Full-year2022 Earnings
Presentation
February 10, 2023
Coca-Cola Bottlers Japan Holdings Inc.
Calin Dragan, President
Bjorn Ivar Ulgenes, Vice President & CFO(Posted to CCBJH website on Feb 9, 2023)

Coca-Cola Bottlers Japan Holdings Inc. (CCBJH)
Full-year 2022 Earnings Presentation

Full-year 2022 Results

Marketing Update
Full-year 2023 Earnings Plan2

Full-year 2022 Results

FY2022 Overview
Sales volume grew by 3%. Growth foundation built to date contributed to capture demand
from traffic recovery and heat wave. Strong top-line growth achieved despite the volumedeclines from price revisions.
Price revisions for small packages implemented in October. Sequence of price revisions
executed in 2022, including the one in May, contributed to significant profitabilityimprovements.
Total channel value share grew with vending driving the overall growth.
Generated about 20 billion yen in profit improvements for elements under our control suchas volume growth, price revisions, and transformation, while higher commodity prices, yen
depreciation, and other factors had a significant impact. Despite greater cost pressureduring the period, business income exceeded the previous year's level as planned.
Transformation made steady progress. Achieving recurring cost savings of 6 billion yen,surpassing initial forecast.
42022 Review
Many learnings and achievements in a challenging environment. Confident in our strategy
Key initiatives to realize future growth steadily producing results
Key Initiatives in 2022

Major Results✓ Leverage growth foundation built to date tomaximize marketing activities+3% Volume growth+0.5pts Value share growth✓ New S&OP process allowing for agile
response to increased demand

Improved service & operation levels
Minimize out of stock✓ Price revisions (May, October)

Q4 Wholesale revenue per case
Rise of +40 yen ~ +100 yen✓ Accelerated transformation, Building afoundation for low cost operation

Recurring cost savings 6B yen✓ Optimizing balance sheet

Reduced fixed asset by 10B yen
Reduced cross-shareholdings by 2B yen
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FY2022 Results (vs 2021)

Unit: Million JPY

2022
ActualRevenue

2021
Actual

YoY

807,430

785,837

+2.7%

480

467

+3%

474

459

+3%

COGS

455,675

435,332+4.7%

Gross Profit

351,755

350,505

+0.4%

SG&A

365,295363,750+0.4%

Business Income (Loss)(14,443)(14,662)-Operating Income (Loss)(11,513)(20,971)-

Net Income (Loss) attributable to owners of parent(8,070)(2,503)-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.

6FY2022 Drivers of Business Income (vs 2021)

Steady volume growth and improved wholesale revenue per case contributed to profit
improvement, despite continued cost pressure
Volume,Full-year 2021
Price & Mix*
ActualManufacturing

Others(excl. Utility Cost)

DME(Direct Marketing
Expense, fixed only)

Commodity &Utility Cost

Full-year 2022
Actual+0.8+5.1+4.8-14.7+9.4

Please refer to the appendix fordrivers according to the pastclassification• 3% volume growth
contribution• Wholesale revenue percase improved from Q2
with initiatives including
price revisions• Manufacturingefficiency
improvements
through volume
growth• Benefit of change in
useful life of sales
equipment• Stable logistics network
operation, including theuse of Mega DCs, haslowered logistics costs• Increased labor costwith cycling of
temporary leave fromlast year• Strategic marketinginvestments tocapture traffic
recovery demand.
Controlled for fullyear-19.9• Higher 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.

-14.4

Unit: B JPY(Rounding off less than unit)

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FY2022 NARTD Beverage Sales Volume (vs 2021)
Total channel volume grew by 3% with traffic recovery and heat wave demand.
VM grew from initiatives to capture traffic recovery, while volume was affected by the price revisions.
Online continued to grow with high convenience it offers, R&F increased due to recovery in dining out
demand, while SM, D&D, and CVS were impacted by volume declines due to price revisions.
Wholesale revenue per case improved in all channels in Q4, mainly due to price revisions for small packages.
By category, Sports and Water grew strongly with the heat wave and resumption of public events.

