H1 2021*Figures of the YoY change for Constant Currency Basis are calculated by converting foreign currency amounts for the current year
to yen using the exchange rate of the previous year.
*In addition to above, figures for Europe are calculated by excluding the foreign exchange effects of local currencies to Euro.

© ASAHI GROUP HOLDINGS. All rights reserved.

26

FX Impact (Full-Year Forecast *Aug 9 Released)(Actual Currency Basis)(Constant Currency Basis)

2022
Revised
Forecast

2021
Results

Japan

1,317.5

1,219.4

98.1

8.0%

-

98.1

8.0%

Europe

565.1

474.4

90.7

19.1%

12.5

78.2

16.5%

Oceania

558.0

500.0

58.0

11.6%

34.9

23.1

4.6%

48.2

42.7

5.5

12.9%

2.6

2.9

6.9%

(JPY billion)

Southeast Asia

ChangeYoY

FX Impact

Change<Exchange Rate Trends>

YoY

(Yen)

2022
Forecast

2021
Results

Euro

134.0

129.9

AUD

88.0

82.5

7.6

6.0

1.6

27.2%

- 0.2

1.8

29.8%

- 46.3- 6.3- 40.0--- 40.0-

Revenue

2,450.0

2,236.1

213.9

9.6%

49.8

164.1

7.3%

Japan

111.4

103.5

7.9

7.6%

-

7.9

7.6%

Euro

75.5

- 1.1

- 1.4%

1.7- 2.8- 3.7%± 0.6

Europe

74.4

± 4.2

AUD

± 6.3

± 1.2

Oceania

103.5

83.1

20.4

24.6%

6.5

13.9

16.8%

Southeast Asia

0.0

0.4

- 0.4

- 100.0%

0.0

- 0.4

- 100.0%

Other

1.1

1.2

- 0.1

- 8.9%

- 0.0

- 0.1

- 8.1%

Adjustmenet(corporate and elimination)- 18.2- 14.6

- 3.6

-

-

- 3.6

-

Amortization of acquisitionrelated intangible assets- 32.2- 31.1

- 1.1

-

- 1.2

0.1

-

240.0

217.9

22.1

10.1%

7.0

15.1

6.9%

Other
Adjustmenet(corporate and elimination)<Exchange Rate Sensitivity for 2022>(JPY billion)

Core Operating Profit

RevenueCore OP* Impact of 1 yen change (full year)* Figures do not include the effect of exchange
rates on amortization of intangible assets.
* FX impact shows the impact of converting local
currency results into yen excluding trade impact.

*Figures of the YoY change for Constant Currency Basis are calculated by converting foreign currency amounts for the current year
to yen using the exchange rate of the previous year.
*In addition to above, figures for Europe are calculated by excluding the foreign exchange effects of local currencies to Euro.

© ASAHI GROUP HOLDINGS. All rights reserved.

27

<Reference> Recovery and Outlook (vs 2019)⚫ Recovery by Region *Compared to 2019, Constant Currency BasisJapan(Alcohol
Beverages)

2020

2021

2022 FC

Revenue

-15%

-19%

-10%

Core OP

-24%

-33%

-26%

2020

2021

2022 FC

Revenue

-11%

-4%

+13%

Core OP

-27%

-15%

-18%

2020

2021

2022 FC

Revenue

±0%

+4%

+10%

Core OP

-20%

-5%

+8%

EuropeOceania*2019: Reference figures calculated by adding the former CUB before acquisition*2020: Figures calculated by adding the former CUB before acquisition© ASAHI GROUP HOLDINGS. All rights reserved.

⚫ Sales Volume by Channel
for 2022 Forecast
On-premise: Just under -40% vs 2019(+Low 30% range YoY)
Off-premise: +Low single digit vs 2019(+Mid single digit YoY)
On-premise: -Low single digit vs 2019(+30% - +40% YoY)

Off-premise: Flat vs 2019(-Low single digit YoY)
On-premise: -High single digit vs 2019(+Approx. 20% YoY)
Off-premise: +High single digit vs 2019(+Slight increase YoY)
*Reference for Australian Alcohol Beverages only28

Information in this material is not intended to solicit sale or purchase of shares in Asahi Group Holdings.
The views, estimates and other information expressed in this document are based on the company's judgment at the time of
publication, and no guarantees are provided regarding the accuracy of such information. This information is subject to change
without notice.
The company and its officers and representatives accept no responsibility or liability for any damage or inconvenience that may
be caused by or in conjunction with any part of these materials.

© ASAHI GROUP HOLDINGS. All rights reserved.