Q1 2021
Financial Results Presentation

May 2021

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

2021 Q1 Financial Results Highlights(constant currency basis)◆ Q1 results outperformed the plan due to YoY increase in profits in Soft Drinks and Overseas businesses,
despite YoY decline in profits in Alcohol Beverages and Food businesses.
・Alcohol：YoY decline in revenue and profit due to the sales decrease mainly in the on-premise channel, despite promoting
sales for the off-premise channel and control of overall fixed costs.

・Soft Drinks：

YoY increase in revenue and profit due to various cost efficiencies and higher unit sales price resulting from improved
mix, despite lower sales volume.

・Food：

YoY decline in revenue and profit due to the sales decrease of Mintia brand, despite the promoting sales in growth
categories and control of fixed costs.

・Overseas：

YoY increase in revenue and profit due to strong performance in Oceania including the impact from the consolidationof CUB business, despite the continued difficult business environment in Europe.

◆ Although Alcohol Beverages and Europe businesses are on pace to miss the plan, we aim to overachieve theH1 forecast by covering the gap mainly in Australia and Soft Drinks businesses.
<Revenue and Core operating profit>*constant currency basis (based on previous year's FX rates)(JPY billion)

Q1 (3 months ended March 31)

H1 forecast (announced on February 12)

YoY (Amount / %)YoY (Amount / %)Alcohol Beverages Business

136.1- 26.9- 16.5%

354.7

14.1

4.2%

Soft Drinks Business

75.3

0.2

0.2%

174.8

8.2

4.9%

Food Business

29.5

- 1.3

- 4.2%

61.7

1.8

3.0%

Overseas Business

191.8

55.4

40.6%

445.4

141.8

46.7%

22.7

- 1.6

- 6.4%

52.8

3.5

7.1%

- 19.2

1.2-- 45.0

0.7

-

436.2

27.1

6.6%

1,044.4

170.1

19.5%

Alcohol Beverages Business

8.8

- 5.2

- 37.1%

32.8

- 1.0

- 3.1%

Soft Drinks Business

4.5

3.4

321.8%

10.3

0.4

4.4%

Food Business

3.2

- 0.4

- 10.5%

4.3

- 1.1

- 20.6%

Overseas Business

22.2

13.4

151.6%

55.9

29.8

114.3%

Other Business

- 0.4

0.7

-

- 1.4

- 0.4

-

Adjustmenet (corporate and elimination)

- 5.5

- 0.1

-

- 13.8- 2.4-

Amortization of acquisition-related intangible assets

- 7.0

- 1.8

-

- 14.1

- 3.2

-

25.9

10.0

63.0%

74.1

22.1

42.5%

Other Business
Adjustmenet (corporate and elimination)
RevenueCore operating profit

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

1

Financial Results Highlights (actual currency basis)＜Revenue and Core operating profit （actual currency basis）＞(JPY billion)

Q1 (3 months ended March 31)

H1 forecast (announced on February 12)

YoY (Amount / %)Alcohol Beverages Business

136.1

Soft Drinks Business

75.3

Food Business

29.5

Overseas Business

212.3

Other Business

22.7- 26.9YoY (Amount / %)- 16.5%

354.7

14.1

4.2%

0.2

0.2%

174.8

8.2

4.9%

- 1.3

- 4.2%

61.7

1.8

3.0%

75.9

55.6%

468.5

164.9

54.3%

- 1.6

- 6.4%

52.8

3.5

7.1%

- 19.2

1.2-- 45.0

0.7

-

456.7

47.5

11.6%

1,067.5

193.2

22.1%

Alcohol Beverages Business

8.8

- 5.2

- 37.1%

32.8

- 1.0

- 3.1%

Soft Drinks Business

4.5

3.4

321.8%

10.3

0.4

4.4%

Food Business

3.2

- 0.4

- 10.5%

4.3

- 1.1

- 20.6%

Overseas Business

25.2

16.4

185.7%

58.9

32.9

126.0%

Other Business

- 0.4

0.7

-

- 1.4

- 0.4

-

Adjustmenet (corporate and elimination)

