Q4 2023 Financial Results
Business Overview for 2023
and Business Strategy for 2024

February 14, 2024

Executive Summary◆ Overview of 2023➢

Achieved 6.8% growth in revenue and 3.9% growth in Core Operating Profit(constant currency basis)• Achieved forecasts after benefits of higher revenue and greater cost efficiencies offset large cost increases• Increased our competitive advantage in major markets while consistently improving unit sales prices• Improved sound financial base by generating higher-than-expected free cash flow and reducing financial debt

◆ Direction for 2024➢

Aim to achieve 3.6% growth in revenue and 4.2% growth in Core Operating Profit（constant currency basis)• Increase revenue and profit by further enhancing our competitive advantage and promoting structuralearnings reforms, etc.

• Expand investment in areas designed to generate sustainable growth (brands, core strategies, and humancapital, etc.)• Enhance corporate value by evolving Group governance, optimizing cash allocationsⒸASAHI GROUP HOLDINGS. All rights reserved.

1Evolve Management to Achieve True Global Operations
Ongoing Global Management Initiatives
M&A and post merger integration execution, and create
regional synergies in Europe and Oceania
Establish a framework with four regional headquarters (RHQ*)
and improve each HQ’s competitive advantage

Strengthen marketing investment and restore growth
momentum in Japan Alcohol Beverages BusinessAs part of our aim to become a truly global company, we are entering a stage
in which we maximize corporate value to a degree that exceeds the sum of
individual businesses*Regional HeadquartersⒸASAHI GROUP HOLDINGS. All rights reserved.

2

Evolve Group Governance (After April 2024)⚫ Evolve the Board of Directors composition (included a majority of outside directors, as well as five
women and two foreign nationals to promote diversity)

Board of Directors

Akiyoshi Koji
Board Chair

Atsushi Katsuki
President & CEO

Outside Directors

Keizo Tanimura
Director EVP

Kaoru Sakita
Director EVP

Naoko Nishinaka
Director EVP

Christina
Ahmadjian

Kenichiro Sasae

Tetsuji Ohashi

Mari Matsunaga

Melanie
Brock

Chika Sato

* EVP: Executive Vice President⚫ Refresh our business execution framework (establish an Executive Committee and Group CxO positions,
include Region CEOs in Group Executive Leadership Team)

Executive Committee
Group CxOAtsushi Katsuki
Group
Chief Executive
Officer(G-CEO)

Keizo TanimuraGroup
Chief People
Officer(G-CPO)

Kaoru Sakita
Group
Chief Financial
Officer(G-CFO)ⒸASAHI GROUP HOLDINGS. All rights reserved.

Taemin Park
Group
Chief Growth
Officer(G-CGO)Region CEO

Drahomira Mandikova
Group
Chief
Sustainability Officer(G-CSO)

Manabu SamiGroup
Chief R&D
Officer(G-CR&DO)

Kenji Hamada
Asahi Group
Japan CEO

Paolo Lanzarotti
Asahi Europe &International CEO

Amanda Sellers
Asahi Beverages
Group CEOErwin Selvarajah
Asahi Holdings
Southeast
Group CEO*Asahi Beverages: Regional Headquarters in Oceania

3Progress of Medium- to Long-Term Management Policy➢ Improved unit sales prices or beer-type and non-alcohol beer*(P.9)
Business
PortfolioCore Strategy
Sustainability

DX

R&D

Fortifying
Strategic
Foundations
Human
CapitalGroup
Governance➢ Expanded sales of our five global brands (P.9-10)➢ Launch of U.S. investment company. Developed new applications for yeast and lactic acid bacteria
technologies➢ Sustainability: Formulated Environment Vision 2050 roadmap, accelerated targets (P.19)➢ Sustainability: Revised target composition ratio of non-alcohol beer* and low-alcohol beverages (P.20)➢ Sustainability: Revised our human rights policy, established a grievance mechanism, formulated 2030
human rights due diligence targets➢ DX： Developed personalization initiatives, including AI-driven trial verifications at actual stores.
Established procurement platforms and modernization methods➢ R&D：Continued research in four key domains, secured and training talented human resources for key
domains, expanded R&D investment➢ Enhancing human capital: Set up a Global Safety & Wellbeing (S&W) Council, strengthened DE&I
initiatives such as deepening understanding of multiculturalism and, started conducting global talentreviews and succession planning➢ Strengthening Group governance: Renewed our business execution framework, established AGPRO
global procurement company, explored optimal business management indicatorsⒸASAHI GROUP HOLDINGS. All rights reserved.

