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 2023
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 __
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934, Yes No X
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82-______
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
(Registrant)
By: /s/ Hiroki Totoki
(Signature)
Hiroki Totoki
President, Chief Operating Officer and Chief Financial Officer
Date: November 9, 2023

List of materials

Documents attached hereto:
i) Press release: Quarterly Financial Statements for the Second Quarter Ended September 30, 2023 And Outlook for the Fiscal Year Ending March 31, 2024



Quarterly Financial Statements
for the Second Quarter Ended September 30, 2023
And
Outlook for the Fiscal Year Ending March 31, 2024

November 9, 2023
Sony Group Corporation


Quarterly Financial Statements (Unaudited)
F-1
Condensed Consolidated Statements of Financial Position
F-1
Condensed Consolidated Statements of Income (Three months ended September 30)
F-3
Condensed Consolidated Statements of Comprehensive Income (Three months ended September 30)
F-4
Condensed Consolidated Statements of Income (Six months ended September 30)
F-5
Condensed Consolidated Statements of Comprehensive Income (Six months ended September 30)
F-6
Condensed Consolidated Statements of Changes in Stockholders' Equity (Six months ended September 30)
F-7
Condensed Consolidated Statements of Cash Flows (Six months ended September 30)
F-8
Notes to Condensed Consolidated Financial Statements
F-10
- Business Segment Information
F-10
- Going Concern Assumption
F-20
- Accounting Policy and Other Information
F-20
Results for Adjusted OIBDA and Adjusted EBITDA for the Three and Six Months Ended September 30, 2023
1
Outlook for the Fiscal Year Ending March 31, 2024
2
Supplemental Information
5
Cautionary Statement
12

All financial information is presented on the basis of International Financial Reporting Standards ("IFRS").

Sony Group Corporation and its consolidated subsidiaries are together referred to as "Sony" or "Sony Group".

Sony has adopted IFRS 17 "Insurance Contracts" ("IFRS 17") starting in the three months ended June 30, 2023. Figures for the three and six months ended September 30, 2022 and for the fiscal year ended March 31, 2023, as well as the condensed consolidated statement of financial position as of April 1, 2022, are restated in accordance with IFRS 17. Please refer to "Notes to Condensed Consolidated Financial Statements - Accounting Policy and Other Information (Changes in accounting policies)" on page F-20 for more details.


(Unaudited)
Condensed Consolidated Financial Statements
Condensed Consolidated Statements of Financial Position
Yen in millions
April 1,
2022
Restated
March 31,
2023
Restated
September 30,
2023
Change from
March 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
2,049,636
1,480,900
1,626,514
145,614
Investments and advances in the Financial Services segment
360,681
328,358
391,022
62,664
Trade and other receivables, and contract assets
1,621,629
1,770,948
2,168,756
397,808
Inventories
874,007
1,468,042
2,067,624
599,582
Other financial assets
149,301
110,950
129,873
18,923
Other current assets
428,522
563,334
643,186
79,852
Total current assets
5,483,776
5,722,532
7,026,975
1,304,443
Non-current assets:
Investments accounted for using the equity method
268,513
325,220
387,845
62,625
Investments and advances in the Financial Services segment
18,251,612
18,237,761
17,990,817
(246,944
)
Property, plant and equipment
1,113,213
1,344,864
1,430,760
85,896
Right-of-use assets
413,430
478,063
498,320
20,257
Goodwill
952,895
1,275,112
1,443,365
168,253
Content assets
1,342,046
1,561,882
1,748,713
186,831
Other intangible assets
450,103
563,842
592,803
28,961
Deferred tax assets
300,924
393,107
525,917
132,810
Other financial assets
696,306
832,344
859,617
27,273
Other non-current assets
379,137
419,368
463,661
44,293
Total non-current assets
24,168,179
25,431,563
25,941,818
510,255
Total assets
29,651,955
31,154,095
32,968,793
1,814,698
(Continued on the following page.)
F-1

Condensed Consolidated Statements of Financial Position (Continued)
Yen in millions
April 1,
2022
Restated
March 31,
2023
Restated
September 30,
2023
Change from
March 31, 2023
LIABILITIES
Current liabilities:
Short-term borrowings
1,976,553
1,914,934
2,480,578
565,644
Current portion of long-term debt
171,409
187,942
164,135
(23,807
)
Trade and other payables
1,843,338
1,866,101
2,314,691
448,590
Deposits from customers in the banking business
2,886,361
3,163,237
3,429,123
265,886
Income taxes payables
105,437
154,543
127,798
(26,745
)
Participation and residual liabilities in the Pictures segment
190,162
230,223
257,963
27,740
Other financial liabilities
127,079
108,049
145,435
37,386
Other current liabilities
1,465,326
1,693,380
1,683,331
(10,049
)
Total current liabilities
8,765,665
9,318,409
10,603,054
1,284,645
Non-current liabilities:
Long-term debt
1,203,646
1,767,696
1,838,034
70,338
Defined benefit liabilities
254,548
236,121
243,500
7,379
Deferred tax liabilities
120,582
117,621
134,130
16,509
Insurance contract liabilities
13,042,875
12,364,973
12,226,559
(138,414
)
Participation and residual liabilities in the Pictures segment
220,113
192,952
203,285
10,333
Other financial liabilities
231,463
371,580
378,780
7,200
Other non-current liabilities
106,481
127,593
140,831
13,238
Total non-current liabilities
15,179,708
15,178,536
15,165,119
(13,417
)
Total liabilities
23,945,373
24,496,945
25,768,173
1,271,228
EQUITY
Sony Group Corporation's stockholders' equity:
Common stock
880,365
880,365
880,365
-
Additional paid-in capital
1,461,053
1,463,807
1,480,420
16,613
Retained earnings
4,170,417
5,092,442
5,461,664
369,222
Accumulated other comprehensive income
(677,989
)
(614,570
)
(448,712
)
165,858
Treasury stock, at cost
(180,042
)
(223,507
)
(251,281
)
(27,774
)
Equity attributable to Sony Group Corporation's stockholders
5,653,804
6,598,537
7,122,456
523,919
Noncontrolling interests
52,778
58,613
78,164
19,551
Total equity
5,706,582
6,657,150
7,200,620
543,470
Total liabilities and equity
29,651,955
31,154,095
32,968,793
1,814,698
F-2
Condensed Consolidated Statements of Income
Yen in millions
Three months ended September 30
2022
Restated
2023
Change
Sales and financial services revenue:
Sales
2,451,043
2,727,012
275,969
Financial services revenue
Insurance revenue
137,343
143,677
6,334
Other financial services revenue
37,078
(42,066
)
(79,144
)
Total financial services revenue
174,421
101,611
(72,810
)
Total sales and financial services revenue
2,625,464
2,828,623
203,159
Costs and expenses:
Cost of sales
1,688,286
1,967,475
279,189
Selling, general and administrative
482,457
518,729
36,272
Financial services expenses
Insurance service expenses
101,382
95,220
(6,162
)
Insurance finance expenses (income)
(10,648
)
(51,027
)
(40,379
)
Other financial services expenses
8,583
41,540
32,957
Total financial services expenses
99,317
85,733
(13,584
)
Other operating (income) expense, net
(8,069
)
(3,380
)
4,689
Total costs and expenses
2,261,991
2,568,557
306,566
Share of profit (loss) of investments accounted for using the equity method
5,930
2,943
(2,987
)
Operating income
369,403
263,009
(106,394
)
Financial income
18,594
12,617
(5,977
)
Financial expenses
16,880
18,031
1,151
Income before income taxes
371,117
257,595
(113,522
)
Income taxes
85,728
56,439
(29,289
)
Net income
285,389
201,156
(84,233
)
Net income attributable to
Sony Group Corporation's stockholders
281,681
200,105
(81,576
)
Noncontrolling interests
3,708
1,051
(2,657
)

Yen
Three months ended September 30
2022
Restated
2023
Change
Per share data:
Net income attributable to Sony Group Corporation's stockholders
- Basic
227.76
162.21
(65.55
)
- Diluted
226.54
161.74
(64.80
)

