Third Quarter
2022 Earnings
Presentation
November 11, 2022
Coca-Cola Bottlers Japan Holdings Inc.
Calin Dragan, President
Bjorn Ivar Ulgenes, Vice President & CFO(Posted to CCBJH website on Nov 10, 2022)

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 ShokenHoukokusho”.
• 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.

2

Coca-Cola Bottlers Japan Holdings Inc. (CCBJH)
Third Quarter 2022 Earnings Presentation

Q3 2022 ResultsMarketing UpdateOutlook

3Q3 2022 Results

Q3YTD Overview
Sales volume grew by 5%. Steady and strong growth from capturing heat wave andtraffic recovery demand, despite impact of large PET price revisions. S&OP process
improvements allowed stable supply during sharp demand increases.
Wholesale revenue per case improving with price revisions, efforts to improve
profitability is contributing to revenue growth. Revenue growth in the third quarter
exceeded volume growth.
Total channel value share grew with vending driving the overall growth.
Small package price revision negotiations were conducted with the understanding ofcustomers. Significant progress has been made to improve profitability.
Business income improved YoY. Commodity and yen depreciation impact wassignificant, yet volume growth and transformation benefits contributed to profit
growth.
5Strong Top Line Growth in Peak Season, Q3 (Jul-Sep)

Volume Growth+7%
SM, D&D
Wholesale Revenue Per Case+32 yenVending
Volume Growth＋8%

Value Share＋0.7%

6

Q3YTD Results (vs 2021)

Unit: Million JPY

Q3YTD 2022
ActualRevenue

Q3YTD 2021
ActualYoY612,321

589,531

+3.9%367

351

+5%

362

345

+5%

COGS

345,004

328,708+5.0%

Gross Profit

267,317260,823

+2.5%

SG&A

278,322

273,868+1.6%

Business Income (Loss)(11,196)(14,023)-

Operating Income (Loss)(7,053)(19,978)-

Net Income (Loss) attributable to owners of parent(5,194)(1,535)-

Sales Volume (Million Cases)
NARTD (Non-alcoholic ready to drink) Beverage Volume (Million Cases)*Net income (Loss) attributable to owners of parent in 2021 results is a total of continuing operation and discontinued operation results.
Some inconsistencies with the volume data provided in past presentations may
be expected as a result of standardization of volume and revenue calculation.

7

Q3YTD Drivers of Business Income (vs 2021)
Steady volume growth and improved wholesale revenue per case contributed to profit growth,
despite continued cost increase pressure
Q3YTD 2021
ActualVolume,Price & Mix*

Manufacturing

Others(excl. Utility Cost)

+5.4

+4.5
-14.0
+8.9

Please refer to the appendix fordrivers according to the pastclassification• Volume growth andmanufacturing
efficiency
improvements• 5% volume growth contributed• Wholesale revenue per caseimproved from Q2 with large
PET price revisions etc.
• Rebates decreased in Q3
despite continued response tocompetitive environment• Benefit of change in
useful life of sales
equipment• Stable logistics network
operation, including theuse of Mega DCs, haslowered logistics costs• Increased labor costfrom cycling of
temporary leave fromlast year

DME

(Direct Marketing
Expense, fixed only)

Commodity &Utility Cost

Q3YTD 2022
Actual-2.9• Strategic
investments tocapture demandwith traffic recovery• Marketinginvestments areexecuted ahead ofschedule but to becontrolled for fullyear-13.0• Rising raw material
prices for PET,
aluminum and yen
depreciation• Utility cost rising withhigher commodity
prices*Change in marginal profit from commercial activities. Including variable costs and deduction from revenue in IFRS.

-11.2

Unit: B JPY(Rounding off less than unit)

8

Q3YTD NARTD Beverage Sales Volume (vs 2021)
Volume grew by 5% in Q3YTD and by 7% in Q3.
Immediate consumption channels (VM, CVS) grew from initiatives to capture traffic recovery and heat wave
demand. Online continued to grow in all categories with high convenience it offers. SM, D&D volume
declined with large PET price revisions in May.
Wholesale revenue per case was positive in SM, D&D with the benefits of the price revisions. Efforts in VM tooptimize sales prices materializing.
By category, Sports and Water grew strongly with the heat wave and resumption of public events.

