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FY 2020 FINANCIAL STATEMENT PRESENTATION Disclaimer FINANCIAL STATEMENT 2020 5 February 2021 1 FY 2020 FINANCIAL STATEMENT PRESENTATION Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including statements about the Group’s sales, revenues, earnings, spending, margins, cash flow, inventory, products, actions, plans, strategies, objectives and guidance with respect to the Group's future operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "intend", "plan", "project", "will be", "will continue", "will result", "could", "may", "might", or any variations of such words or other words with similar meanings. Any such statements are subject to risks and uncertainties that could cause the Group's actual results to differ materially from the results discussed in such forward- looking statements. Prospective information is based on management’s then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Group assumes no obligation to update any such forward- looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. Some important risk factors that could cause the Group's actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and political uncertainty (including interest rates and exchange rates), financial and regulatory developments, demand for the Group's products, increasing industry consolidation, competition from other breweries, the availability and pricing of raw materials and packaging materials, cost of energy, production and distribution related issues, information technology failures, breach or unexpected termination of contracts, price reductions resulting from market driven price reductions, market acceptance of new products, changes in consumer preferences, launches of rival products, stipulation of fair value in the opening balance sheet of acquired entities, litigation, environmental issues and other unforeseen factors. New risk factors can arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Group's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking statements should not be relied on as a prediction of actual results. 2 FY 2020 FINANCIAL STATEMENT PRESENTATION A solid set of results… TOTAL VOLUMES REVENUE 130.1 m.hl DKK 58.5bn -3.8%¹ -8.4%¹ OPERATING MARGIN OPERATING PROFIT 16.6% DKK 9.7bn +70bp -3.1%¹ FREE CASH FLOW CASH RETURNS DKK 5.1bn DKK 6.0bn ¹ Organic growth 3 FY 2020 FINANCIAL STATEMENT PRESENTATION … achieved by a resilient business… ORGANISATIONAL AND PEOPLE RESILIENCE • Engaged workforce rapidly adapting to new ways of working • No serious business discontinuity PORTFOLIO RESILIENCE • Strong local and global brands • Price point and pack formats to cater for changing consumer demands • Volume growth for craft & speciality and alcohol-free brews FINANCIAL RESILIENCE • Well-managed costs • Strong balance sheet and liquidity 4 FY 2020 FINANCIAL STATEMENT PRESENTATION … and our well-embedded FtJ culture, mitigating COVID-19 top-line impact FUNDING THE JOURNEY DRIVING COST REDUCTION • OCM toolkit for setting and monitoring cost targets • Gap-closing plans prepared in Q1 and Funding the continuously adapted • Adaption of organisational structures to a Journey new reality STRONG TEAM-BASED PERFORMANCE CULTURE 5 FY 2020 FINANCIAL STATEMENT PRESENTATION SAIL’22 continuously relevant, with sharpened strategic priorities … +9% Supporting E-commerce Reverting to local power brands B2B – B2B2C – D2C volume growth in Russia +7% +4% 18% ~ +60% of revenue in Laos E-comm volume +38% on Carl’s shop¹ growth ¹ In December 6 FY 2020 FINANCIAL STATEMENT PRESENTATION … and with our growth priorities demonstrating good performance in the light of COVID-19 challenges Craft & speciality Alcohol-free brews Asia² 24% 33% Revenue 29% Operating profit 26% 16% 13% 12% 8% 16% 15% 5% 5% 11% 7% 1% -5% 2017 2018 2019 2020 2017¹ 2018¹ 2019 2020 2017 2018 2019 2020 ¹ Western Europe. ² Organic growth. 