Asahi Group Holdings Ltd · TSE:2502

Asahi — Q1 2021 Earnings Presentation

19 slides from Asahi's earnings presentation, May 2021

1. Slide 1: Q1 2021 Financial Results Presentation

   Q1 2021 Financial Results Presentation May 2021 Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

2. Slide 2: 2021 Q1 Financial Results Highlights (constant currency basis)

   2021 Q1 Financial Results Highlights (constant currency basis) ◆ Q1 results outperformed the plan due to YoY increase in profits in Soft Drinks and Overseas businesses, despite YoY decline in profits in Alcohol Beverages and Food businesses. ・Alcohol： YoY decline in revenue and profit due to the sal

3. Slide 3: Financial Results Highlights (actual currency basis)

   Financial Results Highlights (actual currency basis) ＜Revenue and Core operating profit （actual currency basis）＞ (JPY billion) Q1 (3 months ended March 31) H1 forecast (announced on February 12) YoY (Amount / %) YoY (Amount / %) Alcohol Beverages Business 136.1 - 26.9 - 16.5% 354.7 14.1 4.2% Soft Dr

4. Slide 4: Operating Profit/Profit attributable to owners of parent

   Operating Profit/Profit attributable to owners of parent (JPY billion) Q1 (3 months ended March 31) H1 forecast (announced on February 12) YoY (Amount / %) YoY (Amount / %) Revenue 456.7 47.5 11.6% 1,067.5 193.2 22.1% Core operating profit 28.3 12.4 78.3% 76.5 24.5 47.2% Adjustment item 23.9 26.9 -

5. Slide 5: COVID-19 Impacts (by Region)

   COVID-19 Impacts (by Region) ◆Monthly Beer Sales in the Key Businesses (January 2020 - March 2021) 【Domestic Alcohol Business】 【European Business】 【Australian Business】 *Beer-type beverages value basis *Volume basis *Volume basis 30% 20% 10% 0% -10% -20% -30% *Based on the integration with Asahi *Ca

6. Slide 6: Alcohol Beverages Business (Revenue of Beer-typed/Sales Volume by Brands)

   Alcohol Beverages Business (Revenue of Beer-typed/Sales Volume by Brands) <Sales Volume by Brands> (Millions of cases) <Market Trend> (Volume basis) Q1 (3 months ended March 31) H1 forecast (announced on February 12) Q1 YoY YoY (Amount / %) YoY (Amount / %) Super Dry 10.26 - 3.85 - 27.3% 30.70 2.83

7. Slide 7: Alcohol Beverages Business (Revenue)

   Alcohol Beverages Business (Revenue) <Revenue> (JPY billion) Q1 (3 months ended March 31) H1 forecast (announced on February 12) YoY (Amount / %) YoY (Amount / %) Asahi Breweries Revenue 135.8 - 26.7 - 16.5% 353.8 14.0 4.1% Other/elimination in segment 0.4 - 0.1 - 23.3% 0.9 0.1 15.2% Revenue total 1

8. Slide 8: Alcohol Beverages Business (Core OP)

   Alcohol Beverages Business (Core OP) <Core Operating Profit> (JPY billion) Q1 (3 months ended March 31) H1 forecast (announced on February 12) YoY (Amount / %) YoY (Amount / %) Change in sales, category and container mix - - 8.5 - 6.6 Cost reduction in manufacturing - 1.3 - 1.7 Cost increase in manu

9. Slide 9: Reference: Market Trends for Beer-typed Cans and Our Initiatives

   Reference: Market Trends for Beer-typed Cans and Our Initiatives ◆ The market of Beer/New Genre canned product YoY 15% 10% 5% 0% Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. -5% 2020 2021 -10% -15% -20% Source: Intage SRI+ Beer Can Market Estimated Sales Volume YoY -25%

10. Slide 10: Soft Drinks Business (Sales Volume)

    Soft Drinks Business (Sales Volume) <Sales Volume> (Millions of cases) <Market Trend> Q1 (3 months ended March 31) H1 forecast (announced on February 12) Jan. - Mar. YoY (Amount / %) YoY (Amount / %) YoY Carbonated drinks 16.06 0.82 5.4% 38.24 0.67 1.8% Approx. -1% Lactic acid drinks 8.57 - 0.66 - 7

