6-K
Sony Group Corp (SONY)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of November 2025
Commission File Number: 001-06439
SONY GROUP CORPORATION
(Translation of registrant’s name into English)
1-7-1 KONAN, MINATO-KU, TOKYO, 108-0075, JAPAN
(Address of principal executive offices)
The registrant files annual reports under cover of Form 20-F.
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F,
| Form 20-F<br> x | Form 40-F<br> ¨ |
|---|
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| SONY GROUP CORPORATION<br><br> <br>(Registrant) | |
|---|---|
| By: | /s/ Lin Tao |
| (Signature) | |
| Lin Tao | |
| Chief Financial Officer |
Date: November 11, 2025
List of Materials
Documents attached hereto:
Consolidated Financial Summary for the Second Quarter (Semi-annual) Ended September 30, 2025
| Consolidated Financial Summary for the Second Quarter (Semi-annual)<br><br> <br>Ended September 30, 2025<br><br> <br>(In accordance with IFRS® Accounting Standards<br> as issued by the International Accounting Standards Board (“IFRS Accounting Standards”)) | |
|---|---|
| November 11, 2025 | |
| --- | --- |
| Company name | : Sony Group Corporation |
| Stock exchange listing | : Tokyo Stock Exchange (“TSE”) |
| Securities code | : 6758 |
| URL | : https://www.sony.com/en/SonyInfo/IR/ |
| Representative | : Hiroki Totoki, Representative Corporate Executive Officer |
| Contact person | : Teruya Kondo, General Manager, Investor Relations Office |
| Telephone | : +81-3-6748-2111 |
| Scheduled date to file semi-annual securities report | : November 14, 2025 |
| Scheduled date to commence dividend payment | : December 5, 2025 |
| Preparation of supplementary materials on financial results | : Yes |
| Holding of financial results briefing | : Yes (for investors and analysts) |
| (Amounts are rounded to the nearest million yen, unless otherwise noted.) | |
| --- |
1. Consolidated financial results for the six months ended September 30,2025 (from April 1, 2025 to September 30, 2025)
| (1) Consolidated operating results (cumulative) | (Percentages indicate year-on-year changes.) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Continuing <br><br>operations^*1^ | Sales | Operating income | Income before income<br><br> taxes | Net income | Net income attributable to<br><br> Sony Group Corporation’s<br><br> stockholders | |||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Six months ended | Yen in millions | % | Yen in millions | % | Yen in millions | % | Yen in millions | % | Yen in millions | % |
| September 30, 2025 | 5,729,522 | 3.5 | 768,929 | 20.4 | 798,362 | 18.9 | 581,227 | 14.5 | 570,452 | 13.7 |
| September 30, 2024 | 5,536,585 | - | 638,462 | - | 671,393 | - | 507,428 | - | 501,909 | - |
| Continuing<br><br> operations^*1^ | Total comprehensive <br><br>income | Basic earnings<br><br> <br>per share^*2^ | Diluted earnings<br><br> <br>per share^*2^ | |||||||
| --- | --- | --- | --- | --- | ||||||
| Six months ended | Yen in millions | % | Yen | Yen | ||||||
| September 30, 2025 | 670,993 | 138.8 | 95.09 | 94.51 | ||||||
| September 30, 2024 | 280,984 | - | 82.61 | 82.34 | ||||||
| *1 | Effective October 1, 2025, Sony Group Corporation executed a partial<br>spin-off of Sony Financial Group Inc. (“SFGI”), a formerly wholly-owned subsidiary which operates the Financial Services<br>business (the “Spin-off”). As a result of the resolution of Sony Group Corporation’s Board of Directors on May 14,<br>2025 on a plan for the execution of the Spin-off, the Financial Services business has been classified as a discontinued operation and<br>presented separately from continuing operations, comprised of Sony’s businesses excluding the Financial Services business, from<br>the three months ended June 30, 2025, in accordance with IFRS Accounting Standards. Therefore, the above operating results represent<br>the results for continuing operations. The results for the six months ended September 30, 2024, the comparative period, have been<br>re-presented to conform to the current presentation. On a consolidated basis including the discontinued operation, net income, net income<br>attributable to Sony Group Corporation’s stockholders and total comprehensive income for the six months ended September 30,<br>2025 were 609,652 million yen, 598,877 million yen and 730,387 million yen, respectively. On a consolidated basis including the discontinued<br>operation, basic earnings per share and diluted earnings per share for the six months ended September 30, 2025 were 99.83 yen and<br>99.22 yen, respectively. For details of discontinued operations, please refer to “Notes to Condensed Semi-annual Consolidated Financial<br>Statements - Accounting Policy and Other Information (Discontinued Operations)” on page 19 of the Appendix. | |||||||||
| --- | --- | |||||||||
| *2 | Sony Group Corporation conducted a five-for-one stock split<br>of its common stock effective October 1, 2024, with a record date of September 30, 2024. The above figures for basic earnings<br>per share and diluted earnings per share are calculated based on the assumption that the stock split was conducted at the beginning of<br>the fiscal year ended March 31, 2025. | |||||||||
| --- | --- |
(2) Consolidated financial position
| Total assets | Total equity | Equity attributable to Sony Group<br><br> Corporation’s stockholders | Ratio of equity attributable to<br><br> Sony Group Corporation’s<br><br> stockholders to total assets | |
|---|---|---|---|---|
| As of | Yen in millions | Yen in millions | Yen in millions | % |
| September 30, 2025 | 36,127,949 | 7,994,061 | 7,687,602 | 21.3 |
| March 31, 2025 | 35,293,173 | 8,510,151 | 8,179,745 | 23.2 |
2. Dividends
| Annual dividends per share | |||||
|---|---|---|---|---|---|
| First quarter-end | Second quarter-end | Third quarter-end | Year-end | Total | |
| Yen | Yen | Yen | Yen | Yen | |
| Fiscal year ended March 31, 2025^*^ | - | 50.00 | - | 10.00 | - |
| Fiscal year ending March 31, 2026 | - | 12.50 | |||
| Fiscal year ending March 31, 2026 (Forecast) | - | 12.50 | 25.00 |
Notes:
| 1 | Revisions to the forecast of dividends most recently announced:<br>No |
|---|---|
| 2 | Upon the execution of the above-mentioned Spin-off, Sony Group<br>Corporation distributed dividends in kind to shareholders appearing in its register of shareholders as of the record date, September 30,<br>2025, at the rate of one share of common stock of SFGI (“SFGI share(s)”) to one share of common stock of Sony Group Corporation<br>held by each shareholder. However, the above dividend forecast for the fiscal year ending March 31, 2026 does not include such dividends<br>in kind. For details of dividends in kind, please refer to “(Reference) Overview of dividends in kind (non-cash dividends)”<br>below. |
| --- | --- |
| * | Sony Group Corporation conducted a five-for-one stock split<br>of its common stock effective October 1, 2024, with a record date of September 30, 2024. The above year-end dividend per share<br>for the fiscal year ended March 31, 2025 is based on a number of shares taking into account the stock split. The total annual dividend<br>per share for the fiscal year ended March 31, 2025 is not presented because the total of the interim dividend and the year-end dividend<br>cannot be calculated due to the effect of the stock split. For the fiscal year ended March 31, 2025, taking the stock split into<br>account, the interim dividend per share at the end of the second quarter would be 10 yen and the total annual dividend per share would<br>be 20 yen. |
| --- | --- |
3. Forecast for Consolidated Results for the Fiscal Year EndingMarch 31, 2026 (from April 1, 2025 to March 31, 2026)
| (Percentages indicate year-on-year changes.) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Fiscal year ending<br><br> March 31, 2026 | Sales | Operating income | Income before income taxes | Net income attributable to Sony<br><br> Group Corporation’s stockholders | ||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Yen in millions | % | Yen in millions | % | Yen in millions | % | Yen in millions | % | |
| Continuing operations | 12,000,000 | -0.3 | 1,430,000 | 12.0 | 1,460,000 | 8.7 | 1,050,000 | -1.6 |
Notes:
| 1 | Revisions to the forecast for the fiscal year ending March 31,<br>2026 most recently announced: Yes |
|---|---|
