Second Quarter
2024 Earnings
Presentation
August 5, 2024

Coca-Cola Bottlers Japan Holdings Inc.
Calin Dragan, President
Bjorn Ivar Ulgenes, Vice President & CFO(Posted to CCBJH website August 2, 2024)

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

1H 2024 Results
Marketing Update

Outlook2

Today’s Highlights
1H business income grew 4 billion yen vs previous year. Progressing inline with full-year business income target. Q2 also saw revenue andprofit growth.
Top-line growth continued to contribute to profit growth. Efforts tocapture summer demand in each channel are progressing well, wholesalerevenue per case improved while volume grew. 1H revenue grew 1.8%.
Transformation progressing as planned, achieving immediate benefits andbuilding a foundation. As part of commercial transformation, announced
equipment services collaboration to drive mid- to long-term cost savings
and increase provided value.
For 2H, continue to focus on profitability to achieve full-year earnings
targets through maximizing commercial activities during peak demand
period, while also focusing on activities for future growth.
31H 2024 Results

1H Results (vs 2023)

Revenue and profit grew in Q2 & 1H, earnings continued improvement trend
Unit: Million JPY

1H 2024
ActualRevenue

1H 2023
ActualChange
YoY

YoY

411,455

404,109+7,345+1.8%

Sales Volume (Million Cases)

232

230

+2+1%

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

230

227

+3+1%

COGS

230,251

227,313+2,938+1.3%

Gross Profit

181,204

176,797+4,407

+2.5%

SG&A

183,971

183,212+759+0.4%

Business Income (Loss)(2,791)(6,763)+3,972-Operating Income (Loss)

1,207(6,529)+7,736-Net Income (Loss) attributable to owners of parent(297)(3,947)+3,650-Please refer to appendix for Q2 (April - June) results.

51H Drivers of Business Income (vs 2023)

Top-line growth and transformation led to 4B yen BI improvement
1H 2023
ActualVolume,Transformation
Price & Mix*

DME

Commodity &Utility Cost

(Direct Marketing

Manufacturing(ex. Utility Cost)

Expense, fixed only)

+1.2
+1.1

+2.1

-6.8＋3.2• Initiatives in each area
progressed on plan• Supply chain benefits
are significant• Strategically invested
in ROI focusedmarketing

Others

1H 2024
Actual-3.0-2.8-0.6• Impacted by cost
increases from yen
depreciation, butcommodity related
impact improved vsprevious year
• Utility cost decrease• Impact of decrease inmanufacturing
volume fromproduct inventory
optimization• Increase in sales
equipment, IT
related costs• Decrease in laborcost• Wholesale revenue percase improved withseries of price revisions• 1% sales volume
increase contributed(Unit: B JPY)

*Volume, Price & mix represent marginal profit of our commercial activities
including variable costs and deduction from revenue in IFRS.

1H Actualvs PY

FY PlanCapex

9.6

-10.3

33.9

Depreciation

22.9

-0.2

47.0

Capex related to real estate rental properties to which IFRS16 applies are notincluded in the above amounts.

Unit: B JPY(Rounding off less than unit)

6

1H NARTD Sales Trend (vs 2023)

Wholesale revenue per case growth continues, volume growth accelerates
Sales volume grew 1% by capturing traffic increase and through effective commercial initiatives despite the impact onvolume from price revisions.
Wholesale revenue per case continues to improve with price revision benefits.
CVS volume grew with new products and strengthened customer-exclusive products. VM minimized impact of pricerevisions and was flat leveraging strong share base and digital initiatives. R&F grew by capturing demand for dining out.
Online growth was driven by customer collaboration promotions.
Sparkling grew due to Coca-Cola. Tea growth was driven by strong sales of the fully renewed Ayataka.

Sales Volume: +1%
ChannelWholesale

Volume revenue percase (Yen)Supermarket (SM)

-6%

+81

Drug & Discounter (D&D)

Flat+82

6%

18%

Category

1%

21%

VolumeSparkling+2%

Tea+4%

Sports-1%

Water-4%

Convenience Store (CVS)+6%-10Vending (VM)

Flat+66

Retail & Food Service (R&F)+5%+4Coffee-1%

Online+18%+26

Juice+8%

16%
22%

15%

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.

Please refer to appendix for Q2 (April - June) sales volume.

7%

4%

25%
21%
24%

12%
7%

71H Market Share and OTC Retail Price Trends (vs 2023)

Profitability focused activities leading to value share growth and sustained
price premiums
Total channel value share maintained a growth trajectory and grew by 0.3 pts.
Vending value share returned to growth. In OTC channel, new products contributed to value share trend
improvement. CVS value share growth continues.
Our products maintained price premium vs market average. OTC retail prices for Large PET improved greatly
with benefits from price revisions implemented October of last year.

