SONY 6-K

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 2024

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 x		Form 40-F ¨

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/ Hiroki Totoki
	(Signature)
Hiroki Totoki
President, Chief Operating Officer and
Chief Financial Officer

Date: November 8, 2024

List of Materials

Documents attached hereto:

Consolidated Financial Summary for the Second Quarter (Semi-annual) Ended September 30, 2024

Consolidated Financial Summary for the Second Quarter (Semi-annual)<br><br> <br>Ended September 30, 2024<br><br> <br>(In accordance with IFRS® Accounting Standards<br> as issued by the International Accounting Standards Board (“IFRS Accounting Standards”))
November 8, 2024
---	---
Company name	: Sony Group Corporation
Stock exchange listing	: Tokyo Stock Exchange (“TSE”)
Securities code	: 6758
URL	: https://www.sony.com/en/SonyInfo/IR/
Representative	: Kenichiro Yoshida, Representative Corporate Executive Officer
Contact person	: Sadahiko Hayakawa, Senior Vice President
Telephone	: +81-3-6748-2111
Scheduled date to file semi-annual securities report	: November 14, 2024
Scheduled date to commence dividend payment	: December 5, 2024
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 30,2024 (from April 1, 2024 to September 30, 2024)

(1) Consolidated operating results (cumulative)	(Percentages indicate year-on-year changes.)
Consolidated	Sales and financial<br><br> services revenue		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, 2024	5,917,246	2.2	734,183	42.3	767,114	43.8	575,653	37.4	570,134	36.5
September 30, 2023	5,792,275	19.3	516,051	-29.7	533,629	-25.9	419,098	-23.3	417,650	-23.1
Consolidated	Total comprehensive<br><br> income		Adjusted OIBDA*		Adjusted EBITDA*		Basic earnings<br><br> per share^*1^	Diluted earnings<br><br> per share^*1^
---	---	---	---	---	---	---	---	---
Six months ended	Yen in millions	%	Yen in millions	%	Yen in millions	%	Yen	Yen
September 30, 2024	370,021	-37.1	1,081,394	31.6	1,068,457	28.3	93.84	93.53
September 30, 2023	588,685	-23.7	822,038	-14.9	832,572	-15.4	67.70	67.48
*1	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, 2024.
---	---
For all segments<br><br> excluding Financial<br><br> Services*	Sales and financial<br><br> services revenue		Operating income		Income before<br><br>income taxes		Net income attributable to<br><br> Sony Group Corporation’s<br><br> stockholders		Adjusted OIBDA*		Adjusted EBITDA*
---	---	---	---	---	---	---	---	---	---	---	---	---
Six months ended	Yen in millions	%	Yen in millions	%	Yen in millions	%	Yen in millions	%	Yen in millions	%	Yen in millions	%
September 30, 2024	5,540,878	10.5	638,467	43.2	671,398	30.8	501,913	19.9	972,056	31.7	959,119	20.1
September 30, 2023	5,014,696	12.2	445,865	-13.3	513,477	-5.2	418,548	-1.6	737,947	-2.3	798,515	-1.9

(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, 2024	34,280,701	8,015,820	7,708,972	22.5
March 31, 2024	34,107,490	7,756,105	7,587,177	22.2

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<br><br> <br>March 31, 2024	-	40.00	-	45.00	85.00
Fiscal year ending<br><br> <br>March 31, 2025	-	50.00
Fiscal year ending<br><br> <br>March 31, 2025<br><br> <br>(Forecast)^*2^			-	10.00	-

Note: Revisions to the forecast of dividends most recently announced: No

*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 year-end dividend per share<br>forecast for the fiscal year ending March 31, 2025 is based on a number of shares taking into account the stock split. The total<br>annual dividend per share forecast for the fiscal year ending March 31, 2025 is not presented because the total of the interim dividend<br>and the year-end dividend cannot be calculated due to the effect of the stock split. Without taking the stock split into account, the<br>year-end dividend per share forecast for the fiscal year ending March 31, 2025 would be 50 yen and the total annual dividend per<br>share forecast for the fiscal year ending March 31, 2025 would be 100 yen.

3. Forecast for Consolidated Results for the Fiscal Year EndingMarch 31, 2025 (from April 1, 2024 to March 31, 2025)

(Percentages indicate year-on-year changes.)
Fiscal year ending March<br><br>31, 2025	Sales and financial<br><br> services revenue		Operating income		Income before<br><br> income taxes		Net income attributable to<br><br> Sony Group Corporation’s<br><br> stockholders		Adjusted OIBDA*		Adjusted EBITDA*
---	---	---	---	---	---	---	---	---	---	---	---	---
	Yen in millions	%	Yen in millions	%	Yen in millions	%	Yen in millions	%	Yen in millions	%	Yen in millions	%
Consolidated	12,710,000	-2.4	1,310,000	8.4	1,335,000	5.2	980,000	1.0	1,995,000	9.2	1,995,000	9.7
For all segments excluding Financial Services*	11,800,000	4.7	1,165,000	12.5	1,190,000	3.9	875,000	-2.4	1,825,000	11.0	1,825,000	8.2

Note: Revisions to the forecast for the fiscal year ending March 31, 2025 most recently announced: Yes

*

Adjusted<br>OIBDA (Operating Income Before Depreciation and Amortization), Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization)<br>and figures for all segments excluding Financial Services are not measures in accordance with IFRS Accounting Standards. However,<br>Sony Group Corporation believes that these disclosures may be useful information to investors. Adjusted OIBDA and Adjusted EBITDA are<br>calculated by the following formulas, respectively. For the reconciliations for Adjusted OIBDA and Adjusted EBITDA, please refer to “Q2<br>FY2024 Consolidated Financial Results” (the presentation material for the earnings announcement) disclosed on the same date as<br>this document on the Timely Disclosure Network (“TDnet”) of the TSE, the Electronic Data Gathering, Analysis, and Retrieval<br>(“EDGAR”) system of the U.S. Securities and Exchange Commission (the “SEC”) and the website of Sony Group Corporation.

Adjusted OIBDA = Operating income + Depreciation and amortization expense excluding amortization for film costs and broadcasting rights, as well as for internally developed game content and master recordings included in Content assets - the profit and loss amount that Sony deems non-recurring.