| 2 | The estimated impact from the series of changes in U.S. tariff<br>policy at this time is reflected in the above forecasts for operating income, income before income taxes and net income attributable<br>to Sony Group Corporation’s stockholders. The estimated impact is calculated based on the tariff rates announced as of November 4,<br>2025. The actual impact could vary significantly from this estimation if future tariff policy or other factors are changed. |
| --- | --- |
| 3 | The above results forecast represents the forecast for continuing operations.<br>In connection with the execution of the above-mentioned Spin-off, a loss of 1 trillion 380 billion yen is expected to be recorded within<br>net income or loss from discontinued operations as a result of the reclassification of the Financial Services business’s accumulated<br>other comprehensive income balance at the time of deconsolidation to net income or loss from discontinued operations. This accounting<br>treatment is a reclassification between items within equity in the consolidated statements of financial position and does not affect total<br>equity or cash flows, or profit or loss for continuing operations. Additionally, it does not affect Sony Group Corporation’s standalone<br>financial statements based on Japanese generally accepted accounting principles (“J-GAAP”) nor the amount available for dividends.<br>Including such loss, a total loss of 1 trillion 360 billion yen is expected to be recorded within net income or loss from discontinued<br>operations in the fiscal year ending March 31, 2026, and the forecast for net income or loss attributable to Sony Group Corporation’s<br>stockholders on a consolidated basis including the discontinued operation for the fiscal year ending March 31, 2026 is a loss of 310 billion<br>yen. Please refer to “Notes to Consolidated Financial Statements - Subsequent Events” on page 20 of the Appendix for the details<br>of the accounting treatments in connection with the Spin-off. |
| --- | --- |
Notes
| (1) | Significant changes in scope of consolidation during the period | : No | |
|---|---|---|---|
| (2) | Changes in accounting policies and changes in accounting estimates: | ||
| (i) | Changes in accounting policies required by IFRS Accounting Standards | : No | |
| (ii) | Changes in accounting policies due to other reasons | : No | |
| (iii) | Changes in accounting estimates | : No |
(3) Number of issued shares (common stock):
(i) Total number of issued shares at the end of the period (including treasury stock)
| As of September 30, 2025 | 6,149,810,645 | shares |
|---|---|---|
| As of March 31, 2025 | 6,149,810,645 | shares |
(ii) Number of shares of treasury stock at the end of the period
| As of September 30, 2025 | 172,670,715 | shares |
|---|---|---|
| As of March 31, 2025 | 124,806,850 | shares |
(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
| Six months ended September 30, 2025 | 5,999,085,243 | shares |
|---|---|---|
| Six months ended September 30, 2024 | 6,075,284,132 | shares |
| Notes: | ||
| --- |
1 Please refer to “Notes to Condensed Semi-annual Consolidated Financial Statements - Accounting Policy and Other Information (Net Income Attributable to Sony Group Corporation’s Stockholders per Share (“EPS”) and Weighted-average Number of Outstanding Shares Used for the Computation of EPS of Common Stock)” on page 17 of the Appendix for number of shares used as basis for calculating consolidated per share data.
2 Sony Group Corporation conducted a five-for-one stock split of its common stock effective October 1, 2024, with a record date of September 30, 2024. The above figures for the number of issued shares (common stock) are calculated based on the assumption that the stock split was conducted at the beginning of the fiscal year ended March 31, 2025.
* Consolidated Financial Summary for the Second Quarter (Semi-annual) is exempt from review conducted by certified public accountants or an audit firm.
* Proper use of earnings forecasts, and other special matters:
Please refer to “Cautionary Statement” on page 21 of the Appendix for assumptions and other matters related to the forecast of financial results.
Supplementary materials on financial results including the presentation material for the earnings announcement are available on Sony Group Corporation’s website along with this document.
(Reference) Overview of dividends in kind (non-cash dividends)
| (1) Record date | Tuesday, September 30, 2025 |
|---|---|
| (2) Type of dividend property | SFGI shares |
| (3) Total carrying amount of dividend property and value per share | 463,885,829,967 yen (77.61 yen per share) |
| (4) Total fair value of dividend property and value per share | - ^*^ |
| (5) Effective date | Wednesday, October 1, 2025 |
* In Sony Group Corporation’s standalone financial statements based on J-GAAP, the Spin-off will be accounted for at the appropriate carrying amount of the dividend property as of the effective date of the dividends in kind. The same will apply to the calculation of Sony Group Corporation’s amount available for dividends. Accordingly, the fair value of SFGI shares, which are the dividend property, has not been disclosed.
(Appendix)
Table of Contents for Appendix
| Condensed Semi-annual Consolidated Financial Statements (Unaudited) | 2 |
|---|---|
| Condensed Semi-annual Consolidated Statements of Financial Position | 2 |
| Condensed Quarterly Consolidated Statements of Income (Three months ended September 30) | 4 |
| Condensed Quarterly Consolidated Statements of Comprehensive Income (Three months ended September 30) | 5 |
| Condensed Semi-annual Consolidated Statements of Income (Six months ended September 30) | 6 |
| Condensed Semi-annual Consolidated Statements of Comprehensive Income (Six months ended September 30) | 7 |
| Condensed Semi-annual Consolidated Statements of Changes in Stockholders’ Equity (Six months ended September 30) | 8 |
| Condensed Semi-annual Consolidated Statements of Cash Flows (Six months ended September 30) | 9 |
| Notes to Condensed Semi-annual Consolidated Financial Statements | 11 |
| - Business Segment Information | 11 |
| - Going Concern Assumption | 17 |
| - Accounting Policy and Other Information | 17 |
| - Subsequent Events | 20 |
| Overview of Operating Results | 21 |
| Cautionary Statement | 21 |
All financial information is presented on the basis of IFRS Accounting Standards.
Sony Group Corporation and its consolidated subsidiaries are together referred to as “Sony” or “Sony Group.”
- 1 -
(Unaudited)
Condensed Semi-annual Consolidated FinancialStatements
Condensed Semi-annual Consolidated Statements of Financial Position
| Yen in millions | |||||||
|---|---|---|---|---|---|---|---|
| March 31,<br> <br>2025 | September 30,<br> <br>2025 | Change from<br> <br>March 31, 2025 | |||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | 2,980,956 | 1,497,897 | (1,483,059 | ) | |||
| Investments and advances in the Financial Services segment | 453,677 | - | (453,677 | ) | |||
| Trade and other receivables, and contract assets | 1,943,184 | 2,039,581 | 96,397 | ||||
| Inventories | 1,310,770 | 1,676,231 | 365,461 | ||||
| Other financial assets | 145,192 | 24,434 | (120,758 | ) | |||
| Other current assets | 621,209 | 712,588 | 91,379 | ||||
| Assets classified as held for distribution to owners | - | 21,286,470 | 21,286,470 | ||||
| Total current assets | 7,454,988 | 27,237,201 | 19,782,213 | ||||
| Non-current assets: | |||||||
| Investments accounted for using the equity method | 347,718 | 366,780 | 19,062 | ||||
| Investments and advances in the Financial Services segment | 18,736,298 | - | (18,736,298 | ) | |||
| Property, plant and equipment | 1,513,660 | 1,403,925 | (109,735 | ) | |||
| Right-of-use assets | 521,685 | 433,185 | (88,500 | ) | |||
| Goodwill | 1,508,721 | 1,514,177 | 5,456 | ||||
| Content assets | 2,249,048 | 2,306,133 | 57,085 | ||||
| Other intangible assets | 671,212 | 562,837 | (108,375 | ) | |||
| Deferred tax assets | 559,284 | 480,970 | (78,314 | ) | |||
| Other financial assets | 1,164,630 | 1,293,993 | 129,363 | ||||
| Other non-current assets | 565,929 | 528,748 | (37,181 | ) | |||
| Total non-current assets | 27,838,185 | 8,890,748 | (18,947,437 | ) | |||
| Total assets | 35,293,173 | 36,127,949 | 834,776 |
(Continued on the following page.)
