Slides
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Third Quarter 2026 Earnings Presentation October 30, 2026 Coca-Cola Bottlers Japan Holdings Inc. Calin Dragan, President & CEO Bjorn Ivar Ulgenes, Vice President & CFO (Posted to CCBJH website October 30, 2026)
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2 Third Quarter 2026 Earnings Presentation Coca-Cola Bottlers Japan Holdings Inc. (CCBJH) Marketing Update Q3 YTD 2026 Results Outlook
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3 Today’s Highlights Q3 YTD business income increased by 7.9 billion yen vs previous year. Entire beverage industry was impacted by record-breaking adverse weather and rising costs, but business activities focused on profitability drove continued earnings growth in Q3. Sales volume continued to outperform the market and value share continued to grow. As a key initiative, implemented price revisions as planned in September to strengthen future earnings foundation. Transformation efforts also progressed smoothly. Shareholder returns advanced steadily. In addition to previously announced shareholder return measures, decided to cancel treasury shares equivalent to 4.1% of total shares issued. Maintain full-year business income target of 35 billion yen. Grow business income in Q4, keep the Middle East impact within anticipated range through hedging strategies. Continue to strengthen foundations and invest for growth to achieve Vision 2030.
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Q3 YTD 2026 Results
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5 Profitability-focused business activities drove business income growth in Q3 Q3 YTD Results (vs 2025) Q3 YTD 2026 Actual Q3 YTD 2025 Actual Change YoY YoY Revenue 673,935 683,523 -9,588 -1.4% Sales Volume (Million cases) 376 381 -5 -1.4% NARTD (Non-alcoholic ready to drink) Beverage Volume (Million cases) 373 378 -5 -1.2% COGS 370,288 377,567 -7,279 -1.9% Gross Profit 303,647 305,957 -2,310 -0.8% SG&A 271,621 281,215 -9,593 -3.4% Business Income 32,323 24,459 +7,864 +32.2% Operating Income (Loss) 33,775 (70,060) +103,836 - Net Income (Loss) Attributable to Owners of Parent 19,623 (48,734) +68,357 - EBITDA* 55,595 55,586 +9 +0.0% Unit: Million JPY * EBITDA = Business Income + Depreciation Please refer to appendix for Q3 (Jul -Sep) results.
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6 Vending and OTC drove profit growth, while Food Service delivered strong revenue growth Unit: Million JPY *1 Sales volume is calculated based on Coca-Cola products (with some exceptions) and does not include the volume of other companyproducts sold by our subsidiaries. *2 Refers to business activities in OTC channels such as supermarkets, drugstores/discount stores, convenience stores, and online. Also includes alcoholic beverages. *3 Displays revenue generated from business activities not attributable to any reportable segment, including sales transactions to other Coca-Cola bottlers in Japan. *4 Total segment income corresponds to the business income in the consolidated income statement. *5 Includes income from business activities not attributable to reportable segments and corporate overhead expenses. Q3 YTD 2026 Actual Q3 YTD 2025 Actual Change YoY YoY Sales Volume (Million Cases)*1 376 381 -5 -1.4% Vending 81 84 -3 -3.8% Over the Counter (OTC)*2 241 247 -5 -2.2% Food Service 54 50 +3 +6.7% Revenue Vending 293,796 305,696 -11,900 -3.9% Over the Counter (OTC) 320,700 321,260 -560 -0.2% Food Service 36,413 33,301 +3,112 +9.3% Others*3 23,026 23,267 -241 -1.0% Total 673,935 683,523 -9,588 -1.4% Segment Income (Loss)*4 Vending 14,830 8,310 +6,520 +78.5% Over the Counter (OTC) 44,300 40,478 +3,821 +9.4% Food Service 6,113 6,343 -231 -3.6% Others*5 (32,919) (30,673) -2,247 - Total 32,323 24,459 +7,864 +32.2% Please refer to appendix for Q3 (Jul –Sep) results. Q3 YTD Segment Results (vs 2025)
