First Quarter
2023 Earnings
Presentation
May 15, 2023

Coca-Cola Bottlers Japan Holdings Inc.
Calin Dragan, President
Bjorn Ivar Ulgenes, Vice President & CFO(Posted to CCBJH website on May 12, 2023)

Coca-Cola Bottlers Japan Holdings Inc. (CCBJH)First Quarter 2023 Earnings Presentation

Q1 2023 Results
Marketing UpdateOutlook2

Q1 2023 Results

Q1 2023 Overview
Achieved strong revenue growth of about 8%. In addition to pricerevision benefits, commercial activities drove 4% increase in volume bycapturing traffic recovery.
Benefits of the price revisions implemented in the previous year
materialized as planned. Wholesale revenue per case improved across allchannels.
Business income improved by about 3 billion yen from the previous year.
Top line growth contributed significantly to profitability improvement
despite continued commodity and forex impact.
Preparations for can and large PET price revisions progressed as planned.
Effective as of May 1 shipment.
4Strong Top Line Growth

Achieved both wholesale revenue per case and sales volume growth
Wholesale Revenue
Per Case Improvement

RevenueGrowth+８％

Price revisions executed with agility andspeed.
Careful negotiations with customers.
Maintain shipment prices with discipline.

Sales Volume Growth
Maximized opportunity to capture thetraffic recovery to minimize volume impact
from price revisions.
Strengthen new product expansion andinitiatives to expand sales space.
5

Top Line Heading in an Uptrend

Volume growth and profitability improvement initiatives gradually taking effect
Quarterly Revenue Growth (YoY)(%)+10+5±0-5-10-15-20
Q1Q2

Q32020Q4Q1Q2

Q32021Q4Q1Q2Q32022

Q4

Q120236

Q1 2023 Results (vs 2022)
Unit: Million JPYQ1 2023
ActualRevenue

Q1 2022
Actual

YoY

182,063

168,853+7.8%

Sales Volume (Million Cases)

104

100+4%NARTD (Non-alcoholic ready to drink) Beverage Volume (Million Cases)

103

99+4%

COGS

103,322

96,842+6.7%

Gross Profit

78,74172,011

+9.3%

SG&A

88,002

84,892+3.7%

Business Income (Loss)(9,437)(12,749)-

Operating Income (Loss)(9,160)(9,670)-Net Income (Loss) attributable to owners of parent(6,459)(6,568)-Note: Some inconsistencies with the volume data provided in past presentations may be expected as a result of standardization of volume and revenue calculation.

7Q1 2023 Drivers of Business Income (vs 2022)

Top line growth improving profitability despite external cost pressures
Q1 2022
ActualVolume,Transformation
Price & Mix*

DME
(Direct Marketing
Expense, fixed only)

Manufacturing

Others(ex. Utility Cost)

Commodity &Utility Cost

Q1 2023
Actual+0.3+1.2• Operational efficiency
improvement insupply chain-12.7+7.2• +4% volume increase• Wholesale revenue percase improved in allchannels with pricerevisions(Unit: B JPY)
Capex
Depreciation

Q1 20235.611.4vs PY• Strategicallyinvested inmarketing while
focusing onprofitability-0.8• Package mix impact-9.4-2.6• Increase in labor cost
due to cycling oftemporary leave• Impact from change
in useful life of sales
equipment in 2022
(cost increase)• Lower logistic costswith efficient supply
chain network-2.0• FX impact• Higher commodityprices• Higher utility costs

Full-year Plan

Flat

37.0

Flat

47.2

Note: Capex not including IFRS16 non cash items.

Unit: B JPY(Rounding off less than unit)*Volume, Price & mix represent marginal profit of our commercial activities including variable costs and deduction from revenue in IFRS.