- 2 -
Condensed Semi-annual Consolidated Statements of Financial Position(Continued)
| Yen in millions | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| March 31,<br> <br>2025 | September 30,<br> <br>2025 | Change from<br> <br>March 31, 2025 | |||||||
| LIABILITIES | |||||||||
| Current liabilities: | |||||||||
| Short-term borrowings | 1,843,959 | 50,467 | (1,793,492 | ) | |||||
| Current portion of long-term debt | 287,445 | 208,626 | (78,819 | ) | |||||
| Trade and other payables | 2,100,144 | 2,303,392 | 203,248 | ||||||
| Deposits from customers in the banking business | 3,981,193 | - | (3,981,193 | ) | |||||
| Income taxes payables | 89,485 | 156,167 | 66,682 | ||||||
| Accrued liabilities for dividends in kind | - | 955,700 | 955,700 | ||||||
| Participation and residual liabilities in the Pictures segment | 236,752 | 213,848 | (22,904 | ) | |||||
| Other financial liabilities | 110,689 | 254,494 | 143,805 | ||||||
| Other current liabilities | 2,039,121 | 1,700,414 | (338,707 | ) | |||||
| Liabilities classified as held for distribution to owners | - | 20,185,222 | 20,185,222 | ||||||
| Total current liabilities | 10,688,788 | 26,028,330 | 15,339,542 | ||||||
| Non-current liabilities: | |||||||||
| Long-term debt | 2,066,842 | 1,344,452 | (722,390 | ) | |||||
| Defined benefit liabilities | 236,941 | 200,430 | (36,511 | ) | |||||
| Deferred tax liabilities | 175,228 | 182,588 | 7,360 | ||||||
| Insurance contract liabilities | 12,689,306 | - | (12,689,306 | ) | |||||
| Participation and residual liabilities in the Pictures segment | 188,919 | 144,784 | (44,135 | ) | |||||
| Other financial liabilities | 574,351 | 87,106 | (487,245 | ) | |||||
| Other non-current liabilities | 162,647 | 146,198 | (16,449 | ) | |||||
| Total non-current liabilities | 16,094,234 | 2,105,558 | (13,988,676 | ) | |||||
| Total liabilities | 26,783,022 | 28,133,888 | 1,350,866 | ||||||
| EQUITY | |||||||||
| Sony Group Corporation’s stockholders’ equity: | |||||||||
| Common stock | 881,357 | 881,357 | - | ||||||
| Additional paid-in capital | 1,483,527 | 1,474,297 | (9,230 | ) | |||||
| Retained earnings | 6,678,168 | 6,261,849 | (416,319 | ) | |||||
| Accumulated other comprehensive income | (566,447 | ) | 941,206 | 1,507,653 | |||||
| Accumulated other comprehensive income directly related to the disposal group classified as held for distribution to owners | - | (1,381,779 | ) | (1,381,779 | ) | ||||
| Treasury stock, at cost | (296,860 | ) | (489,328 | ) | (192,468 | ) | |||
| Equity attributable to Sony Group Corporation’s stockholders | 8,179,745 | 7,687,602 | (492,143 | ) | |||||
| Noncontrolling interests | 330,406 | 306,459 | (23,947 | ) | |||||
| Total equity | 8,510,151 | 7,994,061 | (516,090 | ) | |||||
| Total liabilities and equity | 35,293,173 | 36,127,949 | 834,776 |
- 3 -
Condensed Quarterly Consolidated Statements of Income
| Yen in millions | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Three months ended September 30 | |||||||||
| 2024 | 2025 | Change | |||||||
| Continuing operations | |||||||||
| Sales | 2,971,224 | 3,107,907 | 136,683 | ||||||
| Costs and expenses: | |||||||||
| Cost of sales | 2,044,651 | 2,100,373 | 55,722 | ||||||
| Selling, general and administrative | 537,437 | 552,949 | 15,512 | ||||||
| Other operating (income) expense, net | (2,881 | ) | 23,964 | 26,845 | |||||
| Total costs and expenses | 2,579,207 | 2,677,286 | 98,079 | ||||||
| Share of profit (loss) of investments accounted for using the equity method | (2,676 | ) | (1,647 | ) | 1,029 | ||||
| Operating income | 389,341 | 428,974 | 39,633 | ||||||
| Financial income | 30,653 | 31,453 | 800 | ||||||
| Financial expenses | 35,483 | 18,666 | (16,817 | ) | |||||
| Income before income taxes | 384,511 | 441,761 | 57,250 | ||||||
| Income taxes | 91,426 | 123,354 | 31,928 | ||||||
| Net income from continuing operations | 293,085 | 318,407 | 25,322 | ||||||
| Discontinued Operations | |||||||||
| Net income from discontinued operations | 46,740 | 50,543 | 3,803 | ||||||
| Net income | 339,825 | 368,950 | 29,125 | ||||||
| Net income attributable to | |||||||||
| Sony Group Corporation’s stockholders | 338,496 | 361,968 | 23,472 | ||||||
| Net income from continuing operations | 291,756 | 311,425 | 19,669 | ||||||
| Net income from discontinued operations | 46,740 | 50,543 | 3,803 | ||||||
| Noncontrolling interests | 1,329 | 6,982 | 5,653 | ||||||
| Yen | |||||||||
| --- | --- | --- | --- | --- | --- | --- | |||
| Three months ended September 30 | |||||||||
| 2024 | 2025 | Change | |||||||
| Per share data: | |||||||||
| Net income attributable to Sony Group Corporation’s stockholders | |||||||||
| - Basic | 55.93 | 60.48 | 4.55 | ||||||
| Continuing operations | 48.21 | 52.03 | 3.82 | ||||||
| Discontinued operations | 7.72 | 8.45 | 0.73 | ||||||
| - Diluted | 55.74 | 60.10 | 4.36 | ||||||
| Continuing operations | 48.04 | 51.71 | 3.67 | ||||||
| Discontinued operations | 7.70 | 8.39 | 0.69 |
- 4 -
Condensed Quarterly Consolidated Statements of Comprehensive Income
| Yen in millions | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Three months ended September 30 | |||||||||
| 2024 | 2025 | Change | |||||||
| Net income | 339,825 | 368,950 | 29,125 | ||||||
| Other comprehensive income, net of tax - | |||||||||
| Items that will not be reclassified to profit or loss | |||||||||
| Changes in equity instruments measured at fair value through other comprehensive income | (1,242 | ) | 3,319 | 4,561 | |||||
| Remeasurement of defined benefit pension plans | (5 | ) | 6 | 11 | |||||
| Share of other comprehensive income of investments accounted for using the equity method | (4 | ) | 192 | 196 | |||||
| Other comprehensive income from discontinued operations | (851 | ) | 872 | 1,723 | |||||
| Items that may be reclassified subsequently to profit or loss | |||||||||
| Cash flow hedges | 861 | (3,604 | ) | (4,465 | ) | ||||
| Exchange differences on translating foreign operations | (444,415 | ) | 113,183 | 557,598 | |||||
| Share of other comprehensive income of investments accounted for using the equity method | (5,390 | ) | 1,089 | 6,479 | |||||
| Other comprehensive income from discontinued operations | 103,361 | (23,189 | ) | (126,550 | ) | ||||
| Total other comprehensive income, net of tax | (347,685 | ) | 91,868 | 439,553 | |||||
| Comprehensive income | (7,860 | ) | 460,818 | 468,678 | |||||
| Total Comprehensive income | |||||||||
| Comprehensive income from continuing operations | (157,110 | ) | 432,592 | 589,702 | |||||
| Comprehensive income from discontinued operations | 149,250 | 28,226 | (121,024 | ) | |||||
| Comprehensive income attributable to | |||||||||
| Sony Group Corporation’s stockholders | (7,156 | ) | 453,407 | 460,563 | |||||
| Comprehensive income from continuing operations | (156,406 | ) | 425,181 | 581,587 | |||||
| Comprehensive income from discontinued operations | 149,250 | 28,226 | (121,024 | ) | |||||
| Noncontrolling interests | (704 | ) | 7,411 | 8,115 |
- 5 -
Condensed Semi-annual Consolidated Statements of Income
| Yen in millions | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Six months ended September 30 | |||||||||
| 2024 | 2025 | Change | |||||||
| Continuing operations | |||||||||
| Sales | 5,536,585 | 5,729,522 | 192,937 | ||||||
| Costs and expenses: | |||||||||
| Cost of sales | 3,829,040 | 3,875,440 | 46,400 | ||||||
| Selling, general and administrative | 1,080,851 | 1,067,751 | (13,100 | ) | |||||
| Other operating (income) expense, net | (12,788 | ) | 14,044 | 26,832 | |||||
| Total costs and expenses | 4,897,103 | 4,957,235 | 60,132 | ||||||
| Share of profit (loss) of investments accounted for using the equity method | (1,020 | ) | (3,358 | ) | (2,338 | ) | |||
| Operating income | 638,462 | 768,929 | 130,467 | ||||||
| Financial income | 76,479 | 79,965 | 3,486 | ||||||
| Financial expenses | 43,548 | 50,532 | 6,984 | ||||||
| Income before income taxes | 671,393 | 798,362 | 126,969 | ||||||
| Income taxes | 163,965 | 217,135 | 53,170 | ||||||
| Net income from continuing operations | 507,428 | 581,227 | 73,799 | ||||||
| Discontinued Operations | |||||||||
| Net income from discontinued operations | 68,225 | 28,425 | (39,800 | ) | |||||
| Net income | 575,653 | 609,652 | 33,999 | ||||||
| Net income attributable to | |||||||||
| Sony Group Corporation’s stockholders | 570,134 | 598,877 | 28,743 | ||||||
| Net income from continuing operations | 501,909 | 570,452 | 68,543 | ||||||
| Net income from discontinued operations | 68,225 | 28,425 | (39,800 | ) | |||||
| Noncontrolling interests | 5,519 | 10,775 | 5,256 | ||||||