Sales Volume +5%
ChannelSupermarket (SM)

WholesalerevenueperVolumecase (Yen)

-4%

+28

Drug & Discounter (D&D)+2%+20Convenience Store (CVS)+2%-20+5%+15Retail & Food (R&F)

+25%

-36

Online+33%-28

Vending (VM)

Category

5% 1%
24%

16%

17%

23%
14%

VolumeSparkling+2%

Tea+1%

Sports+10%

Water+10%

Coffee+4%

Juice+20%

Note: Volume doesn’t include alcohol. Revenue per case doesn’t include DFR (deductionfrom 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%
6%
25%

19%
24%

12%
10%

Please refer to appendix for Q3 (Jul-Sep) sales volume.
9Building Foundation for Value Share Growth
Q3YTD total channel value share grew by 0.8 pts.
Vending value share grew by 2.6 pts, continuing strong growth.
OTC channel volume declined following the price revisions but maintained its value sharealmost flat YoY.
Large PET OTC retail prices was positive with price revisions, growth rate of retail price inQ3 was larger than Q2.
Q3YTD Market Share(Jan. to Sep., vs PY, PP)Value

OTC Retail Price

Volume(Jan. to Sep., JPY per bottle)

vs MarketAverage

vs PY+0.8-0.3

Small PET+3.0-3.2

Vending+2.6+1.9

Large PET

+26.2+3.1

Over the Counter (OTC)

-0.1

-0.8

Total (CCBJH Area)

Data source standards changed from 2021. SPET(351~650ml), LPET(1.251L~)
Source: Intage

Quarterly Value Share (vs. PY, Pts Chg)

0
Total Value Share

Q3 2021

Q4 2021

VM Value Share

Q1 2022OTC Value Share

Q2 2022

Q3 2022

Source: Coca-Cola Japan Internal Estimate

10Volume Growth and Profitability Improvement Initiatives
Leveraging strong foundation to achieve volume growth and building future revenue base
Volume GrowthProfitability Improvement✓ Strengthening commercial activities in immediate
consumption channels and restaurants etc. tocapture traffic recovery✓ Price revisions of large PET and maintaining theprice levels after the revisions✓ Online channel expanded label-less products
offering and strengthened subscription offerings
to capture at-home consumption✓ Marketing investments focused on growthchannel and categories✓ Optimization of pricing in vending

Strong Foundation Supporting Volume Growth and Profitably Improvement✓ Revamped S&OP’s improved agility to react to sudden demand fluctuations, enabling stable supply✓ Low-cost operation through stable logistics operations, also leveraging of Mega DCs
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Price Revision Progress
Pricing on plan. Big progress towards building future earnings foundation▪ Retail price of large PET rose sharply in Q3 and maintained
its momentum.
▪ Price premium to market average large PET insupermarkets, drugstores and discounters expanded.
▪ Price revision negotiations for small packages completed
as planned.

＜Overview of Price Revisions＞
Packages

Large
PET

Revision
Rate

+5~8%

Small
Packages

SM, D&D L-PET Retail Price (excl. Water)
Market Avg.

CCBJH

Premium tomarket average
expand by about
3X

Q1

Q2

Q32021

Q4

Q1

Q2

Q3

2022

+6~18%(Shipping Price)(Manufacturer'ssuggested retail price)

Revision
DateMay, 2022

Oct, 2022

ChannelSM, D&DOnline

All

Pricing Based on Transaction* Over 80%*Bottle-based sales volume (excl. Syrup/Powder/ Alcohol)

Source: Intage

12

ESG Initiatives

Steady progress creating shared value
Corporate Sustainability ExcellenceContributing to Local Communities• Awarded Silver rating by EcoVadis sustainability
survey for two consecutive years. Highly rated,
especially in the environmental field.
• Leading Japan's beverage industry toparticipate in this globally recognizedMedal awarded tocompanies within thesurvey.
top 25%• Implemented contracts and activities inall 17 plant locations. Water source
replenishment already reached over200%.

