Asahi Group Holdings Ltd · TSE:2502
Asahi — Business Strategy Conference Italy 2025
33 slides from Asahi's conference presentation, Jun 17, 2025
Slide 1: Asahi Europe & International
Asahi “ GROUP ~ ASAHI EUROPE & INTERNATIONAL
Slide 2: Welcome to Birra Peroni
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Slide 3: Birra Peroni at a Glance
BIRRA PERONI AT A GLANCE +850 35,4% people Female HG17+ +12,2% vs. 2021 3 1 breweries maltery < +6,3mln 42,5% Share of hl of beer export
Slide 4: Market
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Slide 5: Market Overview
MARKET OVERVIEW PER CAPITA CONSUMPTION OF BEER 2023 (L) European AVG Italy CZ AT DE PL RO BG SLO HR IE UK NL HU SK FI PT ES SE CH CY GR 128 99 88 87 83 79 77 74 69 68 66 65 64 64 63 60 56 56 51 50 38 37 Source: The Brewers of Europe 2024 ITALIAN PER CAPITA CONSUMPTION 38 Italy is a low per OF BEER (
Slide 6: Market Overview
MARKET OVERVIEW 58% 22% 20% TYPES OF CONSUMPTION OCCASIONS Meal-centric Socializing Relaxing/ me moment Source: AssoBirra On CHANNEL VOLUMES Off (HL MLN) 13,4 13,3 13,0 12,9 12,8 11,9 Beer is a social lubricant, strongly bonded with food, 5,9 6,1 6,2 6,3 and on premise has 3,9 4,8 a relevant share 2
Slide 7: Market Overview
MARKET OVERVIEW National (super) premium segments driving category growth, with International lager maintaining relevant share SEGMENTS ASAHI WEIGHT ON VOL MS 52,8% 31,1% 16,2% MARKET 2024 2024 National International Lager Other Lager 39,2 NATIONAL LAGER VOL CAGR 19-24 Superpremium 8,5% Premium -0,1
Slide 8: Market Overview
MARKET OVERVIEW Main Brands by WAMP & Volume/ Source: Circana Total Market FY2023 LEADING LEADING COMPANY VOLUME MS SUPER/PREMIUM BRANDS MAIN-STREAM BRANDS (> 50k Hl) (> 50k Hl) 33,7% All 4 main global beer players are competing in the 2021 Italian market 18,3% 2024 covering alone * almost 70% of th
Slide 9: Market Overview
MARKET OVERVIEW OFF PREMISE ON PREMISE OVERALL RANK OFF PREMISE Ranking %Vol MS Ranking %Vol MS %Vol MS NORTH WEST AEI Vol rank/share (%) HEINEKEN HEINEKEN #2 #3 INBEV INBEV ASAHI FORST CARLSBERG CARLSBERG FORST ASAHI ON PREMISE AEI Vol rank/share (%) NORTH EAST HEINEKEN HEINEKEN #3 INBEV FORST #2 A
Slide 10: Reset & Relaunch: Our Transformation Journey
2020-2024 RESET & RELAUNCH OUR TRANSFORMATION JOURNEY
Slide 11: Video Birra Peroni
VIDEO BIRRA PERONI
Slide 12: In the Last 5 Years
IN THE LAST 5 YEARS FROM TO PEOPLE Siloed and hierarchical Empowering and inclusive Unfocused and de- PLANET Committed and innovative emphasized PORTFOLIO Local and mainstream Global and premium PROFIT Tactical and milked Sustainable value generator
Slide 13: A New Strategic Framework to Reflect Context and Learnings
A NEW STRATEGIC FRAMEWORK TO REFLECT CONTEXT AND LEARNINGS We connect with our consumers, customers, colleagues and communities ensuring these relationships are meaningful and valuable for both them and Birra Peroni. By doing this we will grow consumer preference, customer satisfaction, the wellbein