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Q1 2023 NARTD Beverage Sales by Channel/Category (vs 2022)
4% volume growth. Capturing traffic recovery demand despite price revision impacts.
Wholesale revenue per case improved in all channels from price revision benefits.
Vending impacted by price revisions, but grew wholesale revenue per case and volume.
R&F grew with recovering restaurant demand. D&D grew with the recovery in large PET.
SM and CVS continued to be impacted by price revisions.
Sparkling grew for Coca-Cola brand. Strong water growth with new package design.
Sales Volume +4%
ChannelSupermarket (SM)
Drug & Discounter (D&D)

WholesalerevenueperVolumecase (Yen)-3%+3%+65+60

Category

4% 118%23%
16%

VolumeSparkling

+6%

Tea

-5%

Sports

-8%

Water

+20%

Convenience Store (CVS)-1%+49Vending (VM)

+1%

+167

Retail & Food (R&F)

+23%

+47

Coffee+2%

Online+3%+10

Juice+20%

23%
14%

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

5%
7%
26%
22%
23%

12%
5%

9

Building Foundation for Value Share GrowthTotal channel value share grew by 0.3 pts.
Vending market share continued to grow, but OTC channel market share trend impacted
by price revisions.
OTC retail price improved from the previous year with price revisions. Maintained the pricepremium vs. market average.
Market Share(Jan. to March, vs PY, Pts)

ValueTotal (CCBJH Area)

OTC Retail PriceVolume(Jan. to March, JPY per bottle)

vs Market
Averagevs PY+0.3+0.3

Small PET+11.0+15.0

Vending+0.7+0.5

Large PET+20.5+3.2

Over the Counter (OTC)-0.6-0.4

Quarterly Value Share (vs. PY, Pts Chg)

Source: Intage SRI+ soft drink market Small PET (351~650ml), Large PET products (1.251L~)CCBJH Area Jan-March 2023
Market Ave: CCBJH avg. retail price (bottles) / market avg. retail price (bottles)
YoY: CCBJH retail price (bottles) / previous year actuals

0Q1 2022

Q2 2022

Total Value Share

Q3 2022

Q4 2022

Vending Value Share

Q1 2023
OTC Value Share

Source: Coca-Cola Japan Internal Estimate

10Retail Price Trends in OTC Channel

Following two rounds of price revisions, retail prices trending favorably
Retail price for large PET & small PET maintained higher levels after price revisions.
Large PET: Leading the market with price revisions in May, 2022. Volume wasinitially impacted by the retail price differences with the market average price, but
shipment prices were maintained with discipline.
Small PET: Speedy implementation of the price revisions with strong determination
resulted in the expansion of the price premium.
L-PET OTC Retail Price excl. Water(JPY)S-PET OTC Retail Price(JPY)

Market Avg. PriceMarket Avg. Price

CCBJH Price

CCBJH PriceOct Price
Revision

ExpandPremium

May Price
Revision

ExpandPremium

Q1

Q2

Q32022Q4Q12023

Source: Intage SRI+ soft drink market Small PET (351~650ml), Large PET products excl. water (1.251L~)CCBJH Area Jan 2022 - March 2023
CCBJH: Avg. retail price (bottles) / Market Avg. price: Market avg. retail price (bottles)

Q1

Q2

Q3
2022

Q4

Q1202311

Vending Continues Recovery with Higher Price

Agile operations, strong market share base allowing early price revision effect realization
Agile operations leading to be one of the first in the industry to complete the pricereflections in vending machines.
Wholesale revenue per case improvement materialized early on.
Minimized volume decline impact from price revisions by leveraging market share baseand Coke ON user base, strengthening product lineup including new products andimplementing vending channel exclusive campaigns.
Vending Price Revision Execution Rate &CCBJH Wholesale Revenue Per Case Trend

100%

2960

2940

2920

SalesActivities

2900

Product Lineup
Optimization byLocation

2880

2860

Vending Exclusive Campaigns

2840

2820

10 Months

2800

2780

0%

2760

OctNov
2022

DecJanFeb

Mar

2023

CCBJH Wholesale Revenue Per Case (Yen, 3M Mov Avg)
CCBJH Price Revision Execution Rate (LHS)
Industry Avg Price Revision Execution Rate (excl. CCBJH, LHS)

GrowthFoundation

Consecutive
GrowthValue Share
Source: CCBJH

Coke ON
Download

46 Million※As of April

App Downloads
12ESG Initiatives

Advancing sustainability management with customers and local government------------------------------------------------------------------ Major Initiatives ---------------------------------------------------------------------------------Values---------------

Collaboration with Family Mart in promoting SDGs.
Customer
Collaboration

Collaborated with Seven & i to launch fourth 100% closed
recyclable PET bottle.
“Bottle to Bottle” collaboration with Sugi Pharmacy.