- 5.5

- 0.1

-

- 13.8- 2.4-

Amortization of acquisition-related intangible assets

- 7.6

- 2.4

-

- 14.7- 3.8-Core operating profit

28.3

12.4

78.3%

76.5

24.5

47.2%

Operating profit

52.2

39.3

304.1%

93.5

48.8

109.3%

Profit attributable to owners of parent

33.2

24.9

298.2%

59.5

29.8

100.0%

Adjustmenet (corporate and elimination)
Revenue【Revenue】
・+11.6% YoY increase in total due to YoY increase in Overseas business including the impact from the consolidation of CUB
business, despite YoY decline in Alcohol Beverages and Food businesses.
・The total progress is below the H1 forecast due to weak revenue in Alcohol Beverages business, despite the performance in linewith the plan in Soft Drinks, Food, and Overseas businesses.
【Core operating profit】
・+78.3% YoY increase in total due to YoY increase in Soft Drinks and Overseas businesses including the impact from theconsolidation of CUB business, despite YoY decline in Alcohol Beverages and Food businesses.

・The total progress is above the H1 forecast due to overperforming in the three businesses other than Alcohol Beverages business.
Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

2

Operating Profit/Profit attributable to owners of parent(JPY billion)
Q1 (3 months ended March 31)

H1 forecast (announced on February 12)

YoY (Amount / %)YoY (Amount / %)Revenue

456.7

47.5

11.6%

1,067.5

193.2

22.1%

Core operating profit

28.3

12.4

78.3%

76.5

24.5

47.2%

Adjustment item

23.9

26.9

-

17.0

24.3

-

Gain (loss) on sales and retirement of
non current assets

34.7

35.2

-

30.7

27.3

803.9%

Business integration expenses

- 7.3

- 6.5

-

-

2.1

-

Others

- 3.5

- 1.8

-

- 13.7- 5.1-

Operating profit

52.2

39.3

304.1%

93.5

48.8

109.3%

- 3.1

- 1.6

-

- 6.0

- 4.4

-

Share of profit (loss) of investments accounted forusing equity method

0.1

0.0

55.5%

0.1

- 0.1

- 36.9%Gain (loss) on sales of investments accounted forusing equity method

-

-

-

-

2.3

-

- 0.3

1.6

-

- 0.1

0.3

-

48.9

39.4

416.1%

87.5

47.0

116.1%- 15.9- 14.7-- 28.1- 17.2-

Profit33.0

24.8

298.7%

59.4

29.8

100.4%

Profit attributable to owners of parent

33.2

24.9

298.2%

59.5

29.8

100.0%

Profit attributable to non-controlling interests

- 0.2

- 0.1

-

- 0.1

0.0

-

Finance income or loss

OthersProfit before tax
Income tax expense【Operating profit】
・+304.1% YoY increase due to higher core OP and improvement in gain on sales and retirement of non current assets, despite
deterioration in business integration expenses.
【Profit attributable to owners of parent】
・+298.2% YoY increase mainly due to significant increase in operating profit, despite increase in financial loss and income tax
expense.
・The total progress is above the H1 forecast mainly due to the overachievement of operating profit.

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

3

COVID-19 Impacts (by Region)◆Monthly Beer Sales in the Key Businesses (January 2020 - March 2021)【Domestic Alcohol Business】
30%*Beer-type beverages value basis【European Business】【Australian Business】*Volume basis*Volume basis

20%

10%

0%

-10%

-20%

-30%

*Based on the integration with Asahi
International Ltd from January 2021

-40%

-50%

・Continued sluggish sales for onpremise channel since last year due torefraining from opening late at night.
・Since January of this year, further
decrease due to the re-issuance of theemergency declaration, especially in
the Tokyo metropolitan area.
・ In March, recovered to -2% due to arebound from last year.
(In April, the state of emergency was
re-declared for the third time in someareas.)

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

・Continued sluggish sales for onpremise channel since October due tolockdowns in various countries.
・Although growth in March was in thehigh single-digit range due to therebound from last year, severe
conditions of on-premise channel
continued.
・In some countries, deregulation will
begin in April, but in others,
regulation will continue. Gradual
deregulation is expected after May.