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7 Realize benefits from price revisions and transformation while sustaining profit growth through agile cost management Q3 YTD Business Income Drivers (vs 2025) *1 Includes changes in marginal profit, variable cost, IFRS sales reduction, and others. Unit: B JPY (Rounded to nearest unit) Q3 YTD 2025 Actual Manufacturing (excl. Utility Costs) DME (Direct Marketing Expense, fixed only) Volume, Price & Mix*1 Others Commodity & Utility Costs • Flexibly reduced promotional expenses where ROI declined due to adverse weather • Continue investments that will lead to profit growth from a medium to long-term perspective Q3 YTD 2026 Actual Transformation (Unit: B JPY) Q3 YTD 2026 Actual vs PY Capex*2 12.6 -2.1 Depreciation 23.3 -7.9 *2 Investment amounts related to lease transactions subject to IFRS 16 are not included in the above figures • Delivering results as planned • Commercial mainly deliver benefits, vending transformation contributed • Impact of the situation in the Middle East remained within the expected range due to our hedging strategy, although effects of market conditions began to emerge. • Cost increase due to weak yen • Utility costs decreased • Improved wholesale revenue per case from the series of price revisions significantly contributed to profit growth • Profit was significantly reduced by lower volume and an unfavorable channel mix due to record- breaking adverse summer weather • Company-wide cost savings in response to business environment • Evaluate and continue investments and expenditures that support sustainable future growth • Effect of reduced depreciation expenses from impairment loss in vending business in previous year cycled in 1H • Continued cost-saving measures at manufacturing sites such as reduced energy and water consumption • Enhancing capital efficiency through effective use of manufacturing equipment • Production volumes declined due to adverse summer weather, resulting in a lower equipment utilization • Maintenance fee increased 24.5 32.3 +4.1-0.5 +1.7 +4.4 -1.9+0.1
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8 Volume outperformed the market despite adverse weather and wholesale revenue per case improved Q3 YTD NARTD Sales Trend (vs 2025) Sales Volume: -1% Note: Sales volume does not include alcoholic beverages. Wholesale revenue per case does not include sales deductions under IFRS. VM wholesale revenue per case excludes sales to subsidiaries and other related transactions. We are standardizing sales volume and sales calculation methods, which may result in slight discrepancies with data provided in past earnings materials. Category Volume Sparkling +3% Tea +2% Sports -16% Water -4% Coffee -3% Juice +5% Channel Volume Wholesale revenue per case (JPY) Vending (VM) -4% +33 Supermarket (SM) -4% +33 Drug & Discounter (D&D) Flat +32 Convenience Store (CVS) -6% +72 Retail +4% +79 Online +5% -37 Food Service (FS) +7% +27 Please refer to appendix for sales volume by package. Please refer to appendix for Q3 (Jul –Sep) sales volume. 27% 25% 7% 11% 18% 8% 22% 20% 18% 13% 6% 7% 14% 1% Although sales volume was affected by adverse weather, it outperformed the market. Wholesale revenue per case improved with the price revision benefits. In VM, Coke ONⓇ campaigns and other initiatives contributed to market share growth. In SM, coffee sales increased, while sales of water and sports declined due to adverse weather. In D&D, grew primarily in sparkling through initiatives tailored to customer needs. In CVS, optimization of coffee promotions impacted volume, but profitability trend remained strong. In online, an increase in large PET water sales impacted wholesale revenue per case, while sales volume grew steadily as the number of subscription consumer increased. In FS, both new customer acquisitions and sales growth among existing customers are progressing smoothly. In sparkling, Coca-Cola continue to drive growth. Tea, price revisions had an impact but category as a whole offset this and volume grew. Sports and water were affected by unfavorable weather, while coffee was impacted by price revisions and promotion control.