Adjusted EBITDA = Net income attributable to Sony Group Corporation’s stockholders + Net income attributable to noncontrolling interests

• Income taxes + Interest expenses, net, recorded in Financial income and Financial expense - Gain on revaluation of equity instruments, net, recorded in Financial income and Financial expense + Depreciation and amortization expense excluding amortization for film costs and broadcasting rights, as well as for internally developed game content and master recordings included in Content assets - the profit and loss amount that Sony deems non-recurring.

For details about the preparation of the Financial Statements for all segments excluding Financial Services, please refer to page 17 of the Appendix.

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	: Yes
	(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<br>number of issued shares at the end of the period (including treasury stock)
---	---
As of September 30, 2024	6,243,097,945	shares
---	---	---
As of March 31, 2024	6,306,159,445	shares
(ii)	Number<br>of shares of treasury stock at the end of the period
---	---
As of September 30, 2024	208,436,240	shares
---	---	---
As of March 31, 2024	198,915,015	shares
(iii)	Average number of shares outstanding during the period (cumulative<br>from the beginning of the fiscal year)
---	---
Six months ended September 30, 2024	6,075,284,132	shares
---	---	---
Six months ended September 30, 2023	6,169,576,238	shares
Notes:
---
1	Please refer to “Notes to Condensed Semi-annual Consolidated<br>Financial Statements - Accounting Policy and Other Information (Net Income Attributable to Sony Group Corporation’s Stockholders<br>and Weighted-average Number of Outstanding Shares Used for the Computation of EPS of Common Stock)” for number of shares used as<br>basis for calculating consolidated per share data.
---	---
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 the number of<br>issued shares (common stock) are calculated based on the assumption that the stock split was conducted at the beginning of the fiscal<br>year ended March 31, 2024.
---	---
*	Consolidated Financial Summary for the Second Quarter (Semi-annual)<br>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 24 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.

(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	21
-      Accounting Policy and Other Information	21
-      Subsequent Event	23
Overview of Operating Results	24
Cautionary Statement	24

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 Financial Statements

Condensed Semi-annual Consolidated Statements of Financial Position

	Yen in millions
	March 31,<br> <br>2024		September 30,<br> <br>2024		Change from<br> <br>March 31, 2024
ASSETS
Current assets:
Cash and cash equivalents		1,907,113		1,728,710		(178,403	)
Investments and advances in the Financial Services segment		398,153		398,689		536
Trade and other receivables, and contract assets		2,158,196		2,151,146		(7,050	)
Inventories		1,518,644		1,736,206		217,562
Other financial assets		125,365		107,871		(17,494	)
Other current assets		669,335		644,932		(24,403	)
Total current assets		6,776,806		6,767,554		(9,252	)
Non-current assets:
Investments accounted for using the equity method		423,744		363,296		(60,448	)
Investments and advances in the Financial Services segment		18,939,794		18,910,555		(29,239	)
Property, plant and equipment		1,522,640		1,533,140		10,500
Right-of-use assets		503,395		520,320		16,925
Goodwill		1,487,100		1,439,635		(47,465	)
Content assets		1,928,113		2,188,117		260,004
Other intangible assets		615,602		657,703		42,101
Deferred tax assets		499,550		450,066		(49,484	)
Other financial assets		897,341		922,166		24,825
Other non-current assets		513,405		528,149		14,744
Total non-current assets		27,330,684		27,513,147		182,463
Total assets		34,107,490		34,280,701		173,211

(Continued on the following page.)

- 2 -

Condensed Semi-annual Consolidated Statements of Financial Position(Continued)

	Yen in millions
	March 31,<br> <br>2024			September 30,<br> <br>2024			Change from<br> <br>March 31, 2024
LIABILITIES
Current liabilities:
Short-term borrowings		1,812,605			1,820,735			8,130
Current portion of long-term debt		217,711			259,487			41,776
Trade and other payables		2,064,905			2,280,138			215,233
Deposits from customers in the banking business		3,670,567			3,586,639			(83,928	)
Income taxes payables		152,074			126,582			(25,492	)
Participation and residual liabilities in the Pictures segment		251,743			230,165			(21,578	)
Other financial liabilities		116,044			102,517			(13,527	)
Other current liabilities		1,906,396			1,864,774			(41,622	)
Total current liabilities		10,192,045			10,271,037			78,992
Non-current liabilities:
Long-term debt		2,058,117			1,988,609			(69,508	)
Defined benefit liabilities		247,583			244,155			(3,428	)
Deferred tax liabilities		166,424			195,681			29,257
Insurance contract liabilities		12,931,995			12,782,773			(149,222	)
Participation and residual liabilities in the Pictures segment		206,081			188,045			(18,036	)
Other financial liabilities		386,761			451,051			64,290
Other non-current liabilities		162,379			143,530			(18,849	)
Total non-current liabilities		16,159,340			15,993,844			(165,496	)
Total liabilities		26,351,385			26,264,881			(86,504	)
EQUITY
Sony Group Corporation’s stockholders’ equity:
Common stock		881,357			881,357			-
Additional paid-in capital		1,483,410			1,489,379			5,969
Retained earnings		6,002,407			6,366,550			364,143
Accumulated other comprehensive income		(376,063	)		(558,857	)		(182,794	)
Treasury stock, at cost		(403,934	)		(469,457	)		(65,523	)
Equity attributable to Sony Group Corporation’s stockholders		7,587,177			7,708,972			121,795
Noncontrolling interests		168,928			306,848			137,920
Total equity		7,756,105			8,015,820			259,715
Total liabilities and equity		34,107,490			34,280,701			173,211