*Calculated including the former
CUB business for reference・Since July last year, in addition to
the expansion of the off-premisechannel, the on-premise one has
recovered due to deregulation ineach state except Victoria.
・Since January onward, the recovery
trend in the on-premise one iscontinuing, although some
restrictions remain, such as the
restricted number of people allowed
into restaurants.

4

Alcohol Beverages Business(Revenue of Beer-typed/Sales Volume by Brands)<Sales Volume by Brands>(Millions of cases)

Q1 (3 months ended March 31)<Market Trend>

H1 forecast (announced on February 12)

YoY (Amount / %)(Volume basis)
Q1 YoYYoY (Amount / %)Super Dry

10.26

- 3.85- 27.3%

30.70

2.83

10.1%

Beer

Style Free

2.56

0.17

7.1%

5.85

0.34

6.2%

HapposhuApprox. +8%

Clear Asahi

3.29- 0.50- 13.3%

8.45

0.01

0.1%

New Genre

Approx. -6%

Total*Super Dry sales by container (Bottle-52％, Can-5％, Keg-46％)＜Revenue of Beer-type beverages＞

H1 forecast (announced on February 12)

YoY (Amount / %)96.5

- 21.0-9～10％(JPY billion)

Q1 (3 months ended March 31)
Beer-typebeverages total-19～20％- 17.9%YoY (Amount / %)

266.8

16.5

6.6%

【Market Total】
・YoY contraction by -9 to -10% in the volume due to the contraction of the on-premise market and the scale reduction of traditional
events, despite the stronger consumption in the off-premise market.
【Revenue/Sales Volume by Brands】
・YoY decrease with -17.9% due to the contraction of New Genre market, sales decrease in the on-premise market and the scale
reduction of traditional events, despite the strong sales of Happoshu.
＜Asahi Super Dry＞YoY decrease with -27.3% due to the contraction of the on-premise channel, despite strengthening sales
promotion for the off-premise channel, etc.
＜Style Free＞ YoY increase with +7.1% due to the enhanced promotion to meet the growing health consciousness ,etc.
＜Clear Asahi＞ YoY decrease with -13.3% due to the contraction of New Genre market, despite the strengthening the brand throughthe promotion and the renewal ,etc.
・The total progress is below the H1 forecast due to the unachieved sales in Beer and New Genre, despite excess achievement ofsales in Happoshu.

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

5

Alcohol Beverages Business (Revenue)<Revenue>(JPY billion)
Q1 (3 months ended March 31)

H1 forecast (announced on February 12)

YoY (Amount / %)Asahi Breweries Revenue

135.8- 26.7- 16.5%

353.8

14.0

4.1%

0.4

- 0.1

- 23.3%

0.9

0.1

15.2%

136.1

- 26.9- 16.5%

354.7

14.1

4.2%

Other/elimination in segment
Revenue total

YoY (Amount / %)<Reference: Revenue by category (before rebate deduction)>
Whiskey and spirits

10.7

- 2.5

- 18.9%

24.5

- 0.4

- 1.4%

RTD low-alcohol beverages

8.1

- 2.3

- 22.1%

19.9

- 3.0

- 13.2%

Wine

9.6

0.5

5.8%

18.7

1.1

6.6%

Shochu5.0- 0.8- 13.7%

9.5

- 2.3

- 19.3%

Non-alcohol beverages

6.1

- 0.1

- 1.3%

17.3

3.4

24.1%

【Revenue of Other Alcohol Beverages】•YoY decline in total due to the sales decrease in each category in the on-premise channel, despite the sales
increase of wine by the strong performance of Enoteca's online shopping business.
•-1.3% YoY decline in Non-alcohol beverages due to the sales decrease in the on-premise channel.
•The total progress is below the H1 forecast due to the unachieved sales in the on-premise channel.