※ Alcohol-free alcohol-tasted (flavored) beverages

4

Progress of Medium-Term Guidelines and Financial Policy⚫ Guidelines for Key Indicators
Guidelines (three-year horizon)

2022-2024 Forecasts

Core Operating
Profit•

CAGR: high single digit*1

4.9%

EPS （adjusted*2 ）•CAGR: high single digit*1

4.4%

FCF*3

•

Annual average of JPY 200 billion or higher

JPY 226 billion*1 C o n s t a n t c u r r e n c y b a s i s *2 The earnings per share guideline is on an adjusted basis excluding special temporary factors, such as business portfolio
restructuring and impairment losses *3 Free Cash Flow = Cash flows from operating activities – Cash used in investing activities (excluding M&A and other business restructuring)⚫ Financial Policy
Guidelines for 2022 onward
Investment for
Growth /Debt Reduction

Shareholder
Returns•

Prioritize allocation of FCF to the reduction of debt andwork to enhance capacity for growth investments•

Aim for Net Debt/EBITDA*1 of around 3x or less in 2024
（Calculated after deducting 50% of outstanding subordinateddebt from net debt）•

Dividend payout ratio*2 : Steadily increase dividends
with targeted payout ratio of approx. 35%(Expect ratio of 40% by 2025)

2024 Forecasts
2.70x(2023: 3.08x)

38.0％(2023: 37.0%)*1 Net Debt to EBITDA ratio = (Gross debt − cash and equivalents)/EBITDA *2 Dividend payout ratio is calculated by deducting one-time gains/losses (after tax) relating tobusiness portfolio restructuring and impairment losses from profit attributable to owners of the parentⒸASAHI GROUP HOLDINGS. All rights reserved.

5

Reference: Dividends Offered Over Time

*1 Adjusted EPS used for EPS from 2017 onward*2 Used Japanese accounting standards through 2015. Adopted IFRS accounting standards from 2016 onwardⒸASAHI GROUP HOLDINGS. All rights reserved.

6

Generate/Allocate CF to Improve Corporate Value
Strengthen strategic
investment

Revenue growth• Pursue premium strategy✓ Improve unit sales price (price mix)
✓ Expand global brands（CAGR of roughly +10% through 2030*1）• Develop BAC and high value-added
products
Cost efficiencies• Launch AGPRO （global
procurement company)＞✓ To average at least USD 100 million ayear*2 (Five-year plan from 2024)• Reform profit structure at eachregional headquarters (RHQ)• Brand enhancement• Promote core strategies
Cash flow
Reference
Operating cashflow
(2024 forecasts)

JPY 330 billion
Free cash flow

(average annual
target)JPY 200 billion or
more✓ “One Asahi” synergies in Japan andTransformation in Oceania, etc.

Improved capitalefficiencyⒸASAHI GROUP HOLDINGS. All rights reserved.

✓ Sustainability: JPY 50 billion ormore (through 2030)✓ DX: JPY 50 billion (through 2025)✓ R&D*１ Volumes excluding home markets＞• Optimize human capital• M&A investment
Increase shareholder
returns• Dividend payout ratio: Reach
40% by 2025
Reduction of financial
debt• Net Debt/EBITDA ratio:
2.70x (2024 forecasts)*2 Impact of restricting cost reductions and increases

7Reference: Brand Investment⚫ Advertisement and Sales
Promotion Expenses⚫ Revenue-to-Advertisement andSales Promotion Expenses Ratio(JPY Billion)*１ Group-wide advertisement and sales promotion expenses*2 Ratio of advertisement and sales promotion expenses to net revenue (excl. liquor tax)

ⒸASAHI GROUP HOLDINGS. All rights reserved.

8

Premium Strategy Progress⚫ Beer-Type Beverages + Non-Alcohol Beer 2023 Results (YoY)
Japan

EuropeOceania

Total

＋8.1％

＋14.9％

＋4.2％

＋9.5％

Revenue+6.3％+12.5％

+4.6％

+7.5％

Sales Volume

-1.7％

-2.1％

+0.4％

-1.8％

Improvementin Unit Sales Price（Excluding Liquor Tax）

*The above figures are calculated based on the performance of beer-type beverages + beer-taste beverages (including very low alcohol beverages)
from Japan and beer + non-alcohol beer from Europe and Oceania

Global Brands
Sales Volume(YoY)

Asahi Super Dry＋35％

Peroni Nastro Azzurro-1％

Total for 5 brands＋4％※Based on sales volume excluding the home markets (Global Brands Sales Volume)ⒸASAHI GROUP HOLDINGS. All rights reserved.

9

Global Brands
Global Super Premium Heroes
Seek to enhance brand value by expanding each core brand’s worldview
through brand extension and partnership development⚫ Asahi Super Dry• Partnerships with Rugby World Cup and City Football Group have increased brandawareness• Sales volume during the Sep-Oct Rugby World Cup tournament period: Q3+60%,
Q4+26% YoY• Aim to further improve brand value by capitalizing on the marketing impact of
coordinated measures⚫ Peroni Nastro Azzurro• Expanded new consumer base by collaborating with the Aston Martin Aramco
Cognizant Formula OneTM Team• Increased presence in recently entered high-potential markets through proactive
marketing• New partnership with Formula 1 Scuderia Ferrari team from 2024
ⒸASAHI GROUP HOLDINGS. All rights reserved.

