AEI: Internal

AEI: Internal

What AEI is

90 markets
5 continents

10 000people19 production facilitiesin 8 countries

2019
NPR
COP Margin
COP

€3.0b
22%
€680m

2

AEI: Internal

The AEI leadership team

Paolo Lanzarotti
Chief Executive Officer

Catherine Sinclair
Chief Human
Resources Officer

Drahomíra Mandíková
Chief Corporate Affairs
OfficerDavid Bidau
Chief Supply Chain
Officer

Reto-Urs Sahli
Chief Information
OfficerCountries worked in:
UK, Italy, France,
India, Slovakia,
Czechia

Countries worked in:
UK, Australia, New
Zealand, Switzerland,
Czechia

Countries worked in:
Slovakia, India,
Czechia

Countries worked in:France, Denmark,Hong Kong, Malaysia,
Indonesia

Countries worked in:
Switzerland, Germany,
France, Finland, UK,
Singapore, Canada,
Czechia

Companies worked
for: ExxonMobil,
SABMiller, Asahi
Languages spoken:
English, Italian, French

Igor Tikhonov
MD Poland & Hungary
Countries worked in:
Russia, Ukraine,
Belarus, Kazakhstan,
Slovakia, Romania,
PolandCompanies worked
for: Mars, SABMiller,
Asahi
Languages spoken:
Russian, English,
UkrainianCompanies worked
for: Thames Water,
Cadbury, SABMiller,
Asahi
Languages spoken:
EnglishPaul Barnett
MD Romania
Countries worked in:Czechia, Switzerland,
Singapore, Australia
Companies worked
for: Johnson&Johnson,
Nestle, Bauer MediaGroup, SABMiller, Asahi
Languages spoken:
English, ChineseCompanies worked
for: Investment &Development Bank,
SABMiller, Asahi

Companies worked
for: Scottish &Newcastle, Carlsberg,
Danone, Asahi

Languages spoken:
Slovak, Czech,
English, German,
RussianLanguages spoken:
French, English,
Spanish, Bahaa
Indonesia

Dragos Constantinescu
MD Czech, Slovakia,
Germany & Austria

Enrico Galasso
MD ItalyCountries worked in:
UK, Belgium, Sweden,
Netherlands, Poland,
Romania
Companies worked
for: British American
Tobacco, Asahi
Languages spoken:
Romanian, English,
Dutch, Polish, Spanish

Countries worked in:
UK, USA, Hungary,
Czechia, Italy
Companies worked
for: Procter & Gamble,
Bain & co., Ferrero,
Coca Cola HBC Italia,
Reckitt Benckiser,
Birra Peroni
Languages spoken:
English, ItalianCompanies worked
for: PwC, IBM, Kraft
Foods, Mondelez
International, Asahi

Languages spoken:
German, French,
EnglishAndrew Bailey
Chief Financial Officer

Grant McKenzie
Chief Marketing Officer

Countries worked in:
UK, New Zealand,
Russia, Poland,
Czechia

Countries worked in:
UK, Hungary, Spain,
Romania, Czechia

Companies worked
for: PwC, Sony,
SABMiller, Asahi
Languages spoken:
EnglishAndrei HaretMD Netherlands & France

Tim Clay
MD UK & Ireland

Countries worked in:
Romania, United ArabEmirates, Hungary,
The Netherlands

Countries worked in:
UK

Companies worked
for: British American
Tobacco, SABMiller,
Asahi
Languages spoken:
Romanian; English,
FrenchCompanies worked
for : CRS, AB InBev,
SABMiller, Asahi
Languages spoken:
EnglishCompanies worked
for: Mars, SABMiller,
Asahi

Yoshiaki Suzuki
ABEL Director &Integration Team Leader
Countries worked in:Japan, Czechia
Companies worked
for: Asahi
Languages spoken:
Japanese, English

Languages spoken:
English, Spanish,
Czech

Kinyi Choo
MD
Asia PacificCountries worked in:China, UK, Indonesia,
Hong Kong, Singapore
Companies worked
for: Swire Beverages,
The Coca-Cola
Company, Treasure
Wine Estates, Asahi

Victoria Segebath
MD EMEA& Americas
Countries worked in:
UK & Europe
Companies worked
for: Molson Coors,
Asahi
Languages spoken:
English, French,
RussianLanguages spoken:
English, Mandarin,
Cantonese, Bahasa
Indonesia3