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

6

Alcohol Beverages Business (Core OP)<Core Operating Profit>(JPY billion)
Q1 (3 months ended March 31)

H1 forecast (announced on February 12)

YoY (Amount / %)YoY (Amount / %)Change in sales, category and container mix

-

- 8.5

-

6.6

Cost reduction in manufacturing

-

1.3

-

1.7

Cost increase in manufacturing

-

- 0.4

-

- 1.1

Advertisement and Sales promotion expenses

-

0.6

-

- 4.5

Other expenses

-

1.9

-

- 3.5

Asahi Breweries

8.7

- 5.1

- 37.0%

32.8

- 0.8

- 2.2%

Other/elimination in segment

0.1

- 0.1

- 46.8%

- 0.0

- 0.3

-

8.8

- 5.2

- 37.1%

32.8

- 1.0

- 3.1%

Core Operating Profit【Factors Contributing to Increase/Decrease】（JPY billion）• -37.1% YoY decline in total due to the sales decrease of Beer-type beverages, despite improving variable costs reduction andoverall fixed cost control.
• The total progress is below the H1 forecast mainly due to the sales decrease of Beer-type beverages, despite controllingvarious costs.
＜Breakdown of main factors＞• Change in sales and others:-8.5 (Sales decrease in beer-type -7.6, Sales decrease in other alcohol beverages -1.8, Change in
category and container mix , etc.)• Cost reduction in manufacturing: +1.3 (Raw materials +0.1, Other than beer-typed +0.4, Utilities +0.2, Disposal +0.2, etc. )• Cost increase in manufacturing: -0.4 (Raw materials -0.2, etc.)• Decrease in sales promotion expenses：＋0.6（Advertisement -0.5, Promotion ＋1.1）（Beer-type +0.5, Other +0.1）• Other expenses:＋1.9（HR +0.2, Depreciation ＋0.3, Equipment for selling +0.6, Others +0.7）

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

7

Reference: Market Trends for Beer-typed Cansand Our Initiatives◆ The market of Beer/New Genre canned product YoY
15%
10%

5%
0%
-5%

Jan.

Feb.

Mar.

Apr.

May

Jun.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

2020

Jan.

Feb.

Mar.

2021

-10%
-15%
-20%
-25%
Beer

New genre

Source: Intage SRI+ Beer Can Market Estimated Sales Volume YoY
Jan. 2021 ~ Mar. 2021
Seven channels (SM/CVS/liquor DS/HC/DRUG/generalliquor stores/commercial liquor stores)◆ Strengthening offers to realize new consumption opportunities
THE DRAFTERS (Server for home use)

Asahi Super Dry Nama Jokki Can
I enjoyed thefroth coming out
naturally.

The smoothfroth made it all
the moredelicious.
I was surprisedwith the frothstarted to form.

・Pre-sale at convenience stores from April 6,
and nationwide sale from April 20.
・Temporarily on hold due to insufficient supply.
・To be on sale in limited quantities on June 15.
Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

・Service is scheduled to start on May 25.
・Target number of memberships in 2021: 30,000.
(13,000 pre-members as of the end of April)・Full-fledged foaming rich server.(with extra cold mode)
・Co-creation with the members to realize "a world
where people can enjoy anytime, anywhere”.

８Soft Drinks Business (Sales Volume)<Sales Volume>(Millions of cases)
Q1 (3 months ended March 31)<Market Trend>

H1 forecast (announced on February 12)

YoY (Amount / %)Jan. - Mar.

YoY (Amount / %)YoY

Carbonated drinks

16.06

0.82

5.4%

38.24

0.67

1.8%

Approx. -1%

Lactic acid drinks

8.57- 0.66- 7.1%

22.20

1.00

4.7%

Approx. -9%

Coffee

8.42

0.10

1.2%

17.72

0.96

5.7%

Approx. -6%

Tea

7.01

- 0.73- 9.4%

16.94

0.27

1.6%

Approx. -7%

Mineral Water

3.16- 0.57- 15.3%

8.39

0.53

6.7%

Approx. -5%

Fruit juice

2.94- 0.34- 10.2%

6.78- 0.19- 2.7%

Approx. -7%

Other drinks

5.53

0.16

3.1%

12.99

1.27

10.8%

-

Sales Volume

51.70- 1.21- 2.3%

123.26

4.51

3.8%

Approx. -6%<Sales Volume by Brands>
Q1 (3 months ended March 31)
YoY (Amount / %)<By container type><By channel>

Jan. - Mar.