- 3 -

Condensed Quarterly Consolidated Statements of Income

	Yen in millions
	Three months ended September 30
	2023			2024			Change
Sales and financial services revenue:
Sales		2,727,012			2,971,224			244,212
Financial services revenue
Insurance revenue		143,677			156,320			12,643
Other financial services revenue		(42,066	)		(221,947	)		(179,881	)
Total financial services revenue		101,611			(65,627	)		(167,238	)
Total sales and financial services revenue		2,828,623			2,905,597			76,974
Costs and expenses:
Cost of sales		1,967,475			2,044,651			77,176
Selling, general and administrative		518,729			537,437			18,708
Financial services expenses
Insurance service expenses		95,220			105,064			9,844
Insurance finance expenses (income)		(51,027	)		(279,337	)		(228,310	)
Other financial services expenses		41,540			42,884			1,344
Total financial services expenses		85,733			(131,389	)		(217,122	)
Other operating (income) expense, net		(3,380	)		(2,824	)		556
Total costs and expenses		2,568,557			2,447,875			(120,682	)
Share of profit (loss) of investments accounted for using the equity method		2,943			(2,645	)		(5,588	)
Operating income		263,009			455,077			192,068
Financial income		12,617			30,653			18,036
Financial expenses		18,031			35,483			17,452
Income before income taxes		257,595			450,247			192,652
Income taxes		56,439			110,422			53,983
Net income		201,156			339,825			138,669
Net income attributable to
Sony Group Corporation’s stockholders		200,105			338,496			138,391
Noncontrolling interests		1,051			1,329			278
	Yen
---	---	---	---	---	---	---
	Three months ended September 30
	2023		2024		Change
Per share data:
Net income attributable to Sony Group Corporation’s stockholders
- Basic		32.44		55.93		23.49
- Diluted		32.35		55.74		23.39

- 4 -

Condensed Quarterly Consolidated Statements of Comprehensive Income

	Yen in millions
	Three months ended September 30
	2023			2024			Change
Net income		201,156			339,825			138,669
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		(11,087	)		(2,050	)		9,037
Remeasurement of defined benefit pension plans		(27	)		(48	)		(21	)
Share of other comprehensive income of investments accounted for using the equity method		178			(4	)		(182	)
Items that may be reclassified subsequently to profit or loss
Changes in debt instruments measured at fair value through other comprehensive income		(623,430	)		216,670			840,100
Cash flow hedges		1,928			861			(1,067	)
Insurance finance income (expenses)		496,262			(113,572	)		(609,834	)
Exchange differences on translating foreign operations		77,654			(444,415	)		(522,069	)
Share of other comprehensive income of investments accounted for using the equity method		988			(5,390	)		(6,378	)
Other		(396	)		263			659
Total other comprehensive income, net of tax		(57,930	)		(347,685	)		(289,755	)
Comprehensive income		143,226			(7,860	)		(151,086	)
Comprehensive income attributable to
Sony Group Corporation’s stockholders		141,176			(7,156	)		(148,332	)
Noncontrolling interests		2,050			(704	)		(2,754	)

- 5 -

Condensed Semi-annual Consolidated Statements of Income

	Yen in millions
	Six months ended September 30
	2023			2024			Change
Sales and financial services revenue:
Sales		5,011,555			5,536,585			525,030
Financial services revenue
Insurance revenue		286,427			309,232			22,805
Other financial services revenue		494,293			71,429			(422,864	)
Total financial services revenue		780,720			380,661			(400,059	)
Total sales and financial services revenue		5,792,275			5,917,246			124,971
Costs and expenses:
Cost of sales		3,591,985			3,829,040			237,055
Selling, general and administrative		993,668			1,080,851			87,183
Financial services expenses
Insurance service expenses		192,586			215,877			23,291
Insurance finance expenses (income)		438,325			(17,857	)		(456,182	)
Other financial services expenses		79,365			86,845			7,480
Total financial services expenses		710,276			284,865			(425,411	)
Other operating (income) expense, net		(12,122	)		(12,644	)		(522	)
Total costs and expenses		5,283,807			5,182,112			(101,695	)
Share of profit (loss) of investments accounted for using the equity method		7,583			(951	)		(8,534	)
Operating income		516,051			734,183			218,132
Financial income		40,808			76,479			35,671
Financial expenses		23,230			43,548			20,318
Income before income taxes		533,629			767,114			233,485
Income taxes		114,531			191,461			76,930
Net income		419,098			575,653			156,555
Net income attributable to
Sony Group Corporation’s stockholders		417,650			570,134			152,484
Noncontrolling interests		1,448			5,519			4,071
	Yen
---	---	---	---	---	---	---
	Six months ended September 30
	2023		2024		Change
Per share data:
Net income attributable to Sony Group Corporation’s stockholders
- Basic		67.70		93.84		26.14
- Diluted		67.48		93.53		26.05

- 6 -

Condensed Semi-annual Consolidated Statements of Comprehensive Income

	Yen in millions
	Six months ended September 30
	2023			2024			Change
Net income		419,098			575,653			156,555
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		(18,004	)		(17,112	)		892
Remeasurement of defined benefit pension plans		(452	)		(835	)		(383	)
Share of other comprehensive income of investments accounted for using the equity method		317			(1,144	)		(1,461	)
Items that may be reclassified subsequently to profit or loss
Changes in debt instruments measured at fair value through other comprehensive income		(695,972	)		(215,586	)		480,386
Cash flow hedges		(302	)		(1,416	)		(1,114	)
Insurance finance income (expenses)		516,779			236,830			(279,949	)
Exchange differences on translating foreign operations		363,425			(204,714	)		(568,139	)
Share of other comprehensive income of investments accounted for using the equity method		4,138			(1,579	)		(5,717	)
Other		(342	)		(76	)		266
Total other comprehensive income, net of tax		169,587			(205,632	)		(375,219	)
Comprehensive income		588,685			370,021			(218,664	)
Comprehensive income attributable to
Sony Group Corporation’s stockholders		584,604			365,683			(218,921	)
Noncontrolling interests		4,081			4,338			257