World Without Waste• Participated to active dialog with MAFF *regarding food loss reduction as the only
beverage manufacturer.

Water Source Conservation Activities

Oct. 29th Activity in TamaSupporting a Prosperous Life
22022
TargetSustainable
materials usage*150％• In a single year donated more than 790k
bottles to those in need through food banks.

《 Bottle to Bottle Partnership》

Concluded an agreement with Kuki
City (Saitama).
Expanding Area with existing partner,
Welcia Holdings.

Gold Partner of EXPO 2025 Osaka, Kansai, Japan

Aug. 24th Ceremony with Kuki City

*1 Sustainable materials refers to the total bottle-to-bottle recycled PET materials and plant-derived PET materials

Placed over 250 EXPO 2025 Osaka, Kansai,
Japan supporting vending machines in 4months.
*2 Ministry of Agriculture, Forestry and Fisheries

13Marketing Update2022 Q3 Initiative Review
Successfully drove Core business and New innovations. Coke ON achieved 40 million downloads.
Coca-Cola TM
Grew NSR through Coca-Cola Zero campaign& Engaged Gen Z’s with Coke x Marshmello

GEORGIA & COSTA Coffee
Expanded Share with GEORGIA TM Tiny TAN tie-up
And Seasonal offerings from GEORGIA & COSTA Coffee

AYATAKA Core/Café series & Yakan Barley Tea

Coke ON
Exceeded 40 million downloads &Conducted commemorative campaign

Accelerated NSR growth with
Ayataka Core/Ayataka Café series & Yakan Barley Tea

152022 Q4 Initiative Highlights (Oct-Nov)
Expand users base and drinking occasions through Core enhancement & New Innovations
Coca-Cola TM
Max out FIFA World Cup assets
for Coca-Cola TM & KO Portfolio promotions

GEORGIA & COSTA Coffee
GEORGIA Zero series launched to capture health needs& COSTA Coffee drive trial through instant win

AYATAKA Core/Café series & Kochakaden

Coke ON
Collaboration with DRAGONQUEST WALK &Coke ON Wallet (e-money) launch

AY Core/AY Café series Winter campaign& Kochakaden New Fruits Tea Fruit launchⓒ 2019-2022 ARMOR PROJECT/BIRD STUDIO/SQUARE ENIX All Rights Reserved.

162022 Marketing Strategy
Strengthen the core & grow year-2 and new innovations with continuously
flexible and timely actions

PIVOT TO CORE
コアへの原点回帰

FEWER, BIGGERINNOVATIONS
選択と集中STAY@HOME
家庭内需要の獲得

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OutlookOutlook for Q4

Traffic recovery expected; need to monitor market environment after price revisions
Business Environment Outlook

Strategic Direction• Traffic recovery is expected to continue, supported bygovernment stimulus policies. Impact on demand frompricing by beverage companies starting from Octoberneeds close monitoring.
• Inflation impact on households and consumer
sentiment may materialize.
• Commodity prices and yen depreciation will impact
profitability of the beverage industry.
NARTD Market Growth（YoY）
151050-5-10

YoY (%)-15
Jan Feb Mar Apr May Jun

Jul

2021

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

JulAug Sep

2022

Source: Coca-Cola Internal Estimate✓ Maintain FY BI guidance of -14.6 billion yen✓ Implement initiatives to capture traffic recovery✓ Execute and follow-up on the price revision: Promote
fair pricing✓ Execute investments that will lead to next year
onwards growth within the scope of the guidance＜Implication for Q4 Earnings＞• Sales volume seasonally small, with large fixed costburden.
• Commodity rise and yen depreciation impact on top of
cycling of cost savings from last year.
• Assume certain level of volume impact from pricing.
• October volume was down 6% due to price revisions
and low temperatures. Improving trends for wholesalerevenue per case.
19Commodity and Forex Impact