F-3


Condensed Consolidated Statements of Comprehensive Income
Yen in millions
Three months ended September 30
2022
Restated
2023
Change
Net income
285,389
201,156
(84,233
)
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
(13,390
)
(11,087
)
2,303
Remeasurement of defined benefit pension plans
(87
)
(27
)
60
Share of other comprehensive income of investments accounted for using the equity method
64
178
114
Items that may be reclassified subsequently to profit or loss
Changes in debt instruments measured at fair value through other
comprehensive income
(354,803
)
(623,430
)
(268,627
)
Cash flow hedges
8,708
1,928
(6,780
)
Insurance finance income (expenses)
284,009
496,262
212,253
Exchange differences on translating foreign operations
116,651
77,654
(38,997
)
Share of other comprehensive income of investments accounted for using the equity method
1,762
988
(774
)
Other
(62
)
(396
)
(334
)
Total other comprehensive income, net of tax
42,852
(57,930
)
(100,782
)
Comprehensive income
328,241
143,226
(185,015
)
Comprehensive income attributable to
Sony Group Corporation's stockholders
323,299
141,176
(182,123
)
Noncontrolling interests
4,942
2,050
(2,892
)


F-4

Condensed Consolidated Statements of Income
Yen in millions
Six months ended September 30
2022
Restated
2023
Change
Sales and financial services revenue:
Sales
4,467,080
5,011,555
544,475
Financial services revenue
Insurance revenue
272,913
286,427
13,514
Other financial services revenue
115,231
494,293
379,062
Total financial services revenue
388,144
780,720
392,576
Total sales and financial services revenue
4,855,224
5,792,275
937,051
Costs and expenses:
Cost of sales
3,079,953
3,591,985
512,032
Selling, general and administrative
889,223
993,668
104,445
Financial services expenses
Insurance service expenses
190,888
192,586
1,698
Insurance finance expenses (income)
(48,833
)
438,325
487,158
Other financial services expenses
31,726
79,365
47,639
Total financial services expenses
173,781
710,276
536,495
Other operating (income) expense, net
(10,794
)
(12,122
)
(1,328
)
Total costs and expenses
4,132,163
5,283,807
1,151,644
Share of profit (loss) of investments accounted for using the equity method
11,207
7,583
(3,624
)
Operating income
734,268
516,051
(218,217
)
Financial income
31,457
40,808
9,351
Financial expenses
45,330
23,230
(22,100
)
Income before income taxes
720,395
533,629
(186,766
)
Income taxes
173,802
114,531
(59,271
)
Net income
546,593
419,098
(127,495
)
Net income attributable to
Sony Group Corporation's stockholders
542,775
417,650
(125,125
)
Noncontrolling interests
3,818
1,448
(2,370
)

Yen
Six months ended September 30
2022
Restated
2023
Change
Per share data:
Net income attributable to Sony Group Corporation's stockholders
- Basic
438.92
338.48
(100.44
)
- Diluted
436.17
337.39
(98.78
)


F-5

Condensed Consolidated Statements of Comprehensive Income
Yen in millions
Six months ended September 30
2022
Restated
2023
Change
Net income
546,593
419,098
(127,495
)
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
(15,508
)
(18,004
)
(2,496
)
Remeasurement of defined benefit pension plans
29
(452
)
(481
)
Share of other comprehensive income of investments accounted for using the equity method
272
317
45
Items that may be reclassified subsequently to profit or loss
Changes in debt instruments measured at fair value through other
comprehensive income
(926,652
)
(695,972
)
230,680
Cash flow hedges
7,591
(302
)
(7,893
)
Insurance finance income (expenses)
790,724
516,779
(273,945
)
Exchange differences on translating foreign operations
363,984
363,425
(559
)
Share of other comprehensive income of investments accounted for using the equity method
4,441
4,138
(303
)
Other
(138
)
(342
)
(204
)
Total other comprehensive income, net of tax
224,743
169,587
(55,156
)
Comprehensive income
771,336
588,685
(182,651
)
Comprehensive income attributable to
Sony Group Corporation's stockholders
762,845
584,604
(178,241
)
Noncontrolling interests
8,491
4,081
(4,410
)

F-6

Condensed Consolidated Statements of Changes in Stockholders' Equity

Yen in millions
Common
stock
Additional
paid-in
capital
Retained
earnings
Accumulated
other
comprehensive
income
Treasury
stock, at
cost
Sony Group
Corporation's
stockholders'
equity
Noncontrolling
interests
Total equity
Balance at April 1, 2022
880,365
1,461,053
3,760,763
1,222,332
(180,042
)
7,144,471
52,778
7,197,249
Cumulative effects of the application of new accounting standards
-
-
409,654
(1,900,321
)
-
(1,490,667
)
-
(1,490,667
)
Restated balance at April 1, 2022
880,365
1,461,053
4,170,417
(677,989
)
(180,042
)
5,653,804
52,778
5,706,582
Comprehensive income (restated):
Net income
542,775
542,775
3,818
546,593
Other comprehensive income, net of tax
220,070
220,070
4,673
224,743
Total comprehensive income (restated)
542,775
220,070
762,845
8,491
771,336
Transfer to retained earnings
250
(250
)
-
-
Transactions with stockholders and other:
Exercise of stock acquisition rights
(2
)
(288
)
2,763
2,473
2,473
Conversion of convertible bonds
(2,588
)
(13,858
)
42,993
26,547
26,547
Stock-based compensation
4,890
4,890
4,890
Dividends declared
(43,295
)
(43,295
)
(4,555
)
(47,850
)
Purchase of treasury stock
(52,080
)
(52,080
)
(52,080
)
Reissuance of treasury stock
1,231
2,390
3,621
3,621
Transactions with noncontrolling interests shareholders and other
(8,147
)
(8,147
)
3,653
(4,494
)
Restated balance at September 30, 2022
880,365
1,456,437
4,656,001
(458,169
)
(183,976
)
6,350,658
60,367
6,411,025


Yen in millions
Common
stock
Additional
paid-in
capital
Retained
earnings
Accumulated
other
comprehensive
income
Treasury
stock, at
cost
Sony Group
Corporation's
stockholders'
equity
Noncontrolling
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

F-7

Condensed Consolidated Statements of Cash Flows
Yen in millions
Six months ended September 30
2022
Restated
2023
Cash flows from operating activities:
Income before income taxes
720,395
533,629
Adjustments to reconcile income before income taxes to net cash provided by (used in)
operating activities:
Depreciation and amortization, including amortization of contract costs
487,613
570,466
Other operating (income) expense, net
(10,794
)
(12,122
)
(Gain) loss on securities, net (other than Financial Services segment)
27,994
(10,816
)
Share of profit of investments accounted for using the equity method, net of dividends
(5,205
)
(333
)
Changes in assets and liabilities:
Increase in trade receivables and contract assets
(140,586
)
(253,983
)
Increase in inventories
(470,440
)
(494,463
)
Increase in investments and advances in the Financial Services segment
(721,544
)
(780,169
)
Increase in content assets
(303,903
)
(264,387
)
Increase in trade payables
134,301
304,499
Increase in insurance contract liabilities, net of insurance contract assets
67,622
588,156
Increase in deposits from customers in the banking business
141,028
284,045
Increase in borrowings in the life insurance business and the banking business
32,962
108,667
Decrease in taxes payable other than income taxes, net
(68,811
)
(43,042
)
Increase in other financial assets and other current assets
(19,819
)
(67,148
)
Decrease in other financial liabilities and other current liabilities
(9,135
)
(80,846
)
Income taxes paid
(69,292
)
(154,830
)
Other
(175,642
)
(112,292
)
Net cash provided by (used in) operating activities
(383,256
)
115,031
(Continued on the following page.)