- 7 -

Condensed Semi-annual Consolidated Statements of Changes in Stockholders’Equity

	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			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, 2023		880,365		1,463,807			5,092,442			(614,570	)		(223,507	)		6,598,537			58,613			6,657,150
Comprehensive income:
Net income							417,650									417,650			1,448			419,098
Other comprehensive income, net of tax										166,954						166,954			2,633			169,587
Total comprehensive income							417,650			166,954						584,604			4,081			588,685
Transfer to retained earnings							1,096			(1,096	)					-						-
Transactions with stockholders and other:
Exercise of stock acquisition rights				(360	)		(144	)					7,602			7,098						7,098
Stock-based compensation				6,684												6,684						6,684
Dividends declared							(49,380	)								(49,380	)		(2,110	)		(51,490	)
Purchase of treasury stock													(38,664	)		(38,664	)					(38,664	)
Reissuance of treasury stock				1,784									3,288			5,072						5,072
Transactions with noncontrolling interests shareholders and other				8,505												8,505			17,580			26,085
Balance at September 30, 2023		880,365		1,480,420			5,461,664			(448,712	)		(251,281	)		7,122,456			78,164			7,200,620
	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			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, 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:
Exercise of stock acquisition rights and other				0			(1,631	)					8,003			6,372						6,372
Stock-based compensation				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

- 8 -

Condensed Semi-annual Consolidated Statements of Cash Flows

	Yen in millions
	Six months ended September 30
		2023		2024
Cash flows from operating activities:
Income before income taxes		533,629		767,114
Adjustments to reconcile income before income taxes to net cash provided by operating activities:
Depreciation and amortization, including amortization of contract costs		570,466		549,183
Other operating (income) expense, net		(12,122	)	(12,644	)
Gain on securities, net (other than Financial Services segment)		(10,816	)	(45,774	)
Share of (profit) loss of investments accounted for using the equity method, net of dividends		(333	)	8,361
Changes in assets and liabilities:
Increase in trade receivables and contract assets		(253,983	)	(45,937	)
Increase in inventories		(494,463	)	(260,950	)
Increase in investments and advances in the Financial Services segment		(780,169	)	(274,308	)
Increase in content assets		(264,387	)	(408,541	)
Increase in trade payables		304,499		381,785
Increase in insurance contract liabilities, net of insurance contract assets		588,156		195,633
Increase (decrease) in deposits from customers in the banking business		284,045		(1,019	)
Increase (decrease) in borrowings in the life insurance business and the banking business		108,667		(49,911	)
Decrease in taxes payable other than income taxes, net		(43,042	)	(16,391	)
Increase in other financial assets and other current assets		(67,148	)	(39,565	)
Decrease in other financial liabilities and other current liabilities		(80,846	)	(78,124	)
Income taxes paid		(154,830	)	(102,944	)
Other		(112,292	)	50,321
Net cash provided by operating activities		115,031		616,289

(Continued on the following page.)

- 9 -

Condensed Semi-annual Consolidated Statements of Cash Flows (Continued)

	Yen in millions
	Six months ended September 30
	2023			2024
Cash flows from investing activities:
Payments for property, plant and equipment and other intangible assets		(306,074	)		(405,568	)
Proceeds from sales of property, plant and equipment and other intangible assets		7,412			6,650
Payments for investments and advances (other than Financial Services segment)		(48,891	)		(41,023	)
Proceeds from sales or return of investments and collections of advances (other than Financial Services segment)		76,374			33,293
Payments for purchases of businesses and other		(67,273	)		(266,496	)
Proceeds from sales of businesses		-			1,404
Other		3,384			26,810
Net cash used in investing activities		(335,068	)		(644,930	)
Cash flows from financing activities:
Increase in short-term borrowings, net		447,839			40,649
Proceeds from issuance of long-term debt		9,769			11,085
Payments of long-term debt		(70,834	)		(61,640	)
Dividends paid		(49,333	)		(54,931	)
Payments for purchases of treasury stock		(38,664	)		(202,107	)
Capital contribution from non-controlling interests		-			150,804
Other		3,043			(10,834	)
Net cash provided by (used in) financing activities		301,820			(126,974	)
Effect of exchange rate changes on cash and cash equivalents		63,831			(22,788	)
Net increase (decrease) in cash and cash equivalents		145,614			(178,403	)
Cash and cash equivalents at beginning of the fiscal year		1,480,900			1,907,113
Cash and cash equivalents at end of the period		1,626,514			1,728,710

- 10 -

Notes to Condensed Semi-annual Consolidated Financial Statements

Business Segment Information

(Business Segments)

Segment sales and financial services revenue

	Yen in millions
	Three months ended September 30
	2023			2024			Change
Sales and financial services revenue:
Game & Network Services -
Customers		930,137			1,034,198			104,061
Intersegment		23,959			37,332			13,373
Total		954,096			1,071,530			117,434
Music -
Customers		399,360			444,000			44,640
Intersegment		9,356			4,197			(5,159	)
Total		408,716			448,197			39,481
Pictures -
Customers		397,347			353,390			(43,957	)
Intersegment		2,289			2,406			117
Total		399,636			355,796			(43,840	)
Entertainment, Technology & Services -
Customers		603,214			605,712			2,498
Intersegment		10,326			14,047			3,721
Total		613,540			619,759			6,219
Imaging & Sensing Solutions -
Customers		374,657			509,769			135,112
Intersegment		31,659			25,798			(5,861	)
Total		406,316			535,567			129,251
Financial Services -
Customers		101,611			(65,627	)		(167,238	)
Intersegment		2,304			2,314			10
Total		103,915			(63,313	)		(167,228	)
All Other -
Customers		20,418			20,555			137
Intersegment		3,807			3,334			(473	)
Total		24,225			23,889			(336	)
Corporate and elimination		(81,821	)		(85,828	)		(4,007	)
Consolidated total		2,828,623			2,905,597			76,974

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.

- 11 -

Segment profit (loss)

	Yen in millions
	Three months ended September 30
	2023			2024			Change
Operating income (loss):
Game & Network Services		48,902			138,849			89,947
Music		80,997			90,360			9,363
Pictures		29,438			18,475			(10,963	)
Entertainment, Technology & Services		61,033			70,155			9,122
Imaging & Sensing Solutions		46,361			92,412			46,051
Financial Services		15,681			65,736			50,055
All Other		2,069			(6,483	)		(8,552	)
Total		284,481			469,504			185,023
Corporate and elimination		(21,472	)		(14,427	)		7,045
Consolidated operating income		263,009			455,077			192,068

Operating income (loss) is sales and financial services revenue less costs and expenses, and includes the share of profit (loss) of investments accounted for using the equity method.