10

Variable Cost Increases and Outlook
Cost
Increase(GroupTotal)

2023 Result

2024 Forecast

Less than JPY 95.0 billion

Approx. JPY 20.0 billion

Japan

Main
Factors

EuropeOceania

2023

2024

2023

2024

2023

➢ Aluminum➢ Aluminum➢ Malt / Barley➢ Ocean freight➢ Ocean freight➢ PET resin➢ PET resin➢ Glass bottles➢ Logistic
costs➢ Logistic costs➢ Logistic costs➢ Malt /Barley➢ Malt /Barley➢ Aluminum➢ Aluminum➢ Electricity, gas➢ Sugar,
HFCS*➢ Fruit juice➢ Logistic
costs➢ Electricity,
Gas➢ Electricity,
Gas

2024

➢ Sugar➢ Glass bottle*High Fructose Corn SyrupⒸASAHI GROUP HOLDINGS. All rights reserved.

11

Japan: Overview and Direction
RevenueCore OP

Core OP
Margin2023 Results

+6.3%

+9.8%

11.3%

2024 Forecasts

+2.0%

+1.9%

11.3%

* Revenue and Core Operating Profit figures are YoY* Excludes liquor tax＜Overview for 2023＞⚫ Achieved better-than-expected performance thanks to appropriate pricing
strategies and enhanced investment in core brands, etc.
⚫ Expanded synergies as a “One Asahi” organization, promoted environmental,
smart drinking, and other sustainability initiatives＜Direction for 2024＞⚫ Enhance core brands that satisfy changing needs, expand new value propositionand high value-added categories⚫ Further strengthen management base by advancing human capital andorganizational functions across Japan and accelerating sustainabilityⒸASAHI GROUP HOLDINGS. All rights reserved.

12

Japan (Alcohol Beverages Business): Main Topics⚫ Ongoing Beer Regression Analysis
Canned beer market by category⚫ Brand Investment Reaps Benefits
Asahi canned beer sales

2023 sales volume (vs. 2020)

Canned beer +18%
Super Drycanned beer※

+9%*2020：Super Dry core product2023：Super Dry core product,
Nama Jokki cans, and Dry Crystal

Source: Intage SRI+ data for composition of canned beer, happoshu and new genre product markets
Estimated YoY sales volume for Jan 2019–Dec 2022
Seven channels: supermarkets, convenience stores, discount liquor stores, home improvement stores, drugstores,
general liquor stores, and wholesale liquor stores⚫ Strengthening High-Value Category
Asahi SHOKUSAI

Mirai no Lemon Sour

March 5: Nationwide release
June 11: Limited volume release in Tokyo
for all channels
Metropolitan area and Kanto Shinetsu regionⒸASAHI GROUP HOLDINGS. All rights reserved.

⚫ Growing Smart Category (Smart Drinking)Asahi ZERO

April 9:Nationwide launch

Growing awareness of Smart Drinking

Source: Asahi Breweries

13

Japan (Non-Alcohol Beverages, Food Business): Main Topics⚫ Non-Alcohol Beverages Business2023 Topics

2024 Topics• Launched Asahi Sou green tea brand• Measures to mark Mitsuya andWilkinson anniversaries (refreshedproducts, new product launches)• Strengthened health-conscious
value proposition
2023 sales
volume (YoY)

Total health drinks*＋2％*Foods with Functional Claims and Food for Specified HealthUses such as Calpis-derived Lactic Acid Bacteria Science Series• Strengthening highly profitable small
PET bottle drinksⒸASAHI GROUP HOLDINGS. All rights reserved.

Source: AGH sales volume composition ratio• Expand label-less drinks
Total label2024 sales
less products
volume forecast
(YoY)

＋19％

⚫ Food Business
Rising Mintia sales
2023 sales
(YoY)

＋23％

2024 sales
forecast (YoY)

＋ 6％
14

Europe: Overview and Direction
RevenueCore OP

Core OP
Margin2023 Results＋10.6%

-1.0％

14.9％

2024 Forecasts

＋7.5％

＋1.3％

14.0％

* Revenue and Core Operating Profit figures are YoY* Excluding the impact of currency translation of local currencies into Euro, and liquor tax* YoY changes are calculated by converting foreign currency amounts for the current year into yen at the exchange rate of
the same period of the previous year

＜Overview for 2023＞⚫ Achieved significant improvement in unit sales prices by pursuing appropriate
pricing strategy and strengthening our premium categories⚫ Made steady progress on boosting awareness of Global Brands through sports
sponsorships and brand extension＜Direction for 2024＞⚫ Increase competitive advantage by adopting a premium strategy centered around
Global Brands and non-alcohol beer
⚫ Further strengthen growth platform by increasing investment in brands,
sustainability, and human capitalⒸASAHI GROUP HOLDINGS. All rights reserved.

15

Europe: Main Topics⚫ Growth Rate by Segment (2023)⚫ Beer Volume Share in Major Countries
Total Beer
＋0.7pt YoY（＋2.0pt vs.2021)

Premium＋0.9pt YoY（＋2.1pt vs.2021)

Mainstream＋0.7pt YoY（＋2.3pt vs.2021)
Source: Asahi estimates, aggregated figures shown for 8 key European markets(CZ, HU, IT, NL, PL, RO, SK, UK)＜2023 Volume Composition by Price Range＞⚫ Non-Alcohol Beer

* () 2022 composition ratio(2023, YoY)ⒸASAHI GROUP HOLDINGS. All rights reserved.

