Asahi Beverages – Oceania
Investor Presentation
June 2024

Agenda• Introduction to Asahi Beverages Oceania• Context Setting: Macro Environment and Oceania Historical Performance• Oceania Business Update• CUB Business Overview• Oceania Q1 2024 Trading Update• Close and Q&AⒸASAHI GROUP HOLDINGS. All rights reserved.

2

Introduction to Asahi Beverages Oceania

Introduction to the Asahi Beverages Oceania Region Executive Leadership Team
オセアニアにおけるマネジメントチーム

Asahi Beverages Oceania CEO

Amanda Sellers
Group CEOGroup Growth &Strategy

Brian Phan
Group Chief Growth& Strategy Officer

Danny Celoni
CEO, CUB

Group Supply ChainGroup People &Corporate Affairs

Sandra Gibbs
Group Chief Supply
Chain Officer

Roz LeverGroup Chief People &Corporate Affairs OfficerⒸASAHI GROUP HOLDINGS. All rights reserved.

Inter-Group Alliance

Asahi Beverages Business Divisions

Nigel Parsons
CEO, ALB

Andrew Campbell
CEO, ABNZ

Kazushi Tosa
Chief Inter-Group Alliance Officer

Group FinanceGroup
Procurement& SustainabilityGroup Digital &Technology

Group Legal

Ben NorthGroup Chief Financial
OfficerJohn Tortora
Group Chief Procurement& Sustainability Officer

John Kelvie
Group Chief Digital &Information Officer

Effie Markopoulos
Group Chief Legal
Officer4Our journey to date – over the past decade, Asahi Beverages has built a leading beverages
portfolio in Oceania and is well positioned for future growth.
これまでの歩み - 過去10年以上にわたり我々はオセアニアをリードする飲料ポートフォリオを構築し、将来の成長に向けた万全の体制を構築

Independent Liquor (NZ)
Independent Distillers (Aus)2011

Schweppes
Australia

Mountain H2o

2011

2009

2013
2012

P&N’s Juice & Water
The Better Drinks CoⒸASAHI GROUP HOLDINGS. All rights reserved.

PeroniGrolschPilsner Urquell

Asahi
Beverages
Created

2015
2014

Cricketers Arms

Treasury Wine
Estate brands
(NZ)

2018

2017
2017

2017

Mountain Goat

Vodka O

Allpress
Espresso

Lipton Tea

Asahi Lifestyle
Beverages
Created

2022

2020
2019

Never
Never

2021

Carlton &UnitedBreweries

2024

StrangeLove

55

Asahi Beverages Oceania in numbers
数字で見るオセアニア事業~$1.2bn Core operating profitⒸASAHI GROUP HOLDINGS. All rights reserved.

Note: 1. Financials are based on AGH 2023 Financial Results presentation.

~4.2k

Staff across ANZ~46k

Customer outlets

50+

Manufacturing Plants &Distribution Centres

6

Oceania provides a stable market with attractive economic conditions and growth prospects.
オセアニアは経済状況が安定し、成長が見込まれる魅力的な市場

Australia and New Zealand have one of the highest per capita consumption of beverages globally with a highdegree of market maturity
豪州とニュージーランドは一人当たりの飲料消費量が世界的に最も多い国の一つで、市場の成熟度も高い

High GDP per capita and highbeverage consumption per person
一人当たりのGDPおよび飲料消費量が多い

AU: US$72k

NZ: US$52k

Premiumisation the main trend
across total beverages

Fast growing beverage
subcategories which supports
future growth

業界全体に広がるプレミアム化のトレンド

将来の成長を支える高成長なサブカテゴリー

AU: +2.8% p.a.
(RSV/litre: A$6.66)

NZ: +3.9% p.a.
(RSV/litre: NZ$6.23)

AU: +6.4% p.a. NZ: +11.5% p.a.

OECD average: US$56k
GDP per capita in Australia / NZ

AU: 9.5L

NZ: 8.8L

AU: +8.3% p.a.
(RSV/litre: A$2.40)

OECD average: 8.7L
Recorded alcohol consumption (litres ofpure alcohol, 2021) per annum among
adults (legal drinking age)

ⒸASAHI GROUP HOLDINGS. All rights reserved.

Market RSV/litre 3-year historical CAGR
for beer in Australia / NZ

NZ: +7.2% p.a.
(RSV/litre: NZ$2.56)

Market RSV/litre 3-year historical CAGR
for CSDs in Australia / NZ

Sources: IRI Scan data, Nielsen IQ, IWSR, OECD, Internal Analysis

RTD subcategory growthin Australia / NZ (3-year historical CAGR, value)

AU: +5.6% p.a. NZ: +11.5% p.a.
Spirits subcategory growthin Australia / NZ (3-year historical CAGR, value)7

Our three Business Divisions in Oceania comprise CUB, ALB, and ABNZ, with support from ourGroup functions. オセアニアの事業部門はCUB・ALB・ABNZの３つで構成され、グループ共通の間接部門が３事業をサポート

Alc consumption occasions

Non-alc consumption occasions

Australia% Total NSV: 64%% Total NSV: 29%

New Zealand% Total NSV: 7%ⒸASAHI GROUP HOLDINGS. All rights reserved.

Note: 1. Based on 2023 data.