AEI: Internal

A reminder of the constituent parts of AEI (pre-Covid)
Central Europe + International

Western Europe + International
Actual financials

Actual financials
NPR CAGREBITDA 2019

+6%

NPR CAGR€657m

EBITDA 2019

EBITDA 2017
Base

+5%

€497m

€262m

Investment financials

Investment financials
NPR 5y CAGR
Target+4%

ABEG
Since April
2017

AIL
Since October
2016

NPR 5y CAGR
TargetEBITDA 2017
Base

+5%

€206m

A strong trajectory of growth delivering ahead of the acquisition business case4

AEI: Internal

6 Quarters of Covid-19
Early signsin Asia &early impact
in Italy +Czechia
On trade partially
impactedFirst lockdownin Europe

Restrictions
lifted andstrong YoY
trading

Second & thirdwaves
resulting insignificant
lockdowns

Lockdowns
continue

Gradual reopening of On
Trade asvaccination
rate increase

On trade closed

On trade open

On trade closed

On trade closed

On trade
restrictions easing

Pandemic
response
plans
activated

Business
continuity
actioned

Summertrading &Better Future2030
developed

Cost
management
and Off Trade
focus

Re-planning,
cost
mitigation,peakpreparedness

On Traderecovering and
Off Tradeleverage

Q1/2020

Q2/2020

Q3/2020

Q4/2020

Q1/2021

Q2/20215

AEI: Internal

Our performance in 2020
QUARTERLY TOPLINE

C20 Actual
Q1

AEI

C20 Actual
Q2

C20 Actual
Q3

C20 Actual
Q4@ C20 Bud Rates

Q1

vs C19 ACT

Q2

vs C19 ACT

Q3

vs C19 ACT

Q4

vs C19 ACT

Volume (khl)

8 177(4,0)%

11 084(12,5)%

12 987(1,4)%

8 398(10,3)%NPR (EUR m)

552(3,6)%

702(20,5)%

892(2,4)%

553(18,4)%

C20 Full Year
EURm
@ C20 Budget rate
NPR
CZ & SK & GE & AU
PolandRomania
Hungary
Italy
NL & FRA
UK & IRE
EMEAA
Asia
AEI

vs. PY %

(10%)
(3%)
2%
(6%)
(20%)
(31%)
(25%)
3%
(22%)
(11%)

C20 Actual
Full YearAEI@ C20 Bud Rates

Full Yearvs C19 ACT

Volume (khl)

40 647(7.0)%NPR (EUR m)

2 698(11.5)%COP (EUR m)

499(26.6)%

6

AEI: Internal

The impact of the On-Trade has been material
2019

Q1 2021

2019

CZ

HU

SK

IT

PL

RO

Q1 2021

NL

UK

7

AEI: Internal

Our principles for managing through Covid-19
1.

We prioritized the health and well-being of our people and thosearound us

2.

We ensured that business continuity plans were robust, active anddynamic. We continued to operate our breweries
under strict hygienic conditions

3.

We planed for a better future and for the lockdown exit in an orderly
and responsible manner leveraging our strong market positions

4.

We empowered for reaction as close to where action occurred

8

AEI: Internal

Sustained share of voice has supported good brand equity performance
CZ

Share of voice

Kozel

67%

65%

50%

47%
40%

17,2 Zlatý Bažant

Pilsner Urquell

69%

42%

SK

12,8

Pilsner Urquell

RO

PL

15,4

Zywiec

14,7

Tyskie

8,7

Ursus

8,4

10,6

Heineken

9,8Radegast

9,1

Krušovice

9,3

Lech

8,7

Tuborg8,3Gambrinus

9,0

Saris

8,7

Zubr

7,5

Timisoreana

7,8

Perla

6,5

Stella Artois

7,4

40%
Svijany

6,2

Kozel

6,4

30%
26%

23%

22%
14%

17%

2020

UK

NL

6%
Soproni

2019

IT

HU
8%

16,7

Moretti

13,7Hertog Jan

23,5

Stella Artois

10,7

Borsodi10,6Heineken

12,9Heineken

16,9

Budweiser

8,3Dreher9,8

Ichnusa

14,7

Grolsch15,9Heineken

7,5

Heineken

9,0Peroni13,3Amstel11,2Peroni N.A.