| Yen | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | ||
| Six months ended September 30 | |||||||||
| 2024 | 2025 | Change | |||||||
| Per share data: | |||||||||
| Net income attributable to Sony Group Corporation’s stockholders | |||||||||
| - Basic | 93.84 | 99.83 | 5.99 | ||||||
| Continuing operations | 82.61 | 95.09 | 12.48 | ||||||
| Discontinued operations | 11.23 | 4.74 | (6.49 | ) | |||||
| - Diluted | 93.53 | 99.22 | 5.69 | ||||||
| Continuing operations | 82.34 | 94.51 | 12.17 | ||||||
| Discontinued operations | 11.19 | 4.71 | (6.48 | ) |
- 6 -
Condensed Semi-annual Consolidated Statements of Comprehensive Income
| Yen in millions | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Six months ended September 30 | |||||||||
| 2024 | 2025 | Change | |||||||
| Net income | 575,653 | 609,652 | 33,999 | ||||||
| Other comprehensive income, net of tax - | |||||||||
| Items that will not be reclassified to profit or loss | |||||||||
| Changes in equity instruments measured at fair value through other comprehensive income | (16,828 | ) | 2,516 | 19,344 | |||||
| Remeasurement of defined benefit pension plans | (763 | ) | 6 | 769 | |||||
| Share of other comprehensive income of investments accounted for using the equity method | (1,144 | ) | 151 | 1,295 | |||||
| Other comprehensive income from discontinued operations | (356 | ) | 857 | 1,213 | |||||
| Items that may be reclassified subsequently to profit or loss | |||||||||
| Cash flow hedges | (1,416 | ) | (4,548 | ) | (3,132 | ) | |||
| Exchange differences on translating foreign operations | (204,714 | ) | 90,883 | 295,597 | |||||
| Share of other comprehensive income of investments accounted for using the equity method | (1,579 | ) | 758 | 2,337 | |||||
| Other comprehensive income from discontinued operations | 21,168 | 30,112 | 8,944 | ||||||
| Total other comprehensive income, net of tax | (205,632 | ) | 120,735 | 326,367 | |||||
| Comprehensive income | 370,021 | 730,387 | 360,366 | ||||||
| Total Comprehensive income | |||||||||
| Comprehensive income from continuing operations | 280,984 | 670,993 | 390,009 | ||||||
| Comprehensive income from discontinued operations | 89,037 | 59,394 | (29,643 | ) | |||||
| Comprehensive income attributable to | |||||||||
| Sony Group Corporation’s stockholders | 365,683 | 720,295 | 354,612 | ||||||
| Comprehensive income from continuing operations | 276,646 | 660,901 | 384,255 | ||||||
| Comprehensive income from discontinued operations | 89,037 | 59,394 | (29,643 | ) | |||||
| Noncontrolling interests | 4,338 | 10,092 | 5,754 |
- 7 -
Condensed Semi-annual Consolidated Statements of Changes in Stockholders’Equity
| Yen in millions | ||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Common <br> stock | Additional<br> paid-in <br> capital | Retained <br> earnings | Accumulated<br> other<br> comprehensive <br> income | Treasury <br> stock, at <br> cost | Sony Group<br> Corporation’s <br> stockholders’ <br> equity | Noncontrolling <br> interests | Total equity | |||||||||||||||||||
| Balance at April 1, 2024 | 881,357 | 1,483,410 | 6,002,407 | (376,063 | ) | (403,934 | ) | 7,587,177 | 168,928 | 7,756,105 | ||||||||||||||||
| Comprehensive income: | ||||||||||||||||||||||||||
| Net income | 570,134 | 570,134 | 5,519 | 575,653 | ||||||||||||||||||||||
| Other comprehensive income, net of tax | (204,451 | ) | (204,451 | ) | (1,181 | ) | (205,632 | ) | ||||||||||||||||||
| Total comprehensive income | 570,134 | (204,451 | ) | 365,683 | 4,338 | 370,021 | ||||||||||||||||||||
| Transfer to retained earnings | (21,657 | ) | 21,657 | - | - | |||||||||||||||||||||
| Transactions with stockholders and other: | ||||||||||||||||||||||||||
| Stock issued under stock-based compensation transactions | 0 | (1,631 | ) | 8,003 | 6,372 | 6,372 | ||||||||||||||||||||
| Compensation expenses related to stock-based compensation transactions | 10,707 | 10,707 | 10,707 | |||||||||||||||||||||||
| Dividends declared | (54,965 | ) | (54,965 | ) | (4,220 | ) | (59,185 | ) | ||||||||||||||||||
| Purchase of treasury stock | (202,107 | ) | (202,107 | ) | (202,107 | ) | ||||||||||||||||||||
| Reissuance of treasury stock | 1 | 4 | 5 | 5 | ||||||||||||||||||||||
| Cancellation of treasury stock | (839 | ) | (127,738 | ) | 128,577 | - | - | |||||||||||||||||||
| Transactions with noncontrolling interests shareholders and other | (3,900 | ) | (3,900 | ) | 137,802 | 133,902 | ||||||||||||||||||||
| Balance at September 30, 2024 | 881,357 | 1,489,379 | 6,366,550 | (558,857 | ) | (469,457 | ) | 7,708,972 | 306,848 | 8,015,820 | ||||||||||||||||
| Yen in millions | ||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Common<br> <br>stock | Additional<br> <br>paid-in<br> <br>capital | Retained<br> <br>earnings | Accumulated<br> <br>other<br> <br>comprehensive<br> <br>income | Accumulated<br> other<br> comprehensive<br> income directly<br> related to<br> disposal groups<br> classified as<br> held for<br> distribution to<br> owners | Treasury<br> <br>stock, at<br> <br>cost | Sony Group<br> <br>Corporation’s<br> <br>stockholders’<br> <br>equity | Noncontrolling<br> <br>interests | Total equity | ||||||||||||||||||
| Balance at April 1, 2025 | 881,357 | 1,483,527 | 6,678,168 | (566,447 | ) | - | (296,860 | ) | 8,179,745 | 330,406 | 8,510,151 | |||||||||||||||
| Comprehensive income: | ||||||||||||||||||||||||||
| Net income | 598,877 | 598,877 | 10,775 | 609,652 | ||||||||||||||||||||||
| Other comprehensive income, net of tax | 56,155 | 65,263 | 121,418 | (683 | ) | 120,735 | ||||||||||||||||||||
| Total comprehensive income | 598,877 | 56,155 | 65,263 | 720,295 | 10,092 | 730,387 | ||||||||||||||||||||
| Transfer to retained earnings | 754 | (824 | ) | 70 | - | - | ||||||||||||||||||||
| Transactions with stockholders and other: | ||||||||||||||||||||||||||
| Stock issued under stock-based compensation transactions | 1,364 | 26,897 | 28,261 | 28,261 | ||||||||||||||||||||||
| Compensation expenses related to stock-based compensation transactions | 8,112 | 8,112 | 8,112 | |||||||||||||||||||||||
| Dividends declared | (60,250 | ) | (60,250 | ) | (19,032 | ) | (79,282 | ) | ||||||||||||||||||
| Dividends in kind | (955,700 | ) | (955,700 | ) | (955,700 | ) | ||||||||||||||||||||
| Purchase of treasury stock | (219,365 | ) | (219,365 | ) | (219,365 | ) | ||||||||||||||||||||
| Reissuance of treasury stock | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
| Transfer to held for distribution to owners | 1,447,112 | (1,447,112 | ) | - | - | |||||||||||||||||||||
| Transactions with noncontrolling interests shareholders and other | (18,706 | ) | 5,210 | (13,496 | ) | (15,007 | ) | (28,503 | ) | |||||||||||||||||
| Balance at September 30, 2025 | 881,357 | 1,474,297 | 6,261,849 | 941,206 | (1,381,779 | ) | (489,328 | ) | 7,687,602 | 306,459 | 7,994,061 |
- 8 -
Condensed Semi-annual Consolidated Statements of Cash Flows
| Yen in millions | ||||||
|---|---|---|---|---|---|---|
| Six months ended September 30 | ||||||
| 2024 | 2025 | |||||
| Cash flows from operating activities: | ||||||
| Income before income taxes from continuing operations | 671,393 | 798,362 | ||||
| Adjustments to reconcile income before income taxes from continuing operations to net cash provided by (used in) operating activities: | ||||||
| Depreciation and amortization, including amortization of contract costs | 535,561 | 556,579 | ||||
| Other operating (income) expense, net | (12,788 | ) | 14,044 | |||
| Gain on securities, net | (45,774 | ) | (38,907 | ) | ||
| Share of loss of investments accounted for using the equity method, net of dividends | 8,430 | 10,200 | ||||
| Changes in assets and liabilities: | ||||||
| Increase in trade receivables and contract assets | (58,634 | ) | (212,064 | ) | ||
| Increase in inventories | (260,950 | ) | (344,176 | ) | ||
| Increase in content assets | (408,541 | ) | (295,046 | ) | ||
| Increase in trade payables | 363,742 | 328,241 | ||||
| Decrease in taxes payable other than income taxes, net | (16,207 | ) | (5,352 | ) | ||
| Increase in other financial assets and other current assets | (36,747 | ) | (65,172 | ) | ||
| Decrease in other financial liabilities and other current liabilities | (62,443 | ) | (44,184 | ) | ||
| Income taxes paid | (127,321 | ) | (89,895 | ) | ||
| Other | 22,475 | (120,339 | ) | |||
| Total net cash provided by operating activities from continuing operations | 572,196 | 492,291 | ||||
| Net cash provided by (used in) operating activities from discontinued operations | 44,093 | (20,675 | ) | |||
| Net cash provided by operating activities | 616,289 | 471,616 |
(Continued on the following page.)