Jan. - Mar.

YoY

YoY

Can

2.2%

Vending machine- 2.4%MITSUYA CIDER

8.25

0.41

5.2%

PET total- 1.7%

CVS- 4.1%

WILKINSON

6.07

0.35

6.1%

Large PET

- 7.7%

SM- 3.2%CALPIS

7.32- 0.47- 6.0%

Small PET

1.5%

Others

1.9%

WONDA

8.02

0.18

2.3%

Glass bottle- 47.6%

Asahi Juroku-cha

4.24- 0.24- 5.4%

Others- 24.2%OISHII MIZU

3.16

- 0.57- 15.3%【Market Total】
・-6% YoY decline in total volume mainly due to the sales decrease in vending machines and convenience
stores.
【Asahi Soft Drinks Sales Volume】
・ -2.3% YoY decline due to the sales decrease of Lactic acid drinks and Tea drinks, despite the sales increase in
Carbonated drinks and Coffee Drinks.
・The total progress is below the H1 forecast mainly due to the sales decrease except Carbonated drinks.

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

9

Soft Drinks Business (Core OP)<Core Operating Profit>(Millions of cases / JPY billion)
Q1 (3 months ended March 31)

H1 forecast (announced on February 12)

YoY (Amount / %)YoY (Amount / %)Sales Volume Total

51.70- 1.21- 2.3%

123.26

4.51

3.8%

Revenue Total

75.3

0.2

0.2%

174.8

8.2

4.9%

Change in sales, category and container mix

-

2.0

-

2.3

Cost reduction in manufacturing

-

0.8

-

1.2

Cost increase in manufacturing

-

- 0.1

-

- 0.3

Advertisement and Sales promotion expenses

-

0.4

-

- 0.5

Other expenses

-

0.3

-

- 2.3

Asahi Soft Drinks

4.5

3.4

321.8%

10.3

0.4

4.4%

-

-

-

-

3.4

321.8%

0.4

4.4%

Other/elimination in segment
Core Operating Profit

4.5

10.3

【Factors Contributing to Increase/Decrease】（JPY billion）• +321.8% YoY increase in total mainly due to the improvement in the category and container mixes, reduction of the variable cost,
despite the sales decrease.
• The total progress is above the H1 forecast mainly due to the improvement in the mixes with controlling advertising, promotional andother expenses.
＜Breakdown of main factors＞• Change in sales and others:+2.0 (Increase in sales volume +1.6, Change in category and container mix, etc.)• Cost reduction in manufacturing: +0.8 (Raw materials +0.4, Operational efficiency / in-house production +0.4)• Cost increase in manufacturing: -0.1 (Raw materials -0.1)• Change in sales promotion expenses：+0.4（Advertisement +0.2, Promotion expenses +0.2）

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

10

Food Business (Revenue/Core OP)<Revenue>(JPY billion)
Q1 (3 months ended March 31)

H1 forecast (announced on February 12)

YoY (Amount / %)YoY (Amount / %)Asahi Group Foods

29.4

- 1.3

- 4.3%

61.5

1.8

3.0%

Other / elimination

0.1

0.0

43.4%

0.2

0.0

19.0%

29.5

- 1.3

- 4.2%

61.7

1.8

3.0%

Revenue<Core Operating Profit>(JPY billion)
Q1 (3 months ended March 31)

H1 forecast (announced on February 12)

YoY (Amount / %)YoY (Amount / %)Asahi Group Foods

3.2

- 0.4

- 10.8%

4.3

- 1.1

- 20.4%

Other / elimination

0.0

0.0

18.4%

0.0

- 0.0

- 43.8%Core Operating Profit

3.2

- 0.4

- 10.5%

4.3

- 1.1

- 20.6%【Revenue】
・-4.2% YoY decline due to the sales decrease of Mintia brand, despite the sales increase of Ippon Manzoku Bar, Dear
Natura, and Amano Foods.
・The total progress is in line with the H1 forecast as the strong sales of core brands offset the shortfall in the BtoB
business (food ingredients).
【Core operating profit】
・-10.5% YoY decline due to the sales decrease and the worsening product mix, despite promoting the optimization of
fixed costs such as advertisement and sales promotion expenses.
・The total progress is above the H1 forecast due to the optimization of overall fixed costs.