Sales Volume＋1％

Revenue＋19％
16

Oceania: Overview and Direction
RevenueCore OP

Core OP
Margin2023 Results

＋7.3%

+0.8％

23.0％

2024 Forecasts

＋6.8％

＋9.9％

24.0％

* Calculated by excluding the foreign exchange effects of local currencies and liquor tax* YoY changes are calculated by converting foreign currency amounts for the current year into yen at the exchange rate of
the same period of the previous year

＜Overview for 2023＞⚫ Boosted volumes beyond the market average through continued growth of mainbrands and new innovative products⚫ Established a foundation for improving profits through comprehensive structuralreforms covering everything from top-line sales to costs＜Direction for 2024＞⚫ Promote further premiumization by continuing to execute pricing strategies alongwith creating additional sales opportunities through investment to enable ourmulti-beverage strategy⚫ Improve earnings through structural reforms. Continue to invest in medium- tolong-term strategies, including sustainability-related initiativesⒸASAHI GROUP HOLDINGS. All rights reserved.

17

Oceania: Main Topics⚫ Top-Line Growth

Increase after integration of CUB business(sales volume vs. 2019)

Great Northern2023
sales volume(YoY change)

Great Northern+4.7%+40.3%

ASD and Peroni* +24.2%* Total of Great Northern Super Crisp
and Great Northern Original*All Peroni brands⚫ Upgrading Our Profit Structure Base (Transformation)＜Top Line Initiatives＞
Promoting premiumization
through the active
development ofhigh-end and innovative
products(craft beer, RTD, etc.)ⒸASAHI GROUP HOLDINGS. All rights reserved.

＜Other Initiatives＞

Balter

MAJOR
MAJOR

• Refining SKUs and focusing marketing
expenditures• Enhancing multi-beverage strategy byintegrating sales systems, etc.
• Driving greater efficiencies at manufacturing
sites and across the supply chain• Improving inventory management

18

Sustainability: Environment⚫ Revised up Asahi Carbon Zero mid- to long-term target on reducing CO2 emissions• Following the recent description of the global climate crisis as “global boiling,” we have brought

forward the year for achieving our Asahi Carbon Zero target for net zero Scope 1, 2, and 3 CO2emissions*1,2 from 2050 to 2040
• Strengthen partnerships with stakeholders through ambitious target setting, avoid business risks
associated with climate change, and help drive the transition toward a decarbonized society*1 We used to refer to “carbon neutral emissions” but revised the term to “net zero emissions” to comply with the SBTi net-zero definition that isused by many organizations globally*2 90% or more reduction in emissions, up to 10% carbon removalⒸASAHI GROUP HOLDINGS. All rights reserved.

19

Sustainability: Social⚫ Revised composition ratio targets for non-alcohol beer, low-alcohol beverages
Newly revised sales volume composition targets:（Previous target) 15% by 2025 ⇒ （New target) 20% by 2030
Seek to help reduce net per capita level of alcohol consumption andheavy drinking, which are two of the indicators used by the World
Health Organization (WHO) to help reduce the harmful use of alcohol⚫ Set global human rights targets
New targets:
Carry out human rights due diligence for all Asahi Group employees*1 and all primary suppliers of directly
procured materials*2 by 2030. Ensure all operating companies and functions are able to conductconsistent PDCA monitoring
Identify and prevent human rights risks by performing human rights risk assessments. Aim to eliminate
human rights violations and ensure the systematic implementation of appropriate remedial measures*1 All countries in which we operate excluding export operations conducted through distributors*2 Existing suppliers of raw materials and packaging materials with procurement transactions of 100,000 US dollars or more

ⒸASAHI GROUP HOLDINGS. All rights reserved.

20

Summary of 2023 Results and2024 Forecasts

Revenue/Core Operating Profit
2023 Results➢ Revenue: +6.8% YoY. Unit sales priceimproved primarily on the back ofpricing strategies and premiumization
efforts.
➢ Core Operating Profit: +3.9% YoY.
Despite significant increases in variable
costs, Core OP expanded on higher
revenue and greater individual cost
efficiencies.

2024 Forecasts➢ Revenue: +3.6% YoY. Thanks to an
expected improvement in unit sales
prices across all regions.

*The figures in the “Change” and “YoY” columns under Constant Currency Basis for 2023 are calculated by converting
foreign currency amounts for the current year into yen using the previous year’s exchange rate.
*The comparative data for the 2024 forecasts under Constant Currency Basis are calculated by converting foreign currency
amounts for the current year into yen based on the exchange rate used for the forecast.

ⒸASAHI GROUP HOLDINGS. All rights reserved.

➢ Core Operating Profit: +4.2% YoY.
While variable costs, marketing costs,
and other expenses are expected toincrease, Core OP is forecast to expand
on the back of higher revenue andenhanced cost management.