- 9 -
Condensed Semi-annual Consolidated Statements of Cash Flows (Continued)
| Yen in millions | ||||||
|---|---|---|---|---|---|---|
| Six months ended September 30 | ||||||
| 2024 | 2025 | |||||
| Cash flows from investing activities: | ||||||
| Payments for property, plant and equipment and other intangible assets | (390,874 | ) | (219,879 | ) | ||
| Proceeds from sales of property, plant and equipment and other intangible assets | 6,648 | 2,516 | ||||
| Payments for investments and advances | (41,023 | ) | (110,943 | ) | ||
| Proceeds from sales or return of investments and collections of advances | 33,293 | 8,465 | ||||
| Payments for purchases of businesses and other | (266,496 | ) | (63,494 | ) | ||
| Proceeds from sales of businesses | 1,404 | 3,464 | ||||
| Other | 26,920 | 2,181 | ||||
| Total net cash used in investing activities from continuing operations | (630,128 | ) | (377,690 | ) | ||
| Net cash used in investing activities from discontinued operations | (14,802 | ) | (16,281 | ) | ||
| Net cash used in investing activities | (644,930 | ) | (393,971 | ) | ||
| Cash flows from financing activities: | ||||||
| Increase in short-term borrowings, net | 40,410 | 3,132 | ||||
| Proceeds from issuance of long-term debt | 11,085 | 10,480 | ||||
| Payments of long-term debt | (55,945 | ) | (83,165 | ) | ||
| Dividends paid | (54,931 | ) | (60,209 | ) | ||
| Payments for purchases of treasury stock | (202,107 | ) | (219,365 | ) | ||
| Capital contribution from non-controlling interests | 150,804 | - | ||||
| Other | (11,129 | ) | (24,991 | ) | ||
| Total net cash used in financing activities from continuing operations | (121,813 | ) | (374,118 | ) | ||
| Net cash used in financing activities from discontinued operations | (5,161 | ) | (9,253 | ) | ||
| Net cash used in financing activities | (126,974 | ) | (383,371 | ) | ||
| Effect of exchange rate changes on cash and cash equivalents | (22,788 | ) | (7,265 | ) | ||
| Net decrease in cash and cash equivalents | (178,403 | ) | (312,991 | ) | ||
| Cash and cash equivalents at beginning of the fiscal year | 1,907,113 | 2,980,956 | ||||
| Cash and cash equivalents at end of the period | 1,728,710 | 2,667,965 | ||||
| Cash and cash equivalents included in assets held for distribution to owners | - | 1,170,068 | ||||
| Cash and cash equivalents in the Condensed Semi-annual Consolidated Statements of Financial Position | 1,728,710 | 1,497,897 |
- 10 -
Notes to Condensed Semi-annual Consolidated Financial Statements
Business Segment Information
At a meeting of Sony Group Corporation’s Board of Directors (the “Board”) held on May 14, 2025, Sony Group Corporation resolved the plan regarding the execution of a partial spin-off (the “Spin-off”) of Sony Financial Group Inc. (“SFGI”), a wholly-owned subsidiary which operates the Financial Services business. In accordance with the resolution, the Financial Services business was classified as a discontinued operation and has been excluded from the reporting segments. Consequently, the figures for comparative periods have been re-presented. For further information on discontinued operations, please refer to “Notes to Condensed Semi-annual Consolidated Financial Statements
- Accounting Policy and Other Information (Discontinued operations).”
(Business Segments)
Segment sales
| Yen in millions | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Three months ended September 30 | |||||||||
| 2024 | 2025 | Change | |||||||
| Sales: | |||||||||
| Game & Network Services - | |||||||||
| Customers | 1,034,198 | 1,070,432 | 36,234 | ||||||
| Intersegment | 37,332 | 42,739 | 5,407 | ||||||
| Total | 1,071,530 | 1,113,171 | 41,641 | ||||||
| Music - | |||||||||
| Customers | 444,000 | 532,410 | 88,410 | ||||||
| Intersegment | 4,197 | 9,951 | 5,754 | ||||||
| Total | 448,197 | 542,361 | 94,164 | ||||||
| Pictures - | |||||||||
| Customers | 353,390 | 343,296 | (10,094 | ) | |||||
| Intersegment | 2,406 | 2,737 | 331 | ||||||
| Total | 355,796 | 346,033 | (9,763 | ) | |||||
| Entertainment, Technology & Services - | |||||||||
| Customers | 605,712 | 550,727 | (54,985 | ) | |||||
| Intersegment | 14,047 | 25,010 | 10,963 | ||||||
| Total | 619,759 | 575,737 | (44,022 | ) | |||||
| Imaging & Sensing Solutions - | |||||||||
| Customers | 509,769 | 586,183 | 76,414 | ||||||
| Intersegment | 25,798 | 28,459 | 2,661 | ||||||
| Total | 535,567 | 614,642 | 79,075 | ||||||
| All Other - | |||||||||
| Customers | 20,555 | 19,555 | (1,000 | ) | |||||
| Intersegment | 3,334 | 4,088 | 754 | ||||||
| Total | 23,889 | 23,643 | (246 | ) | |||||
| Corporate and elimination | (83,514 | ) | (107,680 | ) | (24,166 | ) | |||
| Consolidated total | 2,971,224 | 3,107,907 | 136,683 |
Note:
Game & Network Services (“G&NS”) intersegment amounts primarily consist of transactions with the Entertainment, Technology & Services (“ET&S”) segment. ET&S intersegment amounts primarily consist of transactions with the G&NS segment. Imaging & Sensing Solutions (“I&SS”) intersegment amounts primarily consist of transactions with the G&NS segment and the ET&S segment. Corporate and elimination includes certain brand and patent royalty income.
Intersegment amounts in each segment, as well as Corporate and elimination, include transaction amounts with discontinued operations.
- 11 -
Segment profit (loss)
| Yen in millions | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Three months ended September 30 | |||||||||
| 2024 | 2025 | Change | |||||||
| Operating income (loss): | |||||||||
| Game & Network Services | 138,849 | 120,354 | (18,495 | ) | |||||
| Music | 90,360 | 115,377 | 25,017 | ||||||
| Pictures | 18,475 | 13,850 | (4,625 | ) | |||||
| Entertainment, Technology & Services | 70,155 | 60,960 | (9,195 | ) | |||||
| Imaging & Sensing Solutions | 92,412 | 138,267 | 45,855 | ||||||
| All Other | (6,483 | ) | (2,906 | ) | 3,577 | ||||
| Total | 403,768 | 445,902 | 42,134 | ||||||
| Corporate and elimination | (14,427 | ) | (16,928 | ) | (2,501 | ) | |||
| Consolidated operating income | 389,341 | 428,974 | 39,633 |
Operating income (loss) is sales less costs and expenses and includes the share of profit (loss) of investments accounted for using the equity method.