8

Context Setting: Macro Environment and Oceania Historical PerformanceFollowing successive interest rate increases, inflation is decelerating progressively back to target levels(2 – 3%). However, GDP growth has slowed together with consumer confidence and spending.
相次ぐ 利上げに伴いインフレ率は徐々に減速し目標標水準（2〜3％）に戻りつつある
しかし、GDP成長率は消費者トレンドとともに鈍化傾向

Inflation %Cash Rate %Annual change (%)
9

5.0

5

7
6

Quarterly change (%)
6.0

6

8

4.0

4

3.0
3

3
2
1

Mar 2015
Jul 2015
Nov 2015
Mar 2016
Jul 2016
Nov 2016
Mar 2017
Jul 2017
Nov 2017
Mar 2018
Jul 2018
Nov 2018
Mar 2019
Jul 2019
Nov 2019
Mar 2020
Jul 2020
Nov 2020
Mar 2021
Jul 2021
Nov 2021
Mar 2022
Jul 2022
Nov 2022
Mar 2023
Jul 2023
Nov 2023
Mar 2024

0

2.0

2

1.0

1

0.0
-1.0

0

May 2015
Sep 2015
Jan 2016
May 2016
Sep 2016
Jan 2017
May 2017
Sep 2017
Jan 2018
May 2018
Sep 2018
Jan 2019
May 2019
Sep 2019
Jan 2020
May 2020
Sep 2020
Jan 2021
May 2021
Sep 2021
Jan 2022
May 2022
Sep 2022
Jan 2023
May 2023
Sep 2023
Jan 2024
May 20244-2.0

Sep 2017
Dec 2017
Mar 2018
Jun 2018
Sep 2018
Dec 2018
Mar 2019
Jun 2019
Sep 2019
Dec 2019
Mar 2020
Jun 2020
Sep 2020
Dec 2020
Mar 2021
Jun 2021
Sep 2021
Dec 2021
Mar 2022
Jun 2022
Sep 2022
Dec 2022
Mar 2023
Jun 2023
Sep 2023
Dec 2023
Mar 2024

5-1

GDP Growth %Percentage (%)

-3.0
-4.0

Australia

New ZealandInflation is expected to remain
higher for longer due to “sticky”
services inflation
サービスインフレの「持続性」によりインフレは長期化が予想されるⒸASAHI GROUP HOLDINGS. All rights reserved.

Australia

New Zealand

AU

NZInterest rate cuts are widely expected to only
begin in early to mid 2025 – however, timing
remains uncertain

Growth in NZ is particularly sluggish –the economy recorded negative
growth in the December 2023 quarter

利下げの開始は2025年初めから半ばになるとの見方が有力だが、時期はまだ不透明

NZの成長低迷
2023年12月期にはマイナス成長を記録

Source: Reserve Bank of Australia, Reserve Bank of New Zealand, Australian Bureau of Statistics, Stats NZ

10

Both the Australian and NZ beer categories had negative growth in 2023 which has eased in
2024. However, non-alc has been resilient and has grown over the same period.
豪州とNZのビール市場は2023年にはマイナス成長となったが、2024年には軟化している。ノンアルコール飲料は回復力が強く同期間に成長を継続

Total Beer Growth

Total AU Non-Alc Growth

YoY Qtrly Growth (%), Volume

Total RTD Growth

YoY Qtrly Growth (%), Volume

YoY Qtrly Growth (%), Volume
20%

20%

10%

15%

15%

8%

10%
10%

6%
5%
4%

5%

0%
2%
-5%

0%
0%

-10%

-5%
-2%

-15%

NZ Beer

AU BeerⒸASAHI GROUP HOLDINGS. All rights reserved.

NZ RTD

Feb-24

Dec-23Oct-23Aug-23Jun-23Apr-23

Feb-23

Dec-22Oct-22Aug-22Mar-24

Sep-23

Dec-23Jun-23Mar-23

Dec-22Jun-22

Sep-22

Dec-21

Mar-22

Sep-21

Jun-21

Mar-21

Sep-20Dec-20Jun-20Mar-20Mar-17
Jul-17
Nov-17Mar-18
Jul-18
Nov-18Mar-19Jul-19
Nov-19Mar-20Jul-20Nov-20Mar-21
Jul-21
Nov-21
Mar-22
Jul-22
Nov-22Mar-23
Jul-23
Nov-23Mar-24-20%

Jun-22-10%-4%

AU RTD

MarketSource: Nielsen IQ, IRI Scan data, ATO data11

Asahi Beverages Oceania experienced strong commercial growth across the business over thelast few years.
オセアニア事業はここ数年間、事業全体で力強い商業的成長を遂げている

Historical NSV (AUD$m)^

Historical Core Op. Profit (AUD$m)

7.3%

0.8%
$4,751.0m$4,430.0m

2022$1,185.0m$1,176.0m

2023

2022

2023

The increase in NSV was driven by Volume
growth resulting from the success of NPDs
and strong share performance along withfavourable Price Realisation

Asahi Beverages Oceania was able to growCore Operating Profit through growth in profit
margins resulting from tight cost control
management and revenue optimisation

NPDの成功による販売数量の成長と好調なシェア実績、および良好な価格実現がNSVの増加を牽引

オセアニア事業は厳格なコスト管理と収益の最適化により利益率を向上し、事業利益を拡大ⒸASAHI GROUP HOLDINGS. All rights reserved.

^ NSV includes Allpress and Disruption.
Note: 1. Financials are based on AGH 2023 Financial Results presentation. Revenue excludes Liquor Tax and Container Deposits.

12Oceania Business Update

Our ambition defines what it means for Asahi to be multi-beverage across three strategicpillars – our consumers, our customers and our organisation.
我々が目指すものは、消費者・顧客・組織という3つの戦略的な柱を通じて、マルチビバレッジであることの意味を定義づけることにある

Our multi-beverage ambition is to be thefirst choice in beverages across Oceania
オセアニア全域で最初に選ばれる飲料となることが、我々のマルチビバレッジ戦略の目標

Consumer

Customer

Organisation“The optimal beverages
portfolio with brands
that Consumers love”“Market leading Customer
reach and value
proposition”

消費者に愛されるブランド群による最適な飲料ポートフォリオ

市場をリードする顧客リーチと価値提案力“Make, sell and move ourbeverages in the mostefficient, safest,
responsible andsustainable way”
最も効率的かつ最も安全で、責任のあるサステナブルな方法
を用いて飲料を製造・販売・配送ⒸASAHI GROUP HOLDINGS. All rights reserved.