- 12 -

(Business Segments)

Segment sales and financial services revenue

	Yen in millions
	Six months ended September 30
	2023			2024			Change
Sales and financial services revenue:
Game & Network Services -
Customers		1,685,140			1,878,486			193,346
Intersegment		40,836			57,955			17,119
Total		1,725,976			1,936,441			210,465
Music -
Customers		755,116			879,726			124,610
Intersegment		11,829			10,493			(1,336	)
Total		766,945			890,219			123,274
Pictures -
Customers		717,525			689,946			(27,579	)
Intersegment		2,477			3,196			719
Total		720,002			693,142			(26,860	)
Entertainment, Technology & Services -
Customers		1,166,506			1,199,891			33,385
Intersegment		18,817			20,783			1,966
Total		1,185,323			1,220,674			35,351
Imaging & Sensing Solutions -
Customers		645,133			843,077			197,944
Intersegment		53,923			45,970			(7,953	)
Total		699,056			889,047			189,991
Financial Services -
Customers		780,720			380,661			(400,059	)
Intersegment		4,606			4,621			15
Total		785,326			385,282			(400,044	)
All Other -
Customers		36,820			39,488			2,668
Intersegment		6,898			5,491			(1,407	)
Total		43,718			44,979			1,261
Corporate and elimination		(134,071	)		(142,538	)		(8,467	)
Consolidated total		5,792,275			5,917,246			124,971

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.

- 13 -

Segment profit (loss)

	Yen in millions
	Six months ended September 30
	2023			2024			Change
Operating income (loss):
Game & Network Services		98,062			204,058			105,996
Music		154,377			176,253			21,876
Pictures		45,409			29,783			(15,626	)
Entertainment, Technology & Services		116,679			134,238			17,559
Imaging & Sensing Solutions		59,092			129,059			69,967
Financial Services		70,195			95,721			25,526
All Other		4,544			(5,208	)		(9,752	)
Total		548,358			763,904			215,546
Corporate and elimination		(32,307	)		(29,721	)		2,586
Consolidated operating income		516,051			734,183			218,132

Operating income (loss) is sales and financial services revenue less costs and expenses, and includes the share of profit (loss) of investments accounted for using the equity method.

- 14 -

(Sales to Customers by Product Category)

The following table is a breakdown of sales and financial services revenue 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 and financial services revenue:	2023		2024			Change
Game & Network Services
Digital Software and Add-on Content		423,096		559,024			135,928
Network Services		133,887		160,779			26,892
Hardware and Others		373,154		314,395			(58,759	)
Total		930,137		1,034,198			104,061
Music
Recorded Music - Streaming		173,858		189,471			15,613
Recorded Music - Others		79,881		100,765			20,884
Music Publishing		82,725		91,531			8,806
Visual Media and Platform		62,896		62,233			(663	)
Total		399,360		444,000			44,640
Pictures
Motion Pictures		129,209		150,821			21,612
Television Productions		173,385		100,728			(72,657	)
Media Networks		94,753		101,841			7,088
Total		397,347		353,390			(43,957	)
Entertainment, Technology & Services
Televisions		161,002		161,447			445
Audio and Video		109,100		97,555			(11,545	)
Still and Video Cameras		159,203		161,172			1,969
Mobile Communications		72,774		73,954			1,180
Other		101,135		111,584			10,449
Total		603,214		605,712			2,498
Imaging & Sensing Solutions		374,657		509,769			135,112
Financial Services		101,611		(65,627	)		(167,238	)
All Other		20,418		20,555			137
Corporate		1,879		3,600			1,721
Consolidated total		2,828,623		2,905,597			76,974

- 15 -

	Yen in millions
	Six months ended September 30
Sales and financial services revenue:	2023		2024		Change
Game & Network Services
Digital Software and Add-on Content		788,442		991,776		203,334
Network Services		258,386		320,125		61,739
Hardware and Others		638,312		566,585		(71,727	)
Total		1,685,140		1,878,486		193,346
Music
Recorded Music - Streaming		338,745		386,134		47,389
Recorded Music - Others		152,766		203,381		50,615
Music Publishing		157,864		188,207		30,343
Visual Media and Platform		105,741		102,004		(3,737	)
Total		755,116		879,726		124,610
Pictures
Motion Pictures		254,713		283,855		29,142
Television Productions		277,616		195,013		(82,603	)
Media Networks		185,196		211,078		25,882
Total		717,525		689,946		(27,579	)
Entertainment, Technology & Services
Televisions		296,984		290,571		(6,413	)
Audio and Video		198,249		194,876		(3,373	)
Still and Video Cameras		321,077		353,625		32,548
Mobile Communications		160,136		154,995		(5,141	)
Other		190,060		205,824		15,764
Total		1,166,506		1,199,891		33,385
Imaging & Sensing Solutions		645,133		843,077		197,944
Financial Services		780,720		380,661		(400,059	)
All Other		36,820		39,488		2,668
Corporate		5,315		5,971		656
Consolidated total		5,792,275		5,917,246		124,971

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, Televisions includes LCD and OLED televisions; Audio and Video includes Blu-ray disc players and recorders, home audio, headphones and memory-based portable audio devices; Still and Video Cameras includes interchangeable lens cameras, compact digital cameras, consumer video cameras and video cameras for broadcast; Mobile Communications includes smartphones and an internet-related service business; Other includes display products such as projectors and medical equipment.

- 16 -

(Condensed Semi-annual Financial Services Separate Financial Statements)

The following schedules show unaudited condensed semi-annual financial statements for the Financial Services segment and all other segments excluding Financial Services. These presentations are not in accordance with IFRS Accounting Standards, which is used by Sony to prepare its condensed semi-annual consolidated financial statements. However, because the Financial Services segment is different in nature from Sony’s other segments, Sony believes that a comparative presentation may be useful in understanding and analyzing Sony’s condensed semi-annual consolidated financial statements. Both financial statements include transactions between the Financial Services segment and Sony without the Financial Services segment. The figures shown in the respective presentations for the Financial Services segment and Sony without the Financial Services segment are prior to the elimination and/or offset of such transactions and deferred tax assets and deferred tax liabilities of each. The consolidated column is presented net of the elimination and/or offset of such intercompany balances and deferred tax assets and liabilities.