Additional mitigation plans considered with continued cost rise
2022

2023 Onwards

Commodity & Forex Impact over 18B yen*

Further Commodity and Forex Impact Possibility

Large PET and Small Package
Price Revisions Implemented

Further Pricing Seriously Considered

Commercial activity
capturingtraffic recovery

Transformation
cost saving
6B yenLeverage strengthof KO System

Volume growth
while growing
value share

Promotefair pricing
andprofitability
focused marketing

Continuetransformation*Amount includes, raw material, packaging, forex and utility

20Summary
Q3YTD achieved strong volume growth capturing traffic recovery and heatwave demand, despite the volume impact from large PET price revisions.
Efforts to improve profitability including price revisions are showing results.
Conditions remained challenging with rising commodity prices and yen
depreciation, however business income improved YoY with top line growth,
profitability improvement initiatives, and transformation. We remaincommitted to our initial business income targets.
We foresee business environment to remain challenging, but will continue ourinitiatives implemented this year. Consider and implement further initiatives
that will lead to growth and improved future profitability.

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Appendix

<Past Classification>
Q3YTD Drivers of Business Income (vs 2021)
Unit: B JPY(Rounding off less than unit)

Q3YTD 2021
ActualVolume,
Price & Mix*DME(Direct Marketing+8.9

Manufacturing

Q3YTD 2022
ActualOthers

Expense, fixed only)

-2.9

-14.0

Commodity• Strategic
investments tocapture demandwith traffic recovery• Marketinginvestments areexecuted ahead ofschedule but to becontrolled for fullyear• Rising raw material
prices for PET,aluminum, etc.
• Impact from sharp
yen depreciation-10.0• Volume growth andimproved
manufacturing
efficiency offset therising energy costs• 5% volume growth
contributed• Wholesale revenue
per case improved
from Q2 with large PET
price revisions etc.
• Rebates decreased in
Q3 despite continued
response tocompetitiveenvironment*Change in marginal profit from commercial activities. Including variable costs and deduction from revenue in IFRS.

• Benefit of change in
useful life of sales
equipment• Stable logistics network
operation, including theuse of Mega DCs, haslowered logistics costs• Increased labor costfrom cycling oftemporary leave fromlast year

-11.2

+5.4

+1.5

Q3YTD
2022

Vs PY

Full YearPlanCapex

30.3

-2.8

46.0

Depreciation

34.3

-8.8

47.0

(Unit: B JPY)

Note: Capex not including IFRS16 non cash items.

23NARTD Channel / Category / Package Sales Volume
By Package
Q3YTD (Jan to Sep)

Q3QTD (Jul to Sep) Sales Volume +7%
By Channel
1%5%Channel
25%

16%

22%

18%

VolumeSupermarket (SM)

-5%

+37

Drug & Discounter (D&D)

+4%

+28

11%

Convenience Store (CVS)+2%-37+8%+25

Retail & Food (R&F)

+33%

-49

Online+32%+8

By Category
4%

Category

6%
24%

17%

22%

13%
14%

3%
9%
5%

Vending (VM)

13%

Wholesalerevenue per case(Yen)VolumeSparkling+4%Tea-1%Sports+11%

Water+15%

Coffee+4%

Juice+27%

5%

Package

40%

23%
4%

Q3QTD (Jul to Sep)
2% 5%
9%
4%
10%

41%

24%

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

5%

Volume

S-PET

+6%

M-PET

+32%

L-PET

-7%

Can-2%

Bottle Can+10%

Syrup+30%

Powder+24%

Package

Volume

S-PET

+7%

M-PET

+24%

L-PET

-7%

Can+3%Bottle Can

+12%

Syrup

+42%

Powder+29%

S-PET：Below 650ml/L-PET：Above 1.5L

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Staying True to Our Mission, Vision, Values

25

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