21

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

2023
Results

Changevs Forecasts

YoY

2024
Forecasts

ChangeYoY

2,769.1

258.0

10.3%

79.1

2,840.0

70.9

2.6%

Core Operating Profit

263.7

19.9

8.1%

9.7

271.0

7.3

2.8%

Adjustment item

- 18.7

8.1

-

0.8

2.0

20.7

-

- 3.6

- 13.1

-

- 1.7

17.8

21.4

-

Revenue

Gain (loss) on sales and retirementof non current assets- 11.5

4.0

-

- 7.2

-

11.5

-

Impairment loss

- 2.2

16.3

-

- 1.4

-

2.2

-

Others

- 1.5

0.9

-

11.1

- 15.8- 14.4-

Operating profit

245.0

28.0

12.9%

10.5

273.0

28.0

11.4%

- 6.8

2.8

-

1.2

- 10.9

- 4.0

-

0.9

0.2

31.2%

0.4

0.5

- 0.4

- 45.2%Business integration expenses

Finance income or loss
Share of profit (loss) of investments accounted
for using equity method

2.8

4.9

-

3.8

3.9

1.1

37.8%

241.9

35.9

17.4%

15.9

266.5

24.6

10.2%

- 75.8- 21.6-- 10.8- 75.00.8-

Profit

166.0

14.3

9.4%

5.0

191.5

25.5

15.3%

Profit attributable to owners of parent

164.1

12.5

8.3%

3.1

190.5

26.4

16.1%

2.0

1.8

-

2.0

1.0

- 1.0

- 48.9%

165.6

0.2

0.1%

4.1

176.0

10.4

6.3%

OthersProfit before tax
Income tax expense

Profit attributable to non-controlling interests
Adjusted profit attributable toowners of parent**Calculated from profit attributable to owners of parent excluding one-off special factors such as business portfolio
restructuring and impairment loss.

ⒸASAHI GROUP HOLDINGS. All rights reserved.

2023 Results➢ Operating profit: +12.9% YoY.
Rebounded compared to previous
year’s recording of impairment losses
on supply chain management (SCM)
restructuring in Japan.
➢ Profit attributable to owners of parent:+8.3% YoY.
➢ Adjusted profit attributable to owners ofparent (excl. impact of SCM
restructuring, etc.): +0.1% YoY.

2024 Forecasts➢ Operating profit: +11.4% YoY. Partly
due to gains from the sale of fixed
assets linked to the SCM restructuring.
➢ Profit attributable to owners of parent:+16.1% YoY.
➢ Adjusted profit attributable to owners ofparent (excl. impact of SCM
restructuring, etc.): +6.3% YoY.

22

Statement of Financial Position/Statement of Cash Flow

(JPY Billion)

2023
Results

Total assets

5,285.9

455.6

Total equity

2,465.8

Interest-bearing debt *1

2023 Results

vs Forecasts

2024
Forecasts

9.4%

285.9

5,260.0- 25.9- 0.5%

402.8

19.5%

225.8

2,540.0

74.2

3.0%

1,410.8- 86.5- 5.8%- 56.2

1,290.0- 120.8- 8.6%Net DE ratio *2

0.46

-

-

- 0.070.40- 0.06-

Net Debt / EBITDA *2

3.08

-

-

- 0.302.70- 0.38-（Reference） EBITDA

389.4

27.0

7.4%

11.0

401.3

11.9

3.1%

ChangeYoY

ChangeYoY*1 Breakdown of YoY change: Repayment of interest-bearing debt: -JPY 143.8 billion, conversion offoreign currency-denominated interest-bearing debt at weaker yen rates, etc.: +JPY 57.3 billion.
*2 Calculated after deducting 50% of outstanding subordinated debt (JPY 300 billion) from net debt.
Operating cash flow

347.5

81.6

-

52.5

330.0

- 17.5-Investing cash flow

- 117.7- 48.5-

19.3- 125.0- 7.3-

Financing cash flow

- 226.7- 7.2-- 68.7- 205.0

21.7

-

252.0

50.8

-

75.0

225.0

- 27.0

-

121

8

-

6

132

11

-

Dividend payout ratio (%)

37.4%- 0.4%

-

1.2%

35.1%

- 2.3%-

Adj. Dividend payout ratio (%) *3

37.0%

2.4%

-

0.9%

38.0%

1.0%

-

Free cash flow
Dividend per share (JPY)*3 Calculated based on adjusted profit attributable to owners of parentⒸASAHI GROUP HOLDINGS. All rights reserved.

➢ B/S: Total assets increased by JPY
455.6 billion compared to end 2022 as
goodwill and intangible assets rose on
the back of a weaker yen.
➢ B/S: Interest-bearing debt decreasedby JPY 86.5 billion as the weaker yen
inflated foreign currency-denominateddebt in yen terms (cash flow: JPY 143.8
billion repayment). Net Debt/EBITDA
declined to 3.08.
➢ C/F and Dividend: Generated FCF of JPY
252.0 billion. Increased annual dividendby JPY 8.

2024 Forecasts➢ B/S: Interest-bearing debt is forecast tocontract by JPY 120.8 Billion compared
to end 2023, with Net Debt/EBITDA
seen declining to 2.70.
➢ C/F and Dividend: Generate FCF of JPY
225.0 billion. Increase annual dividendby JPY 11.