Operating income (loss) in each segment, as well as Corporate and elimination, include transaction amounts with discontinued operations.
- 12 -
Segment sales
| Yen in millions | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Six months ended September 30 | |||||||||
| 2024 | 2025 | Change | |||||||
| Sales: | |||||||||
| Game & Network Services - | |||||||||
| Customers | 1,878,486 | 1,983,242 | 104,756 | ||||||
| Intersegment | 57,955 | 66,462 | 8,507 | ||||||
| Total | 1,936,441 | 2,049,704 | 113,263 | ||||||
| Music - | |||||||||
| Customers | 879,726 | 991,362 | 111,636 | ||||||
| Intersegment | 10,493 | 16,340 | 5,847 | ||||||
| Total | 890,219 | 1,007,702 | 117,483 | ||||||
| Pictures - | |||||||||
| Customers | 689,946 | 669,502 | (20,444 | ) | |||||
| Intersegment | 3,196 | 3,635 | 439 | ||||||
| Total | 693,142 | 673,137 | (20,005 | ) | |||||
| Entertainment, Technology & Services - | |||||||||
| Customers | 1,199,891 | 1,069,404 | (130,487 | ) | |||||
| Intersegment | 20,783 | 40,591 | 19,808 | ||||||
| Total | 1,220,674 | 1,109,995 | (110,679 | ) | |||||
| Imaging & Sensing Solutions - | |||||||||
| Customers | 843,077 | 971,647 | 128,570 | ||||||
| Intersegment | 45,970 | 51,185 | 5,215 | ||||||
| Total | 889,047 | 1,022,832 | 133,785 | ||||||
| All Other - | |||||||||
| Customers | 39,488 | 35,794 | (3,694 | ) | |||||
| Intersegment | 5,491 | 7,179 | 1,688 | ||||||
| Total | 44,979 | 42,973 | (2,006 | ) | |||||
| Corporate and elimination | (137,917 | ) | (176,821 | ) | (38,904 | ) | |||
| Consolidated total | 5,536,585 | 5,729,522 | 192,937 |
Note:
G&NS intersegment amounts primarily consist of transactions with the ET&S segment. ET&S intersegment amounts primarily consist of transactions with the G&NS segment. I&SS intersegment amounts primarily consist of transactions with the G&NS segment and the ET&S segment. Corporate and elimination includes certain brand and patent royalty income.
Intersegment amounts in each segment, as well as Corporate and elimination, include transaction amounts with discontinued operations.
- 13 -
Segment profit (loss)
| Yen in millions | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Six months ended September 30 | |||||||||
| 2024 | 2025 | Change | |||||||
| Operating income (loss): | |||||||||
| Game & Network Services | 204,058 | 268,311 | 64,253 | ||||||
| Music | 176,253 | 208,184 | 31,931 | ||||||
| Pictures | 29,783 | 32,515 | 2,732 | ||||||
| Entertainment, Technology & Services | 134,238 | 104,103 | (30,135 | ) | |||||
| Imaging & Sensing Solutions | 129,059 | 192,518 | 63,459 | ||||||
| All Other | (5,208 | ) | (7,874 | ) | (2,666 | ) | |||
| Total | 668,183 | 797,757 | 129,574 | ||||||
| Corporate and elimination | (29,721 | ) | (28,828 | ) | 893 | ||||
| Consolidated operating income | 638,462 | 768,929 | 130,467 |
Operating income (loss) is sales less costs and expenses and includes the share of profit (loss) of investments accounted for using the equity method.
Operating income (loss) in each segment, as well as Corporate and elimination, include transaction amounts with discontinued operations.
- 14 -
(Sales to Customers by Product Category)
The following table is a breakdown of sales to external customers by product category for each segment. Sony management views each segment as a single operating segment.
| Yen in millions | |||||||
|---|---|---|---|---|---|---|---|
| Three months ended September 30 | |||||||
| Sales: | 2024 | 2025 | Change | ||||
| Game & Network Services | |||||||
| Digital Software and Add-on Content | 559,024 | 568,129 | 9,105 | ||||
| Network Services | 160,779 | 182,681 | 21,902 | ||||
| Hardware and Others | 314,395 | 319,622 | 5,227 | ||||
| Total | 1,034,198 | 1,070,432 | 36,234 | ||||
| Music | |||||||
| Recorded Music - Streaming | 189,471 | 208,577 | 19,106 | ||||
| Recorded Music - Others | 100,765 | 112,137 | 11,372 | ||||
| Music Publishing | 91,531 | 105,779 | 14,248 | ||||
| Visual Media and Platform | 62,233 | 105,917 | 43,684 | ||||
| Total | 444,000 | 532,410 | 88,410 | ||||
| Pictures | |||||||
| Motion Pictures | 150,821 | 105,281 | (45,540 | ) | |||
| Television Productions | 100,728 | 103,352 | 2,624 | ||||
| Media Networks | 101,841 | 134,663 | 32,822 | ||||
| Total | 353,390 | 343,296 | (10,094 | ) | |||
| Entertainment, Technology & Services | |||||||
| Imaging | 184,159 | 171,828 | (12,331 | ) | |||
| Sound | 70,747 | 71,310 | 563 | ||||
| Network Services | 44,164 | 46,522 | 2,358 | ||||
| Displays | 170,247 | 136,475 | (33,772 | ) | |||
| Other | 136,395 | 124,592 | (11,803 | ) | |||
| Total | 605,712 | 550,727 | (54,985 | ) | |||
| Imaging & Sensing Solutions | 509,769 | 586,183 | 76,414 | ||||
| All Other | 20,555 | 19,555 | (1,000 | ) | |||
| Corporate | 3,600 | 5,304 | 1,704 | ||||
| Consolidated total | 2,971,224 | 3,107,907 | 136,683 |
Note:
Sony has realigned its product categories in the ET&S segment due to changes in business categories from the first quarter of the fiscal year ending March 31, 2026. In accordance with this realignment, results for the three months ended September 30, 2024 in the table above have been reclassified to conform to the current presentation.
- 15 -
| Yen in millions | |||||||
|---|---|---|---|---|---|---|---|
| Six months ended September 30 | |||||||
| Sales: | 2024 | 2025 | Change | ||||
| Game & Network Services | |||||||
| Digital Software and Add-on Content | 991,776 | 1,060,276 | 68,500 | ||||
| Network Services | 320,125 | 355,329 | 35,204 | ||||
| Hardware and Others | 566,585 | 567,637 | 1,052 | ||||
| Total | 1,878,486 | 1,983,242 | 104,756 | ||||
| Music | |||||||
| Recorded Music - Streaming | 386,134 | 404,593 | 18,459 | ||||
| Recorded Music - Others | 203,381 | 217,610 | 14,229 | ||||
| Music Publishing | 188,207 | 204,464 | 16,257 | ||||
| Visual Media and Platform | 102,004 | 164,695 | 62,691 | ||||
| Total | 879,726 | 991,362 | 111,636 | ||||
| Pictures | |||||||
| Motion Pictures | 283,855 | 212,414 | (71,441 | ) | |||
| Television Productions | 195,013 | 224,979 | 29,966 | ||||
| Media Networks | 211,078 | 232,109 | 21,031 | ||||
| Total | 689,946 | 669,502 | (20,444 | ) | |||
| Entertainment, Technology & Services | |||||||
| Imaging | 391,184 | 359,127 | (32,057 | ) | |||
| Sound | 144,814 | 137,181 | (7,633 | ) | |||
| Network Services | 88,802 | 92,119 | 3,317 | ||||
| Displays | 307,474 | 237,738 | (69,736 | ) | |||
| Other | 267,617 | 243,239 | (24,378 | ) | |||
| Total | 1,199,891 | 1,069,404 | (130,487 | ) | |||
| Imaging & Sensing Solutions | 843,077 | 971,647 | 128,570 | ||||
| All Other | 39,488 | 35,794 | (3,694 | ) | |||
| Corporate | 5,971 | 8,571 | 2,600 | ||||
| Consolidated total | 5,536,585 | 5,729,522 | 192,937 |
Note:
Sony has realigned its product categories in the ET&S segment due to changes in business categories from the first quarter of the fiscal year ending March 31, 2026. In accordance with this realignment, results for the six months ended September 30, 2024 in the table above have been reclassified to conform to the current presentation.