F-8

Condensed Consolidated Statements of Cash Flows (Continued)
Yen in millions
Six months ended September 30
2022
Restated
2023
Cash flows from investing activities:
Payments for property, plant and equipment and other intangible assets
(229,105
)
(306,074
)
Proceeds from sales of property, plant and equipment and other intangible assets
6,401
7,412
Payments for investments and advances (other than Financial Services segment)
(169,582
)
(48,891
)
Proceeds from sales or return of investments and collections of advances
(other than Financial Services segment)
8,301
76,374
Payments for purchases of businesses
(242,479
)
(67,273
)
Other
(13,208
)
3,384
Net cash used in investing activities
(639,672
)
(335,068
)
Cash flows from financing activities:
Increase in short-term borrowings, net
131,190
447,839
Proceeds from issuance of long-term debt
90,490
9,769
Payments of long-term debt
(69,389
)
(70,834
)
Dividends paid
(43,236
)
(49,333
)
Payments for purchases of treasury stock
(52,080
)
(38,664
)
Other
(618
)
3,043
Net cash provided by financing activities
56,357
301,820
Effect of exchange rate changes on cash and cash equivalents
126,687
63,831
Net increase (decrease) in cash and cash equivalents
(839,884
)
145,614
Cash and cash equivalents at beginning of the fiscal year
2,049,636
1,480,900
Cash and cash equivalents at end of the period
1,209,752
1,626,514

F-9

Notes to Condensed Consolidated Financial Statements
Business Segment Information
(Business Segments)
Segment sales and financial services revenue
Yen in millions
Three months ended September 30
2022
Restated
2023
Change
Sales and financial services revenue:
Game & Network Services -
Customers
702,718
930,137
227,419
Intersegment
18,017
23,959
5,942
Total
720,735
954,096
233,361
Music -
Customers
356,928
399,360
42,432
Intersegment
2,391
9,356
6,965
Total
359,319
408,716
49,397
Pictures -
Customers
335,580
397,347
61,767
Intersegment
1,888
2,289
401
Total
337,468
399,636
62,168
Entertainment, Technology & Services -
Customers
666,732
603,214
(63,518
)
Intersegment
10,313
10,326
13
Total
677,045
613,540
(63,505
)
Imaging & Sensing Solutions -
Customers
369,580
374,657
5,077
Intersegment
28,786
31,659
2,873
Total
398,366
406,316
7,950
Financial Services -
Customers
174,421
101,611
(72,810
)
Intersegment
3,642
2,304
(1,338
)
Total
178,063
103,915
(74,148
)
All Other -
Customers
17,643
20,418
2,775
Intersegment
3,089
3,807
718
Total
20,732
24,225
3,493
Corporate and elimination
(66,264
)
(81,821
)
(15,557
)
Consolidated total
2,625,464
2,828,623
203,159

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.
F-10

Segment profit (loss)
Yen in millions
Three months ended September 30
2022
Restated
2023
Change
Operating income (loss):
Game & Network Services
42,132
48,902
6,770
Music
78,733
80,997
2,264
Pictures
27,620
29,438
1,818
Entertainment, Technology & Services
77,840
61,033
(16,807
)
Imaging & Sensing Solutions
73,987
46,361
(27,626
)
Financial Services
79,989
15,681
(64,308
)
All Other
4,848
2,069
(2,779
)
Total
385,149
284,481
(100,668
)
Corporate and elimination
(15,746
)
(21,472
)
(5,726
)
Consolidated operating income
369,403
263,009
(106,394
)

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.
F-11

(Business Segments)
Segment sales and financial services revenue
Yen in millions
Six months ended September 30
2022
Restated
2023
Change
Sales and financial services revenue:
Game & Network Services -
Customers
1,291,179
1,685,140
393,961
Intersegment
33,672
40,836
7,164
Total
1,324,851
1,725,976
401,125
Music -
Customers
662,281
755,116
92,835
Intersegment
5,108
11,829
6,721
Total
667,389
766,945
99,556
Pictures -
Customers
676,827
717,525
40,698
Intersegment
2,018
2,477
459
Total
678,845
720,002
41,157
Entertainment, Technology & Services -
Customers
1,210,638
1,166,506
(44,132
)
Intersegment
18,717
18,817
100
Total
1,229,355
1,185,323
(44,032
)
Imaging & Sensing Solutions -
Customers
588,803
645,133
56,330
Intersegment
47,405
53,923
6,518
Total
636,208
699,056
62,848
Financial Services -
Customers
388,144
780,720
392,576
Intersegment
5,941
4,606
(1,335
)
Total
394,085
785,326
391,241
All Other -
Customers
33,200
36,820
3,620
Intersegment
6,866
6,898
32
Total
40,066
43,718
3,652
Corporate and elimination
(115,575
)
(134,071
)
(18,496
)
Consolidated total
4,855,224
5,792,275
937,051

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.
F-12

Segment profit (loss)
Yen in millions
Six months ended September 30
2022
Restated
2023
Change
Operating income (loss):
Game & Network Services
94,894
98,062
3,168
Music
139,706
154,377
14,671
Pictures
78,275
45,409
(32,866
)
Entertainment, Technology & Services
131,408
116,679
(14,729
)
Imaging & Sensing Solutions
95,676
59,092
(36,584
)
Financial Services
219,197
70,195
(149,002
)
All Other
7,713
4,544
(3,169
)
Total
766,869
548,358
(218,511
)
Corporate and elimination
(32,601
)
(32,307
)
294
Consolidated operating income
734,268
516,051
(218,217
)

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.
F-13
(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:
2022
Restated
2023
Change
Game & Network Services
Digital Software and Add-on Content
332,859
423,096
90,237
Network Services
117,006
133,887
16,881
Hardware and Others
252,853
373,154
120,301
Total
702,718
930,137
227,419
Music
Recorded Music - Streaming
151,930
173,858
21,928
Recorded Music - Others
72,030
79,881
7,851
Music Publishing
73,489
82,725
9,236
Visual Media and Platform
59,479
62,896
3,417
Total
356,928
399,360
42,432
Pictures
Motion Pictures
123,791
129,209
5,418
Television Productions
114,586
173,385
58,799
Media Networks
97,203
94,753
(2,450
)
Total
335,580
397,347
61,767
Entertainment, Technology & Services
Televisions
226,751
161,002
(65,749
)
Audio and Video
99,887
109,100
9,213
Still and Video Cameras
147,862
159,203
11,341
Mobile Communications
93,227
72,774
(20,453
)
Other
99,005
101,135
2,130
Total
666,732
603,214
(63,518
)
Imaging & Sensing Solutions
369,580
374,657
5,077
Financial Services
174,421
101,611
(72,810
)
All Other
17,643
20,418
2,775
Corporate
1,862
1,879
17
Consolidated total
2,625,464
2,828,623
203,159


F-14

Yen in millions
Six months ended September 30
Sales and financial services revenue:
2022
Restated
2023
Change
Game & Network Services
Digital Software and Add-on Content
618,704
788,442
169,738
Network Services
223,529
258,386
34,857
Hardware and Others
448,946
638,312
189,366
Total
1,291,179
1,685,140
393,961
Music
Recorded Music - Streaming
291,041
338,745
47,704
Recorded Music - Others
132,486
152,766
20,280
Music Publishing
136,546
157,864
21,318
Visual Media and Platform
102,208
105,741
3,533
Total
662,281
755,116
92,835
Pictures
Motion Pictures
246,916
254,713
7,797
Television Productions
253,747
277,616
23,869
Media Networks
176,164
185,196
9,032
Total
676,827
717,525
40,698
Entertainment, Technology & Services
Televisions
368,544
296,984
(71,560
)
Audio and Video
190,947
198,249
7,302
Still and Video Cameras
287,565
321,077
33,512
Mobile Communications
192,257
160,136
(32,121
)
Other
171,325
190,060
18,735
Total
1,210,638
1,166,506
(44,132
)
Imaging & Sensing Solutions
588,803
645,133
56,330
Financial Services
388,144
780,720
392,576
All Other
33,200
36,820
3,620
Corporate
4,152
5,315
1,163
Consolidated total
4,855,224
5,792,275
937,051

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; 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.
F-15
(Condensed Financial Services Financial Statements)
The following schedules show unaudited condensed financial statements for the Financial Services segment and all other segments excluding Financial Services. These presentations are not in accordance with IFRS, which is used by Sony to prepare its condensed 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 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 condensed consolidated financial statements column is presented net of the elimination and/or offset of such intercompany balances and deferred tax assets and liabilities.