Condensed Semi-annual Statements of Financial Position

		Yen<br> in millions
		Financial<br> Services								Sony<br> without<br> Financial Services								Consolidated
		March 31,<br><br> 2024				September 30,<br><br> 2024				March 31,<br><br> 2024				September 30,<br><br> 2024				March 31,<br><br> 2024				September 30,<br><br> 2024
ASSETS
Current assets:
Cash and cash equivalents		¥	913,815			¥	937,945			¥	993,298			¥	790,765			¥	1,907,113			¥	1,728,710
Investments and advances in the<br> Financial Services segment			398,153				398,689				-				-				398,153				398,689
Trade and other receivables,<br> and contract assets			127,016				114,322				2,033,170				2,039,829				2,158,196				2,151,146
Inventories			-				-				1,518,644				1,736,206				1,518,644				1,736,206
Other financial assets			57,254				56,011				68,111				51,860				125,365				107,871
Other current<br> assets			50,487				14,924				625,539				635,818				669,335				644,932
Total current assets			1,546,725				1,521,891				5,238,762				5,254,478				6,776,806				6,767,554
Non-current assets:
Investments accounted for using<br> the equity method			4,905				4,974				418,839				358,322				423,744				363,296
Investments and advances in the<br> Financial Services segment			18,939,794				18,910,555				-				-				18,939,794				18,910,555
Investments in Financial Services,<br> at cost			-				-				550,483				550,483				-				-
Property, plant and equipment			14,162				13,776				1,508,151				1,519,037				1,522,640				1,533,140
Right-of-use assets			76,288				76,292				428,224				445,118				503,395				520,320
Goodwill and intangible assets,<br> including content assets			77,323				81,211				3,953,492				4,204,244				4,030,815				4,285,455
Deferred tax assets			-				-				520,613				470,692				499,550				450,066
Other financial assets			52,882				32,298				848,599				894,106				897,341				922,166
Other non-current<br> assets			165,049				164,669				421,258				436,062				513,405				528,149
Total non-current<br> assets			19,330,403				19,283,775				8,649,659				8,878,064				27,330,684				27,513,147
Total assets		¥	20,877,128			¥	20,805,666			¥	13,888,421			¥	14,132,542			¥	34,107,490			¥	34,280,701
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings		¥	1,802,337			¥	1,789,073			¥	227,979			¥	291,149			¥	2,030,316			¥	2,080,222
Trade and other payables			61,153				76,324				2,005,112				2,206,637				2,064,905				2,280,138
Deposits from customers in the<br> banking business			3,670,567				3,586,639				-				-				3,670,567				3,586,639
Income taxes payables			10,050				8,011				142,024				118,571				152,074				126,582
Participation and residual liabilities<br> in the Pictures segment			-				-				251,743				230,165				251,743				230,165
Other financial liabilities			77,523				71,694				38,522				30,824				116,044				102,517
Other current<br> liabilities			209,555				214,944				1,704,158				1,655,833				1,906,396				1,864,774
Total current liabilities			5,831,185				5,746,685				4,369,538				4,533,179				10,192,045				10,271,037
Non-current liabilities:
Long-term debt			703,106				666,596				1,355,011				1,322,013				2,058,117				1,988,609
Defined benefit liabilities			39,284				38,890				208,299				205,265				247,583				244,155
Deferred tax liabilities			36,368				63,503				165,877				167,562				166,424				195,681
Insurance contract liabilities			12,931,995				12,782,773				-				-				12,931,995				12,782,773
Participation and residual liabilities<br> in the Pictures segment			-				-				206,081				188,045				206,081				188,045
Other financial liabilities			214,414				297,552				175,263				156,534				386,761				451,051
Other non-current<br> liabilities			7,607				7,451				176,767				157,686				162,379				143,530
Total non-current<br> liabilities			13,932,774				13,856,765				2,287,298				2,197,105				16,159,340				15,993,844
Total liabilities			19,763,959				19,603,450				6,656,836				6,730,284				26,351,385				26,264,881
Equity:
Stockholders’ equity of<br> Financial Services			1,113,169				1,202,216				-				-				-				-
Stockholders’ equity of<br> Sony without Financial Services			-				-				7,062,657				7,095,410				-				-
Sony Group Corporation’s<br> stockholders’ equity			-				-				-				-				7,587,177				7,708,972
Noncontrolling<br> interests			-				-				168,928				306,848				168,928				306,848
Total equity			1,113,169				1,202,216				7,231,585				7,402,258				7,756,105				8,015,820
Total liabilities<br> and equity		¥	20,877,128			¥	20,805,666			¥	13,888,421			¥	14,132,542			¥	34,107,490			¥	34,280,701

- 17 -

Condensed Semi-annual Statements of Income

		Yen<br> in millions
		Three<br> months ended September 30
		Financial<br> Services								Sony<br> without<br> Financial Services								Consolidated
		2023				2024				2023				2024				2023				2024
Sales		¥	-			¥	-			¥	2,728,907			¥	2,973,442			¥	2,727,012			¥	2,971,224
Financial<br> services revenue			103,915				(63,313	)			-				-				101,611				(65,627	)
Total sales and financial services<br> revenue			103,915				(63,313	)			2,728,907				2,973,442				2,828,623				2,905,597
Cost of sales			-				-				1,970,844				2,047,026				1,967,475				2,044,651
Selling, general and administrative			-				-				517,250				537,278				518,729				537,437
Financial services expenses			88,036				(129,075	)			-				-				85,733				(131,389	)
Other operating<br> (income) expense, net			198				57				(3,578	)			(2,881	)			(3,380	)			(2,824	)
Total costs and expenses			88,234				(129,018	)			2,484,516				2,581,423				2,568,557				2,447,875
Share of<br> profit (loss) of investments accounted for using the equity method			-				31				2,943				(2,676	)			2,943				(2,645	)
Operating income			15,681				65,736				247,334				389,343				263,009				455,077
Financial<br> income (expenses), net			-				-				(5,416	)			(4,830	)			(5,414	)			(4,830	)
Income before income taxes			15,681				65,736				241,918				384,513				257,595				450,247
Income<br> taxes			4,849				18,996				51,590				91,296				56,439				110,422
Net income			10,832				46,740				190,328				293,217				201,156				339,825
Net<br> income of Financial Services		¥	10,686			¥	46,740			¥	-			¥	-			¥	-			¥	-
Net<br> income of Sony without Financial Services		¥	-			¥	-			¥	189,422			¥	291,888			¥	-			¥	-
Net<br> income attributable to Sony Group Corporation’s stockholders		¥	-			¥	-			¥	-			¥	-			¥	200,105			¥	338,496
Net income<br> attributable to noncontrolling interests		¥	146			¥	-			¥	906			¥	1,329			¥	1,051			¥	1,329