Sales Volume +3%
ChannelWholesalerevenueperVolumecase (Yen)Supermarket (SM)-5%+37

Drug & Discounter (D&D)

+1%

+30

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

+3%

+37

Retail & Food (R&F)

+18%

-13

Online+23%

Flat

Category

4% 1

17%

24%

17%

23%
14%

VolumeSparkling+1%

Tea-1%

Sports+7%

Water+8%

Coffee+2%

Juice+18%

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%
20%
24%

12%
9%

Please refer to appendix for Q4 (Oct-Dec) sales volume.
8Building Foundation for Value Share Growth
Total channel value share grew by 0.5 pts.
Vending value share grew by 2.3 pts, continuing strong growth.
OTC channel volume declined following the price revisions, but maintained its value shareat almost flat levels.
FY2022 Market Share(Jan. to Dec., vs PY, Pts)

Value

Total (CCBJH Area)

FY2022 OTC Retail Price

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

vs Market
Averagevs PY+0.5-0.4

Small PET+4.4

FlatVending+2.3+1.7

Large PET

+25.0+3.7

Over the Counter (OTC)-0.2-0.8<Reference>

Quarterly Value Share (vs. PY, Pts Chg)

Q4QTD OTC Retail Price(Oct. to Dec., JPY per bottle)

0Total Value Share

Q4 2021

Q1 2022

VM Value Share

Q2 2022OTC Value Share

Q3 2022

Q4 2022

Source: Coca-Cola Japan Internal Estimate

vs Market
Averagevs PY

Small PET+10.5+12.1

Large PET+21.0+5.6

Source: Intage SRI+ soft drink market Small PET (351~650ml), Large PET products (1.251L~)CCBJH Area Jan-Dec 2022
Market Ave: CCBJH avg. retail price (bottles) / market avg. retail price (bottles)
YoY: CCBJH retail price (bottles) / previous year actuals

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ESG Initiatives

Accelerating efforts towards sustainability management
Enhancement of Disclosure
Disclosure based on TCFD
Disclose information on climate change

Local Communities & Customers

Toward World Without Waste

Collaboration with Saitama forhuman resource development

Began “CAN to CAN”* recycling
Establishment of a horizontal
recycling system for usedaluminum cans from collection toreprocessing

Signed agreement with Saitama
International Association oncollaboration to develop global humanresources.

Endorsed TNFD and participated in theforum
Strengthening efforts to conserve
biodiversity

Strengthen collaboration with customers*“Bottle to Bottle” Collaboration

Strengthened collaboration with key
customers and began considering a wide
range of areas beyond beverage products.

Concluded with Higashi-kurume, Tokyo;Moriyama, Shiga and Ebina/ Zama,
Kanagawa Prefecture*Collect used aluminum cans and process for recycling as recycled aluminum bottles to be

used as beverage containers

Excellence in
ESG Initiatives

Selected as component of Dow Jones Sustainability Indices for
DJSI Asia Pacific for the fifth consecutive year
Received the highest rating of CDP Climate Change “A List" and Water Security A- for 2022

10Marketing Update

FY2022 Review
Successfully grew KO NARTD value share (+0.5pts) with robust Coke ON platform(43 mil downloads) despite the competitive market situation※FEWER, BIGGERINNOVATIONSPIVOT TO COREAyatakaGeorgia

I LOHAS New Iconic Bottle

Nature Y2 Innovations

Coca-Cola TM

New Innovations

Ayataka Café
Hoji-cha Latte

Real GoldX&Y

STAY@HOME

Coke Zero Sugar
Georgia
the artist
ZeroSeries
Marshmello’s
Limited Edition

Coca-Cola TM
100% r-PET label-lessAcceleratelabel-less products

Affordable
Mini CANs, Mini PETs

Yakan
Ayataka Café
Matcha Latte Barley Tea CHILL OUTCOSTA Coffee

Lemon-Dou
Lemon-Dou TOKUBETSUConc.
JIKOMI
Lemon-Dou
Yowanai

AQ, AY and GA
Half-Carton (12 bottles)※ CCJC data (as of Dec. 31, 2022)

122023 Marketing Strategy

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

STRENGTHENTHE CORE

FEWER, BIGGERINNOVATIONSMARKETING
TRANSFORMATIONFURTHER ACCELERATEKO SYSTEM COLLABORATION

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2023 Q1 Initiative Highlights (Jan-Feb)

Expand users base and drinking occasion through Core enhancement &New Innovations transforming the way of marketing
CORE
Coca-Cola TM
Zodiac design

Georgia TM
Asset Tie-up Promotion

Ayataka Core/Café series
Sakura design

Lemon Dou
World Baseball ClassicTM

INNOVATIONS
Georgia
Clear Blend

Fanta PremierMelty PeachAyataka
Koi-Green tea FFC©2023 SAMURAI JAPAN, Trademarks, copyrights, names, images and other proprietary materials are used with permission of World Baseball Classic, Inc.