Condensed Statements of Financial Position
Yen in millions
Financial Services
Sony without
Financial Services
Consolidated
April 1,
2022
Restated
March 31,
2023
Restated
September 30,
2023
April 1,
2022
Restated
March 31,
2023
Restated
September 30,
2023
April 1,
2022
Restated
March 31,
2023
Restated
September 30,
2023
ASSETS
Current assets:
Cash and cash equivalents
¥
889,140
¥
756,493
¥
930,211
¥
1,160,496
¥
724,407
¥
696,303
¥
2,049,636
¥
1,480,900
¥
1,626,514
Investments and advances in the Financial Services segment
360,681
328,358
391,022
-
-
-
360,681
328,358
391,022
Trade and other receivables, and contract assets
163,037
127,413
127,273
1,478,620
1,668,257
2,058,962
1,621,629
1,770,948
2,168,756
Inventories
-
-
-
874,007
1,468,042
2,067,624
874,007
1,468,042
2,067,624
Other financial assets
81,174
47,044
65,245
68,124
63,906
64,629
149,301
110,950
129,873
Other current assets
27,893
16,029
25,232
450,953
562,442
623,941
428,522
563,334
643,186
Total current assets
1,521,925
1,275,337
1,538,983
4,032,200
4,487,054
5,511,459
5,483,776
5,722,532
7,026,975
Non-current assets:
Investments accounted for using the equity method
-
-
-
268,513
325,220
387,845
268,513
325,220
387,845
Investments and advances in the Financial Services segment
18,251,612
18,237,761
17,990,817
-
-
-
18,251,612
18,237,761
17,990,817
Investments in Financial Services, at cost
-
-
-
550,483
550,483
550,483
-
-
-
Property, plant and equipment
18,010
15,316
14,804
1,095,241
1,329,219
1,415,628
1,113,213
1,344,864
1,430,760
Right-of-use assets
73,774
84,023
80,528
339,658
395,210
418,936
413,430
478,063
498,320
Goodwill and intangible assets, including content assets
72,578
78,197
76,570
2,672,466
3,322,639
3,708,311
2,745,044
3,400,836
3,784,881
Deferred tax assets
2,335
2,687
3,503
332,330
431,533
508,222
300,924
393,107
525,917
Other financial assets
37,037
46,941
58,695
663,233
789,470
805,071
696,306
832,344
859,617
Other non-current assets
167,744
172,565
172,065
284,834
319,306
363,742
379,137
419,368
463,661
Total non-current assets
18,623,090
18,637,490
18,396,982
6,206,758
7,463,080
8,158,238
24,168,179
25,431,563
25,941,818
Total assets
¥
20,145,015
¥
19,912,827
¥
19,935,965
¥
10,238,958
¥
11,950,134
¥
13,669,697
¥
29,651,955
¥
31,154,095
¥
32,968,793
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings
¥
1,964,776
¥
1,891,856
¥
1,987,519
¥
183,187
¥
211,020
¥
657,194
¥
2,147,962
¥
2,102,876
¥
2,644,713
Trade and other payables
119,017
77,703
70,437
1,744,011
1,812,670
2,261,454
1,843,338
1,866,101
2,314,691
Deposits from customers in the banking business
2,886,361
3,163,237
3,429,123
-
-
-
2,886,361
3,163,237
3,429,123
Income taxes payables
3,789
15,213
6,513
101,648
139,330
121,285
105,437
154,543
127,798
Participation and residual liabilities in the Pictures segment
-
-
-
190,162
230,223
257,963
190,162
230,223
257,963
Other financial liabilities
98,029
77,605
91,549
29,050
30,444
53,886
127,079
108,049
145,435
Other current liabilities
218,865
194,174
197,485
1,297,115
1,514,792
1,492,125
1,465,326
1,693,380
1,683,331
Total current liabilities
5,290,837
5,419,788
5,782,626
3,545,173
3,938,479
4,843,907
8,765,665
9,318,409
10,603,054
Non-current liabilities:
Long-term debt
470,498
663,353
672,639
733,148
1,104,344
1,165,395
1,203,646
1,767,696
1,838,034
Defined benefit liabilities
37,167
37,183
37,791
217,381
198,938
205,709
254,548
236,121
243,500
Deferred tax liabilities
58,666
60,554
500
110,715
112,938
134,196
120,582
117,621
134,130
Insurance contract liabilities
13,042,875
12,364,973
12,226,559
-
-
-
13,042,875
12,364,973
12,226,559
Participation and residual liabilities in the Pictures segment
-
-
-
220,113
192,952
203,285
220,113
192,952
203,285
Other financial liabilities
147,712
175,026
203,541
86,391
199,327
178,113
231,463
371,580
378,780
Other non-current liabilities
5,864
7,225
7,514
121,558
142,096
154,625
106,481
127,593
140,831
Total non-current liabilities
13,762,782
13,308,314
13,148,544
1,489,306
1,950,595
2,041,323
15,179,708
15,178,536
15,165,119
Total liabilities
19,053,619
18,728,102
18,931,170
5,034,479
5,889,074
6,885,230
23,945,373
24,496,945
25,768,173
Equity:
Stockholders' equity of Financial Services
1,087,948
1,180,905
1,000,677
-
-
-
-
-
-
Stockholders' equity of Sony without Financial Services
-
-
-
5,155,149
6,006,267
6,710,421
-
-
-
Sony Group Corporation's stockholders' equity
-
-
-
-
-
-
5,653,804
6,598,537
7,122,456
Noncontrolling interests
3,448
3,820
4,118
49,330
54,793
74,046
52,778
58,613
78,164
Total equity
1,091,396
1,184,725
1,004,795
5,204,479
6,061,060
6,784,467
5,706,582
6,657,150
7,200,620
Total liabilities and equity
¥
20,145,015
¥
19,912,827
¥
19,935,965
¥
10,238,958
¥
11,950,134
¥
13,669,697
¥
29,651,955
¥
31,154,095
¥
32,968,793

F-16


Condensed Statements of Income
Yen in millions
Three months ended September 30
Financial Services
Sony without
Financial Services
Consolidated
2022
Restated
2023
2022
Restated
2023
2022
Restated
2023
Sales
¥
-
¥
-
¥
2,452,607
¥
2,728,907
¥
2,451,043
¥
2,727,012
Financial services revenue
178,063
103,915
-
-
174,421
101,611
Total sales and financial services revenue
178,063
103,915
2,452,607
2,728,907
2,625,464
2,828,623
Cost of sales
-
-
1,691,296
1,970,844
1,688,286
1,967,475
Selling, general and administrative
-
-
479,669
517,250
482,457
518,729
Financial services expenses
102,959
88,036
-
-
99,317
85,733
Other operating (income) expense, net
(4,885
)
198
(878
)
(3,578
)
(8,069
)
(3,380
)
Total costs and expenses
98,074
88,234
2,170,087
2,484,516
2,261,991
2,568,557
Share of profit (loss) of investments accounted for using the equity method
-
-
5,930
2,943
5,930
2,943
Operating income
79,989
15,681
288,450
247,334
369,403
263,009
Financial income (expenses), net
-
-
1,713
(5,416
)
1,714
(5,414
)
Income before income taxes
79,989
15,681
290,163
241,918
371,117
257,595
Income taxes
21,660
4,849
63,797
51,590
85,728
56,439
Net income
58,329
10,832
226,366
190,328
285,389
201,156
Net income of Financial Services
¥
58,215
¥
10,686
¥
-
¥
-
¥
-
¥
-
Net income of Sony without Financial Services
¥
-
¥
-
¥
222,772
¥
189,422
¥
-
¥
-
Net income attributable to Sony Group Corporation's
stockholders
¥
-
¥
-
¥
-
¥
-
¥
281,681
¥
200,105
Net income attributable to noncontrolling interests
¥
114
¥
146
¥
3,594
¥
906
¥
3,708
¥
1,051
F-17