7 FY 2020 FINANCIAL STATEMENT PRESENTATION Progress on our sustainability journey – Together Towards ZERO ZERO ZERO carbon water footprint waste 12% 39% 7% 7% 18% Reduction in Reduction in Reduction in Reduction in Improvement relative brewery relative brewery relative beer-in- relative water in water carbon emissions carbon emissions hand emissions usage versus efficiency versus 2019 since 2015 since 2015 2019 since 2015 ZERO ZERO accidents irresponsible culture drinking 19% 100% Reduction in Of international premium accident rate beer and 1/3 of all our since 2019 brands offer alcohol-free options 8 FY 2020 FINANCIAL STATEMENT PRESENTATION Western Europe TOTAL VOLUMES¹ REVENUE -7.3% • Revenue/hl -6% due to channel and country mix REVENUE¹ • Region impacted by COVID-19 restrictions and lockdowns, particularly -12.8% in Q2 and Q4 OPERATING PROFIT OPERATING PROFIT¹ • Significant cost savings within supply chain, marketing and administration -17.2% • Decline driven by top-line OPERATING MARGIN OPERATING MARGIN 15.8% • -120bp ¹ Organic growth 9 FY 2020 FINANCIAL STATEMENT PRESENTATION Western Europe MARKET COMMENTS THE NORDICS FRANCE • Volumes in Denmark impacted by changed • On-trade impacted by lockdown border trade • Brewery impacted by COVID-19 constraints in H1 • In Norway, positive impact from domestic • Volume improvement in H2 tourism and less border trade • Sweden impacted by on-trade restrictions and UK less border trade to Norway • Volume growth in off-trade • Significant on-trade decline POLAND • Acquisition of Marston’s brewing activities • Solid growth and continued premiumisation concluded in October • Less impact of COVID-19 due to small on-trade exposure GERMANY • Flat volumes SWITZERLAND • Acquisition and integration of Wernesgrüner • Business skewed to on-trade Brewery from January 2021 • Solid growth in off-trade • Positive brand mix 10 FY 2020 FINANCIAL STATEMENT PRESENTATION Asia TOTAL VOLUMES¹ REVENUE -5.9% • Revenue/hl +1%, mainly impacted by negative country and channel mix REVENUE¹ • Volume recovery in China unable to offset COVID-19-related decline in the -5.0% rest of the region OPERATING PROFIT OPERATING PROFIT¹ • Substantial cost reductions more than +5.0% offsetting topline decline OPERATING MARGIN OPERATING MARGIN • +220bp 23.5% ¹ Organic growth 11 FY 2020 FINANCIAL STATEMENT PRESENTATION Asia MARKET COMMENTS CHINA INDIA AND NEPAL • Volume growth and solid revenue/hl growth • Significant impact from lockdowns, including full • Expansion of Wusu brand, solid growth of closures in Q2 premium portfolio and big city expansion • Improvement in H2 • Material asset restructuring concluded in December MALAYSIA AND SINGAPORE VIETNAM, LAOS AND CAMBODIA • Malaysia impacted by restrictions on on-trade, • A volatile year for Vietnam. Good performance by distribution, and in Q2 production Huda brand. Q4 impacted by flooding • In Singapore, modest volume impact but • Recovery in Laos from May negative channel mix • Cambodia impacted by less tourism and re-build of business. Volume growth in Q4 12 FY 2020 FINANCIAL STATEMENT PRESENTATION Eastern Europe TOTAL VOLUMES¹ REVENUE +6.2% • Revenue/hl -5%, impacted by the planned higher level of promotional activities in Russia REVENUE¹ • Modest impact from COVID-19 due to generally small on-trade exposure in +1.0% the region OPERATING PROFIT¹ OPERATING PROFIT • Significant cost savings driving growth +10.9% and offsetting promotional investments OPERATING MARGIN OPERATING MARGIN • +220bp 19.2% ¹ Organic growth 13 FY 2020 FINANCIAL STATEMENT PRESENTATION Eastern Europe MARKET COMMENTS RUSSIA OTHER MARKETS • 9% volume growth in a slightly growing market • Double-digit revenue growth • Continued challenging competitive environment • Solid revenue/hl increase due to growth of craft • Lower revenue/hl due to higher level of promotions & speciality and alcohol-free brews and negative channel and product mix • Improved market share UKRAINE • Volume decline in line with market • Negative impact from channel and brand mix • Good performance of local power brands, 1664 Blanc and alcohol-free brews 14 FY 2020 FINANCIAL STATEMENT PRESENTATION INCOME STATEMENT (1) REVENUE GROSS ORGANIC OPERATING MARGIN OPEX PROFIT DKK 58,541m 48.4% -14% DKK 9,699m • Impacted by volume • Decline of 110bp • Well-embedded Operating • Organic decline of 3.1% decline and negative • Significant supply chain Cost Management toolkit • Operating profit/hl +1% price/mix savings • Main drivers of decline (organically) • Revenue/hl -5% • Fixed cost under-absorption included travel, admin, • Operating margin 16.6% • FX -3.1%, primarily RUB, • Margin also impacted by people, marketing (+70bp) NOK and RMB channel, product and country • Opex excl. marketing • EBITDA margin 24.1% mix organically -13% (+130bp) 15 FY 2020 FINANCIAL STATEMENT PRESENTATION INCOME STATEMENT (2) SPECIAL NET TAX NET ITEMS FINANCIALS RATE PROFIT DKK -247m DKK -411m 24.7% DKK 6,030m • Impacted by restructuring • Decline of DKK 327m, mainly
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