14

Asahi Oceania is well positioned to become a regional multi-beverage supplier of choice.
当社オセアニア事業は地域のマルチビバレッジ・サプライヤーとして選ばれる有利なポジションにいる

Our Multi-beverage Ambition
Consumer“The optimal beverages portfoliowith brands that Consumers love”

Asahi Oceania’s Position

Leading positions in thebeverage categories
that matter#1 in Alcohol#2 in Non-alcohol

重要な飲料カテゴリーでトップの地位

Customer“Market leading Customer reachand value proposition”

Superior customer reachwith the ability to provide agreat value proposition~46k Customer outlets(licensed and unlicensed)

優れた価値提案を提供可能な顧客開拓力

Organisation“Make, sell and move our beverages
in the most efficient, safest,
responsible and sustainable way”

ⒸASAHI GROUP HOLDINGS. All rights reserved.

Leading scale andorganisational capability
主導的な規模と組織能力~4,200 Talented employees
18 Manufacturing plants
33 Distribution centres
15

Our Regional Strategy connects our multi-beverage ambition with the strategic choices weare making.
我々の地域戦略によりマルチビバレッジな目標と選択とを結合ⒸASAHI GROUP HOLDINGS. All rights reserved.

16

Deep dive: Our Consumers
深掘り：消費者について

Our multi-beverage ambition is to be thefirst choice in beverages across Oceania

Consumer

Customer

Organisation“The optimal beverages
portfolio with brands
that Consumers love”“Market leading Customer
reach and value
proposition”“Make, sell and move ourbeverages in the mostefficient, safest,
responsible andsustainable way”

消費者に愛されるブランド群による最適な飲料ポートフォリオⒸASAHI GROUP HOLDINGS. All rights reserved.

17

CONSUMER

Consumer preferences are evolving across key trends of sensory & social,health & wellbeing, sustainability and changing demographics & cultures.

消費者トレンドは、感覚と社会性・健康とウェルビーイング・サステナビリティ・人口動態と文化の変化など、多岐にわたって進化

Consumers are seeking
sensory experiences throughtheir desire to reinforce theirself-image

Consumers are addressing
their health in a more holisticmanner

自身のセルフイメージを強化したい
欲求を通じ感覚的な体験を訴求

より総合的な健康意識

Need for adult sophistication inbeverages

Moderation in drinking(alcohol)Growth of easy drinking toaccessibly enjoy alcohol

Desire for“functional”
chilled non-alc

Beverages are increasingly
used as ‘exercise fuel’ tosupport physicalperformance and hydration

Drinks as a talking point /social image enhancer /attention-seekerⒸASAHI GROUP HOLDINGS. All rights reserved.

Source: Internal analysis.

Rising awareness of theimportance of sustainability
and ethics and that brands
should be good citizens
サステナビリティと倫理の重要性、ブランド＝良き存在であるべきという意識の高まり

Desire to know
environmental / ethicalbenefits of buying a
product

Belief it’s the
responsibility ofcompanies to help
solve / tackle
environmental issues

Alertness togreen/social
washing across all
sectors

Changing demographics andcultures are leading toevolving tastes andpreferences
人口動態や文化の変化＝味覚や嗜好の進化

Generational shifts,
with increasing
number of Millennials
and Baby Boomers
Increasing ethnic
diversity, leading to
uplift in demand forspecific beverages(1 in 4 Australians areborn overseas)
Increased exposure to othercultures is driving morecuriosity andexperimentation with world
flavours (e.g., beverages
associated with Japaneseculture)18

CONSUMER

We are well placed to meet Consumer’s needs with leading positions in the key
alcohol beverage subcategories that matter.

我々は重要なアルコール飲料の主要サブカテゴリーで主導的な地位を占めており、消費者のニーズに対応可能
Classic
Beer#2 Beer By
Value inAU

Contemporary
Beer#1 Beer andDriver of Total
Alcohol Growth#1 Non-alcoholic
Beer in AU

Premium
Beer

Craft Beer

Top PremiumInternational Portfolio in
AU and NZ

Ginger
Beer

Cider

RTDs

#1 Cider Brand with
Somersby

Leading Craft Portfolio#3 Craftbrand inNZ

#2 Light RTD in
AU1

Spirits

Gold Medal
Australian
Gin Awards#1 Light RTD in
AU1#1 Ginger
Beer Brand
in AU#1 Light RTD
brand in NZ

Premium spirits incl.
Japanese Whiskey

No.1 market position in Beer, Cider, and RTDs in Australia
No.1 market position in RTDs and No.3 market position in Beer and Cider in New ZealandⒸASAHI GROUP HOLDINGS. All rights reserved.

Source: Internal analysis, IRI Nielsen – MAT 2024, value.
Note: 1. Measured based on Sub Brand categorisation in IRI. Cruiser refers to Vodka Cruiser (Core).

19

CONSUMER

Our portfolio of established global brands in non-alcohol provides us withstability in the core while supporting future growth ambitions.