Condensed Statements of Income
Yen in millions
Six months ended September 30
Financial Services
Sony without
Financial Services
Consolidated
2022
Restated
2023
2022
Restated
2023
2022
Restated
2023
Sales
¥
-
¥
-
¥
4,470,190
¥
5,014,696
¥
4,467,080
¥
5,011,555
Financial services revenue
394,085
785,326
-
-
388,144
780,720
Total sales and financial services revenue
394,085
785,326
4,470,190
5,014,696
4,855,224
5,792,275
Cost of sales
-
-
3,085,861
3,598,406
3,079,953
3,591,985
Selling, general and administrative
-
-
885,079
990,379
889,223
993,668
Financial services expenses
179,722
714,882
-
-
173,781
710,276
Other operating (income) expense, net
(4,834
)
249
(3,654
)
(12,371
)
(10,794
)
(12,122
)
Total costs and expenses
174,888
715,131
3,967,286
4,576,414
4,132,163
5,283,807
Share of profit (loss) of investments accounted for using the equity method
-
-
11,207
7,583
11,207
7,583
Operating income
219,197
70,195
514,111
445,865
734,268
516,051
Financial income (expenses), net
-
-
27,460
67,612
(13,873
)
17,578
Income before income taxes
219,197
70,195
541,571
513,477
720,395
533,629
Income taxes
61,097
20,754
112,406
93,777
173,802
114,531
Net income
158,100
49,441
429,165
419,700
546,593
419,098
Net income of Financial Services
¥
157,879
¥
49,144
¥
-
¥
-
¥
-
¥
-
Net income of Sony without Financial Services
¥
-
¥
-
¥
425,568
¥
418,548
¥
-
¥
-
Net income attributable to Sony Group Corporation's
stockholders
¥
-
¥
-
¥
-
¥
-
¥
542,775
¥
417,650
Net income attributable to noncontrolling interests
¥
221
¥
297
¥
3,597
¥
1,152
¥
3,818
¥
1,448
F-18
Condensed Statements of Cash Flows
Yen in millions
Six months ended September 30
Financial Services
Sony without
Financial Services
Consolidated
2022
Restated
2023
2022
2023
2022
Restated
2023
Cash flows from operating activities:
Income (loss) before income taxes
¥
219,197
¥
70,195
¥
541,571
¥
513,477
¥
720,395
¥
533,629
Adjustments to reconcile income (loss) before income
taxes to net cash provided by (used in) operating
activities:
Depreciation and amortization, including
amortization of contract costs
12,918
13,905
474,695
556,561
487,613
570,466
Other operating (income) expense, net
(4,834
)
249
(3,654
)
(12,371
)
(10,794
)
(12,122
)
(Gain) loss on securities, net (other than Financial
Services segment)
-
-
27,994
(10,816
)
27,994
(10,816
)
Changes in assets and liabilities:
(Increase) decrease in trade receivables and contract
assets
48,507
143
(190,051
)
(246,880
)
(140,586
)
(253,983
)
(Increase) decrease in inventories
-
-
(470,440
)
(494,463
)
(470,440
)
(494,463
)
(Increase) decrease in investments and advances in
the Financial Services segment
(721,544
)
(780,169
)
-
-
(721,544
)
(780,169
)
(Increase) decrease in content assets
-
-
(303,903
)
(264,387
)
(303,903
)
(264,387
)
Increase (decrease) in trade payables
(52,776
)
(4,668
)
187,974
302,093
134,301
304,499
Increase (decrease) in insurance contract liabilities,
net of insurance contract assets
67,622
588,156
-
-
67,622
588,156
Increase (decrease) in deposits from customers in the
banking business
141,028
284,045
-
-
141,028
284,045
Increase (decrease) in borrowings in the life
insurance business and the banking business
32,962
108,667
-
-
32,962
108,667
Increase (decrease) in taxes payable other than
income taxes, net
266
893
(69,077
)
(43,935
)
(68,811
)
(43,042
)
Other
(32,616
)
(42,663
)
(245,411
)
(373,024
)
(279,093
)
(415,449
)
Net cash provided by (used in) operating activities
(289,270
)
238,753
(50,302
)
(73,745
)
(383,256
)
115,031
Cash flows from investing activities:
Payments for property, plant and equipment and other
intangible assets
(11,869
)
(9,518
)
(217,302
)
(296,566
)
(229,105
)
(306,074
)
Payments for investments and advances (other than
Financial Services segment)
-
-
(169,582
)
(48,891
)
(169,582
)
(48,891
)
Proceeds from sales or return of investments and
collections of advances (other than Financial Services
segment)
-
-
8,301
76,374
8,301
76,374
Other
-
(13
)
(251,569
)
(56,464
)
(249,286
)
(56,477
)
Net cash provided by (used in) investing activities
(11,869
)
(9,531
)
(630,152
)
(325,547
)
(639,672
)
(335,068
)
Cash flows from financing activities:
Increase (decrease) in borrowings, net
4,527
(5,725
)
147,764
392,499
152,291
386,774
Dividends paid
(41,335
)
(50,037
)
(43,237
)
(49,333
)
(43,236
)
(49,333
)
Other
(1
)
258
(52,696
)
(35,809
)
(52,698
)
(35,621
)
Net cash provided by (used in) financing activities
(36,809
)
(55,504
)
51,831
307,357
56,357
301,820
Effect of exchange rate changes on cash and cash equivalents
-
-
126,687
63,831
126,687
63,831
Net increase (decrease) in cash and cash equivalents
(337,948
)
173,718
(501,936
)
(28,104
)
(839,884
)
145,614
Cash and cash equivalents at beginning of the fiscal year
889,140
756,493
1,160,496
724,407
2,049,636
1,480,900
Cash and cash equivalents at end of the period
¥
551,192
¥
930,211
¥
658,560
¥
696,303
¥
1,209,752
¥
1,626,514


F-19
Going Concern Assumption
Not Applicable
Accounting Policy and Other Information
(Changes in accounting policies)
Sony newly adopted the following accounting standards and interpretations from the fiscal year ending March 31, 2024:

IFRS 17 "Insurance Contracts"
The IASB issued IFRS 17 "Insurance Contracts" ("IFRS 17") in May 2017 and Amendments to IFRS 17 in June 2020 and December 2021. IFRS 17 replaces IFRS 4 "Insurance Contracts" and sets out principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of IFRS 17. IFRS 17 provides a general model, supplemented by a specific approach for contracts with direct participation features (the variable fee approach), and a simplified approach (the premium allocation approach) mainly for short-duration contracts.
IFRS 17 was effective for Sony as of April 1, 2023. Sony has retrospectively applied changes in accounting policies resulting from the adoption of IFRS 17 unless it was impracticable. Sony applied the modified retrospective approach, which uses reasonable and supportable information, or the fair value approach, which uses the fair value as of April 1, 2022, the transition date for IFRS 17, to identify, recognize and measure certain groups of insurance contracts as of the transition date for IFRS 17, for which it was impracticable to apply the full retrospective approach. Therefore, Sony has restated the condensed consolidated financial statements for comparative periods and the condensed consolidated statement of financial position as of April 1, 2022 on the basis of the retrospective application of IFRS 17. The effects of the retrospective application of IFRS 17 on Sony's total equity as of April 1, 2022 are presented in the condensed consolidated statements of changes in stockholders' equity.
F-20
(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)

Yen in millions
Three months ended September 30
2022
Restated
2023
Net income attributable to Sony Group Corporation's stockholders
281,681
200,105
Adjustment amount to net income attributable to Sony Group Corporation's stockholders for diluted EPS computation
Zero coupon convertible bonds
20
-
Net income attributable to Sony Group Corporation's stockholders for diluted EPS
computation
281,701
200,105
Thousands of shares
Three months ended September 30
2022
2023
Weighted-average shares outstanding for basic EPS computation
1,236,755
1,233,588
Effect of dilutive securities:
Stock options and other
3,618
3,635
Zero coupon convertible bonds
3,132
-
Weighted-average shares for diluted EPS computation
1,243,505
1,237,223

Yen in millions
Six months ended September 30
2022
Restated
2023
Net income attributable to Sony Group Corporation's stockholders
542,775
417,650
Adjustment amount to net income attributable to Sony Group Corporation's stockholders for diluted EPS computation
Zero coupon convertible bonds
51
-
Net income attributable to Sony Group Corporation's stockholders for diluted EPS
computation
542,826
417,650
Thousands of shares
Six months ended September 30
2022
2023
Weighted-average shares outstanding for basic EPS computation
1,236,622
1,233,915
Effect of dilutive securities:
Stock options and other
3,847
3,959
Zero coupon convertible bonds
4,059
-
Weighted-average shares for diluted EPS computation
1,244,528
1,237,874
F-21
(Segmentation)
The G&NS segment includes the network services businesses, the manufacture and sales of home gaming products and the production and sales of software. 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 in the Japanese market 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.