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9 Business activities focused on profitability led to increases in both value share and OTC retail prices OTC Retail Price (January to September, JPY per bottle) vs Market Average vs PY Small PET +7.7 +1.9 Large PET +33.3 +0.3 Market Share (January to September, vs PY , Pts) Value Volume Total +0.7 +0.6 Vending +0.6 +1.8 Over the Counter (OTC) -0.2 -0.1 Total value share grew by 0.7 percentage points vs previous year. Although price revisions implemented ahead of the industry impacted September’s market share, volume continued to outperform the market, driving value share growth. In vending, value share increased, supported by a strong consumer base and effective use of Coke ON® assets. In OTC, despite price revisions impacting market share, commercial activities focused on profitability in each channel limited the decline in value share to a slight decrease. Our products maintained a price premium relative to industry average. Although OTC retail prices were affected by channel and category mix, prices for both small and large PET bottles increased vs previous year due to series of price revisions. In September, following the price revisions, OTC retail prices for both small and large PET bottles rose by 4 to 5 yen vs previous year, excluding water and sports drinks, which were outside the scope. Q3 YTD Market Share and OTC Retail Price Trends (vs 2025) Source: Coca-Cola Japan Internal Estimate (All Japan) Source: Intage SRI+ soft drink market Small PET (351~700ml), Large PET products (1.251L~) CCBJH area Jan – Sep 2026 Market Ave: CCBJH avg. retail price (bottles) vs market avg. retail price (bottles) vs PY: CCBJH retail price (bottles) vs previous year Of Which Of Which
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10 Profit-focused commercial activities sustained earnings growth trend despite adverse weather Topics Supported by solid growth foundation, volume outperformed market Marketing that highlights drinking occasions for core products and expands sales opportunities through customer-exclusive products. In Food Service, new customer acquisition initiatives progressed smoothly. Strong presence at indoor facilities ensured stable volume even during inclement weather. In Online, robust volume growth driven by expanded product lineup and key initiatives such as acquiring customers for subscription service. Implemented measures to increase vending machine traffic, including a Pokémon GO collaboration campaign through Coke ON®. Steady and agile delivery of profitability improvement measures Price revision initiatives progressing well • September price revisions for major categories implemented as planned. • Maintaining and improving shipment prices following the revisions, which are delivering results and improving profitability as planned. Strategic marketing investments adapting to business environment • Managed marketing expenses with a focus on profitability. Flexibly reduced marketing spend where adverse weather lowers ROI. • Continue to strengthen invest in business expansion and securing sales space to support future profit growth.
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11 Plant/HUB SC Store Strengthening our business foundation to support sustainable growth and achieve Vision 2030 Strengthening Vending to improve profitability Strengthening manufacturing and logistics infrastructure to support profit growth Expanding the strategy leveraging AI and data to optimize product assortments based on profitability. • Based on results of initiatives to date, expanding number of vending machines covered. • Focus on further improving accuracy of our system and initiatives. Introduction of high price point Monster Energy contributed to an improved mix. Promoting placement of new, profit growing vending machines. Leveraging location-targeting tools, to efficiently identify prime locations and place vending machines based on data. Two Integrated Distribution Centers (IDC) have begun operations in phases. Efforts focused on reorganizing logistics network, including consolidation of product inventory and distribution centers. Lowered cost to serve through customer collaboration and a network-wide review that reduced transportation distances and touches. Preparations for the launch of new aseptic production line at Saitama Plant are proceeding smoothly. Expanding manufacturing capacity in Kanto area will promote local production for local consumption model and contribute to fully leverage our Mega DC. IDC Consolidation Sales Center / DC / Hub Topics
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Marketing Update
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13 Q3 Marketing Initiative Review Continued growth in value share driven by strong campaign and activations CORE INNOVATIONS MARKETING EXPERIENCE Georgia Café Water Coke Zero Trial Campaign Coke Summer Campaign Coke Iconic Meal Experience “Coca-Cola Foodmarks” Shibuya I LOHAS Tennensui Label-less 400ml
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14 Q4 Marketing Initiative Highlights Expand drinking occasions for core categories through seasonal and themed campaigns Coca-Cola Georgia Tea Portfolio Tea Portfolio Shokutaku-Jumbo promotion Georgia Cross-Channel Promotion Coca-Cola Winter Campaign Coca-Cola Premier League Campaign
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Outlook
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16 Achieve our full-year business income target of 35 billion yen and moving forward to further increase shareholder value Outlook Initiatives and progress for Q4 onwards Focus on profitability for Q4 profit growth and target to achieve full-year business income of 35 billion yen. • Realize benefits of key initiatives in Q4, including series of price revisions and transformation. Further strengthen these efforts to lay the foundation for profit growth beyond 2027. • Volume continues to outperform market, and we remain focus on profitability driven commercial activities that leverage our solid growth foundation. In October, although impacted by price revisions, volume decline limited to low single-digit percentage vs previous year. Wholesale revenue per case continues to improve. • Additional cost increases from the Middle East situation are expected to remain within the projected range of 2 to 4 billion yen this year, supported by our hedging strategy. We will offset these cost increases through key initiatives and company-wide cost savings. Shareholder return commitments are steadily met. Moving forward to further increase shareholder value. • 30 billion yen share buyback initiated last year has been completed as planned. Have also announced the cancellation in November of 7 million shares, equivalent to 4.1% of the total number of shares issued. • As previously announced, this year's annual dividend will increase by 20% year over year, and a 40 billion yen share buyback will begin in November, enhancing shareholder returns throughout the year. • In accordance with Vision 2030, we will continue to expand shareholder returns by improving business performance and optimizing our balance sheet to further strengthen our financial foundation.