- 18 -

		Yen<br> in millions
		Six<br> months ended September 30
		Financial<br> Services								Sony<br> without<br> Financial Services								Consolidated
		2023				2024				2023				2024				2023				2024
Sales		¥	-			¥	-			¥	5,014,696			¥	5,540,878			¥	5,011,555			¥	5,536,585
Financial<br> services revenue			785,326				385,282				-				-				780,720				380,661
Total sales and financial services<br> revenue			785,326				385,282				5,014,696				5,540,878				5,792,275				5,917,246
Cost of sales			-				-				3,598,406				3,833,629				3,591,985				3,829,040
Selling, general and administrative			-				-				990,379				1,080,552				993,668				1,080,851
Financial services expenses			714,882				289,486				-				-				710,276				284,865
Other operating<br> (income) expense, net			249				144				(12,371	)			(12,790	)			(12,122	)			(12,644	)
Total costs and expenses			715,131				289,630				4,576,414				4,901,391				5,283,807				5,182,112
Share of<br> profit (loss) of investments accounted for using the equity method			-				69				7,583				(1,020	)			7,583				(951	)
Operating income			70,195				95,721				445,865				638,467				516,051				734,183
Financial<br> income (expenses), net			-				-				67,612				32,931				17,578				32,931
Income before income taxes			70,195				95,721				513,477				671,398				533,629				767,114
Income<br> taxes			20,754				27,496				93,777				163,966				114,531				191,461
Net income			49,441				68,225				419,700				507,432				419,098				575,653
Net<br> income of Financial Services		¥	49,144			¥	68,225			¥	-			¥	-			¥	-			¥	-
Net<br> income of Sony without Financial Services		¥	-			¥	-			¥	418,548			¥	501,913			¥	-			¥	-
Net<br> income attributable to Sony Group Corporation’s stockholders		¥	-			¥	-			¥	-			¥	-			¥	417,650			¥	570,134
Net income<br> attributable to noncontrolling interests		¥	297			¥	-			¥	1,152			¥	5,519			¥	1,448			¥	5,519

- 19 -

Condensed Semi-annual Statements of Cash Flows

		Yen<br> in millions
		Six<br> months ended September 30
		Financial<br> Services								Sony<br> without <br> Financial Services								Consolidated
		2023				2024				2023				2024				2023				2024
Cash flows from operating activities:
Income<br> (loss) before income taxes		¥	70,195			¥	95,721			¥	513,477			¥	671,398			¥	533,629			¥	767,114
Adjustments<br> to reconcile income (loss) before income taxes to net cash provided by (used in) operating activities:
Depreciation<br> and amortization, including amortization of contract costs			13,905				13,622				556,561				535,561				570,466				549,183
Other operating<br> (income) expense, net			249				144				(12,371	)			(12,790	)			(12,122	)			(12,644	)
(Gain) loss<br> on securities, net (other than Financial Services segment)			-				-				(10,816	)			(45,774	)			(10,816	)			(45,774	)
Changes<br> in assets and liabilities:
(Increase)<br> decrease in trade receivables and contract assets			143				12,697				(246,880	)			(59,645	)			(253,983	)			(45,937	)
(Increase)<br> decrease in inventories			-				-				(494,463	)			(260,950	)			(494,463	)			(260,950	)
(Increase)<br> decrease in investments and advances in the Financial Services segment			(780,169	)			(274,308	)			-				-				(780,169	)			(274,308	)
(Increase)<br> decrease in content assets			-				-				(264,387	)			(408,541	)			(264,387	)			(408,541	)
Increase (decrease)<br> in trade payables			(4,668	)			18,043				302,093				365,253				304,499				381,785
Increase (decrease)<br> in insurance contract liabilities, net of insurance contract assets			588,156				195,633				-				-				588,156				195,633
Increase (decrease)<br> in deposits from customers in the banking business			284,045				(1,019	)			-				-				284,045				(1,019	)
Increase (decrease)<br> in borrowings in the life insurance business and the banking business			108,667				(49,911	)			-				-				108,667				(49,911	)
Increase (decrease)<br> in taxes payable other than income taxes, net			893				(184	)			(43,935	)			(16,207	)			(43,042	)			(16,391	)
Other			(42,663	)			33,655				(373,024	)			(196,148	)			(415,449	)			(161,951	)
Net<br> cash provided by (used in) operating activities			238,753				44,093				(73,745	)			572,157				115,031				616,289
Cash flows from investing activities:
Payments<br> for property, plant and equipment and other intangible assets			(9,518	)			(14,694	)			(296,566	)			(390,925	)			(306,074	)			(405,568	)
Payments<br> for investments and advances (other than Financial Services segment)			-				-				(48,891	)			(41,023	)			(48,891	)			(41,023	)
Proceeds<br> from sales or return of investments and collections of advances (other than Financial Services segment)			-				-				76,374				33,293				76,374				33,293
Other			(13	)			(108	)			(56,464	)			(231,524	)			(56,477	)			(231,632	)
Net<br> cash provided by (used in) investing activities			(9,531	)			(14,802	)			(325,547	)			(630,179	)			(335,068	)			(644,930	)
Cash flows from financing activities:
Increase<br> (decrease) in borrowings, net			(5,725	)			(5,456	)			392,499				(4,450	)			386,774				(9,906	)
Dividends<br> paid			(50,037	)			-				(49,333	)			(54,931	)			(49,333	)			(54,931	)
Other			258				295				(35,809	)			(62,342	)			(35,621	)			(62,137	)
Net<br> cash provided by (used in) financing activities			(55,504	)			(5,161	)			307,357				(121,723	)			301,820				(126,974	)
Effect<br> of exchange rate changes on cash and cash equivalents			-				-				63,831				(22,788	)			63,831				(22,788	)
Net increase (decrease) in cash<br> and cash equivalents			173,718				24,130				(28,104	)			(202,533	)			145,614				(178,403	)
Cash and<br> cash equivalents at beginning of the fiscal year			756,493				913,815				724,407				993,298				1,480,900				1,907,113
Cash and<br> cash equivalents at end of the period		¥	930,211			¥	937,945			¥	696,303			¥	790,765			¥	1,626,514			¥	1,728,710