(Change in presentation)
Condensed Consolidated Statements of Cash Flows
Certain reclassifications of the condensed consolidated statements of cash flows for the six months ended September 30, 2022 have been made to conform to the presentation for the six months ended September 30, 2023.

F-22

Results for Adjusted OIBDA and Adjusted EBITDA for the Three and Six Months Ended September 30, 2023

Sony has established three-year cumulative Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) as the most important financial performance indicator (Group KPI) in the Fourth Mid-Range Plan for the three fiscal years starting on April 1, 2021 and ending on March 31, 2024. Starting in the three months ended June 30, 2023, Sony has disclosed the actual results for Adjusted EBITDA on a consolidated basis, which is the Group KPI, and Adjusted OIBDA (Operating Income Before Depreciation and Amortization) by segment.

The actual results for Segment Adjusted OIBDA and Consolidated Adjusted EBITDA for the three and six months ended September 30, 2023 are as follows:

Adjusted OIBDA and Adjusted EBITDA are not measures in accordance with IFRS. However, Sony believes that these disclosures may be useful information to investors. Please refer to "Supplemental Information" on pages 5 to 11 for more details, including the formulas and reconciliations for Adjusted OIBDA and Adjusted EBITDA (the same applies below).

Three months ended September 30, 2023
(Yen in billions)
Three months ended September 30
2022
Restated
2023
Segment Adjusted OIBDA
Game & Network Services (G&NS)
64.2
83.1
Music
87.5
97.0
Pictures
40.4
42.6
Entertainment, Technology & Services (ET&S)
102.6
87.6
Imaging & Sensing Solutions (I&SS)
122.2
107.1
Financial Services
64.4
22.7
All Other, Corporate and elimination
(4.1
)
(14.1
)
Consolidated Adjusted OIBDA
477.1
425.9
Consolidated Adjusted EBITDA*
487.2
426.4

Six months ended September 30, 2023
(Yen in billions)
Six months ended September 30
2022
Restated
2023
Segment Adjusted OIBDA
Game & Network Services (G&NS)
134.4
158.9
Music
162.3
180.0
Pictures
102.2
71.0
Entertainment, Technology & Services (ET&S)
179.5
168.4
Imaging & Sensing Solutions (I&SS)
189.5
177.2
Financial Services
210.0
84.1
All Other, Corporate and elimination
(11.9
)
(17.6
)
Consolidated Adjusted OIBDA
966.0
822.0
Consolidated Adjusted EBITDA*
984.0
832.6

* The differences between Adjusted EBITDA and Adjusted OIBDA on a consolidated basis represent financial income and financial expenses (excluding interest expenses, net, and gains on revaluation of equity instruments, net) (the same applies below). Adjusted EBITDA by segment is not calculated and disclosed because Sony does not include financial income and financial expenses in its performance evaluations by segment, mainly due to the fact that Sony manages its foreign exchange exposure centrally and globally, except for the Financial Services segment.
- 1 -
Outlook for the Fiscal Year Ending March 31, 2024

The forecast for consolidated results for the fiscal year ending March 31, 2024, as announced on August 9, 2023, has been revised as follows:

As the results for the fiscal year ended March 31, 2023 are restated in accordance with IFRS 17, they differ from those disclosed in the earnings release for the fiscal year ended March 31, 2023.

(Yen in billions)
March 31, 2023
Results
Restated
August
Forecast
November
Forecast
Change from
August Forecast
Sales *1
10,974.4
12,200
12,400
+200 bil
+1.6
%
Operating income
1,302.4
1,170
1,170
-
-
Income before income taxes
1,274.5
1,140
1,160
+20 bil
+1.8
%
Net income attributable to Sony Group Corporation's stockholders
1,005.3
860
880
+20 bil
+2.3
%
Adjusted OIBDA
1,816.9
1,770
1,785
+15 bil
+0.8
%
Adjusted EBITDA
1,797.6
1,750
1,785
+35 bil
+2.0
%
For all segments excluding the Financial Services segment *2
March 31, 2023
Results
August
Forecast
November
Forecast
Change from
August Forecast
Net cash provided by operating activities
415.5
1,250
1,160
-90 bil
-7.2
%

*1 "Sales and Financial Services revenue" are shown as "Sales" (the same applies below).
*2 Cash flow for all segments excluding the Financial Services segment is not a measure in accordance with IFRS. However, Sony believes that this disclosure may be useful information to investors. Please refer to page F-16 for details about the preparation of the Condensed Statements of Cash Flows.

Assumed foreign exchange rates are the following:
Assumed foreign exchange rates for the
second half of the fiscal year ending
March 31, 2024
(For your reference)
Assumed foreign exchange rates for the fiscal
year ending March 31, 2024 at the time of the
August forecast
1 U.S. dollar
approximately 142 yen
approximately 135 yen
1 Euro
approximately 152 yen
approximately 146 yen

Sales are expected to be higher than the August forecast mainly due to higher-than-expected sales in the Game & Network Services ("G&NS"), Music and Imaging & Sensing Solutions ("I&SS") segments, partially offset mainly by lower-than-expected sales in the Financial Services segment.

Operating income is expected to remain unchanged due to expected increases in operating income in the Music and I&SS segments, substantially offset by expected decreases in operating income in the Financial Services and Pictures segments.

Both income before income taxes and net income attributable to Sony Group Corporation's stockholders are expected to be higher than the August forecast due to an expected increase in financial income, net, primarily resulting from a decrease in net foreign exchange losses.

Adjusted OIBDA is expected to be higher than the August forecast due to expected increases in Adjusted OIBDA in the Music, I&SS and G&NS segments, partially offset by an expected decrease in Adjusted OIBDA in the Financial Services segment. Adjusted EBITDA is expected to be higher than the August forecast due to the above-mentioned expected increase in financial income, net, and the same factors affecting Adjusted OIBDA.
- 2 -
The forecast for each business segment for the fiscal year ending March 31, 2024 has been revised as follows:

As the results for the fiscal year ended March 31, 2023 are restated in accordance with IFRS 17, they differ from those disclosed in the earnings release for the fiscal year ended March 31, 2023.
Please refer to "Supplemental Information" on pages 5 to 11 for details of the reconciliation of Adjusted OIBDA from operating income in accordance with IFRS for the fiscal year ended March 31, 2023.

(Yen in billions)
March 31, 2023
Results
Restated
August
Forecast
November
Forecast
Game & Network Services (G&NS)
Sales
3,644.6
4,170
4,360
Operating income
250.0
270
270
Adjusted OIBDA
337.0
375
385
Music
Sales
1,380.6
1,490
1,560
Operating income
263.1
280
295
Adjusted OIBDA
316.4
335
350
Pictures
Sales
1,369.4
1,470
1,460
Operating income
119.3
120
115
Adjusted OIBDA
168.2
165
165
Entertainment, Technology & Services (ET&S)
Sales
2,476.0
2,430
2,440
Operating income
179.5
180
180
Adjusted OIBDA
276.9
280
280
Imaging & Sensing Solutions (I&SS)
Sales
1,402.2
1,560
1,590
Operating income
212.2
180
195
Adjusted OIBDA
408.9
425
440
Financial Services
Financial services revenue
889.1
1,320
1,210
Operating income
318.1
180
155
Adjusted OIBDA
322.4
205
180
All Other, Corporate and elimination
Operating loss
(39.8
)
(40
)
(40
)
Adjusted OIBDA
(12.9
)
(15
)
(15
)
Consolidated
Sales
10,974.4
12,200
12,400
Operating income
1,302.4
1,170
1,170
Adjusted OIBDA
1,816.9
1,770
1,785
Adjusted EBITDA
1,797.6
1,750
1,785
- 3 -
Game & Network Services (G&NS)
Sales are expected to be higher than the August forecast primarily due to the impact of foreign exchange rates and an expected increase in sales of non-first-party titles including add-on content. Operating income is expected to remain unchanged from the August forecast mainly due to the impact of the above-mentioned increase in sales of non-first-party titles, substantially offset primarily by the impact of changes in the launch dates of a portion of first-party titles. Adjusted OIBDA is expected to be higher than the August forecast mainly due to the same factors affecting operating income.