23

Japan(JPY Billion)

2023
Results

ChangeYoY

vs Forecasts

2024
Forecasts

Change2023 Results

YoY➢ Revenue: +4.7% YoY. Thanks to theon-premise recovery in the Alcohol
Beverages Business and an increase inrevenue at each operation fueled inpart by price revisions

Alcohol Beverages Business

811.3

25.0

3.2%

19.4

821.0

9.7

1.2%

Non-Alcohol Beverages Business

382.2

14.9

4.0%

6.7

390.7

8.5

2.2%

Food Business

132.2

4.4

3.5%

2.9

131.7

- 0.5

- 0.4%

37.2

16.8

82.4%

- 4.1

34.6

- 2.6

- 6.9%

1,362.9

61.1

4.7%

24.9

1,378.0

15.1

1.1%

507.7

26.3

5.5%

14.0

523.0

15.4

3.0%

Alcohol Beverages Business

93.6

14.4

18.2%

0.6

101.2

7.6

8.2%

Non-Alcohol Beverages Business

30.4

0.3

1.0%

2.4

30.5

0.1

0.3%

2024 Forecasts

Food Business

12.6

0.8

6.4%

0.3

12.6

0.0

0.3%

- 17.0

- 4.8

-

- 2.8

- 22.6

- 5.5

-

119.5

10.6

9.8%

0.5

121.8

2.3

1.9%

➢ Revenue: +1.1% YoY. Despite apredicted contraction in Food Businessrevenue, overall revenue is expected torise on the back of successful pricerevisions in the Alcohol Beverages and
Non-Alcohol Beverages businesses.

Other/elimination in segment
Revenue
Revenue (excl. liquor tax)

Other/elimination in segment
Core Operating Profit* The 2023 results for the Non-Alcohol Beverages Business include the impact of the business alliance with DyDo (revenue:
approx. –JPY 17.0 billion YoY, Core Operating Profit: no impact). The 2024 forecasts do not include any such comparative
impacts.

ⒸASAHI GROUP HOLDINGS. All rights reserved.

➢ Core Operating Profit: +9.8% YoY.
Despite higher variable costs, profit
from the Alcohol Beverages Businessrose sharply on the back of higher
revenue and other factors.

➢ Core Operating Profit: +1.9% YoY.
Thanks to higher revenue and cost
efficiencies at each business. Profit
under the Other/Elimination in Segmentcategory is expected to decline on DX
investment by Asahi Group Japan.

24Europe（EUR Million）

2023
Results

ChangeYoY

vs Forecasts

2024
Forecasts

Change2023 Results

YoY

Revenue

4,528

344

8.3%

- 118

4,822

344

7.6%

Core OP

559

-6

-1.0%

- 12

557

7

1.3%

3,751

357

10.6%

- 82

3,992

282

7.5%

Revenue(excl. liquor tax)

* Excluding the impact of translating local currencies into Euro.
* 2023: FX rate comparison with the same period of the previous year, 2024: Comparison with targeted FX rate.

⚫ Profit Increase/Decrease Factors➢ Revenue: +8.3% YoY. Despite thedecline in sales volumes caused bypersistent inflation, revenue increasedon the back of successful pricerevisions and efforts to enhancepremium category products.
➢ Core Operating Profit：-1.0% YoY.
Despite the positive price mix impact,
Core OP declined on the back of higher
variable and other costs.

2024 Forecasts➢ Revenue: ＋7.6％ YoY. Associated withpremiumization centered around growthin global brands and non-alcohol beer.
➢ Core Operating Profit: +1.3% YoY.
Despite the foreseen rise in marketing,labor, and logistics costs, Core OP is
expected to expand on revenueenhancing factors such as improved
product mix.
ⒸASAHI GROUP HOLDINGS. All rights reserved.

25

Oceania
2023
Results(AUD Million)

ChangeYoY

vs Forecasts

2024
Forecasts

ChangeYoY

Revenue

6,985

581

9.1%

58

7,423

437

6.3%

Core Operating Profit

1,185

9

0.8%

-11

1,303

118

9.9%

4,751

321

7.3%

-84

5,076

324

6.8%

3,231

166

5.4%

-58

3,429

197

6.1%

1,520

155

11.4%

-27

1,647

127

8.4%

Revenue (excl. liquor tax) **1(Alcohol(Alcohol)Beverages)*(Non-Alcohol Beverages) **Excluding the impact of translating local currencies into Australian dollars.
*Based on Australia and New Zealand combined net sales value. Excludes container deposits.

⚫ Profit Increase/Decrease Factors

2023 Results➢ Revenue: +9.1% YoY. Thanks toincreased sales volumes spearheaded
by main brands, as well as the recovery
in on-premise sales and higher unit
sales prices associated with pricerevisions➢ Core Operating Profit：+0.8% YoY.
Despite increased variable costs, Core
OP expanded on the back of higher
sales volumes and an improved mix.