LocalGovernment
CollaborationContribute toexpanding business
opportunities throughcollaboration“Bottle to Bottle” collaborations with cities of Numazu in Shizuoka,
Nishinomiya in Hyogo, etc.
In cooperation with Saitama and Urawa Reds F.C., launched Circular
Economy Demonstration Experiment at Saitama Stadium 2〇〇2.

Reduce environmental
impact throughrecycling-orientedsociety

Co-sponsor of Tokyo Rainbow Pride 2023 event, celebrating LGBTQ.
※

Water replenishment rate increased to 420% focusing on watersheds near plants.
In-house
Initiatives※

About 940 K bottles of Coca-Cola products donated to Food Bank Organizations.
Newly acquired certifications:
Ministry of the Environment: Eco-First ; CDP: Supplier Engagement Leader

Increase profits throughpreferential bidding as
certified company※2022 results

13Marketing Update

Q1 2023 Initiative Review※

Successfully grew KO NARTD value share (+0.3pts) with strong renewal &activations in core, new innovations and digitally driven new ways of marketing
CORE

INNOVATIONSMARKETING
TRANSFORMATION
Digital x GenZ culture for GEORGIA Re-launch

CokeTM with Meat
Campaign

Ayataka
Koi-Green tea FFC

GEORGIA TMRe-launch

GEORGIA
Dessert Latte series

Photo turning into illustration

Coke TM “Which great taste do you like?”
Coke ON + Unique ID code Laser Printing on Cap

COSTA Coffee
Core Renewal

KaradaRefresh-cha W
FFC※ Coca-Cola Japan Internal Estimate15

Q2 2023 Initiative Highlights

Expand user base and drinking occasions through core enhancement & new
Innovations by transforming the way of marketing
CORE

MARKETING
TRANSFORMATIONINNOVATIONS

Ayataka TM
Early Summer
Campaign

AQUARIUSNEWATER

Kochakaden TM
RenewalJack Daniel’s &Coca-Cola

AQUARIUS Ad. (TV, Digital, OOH)
linked to temperatures by region

Jack Daniel’s & Coca-Cola
Drive digital and real consumer experience

I LOHAS TM
Brand RestageLemon DouSukkiri Lemon
OOHDigitalExperiential event

JACK DANIEL’S, OLD No. ARE REGISTERED TRADEMARKS OF JACK DANIEL'S PROPERTIES, INC.

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2023 Marketing Strategy

Strengthen the core & continue to focus on scalable innovation with target
relevant and effective marketing

STRENGTHENTHE CORE

FEWER, BIGGERINNOVATIONSMARKETING
TRANSFORMATIONFURTHER ACCELERATEKO SYSTEM COLLABORATION
17Outlook

Outlook

Top priority on profitability improvement, while business environment requires monitoring• Traffic recovery expected to continue, while cycling impact of last year's early end to the rainy
Operatingseason and heat wave is expected.
Environment • Impact from commodities and forex to continue.
• Inflation impact on consumer sentiment may materialize.

Key Initiatives and Progress
Price Revisions• Disciplined market execution of May price revisions for can and large PET.
• Continue to seriously consider further price revisions, while monitoring market conditions.

Profitability Focused
Commercial Activities• Key commercial activities delivering results.
• Strengthen new product launches and sales space expansion to grow revenue.
• Maintained flat volume in April despite continued impact from price revisions on volume.

Supply Foundation
Supporting Growth• Enhance agility to demand fluctuations through S&OP process with improved accuracy ofdemand forecasting and leveraging Mega DCs.
• New production line at Ebina plant, strengthening production capacity of high-value add
products.

Driving Transformation • Operational transformation in supply chain to realize cost savings.
19SummaryProfitability improved by about 5 billion yen, for the elements under ourcontrol.
Price revisions implemented with strong determination made asignificant contribution to revenue growth.
Key initiatives are delivering results, confident that our strategy is theright one.
Continue commercial activities with profitability focus to achieve top-line
growth by maximizing market recovery opportunities and achieve thefull-year profitability improvement target.

20Appendix

Q1 2023 NARTD Beverage Sales by Package (vs 2022)

3%

5%

Package

11%
36%

6%
12%
23%

4%

Volume

S-PET

-5%

M-PET

+8%

L-PET

+3%

Can+8%

Bottle Can-3%

Syrup

+31%

Powder+28%S-PET：Below 650ml/L-PET：Above 1.5L

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

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Staying True to Our Mission, Vision, Values

23

THANK YOU

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

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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