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

11

Overseas Business (Revenue)<Revenue>(JPY billion)
Q1 (3 months ended March 31)

H1 forecast (announced on February 12)

YoY (Amount / %)YoY (Amount / %)Europe business

75.7

- 9.5

- 11.1%

Oceania business

125.3

85.5

215.0%Southeast Asia business

11.3

0.7

6.6%

△ 0.1

- 0.9

-

212.3

75.9

55.6%

Other / elimination
Revenue

468.5

164.9

<Revenue *constant currency basis (based on previous year's FX rates)>(JPY billion)

Q1 (3 months ended March 31)

H1 forecast (announced on February 12)

YoY (Amount / %)YoY (Amount / %)Europe business

71.1- 14.1- 16.5%

Oceania business

109.4

69.7

175.1%Southeast Asia business

11.3

0.7

6.6%

△ 0.1

- 0.9

-

191.8

55.4

40.6%

Other / elimination
Revenue

54.3%

445.4

141.8

46.7%

* CUB business has been consolidated since June 2020.

【Revenue (constant currency basis)】・Europe: -16.5% YoY decline due to the sales decrease in the on-premise channel as continued lockdowns, despite thesolid sales in the off-premise channel.
・Oceania: +175.1% YoY increase due to the sales volume increase mainly of core brands and the impact from theconsolidation of CUB business.
・Southeast Asia: +6.6% YoY increase mainly due to the strong exports of dairy beverages.

・The total progress is above the H1 forecast due to the strong performance in Oceania business, despite Europe businessbeing affected by the impact of COVID-19 than expected.

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

12

Overseas Business (Core OP)<Core OP>(JPY billion)
Q1 (3 months ended March 31)

H1 forecast (announced on February 12)

YoY (Amount / %)YoY (Amount / %)Europe business

0.4

- 7.0

- 94.9%

Oceania business

23.6

21.9

-

Southeast Asia business

0.4

0.2

160.1%

Other / elimination

0.8

1.2

-

25.2

16.4

185.7%

Revenue

58.9

32.9

<Core OP *constant currency basis (based on previous year's FX rates)>(JPY billion)

Q1 (3 months ended March 31)

H1 forecast (announced on February 12)

YoY (Amount / %)YoY (Amount / %)Europe business

0.4

- 7.1

- 95.2%

Oceania business

20.6

18.9

-

Southeast Asia business

0.4

0.2

160.0%

Other / elimination

0.8

1.2

-

22.2

13.4

151.6%

Revenue

126.0%

55.9

29.8

114.3%* CUB business has been consolidated since June 2020.

【Core OP (constant currency basis)】・Europe: YoY decline by JPY 7.1 billion due to the on-premise sales decrease and a deteriorated channel mix despite thecontrol of various fixed costs.
・Oceania: YoY increase by JPY 18.9 billion due to the impact of the consolidation of CUB business and creating synergies.

・Southeast Asia: YoY increase by JPY 0.2 billion due to the sales increase and improved mix in Malaysia, despite higher
costs mainly in logistics.
・The total progress is above the H1 forecast due to the strong performance in Oceania business, despite the shortfall inEurope business.

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

13

Overview of Europe Business Results◆ Results on local currency basis*Excluding the impact of currency translation of local currencies into Eurokhl、million Euro

Q1 (3 months ended
March 31)

Sales Volume

YoY*2

7,471

-9%

472

-14%

3

-94%

Net Sales (exc liquor tax)
Core OP*1*1 Core OP before deduction of one-off cost *2 Comparison in FX rate of the same period of the previous year

◆ Overview by Channel (January - March)
YoY (Volume basis)

Off-premise

On-premise

Total+ mid single digit- high 60% range-9%・ In general, the Off-premise channel benefits from the On-premise closure as a part of the consumption has
shifted to at-home. Sales volume increased in the mid-single digit range YoY thanks to strong sales of Pilsner
Urquell and Radegast in Czech & Slovakia, PNA and Ciucas in Romania, Peroni in Italy, PNA in the UK.
*PNA: Peroni Nastro Azzurro
・ In the on-premise channel, sales volume decreased in the high 60% range YoY mainly due to lock-down inmajority of the European markets.