In the G&NS segment, Digital Software and Add-on Content includes distribution of software titles and add-on content through the network; Network Services includes network services relating to game, video and music content; Hardware and Others includes home gaming consoles, packaged software, game software sold bundled with home gaming consoles, peripheral devices and first-party software for third-party platforms. In the Music segment, Recorded Music
Streaming includes the distribution of digital recorded music by streaming; Recorded Music - Others includes the distribution of recorded music by physical media and digital download as well as revenue derived from artists’ live performances and merchandising; Music Publishing includes the management and licensing of the words and music of songs; Visual Media and Platform includes the production and distribution of animation titles and game applications, and various service offerings for music and visual products. In the Pictures segment, Motion Pictures includes the worldwide production, acquisition and distribution of live-action and animated motion pictures; Television Productions includes the production, acquisition and distribution of television programming; Media Networks includes the operation of television networks and direct-to-consumer streaming services worldwide. In the ET&S segment, Imaging includes image and video content creation products and solutions, including interchangeable lens cameras and interchangeable lenses; Sound includes headphones and wireless speakers; Network Service includes internet-related services; Displays includes display products such as LCD and OLED televisions, as well as projectors; Other includes smartphones, home audio products and medical equipment, as well as sports officiating support and content production support services.
- 16 -
Going Concern Assumption
Not Applicable
Accounting Policy and Other Information
(Net Income Attributable to Sony Group Corporation’sStockholders per Share (“EPS”) and Weighted-average Number of Outstanding Shares Used for the Computation of EPS of CommonStock)
| Yen in millions | ||||
|---|---|---|---|---|
| Three months ended September 30 | ||||
| 2024 | 2025 | |||
| Net income attributable to Sony Group Corporation’s stockholders for basic and diluted EPS computation | 338,496 | 361,968 | ||
| Continuing operations | 291,756 | 311,425 | ||
| Discontinued operations | 46,740 | 50,543 | ||
| Thousands of shares | ||||
| --- | --- | --- | --- | --- |
| Three months ended September 30 | ||||
| 2024 | 2025 | |||
| Weighted-average shares outstanding for basic EPS computation | 6,051,720 | 5,984,979 | ||
| Effect of dilutive securities: | ||||
| Stock options | 16,593 | 26,898 | ||
| Restricted stock units | 4,892 | 10,803 | ||
| Weighted-average shares for diluted EPS computation | 6,073,205 | 6,022,680 | ||
| Yen in millions | ||||
| --- | --- | --- | --- | --- |
| Six months ended September 30 | ||||
| 2024 | 2025 | |||
| Net income attributable to Sony Group Corporation’s stockholders for basic and diluted EPS computation | 570,134 | 598,877 | ||
| Continuing operations | 501,909 | 570,452 | ||
| Discontinued operations | 68,225 | 28,425 | ||
| Thousands of shares | ||||
| --- | --- | --- | --- | --- |
| Six months ended September 30 | ||||
| 2024 | 2025 | |||
| Weighted-average shares outstanding for basic EPS computation | 6,075,284 | 5,999,085 | ||
| Effect of dilutive securities: | ||||
| Stock options | 15,397 | 26,036 | ||
| Restricted stock units | 4,756 | 10,667 | ||
| Weighted-average shares for diluted EPS computation | 6,095,437 | 6,035,788 |
Note:
Sony Group Corporation conducted a five-for-one stock split of its common stock effective October 1, 2024, with a record date of September 30, 2024. Basic and diluted EPS are calculated based on the assumption that the stock split was conducted at the beginning of the fiscal year ended March 31, 2025.
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(Segmentation)
The G&NS segment includes the production and sales of digital software and add-on content, the network services businesses and the manufacture and sales of home gaming products. The Music segment includes the Recorded Music, Music Publishing and Visual Media and Platform businesses. The Pictures segment includes the Motion Pictures, Television Productions and Media Networks businesses. The ET&S segment includes the Imaging business, the Sound business, the Network Services business and the Displays business. The I&SS segment includes the image sensors business. All Other consists of various operating activities, including the disc manufacturing and recording media businesses. Sony’s products and services are generally unique to a single operating segment.
At a meeting of the Board held on May 14, 2025, Sony Group Corporation resolved the plan regarding the execution of the Spin-off. In accordance with the resolution, the Financial Services business was classified as a discontinued operation and has been excluded from the reporting segments. Consequently, the figures for comparative periods have been re-presented. For further information on discontinued operations, please refer to “Notes to Condensed Semi-annual Consolidated Financial Statements - Accounting Policy and Other Information (Discontinued operations).”
(Change in presentation)
At a meeting of the Board held on May 14, 2025, Sony Group Corporation resolved the plan regarding the execution of the Spin-off. In connection with the resolution, the Financial Services business was classified as a discontinued operation. Income and losses related to business classified as a discontinued operation are separately presented, net of income taxes, following net income from continuing operations, in the condensed quarterly consolidated statements of income and condensed semi-annual consolidated statements of income, respectively. In accordance with the classification of the Financial Services business as a discontinued operation, the condensed quarterly consolidated statements of income, condensed semi-annual consolidated statements of income, condensed quarterly consolidated statements of comprehensive income, condensed semi-annual consolidated statements of comprehensive income, condensed semi-annual consolidated statements of cash flows, and related notes to the condensed semi-annual consolidated financial statements for comparative periods have been re-presented separately for continuing operations and discontinued operations. In the condensed semi-annual consolidated statements of cash flows, cash flows from operating, investing and financing activities are presented separately for continuing operations and discontinued operations. The balance of cash and cash equivalents at end of the period is presented separately as cash and cash equivalents included in assets held for distribution to owners and cash and cash equivalents in the condensed semi-annual consolidated statements of financial position. For further information on discontinued operations, refer to “Notes to Condensed Semi-annual Consolidated Financial Statements - Accounting Policy and Other Information (Discontinued operations).”
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(Discontinued operations)
At a meeting of the Board held on May 14, 2025, Sony Group Corporation resolved to submit a resolution for the execution of the Spin-off, effective October 1, 2025, to the Board in early September 2025. Afterwards, at a meeting of the Board held on September 3, 2025, Sony Group Corporation resolved to execute the Spin-off effective October 1, 2025. Upon execution of the Spin-off effective October 1, 2025, Sony Group Corporation distributed dividends in kind to shareholders appearing in Sony Group Corporation’s register of shareholders as of the record date, September 30, 2025, at the rate of one share of common stock of SFGI (“SFGI share(s)”) to one share of common stock of Sony Group Corporation held by each shareholder. As a result, Sony Group Corporation holds 16.40% of SFGI shares.
In connection with the Board resolution on May 14, 2025 on the plan for the execution of the Spin-off, Sony Group Corporation determined that the distribution of SFGI shares was highly probable and the Financial Services business was classified as a discontinued operation, in accordance with IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations.” As a result, in the condensed quarterly consolidated statements of income, condensed semi-annual consolidated statements of income, condensed quarterly consolidated statements of comprehensive income, condensed semi-annual consolidated statements of comprehensive income and condensed semi-annual consolidated statements of cash flows; revenue, expenses, other comprehensive income and cash flows of the Financial Services business, among other items, are separated from continuing operations, comprised of Sony’s businesses excluding the Financial Services business, and presented as net income or loss from discontinued operations, other comprehensive income from discontinued operations, and net cash from discontinued operations, respectively. Additionally, in the condensed semi-annual consolidated statements of financial position, assets and liabilities of the Financial Services business were classified as a disposal group held for distribution to owners. Accumulated other comprehensive income directly related to the disposal group was classified as held for distribution to owners.
For the disposal group classified as held for distribution to owners, as of September 30, 2025, its fair value less the incremental costs directly attributable to the distribution of the disposal group, excluding finance costs and income tax expense, is more than the carrying amount, so they are measured using the carrying amount.
At the Board meeting held on September 3, 2025, Sony Group Corporation resolved to distribute a portion of SFGI shares to its shareholders as dividends in kind. In connection with such resolution, Sony Group Corporation reduced retained earnings and recognized dividends payable for the amount equivalent to the fair value of the portion of SFGI shares that was scheduled to be distributed as dividends in kind. The amount of dividends payable as of September 30, 2025 is 955,700 million yen. This amount is included in accrued liabilities for dividends in kind in the condensed semi-annual consolidated statements of financial position.
