First Quarter
2024 Earnings
Presentation
May 9, 2024

Coca-Cola Bottlers Japan Holdings Inc.
Calin Dragan, President
Bjorn Ivar Ulgenes, Vice President & CFO(Posted to CCBJH website May 8, 2024)

Coca-Cola Bottlers Japan Holdings Inc. (CCBJH)First Quarter 2024 Earnings Presentation

Q1 2024 Results
Marketing Update

Outlook2

Q1 2024 ResultsToday’s Highlights
Q1 business income grew 1.6 billion yen vs previous year. Progressing
in line with full-year business income target of 10 billion yen.
Top-line growth contributed significantly to profit growth. Revenue grew
2.5% with improved wholesale revenue per case, improved channel andpackage mix, while maintaining flat volume from the previous year.
Transformation progressing well and generating profit contributions.
On track to generate 6 billion yen of annual benefits.
In Q2, thorough preparations will maximize the benefits from activities
during the summer, our peak demand period, including smooth
implementation of May price revisions.
Will implement further price revisions in October for sustainable profit
growth for next year onwards.
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Q1 Results (vs 2023)

Increase in revenue and profit through profitability focused initiatives
Unit: Million JPY

Q1 2024
ActualRevenue

Q1 2023
ActualChangeYoY

YoY

186,528

182,063+4,465+2.5%

Sales Volume (Million Cases)

104

103

+0+0%

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

103

102

+0+0%

COGS

105,087

103,322+1,764+1.7%

Gross Profit

81,44178,741+2,701

+3.4%

SG&A

89,28888,002+1,286+1.5%

Business Income (Loss)(7,847)(9,437)+1,590-Operating Income (Loss)(3,070)(9,160)+6,090-Net Income (Loss) attributable to owners of parent(2,897)(6,459)+3,563-Note: Sales volume in 2023 is revised retroactively due to changes of counting segmentation and scope in some products.

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Q1 Drivers of Business Income (vs 2023)

Topline growth contributing to 1.6B yen business income growth
Q1 2023
ActualVolume,Transformation
Price & Mix*

DME(Direct Marketing

Manufacturing

Others(ex. Utility Cost)

Expense, fixed only)

Commodity &Utility Cost

+0.5
-9.4+2.8• Maintained flat volume
YoY despite inclement
weather in March• Wholesale revenue percase improved with seriesof price revisions-7.8

-1.3

+0.8

• Strategically invested• Increased costs within ROI focusedhigh-mix, small-lotmarketing• Efficiency benefits
manufacturing structure,
realized in supply
but contributes to• Increase in ITchain and back-officeoverall supply chain
related costs andareas
optimization
sales equipment• Transformation• Lower production• Increase ininitiatives on plan
volume impact
depreciation*Volume, Price & mix represent marginal profit of our commercial activities
including variable costs and deduction from revenue in IFRS.

+0.4-1.5(Unit: B JPY)

Q1 2024
ActualQ1 Actual• Impacted by cost
increases due to yen
depreciation, butcommodity related
impact controlled vslast yearvs PY

FY PlanCapex

4.2

-1.4

33.9

Depreciation

11.6

+0.2

47.0

Capex related to real estate rental properties to which IRFS16 applies are notincluded in the above amounts.

Unit: B JPY(Rounding off less than unit)

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Q1 NARTD Sales Trend (vs 2023)

Continued improvements in wholesale revenue per case while maintaining flatsales volume vs previous year
Sales volume impacted by series of price revisions and inclement March weather, but maintained flat vs previous year.
Wholesale revenue per case continues improving trend with price revision benefits.
CVS grew with initiatives to capture sales space and strengthen core products. VM with strong share base and digital
initiatives such as Coke ON resulted in the growth of both wholesale revenue per case and volume. R&F grew by
capturing demand at restaurants. Strong online growth driven by promotion collaborating with customers.
Sparkling grew for Coca-Cola despite decrease in large PET. Tea saw contributions from Kocha Kaden and Ayataka.
Coffee saw contributions from Georgia and Costa Coffee renewals, while can product volume decreased.

Sales Volume: Flat vs previous year
ChannelWholesale

Volume revenue percase (Yen)

Category

5% 1%VolumeSparkling

Flat

Tea+2%

Sports-2%

Water-6%

Flat

CoffeeFlat+45

Juice+11%

Supermarket (SM)-11%+104

Drug & Discounter (D&D)-6%+105

Convenience Store (CVS)+8%+7Vending (VM)

+1%+68Retail & Food Service (R&F)+7%

Online

+23%

19%

20%
15%

23%

16%

Note: Volume doesn’t include alcohol. Wholesale revenue per case doesn’t include DFR (deduction from revenue). Some inconsistencies
with the volume data provided in past presentations may be expected as a result of standardization of volume and revenue calculation.