11. Slide 11: Soft Drinks Business (Core OP)

    Soft Drinks Business (Core OP) <Core Operating Profit> (Millions of cases / JPY billion) Q1 (3 months ended March 31) H1 forecast (announced on February 12) YoY (Amount / %) YoY (Amount / %) Sales Volume Total 51.70 - 1.21 - 2.3% 123.26 4.51 3.8% Revenue Total 75.3 0.2 0.2% 174.8 8.2 4.9% Change in

12. Slide 12: Food Business (Revenue/Core OP)

    Food Business (Revenue/Core OP) <Revenue> (JPY billion) Q1 (3 months ended March 31) H1 forecast (announced on February 12) YoY (Amount / %) YoY (Amount / %) Asahi Group Foods 29.4 - 1.3 - 4.3% 61.5 1.8 3.0% Other / elimination 0.1 0.0 43.4% 0.2 0.0 19.0% Revenue 29.5 - 1.3 - 4.2% 61.7 1.8 3.0% <Cor

13. Slide 13: Overseas Business (Revenue)

    Overseas Business (Revenue) <Revenue> (JPY billion) Q1 (3 months ended March 31) H1 forecast (announced on February 12) YoY (Amount / %) YoY (Amount / %) Europe business 75.7 - 9.5 - 11.1% Oceania business 125.3 85.5 215.0% Southeast Asia business 11.3 0.7 6.6% Other / elimination △ 0.1 - 0.9 - Reve

14. Slide 14: Overseas Business (Core OP)

    Overseas Business (Core OP) <Core OP> (JPY billion) Q1 (3 months ended March 31) H1 forecast (announced on February 12) YoY (Amount / %) YoY (Amount / %) Europe business 0.4 - 7.0 - 94.9% Oceania business 23.6 21.9 - Southeast Asia business 0.4 0.2 160.1% Other / elimination 0.8 1.2 - Revenue 25.2 1

15. Slide 15: Overview of Europe Business Results

    Overview of Europe Business Results ◆ Results on local currency basis *Excluding the impact of currency translation of local currencies into Euro khl、million Euro Q1 (3 months ended YoY*2 March 31) Sales Volume 7,471 -9% Net Sales (exc liquor tax) 472 -14% Core OP*1 3 -94% *1 Core OP before deductio

16. Slide 16: Reference: COVID-19 Impacts (Europe)

    Reference: COVID-19 Impacts (Europe) ◆Monthly Beer Sales in the Key Countries (January 2020 - March 2021) 【Czech】 *Volume basis 【Poland】 *Volume basis ・On-trade: Continuing decline due to restrictions since last year. ・On-trade: Continuing decline due to restrictions since last year. ・Off-trade: Dem

17. Slide 17: Overview of Oceania Business Results

    Overview of Oceania Business Results ◆ Results on local currency basis million AUD Q1 (3 months ended YoY *3 March 31) Alcohol Beverages *1 757 418% Non-Alcohol Beverages *1 300 5% Net Sales (exc liquor tax) *1 1,057 145% Core OP *2 290 932% One off Cost -3 - *1 Based on net sales value excluding co

18. Slide 18: Reference: FX Impact

    ＜Reference＞FX Impact ◆ FX impact on P/L (result and forecast) ◆ FX sensitivity for 2021 (JPY billion) <Impact of 1 yen change (full year)> Q1 H1 forecast (JPY billion) (3 months (announced on Currency Assumption Revenue Core OP Business Currrency ended Mar. 31) Feb. 12) Euro 123.0 ±3.9 ±0.6 Results

19. Slide 19: Information in this material is not intended to solicit sale or purchase of shares

    Information in this material is not intended to solicit sale or purchase of shares in Asahi Group Holdings. The views, estimates and other information expressed in this document are based on the company's judgment at the time of publication, and no guarantees are provided regarding the accuracy of s

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