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Full-year 2023 Earnings Plan

2023 Strategic Direction
In 2022, implemented action plans for a return to growth and improving profitability
structure, while navigating significant cost pressures such as commodities.
Business decisions made with strong will and thorough market execution have led toresults.

Facing further cost pressures in 2023. Additional measures needed.

2023 Year of profit focus: Top priority on improving profitability
Implement
Price Revisions

Commercial Activities
Focused on Profitability
and Investment Efficiencies

Transformation:
Cost Savings &Strengthen BusinessFoundation16

FY2023 Earnings Plan

Unit: Million JPY2023PlanRevenue

2022
ActualYoY

847,100

807,430

+4.9%

471

480

-2%

465

474

-2%

COGS

474,600

455,675+4.2%

Gross Profit

372,500

351,755

+5.9%

SG&A

376,300

365,295+3.0%

Business Income (Loss)(5,000)(14,443)-

Operating Income (Loss)(5,300)(11,513)-Net Income (Loss) attributable to owners of parent(4,300)(8,070)-Sales Volume (Million Cases)
NARTD (Non-alcoholic ready to drink) Beverage Volume (Million Cases)

Some inconsistencies with the volume data provided in past presentations may
be expected as a result of standardization of volume and revenue calculation.

17

FY2023 Drivers of Business Income (vs 2022)

Significant profit improvement with profit base improvement centered on price revisions,despite continued challenging cost environment
Full-year 2022
ActualVolume,
Price & Mix*

Transformation+3.3
Commercial
Initiatives

+30.0
-14.4

DME(Direct MarketingExpense, fixed only)-1.6• Leverage Mega DCs in• Strategic investments
supply chain
to capture traffic• Improved agility inrecovery demand
manufacturing• Continue to control
investments
depending on market
conditions

MarketRecovery

Manufacturing(excl. Utility Cost)-1.7• Lower production
volume impact

OthersCommodity &Utility Cost

Full-year 2023
Plan-7.8• Lower logistics costswith logistic network
improvement• Increased labor costs
from cycling of lastyear’s temporaryleave• Impact of change in
useful life of sales• Rising raw material
equipment in 2022
prices for PET, and(cost increase)aluminum. Yendepreciation• Higher utility costs-12.8• Implement price revisions and maintainappropriate pricing for improved
wholesale revenue per case
• Volume impact from price revisions
expected*Change in marginal profit from commercial activities. Including variable costs and deduction from revenue in IFRS.

-5.0

Unit: B JPY(Rounding off less than unit)18

2023 Commercial Strategy

Steady recovery of sales revenue and building foundation for sustainable profit
Enhancing Portfolio
Growth ThroughProfitability focusedStrong MarketEdge

VendingPricing Strategy

Execution

Focus on core categories:
sparkling, coffee, tea andwater. Improve presencein each category
New product launcheswith sustainable
innovations
Capture changing
consumer needs fordifferent occasions

Maximizing sales permachine by leveraging
Coke ON andstrengthened productline up
Increase number of units
in operation by installingin high-quality locations
Further improve
operational efficiencies
through DX

Implement pricerevisions scheduled for
May as planned
Ensuring profitability
focused commercial
activities, and monitor
efficient use of marketinginvestments

Cross-functionalcommercial structure tostrengthen customer
engagement
Further advance S&OP
process to achieve higher
service levels
Collaboration withCoca-Cola Japan toleverage our strength as
Japan’s Coca-Cola System19

Pricing Strategy to Improve Earnings Foundation
Additional price revisions decided to mitigate cost pressures
Benefit of the price revisions
implemented ahead of the industry
in 2022 exceeding expectations.
Challenging business environment
expected for 2023 with continued
commodities and forex headwindsof about 13 billion yen.
Continue to make efforts tomitigate cost pressures throughown efforts, but further pricerevisions are needed forprofitability improvements.