ノンアルコール飲料の分野で確立された世界的なブランドポートフォリオは、将来の成長意欲を支える一方で、コアとなる安定性も提供

CSDs#2 No Sugar
Cola in AU

Energy#1 Lemon #1 Volume No Sugar
Soft Drink Orange Soft Drink in AU
in AUSportsWater#1 volume#1 Value Sport still waterElectrolyte supplier (total
Water in AU ALB portfolio)

Cordial#1 Mixerin AU#1 value sharein traditionalenergy in AU#1 Volume Full
Sugar Lemonade
in AU

Tea

#1 Iced Teain AU & NZ

Juice

Coffee#2 Chilled Juicebrand in NZ

No. 1 market position in Iced Tea and No.2 market position in CSDs, Sports, and Water in Australia
No. 1 market position in Iced Tea and No. 3 market position in Juice in New ZealandⒸASAHI GROUP HOLDINGS. All rights reserved.

Source: IRI Scan data – MAT 2024.
Note: ALB distributes Red Bull in selected OTG subchannels (excluding P&C, distributors / wholesalers).

20

CONSUMER

We remain focused on delivering growth through our leading beverage brands,
both by enhancing our existing portfolio and expanding through innovation.

我々は既存のポートフォリオを強化し、イノベーションを通じて拡大することにより、主要ブランドを通じて成長を実現することに引き続き注力

Simplify and strengthen our
portfolio

Premiumise at scale

Drive portfolio growthHarness the brand equity of our portfolio
to better meet the needs ofconsumers, today and tomorrow

Unlock greater value through delivering
innovative brand propositions at anational scale

Rapidly scale in emerging categories
and drive further growth in existing
channels

ブランド・エクイティを活用し、現在と将来の消費者のニーズに対応

革新的なブランド提案を全国規模で展開し、より大きな価値を創出

新興カテゴリーで急速に規模を拡大し、既存チャネルでさらなる成長を推進

Opportunities:

✓

✓
✓

✓

Reinvigorate andcontemporise our portfolio ofbrands through new andinnovative expressions
Expand brand leadership in
key markets
Drive excellence in execution
to win shoppers at the point ofpurchase
Simplify our portfolio to drive
further focus in our offeringsⒸASAHI GROUP HOLDINGS. All rights reserved.

Opportunities:

Opportunities:✓

Drive expansion of nationallyscalable, premium brands✓

Amplify big bets that capitalises
on emerging trends✓

Grow total value and occasions
through innovative pack pricearchitecture✓✓

Investment in new productdevelopment that captures new
consumer expressions

Pursue growth in adjacentcategories where we do notcurrently have meaningful
positions in✓

Scale coffee nationally✓

Attract and premiumise specificpopulation demographics

21

CONSUMER

In alcohol, we are delighting our customers & consumers by leading trends andinnovation to unlock category growth.

アルコールの分野では、トレンドとイノベーションをリードし、カテゴリーの成長を引き出すことで顧客と消費者に価値を提供

Simplify and strengthen our
portfolio
New and on trend expressions fromexisting brands; utilising equity andprovenance
既存ブランドの新しいトレンド対応、ブランド・エクイティの活用ⒸASAHI GROUP HOLDINGS. All rights reserved.

Premiumise at scale

Drive portfolio growth

Build new products with desirable
consumer value propositions

New and accessible ways into emerging
emotional & functional macro trends;
category reinvigoration and serves

消費者に受け入れられる価値提案型の新製品を開発

感情的かつ機能的な、新たなマクロ・トレンドにアクセスできる新しい方法

22

CONSUMER

In non-alcohol, we are making a set of clear ‘Big Bets’ across key categories
and brands that will drive our future growth.

ノンアルコール飲料の分野では、将来の成長の原動力となる主要カテゴリーとブランドにおいて大きく仕掛けていく

Simplify and strengthen our
portfolio
Maintain
Relevancy of
our Brands

Step Change
FlavourⒸASAHI GROUP HOLDINGS. All rights reserved.

Premiumise at scale
Premiumisation
through innovation

Accelerate Brand
Love throughSponsorships

Drive portfolio growth
Lead the next
evolution of
Beverages

Establish our Position
In Functional Health23

Deep dive: Our Customers
深掘り：消費者について

Our multi-beverage ambition is to be thefirst choice in beverages across Oceania
オセアニア全域で最初に選ばれる飲料となることが、私たちのマルチビバレッジ戦略の目標

Consumer

Customer

Organisation“The optimal beverages
portfolio with brands
that Consumers love”“Market leading Customer
reach and value
proposition”“Make, sell and move ourbeverages in the mostefficient, safest,
responsible andsustainable way”

市場をリードする顧客リーチと価値提案力ⒸASAHI GROUP HOLDINGS. All rights reserved.

24

CUSTOMER

We have a wide customer reach within both licensed and unlicensed
channels, servicing ~46,000 outlets across Australia and New Zealand.

豪州とニュージーランド全土で約4万6,000の店舗にサービスを提供し、ライセンス・チャネルと非ライセンス・チャネルの両方で幅広い顧客を獲得

Australia
Alc consumption occasions~22,000 Outlets(Alc division)ⒸASAHI GROUP HOLDINGS. All rights reserved.

Non-alc consumption occasions~18,000 Outlets(Non-alc division)

Source: Internal analysis.

New Zealand
Alc consumption occasions~2,400 outlets(Alc division)

Non-alc consumption occasions~4,000 outlets(Non-alc
division)25

CUSTOMERWe are step changing how we partner customers to drive the growth of theirbusiness and ours.

我々は、顧客と我々のビジネスの成長を促進するために、顧客との提携方法を段階的に変化させている

Consistent customer
experience

Single view of ourcustomers

Partnering to support
our customers’ growth

We are providing
customers access to ourfull portfolio with one
account, one order and
one delivery.

We are providing a single
view of our customer
across divisions to make iteasy for them to dobusiness with us.