7,4

Brand

10,1

Corona7,1

Kobanyai

6,4

Poretti

7,6

Asahi

Others9

AEI: Internal

Our market performance vs competition was good
CZ

SK

PL

65,2% 64,6%

65,6% 66,2%

RO

IT

NL

84,5% 85,3%

86,8% 87,3%

HU

UK

100%

49,4% 49,2%
62,0% 60,5%
72,4% 71,2%

94,8% 94,5%

OthersAsahi

50,6% 50,8%
34,8% 35,4%

34,4% 33,8%

38,0% 39,5%
27,6% 28,8%
15,5% 14,7%

2019

2020

2019

2020

2019

2020

2019

2020

AEI value share 2020 : Source- Nielsen & IRI (Beer, NAB, Ciders where available)

2019

2020

2019

2020

13,2% 12,7%

2019

2020

5,2%

5,5%

2019

2020

10

AEI: Internal

And we also managed for cost and cash Upweighted focus on Integrated Spend Management and Value Engineering Continued hiring freeze and active pay cost management
 Travel and physical meeting ban in place since Q1 2020
 Balanced approach to DME investment banking savings where appropriate while continuing to invest judiciously

in long term brand equity on strategic brands
 Upweighted focus on leveraging procurement scale Active management of commodity and forex risk e.g. advantageous hedging programs in place on aluminum,

diesel, etc Rephased capex capability plan in light of market context to maximise short term cash position without compromising

mid term capability
 Structural change combing ABEG and

AIL with the creation of AEI releasing cost synergies in excess of €10m pa

11AEI: Internal

In the short term we are confident that On-Trade recovery is possible
YoY volume decline (%)

8

10
0

4

2

2

0

-10

-2
-7

-9

-8

-7

-6

-8

-20

-15

-18

-30

-27
-33

-40

Czech Republic

Slovakia

PolandRomania

Hungary

Italy

Netherlands
Q3 2020 vs Q3 2019

Czechia

Slovakia

Hungary

Romania

PolandUK
Q2 2020 vs Q2 2019

The
Netherlands

Italy

UK

Only outdoor open
as of April 28

Only outdoor open
as of April 26

Only outdoor open
April 12

ON TRADE MEASURES
Only outdoor open
as of May 17

Only outdoor open
as of April 26

Indoor open as of
May 1, outdoor asof April 24

Outdoor open, insome localities also
indoorOnly outdoor open
as of May 15

12

AEI: InternalThis is confirmed by early signals in the UK in Q2 2021
Volume share of Beer PP change vs 2019

Total Off-Trade Value change vs YA

w/e 17 April

w/e 24 April

w/e 1 Mayw/e 8 May

+3.0

+3.2

+3.3

+3.2

+1.1

-0.3

+0.5

+0.8

+0.6

+1.7

+0.5

+0.5

=

-0.3

-0.4

-0.2

-3.0

n/a

n/a

n/a

n/a

-2.8

-3.2

-3.8

TOTAL BEER

52w

12w

4w/e 24 April

+28%

+14%

-1.6%

+36%

+24%

+14%

Value change vs YA / Latest 4 weeks
23.90%-2.20%-1.60%-14.80%Total beer
SourceCGA MANAGED VOLUME POOL: EPOS DATA FROM A SAMPLE OF 7K MANAGED OUTLETS

Standard

Premium

Super Premium

Source: NIELSEN 24.4.2021

13

MINNOW, WEYBRIDGE (PCP)AEI: Internal

AEI is well positioned for the mid-term
 In November 2020 we created AEI (Asahi Europe & International) combining AIL and ABEG The new entity has continued focus on leveraging scale in domestic markets and building scale in targeted international

markets
 But we are able to do this more effectively
 Removal of overlapping roles & duplication of expensive headcount Streamlined organizational design
 Lower infrastructure costs
 And importantly we are able to do this more efficiently
 Full production grid optimization
 Procurement synergies
 More seamless talent management
 Easier and faster best practice transfer
 One Global Brands Team, globally Increased speed of innovation from ideation, creation of product, through to execution in market
14

AEI: Internal

And we have articulated an ambition for a Better Future 2030

Continued COP growthin line with historicalperformance

Shift to broader
portfolio
On-Premise revitalization andvalue extraction

Revenue Management
Digital Customer and Consumer
Interaction
Marketing Insights
Innovation concept to launch
Develop & Perform