4%
8%
26%
22%

23%

12%

5%

7Q1 Market Share and OTC Retail Price Trends (vs 2023)

Value share grew and price premium maintained through profitability-focused
activities
Total channel value share grew by 0.2 pts.
Despite price revisions implemented in October of previous year for large PET negatively impacting
volume and market share trends, value share of convenience stores improved by 0.7 pts., driving
overall share growth.
Our products maintained price premium vs market average. OTC retail prices improved greatly withbenefits from price revisions implemented in May and October of last year.
Market Share
(Jan to March, vs PY, Pts)

Total (CCBJH Area)Value

OTC Retail Price

Volume(Jan to March, JPY per bottle)

vs MarketAveragevs PY

+0.2

-0.9

Small PET

+10.1

-0.4

-0.1

-0.1

Large PET

+35.3

+19.0

-0.4

-1.1

Source: Intage SRI+ soft drink market Small PET (351~650ml), Large PET products (1.251L~)CCBJH Area Jan-March 2024
Market Ave: CCBJH avg. retail price (bottles) / market avg. retail price (bottles)
YoY: CCBJH retail price (bottles) / previous year actuals

Of Which

Vending
Of Which

Over the Counter (OTC)

Source: Coca-Cola Japan Internal Estimate

8Topics

Implementing collaborative, channel-specific growth strategies
Vending

Capture
Sales
Space

Improve
Mix

Leverage
DigitalCapture prime locations• Use of big data to accurately
capture market changes andidentify placement locations

Implement strategic assortments• Optimized product lineup

OTC (Over the Counter)Food Service

Capture sales space according
to store characteristics

New development in growingbusinesses• Establish core products, strategically• Stronger new business acquisition

deploy double-branded products• Sales space for drinking occasions

in growing and new sectors• Create new drinking occasions

Package mix improvement

Enhance value-added proposals• Strengthen multi-packs and mini

• Strengthen proposals tailored todepending on placement locations

size packages

business and customer characteristics• Enhance 100% fruit juice productsand COSTA

Promote vending DX

Enhance digital marketing

Using digital to stimulate demand• Expand Coke ON smartphone appfunctions, QR payment expansion• Increase number of smart modems• Integrate retail media with salespace creation• Strengthen digital promotion ofCoca-Cola brand• Collaborative campaigns withdelivery customers through apps

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Topics

Initiatives around transformation on plan, progress towards building a stronger
business foundation
Supply Chain
End-to-end process optimization

Back-office and IT
NeoArc the JV with Accenture started operation• Advancing S&OP: Appropriate planning based on• Fundamental review of operational process in theshort- and medium-term demand forecasts.
• Progress in a high-mix, small-lot manufacturing
structure in each area, key to local production for
local consumption model.
• Improved logistic network reduced transportation
distances and number of touches.
• Optimizing product inventory allocations to improve
inventory turnover.

areas of BPO and ITO*.
• Initiated projects to develop technology infrastructure
spanning our group's entire value chain.
• Fostering new corporate culture through organizing
employee-led workshops and establishing learningcommunities.

Collaboration with customers• Improved financial processes enable shorter closing• Started logistics collaboration with FamilyMart
through shared use of delivery trucks.

Promote efficiency through business process
improvements
period, etc.

* BPO：Business Process Operation
ITO：Information Technology Operation

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Marketing Update

Q1 2024 Marketing Initiative Review

Grew NARTD value share through strong campaigns and activations
CORE

Coke Zero
New Campaign

GEORIGA TM
THE series
RenewalLemon DouRenewal
w/New Campaign

MARKETING
EXPERIENCEINNOVATIONSCoke ZeroCreations K-wave

Coke Zero
Experiential
Sampling

GEORIGA
Zeitaku Milk Coffee

GEORIGA TM
AI Song Maker

COSTA Coffee
Day & Refresh

QooExperiential
Dance Campaign

12Q2 2024 Marketing Initiative Highlights

Further strengthen core categories primarily through full renewal of Ayataka
CORE
Ayataka Core
Full Renewal
w/New Campaign

INNOVATIONSMARKETING
EXPERIENCE

Yakan Koi Barley Tea
Foods with
Functional Claims

Ayataka
Immersive
Sampling Event

Coca-Cola x Marvel
The Heroes

GEORGIA
PRIME BLEND

Expo 2025
Osaka, Kansai
Portfolio Promotion
via Coke ON
Platform

FantaRenewalw/New Campaign

GEORGIAFRUITY CAFEI LOHAS
New SustainableCampaign

13OutlookPositioning for 2024

2024 is the key first year toward achieving Vision 2028

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Outlook

Accelerating efforts to maximize benefits during peak demand period

Q2 KeyInitiatives
andProgress

Commercial strategy focusing on profit maximization• Implement growth strategies such as sales space
expansion and new product launches including Ayataka
full renewal.
• Continue implementing profitability-focused commercialactivities.
• Steadily implement May price revisions and prepare forthe further price revisions in October announced this time.
• April volume grew 1% despite continued impact on volume
from price revisions.