We are step changing
how we partner withcustomers to facilitate
growth of their businessand value of their total
beverage occasions.

Using data analytics and artificial intelligence as underpinning capabilitiesⒸASAHI GROUP HOLDINGS. All rights reserved.

26

Deep dive: Our Organisation
深掘り：我々の組織について

Our multi-beverage ambition is to be thefirst choice in beverages across Oceania
オセアニア全域で最初に選ばれる飲料となることが、私たちのマルチビバレッジ戦略の目標

Consumer

Customer

Organisation“The optimal beverages
portfolio with brands
that Consumers love”“Market leading Customer
reach and value
proposition”“Make, sell and move ourbeverages in the mostefficient, safest,
responsible andsustainable way”

最も効率的かつ最も安全で、責任のあるサステナブルな方法
を用いて飲料を製造・販売・配送ⒸASAHI GROUP HOLDINGS. All rights reserved.

27

ORGANISATION

We are focused on sourcing, making, selling and moving our beverages in themost efficient and effective way.

我々は最も効率的かつ効果的な方法で調達から製造、販売および輸送を行っている

Cost control

Simplification

We are growing through our regional scale andembedding strong cost discipline in our ways ofworking

To enable our future growth, we are simplifying
our portfolio and establishing a strong businessfoundation

地域全体で成長しつつ、業務推進において強力なコスト規律を制定

Implementation of Asahi’s
regional procurement hub in
Singapore

Realising design-to-value
benefits across our portfolio

Implementation of
procurement spend
optimisationⒸASAHI GROUP HOLDINGS. All rights reserved.

将来成長に向けてポートフォリオを簡素化し、強固な事業基盤を確立

Optimisation of our range tofocus on the SKUs that matter

Capability uplift throughsystems upgrades

Optimisation of our inventory
balances to reduce wastage

Reorganisation and process
standardisation

28

ORGANISATION

Our People Strategy has three pillars and we’re making good progress in all.
我々の人材戦略には3つの柱があり、すべて順調に進捗している

BE A FIRST CHOICE EMPLOYER, ENABLE OUR GROWTH THROUGH A CULTURE OF
COLLABORATION , RESPONSIBILITY AND INCLUSIVITY
Our People &Corporate Affairs
Foundation

SAFETY & WELLBEING

Launch of our Global Safety andWellbeing Vision across our
Oceania business
RecentAchievements

Established a Strategic Safety
Council to provide governanceover Safety and Wellbeing
programs
Co-designed a Safety Leadershiptraining program and delivered to
645 leaders across the divisionⒸASAHI GROUP HOLDINGS. All rights reserved.

BUILD COLLECTIVE STRENGTH

Increasing instance of internal
promotions across all levels of theorganisation, demonstrating theefficacy of our capability andleadership

Delivery of Leadership & Business
Fundamentals programs to create
the capability that propels ourcustomer reach and value
proposition

A GREAT PLACE TO BE

Diversity, Equity and Inclusion
programs – launch of the Asahi
Employee Resource Group (ERG)
communities, currently at >400
members (~10% of our workforce)
Made great progress on our
Reconciliation Action Plan
journey, including engaging
Diversity Australia in this importantwork and holding a full-day
cultural deep dive workshop for
our Senior Leadership Team29

ORGANISATIONOur ESG program aligns with our global sustainability strategy, and we areprioritising and accelerating our efforts to drive impact.
我々のESGプログラムはグローバル・サステナビリティ戦略に沿ったものであり、インパクトの創出に向けた取り組みを優先・加速している

Key Environmental Programs

Key Social Programs

Key Governance Programs

We are reducing our emissions andfocusing on our environmentally
sustainable practices

We are championing responsible
drinking, improving safety & wellbeing,and strengthening partnerships with our
local communities

We continue to strengthen ourgovernance to ensure we deliver bestpractice

排出量の削減とサステナビリティ活動への注力

Example initiatives:

責任ある飲酒/安全とウェルビーイングの向上による地域社会との連携強化 Example initiatives:

ベストプラクティスを確実に提供するため、継続的にガバナン
スを強化

Reducing Scope 1-3 emissions

DrinkWise responsible drinking

Sustainable packaging

Human rights due diligence on Tier 1
direct suppliers (packaging, rawmaterials)

Sustainability governance andreporting

Sustainable raw materials
Sustainable water
Circular economyⒸASAHI GROUP HOLDINGS. All rights reserved.

Health & Safety Critical Risk Program

Example initiatives:

Board and subcommittee governance
Ethics & compliance policies & controls

Diversity, Equity and Inclusion programs

30

CUB Business Update

Our clear, focused strategy provides CUB with clarity on how we will deliver consumer,
customer, and shareholder value. クリアで的確な戦略を通して、CUBは消費者・顧客・株主の皆様に明確な価値を提供
Our Vision

Bring Enjoyment & Connection To Everyday Moments In Life

Our Ambition

Our multi-beverage ambition is to be the first choicein beverages across Oceania
オセアニア全域で最初に選ばれる飲料となることが、私たちのマルチビバレッジ戦略の目標

Our
Strategic
Pillars

Consumer

Customer

Organisation“The optimal beverages
portfolio with brands
that Consumers love”“Market leading Customer
reach and value
proposition”“Make, sell and move ourbeverages in the mostefficient, safest, responsible
and sustainable way”

消費者に愛されるブランド群による最適な飲料ポートフォリオ

Grow Beer

Accelerate Craft

Drive Category
Growth Agenda

Grow Multi
Beverage &Scale Coverage

Disrupt Spirits

Grow Value
Through
Customer
Differentiation

RevenueManagement
Value Creation

ExampleFocus Areas
Grow RTD Ahead
of CategoryⒸASAHI GROUP HOLDINGS. All rights reserved.