2024 Forecasts➢ Revenue: +6.3% YoY. Thanks to the
expected growth in main brands andhigh value-added categories, etc.
➢ Core Operating Profit：+9.9% YoY.
While variable costs and marketing
expenses are set to rise, Core OP is
expected to expand on higher revenue
and greater cost efficiencies.
*The solid horizontal line represents AUD 700 millionⒸASAHI GROUP HOLDINGS. All rights reserved.

26

ReferenceFX Impact (2023 Results)(Actual Currency Basis)(Constant Currency Basis)

Exchange Rate Trends(JPY Billion)

2023
Results

Prev. YearJapan

1,362.9

1,301.7

61.1

4.7%

-

61.1

4.7%

Europe

688.7

573.9

114.8

20.0%

67.4

47.5

8.3%

EUR

152.1

138.1

AUD

93.4

91.1

ChangeYoY

FX Impact

Change

YoY

652.2

583.2

69.0

11.8%

16.0

53.0

9.1%

Southeast Asia

57.8

51.7

6.1

11.9%

2.1

4.0

7.8%

Other

21.5

8.8

12.8

145.8%

0.8

12.0

137.0%- 14.0

- 8.1

- 5.9

-

- 0.2

- 5.7

-

Revenue

2,769.1

2,511.1

258.0

10.3%

86.1

171.9

6.8%

Japan

119.5

108.9

10.6

9.8%

-

10.6

9.8%

Europe

85.1

76.0

9.1

11.9%

9.9

- 0.8

- 1.0%

Oceania

110.6

107.1

3.5

3.3%

2.7

0.9

0.8%

Southeast Asia

1.4

0.6

0.8

144.2%

0.1

0.8

134.1%

Other

5.3

1.4

3.9

278.1%

0.3

3.7

260.2%- 21.4- 16.6

- 4.8

-

0.0

- 4.9

-

- 36.9- 33.6

- 3.3

-

- 2.6

- 0.6

-

263.7

243.8

19.9

8.1%

10.2

9.6

3.9%

Oceania

Adjustment(corporate and elimination)

Adjustment(corporate and elimination)
Amortization of
acquisition-relatedCore Operating Profit

(JPY)

2023
Results

2022
Results*The figures in the “Change” and “YoY” columns under Constant Currency Basis are calculated by converting foreign currency amounts for thecurrent year into yen using the previous year’s exchange rate.

ⒸASAHI GROUP HOLDINGS. All rights reserved.

27

FX Impact (2024 Forecasts)(Actual currency basis)(Constant currency basis)

Exchange Rate Trends(JPY Billion)

2024
Forecasts

Prev. YearJapan

1,378.0

1,362.9

15.1

1.1%

-

15.1

1.1%

(JPY)

2024
Forecasts

Europe

723.3

688.7

34.6

5.0%

- 17.8

52.4

7.6%

EUR

150.0

152.1

Oceania

682.9

652.2

30.7

4.7%

- 10.1

40.8

6.3%

AUD

92.0

93.4

Southeast Asia

57.9

57.8

0.1

0.2%

- 1.6

1.7

2.9%

Other

19.3

21.5

- 2.3

- 10.5%

0.0

- 2.3

- 10.6%- 21.4- 14.0

- 7.4

-

-

- 7.4

-

Revenue

2,840.0

2,769.1

70.9

2.6%

- 29.5

100.4

3.6%

Japan

121.8

119.5

2.3

1.9%

-

2.3

1.9%

Europe

83.6

85.1

- 1.5

- 1.8%

- 2.6

1.1

1.3%

Oceania

119.8

110.6

9.2

8.3%

- 1.8

11.0

9.9%

Southeast Asia

1.4

1.4

0.0

0.1%

- 0.0

0.0

2.8%

Other

3.2

5.3

- 2.1

- 39.7%

- 0.0

- 2.1

- 39.6%- 22.5- 21.4

- 1.1

-

-

- 1.1

-

- 36.3- 36.9

0.6

-

0.7

- 0.2

-

271.0

263.7

7.3

2.8%

- 3.7

11.0

4.2%

Adjustment(corporate andAdjustment(corporate and elimination)
Amortization of
acquisition-relatedCore Operating Profit

ChangeYoY

FX Impact

ChangeYoY

2023
Results

Exchange Rate Sensitivity for 2024
(JPY Billion)

RevenueCore OP

EUR

±4.8

±0.6

AUD

±7.4

±1.3

* Impact of JPY 1 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 the trade
impact)*The figures in the “Change” and “YoY” columns under Constant Currency Basis are calculated by converting foreign currency amounts for thecurrent year into yen using the previous year’s exchange rate.

ⒸASAHI GROUP HOLDINGS. All rights reserved.