(1) Disposal group classified as held for distribution to owners
| Yen in millions | |||
|---|---|---|---|
| September 30, 2025 | |||
| Assets classified as held for distribution to owners | |||
| Cash and cash equivalents | 1,170,068 | ||
| Investments and advances in the Financial Services business | 19,427,349 | ||
| Others | 689,053 | ||
| Total assets | 21,286,470 | ||
| Liabilities classified as held for distribution to owners | |||
| Short-term borrowings | 1,860,032 | ||
| Deposits from customers in the banking business | 4,363,218 | ||
| Long-term debt | 684,705 | ||
| Insurance contract liabilities | 12,925,357 | ||
| Others | 351,910 | ||
| Total liabilities | 20,185,222 | ||
| Accumulated other comprehensive income directly related to the disposal group classified as held for distribution to owners | |||
| Changes in equity instruments measured at fair value through other comprehensive income | (3,984 | ) | |
| Changes in debt instruments measured at fair value through other comprehensive income | (1,640,079 | ) | |
| Insurance finance income (expenses) | 263,298 | ||
| Others | (1,014 | ) | |
| Total accumulated other comprehensive income | (1,381,779 | ) |
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(2) Results of discontinued operations
| Yen in millions | ||||||
|---|---|---|---|---|---|---|
| Six months ended September 30 | ||||||
| 2024 | 2025 | |||||
| Financial services revenue | 380,661 | 678,023 | ||||
| Financial services expenses | 284,865 | 640,811 | ||||
| Other income (expenses), net | (75 | ) | (237 | ) | ||
| Income before income taxes from discontinued operations | 95,721 | 36,975 | ||||
| Income taxes | 27,496 | 8,550 | ||||
| Net income from discontinued operations | 68,225 | 28,425 | ||||
| Other comprehensive income from discontinued operations | 20,812 | 30,969 | ||||
| Items that will not be reclassified to profit or loss | ||||||
| Changes in equity instruments measured at fair value through other comprehensive income | (284 | ) | 963 | |||
| Remeasurement of defined pension plans | (72 | ) | (106 | ) | ||
| Items that may be reclassified subsequently to profit or loss | ||||||
| Changes in debt instruments measured at fair value through other comprehensive income | (215,586 | ) | (293,622 | ) | ||
| Insurance finance income (expenses) | 236,830 | 323,982 | ||||
| Others | (76 | ) | (248 | ) | ||
| Comprehensive income from discontinued operations | 89,037 | 59,394 |
Subsequent Events
(Execution of a partial spin-off of the Financial Services business)
Sony Group Corporation executed the Spin-off effective October 1, 2025. Consequently, SFGI, which was a wholly-owned subsidiary of Sony Group Corporation, was deconsolidated and became an affiliate accounted for using the equity method.
As a result of the execution of the Spin-off, approximately 1 trillion 380 billion yen of accumulated other comprehensive income directly related to the disposal group classified as held for distribution to owners at the time of the execution is expected to be transferred to net loss from discontinued operations in the consolidated statements of income.
In addition, as a result of the execution of the Spin-off, SFGI became an affiliate accounted for using the equity method and the fair value of SFGI shares will be recorded as its initial investment cost. At the time of the execution of the Spin-off, since Sony’s equity interest in the net fair value of SFGI’s identifiable assets and liabilities exceeds the cost of the initial recognition of the investment, the excess will be recognized as the share of profit of investments accounted for using the equity method in the third quarter of the fiscal year ending March 31, 2026. On the other hand, since the fair value of SFGI shares as of October 1, 2025 is lower than the equity method carrying amount, Sony expects to record an impairment loss of the same amount as the difference, as the share of loss of investments accounted for using the equity method.
(Establishment of a facility for the repurchase of shares of itsown common stock)
Sony Group Corporation approved the establishment of the following facility for the repurchase of its own common stock pursuant to the Companies Act of Japan and Sony Group Corporation’s Articles of Incorporation at the meeting of the Board held on November 11, 2025.
Total number of shares for repurchase: 35 million shares (maximum)
Total purchase price for repurchase of shares: 100 billion yen (maximum)
Period of repurchase: November 12, 2025 to May 14, 2026
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Overview of Operating Results
For the overview of operating results for the second quarter ended September 30, 2025, including the results forecast for the fiscal year ending March 31, 2026, please refer to “Q2 FY2025 Consolidated Financial Results” (the presentation material for the earnings announcement) disclosed on the same date as this document on the TDnet of the TSE and the website of Sony Group Corporation.
Cautionary Statement
Statements made in this material with respect to Sony’s current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Sony. Forward-looking statements include, but are not limited to, those statements using words such as “believe,” “expect,” “plans,” “strategy,” “prospects,” “forecast,” “estimate,” “project,” “anticipate,” “aim,” “intend,” “seek,” “may,” “might,” “could” or “should,” and words of similar meaning in connection with a discussion of future operations, financial performance, events or conditions. From time to time, oral or written forward-looking statements may also be included in other materials released to the public. These statements are based on management’s assumptions, judgments and beliefs in light of the information currently available to it. Sony cautions investors that a number of important risks and uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements, and therefore investors should not place undue reliance on them. Investors also should not rely on any obligation of Sony to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Sony disclaims any such obligation. Risks and uncertainties that might affect Sony include, but are not limited to:
| (i) | Sony’s ability to maintain product quality and customer satisfaction with its products and services; |
|---|---|
| (ii) | Sony’s ability to continue to design and develop and win acceptance of, as well as achieve sufficient cost reductions for, its products and services, including image sensors, game and network platforms, smartphones and televisions, which are offered in highly competitive markets characterized by severe price competition and continual new product and service introductions, rapid development in technology and subjective and changing customer preferences; |
| (iii) | Sony’s ability to implement successful hardware, software, and content integration strategies, and to develop and implement successful sales and distribution strategies in light of new technologies and distribution platforms; |
| (iv) | the effectiveness of Sony’s strategies and their execution, including but not limited to the success of Sony’s acquisitions, joint ventures, investments, capital expenditures, restructurings and other strategic initiatives; |
| (v) | changes in laws, regulations and government policies in the markets in which Sony and its third-party suppliers, service providers and business partners operate, including those related to taxation, as well as growing consumer focus on corporate social responsibility; |
| (vi) | Sony’s continued ability to identify the products, services and market trends with significant growth potential, to devote sufficient resources to research and development, to prioritize investments and capital expenditures correctly and to recoup its investments and capital expenditures, including those required for technology development and product capacity; |
| (vii) | Sony’s reliance on external business partners, including for the procurement of parts, components, software and network services for its products or services, the manufacturing, marketing and distribution of its products, and its other business operations; |
| (viii) | the global economic and political environment in which Sony operates and the economic and political conditions in Sony’s markets, particularly levels of consumer spending; |
| (ix) | Sony’s ability to meet operational and liquidity needs as a result of significant volatility and disruption in the global financial markets or a ratings downgrade; |
| (x) | Sony’s ability to forecast demands, manage timely procurement and control inventories; |
| (xi) | foreign exchange rates, particularly between the yen and the U.S. dollar, the euro and other currencies in which Sony makes significant sales and incurs production costs, or in which Sony’s assets, liabilities and operating results are denominated; |
| (xii) | Sony’s ability to recruit, retain and maintain productive relations with highly skilled personnel; |
| (xiii) | Sony’s ability to prevent unauthorized use or theft of intellectual property rights, to obtain or renew licenses relating to intellectual property rights and to defend itself against claims that its products or services infringe the intellectual property rights owned by others; |
| (xiv) | the impact of changes in interest rates and unfavorable conditions or developments (including market fluctuations or volatility) in the equity and bond markets on the revenue and operating income of the Financial Services business; |
| (xv) | shifts in customer demand for financial services such as life insurance and Sony’s ability to conduct successful asset liability management in the Financial Services business; |
| (xvi) | risks related to catastrophic disasters, geopolitical conflicts, pandemic disease or similar events; |
| (xvii) | the ability of Sony, its third-party service providers or business partners to anticipate and manage cybersecurity risk, including the risk of unauthorized access to Sony’s business information and the personally identifiable information of its employees and customers, potential business disruptions or financial losses; and |
| (xviii) | the outcome of pending and/or future legal and/or regulatory proceedings. |
Risks and uncertainties also include the impact of any future events with material adverse impact. The continued impact of developments relating to the situations in Ukraine and Russia and in the Middle East, as well as the series of changes in U.S. tariff policy, could heighten many of the risks and uncertainties noted above. Important information regarding risks and uncertainties is also set forth in Sony’s most recent Form 20-F, which is on file with the U.S. Securities and Exchange Commission.
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