Market Share
(Jan to June, vs PY, Pts)

Total (CCBJH Area)Value

OTC Retail Price

Volume(Jan to June, JPY per bottle)

vs Market
Averagevs PY

+0.3

-0.2

Small PET

+9.6

-1.5

+0.3

+0.6

Large PET

+32.3

+14.4

-0.2

-0.4

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

Of WhichVending
Of Which

Over the Counter (OTC)

Source: Coca-Cola Japan Internal Estimate

8Topics

Maximize market execution by channel towards peak demand period
Vending

OTC (Over the Counter)Food Service

Strengthen activities focused on
sparkling and tea to capturesummer demand

Enhanced acquisition of sales
space leveraging full renewal ofAyataka

Expansion of products carried• Strengthen campaigns for Coca-Colaand new Ayataka

Leverage Coke ON to stimulatedemand• Promote use of vending machine

through cross-channel campaigns• Expand functions such as
Coke ON Wallet• Create attractive sales spaces andimplement effective campaigns• Rollout strategic lineup to meet
consumer needs

Exclusive product deployment
tailored to customers• Strategic deployment of double-

brand products and limited flavors• Strengthen Coca-Cola Zero
• Proposals based on insights

collected from market analysis• Campaigns for the Olympics andExpo 2025 Osaka, KansaiStrengthen activities to acquire
new business• Focus on growing categories andnew businesses• Offering products and commercial
programs tailored to customer needs9

Topics

Transformation progressing well, generating benefits and building a foundationVending

Supply Chain

Efficiency improvement of vending machine operations• Fewer routes by improving visit frequency and routes• Establishing and testing of piece-picking model toachieve further operational efficiency• Improved installed vending machine portfolio byvisualizing per-machine profitability
Promote vending DX• Expansion of QR code payment functions and smart
modem installation progressing as planned

Productivity improvement in manufacturing fields• High-mix, small-lot manufacturing enables agile
supply, supports local production for local
consumption model• Expand manufacturing capacity by improving
productivity at each site
Improved logistics network• Reduced transportation distance and number oftouches through overall optimization• Strengthen customer collaboration
Improved S&OP process accuracy• Efficiently handled increased shipments ahead of
the summer period• Improved new product introduction process andpromote stronger collaboration with customers
10Marketing Update

1H 2024 Marketing Initiative Review

Grew revenue & value share through strong campaigns & activations
CORE
Ayataka Core
Full RenewalwithNew Campaign

MARKETING
EXPERIENCEINNOVATIONS

Yakan Koi Barley Tea
Food withFunction Claims

Coca-Cola x Marvel
The Heroes

Georgia
PRIME BLENDGeorgia
New Campaign

Lemon Dou
Non- Sweetened

Ayataka
Immersive
Sampling Event

Expo 2025
Osaka, Kansai
Portfolio
Promotion
via Coke ON
platform
I LOHAS
Water Replenishment

Campaign

12

Q3 2024 Marketing Initiative Highlights

Further strengthen CORE through campaigns & innovations
CORE

INNOVATIONS

Ayataka Core
Full Renewal
with New Campaign #2

Aquarius ORS
Renewal Comms
as official Food for Medical Uses

Coke with MeatSummer Campaign

FANTA YogurRush
Marble Orange

MARKETING
EXPERIENCE
Paris Olympic
Portfolio Promotion

SpriteWaterbomb Tokyo 202413

OutlookOutlook

Target strong profit growth despite high hurdles from previous year’s Q3

2H KeyInitiatives
andProgress

Top-line growth focused on profit maximization• Capture summer demand through maximizing commercial activities leveraging newproducts and campaigns. July volume grew strongly by 3% despite cycling last year andweather impacts.
• Maximize price revision benefits. Maintain shipping prices after the revisions, minimize
volume and mix impact, prepare for further price revisions in October.
• Optimized S&OP process for stable supply during periods of highest demand.
Driving transformation and cost control• Transformation progressing well. Activities strengthened to realize annual savings of
6 billion yen and to generate benefits from next year onward.
• Marketing investment will be strengthened for sustainable growth, while appropriately
monitoring market environment and ROI.
• Continued control of commodity and currency impacts by leveraging Coca-Cola systemprocurement collaboration.
15Topics

Commercial transformation: Reorganizing equipment service organization todrive future growth
Transformation Scheme: Ownership to Partnership

CCBJI
(EQ)

CCBJBS(EQ)

Expected Benefits
Focus business resources onareas where future growth isexpected

CCBJV

NeoArc…

>EQ strategy /Asset mgt.