October 2024 Price Revisions
Overview
Scope141 SKU

Small, Medium, Large PET
Bottle CAN, 500ml CAN*Excluding some products

Revision Rate / Amount+5.0 to 18.9% / +20 yen per bottle
Mfr. Suggested Retail PriceChannel

Revision DateAll Channel

Oct 1, shipments

Building strong business foundation centered around transformation• Achieve low-cost, high-quality supply operations during peak demand period by promoting
local production for local consumption model and improve S&OP accuracy.
• Further standardization of business process, streamlining, quality improvement, andautomation through leveraging technology.
16Summary
In Q1, business income grew 1.6 billion yen vs previous year. Profit
growth was achieved through top line growth contribution.
Accelerate current trend by focusing on implementing strong marketing
plans and initiatives to enhance profitability, leading to growth during
peak demand period.
2024 is the “Year of strong profit build up.” Aim to achieve the ambitious
full-year 10 billion yen business income target.
Confident that additional price revisions announced this time andfurther transformation will contribute to sustainable profitable growth.

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

Appendix

Q1 NARTD Sales Trend (vs 2023)
By Package
4%

Package

5%

12%

38%

6%
12%
19%
4%

Volume

S-PET

+6%

M-PET

+15%

L-PET

-17%

Can

-3%

Bottle Can

+4%

Syrup

+11%

Powder+13%

S-PET: Below 650ml / L-PET: Above 1.5L
Note: Volume doesn’t include alcohol.

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ESG Initiatives: Promote efforts that lead to value creation------------------------------------------------------------------ Major Initiatives ---------------------------------------------------------------

Environment
Local
Community
Initiatives--------------Values--------------Started Bottle to Bottle at Sanfrecce Hiroshima’s new stadium “EDION
Peace Wing Hiroshima”

Started providing support to the mobile vending business of WELCIAYAKKYOKU“Bottle to Bottle” collaboration expansion:

BusinessExpansion- New collaborations with 20 municipalities such as Ayabe, Kyoto, Higashiura, and Aichi.

Commenced deployment of Yosakoi Festival Support Vending Machine

Enhancing
HumanCapital/DE&I
Promotion

Launched new People Strategy to achieve “Vision 2028” by strengthening
human capital※and dedicate 1/4 of executive meetings to commit its execution.

Held International Woman’s Day events with clients; FamilyMart, Beisia group
Introduced genderless plant uniforms and maternity uniforms

Selected for “A-List” company for CDP climate change and water security
Selected for "Supplier Engagement Leader" for the second year in a row

External
Evaluation

ReduceEnvironmental
ImpactReceived top award in the "Employee Benefit Award Japan“ for ourcomprehensive benefit programs

CommunityDevelopment“Coca-Cola Bottlers Japan Water Source Forest Ebino” has certified as a
Natural Symbiosis Site by the Ministry of the Environment21

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Forward-looking Statements
The plans, performance forecasts, and strategies appearing in this material are based on the assumptions and judgment of the managementof Coca-Cola Bottlers Japan Holdings Inc. (CCBJH or Company) in view of data obtained as of the date this material was released. Theseforecasts may differ materially from actual performance due to risks and uncertain factors such as those listed below.
Risks and uncertain factors are not limited to the items listed below. They are also included in our annual securities report, or “Yuka Shoken
Houkokusho”.
• Agreements with The Coca-Cola Company and Coca-Cola (Japan) Company Limited.
• The quality and safety of products• Market competition• Natural environment, such as climate, disaster, water resources, etc.
• Legal environment• Leakage or loss of information• Change of economic conditions, such as personal consumption, currency exchange rates, prices of raw materials, fair value of assets, etc.
• Business integration, streamlining and optimization of business processes, etc.
• Uncertain factors other than those above
The information in this presentation is provided for informational purposes and should not be construed as a solicitation of an investment inour securities.
CCBJH undertakes no duty to update any statement in light of new information or future events. You should rely on your own independent
examination of us before investing in any securities issued by our company.
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