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

14

Reference: COVID-19 Impacts (Europe)◆Monthly Beer Sales in the Key Countries (January 2020 - March 2021)【Czech】 *Volume basis【Poland】 *Volume basis

・On-trade: Continuing decline due to restrictions since last year.

・On-trade: Continuing decline due to restrictions since last year.

・Off-trade: Demand remains strong, partly thanks to shift of a portion of theconsumption from On-trade to Off-trade

・Off-trade: Same level as the previous year due to limited shift in demand as
the ratio of on-trade is low.

・Total Business: Increase in March due to rebound from last year and Eastersales phasing, but overall decrease in 1Q due to restrictions in On-Trade.

・Total Business: Increase in March due to rebound from last year, but overall
decrease in 1Q due to restrictions【Italy】 *Volume basis

・On-trade: Decline due to restrictions, but increased in March thanks to arebound from last year.

・Off-trade: Demand remains strong thanks to increased in-house
consumption.
・Total Business: Although the impact of restrictions remains, 1Q results were
almost the same as last year thanks to rebound from last year.
Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

【UK】 *Volume basis*Jan.-Mar 2020: Including the impact of the acquisition of Fuller's.

・On-trade: Continuing decline due to restrictions since last year.
・Off-trade: Strong channel growth and increased market share.
・Total Business: Lower than the previous year, but gradual re-openingof On-trade began in April.

15

Overview of Oceania Business Results◆ Results on local currency basis
million AUD

Q1 (3 months ended
March 31)

YoY *3

Alcohol Beverages *1

757

418%

Non-Alcohol Beverages *1

300

5%

Net Sales (exc liquor tax) *1

1,057

145%

290

932%

-3

-

Core OP *2
One off Cost
*1 Based on net sales value excluding container deposite*2 Core OP before deduction of one-off cost

*3 Comparison in FX rate of the same period of the previous year
Calculated based on the previous year's results not including the former CUB business acquired in June 2020.

◆ Overview by Channel of Australian Beer Business (January - March)
YoY (Volume basis) *Off-premise

On-premise

Total+ Mid single digit- High single digit+ Mid single digit* Calculated based on the previous year's results including the former CUB business.

・ In the off-premise channel, sales volume increased in the mid single digit YoY due to strong sales of core
brands Great Northern and Asahi Super Dry.
・ In the on-premise channel, sales volume decreased in the high single digit YoY mainly due to continued
restrictions on the number of customers in restaurants despite the gradual deregulation.

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

16

＜Reference＞FX Impact◆ FX impact on P/L (result and forecast)◆ FX sensitivity for 2021

(JPY billion)

Business

Currrency

Q1(3 months
ended Mar. 31)

H1 forecast(announced on
Feb. 12)Results

Forecast

EuropeEuro

4.6

Oceania

AUD

15.9

Southeast Asia-

0.0

Others-EuropeEuro

0.0

Oceania

AUD

3.0

Southeast Asia-

0.0

Others--0.0

Amortization of intangible assets

-

-0.6

Core Operating Profit

2.4(JPY billion)

Currency

RevenueCore OP

Euro

123.0

±3.9

±0.6

AUD

77.0

±6.1

±1.0

23.1

* FX impact = The impact of converting local currency
results into yen (excluding trade impact)◆ Exchange Rate Trends(JPY)
Currency

2.4

2018

2019

2020

Euro

130.4

122.0

121.9

AUD

82.6

75.8

73.7

Currency

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

Assumption* The above figures do not include the effect of
exchange rates on amortization of intangible assets.

0.0
20.5

Revenue<Impact of 1 yen change (full year)>2020 Q1

2021 Q1

Euro

120.1

127.8

AUD

71.6

82.0

17

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 orinconvenience that may be caused by or in conjunction with any part of these materials.