市場をリードする顧客リーチと価値提案力

最も効率的かつ最も安全で、責任のあるサステナブルな方法
を用いて飲料を製造・販売・配送

The Most
Engaged Team in
FMCG

Improve Ease of
Doing Business

Step Change
Execution andConversion

32

In the last 2 years, CUB has performed well compared to the market.
過去2年間CUBは市場比で好調なパフォーマンスを維持

Beer Value Performance vs Market

Beer Volume Performance vs Market
YoY Monthly Growth (%)

10%

YoY Monthly Growth (%)

15%

10%

5%

5%

Mar-24Feb-24Jan-24

Dec-23

Nov-23Oct-23

Sep-23Aug-23

Jul-23Jun-23May-23Apr-23Mar-23

Feb-23Jan-23

Dec-22

Nov-22Oct-22

Sep-22Aug-22

Jul-22Jun-22-5%

May-220%

Apr-22Mar-24Feb-24Jan-24

Dec-23

Nov-23Oct-23

Sep-23Aug-23

Jul-23Jun-23Apr-23Mar-23

Feb-23Jan-23

Dec-22

Nov-22Oct-22

Sep-22Aug-22

Jul-22Jun-22

May-23-5%

May-22

Apr-22

0%

-10%
-10%
-15%

-15%

-20%

-20%
MarketⒸASAHI GROUP HOLDINGS. All rights reserved.

CUB

Source: IRI Scan data

MarketCUB

33

Despite beer category headwinds, we have grown volume over the past two years, whilst
growing $/L. ビールカテゴリーの逆風にもかかわらず、CUBは過去2年間にわたり販売量とリッター当たり単価の成長を達成
Beer RSV/Litre Growth Over Time

Beer Volume Growth Over Time
2-Year Growth(CAGR)

Beer RSV $/L

Other

2-Year Growth(CAGR)

CUB

+3.2%

6.6
(1.6)%

Other

+3.2%

6.5
6.4
6.3
6.2

+1.5%

CUB

6.1
5.0
2021

2021

2022

2023

2023

While the market has experienced declining beer
volume over the last 2 years, our volume has grown

At the same time, we have grown our RSV/litre

過去2年間ビール市場は販売量が減少したが、CUBの販売量は増加ⒸASAHI GROUP HOLDINGS. All rights reserved.

2022

Source: ATO Market data, IRI Scan data – MAT 2021, 2022, 2023, Internal data analysis.

同時にリッター当たり単価も増加

34

We have grown our business through various initiatives, including market-leading innovationthat has now delivered us #1 market leadership in RTDs.
市場をリードするイノベーションを含む様々な取り組みにより事業成長を図り、現在ではRTD市場においてNo.1の地位を獲得

Strategic Revenue GrowthManagement

Superior Brand Strength
Brand Power

1.5x higher

2.9x higher

Portfolio Pricing
Strategy

Pack Price
Architecture

Active Mix
Management
1.3x higher

Promotion
Management

Trading terms
ROI efficiency

RTD Expansion
CUB RTD Share (Value)*

Accretive Beer Innovation
Accelerated Growththrough Innovation

2022 Q1 ’23 Q2 ’23 Q3 ’23 Q4 ’23 2023

ⒸASAHI GROUP HOLDINGS. All rights reserved.

Source: IRI Scan data, Kantar Brand Health Tracker

35Beer remains the bedrock of our business, however we are successfully growing our portfolio
in adjacent key sub-categories (such as RTDs) to unlock our next horizon of growth.
ビールは引き続き当社事業の根幹だが、次なる成長に向けて、隣接する主要サブカテゴリー（RTDなど）のポートフォリオを順調に拡大中

CUB Value Shape
OthersCider

RTD• Beer stable share of value over theperiod.

Beer

ビールは左記の期間中、安定したシェアで推移

4.0%

4.0%

4.0%

4.0%

7.0%

8.0%

• RTDs increasing share of total value
from upweighted strategic focus andinnovation.
RTDは戦略的重点化とイノベーションにより、トータルの価値を拡大• Cider stable as a percentage share of
total volume in a declining category.
85.0%

サイダーは減少傾向にあるカテゴリーにおいても、安定した割合で推移

84.0%• Other include Spirits representing an
opportunity for growth.
その他の成長機会としてスピリッツ類がある

2021ⒸASAHI GROUP HOLDINGS. All rights reserved.

2023

Source: AGH Fact Book.

36

Our portfolio strategy is purposeful and is centred around our four portfolio engines; designed
to strengthen our beer brands while actively building our next horizon of profit growth.
当社の明確なポートフォリオ戦略は4つの軸を中心としており、ビールブランドの強化と共に、次なる利益成長の素地形成を目指している

GROW BEERACCELERATEPREMIUM
CRAFT

GROW RTD
AHEAD OFCATEGORY

Extend Great Northernand our strong
portfolio to support
future growth

Drive premiumisation
via the depth andscale of our premium
local craft portfolio

Grow Ahead &Disrupt the RTD
category「Great Northern」や他の強力なポート
フォリオを活用し、将来の成長を支える

高単価で地域に根差したクラフト・ポー
トフォリオの充実と規模拡大によるプレミアム化の推進

RTDカテゴリーを先取りし開拓

AMPLIFYSPIRITS

Expand our spirits
portfolio to drive
premiumisation andcategory expansion
スピリッツ・ポートフォリオを拡充し、
プレミアム化とカテゴリー拡大を推進

Accelerating growth through innovation as an underpinning foundationⒸASAHI GROUP HOLDINGS. All rights reserved.