- 20 -

Going Concern Assumption

Not Applicable

AccountingPolicy and Other Information

(Changes in accounting policies)

Sony newly adopted the following accounting standards from the fiscal year ending March 31, 2025:

Amendments to IAS 1 “Presentation of Financial Statements”

In January 2020, the International Accounting Standards Board (“IASB”) issued “Classification of Liabilities as Current or Non-current (Amendments to IAS 1).” The amendments clarify the right of a company to defer settlement of a liability, which is one of the existing requirements when classifying a liability to current or non-current. In addition, in October 2022, the IASB issued “A Non-current Liability with Covenants (Amendments to IAS 1).” The amendments require companies to disclose information about covenants in order for investors to understand the risk that such non-current debt with covenants could become repayable within twelve months. Both of these amendments were effective for Sony as of April 1, 2024. The adoption of these amendments has no material impact on Sony’s results of operations and financial position.

Amendments to IAS 7 “Statement of Cash Flows” and IFRS 7 “Financial Instruments: Disclosures”

In May 2023, the IASB issued “Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7).” These amendments require companies to disclose information about supplier finance arrangements and were effective for Sony as of April 1, 2024. Since these amendments only affect disclosures, they have no impact on Sony’s results of operations and financial position.

- 21 -

(Net IncomeAttributable to Sony Group Corporation’s Stockholders and Weighted-average Number of Outstanding Shares Used for the Computationof EPS of Common Stock)

	Yen in millions
	Three months ended September 30
	2023		2024
Net income attributable to Sony Group Corporation’s stockholders for basic and diluted EPS computation		200,105		338,496
	Thousands of shares
---	---	---	---	---
	Three months ended September 30
	2023		2024
Weighted-average shares outstanding for basic EPS computation		6,167,941		6,051,720
Effect of dilutive securities:
Stock options		16,851		16,593
Restricted stock units		1,323		4,892
Weighted-average shares for diluted EPS computation		6,186,115		6,073,205
	Yen in millions
---	---	---	---	---
	Six months ended September 30
	2023		2024
Net income attributable to Sony Group Corporation’s stockholders for basic and diluted EPS computation		417,650		570,134
	Thousands of shares
---	---	---	---	---
	Six months ended September 30
	2023		2024
Weighted-average shares outstanding for basic EPS computation		6,169,576		6,075,284
Effect of dilutive securities:
Stock options		18,442		15,397
Restricted stock units		1,369		4,756
Weighted-average shares for diluted EPS computation		6,189,387		6,095,437

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, 2024.

- 22 -

(Segmentation)

The G&NS segment includes the network services businesses, the manufacture and sales of home gaming products and the production and sales of digital software and add-on content. 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 Televisions business, the Audio and Video business, the Still and Video Cameras business, the smartphone business and the internet-related service business. The I&SS segment includes the image sensors business. The Financial Services segment primarily represents individual life insurance and non-life insurance businesses and the banking business in Japan. 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.

(Supplemental cash flow information)

During the six months ended September 30, 2024, Sony established a new joint venture in the Music segment with a third party partner, which acquired interests in companies that own certain music and other assets (the “target companies”) as well as music assets directly from other rights holders. Sony consolidated the joint venture through Sony’s majority interest and reflected the consideration of 133,064 million yen for the acquisition of the interests in the target companies in cash flows from investing activities as “Payments for purchases of businesses and other.” Sony primarily recognized 116,289 million yen of content assets (music catalogs) and 11,501 million yen of other intangible assets from the acquisition of the interests in the target companies. The acquisition of the interests in the target companies is accounted for as an acquisition of a group of assets that does not constitute a business. The consideration for the content assets (music catalogs) directly acquired from other rights holders was 84,382 million yen, which was recorded in cash flows from operating activities as “Increase in content assets.”

Subsequent Event

Sony Group Corporation approved the implementation of a stock split of its common stock as follows at the meeting of its Board of Directors held on May 14, 2024.

1. Method of Stock Split

Each share of Sony Group Corporation’s common stock owned by shareholders whose names appear on the register of shareholders as of the close of the record date of September 30, 2024, was split into five (5) shares per share.

2. Number of shares increased by Stock Split

(i) Total number of issued shares before stock split:	1,248,619,589 shares
(ii) Number of shares increased by stock split:	4,994,478,356 shares
(iii) Total number of issued shares following stock split:	6,243,097,945 shares
(iv) Total number of authorized shares following stock split:	18,000,000,000 shares

3. Schedule of Stock Split

(i) Public notice of record date:	September 13, 2024
(ii) Record date:	September 30, 2024
(iii) Effective date:	October 1, 2024

4. Partial Amendment to Articles of Incorporation

Sony Group Corporation amended its Articles of Incorporation to increase the total number of shares authorized to be issued by Sony Group Corporation from 3.6 billion to 18.0 billion, in accordance with Article 184, Paragraph 2 of the Companies Act of Japan, effective on October 1, 2024, which is the effective date of the stock split.

5. Impact on per share information

Refer to “Accounting Policy and Other Information (Net Income Attributable to Sony Group Corporation’s Stockholders and Weighted-average Number of Outstanding Shares Used for the Computation of EPS of Common Stock).”

- 23 -

O****verviewof Operating Results

For the overview of operating results for the second quarter ended September 30, 2024, including the results forecast for the fiscal year ending March 31, 2025, please refer to “Q2 FY2024 Consolidated Financial Results” (the presentation material for the earnings announcement) disclosed on the same date as this document on the TDnet of the TSE, the EDGAR system of the SEC 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 segment;
(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 segment;
(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 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.

- 24 -