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17 Summary Significant industry-wide headwinds from record-breaking adverse weather and from the Middle East situation, Q3 business income growth was achieved as committed. Volume outperformed the market with enhanced competitiveness. Key initiatives, including price revisions and transformation further strengthened earnings foundation. Cost increases are expected in Q4 but are projected to remain within anticipated range. Maintain earnings growth and achieve full-year business income target of 35 billion yen. For profit growth beyond 2027, further strengthen earnings foundation and invest in growth. Improve earnings and enhance shareholder returns in the crucial first year of Vision 2030, while strengthening the foundation for profit growth beyond 2027
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THANK YOU Investor Relations Coca-Cola Bottlers Japan Holdings Inc. ir@ccbji.co.jp https://en.ccbj-holdings.com/ir/
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Appendix
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20 Q3 2026 Actual Q3 2025 Actual Change YoY YoY Revenue 250,744 265,581 -14,837 -5.6% Sales Volume (Million cases) 142 151 -9 -5.8% NARTD (Non-alcoholic ready to drink) Beverage Volume (Million cases) 141 150 -9 -5.7% COGS 136,739 143,038 -6,299 -4.4% Gross Profit 114,005 122,543 -8,538 -7.0% SG&A 89,860 99,616 -9,757 -9.8% Business Income 24,186 22,924 +1,262 +5.5% Operating Income 24,677 22,109 +2,568 +11.6% Net Income Attributable to Owners of Parent 14,845 17,158 -2,313 -13.5% EBITDA* 31,947 31,433 +514 +1.6% Unit: Million JPY *EBITDA = Business Income + Depreciation Q3 QTD (Jul - Sep) Results (vs 2025)
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21 Unit: Million JPY *1 Sales volume is calculated based on Coca-Cola products (with some exceptions) and does not include the volume of other companyproducts sold by our subsidiaries. *2 Refers to business activities in OTC channels such as supermarkets, drugstores/discount stores, convenience stores, and online. Also includes alcoholic beverages. *3 Displays revenue generated from business activities not attributable to any reportable segment, including sales transactions to other Coca-Cola bottlers in Japan. *4 Total segment income corresponds to the business income in the consolidated income statement. *5 Includes income from business activities not attributable to reportable segments and corporate overhead expenses. Q3 2026 Actual Q3 2025 Actual Change YoY YoY Sales Volume (Million Cases)*1 142 151 -9 -5.8% Vending 29 32 -3 -8.3% Over the Counter (OTC)*2 93 99 -6 -6.1% Food Service 20 20 -0 -0.5% Revenue Vending 107,364 116,036 -8,671 -7.5% Over the Counter (OTC) 121,506 127,087 -5,581 -4.4% Food Service 13,461 13,468 -7 -0.1% Others*3 8,414 8,991 -577 -6.4% Total 250,744 265,581 -14,837 -5.6% Segment Income (Loss)*4 Vending 9,487 9,699 -211 -2.2% Over the Counter (OTC) 21,550 19,475 +2,075 +10.7% Food Service 2,976 3,493 -517 -14.8% Others*5 (9,827) (9,742) -85 - Total 24,186 22,924 +1,262 +5.5% Q3 QTD (Jul - Sep) Segment Results (vs 2025)
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22 NARTD Sales Trends by Channel, Category and Package (vs 2025) Q3 QTD (Jul to Sep) Sales Volume: -6% Category Volume Sparkling -5% Tea -1% Sports -22% Water -7% Coffee -2% Juice Flat Q3 YTD (Jan to Sep) Package Volume S-PET -1% M-PET +12% L-PET -4% Can -1% Bottle Can -18% Syrup +6% Powder -1% Package Volume S-PET -6% M-PET +11% L-PET -11% Can -6% Bottle Can -9% Syrup -1% Powder -5% Q3 QTD (Jul to Sep) By Channel By Category By Package S-PET: Below 700ml / L-PET: Above 1.5L Channel Volume Wholesale revenue per case (JPY) Vending (VM) -8% +22 Supermarket (SM) -9% +27 Drug & Discounter (D&D) -5% +38 Convenience Store (CVS) -8% +63 Retail Flat +70 Online +1% -22 Food Service (FS) Flat +35 42% 5% 20% 10% 3% 13% 3% 26% 26%10% 11% 16% 7% 21% 22% 19% 13% 5% 7% 13% 1% 42% 4% 19% 11% 4% 13% 3% Note: Sales volume does not include alcoholic beverages. Wholesale revenue per case does not include sales deductions under IFRS. VM wholesale revenue per case excludes sales to subsidiaries and other related transactions. We are standardizing sales volume and sales calculation methods, which may result in slight discrepancies with data provided in past earnings materials.