Music
Sales are expected to be higher than the August forecast primarily due to the impact of foreign exchange rates as well as higher sales in mobile game applications in Visual Media & Platform and an increase in revenues from streaming services in Music Publishing. Operating income and Adjusted OIBDA are expected to be higher than the August forecast due to the positive impact of foreign exchange rates and the impact of the above-mentioned increase in sales.

Pictures
Sales and operating income are expected to be lower than the August forecast, primarily due to the impact of the strikes in Hollywood, which is expected to lead to lower revenues mainly due to the impact of release date changes for some theatrical releases and restrictions on promotional activities in Motion Pictures and delays in series deliveries in Television Productions, partially offset by the impact of foreign exchange rates. Adjusted OIBDA remains unchanged from the August forecast, mainly due to the same factors affecting operating income.

Entertainment, Technology & Services (ET&S)
Sales are expected to be higher than the August forecast due to the impact of foreign exchange rates, partially offset by a decrease in sales of televisions and smartphones resulting from lower unit sales. The forecasts for operating income and Adjusted OIBDA remain unchanged from the August forecast due to the positive impact of foreign exchange rates, substantially offset by the impact of the above-mentioned decrease in sales of televisions.

Imaging & Sensing Solutions (I&SS)
Sales are expected to be higher than the August forecast mainly due to the impact of foreign exchange rates, partially offset by an expected decrease in sales of image sensors for automotive and for industrial and social infrastructure. Operating income and Adjusted OIBDA are expected to be higher than the August forecast mainly due to the positive impact of foreign exchange rates and cost reductions, partially offset by the impact of the above-mentioned expected decrease in sales.

Financial Services
Financial services revenue is expected to be lower than the August forecast primarily due to a decrease in net gains on investments in both the general account and the separate accounts at Sony Life Insurance Co., Ltd. ("Sony Life"). Operating income and Adjusted OIBDA are expected to be lower than the August forecast primarily due to a deterioration in net gains and losses related to market fluctuations for variable life insurance and other products at Sony Life.

The effects of future gains and losses on investments held by the Financial Services segment due to market fluctuations have not been incorporated within the above forecast as it is difficult for Sony to predict market trends in the future. Accordingly, future market fluctuations could further impact the above forecast.
- 4 -
The above forecast is based on management's current expectations and is subject to uncertainties and changes in circumstances. Actual results may differ materially from those included in this forecast due to a variety of factors. See "Cautionary Statement" below.

Notes about Financial Performance of the Music, Pictures and Financial Services segments
The Music segment results include the yen-based results of Sony Music Entertainment (Japan) Inc. and the yen-translated results of Sony Music Entertainment and Sony Music Publishing LLC, which aggregate the results of their worldwide subsidiaries on a U.S. dollar basis.

The Pictures segment results are the yen-translated results of Sony Pictures Entertainment Inc., which aggregates the results of its worldwide subsidiaries on a U.S. dollar basis.

The Financial Services segment results include Sony Financial Group Inc. ("SFGI") and SFGI's consolidated subsidiaries such as Sony Life, Sony Assurance Inc. and Sony Bank Inc. The results discussed in the Financial Services segment differ from the results that SFGI and SFGI's consolidated subsidiaries disclose separately on a Japanese statutory basis.

Supplemental Information

Regarding Adjusted OIBDA and Adjusted EBITDA

Sony believes that Adjusted OIBDA and Adjusted EBITDA are performance metrics suitable for the long-term management that Sony prioritizes. This is because (i) they represent the sustainable earnings power of the business as they do not include the effects of one-time gains and losses, (ii) they enable management to confirm that all the businesses of the Sony Group, including the Financial Services business, are expanding over the mid- to long-term through cycles of investment and return, and (iii) they are often used to calculate corporate value. Adjusted OIBDA and Adjusted EBITDA are not measures in accordance with IFRS. However, Sony believes that these disclosures may be useful information to investors. Adjusted OIBDA and Adjusted EBITDA should be considered in addition to, not as a substitute for, Sony's results in accordance with IFRS.

Adjusted OIBDA (Operating Income Before Depreciation and Amortization) is calculated by the following formula:

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 (Earnings Before Interest, Taxes, Depreciation and Amortization) is calculated by the following formula:

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
- 5 -
The following table shows a reconciliation of Adjusted OIBDA from operating income in accordance with IFRS for the three months ended September 30, 2022 and 2023, respectively.

As the results for the three months ended September 30, 2022 are restated in accordance with IFRS 17, they differ from those disclosed in the earnings release for the second quarter of the fiscal year ended March 31, 2023.

(Yen in billions)
Three months ended September 30
2022
Restated
2023
Game & Network Services (G&NS)
Operating income
42.1
48.9
Depreciation and amortization expense*
22.0
34.2
(Profit) / loss amount that Sony deems non-recurring**
-
-
Adjusted OIBDA
64.2
83.1
Music
Operating income
78.7
81.0
Depreciation and amortization expense*
14.5
16.0
(Profit) / loss amount that Sony deems non-recurring**
(5.7
)
-
Adjusted OIBDA
87.5
97.0
Pictures
Operating income
27.6
29.4
Depreciation and amortization expense*
12.8
13.1
(Profit) / loss amount that Sony deems non-recurring**
-
-
Adjusted OIBDA
40.4
42.6
Entertainment, Technology & Services (ET&S)
Operating income
77.8
61.0
Depreciation and amortization expense*
24.8
26.5
(Profit) / loss amount that Sony deems non-recurring**
-
-
Adjusted OIBDA
102.6
87.6
Imaging & Sensing Solutions (I&SS)
Operating income
74.0
46.4
Depreciation and amortization expense*
48.2
60.8
(Profit) / loss amount that Sony deems non-recurring**
-
-
Adjusted OIBDA
122.2
107.1
Financial Services
Operating income
80.0
15.7
Depreciation and amortization expense*
6.5
7.0
(Profit) / loss amount that Sony deems non-recurring**
(22.1
)
-
Adjusted OIBDA
64.4
22.7
All Other, Corporate and elimination
Operating loss
(10.9
)
(19.4
)
Depreciation and amortization expense*
6.8
5.3
(Profit) / loss amount that Sony deems non-recurring**
-
-
Adjusted OIBDA
(4.1
)
(14.1
)
Consolidated
Operating income
369.4
263.0
Depreciation and amortization expense*
135.5
162.9
(Profit) / loss amount that Sony deems non-recurring**
(27.8
)
-
Adjusted OIBDA
477.1
425.9
- 6 -
The following table shows a reconciliation of net income attributable to Sony Group Corporation's stockholders reported in accordance with IFRS to Adjusted EBITDA for the three months ended September 30, 2022 and 2023, respectively.

As the results for the three months ended September 30, 2022 are restated in accordance with IFRS 17, they differ from those disclosed in the earnings release for the second quarter of the fiscal year ended March 31, 2023.

(Yen in billions)
Three months ended September 30
2022
Restated
2023
Net income attributable to Sony Group Corporation's stockholders
281.7
200.1
Net income attributable to noncontrolling interests
3.7
1.1
Income taxes
85.7
56.4
Interest expenses, net, recorded in Financial income and Financial expense
1.4
2.1
(Gain) / loss on revaluation of equity instruments, net, recorded in Financial income and Financial expense
6.9
3.7
Depreciation and amortization expense*
135.5
162.9
(Profit) / loss amount that Sony deems non-recurring**
(27.8
)
-
Adjusted EBITDA
487.2
426.4

* Depreciation and amortization expense excludes amortization for film costs and broadcasting rights, as well as for internally developed game content and master recordings included in Content assets.
** The following table shows the details of the profit and loss amount that Sony deems non-recurring in calculating Adjusted OIBDA and Adjusted EBITDA for the three months ended September 30, 2022 and 2023, respectively.

(Yen in billions)
Three months ended September 30
2022
Restated
2023
(Profit) / loss amount that Sony deems non-recurring
Impact of litigation settlements, net of expenses, received in relation to lawsuits for Recorded Music and Music Publishing (Music segment)
(5.7
)
-
Recovery of an unauthorized withdrawal of funds at a subsidiary of Sony Life which occurred in the three months ended June 30, 2021 (Financial Services segment)
(22.1
)
-
Total
(27.8
)
-

- 7 -

The following table shows a reconciliation of Adjusted OIBDA from operating income in accordance with IFRS for the six months ended September 30, 2022 and 2023, respectively.