Slide 14: People
PEOPLE DRIVE AN ENGAGING, CHAMPION 'SAFETY AS A HORIZONTAL AND VALUE' AND WELLBEING INCLUSIVE CULTURE • GES +4 pts (83pt) • Women HG17+ 35,4% • H&W in GES +7pts vs. 2023 • DE&I in GES +3 pts (81pt) • Integrated Well Being Plan • GENDER PARITY CERTIFICATION 2° year ATTRACT AND GROW OUR DEVELOP BEST-
Slide 15: People Key Highlight: Diversity, Equity & Inclusion
PEOPLE KEY HIGHLIGHT: DIVERSITY, EQUITY & INCLUSION DE&I STEERCO GENDER LGBTQ+ ATTRACT & • Equal short list INTAKE • STEMtoBEer program • ERG “BEpowER”: WoMentoring & DEVELOP & Shadowing; PowER talk; Bookclub; BEpowER Community GROW • Behavioural Etiquette launch and training • Parental policy ENGAG
Slide 16: People Key Highlight: Health & Safety
PEOPLE KEY HIGHLIGHT: HEALTH & SAFETY REINFORCE OUR CREATE OUR SPREAD THE SHARED FOUNDATIONS LEGACY MESSAGE RESPONSABILITY DRIVE SAFETY H&S STANDARDS LEADERSHIP CARING COMMS TROUGH BEHAVIOUR • Work at height «Culture through Safety» • Safety Days • LOTO program: • Global Vision Internal & • Accident
Slide 17: Planet
PLANET SCOPE 1 & 2 SCOPE 3 (ASAHI (OUTSIDE ASAHI OPERATIONS) OPERATIONS) • -15% kgCO2eq/hl vs 2019 • DRS dedicated analysis • Campus Peroni ecosystem • + 99% waste is sent to • Peroni Malt Traceability, recovery Agronomic Support Systems • Water: -8% hl/hl vs 2019 (DSS) • Sustainability p metric SD
Slide 18: Planet Key Highlight: Scope 1 & 2
PLANET KEY HIGHLIGHT: SCOPE 1 & 2 CO2 Emission Water Consumption -15% CO2/HL (2019-2024) -8% HL/HL (2019-2024) • Solar Thermal Bari Plant KEY • Artificial Intelligence KEY • Water cascading PROJECTS: applications PROJECTS: • Process automation • Climate City Contract with Rome and Padua Municipality
Slide 19: Planet Key Highlight: Campus Peroni
PLANET KEY HIGHLIGHT: CAMPUS PERONI ECOSYSTEM SCOPE KEY PROJECT TRACIABILITY IN BLOCKCHAIN Campus Peroni is our Center of Excellence to promote QUALITY, A full set of information, from INNOVATION AND SUSTAINABILITY in malt provenance to batch, are agriculture, in partnership with collected from the
Slide 20: Portfolio
PORTFOLIO PERONI NASTRO KOZEL AZZURRO • Sales 2024: 680khl • Sales 2024: 73khl • NPR 2024 (% Tot): 20% • NPR 2024 (% Tot): : 2% • NPR/HL 2024: +18% vs ‘22 • Val MS 2024: 0.4pp (flat vs ’23) • Val MS 2024: 3.2pp (+0.2pp vs • Brand Awareness 2024 ’23) average: 37,6% PERONI RAFFO • Sales 2024: 229khl •
Slide 21: Portfolio Key Highlight: Peroni Nastro Azzurro
PORTFOLIO KEY HIGHLIGHT: PERONI NASTRO AZZURRO 2022 2023 2024 • New positioning Live Every Moment • STILE CAPRI LAUNCH • Ferrari partnership launch • New TVC, digital coms • House of PNA experience enlargement • Strengthening Experiential • House of PNA launch (Rydercup, 6 Nation…) • PRGM: Downsize
Slide 22: Portfolio Key Highlight: PNA 0.0%
PORTFOLIO KEY HIGHLIGHT: PNA 0.0% 2022 2024 • PNA 0.0% Launch • Ferrari partnership launch • Leverage partnership with Aston Martin • Strengthening Experiential 2024 Volume 2024 NPR/HL Main results 26K HL (+ 48% vs 2023) +1,0% vs 2023