(JV) New EQ
Operation Co.

New EQ
Admin Co.

(Field Operation)(Planning / Administration)

Provide high-quality and competitive services
through collaboration based on strong partnership*EQ: Equipment, CCBJI: Coca-Cola Bottlers Japan Inc.,CCBJBS: Coca-Cola Bottlers Japan Business Services Inc., CCBJV: Coca-Cola Bottlers Japan Vending Inc.

Improve efficiency andoperational quality by leveraging
each partner's knowledge andexperience, and introducing newtechnologies and processes
Achieve cost savings andincreased value to stakeholders(Start of operation in January 2025)
16

Summary
Business income building-up steadily with 1H growing 4 billion yen
vs prior year.
Through profitability focus and achieving our best performance
during peak demand period, ensure achieving full-year businessincome target of 10 billion yen.
Progress on key initiatives such as October price revisions andtransformation for mid-term growth. As the first year of “Vision 2028,”
significant steps towards growth for next year onwards.

17

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

Appendix

Q2 QTD (April - June) Results (vs 2023)
Unit: Million JPY

Q2 2024
ActualRevenue

Q2 2023
ActualChangeYoY

YoY

224,926

222,046+2,880+1.3%

Sales Volume (Million Cases)

128

126

+2+2%

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

127

125+2+2%

COGS

125,164

123,990+1,174+0.9%

Gross Profit

99,763

98,056+1,706+1.7%

SG&A

94,683

95,211-528-0.6%

Business Income

5,056

2,674+2,382+89.1%

Operating Income

4,277

2,631+1,646+62.6%

Net Income attributable to owners of parent

2,600

2,513+88+3.5%

Note: Sales volume in 2023 is revised retroactively due to changes of counting segmentation and scope in some products.

20

NARTD Sales Trend by Channel / Category / Package (vs 2023)
Q2 QTD (April to June) Sales Volume +2%
By ChannelChannel

VolumeWholesalerevenue per case(Yen)Supermarket (SM)-3%+62

Drug & Discounter (D&D)+5%+64

Convenience Store (CVS)

+5%

-24

6% 1%

22%

17%

17%

21%
15%

By Package
1H (Jan to June)

Vending (VM)

Flat
+3%+9Online+15%+1419%

24%

12%
9%

11%
20%

+4%

Tea

+7%

Sports

-1%

Water

-2%

Coffee

-2%

Juice

+5%

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.

Volume

S-PET

+6%

M-PET

+16%

L-PET-11%

Can

Flat

Bottle Can

+1%

Syrup

+9%

Powder+11%

5%

Q2QTD (April to June)

VolumeSparkling

Package

39%+65

Retail & Food Service (R&F)

Category

25%

12%
5%

By Category
7%

4%

3%

5%

11%
5%

40%
11%

21%

5%

Package

Volume

S-PET

+5%

M-PET

+17%

L-PET

-6%

Can

+3%

Bottle Can

-2%

Syrup

+7%

Powder+10%

S-PET: Below 650ml / L-PET: Above 1.5L

21ESG Initiatives: Focus on initiatives that create value------------------------------------------------------------------ Major Initiatives -----------------------------------------------------------------------------Values--------------

Expansion of "CAN to CAN" horizontal aluminum can recycling initiative*

Environment& Local
Community
Initiatives- In addition to the can body, 100% recycled aluminum is used for the cap, reducing CO₂
emissions by approximately 37% per can.

Expanding "Bottle to Bottle" Collaboration- Implemented at LEGOLAND® Japan Resort, 2024 World Triathlon Yokohama, etc.

BusinessExpansion- Newly partnered up with Ryusenen Association (Tokyo)

Started deployment of DE&I Support Vending Machine

Enhancing
HumanCapital/DE&I
Promotion

External
Evaluation

Dedicated 25% of executive meetings to discussing People Strategy to achieve“Vision 2028” by strengthening human capital and committed its execution
Released a new logo and statement for CCBJH’s DE&I initiatives tocommunicate our intentions and stance on DE&I

ReduceEnvironmentalImpact

Participated in Tokyo Rainbow Pride for the third consecutive year

Selected for the※FTSE Blossom Japan Index for the first time and for the
FTSE Blossom Japan Sector Relative Index and FTSE4Good Index Series
Received “DC Excellent Company” for second consecutive year

Community
Development

Ranked No. 1 in the food category in the "Best 100 Companies for Womenin Japan"* Target SKU: 3 Bottle can SKUs; GEORGIA KAORU BLACK 400ml, GEORGIA KAORU BITO 370ml, bonaqua 400ml

22

23

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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