End-to-end Consumer
journey
B2B platforms as route-toconsumer

Trade marketing
Route to Market Planning
Sustainable Development Initiatives
Financial decision support
Portfolio strategy andmanagement

CORE BEER
15

AEI: Internal

Our strategic focus is locally relevant but globally integrated

16

AEI: Internal

Portfolio - Local hero brands
+41%

+40%

Local hero brands are
growing through renovation:
improved recipes, refresheddesign, premium innovationand exciting activation

+64%
+66%
*C20 v C16 volume

+37%
17

AEI: Internal

Portfolio - Local Crafted Premium
WAMP 121

WAMP 156

WAMP 164

WAMP 141A spectrum of craft
products aredeveloping scale atpremium price

WAMP - Weighted Average Market Price

WAMP 112

WAMP 129

WAMP 151

18

AEI: Internal

Portfolio - New Crafted premium
Romania (Cluj)

New approachto craft.
Moving from buying tobuilding. Brew faster atlower costs with passionof our own people

Czechia (Plzeň)19

AEI: Internal

Portfolio - Non-Alcohol Beer Highlights

Non alcohol extensionsof our brands are
effectively developing
the market and driving
growthTotal +79%

*C20 NPR v C16 NPR

20

AEI: Internal

Portfolio - Non-Alcohol Flavoured Beer
+242%

Flavoured NAB is thefastest growing segment
and with 40% market
share we are the leaders+57%*C20 NPR v C16 NPR

+714%

+279%

+255%

21

AEI: Internal

Portfolio - Flavoured Alcoholic Offerings
In markets with flavoured brands(Poland, Czechia), incremental
growth is booming at high margin+129% (vs. 2016)@86k HL+317% (vs. 2018)@87k HL

Polandnew launch*C20 NPR v C16/C18 NPR

C20 volume

22

AEI: Internal

Portfolio - Entry into Hard Seltzer category
Proposition• Simple and impactful brand name• "Sparkling water with a bite"• Lime and cranberry flavours• Unique Bottle and Can (both 330ml)

Availability• Launching in UK, Netherlands, Romania,
Czechia, Hungary and Austria
Full mix of commercial support in all launchmarkets

23

AEI: Internal

Portfolio - Global Brands - the opportunity

Our global brands are currently outside the top 20
without true global reach at scale
We have 5 very distinctive brands• 2 brands from the "new worlds" of beer (ASD, PNA)
• 3 brands with traditional heritage beer provenanceOur opportunity for growth is therefore significant withincreased global reach and high impact marketing24

AEI: Internal

Portfolio - Global Brands / Peroni Nastro Azzuro
Global partnership with Formula ONE Team
Platform delivers scale globally• 1.9 billion TV audience• 10 months a year in 22 countries• Core markets covered – Europe, Japan, China,
Canada, Australia, USA
Aston Martin /PNA aspirational luxury brands• Major activation in >10 markets• Full mix marketing and trade exploitation• Hosting at events
Higher support for Innovation• Global roll-out of Peroni Libera 0.0% to 16
countries with more planned.

25

AEI: Internal

Portfolio - Global Brands / Asahi SuperDry

High impact partnerships, sponsorships thatare culturally and brand relevant taking ASD toa broader audience
RUGBY WORLD CUP - 2023

1BN

200

45

TV
Audience

Countries TV
broadcastDays
tournament

Discover Tokyo led campaign to increase
visibility in key trading periods and amplify
brand positioning

26

AEI: Internal

Portfolio - Global Brands / Pilsner Urquell, Grolsch, Kozel

New packaging addressing oursustainability commitments

New packaging successfully
introduced in 2020

Launch of new international TVC‘Nothing beats the original‘ featuring
Robbie Williams

New 4% imported recipe for the UK
to tap into premium 4% market

New packaging ensured high standout and brand/variant recognition inpremium segment
Amazing advertising awarded by
global Kantar’s Creative
Effectiveness Awards

27

AEI: Internal

Planet - Legacy 2030
• CO2 neutral in Scope 1, 2, 3

• Reduction of CO2 emissions in our breweries by 50%• 100% renewable electric energy in our breweries• Average Water-to-beer ratio 2.75 hl/hl• All breweries below 3.0 hl/hl• CO2 neutral in our breweries• CO2 Scope 3 - 30% reduction• Fully circular packaging: 100% recyclable, majority recycled content• 100% sustainably sourced raw materials• 20% share of non-alcoholic beers in our portfolio• Inclusive culture with 50/50 executives