Slide 23: Portfolio Key Highlight: Raffo
PORTFOLIO KEY HIGHLIGHT: RAFFO 2023 2024 • National Launch of Raffo Ricetta • Launch of Super-Premium variant - Originale in Q4 Raffo Lavorazione Grezza Brand repositioning from Economy to Premium 2024 Volume 2024 NPR/HL Main results 224K HL (+ 60% vs 2023) +24,8% vs 2023
Slide 24: Portfolio Key Highlight: Peroni
PORTFOLIO KEY HIGHLIGHT: PERONI 2021 2023 2025 • Peroni Gran Riserva new pack • Peroni New brand identity • Peroni Unfiltered Launch and branding • Blockchain Traciability on label • Peroncino new pack and branding • Peroni Social Cause Launch Main results 2024 Volume 2024 NPR/HL 680 K HL (+8% vs 20
Slide 25: We Are Changing Shape: Total Hls Breakdown
PORTFOLIO WE ARE CHANGING SHAPE Premium & S. Premium Mainstream & Affordable 24% 26% 27% Total Hls Breakdown 33% 17% 17% 16% 14% 14% 14% 2021 2022 2023 2024 2025 2026 2027 Premium/S.Premium: Kozel, PNA family, Peroni Variants, PU, ASD, Grolsh, Raffo (from 24), Imported SP, Tourtel Legenda All the re
Slide 26: Profit
PROFIT PREMIUMIZATION CAPEX NPR/HL +28% vs 2019 *2019 – 2024 Domestic CASH FLOW Main investments: Breweries: • Packaging area renewed in Bari Average NWC • Mash filter, 2°mashing line & Improved €60+ mln vs. 2019 new wort kettle in Padova People: SUSTAINABLE • Rome & Milan Office renewal, Pad
Slide 27: Profit Key Highlight: Pricing & Premiumization
PROFIT KEY HIGHLIGHT: PRICING & PREMIUMIZATION STRONG PRICING EFFECT WITH BP LEADING THE CATEGORY VALUE GROWTH 2024 vs 2022 NPR increase 2019-2024 Total PTC Pure Price Mix Beer Category +12,5% + 11,0% + 1,5% +28% Competitor 1 + 9,5% +10,5% -1,0% Competitor 1 +19,5% + 14,7% + 4,7% Competitor 2 +11,6%
Slide 28: Profit Key Highlight: PRGM Approach
PROFIT KEY HIGHLIGHT: PRGM APPROACH 2023 2024 Full price architecture review: Value Pool generation Pursue specific - drive GM% growth and accelerate opportunities without Portfolio - Stretch mix jeopardizing premiumization - Focus on low profitability SKUs competitiveness Promo optimization PRGM ST
Slide 29: The Next Phase
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Slide 30: A New Strategic Phase: Reset & Scale & Impact
A NEW STRATEGIC PHASE RESET & SCALE & IMPACT 2020 2025 2027 RELAUNCH
Slide 31: Our Ambition
OUR AMBITION CONSUMER SUSTAINABLE WELL-BEING CARBON PREFERENCE VALUE GENERATOR OF OUR PEOPLE NEUTRAL 20% 20% 85% 0 C02 emission Val. market share EBITA% Engagement score (scope 1 & 2)
Slide 32: Reset & Relaunch, People, Planet, Portfolio Timeline
2019 2020 2021 2022 2023 2024 2025 2026 2027 RESET & RELAUNCH SCALE & IMPACT • I Care • People Plan Purpose launch Org review • Sales Capabilities PEOPLE No HR plan • E-Comm DE&I; Pride, Flex work, new office, People Plan (Priorities: Capabilities, DE&I, Covid Plan • Digital Team capabilities ISC CW
Slide 33: Asahi Europe & International
Asahi “ GROUP ~ ASAHI EUROPE & INTERNATIONAL
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