37

Grow Beer – As a market leader in Beer, we are well positioned with a portfolio of wellrecognised brands. ビールの成長 - マーケット・リーダーとしてCUBは認知度の高いブランド・ポートフォリオで有利な立場を形成
Grow Beer

Extend Great Northern and our strong portfolio to support future growth

What is the opportunity?

Why are we well positioned

Core Beer1 share remains steady at~65% of the Australian beer market

We hold a portfolio of well-recognised brands – including the #1
most consumed Brand in Great Northern – with superior execution
and reach in over ~22k licensed outlets nationally

コアビールのシェアは豪州ビール市場の約65％で安定「Great Northern」を含む認知度の高いポートフォリオを通し、全国22K店以上のライセンス店舗で卓越した実行力とリーチを保有

Strong portfolio of wellrecognised beer brands

Ability to drive excellence in
execution to win shoppers at
the point of purchase

Ability to extend our brandstrength to enter categories withhigh growth and profitability

Core Beer

Other Beer
2022

2023

2024

Total Beer Value Share2022-2024ⒸASAHI GROUP HOLDINGS. All rights reserved.

Source: IRI Scan data
Note: 1. Includes Classic Beer and Contemporary Beer.

38

Grow Beer – We will reinvigorate and contemporise our portfolio of brands to support future
growth. ビールの成長 - 将来の成長に向けポートフォリオの活性化と近代化を推進
Grow Beer

Extend Great Northern and our strong portfolio to support future growth

Extend Great Northern
as a portfolio ofbrandsⒸASAHI GROUP HOLDINGS. All rights reserved.

Build a stronger more
effective and efficient
Carlton portfolio

Return VB to National
Growth as aprominent classic
beer

Strengthen our iconic
premium international
brands39

Drive Premium Craft Growth – The depth and scale of our portfolio of premium craft brands iswell-positioned to drive growth. プレミアム・クラフトビールの成長促進 -成長を促進するのに十分な規模のクラフトビールにおけるポートフォリオ
Accelerate Craft

Drive market leadership in Craft via the depth and scale of our portfolio

What is the opportunity?

Why are we well positioned

Craft as a % of the totalbeer market has beensteady at ~12%

However, we’ve grownrevenue strongly over thesame period, gaining share

ビール市場全体に占めるクラフトビールの割合は12％程度と安定

同期間中に収益とシェアを拡大

当社のクラフト事業を通じて、各主要都市のプレミアム・ローカル・ビジネスの成長・スケール化を図る

5x growthvs Core1

Craft

Premium local businesses in key geographies,
enabled by dedicated Business Scaling
capabilities (Fire & Earth Ventures business unit)
to accelerate growth•Premium brands in growth:~130% price index to Core
portfolio1•

Multi-Beverage production
capability (Beer, Spirits and RTD)•

Leading Brand Experiences(>2.5m visits per year)•

Dedicated business scaling
capabilities – innovation, branddevelopment, supply chain,commercial

+29%

Other
Beer

2021

2022

2023

Beer Market Composition
2021 – 2023

ⒸASAHI GROUP HOLDINGS. All rights reserved.

2021

2022

2023

Asahi Craft NSV Growth2021 – 2023

Source: IRI Scan data – value, yearly data; Internal data.
Note: 1. Includes Classic Beer and Contemporary Beer.

40

Drive Premium Craft Growth – Through our leading brands, we will drive world-classconsumer experiences and lead with innovation to enable the premiumisation.
プレミアム・クラフトビールの成長促進 -トップブランドを通じてワールドクラスの消費者体験を推進し、プレミアム化を可能にするイノベーションでリード

Accelerate Craft

Drive market leadership in Craft via the depth and scale of our portfolio

Create premium, iconic national
brandsDrive world-class consumer
experiences and activation

Lead with innovation to enable thepremiumisation of our offerings

プレミアムで象徴的なナショナル・ブランドを創造

ワールドクラスの消費者体験と活性化を推進

イノベーションでリードし商品のプレミアム化を可能に

Focused on building strong,premium and locally famousbrands – with clear flagshipproductsⒸASAHI GROUP HOLDINGS. All rights reserved.

Leading consumer
engagement in cultural
moments and passion
pointsBalter Cerveza premiumising
Beer – currently #1 Beer NPD
in Australia

Over 30 branded
experiences nationally,
driving authentic consumer
connections

New expressions of Premium
Beer, leveraging local
authenticity

41

Grow RTD Ahead of Category – Our portfolio of brands provides us with a strategic position tocontinue accelerating share in Australia’s fast-growing RTD category.
市場を超えるRTDの成長 - CUBのポートフォリオは豪州で急成長するRTDカテゴリーにおいてシェアを拡大するためのドライバーになる

Grow RTD Ahead of Category
Grow Ahead & Disrupt the RTD category

What is the opportunity?

Why are we well positioned

Our share gain has grown 7%
since 2022 to hold the #1
market position in RTDs
(as of Q1 ’24)
豪州のRTDカテゴリーはビールカテゴリーの約1.3倍

In Australia we hold the #1 market position
in RTDs, including the #1 and #2 mostconsumed Light RTD brands in Hard Rated
and Vodka Cruiser

In Aus, the RTD category has
grown at ~1.3x the rate of theBeer category

2022年以降シェアは7%拡大、RTD市場でNo.1のポジションを維持 (24年第1四半期現在)のペースで成長

当社は豪州RTD市場で第1位の地位を占めており、その中には最も消費されているライ
トRTDブランド第1位の「Hard Rated」と第2位の「Vodka Cruiser」が含まれている

+6.4%

2021

2022

2023

RTD Market RSV Growth2021 – 2024

ⒸASAHI GROUP HOLDINGS. All rights reserved.