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23 Materiality: 1) Employee Development and Well-Being 2) Diversity, Equity & Inclusion ESG Human Capital ◼Progress Toward Key Relevant CSV Goals Actual*1 Materiality: 1) Contribution to Local Community Development ● Q3 Highlighted Initiatives Strengthen ESG and Human Capital as foundation for sustainable business toward Vision 2030 Q3 ESG & Human Capital Initiatives ◼ External Evaluation Update: Selected again for the FTSE4Good Index Series, FTSE JPX Blossom Japan Index, and FTSE JPX Blossom Japan Sector Relative Index Highlighted Initiative Employee volunteer participation Implementation of product donations through food bank support (prefecture-level basis) 26% Over 20 % 75% 53% *1 2025 actual result 1) Kumamoto Earthquake Response Following the Kumamoto Earthquake in July 2026, we donated approximately 127,000 beverages, including I LOHAS Natural Mineral Water, reinforcing our commitment to local communities and strengthening community resilience. 2) Community Engagement and Employee Volunteerism Presented ESG initiatives at the Kumamoto Nature Positive Summit with Coca-Cola Japan, reaching more than 850 business and community stakeholders and promotingemployee volunteer participation. 3) Recognized for 10 Years of Food Loss Reduction Efforts Received the FY2026 Food Loss Reduction Promotion Award from the Consumer Affairs Agency and the Ministry of the Environment. Achieved both social benefits and cost savings through a decade of food loss reduction efforts. Female manager ratio Paid leave utilization 2030 TargetActual*3 ◼Progress Toward Key Relevant CSV Goals Highlighted Initiative 20% 70% 11.8% 58.9%*4 Outreach Classes with Three Partner Organizations Heatstroke Prevention Items Girls Meet STEM 2026 *3 As of the third quarter *4 Reference figures including scheduled paid leave (planned to be taken): 79.5% *2 A tour-based STEM experience program for junior and senior high school girls, promoted by the Yamada Shintaro D&I Foundation (STEM: Science, Technology, Engineering and Mathematics) Developing Future Talent and Creating an Inclusive Workplace 1) Future Talent: Reviewed the development of selected female leaders at an executive meeting to strengthen the female manager pipeline and expand advancement opportunities. 2) Well-Being Promotion: Strengthened heatstroke prevention to protect the safety and health of frontline employees. Beyond legal compliance, distributed beverages, fan-equipped vests and sun caps and installed spot coolers, including for partner company employees. 3) DE&I Promotion: Delivered “LGBTQ+ and Education” outreach classes for junior high school students with FamilyMart and ReBit to promote understanding of diversity and build an inclusive society. 4) DE&I Promotion: Hosted "Girls Meet STEM 2026"*2, a company tour for female junior and senior high school students, at the Tama Plant to develop future STEM talent and create role models. Advancing Community Development & Resilience 10 years of Food Bank Partnerships 2030 Target
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25 The plans, performance forecasts, and strategies appearing in this material are based on the assumptions and judgment of the management of Coca-Cola Bottlers Japan Holdings Inc. (CCBJH or Company) in view of data obtained as of the date this material was released. These forecasts 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 in our 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. Forward-looking Statements