Can, Large PET, Pouch Products
Price Revisions from May 1, 2023 Shipments
RevisionRateChannel+3%~22%(Mfr. Suggested Retail Price)

All

Further Price Revisions
Seriously Considered20Supply Chain for Sustainable Growth
Expanding production capacity for high value-added products driving growth. Aseptic
line equipped with cutting-edge manufacturing technology to be introduced in Kanto
area (Ebina plant).
Stable operation of Mega DCs, the foundation for supply chain optimization.
Further advancing S&OP process to achieve stable supply of products with lower costs.
New Capacity forHigh Value-added ProductsStable Operation of Mega DCs

Advancing S&OP
DemandForecast

Sales
Monitoring

SalesPlanning

Supply ChainPlanning

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Good Stewardship of Capital

Capex & Depreciation✓ Selectively invest in items thatwill lead to sustainable growth✓ New aseptic line in Ebina plant
to start production in Q2 2023
✓ Vending machine investments
will be made while monitoring
operating environment

Optimize Balance Sheet

Shareholder Return✓ Building a strong balance sheet ✓ Maintain stable dividends.
that will support the beverage
25 yen for the interim andbusiness growth. Sell down
25 yen for 2023 year-end (plan)
non-core assets✓ Ongoing consideration of✓ Continue to reduce crossmeasures to increase
shareholdings in accordanceshareholder value
with the Corporate Governance
Code✓ Reduction of fixed assets suchas real estate by consolidating
2023 Plan 2022 Act
Per sharelocations to continue

2023 Plan

2022 ActCapex*

37.0B

38.9B

Interim

25 yen25 yenDepreciation

47.2B

45.8B

Year-end

25 yen25 yenJPY*Not including IFRS16 non cash items

22Summary
Confident that learnings and results achieved to date will lead tomid- to long-term growthMove forward to achieve profitable future growth by focusing on
profitability and achieving 2023 earnings targets23Appendix

<Past Classification>
FY2022 Drivers of Business Income (vs 2021)
Full-year 2021
ActualVolume,Price & Mix*

DME(Direct Marketing
Expense, fixed only)

Commodity

Manufacturing

+0.8
-14.7
+9.4
• 3% volume growth
contribution• Wholesale revenue percase improved from Q2
with initiatives including
price revisions• Strategic marketinginvestments tocapture traffic
recovery demand.
Controlled for fullyear-15.2• Manufacturing
efficiency
improvements
through volumegrowth• Utility cost rising withhigher commodity
prices+0.1

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

Full-year 2022
Actual-14.4+5.1• Higher raw material
prices for PET,aluminum and yen
depreciation

Unit: B JPY(Rounding off less than unit)*Change in marginal profit from commercial activities. Including variable costs and deduction from revenue in IFRS.

25

FY2022 Results (vs Plan)

Unit: Million JPY

2022
ActualRevenue

2022
Plan

YoY

807,430

819,700

-1.5%

480

478

+0%

474

470

+1%

COGS

455,675

465,100-2.0%

Gross Profit

351,755

354,600

-0.8%

SG&A

365,295

368,000-0.7%

Business Income (Loss)(14,443)(14,600)-

Operating Income (Loss)(11,513)(11,100)-

Net Income (Loss) attributable to owners of parent(8,070)(7,900)-Sales Volume (Million Cases)
NARTD (Non-alcoholic ready to drink) Beverage Volume (Million Cases)

Some inconsistencies with the volume data provided in past presentations may
be expected as a result of standardization of volume and revenue calculation.

26

NARTD Channel / Category / Package Sales Volume
By Package
Full-year (Jan to Dec)

Q4QTD (Oct to Dec) Sales Volume -3%
By Channel
ChannelVolumeWholesalerevenue per case(Yen)Supermarket (SM)-7%+70Drug & Discounter (D&D)-3%+66

Convenience Store (CVS)-7%+72

4% 1%
23%

18%

15%
24%

14%

Vending (VM)

-2%+106

Retail & Food (R&F)+1%+43

Online-4%+79By Category
Category
6%
26%
22%
24%

12%
5%

10%5%-1%

Tea

-10%

Sports-11%

Water+2%

Coffee-2%

Juice+11%

39%

11%
23%
4%

Q4QTD (Oct to Dec)

11%
6%

37%

12%
23%

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.

3%

Volume

S-PET

+2%

M-PET

+24%

L-PET

-7%

Can-1%

Bottle Can+9%

Syrup+22%

Powder+21%

Package3% 5%VolumeSparkling

Package3% 5%VolumeS-PET

-9%

M-PET

Flat

L-PET

-5%

Can

+2%

Bottle Can

+7%

Syrup

+4%

Powder+14%

S-PET：Below 650ml/L-PET：Above 1.5L

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Staying True to Our Mission, Vision, Values

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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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