2024

2022

Q1
Q2
Q3
Q4 2023
’23
’23
’23
’23
RTD Market Share (Value)2022 – 2023

Source: IRI Scan data – Quarterly and MAT, Internal data.

42

Grow RTD Ahead of Category – We will achieve further growth via pursuing new RTD
subcategories and channels and innovation to attract specific population demographics.
市場を超えるRTDの成長 - RTDの新たなサブカテゴリーとチャネルを追求し、特定の層を惹きつけるイノベーションを通じさらなる成長を達成していく

Grow RTD Ahead of Category
Grow Ahead & Disrupt the RTD category

Recruit new RTD
drinkers through RTD
Power Brands

強力なブランドで新規RTD愛飲者を獲得ⒸASAHI GROUP HOLDINGS. All rights reserved.

Extend Ginger Beer
Market Leadership
ジンジャービール市場でリーダーシップを拡大

Grow RTDs in the onpremise
業務用市場でのRTD成長

Disrupt Dark RTDs
ダークRTD市場を創造

43

Amplify Spirits – Our market leadership in alcohol puts us in a strategic position to grow ourpresence and gain share in the Spirits category.
スピリッツ類の拡大 - 市場でのリーダーシップを発揮しスピリッツ・カテゴリーで存在感を高めシェアを拡大

Amplify Spirits
Grow our spirits portfolio to drive premiumisation and category expansion

What is the opportunity?
In Australia, the Spirits category is
growing at a higher rate compared to
the Beer category
豪州ではビール・カテゴリーに比べ、スピリッツ・カテゴリーの成長率が高い(0.1)%+2.7%

Beer CAGR(Volume, 2019 – 2023)

Spirits CAGR
(Volume, 2019 – 2023)

+2.3%

+6.2%

Beer CAGR(Value, 2019 – 2023)

Spirits CAGR
(Value, 2019 – 2023)ⒸASAHI GROUP HOLDINGS. All rights reserved.

Source: IRI Scan data, IWSR data (Spirits)

Why are we well positioned
We have national scale withover 22k licensed outlets andleading go to market reach andcapability
全国に2万2,000店以上のライセンス店舗を保有

Asahi’s current Spirits
portfolio boasts several
opportunities, ready for
growth potential
アサヒの既存スピリッツ・ポートフォリオ
は、成長機会を秘めた複数の可能性を保有

44

Amplify Spirits – We will achieve further growth through unlocking value within our current
portfolio and building our value proposition to win within key growth segments.
スピリッツ類の拡大 -既存ポートフォリオの価値を引き出し、主要な成長セグメントで勝ち抜くための価値提案を構築することで、さらなる成長を達成していく

Amplify Spirits
Expand our spirits portfolio to drive premiumisation and category growth

Promoting our current First
Pour range, led by Vodka O

Developing new to world
propositions to disrupt Spirits『Vodka O』を筆頭に現在のファースト・プール・シリー
ズを拡大

スピリッツを開拓する新たな世界感の提案や開発ⒸASAHI GROUP HOLDINGS. All rights reserved.

Build our Spirits credentials
and win within key growth
segment of Premium+ Spirits
スピリッツの信頼性を高め、主要な成長セグメントであるプレミアム＋スピリッツで獲得

45

Oceania Q1 2024 Trading Update

Our recent performance highlights general alcohol category softness driven by a subdued
economy. However, we continue to drive revenue growth reflecting the resiliency of our brands.
直近の業績は、景気低迷に伴うアルコールカテゴリーの軟調を浮き彫りにしている。一方、当社ブランドの回復力を反映し、引き続き増収を牽引している

Q1 2024 Trading Update

NSV+2.3% vs LY

Core Operating Profit(9.6)% vs LY

The NSV growth vs LY was driven by Price
Realisation across the Group along withadditional volumes due to increased
consumption of CSDs within Grocery, newbusiness wins in our ‘On The Go’ channel
and the success of NPD releases, such as
Hard Rated.

The Core Operating Profit result vs LY wasdriven by significant year-on-year costescalations, particularly in our supply chain
network along with category softness in theAustralia Beer and New Zealand Alcohol
Markets.

NSVの前年比増の背景は、価格実現に加えグローサリーにおける炭酸飲料の消費拡大による販売数量の増加、「オン・ザ・ゴー」チャネルにおける新規ビジネスの獲得、更に「Hard Rated」などの新商品の成功による事業利益の前年比減の背景は、主にサプライチェーンにおける大幅なコスト増と、豪州ビールおよびニュージーランドのアルコール市場におけるカテゴ
リー軟調が影響しているⒸASAHI GROUP HOLDINGS. All rights reserved.

Note: 1. Financials are based on AGH Q1 2024 Financial Results presentation. Revenue excludes Liquor Tax and Container Deposits.

47

We are confident in our long-term strategy and are clear on our priorities notwithstanding thecurrent soft macro environment.
現在マクロ環境は軟調だが、我々は長期戦略に自信を持っており優先課題も明確である

Closing remarks:•

The current market conditions are more challenging than anticipated. Persistent cost of living pressures has led consumers to
be more choiceful with their budgets. This is having a downward impact on alcohol spend and consumption.

•

We are investing in the strength of our brands across our alcohol and non-alcohol portfolio whilst actively building our next
horizon of profit growth. We are supporting our topline programs via a focus on cost management.

•

We are focussed on creating joint value with customers through providing a differentiated value proposition via harnessing ourmulti-beverage portfolio.

•

We are maintaining an organisation wide quality and sustainability mindset supported by high-performing, engaged teams.

•

We are focussed on delivering superior growth & shareholder value.

ⒸASAHI GROUP HOLDINGS. All rights reserved.

48