28

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

2023
Results

ChangeYoY

vs Forecasts

2024
Forecasts

ChangeYoY

Beer-type beverages

611.1

17.8

3.0%

14.9

621.0

9.9

1.6%

Whiskey and spirits

66.3

11.0

19.9%

0.4

61.7

- 4.6

- 7.0%

RTD

36.8

1.1

2.9%

1.2

39.0

2.2

6.1%

Wine

45.6

1.5

3.3%

- 1.0

47.0

1.4

3.0%

Shochu

22.4

1.5

7.1%

- 0.8

20.0

- 2.4

- 10.8%Non-alcohol beer/Non-alcohol RTD

42.8

2.8

6.9%

2.4

44.2

1.4

3.4%

(Millions of cases)

2023
Results

ChangeYoY

vs Forecasts

2024
Forecasts

ChangeYoY

Super Dry

71.31

2.44

3.5%

1.61

73.95

Style Free

1.17

1.6%

12.19

- 0.29- 2.3%- 0.01

12.40

0.21

1.7%

Clear Asahi

14.17- 0.16- 1.1%

0.17

12.60

- 1.57- 11.1%* Super Dry disclosed figures through 2023 refer to the individual brand, while the disclosed figures from 2024 refer to the comprehensive brand.

Bottle

Can

Keg

(YoY)
*Volumebasis

Beer-type beverages

+23%

-8%

+19%

Beer-type

Beer

+23%

-6%

+19%

Beer

+6~7%

+0~1%

Happoshu+11~12%-

New Genre-15~16%-

Happoshu+
New Genre-8~9%

Approx. -8%(YoY)*Volume basisⒸASAHI GROUP HOLDINGS. All rights reserved.

2023 Results(Ref.) Beer-type market
2023

2024

-1~2%

-3~4%

29

Japan (Non-Alcohol Beverages: Sales Volume)(Millions of cases)

2023
Results

ChangeYoY

vs Forecasts

2024
Forecasts

ChangeYoY

Carbonated drinks

86.58

4.08

4.9%

3.58

84.80

- 1.77- 2.0%

Lactic acid drinks

43.67- 0.81- 1.8%

1.77

43.50

- 0.17- 0.4%

Coffee29.41- 3.37- 10.3%- 0.89

29.70

0.29

1.0%

Tea

41.69

2.52

6.4%

0.39

43.40

1.72

4.1%

Mineral water

19.16

2.22

13.1%

1.16

20.50

1.34

7.0%

Fruit juice

16.34

0.46

2.9%

0.84

14.40

- 1.94- 11.9%Other drinks

26.83

0.56

2.2%

1.23

28.00

1.16

4.3%

Sales Volume263.68

5.67

2.2%

8.08

264.30

0.62

0.2%

(YoY)

By channel*Volume basis

2023
Results

Vending machine

+3.2%

CVS
SM

ⒸASAHI GROUP HOLDINGS. All rights reserved.

(YoY)

By container*Volume basis

2023
Results

Can

-6.6%

+11.6%

PET total

+5.1%

-4.1%

Large PET

-3.0%

Small PET

+8.8%

(YoY)
*Volume basis
Total(Ref) Market
2023

2024

Approx. -1% Approx. ±0%30Japan (Alcohol & Non-Alcohol Beverages: Breakdown of Changes in Profit)⚫ Alcohol Beverages Business(JPY Billion)

2023
Results

ChangeYoY

vs Forecasts

Change in sales, category and container mix

-

35.0

5.5

Cost reduction in manufacturing

-

2.8

0.3

Cost increase in manufacturing-- 16.7

1.4

Advertisement and sales promotion expenses

-

- 6.4

- 7.2

-

- 0.3

93.6

14.4

Other expenses

Core Operating Profit

0.6
18.2%

0.6

* “Other expenses” includes “Other and eliminations.”⚫ Non-Alcohol Beverages Business(JPY Billion)

2023
Results

ChangeYoY

vs Forecasts

Change in sales, category and container mix

-

7.6

- 0.8

Cost reduction in manufacturing

-

3.5

0.9

Cost increase in manufacturing-- 17.95.0

Advertisement and Sales promotion expenses

-

- 3.0

- 2.2

-

10.1

30.4

0.3

Other expenses

Core Operating ProfitⒸASAHI GROUP HOLDINGS. All rights reserved.

- 0.5
1.0%

2.4

Factors contributing to profit increase/decrease• Change in sales and others: +35.0 (Sales volume in beer-type+27.8, Sales in other alcohol beverages ＋10.5, category andcontainer mix, etc.)• Cost reduction in manufacturing:＋2.8 （Raw materials ＋1.4,
Transportation +0.4, etc.）• Cost increase in manufacturing: -16.7 (Raw materials -14.1,
Transportation -0.9, etc.)• Change in advertisement and sales promotion expenses: -6.4
(Advertisement -2.7, Promotion -3.7) (Beer-type -8.3, Other +1.9)

Factors contributing to profit increase/decrease• Change in sales and others: +7.6 (Sales volume +8.2, Change in
category and container mix, etc.)• Cost reduction in manufacturing: +3.5 (Raw materials +1.6,
Packages +1.9)• Cost increase in manufacturing: -17.9 (Raw materials -8.0,
Packages -8.1, etc.)• Change in advertisement and sales promotion expenses : -3.0
(Advertisement -3.0, Promotion ±0)31

Information in this material is not intended to solicit the sale or purchase of shares in Asahi Group Holdings. The views,
estimates and other information included in this document are based on the company's judgment at the time of publication, andno 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 becaused by or in conjunction with any part of these materials.

ⒸASAHI GROUP HOLDINGS. All rights reserved.