As the results for the six months ended September 30, 2022 are restated in accordance with IFRS 17, they differ from those disclosed in the earnings release for the second quarter of the fiscal year ended March 31, 2023.

(Yen in billions)
Six months ended September 30
2022
Restated
2023
Game & Network Services (G&NS)
Operating income
94.9
98.1
Depreciation and amortization expense*
39.5
60.9
(Profit) / loss amount that Sony deems non-recurring**
-
-
Adjusted OIBDA
134.4
158.9
Music
Operating income
139.7
154.4
Depreciation and amortization expense*
28.3
31.6
(Profit) / loss amount that Sony deems non-recurring**
(5.7
)
(6.0
)
Adjusted OIBDA
162.3
180.0
Pictures
Operating income
78.3
45.4
Depreciation and amortization expense*
23.9
25.6
(Profit) / loss amount that Sony deems non-recurring**
-
-
Adjusted OIBDA
102.2
71.0
Entertainment, Technology & Services (ET&S)
Operating income
131.4
116.7
Depreciation and amortization expense*
48.1
51.8
(Profit) / loss amount that Sony deems non-recurring**
-
-
Adjusted OIBDA
179.5
168.4
Imaging & Sensing Solutions (I&SS)
Operating income
95.7
59.1
Depreciation and amortization expense*
93.8
118.1
(Profit) / loss amount that Sony deems non-recurring**
-
-
Adjusted OIBDA
189.5
177.2
Financial Services
Operating income
219.2
70.2
Depreciation and amortization expense*
12.9
13.9
(Profit) / loss amount that Sony deems non-recurring**
(22.1
)
-
Adjusted OIBDA
210.0
84.1
All Other, Corporate and elimination
Operating loss
(24.9
)
(27.8
)
Depreciation and amortization expense*
13.0
10.2
(Profit) / loss amount that Sony deems non-recurring**
-
-
Adjusted OIBDA
(11.9
)
(17.6
)
Consolidated
Operating income
734.3
516.1
Depreciation and amortization expense*
259.5
312.0
(Profit) / loss amount that Sony deems non-recurring**
(27.8
)
(6.0
)
Adjusted OIBDA
966.0
822.0

- 8 -
The following table shows a reconciliation of net income attributable to Sony Group Corporation's stockholders reported in accordance with IFRS to Adjusted EBITDA for the six months ended September 30, 2022 and 2023, respectively.

As the results for the six months ended September 30, 2022 are restated in accordance with IFRS 17, they differ from those disclosed in the earnings release for the second quarter of the fiscal year ended March 31, 2023.

(Yen in billions)
Six months ended September 30
2022
Restated
2023
Net income attributable to Sony Group Corporation's stockholders
542.8
417.7
Net income attributable to noncontrolling interests
3.8
1.4
Income taxes
173.8
114.5
Interest expenses, net, recorded in Financial income and Financial expense
2.2
2.6
(Gain) / loss on revaluation of equity instruments, net, recorded in Financial income and Financial expense
29.7
(9.6
)
Depreciation and amortization expense*
259.5
312.0
(Profit) / loss amount that Sony deems non-recurring**
(27.8
)
(6.0
)
Adjusted EBITDA
984.0
832.6

* Depreciation and amortization expense excludes amortization for film costs and broadcasting rights, as well as for internally developed game content and master recordings included in Content assets.
** The following table shows the details of the profit and loss amount that Sony deems non-recurring in calculating Adjusted OIBDA and Adjusted EBITDA for the six months ended September 30, 2022 and 2023, respectively.

(Yen in billions)
Six months ended September 30
2022
Restated
2023
(Profit) / loss amount that Sony deems non-recurring
Impact of litigation settlements, net of expenses, received in relation to lawsuits for Recorded Music and Music Publishing (Music segment)
(5.7
)
-
Recovery of an unauthorized withdrawal of funds at a subsidiary of Sony Life which occurred in the three months ended June 30, 2021 (Financial Services segment)
(22.1
)
-
Remeasurement gain resulting from the consolidation of a company previously accounted for using the equity method (Music segment)
-
(6.0
)
Total
(27.8
)
(6.0
)

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The following table shows a reconciliation of Adjusted OIBDA from operating income in accordance with IFRS for the fiscal year ended March 31, 2023.

As the results for the fiscal year ended March 31, 2023 are restated in accordance with IFRS 17, they differ from those disclosed in the earnings release for the fiscal year ended March 31, 2023.

(Yen in billions)
Fiscal year ended
March 31, 2023
Restated
Game & Network Services (G&NS)
Operating income
250.0
Depreciation and amortization expense*
87.0
(Profit) / loss amount that Sony deems non-recurring**
-
Adjusted OIBDA
337.0
Music
Operating income
263.1
Depreciation and amortization expense*
59.0
(Profit) / loss amount that Sony deems non-recurring**
(5.7
)
Adjusted OIBDA
316.4
Pictures
Operating income
119.3
Depreciation and amortization expense*
48.9
(Profit) / loss amount that Sony deems non-recurring**
-
Adjusted OIBDA
168.2
Entertainment, Technology & Services (ET&S)
Operating income
179.5
Depreciation and amortization expense*
97.4
(Profit) / loss amount that Sony deems non-recurring**
-
Adjusted OIBDA
276.9
Imaging & Sensing Solutions (I&SS)
Operating income
212.2
Depreciation and amortization expense*
196.7
(Profit) / loss amount that Sony deems non-recurring**
-
Adjusted OIBDA
408.9
Financial Services
Operating income
318.1
Depreciation and amortization expense*
26.3
(Profit) / loss amount that Sony deems non-recurring**
(22.1
)
Adjusted OIBDA
322.4
All Other, Corporate and elimination
Operating loss
(39.8
)
Depreciation and amortization expense*
26.8
(Profit) / loss amount that Sony deems non-recurring**
-
Adjusted OIBDA
(12.9
)
Consolidated
Operating income
1,302.4
Depreciation and amortization expense*
542.2
(Profit) / loss amount that Sony deems non-recurring**
(27.8
)
Adjusted OIBDA
1,816.9

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The following table shows a reconciliation of Adjusted EBITDA from net income attributable to Sony Group Corporation's stockholders in accordance with IFRS for the fiscal year ended March 31, 2023.

As the results for the fiscal year ended March 31, 2023 are restated in accordance with IFRS 17, they differ from those disclosed in the earnings release for the fiscal year ended March 31, 2023.

(Yen in billions)
Fiscal year ended
March 31, 2023
Restated
Net income attributable to Sony Group Corporation's stockholders
1,005.3
Net income attributable to noncontrolling interests
6.5
Income taxes
262.7
Interest expenses, net, recorded in Financial income and Financial expense
4.0
(Gain) / loss on revaluation of equity instruments, net, recorded in Financial income and Financial expense
4.6
Depreciation and amortization expense*
542.2
(Profit) / loss amount that Sony deems non-recurring**
(27.8
)
Adjusted EBITDA
1,797.6

* Depreciation and amortization expense excludes amortization for film costs and broadcasting rights, as well as for internally developed game content and master recordings included in Content assets.
** The following table shows the details of the profit and loss amount that Sony deems non-recurring in calculating Adjusted OIBDA and Adjusted EBITDA for the fiscal year ended March 2023.

(Yen in billions)
Fiscal year ended
March 31, 2023
Restated
(Profit) / loss amount that Sony deems non-recurring
Impact of litigation settlements, net of expenses, received in relation to lawsuits for Recorded Music and Music Publishing (Music segment)
(5.7
)
Recovery of an unauthorized withdrawal of funds at a subsidiary of Sony Life which occurred in the three months ended June 30, 2021 (Financial Services segment)
(22.1
)
Total
(27.8
)

- 11 -
Cautionary Statement
Statements made in this release 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 Japanese equity 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 Israel and Palestine 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.



- 12 -

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Sony Group Corporation published this content on 09 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2023 11:11:37 UTC.