28

AEI: Internal

Planet - our flagship projects

100% Renewable Electricity
across our Polish grid.
Renewable Electricity Projects
in Italy and Romania.
Renewable Heat Project inprogress in Netherlands

Campus Peroni Project in
Italy fostering dialog,
knowledge exchange andinnovation such as
Blockchain Traceability

Top Clip Project in NL
Circular Packaging projects& initiatives for primary &secondary packaging

Water Risk Assessment
planning across Europe
Continue pilot projects,
new technologies,
optimization in breweries

29

AEI: Internal

People - Learning, growing, achieving together
Welcoming
inclusive andprogressive
culture• Ensure all people are welcomed and respected• Increase female executives from 19% to 50% by 2030
• Create access to opportunities for all social backgrounds• A modern, progressive, flexible workplace.

Learning
consumer
focusedorganization• Build next generation capabilities to support our Better Future 2030 growth ambition• Accelerate agile as a way of working throughout the organization• Shift the mind-set from organization led learning to self-directed development
Core beliefs

Accelerate
the growth oftalent
Health andwellbeing of
consumers andemployees
Transform
the way
AEI operates• Advance new world leadership skills• Build careers and talent with diversity of experience and 80% of senior appointments Internallyfrom within Asahi, globally• Ensure our work environment will have a positive impact on employee's healthand well-being – both physical as well as mental••

Set up and operationalize business models in line with the Better Future 2030 ambition
Accelerate the Standardization of processes and transactional activities where it makes sense30

AEI: InternalProfit - Recovery to pre-Covid performance has started …
…...but is not without challenge
+16%
680

COP €m
587

499

2019
Profitability
targeted
during2022/2023

2019 Act

2020 Act

2021 Budget* COP numbers on this page are reflected in EUR on a constant currency basis (C21 Budget FX rate)31

AEI: Internal

Our performance in Q1 2021
 Q1 decline is Covid related and mostfelt in major markets with significant OnTrade (Czechia, UK, Netherland, Italy)
due to lockdowns and other restrictions@ C21 Bud Rates

Q1 2021

vs Q1 2020
 Trading accelerated in less affected

Volume (khl)

7 471(8.6)%NPR (EUR m)

473(14.1)%

markets (Romania, Hungary, EMEAA
and Asia)
 Cost initiatives applied to partiallymitigate the adverse impact on topline
COP (EUR m)

3(95.2)%
 Commercial plans reconfigured andstrong to win the summer and recover in
On Trade as restrictions ease32

AEI: InternalProfit - but we are ready for 2021 peak in the On-Trade33

AEI: InternalProfit - key innovations are in market

34

AEI: InternalProfit - our Global brands are being activated35

AEI: InternalProfit - and our scale in Off-Trade is being leveraged36

AEI: InternalProfit - 2H Management focus
 Delivery & activation of innovations✓ typically premium / super premium✓ beyond core beer occasions & consumers e.g. Viper, Hardmade✓ Creating valuable future profit pools With On-Trade expected to have re-opened in most markets, focus on:✓ Speed of recovery✓ Helping customers & trade adapting to new rules e.g. limit people inside – support beer terrace expansions,internal remodeling, etc.
✓ New outlet acquisition programs
 Leveraging summer peak and Q4 mini peak
 Continued focus on DME investment balancing short term profit delivery and rate of sale and long-term brandbuilding Assessment of pricing opportunities in light of raw material increases and market pressures Continued assertive management of fixed costs and capex All of the above while continuing to focus on people & safety – keeping production sites safe, being able to meetcustomer demand & ensuring continuity of supply37

AEI: Internal

In conclusion The Asahi Group acquisitions in Europe, albeit run separately through 2020, both delivered

ahead of expectations through portfolio premiumization, leveraging of scale and solid costmanagement
 2020 has been a year of change and consolidation with the creation of Asahi Europe &International, and a year of resilience and flexibility and learning As we look to the immediate future, we expect Asahi Europe & International to recover to 2019

profit levels in the 2022/2023 period, flexing to the realities of the new normality impacted by
Covid-19 but continuing to build on the trends that stay relevant going forward As we look further out, we see new growth opportunities emerging through Better Future 2030

and the expansion of the Asahi Group Global Brands in Asahi Europe & International andthroughout Group38